CSPAN — Washington Journal Peter Navarro
20260829 230900 UTC
570 transcript segments
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[00:00:08] I HAVE BEEN IN CONTACT WITH THEM.
[00:00:12] OF COURSE EMOTIONS ARE HIGH.
[00:00:38] HE IS CONSIDERING THAT.
[00:00:45] WE WILL ALWAYS QUOTE LAKE ONTARIO. [APPLAUSE]
[00:00:52] WE ARE PROUD OF OUR GREAT LAKES.
[00:01:12] WHILE ALL THE SHENANIGANS ARE HAPPENING, WE WILL BE SMART.
[00:01:18] WE WILL FIGHT BACK.
[00:02:37] ASAS
[00:02:37] OCEAEARNEDIC YR
[00:02:43] C-SPANIE MHT APPCIATE
[00:02:45] IS KD OF NUAE DLL, WHEN WE NOTIATENAFTWHHEHE
[00:02:49] FTCANADIAN, EY --HEY JUSTAN
[00:02:53] CIRCNDND U
[00:02:54] PLAYWEWEALLYTR PROSIONS TH
[00:03:01] REALARMED A AND
[00:03:01] THINFROM THA PNTHE
[00:03:05] ALWAYSELIEVETHAT TY ARE BETTER NEGOTTORS.
[00:03:08] THIS STEELLEW UP F FORNLY ONE
[00:03:17] ACROUR BOER. GAVE EM A DEAWHIC
[00:03:21] WHICI BNEST MADITAS -
[00:03:25] IT WDD DEA IT WAAS
[00:03:27] OD AEAL AS CANAETET.
[00:03:32] WE N V VERY GOOD
[00:03:38] SHOULD HE TURN IT DO BUT
[00:03:41] EYEY' HHO CANTOTOOROR
[00:03:49] A ADDITIO PITICAL C CAN RE P IL
[00:03:56] TRASHI DONALRUMP,
[00:03:59] ONOMY ES DOWNRE POIS.
[00:04:01] A'S TH--HAT IS T
[00:04:03] - - GERMANPHPHT
[00:04:08] EGGING HOUG FO,
[00:04:13] AND BOF THEMON'T UNRSTANDHEA A GLS
[00:04:17] GG THANB' TTHEED US
[00:04:20] MORE TN T
[00:04:23] WE GAVEHEHEM AWE D DEATHAT WE
[00:04:28] HO: SPEAKO THATEA
[00:04:32] WOULDRE ASKINTHAT CADA
[00:04:38] HOST: SPEAK TO THAT DEAL. WHAT WERE WE ASKING THAT CANADA WOULD NOT AGREE TO A HEAD OF NEGOTIATIONS BREAKING DOWN LAST
[00:04:42] FRIDAY?
[00:04:43] GUEST: SO -- THE WHOLE ISSUE
[00:04:47] AROSE FROM, SECTION 338 ACTION
[00:04:51] AGAINST CANADA.
[00:04:58] IT GIVES THE U.S. TRADE REPRESENTATIVE POWER TO IMPOSE TARIFFS WHERE ANOTHER COUNTRY
[00:05:01] DISCRIMINATES AGAINST THE UNITED
[00:05:04] STATES WITH RESPECT TO HOW IT TREATS US.
[00:05:07] IN OTHER WORDS IF CANADA IS DOING SOMETHING TO EVERYBODY IN
[00:05:10] THE REST OF THE WORLD 338
[00:05:12] DOESN'T APPLY BUT IF IT IS JUST
[00:05:14] SIGNALING US OUT.
[00:05:16] IN THE CASE OF THE 338 YOU HAVE
[00:05:21] A MAJOR DAIRY PROBLEM IN CANADA,
[00:05:23] THEY HAVE TRIPLE DIGIT TARIFFS
[00:05:27] ON DAIRY FOLKS AND TRY AS WE MIGHT DATING BACK TO THE FIRST
[00:05:30] TRUMP TERM, THEY JUST ARE
[00:05:31] UNREPENTANT.
[00:05:43] THEY JUST STICK IT TO US. SO THAT IS NUMBER ONE. NUMBER TWO, THEY CUT OFF
[00:05:46] ALCOHOLIC BEVERAGES FOR SALE IN THEIR STORES WHICH IS -- WHICH IS UNBELIEVABLE, YOU CAN GO INTO A STORE IN THE PROVINCES AND BY
[00:05:50] KENTUCKY BOURBON.
[00:05:57] AND WHAT'S SO INTERESTING ABOUT
[00:06:00] THAT AND WHAT THEY DO ON AUTOS IS AS THEY ARE SCREWING US, THEY
[00:06:03] ARE GETTING INTO BED WITH
[00:06:05] EUROPEANS AND JAPANESE AND
[00:06:10] KOREANS AND PARTICULARLY THE CHINESE AND GIVING THEM MORE FAVORABLE.
[00:06:13] SO THIS WAS -- THIS IS UNTENABLE
[00:06:16] FOR PRESIDENT TRUMP.
[00:06:19] WE ARE THE PARTY AND PEOPLE PROTECTING AMERICAN JOBS FROM
[00:06:23] BLUE-COLLAR FACTORY WORKERS AND OUR FARMERS AND RANCHERS.
[00:06:27] AND SO THAT'S HOW THIS GOT STARTED. SO NEGOTIATIONS ENSUED, IT WAS A
[00:06:30] PRETTY BIG OMNIBUS DEAL THAT WAS
[00:06:33] GOING TO GIVE A REALLY FAVORABLE
[00:06:37] TERMS IN TERMS OF ALUMINUM AND
[00:06:39] STEEL WHICH WE HAVE ANOTHER
[00:06:42] SECTION 232 ON AND THAT -- THAT
[00:06:46] IS OUR BREAD-AND-BUTTER HERE AND -- I JUST WANT FOR THE FOLKS
[00:06:50] LISTENING HERE AT C-SPAN2
[00:06:52] UNDERSTAND THIS IS NOT A PARTISAN ISSUE, THIS IS NOT A
[00:06:56] REPUBLICAN OR DEMOCRAT ISSUE. THIS IS SIMPLY -- AN ISSUE OF
[00:07:00] DETECTING OUR WORKERS AND RANCHERS AND OUR FARMERS.
