President Donald Trump has denied reports that he is considering a 90-day pause on his reciprocal tariffs, calling them “fake news.” The White House said Kevin Hassett, director of the National Economic Council, never indicated Trump would consider such a move.
During an appearance on Fox News, Hassett was asked if Trump could call a 90-day timeout on his tariffs. Hassett responded by saying, “I think the president will decide what the president is going to decide.” This quote was misinterpreted online, leading to reports that Hassett confirmed Trump would consider a pause.
The news comes as U.S. markets face historic selloffs, with the Dow Jones Industrial Average, S&P 500, and Nasdaq all briefly rising before falling again after the White House’s rebuttal.
Trump has defended his tariffs, saying they are necessary to protect American manufacturing and that “GREATNESS will be the result.” He also claimed that sinking oil prices are a victory for his policies. However, economists and policymakers have warned that Trump’s tariffs could increase inflation and lead to a recession.
Several billionaires, including Jamie Dimon and Elon Musk, have criticized Trump’s tariffs, saying they will likely cause economic problems. They argue that the tariffs will lead to higher prices for consumers and damage America’s long-term economic alliances.
Trump has argued that his tariffs are necessary to punish countries for unfair trade practices. However, details about the tariffs were largely unknown before his announcement, and some market analysts have warned that they could increase prices for numerous products.
The White House has maintained that Trump’s tariffs will not impact consumer prices, citing a statement from former Treasury Secretary Janet Yellen.
Source: https://www.forbes.com/sites/tylerroush/2025/04/07/trump-90-day-tariff-pause-rumor-causes-stock-whipsaw-before-white-house-calls-it-fake-news-heres-what-happened