Sec. Scott Bessent calls for 'good data' after weak jobs report: Full interview

Tariffs and Trade - The administration believes good policies are in place to create high-paying jobs [1] - The US has lost 42,000 manufacturing jobs since the tariffs were announced in April [1] - John Deere reported a 29% decrease in net income in its most recent quarter due to higher tariffs, costing the company $300 million so far, with another $300 million expected by year-end, and laid off 238 employees [2] - Nike anticipates tariffs will cost the company around $1 billion this year, while Black & Decker expects $800 million in costs, and the big three automakers have paid over $2 billion in tariffs [4] - Goldman Sachs estimates that 86% of the tariff revenue collected so far has been paid by American businesses and consumers [7] - The administration is confident it will win at the Supreme Court regarding reciprocal tariffs, but there are other avenues to take if not [12] - The administration may have to refund about half of the tariffs if the court rules against them [13] Economic Indicators and Policy - The National Economic Council Director called the jobs numbers "weak," and Moody's chief economist called it a "jobs recession" [1] - The Treasury Secretary anticipates a substantial acceleration in the economy by the fourth quarter [1] - The administration believes the Federal Reserve is too late in cutting rates [1] - The US bond market has been the best performing bond market in the developed world, attributed to tariff income and fiscal improvement [14] Federal Reserve - The administration is interviewing potential successors for Fed Chair Jerome Pal, whose term ends in May [15] - The administration seeks a Fed chair with an open mind who will factor in different policies [16] - The administration claims the Fed has consistently overestimated GDP when Democrats are in office and underestimated GDP when Republicans are in office [17] Russia and Sanctions - The administration is prepared to increase pressure on Russia and needs European partners to follow suit with sanctions and secondary tariffs on countries that buy Russian oil [21][22]