The Tweet That Rocked Wall Street: How a False Tariff Report Sparked Market Chaos

Wall Street experienced a whirlwind of volatility after a false tweet posted by the popular news aggregator account Walter Bloomberg on X (formerly Twitter) falsely claimed that then-President Donald Trump was considering a 90-day pause on his controversial tariff proposal. What began as a single post rapidly spiraled into market confusion, sending index funds like the Dow Jones into a rollercoaster of gains and losses within mere minutes.

Although the information was swiftly debunked, the damage was already done. Investors, analysts, and traders alike witnessed an unusually sharp pattern of volatility—a fast spike followed by an immediate reversal—that goes beyond the typical daily market fluctuations. The chaos drew widespread attention and highlighted just how powerful, and dangerous, a single misleading headline can be in the age of high-speed financial information.

What made the situation even more confusing was the source. The Walter Bloomberg account, despite its name, has no affiliation with Bloomberg News. Instead, it’s known for posting breaking business and tech headlines as they appear on the Bloomberg Terminal, an expensive, subscription-only platform used by financial professionals to access real-time market data and news. Because this platform often receives headlines before they appear online, Walter Bloomberg has become a go-to source for many looking to keep up with market-moving news.

On that chaotic Monday, the account posted a headline that read:
"HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA."
This post immediately stirred investor optimism, suggesting a potential shift in U.S. trade policy. But the optimism was short-lived.

The White House Rapid Response team quickly denied the report, clarifying that Kevin Hassett, then Director of the National Economic Council, had made no such statement. To reinforce their point, the White House reposted a video clip from Fox News, where the comment allegedly originated. In the clip, an anchor posed a hypothetical question to Hassett, asking if the administration would consider a 90-day pause on tariffs. Hassett gave a non-committal answer:

“The president is going to decide what the president is going to decide… But I would urge everyone, especially Bill [Ackman], to ease off the rhetoric a little bit.”

Not exactly a firm policy announcement.

When pressed on where the misleading tweet came from, Walter Bloomberg stated the information came from Reuters. In turn, Reuters pointed to CNBC, saying they based their report on a headline aired by the network during live market coverage.

Reuters later issued a public statement:

“Reuters… 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.”

CNBC also responded, saying the headline appeared as part of a real-time on-screen banner during live coverage.

“As we were chasing the news of the market moves in real-time,” a CNBC spokesperson told TechCrunch, “we aired unconfirmed information in a banner. Our reporters quickly made a correction on air.”

After the dust settled, Walter Bloomberg broke character from its usual robotic posting style and simply tweeted “wtf”, accompanied by a screenshot of the original Bloomberg Terminal report that said the White House was unaware of any such tariff pause plans.

Although the origin of the false news may have started from within the financial sector itself, the broader public relies on aggregator accounts like Walter Bloomberg for near-instant access to breaking headlines. This incident serves as a reminder that even well-followed sources can spread misinformation—intentionally or not—with real-world consequences.

News Source: TechCrunch