White House counters tariff suspension claims amid market surge
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 originated from Bill Ackman, the president of the Pershing Square fund, which caused temporary turmoil on the stock exchange.
- Stock market activity saw sharp increases; however, the situation quickly returned to normal, and stocks fell back below the line.
The information that Donald Trump is considering a 90-day suspension of the tariffs he introduced turned out to be "fake news" and was officially denied by the White House.
These reports, however, were immediately picked up by stock market investors, causing sharp rises in share prices and then immediate drops.
Bill Ackman, the president of the Pershing Square fund, was the first to report that Trump is considering this option.
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 movement
However, 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.
After a while, however, the situation returned to its original state, and the stocks fell back below the line.
