Tariffs & a “Drug War” with NEC Director Kevin Hassett 02/03/25

President Trump’s plans for tariffs on Canada and Mexico have prompted promises of retaliation from Canada, as well as concerns of a brewing trade war among America’s neighbors. In a newsmaking interview, the Trump administration’s National Economic Council Director Kevin Hassett underscores a “misinterpretation” of President Trump’s executive order on tariffs. He says, it’s a drug war, not a trade war. CNBC’s Megan Cassella reports on the details of tariffs and their looming deadline, Phil LeBeau discusses their impact on the auto industry, and Steve Liesman explains the economic calculus of trade, the potential of recession for Canada, and the trajectory of the American economy. Plus, Elon Musk hosted a Spaces discussion on X late Sunday evening. CNBC’s Steve Kovach reports on the big takeaways, including Musk’s comment that President Trump gave him permission to end USAID.

Megan Cassella - 03:56

Phil Lebeau - 08:29

Steve Kovach - 13:25

Kevin Hassett - 25:06

Steve Liesman - 42:23

In this episode:

Phil LeBeau, @Lebeaucarnews

Steve Liesman, @steveliesman

Megan Cassella, @mmcassella

Andrew Ross Sorkin, @andrewrsorkin
Becky Quick, @BeckyQuick

Katie Kramer, @Kramer_Katie