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: 307332

Reported Deaths: 7095
CountyCasesDeaths
DeSoto20757248
Hinds19869408
Harrison17475302
Rankin13307275
Jackson13095243
Madison9886210
Lee9854169
Jones8289160
Forrest7522146
Lauderdale7185237
Lowndes6261144
Lamar610284
Lafayette6026117
Washington5279132
Bolivar4769129
Oktibbeha455297
Panola4440103
Pearl River4418139
Warren4277118
Marshall4267100
Pontotoc416472
Monroe4056132
Union403575
Neshoba3984176
Lincoln3869107
Hancock371985
Leflore3468124
Sunflower329389
Tate322681
Pike3177104
Scott310472
Yazoo304268
Alcorn297664
Itawamba296776
Copiah292965
Coahoma289677
Simpson287484
Tippah284668
Prentiss275659
Marion265679
Wayne261341
Leake260973
Grenada254882
Covington254380
Adams245882
Newton244859
George237647
Winston225981
Tishomingo222067
Jasper219748
Attala213273
Chickasaw204857
Holmes186471
Clay182354
Stone179131
Clarke176676
Tallahatchie175240
Calhoun163130
Yalobusha158636
Smith158534
Walthall130543
Greene129433
Lawrence126223
Noxubee125833
Montgomery125542
Perry125138
Carroll120826
Amite119941
Webster113432
Jefferson Davis105332
Tunica102525
Claiborne101330
Benton97225
Kemper95126
Humphreys94332
Franklin81723
Quitman78916
Choctaw72817
Jefferson64828
Wilkinson64727
Sharkey49617
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 518588

Reported Deaths: 10712
CountyCasesDeaths
Jefferson753351487
Mobile37698798
Madison33829494
Tuscaloosa25245443
Montgomery23942565
Shelby23094238
Baldwin20617300
Lee15510165
Calhoun14277311
Morgan14137268
Etowah13660345
Marshall11952219
Houston10379278
Elmore9988200
Limestone9806147
Cullman9467188
St. Clair9422234
Lauderdale9208227
DeKalb8745181
Talladega8042171
Walker7087275
Jackson6753110
Autauga6715103
Blount6480135
Colbert6200130
Coffee5397112
Dale4766110
Russell428238
Franklin419882
Chilton4080109
Covington4053114
Tallapoosa3892146
Escambia387574
Dallas3526149
Chambers3499122
Clarke346360
Marion3065100
Pike305475
Lawrence295295
Winston272272
Bibb256258
Marengo248561
Geneva245875
Pickens232959
Barbour224755
Hale218675
Butler212266
Fayette208960
Henry187844
Cherokee182044
Randolph176741
Monroe171240
Washington163838
Macon154348
Clay149354
Crenshaw149257
Cleburne146041
Lamar139234
Lowndes136453
Wilcox124327
Bullock121340
Conecuh109028
Perry107926
Sumter102932
Coosa99228
Greene90734
Choctaw58624
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