First On CNBC: CNBC Transcript: National Trade Council Director Peter Navarro on CNBC’s “Closing Bell” Today

WHEN: Today, Monday, June 25, 2018

WHERE: CNBC’s “Closing Bell”

The following is the unofficial transcript of a FIRST ON CNBC interview with National Trade Council Director Peter Navarro on CNBC’s “Closing Bell” (M-F 3 – 5PM) today, Monday, June 25th. The following are links to video of the interview on CNBC.com: https://www.cnbc.com/video/2018/06/25/peter-navarro-no-plans-impose-investment-restrictions-trade-war-trump-tariffs-technology-china.html?play=1 and https://www.cnbc.com/video/2018/06/25/peter-navarro-us-defend-threats-tech-trade-war-tariffs-trump-intellectual-property-china-investment-technology.html?play=1.

All sources must be referenced to CNBC.

KELLY EVANS: BACK ON WALL STREET, TRADE WAR ANXIETY IS HURTING MARKETS TODAY. THE DOW IS FALLING ABOUT 1.7%, DOWN 436 POINTS RIGHT NOW. THE TECH-HEAVY NASDAQ WHERE A LOT OF THIS CONCERN IS FOCUSED DIVING MORE THAN 2% ON THE HEELS OF REPORTS THAT THE PRESIDENT WILL BE CRACKING DOWN ON CHINESE INVESTMENTS IN TECH FIRMS. WEIGHING IN ON THESE DEVELOPMENTS IN A FIRST ON CNBC INTERVIEW, WE’RE JOINED BY WHITE HOUSE NATIONAL TRADE COUNSEL DIRECTOR, PETER NAVARRO. WELCOME, SIR.

PETER NAVARRO: GREAT TO BE HERE WITH YOU TODAY.

EVANS: WE’D LOVE FOR YOU TO CLARIFY WHAT EXACTLT THE ADMINISTRATION IS PLANNING? YOUR COLLEAGUE SECRETARY MNUCHIN EARLIER TODAY SAID TODAY THAT THE PRESIDENT IS NOT AIMING THIS AT CHINA SPECIFICALLY, BUT ACTUALLY AT ALL COUNTRIES. IS THAT RIGHT?

NAVARRO: LET ME BE REALLY CLEAR. THERE’S NO PLANS TO IMPOSE INVESTMENT RESTRICTIONS ON ANY COUNTRIES THAT ARE INTERFERING IN ANY WAY WITH OUR COUNTRY. THIS IS NOT -- THIS IS NOT THE PLAN. ALL WE’RE DOING HERE WITH THE PRESIDENT’S TRADE POLICY IS TRYING TO DEFEND OUR TECHNOLOGY WHEN IT MAY BE THREATENED. SO THIS WHOLE IDEA THAT SOMEHOW THERE’S GOING TO BE INVESTMENT RESTRICTIONS FOR THE WORLD, PLEASE, DISCOUNT THAT. I WOULD SAY MORE BROADLY, I THINK TODAY’S MARKET ACTION IS A VERY LARGE OVERREACTION. WHAT WE HAVE HERE WITH TRUMP TRADE POLICY IS A TREMENDOUS SUCCESS FOR THIS COUNTRY AND FOR THIS MARKET. IT’S VERY BULLISH. WE’VE GOT MANUFACTURES – THE HIGHEST LEVEL OF OPTIMISM. WE HAVE CONSUMER –

EVANS: SURE BUT -- LET ME JUST GO BACK –

NAVARRO: -- LET ME JUST FINISH. I THINK IT’S IMPORTANT TO PUT THIS IN CONTEXT.

EVANS: -- BUT ONE SECOND.

NAVARRO: SURE.

EVANS: ON WHAT YOU SAID ABOUT SECRETARY MNUCHIN’S COMMENTS -- SO YOU’RE SAYING THERE ARE NO PLANS TO IMPOSE INVESTMENT RESTRICTIONS ON ANY COUNTRY. SO WHY IS HE SUGGESTING THE PLANS ARE FOR ALL COUNTRIES THAT MAY BE TAKING OUR TECH?

