White House Denies Fake News on Trump Tariffs Delay Report
**White House Dismisses Media Report on Tariff Delay as “Fake News”**
*Markets React Sharply Amid Confusion and Recession Fears*
On Monday, the White House firmly rejected a media report suggesting that President Donald Trump was considering a 90-day delay in implementing reciprocal tariffs on all countries—except China. The administration labeled the report as "fake news," adding to the market's uncertainty as investors navigated mixed signals from Washington.
The speculation originated from a statement quoted by *The Kobeissi Letter*, which cited White House Economic Council Director Kevin Hassett. According to the report, President Trump was allegedly weighing a three-month postponement in enforcing broad tariffs while maintaining a hardline stance on China.
**Market Mayhem as Clarity Eludes Investors**
Following the denial from the White House, global financial markets saw heightened volatility. The confusion surrounding U.S. trade policy amplified existing recession fears, sending stock indices and crude oil prices sharply lower. The cryptocurrency market wasn't spared either.
On April 7, 2025, the digital asset space experienced a flash crash reminiscent of Black Monday in 1987. The global crypto market capitalization plunged by 10.92%, falling to $2.37 trillion. However, Bitcoin showed a brief moment of resilience, rebounding 3.68% within 24 hours as speculators sought refuge amid traditional market instability.
Global trading floors were swept up in panic selling, continuing the downward momentum seen over the past week. As markets opened in New York with losses exceeding three percent, President Trump appealed to the nation, calling on Americans to "be strong, courageous, and patient."
**Behind Closed Doors: Weekend Talks with Global Leaders**
Earlier in the day, President Trump stated he had engaged in discussions with European and Asian leaders over the weekend. These conversations reportedly revolved around persuading the U.S. president to reconsider steep tariffs—some as high as 50%—slated to be enforced later this week.
Yet, after the media misreport surfaced and was swiftly refuted, the already jittery markets gyrated further, caught between the threat of new tariffs and conflicting policy signals from Washington.
**Hassett Defends Tariffs, Downplays Consumer Impact**
In a Sunday interview with ABC News, Economic Council Director Kevin Hassett stood by the administration's tariff strategy. He dismissed claims that U.S. consumers would bear the brunt of the cost.
“Nations are retaliating, but they’re also sitting down to negotiate,” Hassett said. “As of last night, the U.S. Trade Representative informed me that over 50 countries have reached out to initiate trade talks. These nations understand they are absorbing much of the tariff burden due to inelastic supply chains. That’s why I don’t foresee a significant impact on U.S. consumers.”
**New Wave of Tariffs Imminent**
A 10% baseline import tariff on goods from around the globe came into effect over the weekend. Additional tariff hikes are scheduled for Wednesday, including a 34% duty on Chinese imports and a 20% tariff on products from the European Union. In response, Beijing announced it will implement a matching 34% tariff on U.S. goods starting Thursday.
**Global Trade in Crisis: Will Diplomacy Prevail?**
With President Trump doubling down on protectionist measures and no signs of policy reversal, fears of a global economic downturn are intensifying. Investor sentiment continues to erode amid stalled negotiations and rising geopolitical tensions.
As the world watches the unfolding trade war escalate, the central question remains: Will mounting financial pressure force leaders back to the negotiating table, or will it further fracture the already fragile global trade order?