Peter Navarro: Tariffs are raising revenues

Peter Navarro: Tariffs are raising revenues


MARIA: WELCOME BACK, U.S.-CHINA TRADE, SECRETARY MIKE POMPEO AND CHINA’S TOP DIPLOMAT MEETING FACE TO FACE, FIRST TIME THIS YEAR PROMOTING POSITIVE TIES IN THE TENSIONS OVER ONGOING TRADE NEGOTIATIONS, TWO SIDES HAVE DISCUSSED AND WHY TALKS WENT DOWN. PETER NAVARRO, THANKS SO MUCH FOR BEING HERE.>>WELCOME TO WASHINGTON. [LAUGHTER] MARIA: LOVE COMING AND LOVE BEING ABLE TO HAVE YOU ON THE SET. WHERE ARE WE IN TERMS OF CHINA, CAN THE PRESIDENT DO A DEAL IF THE CHINESE WILL NOT AGREE TO STOP STEALING INTELLECTUAL PROPERTY?>>INVESTOR LIGHTHIZER AND TREASURY MNUCHIN GOT BACK TODAY AND WE WILL FIND OUT WHERE WE ARE, CONSTRUCTED TALKS, OTHER THAN THAT WE NEED TO BE PATIENT AND SEE WHAT HAPPENS BY THE AFTERNOON. MARIA: THE CHINESE ECONOMY HAS OBVIOUSLY HAD AN IMPACT BUT IF THE PRESIDENT DOES THAT ADDITIONAL, THAT ADDITIONAL TARIFFS ON 325 BILLION COMING FROM CHINA DOESN’T THE U.S. ECONOMY TAKE A HIT?>>WHAT WE NEED TO DO IS BE PATIENT HERE. I SAID THIS MANY, MANY TIMES, NEGOTIATIONS TAKE PLACE BEHIND CLOSED DOORS AND SPECULATION IN THE MEDIA DOES NOT HELP THE CAUSE AND THERE’S A LOT OF GOOD THINGS GOING ON. JUST YESTERDAY SENATOR LINDSEY GRAHAM, REPUBLICAN, AND JOE MANCHIN, A DEMOCRAT, DROPPED BILL FOR RECIPROCAL TRADE ACT, SEAN DUFFY HAD BEEN ON — MARIA: HAVE BEEN TALKING ABOUT THIS FOR A LONG TIME.>>PRESIDENT TRUMP USED THIS AS GREAT IDEA IN STATE OF THE UNION, WHAT IT DOES IT SOLVES THE PROBLEM OF THE WORLD TRADE ORGANIZATION RULES, OVER 100 COUNTRIES AROUND THE WORLD CAN CHARGE US SYSTEMICALLY HIGHER TARIFFS, IT HAPPENS OVER TWO-THIRDS OF THE TIME, THIS BILL WOULD GIVE THE PRESIDENT THE ABILITY TO RAISE TARIFFS IF THEY WON’T LOWER THEIRS. OUR GOAL IS TO GET THE TARIFFS DOWN, KUDOS TO SENATOR GRAHAM AND SENATOR MANCHIN. I TELL YOU IT’S A HUGE PROBLEM, MARIA, 90% OF THE TIME, INDIA, FOR EXAMPLE, THE KING OF TARIFFS AROUND THE WORLD CHARGES HIGHER TARIFFS, GREAT FOR OUR RANCHERS, MANUFACTURERS AND WORKERS IF WE GOT THE REST OF THE WORLD TO LOWER TARIFFS AND THIS BILL WOULD DO THAT. MARIA: DO YOU NOT SEE AS TAX TO THE AMERICAN PEOPLE?>>NO, I SEE TARIFFS WITH CHINA, CHINA TARIFFS ARE SUPPORTED BY — MARIA: BECAUSE I GET CHINA, I UNDERSTAND, THEY’RE BEEN STEALING, THEY ARE BAD ACTOR, BUT THE REST OF THE WORLD?