Creepy Kevin Hassett Attacks Tariff Study: 'They Should Be Disciplined'
White House Economic Advisor Kevin Hassett did not appreciate the data collected by the New York Federal Reserve that explained 90% of Trump's tariffs are being paid domestically, undermining Trump's ridiculous claims about them.
CNBC reports, "The researchers looked at whether countries that export products to the U.S. were lowering their prices, or in effect eating the tariffs, or raising their prices and passing them onto consumers and companies. The paper found that some 90% of the added costs from tariffs were being passed on ..."
Hassett joined CNBC's Squawk Box to refute the study and demand punishment.
KERNEN: A study by the New York Federal Reserve claims 90 percent of the tariff burden is being shouldered by U.S. firms and consumers, but the White House disagrees.
HASSETT: Yeah, I mean, the paper is an embarrassment.
It's I think the worst paper I've ever seen in the history of the Federal Reserve System.
The people associated with this paper should presumably be disciplined, because what they've done is they've put out a conclusion which has created a lot of news that's highly partisan based on analysis that wouldn't be accepted in a first-semester econ class.