National Economic Council Director Kevin Hassett emphasized that President Donald Trump’s 10 percent baseline tariff on imports is here to stay, signaling a strategic move by the administration. Despite ongoing negotiations with foreign nations to alleviate steeper tariffs, Hassett made it clear that the baseline tariff is unlikely to decrease without an extraordinary deal.
The Tariff Strategy
Defending the administration’s tariff strategy, Hassett described the recent 90-day tariff pause on heftier import taxes as a systematic and well-planned move rather than a reaction to market turmoil. Negotiations behind the scenes are progressing swiftly, with proposals from nearly 20 countries under consideration.
Focus on China
China, facing a total 125 percent tariff and excluded from the recent 90-day pause, remains a focal point of the administration’s trade tactics. Hassett highlighted the significant disruption to the Chinese economy, attributing it to their problematic behavior, including involvement in the fentanyl trade.
Negotiation Progress
Despite challenges, Hassett mentioned that two deals were close to finalization last week, indicating active engagement with multiple countries to address trade issues. The administration’s firm stance on tariffs reflects a broader strategy aimed at reshaping trade relations.
Stay informed on the latest developments surrounding tariffs and trade negotiations to understand the evolving economic landscape.