[00:07:03] AND CANADA -- HAS REALLY BEEN
[00:07:08] EXPLOITING US, EXCLUDING THE USMCA AND NOT NEGOTIATING IN
[00:07:12] GOOD FAITH AND CARNEY -- THE
[00:07:14] WORST THING THAT EVER HAPPENED TO CANADA WAS CARNEY MADE A
[00:07:18] COME-FROM-BEHIND VICTORY, HE WAS
[00:07:21] DOWN I DO KNOW 30 POINTS AND
[00:07:23] STARTED TRUMP DERANGEMENT
[00:07:25] SYNDROME SURGED TO WIN AND
[00:07:30] SOMEHOW EVERY TIME CARNEY DUMPS ON TRUMP, THE CANADIAN PEOPLE
[00:07:33] REWARD HIM WITH POLITICAL SUPPORT.
[00:07:35] I'VE SAID THIS REPEATEDLY.
[00:07:37] SPEAKING RIGHT TO THE CANADIAN
[00:07:39] PEOPLE.
[00:07:49] YOU CAN'T ENCOURAGE CARNEY AND ESPECIALLY DOUG FORD TO DUMP ON THE UNITED STATES.
[00:07:52] WE ARE TRYING OUR BEST TO HAVE A FAIR DEAL WITH YOU ALL AND YOU
[00:07:54] ARE JUST PLAYING POLITICS WITH
[00:07:59] -- SOMEBODY AND A COUNTRY WHICH
[00:08:02] IS FAR STRONGER ECONOMICALLY
[00:08:05] THEN YOU ARE AND IT'S JUST IT'S
[00:08:09] NOT GOING TO END WELL FOR CANADA.
[00:08:12] I PREDICT THAT THE DEAL YOU GOT
[00:08:22] THAT YOU TURNED YOUR NOSE UP YOU ARE NEVER GOING TO GET THAT DEAL AGAIN. WHATEVER YOU GET IS GOING TO BE
[00:08:26] LESS THAN THAT AND THAT'S ALL CARNEY AND ESPECIALLY ON FORD BECAUSE IF YOU LOOK AT LIKE THE BACK CHANNEL AND IT WAS GOING ON
[00:08:29] THERE, APPARENTLY LIKE FORD WAS
[00:08:32] LIKE -- LIKE THE DEVIL IN
[00:08:34] CARNEY'S EAR SAYING DON'T DO
[00:08:36] THIS AND CARNEY FOR WHATEVER
[00:08:44] REASON BACKED DOWN TO FORD. HOST: IN TERMS OF WHAT WE WERE
[00:08:47] ASKING IF CANADA WERE WE ASKING
[00:08:50] FOR A VETO OF THEIR TRADE DEALS
[00:08:52] WITH OTHER COUNTRIES NOT THE
[00:08:56] UNITED STATES? GUEST: THE PROBLEM JOHN HERE IS A VERY SIGNIFICANT 1 -- UM, THIS
[00:08:58] WHOLE THREE 38 CAME ABOUT IN
[00:09:05] PART BECAUSE -- CANADA HAS GIVEN
[00:09:06] PREFERENTIAL ACCESS THROUGH
[00:09:09] THEIR TRADE DEALS TO AMONG
[00:09:13] OTHERS EUROPE, JAPAN AND KOREA
[00:09:18] IN WAYS WHICH MATERIALLY HARM
[00:09:20] OUR OWN MARKETS -- AND ON TOP OF
[00:09:26] THAT, AND WORST OF ALL, CANADA
[00:09:31] SEEMS TO HAVE THROWN IT'S IT'S
[00:09:32] -- IT'S FATE IN WITH COMMUNIST
[00:09:35] CHINA AND IT IS CUTTING DEALS
[00:09:38] WITH COMMUNIST CHINA IN WAYS
[00:09:41] WHICH ARE GOING TO MAKE CANADA
[00:09:44] EFFECTIVELY A LAUNCHPAD FOR A
[00:09:55] WHOLE RANGE OF COMMUNIST CHINESE
[00:09:56] PRODUCTS MADE WITH SLAVE LABOR
[00:10:03] AND SUBSIDIZED BY THE GOVERNMENT
[00:10:05] AND AND IN PILES NOW, A BIG
[00:10:10] PILES BECAUSE THEY HAVE SO MUCH
[00:10:13] OVERCAPACITY AND THEY ARE GOING TO DUMP IT IN THE U.S. AND USE
[00:10:16] CANADA AS THEIR PLATFORM.
[00:10:17] THEY ARE ALREADY DOING THAT
[00:10:22] CANADA AND MEXICO CHINESE. IT IS PART OF THE REPORT I PUT OUT I TALKED ABOUT IT ON C-SPAN
[00:10:25] LAST MONTH, THE SHIPMENT SCAM.
[00:10:29] BUT THAT WAS A BIG PART OF IT. WE DON'T WANT CANADA CUTTING
[00:10:33] TRADE DEALS WHICH UNDERCUT OUR
[00:10:37] TRADE WITH CANADA AND OUR NATIONAL SECURITY MANUFACTURING BASE. SO A LOT OF MOVING PARTS HERE
[00:10:41] BUT I WANT PEOPLE TO UNDERSTAND THEY BLEW THIS DEAL UP, WE DID
[00:10:44] NOT AND THEY HAVE THE LAST MINUTE THEY PUT ON -- CONDITIONS WHICH SIMPLY DO NOT WORK FOR THE
[00:10:48] AMERICAN PEOPLE AND YOU KNOW I DON'T -- IT'S UNFORTUNATE. BUT IT'S POLITICS.
[00:10:51] HOST: COMING BACK TO THE USMCA
[00:10:53] WHICH YOU HELPED NEGOTIATE AND
[00:10:55] AT THE TIME WHEN IT WAS IMPLEMENTED IN 2020 PRESIDENT
[00:10:58] TRUMP CALLED THE FAIREST MOST BALANCED BENEFICIAL TRADE
[00:11:01] AGREEMENT IN HISTORY. WAS HE WRONG ABOUT THAT AT THE
[00:11:05] TIME?
