U.S. White House Economic Advisor Kevin Hassett warned on Sunday (13th) that if satisfactory answers are not obtained, President Trump's significant tariffs will be enforced seriously. He also mentioned that Trump has legitimate reasons to consider firing Federal Reserve Chairman Jerome Powell due to the cost overruns on the Fed headquarters renovation.

In an interview with ABC, Hassett stated, "If the President doesn't get a deal he considers good enough, these tariffs are serious." He added, "But as you know, discussions are still ongoing, and we will wait to see where things settle."

Recently, Trump announced a series of tariffs, notably imposing a 50% tariff on copper, 30% on the EU, 25% on Japan and South Korea, and 50% on Brazil. Hassett explained that the 50% tariff on Brazil partly reflects dissatisfaction with the Brazilian Lula government and the trade situation between the U.S. and Brazil.

One reason for Trump's high tariffs on Brazil is his belief that Brazil is judicially persecuting former president Jair Bolsonaro. Trump has been extremely dissatisfied with Powell's continued delay in interest rate cuts and has repeatedly suggested that Powell should step down. Hassett mentioned that Powell's response to the cost overruns on the Fed headquarters renovation would impact Trump's decision regarding Powell's fate. Hassett is also seen as a potential candidate for the new Fed chairman.