Synopsis
The White House has rejected claims regarding President Trump's consideration of a 90-day suspension for his reciprocal tariffs. Despite market fluctuations and calls for a halt from investors, Trump remains firm in his tariff policies, particularly against China.Key Takeaways
- The White House denies a report about a 90-day tariff pause.
- US stock markets fluctuated amidst uncertainty about tariffs.
- Bill Ackman advocates for a tariff pause due to potential economic errors.
- Trump remains resolute on tariffs, posing threats to China.
- False reports have influenced market behavior.
Washington, April 7 (NationPress) The White House on Monday refuted claims regarding US President Donald Trump contemplating a 90-day halt in the enactment of his extensive reciprocal tariffs, as per a news report.
US markets commenced trading in the negative on Monday for the third straight day, but later rebounded into the positive territory and fluctuated around that level as investors sought to determine the truth behind reports suggesting the White House was mulling a 90-day halt on tariffs.
The Wall Street Journal indicated that the White House has dismissed the halt report. "Fake news", a White House representative stated in a text message to The Wall Street Journal, the publication mentioned.
Influential Wall Street investor Bill Ackman advocated for a 90-day halt on tariffs in a post on X. "I hold a great deal of respect for our President and his achievements thus far, but I don't believe he is infallible, which is why I am expressing clearly that I strongly believe implementing tariffs on April 9th against all nations — significantly exceeding what we are currently charged — is a mistake," Ackman remarked.
"Critics are trying to undermine my opinions by arguing that I am conflicted or otherwise susceptible to tariffs, a market downturn, or that I have somehow positioned our portfolio to gain from my suggested 90-day halt on reciprocal tariffs," he continued.
The Journal reported that the misleading news may have triggered a "strong mid-morning rally" in US stocks, leading to a surge in the S&P 500 by 7 percent within about half an hour.
However, Trump and his advisors remain steadfast regarding the tariffs, even threatening China with additional levies.
"Yesterday, China imposed Retaliatory Tariffs of 34 percent, on top of their already record-setting tariffs, non-monetary tariffs, illegal subsidization of companies, and significant long-term currency manipulation, despite my warning that any nation that retaliates against the US with additional tariffs, beyond their existing long-term tariff abuses, will face new and significantly higher tariffs, over and above those initially set. Thus, if China fails to retract its 34 percent increase above their long-standing trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50 percent, effective April 9th. Furthermore, all discussions with China regarding their requested meetings will be terminated! Negotiations with other countries, which have also requested meetings, will commence immediately. Thank you for your attention to this matter!" Trump wrote in a post on his Truth Social platform.
