United States President Donald Trump's Senior Counselor for Trade and Manufacturing Peter Navarro said on Monday that the stock market will see a "broad-based recovery" after the recent sellout, claiming that the Dow Jones will reach 50,000 points. The Dow closed at 38,314 points yesterday, dropping 10% in a month.
Navarro told CNBC that it is "silly" to talk about a possible recession, considering the tariffs will "pay for the biggest tax cut in American history." He defended the administration's methodology for calculating levies and said Trump is always "ready to listen" to trading partners. However, he said some countries, like Vietnam, should address "non-tariff cheating," without which tariff negotiations "mean nothing to us."
