The market destruction caused by Donald Trump’s recent economic measures was temporarily lessened when various X accounts and news networks jumped on an apparently fake headline about a 90-day pause in tariffs.
Various headlines claimed that National Economic Council Advisor Kevin Hassett said Trump was considering a 90-day pause in tariffs — except for on China.
However, the information wasn’t true, and the White House eventually described the claim to CNBC as “fake news.”
Where did the story come from?
“Walter Bloomberg,” the pseudonymous X user who uses the handle @DeItaone, was one of the major accounts who posted this claim, stating it was originally sourced from Reuters.
Strangely, Reuters public reporting seems to reference a CNBC chyron.
Some who were watching CNBC, however, claim that the hosts were confused by the apparent news, and it didn’t seem to come from its reporting. CNBC was able to reach out to its White House reporter and determine that the headline seemed false.
Read more: CHART: Wasn’t Trump supposed to be good for crypto?
The pseudonymous Bloomberg wasn’t the only account to jump on the news and wasn’t even the first. Others, including Hammer Capital, seemed to spread the very same headline before Bloomberg.
This morning, Trump threatened more tariffs on trading partners, including an additional 50% tariff on China to start on Wednesday.
The original market rally has been eliminated, and the major US indices have since turned red for the day.
Cryptocurrency hasn’t avoided the market fears, with bitcoin falling to approximately $78,000.
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Source: https://protos.com/fake-tariff-headlines-temporarily-rally-market-then-crash-continues/