President Donald Trump's stunning reversal on tariffs was due to his "credible implementation of reciprocal tariffs on the rest of the world," says Trump trade adviser Peter Navarro.
Trump said on Wednesday he would temporarily lower the hefty tariffs he had just imposed on dozens of countries, though he also hiked duties for China and kept 25% tariffs levied on aluminum, steel, and cars in place.
"What we have now in place going forward is a 10% global tariff that's going to bring in $2 billion a day, instead of sending out for $4 billion like we do with our trade deficit," Navarro told Newsmax's "The Chris Salcedo Show" on Thursday.
"And we've got 90 days to get what's probably over 90 countries in, and we're going to get great deals for the American people.
"President Trump is going to lead the negotiations, and we're going to really take back what is ours, what we've been cheated of," he added.
"And the fact that these countries just are just willing and eager to come in and negotiate is an acknowledgment of all the cheating they've been doing to us."
The U.S., he added, has been "ripped off not just for years but for decades.
"It goes back to 1979, in the Tokyo round of trade negotiations, the predecessor to the World Trade Organization, which was the GATT (General Agreement on Tariffs and Trade).
"What that did was put in place a system which allowed every country in the world to charge a systematically higher tariffs, and it put into place what we call the dispute resolution mechanism. That doesn't work," he told Newsmax.
"The world trade system is broken. Donald Trump is going to fix it. Americans are going to be better off," he added.
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