White House trade adviser: Deficit undermines US security
WASHINGTON — Reducing America’s huge trade deficits would deliver stronger economic growth and improve national security, the White House trade adviser said, in a speech that underscored the Trump administration’s harsh view of recent U.S. trade policies.
Speaking at a National Association of Business Economics conference, Peter Navarro argued Monday that China and other trading partners use the proceeds from export sales to buy U.S. companies and technology, reducing America’s self-reliance. He says, for example, that only one U.S. company is capable of repairing the propellers on Navy submarines.
“Might we lose a broader cold war for America’s freedom and prosperity, not by shots fired but by cash registers ringing?” Navarro said. “Might we lose a broader hot war, simply because we have sent our manufacturing and defence industrial base off-shore.”
President Donald Trump named Navarro, a University of California-Irvine economist, to lead a new White House council on trade. The appointment signalled Trump’s intention to shake up relations with China. Navarro is a sharp critic of Chinese economic and military policies.