Hassett: The Trade Policy Is to Address the Nat’l Emergency, We‘re Too Dependent on Foreign Products, Especially if We Were in a Time of Conflict

RUSH TRANSCRIPT TAPPER Okay ░░░░░░░░ s talk about the ░░░░░░░░ investment environment Nine days ░░░░░░░░ President Trump announced to ░░░░░░░░ whole world that those ░░░░░░░░ the rules for doing ░░░░░░░░ in America Going forward ░░░░░░░░ tariffs were here to ░░░░░░░░ His policies were not ░░░░░░░░ to change I m ░░░░░░░░ quoting him from his ░░░░░░░░ his Truth Social messages ░░░░░░░░ then of course on ░░░░░░░░ he issued this 90 ░░░░░░░░ pause on most of ░░░░░░░░ tariffs And in his ░░░░░░░░ words it was because ░░░░░░░░ bond markets were getting ░░░░░░░░ and yippee So here ░░░░░░░░ what one small business ░░░░░░░░ told CNN about the ░░░░░░░░ that this whiplash is ░░░░░░░░ on her WELLS A ░░░░░░░░ is better Than no ░░░░░░░░ But The uncertainty is ░░░░░░░░ really Chaotic for A ░░░░░░░░ business Like me And ░░░░░░░░ even If I move ░░░░░░░░ of China How am ░░░░░░░░ going to be certain ░░░░░░░░ if I place An ░░░░░░░░ today I won t ░░░░░░░░ a new Tariff tomorrow ░░░░░░░░ up and down is ░░░░░░░░ something As a small ░░░░░░░░ I can t Pivot ░░░░░░░░ TAPPER So that s ░░░░░░░░ wells from Sarah wells ░░░░░░░░ What do you say ░░░░░░░░ small business owners or ░░░░░░░░ big business owners who ░░░░░░░░ they re having difficulty ░░░░░░░░ long term business decisions ░░░░░░░░ the country seems right ░░░░░░░░ to be run by ░░░░░░░░ whim HASSETT Oh I ░░░░░░░░ t think at all ░░░░░░░░ s run by capricious ░░░░░░░░ The way that I ░░░░░░░░ think about it is ░░░░░░░░ in the previous administration ░░░░░░░░ could sort of say ░░░░░░░░ you re thinking about ░░░░░░░░ in the football analogy ░░░░░░░░ that they were running ░░░░░░░░ the clock and that ░░░░░░░░ s going On now ░░░░░░░░ the Trump Administration is ░░░░░░░░ a wide array of ░░░░░░░░ areas We re in ░░░░░░░░ two minute offense and ░░░░░░░░ two minute offense is ░░░░░░░░ as you ve seen ░░░░░░░░ reconciliation bill through so ░░░░░░░░ we get tax relief ░░░░░░░░ American people deregulation and ░░░░░░░░ course trade policy Now ░░░░░░░░ the trade policy the ░░░░░░░░ point of the trade ░░░░░░░░ is to address the ░░░░░░░░ emergency that we re ░░░░░░░░ dependent on foreign products ░░░░░░░░ the U S especially ░░░░░░░░ we were at a ░░░░░░░░ of conflict And we ░░░░░░░░ doing something about that ░░░░░░░░ the reciprocal act was ░░░░░░░░ guys if you come ░░░░░░░░ the table and negotiate ░░░░░░░░ with us and treat ░░░░░░░░ the same way we ░░░░░░░░ you then we ll ░░░░░░░░ ll get your rate ░░░░░░░░ low And so right ░░░░░░░░ 130 countries 130 countries ░░░░░░░░ responded And we re ░░░░░░░░ with them And they ░░░░░░░░ got their rate down ░░░░░░░░ 10 and so really ░░░░░░░░ s it s kind ░░░░░░░░ almost a two world ░░░░░░░░ There s there s ░░░░░░░░ process about China and ░░░░░░░░ s very very nascent ░░░░░░░░ at all And then ░░░░░░░░ process for everybody else ░░░░░░░░ the process for everybody ░░░░░░░░ is orderly It s ░░░░░░░░ People are Coming to ░░░░░░░░ with great great offers ░░░░░░░░ ve got Japan Korea ░░░░░░░░ I was just talking ░░░░░░░░ the foreign minister of ░░░░░░░░ and everything is moving ░░░░░░░░ very quickly And so ░░░░░░░░ guess the bottom line ░░░░░░░░ that that the small ░░░░░░░░ owner has experienced over ░░░░░░░░ last few weeks the ░░░░░░░░ of a process that ░░░░░░░░ settling down really quite ░░░░░░░░ Again 130 countries are ░░░░░░░░ 10% now.”