This is what Donald Trump understands. This is the trade deficit. We run a trade deficit of close to $800 billion a year.
Peter NavarroThe defining moment in American economic history is when Bill Clinton lobbied to get China into the World Trade Organization. It was the worst political and economic mistake in American history in the last 100 years. China went into the World Trade Organization and agreed to play by certain rules. Instead, they are illegally subsidizing their exports, manipulating their currency, stealing all of our intellectual property, using sweatshops, using pollution havens. What happens is, our businesses and workers are playing that game with two hands tied behind their back.
Peter NavarroThe Donald Trump trade doctrine is this. America will trade with any country, so long as that deal meets these three criterion: You increase the GDP growth rate, you decrease the trade deficit, and you strengthen the manufacturing base.
Peter NavarroDonald Trump is not a protectionist. If he imposes tariffs on China or any other country that cheats, all he wants to do is defend America against unfair trade practices.
Peter NavarroFrom 1947 to 2001, the American economy grew annually at a rate of 3.5 percent. After China got into the World Trade Organization, got access to our markets and flooded our markets with its illegally subsidized exports, we grew at a rate of 1.8 percent from 2002 to 2015. That's almost cut in half.
Peter Navarro