CNBC Excerpts: White House Trade Advisor Peter Navarro Speaks USMCA Trade with CNBC‘s “Squawk Box” Today
WHEN: Today, Tuesday, September 10, 2019
WHERE: CNBC’s “Squawk Box”
The following is the unofficial transcript of excerpts from a CNBC interview with White House Trade Advisor Peter Navarro on CNBC’s “Squawk Box” (M-F 6AM – 9AM) today, Tuesday, September 10th. The following is a link to video of the interview on CNBC.com:
Q2 hedge fund letters, conference, scoops etc
From CNBC.
For investors, I think, look, play the long game here. See the chessboard. I think the Chinese really do want a deal. They’re getting hammered by the Trump tariffs. They’re having to cut their prices, manipulate their currency down into the toilet really, and they’re losing their supply chain.
Well, what I’m focused on today, Joe, is being a lightning rod for the USMCA. And, I think what’s important to understand, Joe, is that in terms of the volume of -- just sheer volume of trade that we do with Canada and Mexico, it's over a trillion dollars. It's actually almost twice as much as it is with China. And we actually export close to 5 times more product to Mexico and Canada than we do to China. So, the USMCA really is the big deal. We're hoping to get this thing done within the next 30 to 60 days. And today is going to be an important day, talking to the people of America so that they can encourage their representatives to do the people’s business when they get back to Washington.
Joe, this is a deal that does and should transcend politics. It's a unique deal because it benefits both farmers, ranchers and manufacturers. It doesn't pit them against each other. There's broad appetite around the country for this deal. The big thing, the big obstacle really has been the fact that Congress has been in recess.
I'm going to give it 100% here because it's so important for this country, and I can't imagine that Nancy Pelosi would not put this on the floor to at least have a vote. I think she is going to do the right thing on this and get the job done.
We know what the structural issues are. It's what I've called the seven deadly sins and it's worthwhile to go over them quickly. It's the cyber intrusions into the business networks. It’s the forced technology transfer. The intellectual property theft to the tune of several hundred billion a year. The dumping into our markets. The massively subsidized state-owned enterprises. The currency manipulation. And the last one, the seventh one is very, very important to President Trump. This is the made in China fentanyl and other opioids that are coming into this country.
There is a broad bipartisan support on Capitol Hill to get tough on China. And the American public, if you look at the polling, understands very clearly that we need to stand up to China's unfair trade. So, I'm not understanding this hawkish point of view in terms of the fact that a lot of what I've said is now conventional wisdom.
Peter Navarro on Tariffs are the Best Defense:
People need to understand this the tariffs on China are our best defense against China's economic aggression and best insurance policy -- this is important -- the best insurance policy that China will continue to negotiate in good faith. So the trump tariffs are working beautifully so that's how we need to move forward.
