The head of the White House National Economic Council, Kevin Hassett, denied Elon Musk's claims that the US economy is facing a recession in the second half of 2025 because of the tariffs imposed by President Donald Trump.
„Tariffs have been imposed, inflation has slowed, the labor market is doing great, and tax cuts haven't even taken effect yet. "There will definitely be no recession, not even 3% growth, it will be much better," the Fox News staffer said, commenting on Musk's statement.
According to Hassett, in May, trade tariffs had brought about $60 billion to the US economy. "In addition, the Congressional Budget Office just published a report that says we will receive $2.8 trillion in revenue over the next ten years from tariffs," he emphasized.
On Wednesday last week, the US Federal Court of International Trade blocked the implementation of the US leader's decision to impose tariffs on imports, citing his "abuse of presidential powers." The court blocked not only the retaliatory tariffs on goods from 185 countries and territories that Trump announced on April 2, but also tariffs previously imposed on imports from Canada, China and Mexico. The court's ruling did not apply to tariffs on autos and auto parts, steel and aluminum.
A U.S. appeals court later temporarily halted the decision to block the tariffs.