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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The White House vound to a pale after a federal

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Speaker 2: court ruled against President Donald Trump's Liberation Day tariffs, joining

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Speaker 2: us now to discuss the seeing a White House Trade

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Speaker 2: advisor Peter Navara Dot Navara, Welcome back to the program Sir.

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Speaker 2: First of all, I think we've got to get into

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Speaker 2: the ruling overnight. Have you spoken to the President and

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Speaker 2: ultimately what's this reaction to what we heard.

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Speaker 1: Haven't spoken to the president yet, but they've spoken to

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Speaker 1: people who have spoken to the President. Lord, We're in

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Speaker 1: a situation now.

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Speaker 3: Big picture here is i IPO.

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Speaker 1: We were using the International Emergency Economic Powers Act. There's

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Speaker 1: no question that there's an economic emergency with respect of

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Speaker 1: both uses.

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Speaker 3: That we had.

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Speaker 1: One is we are in a world where China has

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Speaker 1: killed over a million Americans with fatanyl poison, and we

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Speaker 1: took this step to stop that. We will continue to

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Speaker 1: press on that. At the same time, we invoke that

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Speaker 1: rule to stop what has been twenty million illegal abling

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Speaker 1: and streaming into our country, driving down wages, taking jobs away.

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Speaker 1: That's an economic emergency. On top of that, the world

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Speaker 1: continues to steal about trillion dollars a year and is

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Speaker 1: measured by the trade deficit, and that's an economic emergency

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Speaker 1: because it's transferring our wealth abroad. So we think we

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Speaker 1: have a strong case. Yes, we will immediately appeal and

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Speaker 1: try to stay the ruling. But at the same time,

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Speaker 1: the court, interestingly enough, basically said we were right, just

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Speaker 1: use different rules and laws. So nothing has really changed

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Speaker 1: here in that sense. We're still as we speak, having

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Speaker 1: countries call us and tell us they want a deal.

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Speaker 1: So these deals are going to happen. So that's kind

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Speaker 1: of where we're at. And it's troublesome here because if

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Speaker 1: you look broadly at the pattern, we've got courts in

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Speaker 1: this country who are basically engaged in attacks on the

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Speaker 1: American people. The President ran on stopping the fentanyl poison,

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Speaker 1: stopping international trade unfair practices from stealing our factories and jobs,

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Speaker 1: and courts keep getting in the way of that. The

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Speaker 1: court's getting the way of our trying to deal with

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Speaker 1: the border issues. Now they're getting in the way of

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Speaker 1: our trying to deal with the fentanyl crisis. And that's

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Speaker 1: where we stand here. And I think part of what's

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Speaker 1: going to be important about this ruling demonstrates yet again

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Speaker 1: to the American people that the judiciary in this country

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Speaker 1: has been weaponized ways which are contrary to their interests.

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Speaker 2: Well, Pety, you would have heard a lot of people

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Speaker 2: come on this program and ultimately say, you still have

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Speaker 2: tons of options, and you've alluded to one of them.

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Speaker 2: You will, of course appeal, but could you describe what

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Speaker 2: you might do in the interim, the way you might

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Speaker 2: pursue your ultimate objective anyway, with the tools you have

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Speaker 2: still available to you.

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Speaker 1: I'm gonna let Jamison Greer, the USTR, inform you on that,

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Speaker 1: and you'll be hearing from him soon on that. But look,

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Speaker 1: any trade lawyer knows there's just a number of different

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Speaker 1: options we can take. If you look at the kind

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Speaker 1: of things we've already done, it kind of give you

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Speaker 1: a roadmap on that. There's all sorts of numbers out there.

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Speaker 1: There's one twenty two, there's three oho one, there's two

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Speaker 1: thirty two, there's three, three eight.

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Speaker 3: There's all sorts of things we can do well within

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Speaker 3: the law.

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Speaker 1: But look, we think that what we've done already is

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Speaker 1: perfectly ap So that's why the appeal will take case.

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Speaker 1: But you know, it's like interesting enough, I was scheduled

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Speaker 1: to come on the program today to talk about the

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Speaker 1: bond market and the Big Beautiful tax bill. But there

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Speaker 1: is a there is a bridge to that, and if

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Speaker 1: I may, we have a situation where the bond market

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Speaker 1: we've seen like a fifty to fifty basis point increase

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Speaker 1: in yields in the ten year.

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Speaker 3: Since April second.

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Speaker 1: And a lot of the hysteria around the Big Beautiful

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Speaker 1: tax bill centers on the Congressional Budget Office scoring that

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Speaker 1: bill in a way which says there's going to be

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Speaker 1: a three point seven trillion dollar addition to America's national

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Speaker 1: debt over the next ten years, and so of course

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Speaker 1: you got to finance that, and that drives interest rates

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Speaker 1: up and heads explode, when in fact, if you do

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Speaker 1: the math properly and you like look at his the

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Speaker 1: history of the CBO forecast, you actually see about a

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Speaker 1: five trillion dollar swing to a two trillion dollar surplus

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Speaker 1: from the bill. And I'd like to get you walk.

