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Squawk Pod
Tariffs & a “Drug War” with NEC Director Kevin Hassett 02/03/25
Feb 3, 2025
Kevin Hassett, former Director of the National Economic Council under President Trump, unveils the complexities of tariffs and their unexpected links to the fentanyl crisis. He argues these measures are more about a drug war than a trade war, sparking discussions on Canada’s potential retaliation. The episode also dives into the implications for the auto industry, global economic strategies, and how the tariff landscape influences public health issues. Insights from notable analysts further enrich the conversation.
47:23
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Quick takeaways
- President Trump's proposed tariffs, affecting $1.25 trillion in goods, could significantly increase costs for consumers, especially in the auto industry.
- Canada's planned retaliatory tariffs on $155 billion of American goods highlight the potential for a damaging trade war between neighbors.
Deep dives
Impact of New Tariffs
The proposed tariffs by President Trump are set to cover approximately $1.25 trillion in goods, affecting about 40 percent of U.S. imports. This represents a significant increase from tariffs in his first term, tripling the previous level. The administration has decided not to allow exemptions, meaning companies cannot seek waivers for their products, which could particularly hit small businesses and consumers hard. The auto industry is predicted to experience a $6,250 increase in vehicle costs, with the burden likely passed on to consumers.
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