Trump’s top economist steps down

STUART: THERE'S A SHAKEUP AT THE WHITE HOUSE. THE PRESIDENT'S CHIEF ECONOMIST KEVIN HASSETT ANNOUNCING THAT HE IS GOING TO STEP DOWN. LOOK WHO'S HERE. KEVIN HASSETT, THE MAN HIMSELF. GREAT TO SEE YOU AGAIN. YOU'VE GOT A SMILE. YOU ALWAYS HAD A SMILE. >> YEAH. STUART: WE ARE GOING TO MISS IT. >> HEY, YOU KNOW, I'LL BE BACK FOR THE PRIVATE SECTOR ON YOUR SHOW WHENEVER YOU ASK. HONESTLY, IF YOU LOOK, IT'S PRETTY TYPICAL FOR PEOPLE TO SPEND TWO YEARS THERE AND THEN MOVE BACK TO PRIVATE SECTOR. THAT'S BASICALLY ALL IT IS. STUART: I'M GUESSING, FORGIVE ME, BUT I'M GUESSING I THINK YOU WANT A LIFE. I IMAGINE THAT FOR THE LAST TWO YEARS YOU HAVE WORKED 24/7 AND I THINK YOU HAVE A FAMILY AND I THINK YOU ARE LEAVING FOR ALL THE RIGHT REASONS. YOU WANT TO SPEND TIME WITH THE FAMILY. AM I RIGHT? >> YOU KNOW, YOU REALLY ARE RIGHT. AND YOU KNOW, I WAS LOOKING AHEAD TO MY YOUNGEST IS A SENIOR IN HIGH SCHOOL AND I MISSED PRETTY MUCH THE LAST TWO YEARS. IT JUST SEEMS LIKE IT'S A GOOD TIME TO GO BACK TO THE PRIVATE SECTOR. OF COURSE, I WILL BE WORKING HARD OUT THERE, TOO, BUT NOT QUITE LIKE I WAS IN THE WHITE HOUSE. STUART: ARI STUART: ARE I STUART: ARE YOU ALLOWED TO TELL ME WHO IS BEING CONSIDERED FOR YOUR REPLACEMENT? >> I DISCUSSED THAT WITH THE PRESIDENT LAST WEEK AND I THINK THERE ARE A LOT OF VERY STRONG CANDIDATES. THE CEA HAS A REALLY BIG, STRONG STAFF AS IT IS SO I DON'T THINK YOU NEED TO WORRY THE ECONOMIC ADVICE IS GOING TO GO DOWN. STUART: WE'RE NOT WORRIED. I JUST WAS WONDERING IF YOU WERE GOING TO BREAK SOME NEWS FOR ME. >> I KNOW THAT'S YOUR JOB. BUT THE PRESIDENT TWEETED THAT WHEN HE GETS BACK, HE'S GOING TO MAKE AN ANNOUNCEMENT. STUART: IS IT GOING TO BE SOMEBODY IN THE MEDIA? >> IT'S GOING TO BE YOU, ACTUALLY. STUART: I KNEW YOU WERE JOKING. OKAY. LET'S GET SERIOUS FOR A SECOND. IN TERMS OF THE ECONOMY, DO YOU THINK THAT WE NEED A COUPLE OF RATE CUTS FROM THE FEDERAL RESERVE THIS YEAR? >> YOU KNOW, I'M NOT GOING TO GIVE THE FED ADVICE BUT I CAN SAY WE HAD A 3% FIRST QUARTER. SECOND QUARTER'S LOOKING AROUND 2%. I THINK THAT THE RISK OUTLOOK IS A LITTLE HIGHER THAN EARLIER IN THE YEAR. ONE OF THE THINGS WE SAW IN THE ADVANCED DURABLES NUMBER LAST WEEK WAS A BIG DECLINE IN AIRCRAFT PRODUCTION RELATED TO SAY THE BOEING TROUBLES. I THINK I'M VERY MUCH LOOKING FORWARD TO THE JOBS NUMBER THIS WEEK TO SEE THE LABOR MARKET MOMENTUM IS CONTINUING. I THINK THERE ARE MORE RISKS TO THE OUTLOOK RIGHT NOW. BUT THE BOTTOM LINE, THOUGH, IS WE SHOULD STILL GET A 3% YEAR AS LONG AS JOB CREATION AND WAGE GROWTH CONTINUE WHERE THEY HAVE BEEN. STUART: I HAVE TO ASK YOU, IF YOU APPROVED OF THE PRESIDENT'S STATEMENT SAYING HE WOULD APPLY TARIFFS TO MEXICAN PRODUCTS IF THEY DON'T MOVE TO SEAL THE BORDER. DID YOU APPROVE OF THAT? >> THE PRESIDENT DOESN'T ASK ME TO APPROVE HIS STATEMENTS. LET ME SAY THAT I PARTICIPATED IN A LOT OF MEETINGS WHERE WE DISCUSSED THIS, AND I THINK THE HOMELAND SECURITY EXPERTS HAD THOROUGHLY RESEARCHED STEPS THAT MEXICO CAN TAKE, THAT THEY SHOULD BE TAKING, TO HELP US WITH THIS CRISIS AT THE BORDER, AND I'M VERY HEARTENED TO SEE THEY ARE HERE TALKING ABOUT IT. AS YOU KNOW, THE PRESIDENT IS VERY GOOD AT GETTING PEOPLE TO THE TABLE AND GETTING CONCESSIONS. IF YOU LOOK AT SAY THE USMCA DEAL, YOU KNOW, IF THE ITC CALLED IT THE BEST TRADE DEAL THEY HAVE EVER SCORED AND YOU KNOW, THAT'S PROBABLY NOT WHAT A LOT OF PEOPLE THOUGHT WHEN THEY WERE LOOKING AT DONALD TRUMP EARLY ON IN HIS ADMINISTRATION. BUT HE'S VERY MUCH A TRADE REFORMER BUT HE UNDERSTANDS SINCE WE ARE STARTING OUT FROM ASYMMETRIC POSITIONS WE HAVE TO GET PEOPLE TO THE TABLE WITH STRONG ACTION. MEXICO'S COMING. THEY COULD HAVE COME LAST WEEK OR TWO WEEKS AGO BUT NOW THEY'RE COMING. STUART: I'M LAUGHING BECAUSE YOU SHOULDN'T GO BACK INTO PRIVATE ENTERPRISE. YOU SHOULD GO TO THE STATE DEPARTMENT. >> THAT REALLY HURTS, STU. STUART: SERIOUSLY. YOU CAN ANSWER ANY QUESTION IN THE MOST DIPLOMATIC FASHION AND GIVE NO ANSWER AT ALL. YOU DIDN'T APPROVE OF TARIFFS ON MEXICO. YOU KNOW YOU DIDN'T. HOWEVER, WE WISH YOU WELL IN THE PRIVATE SECTOR.

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