Stocks Plunge After Trump Declares Web Rumor on Tariffs ‘Fake News’

The stock market went on a rollercoaster ride this morning, shooting upwards after news circulated online that President Donald Trump was considering a 90-day pause of his global tariff policy. However, the White House has now called the information “fake news.” After it became apparent that Trump has no intention of backing down from a policy most economists have dubbed totally insane, the market acted accordingly and dropped like a stone. It’s unclear exactly where the news originated, although online chatter and multiple news outlets have pointed to it having been boosted by one particular X account. Business Insider writes that the tweet came from an account known as “Walter Bloomberg” which typically posts headlines and information from news outlets. According to BI, that tweet read: “HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA,” in an apparent reference to Kevin Hassett, director of the National Economic Council, who recently went on Fo ... Read full article.