Kevin Hassett, president Donald Trump’s top economic adviser, fired fire on ABC News’ George Stephanopulos on Sunday as the two discussed the president’s views on the stock market.
Stock markets plummeted for two days following the announcement of mutual tariffs on an estimated 60 countries in the US, with the Dow Jones Industrial Average falling the sharpest since Friday in June 2020. “This week” Stephanopulos pointed out that Trump had Reposted Video about the truth social that he intentionally crashed the market and asked Hassett if it was the president’s strategy.
“The bottom line is that the president has been talking about tariffs for 40 years, something like the policy he has focused on throughout his campaign and his political career.
“But this is the preferred policy of President Trump. He has been arguing for it since I thought he saw it 30 years ago,” Hassett added. “The baseline tariffs are exactly what he put in the tournament, so this is not a surprise to anyone.”
But Stefanopuuros began talking about economic advisers and asked whether the market crash was part of Trump’s strategy to force the Federal Reserve to “lower interest rates.” (Related: High-ranking Senators Announce Bipartisan Bill to End Trump’s Tariffs at any time)
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“We understand that the Fed is an independent institution. We respect the Fed’s independence,” replied Hassett. “The president is absolutely permitted to have an opinion. The president is permitted to have an opinion. But certainly there is no political coercion on the Fed.”
Stephanopoulos again repeated his question to Hassett, asking whether tariffs were Trump’s strategy. As economic advisers denied the host’s claims, Stephanopulos questioned whether it was “an opinion or not” by Trump.
“He’s not trying to take the market. He’s trying to deliver for American workers. What will you let him do? Again, real wages will be declining for 15 consecutive years under previous policies,” Hassett continued. “That’s why the Americans voted for him. They took him and turned the economy around for the American workers. That’s what he’s focused on.”
Stephanopulos asked if the fourth time was Trump’s strategy, saying, “I’m just trying to clarify,” and Hassett replied, “I’m giving you clarity.”
“No,” Stefanopuuros said. “Is it a president’s strategy? He posted it. He said it’s going to be a decline in strategy.
“It’s not a strategy for a market crash, it’s not a strategy for a market crash,” Hassett pushed back. “This is a strategy to create an image of money in America for American workers. That’s his strategy.”
On Wednesday, the president revealed a baseline tariff of 10%. Countries such as China and Israel face higher tariffs due to tariffs on the US. China faces 34% tariffs.
The Dow dropped 1,679.39 points on Thursday and another 2,200 points on Friday, which has led to some lawmakers and political commentators expressing concern about the move. But in a true society post On Saturday, Trump urged Americans to “hang on tough,” adding that the end result was positive for voters.
“We’re reviving jobs and businesses more than ever before. Already, we’re investing over $5 trillion, and rising rapidly! This is an economic revolution and we’re going to win,” Trump wrote. “Hang tough, that’s not easy, but the end result is historic. We’ll make America great again!!!”
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