Top Trump Economic Aide Declares 'No Recession' While Defending Tariffs
Economic Outlook: No Recession in Sight
President Trump's top economic aide, Kevin Hassett, stated unequivocally that the country is not heading toward a recession. This declaration was made during an appearance on Fox Business’s Varney & Co., where he defended the tariffs the Trump administration has imposed against critical trading partners including Canada and Mexico.
Tariffs as a Negotiation Tool
Hassett emphasized the role of tariffs in the ongoing trade negotiations, especially those affecting the drug war. He explained that the tariffs are aimed at compelling Canada and Mexico to take serious actions against the trafficking of fentanyl.
- Tariffs of 25% on goods from Mexico and Canada
- 10% additional levy on Chinese goods
- Retaliatory tariffs from Canada and China
In discussing the trade strategy, Hassett articulated that this orderly approach is fundamentally about saving lives and enhancing national security.
Job Market Stability Amid Concerns
Despite an increase in unemployment rates to 4.1%, Hassett described the latest job report as fantastic, with 151,000 jobs added in February. This report reflects a stable job market, even as consumers are facing economic concerns.
- Importance of adjusting expectations around unemployment
- Impacts of federal layoffs will become evident in the months ahead
Ultimately, Hassett remains optimistic about the economic landscape, attributing any fluctuations to temporary factors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.