Trump's top economic adviser Hassett refutes tariffs will raise consumer prices

[groundloop]

Source: ABC News

White House National Economic Council Director Kevin Hassett defended President Donald Trump's tariffs on Sunday, refuting the idea they will cost American consumers more.

"So the fact is, the countries are angry and retaliating -- and, by the way, coming to the table. I got a report from the [U.S. Trade Representative] last night that more than 50 countries have reached out to the president to begin a negotiation, but they're doing that because they understand that they bear a lot of the tariff. And so I don't think that you're going to see a big effect on the consumer in the U.S., because I do think that the reason why we have a persistent long-run trade deficit is these people have very inelastic supply," Hassett told ABC News' George Stephanopoulos on "This Week."

Trump announced on Wednesday tariffs on nearly all of the U.S.'s trading partners. Trump's policy includes a 10% tariff on all imports, as well larger tariffs on some individual countries. The tariffs announcement was met with an immediate and ongoing stock market plunge, as well as various countries levying retaliatory tariffs. Democratic lawmakers and critics of Trump's economic policy raised alarm bells about a potential recession and adverse effects on the U.S.'s relationship with allies.

The universal 10% tariffs went into effect on Saturday, while tariffs on individual countries are set to go into effect on Wednesday.

Read more: https://abcnews.go.com/Politics/trumps-top-economic-adviser-hassett-refutes-tariffs-raise/story?id=120523274

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[wolfie001]

1. Elementary school math says otherwise

Pathetic spinning from the Turd Reich.

[Deuxcents]

2. This coming from the White House National Economic Council Director 🤯

We are in trouble bigly

[GreenWave]

3. and thereby wins the butt kisser of the day award.

[Bernardo de La Paz]

8. That was only the first show on the three legacy broadcast networks. . . . nt

[William Seger]

11. And ABC gets second prize for saying his unsubstantiated denial "refutes" anything

[sakabatou]

4. It's already raising prices, you moron, Kevin!

[Farmer-Rick]

5. He has been notoriously wrong on economic predictions

"He coauthored Dow 36,000, published in 1999, which argued that the stock market was about to have a massive swing upward and would reach 36,000 by 2004. Shortly thereafter, the dot-com bubble burst, causing a massive decline in stock market prices. The Dow did not reach 36,000 until late 2021, 17 years after he claimed it would happen." https://en.m.wikipedia.org/wiki/Kevin_Hassett#:~:text=Hassett%20is%20from%20Greenfield%2C%20Massachusetts,supervision%20of%20Alan%20J.%20Auerbach.

Don't trust his predictions or anything he says about the economy. You would be far better off if you expected the opposite of what he says.

[C_U_L8R]

6. Evidence is not his friend

As with everything Trump.

[Bernardo de La Paz]

7. Vis-a-vis countries: they bear tariff costs but don't pay any tariff taxes

Their cost from tariffs is lowered demand.

"50 countries" is a gaslighting number.

And so I don't think that you're going to see a big effect on the consumer in the U.S., because I do think that the reason why we have a persistent long-run trade deficit is these people have very inelastic supply," Hassett told ABC

That is an illogical word salad supposed to make maga feel warm and fuzzy in the midst of evidence otherwise.

Yes, the global supply chain is inelastic. We saw what happened in the pandemic.

An inelastic supply means they can't onshore supply easily, so they won't, not for a long time. Thus the tariffs form a real tax on the consumer which raises their cost, i.e. prices, and that is inflationary. At the same time, expansionary benefits are in a distant cloudy future. Duh. But maga don't think as much as others. maga LOVE simple wrong explanations more than complex realistic explanations.

maga, being emotional, will emotionally cling to tRump, but conditions (economy, prices, government disservice) may get bad enough to sway up to half of them (leaving 15% of US hardcore lifer maga). When maga get swayed, they get just as emotionally anti as they were emotionally pro.

Watch out, Mr Hassett and mR tRump. Your base is eroding.

[LiberalArkie]

9. Are they going to institute "Price Controls" to stop the prices at the store increasing as they are already doing?

[Bernardo de La Paz]

14. Whip Inflation Now WIN buttons?

[republianmushroom]

10. And American consumers take this elixir with that dose of bull shit

to help you swallow said bull shit. It will go down easier.

[nwduke]

12. Smiley kissing the ring

and spewing talking points from the brilliant minds of Ron Vara and Laura Looney Loomer! We’re in deep trouble with this moron!

[Martin68]

13. Keep the lies coming. The harder they come the harder you'll fall.

[Bernardo de La Paz]

16. The worse the conditions, the bigger the lie. The bigger the lie, the more maga peel away

They'll say to themselves "What was I thinking?".

Then they'll take down their sign.

Then they'll deny they ever voted for tRump. They'll say "I like the man and some things he does, but I voted for Other".

Then they'll march against him if conditions (economy, govt disservice) get bad enough.

The hardcore maga (10-15% of US populace) won't budge. They might get a bit quiet though.

[Martin68]

18. They are all weak snowflake whiners, after all. Their support is about as solid as slush on a warm February ay.

[ananda]

15. I guess we didn't learn a damm thing from the Great Depression.

The main lesson was: never vote Republican.

[Bernardo de La Paz]

17. WE learned it and remember, but gaslighting made maga forget anything they ever learned about it. . . . nt

[ananda]

22. Even my Magat relatives' lives were literally saved by the New Deal.

It's just that they are SO racist and misogynistic and bible-thumping...

well, you know.

[twodogsbarking]

19. It isn't negotiations it is blackmail by a white male.

[louis-t]

20. Today alone, I saw 3 price increases. I paid $2.50 for a Burger King cheeseburger.

I was on the road and starving. I've never seen them that high. I stopped on the way home and bought deli turkey. The price went up a dollar a pound for turkey and the sirloin steaks I usually buy. Gas is up 10-20 cents around here in the last 2 days. Hassett can kiss my assett.

[DallasNE]

21. Neglects To Mention Price Gouging That Partners With Tariffs

Plus we still don't know how the EU will respond, so more shoes to drop. Companies have obligations to shareholders to maintaining or expand profit margins so they will not absorb tariff costs, period.