{"id":70240,"date":"2025-08-14T23:50:07","date_gmt":"2025-08-14T23:50:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/70240\/"},"modified":"2025-08-14T23:50:07","modified_gmt":"2025-08-14T23:50:07","slug":"white-houses-peter-navarro-casts-doubt-on-credibility-of-economists-over-tariffs","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/70240\/","title":{"rendered":"White House’s Peter Navarro casts doubt on credibility of economists over tariffs"},"content":{"rendered":"

White House trade adviser Peter Navarro hopped on the defense of President Donald Trump<\/a> amid the release of new inflation data.<\/p>\n

The Bureau of Labor Statistics announced<\/a> on Thursday that wholesale prices rose at their fastest pace in three years in July. The producer price index, which measures the final demand of goods, jumped 0.9%, signaling that inflation might be picking back as businesses contend with costs tied to Trump\u2019s sweeping tariffs. The Dow Jones previously estimated a 0.2% gain.<\/p>\n

During an appearance on CNBC\u2019s \u201cMoney Movers,\u201d Navarro asked whether tariffs should be seen as price hikes or tax cuts, to which he responded, \u201cI say they\u2019re tax cuts.\u201d<\/p>\n

Anchor Sara Eisen then swooped in: \u201cMany economists would say they\u2019re tax hikes, because ultimately, a consumer will pay for some of those increased prices.\u201d<\/p>\n

Navarro said that a \u201cdebate\u201d has been \u201cgoing on since the first term, adding that \u201cMost economists just don\u2019t agree with us.\u201d<\/p>\n

\u201cThe problem with most economists is they got it wrong the first time around. Just spectacularly wrong,\u201d Navarro said. \u201cSo, who has credibility here? The Trump administration or \u2018the economists? I mean, come on.\u2019\u201d<\/p>\n

Navarro was pointing to predictions of a recession during Trump\u2019s first term. The National Bureau of Economic Research, the official economic arbiter, announced<\/a> in June 2020 that the United States had entered a two-month recession, largely caused by the COVID pandemic, which appears to be the shortest on record.<\/p>\n

While Trump has pledged that tariffs will boost domestic manufacturing and prevent other countries from \u201cripping off\u201d<\/a> the United States, most economists have argued<\/a> that the tax is ultimately paid by companies that import goods. They then have the option to either absorb the costs or pass them along to consumers. <\/p>\n

Major brands like Procter & Gamble and Hershey have warned<\/a> that tariffs could drive up prices on everyday household items and snacks. The Yale Budget Lab, a nonpartisan policy research center, announced earlier this month that Trump\u2019s new tariff rates \u2014 most which took effect starting Aug. 7 \u2014 will cost the average family about $2,400 this year<\/a>.<\/p>\n

Meanwhile, other companies, including Ford, have said<\/a> their profit for this year is expected to fall.<\/p>\n

Eisen said she has given the Trump administration \u201cplenty of credit,\u201d noting that inflation has not been as \u201cbad.\u201d While wholesale prices reached above expectations, the pace of consumer inflation remained steady in July, the BLS reported<\/a> on Tuesday.<\/p>\n

The reports come as Trump fired<\/a> Erika McEntarfer as the head of the agency, following a weak jobs report released earlier this month that the president claimed was \u201crigged.\u201d It found that hiring had slowed in July and was much weaker in May and June than initially recorded. <\/p>\n

On Monday, Trump said<\/a> he would nominate economist E. J. Antoni, a longtime critic of the bureau, as commissioner. Antoni has since faced scrutiny<\/a> after he suggested the agency suspend its monthly jobs report in an interview with Fox News Digital<\/a> earlier this month.<\/p>\n

Our journalism needs your support. Please subscribe today to NJ.com<\/a>.<\/p>\n

If you purchase a product or register for an account through a link on our site, we may receive compensation. By using this site, you consent to our User Agreement<\/a> and agree that your clicks, interactions, and personal information may be collected, recorded, and\/or stored by us and social media and other third-party partners in accordance with our Privacy Policy.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"White House trade adviser Peter Navarro hopped on the defense of President Donald Trump amid the release of…\n","protected":false},"author":2,"featured_media":70241,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":["post-70240","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/70240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=70240"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/70240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/70241"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=70240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=70240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=70240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}