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moving right along, national economic council director kevin hassett, nec, he met with peeker johnsonned. -- speaker johnson. i think they talked about one big, beautiful bill, but we also have to talk about a bad inflation story. biden-f if lation is spilling over into the trump years. you can catch "kudlow," monday through friday, 4 p.m. every day here on fab abuse fox business. if for some reason you -- fox business, if you can't get us, just text your favorite 9-year-old, and she will show you how to dvr the tv, and you'll never miss a single trump peace initiative. i'm kudlow. be right back. ♪ ♪ he's king of the... ping. for every 1 sentence spoken on a call, he has 3 comments 2 memes and 4 emojis to contribute. a flood of positivity... during every. single. meeting. but oh how his passion for product management takes your team from level zero to level... zane. you need zane. zane needs benefits. work with principal so we can help you help zane with a retirement and benefits plan that's right for him. let our expertise round out yours. when winter season hits emergen-c supports your

at the same time we spoke to the national economic council's kevin hassett where there was a pitch thatiscal prudence would help lower the long end of the curve. but at the same time the opening offer was really for increasing the debt limit which is greater than the gdp of france? more than $4 trillion that they are asking for. do you believe that there can be a clampdown on where the upper bound is on the 10 year with what we are seeing in the market? vishy: i think so. but i think we will come to that point from a different angle than what you just portrayed. i think and i just heard pramilla speak and i do not think we are that different in our expectation. our expectation things that there will be one rate cut and not multiple. we expect that to be in june. and, there is clearly uncertainty associated with it. but much of the discussion that we have been having with respect to tariffs has focused on inflation which is a one time pickup. but i think that less has been focused on and less of the discussion markets are focused on what the terrorists would mean for growth. we think tha

up next, ali vitale talks to kevin hassett, director of the national economic council, about the president's coming announcement on reciprocal tariffs. ali picks up with more news right now. >> right now on msnbc reports president trump's fbi. >> nominee kash patel. >> clearing a key senate hurdle and rfk jr. just confirmed as the nation's top health official as well. we'll break down the next steps there. coming up. and the president scores a legal victory as a federal judge restores his deferred resignation program while the justice department moves to push out u.s. attorneys across the country. president trump also expected to announce a new wave of reciprocal tariffs on trading partners today. i'll be joined by the president's top economic advisor to discuss that. and we've got a live report from germany. after a car plowed into a crowd near the munich security conference, leaving dozens injured, all just hours before vice president vance arrives in the city. good day. i'm ali vitali in washington. the nomination of trump loyalist kash patel to be the next fbi director is now heading to

weren't hurting a very difficult jobs market because of joe biden's terrible white house national economic council director kevin hassett pointed out the report revised jobs numbers from last year. that's the news of the jobs report. is the massive down or division? the labor department says the economy created roughly 600,000 fewer jobs than initially estimated from april 2023 to march of last year for some reason. >> if the government was overstating the biden jobs record and now the president trump's and they've decided there's no political gain for doing that. it is poppycock. >> to suggest that there is some sort of conspiracy on the part of the government agencies to falsify the employment data. hamrick says revisions are part of the process as aore data becomes available. >> in washington, i'm maddie beer-temple. >> the california high-speed rail authority says the bullet train project is moving full speed ahead. despite president trump calling it the worst manage product project he's ever seen as he demands a nest investigation into its finances. kron four's capitol correspondent eytan wal

kevin hassett is the director of the national economic council and he joins us now.ood morning to you, director. >> good morning, margaret. good morning. >> so i don't have to tell you, but the rest of the country saw their egg prices at the grocery store go up, we are now at a record high due to that bird flu outbreak but also labor costs and that's contributing to food costs overall. when will the administration get that outbreak under control? >> right. well, what's going on, right, as you know, is that there is an inflation problem that's very large. we saw the consumer price index come out and we found out that the stagflation that was created by the policies of president biden was way worse than we thought. over the last three months across all goods, including eggs, the average inflation rate was 4.6%, way above target, and an acceleration at the end of the biden term. you know, this is really not just us, you could go look at jason furman, larry summers, economic advisers of president biden kept saying don't do this, you're going to cause massive inflation. i

