Wall Street stocks swung violently in morning trade as investors responded to a market rumour suggesting US tariffs would be less aggressive, a claim that was quickly denied by the White House.
When asked if Donald Trump would consider a 90-day pause on tariffs, Kevin Hassett, director of the National Economic Council, told Fox News on Monday that “I think the President is going to decide what the President’s going to decide.”
Afterwards, reports circulated on social media and cable news that Trump was considering a 90-day pause on tariffs for all countries except China.
The White House issued a denial: “Wrong”, it said on X. “Not only did Director Hassett not say this . . .@POTUS has been clear — it all has to change, but especially with CHINA!!!”
The blue-chip S&P 500 had opened sharply lower on Monday but surged shortly after 10am as traders snapped up equities on hopes of lower tariffs.
The index quickly gave up those gains, however, and stood 1.7 per cent lower by 10.40am. The tech-heavy Nasdaq whipsawed just as aggressively.
