White House shrugs off stronger-than-expected China trade data – Washington Examiner
The White House, through economic adviser Kevin Hassett, is downplaying China’s stronger-than-expected trade data, which showed a 5.8% increase in exports last month, surpassing forecasts. The boost was partly due to increased trade with regions outside the U.S.,such as Southeast Asia and Europe,and a temporary pause in U.S. tariffs. Despite these figures, Hassett expressed doubts about the accuracy of China’s data, citing reports of economic difficulties there.Hassett also avoided commenting on President Trump’s recent proposal to impose 50% tariffs on Brazil starting in August, which was linked to political tensions involving Brazil’s former president Jair Bolsonaro. Ongoing negotiations and tariff threats are creating uncertainty, but talks are expected to clarify the situation by early August.
White House shrugs off stronger-than-expected trade data from China
Kevin Hassett, a top economic adviser for the White House, is downplaying reports of better-than-expected trade data from China.
Customs data from China on Monday claimed that the country exported more goods than anticipated, thanks in part to trade with non-U.S. markets, including Southeast Asia and Europe, and a temporary reprieve from U.S. tariffs. Exports increased by 5.8% last month in U.S. dollar terms, exceeding predictions of a 5% rise. Imports also increased after concerns about domestic consumer confidence and demand.
“There’s a lot of ambiguity about what the real data in China are, and I’d have to study the latest data to see if I believe it, but there certainly have been lots of reports, anecdotal reports, of troubles in China,” Hassett, director of the White House National Economic Council, told the Washington Examiner on Monday. “To the extent that the global economy is responding positively to technological change that we’re seeing across the world, like better computing, it might have been a positive thing for them, but I’m not studying the Chinese data.”
During an informal press conference at the White House, Hassett, who is being considered by Trump as a possible replacement for Federal Reserve Chairman Jerome Powell, sidestepped questions about Trump’s proposal last week to impose 50% tariffs on Brazil starting Aug. 1.
In a letter posted on social media last week, Trump wrote that the tariffs would be imposed, in part, because of his opposition to the criminal trial of former President Jair Bolsonaro over allegations he tried to overturn the results of his 2022 election against incumbent President Luiz Inacio Lula da Silva.
“The president will decide that, and we’re in active negotiations, which have a deadline, and we’ll see how it goes,” Hassett said.
When asked about the legality of the Brazil tariffs, he cited Trump’s use of presidential authority under the International Emergency Economic Powers Act, in addition to Section 232 of the Trade Expansion Act of 1962, which permits levies to address national security threats.
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Hassett spoke to reporters shortly after the European Union announced it would be postponing the implementation of its retaliatory tariffs, a concession that came after Trump’s weekend threat of imposing 30% duties on the EU and Mexico starting Aug. 1.
“There are talks underway still, and I think that the president has set deadlines so that everybody gets the clarity that you all crave by the beginning of August,” he said.
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