White House Debunks 90-Day Tariff Pause Rumors as “Fake News” Amid Market Swings

Washington, D.C., April 8, 2025 — A whirlwind of speculation about a potential 90-day tariff suspension rocked financial markets and the crypto community on April 7, only to be swiftly dismissed by the White House as “fake news.” The episode, which unfolded over mere hours, underscores the volatility of information in today’s fast-moving digital landscape and its immediate impact on global markets.

The Spark: A Claim from the National Economic Council

The saga began when Kevin Hassett, Director of the National Economic Council (NEC), was quoted by Jin10 Data—a Chinese financial news outlet—as saying that President Donald Trump was “considering a 90-day tariff pause for some countries.” The statement, reported by TechFlow on April 7, 2025, lacked specific details about which nations might benefit or the scope of the pause. Nonetheless, it ignited a firestorm of reactions across trading floors, social media, and newsrooms, given the Trump administration’s aggressive tariff policies since taking office earlier this year.

With tariffs already reshaping global trade—most notably a 10% baseline levy on all imports effective April 5 and higher rates targeting “worst offenders” like China (up to 54%) starting April 9—the prospect of a pause offered a glimmer of relief for markets reeling from uncertainty. Posts on X quickly amplified the narrative, with some users citing Hassett’s remarks as evidence of a softening stance, while others speculated it might exclude China, further stoking geopolitical intrigue.

Market Whiplash and Media Confusion

Within minutes, the unverified claim triggered significant market movements. U.S. stock futures saw a surge of buying activity, briefly pushing the Dow Jones Industrial Average into positive territory shortly after the opening bell on April 7. Crypto markets, sensitive to trade policy shifts, also flickered, with Bitcoin briefly climbing above $74,500 as traders bet on reduced economic pressure.

However, doubts emerged almost as fast as the rally. Finance site Forexlive, cited by TechFlow via Jin10 Data, flagged the headline as dubious within hours of its spread. “It looks like fake news,” the outlet noted, pointing out that while CNBC had discussed the rumor on air, it hadn’t originated the story. Some attributed it to ABC News, but no credible evidence surfaced to support that claim either. The rapid dissemination—fueled by algorithmic trading and social media echo chambers—reversed the initial stock gains, with the Dow’s uptick evaporating as skepticism took hold.

White House Steps In: “Fake News”

By late April 7, the White House moved to quash the speculation. In a statement to CNBC, a spokesperson categorically denied any plans for a 90-day tariff suspension, labeling the reports “fake news.” The clarification came as markets stabilized, though not before the rumor mill had left its mark—both in trading volatility and renewed debates over the administration’s trade strategy.

The rebuttal aligns with the Trump administration’s unwavering commitment to its tariff agenda, a cornerstone of its “America First” economic policy. Since January 2025, Trump has imposed escalating duties—first targeting Canada, Mexico, and China, then expanding globally—aiming to protect U.S. industries and reduce trade deficits. The idea of a pause, even temporary, seemed at odds with recent rhetoric from key advisors like Howard Lutnick, Trump’s pick for Commerce Secretary, who has championed tariffs as a negotiation tool, and Peter Navarro, a hardline trade hawk.

The Bigger Picture: Tariffs, Markets, and Misinformation

The episode highlights the fragility of markets in an era of instant information—and misinformation. X posts captured the confusion in real time, with users debating Hassett’s alleged comments. Some pointed to billionaire Bill Ackman’s earlier public suggestion of a 90-day pause as a possible origin for the rumor, though Hassett himself has downplayed such ideas, arguing that tariff fears are overblown relative to their GDP impact.

For the crypto sector, the stakes are equally high. Tariffs have ripple effects on blockchain-related supply chains—think semiconductor shortages for mining rigs or cost hikes for hardware wallets like Ledger’s Nano series, already under legal scrutiny in the U.S. A pause could ease such pressures, but the White House’s firm denial keeps the status quo intact.

What’s Next?

As of April 8, 2025, the tariff rollout remains on track, with no reprieve in sight. The April 9 deadline for higher “reciprocal tariffs” on countries like China, Vietnam, and the EU looms large, promising further market tension. Meanwhile, the incident serves as a cautionary tale about the power of unverified reports in a hyper-connected world. For investors, crypto enthusiasts, and global traders alike, the lesson is clear: in the age of Trump 2.0, every rumor counts—until it doesn’t.