On Sunday, White House Economic Council Director Kevin Hassett reaffirmed the efficacy of President Donald Trump’s tariffs, claiming U.S. industry is thriving and several nations are now looking to start talks.
Hassett said this while guesting on George Stephanopoulos’ ABC News “This Week.” Though he conceded there would be short-term suffering for consumers, he said more than 50 nations had already shown want to negotiate new trade deals with Trump’s government since the tariffs struck last week.
Pointing to the drop in prices that has persisted since China joined the World Trade Organization in 2000, he contended that the loss of employment surpasses the cheap pricing.
Real earnings would have risen during that time if cheap products were the solution or if cheap commodities were going to improve the actual wages of Americans. Rather, they declined since salaries fell faster than prices did. We thus had less employment but the inexpensive grocery store products, he remarked.
Hassett said he has had “anecdotal word” that some U.S. auto factories are adding second shifts to their work schedules in reaction to the tariffs.
Stephanopoulos then challenged Hassett to justify Russia’s lack of targeting with more levies.
The president decided not to combine the two concerns, obviously there is still a negotiation with Russia and Ukraine. It doesn’t imply that Russia in the fullness of time, is going to be regarded drastically different than every other country,” Hassett answered.
But Russia’s one of the few countries not affected by these new tariffs, right? Stephanopoulos kept at it.
George, they are in the midst of a negotiation, right? Hassett retorted. Would you really suggest putting a whole lot of new items on the table in the midst of a discussion influencing so many American, Ukrainian, and Russian lives?
Stephanopoulos contended, “Negotiators do that all the time.”
Hassett remarked, “Russia is in the middle of peace talks affecting really thousands and thousands of people’s lives, and that’s what President Trump is concentrating on right now.”