The South Korean crypto markets experienced a 400% increase in trading volume over the past 24 hours following reports that President Donald Trump was considering a 90-day suspension of tariffs, which also affected South Korean exports. A White House spokesperson has debunked the reports as fake news.
Trading activity on South Korean crypto exchanges experienced a dramatic surge in volume over the past 24 hours after unverified reports circulated online claiming that the United States has suspended tariffs.
Fake news of tariff suspension ignites South Korean markets
On April 7, 2025, a misleading news headline claimed that US President Donald Trump was considering a 90-day pause on tariffs. The misleading headline came from a Fox News interview with the White House economic adviser Kevin Hassett, which was taken out of context and popularized in a now-deleted post on X by Hammer Capital.
Hasset was asked in the interview if Trump would consider a 90-day pause on tariffs, to which he responded by saying, “I think the president is going to decide what the president is going to decide.”
A US government account on X debunked the claim as wrong. White House press secretary Karoline Leavitt also called the reports fake news.
Sources say 24-hour trading volume on the top five crypto exchanges in South Korea reached over 6.78 billion won, approximately $4.58 million, representing almost a 400% increase from 1.45 billion won recorded on April 5. According to reports, the misinformation added about $2.4 trillion to the global financial markets before being wiped out after the White House debunked the news.
Trump tariffs send shocks through markets
Since Trump’s decision to impose tariffs, there have been significant declines in the global financial markets. The S&P 500 dropped by over 10% in two trading sessions, triggering recession fears.
The tariffs, which were met with criticism from financial experts, have led many to believe that the US economy is potentially headed toward slowing down. BlackRock CEO Larry Fink said, “Most CEOs I talk to would say we are probably in a recession right now,” adding to the fears of a recession.
The effect of these tariffs has been felt even in the cryptocurrency markets. Digital assets, which are in general seen as a hedge against economic uncertainty, have lost heavily due to the imposition of new tariffs. The global capitalization of cryptocurrencies fell by 7% in 24 hours after the tariff announcements, with the price of Bitcoin falling below $80,000 and Ethereum falling briefly below $1,500. This has given rise to widespread fear among investors.
Cryptocurrency mining companies, particularly those that employ Chinese-made equipment, also face higher costs due to the tariffs.
