Fake Social Media Posts Can Tank The Stock Market Now
HuffPost
Donald Trump has created extreme uncertainty with his tariff policy — and even traders are struggling to know what’s real.
The stock market tumbled early on Monday as the impact from President Donald Trump’s trade war spread around the world — and an erroneous post from a user on X, formerly known as Twitter, added to the chaos and uncertainty.
The market dramatically began to rally around 10:15 a.m. after an X user who goes by the name Walter Bloomberg posted that the White House was considering a 90-day pause on tariffs after watching a CNBC interview with Kevin Hassett, one of Trump’s economic advisers.
“HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA,” the user, who is not affiliated with Bloomberg News, said in a now-deleted post.
There was just one problem — there was no evidence that the post was true. After Fox News hosts asked Hassett about the possibility of a pause, he gave a noncommittal answer. But still, the markets reacted positively to the rumor as it spread.
Since Trump announced widespread tariffs on dozens of countries around the world last week on a day he dubbed “Liberation Day,” the stock market began tanking. But Trump and White House officials continued to defend the tariffs, even as it became clear that they would do serious damage to the global economy.
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