Transcript: Kevin Hassett on “Face the Nation with Margaret Brennan,” March 15, 2026
The following is the transcript of the interview with National Economic 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 mentioned this morning that Israel’s fight operations will undergo the starting of April. Is that additionally the US timeline? And in that case, how a lot will this battle price the economic system if it goes in one other three and a half weeks?
HASSETT: Right. Well, certainly one of the issues that we have been briefed on virtually on daily basis is what is going on on and what the president is being briefed on with regard to the Iran conflict. And as of yesterday this story was- the message was that individuals, the defense- Department of War believed that it could 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 feel that ought to offer you some readability about once we count on that the president will determine that we have achieved his aims. The different factor I can say is which you can additionally have a look at futures markets, that are attention-grabbing 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 in case you have a look at the futures costs, they’re anticipating a speedy, speedy finish to the state of affairs and far, a lot decrease costs. In truth, I do not suppose I’ve seen a kind of future worth path with such a steep decline in all my years watching futures.
MARGARET BRENNAN: We will speak about the oil commerce later on in the program, as these markets put together to open later at the moment, however the International Energy Agency known as this the largest provide disruption in the historical past of the international oil market. So I’m undecided how a lot previous charts are a future indicator right here, however the president is looking on different nations now to ship ships to assist defend the Strait of Hormuz. You simply heard Iran’s international minister saying Tehran has been approached by different nations about negotiating their approach by way of strait. If that form of negotiation occurs, are Americans simply going to get lower out right here?
HASSETT: Well, to begin with, it’s a must to perceive that America isn’t going to have its economic system harmed by what the Iranians are doing. The backside line is that in the ’70s we did not produce a lot oil, however now we do. So America is in a really sturdy place. They suppose that they are going to hurt the US economic 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 backside line is that our economic system has acquired all this momentum in the world and we have tons and plenty of oil. We have a number 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 utterly unacceptable {that a} authorities that might, you understand, homicide 40,000 of their individuals only a few months in the past could be blackmailing nations to let stuff by way of. President Trump thinks that’s unacceptable and for the international economic system we have to repair it and we’re going to repair it quick.
MARGARET BRENNAN: Okay. It is a worldwide market, however I take your level there may be provide after all, there’s refining, there’s different interruptions to the means to entry oil and fuel. But fuel costs themselves are up greater than 20% since this battle has begun. Jet gasoline costs are main airways to lift ticket costs shortly. That’s not my opinion, that is the United Airlines CEO who simply mentioned that. The American Farm Bureau warned of provide chain shocks once we have already got report excessive enter costs. So are you able to give us some form of projection right here on how it will affect shopper costs and for a way lengthy?
HASSETT: For positive. And I would like you to know that that is one thing that the authorities has been finding out for many years. And even myself, once I first got here in as Chairman of the Council of Economic Advisers certainly one of the first assignments I acquired from General Mattis was to check what occurs if there are oil disruptions. And so we all know find out how to minimize-minimize the affect of this disruption. Now, you’ll be able to’t make it utterly go away however you’ll be able to 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 pondering even forward about the jet gasoline drawback which is admittedly principally an issue for jet gasoline coming from Asia. And we now have 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 gasoline as nicely. And so we’re each state of affairs and we have a plan for every state of affairs.
MARGARET BRENNAN: Okay. Are you going to set off these issues and make them operational or are you simply them? And how do you forestall meals costs from additionally going up?
HASSETT: Right. Well, the huge drawback proper now could be power costs and we’re watching and monitoring intently. We’re issues on daily basis and seeing how shortly we progress. The backside line is once more, that the motive why future markets for oil are dropping down in the direction of 60 and even under 50 in the long term is that we count on that if Iran stops being this disruptive terrorist pressure in the Middle East that there can be a increase in oil manufacturing and industrial manufacturing. But take into consideration the harm- the hurt that this evil authorities has carried out to their very own individuals. Back in the ’70s earlier than the revolution, Iran was the seventeenth largest economic system in the world, now it is one thing like the fiftieth.
MARGARET BRENNAN: No one’s going to defend the regime’s human rights report 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 nations round them, additionally they undergo from the threat of getting them go nuts and assault them. And so we count on that the international economic system goes to have an enormous constructive shock as quickly as that is over and we’re nonetheless being briefed that it could be 4 to 6 weeks from the starting and that we’re forward of schedule.
MARGARET BRENNAN: An enormous constructive shock, 4 to 6 weeks. So this an April ninth state of affairs you are speaking about? You are going to see some form of boost–
HASSETT: The president will determine.
MARGARET BRENNAN: –even–
HASSETT: The president will determine in the event that they now not have the functionality of blackmailing us and harming our neighbors. And as soon as he decides that, then he’ll name an finish to the conflict.
MARGARET BRENNAN: That’s a fairly broad definition.
HASSETT: Well, we have destroyed their navy, we have destroyed their air pressure and so on and so I feel we’re nicely on the approach.
MARGARET BRENNAN: Well inform me how a lot is that this conflict going to price? Because I do know the Pentagon briefed it’ll be about $11.3 billion. Do you might want to ask congress for extra money to pay for what you are doing?
HASSETT: I feel proper now we have what we’d like, whether or not we now have to return to congress for extra is one thing that I feel that Russ Vought and OMB will look into, however the newest quantity, you mentioned 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 acquired in place to do that and so we aren’t essentially going to wish any form of supplemental.
MARGARET BRENNAN: More than that was spent in simply the first week of the conflict, you understand that. It was over 5 billion simply in ammunition. You’re strong on the 12?
HASSETT: I mentioned $12 billion–
MARGARET BRENNAN: –For six weeks of conflict?
HASSETT: No, I’m sorry. The 12 billion was what I used to be briefed has been spent to this point.
MARGARET BRENNAN: Gotcha. Kevin Hassett. Thank you very a lot. We can be proper again with much more ‘Face the Nation’