[00:11:13] GUEST: WHAT HAPPENED UH IS IN
[00:11:16] THE FOUR YEARS OF BIDEN ADMINISTRATION -- WE DIDN'T HAVE APPROPRIATE OVERSIGHT OF THE
[00:11:20] AGREEMENT ITSELF AND -- THIS IS WHERE WE GET TO THIS GREAT TRANS
[00:11:23] SHIPMENT SCAM.
[00:11:24] THE IDEA OF TRANSSHIPMENT IS
[00:11:27] THAT IF WE'VE GOT, TARIFFS ON
[00:11:30] CHINA OR EUROPE OR WHOEVER IT IS
[00:11:31] -- AND THEY CAN KIND OF SNEAK IT
[00:11:38] INTO MEXICO AND GET THE USMCA
[00:11:43] RATE ON A CHINA PRODUCT, THAT
[00:11:45] DESTROYS USMCA AND IT'S GOOD FOR
[00:11:49] CHINA, IT IS GOOD FOR WHOEVER IS
[00:11:52] BRINGING THE CHINESE STUFF INTO MEXICO OR CANADA BUT IT IS NOT
[00:11:56] GOOD FOR THE U.S. SO MY POINT JOHN IS SIMPLE ANSWER TO YOUR
[00:11:59] QUESTION, THE USMCA WAS A DEAL
[00:12:02] THAT WAS WELL NEGOTIATED BY BOB
[00:12:04] LEITE HEISER, MYSELF, DONALD
[00:12:07] TRUMP AND OTHERS, BUT WHEN BIDEN
[00:12:13] TOOK OVER, WE -- OUR GOVERNMENT
[00:12:16] DID NOT PAY ATTENTION.
[00:12:18] AND SO OUR PARTICULARLY WITH
[00:12:23] MEXICO, OUR TRADE DEFICIT IS OFF
[00:12:26] THE CHARTS. IT IS JUST AT RECORD LEVELS AND
[00:12:29] A LOT OF IT IS -- IS
[00:12:32] TRANSSHIPMENT WHERE THE CHINESE
[00:12:36] GERMAN JAPANESE, KOREAN,
[00:12:39] VIETNAMESE PRODUCTS COME IN AND
[00:12:41] GET THAT ZERO RATE.
[00:12:44] AND THAT -- THAT TAKES JOBS FROM
[00:12:45] US.
[00:12:49] WE NEED A STRONG,
[00:12:53] INDUSTRIAL BASE, STRONG
[00:12:57] MANUFACTURING BASE.
[00:13:00] WAGES GO UP FOR OUR OUR WORKERS, TAKING SHOWERS WHEN THEY GET
[00:13:04] HOME AND WAKE UP IN THE MORNING.
[00:13:06] AND -- THAT'S WHAT HAPPENED.
[00:13:08] THE USMCA [LAUGHTER]
[00:13:18] THERE'S GOING TO BE SUBSTANTIAL, SUBSTANTIAL CHANGES TO THE USMCA OR THE USMCA IS NOT GOING TO BE
[00:13:21] AROUND. HOST: PETER NAVARRO WITH US FOR THE NEXT 15 TO 20 MINUTES TAKING
[00:13:25] YOUR PHONE CALLS ON WASHINGTON JOURNAL.
[00:13:29] PHONE LINES ARE REPUBLICANS, 202-748-8001.
[00:13:31] DEMOCRATS 202-748-8000.
[00:13:34] INDEPENDENTS 202-748-8002.
[00:13:36] MR. NAVARRO WE WILL BEGIN IN
[00:13:39] LYNCHBURG VIRGINIA, DAVE, INDEPENDENT. YOU ARE ON WITH PETER NAVARRO GO
[00:13:43] AHEAD. CALLER: YOU ASKED A QUESTION
[00:13:45] THAT I WAS GOING TO ASK ABOUT
[00:13:47] THE TRADE DEAL THAT WAS SIGNED IN THE FIRST TRUMP
[00:13:50] ADMINISTRATION WHICH I'M NOT SURE REALLY UNDERSTAND THE
[00:13:54] ANSWER.
[00:13:55] BUT I THINK THAT'S A LOT OF WHAT
[00:13:59] THE TRUMP ADMINISTRATION IS
[00:14:02] ABOUT, TALKING IN CIRCLES AND
[00:14:04] NOT REALLY EXPLAINING CLEARLY.
[00:14:12] ANOTHER QUESTION IS DIDN'T U.S. CORPORATIONS DRIVE MOST OF THE BUSINESS THAT WE WANT TO COME
[00:14:15] BACK TO THE U.S. TO FOREIGN COUNTRIES BECAUSE THE LABOR IS
[00:14:17] CHEAPER?
[00:14:22] CANADA DEALING WITH COMMUNIST CHINA, WHAT ABOUT WALMART IT'S
[00:14:25] FULL OF COMMUNIST CHINA
[00:14:26] PRODUCTS.
[00:14:31] GUEST: DO ME A FAVOR.
[00:14:33] DEATH BY CHINA WATCH MY FREE
[00:14:37] FILM ON YOUTUBE AND UM IT'S MUCH
[00:14:42] OF WHAT WALMART DOES TO THIS
[00:14:43] COUNTRY.
[00:14:46] BUT LET ME BE PRECISE IF I WAS
[00:14:48] NOT WITH THE EARLIER ANSWER.
[00:14:53] THE CENTERPIECE OF THE USMCA IS A CONCEPT CALLED RULES OF ORIGIN
[00:14:56] AND WHAT WE WERE -- WHAT THE
[00:15:00] USMCA IS SUPPOSED TO DO IS SAY
[00:15:02] THAT A CERTAIN PERCENTAGE OF ALL
[00:15:05] PRODUCTS THAT WOULD COME IN
[00:15:08] ACROSS BORDERS UNDER THE USMCA
[00:15:09] WITH ZERO TARIFFS WOULD BE NORTH
[00:15:14] AMERICAN IN ORIGIN.
[00:15:16] MADE IN THE U.S., MADE IN MEXICO
[00:15:18] OR CANADA.
