CHARLES: AMERICA AND CHINA, THE
WORLD'S TWO LARGEST ECONOMIES
EXCHANGING $34 BILLION IN
TARIFFS AT MIDNIGHT LAST NIGHT.
PRESIDENT TRUMP WARNING
CHINESE COMMERCE AND MINISTRY
SCALE TRADE WAR IN ECONOMIC
HISTORY.
WITH ME NOW TO HELP BREAK IT
DOWN, PETER NAVARRO, WHITE HOUSE
OFFICE OF TRADE MANUFACTURING,
POLICY BRECTER.
DIRECTOR.
YOU ARE THE MAN OF THE HOUR.
THE HOUR.
TRUST ME ON THAT.
CHARLES: YOU HAVE BEEN WORKING
ON THIS FOR A LONG TIME.
YOU AUTHORED A BOOKED "THE
WITHIN THE WHO
LIKE THIS.
WHY DID YOUR ARGUMENT PREVAIL
WITH PRESIDENT TRUMP?
>> I MIGHT HAVE WROTE A BOOK IN
PROBLEM BACK IN THE '80s.
AND TODAY'S DECISION WAS A
FULFILLMENT OF A PROMISE KNEAD
IN JUNE OF 2016 DURING THE
CAMPAIGN IN HIS FAMOUS
PITTSBURGH JOBS SPEECH WHERE HE
PROMISED THAT IF CHINA CONTINUED
TO STEAL OUR INTELLECTUAL
PROPERTY, HE WOULD TAKE
APPROPRIATE MEASURES.
AND PRESIDENT TRUMP GAVE THEM
OF OUR TECHNOLOGY.
AND AMBASSADOR LIGHTHOUSE, THE
STRAYED REPRESENTATIVE, IN A
DETAILED STUDY FOUND THAT THE
CHINESE DO FOUR THINGS, THEY
STEAL OUR TECHNOLOGY, THEY FORCE
THE TRANSFER OF IT WHEN THE
COMPANIES GO TO CHINESE SOIL,
WE RUN WITH THEM EVERY YEAR ON
THE ORDER OF CLOSE TO HALF A
TRILLION DOLLARS, THAT ADDS UP
AND THEY'RE BRINGING THAT BACK
UP HERE IN BAGS OF MONEY TRYING
TO BUY UP SILICON VALLEY.
TODAY WAS A MEASURED STEP TOWARD
ADDRESSING WHAT IS A SERIOUS
ISSUE ABOUT PROTECTING OUR JOBS
OF THE FUTURE AND THAT'S WHAT
PRESIDENT DONALD J. TRUMP IS ALL
ABOUT.
CHARLES: PRESIDENT TRUMP LAST
NIGHT IN MONTANA, PUT OUT A MATH
MAT CALL EQUATION, 25% INCREASE
IN THE CURRENT TRADE DEFICIT,
ADD ONE PERCENTAGE POINT TO THE
GDP.
WHAT DOES THAT MEAN
ECONOMICALLY?
>> IF YOU LOOK AT THE TRADE
DEFICIT IN GENERAL, $1 BILLION
OF THE TRADE DEFICIT WE RUN
SO THAT ADDS UP PRETTY QUICK.
WHEN YOU LOOK AT THE HALF A
TRILLION DOLLARS IN TRADE
AND THE PROBLEM WE V WITH CHINA
IS WE ONLY SELL THEM
$130 BILLION WORTH OF GOODS BUT
CHARLES: LET ME ASK YOU, PETER
BECAUSE I WANT TO GET A FEW
THINGS IF YOU DON'T MIND.
WHAT YOU'RE DOING IS YOU'RE
HARKENING BACK TO THE GLORY DAYS
OF YESTERYEAR, THE SMOKESTACK OF
AMERICA AND THE HUSBAND GOING
OUT WITH THE LUNCH BUCKET, THAT
THINGS HAVE CHANGED.
AND WANTING TO BRING THOSE JOBS
BACK, ROMANTICIZING THEM IS
LIVING IN THE PAST AND IT'S
BOUND TO FAIL.
WHAT WOULD YOU SAY TO CRITICS
THIS IS ABOUT CHINA 2025, THE
GRAND INDUSTRIAL POLICY OF THE
CHINESE GOVERNMENT.
WITHIN SEVEN YEARS, CHARLES, TO
CAPTURE 70% OF ALL OF THE
PRODUCTION OF THE INDUSTRIES OF
INTELLIGENCE, ROBOTICS, UNMANNED
VEHICLES, BLOCK CHAIN
TECHNOLOGY, ADVANCED
NOTHING LOOK IN THE REAR VIEW RV
NOTHING LOOK IN THE REAR VIEW RE
NOTHING LOOK IN THE REAR VIEW RW
MIRROR ABOUT THAT.
WHAT PRESIDENT TRUMP IS LOOKING
AT IS THE FUTURE.
AS HE HAS SAID IF CHINA CAPTURES
THOSE EMERGING, THEN WE WON'T
OF THE AMOUNT OF HARM --
CHARLES: I READ MORE THAN THAT.