everett eissenstat — who was the deputy director of the national economic council under the last trumppolicy practice group at the law firm squire patton boggs. welcome to the programme. i wonder if we can start off with the assessment of the first trump administration, first presidency. that round of tariffs, were have been in and those tariffs have been in place and thosetariffs have been in place i, years and they place for many years and they continue throughout the biden and were l 7 by president biden authority. all underthat sauna authority: all those actions underthat same authority: all those actions were of those actions were unprecedented. were seen breaking the mould on trade as breaking the mould on trade policy, the it had been for 5 what we're seeing what we're seeing now decades. what we're seeing now is going beg/9nd and a e = these actions of these actions are unprecedented. we are waiting to what unfolds today. to see what unfolds today. there has some action we therehasbeen'scrme actign'we aware of. we've been arcawamfif�*flcfl eccfl th|s arcawamfif�*flcfl eccfl this is wat

we know that the top advisors, uh, treasury secretary, national economic council chairman are not big fans of terrorists, but they're willing to work with them because the president wants them. but i think there's all this, you know, are they use as negotiating strategy? was there a negotiating strategy then? presumably if you get what you want, you know, if you go she ations, you don't get the terrace, then you don't get the revenue. so they can be both for long term revenue and for negotiation, they have to choose, they haven't said which they're going to choose. but it seems to me that tears against canada and mexico are really quite a different animal from the chairs that goes everyone else. because our production process, our economies are so entered, twined, or canada, and mexico goods across the border back and forth. the same auto part goes in the mix. so it comes back to us because the new mexico comes back to us multiple times before the car, paying a tariff every time you have to pay a tariff every time it would be prohibitively expensive. 25 percent terrifying autos is eff

and former white house economist for the national economic council and what's the name of your current bank? >> snbc bank and ecosecurities. larry: there we go. went right by me on the prompt terrific and had to ask for help. >> this is all star cast. larry: unbelievable. >> doesn't get any better than this. larry: john carney, i think mr. trump was absolutely serious and ready to pull the trigger boom boom boom. no question about that. but one of the implications to me is going back to one of the original thoughts which is, okay, we'll tax you because you're taxing us, but we're going to take that money and give it back to corporations, small business, families in the form of tax cuts. i'm just saying let's not forget the tax cut lesson that's a part of the tariff lesson. donald trump showing he's not bluffing and this was not a bluff and this was donald trump saying that the tariffs are coming on mexico stepping up and giving us time and working this out and trump said going to make it going to be happy with it. haven't heard about canada and may get a demonstration that donald trump

national economic council director kevin hassett is going to be with us.much more. and then later, take-two stock jumping after it confirmed the release of grand theft auto six coming this fall. ceo strauss zelnick is going to join us for an exclusive interview. you don't want to miss that and so much more as we come back on squawk box after this. >> opportunities can be hard. >> to find, like catching lightning in a bottle in uncertain times, it's tempting to retreat or. >> simply wait and see. at cme group. >> we empower. >> those who act. >> we deliver. >> tools to help manage risk and capture opportunities in every market climate, across every major. >> asset class. >> to seize. >> each possibility at precisely the right moment. >> cme group opportunity is everywhere. >> searching for the. >> perfect underwear, tommy john combines innovation and excellence in. >> every pair. >> available in multi-packs, tommy. >> john's breathable. >> second. >> skin underwear is even softer. >> than cotton, with up to four. >> times the stretch of competing brands. we

moving right along, national economic council director kevin hassett, nec, he met with speaker johnson today and one big beautiful bill. bad inflation and bidenflation is spilling over into the trump years. that ain't god. please remember, cap kudlow monday through friday at 4:00 p.m. here on fabulous fox business and some reason dependent cat us at 4:00, text your favorite 9-year-old and she'll show you how to dvr the tv and you'll never miss a single trump peace initiative. i'm kudlow, did right back. m i ? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management only servicenow connects every corner of your business so people can do all their work on one platform. no more mindless swivel chairing between platforms. or swivel chairing between apps. no more swivel chairing! i don't feel so good. what does he do here again? mostly that kind of stuff. will you push me back? no. ♪ i have type 2 diabetes, but i

charles: joining me now, former national economic council chief economist, current smbc chief economiste making the case over and over and over again, and i think he's making it really convincingly. i want to show you, this is a great chart that essentially says doge, balanced budget, it's possible. if you took fiscal '24 using doge instead of 6.7 trillion, we would have spent 5 trillion. but the most intriguing part, the mandatory spending. everyone says you can't ever really cut the budget because of mandatory spending, but here we saw where they saved money on social security, medicare, medicaid to 424. when you see something like this, how enticing is it to you? is there a way to get some cuts out of mandatory spending? >> i love the fact it's very as aspirational a, we can aim high. i talk to a lot of investors who seem to be very possess mystic on -- pessimistic on doge, i don't understand why. expectations actually that government efficiency is real thing and we could save a lot. and i highlight the gao to, which is the congressional watchdog, they say in various studies anywhere

