Tariffs & a “Drug War” with NEC Director Kevin Hassett 02/03/25

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 3 February 2025

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

President Trump’s plans for tariffs on Canada and Mexico have prompted promises of retaliation from Canada, as well as concerns of a brewing trade war among America’s neighbors. In a newsmaking interview, the Trump administration’s National Economic Council Director Kevin Hassett underscores a “misinterpretation” of President Trump’s executive order on tariffs. He says, it’s a drug war, not a trade war. CNBC’s Megan Cassella reports on the details of tariffs and their looming deadline, Phil LeBeau discusses their impact on the auto industry, and Steve Liesman explains the economic calculus of trade, the potential of recession for Canada, and the trajectory of the American economy. Plus, Elon Musk hosted a Spaces discussion on X late Sunday evening. CNBC’s Steve Kovach reports on the big takeaways, including Musk’s comment that President Trump gave him permission to end USAID. Megan Cassella - 03:56 Phil Lebeau - 08:29 Steve Kovach - 13:25 Kevin Hassett - 25:06 Steve Liesman - 42:23 In this episode: Phil LeBeau, @Lebeaucarnews Steve Liesman, @steveliesman Megan Cassella, @mmcassella Andrew Ross Sorkin, @andrewrsorkin Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Hi, I'm CNVC producer Katie Kramer. Today on Squawk Pod, Trade War.
0:09.3	If they don't stop it, the tariffs are going to get worse, a lot worse.
0:13.0	President Trump slapping tariffs on America's biggest trading partners, possibly as soon as midnight.
0:19.5	Canada's been very abusive of the United States for many years.
0:23.6	Canada's Prime Minister says our closest neighbor is prepared to fight back.
0:28.6	This is a choice that, yes, will harm Canadians, but beyond that, it will have
0:34.6	real consequences for you, the American people.
0:38.3	But it doesn't have to be this way.
0:40.3	We have the numbers, reporter Megan Casella in DC.
0:43.3	The tariffs will cover about one and a quarter trillion dollars in goods,
0:47.3	about 40% of everything that the U.S. buys from abroad.
0:50.3	That's more than triple the level that Trump set tariffs on in his first term.
0:55.0	And Phil LeBoe on the hit to the auto industry, which relies heavily on North American partners.
1:01.0	The cost impact is $6,250 per vehicle, and most of that is likely going to be passed along to the car buyer.
1:10.0	But news during our broadcast from the White House North Lawn, Kevin Hassett, one of the president's top economic advisors, tells us, Canada may be misunderstood.
1:20.6	President Trump was absolutely 100% clear that this is not a trade war, this is a drug war.
1:26.6	Is this still a negotiation?
1:29.6	Key calls are set for today between leaders.
1:32.2	President Trump will then see what people have to offer and then make the call.
1:37.0	Plus, the weekend's other major headline,
1:39.7	The Richest Man in the World Remaking Government.
1:42.4	Elon Musk held a live Sp spaces discussion on X at midnight
	...

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