Hassett Defends Trump Tariffs, Claims No Major Impact on Consumer Prices
Kevin Hassett, White House economic adviser, states Trump's tariffs won't significantly raise consumer prices, as over 50 nations seek trade negotiations.
The markets plummeted.
Trump economic adviser defends tariffs: Not ‘big effect’ on US consumer
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The tariffs announcement was met with an immediate and ongoing stock market plunge, as well as various countries levying retaliatory tariffs.
Trump's top economic adviser Hassett refutes tariffs will raise consumer prices
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It is unclear whether the tariffs will be long lasting or if Washington will lower or drop them in response to other countries negotiating to reduce their own tariffs and other trade barriers.
More than 50 countries seeking US trade talks after tariff move, says Trump adviser – live updates
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Summary
In a recent interview, National Economic Council Director Kevin Hassett defended President Trump's new tariffs, asserting they won't greatly affect U.S. consumers. Following Trump's announcement of a universal 10% tariff and targeted tariffs on various nations, stock markets reacted negatively, prompting concerns over a possible recession. Hassett noted that more than 50 countries have initiated trade negotiations, indicating their understanding of the impact of these tariffs. While retail experts predict rising prices for consumer goods, Hassett maintains that the tariffs aim to address long-term trade deficits and revive U.S. manufacturing.
Perspectives
Kevin Hassett claims that the tariffs imposed by Trump will not significantly affect American consumers and that over 50 countries are engaging in negotiations due to their understanding of the tariffs' implications.
The tariffs, including a 10% universal tariff and targeted rates on specific countries, have led to market volatility, with major stock indices experiencing sharp declines since the announcement.
Despite concerns over potential economic repercussions, Hassett and Trump argue that the tariffs are necessary for addressing long-standing trade imbalances and will ultimately lead to a stronger manufacturing base in the U.S.
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