NAVARRO: LET ME – YEAH, LET ME -- LET ME BE CLEAR. ALL WE HAVE DONE WITH THE 301 INVESTIGATION IS TO INVESTIGATE WHAT CHINA WAS DOING WITH OUR PARTICULAR COUNTRY WITH RESPECT TO TECHNOLOGY. AND ALL THE PRESIDENT HAS DONE WAS TO DIRECT THE SECRETARY TREASURY TO COME BACK WITH AN ASSESSMENT OF THAT, WHICH IS DUE AT THE END OF THIS MONTH, AND THAT ASSESSMENT DOES NOT INCLUDE ANY OTHER COUNTRIES. WITH RESPECT TO OTHER COUNTRIES, CERTAINLY WE WILL DEFEND OURSELVES AGAINST ANY THREATS TO THE TECHNOLOGY. BUT AS A PRACTICAL MATTER, WE HAVE A GREAT RELATIONSHIP WITH MUCH OF THE REST OF THE WORLD. SO THAT’S NOT SOMETHING THE MARKETS SHOULD BE WORRIED ABOUT. IN FACT, THERE – OUR ADMINISTRATIONS DEFENSE OFTHE TECHNOLOGY HAS BEEN A TREMENDOUS BOOM TO THE NASDAQ, TREMENDOUS BOOM TO THE RUSSELL. BASICALLY, IT’S BULLISH IF WE ARE ABLE TO RETAIN OUR INTELLECTUAL PROPERTY AND OUR TECHNOLOGIES. AND IF WE JUST STEP BACK FROM THIS -- AND AGAIN, I WANT TO KIND OF PAINT THE PICTURE HERE. THINGS ARE BULLISH HERE IN AMERICA. WE’VE GOT HIGH CONSUMER CONFIDENT, HIGH INVESTOR CONFIDENCE, HIGH MANUFACTURING CONFIDENCE. WE’VE GOT A MANUFACTURING INDEX OFF THE CHARTS. ALL THE TARIFFS THAT THE PRESIDENT PUT IN PLACE HAS TRIGGERED NEW INVESTMENT HERE IN AMERICA, BOTH BY DOMESTIC FIRMS AND BY FOREIGN FIRMS. WE’RE GONNA HIT 4% GROWTH RATE. WE’VE GOT THE LOWEST LEVEL OF EMPLOYMENT, PARTICULARLY IN THE AFRICAN-AMERICAN, HISPANIC COMMUNITIES. SO, HEY, I LOOK AT WHAT THIS STOCK MARKET TODAY THINKING, “WHAT’S GOING ON HERE?” WHEN, IN FACT, EVERYTHING WAS BULLISH. AND I THINK WHAT’S GOING ON HERE IS SIMPLY MISUNDERSTANDINGS ABOUT WHERE THIS PRESIDENT IS HEADED. ALL THIS PRESIDENT WANTS -- ALL THE PRESIDENT WANTS IS FREE, FAIR, RECIPROCAL TRADE, AND BY TAKING A STUFF STAND ON COUNTRIES THAT HAVE HI TARIFF BARRIERS WHO RESTRICT OUR INVESTMENT, THAT’S GOING TO LEAD US TO A BETTER PLACE.

WILFRED FROST: MR. NAVARRO, IF THE STOCK MARKET SELL OFF CONTINUED AND PROLIFERATED, WOULD THAT LEAD YOU TO POTENTAILLY CHANGE DIRECTION ON THIS TACT? DO YOU KEEP AN EYE ON WHAT THE MARKET’S INTERPRETATIONS ARE EVERY DAY?

