The stock market took a nosedive early on Monday, and while President Trump’s trade war was already causing chaos, a fake post on X (formerly Twitter) made things even worse.
Around 10:15 a.m., the market briefly surged after a user named Walter Bloomberg posted on X that the White House was considering a 90-day break on tariffs, following an interview with Kevin Hassett, a Trump economic adviser.
“HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA,” Bloomberg’s now-deleted post claimed.
The problem? It wasn’t true. Hassett had only given a vague response when asked about the possibility of a pause, not confirming anything. But that didn’t stop the markets from reacting positively, sending stocks higher.
Trump’s recent tariffs, rolled out on a day he called “Liberation Day,” had already sent the market into a tailspin. Despite clear signs that the tariffs were damaging the global economy, Trump and White House officials stood by the decision.
Soon after the post about the tariff pause went up, a White House X account called it “fake news.” With that, the market plummeted once again. The chaos perfectly illustrated how unpredictable and dangerous the situation was: a single fake post could flip the stock market upside down.
Economists are now warning that the U.S. might be headed for a recession sooner than expected, thanks to the massive tariffs. For everyday people, the pain won’t stop with a stock market crash—prices on everyday items like clothes, toys, and electronics are going up as other countries retaliate with their own tariffs.
And if that’s not enough to worry about, fake social media posts are adding fuel to the fire.
The X user’s name, “Bloomberg,” and the fact that they paid for a verification badge made it look like they were a credible news source. But that doesn’t matter in today’s world, where anyone can cause chaos—thanks to Elon Musk’s changes to the platform.
After Musk bought Twitter for $44 billion in 2022 and rebranded it to X, he stripped away verification from journalists, officials, and celebrities, then allowed anyone to buy a verification badge. This has led to an explosion of fake news and misinformation, making the platform a breeding ground for confusion.
Despite the mess, Trump isn’t letting social media influence his decisions. After the false post about a tariff pause was deleted, he doubled down on his trade war, posting on his own platform, Truth Social, to threaten China with even more tariffs.
“[I]f China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025,” Trump wrote, “the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th.”
