A viral post from an unaffiliated X account claiming President Trump was considering a 90-day pause on tariffs led to a brief and volatile market rally. The false report caused stocks to surge by 8% within moments, only for a significant drop of 3.5% to follow once the White House refuted the claim as fake news. Despite Kevin Hassett's previous appearance on Fox & Friends, concerns lingered over the significant market sell-off, marking steep declines not seen since 2008's financial crisis.
The frenzy began after a post at 10:13 a.m. (ET) by an account on X called Walter Bloomberg went viral, claiming Trump was considering a tariff pause.
Stocks surged as much as 8% in seconds, only to crash 3.5% moments later when the White House scrambled to call the report what it was: Fake news.
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