U.S. markets swung wildly this morning on an unsubstantiated report that President Trump was considering a 90-day pause to his expansive tariffs. The White House has not announced any policy change, and later called the report “FAKE NEWS” on one of its official accounts on X.

It was not clear where the report originated. Asked earlier in the day about the possibility of a pause on imposing the expansive tariffs announced by President Trump last week, Kevin Hassett, the director of the National Economic Council, said on Fox News: “I think the president is going to decide what the president is going to decide.”

Even as the S&P 500 briefly entered bear market territory on Monday morning, Mr. Trump showed no sign of pulling back from the tariffs. He even issued a new threat against China, warning that he would ratchet up tariffs on the country over its plans to retaliate against the United States.

“Negotiations with other countries, which have also requested meetings, will begin taking place immediately,” Mr. Trump said on Truth Social.