[00:15:20] AND SO WITHIN THAT FRAMEWORK
[00:15:23] EACH COUNTRY HAD A SHARE OF THE
[00:15:25] PIE, WE HAD A VERY SUBSTANTIAL
[00:15:29] SHARE OF THE PIE SO WHAT
[00:15:35] HAPPENED WITH THIS TRANSSHIPMENT THAT BIDEN WAS NOT WATCHING IS
[00:15:38] -- THE RULES OF ORIGIN WERE NOT ENFORCED SO THAT INSTEAD OF
[00:15:42] PARTS FOR AUTOS FOR EXAMPLE BEING EITHER U.S.-MADE, CANADIAN
[00:15:44] MADE OR MEXICAN MADE, THEY WERE
[00:15:48] CHINESE MADE OR GERMAN-MADE OR
[00:15:49] KOREAN MADE.
[00:15:53] SAME WITH STEEL AND ALUMINUM, SAME WITH A LOT OF ELECTRONIC
[00:15:56] PRODUCTS.
[00:16:01] SO THE CENTERPIECE OF THE USMCA WAS RULES OF ORIGIN THAT BENEFITED NORTH AMERICAN TRADING
[00:16:04] ZONE AND THE FATAL FLAW IS THAT
[00:16:08] DURING THE BIDEN ADMINISTRATION, THAT WAS FORGOTTEN, THAT WAS NOT
[00:16:12] ENFORCED.
[00:16:15] AND WE STARTED SEEING A LOT OF
[00:16:17] PRODUCTS ACROSS THE UNITED
[00:16:19] STATES WHERE THE RULES OF ORIGIN
[00:16:22] WERE NOT RESPECTED AND HAD -- HAS MATES -- WAY TOO MUCH
[00:16:25] FOREIGN CONTENT IN IT AND WAS
[00:16:29] NOT MEXICAN OR CANADA.
[00:16:31] HOST: PLENTY OF INK HAS BEEN
[00:16:34] SPILLED ON THIS TRADE DISPUTE SINCE IT BEGAN.
[00:16:37] HERE IS ONE FROM YESTERDAY FROM THE CANADIAN OPINION WRITER IN
[00:16:42] THE GUARDIAN GIVING YOU A CHANCE TO RESPOND. CANADIANS UNDERSTAND SHE WRITES
[00:16:45] THAT MAINTAINING OUR SOVEREIGNTY AND INDEPENDENCE WILL ENTAIL
[00:16:49] CONSEQUENCES AND SACRIFICES.
[00:16:57] WE DID NOT BRING THIS TRADE WAR ON OURSELVES, WE MERELY REFUSED TO COMPLY IN ADVANCE TO THE
[00:17:00] UNREASONABLE DEMANDS OF THE BAD-FAITH ACTOR. WE WILL BE PUNISHED FOR IT.
[00:17:03] WE'VE ACCEPTED THIS. IF NOTHING ELSE LET THE U.S. RETALIATION BE A WARNING TO THE REST OF THE WESTERN ALLIANCE.
[00:17:07] RUN, RUN, PROTECT YOURSELVES. MOVE FASTER. GUEST: THAT'S SO SELF-RIGHTEOUS
[00:17:10] AND WRONG.
[00:17:20] YOUR COUNTRY SCREWS US. DAIRY TARIFFS ALONE JUST -- JUST
[00:17:22] START WITH THE DAIRY TARIFFS --
[00:17:28] YOU ARE BASICALLY YOU DO THAT TO
[00:17:31] US, YOU LIKE WITH ALUMINUM, YOU
[00:17:35] ARE IN BED WITH THE CHINESE AND
[00:17:37] PLAYING GAMES.
[00:17:39] STEEL IS NO -- AND BY THE WAY,
[00:17:44] BY THE WAY -- CANADA, YOU TALK A
[00:17:47] REALLY GOOD GAME.
[00:17:50] YOU DON'T SPEND MUCH OF A DIME
[00:17:53] ON YOUR OWN DEFENSE.
[00:18:01] YOU'RE BASICALLY A FREE RIDER UNDER THE AMERICAN UMBRELLA. SO THIS ATTITUDE, THAT'S THE LIBERAL ONTARIO ATTITUDE.
[00:18:04] OH WE ARE THE BULLY -- LET'S STAND UP TO THE BULLY AND YOU
[00:18:08] DON'T HAVE ANY SELF REFLECTION
[00:18:10] BECAUSE YOU ARE THE PROBLEM.
[00:18:12] LOOK IN THE MIRROR AT YOUR
[00:18:21] TARIFF CODE. YOU ARE THE PROBLEM AND AND YOU ARE THE ONE WHO IS EGGING ON THE
[00:18:24] CANADIAN PEOPLE TO BASICALLY INCREASE THEIR SUPPORT, DOUG FORD AND MARK CARNEY FOR THEM TO
[00:18:28] GET TOUGH AND TALK ABOUT YOUR
[00:18:30] SOVEREIGNTY.
[00:18:34] SO UM, JUST DISAPPOINTING.
[00:18:38] HOST: TWO KEY ECONOMIC NUMBERS
[00:18:39] TODAY.
[00:18:42] THE FED'S PREFERRED INFLATION
[00:18:45] GAUGE SHOWS PRICE INCREASED 3.3
[00:18:47] PERCENT ANNUALLY IN JULY AND THE
[00:18:50] OTHER REPORT IS ON THE GROSS
[00:18:51] DOMESTIC PRODUCT FOR ECONOMIC
[00:18:56] ANALYSIS, THE GDP GREW 1.5%
[00:18:58] THAT'S DOWN FROM 2.1% IN THE
[00:19:02] FIRST QUARTER. WHAT'S YOUR REACTION TO THOSE
[00:19:05] NUMBERS?
[00:19:06] GUEST: [LAUGHTER]
[00:19:09] YOU PUT ME IN AN INTERESTING
[00:19:11] BIND AS AN ADMINISTRATION
[00:19:19] OFFICIAL I CAN'T TALK ABOUT THAT BUT HERE'S WHAT I CAN TELL YOU. HOST: APOLOGIES I DIDN'T KNOW THAT.
[00:19:23] GUEST: IT'S AN EMBARGO IT'S THE
[00:19:24] WAY IT WORKS.
[00:19:30] 9:30 IS WHEN THE MARKET OPENS.
