Fake $2T Tariff Pause Headline Sends Markets Into Frenzy

Markets Briefly Soar on False News of Trump Tariff Pause

A viral fake news post claiming that President Donald Trump was considering a 90-day global tariff pause triggered a massive, yet temporary, surge across both traditional and crypto markets on April 7. The misinformation came from a verified X account named “Walter Bloomberg” (unaffiliated with Bloomberg News), which falsely attributed the claim to Trump economic advisor Kevin Hassett. The now-deleted post read:

“Hassett: Trump is considering a 90-day pause in tariffs for all countries except China.”

Major outlets including CNBC and Reuters briefly amplified the false claim, airing it live and causing confusion.

Trillions Flood In — Then Out

Markets responded instantly:

• 📈 S&P 500 surged 8%.

• 📈 Nasdaq jumped 9.5%.

• 📈 Dow Jones rose 7%.

• 📈 Bitcoin pumped 6.5%, briefly crossing $80,000.

The rally added an estimated $2 trillion+ to global market cap in under an hour. But when the White House Rapid Response account confirmed the story was fake, gains vanished just as fast, and markets reversed course.

Market Reactions Show How “Ape-Ready” Sentiment Is

Despite the hoax, some analysts view the reaction as a bullish signal for markets — especially if real trade de-escalation occurs. Crypto YouTuber Lark Davis commented:

“Even a lame 90-day delay sent markets soaring. The market is ready to ape.”

He and others believe the explosive reaction reveals a massive amount of sidelined capital, just waiting for any sign of global economic resolution — particularly regarding China-U.S. trade tensions.

X user Geiger Capital added:

“They now know that at any point they can announce a pause and the market will rally ~10% in a single day.”

What Hassett Actually Said

During a Fox News interview, Hassett was asked if Trump might consider a tariff pause. He didn’t confirm or deny, instead responding:

“The president is gonna decide what the president is gonna decide… Even if there is a negative effect from the trade side, it’s still a small share of GDP.” 

He also criticized panic over tariffs as “completely irresponsible rhetoric.”

Shortly after the fake post was retracted, Trump doubled down, posting on Truth Social: 

"If China does not withdraw its 34% increase… the United States will impose additional tariffs of 50% on April 9.”