Overview

• A false CNBC report misattributed to White House economic adviser Kevin Hassett claimed a 90-day pause on tariffs was being considered, excluding China.
• The misinformation caused an 8% stock market surge, followed by a 3.5% drop after the White House refuted the claim.
• White House Press Secretary Karoline Leavitt labeled the report 'fake news' and reaffirmed the administration's commitment to its tariff policy.
• The origin of the rumor was traced to a social media post by an account unaffiliated with Bloomberg News, which later deleted the post.
• This incident underscores the volatility of financial markets and the risks posed by unverified information in a tense global trade environment.