WEBVTT - Peter Navarro Talks Trade, Tariff Vote

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>I have known Peter Navarro for decades. He's a pinata

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<v Speaker 2>for so many in America. I want to reaffirm who

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<v Speaker 2>doctor Navarro is. In nineteen ninety four, a bombshell of

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<v Speaker 2>a book came out of University of California, Irvine. It

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<v Speaker 2>was called The Coming China Wars, and Peter Navarro Agree

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<v Speaker 2>or Disagree invented a franchise and conversation point on America

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<v Speaker 2>and China. A guy up in New York, Donald Trump

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<v Speaker 2>citizen looked at mister Navarro and said, hey, I can

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<v Speaker 2>agree with that. And of course Peter Navarro advises our

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<v Speaker 2>second term President of the United States as senior counselor

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<v Speaker 2>to the President. Doctor Navarro, thank you so much for

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<v Speaker 2>joining Bloomberg today. I want to get right to it, Peter.

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<v Speaker 2>When you were at Irvine, you lectured on McKinley's capitulation

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<v Speaker 2>on tariffs. McKinley was the arch Trump like protectionist of

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<v Speaker 2>the nineteenth century, and he did the Buffalo pivot where

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<v Speaker 2>he said, we've got to get more open. Are we

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<v Speaker 2>in the process now of a modern Buffalo pivot?

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<v Speaker 3>Tom?

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<v Speaker 1>First of all, I just want to let the Bloomberg

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<v Speaker 1>audience know how much I admire you. For years I've

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<v Speaker 1>I just love what you do.

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<v Speaker 3>So let me get that out of the way.

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<v Speaker 1>McKinley, Henry Clay, Abraham Lincoln, Alexander Hamilton. These are like

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<v Speaker 1>the four people on the Mount Rushmore of American tariffs.

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<v Speaker 1>And we are not in any pivot away from that.

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<v Speaker 1>We are fully embracing a structural shift engineered by Donald

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<v Speaker 1>Trump in the entire international global trading system in a

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<v Speaker 1>way which will make that system better and more prosperous.

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<v Speaker 3>The problem we've had tom is under the rules, the

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<v Speaker 3>very rules of the.

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<v Speaker 1>World Trade Organization, specifically the most Favored Nation rule, every

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<v Speaker 1>other nation in the world has had a license to

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<v Speaker 1>cheat us through higher tariffs, higher non tariff bearers, and

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<v Speaker 1>the costs, particularly after NAFTA and China joined the World

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<v Speaker 1>Trade Organization in two thousand and one, has been in

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<v Speaker 1>the one hundred thousands of factories and the millions of jobs.

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<v Speaker 3>And we are reversing that.

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<v Speaker 1>And you can see fifty thousand on the now, which

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<v Speaker 1>I predicted in April.

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<v Speaker 3>I'm gonna guification with Trump, either you.

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<v Speaker 2>Or Kevin Hasset. I'm gonna give credit for that, Peter Navarre,

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<v Speaker 2>We're gonna go with you on the sequence here. You

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<v Speaker 2>mentioned the follow on from NAFTA. I spoke to our

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<v Speaker 2>Josh Wingrove this morning and he made really clear what

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<v Speaker 2>we need to know is a president actually thinking about

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<v Speaker 2>moving away from our trade agreements with Mexico in Canada.

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<v Speaker 2>Have you ever heard the president say I want out

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<v Speaker 2>of NAFTA and everything that followed it.

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<v Speaker 1>Tom, I'm one of three people, Stephen Miller Dan Scavino

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<v Speaker 1>being the other two who was with the president from

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<v Speaker 1>the twenty sixteen campaign through all four years of the

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<v Speaker 1>first term. And the reason why that happened, among other things,

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<v Speaker 1>is I never get ahead of the president. I can

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<v Speaker 1>tell you this that USMCA has some significant flaws in it,

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<v Speaker 1>and it's going to be reevaluated in July. The Great

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<v Speaker 1>Jamison Greer, or US Trade Representative will be taking the

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<v Speaker 1>lean on that. But nothing ever happens in the White

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<v Speaker 1>House without the Commander in chief, particularly on trade. So

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<v Speaker 1>as the Boss says, let's see what happens. But we're

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<v Speaker 1>in a situation. One of the things you know, I'm

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<v Speaker 1>the senior Counselor of Trade Manufacturing and one of One

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<v Speaker 1>of the things that's really troubling right now, it should

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<v Speaker 1>be troubling to the variant people, is that Mexico UH

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<v Speaker 1>and and to extend Canada are basically being used by

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<v Speaker 1>staging areas for countries like China, some of the European countries,

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<v Speaker 1>the Asian countries, Jupean Korea, They come into into Mexico

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<v Speaker 1>and they leverage NAFTA, UH and now US m c

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<v Speaker 1>A to get into our markets in a way which

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<v Speaker 1>essentially is terriff avoidance at best and tariff of evasion at worst.

