White House National Economic Council Director Kevin Hassett came out defence of President Donald Trump‘s trade policies, dismissing concerns about increased costs for American consumers amid the massive backlash and recession fears.
“So the fact is, the countries are angry and retaliating — and, by the way, coming to the table. I got a report from the [US Trade Representative] last night that more than 50 countries have reached out to the president to begin a negotiation, but they’re doing that because they understand that they bear a lot of the tariff.”
Further defending Trump administration policies, he added, “I don’t think that you’re going to see a big effect on the consumer in the US, because I do think that the reason why we have a persistent long-run trade deficit is these people have very inelastic supply,” Hassett explained during his appearance on ABC News’ “This Week” with George Stephanopoulos.
This comes as Trump, earlier this week, announced comprehensive tariffs affecting nearly all US trading partners, including a universal 10% tariff on imports and additional specific tariffs for certain nations. The announcement triggered an immediate decline in stock markets and prompted retaliatory measures from various countries. Democratic politicians and economic policy critics expressed serious concerns about potential recession risks and deteriorating relationships with allied nations.
Meanwhile, J P Morgan went ahead to project a US recession by the end of 2025, attributing it to the tariffs. The forecast indicates a potential GDP decline and higher unemployment. Federal Reserve Chair Jerome Powell echoed the concerns, highlighting that tariffs may cause higher inflation and slower growth.
The broad-based 10% tariffs became effective on Saturday, whilst country-specific tariffs are scheduled to commence on Wednesday.
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