The White House says it is not considering a 90-day pause on its sweeping tariff policy despite an erroneous report amplified by CNBC claiming it was open to doing so.
The stock market saw all major indexes tank at open as the fallout from the president’s tariff plan commenced, but its attitude quickly changed after the false report made the rounds. The erroneous claim appears to have originated from an interview with National Economic Council Director Kevin Hassett on Fox News’s Fox and Friends, in which he was asked if the administration would consider a 90-day pause on the tariffs.
Wrong. Not only did Director Hassett not say this (clip below), @POTUS has been clear — “it all has to change, but especially with CHINA!!!” https://t.co/3Kvt8AScAZ pic.twitter.com/JHucHjZm3S
— Rapid Response 47 (@RapidResponse47) April 7, 2025
“I think the president is gonna decide what the president is gonna decide,” Hassett said before discussing countries seeking negotiations with the president.
The clip was misinterpreted to have affirmed that the administration is considering a 90-day pause, a claim amplified by various X accounts and CNBC.
the Dow turns positive as CNBC talks about reporting that Kevin Hassett is saying Trump is considering a 90 day pause on tariffs for all countries other than China pic.twitter.com/ODJOsGVqWU
— Aaron Rupar (@atrupar) April 7, 2025
The erroneous reports caused stocks to rally, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite up several points after they opened the day deep in the red.
The Trump administration quashed the reports within the hour, with the White House Rapid Response X page calling it “wrong” and “fake news.”
“Wrong. Not only did Director Hassett not say this (clip below), @POTUS has been clear — “it all has to change, but especially with CHINA!!!” the account stated.
After the White House denied the reports, stocks took another dive but quickly rebounded, with all three major indexes hovering around plus or minus 1% on the day in the hour after the frenzy.
Ahead of the New York Stock Exchange’s opening bell at 9:30 a.m., Trump teased talks with trade partners about the tariffs in a post on Truth Social. The president specifically hinted that meetings with Japan, a key trade partner, would be forthcoming.
“Countries from all over the World are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the U.S. very poorly on Trade. They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other “things.” It all has to change, but especially with CHINA!!!” Trump posted.
DOW OPENS DOWN 1,200 POINTS AS TRUMP TARIFF FALLOUT CONTINUES
Later that day, Trump threatened even more tariffs on China, saying, “if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th.”
The message continues a string of mixed messages from the White House on whether tariffs would be permanent or if the administration is open to negotiations to ease the tariffs.