>>IT HAS DIFFERENT CONCEPTS DEPENDING ON WHAT THE SECTOR IS, STEEL AND ALUMINUM, WE’VE HAD DUMPING OF STEEL AND ALUMINUM FOR TWO KEY PILLAR INDUSTRIES AND WHAT IT DOES DEFEND FROM DUMPING STEEL. MARIA: ARGUMENT THERE IS, WELL, WE SAVED A SMALL AMOUNT OF JOBS IN ALUMINUM AND STEEL AND WE HURT THE JOBS OF THE COMPANIES THAT ARE ACTUALLY BUYING THAT ALUMINUM AND STEEL.>>THAT’S A FALSE ARGUMENT. THE STEEL AND ALUMINUM INDUSTRIES ARE DOING GREAT. FACTORIES AROUND THE MIDWEST ARE GOING STRONG, BUT TARIFFS IN ME MÉXICO’S CASE, THE PRESIDENT THREATENED TARIFFS, IN 2 DAYS YOU GOT MORE DONE THAN WE GOT DONE IN 20 YEARS, THE CHINA TARIFFS ARE DEFENSE AGAINST INTELLECTUAL PROPERTY THEFT, FORCED TECHNOLOGY TRANSFER, FORCING INTO OUR COMPUTERS. SO I THINK THE TARIFFS, FOR EXAMPLE, IN THE CHINA CASE CLEARLY THESE ARE BEING PAID FOR BY CHINA, THE CHINESE PRODUCERS ARE SEEING FEWER EXPERTS, LOWER PROFITS. WE LOVE TARIFFS. MARIA: YOU LOVE TARIFFS AND A LOT OF PEOPLE DON’T LOVE TARIFFS, THEY LOOK AT IT AS A TAX.>>THE PEOPLE UNDERSTAND THAT THE PRESIDENT IS POWERFUL BY COMMUNICATING THAT TARIFFS ARE GOOD, TARIFFS ARE RAISING REVENUES, THEY ARE HELPING STEEL AND ALUMINUM INDUSTRIES AND YOU THINK CHINA WOULD BE AT THE NEGOTIATING TABLE — MARIA: NO, I DON’T.>>WORKED BEAUTIFULLY OR ANYBODY WHO ATTACK THE TARIFFS, THEY DON’T UNDERSTAND CHINA. MARIA: WELL, I KNOW CHINA IS A NATIONAL SECURITY ISSUE, I GET IT, I UNDERSTAND THE CHINA STORY BUT I’M JUST QUESTIONING –>>WE HAVE TARIFFS ON CHINA AND STEEL AND ALUMINUM. FOR BOTH CASES IT’S A GOOD THING. WE WOULD NOT HAVE A STEEL AND ALUMINUM INDUSTRY IF PRESIDENT TRUMP HAD NOT PUT TARIFFS IN. MARIA: YEAH.>>SO 2 AND A HALF YEARS AGO, NOBODY IN THIS COUNTRY REALLY UNDERSTOOD THE PROBLEM WITH CHINA. TODAY WE HAVE A — RIGHT HERE, CAPITOL HILL, RIGHT THERE IN CAPITOL HILL, ONE OF THE FEW THINGS THEY AGREE WITH ON CAPITOL HILL IS WE HAVE SOMETHING ABOUT CHINA AND PRESIDENT TRUMP IS DOING IT. MARIA: FOR TOO LONG AMERICAN CEO’S WERE SO INTERESTED IN GETTING PRODUCTS IN CHINA THAT THEY FORGOT TO PROTECT THEIR OWN INTELLECTUAL PROPERTY AND I AGREE WITH THAT. THE CHINA STORY — I DON’T THINK WE WILL GET A DEAL. I’M NOT EXPECTING A DEAL ANYMORE.>>THE BIG STORY FOR ME, IF WE WANT TO GET — THE BIG STORY FOR ME IS GETTING THE RATES DOWN, AT LEAST START YESTERDAY AND — WASN’T JUST RATE CUT BUT THE END OF QUANTITATIVE TIGHTENING. IF YOU LOOK AT GDP NUMBERS, GDP NUMBERS DOWN, UNDERSTAND WHAT’S GOING ON THERE. I THINK THOSE NUMBERS COULD HAVE BEEN 4% INSTEAD 2.1%, IF YOU LOOK AT THE FED, WHAT THE FED DOES WHEN IT RAISES INTEREST RATES BASICALLY IT SUPPRESSES INVESTMENT AND SUPPRESSES EXPORTS, RIGHT, IF YOU LOOK AT THE 2.1, WE LOST .8, ALMOST A FULL POINT WITH INVENTORY ADJUSTMENT, RIGHT, THAT’S GOOD NEWS BECAUSE THAT WILL BOUNCE BACK NEXT QUARTER. MARIA: YOU THINK GDP BOUNCES BACK NEXT QUARTER.