White House denies 90-day tariff pause: Report

US markets opened in the negative on Monday for the third consecutive day, but it climbed back into the positive later in the morning and fluctuated around that point as investors tried to ascertain the veracity of a report that the White House was considering a 90-day pause in the tariffs.

The Wall Street Journal reported that the White House has denied the pause report. "Fake news", a White House official said in a text message to The Wall Street Journal, the newspaper reported.

Bill Ackman, an influential Wall Street investor, called for a 90-day pause in the tariff in a post on X. "I have a lot of respect for our President and what he has accomplished so far, but I don't think he is infallible, which is why I am stating loud and clear that I strongly believe launching tariffs on April 9th against the entire world -- massively in excess of what we are being charged -- is a mistake," said Ackman.

"Skeptics are attempting to discredit my views by making the case that I am conflicted or otherwise vulnerable to tariffs, a market crash or a correction, or that I have somehow positioned our portfolio to benefit from my recommended 90-day pause on the implementation of reciprocal tariffs," he went on to say.

The Journal reported that the false report may have caused a "powerful mid-morning morning rally" in US stocks, causing a surge in the S&P 500 by 7 per cent in about half an hour.

But Trump and his advisors are not budging on the tariffs, and threatened China with fresh levies.

"Yesterday, China issued Retaliatory Tariffs of 34 per cent, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the US by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set. Therefore, if China does not withdraw its 34 per cent increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50 per cent, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!" Trump wrote in a post on his Truth Social website.