[00:19:35] BUT WHAT I CAN TELL YOU FOR THE AUDIENCE IS MY BACKGROUND IS IN
[00:19:38] MACRO ECONOMIC FORECASTING AND I FOLLOW THESE INDICATORS RELIGIOUSLY FOR THE
[00:19:40] ADMINISTRATION. THERE IS A WEBSITE CALLED REAL
[00:19:44] CLEAR MARKETS WHICH I REGULARLY POST ON WHEN THE INDICATORS COME
[00:19:46] OUT AND HERE'S WHAT WHAT THE
[00:19:50] INDICATORS ARE TELLING US NOW,
[00:19:51] WHETHER IT IS THE CPI, THE PPI,
[00:19:56] DURABLE GOODS.
[00:19:57] THE ISM MANUFACTURING INDEX.
[00:20:02] WE ARE IN A VIRTUOUS INVESTMENT
[00:20:04] CYCLE BECAUSE OF TWO THINGS.
[00:20:09] ONE IS THE TARIFFS HAVE
[00:20:11] ATTRACTED A TREMENDOUS AMOUNT OF
[00:20:15] INVESTMENT HERE AND SO THAT IS A GOOD THING.
[00:20:17] AND THEN THE TAX BILL, THE BIG
[00:20:20] BEAUTIFUL BILL AS WE CALL IT AS
[00:20:23] 100% EXPENSING FOR INVESTING IN
[00:20:26] MANUFACTURING AND THAT HAS BROUGHT THINGS IN.
[00:20:30] WHAT WE ARE SEEING IS -- A, SOME
[00:20:33] SEQUENTIAL MOVES WHERE WE HAD A
[00:20:36] CONSTRUCTION BOOM AS INVESTMENT CAME IN AS WE ARE BUILDING THESE
[00:20:40] FACTORIES.
[00:20:43] AND THAT HAS ALREADY BEGUN OVER
[00:20:45] THE LAST SIX MONTHS TO CREATE
[00:20:48] THE MANUFACTURING JOBS BECAUSE
[00:20:56] YOU CAN'T HAVE MANUFACTURING JOBS AND TO REBUILD THE FACTORIES. THE ISM MANUFACTURING HAS BEEN
[00:21:00] GOING UP. IT'S OVER 50 NOW. IT DID GET OVER 50 LAST TIME
[00:21:02] WHICH WAS WAS AUGUST OF 2022 IN
[00:21:13] THE BIDEN REGIME SO REAL PROUD FOR MANUFACTURING. SO THAT'S GOING WELL, REAL WAGES
[00:21:16] ARE GOING WELL FOR BLUE-COLLAR AMERICANS.
[00:21:17] THE CORE INFLATION RATES HAS
[00:21:20] BEEN STEADILY TRENDING DOWN, GOOD NEWS FOR EXAMPLE IN RENTS
[00:21:24] AND HOUSING. A LOT OF THAT HAS TO DO WITH THE
[00:21:28] DEPORTATION OF MILLIONS OF
[00:21:29] A LOT OF THAT HAS TO DO WITH THE
[00:21:33] DEPORTATION OF MILLIONS OF ILLEGAL ALIENS.
[00:21:36] A LOT OF THE REASON WHY HOUSING PRICES AND APARTMENT RENTS WENT
[00:21:40] UP DURING THE BIDEN YEARS WAS
[00:21:43] THE 20 MILLION NEW PEOPLE THAT CAME INTO THE COUNTRY ACROSS OUR BORDERS WHO NEEDED HOUSING.
[00:21:49] THIS IS JUST MATH.
[00:21:52] USED CARS PRICES HAVE GONE DOWN, INSURANCE PLUNGED.
[00:21:59] SO THE ECONOMY ITSELF APPEARS STRONG AND RESILIENT.
[00:22:04] WE HAVE AN UNEMPLOYMENT RATE
[00:22:08] THAT HASN'T BUDGED FROM FULL EMPLOYMENT.
[00:22:12] AND OF COURSE WE HAVE THE
[00:22:17] NON-CORE, THE SUPPLY SHOCK OIL PRICE VOLATILITY.
[00:22:19] AND WHAT WE HAVE TO WATCH THEIR VERY CAREFULLY IS WHETHER THERE
[00:22:23] IS GOING TO BE ANY SPILLOVER AS WE SAY IN THE TRADE FROM THAT
[00:22:26] INTO THE CORE INFLATION.
[00:22:30] BUT WE ARE BULLISH ON THIS ECONOMY.
[00:22:32] I'M WORKING VERY HARD PERSONALLY
[00:22:39] WITH FOLKS AT THE DEPARTMENT OF
[00:22:42] AGRICULTURE AND TO DOJ ON ANTITRUST ISSUES THAT GO AFTER
[00:22:45] FOR EXAMPLE THE BEEF CARTEL.
[00:22:47] THE FOUR FIRM BELIEF CARTEL THAT'S DRIVING PRICES UP.
[00:22:50] -- BEEF CARTEL THAT'S DRIVING
[00:22:55] PRICES UP.
[00:22:56] GO TO MY WEBSITE PETER
[00:23:01] NAVARRO.COM AND YOU CAN GET
[00:23:04] ACCESS TO ALL OF MY ARTICLES JUST ON THE ECONOMY ALONE.
[00:23:07] HOST: I PROBABLY HAVE ABOUT 20
[00:23:09] CALLS FOR YOU.
[00:23:13] STEVE, REPUBLICAN IN FLORIDA. GO AHEAD.
[00:23:17] CALLER: MR. NAVARRO, I'M A REPUBLICAN AND I'M DISMAYED THAT
[00:23:21] THE REPUBLICANS HAVEN'T DONE A
[00:23:22] GOOD ENOUGH JOB EXPLAINING TO
[00:23:26] THE DEMOCRATS AND THE INDEPENDENCE OF SOME OF THE
[00:23:28] POSITIVE THINGS THE TRUMP
[00:23:31] ADMINISTRATION HAS ACCOMPLISHED. THEY ARE NOT AWARE OF 6000
[00:23:35] DOLLARS CREDIT AGAINST YOUR NET INCOME IF YOU ARE ON SOCIAL
[00:23:38] SECURITY TO REPLACE THE 6.2 TAX
[00:23:42] THAT WAS THERE.
