China has underestimated Trump’s resolve in trade spat: Peter Navarro
White House National Trade Council Director Peter Navarro told FOX Business’ Lou Dobbs that the Chinese government has underestimated President Trump’s resolve to move forward with tariffs to end China’s predatory trade policies.
“This president has promised, going back to June of 2016, that he would use the Section 301 to crack down on China’s unfair trade practices,” Navarro said on Tuesday.
China accused the United States of “extreme pressure and blackmailing” in response to Trump’s move to prepare new tariffs on $200 billion of Chinese goods.
The president said the only acceptable result for his administration is a significant reduction in the trade deficit and balanced fair trade between both countries.
“China has been taking out $500 billion a year out of our country and rebuilding China,” Trump said on Tuesday at the National Federation of Independent Business’ 75th anniversary event in Washington.
Navarro said the main problem regarding China’s unfair trade practices stems from its targeting of the “crown jewel” of U.S. technology.
“They steal it. They force a transfer of it. They evade our export controls and they are coming with trillions of dollars to places like Silicon Valley to buy it,” he said. “President Donald J. Trump says, that’s not going to happen on his watch.”