White House refutes tariff suspension rumors amid market chaos
The White House denies reports of a possible 90-day suspension of tariffs imposed by Donald Trump. "That's fake news," said spokeswoman Karoline Leavitt, quoted by CNBC.
What do you need to know?
- The White House denied information about a planned 90-day suspension of tariffs imposed by Donald Trump. Spokeswoman Karoline Leavitt described these reports as "fake news."
- Information about the suspension of tariffs was initially provided by Bill Ackman, the president of the Pershing Square fund, causing temporary turmoil on the stock exchange.
- Stock market quotes reacted with sharp increases; however, the situation quickly returned to normal, and stocks fell back below the line.
The reports that Donald Trump is considering a 90-day suspension of the tariffs he introduced turned out to be "fake news" and were officially denied by the White House.
These reports, however, were immediately picked up by stock market investors, causing sharp rises in stock prices followed by immediate drops.
The first to report that Trump is considering this option was Bill Ackman, the president of the Pershing Square fund.
Kevin Hassett, director of the White House National Economic Council, was asked about the matter on FOX News and did not confirm these reports. He stated, that the President will decide what he decides.
Sudden stock market jump
The information about the potential suspension of tariffs impacted stock market quotes. These reports caused sharp price increases in the largest companies listed on Wall Street.
However, after a while, the situation returned to square one, and stocks fell back below the line.
