Monday’s market open has resulted in multi-trillion-dollar swings in US markets as investors struggle to get clarity on the White House’s tariff policies.
Soon after market open, a rumor swirled on the social media platform X that White House National Economic Council Director Kevin Hassett said that President Trump was considering a 90-day pause on all tariffs.
The rumor caused a $3 trillion blast in the S&P 500 index from its daily low.
Minutes later, CNBC reported that no one at the White House had any knowledge of a so-called 90-day pause, and soon after that, the White House itself posted on X, calling the rumor “fake news.”
That’s when the S&P 500 broke down further, erasing the entire move which only took 30 minutes to complete.
As reported by The Kobeissi Letter, the move was likely the biggest half-hour swing in market cap ever witnessed.
“This single tariff headline attributed to White House advisor Hassett swung $6 TRILLION in S&P 500 market cap.
We just witnessed the largest 30-minute swing in market cap in history.
You can’t make this up.”
About half an hour after shooting down the rumors, President Trump posted on Truth Social to announce that the US would put an additional 50% on tariffs on China – on top of the 34% tariff already declared – unless China withdrew its retaliatory 34% tariffs.
“Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately.”
In the background, crypto markets are also suffering a bloodbath, with data aggregator platform Coinglass reporting over $1.64 billion in liquidations in the last 24 hours.
At time of writing, Bitcoin (BTC) is trading at $78,350.
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