In an interview presented Friday on FOX Business Network’s Making Money with Charles Payne, White House trade director Peter Navarro confirmed to host Charles Payne he plans to remain with the Trump administration for the remainder of the president’s term.
CHARLES PAYNE, FOX BUSINESS HOST: White House Director of Trade and Manufacturing Policy Peter Navarro joins us now.
PETER NAVARRO, WHITE HOUSE TRADE ADVISOR: Thanks, Charles.
PAYNE: Peter, I want to say first and foremost you played a really big role in helping restart this country’s manufacturing renaissance.
What should we expect with a President Bien who is pushing hard to get unions into businesses, whether -- not just the schools we heard from Kristina, but into businesses, does that change all of the work and all of the success that you and the Trump administration had?
NAVARRO: Charles, I think you just have to reverse engineer what President Trump did to understand that we’re going to be in deep trouble. The way that President Trump was able to restart the manufacturing base was the corporate tax cut.
That brought money and investment onshore, deregulation which basically enhanced the global competitiveness of manufacturing, cheap energy basically unleashing strategic dominance of the energy sector. Again that helped businesses. And of course, the fair-trade issue where we were able essentially to level the playing field.
Now, what we can expect from a Biden administration is to unwind that, to basically reverse engineer it. And what that will mean is we’ll go back to the future of the O-Biden (ph) administration from 2008 to 2016, where we had very slow--
PAYNE: Right, right.
NAVARRO: -- growth. I think it’s going to be worse, Charles, for the following reason.
Nancy Pelosi made a calculated political decision not to get a stimulus package in and delay that for about three months going into the election, did incalculable, irreversible damage particularly to small businesses.
The good news is they followed the advice of Tyler Goodspeed, the chair of the Council of Economic Advisers and myself. We had advocated in a “Wall Street Journal” op-ed for more PPP, and importantly the employer retention--
PAYNE: Right, right.
NAVARRO: -- tax credit. They at least did that.
But as you saw, Charles, the unemployment news is not good. We’re in a negative situation--
NAVARRO: -- now. And I see--
PAYNE: Peter, let me weigh-n on that as well, because to your point, net there was 140,000 jobs lost last month. That’s net, but that included 500,000 folks in leisure and hospitality.
And you have to ask yourself, how many of those were avoidable in these states where you had these overwhelmingly draconian hand-fisted shutdowns and lockdowns, particularly in the restaurant industry.
So, you see that the self-employed economic wounds, Peter, and what do you think about that?
NAVARRO: I think two things that Joe Biden is going to have trouble with, with his own party. One is this tendency towards lockdowns. That’s something that the president fought strongly against.
But the other is the teachers' unions and this move essentially to stay home. That’s a snowball effect, because not only are you depriving the children themselves of key elements of education at a key important time, but you’re saddling the parents at home making it difficult for them to get back in the workforce.
NAVARRO: So, I think there’s one--
NAVARRO: -- likely scenario of a stagflation scenario, where in a few months, a Democrat-controlled government will panic and throw trillions more in. It won’t work. It’ll cause inflation. We’ll have stagnation -- a stagnation scenario. And at some point, that catches up to the stock market, and we get a really sharp move down.
PAYNE: Peter, of course now there’s a lot of talk about the legacy of President Trump. And I guess even as most ardent (ph) supporters are saying what happened on Capitol Hill on Wednesday tarnishes a lot, if not all, of his good work.
In fact, here’s what Nikki Haley said at a RNC dinner last night about the president. Quote, “His actions since Election Day will be judged harshly by history. And it is a real shame because I am one who believes our country made some truly extraordinary gains in the last four years. President Trump and Republicans deserve great credit for that. We should not shy away from our accomplishments.”
Your colleague Larry -- before I get to that -- so let me ask you about that, because that’s going on now as I talk to Republican lawmakers and other folks, the legacy of President Trump. What do you think?
NAVARRO: President Trump is the greatest jobs president and trade negotiator in history. President Trump is also the individual who got a vaccine to the American people in a third of the time it normally takes, truly an extraordinary achievement.
President Trump is also the man who basically changed public attitudes on Communist China. We are all China hawks now. I would -- what I see now, the Nikki Haley’s and the Mitt Romney’s, even Lindsey Graham, I mean, these people just need to shut up. What happened was tragic on Capitol Hill.
NAVARRO: It should not be laid at the feet of President Donald J. Trump. All the president has been doing--
NAVARRO: -- since November 3, as I document in two reports “The Immaculate Deception” and “The Art of The Steal” is get to the bottom of what half of this country thinks was a stolen election.
NAVARRO: And we need to have that--
PAYNE: And, Peter, I--
NAVARRO: -- conversation. That’s not going away.
PAYNE: We’ll keep having that conversation, but I’ve got to go now. Before I do though, your intention is you will still for the rest of the term?
NAVARRO: Yes, sir. Donald J. Trump is the greatest president in modern history. He’s done a great job. And what you see now are simply jackals doing what they’ve been doing for the last four years trying to overthrow a dually elected president. Jackals.
PAYNE: Peter Navarro, thank you very much.