A top economic adviser to President Trump confidently predicted Monday the US would not experience a recession this year — despite widespread uncertainty over the administration’s tariff regime.
National Economic Council Director Kevin Hassett told Fox Business Network “100% not, 100% not” when asked by host Maria Bartiromo about the possibility of a sustained downturn.
“If you look at the jobs numbers, they’re very, very strong,” Hassett explained. “When I talk anecdotally to CEOs, I say things like, ‘Well, jeez, is the uncertainty over tariffs looking like it’s gonna be a big drag?’ And they’re saying things like, ‘No, in terms of production, we’re getting as much onshore as we can.’”
“In terms of sales of foreign goods, people are buying as many as they can because they’re worried about future tariffs,” Hassett laughed. “So everything’s through the roof.”
On April 9, Trump paused his “Liberation Day” reciprocal tariff rollout for 90 days to allow talks with foreign nations over so-called “bespoke” trade deals.
A 10% base tariff on most imports remains in effect, as does a 125% reciprocal duty on China that goes as high as 145% on some products.
Stocks rose in early trading Monday as the administration revealed that the reciprocal tariffs would not apply to electronics, which would only be subject to an existing 20% fentanyl tariff on Beijing.
The president acknowledged Thursday there may be “transition problems” with adjusting to the levies, but insisted his policy would work out to be a “beautiful thing.”
“There’ll be a transition cost and transition problems, but in the end, it’s going to be, it’s going to be a beautiful thing. We’re doing again, what we should have done many years ago,” Trump said during a cabinet meeting.
“The best definition of intelligence is the ability to predict the future!!!” the 78-year-old wrote in all caps on Truth Social Monday morning.
The White House economic team is tasked with negotiating with foreign nations ahead of the new July 8 tariff deadline, and hasn’t set a concrete timeline for reaching deals with particular countries.
The deals could potentially include foreign policy considerations like military presence and foreign aid, White House press secretary Karoline Leavitt told The Post last week.
