National Economic Council Director Kevin Hassett is asked what businesses dependent on Chinese exports can do to stay afloat amidst the tariffs.
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00:00A question on China, there are limiting exports of rare earth minerals, are you concerned about that?
00:07What kind of impact do you think it's going to have on America?
00:09The rare earth limits are being studied very carefully, they're concerning, and we're thinking about all the options right now.
00:15They're concerning how, and what options are you concerned about?
00:17So rare earths are a part of lots of the economy, it's a little bit of the value add to the U.S. economy, but a crucial part of the value add.
00:23Kevin, there are thousands of small and medium-sized American businesses that rely on Chinese exports, how is the White House recommending that they stay afloat if they suddenly have to pay 145% more to get their goods out of court?
00:39The Secretary of Commerce in particular has a massive team of people, and also the Small Business Administrator, that are taking calls of small businesses, understanding their concerns, and thinking about how best to address them,
00:51including by finding other suppliers that are not on the current list that China is on.
00:56They say that they have tried to move their production out of China, but that's a process that takes six months, maybe a year. What do they do until then?
01:03It depends on which product, and that's why there are different experts helping the people.