NAVARRO: SO I’M JUST A FOOT SOLDIER. PART OF A BIG, BIG TEAM. THE EYE THAT WE HAVE ON THE BALL IS A STRONG MANUFACTURING BASE AND STRONG DEFENSE INDUSTRIAL BASE, A WORK FORCE THAT WORKS WITH THEIR HANDS AND MAKES GOOD WAGES. AND EVERYTHING THAT THE PRESIDENT IS DOING WHETHER IT’S DEREGULATION, TAX CUTS, TRADE POLICY, UNLEASHING OUR ENERGY SECTOR, IS TAKING US BEAUTIFULLY IN THAT DIRECTION. I MEAN, INVESTORS SHOULD THINK ABOUT WHERE THIS COUNTRY’S GOING. THIS COUNTRY’S GOING TO A BEAUTIFUL PLACE RIGHT NOW IN TERMS OF GROWTH, IN TERMS OF INCREASE, REAL WAGES WITHOUT INFLATION, AND THIS IS WHERE WE WANT TO BE. THIS IS SOMETHING THAT YOU CAN ONLY DREAM ABOUT BEFORE THIS ELECTION, AND THE PRESIDENT’S HAD 16 MONTHS TO BASICALLY MOVE THIS SHIP. IT’S MOVING SPEEDILY IN THE RIGHT DIRECTION AND SMOOTH SEAS, AND THE TRADE POLICIES IS AN IMPORTANT PART OF THAT. AND ALL THE PRESIDENT IS SAYING RIGHT NOW IS FREE, FAIR AND RECIPROCAL TRADE. HE GOES TO THE G7 –

EVANS: WE KNOW THERE HAVE BEEN ABUSES –

NAVARRO: HE SAYS WE’LL LOWER--

EVANS: -- TO BE CLEAR –

NAVARRO: YEAH. WE KNOW THAT.

EVANS: WE KNOW THERE HAVE BEEN ABUSES.

NAVARRO: WE KNOW THAT.

EVANS: AND SO THE QUESTION – THE THING THAT THE MARKET’S TRYING TO FIGURE OUT RIGHT NOW IS, “OKAY, THERE ARE ABUSES, AND WHAT IS THE U.S.?” -- WE BELIEVE THE PRESIDENT AT HIS WORD HE’S GOING TO DO SOMETHING ABOUT THEM, AND WE GET REPORTS FROM THE "WALL STREET JOURNAL" SAYING HE’S GOING TO BAR CHINESE COMPANIES FROM INVESTING IN U.S. TECH AND BLOCK ADDITIONAL TECH EXPORTS IN AN EFFORT TO PRESSURE BEIJING TO THAT OUTCOME. AND THEN YOU TELL US THERE’S NO PLANS TO IMPOSE INVESTMENT RESTRICTIONS ON ANY COUNTRY, SO WHAT’S THE TRUTH HERE?

NAVARRO: SO LET’S UNPACK THIS. SO THE "WALL STREET JOURNAL" WRITES A STORY THIS MORNING THAT WAS ON THE BASIS OF LEAKS FROM SOME PEOPLE IN THE DEEP STATE WHO MAY OR MAY NOT HAVE HAD AN AGENDA TO STIR UP PRECISELY THIS KIND OF PROBLEM. WHAT THE PRESIDENT HAS DONE AND STATED IS THAT WE’VE GOT AN ISSUE WITH CHINA, BASICALLY COMING IN AND TAKING OUR TECHNOLOGY EITHER BY THEFT, FORCED TRANSFER OR ACQUISITION. WHAT HE’S DONE SO FAR IS DIRECTED THE USTR - THE UNITED STATES TRADE REPRESENTATIVE - TO IMPOSE DEFENSIVE TARIFFS ON A TARGETED SET OF INDUSTRIES IN THE MADE IN CHINA 2025 HIGH TECH, ALL GOOD WITH THAT. WE NEED TO DO THAT. AND HE’S ASKED THE TREASURY SECRETARY TO LOOK AT THE ISSUE OF INVESTMENT RESTRICTIONS. TREASURY SECRETARY IS GONNA REPORT BACK. AND I SHOULD SAY, THAT AT THE SAME TIME WE’RE DOING THIS—

EVANS: SO HE’S LOOKING AT IT, IT’S STILL A POSSIBILITY?