>>LET ME WORK YOU THROUGH THE NUMBERS. WE LOST ALMOST A FULL POINT DUE TO INVENTORY ADJUSTMENT, THAT GENERALLY BOUNCES BACK. WE LOST 2-POINT BECAUSE OF PRIVATE NONRESIDENTIAL INVESTMENT, THAT WAS PURE FED, COMMERCIAL REAL ESTATE, THAT WILL BOUNCE BACK BECAUSE THE FED STARTED LOW RATE AND QUANTITATIVE TIGHTENING. WE LOST TWO-THIRDS OF OF POINT TO REDUCE EXPORTS AND THAT’S PURE DOLLAR EFFECT OF INTEREST RATES, WE ARE GETTING INTEREST RATES BACK DOWN. THE POINT IS THAT THE CONDITIONS ARE DIFFERENT FOR GOING FORWARD, SO THE NEXT QUARTER, Q3, WE SHOULD HAVE ROBUST INVENTORIES GO UP BECAUSE CONSUMERS HAVE SUCH STRONG PURCHASING POWER WHICH WE SAW IN Q2 NUMBERS AND WE SHOULD SEE IMPROVEMENT IN EXPORTS, WE LOST .4 ON JUST THE BOEING 737 MAX. HERE IS THE THING, IF YOU PARSE THOSE NUMBERS AND THIS IS THE FINANCIAL MARKET SHOW, IF YOU LOOK BEHIND THOSE NUMBERS, THAT NUMBER WAS A STRONG NUMBER, YOU CAN SEE HOW IT’S GOING TO BOUNCE BACK. THE INVENTORY THING WAS HUGE. I MEAN, ALMOST A FULL POINT BECAUSE OF DRAWDOWN ON INVENTORIES, NOW, THOSE INVENTORIES HAVE TO COME BACK GIVEN THE STRENGTH OF CONSUMER. MARIA: I LOVE THAT. YOU’RE NOT EXPECTING RECESSION?>>COME ON. MARIA: CUTTING RATES AND WHY IS THE FED STOPPING –>>BECAUSE THE FED CUT RATES, RAISED RATES BY 100 BASIS POINTS WHEN IT DIDN’T NEED TO. MARIA: THAT’S TRUE.>>BASED ON WHAT INTEREST RATES ARE AROUND — MARIA: YEAH.>>SO YOU DON’T RAISE INTEREST RATES WHEN YOU HAVE ZERO INFLATION. MARIA: 13 CENTRAL BANKS ACROSS EUROPE. WE HAD SENATOR BLACKBURN ON, LOOK, CONGRESSMAN ISSA IS SAYING THEY’LL BE CONSEQUENCES IF NANCY PELOSI DOESN’T BRING IT TO THE FLOOR IN THE FALL, WHAT DO YOU THINK?>>SO — MARIA: WHAT IS THE PRESIDENT GOING TO DO IF THE USMCA DOESN’T COME TO THE FLOOR?>>LIGHTHIZER IS WORKING VERY WELL WITH BOTH SIDES OF THE AISLE ON CAPITOL HILL, THERE’S EXPECTATION THAT IN SEPTEMBER WHICH WILL BE BROUGHT TO THE FLOOR AND IF IT’S BROUGHT TO THE FLOOR AND PASS OVERWHELMINGLY. THE IMPORTANT WORK THAT NEEDS TO BE DONE BY THIS ADMINISTRATION IS BY PEOPLE WHO SUPPORT USMCA IS NOW IN DISTRICTS, CONGRESSWOMEN AND WOMAN ARE BACK IN THE DISTRICTS, THEY NEED TO HEAR THAT THIS IS ONE OF THE TOP PRIORITIES, CONGRESS NEEDS TO DEMONSTRATE THAT THEY CAN GET SOMETHING MORE DONE THAN A WITCH HUNT. MARIA: WE WILL SEE, YOU’RE RIGHT. IT WAS A WITCH HUNT WE LEARNED.