weren't hurting a very difficult jobs market because of joe biden's terrible white house national economic councilr kevin hassett pointed out the report revised jobs numbers from last year. that's the news of the jobs report. is the massive down or division? the labor department says the economy created roughly 600,000 fewer jobs than initially estimated. >> from april 2023 to march of last year for some reason. >> the government was overstating the biden jobs record and now the president trump's and they've decided there's no political gain for doing that. it is poppycock. >> to suggest that there is some sort of conspiracy on the part of the government agencies to falsify the employment data. hamrick says revisions are part of the process as more data becomes available. >> in washington, i'm maddie beer-temple. >> still ahead here at 3, the bullet train project is moving full steam ahead. there's new estimates now as to when the california high-speed rail will be done. also efforts to take out the san mateo county sheriff. personal purpose from office are wrapping up where city leaders stand on

secretary of agriculture brooke rollins and the director of the national economic council, kevin hassett to present new strategies to president trump this week. now, avian flu has devastated the chicken population, and egg production in the u.s. is current. approach to bird flu has been eradication, killing chickens by the millions to try to stop the spread. that strategy seems to be changing as the virus spreads to other types of animals. now, meanwhile, one company says it's working to inoculate poultry from the avian flu. animal health company zoetis says the department of agriculture issued them a conditional license for a vaccine for chickens. conditional licenses are generally used in emergency situations and for limited periods of time. the company previously developed an avian flu vaccine to protect california condors back in 2023. artificial intelligence and drones teaching us more about sharks. the bay area born experiment giving us fresh perspective under the sea. >> i'm spencer christian, looking at the week ahead with just a little bit of rain, but lots of sun dave's been ve

weren't hurting a very difficult jobs market because of joe biden's terrible white house national economic councilkevin hassett pointed out the report revised jobs numbers from last year. that's the news of the jobs report. is the massive down or division? the labor department says the economy created roughly 600,000 fewer jobs than initially estimated from april 2023 to march of last year for some reason. >> if the government was overstating the biden jobs record and now the president trump's and they've decided there's no political gain for doing that. it is poppycock. >> to suggest that there is some sort of conspiracy on the part of the government agencies to falsify the employment data. hamrick says revisions are part of the process as more data becomes available. >> in washington, i'm maddie beer-temple. >> was last time coffee cup? still ahead, tahoe got lots of snow this week. beautiful, right? we'll check in on conditions up in the high country. plus, full speed ahead with high-speed rail like developers are letting president trump slow them down and they'll call it a comeback. why plasti

howard lutnick commerce, jameson greer at ustc, kevin hassett at the national economic council and scottsent in treasury. these are giants serving the president. liz: that's a got of fire power, peter, thank you so much really amazing stuff. we didn't think of it that way. that's really important what you just said. we'll stay on the story okay? it's good to see you. >> good to see you. liz: happy to have you back on. great to see you now this story. doge claims it's finding more than 90 billion bucks in government waste. people calling corruption to cut out but the washington media and d.c. and democrats are saying, well, is it really that big? they are questioning when is the proof of the $90 billion. joining us editor and chief steve forbes. what do you make of this? we see continuing pushback against what doge is doing, by democrats and the media. where do you come down? >> well i think what we see happening here, it's not just the numbers. it's the fact that a lot of favorite programs in the far left which is funding the far left and doing things that the american people did not wan

this week, the secretary of agriculture and director of the national economic council are expected tont trump with new strategies to deal with the avian flu. it's been devastating the chicken population and egg production causing egg prices to soar. the current approach by the federal government has been to kill millions of chickens, but the virus has continued to spread and is now being found in other animals and humans. the cdc says the risk to the general public remains low, and there's no evidence of human to human transmission. >> meanwhile, one company says it is working to vaccinate poultry from the avian flu. animal health company zoetis says the department of agriculture issued them a conditional license for a vaccine for chickens. conditional licenses are generally used in emergency situations and for limited periods of time. politico reports 25% of staff in a central office coordinating work for dozens of labs responding to the spread of bird flu got fired. this is part of the trump administration's mass layoffs of federal employees. >> new details this morning about the co