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<v Speaker 3>Could have to deal with that.

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<v Speaker 2>Tom accrastination and worldwide. Peter Navarro with us with the

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<v Speaker 2>Trump administration our Paul Sweeney with doctor Navarro.

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<v Speaker 4>Mister Navarro, I guess last night we saw in the

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<v Speaker 4>House of Representatives they voted to end some of President's

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<v Speaker 4>tariff agenda against Canada.

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<v Speaker 3>Did they overstep their bounds?

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<v Speaker 4>What is the response of the administration?

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<v Speaker 1>Well, I think it's highly ironic, Paul, that the Democrat

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<v Speaker 1>Party is opposing tariffs on behalf of working class Americans

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<v Speaker 1>when it was the Democrat Party, which is supposed to

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<v Speaker 1>be the party of the working class. They simply because

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<v Speaker 1>they hate Donald Trump, now they're anti tariff. I think

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<v Speaker 1>the bigger story is the shame on the three Republicans

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<v Speaker 1>who defected. Although Thomas Massey I don't consider him of

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<v Speaker 1>the nice anymore.

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<v Speaker 3>I'm being nice.

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<v Speaker 1>What I'm just telling them like it is. It's like Nancy,

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<v Speaker 1>hang on, let me give a compliment to the Democrats.

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<v Speaker 3>The Democrats hold ranks and we don't, and we got

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<v Speaker 3>to stop.

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<v Speaker 1>Not holding ranks, sir, because it's very harmful to the

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<v Speaker 1>party and to this country when we have that kind

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<v Speaker 1>of thing going on.

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<v Speaker 2>Okay, Peter Well said, but let's give two examples right now.

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<v Speaker 2>Tom Barrett, who's the congressman from Lancing, Michigan. He's got

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<v Speaker 2>two GM factories up here, his Republican working class constituents

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<v Speaker 2>who President Trump stole from the Democrats. Tom Barrett is

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<v Speaker 2>going to fight for his life in that congressional district

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<v Speaker 2>in Lancing, Michigan. What do you need to do to

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<v Speaker 2>get Tom Barrett re elected?

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<v Speaker 1>Well, okay, so that's a bigger conversation.

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<v Speaker 3>I can tell you this.

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<v Speaker 1>The stakes have never been higher in a mid term

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<v Speaker 1>congressional election. If we lose the House in twenty twenty sixteen,

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<v Speaker 1>we will see a repeat of the impeachment circus craziness

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<v Speaker 1>that we saw beginning in twenty eighteen. It really was

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<v Speaker 1>tremendously harmful. The Democrats they hate Trump more than they

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<v Speaker 1>love this country, is Corey Lewandowski once said, and our

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<v Speaker 1>strategy now, Look, they're coming at us on affordability number one.

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<v Speaker 3>We are turning that around as we speak.

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<v Speaker 1>We're taking a micro approach to the macro problem inflation.

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<v Speaker 1>We're taking it cow by cow, fish by fish, gallon

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<v Speaker 1>by gallon. And nothing is more important to the President

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<v Speaker 1>than strong growth in a deflationary environment. Following the four

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<v Speaker 1>pillars of trump Nomics tax cuts, we got strategic energy dominance,

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<v Speaker 1>we got deregulation, and of course fair trade. So we're

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<v Speaker 1>gonna first of all, address the affordability crisis head on.

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<v Speaker 1>We're making great progress on that. The border issue remains troublesome.

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<v Speaker 1>I've got a peace out in a rival network thing

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<v Speaker 1>today that does the body count when you let millions

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<v Speaker 1>of illegal aliens in to this country. I mean, we

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<v Speaker 1>lost two Americans in Minneapolis because of what was going

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<v Speaker 1>on there, But my calculations, tens of thousands of Americans

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<v Speaker 1>are going to be either murdered burgled, raped, or assaulted

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<v Speaker 1>by the illegal aliens unless we deport them.

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<v Speaker 3>So that's going to be and that bound zero.

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<v Speaker 4>You know, one of the things. We saw very strong

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<v Speaker 4>jobs report yesterday, but a lot of economs will say,

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<v Speaker 4>this is an economy that is kind of slow hiring

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<v Speaker 4>or no hiring, but slow or no cuts in jobs.

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<v Speaker 4>It's just kind of hanging out there. If you want

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<v Speaker 4>this economy to grow, many economers would argue, you need

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<v Speaker 4>a larger workforce. Does that suggest the administration may rethink

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<v Speaker 4>their immigration policy? Hey?

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<v Speaker 1>Hey, god, we had one hundred and seventy thousand private

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<v Speaker 1>sector jobs created last month. One hundred and seventy thousand.

