“What’s funny to me as an economist, Sandra, is if you go back to 2018, 2019, when the president, President Trump imposed historic tariffs on China: steel and aluminum, solar, dishwashers, other products. Those very same people, whether they’re on the Hill, or whether they’re in think tanks, or whether they’re in the ivory tower, or whether they’re on the media, they all said the same thing. We were going to have inflation and recession.
“And guess what? We had neither. Neither. Neither. And it’s because of how countries respond to tariffs, as a rule. We are the biggest market in the world. They take advantage of us. We have the lowest tariffs, the lowest trade barriers of any. They flood our markets.
“What’s the first thing that happens when we raise tariffs? They lower their prices. And we saw no inflation, and we saw no recession. We saw prosperity, a golden age. And that’s what we’re going to have. And this is the first step.” – White House trade advisor Peter Navarro, yesterday on Fox News.