Kevin Hassett on Tariffs and Support for U.S. Businesses Dependent on China

Concerns Over China's Rare Earth Mineral Exports

• ⚠️ The U.S. is carefully studying the effects of China's potential limits on rare earth mineral exports.
• 💡 These minerals are a crucial, albeit small, part of the U.S. economy's value-added.

White House Support for Small Businesses

• 🤝 The Secretary of Commerce and the Small Business Administrator are actively engaging with small and medium-sized businesses affected by tariffs.
• 🎯 Efforts include understanding their concerns and exploring ways to address them, such as identifying alternative suppliers outside of China.

Challenges of Relocating Production

• ⏳ Businesses dependent on Chinese exports face a significant challenge in moving production out of China, a process that can take six months to a year.
• ❓ The White House is working to provide tailored advice based on the specific products and needs of these businesses during this transition period.