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White House trade adviser Peter Navarro on Sunday predicted that a combination of domestic and international economic factors would drive a strong U.S. economy through 2020.
"Before I came to the White House, I spent 20 years forecasting business cycle and stock market trends and what I can tell you with certainty is that we're going to have a strong economy through 2020 and beyond with a bull market, and here's why: things are shaping up well, "Navarro said on ABC's" This Week. "
Thoughts of a recession and a jittery stock market, Navarro, cited above, contributed to his economic outlook.
He said the Federal Reserve would be lowering rates going into the holidays, which would directly help investment and evenly benefit exports. The European Central Bank (ECB) has signaled an upcoming aggressive round of monetary easing, he said, which will help revive Europe's economy and help build export demand.
China will have another round of fiscal stimulus, helping the world economy by providing services to China. And he said the US-Mexico-Canada trade agreement (USMCA), known as NAFTA 2.0, will provide "millions of jobs, more growth points."
Host Martha Raddatz questioned Navarro's certainty, saying his theory of "a lot of ifs."
"Well, the Fed will be lowering rates," Navarro responded. "The ECB will be engaging in monetary stimulus." "You are absolutely right, there is an 'if' associated with the USMCA."
Navarro reiterated his claims on CBS's "Face the Nation," saying, "What I'm seeing when I look at the macro tea leaves is a very strong Trump economy."
Echoing President Trump
Donald John TrumpO'Rourke: Trump driving global, U.S. economy into recession Manchin: Trump has 'golden opportunity' on gunmaking Objections to Trump's new immigration rule wildly exaggerated MORE'Claims, Navarro blamed any economic turmoil on the Federal Reserve'[ing] rates far too fast. "
–Zack Budryk contributed to this report, which was updated at 11:05 a.m.
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