[00:23:44] THEY ARE NOT AWARE OF THE THOUSAND DOLLARS GIVEN TO CHILDREN TO HELP THEM GROW THEIR FUTURE.
[00:23:51] THEY ARE NOT AWARE OF THE CHANGE OF THE MOST FAVORED NATION PHARMACEUTICAL RATES WHERE WE
[00:23:56] ARE PAYING THE LOWEST RATES ON PHARMACEUTICALS WHERE WE WERE
[00:23:59] PAYING THE HIGHEST RATES AND THEY ARE NOT AWARE OF THE TAX SAVINGS THAT WAS DONE BY THE BIG
[00:24:03] BEAUTIFUL BILL. I HOPE YOU CAN SHARE THAT WITH
[00:24:04] THE PRESIDENT AND HAVE HIM GET
[00:24:08] MORE REPUBLICAN STRATEGISTS OUT
[00:24:11] THERE, ESPECIALLY THE YOUNG WOMEN OUT THERE, TO EXPLAIN THIS
[00:24:14] TO THE PUBLIC WHO ARE NOT AWARE OF IT. MY FAMILY ARE ALL DEMOCRATS.
[00:24:18] THEY ARE NOT AWARE OF IT. HOST: PETER NAVARRO ON
[00:24:21] MESSAGING. GUEST: I JUST LOVE THAT.
[00:24:25] THAT IS SO ON POINT.
[00:24:28] THE GOSPEL I PREACHED AND ALWAYS
[00:24:30] HAVE AT THE WHITE HOUSE THE
[00:24:35] WHITE HOUSE WITH RESPECT TO POLITICAL MESSAGING IS I LIKE
[00:24:38] AND WHAT MUST HAPPEN EVERY DAY IS YOU PLAY A SONG.
[00:24:45] THE NEW CYCLE ITSELF IS THE MELODY. WHATEVER IS GRABBING YOUR
[00:24:49] ATTENTION THAT DAY IS WHAT'S
[00:24:52] GOING TO LEAD THE PRODUCERS AT ALL THE CABLE TV SHOWS AND BE ON
[00:24:55] THE FRONT PAGES OF THE PAPER. BUT THE BASELINE IS WHAT YOU'RE
[00:24:59] TALKING ABOUT, SIR.
[00:25:02] THE BREAD-AND-BUTTER KITCHEN TABLE ISSUES THAT AMERICANS CARE
[00:25:05] MOST ABOUT IN THE POLLS THAT
[00:25:11] DON'T GET TALKED ENOUGH ABOUT.
[00:25:15] THAT'S WHAT I TRY TO DO, THAT'S
[00:25:17] WHAT THE PRESIDENT TRIES TO DO. I'M NOT GOING TO COMPLAIN TOO
[00:25:22] MUCH HERE BUT I WILL SAY FOR
[00:25:24] EXAMPLE WITH THE WHOLE TAX BILL,
[00:25:27] THE BIG BEAUTIFUL BILL, THAT JUST GOT A WITHERING STORM OF
[00:25:32] CRITICISM WHEN IT CAME OUT FROM THE LEGACY MEDIA.
[00:25:38] CNN, WHATEVER -- IT JUST --
[00:25:42] FIXED ATTITUDES. THERE'S PROVISIONS IN THAT BILL. NO TAX ON TIPS.
[00:25:46] NO TAX ON SOCIAL SECURITY. THE ONE I MENTIONED.
[00:25:50] FROM MY POINT OF VIEW, I'M THE
[00:25:53] SENIOR COUNCIL FOR TRADE AND WHAT, MANUFACTURING.
[00:25:56] AND WHEN I GET 100 PERCENT
[00:25:59] EXPENSING IN THE TAX CODE FOR
[00:26:01] BUILDING FACTORIES, THAT MAKES MY DAY.
[00:26:05] SO I TRY TO TALK AS MUCH ABOUT
[00:26:08] ALL OF THIS AS I CAN BUT I WILL
[00:26:11] TAKE YOUR MESSAGE RIGHT BACK TO THE PRESIDENT.
[00:26:14] IN FACT I WOULD DO YOU EVEN BETTER. I'M GOING TO HAVE MY STAFF GRAB
[00:26:18] A LITTLE CLIP OF YOUR QUESTION AND I WILL MAKE SURE TO GET THAT
[00:26:21] TO THE PRESIDENT TO LISTEN TO
[00:26:27] BECAUSE WE ARE COMING UP TO AN ELECTION IN NOVEMBER THAT'S
[00:26:29] GOING TO BE VERY CONSEQUENTIAL TO THIS COUNTRY AND IT IS THE
[00:26:34] ECONOMY, STUPID. HOST: ANOTHER QUESTION.
[00:26:37] THIS IS JACK IN MARYLAND ON THE LINE FOR DEMOCRATS.
[00:26:40] YOU ARE ON WITH PETER NAVARRO.
[00:26:43] CALLER: GOOD MORNING GUYS. MR. NAVARRO HAS BEEN KIND OF ALL
[00:26:46] OVER THE PLACE.
[00:26:49] I WOULD LIKE TO REMIND WHERE
[00:26:52] THIS TRADE WORK AGAIN WHEN TRUMP WAS INAUGURATED. REMEMBER FIRST HE WAS GOING
[00:26:56] AROUND SAYING CANADA SHOULD BE MADE THE 51ST STATE.
[00:26:59] THAT WAS ONE RATIONALE.
[00:27:00] THEN IT MOVED ON TO THEY ARE
[00:27:03] ALLOWING FENTANYL INTO THE U.S. THROUGH THEIR BORDERS.
[00:27:06] THEN IT WAS AN IMMIGRATION ISSUE. SO IT'S BEEN ALL TYPES OF
[00:27:10] DIFFERENT RATIONALE REGARDING WHY WE GOT INTO THIS TRADE WAR
[00:27:15] WITH CANADA. BUT WHAT I WOULD LIKE TO ASK MR.
[00:27:17] NAVARRO IS ONCE THESE NEW
[00:27:19] TARIFFS ARE PUT INTO PLACE, WHO
[00:27:21] IS RESPONSIBLE FOR PAYING THOSE TARIFFS?
