TARIFFS: Select Comments On EU Trade And India From Navarro Press Gaggle

Senior White House Trade Counsellor Peter Navarro has spoken briefly to reporters at the White House on issues related to trade.

• On today's US-EU trade framework, Navarro cites imbalances in the trade relationship as a ‘national security emergency’ and says “President Trump got up to the top of the mountain today [in securing a trade deal]”.
• Navarro: “We get Europe reducing tariffs to zero. We continue our [15%] global tariff to fight the trade deficit... We will impose 15% tariffs on autos, it’s a drop from the 25%, but [up from 2.5% when] Trump took office, compared to 10% in Europe, so that’s a great win.”
• Navarro: “We maintain completely our tariffs on steel and aluminium without exemptions or exclusions. We’re getting USD$750 billion in LNG purchases. We’re getting $600 billion in investment in strategic sectors… And we’re getting Europe to buy more of our arms.”
• Navarro declines to say when “binding” legal language on the deal could be released.
• Navarro adds on energy that Indian refiners have “gotten in bed with Italian refiners” to buy Russian crude at a discount to sell at premium prices to Europe, Africa, and Asia. Navarro claims that linkages between Indian tariffs on US imports result in US taxpayers paying more military aid to Ukraine. He says: “The road to peace [in Ukraine] runs through New Delhi.”
• Navarro confirms that he sees the new 25% tariff on India going into effect on August 27 as planned. Says “India does not see its role in the bloodshed.”