Washington, D.C. [US], April 7 (ANI): The White House on Monday dismissed as “fake news” reports that U.S. President Donald Trump is considering a 90-day pause on tariffs.
The rumors had claimed that Trump was planning to delay reciprocal tariffs, announced on April 2, for all countries except China.
“Wrong. Fake News,” the White House said on X, responding to a post suggesting that Trump was considering the pause.
White House Press Secretary Karoline Leavitt also shared the post, doubling down on the denial.
Earlier in the day, U.S. stock markets had surged briefly after some media outlets reported that Kevin Hassett, Director of the National Economic Council, stated Trump was weighing a 90-day pause on tariffs for all nations excluding China. However, the market rally quickly reversed after Leavitt denied the reports, with stocks turning sharply downward.
The Dow Jones Industrial Average suffered losses exceeding 1,500 points—the worst in its history—including a 2,231-point drop on Friday. The S&P 500 fell 6 percent on Friday, marking its steepest single-day loss since the COVID-19 crash in March 2020. The index has now dropped 10 percent over two sessions. The tech-heavy Nasdaq Composite has plummeted 22 percent from its record high, sliding nearly 6 percent on both Thursday and Friday.
Meanwhile, President Trump has threatened to impose a new 50 percent tariff on Chinese imports if Beijing does not lift retaliatory duties on U.S. goods. China recently announced a retaliatory tariff of 34 percent on U.S. products, set to take effect from Thursday, April 10.
The conflicting reports caused turbulence in the financial markets. The rumors originated from a social media post alleging that Hassett had said on Fox News that Trump was mulling a tariff pause. U.S. media later reported that the post appeared to be a misinterpretation of Hassett’s comments.
In a post on his social media platform, Truth Social, President Trump addressed the economic backlash over his tariff strategy, calling on Americans to stay calm and committed.
“The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (a new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!” Trump wrote, just minutes before markets opened. (ANI)
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