[00:27:25] BECAUSE MR. TRUMP LIKES TO INTIMATE THAT THE ACTUAL GOVERNMENTS OF THE COUNTRIES
[00:27:29] WHERE IMPOSING THESE TARIFFS ON ARE PAYING THE TARIFFS. COULD YOU CLEAR THAT UP?
[00:27:33] IS THE GOVERNMENT OF CANADA GOING TO BE PLAYING -- PAYING
[00:27:37] THESE TARIFFS? HOST: PETER NAVARRO.
[00:27:41] GUEST: LET ME START WITH THE KIND OF FLIPPANT YOU ARE ALL
[00:27:45] OVER THE PLACE KIND OF STUFF. THE PROBLEM IS THERE'S JUST A
[00:27:48] LOT OF ISSUES AND I WANT TO
[00:27:52] ADDRESS THE ALL OVER YOUR PLACE
[00:27:54] WITH RESPECT TO FENTANYL AND
[00:27:57] ILLEGAL IMMIGRATION BECAUSE YOU ARE ABSOLUTELY CORRECT AT THE
[00:28:01] BEGINNING OF THE SECOND TERM OF
[00:28:02] DONALD TRUMP, WE PUT ON TARIFFS
[00:28:10] TO ADDRESS THOSE PARTICULAR ISSUES.
[00:28:12] THE FENTANYL ISSUE IS ONE THAT
[00:28:18] NO AMERICAN SHOULD FORGET.
[00:28:19] WE HAVE BEEN LOSING OVER 50,000
[00:28:23] AMERICANS A YEAR TO FENTANYL
[00:28:29] DEATHS. IT ALL COMES FROM CHINA.
[00:28:33] ITS PRECURSOR CHEMICALS.
[00:28:35] AND A LOT OF IT IS MIXED TOGETHER AND DISTRIBUTED OVER
[00:28:38] THE SOUTHERN BORDER BY THE MEXICAN CARTELS BUT AS WE HAVE
[00:28:42] CRACKED DOWN ON THEM THERE'S A
[00:28:43] LOT OF THAT ACTIVITY IN CANADA
[00:28:47] INCLUDING MEXICAN CARTELS OPERATING IN CANADA BRINGING IN
[00:28:52] CHINESE FENTANYL. SO WE MAKE NO APOLOGIES FOR
[00:28:54] BEING ALL OVER THAT PLACE, SIR.
[00:28:59] AND THE SAME PROBLEM WE HAVE HAD
[00:29:01] WITH ILLEGAL IMMIGRATION.
[00:29:04] AS WE WORK TO TIGHTEN THE SOUTHERN BORDER AND AS MEXICO
[00:29:08] HAS BEEN VERY COOPERATIVE ABOUT THAT, THE CANADIANS LESS SO.
[00:29:15] NOW, WITH RESPECT TO WHO PAYS
[00:29:16] THE TARIFFS, DO TARIFFS CAUSE
[00:29:23] INFLATION. YOU WERE SPOONFED EVERY DAY THAT
[00:29:26] CONSUMERS PAY AND PRICES GO UP,
[00:29:29] WHEN IN FACT THE DATA ON THIS IS
[00:29:31] UNAMBIGUOUSLY CLEAR DATING BACK
[00:29:35] TO THE FIRST TRUMP TERM.
[00:29:38] WE WERE TOLD REPEATEDLY WHEN WE
[00:29:40] PUT IN THE CHINA TARIFFS THAT
[00:29:43] PRICES WOULD RISE AND CONSUMERS WOULD PAY THEM.
[00:29:45] WE DID NOT SEE ANY OF THAT, SIR.
[00:29:47] ANY OF THAT. WE DO NOT SEE IT NOW.
[00:29:50] AND THE REASON IS VERY SIMPLE.
[00:29:56] CHINA OVER PRODUCES EXCESS CAPACITY.
[00:29:59] IT NEEDS OUR MARKET AND WHEN WE ARE PUTTING TARIFFS ON COUNTRIES
[00:30:02] THAT HAVE TO BE IN THIS MARKET IN ORDER FOR THEIR ECONOMIES TO
[00:30:06] WORK, THEY LOWER THEIR PRICES. THAT'S HOW THEY GET IT.
[00:30:12] WE DON'T PAY TARIFFS. THEY PAY THE TARIFFS.
[00:30:15] THAT'S WHY IT WORKS AND THAT
[00:30:17] MONEY THAT COMES IN AS TARIFFS
[00:30:20] IS GOING TO HELP EVERYONE IN THIS COUNTRY REGARDLESS OF IF
[00:30:23] YOU ARE DEMOCRAT OR REPUBLICAN. PAY FOR OUR BILLS FOR OUR
[00:30:27] GOVERNMENT OR GET YOU A TAX CUT.
[00:30:31] HOST: I DID WANT TO GIVE YOU A CHANCE TO TALK ABOUT THAT BOOK
[00:30:34] WE MENTIONED AT THE TOP OF THIS
[00:30:37] PROGRAM THAT COMES OUT OCTOBER 13 FROM WAR ROOM BOOKS WRITTEN
[00:30:42] WITH STEVE BANNON.
[00:30:45] THE TITLE, WIFE OUT SHE MUST ROT IN PRISON. WHAT IS THE CASE YOU MAKE IN THAT BOOK?
[00:30:52] GUEST: I HAVE A VERY UNIQUE PERSPECTIVE. I DON'T THINK ANYONE ELSE COULD
[00:30:56] WRITE THIS BOOK. IT'S ESSENTIALLY A TALE OF TWO
[00:31:00] DIARIES.
[00:31:00] WE HAVE DISCOVERED FAUCI'S 1100
[00:31:07] PAGE DIARY FULL OF REVELATIONS
[00:31:11] AND I MYSELF WROTE A DIARY DURING THE PANDEMIC AND WHAT IT
[00:31:13] FOUND SHE AND I WERE TWO PEOPLE
[00:31:16] IN 2020 THAT WERE IN AMERICA
[00:31:19] DURING THE PANDEMIC TRYING TO KEEP AMERICANS ALIVE. AND I DID MY JOB.
[00:31:25] I GOT YOU VENTILATORS, I GOT YOU
[00:31:29] MASKS, I GOT YOU SWABS, I GOT YOU TESTING KITS.
