Umair
The news seemed big: That the Trump administration was considering a 90-day pause to his expansive tariffs.
The problem was, it wasn’t true.
But in a sign of the precarious nature of the markets right now, an unsubstantiated online report spiked shares sharply, albeit briefly, and continued to climb after CNBC and Reuters relayed the claim. The White House quickly responded saying that the report was “FAKE NEWS,” and CNBC and Reuters issued statements correcting the record.
Stocks fell back down after those corrections. Still, the fallout continued to reverberate on Monday, and became a cautionary tale of the risk of using information drawn from the fast-moving echo chamber of social media without first confirming the news independently.
Asked earlier in the day about the possibility of a pause on imposing the expansive tariffs announced by President Trump last week, Kevin Hassett, the director of the National Economic Council, said on Fox News: “I think the president is going to decide what the president is going to decide.”
Walter Bloomberg, an influential X account that is unaffiliated with Bloomberg News, amplified a post on social media claiming Mr. Hassett had said Mr. Trump was considering a 90-day pause in tariffs.
Minutes after the Walter Bloomberg account’s post, Carl Quintanilla, a CNBC anchor, read a headline on air echoing the reports about Hassett. “I think we can go with this headline,” Mr. Quintanilla said, without attributing the news. A person with knowledge of the editorial process at the network said Mr. Quintanilla had read a CNBC headline that was circulated prematurely by mistake.
After that, Reuters flashed a headline, citing CNBC.
The Walter Bloomberg account later deleted the post. In a direct message on X, the account said to The New York Times that the post had originated minutes earlier from another X account. “Given the market movement — plus 4.5 percent — I deemed the headline reliable and posted it at 10:13,” the Walter Bloomberg account said in the direct message. “A few minutes later, Reuters picked up the story, citing CNBC.”
CNBC issued a correction soon after mentioning the potential pause, saying its “aired unconfirmed information in a banner,” adding that its reporters “quickly made a correction on air.” Reuters also issued a correction, saying its report relied on a headline from CNBC. “Reuters has withdrawn the incorrect report and regrets its error,” it said in a statement.
