Trump’s ‘Mutual Tariff’ Announcement Sparks Market Volatility 📉

President Donald Trump’s announcement of ‘mutual tariffs’ sent shockwaves through global stock markets. Initially, there were reports that Trump was considering a 90-day suspension of these tariffs, but this was quickly debunked as fake news 📰.

According to reports, Kevin Hassett, Chairman of the White House National Economic Council, mentioned that President Trump was considering a 90-day pause on tariffs for all countries except China 🇨🇳. However, CNBC later reported that the White House labeled this information as ‘fake news.’ This rollercoaster of information caused significant market fluctuations.

Following the ’90-day suspension’ report, the New York Stock Exchange, which had been declining for three consecutive days, experienced a sudden surge 📈. But after the White House clarified the news as false, the market reverted to its downward trend.

On November 4th, President Trump announced mutual tariff measures, imposing a basic tariff rate of 10% on all countries 🌎. This basic tariff has been in effect since November 5th. Individual mutual tariff measures for countries the U.S. has classified as ‘worst offenders,’ including South Korea (Hanguk), are set to take effect from November 9th. Hanguk is the native name for Korea.

The market’s reaction underscores the sensitivity to trade policy changes and the impact of misinformation in today’s fast-paced news environment 🤔.