Squawk Pod GM CEO Mary Barra & NEC Director Kevin Hassett on China Trade 5/1/25
May 1, 2025
Mary Barra, the Chair and CEO of General Motors, is dedicated to reshaping U.S. auto manufacturing amid evolving trade dynamics with China. Kevin Hassett, the National Economic Council Director, discusses the latest U.S.-China tariff negotiations, hinting at a possible deal. They dive into the repercussions of tariffs on GM, the importance of domestic production, and the competitive landscape in the automotive industry. There's optimism about overcoming trade challenges, especially for U.S. farmers, as both nations navigate a complex economic relationship.
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China's Strategic Tariff Position
- China signals willingness to negotiate tariffs but asserts upper hand in talks.
- This stance allows China to save face domestically while engaging in trade talks.
China's Resilience to Trade Pain
- Chinese workers and factories endure hardship better than Americans, affecting trade war resilience.
- Many Chinese factories are hibernating but aim to retain workers by minimizing costs.
U.S. Optimism in Trade Talks
- U.S. remains prepared for any trade scenario and hopeful for progress with China.
- Recent Chinese tariff rollbacks signal proximity to breakthrough in trade talks.