United States National Economic Council Director Kevin Hassett said on Monday that the Trump administration's trade policy uncertainty will be resolved in early April, with a new batch of tariffs scheduled to come into force on April 2. He claimed that the new trade policy is starting to have the "intended" effect of returning manufacturing companies and jobs to the US.

Hassett told CNBC that he expected the US economy to contract in the first quarter due to the situation "inherited" from former US President Joe Biden but that it will likely "squeak into positive territory instead." He added that there are "many reasons to be bullish" about the economy and predicted it will "take off" in the second quarter, following the as-yet unapproved tax cuts.