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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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White House Confirms Trump’s Shift That Pushes SAVE Act Further Right

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The White House has confirmed President Donald Trump is moving to push the controversial SAVE America Act further right — which could make it even easier for the left to reject.

Many were confused or critical when President Trump claimed on Thursday that the SAVE Act — a voter ID bill that critics say will disenfranchise millions of Americans — would reshape rules for sports participation and health care access for transgender people, which the current text of the bill does not actually do.

According to Trump’s Truth Social post, the bill requires voter ID and proof of citizenship to vote, and no mail-in ballots except for illness, disability, military, or travel. It also bans “men in women’s sports,” and “transgender mutilation surgery for children, without the express written approval of the parents.”

The president, after uproar from the right, dropped the parental approval portion and called to ban all transgender surgery for children.

White House Press Secretary Karoline Leavitt was asked on Friday about Trump’s additions to the legislation.

READ MORE: ‘Pure Amateur Hour’: Trump Slammed for ‘Absolutely Racing to Betray His Voters’

After declaring that he wants the SAVE Act passed “as soon as possible,” Leavitt acknowledged that Trump “has added on some priorities” to the bill in recent days, “namely no transgender transition surgeries for minors. We are not gonna tolerate the mutilation of young children in this country. No men in women’s sports. The president putting all of these priorities together, it speaks to how common sense they are.”

“These are all common sense priorities of this president that are backed by the vast majority of Americans and he wants Republicans to act on them as quickly as possible,” she claimed.

According to Democracy Docket, Leavitt’s comments “mark the first time the White House has publicly confirmed that Trump is pushing to attach anti-transgender policies to the SAVE America Act.”

Noting that even if the Senate were to pass the legislation with Trump’s latest priorities in it, the bill would have to head back to the House, Democracy Docket reported, “for another vote — a potentially difficult hurdle given the narrow margin by which it passed initially.”

But, even “without those additions, the bill faces long odds in the Senate, where most legislation requires 60 votes to pass and where Democrats have vowed to block it.”

Republican Majority Leader John Thune has said he opposes changing the Senate’s filibuster rules to help the bill’s passage.

READ MORE: ‘Dreaming of Gilead?’ WaPo Hit for Op-Ed Mourning Lack of Evangelicals in ‘Halls of Power’

 

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‘Pure Amateur Hour’: Trump Slammed for ‘Absolutely Racing to Betray His Voters’

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President Donald Trump and his administration are under fire for what critics say is a lack of planning for his war against Iran. The fallout is already being felt in the economy, from rising gas prices to sinking financial markets, and a myriad of other potential crises.

“I’ve seen a lot of Presidents fall short of their promises but I’ve never seen any President just doing the opposite of everything promised on purpose,” charged U.S. Senator Brian Schatz (D-HI). “Prices, Epstein, wars. Just absolutely racing to betray his voters.”

One hour later, he followed up, writing: “Did they think this through?”

The Atlantic’s Karim Sadjadpour earlier this week reported, “I have spoken with current and former U.S. officials privy to the decision making” on Iran, “who describe a total lack of planning and contradictory aims among those worried about the war effort and those more concerned about the war’s domestic political implications.”

Democratic National Committee (DNC) Chairman Ken Martin earlier in the week charged: “Trump and his incompetent administration had no plan to get Americans out of danger after their planned attack on Iran. Now, American citizens are stuck in an active war zone. This is a complete disaster.”

READ MORE: ‘Dreaming of Gilead?’ WaPo Hit for Op-Ed Mourning Lack of Evangelicals in ‘Halls of Power’

On Friday, the State Department said that 24,000 Americans had returned from the Middle East, but thousands more remain. The “vast majority” of those who returned “were able to make their way home on their own through commercial means,” the Associated Press reported.

The rapidly rising price of oil and gas, and access to them, appear to be among critics’ greatest concerns.

“Apparently no one in the White House thought starting a war in the Middle East might affect oil prices,” lamented U.S. Senator Ruben Gallego (D-AZ). “Now families are paying the price at the pump for pure amateur hour.”

Longtime journalist Jim Roberts delved even further.

“Listening to White House official Kevin Hassett this morning is making it crystal clear that the Trump administration had no plan for dealing with the disruption of energy supplies in the Mideast,” he wrote, adding: “And now the Pentagon is trying to figure out how to protect ships in the Strait of Hormuz.”

