TARIFFS: US And Chinese Trade Teams To Meet Within Seven Days - Navarro

White House Senior Trade Counselor, Peter Navarro, has told reporters at the White House he expects a meeting between US and Chinese trade teams to take place “within seven days", following the call between President Donald Trump and Chinese President Xi Jinping yesterday.

• When asked about Trump’s claim that progress had been made with Xi on rare earth minerals, Navarro said: “Let’s see what happens with the negotiations but [Trump] was very clear that the rare earth issue will be key to that negotiation and the two presidents have a very clear understanding of the outcomes.
• Navarro confirms that the US delegation will be led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and USTR Jamieson Greer. His comment suggests that Navarro himself will again not be included in the delegation, likely market-positive due to his hawkish views on China.
• Earlier in the press remarks, Navarro argued that Trump’s recent 100% increase in steel and aluminium tariffs had been underreported by the press. Navarro cited ‘transhipping’, a method he claims China uses to dump steel on the US market, as justification for the 'no exemption' tariff rate.
• On the ‘Big Beautiful’ tax and reconciliation bill, Navarro reiterates the White House line that the CBO score for the big is based on flawed methodology. Navarro claims that the CBO score fails to account for growth that will be stimulated by the legislation. Claims that when growth and tariff revenue is included, “it’s a five trillion dollar swing”.