US markets bounce back on ‘fake news’ over Donald Trump considering to ‘pause’ US tariffs; White House refutes claims | Stock Market News
Source: Live Mint
The US stock markets recovered briefly before dropping again over a “fake news” report on Monday, April 7, which claimed that Donald Trump was considering putting a “pause” on US tariffs for a period of 90 days, reported multiple media outlets.
In response to the development, White House Press Secretary Karoline Leavitt refuted the claim, saying that the headline was ‘fake news’. The claim originated from the reference to the comments of the director of the National Economic Council, Kevin Hassett.
Social media debate
A social media user, Walter Bloomberg shared the development on platform X, starting a social media debate on Trump tariffs. The post was later deleted after the White House refuted the claims. Multiple media agencies reported this development, citing the news portal CNBC in their report.
“This tweet, which may have cost people a lot of money has now been deleted,” said a social media user named Hadas Gold.
Many netizens questioned the authenticity of the news, to which Walter Bloomberg named Reuters for the report.
“HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA -CNBC”, reported the news agency Reuters, citing CNBC as the source.
As the White House dismissed the claims, President Donald Trump also reiterated his stance on the ongoing tariff war between the United States and other world nations. He said that despite the broader market crash, he is not going to “bend” his tariffs hikes.
“Rates are plummeting, oil prices are plummeting, deregulation is happening. President Trump is not going to bend…” said Trump in his post on Truth Social.
US market crash
Wall Street opened lower on Monday due to high selling pressure amid an overall global stock market crash. The benchmark index, the Dow Jones Industrial Average, dropped nearly 1,400 points at the open but recovered briefly before dropping again on April 7.
After the “fake news” emerged, the US markets gained some ground, with the Dow Jones recovering to 39,200 points, the Nasdaq to 16,262.70 points, and the S&P 500 to 5,243.99 points.
But as soon as the White House dismissed the news as fake, the indices continued their downtrend.
Currently, the Dow Jones Industrial Average is trading 1.78 per cent lower at 37,667.20 points as of 12:24 p.m. (EDT), compared to 38,314.86 points at the previous market close.
The tech-heavy Nasdaq was trading 1.17 per cent lower at 15,413.62 points, compared to 15,587.79 points at the previous market close. The S&P 500 was also down 1.18 per cent at 5,014.33 points, compared to 5,074.08 points, on Friday’s stock market close.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