. >> of the national economic. >> council in the obama administration. >> also the former treasury secretary in the clinton administration, now a professor at the harvard kennedy school. well, very. >> good to see you. >> larry summers. >> let's. >> talk about. >> the tariffs. first of all, because donald trump has, under all questioning, just disputed economic, you know, economic understanding that tariffs create a. burden on the consumers here. the tariffs. are not paid by the country. >> that. >> is hit by. these tariffs. but donald trump seems to be believing that this is a weapon that will actually raise money. >> for the u.s. >> and not cause inflation. >> look. >> tariffs are a. self-inflicted supply shock. >> to our economy. they'll raise the prices. because they're like a sales tax on. >> all the imported. >> goods that will raise the margins of the. firms that. have to compete with imports. it will make. >> a mess. >> of the production of automobiles in north america, given that the chassis go. >> back and forth across the. >> border a number of times before a car is produced. so t

discuss now with president trump's top economic adviser, kevin hassett, the director of the national economic council. kevin, i appreciate you being here. >> thanks. good to be here. yeah. >> we have heard repeatedly over the course of the last couple of months from the president when he talks about the politics of winning the campaign. there's a number of different reasons he points to, but he always comes back to grocery prices, says it's not exciting necessarily, but maybe wasn't the message that he always wanted to talk about. but that was the difference. grocery prices are up in particular eggs. what can the administration do? right. >> well, let's just talk about the top line news today. and i got to tell you that we've got on all of the above strategy to reduce inflation, including getting the macro economy right and getting smaller things right, like egg prices. but let's go to today's number. what we learned is that overall inflation is running about 4.5% over the last three months, which kind of closes the book on the disastrous biden economy, where, you know, we just learned that jobs were

white house national economic council director kevin hassett joins me now. >> great to be back, stu.ain. you have always got a great smile, and that's a fact. [laughter] at the end of the day, are we going to get the cuts in spending that doge has promised? it may be a way off, but at the end of that a day are we going to get it? >> you know, the president is 100% serious about deficit reduction. it's one reason why elon is on the team. and we've been overwhelmed with the positive response of elon's efforts. elon is the hardest working guy i've ever seen. his office is actually two right next to mine or close to mine -- [laughter] and it's impossible to, like, be there however late you are without elon working there when east in town. i've got to say he's find things that need to be fixed, and he's fixing them at really light speed. and there's going to be so much savings because of what doge is doing that you should be really, really excited about it. we need to stop doing really stupid things so that when we spend our money on the good things, the the things that really matter, tha

this week, the secretary of agriculture and director of the national economic council are expected tosent president trump with new strategies to deal with the avian flu. it's been devastating the chicken population and egg production causing egg prices to soar. the current approach by the federal government has been to kill millions of chickens, but the virus has continued to spread and is now being found in other animals and humans. the cdc says the risk to the general public remains low, and there's no evidence of human to human transmission. >> one company says it's working to vaccinate poultry from the avian flu. animal health company zoetis says the department of agriculture issued them a conditional license for a vaccine for chickens. conditional licenses are generally used in emergency situations and for limited periods of time. however, politico reports that 25% of staff in a central office at the usda coordinating work for dozens of labs responding to the spread of bird flu got fired. this is part of the trump administration's mass layoff of federal employees. >> after months

up next, ali vitale talks to kevin hassett, director of the national economic council, about the president's up with more news

for more, let's bring in bharat ramamurti, former national economic council deputy director of the pastistration, and brendan greeley. still with us. bharat, i want to take a deep breath. i need you to explain the logic of sending markets into panic mode, antagonizing our closest allies, prompting the people of canada and mexico to publicly rage against us in exchange for border security commitments that were already offered up or already happened in the past. is there something i'm missing here? >> no, i think you covered it perfectly. it's a sort of classic trump. it's a lot of sizzle, but not a lot of steak. when you look look at under the packaging, as you said, these are agreements that both mexico and canada made under the biden administration. i appreciate president trump acknowledging that those were good deals that president biden made for our border security. but there's nothing new here. there's no concession from either mexico or canada. but as you said, it did create a lot of uncertainty. and that uncertainty is going to trickle down into all sorts of negative effects for c

