Peter Navarro spoke outside the White House on Thursday, after a court ruling on President Trump's tariffs.
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00:00Now, with respect to the rulings themselves, let's think about this.
00:03There's a lot of texture here.
00:04It's unusual when you have a court come out with two very separate rulings
00:09where the law interpretation is very different and very, very textured.
00:14The common denominator is the International Economic Emergency Powers Act.
00:20It's an act which entitles the executive branch with very, very broad authority
00:24to take action in the face of economic emergencies.
00:28With the case of the fentanyl, there's an obvious one there.
00:31It's killing Americans, many of them of prime working age.
00:35And that fentanyl tariff also was designed to stop the border invasion.
00:40And when you have 20 million people coming in, stealing jobs, depressing wages,
00:45that's part of the emergency.
00:47And then the reciprocal tariff issue, the emergency there,
00:50very clearly is the $1.3 trillion trade deficit a year,
00:54which cumulatively has added up to $18 trillion of wealth transferred into foreign hands.
01:02And can you imagine what you can buy with $18 trillion in this country?
01:06You could buy a whole state with that.
01:08So, with respect to the fentanyl tariff,
01:11the court argued that somehow that there wasn't a sufficient connection
01:18between tariffs and the ability to stop the fentanyl poison.
01:23We just violently disagree with the court on that
01:27and see that as a violation of the separation of powers
01:31between the judicial branch and the executive branch itself.
01:34The court is not supposed to micromanage how the president of this United States
01:39is supposed to be able to get people to stop dying from fentanyl.
01:44And the court didn't even note the fact that the fentanyl tariffs
01:48have been actually quite successful so far in improving that situation.
01:54It's gotten a lot better.
01:56The court didn't even acknowledge that.
01:57So, that one's wrong on legal grounds.
02:00With respect to the reciprocal tariff argument,
02:03that was like a whole separate argument.
02:06They basically said that the president acted beyond
02:11or beyond the scope of his authority.
02:14And the buried lead in all that was they said,
02:16well, this is why the stock market has basically not reacted to this
02:21because the status quo is still in place.
02:24It's like you can use other things to accomplish the same result.
02:28We just don't like this one.
02:29You know, it's the 122, the 232, the 301, 338.
02:35Do your homework.
02:35You know how all that works.
02:37So, where we stand right now is we have a dramatic expansion of a judicial blockade of the Trump agenda
02:46by Roe judiciary working in league with Democrats who are at the heart of the suit
02:54and RINO Republicans who have a vested interest in shipping our jobs offshore and opening our borders.
03:02We will fight this all the way up the chain.
03:05And in the meantime, this did not catch us by surprise.
03:08We will hear within the next day or two at a minimum from the United States Trade Representative
03:16on how we will respond to all of this.
03:19We will respond forcefully.
03:21And we think we have a very good case with respect to this.
03:24Now, after having said that, I appreciate your patience.
03:28What I try to do when I come out here is give you more texture and background rather than just sound bites.
03:34So, that's what I hope I've done.