President Trump telling NBC News he's proud of the US economy and that 2026 is going to be even better. Joining us right now is White House National Economic Council Director Kevin Hasset. Uh good morning to you.There's been a a long sort of back and forth uh about the state of our economy, about how good it is, but also maybe how bad it is and the bad part being what came before during the Biden administration and whether the president now owns this uh this economy. Does the president now officially own th ...

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Economic Policy - Economic policy can be used to improve the lives of all American citizens [1] Author's Perspective - Milton Friedman explains how to use economic policy [1]

Legal & Policy Landscape - The Supreme Court is hearing arguments on the legality of President Trump's tariffs, focusing on whether they fall under executive power or require congressional approval [1][2] - The core legal question revolves around the interpretation of the statute authorizing tariffs and whether it violates the non-delegation clause of the Constitution [5][6] - A key point of contention is whether tariffs are considered taxes, which would fall under congressional authority [13] - The administration might explore alternative legal avenues, such as a 1974 law capping tariffs at 15% for 150 days, if the current tariffs are struck down [15] Economic Impact & Market Reaction - Since the implementation of these policies, the estimated tariff revenue is $174 billion, impacting American companies that pay the cost of importing goods [9] - Businesses have been absorbing these costs or passing them on to consumers, creating uncertainty in the market [9] - Wall Street is closely monitoring the Supreme Court case, with traders analyzing legal arguments to anticipate the economic consequences [7][8] - The market reacted to commentary suggesting the Supreme Court might limit the president's authority to impose tariffs [14]

US Supreme Court justices questioned President Donald Trump’s global tariffs, as arguments began in a case that could undercut his signature economic policy. Listen to that and the latest stories on Bloomberg News Now. https://t.co/hJzDDExkiP ...

Trade Policy & Economic Impact - The report highlights concerns over the Trump administration's trade policies, specifically tariffs, and their potential to negatively impact various sectors of the US economy [2][12] - The analysis suggests that tariffs, while intended to raise beef prices for domestic ranchers, ultimately increase costs for consumers [7] - The report mentions a $20 billion taxpayer bailout to Argentina, raising questions about the coherence of the economic policy [3] - The report points out the retaliatory tariffs are causing China to no longer buying soy, which hurts soybean farmers [4] - The report indicates that the full impact of tariffs may not be felt until the first or second quarter of next year [15] Political & Business Dynamics - The report suggests potential cronyism, alleging that certain policies benefit specific individuals and investment firms like Fidelity and PIMCO at the expense of farmers [5] - The analysis indicates that some businesses are able to obtain "carve outs" or exemptions from tariffs through direct access to the President, leading to a lack of public opposition from the business community [15][17] - The report mentions paid dinners at Mara Lago, costing $1 million per table or $5 million for CEO one-on-one access, potentially influencing policy decisions [30] Economic Outlook & Risks - The report acknowledges the resilience of the American economy despite headwinds created by policy uncertainty [20][21] - The analysis expresses concern about potential bubbles in the AI and "buy now pay later" sectors, as well as rising car payment delinquencies [25][26] - The report draws a parallel between current policies and Brexit, suggesting a potential for a lower standard of living and increased costs [28]

Federal Reserve Independence - The report suggests the Fed chair had a congratulatory call with the president after being sworn in [1] - The Fed chair would respectfully listen to the president's views on interest rates and economic analysis [2][3] - The Fed chair would consider the president's arguments but make decisions based on independent analysis [3] - The Fed chair has had numerous conversations with the president about the economy and economic policy [4] - The president has never asked the Fed chair to set policy in a specific way [4]

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]

Monetary Policy - Atlanta Fed President Raphael Bostic advocated for a cautious approach due to economic policy uncertainties [1] - A wait-and-see strategy can prevent the need for interest rate reversals [1]