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Markets Rally Briefly on Trump Tariff Pause Rumor—Plunge After WH Cries ‘Fake News’

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As President Donald Trump’s top billionaire allies and influencers are turning tail and revolting against his “big, beautiful tariffs” that have caused three days of stock market collapses across the globe, top White House economic advisor Kevin Hassett says that when he’s ready, the President will “sign with that big long beautiful signature and he will have made a great deal for America.”

Jamie Dimon, Bill Ackman, and Elon Musk all expressed concerns over the weekend, after U.S. markets crashed.

Call For ’90-Day Time Out’

Billionaire hedge fund manager Bill Ackman, a longtime Democratic donor who endorsed Trump in 2024 and went on to become a top cheerleader for Trump’s policies, blasted the President over his tariffs that in just two days caused $6.6 trillion in lost wealth in the U.S. alone (and $11 trillion since Inauguration Day.)

In a lengthy social media post, Ackman warned of a pending “self-induced economic nuclear winter” should Trump not reverse course on his oppressive tariffs.

Calling for a “90-day time out,” Ackman accused Trump of  “placing massive and disproportionate tariffs on our friends and our enemies alike,” and “launching a global economic war against the whole world at once,” which he says puts the U.S. “in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital.”

“If, on the other hand, on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate,” he warned.

And he chastised Trump, warning that the President “is losing the confidence of business leaders around the globe. The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for.”

Markets Turn Positive Until White House Cries ‘Fake News’

On Monday morning, Trump’s Director of the National Economic Council reportedly said, according to Reuters, that the President is considering a 90-day pause on tariffs.

That caused an immediate spike, with U.S. markets turning positive on the third day of devastating, massive drops.

But the turnaround lasted only minutes, and the markets plunged again into the negative, as the White House called the possibility of a 90-day pause “fake news,” as CNBC reported.

More Billionaires

Other notable billionaires have also urged Trump to rethink the tariffs.

JPMorgan Chase Chairman and CEO Jamie Dimon, who was not a Trump supporter but in January announced he supported Trump’s tariffs—saying if there’s some economic hardship people should just “get over it”—now warns that Trump’s tariffs “will likely increase inflation and are causing many to consider a greater probability of a recession.”

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,'” he writes. “The quicker this issue is resolved, the better.”

CNN calls Dimon’s warning “blunt,” and reports that “rarely has Dimon been so blunt about a single US economic policy.”

“We face the most perilous and complicated geopolitical and economic environment since World War II,” he said.

Even top Trump cheerleader, ally, and administration special employee Elon Musk came out in favor of free trade — the opposite of tariffs — and against at least some of Trump’s tariffs.

Calling it “one of the strongest examples yet of the billionaire SpaceX founder’s break with Trump on tariffs, CNBC reported that early on Monday morning, Musk reposted video of the late Nobel-awarded economist Milton Friedman explaining the importance and benefits of free trade.

Musk “also said [that] he hopes Europe and the U.S. can move ‘to a zero-tariff situation, effectively creating a free-trade zone,’ during a virtual appearance at a meeting of Italy’s far-right League party.”

Also on Monday morning, top Trump economic advisor Kevin Hassett, opened the door to Trump negotiating “deals” on his highly-controversial and, at least so far, highly-destructive tariffs.

‘BIG, LONG, BEAUTIFUL SIGNATURE’

Claiming that 50 countries have approached the White House to negotiate on tariffs, Hassett on Monday morning had told Fox News, “I’ve seen some deals that are great, and President Trump is going to decide if they’re great enough.”

“But again, after after decades and decades of mistreating American workers, it’s going to be tough to get him to decide to really come to the table and sign on the dotted line. But when he does, he’s going to sign with that big, long, beautiful signature, and he’ll have made a great deal for America.”

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‘Enough Tacos for a Restaurant’: Trump’s Latest Iran Retreat Ripped for ‘Winging It’

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President Donald Trump is facing ridicule and accusations of “TACOing” after posting that he is delaying his threatened bombing of Iran’s energy plants by ten days. Earlier this week, he had delayed it by five days. Trump’s remarks came minutes after markets closed, with US stocks having their “biggest loss since the war with Iran started,” the Associated Press reported.

“As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time,” the president wrote Friday afternoon. “Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well.”

“TACO,” coined in May of last year, stands for “Trump Always Chickens Out.” It was first used in relation to his tariffs, when he would threaten hefty levies but then back down from them, imposing smaller ones or none.

Trump has repeatedly insisted he is negotiating with Iran, although Iran denies the claim, saying that the U.S. is “negotiating with itself.” The administration sent Iran a 15-point peace plan proposal,  which Tehran rejected as “excessive.”

