tl;dr
Monday’s market open saw significant swings in US markets due to uncertainty over White House tariff policies. A rumor on social media about a 90-day tariff pause attributed to White House advisor Kevin Hassett caused a $3 trillion surge in the S&P 500 index, but was later refuted by CNBC and the Wh...
US markets experienced historic swings in response to conflicting reports on White House tariff policies. President Trump announced additional 50% tariffs on China, escalating trade tensions and impacting global markets. The crypto markets also saw significant liquidations, with Bitcoin trading at $78,350.
Monday’s market open witnessed significant swings in US markets due to uncertainty over White House tariff policies. A rumor on social media about a 90-day tariff pause attributed to White House advisor Kevin Hassett caused a $3 trillion surge in the S&P 500 index. However, this rumor was later refuted by CNBC and the White House, leading to a complete reversal. President Trump then announced on Truth Social an additional 50% tariff on China unless they withdrew their retaliatory tariffs, causing further market volatility.
The crypto market also experienced significant liquidations, with Bitcoin trading at $78,350. This market volatility was fueled by the struggle of investors to gain clarity on the White House’s tariff policies, resulting in multi-trillion-dollar swings in US markets.
Soon after market open, a rumor circulated on the social media platform X that White House National Economic Council Director Kevin Hassett said President Trump was considering a 90-day pause on all tariffs. The rumor caused a $3 trillion blast in the S&P 500 index, but was later refuted by CNBC and the White House, leading to the complete reversal of the market movement within 30 minutes. The move was likely the biggest half-hour swing in market cap ever witnessed.
About half an hour after refuting the rumors, President Trump announced on Truth Social 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.
In the background, the crypto markets suffered a significant downturn, with data aggregator platform Coinglass reporting over $1.64 billion in liquidations in the last 24 hours. At the time of writing, Bitcoin (BTC) is trading at $79,753.