Former White House economist Kevin Hassett has warned that if former President Donald Trump is jailed, it would have a number of consequences for the United States, including a hit to the stock market.
Hassett, who served as chairman of the Council of Economic Advisers in the Trump administration, issued the warning as the former president continues his hush money trial in New York. Hassett specifically criticized Judge Juan Melchán’s “unconstitutional” ruling against the former president, arguing that “there really appears to be a conspiracy” to put Trump behind bars.
“If President Trump were to go to Rikers Island in chains, would you want to buy U.S. Treasuries the next day?” Hassett asked Fox Business. Morning with Maria Bartiromo. “What really worries me about the short-term risks to the economy is that Democrats are serious about this bill. Just imagine if they were actually successful. It’s like the moment we file, we become a banana republic.” They went to the Rikers, and I have no idea what will happen to the U.S. Treasury market that day. ”
Hassett said the idea of former President Trump going to jail on “ridiculous charges” would raise concerns among international investors who choose to buy bonds in other countries.
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Mr. Trump’s hush money trial in New York is related to his alleged affair with adult film actress Stormy Daniels, who appeared to be a witness on Tuesday. The case is one of several legal battles Trump faces during his 2024 presidential bid.
Marchand fined Trump $1,000 on Monday for violating the gag order, and the former president has already been fined $9,000 for other violations of the same order. The judge also warned that further violations could result in President Trump spending time in prison.
