Mornings With Maria (FBN)

Mornings With Maria (FBN) – Senior Counselor for Trade and Manufacturing Peter Navarro Interview

BARTIROMO: joining me white house senior counsel for trade manufacturing, peter navarro great to see you. thank you so much for being here, how are you expecting fentanyl and toughening stance president trump has been tough on since day one bee, allow does that play a role in trade deals president is going to be announcing.

SENIOR COUNSELOR PETER NAVARRO: maria first, i was at that event yesterday heartbreaking to see people onstage lost loved ones to fentanyl going on far too long. with respect to the to the trade deals we do have a 20% tariff on china collecting billions of dollars from china as you know, maria, china has been absolutely obstinate about stopping fentanyl flow why the bill, was so important, getting in weeds a little bit what china did way back in the first term with donald trump when they promised, to help us with fentanyl. is they banned a type of fentanyl what their chemists do alter molecular structure in ways that therefor is not classified acetaminophen event under their laws or ours, a cat and mouse kind of game going on for years, as close to a million americans have been killed directly or indirectly from fentanyl so this whole fentanyl act is really, really important, it is going to i think, put a strong dent in the flow but, ultimately, china had to get the message at some point that they just got to stop shipping, 50 gallon drums, of their chemicals that kill americans.

BARTIROMO: we still wondered what this means for trade i ask how do you negotiate with somebody on the other side of the deal that you know has been a bad actor? ho what has been sending fentanyl covid stealing intellectual property, the list is long in terms of communist china energy united states scott bessent said the deadline in august for the -- you know temporary tariffs on china is loose maybe it, it will go beyond because first president said 145% tariff moved it down gave them time to come up with a deal. what are your expectation not to get ahead of the boss i don't you know want to get ahead of president trump in terms of what he is doing with deadline on china, what do you think a good deal would be for u.s. china trade situation? i don't know how president trump does a deal with a bad actor the way doing it but working a balance he knows who china is knows what they've been doing in terms of undermining america what would you like to see in trade deal with china.

COUNSELOR NAVARRO: i do not want to get ahead of the boss he does have a very good relationship with xi jinping, i have seen him interact both physically in real time, and places we went around the world. as well as on phone calls, they do have an unusually warm relationship. the -- problems we face as you know, no won knows better on television than you do it is the intellectual property theft the dumping subsidies the fentanyl, and just a whole range of things, good news is we've got tariffs now, that are effectively over 50%, on communist china and that is a good thing. we're raising billions upon billions upon billions a lot of moving parts in this i let the boss do negotiating on it the bigger newsive said this, often is that the problem we face, on trade is not just with china it is with the world. i don't know how much you talk about that indonesia deal but microcosm of marco cosm where boss wants to go. indonesia a lot of people don't know but fourth largest country in the world. it is a big deal but sells us three times as much as we sell to them historically, don't buy energy, egg products technology, president trump this is a beautiful thing for americans going to maintain 19% tariff on indonesia they are not going to tariff anything going to lower nontariff barriers if indonesia transhipment point to evade our tariffs we are able to impose higher tariff on them as well stock of transshipment, that is the kind of deal will that jameison greer, howard lutnick scott bessent are negotiating with a hundred different countries i think we are in a really good place on trade right now we raised a hundred billion dollars for american people in six months. and the tariffs have not kicked in, in full force yet even. so that is kind of the board lots of moving parts china.

BARTIROMO: i love that you just went through inland empire deal the fact that we are taxing them 19% what they send into america we are not get being talking on anything no forgives on u.s. products into indonesia great america first, the president is planning to place tariffs of at least 10%, of on more than 150 smaller countries including nation africa caribbean also announced 30% tariffs eu and mexico beginning august 1 eu trade chief was in washington speaking with howard lutnick, jamieson greer, are there things that are most important, with rathered to the european union you can talk to uss about a lot of people want a big deal with eu, obviously, there are so many countries, within that, it looks like italy wants to do something, quickly, it looks like a number of over countries do, but you got to have agreements with whole bloc; right?

COUNSELOR NAVARRO: let me put again this in context with template that jamieson greer, has is what is called a series of verticals, we look at each country, or in this case a bloc of countries eu each country dealing with like fingerprints differ in different ways if you look at eu start with tariffs four times higher on autos german sends seven cars for every one we send them has to stop easy lift that is an easy lift, nontariff bares as a bloc going to be very difficult for eu to deal with then, of course, vat tax, adds 19% to effective tariff, vat tax is not just an additional tariff on, it is export subsidy the way it works under resumed of world trade organization. so it is a difficulty difficult go, they treat us so badly remember that a deficit with europe is huge what is interesting, maria, that china has a surplus with europe about equal to our deficit with europe so a lot of things are coming in from china, europe essentially transhipment point for goods here so it is a very complex i urge europeans work with us, acknowledge the unfairness don't go to the retaliatory rat hole because that will end badly for europe, so this is why, this one is important, why your flagging it here a biggest trading partner other things from nato on down. but we would like to see vat tax relief lower tariffs, like to see -- one other thing, maria, this should bogle your mind we won cases at wto against europe where had the to agricultural imports, pork, they don't respect it, they -- europe did not abide by those -- rulings, by world trade i mean that boggles the mind. Tough negotiations.

BARTIROMO: we got to jump quick how many more deals would you expect on trade, in the coming months?

COUNSELOR NAVARRO: look, i want to make this really clear. we got a bunch of deals right now maria but a lot every unilateral because we had to send letters to people the problem, maria, they have such a good deal screwing america let me be blunt about it they are reluctant but we've got, over 90%, of trade deficit covered with letters or deals right now. we are in a good place trust in trump going to get it done, american people having trillions in tax cuts debt reduction because of that never lose sight of that. maria a budget surplus for june, there is that thanks to tariff revenue

BARTIROMO: peter good to see you. thanks so much peter navarro joining us thank you, sir.