China’s announcement that it will impose new tariffs on $75-B worth of US goods is not something that should worry the stock market, but the announcement will boost support for President Trump, White House trade adviser Peter Navarro said Friday.
“I think the risk here for China when it does things like this is simply to galvanize support even more for the President,” Mr. Navarro said on TV. “$75-B worth of tariffs in terms of the combined $30-T economy is not something for the stock market to worry about and we are cool here.”
Meanwhile, negotiations will continue behind closed doors, and talks with China will resume in September, said Mr. Navarro. He also pointed out that if a trade deal is reached quickly with the United Kingdom, that will be “very good for both sides of the pond,” but the United States has been going back and forth with China for some time.
“Every time we have negotiated with them they tried to move the football,” he said. “They have backed away, and we have taken measures. Through all of that time, we have had a very strong economy we have had a very strong stock market.”
China’s retaliation is enforcing America’s perception of it as a “bad architect,” he added.
“China steals massively from us,” said Mr. Navarro. “We know they are killing Americans with fentanyl. We know they manipulate currency, so when understand that, and then when China tries to bully us that strengthens our revolve.”
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