NAVARRO: AT THE SAME TIME THAT WE’RE DOING THIS, WE’VE GOT CONGRESS STRENGTHENING THIS -- LEGISLATION CALLED CFIUS – THE COMMITMEE FOR FOREIGN INVESTMENT IN THE UNITED STATES. THERE’S AN ACT CALLED THE FIRRMA ACT THAT SENATOR CORNYN’S PUSHING STRONGLY THROUGH. AND, BY THE WAY, THERE’S A WHOLE THRUST OF THAT, THAT FIRRMA BILL, IS THE FACT THAT WE HAVE COUNTRIES, CHINA AND OTHERS, THAT ARE COMING IN AND BASICALLY TAKING AND BUYING UP ASSETS FOR STRATEGIC PURPOSES.

EVANS: YEAH, BUT IT SOUNDS TO ME LIKE YOU’RE SAYING IS YEAH, WE’RE NOT PURSUING THIS TODAY, BUT IT DOESN’T SOUND TO ME IT’S OFF THE TABLE. IT SOUNDS TO ME LIKE SECRETARY MNUCHIN IS LOOKING INTO IT.

NAVARRO: I THINK WHAT -- I THINK WHAT THE MARKETS SHOULD DO IS LET THE PROCESS WORK. THE PRESIDENT MAKES GREAT DECISIONS BASED ON THE BEST INFORMATION HE GETS. HE’S GOING TO GET REALLY GOOD INFORMATION THIS WEEK ON WHERE THE CHESS BOARD STANDS. HE’LL MAKE DECISIONS ACCORDINGLY. BUT REMEMBER, THE MISSION HERE IS TO DEFEND OUR TECHNOLOGY AND INTELLECTUAL PROPERTY SO WE CAN PROSPER IN THE FUTURE. WE ALREADY KNOW WHAT THE PAST HAS LOOKED LIKE FOR THE LAST 16 YEARS OF UNFAIR TRADE AND THEFT OF OUR INTELLECTUAL PROPERTY. AND WE’VE LOST A LOT OF INDUSTRIES THAT WE USED TO OWN. APPLIANCES, MACHINE TOOLS, A LOT OF INDUSTRIES, COMPUTERS. WE DON’T WANT THAT TO HAPPEN TO ARTIFICIAL INTELLIGENCE OR ROBOTICS OR BLOCKCHAIN TECHNOLOGY OR ADVANCED SHIPPING. THESE ARE SERIOUS MATTERS, BUT I CAN TELL YOU THE MARKET HAS BEEN RESPONDING POSITIVELY TO SIGNALS THAT THIS ADMINISTRATION WILL BE DEFENDING OUR TECHNOLOY AND INTELLECTUAL PROPERTY FROM THE KINDS OF – OF UNLAWFUL KINDS OF ACTIONS THAT OTHERS MIGHT TAKE. SO, AGAIN, I THINK THIS IS A DAY THAT, YOU KNOW, MOMENTUM TRADERS GET A HOLD OF THAT AND DRAG THINGS DOWN. BUT IF YOU’RE A LONG TERM INVESTOR, I MEAN, COME ON. THIS ECONOMY IS GOING GREAT. THE PRESIDENT: TAX CUTS, DEREGULATION, LOW ENERGY, AND GOOD TRADE POLICY THAT’S YIELDING A REALLY STRONG INVESTMENT HERE. I MEAN, WHAT’S NOT TO LIKE ABOUT THAT? SO THAT’S KIND OF WHERE WE’RE AT.

FROST: SO YOU MENTIONED TRADE POLICY LEADING TO STRONG INVESTMENTS IN THE U.S. THERE’S ALSO BEEN STORIES FROM THE WEEKEND THAT HARLEY-DAVIDSON WILL NOW MOVE PRODUCTION OUTSIDE OF THE U.S. BECAUSE OF VARIOUS TRADE TARIFFS IMPOSED FROM BOTH SIDES. WHAT’S YOUR TAKE ON THAT?

