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White House adviser Navarro warns Wall Street 'globalists' over China

White House trade adviser Peter Navarro took a shot at Wall Street Friday, warning "globalist elites" agains...

Posted: Nov 10, 2018 10:05 AM
Updated: Nov 10, 2018 10:05 AM

White House trade adviser Peter Navarro took a shot at Wall Street Friday, warning "globalist elites" against meddling with the Trump administration's policy on China.

Bankers are putting a "full court press" on the White House to make a deal that would end the escalating trade war between the two nations, Navarro said during a speech at the Center for Strategic and International Studies in Washington, DC.

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"If and when there is a deal, it will be on President Donald J. Trump's terms -- not Wall Street terms," he said.

"If Wall Street is involved and continues to insinuate itself into these negotiations, there will be a stench around any deal that's consummated because it will have the imprimatur of Goldman Sachs and Wall Street," Navarro added.

Navarro, a former economics professor, accused billionaires and hedge fund managers of engaging in "shuttle diplomacy" between the United States and China, which he says weakens the President and his negotiating position. It wasn't immediately clear what he was referring to.

His remarks come ahead of Trump's expected meeting with Chinese President Xi Jinping at the G20 summit later this month in Argentina. The administration has sent mixed messages about whether the two are nearing a truce that would lift more than $250 billion in retaliatory tariffs on an array of goods ranging from chemical products and motors to luggage and hats.

The comments reflect the ongoing divisions inside the Trump administration between free traders -- including those with Wall Street backgrounds like Treasury Secretary Steven Mnuchin and economic adviser Larry Kudlow -- and the so-called nationalists, who hew to the "America First" stance laid out during the campaign and early months of Trump's presidency by former chief strategist Steve Bannon.

"Wall Street is a very easy boogeyman to attack in situations like these," said Rufus Yerxa, a former US trade official who now leads the National Foreign Trade Council, in an interview with CNN. "But look, the concern about making sure that the US gets the right results in China without provoking a trade war comes from Main Street, and from the American companies that make things, produce jobs and export stuff."

Yerxa said his members, which include companies like Google, Walmart, Visa, General Electric and Caterpillar, have been offering input to the Trump administration wherever possible, but notes there's still "a bit of confusion" over which direction the White House may be going given ongoing internal discussions.

"We don't have any clear sense of where they are," said Yerxa, referring to any developing proposals. "A lot of the business community isn't being brought into details of that."

Trump earlier this week promised a positive meeting with Xi.

"We'll have a good meeting and we're going to see what we can do," the President said at his Wednesday news conference following the midterm elections.

But fault lines between the US and China were on clear display Friday during a meeting between senior military officials, who challenged each other over the South China Sea, Taiwan, religious freedom and trade.

Trump has made it a priority to take an aggressive stance against China for what he says are unfair trade practices, including intellectual property theft and forced technology transfers. He's threatened to escalate the trade war further by taxing the remaining Chinese goods sold to the United States.

Many American manufacturers, farmers and lawmakers from both sides of the aisle say they appreciate the administration's efforts to change China's trade policies. But some argue the tariffs aren't the best way to address the issues. They pose a dilemma to US importers who must decide whether to absorb the higher cost of the goods or pass it on to consumers, and some exporters are hurting from China's retaliatory tariffs.

Former White House economic adviser Gary Cohn left the administration in the wake of a fierce disagreement over tariffs on steel and aluminum. Earlier this week, Cohn, a former Goldman Sachs executive, told the BBC that the tariffs could hurt the US economy.

"I look at tariffs as a bit of a consumption tax [and] we do not want to tax our consumers when they're going to spend their disposable income on what we produce, which is services," he said.

In his remarks Friday, Navarro also blamed Wall Street for the decline in manufacturing and the opioid crisis.

"If they want to do good, then spend their billions in Dayton, Ohio, in the factory towns of America where we need a rebirth of our manufacturing base and end to the opioid crisis -- which they helped create by off-shoring our production," he said.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 149940

Reported Deaths: 3779
CountyCasesDeaths
DeSoto10097104
Hinds9984199
Harrison7116110
Jackson6360119
Rankin5588103
Lee509195
Madison4799106
Forrest383186
Jones357688
Lauderdale3496147
Lafayette326051
Washington3179107
Lamar291550
Oktibbeha245462
Bolivar241384
Lowndes237364
Panola222350
Neshoba2206118
Marshall217250
Leflore205590
Pontotoc199928
Monroe198177
Sunflower191655
Lincoln190865
Warren176857
Tate169851
Union167325
Copiah164140
Pike162658
Yazoo156039
Scott154829
Itawamba152935
Pearl River152167
Alcorn151328
Coahoma150543
Simpson148353
Prentiss146230
Adams141950
Grenada140945
Leake134944
Holmes130861
George125524
Tippah125230
Covington123439
Winston122224
Hancock121139
Wayne117923
Marion116646
Attala113034
Tishomingo109442
Chickasaw107632
Newton105629
Tallahatchie97027
Clay91327
Clarke90553
Jasper82822
Stone77014
Walthall76928
Calhoun75513
Montgomery74525
Carroll72415
Lawrence71814
Smith71316
Yalobusha71327
Noxubee71017
Perry67026
Tunica61019
Greene60322
Claiborne58616
Jefferson Davis57017
Amite54014
Humphreys53619
Benton49318
Quitman4927
Webster44314
Kemper43618
Wilkinson39822
Jefferson35211
Franklin3395
Choctaw3357
Sharkey30917
Issaquena1164
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Alabama Coronavirus Cases

Cases: 244993

Reported Deaths: 3572
CountyCasesDeaths
Jefferson32314500
Mobile19859361
Madison13223148
Tuscaloosa13049154
Montgomery12342236
Shelby1031577
Baldwin873398
Lee775766
Morgan662650
Calhoun6301119
Etowah627666
Marshall627255
Houston525638
DeKalb485536
Cullman439442
Limestone425145
St. Clair419555
Lauderdale407854
Elmore406864
Walker3657111
Talladega351454
Jackson320423
Colbert311942
Blount292240
Autauga273542
Franklin252633
Coffee245415
Dale232654
Dallas226232
Chilton223438
Russell22193
Covington218934
Escambia198331
Chambers176850
Tallapoosa176391
Pike158614
Clarke158419
Marion140236
Winston133023
Lawrence127936
Pickens123518
Geneva12218
Marengo121524
Bibb117917
Barbour117310
Butler116541
Randolph102921
Cherokee102224
Hale97031
Clay91924
Fayette91616
Washington91219
Henry8546
Lowndes79929
Monroe78911
Cleburne77214
Macon73722
Crenshaw71130
Bullock69619
Perry6886
Conecuh68414
Lamar6798
Wilcox63518
Sumter58122
Greene42618
Choctaw42213
Coosa3444
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