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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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Trump Appeared Unaware His Budget Bill Cuts $1T From Medicaid: Report

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President Donald Trump reportedly appeared to be unaware that the Republican budget legislation, formerly his “One Big, Beautiful Bill,” cuts approximately $1 trillion from Medicaid. In a meeting at the White House on Wednesday, Trump told moderate Republicans not to cut Medicaid, Medicare, or Social Security.

“Trump still doesn’t seem to have a firm grasp about what his signature legislative achievement does,” NOTUS reports. “According to three sources with direct knowledge of the comments, the president told Republicans at this meeting that there are three things Congress shouldn’t touch if they want to win elections: Medicaid, Medicare and Social Security.”

The legislation not only cuts $1 trillion from Medicaid, it effectively forces cuts of hundreds of billions of dollars from Medicare, and takes a large chunk—also possibly hundreds of billions—out of SNAP, the Supplemental Nutrition Assistance Program.

The President has repeatedly vowed he will not touch Medicaid.

And as recently as Tuesday, Trump wrote: “Medicaid, Medicare, and Social Security Benefits are not being cut, but are being STRENGTHENED and PROTECTED from the Radical and Destructive Democrats by eliminating Waste, Fraud, and Abuse from those Programs.”

READ MORE: ‘Every Reason to Be Scared’: Strategist Worried Trump Could Try to Rig or Cancel Midterms

“As the President has said numerous times, there will be no cuts to Medicaid,” a June 29 White House memo claimed. “The One Big Beautiful Bill protects and strengthens Medicaid for those who rely on it—pregnant women, children, seniors, people with disabilities, and low-income families—while eliminating waste, fraud, and abuse.”

That memo also claimed, “Medicare has not been touched in this bill— absolutely nothing in the bill reduces spending on Medicare benefits.”

At least 17 million people will lose health care coverage due to the bill’s cuts, The Washington Post reported on Tuesday.

READ MORE: ‘Special Place in Hell’: Top Dem Slams ‘Cult’ of ‘People Who Take Food Away’ From Kids

Critics blasted the President.

“No matter how far into physical or mental decline he was, there was never a single moment in Biden’s presidency that he appeared to be as checked out about what his administration was doing as Trump appears to be about this bill,” wrote Yahoo Finance reporter Jordan Weissmann.

“Imagine for a moment if Joe Biden did not know at a basic level of generality what the signature piece of legislation he was attempting to pass contained. The media outrage would be measured on the Richter scale but oddly, Trump is not held to this standard,” added another social media user.

And Bloomberg columnist Matthew Yglesias made this request: “Can a reporter ask Trump to explain what Medicaid is? Does he know?”

Watch the video above or at this link.

READ MORE: Trump Threatens to Block NYC Democratic Mayoral Nominee He Calls a ‘Communist Lunatic’

 

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‘Every Reason to Be Scared’: Strategist Worried Trump Could Try to Rig or Cancel Midterms

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In a stark warning, a top, veteran Democratic strategist says he believes President Donald Trump could try to rig or cancel the 2026 midterm elections, to retain control of Congress.

“I don’t put anything past him, nothing,” James Carville told former CNN reporter Jim Acosta, as The Daily Beast reported on Wednesday. “To try to call the election off, to do anything he can. He can think of things like that that we can’t because we’re not accustomed to thinking like that.”

The Beast noted that “Carville is so convinced that Trump will rig the midterm elections that he’s already started sounding the alarm.”

“You know people come up to me all the time and say, ‘James. I’m really scared,’” Carville told Acosta on “The Jim Acosta Show” (video below).

READ MORE: ‘Special Place in Hell’: Top Dem Slams ‘Cult’ of ‘People Who Take Food Away’ From Kids

“I said, ‘you should be, you have every reason to be scared. Don’t kid yourself,’” Carville added.

“This is scary s—!” Acosta replied.

“Yeah, it’s really scary,” responded Carville. “Really scary.”

The conversation was sparked by a viewer’s question.

“They want to know,” Acosta said, “Do you worry about vote tampering in the midterms?”

“Do you worry,” the host continued, “about Donald Trump and Stephen Miller and some of these types monkeying around with the midterms and the way we do elections in this country?”

READ MORE: Trump Threatens to Block NYC Democratic Mayoral Nominee He Calls a ‘Communist Lunatic’

“In the short word, yes, in the longer word, very,” Carville said.

He went on to suggest that Democrats will do well in the governors’ races in Virginia and New Jersey, which will be held this November.

“I think what may happen is he’ll see the writing on the wall in Virginia,” Carville continued. “This is what I think is gonna happen. In New Jersey, also. He’s going to see retirements and people are going to start coming in and saying, ‘you know we’re getting ready to lose. I got to change, and I got to get some distance,’ and he’s going to see all that coming and I don’t put anything past him.”

Watch the video below or at this link.

READ MORE: ‘This Is Fascism’: Trump Sparks Fury After Calling to Deport U.S. Citizens

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‘Special Place in Hell’: Top Dem Slams ‘Cult’ of ‘People Who Take Food Away’ From Kids

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U.S. Rep. Jim McGovern (D-MA), the Ranking Member of the powerful House Rules Committee, blasted his Republican colleagues for their support of President Donald Trump’s budget bill that will cut $1 trillion from Medicaid, hundreds of billions from Medicare, and greatly reduce the food program known as SNAP—also by hundreds of billions—while giving massive tax breaks to the wealthiest Americans.

As the House began voting on the legislation on Wednesday, giving members just one hour for debate in a rush to meet the President’s July 4 deadline, Rep. McGovern took to the floor.

The Massachusetts Democrat denounced Republicans’ “attack” on SNAP, the Supplemental Nutrition Assistance Program. “You can live without a lot of things, but you can’t live without food,” he reminded his GOP colleagues.

Speaking to “those Republicans who think that it’s okay to give [billionaire] Jeff Bezos a tax cut, and at the same time, cut food benefits for struggling families,” McGovern declared, “we don’t share the same values.”

READ MORE: Trump Threatens to Block NYC Democratic Mayoral Nominee He Calls a ‘Communist Lunatic’

“Unloading billions of dollars in new costs on states, money they do not have, will force them to cut benefits and throw needy people off of SNAP. It is a rotten thing to do,” he added.

“And I believe there’s a special place in hell for people who take food away from veterans, from seniors, from children, from foster youth, and from hungry families. This is sick. This is disgusting.”

He called the rushed floor vote “legislative malpractice.”

READ MORE: ‘This Is Fascism’: Trump Sparks Fury After Calling to Deport U.S. Citizens

“We are not on a deadline,” he reminded House members. “No looming crisis.”

“We’re here because Donald Trump wants a Fourth of July party to celebrate this garbage bill. He wants fireworks and flags and cameras, not for this country, but for himself. So he says, ‘Close your ears, close your eyes, and vote for this bill.’ Honestly, sounds more like a cult than a Congress to me.”

After listening to a Republican—who was standing next to a big poster of President Donald Trump and fireworks—call for members to support the bill, McGovern declared, “Cult much?”

Watch the videos above or at this link.

READ MORE: ‘Surrounded by Sharks’: After Touring ‘Alligator Alcatraz’ Trump Vows to Renovate Original

 

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