The next is the transcript of the interview with Nationwide Financial Council Director Kevin Hassett that aired on “Face the Nation with Margaret Brennan” on March 15, 2026.
MARGARET BRENNAN: We go now to President Trump’s high financial adviser, Kevin Hassett. Good morning to you.
KEVIN HASSETT, DIRECTOR NATIONAL ECONOMIC COUNCIL: Good morning.
MARGARET BRENNAN: The IDF spokesperson stated this morning that Israel’s fight operations will undergo the start of April. Is that additionally the U.S. timeline? And in that case, how a lot will this battle price the financial system if it goes on one other three and a half weeks?
HASSETT: Proper. Effectively, one of many issues that we have been briefed on virtually each day is what is going on on and what the president is being briefed on with regard to the Iran warfare. And as of yesterday this story was- the message was that individuals, the defense- Division of Conflict believed that it will take 4 to 6 weeks to finish this mission and that we’re forward of schedule. So we’re a few weeks in and I believe that ought to provide you with some readability about after we anticipate that the president will resolve that we have achieved his aims. The opposite factor I can say is which you can additionally have a look at futures markets, that are fascinating since you’ve cited time and again the spot worth of gasoline, which, after all, is affected proper now by the disruption of the strait, however should you have a look at the futures costs, they’re anticipating a fast, fast finish to the scenario and far, a lot decrease costs. The truth is, I do not suppose I’ve seen a type of future worth path with such a steep decline in all my years watching futures.
MARGARET BRENNAN: We are going to speak concerning the oil commerce afterward in this system, as these markets put together to open later in the present day, however the Worldwide Power Company referred to as this the biggest provide disruption within the historical past of the worldwide oil market. So I am undecided how a lot previous charts are a future indicator right here, however the president is asking on different international locations now to ship ships to assist shield the Strait of Hormuz. You simply heard Iran’s international minister saying Tehran has been approached by different international locations about negotiating their means by way of strait. If that type of negotiation occurs, are People simply going to get minimize out right here?
HASSETT: Effectively, initially, you need to perceive that America will not be going to have its financial system harmed by what the Iranians are doing. The underside line is that within the ’70s we did not produce a lot oil, however now we do. So America is in a really robust place. They suppose that they are going to hurt the U.S. financial system and get President Trump to again down. There could not be something that was a stupider factor to say as a result of the underside line is that our financial system has obtained all this momentum on this planet and we have heaps and plenty of oil. We’ve got plenty of buying and selling companions which might be extra on the hook from imported oil from these guys. And as we will see, it is fully unacceptable {that a} authorities that might, you understand, homicide 40,000 of their folks just some months in the past can be blackmailing international locations to let stuff by way of. President Trump thinks that’s unacceptable and for the worldwide financial system we have to repair it and we’re going to repair it quick.
MARGARET BRENNAN: Okay. It’s a world market, however I take your level there may be provide after all, there’s refining, there’s different interruptions to the flexibility to entry oil and fuel. However fuel costs themselves are up greater than 20% since this battle has begun. Jet gas costs are main airways to lift ticket costs rapidly. That is not my opinion, that is the United Airways CEO who simply stated that. The American Farm Bureau warned of provide chain shocks after we have already got document excessive enter costs. So are you able to give us some type of projection right here on how it will influence client costs and for the way lengthy?
HASSETT: For certain. And I would like you to know that that is one thing that the federal government has been finding out for many years. And even myself, after I first got here in as Chairman of the Council of Financial Advisers one of many first assignments I obtained from Basic Mattis was to review what occurs if there are oil disruptions. And so we all know how one can minimize- minimalize the influence of this disruption. Now, you possibly can’t make it fully go away however you possibly can minimal-ize it. And so we’re growing the quantity of permits that we’re giving to Venezuela, we’re getting new sources of fertilizer from Morocco and from Venezuela and different locations to make it possible for our farmers have the fertilizer they want. And we’re even considering forward concerning the jet gas drawback which is basically largely an issue for jet gas coming from Asia. And we have now been in discussions to make it simpler for international ships to go from the Gulf of America over to the west coast to make it possible for we do not have a disruption from jet gas as properly. And so we’re each situation and we have a plan for every situation.
MARGARET BRENNAN: Okay. Are you going to set off these issues and make them operational or are you simply them? And the way do you stop meals costs from additionally going up?
HASSETT: Proper. Effectively, the massive drawback proper now can be power costs and we’re watching and monitoring carefully. We’re issues each day and seeing how rapidly we progress. The underside line is once more, that the rationale why futures markets for oil are dropping down in the direction of 60 and even under 50 in the long term is that we anticipate that if Iran stops being this disruptive terrorist power within the Center East that there might be a increase in oil manufacturing and industrial manufacturing. However take into consideration the harm- the hurt that this evil authorities has finished to their very own folks. Again within the ’70s earlier than the revolution, Iran was the seventeenth largest financial system on this planet, now it is one thing just like the fiftieth.
MARGARET BRENNAN: Nobody’s going to defend the regime’s human rights document on this program.
HASSETT: They’ve run- they’ve run their nation into the ground- however the level is that- I wished to simply say that the international locations round them, additionally they undergo from the danger of getting them go nuts and assault them. And so we anticipate that the worldwide financial system goes to have an enormous constructive shock as quickly as that is over and we’re nonetheless being briefed that it will be 4 to 6 weeks from the start and that we’re forward of schedule.
MARGARET BRENNAN: An enormous constructive shock, 4 to 6 weeks. So this a April ninth situation you are speaking about? You’re going to see some type of boost–
HASSETT: The president will resolve.
MARGARET BRENNAN: –even–
HASSETT: The president will resolve in the event that they not have the potential of blackmailing us and harming our neighbors. And as soon as he decides that, then he’ll name an finish to the warfare.
MARGARET BRENNAN: That is a reasonably broad definition.
HASSETT: Effectively, we have destroyed their navy, we have destroyed their air power and so forth and so I believe we’re properly on the best way.
MARGARET BRENNAN: Effectively inform me how a lot is that this warfare going to price? As a result of I do know the Pentagon briefed it may be about $11.3 billion. Do you’ll want to ask congress for more cash to pay for what you are doing?
HASSETT: I believe proper now we have what we’d like, whether or not we have now to return to congress for extra is one thing that I believe that Russ Vought and OMB will look into, however the newest quantity, you stated 11.3, the newest quantity I used to be briefed on was 12, and so it is constant. So that is one thing that we have got the weapons that we have already obtained in place to do that and so we aren’t essentially going to wish any type of supplemental.
MARGARET BRENNAN: Greater than that was spent in simply the primary week of the warfare, you understand that. It was over 5 billion simply in munitions. You are strong on the 12?
HASSETT: I stated $12 billion–
MARGARET BRENNAN: –For six weeks of warfare?
HASSETT: No, I am sorry. The 12 billion was what I used to be briefed has been spent to this point.
MARGARET BRENNAN: Gotcha. Kevin Hassett. Thanks very a lot. We we might be proper again with much more ‘Face the Nation’
