(30 Jul 2025)
RESTRICTION SUMMARY:
++BEGINS AND ENDS ON SOUNDBITE++
ASSOCIATED PRESS
Washington – 30 July 2025
1. National Economic Council Director Kevin Hassett walking toward the press at the White House
2. SOUNDBITE (English) Kevin Hassett, National Economic Council director:
“Yeah, it’s really one of the best GDP announcements or releases that you could imagine because there’s blockbuster growth way above expectation and there’s also a real, real almost collapse in inflation. It went down by about a percent and a half all the way down to 2.1 percent, which is the Fed’s target. And so to have high growth with low inflation and also high income growth, personal income growth was 3 percent. That’s just like about a sweet spot for a GDP release. And I will add that all of this happened while 127 billion in tariffs was raised, which is clearly not harming the American consumer. And we’ve been downsizing government in order to be more fiscally responsible. 70,000 federal jobs have been reduced at 5%. There was a 5% reduction in federal government spending while all this was going on.”
++BLACK FRAMES++
3. SOUNDBITE (English) Kevin Hassett, National Economic Council director:
“Right, well, India’s had a market that’s been pretty much close to American products, and we’ve been wide open to theirs. And I think President Trump is frustrated with the progress we’ve made with India, but feels that a 25 percent tariff will address and remedy the situation I n a way that’s good for the American people.”
++BLACK FRAMES++
4. SOUNDBITE (English) Kevin Hassett, National Economic Council director:
“Well, I think that what’s going to happen is that India is going to cut their prices to the U.S. in order to maintain their market share. That’s what everybody else has been doing. And then they might reconsider their practices, which have led to this higher rate. And over time, I would guess that Indian firms will be on-shoring production in the U S. and Indians might even open their markets more to us so that we reach Consider a future trade deal.”
++BLACK FRAMES++
5. SOUNDBITE (English) Kevin Hassett, National Economic Council director:
“Things go up and down, but one of the things, when I said that this is a real beauty contest winner of a GDP release, one of things I look for is something in the release that gives me cause for optimism, why it should be even better next time. And there’s a real big one of those in this release, which is because of the ‘Big, Beautiful Bill’ that people held back their construction, awaiting to see the expensing for factories and so on. And so one of negatives was that there was a decline in that kind of construction, but also multi-family construction which we expect is fully gonna rebound now that the bill has passed. And so I think that when you’re thinking about what’s gonna happen next quarter, you’re talking about 3% momentum, despite the fact that we have the negative drag from people holding off spending, waiting to see if the bill passed. And so, I’m looking more like a 4% number for the second half of the year.”
++ENDS ON SOUNDBITE++
STORYLINE:
President Donald Trump says he’ll impose a 25% tariff on goods from India, plus an additional import tax because of India’s purchasing of Russian oil. Trump said Wednesday that India “is our friend” but its “Tariffs are far too high” on U.S. goods.
Kevin Hassett, the director of the National Economic Council, was at the White House on Wednesday.
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