In the latest defence of President Trump’s economic policies, National Economic Council Director Kevin Hassett asserted that the newly imposed tariffs would not significantly raise consumer prices in the U.S. “I don’t think you’re going to see a big effect on the consumer,” Hassett stated, dismissing concerns about potential price hikes. He explained that while countries are retaliating, they are also approaching negotiations, recognising their substantial share of the tariff burden.
Hassett’s comments followed Trump’s announcement of a sweeping 10% tariff on imports from almost all trading partners, alongside more substantial tariffs on specific nations. This move immediately triggered a downturn in the stock market and responses from various countries implementing retaliatory tariffs. Critics have voiced their fears regarding a looming recession and strained international relations.
Effective from Saturday, the universal 10% tariffs swept into force, with additional tariffs against individual countries following suit on Wednesday. As this situation continues to evolve, observers are keenly watching the developments.
Kevin Hassett, Trump’s top economic adviser, claims that the recent tariffs will not significantly increase consumer prices. He points to a willingness from over 50 countries to negotiate, suggesting they are feeling the impact of the tariffs. The new 10% tariffs on imports began on Saturday, amid fears of economic repercussions from critics, yet Hassett remains optimistic about a minimal consumer impact and potential trade negotiations.
In conclusion, Kevin Hassett’s remarks raise optimism regarding the impact of the newly imposed tariffs on American consumers, suggesting minimal effects despite widespread concern. While tariffs are now in effect and accompanied by retaliation from other nations, Hassett maintains that negotiations are beginning, which could soften economic fallout. The unfolding events are pivotal for U.S. trade and industry moving forward.
Original Source: abcnews.go.com
