Press Briefing: Kevin Hassett Speaks to Reporters Outside the White House - February 7, 2025

Question 00:00:00-00:00:05 (5 sec)

Sir, do you mind stopping and talking with us for a second?

Kevin Hassett 00:00:05-00:00:07 (2 sec)

I'm happy to talk, yeah.

Question 00:00:07-00:00:09 (2 sec)

Thank you.

It's a beautiful day too.

Question 00:00:10-00:00:14 (4 sec)

It is a beautiful day. I guess first we could get your reaction to the jobs report if you want to start there.

Oh, sure, thank you. Um -- and because it's been a while since I've been here, I know I see a lot of familiar faces and some new ones. So, if folks could just identify themselves so that I learn your names as we speak, I'd really appreciate it.

Question 00:00:23-00:00:24 (1 sec)

I'm Kelly [Inaudible].

Hey, Kelly, and I'm Kevin. Um, yeah, I think the big news for us is that, uh, it was a weak jobs number. And the downward revisions, which we've seen a pattern of, uh, over the last few years, were really, really stunningly bad, uh, that the Biden jobs record was about a million workers worse than we thought yesterday.

Uh, and so, when you're thinking about what this does to markets and to, uh, you know, inflation and so on, be mindful of the fact that we just had, uh, the biggest downward revision for the American jobs record that we've had since 2009. Uh, and that's the news of the jobs report is the massive downward revision. And so for some reason, the government was overstating the Biden's jobs record month after month after month.

And now that President Trump's in, they've decided there's no political gain for doing that, I guess. And so, they've revised it back to the truth. And the truth is that we're inheriting a very difficult jobs market because of Joe Biden's terrible policies.

Question 00:01:25-00:01:34 (9 sec)

Can I ask you quickly too, on the conversations today with Japan around trade, should they be concerned about any tariffs being placed against them?

The president is going to meet -- will be in some of those meetings with our Japanese counterparts and after the meeting we'll be -- of course, give you a readout on what happened. Does anyone else have anything? OK. Well, thank you guys very much. Have a great night.

Question 00:01:49-00:01:58 (9 sec)

One more question since no one else is here. On China talks, can you give an update around what the conversations have looked like around China as they are expecting to place their own tariffs back next week?

Yeah, there's nothing to report right now.

Question 00:02:00-00:02:03 (2 sec)

OK. Thanks. Thank you.

Thank you.

Question 00:02:04-00:02:07 (2 sec)

Thank you. I appreciate the time.