White House counselor for trade and manufacturing Peter Navarro talks President Donald Trump’s tariff negotiations, spotlights the fentanyl drug war and China-U.S. relations.
Despite recent market volatility and near nonstop global trade developments, one of President Donald Trump’s top economic counselors is confident that the president’s policies will stand firm against any inflationary threats.
“I just want to remind everybody out there who, every day, wakes up trying to figure out where to long, short or flat the market, just what a golden age we’re going to have under Donald Trump, both in the economy and in the stock market,” White House counselor for trade and manufacturing Peter Navarro said on “Mornings with Maria,” Tuesday.
“It’s going to start this time, as it did last time, with ‘drill, baby, drill,’ and get us back down to $50 [per] barrel [of] oil. That’s going to be one of our most potent weapons against inflation. We have deregulation,” he noted. “And then the third leg of that is tax cuts… And then finally, we get to the fair trade issue.”
Just hours before 25% tariffs on Canada and Mexico and 10% tariffs were set to go into effect, Trump agreed to pause tariffs for both Canada and Mexico, who both made concessions to temporarily stave off the levies.
CHINA RESPONDS WITH TARIFFS ON U.S. GOODS AFTER TRUMP’S TARIFFS ON CHINESE IMPORTS TAKE EFFECT
At least 10,000 personnel from Canada and Mexico, respectively, will be working on border protection as the proposed tariffs are paused for 30 days.
White House counselor for trade and manufacturing Peter Navarro detailed the “most potent weapons” Trump has against inflation, on “Mornings with Maria.” (Getty Images)
But leading up to the tariff deadline, U.S. stocks were volatile as of Monday’s opening bell, with oil popping over 2% above $74 per barrel, Bitcoin falling below $100,000 and gold hovering around $2,846 per ounce.
Navarro quelled any fears that Trump’s tax, tariff and deregulation initiatives would be inflationary for U.S. consumers despite a recent analysis from Yale estimating a $1,170 income loss with tariffs enacted.
Rep. Mark Alford, R-Mo., reacts to Mexico and Canada reaching a deal with President Donald Trump for pauses on tariffs, China imposing retaliatory tariffs and the latest regarding reconciliation.
“We’re facing almost half [of a] $1 trillion a year tax hike if Congress isn’t able to cut the president’s deal. And we have a situation where we can have a beautiful tax deal which will really propel the economy,” the White House counselor said.
“President Trump’s vision is channeling President McKinley way back when tariffs were the primary source of revenue to run the government. That’s why he has established the External Revenue Service,” Navarro continued. “I would say to the volatility in the market, those who are creating that, you should trust in Trump because the volatility there is playing on false fears… The drug war, not the trade war, has been an indication of just how the kind of strategic chess that Donald Trump plays.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Futurum Group CEO Daniel Newman comments on China’s antitrust probe into Google and previews tech stocks.
Trump has long said Canada and Mexico have failed to do enough to prevent the flow of illegal migrants and drugs, particularly fentanyl, from those nations into the U.S. In addition, Trump claims the U.S. has subsidized Canada to the tune of $200 billion annually.
“The tragedy and human cost is unimaginable,” Navarro said. “But it also is a fact that the people who are dying are prime-age workers, so that we’re actually having a severe economic impact as well.”
READ MORE FROM FOX BUSINESS
FOX Business staff and Fox News’ Louis Casiano contributed to this report.
