Establishing a new trade deal with China could be significantly tougher than it was with Mexico, according to one of President Trump's top advisors.
"The challenge is, they've engaged in so many egregious practices that it's far more difficult to make a deal with China than it would be with Mexico," Peter Navarro, director of the National Trade Council at the White House, said on CNBC's "Closing Bell" Monday.
The former economics professor and author of "The Coming China Wars," has been notoriously hawkish on trade. Navarro said the goal now is structural realignment where all countries the U.S. trades with engage in "free, fair, and reciprocal" agreements.
Stocks were under pressure Monday after the cancellation of U.S.-China trade talks. The Wall Street Journal first reported late last week that China had cancelled talks with the U.S. on trade as both countries impose tariffs on billions of dollars worth of their goods. Representatives were scheduled to meet in an effort to smooth ongoing tensions, but according to the Journal, China rescinded its proposal to send delegations to Washington. Other news outlets matched the Journal's reporting throughout the weekend.