Peter Navarro open to higher tariffs on China

President Trump's trade adviser Peter Navarro says if issues with China aren't resolved during the 90-day negotiating period, the administration would raise existing tariffs on $200 billion worth of Chinese goods.

Posted: Dec 8, 2018 2:59 PM
Updated: Dec 8, 2018 3:25 PM

President Donald Trump has expressed anxiety about a dismal streak for the stock market over the past several days, telling advisers he is surprised a tentative deal he struck with Chinese President Xi Jinping hasn't gone over well with Wall Street, according to a person who has spoken with him.

Ahead of Trump's meeting with Xi, held on Saturday evening in Argentina, some of Trump's top advisers told him the shaky markets were partly due to unease over a brewing trade war with China. That left Trump hungry to strike some sort of deal with Xi, people familiar with the matter said.

When the two leaders' agreement was announced on Saturday, Trump felt confident it would help stabilize markets -- and it did, for one day.

But the rest of the week has been marked by volatility and steadily lower market closes. Markets fell 559 points Friday amid growing investor anxiety over conflicting signals from top White House advisers about whether Trump still plans to hike tariffs further if negotiations with China go south. The Dow closed down 1,150 points, or 4.5%, for the week.

Contrary to some his advisers, Trump remains confident his combative China policy is not roiling markets; instead, he's blamed the Federal Reserve. He has told people this week his agreement with Xi will eventually be seen as historic.

But he's nonetheless revealed some angst over the past days that his China steps did not prove more stabilizing, and expressed concern that extended losses could damage him politically.

The President has stepped in to pump up his deal, opening Friday with a tweet asserting, "China talks are going very well!"

Also Friday morning, Larry Kudlow, director of Trump's National Economic Council, said in an appearance on CNBC that Trump has indicated he might be willing to extend the current 90-day negotiating window if there's "good, solid movement and good action."

But China trade adviser Peter Navarro, the trade hawk of the White House, struck a different tone on CNN. Asked whether the administration would walk away if issues with China are not resolved within 90 days, Navarro suggested Trump would "simply raise" existing tariffs on $200 billion worth of Chinese goods.

"We have a president that's going to stand up to that for once," Navarro said.

That triggered the market turn. It was an echo of Tuesday, when Trump himself undercut confidence in his own deal by issuing threats on Twitter.

"President Xi and I want this deal to happen, and it probably will," Trump wrote on Twitter on Tuesday. "But if not remember, I am a Tariff Man."

The Dow Jones Industrial Average slumped nearly 800 points Tuesday as investors realized that the agreement between Trump and Xi may not stave off hostilities for long.

A frustrated President asked aides what had happened, and has worked to convey optimism since then.

The White House says the deal with Xi will see China buy large amounts of US agricultural produce to close the trade deficit and includes an agreement by Beijing to curtail the flow of fentanyl, a powerful opioid, into the US.

In return, Trump agreed to hold off on plans to raise all current tariffs to 25% on January 1.

But details about the likelihood of progress and specifics of the agreement have been slim.

News the US requested the arrest of a Huawei executive in Canada on December 1, the day of the Trump-Xi dinner, has only added to concerns a trade war with Beijing will continue.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 245847

Reported Deaths: 5356
CountyCasesDeaths
DeSoto16717168
Hinds15748310
Harrison12806188
Rankin10334204
Jackson9996172
Lee8666135
Madison7994158
Jones6112108
Forrest5826117
Lauderdale5672174
Lowndes5186106
Lafayette482792
Lamar471162
Washington4700122
Bolivar3915105
Oktibbeha384279
Panola357274
Pontotoc356552
Monroe3463101
Union334755
Warren334692
Marshall333264
Neshoba3310149
Pearl River313891
Leflore2969104
Lincoln290185
Sunflower275868
Tate264759
Alcorn257850
Itawamba257058
Pike254876
Hancock246957
Prentiss240047
Scott238743
Copiah235649
Yazoo235054
Tippah233845
Simpson230166
Leake226764
Coahoma219054
Grenada213970
Covington207171
Marion203371
Adams200065
Winston196260
George195937
Wayne193029
Attala190958
Newton185142
Chickasaw179943
Tishomingo179059
Holmes167467
Jasper163533
Clay155632
Stone138818
Tallahatchie137033
Clarke135160
Calhoun132021
Smith117322
Yalobusha112534
Walthall110536
Noxubee108922
Greene108229
Montgomery107134
Carroll102320
Lawrence99817
Perry98631
Amite95725
Webster90024
Claiborne84125
Tunica84021
Jefferson Davis82925
Humphreys80324
Benton79722
Kemper75620
Quitman6678
Franklin64613
Choctaw59412
Wilkinson57424
Jefferson52019
Sharkey42317
Issaquena1576
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Alabama Coronavirus Cases

Cases: 414583

Reported Deaths: 5945
CountyCasesDeaths
Jefferson60842887
Mobile29590538
Madison26466183
Tuscaloosa20537267
Montgomery18562304
Shelby18181112
Baldwin15841177
Lee1212097
Morgan12002112
Etowah11488142
Calhoun10863197
Marshall10048106
Houston8405123
Cullman792294
Limestone785073
Elmore7670101
DeKalb757282
St. Clair7417120
Lauderdale740282
Talladega6036108
Walker5834176
Jackson571937
Colbert522270
Blount521980
Autauga507555
Coffee431456
Dale388278
Franklin362145
Chilton332965
Covington325567
Russell318910
Escambia309842
Dallas297988
Chambers275769
Clarke272933
Tallapoosa2591107
Pike245829
Lawrence239345
Marion238649
Winston222535
Bibb211347
Geneva196331
Marengo196329
Pickens195331
Hale172542
Barbour169636
Butler166958
Fayette164026
Cherokee158330
Henry149219
Monroe143617
Randolph137635
Washington135426
Clay124446
Crenshaw117444
Lamar116819
Cleburne115123
Macon111935
Lowndes107935
Wilcox99921
Bullock97128
Perry95019
Conecuh92820
Sumter89126
Greene75123
Coosa59814
Choctaw50824
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