The Blubber

The White House on Monday rejected claims that President Donald Trump is considering a 90-day suspension of tariffs, calling the reports “fake news.”

Markets opened sharply lower for the third consecutive trading session, as Trump's sweeping tariff policy continued to disrupt global trade and investment flows. Overnight, Asian markets tumbled, with indexes in Japan, Singapore, South Korea, Australia, and India all posting significant losses.

European Commission President Ursula von der Leyen said the EU remains open to negotiating with the U.S. on tariffs but confirmed the bloc is also preparing retaliatory measures.

Meanwhile, billionaire investor and Trump ally Bill Ackman warned that the U.S. is headed toward an “economic nuclear winter” if the tariff regime persists.

Within the administration, tensions flared as DOGE chief Elon Musk and top Trump trade advisor Peter Navarro exchanged heated public statements over the future of free trade.

President Trump is scheduled to host Israeli Prime Minister Benjamin Netanyahu at the White House on Monday—one of his closest international allies.

Commerce Secretary Howard Lutnick told reporters that there are no plans to pause or walk back the tariffs, stating they will “stay in place for days and weeks.”

In response to speculation that Trump might delay the new levies, White House Press Secretary Karoline Leavitt told CNBC’s Eamon Javers, “Fake news,” referring to a wire report citing National Economic Council Director Kevin Hassett.

Trump also posted a video on social media of Fox Business host Maria Bartiromo, who said, “Rates are plummeting, oil prices are plummeting, deregulation is happening,” and concluded, “President Trump is not going to bend.”