Transcript: Kevin Hassett on "Face the Nation with Margaret Brennan," May 3, 2026
White House National Economic Council Director Kevin Hassett discussed the ongoing U.S. economic pressure on Iran during a 'Face the Nation' interview, emphasizing the effectiveness of the blockade in weakening Iran's economy. He stated that while hostilities have ceased, the threat from Iran remains significant and the U.S. continues to restrict access to the Strait of Hormuz. Hassett defended the administration's energy policies, noting efforts to mitigate high gas prices, which have risen to $4.45 per gallon nationally.
- ▪President Trump stated that the ceasefire with Iran has been extended but emphasized that the threat from Iran remains significant.
- ▪The U.S. maintains a blockade on Iran, which Kevin Hassett justified by claiming Iran had previously closed the Strait of Hormuz to non-Iranian ships.
- ▪Iran's economy is experiencing hyperinflation and hunger, with per capita GDP now comparable to that of Honduras.
- ▪The UN Human Rights group condemned Iran for killing protesters amid growing internal unrest and potential famine.
- ▪The national average gas price in the U.S. has reached $4.45 per gallon, with Bank of America estimating consumers have lost $19 billion due to the spike.
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Face The Nation Transcripts Transcript: Kevin Hassett on "Face the Nation with Margaret Brennan," May 3, 2026 .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-face-the-nation.jpg'); } Updated on: May 3, 2026 / 12:15 PM EDT / CBS News Add CBS News on Google The following is the transcript of the interview with White House National Economic Council Director Kevin Hassett that aired on "Face the Nation with Margaret Brennan" on May 3, 2026.MARGARET BRENNAN: We begin this morning with the director of the White House Economic Council. Kevin Hassett joins us from Los Angeles. Good early morning to you.KEVIN HASSETT: Oh yeah, good morning.MARGARET BRENNAN: Well Director, President Trump sent a letter to Congress on Friday saying a few things.
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