54 thoughts on “Peter Navarro: Tariffs are raising revenues

  1. Maria is a very rude and disrespectful woman. She is from the same mold as others like Hannity and Laura Ingraham. Why do they have guests on when they know it all? Maria is probably the worst interviewer.

  2. Maria is a very rude and disrespectful woman. She is from the same mold as others like Hannity and Laura Ingraham. Why do they have guests on when they know it all? Maria is probably the worst interviewer.

  3. This turd is an insult to Americans intelligence. Tariffs ARE taxes. In the end, everything we, as consumers, buy, will cost us big! Trump is bankrupting America just like all of his failed businesses.

  4. Mainland China under CCP control actually is a closed system. USA is an open system. Open systems are always more vibrant than closed systems. Therefore, in the trade war USA will definitely win and CCP will absolutely lose.

  5. He is a lying assclown. Tariffs are paid by the IMPORTER not China. US businesses pay their increased cost on to consumers and gov't gets Both the tariffs and sales tax and income tax generated. Consumers get the screw. This is POTUS's way of increasing taxation to pay for insane Military spending and a foreign debt almost at the point where interest can't be paid on it. All done to get consumers to pay more taxes and blame it on China. Citizens can't be that dumb to swallow this crap or can they??

  6. China doesn't pay the tariffs. US importers pay them to get the products into the US.. Oh and "reduced exports" means the economy is decreasing genius.

  7. Peter Navarro is still struggling with his basic understanding of economics. He covers and glides over his ignorance by drowning everybody with his gibberish monologue! Nothing sensible ever comes out of his mouth! Only a crackpot like Trump can get bowled over by another crackpot!

  8. This is a good man. Wallace is a puke & a terrible interviewer. His agenda is so obvious. Can’t wait till wallace does the perp walk

  9. Do not talk about China control of Yuan. They have the right to do so. But China stolled our patents for last 30 for last 30 years. Today is to late. They have all American technology. I am very very small exporter from Virginia and Europe charge me 23% on any small items like $250.00 item exempt is to Europe under $40.00

  10. Shut the hell up and let the man speak! I could only stomach half of this video with all her interruptions!!!

  11. I dislike people who tries to control conversations. People are going through these messed up violent conversations daily. Do they want us to all have a script to read to everyone????This is exactly why people plan out there conversations.

  12. These "talking heads" have ego's the size of CHINA ..they make it all about them and screw the guest..WE want to HEAR the G U E S T not you BIG MOUTH

  13. Maria, this guy is a jerk every economist says we are paying not china stop being a trump stooge are you looking for a job in white house

  14. How does she act so oblivious? Is she really THAT stupid? What agenda is Maria (Fox) really trying to push? it isn't for the benefit of Americans. More globalist schills

  15. Dr. Navarro I have read all you books and finally found someone like you who really know the solution to the Sino-US problems. Please keep up the good work until CCP accepts all our demands.

