WH Flack: Tariffs Have No “Big Effect On Consumers”

“So the fact is, the countries are angry and retaliating — and, by the way, coming to the table,” he said. I got a report from the [U.S. Trade Representative] last night that more than 50 countries have reached out to the president to begin a negotiation, but they’re doing that because they understand that they bear a lot of the tariff. I don’t think that you’re going to see a big effect on the consumer in the U.S., because I do think that the reason why we have a persistent long-run trade deficit is these people have very inelastic supply” – National Economic Council Director Kevin Hassett, today on ABC This Week.