White House Refutes Claims of Trump Tariff Delay: Labels Report as False

By / / Crypto News, Daily News
White House Refutes Claims of Trump Tariff Delay: Labels Report as False
Table Of Contents
  1. False Report on 90-Day Tariff Delay Triggers Global Market Volatility
  2. White House Dismisses “Fake News” on Tariff Delay
  3. Crypto Markets Swing Amid Tariff Confusion
  4. Trump Stands Firm on Tariffs Despite Global Pressure
  5. Hassett Defends Tariffs, Downplays Consumer Impact
  6. New Tariffs Rolling Out This Week
  7. Global Market Outlook: More Uncertainty Ahead

False Report on 90-Day Tariff Delay Triggers Global Market Volatility

The White House has officially debunked reports suggesting a 90-day delay on President Donald Trump’s planned tariffs, calling the claims “fake news.” The now-disputed report caused confusion across global financial markets, especially in the crypto space, which saw sharp fluctuations.

White House Dismisses “Fake News” on Tariff Delay

The chaos started when The Kobeissi Letter cited White House Economic Council Director Kevin Hassett, claiming Trump was considering a three-month delay on reciprocal tariffs for all countries except China. The rumor quickly spread, sparking volatility across both traditional and digital markets.

However, the White House quickly issued a statement denying the report, clarifying that no such policy change was in the works.

Crypto Markets Swing Amid Tariff Confusion

Following the fake report, the crypto market experienced a sharp downturn, reminiscent of Black Monday’s dramatic price drops. On April 7, 2025, the global crypto market cap plummeted by 10.92%, settling at around $2.37 trillion.

Interestingly, despite the broader crash, Bitcoin managed a 3.68% recovery within 24 hours, showcasing the unpredictability and resilience of crypto assets amid geopolitical turmoil.

Meanwhile, traditional markets, including equities and crude oil, also sank further, highlighting investor fears over a looming global recession triggered by escalating trade tensions.

Trump Stands Firm on Tariffs Despite Global Pressure

President Trump, ahead of the market’s opening bell, urged Americans to remain “strong, courageous, and patient,” as stocks plunged over 3% at the New York Stock Exchange. He confirmed holding discussions with European and Asian leaders over the weekend, who reportedly urged him to reconsider the impending tariffs of up to 50%.

Despite diplomatic efforts, no delay has been announced, and Trump remains steadfast8 in his policy—prompting further concern among traders and economists.

Hassett Defends Tariffs, Downplays Consumer Impact

On Sunday, Kevin Hassett stood by the administration’s tariff strategy, insisting that the financial burden would not fall heavily on U.S. consumers. Speaking to ABC News, Hassett said:

“More than 50 countries have already reached out to begin negotiations. They’re doing so because they know they’re absorbing a large share of the tariffs, not American buyers. So, I don’t believe we’ll see a major impact on U.S. consumers.”

He also pointed6 out the persistent U.S. trade deficit and inelastic global supply chains as core reasons why the tariffs would serve America’s long-term economic interests.

New Tariffs Rolling Out This Week

Despite market8 backlash, the administration is moving forward with its new baseline 10% import tariff, already in effect as of Saturday. Starting Wednesday, steeper tariffs will kick in:

  • 34% on Chinese imports
  • 20% on European Union goods

In response, Beijing announced retaliatory measures, imposing a 34% tariff on U.S. products starting Thursday, escalating the trade war further.

Global Market Outlook: More Uncertainty Ahead

With negotiations stalled and Trump refusing to retreat from his aggressive trade stance, global investors are bracing for more instability. As economic recession fears grow, the lack of diplomatic breakthroughs is only widening the rift in global trade relations.

Whether these rising tensions lead to renewed talks or further market disarray remains to be seen. For now, volatility continues to dominate the financial landscape—from Wall Street to crypto exchanges.

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