. >> so national economic council director kevin hassett was on cnn earlier today. he says it's still possible to deliver lower interest rates for americans by cutting back on federal government spending, drilling more oil, cutting taxes and clawing back regulation. i think i know how you're going to fact check that, but fact check that, is he right? >> i got to say no, brianna. i mean, if you look, let's just take the federal spending and government efficiency question. look, there's a lot of reasons to want to make the government more efficient. but when you look at where spending really lives, it lives in entitlements. it lives in defense. and it's also about, um, interest rates on the existing debt. now, of course, lowering interest rates, which would make the existing debt cheaper, is another reason that trump and the administration in general might want lower rates. but i just don't think that even if doge were actually going after efficiency, which i'm not convinced that they are based on what i've seen so far, i think without cutting those major entitlements

. >> joining us right now is the white house national economic council director kevin hassett. it's good to see you again, kevin. what story do you think this jobs report is telling? >> you know, i have like quite a different read of the data from. >> what. >> we just. >> heard from your excellent team. i think they kind. >> of had rosy. >> scenario glasses on. >> when i. >> look at these numbers, the thing that jumps. >> out at. >> me, kate, is that they're, you know. >> every now and. >> then they do this big benchmark revision where they say, well, we do an advance estimate and then we have to revise them. and the benchmark came out today and we'll get another one a. >> year from now. >> and the benchmark told us that the downward revisions for the biden job record were about cumulatively. >> a. >> whole million people. and so we had a. >> million fewer workers in. >> the u.s. than the bls told us right before the election than we actually had. and so what it means. >> is that. >> the jobs market is way weaker than we thought. and you saw a weak number. >> this month. >> and

director of the national economic council, kevin hassett, says he's ready to present a new plan to president we need to do is have better ways with biosecurity. and medication. >> and so on to make sure that the perimeter doesn't have. >> to kill the chickens. we have a better, smarter perimeter. >> and so having a. >> smart perimeter is what we're working on. >> and we're finalizing. >> the ideas about how to do that with the best scientists in government. and that's the kind of thing that should have happened a year ago. and if it had, then egg prices would be a lot better than they are now. >> and the first vaccine for chickens may soon be on the way. authorities said they gave conditional approval to a vaccine from drugmaker zoetis. this week marks the end of donald trump's first month in his second term in the white house. it's been a wild month, to say the least. cbs yougov poll finds that 53% of americans approve of the president's performance so far. 47% disapprove. whether or not they agree with his flurry of executive action, 70% of americans say mr. trump is doing what he promised

i want you to hear a little bit more of what the president's director of the national economic council friends at cnbc about this issue of reciprocal tariffs earlier today. >> so president. >> trump believes. >> that at the very least, everybody should agree that if they're charging. >> us 20. then we. >> should. >> charge them 20. >> and then if they go down, we'll go down. but that's the idea of reciprocity. >> of the tariff space. >> and so i think christine alluded to the fact that this is an incredibly complex thing. you've got different countries that have these trade agreements and policies that are set that involve multiple countries. sometimes they involve different industries and different types of products. so ultimately a blanket tariffs like this potentially could be hard to execute and hard to understand. and the reality too, chris, is that these costs, these types of higher costs typically do get passed on to some degree to consumers. >> erin gilchrist and christine romans, thank you both. and now to donald trump's latest penny pinching move. he's ordering the treasury t

he's the director of the national economic council. let's have a conversation with ali. let's listen. >> invoking the past administration. >> guarantee that. >> prices won't rise because of these tariffs. >> i know. >> prices move. >> up, prices move down. >> that's the way. >> the world works, right? the economy. >> but you're an economist. >> you forecast. >> trends like no. >> no, no. >> consumers see prices rise. >> my expectation is that prices will fluctuate. oh now prices will fluctuate. >> oh prices. >> move up, prices. >> move down. but during the campaign. >> there was only one way prices would move under joe biden. and that was up. and now that those prices are moving up under donald trump, as we just saw with the inflation rate in the cpi. what's your take on, on on how this is playing out right. now and going a little bit to something we were talking about yesterday. what's the american people's reaction to this. because i'm sorry, i think we're still sleepwalking a little bit here. >> i think. >> i think. >> we're going. >> to have a rude. awakening very, v