NAVARRO: WELL, YOU’RE GOING TO SEE STORIES POP UP LIKE THIS IN ORDER TO SWAY PUBLIC OPINION ONE WAY OR THE OTHER. BUT IF YOU LOOK AT HARLEY DAVIDSON, WHICH THE CEO OF THE HARLEYS WAS RIGHT HERE ON THE WHITE HOUSE LAWN THANKING THIS PRESIDENT FOR THE TAX CUTS AND ALSO FOR THE TARIFF POLICIES WE’VE ADOPTED. REMEMBER, THEY CAME TO US FOR EXAMPLE POINTING OUT INDIA HAD 100% TARIFFS ON HARLEY DAVIDSONS. THAT’S CERTAINLY NOT FAIR. WE WANT HARLEY’S MADE HERE, MORE MADE HERE, AND THAT’S GOING TO HAPPEN UNDER THE PRESIDENT’S TRADE POLICIES.

FROST: MR. NAVARRO, YOUR COLLEAGUE, OUR FORMER COLLEAGUE, MR. KUDLOW, RETURNED TO THE WHITE HOUSE TODAY. FIRST AND FOREMOST, WHEN YOU SPEKA TO HIM PLEASE SEND HIM OUR VERY BEST.

NAVARRO: CAN I SAY ONE THING? THE FIRST TWO WORDS OUT OF HIS MOUTH WERE "THE FREE MARKET" THIS MORNING, AND HE’S IN FINE SHAPE, AND HE’LL BE BACK IN FRONT OF THE CAMERAS SOON. HE WAS MISSED. HE GOT A STANDING OVATION AT THE STAFF MEETING THIS MORNING AT 8:02, AND HE’LL BE BACK UP HERE TELLING YOU THAT CAPITALISM’S GREAT LIKE THIS PRESIDENT DOES AND I DO.

FROST: WELL, AND THAT IS WONDERFUL TO HEAR HE’S BACK, MR. NAVARRO. BUT I GUESS MY QUESTION WAS GOING TO BE HIS ABSENCE IN THE LAST COUPLE WEEKS, DO YOU THINK YOU WOULD HAVE HAD A TOUGHER BATTLE YOURSELF CONVINCING THE PRESIDENT TO ESCALATE THE TRADE DISPUTE HAD MR. KUDLOW BEEN THERE AND MIGHT THINGS NOW COME BACK IN THAT SENSE FOR YOU, NOW THAT HE’S BACK?

NAVARRO: I THINK THERE’S A GREAT MISCONCEPTION WHAT GOES ON HERE IN THE WEST WING. THE PRESIDENT – PRESIDENT DONALD J. TRUMP IS THE LEADER AND THE VISIONARY WHO IS PUSHING HIS AGENDA FORWARD, BASED GOING BACK TO A SPEECH IN JUNE OF 2016 IN PITTSBURGH IN HIS JOBS PLAN SPEECH WHERE HE PROMISED TO DO ALL THE THINGS HE, IN FACT, IS DOING WITH RESPECT TO TARIFFS, WITH RESPECT TO PROTECTING INTELLECTUAL PROPERTY. ALL WE DO, AND I THINK IT’S A REALLY GOOD TEAM TO HAVE DIFFERING, AS OPPOSED TO DEVISIVE VOICES, IS TO JUST GIVE THE PRESIDENT DIFFERENT POINTS OF VIEW AND TO HAVE HIM MAKE DECISIONS. HE’S MAKING GREAT DECISIONS. I MEAN, LOOK AT THIS ECONOMY. IT’S JUST OFF THE CHARTS, AND IT’S GOT NOTHING BUT BLUE SKIES AHEAD ON THIS. AND THE PEOPLE HERE IN AMERICA REALLY APPRECIATE THE FACT THAT THEY’RE BACK TO WORK. AND THEY’RE BACK TO WORK AND PAYCHECKS ARE GOING UP, AND THEIR TAX BILLS ARE GOING DOWN, AND IT’S ALL GOOD.

