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The White House denied reports that President Trump plans to suspend reciprocal tariffs for 90 days for all countries except China, as cited by CNBC and Reuters.
US President Donald Trump gestures as he arrives at Joint Base Andrews in Maryland, US. (IMAGE: REUTERS)
The White House has rejected reports claiming that US President Donald Trump is planning to suspend reciprocal tariffs for 90 days for all countries except China. The report was reported by broadcasters CNBC and Fox News, who cited White House Economic Council Director Kevin Hassett and was also reported by Reuters.
US markets turned positive after the reports made headlines. However, the White House swiftly pushed back, sharing the original Fox News interview to clarify that Hassett had been misquoted.
US President Donald Trump cautioned against “stupid” panic on Monday as a global stock market rout deepened after Beijing retaliated against his tariffs offensive.
Stock Markets LIVE Updates: Trump Tariff Blitz Jolts Markets
He also threatened huge additional tariffs on imports from China if Beijing did not withdraw its retaliation plans, adding Washington would begin negotiations with other countries if they wish.
“If China does not withdraw its 34 percent increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50 percent, effective April 9th,” Trump said in a Truth Social post.
Shares in New York joined the slump, with all three major US indices falling more than three percent in early trading.
After opening sharply lower, stocks briefly spiked into positive territory following an erroneous report that the White House was considering a 90-day tariff pause.
European equities were deep in the red but Asia fared worse, with Hong Kong’s Hang Seng index crashing 13.2 percent, its biggest drop since the 1997 Asian financial crisis, and Tokyo’s Nikkei 225 falling an eye-watering 7.8 percent.
A 10-percent “baseline” tariff on imports from around the world took effect Saturday but a slew of countries will be hit by higher duties from Wednesday, with levies of 34 percent for Chinese goods and 20 percent for EU products.
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Washington D.C., United States of America (USA)
