Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Stocks in Asia fell Monday morning following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
WHEN: TODAY, FRIDAY, May 31, 2019
WHERE: CNBC'S "SQUAWK ON THE STREET"
Following are excerpts from the unofficial transcript of a FIRST ON CNBC interview with White House Trade Advisor Peter Navarro today on CNBC's "Squawk on the Street." Following is a link to video of the interview on CNBC.com: https://www.cnbc.com/video/2019/05/31/white-house-advisor-navarro-on-trumps-tariff-threats-against-mexico.html.
All references must be sourced to CNBC.
NAVARRO ON MEXICO TARIFFS
I WOULD SUGGEST TO INVESTORS TO LOOK AT THIS CALMLY, LOOK AT WHAT WE ARE TRYING TO DO, THIS IS ACTUALLY A BRILLIANT MOVE BY THE PRESIDENT TO GET MEXICO'S ATTENTION TO GET THEM TO HELP US BECAUSE SO FAR THEY'VE JUST BEEN STANDING BY AND THEY REALLY HAVE THE POWER TO HELP US. THE TWO INSTITUTIONS THAT HAVE THE POWER TO HELP US ARE THE MEXICAN GOVERNMENT AND THE CONGRESS
NAVARRO ON IEEPA
THE USE OF IEEPA HERE IS BASICALLY WE'RE DOING IS USING A REGULATORY METHOD TO ADDRESS THIS THREAT AND TARIFFS ARE ONE SUCH USE OF THE THREAT. WHATS HAPPENING NOW IS MEXICO BY BEING A BYSTANDER IN THIS CRIMINAL ENTERPRISE IS IMPOSING ENORMOUS COSTS ON THE UNITED STATES "
NAVARRO STEEL AND ALUMINUM TARIFFS
WHAT WE SAW WITH THE STEEL AND ALUMINUM TARIFFS WAS A TREMENDOUS INFLUX OF INVESTMENT INTO THIS COUNTRY IN STEEL AND ALUMINUM CAPACITY IN OTHER WORDS THOSE JOBS AND THOSE FACTORIES CAME HOME. WE'RE SEEING THE SAME THING IN OUR NEGOTIATIONS WITH CHINA, CORPORATE EXECUTIVES ARE RECOGNIZING THAT THE SUPPLY CHAIN IS BETTER OFF IN OTHER PLACES. OR BETTER YET BRING THAT HERE.
NAVARRO ON ILLEGAL IMMIGRATION
YOU HAVE BUS LINES, ALL SORTS OF TRANSPORTATION AND PEOPLE WHO FEED THESE PEOPLE AND THEY MAKE IT EASY FOR THEM, YOU GIVE THEM SCRIPTS SO THEY CAN FALSELY CLAIM ASYLUM HERE AND GET IN AND THEY KNOW THAT THEY JUST WALKING ACROSS THE BORDER IS GOING TO OVERBURDEN OUR SYSTEM I REPEAT TO YOU THIS WEEK, OVER A THOUSAND FAMILIES AND UNACCOMPANIED CHILDREN WALKED OVER THE BORDER IN A SINGLE GROUP, IN A SINGLE DAY. THAT IS NOT ACCEPTABLE TO THIS PRESIDENT.
NAVARRO ON ILLEGAL IMMIGRATION 2
THE PRESIDENT IS GOING TO GET THIS DONE BY INVOKING THE INTERNATIONAL EMERGENCY ECONOMIC POWERS ACT AND TAKING APPROPRIATE MEASURES. THIS WILL GET EVERYBODY'S ATTENTION IN MEXICO. WE ARE GOING TO WORK WITH THEM THEY'RE OUR FRIENDS. THEY'RE OUR ALLIES BUT LET'S FACE IT, THEY HAVE BEEN STANDING BY AND LETTING THIS HAPPEN. THERE IS A TRANSNATIONAL CRIMINAL ORGANIZATION THAT THRIVES IN THE ENTIRE COUNTRY OF MEXICO, THEY'RE A CONVEYOR BELT, A CONVEYOR BELT FOR ILLEGAL IMMIGRANTS COMING FROM CENTRAL AMERICA. THAT HAS TO STOP TODAY.
NAVARRO ON TARIFFS
THE FIRST QUARTER WAS TRACKING AT 2% AND WE HIT 3.2%. AND I WOULD REMIND YOU, WHEN YOU THINK ABOUT TARIFFS, THAT FULL ONE POINT OF THE 3.2% GROWTH RATE WAS ATTRIBUTED TO THE TARIFFS ON CHINA AND REUCTION OF THE TRADE DEFICIT. WHEN WE REDUCE OUR TRADE DEFICIT WITH CHINA, THAT MEANS MORE FACTORIES AND JOBS ON HOME SOIL, FASTER GROWTH, AND THAT MEANS LESS MONEY GOING OVER ABROAD THAT CAN COME BACK HERE TO BUY AMERICA.
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