The Atlantic’s Derek Thompson warned, “By April, energy experts say, the Iran War could be a full blown energy crisis.”

Citing reporting from the Financial Times, macroeconomist Philip Pilkington wrote that the “Trump administration forgot to refill its Strategic Petroleum Reserve before launching Total War in the Middle East.”

Patrick De Haan, the widely cited head of Petroleum Analysis at Gas Buddy, referencing President Donald Trump’s remarks about the price of gas rising, warned: “it doesn’t appear the admin is yet aware there’s actually a problem, so that means there’s nothing yet to fix. I do hope this changes soon.”

READ MORE: ‘Flashing Red’: Jobs Report Sparks Expert Warnings of Recession — or Even Stagflation

 

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‘Dreaming of Gilead?’ WaPo Hit for Op-Ed Mourning Lack of Evangelicals in ‘Halls of Power’

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Washington Post readers are pushing back against the paper and an op-ed that laments what its author sees as a shortage of evangelical Christians in the “halls of power.”

“Evangelicals are 23 percent of U.S. adults and one of the most loyal Republican voting blocs, with 81 percent backing Donald Trump in 2024,” writes author Aaron M. Renn. “Yet despite six of the nine Supreme Court justices being appointed by Republican presidents, there are no evangelicals on the Supreme Court.”

The Supreme Court “is just one of the many elite institutions in which evangelicals are absent or underrepresented,” he continues. Declaring that evangelicals “have excelled in politics,” he points to U.S. Senator Josh Hawley (R-MO) and House Speaker Mike Johnson as examples.

Arguing that evangelicals “are also prominent in well-run and profitable businesses with relatively low cultural impact, such as food processing (Tyson Foods) and retail (Hobby Lobby),” he says that “they are all but absent from the leadership of prestigious universities, major foundations, Big Tech companies, leading financial firms and large media companies.”

READ MORE: ‘Flashing Red’: Jobs Report Sparks Expert Warnings of Recession — or Even Stagflation

“A stronger evangelical presence in elite institutions could strengthen them while addressing polarization and public mistrust,” he continues. “The lack of evangelicals in the halls of power contributes to anti-institutional public sentiment. It also deprives those institutions of an important pool of talent.”

Washington Post readers scorched the op-ed and the paper.

“The author remarked, more than once, of the lack of formal education among the vast numbers of evangelicals,” wrote one reader. “He then questions the lack of said evangelicals on corporate and college boards and in executive offices. Am I the only one seeing a connection here?”

“Is this not a request for a new DEI program to benefit evangelicals?” asked a reader.

“I am an evangelical Christian,” said a critic. “Please don’t hold up Mike Johnson or Josh Hawley as an example of what Christ calls us to be. Perhaps the reason for our absence in the halls of power is the fact that the majority chose to elect an amoral, corrupt narcissist to be president. We should be absent from that depth of depravity.”

READ MORE: Revealed: The Real Reason Kristi Noem Was Fired

One reader encouraged the author to “go see the musical Godspell and see just how far off the mark the American Evangelicals are.”

“Since when did adherence to fundamentalist religious beliefs become a litmus test for government or institutional leadership?” asked a reader. “Aren’t we currently bombing a country based on that system? This ‘newspaper’ is devolving into an internet forum.”

“So now MAGA wants DEI for Evangelicals,” said one reader. “This is fantastic stand-up comedy material.”

“In some cases, not all, the author is confusing evangelical with fundamentalist,” wrote one critic. “The author is also narrowing the meaning of evangelical by using a political frame, not a theological frame. Many evangelicals define themselves via strict adherence to Jesus’ Sermon on the Mount (or the Plain) … I wish the author had explored at least modestly the increasing breadth of what the designation ‘evangelical’ represents in Christianity, not on Capital Hill.”

“Do you expect to be trusted in fields of science when you deny evolution?” asked a reader.

“Evangelical Christianity is the antithesis of intellectual pursuit, science, and progress,” wrote a reader.

And one critic, appearing to refer to “The Handmaid’s Tale,” charged: “Dreaming of Gilead, are you?”

READ MORE: Trump’s Iran War Triggers Gas Price Shock — Especially in Red America

 

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