White House National Economic Council (NEC) director Kevin Hassett said in an interview Monday that billionaire hedge fund investor Bill Ackman “should alleviate rhetoric” after warning that President Trump's tariffs could “lead into a self-inducing economic nuclear winter.”
In an interview on Fox News Channel on Monday about Fox & Friends, Hassett called Ackman's remarks, who last year's President Donald Trump, “a totally irresponsible rhetoric.”
“I urge everyone, especially Bill, to ease their rhetoric a little,” Hassett said in an interview in response to Ackman's warning.
Hassett said most of the country's gross domestic product (GDP) is not affected by Trump's new drastic tariffs, noting that imports account for just 14% of GDP.
“Even if you think there's some kind of negative impact from the trade side, that's still a small percentage of GDP,” Hassett said. “And the idea that it will be a 'nuclear winter', or something like that is completely irresponsible rhetoric. ”
Hassett argued that he and others at the White House still believe that “these economic reactions are being exaggerated by critics.”
Hassett's interview comes after Ackman offers a harsh warning about Trump's tariff risks.
Ackman argued that Trump should consider “negotiating and solving asymmetrical tariff transactions and calling a “90-day timeout” that induces new trillions of dollars in investment in our country.
When that doesn't happen and instead the US launches an economic nuclear war in all countries of the world, business investments will halt and consumers will close their wallets and pocket books.
“The president has the opportunity to call timeouts on Monday and have time to run to fix the unfair customs system,” writes Ackman. “Or alternatively, we are heading towards a self-induced economic core winter, and we have to start walking.
https://thehill.com/business/economy/5236018-trump-tariff-rhetoric/
