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: 312712

Reported Deaths: 7223
CountyCasesDeaths
DeSoto21445257
Hinds20264414
Harrison17785308
Rankin13548278
Jackson13401246
Madison10055217
Lee9959173
Jones8361163
Forrest7638152
Lauderdale7191240
Lowndes6361144
Lamar620686
Lafayette6164118
Washington5318133
Bolivar4796132
Oktibbeha460698
Panola4550105
Pearl River4493145
Marshall4393103
Warren4371121
Pontotoc419372
Monroe4089133
Union408876
Neshoba4022176
Lincoln3944110
Hancock376886
Leflore3487125
Sunflower335590
Tate332084
Pike3290105
Scott314973
Alcorn311268
Yazoo310269
Itawamba299277
Copiah296065
Coahoma293979
Simpson293888
Tippah287468
Prentiss278960
Marion268780
Leake265573
Wayne262241
Adams261882
Grenada260085
Covington256281
George246748
Newton246161
Winston226881
Tishomingo225467
Jasper220748
Attala214173
Chickasaw206957
Holmes188672
Clay184654
Stone181833
Clarke177879
Tallahatchie177840
Calhoun169732
Yalobusha162936
Smith162134
Walthall133845
Greene130333
Lawrence128323
Montgomery126742
Noxubee126734
Perry125838
Amite122842
Carroll121728
Webster114532
Jefferson Davis106932
Tunica104626
Claiborne102230
Benton99025
Humphreys96133
Kemper95328
Franklin83423
Quitman79916
Choctaw76018
Wilkinson66830
Jefferson65428
Sharkey50217
Issaquena1686
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Alabama Coronavirus Cases

Cases: 529446

Reported Deaths: 10930
CountyCasesDeaths
Jefferson763031516
Mobile40850804
Madison34622501
Tuscaloosa25701451
Montgomery24289585
Shelby23367247
Baldwin21035307
Lee15822169
Calhoun14469313
Morgan14266279
Etowah13806352
Marshall12185222
Houston10533280
Elmore10029205
Limestone9948150
Cullman9640193
St. Clair9589239
Lauderdale9407239
DeKalb8814185
Talladega8199175
Walker7214277
Autauga6914108
Jackson6801111
Blount6635136
Colbert6288134
Coffee5498117
Dale4820111
Russell438438
Chilton4258111
Franklin424782
Covington4111117
Tallapoosa4004150
Escambia393076
Chambers3555123
Dallas3543151
Clarke350661
Marion3105100
Pike310177
Lawrence299798
Winston273672
Bibb260463
Marengo249064
Geneva247676
Pickens233659
Barbour230756
Hale222276
Butler215869
Fayette212062
Henry188744
Cherokee184145
Randolph179241
Monroe177040
Washington167039
Macon158850
Clay155156
Crenshaw151957
Cleburne148341
Lamar141534
Lowndes138553
Wilcox126729
Bullock122941
Conecuh110129
Perry107526
Coosa106928
Sumter104332
Greene92334
Choctaw60424
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