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In this March 31, 2017, National Trade Council adviser Peter Navarro waits for President Donald Trump for an event in the Oval Office at the White House. (Andrew Harnik / AP)
Trump trade adviser Peter Navarro said Friday that "trust issues" with China are responsible for the lack of progress in trade negotiations. -20 summit in Argentina.
Navarro also accused Xi of sending "Globalist billionaires" to urge Trump to cut a bad deal to resolve the conflict, saying the strategy would fail.
"The biggest problem is the trust issues," said Navarro in a speech at the Center for Strategic and International Studies. "How do you have a deal with somebody if they will not even acknowledge your concern? It's Alice in Wonderland. "
Trump has put tariffs on about half of all the goods China sends to the United States – what if it does not make a satisfactory deal soon.
U.S. business executives have tried to prevent an escalation of the trade war, but Navarro slammed those efforts and labeled the business leaders doing it "unregistered foreign agents" working on behalf of China.
[Trump’s trade war may have helped Democrats win the House]
"Globalist billionaires are putting on a full court press on the White House in advance of the G-20 in Argentina," said Navarro. "They are unregistered foreign agents to pressure this president into some kind of deal."
The Washington Post has reported that Chinese Foreign Minister Wang Yi has been meeting with U.S. business leaders to complain about Trump, but this is not the case.
Navarro has been one of the top voices in the White House pushing Trump to ramp up the pressure on China, Europe and other nations to rectify what he sees as the years of foreigners raiding the US "piggy bank." Many economists and business leaders, including Trump economic adviser Gary Cohn, criticized Navarro for not understanding economics.
Numerous businesses have warned that the tariffs are starting to increase their costs and their bottom line, but it is also necessary to . He said the Chinese want to get into the bargaining table to "keep having their way with us" as they did with past presidents.
The Chinese has offered to buy more U.S. agricultural and energy products, Navarro said Friday that is not enough. During the talk, he put up a lengthy list of grievances on the subject of Chinese intellectual property and manipulating its currency.
"This is not about buying more soybeans or more coal. This is structural, "said Navarro." If you took 25 things off that list, there would still be enough things to hurt us. "
Navarro, whose official title is assistant to the president and director of trade and industrial policy, said his job is to bring back blue-collar jobs to the United States. He called out Wall Street Bank Goldman Sachs for investing overseas instead of at home.
"Wall Street, get out of those negotiations. Go to Dayton, Ohio. Bring your Goldman Sachs money to Dayton, Ohio, and invest in America, "he said.
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