In a bold proclamation, Kevin Hassett, a key economic adviser to President Trump, asserted that the US will definitely not face a recession this year despite ongoing anxieties surrounding tariffs. Speaking with Fox Business Network, he emphatically declared, “100% not, 100% not” when questioned by Maria Bartiromo about the potential for an economic downturn.
Hassett pointed to robust job numbers as a sign of strength in the economy. He noted that discussions with CEOs have revealed a sense of confidence; many are focused on maximizing domestic production amidst tariff uncertainties. Moreover, consumers are buying foreign goods at an accelerated rate, driven by concerns over future tariffs, a phenomenon Hassett described with a laugh as “everything’s through the roof.”
Recently, Trump announced a 90-day delay on the rollout of reciprocal tariffs to facilitate negotiations with foreign nations regarding tailored trade agreements. Although a base tariff of 10% remains applicable to most imports, the reciprocal duty on China has notably spiked as high as 145% on select products.
As stocks surged on Monday, spurred by the news that electronics tariffs would be excluded from new measures, Trump spoke candidly about the anticipated transition challenges, insisting that his policies would ultimately result in a “beautiful thing.” He explained that while there may be short-term adjustments needed, the long-term benefits of these tariffs would prevail.
The White House economic team remains engaged in discussions with various nations as they approach a tariff deadline on July 8, though no specific timelines have been announced for the negotiations. These trade deals may also encompass broader foreign policy issues such as military presence and foreign aid, as highlighted by White House press secretary Karoline Leavitt.
Kevin Hassett, a top economic adviser to President Trump, confidently stated that the US will not face a recession this year, highlighting strong job growth and CEO optimism. Despite concerns over tariffs, consumer demand for foreign goods remains high. The administration is actively negotiating trade deals while managing existing tariffs, with Trump forecasting beneficial long-term effects despite short-term challenges.
In summary, Kevin Hassett’s assurances regarding the US economy’s resilience against recession this year are underpinned by strong job figures and optimistic CEO sentiments. The administration’s tariff negotiations are in motion, with potential impacts on foreign trade and domestic production. While adjustments may pose short-term hurdles, the overarching belief within the White House is that these policies will yield positive long-term outcomes for the economy.
Original Source: nypost.com
