Peter Navarro: Goldman Sachs is the ‘commander-in-chief’ of offshoring

By Trade WarFOXBusiness

White House trade adviser Peter Navarro on Monday slammed Goldman Sachs, after they claimed President Trump’s China tariffs last year raised the prices of goods and hurt American businesses.

“Goldman Sachs, they are the commander-in-chief on Wall Street of offshoring,” Navarro told FOX Business’ Lou Dobbs on “Lou Dobbs Tonight.”

Last Sunday, Navarro spoke with Fox News host Christopher Wallace about the U.S.-China trade dispute.

Wallace pulled up a chart from Goldman Sachs, which showed President Trump’s tariffs raised the price of goods more than the rate of inflation. In addition, the anchor also talked about a report the bank released in May that said the cost of Trump’s tariffs last year have fallen “entirely” on American businesses and households.

“China is bearing the entire burden of these tariffs through currency manipulation and through slashing prices and if you look at inflation rates from 2018 to 2019 they’re down, including on our imports,” Navarro told Dobbs.

The Treasury Department declared China as a currency manipulator, after the Chinese let the yuan fall below 7 to the U.S. dollar.

Navarro continued to push back against Goldman, questioning whether the tariffs really had the effect the chart was suggesting.

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“I tried to look at Goldman Sachs numbers, basically what they did was they loaded the dice…The yuan started going up in March of 2018 and its down by 12 percent now, undervalued by 12 percent. We have 10 percent tariffs on, how can there be any price affects at all during that period? We didn’t go to 25 percent on the $200 billion until recently.”

Navarro said the American people support Trump and don’t care much about the investment banking company.

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“They make a lot of money offshoring our jobs, but people in Ohio, Michigan, Pennsylvania and Wisconsin. They don’t much care for Goldman Sachs, they do not salute the Goldman Sachs flag…they salute the American flag and they support Donald J. Trump.”