- White Home senior counselor for commerce and manufacturing Peter Navarro mentioned in an interview that Vietnam’s provide for 0% tariffs on U.S. imports “means nothing.” He added that eliminating tariffs on the U.S. is only a begin and shifted the emphasis to non-tariff commerce boundaries and different points which might require main inner shifts in goal nations.
Vietnam scrambled to supply no tax on U.S. imports after President Donald Trump hit the nation with 46% tariffs, however that transfer wasn’t sufficient for Trump commerce counselor Peter Navarro, who accused it of “dishonest” and elevated the expectations for nations focused by new tariffs.
Navarro, Trump’s senior counselor for commerce and manufacturing, mentioned in an interview with CNBC Monday that the nation’s provide “means nothing.”
“Let’s take Vietnam. Once they come to us and say ‘we’ll go to zero tariffs,’ meaning nothing to us as a result of it’s the non-tariff dishonest that issues,” he mentioned.
Navarro mentioned that the alleged “non-tariff dishonest” he referred to included letting China route its exports by a rustic to keep away from tariffs, stealing mental property, and levying a value-added tax (VAT) on merchandise.
Later, Navarro added that among the many many issues the administration sees with its buying and selling companions are export subsidies, forex manipulation, and “phony” technical and security boundaries for U.S. agricultural merchandise.
“All of them cheat us another way,” he mentioned.
Fifty nations have already reached out to barter tariff agreements with the White Home, Kevin Hassett, director of the Nationwide Financial Council, instructed Fox Information Monday. And whereas Navarro mentioned Trump would take heed to any provides, the president has stood agency on final week’s “liberation day” tariffs to this point.
On Monday, Trump threatened China with 50% extra tariffs if it didn’t drop its retaliatory tariffs on U.S. imports.
Whereas Navarro argued that the Trump administration desires to revive “equity” to international commerce, he additionally seemingly moved the goalposts for negotiating nations by emphasizing “non-tariff boundaries” over overseas tariff insurance policies. Eliminating many of those insurance policies, resembling VATs, would require main home adjustments within the goal nations.
He known as Vietnam and different nations’ provide of 0% tariffs on U.S. imports “a small first begin.”
“This zero tariff factor, it is a misdirection,” he added.
Trump’s tariffs paired with a tax reduce the administration is reportedly planning will assist American employees, Navarro claimed.
In the meantime, the inventory market has plummeted on the tariff information, dropping $6.6. trillion in worth final week. On Monday afternoon shares noticed some reduction however have been nonetheless shaken. The tech-heavy Nasdaq was up lower than 1% whereas the benchmark S&P 500 index was down 0.2%. The Dow Jones was down 1%.
This story was initially featured on Fortune.com