EVANS: WELL, THE MARKET SEEMS TO VIEW IT THAT WAY. YOU’VE COME OUT AND SAID THERE ARE NO PLANS TO IMPOSE RESTRICTIONS. THE DOW WAS DOWN LESS THAN 300 POINTS A MOMENT AGO, IT WAS DOWN 500 AT THE LOWS. AND SO I JUST WANT TO LET YOU CLARIFY THAT ONE MORE TIME – THAT, ARE YOU SAYING THAT THERE’S NO PLANS PERIOD – THAT THERE’S NO PLANS TO IMPOSE INVESTMENT RESTRICTIONS? ‘CAUSE, SOUNDS TO ME LIKE THAT’S NOT WHAT YOU’RE SAYING. YOU’RE SAYING THERE’S NO PLANS TODAY. BUT THAT’S ABOUT AS FAR AS IT GOES.

NAVARRO: NO, NO, THE ONLY THING THAT’S GOING TO HAPPEN IN THE NEAR TERM IS ON FRIDAY THE TREASURY DEPARTMENT’S GOING TO REPORT TO THE PRESIDENT ABOUT THE ISSUE RELATED TO CHINA. THAT’S ALL THAT HAPPENS. WITH RESPECT TO OTHER COUNTRIES, THERE’S ABSOLUTELY NOTHING ON THE TABLE.

FROST: MR. NAVARRO, I JUST WANTED TO COME BACK TO A QUESTION THAT HAS EXISTED SORT OF SINCE THE G7 GIVEN COMMENTS THAT YOU MENTIONED BACK THEN ABOUT CANADA. DO YOU REGRET THAT THIS WHOLE PROCESS OVER THE LAST SIX MONTHS, IT’S BEEN FOCUSED ON CHINA INITIALLY, THAT ALLIES HAVE BEEN CAUGHT UP IN IT AS WELL, WHETHER WE’RE TALKING ABOUT CANADA, EU, THE U.K., DO YOU REGRET HAVING TO ESCALATE TENSIONS WITH ALLIES OR IS IT SOMETHING THAT THEY HAD COMING AND THEY DESERVED?

NAVARRO: SO, THE WORDS THAT I REGRET YOU USING ARE "ESCALATE INTENTIONS." ALL THAT’S HAPPENING HERE IS A TRADE DISPUTE. AND AS THE PRESIDENT HAS SAID, WE’VE HAD AS MUCH PROBLEM WITH OUR ALLIES LIKE EUROPE AND CANADA AND MEXICO AS WE DO WITH CHINA ON THE TRADE ISSUE. THAT DOESN’T MEAN WE’RE NOT STILL FRIENDS. IT JUST MEANS WE HAVE SOME THINGS TO WORK OUT. IF YOU LOOK AT EUROPE FOR EXAMPLE, WE WERE ON $151 BILLION TRADE DEFICIT IN GOODS. THEIR AUTO TARIFFS ARE FOUR TIMES HIGHER THAN OURS. THEIR VAT TAXES ARE PUNITIVE. SO ALL WE WANT TO DO IS BE ABLE TO SELL AS MANY FORDS INTO GERMANY AS THEY SELL BMWs HERE. THERE’S NOTHING WRONG WITH THAT. AND THE PRESIDENT’S STANDING UP TO THAT PRINCIPLE. WE HAVE ISSUES WITH CANADA ON DAIRY AND LUMBER, WHICH ARE LONG STANDING. WE HAVE OTHER ISSUES WITH OTHER COUNTRIES. JAPAN, SELLS US 100 CARS FOR EVERY ONE WE EXPORT TO THEM. SO I THINK, WHAT THE PRESIDENT IS, HE’S NOT SINGLING OUT CHINA. HE’S NOT DOING THAT. WHAT HE’S DOING IS SINGLING OUT UNFAIR, NONRECIPROCAL UNBALANCED TRADE THAT’S HURTING THE MEN AND WOMEN OF THE COUNTRY WHO WORK WITH THEIR HANDS IN MANUFACTURING, AND THE PRESIDENT’S SAYING, “LOOK, IF WE DON’T HAVE A STRONG MANUFACTURING AND DEFENSE INDUTSTRIAL BASE, WE DON’T HAVE A COUNTRY.” THAT’S ALL THAT’S GOING ON HERE. AND EVERY STEP HE’S TAKEN: SOLAR, WASHING MACHINES, STEEL, ALUMINUM, ALL THAT’S HAPPENED IS WE’VE HAD NEW INVESTMENT. I MEAN IT’S TRULY AMAZING WHAT’S GOING ON IN THE STEEL AND ALUMINUM INDUSTRIES AS WE SPEAK. GRANITE CITY, ILLINOIS, NEW PLANTS OPENING UP. HAWESVILLE KENTUCKY, ALUMINUM, $150 MILLION MODERNIZATION AND EXPANSION. SOLAR’S COMING BACK FOR THE FIRST TIME IN DECADES. THIS IS ALL GOOD.