  16. The POTUS has to face news that does not tell all of the facts that answer these questions. She says she gets it but then becomes the "devil's advocate". Just Watch Lou Dobbs and he is the adult on the Finance network. We have been paying billions in tariffs and not they will to and go to no tariffs. Let the market set the price. "We're not going to get a deal." Marie The elephant in the room is the fake media and the Dumbs who run down our president 24/7 and our enemies see a chance they might get the Dumbs back who raise funds from them who will roll over and go backward to business as usual. We the people lose as always with Dems.

  17. Tariffs raise revenues as tax cuts do. The latter by attracting-back capital investments in job producing industries; especially of basics like steel and aluminum for building war ships and airplanes. In a level playing field payroll costs would be the same in all countries and loss making production would not be propped-up with taxpayer subsidies.

  18. Here is a good example

    Say Trump put tariffs on PENS at 150%

    Now pens will cost the typical American family let’s say double or more according to so-called experts.

    That would be a GOOD thing because it would allow new American based companies to come in and make pens for less. The result is the typical American family pay far less than was projected.

    Big corporations are against tariffs because of the expense of re-location of factories. The DOW drop reflects the possible expense of moving back to America. Obviously JOBS are created.

    Conclusion…

    Fk China!

  19. I am all for getting China out of the way and get a fare trade deal. Hope others left or right support you. No longer politics. It is patriotism and survival

  20. It's about time feds cut rates. Should have cut them more but then they never should have raised them that fast in the first place.

  21. USA government is weak and pathetic. They are cowards who state we need law to impose tariffs on another country. Law and litigation are always the downfall of nations.

  22. Keep on painting China as evil as much as you can. But, those with brain will find out the truth at no time. Tariff good for US, just stop import from China and the rest of the world. Why seeking a deal with China? The woman is so great she don't expect the deal will come thru ; definitely if she is the negotiators. Who will want to deal with person like her. Stop talking and just stop buying, idiots ! Bullying tactic won't work !

  23. I’m sick & tired of armchair diplomacy…Maria, I like you, but you’re annoying…when you start whining about tariffs on Chinese steel or, Canada steel, for that matter, you need to sit back & keep your trap shut…
    Do realize that if President Trump has not intervened in steel & aluminum industry, our steel foundries & aluminum plants would have been driven out of business? Think about this scenario, if we had to buy all our steel & aluminum from an enemy or an ally that could become an enemy or sides with an enemy, how the hell are we gonna fight a war…excuse me China, I know we’re at war with you, but we need a lot more steel so we can build tanks & other weaponry in order to defeat you…I’m sure China wouldn’t hesitate to sell us what we need &, of course, it would be the high quality steel & not the cheapest pig metal that they sent over…Thank God for President Trump, otherwise we would be defenseless in any conflict with even the tiniest island of Guam…SHUTUP, I voted for President Trump to lead this nation & make the tough decisions & negotiations, not you…

  24. “He’s a race-baiting, xenophobic, religious bigot. He doesn’t represent my party, he doesn’t represent the values that the men and women who wear the uniform are fighting for…..he doesn’t have a clue about anything, he’s just trying to get his numbers up and get the biggest reaction he can, he’s putting our soldiers and diplomats at risk, he’s empowering the enemy, he is empowering radical Islam, ….My party is going batshit crazy….I don’t think trump has the temperament or judgement to be commander in chief …you know how you make America great again, you tell Donald Trump to go to hell…..Trump is the most unelectable republican I’ve seen in my lifetime….He’s not fit to be President of the United States…He’s a jackass….I think he’s a cuckoo, I think he’ crazy…I don’t think he’s a republican, his policies are really bad for the country…trumps foreign policy is a complete disaster”…….all quotes from Lindsey Graham.

  25. How many junk yards are there all across the US ? We need to start clearing them out for the steel and aluminum.

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