Kevin Hassett, the Director of the National Economic Council, stated on Sunday that the market’s reactions to President Trump’s tariff strategies won’t deter him from implementing plans to collect import fees.
During an interview on “Meet the Press” with NBC News, Kristen Welker inquired if there might be any revisions to the tariff fees in the future.
“The market has reacted positively to our actions, so it’s uncertain how that would unfold,” Hassett replied when discussing potential future modifications to tariff rates.
Welker pushed further, asking, “So, won’t you eliminate that?”
“No, I can rule that out,” Hassett answered. “These are final agreements.”
On Thursday, Trump signed a Presidential Order that adjusted tariff rates for various countries, following delays in implementing “mutual” tariffs. The new rates range from 41% to 10% for goods from Syria, with a baseline rate applied to all imports.
The executive order indicates that all imports will be subjected to a 10% tariff, effective August 7th.
Some nations secured individual trade agreements to set specific tariff rates. Indonesia and Thailand agreed to a 19% tariff, while South Korea and Japan negotiated a deal that included a 15% tariff. The UK also finalized a contract with a 10% tariff. Other countries that haven’t reached agreements will face steeper tariffs.
Hassett praised the customs contracts initiated by the president, suggesting these fees are “more or less stabilized” while negotiations may still occur with other nations even after tariffs are implemented.
“We have eight transactions encompassing about 55% of the world’s GDP with key trading partners like the EU, Japan, and South Korea,” Hassett explained. “I anticipate these matters should remain relatively fixed, but we need to carefully monitor what this entails moving forward.
“For transactions still in progress, mutual fees will be established soon, and we hope negotiations with those countries will persist,” he added.