kelly, kevin hassett, the national economic council director, telling me earlier today that he's been with foreign leaders. the commerce secretary has been having calls with foreign leaders. all of those discussions ongoing about where those reciprocal relationships will end up. back over to you. >> thank you very much. and the nasdaq turning negative once again as it weighs those kind of dueling headlines of reciprocal tariffs against progress potentially on the war in ukraine. coming up, a surprising name leading the s&p. today it's cvs. the shares are up more than 16% for their best day since 1999. after beating on both the top and bottom lines. shares are also on pace for their best week since march of 2000. echoing the pop, by the way, that we saw in walgreens earlier this month on similar results, the exchange is back after this. >> tech check is sponsored by >> tech check is sponsored by comcast business. most people don't realize how processed typical dog food is. at the farmer's dog, we believe dogs should be able to get their daily nutrition without the excess processing. ♪♪

well, this morning the director of the national economic council said the media has it all wrong. this has nothing to do with trade, that it's 100% about the drug war. the problem is, when you're talking about canada, the dea says only and i say this, only 43 pounds of fentanyl was seized at the northern border last year. that is a tiny fraction of what was seized at the mexican border. and the reaction of canadians has not been kind. take a listen. >> oh. there we go. >> mr. canadian sports fans booing our national anthem in toronto. same thing happened in ottawa. what is it about canada that has donald trump so upset? >> yeah, i mean, it's even. >> more ignorant than you lay out, right? like they say. >> it's about. >> fentanyl, but barely any fentanyl comes across. >> the border. >> from from canada. so then why is he letting mexico off the hook right now where all the fentanyl is coming in, or most of it, at least lots coming in from ports as well. >> and but. >> then, at. >> least for now, keeping the tariffs on canada, that doesn't. >> make any sense. jd vance tweeted yester

joining me now is larry lindsey, the ceo of the lindsey group, former director of the national economic council and a former federal reserve governor. it's great to have you. larry, i don't know if you want to comment about elon musk's position, but i'm curious what you know, how you're thinking about it. >> well, you know, he's a very talented guy. i understand why the president would want him. i think he's going. >> to run. >> into an icarus problem. he's flying way too close to the sun. if i were recommending to him, i would say i would not sign on as a special government employee. i don't see any advantage to him. and eamon has just laid out the disadvantages to him. i am sure he's going to get caught up in some legal conflict. whether it's a real conflict or not doesn't matter. you know, this is an eye of the beholder kind of thing, and litigation is inevitable. >> is he could he serve as basically some kind of, you know, a platform, a cheerleader in some ways, kind of saying, you know, here's what the administration is doing and being in discussions with them, maybe in discussions with do

. >> kevin hassett, the national economic council director.there as well. >> i also asked the president. >> whether he'd spoken to any. >> ceos about these tariffs. he said he. >> has been. speaking to ceos. >> he said all. >> the ceos that he's talked to love the tariffs and think that this is a tremendous idea for the u.s. government. of course, we know there are other ceos out there who've been very. >> critical of this. >> so maybe those are not the. >> same. >> folks that the president is talking to. >> and he talked. >> about a wide range of subjects, including tiktok. he said that he does have a range of buyers that he's working on for tiktok. i asked him if he thinks that xi jinping would sell. >> tiktok. >> if it came down to it, if. >> he's. >> able to line up a buyer, would xi jinping even sell? the president said he believes that it's in china's best interest to sell tiktok, and that he can convince xi jinping about that. he also talked about the upcoming what he what he views. >> as. >> the upcoming end of the war in ukraine. and

i mean, i talked to kevin hassett, the national economic council director, yesterday.morning with foreign leaders. he said the commerce secretary, howard lutnick, was on the phone with foreign leaders. all of those negotiations have been going on country by country over the past 24 hours. so we will see whether any countries get an exemption, whether any of that lobbying paid off behind the scenes. >> all right, eamon, thank you very much. we wait till 1 p.m. to see what this all looks like. eamon javers by the way if you're looking for who's targeted here the trade deficit. you know we run a trade a trade deficit. we import $1 trillion worth of goods. we are buyers from the rest of the world which president trump has had a problem with. here are the biggest trade deficit partners or folks that trump would like to see them buy more from us. china. we know. obviously a biggie. mexico, vietnam, ireland, germany. that's why europe is in the crosshairs, of course. and then, you know, rounding out the top ten which couldn't fit in here is india is number ten, which prime mi

