Trump trade adviser Peter Navarro sparred with CNBC’s “Squawk Box” hosts Monday on whether the administration’s reciprocal tariffs will actually lead to successful negotiations between the U.S. and foreign countries.
Navarro said the nations that received the new tariffs engage in unfair trade practices by engaging in “heavy export subsidies,” interfering with U.S. markets, and heavy taxes. CNBC’s Andrew Ross Sorkin, who appeared weary of the tariffs, said that President Donald Trump’s goal of collecting revenues or negotiating with foreign nations appears “to be at odds with each other.”
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“Just stick with me for a second,” Sorkin said. “Either we can collect those revenues and by the way, there’s other people who think it will be a tax on the American people, but, let’s just put that aside and assume that you can collect revenues. Either you’re collecting revenues and that’s the goal, or you’re negotiating with these countries to get to not to 0% it sounds like anymore, but something very different than that. But those two goals seem to be at odds with each other.”
“Not if you look at it as a movie rather than a snapshot, Andrew. The goal here, ultimately, is to have people make things here. Remember, the president has said early on, hang on, let me finish a thought,” Navarro said as Sorkin interrupted. “Andrew, why are you interrupting? Let me just finish a thought. The president has said very early on, often, that the best way to avoid tariffs is to just come here and produce. I mean, if you look at our auto industry, we’re an assembly line for German engines and transmissions right now. That just doesn’t make any sense. In World War II, we won that war with our so-called arsenal of democracy. We can’t do that anymore. We’ve got parts spread all across the globe and if COVID taught us anything, those supply chains aren’t not resilient, they’re not reliable. So, I take your point, but I’ll tell you. We’re gonna get to a place where America makes stuff again.”
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The Trump administration imposed the tariffs with the goal of returning manufacturing jobs to the U.S. and to negotiate fairer trade agreements with other nations. The president announced in Feb. that 25% tariffs would be placed on Mexican and Canadian imports due to the countries’ role in worsening the illegal immigration criss and fentanyl epidemic in the U.S.
The tariffs led former Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum to cave to the president’s demands on the border. Trudeau invested billions in securing Canada’s border and appointed a “Fentanyl Czar,” while Sheinbaum deployed 10,000 National Guard troops to the U.S.-Mexico border.
The president further placed 20% tariffs on China due to its role in bringing fentanyl to the U.S.
The tariffs have caused U.S. stocks to take a steep downturn since the tariffs were imposed. The Dow Jones plunged 2,200 points on Friday, its worst decline since June 2020, as a result of the tariffs. As the markets tumbled, JPMorgan raised its likelihood of a recession before the end of the year to 60% after having put the chances of a recession at 40% before the tariffs, the New York Post reported.
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Many union workers have praised the president’s tariffs, stating they will return jobs and manufacturing to the U.S. A guest caller from the Rust Belt told “2Way” host Mark Halperin on Wednesday that he felt “heard” by Trump’s decision to impose these tariffs.
Trump stated that nations across the globe are talking with the U.S. to negotiate on tariffs, adding that “tough but fair parameters” are being set in a Monday Truth Social post.
“Countries from all over the World are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the U.S. very poorly on Trade. They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other ‘things.’ It all has to change, but especially with CHINA!!!” Trump said.
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First published by the Daily Caller News Foundation.