[00:31:35] I WORKED REALLY HARD. AND THE BIGGEST PROBLEM I HAD
[00:31:39] WAS TONY FAUCI.
[00:31:42] THERE ARE SOME GREAT SCENES IN THE BOOK.
[00:31:45] WHY PYEONGCHANG -- WHY FOUND SHE
[00:31:54] -- FAUCI MUST ROT IN PRISON.
[00:32:00] -- ACROSS A WHOLE RANGE OF ISSUES HE WAS TELLING YOU THE
[00:32:04] PUBLIC ONE THING AND HE WAS
[00:32:09] WRITING QUITE ANOTHER THING IN AND I FOUGHT HIM ON EVERYTHING
[00:32:13] AND HISTORY WILL PROVE ME RIGHT ON EVERYTHING I FOUGHT HIM ON. TAKE THE LOCKDOWN.
[00:32:19] EARLY ON, I WAS SAYING THAT MORE
[00:32:23] PEOPLE MIGHT WELL DIE OR BE
[00:32:26] HARMED BY THE LOCKDOWN THEN JUST
[00:32:34] HAVING MORE REASONABLE WAYS OF DEALING WITH THE VIRUS.
[00:32:37] FOUND SHE -- FAUCI WAS ALL
[00:32:46] ABOUT THE LOCKDOWN. HE WAS SAYING LOCK EVERYBODY
[00:32:50] DOWN AND GUESS WHAT, HISTORY HAS SHOWN ME RIGHT ON THAT. THE TRAVEL BAN.
[00:32:56] THE CHINA TRAVEL BAN FIRST TIME I EVER MET HIM.
[00:33:01] I THINK THE POINT IS THIS BOOK
[00:33:03] WILL SHOW YOU JUST HOW TO FIT
[00:33:06] TONY FAUCI WAS AND JUST HOW MUCH DAMAGE HE DID.
[00:33:09] I'M BURYING THE LEAD BIG TIME HERE BECAUSE THERE IS A STRONG
[00:33:12] CASE TO BE MADE THAT TONY FAUCI
[00:33:16] IS THE GODFATHER OF THAT PANDEMIC.
[00:33:19] THAT TONY FAUCI IS THE GUY AND
[00:33:22] HIS BUREAUCRACY WHO GAVE THE
[00:33:23] GRANT MONEY, FOLLOW ME HERE, TO
[00:33:29] THE WUHAN LAB THROUGH A CUTOUT
[00:33:31] CALLED THE ECO-HEALTH ALLIANCE
[00:33:34] TO PERFORM GAIN OF FUNCTION
[00:33:36] RESEARCH WHICH ENABLED THE
[00:33:39] CHINESE TO TAKE A HARMLESS BACK
[00:33:41] TO FIRE US AND TURN IT INTO
[00:33:43] SOMETHING THAT COULD KILL HUMANS. OK?
[00:33:49] AND THAT VIRUS ESCAPED FROM THAT LAB.
[00:33:51] THAT'S A NEAR CERTAINTY RIGHT NOW.
[00:33:54] WHO WAS SAYING THAT? ME.
[00:33:59] APRIL 2020. I SAID THAT PUBLICLY.
[00:34:03] FAUCI TOTALLY DENIED IT. BUT GUESS WHAT?
[00:34:08] IN HIS OWN DIARY SEVERAL MONTHS
[00:34:10] BEFORE HE HAD BEEN ADVISED BY 12
[00:34:14] PROMINENT SCIENTISTS THAT THAT
[00:34:15] VIRUS LIKELY CAME FROM A LAB.
[00:34:19] SO THE BOOK WHY FAUCI MUST ROT
[00:34:26] IN PRISON, I WRITE IT AS A PROSECUTOR.
[00:34:29] I SHOW YOU THE CASE AGAINST HIM ON ALL THE DIFFERENT WAYS THAT
[00:34:32] HE EFFECTIVELY LIED TO YOU AND
[00:34:34] IF YOU THINK THIS MAN IS SOME
[00:34:37] KIND OF TREASURE OR NATIONAL HERO, READ THIS BOOK.
[00:34:41] AND IF YOU STILL BELIEVE IT AFTER YOU READ THIS BOOK, I WILL GIVE YOU YOUR MONEY BACK.
[00:34:45] WHY FAUCI MUST ROT IN PRISON.
[00:34:50] I HOPE YOU TAKE A GOOD LOOK AT IT AND I WOULD LOVE TO HEAR FROM YOU.
[00:34:54] I THOUGHT THIS GUY. I WAS THE ONLY GUY IN THE WEST WING.
[00:34:58] I WAS RIGHT ON THE LOCKDOWN'S
[00:35:01] AND MASKS AND THE CHINA TRAVEL BAN AND THE VACCINES.
[00:35:04] I HELPED GET THOSE VACCINES
[00:35:07] GOING AND THOSE VACCINES SHOULD HAVE BEEN ONLY FOR PEOPLE WHO
[00:35:11] NEEDED THE VACCINES. YOU DON'T GIVE THEM TO KIDS, YOU
[00:35:13] DON'T GIVE THEM TO YOUNG MEN WITH HEALTHY HEARTS AND THEN
[00:35:17] BLOW THEIR HEARTS UP WITH THAT VACCINE.
[00:35:21] SO THERE IT IS.
[00:35:23] WHY FAUCI MUST ROT IN PRISON.
[00:35:27] HOST: THAT BOOK OUT OCTOBER 13.
[00:35:29] THAT'S ALL THE TIME WE HAVE WITH PETER NAVARRO THIS MORNING.
[00:35:33] HE IS THE PRESIDENT'S SENIOR COUNSEL ON TRADE AND MANUFACTURING.
[00:35:36] COME BACK AND CHAT WITH OUR VIEWERS DOWN THE LINE.
[00:35:40] GUEST: IT'S BEEN A REAL PLEASURE. I LOVE C-SPAN.
[00:35:44] I WANT TO PUT A PLUG IN FOR
[00:35:48] C-SPAN. IT'S A CALM BIPARTISAN LOOK AT
[00:35:49] THE NEWS EVERY DAY AND GOD BLESS
[00:35:54] YOU ALL. HOST: APPRECIATE YOUR SAYING THAT.
[00:35:57] >> SUBMITS THE