I BELIEVE YOU.
I'VE HEAD INDEPENDENT STORIES.
STEPHEN HAYES TROLLED YOU TODAY.
IN MARCH YOU SAID ON TARIFFS, I
DON'T BELIEVE ANY COUNTRY IS
GOING TO RETALIATE FOR THE
SIMPLE REASON THAT WE'RE THE
MOST LUCRATIVE AND BIGGEST
RETALIATED, CANADA HAS
RETALIATED AND CHINA HAS
RETALIATED AND PEOPLE ARE
NERVOUS SAYING YOU'RE
OVERPLAYING YOUR HAND HERE AND
THESE COUNTRIES AREN'T GOING TO
COUNTRY NEEDS TO DO NOW IS
DEFEND ITSELF AGAINST THE UNFAIR
TRADE PRACTICES OF THE WORLD.
AND PRESIDENT TRUMP IS CORRECT.
IT'S NOT JUST CHINA'S HARMING
THE AMERICAN WORKING MEN AND
WOMEN OF THIS COUNTRY.
IT'S EUROPE, IT'S JAPAN.
IF YOU THINK ABOUT JUST THE CAR
INDUSTRY, GERMANY CHARGES A
TARIFF FOUR TIMES HIGHER THAN WE
DO AND SELL MORE CARS TO US THAN
WE SELL TO THEM.
JAPAN SELLS US OVER 100 CARS --
CHARLES: BUT THEY'RE FIGHTING
BACK.
THE POINT IS THEY'RE FIGHTING
BACK AND THE NOTION IS THEY
WOULD BLINK.
THEY HAVEN'T BLINKED YET.
>> WELL, LET'S JUST, AGAIN, DO
THE MATH.
I KNOW YOU LIKE TO DO THE MATH.
THE PROBLEM FOR THOSE COUNTRIES
IS THAT THEY DEPEND ON US A
WHOLE LOT MORE THAN WE DEPEND ON
THEM.
IT'S OVER HALF A TRILLION
EVERY YEAR.
WHAT WE'VE DONE SO FAR, CHARLES,
TO BE CLEAR, WE'VE DONE SOLAR
TARIFFS, DISHWASHERS, STEEL,
ALUMINUM.
WHAT'S HAPPENED.
CHARLES: TRUE.
BUT IN MY MIND I HAVE GOT 18
ITEMS THAT ARE NEW IN THE GAME.
THINGS HAVE CHANGED SOMEWHAT.
PETER I WANT TO BRING MANY THE
PANEL TO FURTHER DISCUSS THIS.
LET ME ASK YOU, I ASKED KEVIN
HASSETT THIS EL.
THE ADMINISTRATION, ARE YOU IN,
HAVE YOU ACROSSED THE RUBICON,
ARE YOU GOING TO BLINK.
PRESIDENT BUSH TRIED A TARIFF ON
STEEL, IT DIDN'T WORK FOR HIM
AND HE BLINGED.
A LOT
BLLOT
BLINT
BLINKED.THE TRUMP ADMINISTRATION
BLINKED.THE TRUMP ADMINISTRATIOG
BLINKED.THE TRUMP ADMINISTRATIOI
BLINKED.THE TRUMP ADMINISTRATIOG
TO STAY THE COURSE.
>> THE DIFFERENT IS THERE WASN'T
A BROADER STRATEGY.
WHAT WE WANT IS FREE, FAIR AND
BALANCED RECIPROCAL TRADE.
THAT'S THE HOLY GRAIL.
CHARLES: YOU'RE STAYING THE
COURSE, NO MATTER HOW PAINFUL IT
GETS.
>> PRESIDENT TRUMP IS OUR
LEADER.
LOOK, WHAT WE'VE SEEN ALREADY
FOR EXAMPLE IS EUROPE WOULDN'T
TALK TO US FOR MONTHS AND MONTHS
AND MONTHS.
NOW WE HAVE THEIR ATTENTION.
THEY'RE TALKING TO US.
I DO THINK IN THE GOOD NEWS
CATEGORY WE'RE GOING TO GET A
REALLY SOLID DEAL ON NAFTA FROM
MEXICO VERY SOON AND ALL OF THIS
IS BECAUSE DONALD TRUMP IS
STANDING TALL AND FIRM ON THESE.
REMEMBER, OUT THERE IN AMERICA,
HE'S STANDING UP FOR YOU FROM
2000 TO 2016 AND THE END OF THE
BARACK OBAMA ADMINISTRATION, WE
LOST OVER 70,000 FACTORIES AND
OVER FIVE MILLION MANUFACTURING
JOBS BECAUSE OUR POLITICIANS
DIDN'T DO ANYTHING.
AND BY THE WAY, A LOT OF FOLKS
ON TV JUST DIDN'T SAY ANYTHING
SAY TODAY, ALL THESE PEOPLE WHO
ABOUT THEM IN THE LAST EIGHT
YEARS WHEN THE PRICES DROP 50%.
I PROMISE YOU THAT.
CHARLES: SPECIAL PROTECTION FOR
THEM?
>> SONNY PERDUE AND THE