Monday’s market open has resulted in multi-trillion-dollar swings in US markets as investors struggle to get clarity on the White House’s tariff policies.

Soon after market open, a rumor swirled on the social media platform X that White House National Economic Council Director Kevin Hassett said that President Trump was considering a 90-day pause on all tariffs.

The rumor caused a $3 trillion blast in the S&P 500 index from its daily low.

Minutes later, CNBC reported that no one at the White House had any knowledge of a so-called 90-day pause, and soon after that, the White House itself posted on X, calling the rumor “fake news.”

That’s when the S&P 500 broke down further, erasing the entire move which only took 30 minutes to complete.

As reported by The Kobeissi Letter, the move was likely the biggest half-hour swing in market cap ever witnessed.

“This single tariff headline attributed to White House advisor Hassett swung $6 TRILLION in S&P 500 market cap.

We just witnessed the largest 30-minute swing in market cap in history.

You can’t make this up.”

About half an hour after shooting down the rumors, President Trump posted on Truth Social to announce that the US would put an additional 50% on tariffs on China – on top of the 34% tariff already declared – unless China withdrew its retaliatory 34% tariffs.

“Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately.”

In the background, crypto markets are also suffering a bloodbath, with data aggregator platform Coinglass reporting over $1.64 billion in liquidations in the last 24 hours.

At time of writing, Bitcoin (BTC) is trading at $78,350.

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JPMorgan Chase CEO Jamie Dimon is addressing controversy over how and why some American citizens and businesses are abruptly finding themselves kicked out of the banking system.

After meeting with Republican lawmakers in Washington, D.C. on the subject of “debanking,” Dimon told reporters that Chase never drops customers over their religious or political affiliations.

Instead, Dimon said unclear federal guidelines, especially around anti-money laundering rules, force banks to deny services out of compliance fears, reports Yahoo Finance.

When squarely asked if regulators are to blame for debanking, Dimon responded, “Pretty much, yeah.”

“There are a lot of things that should be fixed. [Anit-Money laundering laws] are extraordinary, and it does cause a lot of people to be pushed out of the system because banks were afraid of being sued, fined, because if, after the fact, something goes wrong — coulda, woulda, shoulda — you could pay a billion dollars.”

Dimon’s remarks come after President Trump hammered Bank of America and JPMorgan Chase during a virtual World Economic Forum session, accusing them of wrongly denying conservatives access to bank accounts.

Republican lawmakers are now pushing for legislation that would clearly explain when banks can and cannot reject services for customers.

The list of bankers included in the closed-door meeting in Washington included Bank of America CEO Brian Moynihan, Wells Fargo CEO Charles Scharf, Capital One CEO Richard Fairbank and CEOs from several other large US financial institutions.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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