“Fake news” caused wild swings in the stock market on Monday morning. Wall Street experienced chaos as a false report about President Donald Trump’s tariff policy sparked a dramatic series of gains and losses.
The stock market swung wildly after rumors circulated that Trump was planning a 90-day pause on the recently announced tariffs for all countries except China.
The unverified report, which quickly spread on social media and was picked up by CNBC, caused investors to shift positions rapidly—only for the White House to deny the claim.
White House Slams “Fake News” Report
The market rally occurred around 10:30 a.m. and collapsed just as quickly as it started. National Economic Council Director Kevin Hassett was cited as the source of the tariff pause claim.
White House Press Secretary Karoline Leavitt swiftly denied any such plan, calling the story “fake news.”
The report seemed to stem from a Fox News interview, where Hassett was asked if the administration would consider billionaire investor Bill Ackman’s suggestion of a 90-day tariff pause.
