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CNBC EXCERPTS: FIRST ON CNBC: WHITE HOUSE TRADE ADVISOR PETER NAVARRO ON CNBC'S "SQUAWK ON THE STREET" TODAY

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.

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