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Speaker 3: You through the map there.

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Speaker 1: It's like the CBO, the Congressional Budget Office historically has

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Speaker 1: been very bad at estimating impacts of tax bills. In

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Speaker 1: the twenty seventeen tax cut that President Trump did.

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Speaker 3: They got that totally wrong.

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Speaker 1: They underestimated the GDP growth by a full percentage point.

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Speaker 1: And what that does if they make that same mistake here,

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Speaker 1: which they have done, will you add that that's about

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Speaker 1: two trillion dollars of additional revenue because you got greater

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Speaker 1: economic activity.

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Speaker 4: And then, Peter, you also have the revenue from the tariffs,

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Speaker 4: which I saw your opinion piece in the Hill.

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Speaker 3: I don't want to get.

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Speaker 4: Back to the tar I just want to get back

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Speaker 4: to the tariff because you don't have that revenue.

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Speaker 3: Well, that's another two trillion if you.

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Speaker 4: Don't have the authority to use it, though, But can

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Speaker 4: I just ask you mentioned j Ambassador Greer. We're going

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Speaker 4: to hear from him soon. Are we going to hear

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Speaker 4: from USTR about the bridge potentially? What John was talking about.

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Speaker 4: If you can't use AEBA potentially, are you going to

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Speaker 4: come out the administration say we're going to use one

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Speaker 4: twenty two in the interim?

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Speaker 1: Well, the court did in some sense tell us to

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Speaker 1: do that, which is interesting. But look, here's the thing

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Speaker 1: we Fennyl I just people need to wrap their heads

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Speaker 1: around the fact that every day here in America people

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Speaker 1: die because communists. China puts fifty gallon barrel, your fifty

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Speaker 1: gallon drums full of these chemicals that come over to

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Speaker 1: the Mexican cartels and then are made not just into fentanyl.

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Speaker 1: They use the fentanyl to spike heroin, de spike meth amphetamines,

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Speaker 1: to spike ecstasy, and they're eating putting it in prescription

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Speaker 1: drugs like xanax and valium, and people are dying. It's

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Speaker 1: been over a million people, a million Americans, and it's

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Speaker 1: an economic emergency because a lot of those people are

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Speaker 1: prime age working force here in America. So this kind

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Speaker 1: of court ruling the judge, I mean, look, the lead

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Speaker 1: court said.

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Speaker 4: If the ruling said Peter, and we've been talking about this,

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Speaker 4: page thirty four to thirty five. They say, basically, you

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Speaker 4: are in your right if you use section one twenty two.

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Speaker 4: Why didn't you guys do that from the beginning?

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Speaker 1: Well, Section one twenty two only gives you one hundred

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Speaker 1: and fifty days.

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Speaker 3: So there's your answer right there.

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Speaker 4: So are you section one twenty two if you use

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Speaker 4: this now for one hundred years, got to be a

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Speaker 4: bridge to three oh one or a bridge to two

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Speaker 4: thirty two?

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Speaker 3: What are you thinking?

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Speaker 4: More long term?

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Speaker 3: You can be the strategist on that. But those are

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Speaker 3: the kinds of thoughts.

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Speaker 1: And look, look, if anybody thinks this caught the administration

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Speaker 1: buyers and price, think again, okay, because you could see

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Speaker 1: in the oral arguments where those judges were going, and

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Speaker 1: the lead judging this, I mean, the problem with that court.

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Speaker 3: It's such an.

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Speaker 1: Obscure court, but it's consistently been globalist pro importer.

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Speaker 3: Giving us bad rules.

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Speaker 1: The lead judge there ruled against the two thirty two's

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Speaker 1: originally and had to get overturned by the appeals court.

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Speaker 1: So that gives you an idea of the bias against

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Speaker 1: the president's tariff policy right on that court. But I

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Speaker 1: think the big picture here is we've got a very

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Speaker 1: strong case with AIPA, but the court basically tells us

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Speaker 1: if we lose that we just do some other things.

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Speaker 1: So nothing's really changed. I want to say this to

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Speaker 1: the world, you're cheating us. We're coming after you deal

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Speaker 1: and let's make this right, because ultimately what's at stake

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Speaker 1: here here is the global international environment getting in in

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Speaker 1: a way where it's fair to America, and there thereby,

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Speaker 1: if it's fair to America and we westructure this thing

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Speaker 1: in a way we'll have just more stability in terms

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Speaker 1: of financial flows and capital and everything like that.

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Speaker 3: Dunton Varra hidly out of balance.

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Speaker 2: Now we've got to run, but it's quite to catch

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Speaker 2: up these and we look forward to singing the next step.

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Speaker 2: So just got to tell you one thing. You're not

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Speaker 2: allowed to hire on Marie. She's with us so right.

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Speaker 2: The sty in White House tried advice of paid a

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Speaker 2: Navio paid it. Thank you, sir, Dunleavada on the Trite

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Speaker 2: story