Some critics ridiculed the president, others suggested more substantive insights.

Talking Points Memo founder Josh Marshall wrote: “Enough tacos here for a New Mexican restaurant chain.”

Saying that Trump is “Resetting the TACO deadline,” Public Radio’s Kai Ryssdal asked, “Do we believe that?”

“At this point, it’s clear they are just winging it,” declared Alexander Langlois, a contributing fellow at Defense Priorities. “What are these deadlines? Can any of them be trusted? Zero transparency from this administration, especially on clear and obvious threats to commit war crimes against civilian infrastructure. What are we even doing?”

Bloomberg columnist Javier Blas asked if this is “Real diplomacy?” or “More oil jawboning?”

Numerous social media posters simply wrote, “#TACO.”

 

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How Iran Hoodwinked Trump With America’s Own Strategies: Columnist

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Iran is using America’s playbook against the Trump administration. It has mastered long-standing strategies the U.S. used against Iran to its own benefit.

That’s according to author Edward Fishman, who writes in a New York Times opinion piece, “Iran has learned the lessons of American foreign policy. It has used the tools at its disposal to exacerbate risk, forcing private actors to become unwitting tools of its statecraft.”

Fishman says, “While the Trump administration’s war aims have vacillated between regime change, denuclearization and military degradation, it now has one overriding objective: reopening the strait.”

Iran appears to hold all the cards there.

Closing the Strait of Hormuz, analysts believed, “would require Iran to lay thousands of sea mines and render the strait physically impassable,” making it an unlikely move — especially as Iran also relies on the strait for shipping.

READ MORE: ‘Blank Check’: Trump’s Board of Peace to Get $1.25 Billion From State Department

But Iran, using America’s strategies, “has shown it can disrupt the strait at far lower cost.”

How?

Target just a small number of ships, and let others realize there is a possible threat — effectively shutting down traffic on the Strait.

Fishman explains that this is the same strategy the U.S. used against Iran for decades: threaten international banks to break with Tehran, sanctioning only a small number to convey a broader message.

“By threatening to cut off foreign banks from the dollar unless they severed ties with Iran, they effectively isolated the country from the international financial system,” Fishman explains. “The United States rarely had to follow through on its threats. In a strategy one U.S. official described as ‘killing the chicken to scare the monkeys,’ Washington deployed these so-called secondary sanctions sparingly. On the few occasions they were applied, everyone else got the message. Sanctioning a single Chinese bank was enough to shift the risk tolerance of the rest.”

What happens if other countries adapt this approach?

“If the world deals with the United States by fighting back, rather than negotiating,” Fishman writes, “stability will be harder to achieve — and more costly once won.”

READ MORE: Trump Unleashes Unhinged Early Morning Tirade Targeting Enemies and Allies

 

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‘Blank Check’: Trump’s Board of Peace to Get $1.25 Billion From State Department

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President Donald Trump’s Board of Peace will be receiving $1.25 billion from the U.S. State Department, taxpayer funds that had been designated for international disasters and peacekeeping, Semafor reported in an exclusive.

Trump’s Board of Peace has drawn criticism for its highly centralized structure, under which Trump serves as chairman for life and controls who succeeds him. He also wields unilateral control over the organization’s actions, including where and how it spends its funds.

U.S. Senator Catherine Cortez Masto (D-NV) is introducing legislation that would redirect $1 billion of the $1.25 bill to the Low-Income Home Energy Assistance Program.

“Instead of giving President Trump a $1 billion blank check to fund a ‘Board of Peace’ that has offered no transparency about how it is investing its money, let’s focus on helping American families afford their monthly power bill,” Cortez Masto told Semafor.

READ MORE: Trump Unleashes Unhinged Early Morning Tirade Targeting Enemies and Allies

Trump has pledged the U.S. will provide the Border Patrol of Peace a total of $10 billion.

Trump has sole discretion on which nations are invited to join, and he is requiring a $1 billion payment to the Board of Peace for permanent membership. The president rescinded his invitation to Canada after its prime minister indicated Canada would not pay the $1 billion fee.

According to reports, the organization could be filled with authoritarian leaders, and it is being seen as a possible rival to the United Nations.

“The Board of Peace has had a rough landing,” reported Bloomberg News’ UK political editor Alex Wickham in January, noting that “it’s been criticized by Israel, questioned by Europe and has Russia’s friends celebrating.”

READ MORE: Trump Is So Desperate to End the War He Doesn’t Even Want to Call It One: Columnist

 

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