(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
1 - Navarro admitted to inventing "Ron Vara," a fictional character cited in his books as a China expert. This alter ego was used to support his critical views on China & Tariffs. The name "Ron Vara" is an anagram of "Navarro."
1 - Navarro admitted to inventing "Ron Vara," a fictional character cited in his books as a China expert. This alter ego was used to support his critical views on China & Tariffs. The name "Ron Vara" is an anagram of "Navarro."
(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
2 - As the White House launched steel and aluminum tariffs, Navarro confidently insisted no country would retaliate “for the simple reason that we are the most lucrative and biggest market in the world”. He was proved spectacularly wrong – China, Canada, the EU and others swiftly imposed counter-tariffs, and the WTO later struck down the U.S. tariff
2 - As the White House launched steel and aluminum tariffs, Navarro confidently insisted no country would retaliate “for the simple reason that we are the most lucrative and biggest market in the world”. He was proved spectacularly wrong – China, Canada, the EU and others swiftly imposed counter-tariffs, and the WTO later struck down the U.S. tariff
(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
3 - Navarro claimed that Tariffs were NOT Taxes. The very definition of a tariff is a tax on imported goods.
3 - Navarro claimed that Tariffs were NOT Taxes. The very definition of a tariff is a tax on imported goods.
(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
4 - As a Trump campaign adviser, Navarro co-authored a $1 trillion infrastructure proposal reliant on private financing. Economists across the spectrum derided the plan as unrealistic, essentially a giant tax-credit giveaway.
4 - As a Trump campaign adviser, Navarro co-authored a $1 trillion infrastructure proposal reliant on private financing. Economists across the spectrum derided the plan as unrealistic, essentially a giant tax-credit giveaway.
(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
5 - Early in Trump’s term, Navarro accused Germany of using a “grossly undervalued” euro as an “implicit Deutsche Mark” to cheat trading partners. Chancellor Angela Merkel and economists rebuffed him, noting Germany doesn’t control euro policy. One expert bluntly called Navarro’s assertion “hogwash,” highlighting that the European Central Bank, not Germany, sets the currency’s value.
5 - Early in Trump’s term, Navarro accused Germany of using a “grossly undervalued” euro as an “implicit Deutsche Mark” to cheat trading partners. Chancellor Angela Merkel and economists rebuffed him, noting Germany doesn’t control euro policy. One expert bluntly called Navarro’s assertion “hogwash,” highlighting that the European Central Bank, not Germany, sets the currency’s value.
(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
6 - Navarro Claimed that “Tariffs Don’t Hurt Americans”: During the U.S.–China trade war, Navarro repeatedly insisted American consumers felt no pain from tariffs. He told CNN that any price effects were negligible – “They’re not hurting anybody here” – despite studies from Harvard, the IMF, and the Fed showing otherwise.
6 - Navarro Claimed that “Tariffs Don’t Hurt Americans”: During the U.S.–China trade war, Navarro repeatedly insisted American consumers felt no pain from tariffs. He told CNN that any price effects were negligible – “They’re not hurting anybody here” – despite studies from Harvard, the IMF, and the Fed showing otherwise.
(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
7 - Navarro Denied the 2019 Yield Curve inverted when it did. He insisted the possible recession gauge was just “flat” and there’d be no recession. In reality the 2-year/10-year yield curve did invert in 2019, for the first time since 2007, and economists widely viewed it as a warning sign. Navarro’s public dismissal of widely accepted data (he “guaranteed” no recession) was ridiculed by financial analysts as misleading – and indeed, a recession followed in 2020.
7 - Navarro Denied the 2019 Yield Curve inverted when it did. He insisted the possible recession gauge was just “flat” and there’d be no recession. In reality the 2-year/10-year yield curve did invert in 2019, for the first time since 2007, and economists widely viewed it as a warning sign. Navarro’s public dismissal of widely accepted data (he “guaranteed” no recession) was ridiculed by financial analysts as misleading – and indeed, a recession followed in 2020.
(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
8. Navarro overpaid $500M for Ventilators. Navarro helped oversee a federal deal with Philips to buy ventilators under the Defense Production Act. A House investigation later found the administration overpaid by ~$500 million – paying five times the price per ventilator compared to an earlier contract.
8. Navarro overpaid $500M for Ventilators. Navarro helped oversee a federal deal with Philips to buy ventilators under the Defense Production Act. A House investigation later found the administration overpaid by ~$500 million – paying five times the price per ventilator compared to an earlier contract.
(THREAD - Continued) 9 Failures of Peter Navarro, the Guy pushing Trump’s Tariff Policy
9 - In summer 2020, Navarro championed a $765 million government loan to Eastman Kodak to produce pharmaceutical ingredients (including for hydroxychloroquine). He hailed the deal as a way to revitalize U.S. drug supply chains. But within days the project collapsed in scandal – Kodak’s stock price had surged +2000% ahead of the news, prompting an SEC insider-trading probe
9 - In summer 2020, Navarro championed a $765 million government loan to Eastman Kodak to produce pharmaceutical ingredients (including for hydroxychloroquine). He hailed the deal as a way to revitalize U.S. drug supply chains. But within days the project collapsed in scandal – Kodak’s stock price had surged +2000% ahead of the news, prompting an SEC insider-trading probe
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