News/Commentary

Media outlets fueled market turmoil by reporting ‘fake news,’ then point to the chaos

April 8, 2025 | | Print Article

Monday was a tumultuous day as financial markets reacted to President Donald J. Trump’s bold implementation of tariffs and a pair of media outlets further fueled the chaos with their sloppy reporting.

On Monday morning, the Dow Jones Industrial Average (DJIA) briefly spiked and then came crashing down after both CNBC and Reuters reported that the Trump administration could be considering a 90-day pause on the “Liberation Day” tariffs announced by the president last week, news that while it turned out to be false, sparked optimism that predictions of a doomsday could be averted.

The reports were based on an inaccurate version of remarks by National Economic Council Kevin Hassett during a Fox News appearance that were interpreted to mean that a pause was on the table. The actual interview apparently wasn’t reviewed by editors at the two legacy outlets, who seemed to be more interested in chasing social media clickbait than engaging in serious reporting.

During its daily coverage, a CNBC co-anchor told colleagues, “I think we can go with this headline. Apparently, Hassett’s been saying that Trump will consider a 90-day pause in tariffs for all countries except for China.”

The network also ran the fiction about the 90-day pause on its news chyron displayed at the bottom of the screen.

But White House Press Secretary Karoline Leavitt quickly shot down the “fake news” with CNBC having to walk back its reporting on-air in humiliating fashion after it misled viewers and contributed to the day’s market instability.

“As we were chasing the news of the market moves in real time, we aired unconfirmed information in a banner,” a CNBC spokesperson told media outlets on Monday after it aired the fake news. “Our reporters quickly made a correction on air.”

Reuters also withdrew its false reporting on the nonexistent 90-day pause, but pointed a finger at CNBC instead of its own editors.

The erroneous reporting and the impact on the market didn’t exactly bolster confidence in the media which already is viewed with suspicion and distrust – if not outright loathing – by the vast majority of the American public.

In more CNBC fakery, “Mad Money” hobgoblin Jim Cramer hysterically predicted that Trump’s tariffs would cause a “Black Monday” catastrophe. It didn’t happen.

“The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!” Trump wrote in a Monday morning post to Truth Social, urging patience over panic.

Chris Donaldson
Latest posts by Chris Donaldson (see all)

Comment

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

Latest Articles