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<v Speaker 1>And by the way, Paul, the best answer to your

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<v Speaker 1>question is increase the labor force participation. Oh, it went

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<v Speaker 1>up yesterday in the report, even as the unemployment rate

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<v Speaker 1>went down. How many times do you see that we're

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<v Speaker 1>looking at five percent GDP growth and we're looking at earnings,

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<v Speaker 1>which you're off the charts, and back in April April seventh,

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<v Speaker 1>to be exact, when the futures for the Dow were

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<v Speaker 1>thirty eight thousand, My friend, thirty eight thousand on reciprocal

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<v Speaker 1>Titanic I said fifty thousand on the.

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<v Speaker 2>Dot turned to that's all look computer Novar.

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<v Speaker 1>His well, Kevin wrote a book like years ago. He

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<v Speaker 1>never said fifty thousand on the Dow this year. Just

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<v Speaker 1>to be clear, Peter.

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<v Speaker 2>Navarro with us here nationwide and of course some miservin

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<v Speaker 2>California as well. Peter, you mentioned the midterm elections. Here's

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<v Speaker 2>the reality for the president right now. You go out

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<v Speaker 2>I eight across Illinois, you run into the Big River

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<v Speaker 2>and there's Davenport, Iowa. The Republican in the first congressional

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<v Speaker 2>district won that district by six votes last time around.

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<v Speaker 2>They didn't cross the aisle yesterday to vote with the Democrats.

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<v Speaker 2>But they've had it with the Navarro Trump trade. What

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<v Speaker 2>do you need to amend to get Republicans re elected

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<v Speaker 2>in November?

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<v Speaker 3>I just so disagree with that.

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<v Speaker 1>Iowa loves Donald Trump, and by the way, farmers love

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<v Speaker 1>Donald Trump.

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<v Speaker 3>Farmers above all.

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<v Speaker 1>Understand the necessity for tariffs. And every time there's been

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<v Speaker 1>retaliation by China or the European, by the Canadians, guests

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<v Speaker 1>who's had the farmers back. I've personally been involved with

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<v Speaker 1>the Great Brook rawlings over at the Department of agriculture

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<v Speaker 1>and making sure that farmers are made whole and can't

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<v Speaker 1>be used as bargaining chips and pawns in a bigger game.

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<v Speaker 1>So I you know, Iowa is Trump country and just

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<v Speaker 1>it's like you're making assertions that I just I mean,

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<v Speaker 1>if you start with an assertion that's wrong, then everything

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<v Speaker 1>that else that follows is.

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<v Speaker 3>Peter, I want to get this talking about.

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<v Speaker 2>This is too important, and Paul wants to talk about

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<v Speaker 2>the legal background as well. Peter Navarro, we had a

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<v Speaker 2>two to three percent terraf regime for whatever reasons, and

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<v Speaker 2>you were providing leadership on this. We had Liberation Day

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<v Speaker 2>in the Rose Garden and we went up, up and away,

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<v Speaker 2>and Toby n Angle at the Ft has brilliantly shown

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<v Speaker 2>that we've pulled back our blended terriff freight right now,

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<v Speaker 2>I'm guessing to ten to eleven percent. Where is Peter

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<v Speaker 2>Navarro's optimum blended terriff rate if it's not the two

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<v Speaker 2>to three percent that President Biden and others had before you.

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<v Speaker 1>Great question, and the way I like to think about

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<v Speaker 1>it is.

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<v Speaker 3>The trade deficit. The trade deficit.

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<v Speaker 1>When it's chronic like it has been, and large like

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<v Speaker 1>it has been is toxic to the future of this country.

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<v Speaker 1>First of all, a big trade deficit that's chronic, that's

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<v Speaker 1>opposed to occasional, is a proxy for all the factories

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<v Speaker 1>and jobs and supply chains that go offshore. When that happens,

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<v Speaker 1>that not only hurts us economically, it's hurts us from

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<v Speaker 1>a national security point of view, as the pandemic underscored.

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<v Speaker 3>So there is that.

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<v Speaker 1>Secondly, when you run a chronic trade deficit, you're basically

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<v Speaker 1>shipping your wealth offshore. Done that by the last calculation,

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<v Speaker 1>I made something like fifteen trillion dollars of our property.

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<v Speaker 2>But we're going to s Peter.

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<v Speaker 1>Bottom line, Tom, is when the trade deaficy gets to zero.

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<v Speaker 3>Then you've got the run that thing.

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<v Speaker 1>Okay, well, but by the way, by the way, the

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<v Speaker 1>goal here is simply fair trade.

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<v Speaker 3>And what we're doing, what.

