Navarro: Tariffs Also Counter VAT Taxes, Currency Manipulation, Dumping, Export Subsidies, Fake Standards
During an appearance on FNC’s “Sunday Morning Futures,” White House senior economic counselor Peter Navarro explained the long-term implications for the Trump administration’s tariffs and how they will function to ensure fair trade for the United States.
“Let’s not forget, every economic report that’s been coming out in the last month has been pushing us towards expansion and strength,” Navarro said. “And we just had a blowout jobs number on Friday, 228,000 jobs. That was 50 percent higher than was predicted. So, again, there’s cognitive dissonance between what the media is saying, wanted to push us into recession, and what’s actually happening. I think you’re right, Jackie, that the tariff and trade policy is just one chapter in a book that contains all these other beautiful things that we’re going to do. If you just take, for example, the oil prices, oil prices were a dollar higher during the Biden years. For a commuting, working family, that’s about $1,000 worth of gas prices they had to pay. We’re going to get that back for them. These tariff revenues, by the way, Jackie, $600 billion, $700 billion they are going to raise a year, $6 trillion to $7 trillion over the 10-year period. They’re going to help pay for the tax cuts. I will tell you this, Jackie. Every single dollar that comes in, in tariff revenues that we take from the foreigners who have been cheating us are going to go right to the American public in terms of tax cuts and debt reduction.”
“And that’s going to be a good thing,” he continued. “And let’s talk, Jackie. I think we need American people to understand, and I think many of them do, why we have to do what we’re doing, a $1.2 trillion trade deficit. We have exported $18 billion worth of our wealth since China joined the WTO in 2001 by running these trade deficits. And we have given away our houses, our office buildings, our food supply, our farmland. That’s got to stop. It’s threatening our economic prosperity, national security. And the reality here, the reality here is that institutionally the international trade system is designed to cheat us. They have systematically higher tariffs on us, but, more importantly and far more importantly, it’s the non-tariff cheating. It’s the VAT taxes. It’s the currency manipulation, the dumping, the export subsidies, the fake standards that keep our agricultural products out and keep our cars out of Japan. It’s all these things that these foreign countries do that are designed explicitly to cheat us and are sanctioned by the World Trade Organization. So, President Trump says no more, no mas, ain’t happening on his watch. And that’s where we’re headed. We’re heading towards a strong America that makes things again.”
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