Markets Spike Over Quote About Trump Considering a Pause On Tariffs, Dip Again After Proven False

Markets are whipsawing on Monday after a false quote briefly filled markets with hope that President Donald Trump would announce a pause to tariffs only to be proven false.

U.S. indexes surged after the quote, attributed to National Economic Council Director Kevin Hassett, began circulating online, even making its way to CNBC, according to Bloomberg reporter Joe Weisenthal.

However, the spike suddenly reversed as the quote couldn't be verified, and reviews of the official's interview with Fox News on Monday showed nothing of the kind. The White House's rapid response X account, Rapid Response 47, replied to a publication saying "Wrong. Fake News."

It is unclear how the quote originated, but Pershing Square CEO Bill Ackman, who strongly backed Trump in the presidential election, called precisely for a 90-day reprieve on tariffs on Sunday night, warning that the world would otherwise enter a "self-induced economic nuclear winter."

In a lengthy post on X, Ackman said that Trump "has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system." "Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down," he added.

Ackman warned that if Trump continues course and launches an "economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate."

Trump, however, continues to defend his decision, saying the U.S. is addressing years of abuses from other countries, especially China. In a post on his social media platform, Truth Social, Trump said that "Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long timed abused USA is bringing Billions of Dollars a week from the abusing countries on tariffs that are already in place."

"This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They've made enough, for decades, taking advantage of the Good OL' USA! Our past "leaders" are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!" Trump added.