Donald Trump's major economic speech Monday was the "Reagan revolution of the 21st century," Trump economic advisor Peter Navarro said Monday.
The Republican presidential nominee laid out his economic plan in an address Monday, focusing on taxes, trade, energy and regulatory policy.
Trump raised his top income tax rate to 33 percent, after previously saying he would have a top rate of 25 percent. The current rate is nearly 40 percent.
Among other things, he also pledged to renegotiate the North American Free Trade Agreement and stop the passage of the Trans-Pacific Partnership.
Navarro, a professor of economics at the University of California, Irvine, said too many American jobs have been lost, pointing out that the U.S. has an auto trade deficit of $52 billion with Mexico.
"Those are jobs that could be here in Michigan if we were sensible about tax policy, tariff policy, trade policy," he said in an interview with CNBC's "Power Lunch."