White House trade advisor Navarro says China trade deal will be on Trump's terms, not Wall Street's

  • White House trade advisor Peter Navarro said that any new trade deal between the U.S. and China will be on President Trump's terms, not Wall Street's.
  • Trump "has had the courage and wisdom to stand up to the globalist elites, to stand up to the countries of the world that are engaging in unfair trade practices," he said.
  • Navarro, known for his hawkish economic views toward China, has encouraged President Trump's tough talk with Beijing throughout an escalating trade war.
Peter Navarro, director of the National Trade Council.
Andrew Harrer | Bloomberg | Getty Images
Peter Navarro, director of the National Trade Council.

White House trade advisor Peter Navarro said Friday that any new trade agreement between the United States and China will be on President Donald Trump's terms, not Wall Street's.

"If there is a deal — if and when there is a deal, it will be on President Donald J. Trump's terms. Not Wall Street terms," Navarro said from the Center for Strategic & International Studies in Washington, D.C.

"If Wall Street is involved and continues to insinuate itself into these negotiations, there will be a stench around any deal that's consummated because it will have the imprimatur of Goldman Sachs and Wall Street," he added.

Navarro, known for his hawkish economic views toward China, has encouraged President Trump's tough talk with Beijing throughout an escalating trade war between the two countries. Both economic powerhouses have imposed and threatened tariffs on billions of dollars' worth of each other's goods.

Trump "has had the courage and wisdom to stand up to the globalist elites, to stand up to the countries of the world that are engaging in unfair trade practices," the trade advisor added. "Donald J.Trump has done an amazing job of addressing that issue and he didn't need the help of Wall Street. He didn't need the help of Goldman Sachs. And he doesn't need it now."

Gary Cohn, the former top national economic adviser, argued against imposing tariffs on China. Cohn was formerly the president and chief operating officer of Goldman Sachs.

Navarro also disparaged "unpaid foreign agents" and their "so-called diplomacy" in an apparent critique of those who have advised the president to settle with Beijing. "All they do is weaken this president and his negotiating position. No good can come of this," he said

U.S. President Donald Trump and China's President Xi Jinping leave a business leaders event at the Great Hall of the People in Beijing on November 9, 2017.
Nicolas Asfouri | AFP | Getty Images
U.S. President Donald Trump and China's President Xi Jinping leave a business leaders event at the Great Hall of the People in Beijing on November 9, 2017.

Navarro's comments come ahead of a widely-anticipated meeting between Trump and President Xi Jinping of China, an encounter economic advisors to both nations hope could provide an opportunity to calm the trade tensions. The meeting is set for the Group of 20 leaders' summit in Buenos Aires at the end of November.

The White House slapped tariffs of 10 percent on $200 billion of Chinese products in September, with the duty set to increase to 25 percent in 2019 notwithstanding a trade agreement. In response, Beijing said it would impose taxes on 5,207 U.S. imports worth about $60 billion.

The two nations had already imposed tariffs on $50 billion of each other's goods before the September sanctions.

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