On Thursday, April 3, at 10:10 AM ET, rumors began spreading that the White House was planning a 90-day pause on tariffs for all countries except China. Just five minutes later, CNBC reported that President Donald Trump was considering this move.
Markets responded quickly. By 10:18 AM, the S&P 500 index had gained over $3 trillion in value from its daily low, as traders hoped the pause could ease trade tensions.
White House Denies Rumors
At 10:25 AM, news reports said that White House officials were not aware of the plan. One minute later, CNBC corrected its earlier report, saying the information was wrong.
At 10:34 AM, the White House officially denied the rumor, calling the headlines “fake news.”
By 10:40 AM, the stock market dropped again, losing $2.5 trillion from its high. In total, the market swung $7 trillion in just 30 minutes.
Bitcoin Surges, Then Falls
Bitcoin (BTC) also reacted to the news. The price jumped to nearly $82,000 after the first reports, but dropped back to $78,000 once the White House denied the story.
The wild market moves show how sensitive investors are to news about tariffs and trade. The U.S. is currently facing rising concerns over a possible trade war due to recent tariff policies announced by President Trump.
The next Federal Reserve meeting is scheduled for May 7, and many will be watching for updates on interest rates and inflation.
