CNBC was forced to issue an on-air correction after it amplified a viral falsehood that President Donald Trump was considering a “pause” on his widespread tariffs.
Volatility continued to rock the stock market Monday following Trump announcing his tariff plans last Wednesday on what he called “Liberation Day.” Adding further volatility were internet rumors about Trump pumping the brakes on implementing his tariffs, which began fueling a stock market surge on Wall Street.
“I think we can go with this headline: Apparently Hassett has been saying that Trump will consider a 90-day pause in tariffs for all countries except for China,” CNBC anchor Carl Quintanilla said on-air.
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Seconds later, CNBC aired a “breaking news” banner that read, “HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA.”
The false headline apparently stemmed from a misinterpreted exchange Trump economic adviser Kevin Hassett had on “Fox & Friends” after he was asked whether Trump would consider a 90-day pause on tariffs.
“I think the president is gonna decide what the president is gonna decide,” Hassett responded.
Reuters similarly amplified the falsehood by running its own headline about the “pause,” citing Hassett.
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The falsehood sparked a $2.4 trillion swing in the stock market, which evaporated in a matter of minutes.
CNBC White House correspondent Eamon Javers appeared on-air moments later telling Quintanilla that the pause was “fake news,” citing White House press secretary Karoline Leavitt. The network then ran an on-air “breaking news” banner quoting the White House’s denial.
A spokesperson for CNBC told Fox News Digital, “As we were chasing the news of the market moves in real-time, we aired unconfirmed information in a banner. Our reporters quickly made a correction on air.”
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Reuters also retracted its reporting while pointing the finger at CNBC, stating, “Reuters, drawing from a headline on CNBC, published a story on April 7 saying White House economic adviser Kevin Hassett had said that President Donald Trump was considering a 90-day tariff pause on all countries except China. The White House denied the report. Reuters has withdrawn the incorrect report and regrets its error.”
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