National Economic Council Director Kevin Hassett: President Trump has secured trillions of dollars in commitments to onshore manufacturing industries in America — and it’s a “horse race to see who can get here the fastest.”
The outlier is China. They are isolated due to their oversized power.
Using a football analogy, Hassett said, “they were running out the clock, and that what’s going on now in the Trump administration across a wide array of policy areas. We’re in a two-minute offense, and the two-minute offense is pushing.
“As you’ve seen, the reconciliation bill [is going] through so that we get tax relief for American people, deregulation and, of course, trade policy.
“Now, in the trade policy, the whole point of the trade policy is to address the national emergency that we’re too dependent on foreign products in the US, especially if we were at a time of conflict, and we’re doing something about that. And the Reciprocal Act was basically, guys, if you come to the table and negotiate with us and treat us the same way we treat you, then we’ll you’ll get your rate really low.
The Two World Systems
“And so right now, 130 countries, 130 countries have responded, and we’re negotiating with them, and they’ve got their rate down to 10% and so really, it’s kind of almost a two world system.
Two worlds: smaller trade partners negotiate with the US, tariffs are lowered on the one hand, and a longer-term strategy to counter China’s economic power begins to be implemented.
“There’s a process about China, and that’s very, very nascent, if at all, and then the process for everybody else.
“So the process for everybody else is orderly. It’s clear. People are coming to town with great, great offers. We’ve got Japan, Korea, India – [was] just talking to the foreign minister of India. And everything is moving forward very quickly.
“And so I guess that the bottom line is the small business owner has experienced over the last few weeks the start of a process that’s settling down really quite quickly. I gave 130 countries, or 10% down. [That’s] the way that I would think about [it].”
National Economic Council Director Kevin Hassett: “Right now, 130 countries — 130 countries — have responded and we’re negotiating with them.” pic.twitter.com/kR2p6OLG2e
— Rapid Response 47 (@RapidResponse47) April 13, 2025
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