National Economic Council Director Kevin Hassett appears on Meet the Press with the competitor for most dramatic political pundit, Kristen Welker.
The first question surrounds President Trump firing Bureau of Labor and Statistics Commissioner Dr. Erika McEntarfer.
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The part about Canada is very interesting.
[Transcript] – MARGARET BRENNAN: And we’re joined now by United States Trade Representative, Jamieson Greer. Ambassador, good to have you here.
JAMIESON GREER: Great to be here. Thank you.
MARGARET BRENNAN: So the President signed this executive order on Thursday, raises tariff rates on about 70 countries. Should we expect those to be negotiated down in the coming days?
JAMIESON GREER: I don’t, I don’t think they will be in the coming days. I think a lot of these, well I know a lot of these, are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country. So, so these, these tariff rates are pretty much set. I expect I do have my phone blowing up. There are trade ministers who, who want to talk more and see how they can work in a different way with the United States, but I think that we have, we’re seeing truly the contours of the President’s tariff plan right now with these rates.
U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer hold a joint press conference in Stockholm after concluding the third-round of trade talks with Chinese officials.
The discussion and press availability covered U.S-China trade negotiations, economic cooperation and whether President Trump will meet Xi Jinping. Key moments include questions on tariffs, supply chains, and Beijing diplomacy. WATCH:
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Treasury Secretary Bessent notes as the U.S. economy continues strengthening, and as each trade deal with the U.K, Japan, ASEAN nations and Europe have cemented, the talks between the U.S. and China become more substantive.
With each global trade partner agreeing to terms of access to the USA market more pressure is naturally created on China to complete negotiations and affirm their position as supplier to the world’s largest market.
President Trump holds a press conference aboard Air Force One en route back to the White House. Currently the press comments are audio only, but will likely have video upon arrival.
President Trump begins his remarks talking about a threat delivered by British Prime Minister Keir Starmer to the state of Israel where the U.K is threatening to recognize a Palestinian state if Israel doesn’t stop the bombing in Gaza and deliver aid to the impacted citizens. LISTEN:
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The reality of the U.S-Canada economic relationship and the position of President Donald Trump is not that difficult to understand if you take all the disparate datapoints and quotes from Trump and put them into context.
During a White House meeting with Mark Carney, President Trump essentially told the Canadian Prime Minister why he was in no hurry to get to a deal with Canada.
The 35% tariffs on non-USMCA goods are going to trigger on August 1st, because the main priority of Trump -looking toward Canada- is to dissolve the USMCA.
During the May 6th oval office meeting with Carney, President Trump was discussing the USMCA and said: “As you know it terminates fairly shortly. It gets renegotiated fairly shortly.” … “This was a transitional deal, and we’ll see what happens, we’re going to start renegotiating that” … “I don’t know if it serves a purpose anymore.” …. “And the biggest purpose it served was, we got rid of NAFTA.”
To understand why President Trump wants to dissolve the USMCA {SEE HERE}. To understand the technical value of dissolving the USMCA {SEE HERE}. It’s not a complicated economic analysis; it’s common sense.
Currently, approximately 60% of the traded goods and services between the U.S. and Canada are covered by the USMCA; the remaining 40% will be hit by tariffs on August 1st at a 35% rate.
When the USMCA is renegotiated, predictably dissolved in favor of two bilateral trade agreements – one for Mexico and one for Canada, all of the U.S-Canada trade sectors will be part of the enlarged free trade negotiation. As a result, there is absolutely no motive to engage in trade discussions now.
Commerce Secretary Howard Lutnick describes some of the details within the new U.S-European trade agreement.
As noted, the $600 billion in regular trade products exported by the EU to the USA market will be subject to a 15% reciprocal tariff. This approach effectively ends the Marshall Plan, sets the trade terms to balance and should generate approximately $90 billion in revenue to the U.S. treasury.
U.S. tariffs on cars and auto parts are being reduced to the baseline 15 percent — a level that matches the deal notched earlier this month by Japanese automakers. In exchange, the EU has agreed to lower its car tariffs from 10 percent to zero, trade spokesperson Olof Gill said. The German companies are angry though, because the 25% tariff still applies to Mexico. So, German autos manufactured in Mexico (massive prior investment) will come to the USA with a 25% tariff.
In addition to the EU agreement to open their markets to U.S. products, private companies within the EU have committed to $600 billion in direct investment within the USA. Additionally, the EU will purchase $750 billion in U.S. energy products and with the NATO commitments previously agreed significant military purchases are anticipated. That is a major purchase agreement of $250 billion each year for the next three years.
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Thank You President Donald J Trump, U.S. Trade Representative Jamieson Greer, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
Enjoy the golf.
Okay, this is a very big win. EU Commission President Ursula von der Leyen outlines some more details of the U.S-EU trade agreement. The parameters fall similar to the Japanese deal, without the banking aspect.
The EU will face (and accept) a 15% tariff rate for most exports to the USA including autos, that’s huge, even with some zero-for-zero tariff sectors outlined. The primary motivating factor was to avoid the 35% tariff rate scheduled for August 1st and provide the EU corporations with certainty in their tariff rate as applied by the USA (15%). WATCH:
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Ursula has the sads.
President Trump and EU Commissioner Ursula von der Leyen have apparently come to terms around the broad outlines of a U.S-EU trade agreement.
The EU will commit to purchasing $750 billion in energy products. The EU will commit to investing $600+ billion in direct U.S. industries. The EU will commit to purchasing their NATO military hardware from the USA ($500+ billion likely). The EU will open up all markets to USA products without tariffs. The EU and U.S. will both carry a 15% auto tariff for imports. WATCH:
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I’m all about the broad outline described in the video above, but I also want to see the details. If what President Trump said about all EU markets being open is accurate, it sounds like the Marshall Plan is over
Canada will not be happy; Europe gets a deal – Canada gets a cold shoulder.
Also, with U.K, Japan, ASEAN and EU trade agreements complete, President Trump is likely to begin focusing on the USMCA (Canada and Mexico) sooner than later. Two bilateral trade agreements will likely replace the USMCA.
Office of Management and Budgets (OMB) Director Russ Vought appears on CNN to discuss the problems noted with the Federal Reserve (FED) as the organization viewed their ‘independent’ status as meaning beyond accountability. The FED has been operating without any oversight until President Trump and Russ Vought began a baseline review of how they spend taxpayer funds.
As noted by Director Vought, the FED can have independence and yet they must be held accountable to the American people. President Trump is that accountability piece and the FED were not familiar with scrutiny. They are now.
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[Transcript] – MARGARET BRENNAN: We begin today with the director of the White House Office of Management and Budget, Russell Vought, welcome to ‘Face The Nation.’
DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET RUSSELL VOUGHT: Thanks for having me.
MARGARET BRENNAN: There’s so much to get to with you. Let’s start on what’s going on with the Federal Reserve. If you take the president at his word, he does not intend to fire the Federal Reserve Chair, Jerome Powell- though he’s still criticizing him. What is the President seeking in a successor when his term ends in May 2026?