"Tariff suspension" plays a prank on the market, this time CNBC takes the blame
The global financial markets were played by a fake news story tonight.Author: Azuma, Odaily Planet Daily
The global financial market was played by a piece of fake news tonight.
Around 22:15 Beijing time, mainstream media such as CNBC and Reuters reported a "news" ------ that the Director of the National Economic Council, Hassett, stated that President Trump is considering suspending tariffs for 90 days on certain countries.
In the current tense atmosphere surrounding tariff policies, this "news" was immediately interpreted by the market as a sign that Trump intends to ease up and accept further negotiations. As a result of this positive news, the global financial market quickly rebounded, and the cryptocurrency market was no exception ------ OKX data showed that after the news broke, BTC once rose above 81,000 USDT, reaching a high of 81,213.5 USDT.
However, shortly after, some media and professionals quickly noticed something was off; the aforementioned "news" seemed to contain errors.
Around 22:25, CNBC clarified that no one at the White House was aware of the 90-day tariff suspension news.
Following that, Forexlive reported that this news was everywhere, but it looked like fake news.
Subsequently, CNBC reported again that the White House had informed the media that any claims about a 90-day (tariff) suspension were "fake news."
Around 22:57, President Trump's rapid response team officially responded to the market rumors, confirming that National Economic Council Chairman Hassett had not made any such statements, proving that the news was a media misreport.
As a result of this clarification, the global financial market immediately took a sharp downturn, experiencing a rollercoaster effect. In the cryptocurrency market, as of the time of writing, BTC has fallen back below 79,000 USDT, currently reported at 78,827.5 USDT.
So, how did this fake "news" spread?
Through quick piecing together by various market observers, the transmission path of the news seems to be as follows.
The incident began when Hassett was asked during an interview with Fox News, "Will Trump consider suspending tariffs for 90 days?" Before answering, Hassett said "Yep," and then added, "I think the president will make his decision… even if you think there will be some negative impact on trade, that only accounts for a small part of GDP"…… Some individuals seemed to misinterpret "Yep" as an agreement, but this "Yep" was just meant to indicate that he heard the question clearly.
Subsequently, some individuals who misunderstood began to spread the "tariff suspension" rumor on social media, but initially, the rumor did not create much of a stir.
Then, CNBC mentioned the rumor during a live broadcast, although the host verbally stated, "I don't know if this is true," CNBC still displayed the content of the rumor directly on the live broadcast screen.
After that, several mainstream media outlets, including Reuters, picked up and reprinted CNBC's report.
The final result was that the rumor quickly ignited the global financial market…
Clearly, CNBC's lack of rigorous handling during the live broadcast needs to take the blame for this blunder ------ After the truth came to light, many users on X criticized CNBC, with some even angrily suggesting that the relevant personnel should be jailed for this.
Although this rumor has been debunked, the impact of the incident is irreversible, especially the significant volatility it caused in the contract market ------ Coinglass data shows that in the past 4 hours, the entire network experienced liquidations totaling 274 million dollars, including 93.66 million dollars in long liquidations and 181 million dollars in short liquidations. This is just in the cryptocurrency market; if we expand the scope to the global financial market, the scale of the rumor's impact will further increase…
An incident like this triggering such a large reaction shows that the market is in a state of "heightened alert," where any developments regarding tariffs and interest rate cuts could lead to significant market fluctuations. For investors, please be sure to pay attention to the relevant risks and remember that "staying alive is more important than anything else."