EVANS: IS TECHNOLOGY SECTOR, PETER, GOING TO BE ADDED TO THAT LIST? IS THAT VIEWED AS INDUSTRIALLY SIGNIFICANT TECHNOLOGY THAT THE U.S. WANTS TO PROMOTE BEING MADE AND INVESTED IN BY PEOPLE HERE IN THE COUNTRY, AND, YOU KNOW, IS THAT GOING TO JOIN THE LIST OF ALL THOSE INDUSTRIES YOU JUST MENTIONED?

NAVARRO: SO I’M AN ECONOMIST BY TRAINING, AND ONE OF THE FIRST THINGS YOU LEARN IN ECONOMICS IS THE SOLO GROWTH MODEL. IT’S SIMPLY THAT THE ONLY WAY TO GROW, AND PROSPER, AND HAVE YOUR REAL WAGES GROW -- GO UP IS THROUGH INNOVATION, THROUGH TECHNOLOGICAL INNOVATION. SO IT IS IN OUR INTEREST, AND THE PRESIDENT RECOGNIZES THIS, TO NOT ONLY MAINTAIN A STRONG POSITION IN THE TRADITIONAL MANUFACTURING INDUSTRIES, BUT ALSO TO MAINTAIN A VERY DOMINATE LEAD IN THE EMERGING INDUSTRIES OF THE FUTURE: ARTIFICIAL INTELLIGENCE, ROBOTICS, HIGH-TECH SHIPPING, EXTREME MANUFACTURING. AND THAT’S THE PRESIDENT’S VISION. THE BEAUTY OF THE PRESIDENT IS HE UNDERSTANDS THIS. HE UNDERSTANDS WHAT NEEDS TO HAPPEN OVER THE NEXT 20 TO 30 YEARS BECAUSE HE DOESN’T WANT THE NEXT 20 TO 30 YEARS TO LOOK LIKE THE LAST 16 BEFORE HE GOT INTO OFFICE. WE’RE DOING GREAT HERE. HE’S A GREAT PRESIDENT AND I HOPE THAT WILL BE APPRECIATED BY INVESTORS AS WELL AS FOLKS OUT THERE IN THE FLYOVER STATES WHICH WE LOVE.

EVANS: WELL, WE’RE SHOWING THE DOW DOWN AS WE MENTIONED ABOUT 330 POINTS RIGHT NOW, OFF THE LOWS. PETER NAVARRO, THANK YOU VERY MUCH FOR JOINING US TODAY.

NAVARRO: MY PLEASURE.

For more information contact:

Jennifer Dauble
CNBC
t: 201.735.4721
m: 201.615.2787
e: jennifer.dauble@nbcuni.com

Emma Martin
CNBC
t: 201.735.4713
m: 551.275.6221
e: emma.martin@nbcuni.com