Squawk on the Street Hassett on Jobs, Tariffs and Pres. Trump's Meeting With Oil CEOs 1/9/26
Jan 9, 2026
Kevin Hassett, National Economic Council Director and White House economic advisor, shares insights on the recent job report, noting a surprising 50,000 job gain with a 4.4% unemployment rate. He discusses the implications of strong productivity on GDP growth and the potential impact of tariffs amid Supreme Court deliberations. Hassett offers a preview of President Trump’s meeting with oil CEOs, highlighting strategies to revive Venezuelan oil production. The conversation also touches on AI's role in boosting productivity and upcoming housing initiatives.
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Productivity Explains Growth With Fewer Jobs
- Kevin Hassett argues high productivity explains strong GDP without huge job gains.
- He compares the current boost to the 1990s tech-driven productivity surge.
Imports Signal Capital Investment, Not Just Consumption
- Hassett says recent import gains are mostly capital goods, not a pure consumption binge.
- He links imports to reshoring and investment in chips and factories.
Have Legal Contingencies For Tariff Authority
- Hassett warns the administration has backup legal tools if the Supreme Court rejects IEPA tariffs.
- He says other authorities can reproduce the deals and be deployed quickly if needed.