Advisor Peter Navarro corrects comment on U.S.-China trade deal

CNBC's Eamon Javers reports on Peter Navarro's Fox News comments that sent stocks tumbling overnight.

White House trade advisor Peter Navarro said on Monday the trade deal with China is “over,” and he linked the breakdown in part to Washington’s anger over Beijing’s not sounding the alarm earlier about the coronavirus outbreak.

“It’s over,” Navarro told Fox News in an interview when asked about the trade agreement. He said the “turning point” came when the United States learned about the spreading coronavirus only after a Chinese delegation had left Washington following the signing of the Phase 1 deal on Jan. 15.

“It was at a time when they had already sent hundreds of thousands of people to this country to spread that virus, and it was just minutes after wheels up when that plane took off that we began to hear about this pandemic,” Navarro said.

U.S.-China relations have reached their lowest point in years since the coronavirus pandemic that began in China hit the United States hard. President Donald Trump and his administration repeatedly have accused Beijing of not being transparent about the outbreak.

Trump on Thursday renewed his threat to cut ties with China, a day after his top diplomats held talks with Beijing and his trade representative said he did not consider decoupling the U.S. and Chinese economies a viable option.

Navarro has been one of the most outspoken critics of China among Trump’s senior advisors.

For access to live and exclusive video from CNBC subscribe to CNBC PRO:


Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online

#CNBC
#CNBC TV

[clydeng]

Can we trust Peter Navarro (I don't think so)

[lawrencesullivan]

no discipline, no thinking just gut reactions.

[vicuongdang]

He’s one of the clown in the Trump’s circus

[amos]

people should investigate if someone in the White House doing the short selling to make a personal gain

[emekae]

Proof that the stock market is hanging on a thread. One wrong comment from an obscure guy can send the whole thing tumbling down...

[JR-xjvr]

So to clear, even when there was a deal the deal was worthless. Why? China wasn’t living up to their end of the bargain. Through June China was on annual pace to purchase from the USA only 60% of “ mfg goods”. Agriculture only 20%(ouch for our farmers) and all other product categories approx 40%. So agreed, no deal.

[farooqmuh]

How irresponsible this person is? US seems have lost its sense.

[Steven-xfmz]

well it's actually a great play by Navarro when stock market takes positive news twice hard as negative news. deal is off drops 1%, deal back on raise 2%. lol. the administration should try the same with something else, we'll achieve a new ATH soon.

[TMLsince]

I think he meant it but Trump isn't willing to publicize the deal is blown, considering the ramifications on the market.

[David-ungf]

Just keep blaming instead of fighting with coronavirus

[gettothepoint_already]

What's over was "THE PROGRESS" on the trade deal, not the deal itself. Watch the whole interview and stop taking out one sentence from the context.

[Crypto_Jeff]

I like how their clip cuts off the rest of what he said.

[douglaswong]

It's OVER
Wait Wait Wait
No no no
It's It's It's
NOT what I meant
Please please please

[michaelmarceau]

What? Over? Did you say over? Nothing is over until we decide it is! Was it over when the Germans bombed Pearl Harbor? No, and it ain't over now....(RIP John Belushi)

[David-onmk]

Why does it matter why do markets rally on him saying nothings changed actually I was wrong nothings changed

[janehyden]

PISSY NAVARRO ALSO GOES AFTER DR FAUCI---NAVARRO IS NOT WORTH THE TIME OF DAY !!!

[chewie]

So we need China? What institutional traders sell it off like that?

[alexiskiri]

Was this done on purpose? Read Vanity Fair oct 19, 2019 article: The Fantastically Profitable Mystery of the Trump Chaos Trades" wonder if we saw any unusal trading going on before that comnent.

[BD-tmig]

Trade deal and fed will put markets up 💰💰💰🤑🤑🤑

[pablochavez]

What a Cluster ...
Navarro should Stop giving interviews and focus on working