Transcript: Kevin Hassett on "Face the Nation with Margaret Brennan," May 3, 2026
Summary
Kevin Hassett, White House National Economic Council Director, discussed the current situation with Iran on "Face the Nation" on May 3, 2026. He explained that although there is no active shooting, a blockade led by Iran continues to pressure the country’s economy, and the U.S. is maintaining its stance while working on energy production to reduce impacts on Americans.Key Facts
- President Trump sent a letter to Congress about the Iran conflict, saying the ceasefire was extended and hostilities ended, but the threat from Iran remains large.
- Iran has blocked the Strait of Hormuz, allowing only Iranian ships, which the U.S. sees as unacceptable and part of ongoing tensions.
- Iran’s economy is struggling with high inflation and food shortages, partly caused by the blockade and the regime’s policies.
- The United Nations condemned Iran for killing people protesting against the regime.
- There is debate over whether the U.S. is at war with Iran since no active combat is currently happening.
- The U.S. is increasing energy production and using measures like waiving the Jones Act to lower fuel prices for Americans.
- Gas prices in the U.S. are about $4.45 per gallon amid ongoing conflict concerns.
- The conflict has lasted about 10 weeks, longer than the initial 4 to 6 weeks President Trump predicted.
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