. >> meanwhile kevin hassett, the national economic council director, was on cnbc a couple of hours agoow, there was this question that came up as trump was talking on air force one yesterday. he said something about there being fraud in u.s. treasuries. and a lot of people were immediately questioning, well, is he talking about the us treasury market, the debt markets? it looks like. and the guidance i'm getting from officials here is that no. what trump was talking about in those comments yesterday that got a lot of people's attention, was actually just this idea that the us treasury department has been issuing payments, that this administration has found were improper. they were not issuing payments correctly. here's what kevin hassett said about that a couple of hours ago here on cnbc. >> the treasury secretary has found that the controls for spending of the previous administration were unacceptable, that they were sending money out without knowing where the money was going. they were sending money out without flagging. you know what it was for. they didn't check before they sent th

you caught up with the national economic council director. what did kevin have to say?him on what sort of bench marks of progress mexico and canada would need to meet in order for president trump to ease or lift these tariffs, and he said he didn't want to get ahead of the president's calls with the foreign leaders this morning as we still await guidance and a readout on what might have been said during those. but he did want to make clear that the administration says they don't feel that this is a trade war. they feel this is a war against illegal immigration and drugs coming over the border. when i asked him what sort of economic impacts that americans might be feeling particularly after president trump told reporters yesterday that there might be a little pain, he said he feels that inflation will go down due to supply side shocks. it's clear this white house is trying to bank on a boost to u.s. domestic manufacturing from these tariffs. but as we spoke about earlier in the show not everybody agrees with that. the national association of manufacturers, which represen

hopefully when we catch up with kevin hassett, the national economic council director later this morningre the ultimate objectives here? is it a drug war, not a trade war? is it about getting concessions on the southern border? is it about reciprocity, thinking about china, europe? is it about deficits or paying about these tax cuts? annmarie: when it comes to donald trump and the fact he is transactional, when he looks at tariffs, it is everything. kevin hassett called it a drug war when it comes to canada and mexico, but potentially with these tariffs, they talk about this could be incredible revenue raisers and to offset. potentially, that means you need the tariffs first to offset the tax cuts and the longer list of tax cuts we got last night. jonathan: equity futures at the moment totally unchanged. this market is going nowhere. coming up, priya misra from j.p. morgan. terry haines of pangea policy. and we catch up with ellen zentner later this hour. we begin with stocks steady ahead of the payrolls data. priya misra writing valuations imply the rate reaction into payrolls is asymme

the white house national economic council director said that the administration is working on a plan more from dani and 30 minutes. the news flow of the last one he for hours is remarkable. the next 24 hours may be no different. reciprocal tariffs on the way. pres. trump: we will be signing reciprocal tariffs are the world has taken advantage of the united states for many years. they have charged as massive tariffs and we haven't charged them. jonathan: we will catch up with don schneider of piper sandler. this is bloomberg. ♪ jonathan: euro-dollar intraday getting whipsawed. right now of the session highs, 1.0390. reciprocal tariffs. pres. trump: we will be signing reciprocal tariffs. the world has taken advantage of the united states for many years. they have charged as massive tariffs and we haven't charged them. as you know, i just did something with steel and aluminum, 25%. that will go up at some point, but 25%, which will level the playing field quite a bit. jonathan: president donald trump announcing reciprocal tariffs are coming, posting on truth social, "three great weeks,

joining us right now to talk more about this is white house national economic council director kevinot of questions. and hoping you can give us a little insight into what's happening. first of all, are there talks taking place behind the scenes that could potentially stop these tariffs before they go in? or is it your understanding that these will take effect at midnight tonight? >> there have been. >> a heck. >> of a lot. >> of talks. >> over the weekend. >> you know, i've been. >> in the white house for most of the weekend, and the thing i can say is that i think it's. >> totally, 100% being mis covered this story. what you need to do is go back and read the executive order where president trump was absolutely, 100% clear that this is not a trade war. this is a drug war. there are perhaps 100,000 people. >> last year that. >> died of fentanyl, and the fentanyl is coming in. >> across the mexican and. >> canadian borders, 80, 90. 95% of mexicans. >> want the drug war to end. and the same is. >> true in canada. >> and i can. >> tell you, i spent a lot. >> of time in canada. >> i was

she served most recently as national economic council director under president biden.nter. how concerned are you about these higher ratings that we've gotten? well, look, i. >> think the producer price data gave us a little bit of reassurance after the hotter than expected consumer price data. and so the gauge that the federal reserve looks at the pce gauge, which will come in later this month, will probably come in a little closer to two and a half core pce, two and a half 2.6, which will be a little bit closer to where the federal reserve wants to get. nonetheless, i see the federal reserve on hold. i think they are in wait and see mood, given that there's so much policy uncertainty, particularly about tariffs and about immigration. >> i mean, i think the fed's on hold. whether you think about any potential policies down the road anyway. inflation is hotter than they thought. we've now gotten three months in a row where that reading has been hotter than anticipated. it's trending the wrong direction. and even if it comes in at two and a half or 2.6%, that's not 2%. i

