Tariff delay rumour briefly lifts stocks before | Australian Markets

A rumour that US President Donald Trump was contemplating a pause in tariffs briefly lifted markets before the White House shot down the unfounded stories.

The confusion – which was amplified by some conventional media retailers and on social media – lasted much less than a half hour however mirrored a jittery temper on Wall Street as stocks plunged over worries that Trump’s tariffs may torpedo the worldwide economic system.

The origin of the false report was unclear however it gave the impression to be a misinterpretation of feedback made by Kevin Hassett, director of the White House National Economic Council, during a Fox News interview earlier on Monday morning.

Asked whether or not Trump would take into account a 90-day tariff pause urged by a distinguished hedge fund supervisor, Hassett stated “I think the president is going to decide what the president is going to decide”.

Nearly two hours later, a number of consumer accounts on social media platform X posted similar messages claiming Hassett stated Trump is contemplating a pause for all international locations besides China.

Stock merchants and a few news retailers picked up the story, and the market skyrocketed on the trace of good news.

The Dow Jones Industrial Average briefly erased a morning loss of 1,700 factors, shot up more than 800 factors after which went back to a loss of 629 factors.

The S&P 500 likewise made sudden up-and-down lurching actions.

The White House initially appeared as confused as everybody else.

But after 20 minutes, a authorities account rejected the report as “fake news”.