CNBC recently issued an on-air correction after it propagated incorrect information suggesting that President Donald Trump was contemplating a “pause” on his extensive tariffs. This development came amidst ongoing stock market volatility, which had been influenced by Trump’s announcement of tariff plans last Wednesday on what he described as “Liberation Day.” The market fluctuations were further aggravated by online rumors that Trump might delay implementing the tariffs, leading to a temporary surge in stock prices on Wall Street.
During a segment, CNBC anchor Carl Quintanilla mentioned that there were claims about Trump considering a 90-day suspension of tariffs for most countries, excluding China. This statement led to the broadcast of a “breaking news” headline incorrectly asserting that Trump was exploring a tariff pause for all but China.
The misunderstanding originated from a dialogue involving Trump’s economic adviser, Kevin Hassett, on “Fox & Friends,” where Hassett was questioned about Trump’s potential decision on a 90-day tariff halt. Hassett’s response, “I think the president is gonna decide what the president is gonna decide,” was misinterpreted as confirmation.
Reuters also circulated this incorrect narrative by publishing a headline referencing Hassett’s alleged comments on the tariff pause. This spread of misinformation resulted in a significant and short-lived $2.4 trillion stock market swing.
CNBC quickly amended its report after White House correspondent Eamon Javers labeled the supposed tariff pause as “fake news,” supported by a statement from White House press secretary Karoline Leavitt. CNBC then aired a correction banner, quoting the denial from the White House. Following this, a CNBC spokesperson informed Fox News Digital that in the pursuit of covering market developments in real-time, they had broadcast unverified information, but their reporters promptly rectified the error on-air.
Subsequently, Reuters withdrew the incorrect report and apologized for the mistake, attributing the error to reliance on CNBC’s coverage.