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<v Speaker 1>The President is doing with Jamieson Greeer, Scott Bessen, Howard

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<v Speaker 1>Lugnik are doing is working with our allies and countries

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<v Speaker 1>around the world to get them to lower their tariffs

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<v Speaker 1>and trade bearers. And who in bloomberg Land could disagree

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<v Speaker 1>with that.

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<v Speaker 3>As Peter and disagree with the results.

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<v Speaker 2>Tom, I got to get this, say because Sweeney's like

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<v Speaker 2>all Supreme Court right now. Peter Nevaua didn't answer my question.

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<v Speaker 2>We came up, we had liberations that we did. No,

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<v Speaker 2>you did not.

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<v Speaker 1>We said your question was what will SAT five? Peter

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<v Speaker 1>Navar and I say, when.

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<v Speaker 2>The trailer, what is the zeroimum? What is the optimum

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<v Speaker 2>blended terrifright? James Diamond wants to know that. Brian moynan

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<v Speaker 2>wants to know that. Solomon over at Golden Sax wants

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<v Speaker 2>to know that. And the people in the first Congressional

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<v Speaker 2>District of Iowa where are we heading is these exemptions

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<v Speaker 2>come in? Do you see a seven percent optimal terrifreight?

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<v Speaker 2>Four percent? Do we capitulate and go right back to

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<v Speaker 2>two to three percent?

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<v Speaker 1>So here's a Kevin Spacey aside here, Jamie Diamond, lower.

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<v Speaker 3>Your fringing credit card interest rates.

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<v Speaker 1>You are a criminal away you charge the American people

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<v Speaker 1>at twenty two, twenty five and thirty percent, and the

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<v Speaker 1>president wants you to lower that.

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<v Speaker 3>So until Jamie, until you do.

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<v Speaker 1>That, please refrain from commenting on other public policies. Okay,

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<v Speaker 1>Paul got that off my check now and answer respect

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<v Speaker 1>to your question.

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<v Speaker 3>Please, the way we think about it.

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<v Speaker 1>This is important is that every country that we trade

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<v Speaker 1>with is like figure prints, right, they're unique, which is

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<v Speaker 1>to say they cheat us in their own way. It's

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<v Speaker 1>like some countries like India have had the highest tariffs,

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<v Speaker 1>some countries like Japan have had the highest non tariff barriers.

0:15:20.160 --> 0:15:23.760
<v Speaker 1>Some countries like China have all of that stuff going on.

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<v Speaker 1>So when you ask me what the what the appropriate

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<v Speaker 1>tariff would be, it's it's bespoke.

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<v Speaker 3>It's like what President Trump does.

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<v Speaker 1>He goes country by country by country and he sets

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<v Speaker 1>the tariffs according to how badly they're cheating us. So

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<v Speaker 1>there's no there's no blended tariff concept here. It's like

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<v Speaker 1>a country specifically.

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<v Speaker 2>Thank you for that. Let's get Paul Sweeney in here.

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<v Speaker 3>He just real quickly.

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<v Speaker 4>There's some of President Trump's tariff policies in front of

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<v Speaker 4>the Supreme Court. To the extent the Supreme Court rules

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<v Speaker 4>against the administration, what will be its response, Well, first.

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<v Speaker 3>Of all, let's talk about the law and the use

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<v Speaker 3>of i EPAH.

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<v Speaker 1>If the Supreme Court wants to rule in favor of

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<v Speaker 1>President Trump, the law is clearly on the Supreme Court side, and.

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<v Speaker 3>You have is a teriff attacks no it's.

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<v Speaker 1>A tariff on foreigners, and is a tariff a form

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<v Speaker 1>of restriction on imports. Of course, it is just like

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<v Speaker 1>quotas and other things UH and embargoes. So those are

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<v Speaker 1>the two points of law which this case is about.

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<v Speaker 1>And if the Supreme Court wants to rule in President's favor,

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<v Speaker 1>clearly the law is on their side. With respect to

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<v Speaker 1>Plan B, of course we have a Plan B, but

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<v Speaker 1>this is not the place for me to talk about it.

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<v Speaker 1>If if the decision comes out next Friday, which would

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<v Speaker 1>be the next time the Supreme Court is going to

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<v Speaker 1>be releasing decisions, then will the President will speak for

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<v Speaker 1>on what's going to happen, and then folks like me

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<v Speaker 1>will come in behind them and explain the details.

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<v Speaker 2>Peter, thank you so much for joining us. Thank you

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<v Speaker 2>for commenting on the realities for the first Congressional District

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<v Speaker 2>of Iowa. I believe it's the eighth congressional district of

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<v Speaker 2>Michigan as well. And on the world of trade. Peter Navarro,

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<v Speaker 2>Senior Counselor to the President for Trade and Manufacturing for

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<v Speaker 2>the President of the United States,