the biden administration's build back better and american rescue plan as the white house national economic council, right? we are concerned at all about the trillions of dollars of debt they added, the trillions of dollars of debt china may own and the benefit china got directly as a result of those bills? i'm assuming you are advocating against that? because if you don't want additional debt, god forbid we have trillions of dollars going out the door for a green new deal programs that are benefiting china. am i correct? mr. duke: the macroeconomic context matters a lot. the inflation is high. rep. van duyne: the 20% inflation we got over the last four years? i'm assuming you are advocating against all of those tax increases? mr. duke: every country in the world experienced those. rep. van duyne: i'm assuming you are against those? the 20% we got in inflation. mr. duke: justin trudeau is facing that problem. rep. van duyne: i do not want to compare the u.s. to justin trudeau. there is a reason why that man has quit his job. mr. duke: inflation was a global supply chain phenomenon. it affected ever

jason furman, formerly of the national council of economic advisors, sir, very grateful for your time. thanks very much for being here today. >> thank you. >> all right. and as president donald trump tests the limits of his presidential powers following that bruising election cycle, democrats have been trying to pick and choose their battles. the new york times reports this quote, as democrats face the reality of president trump's second term, they share a fundamental belief that this moment calls for an inspirational message from their party. they just cannot decide what exactly that should be. they disagree over how often and how stridently to oppose mr. trump. they have no shared understanding of why they lost the election. never mind how they can win in the future. virginia senator tim kaine, offering this advice to his fellow democrats. >> i think sometimes national democrats don't. we focus on competent government and running the economy in a great way that focuses on innovation and advancing. we call we have what we call a make, build, grow agenda. while the republicans are tal

most of the driving area economically and financially engaged with city center, 100 miles neighborhood. it houses national backs of houses, the policy and the legislative council. that is the final roland behind me. it's how's it goes to a cultural center here, part of the dogs, a fabric, a part of god, the physical outlook that has been destroyed. what's really interesting here then for the hydration as far vision rich, everyone in gods, including the well off portion of the population in this particular neighborhood deal where they'd died because of mountains nutrition. they died because of doesn't force the hydrogen and, and force this the best bar vision. we see people here at this particular neighborhood that turned from very thriving neighborhoods with lots of department stores and some more of a waste land. now with lots of rebels, lots of the garbage everywhere, and many people are trying desperately to find life under a huge pile of ruins and rumbles here at the heart of gaza. city. since our water is, is still an issue, it's becoming increasingly a problem for a lot of people who are also desperately trying to find any signs of life. here at garza ci

council, national association of government guaranteed lenders, international franchise association, national restaurant association, georgia public policy foundation, governor of georgia brian kemp, association of women's business centers, economic and community development institute, u.s. black chambers incorporated, at the national small business association. without objection, so ordered. so at this time we will go ahead and move on to questions. i now recognize myself for five minutes of questions. senator loeffler, in our conversation you made it clear given your time in the senate you understand the role of congress. you denoted, you denoted give your business experiences, you view us as your board and the taxpayers as your shareholders with responsibilities to all of us to ensure the sba moves forward in the right direction. unfortunately the biden administration did not share this view. i repeatedly requested information and those requests were ignored. can you commit to provide this committee with the documents and information requests in a timely manner? >> absolutely. i look forward to a collaborative and responsive relationship. >> i think that is essential for good partnership between congress, the small business ad

expect if confirmed, the office ustr, the council on economic advisors and others would be looking closely at the economic effects of any measures taken to secure national security of the u.s. it is hard. how do we balance the cost of lives lost to fentanyl against other potential costs? sen. hassan: you don't have to talk to me about lives lost from fentanyl. i was the governor for four years. i have been combating it for a decade. we are making progress that was threatened by the omb order that froze critical grants appropriated by this article one body of the u.s. constitution. what i have heard from customers, some of whom voted for mr. trump because he promised essential cost would come down, they are getting this document from urban oil company telling them their home heating oil expense will go up by the amount of the tariff and when we talked, you said you did not expect that to happen. it is happening. same time, the omb order threatened homes needing assistance. it was -20 degrees in berlin, new hampshire on sunday. between the tariff threat and the home heating oil freeze, people are worried about being able to heat their homes. what will you