Social Media Posts Fuel US Market Surge, But White House Clarification Halts Momentum | US News
A social media rumor briefly boosted the struggling US stock markets, but they quickly fell back after the claim was refuted by the White House.
Global markets have faced challenges since some of Donald Trump’s new import tariffs were implemented over the weekend.
Tariffs update: Starmer outlines response to US tariffs
US markets opened on Monday down for the third consecutive day but saw a temporary rise, showing over 2% growth at 3:15 PM UK time.
This uptick followed a social media rumor that a senior Trump administration adviser suggested the president might contemplate a 90-day suspension of tariffs.
The source of the erroneous report was unclear but seemed to be a misreading of a comment made by a White House official during a Fox News segment.
When asked if the US president would contemplate a pause, Kevin Hassett, the White House National Economic Council director, responded: “I think the president is going to decide what the president is going to decide.”
“There are over 50 countries negotiating with the president.”
Almost two hours later, multiple X accounts disseminated identical messages claiming that Mr. Hassett indicated a pause – for all countries except China – was under consideration.
These identical posts were amplified by some news outlets and stock traders, causing a spike in the markets.
However, when the White House dismissed the idea of a pause as “fake news,” the markets dipped once more.
Mr. Trump remains resolute despite concerns that his tariffs could be driving the US toward a recession.
👉 Follow Trump 100 on your podcast app 👈
The US president has maintained that the tariffs are essential for revitalizing domestic manufacturing and resetting trade relationships with other nations.
“Be Strong, Courageous, and Patient, and GREATNESS will be the result!” he posted on Truth Social on Monday.
More from Sky News:
Trump and Netanyahu cancel news conference
Asian stock markets tumble after tariffs
Please use Chrome browser for a more accessible video player
What’s going on with the stock markets?
Mr. Trump, who played golf in Florida over the weekend, has also warned of an additional tariff on China, following Beijing’s announcement of a retaliatory levy on the US.
He stated that if Beijing does not retract its retaliatory tariff, the US will implement an additional 50% tariff on China and that “negotiations with other countries, which have also requested meetings, will commence immediately”.
