Bloomberg Talks

Episode: Peter Navarro Talks Trade, Tariff Vote

Date: February 12, 2026
Host: Tom Keene (and Paul Sweeney)
Guest: Dr. Peter Navarro (Senior Counselor to President Trump for Trade and Manufacturing Policy)

Episode Overview

This episode features a candid and combative discussion with Peter Navarro, Senior Counselor to the President for Trade and Manufacturing, focusing on the Trump administration's trade policies, tariffs, recent legislative battles, and broader economic strategy. Navarro addresses criticisms of tariff policies, responds to recent House votes targeting tariffs against Canada, and discusses the broader political and economic stakes of current trade debates.

Key Discussion Points & Insights

1. Historical Context & the "Buffalo Pivot"

• Background: Tom Keene introduces Navarro as a foundational voice on U.S.-China trade issues, referencing Navarro’s 1994 book and historical figures like McKinley, Lincoln, and Hamilton.
• Main Theme: The show opens with Keene asking if the current administration is making a "buffalo pivot" by opening up, similar to McKinley's partial shift from protectionism.
• Navarro’s Response:

  “We are not in any pivot away from [protectionism]. We are fully embracing a structural shift engineered by Donald Trump in the entire international global trading system in a way which will make that system better and more prosperous.” (01:51)
  Navarro criticizes the World Trade Organization’s rules—especially “most favored nation” status—arguing these have enabled widespread “cheating” against the U.S. to the cost of hundreds of thousands of factories and millions of jobs.

2. Re-Evaluating NAFTA and USMCA

• Key Question: Is President Trump seeking to withdraw from key agreements (NAFTA/USMCA)?
• Navarro’s Position:

  “USMCA has some significant flaws in it and it’s going to be reevaluated in July... Mexico and to an extent Canada are basically being used as staging areas for countries like China... to get into our markets in a way which is tariff avoidance at best and tariff evasion at worst. We have to deal with that.” (03:50)
  Navarro does not confirm an intent to withdraw but insists the status quo is unacceptable, particularly due to indirect trade by China and others via Mexico and Canada.

3. House Vote Against Tariffs and Party Discipline

• Recent Development: The House of Representatives voted to end parts of the president's tariff agenda against Canada.
• Navarro’s Take:

  “It’s highly ironic, Paul, that the Democrat Party is opposing tariffs on behalf of working class Americans when it was the Democrat Party, which is supposed to be the party of the working class, simply because they hate Donald Trump. Now they’re anti tariffs.” (05:32)
  Navarro criticizes the three Republican defectors, stating party unity is crucial for delivering on protectionist policies.

4. Politics: The Stakes for 2026 & Working-Class Appeal

• Electoral Stakes: Navarro is pressed on how Republicans can hold onto districts with wavering support for tariffs.
• Quote:

  “The stakes have never been higher... If we lose the House in 2020 16, we will see a repeat of the impeachment circus craziness that we saw beginning in 2018 that really was tremendously harmful. The Democrats, they hate Trump more than they love this country.” (07:04)
  Navarro outlines the administration’s priorities: fighting inflation “cow by cow, fish by fish, gallon by gallon” and focusing on “the four pillars of Trumpnomics: tax cuts, strategic energy dominance, deregulation, and fair trade.”

5. Immigration, Jobs, and Economic Growth

• Economic Report: Record jobs report prompts Paul Sweeney to ask if immigration policy should change to bolster labor force growth.
• Navarro’s Argument:

  “The best answer to your question is increase the labor force participation. Oh, it went up yesterday in the report. Even as the unemployment rate went down. How many times do you see that?” (09:34)
  He doubles down on stringent immigration controls, linking illegal immigration to crime, and rejects the premise that immigration reform is needed for economic growth.

6. Tariffs, Farmers, and Congressional Districts

• Regional Concerns: Keene challenges Navarro, citing Iowa farmers upset by tariff-induced retaliations.
• Navarro’s Defense:

  “Iowa loves Donald Trump. And by the way, farmers love Donald Trump. Farmers above all, understand the necessity for tariffs. And every time there’s been retaliation... guess who’s had the farmers back? I’ve personally been involved... in making sure that farmers are made whole and can't be used as bargaining chips and pawns in a bigger game.” (11:13)
  Navarro asserts unwavering farmer support and the administration’s commitment to their well-being during trade disputes.

7. Optimal Tariff Strategy – Bespoke, Not Blended

• Question: What is Navarro’s optimal “blended” tariff rate—should it be 2-3%, 7%, or higher?
• Navarro’s Framework:

  “When the trade deficit gets to zero, then you’ve got the right thing... The goal here is simply fair trade... what President Trump does... is he goes country by country... and he sets the tariffs according to how badly they’re cheating us. So there’s no blended tariff concept here. It’s like a country specific [approach].” (13:41, 15:14)
  He refuses to name a fixed optimal rate, calling instead for a strategic, tit-for-tat approach tailored to each nation’s trade practices.

8. Legal Front: Supreme Court and Tariffs

• Issue: The Supreme Court is reviewing President Trump’s tariff powers.
• Navarro’s Stance:

  “If the Supreme Court wants to rule in favor of President Trump, the law is clearly on the Supreme Court side... With respect to plan B, of course we have a plan B, but this is not the place for me to talk about it.” (16:28)
  He professes confidence in the legal case for tariffs, but hints at contingency plans if the ruling goes against the president.

Notable Quotes & Memorable Moments

• On U.S. Trade History:
  “McKinley, Henry Clay, Abraham Lincoln, Alexander Hamilton. These are like the four people on the Mount Rushmore of American tariffs and we are not in any pivot away from that.” —Peter Navarro (01:50)

• On Defining Tariff Policy:
  “Every country that we trade with is like fingerprints, right? They're unique. Which is to say they cheat us in their own way.” —Peter Navarro (15:03)

• On Democrats and Tariffs:
  “The Democrat Party is opposing tariffs on behalf of working class Americans... simply because they hate Donald Trump. Now they’re anti-tariffs.” —Peter Navarro (05:32)

• On Iowa and Farmers:
  “Iowa loves Donald Trump. And by the way, farmers love Donald Trump. Farmers above all, understanding the necessity for tariffs.” —Peter Navarro (11:09)

• On Confronting Wall Street:
  “Jamie Dimon, lower your friggin credit card interest rates. You are a criminal... So until Jamie, until you do that, please refrain from commenting on other public policies.” —Peter Navarro (14:57)

• On Economic Measures:
  “We’re taking a micro approach to the macro problem. Inflation. We're taking it cow by cow, fish by fish, gallon by gallon.” —Peter Navarro (07:39)

Timestamps for Key Segments

• [00:37] Introduction & Context Setting by Tom Keene
• [01:43] Navarro on tariff history, WTO criticism, no “pivot” from protectionism
• [03:10] USMCA flaws, foreign tariff evasion via North America
• [05:17] House vote against tariffs; party discipline critique
• [06:57] Political stakes for the 2026 midterms and Republican strategy
• [08:31] Immigration, crime, and workforce participation
• [09:28] Jobs report, economic growth, and immigration debate
• [10:30] Challenging Iowa & farmer discontent narratives
• [12:01] Optimum blended tariff rate discussion
• [14:57] Navarro’s made-for-soundbite rebuke of Jamie Dimon
• [16:15] Supreme Court case on tariff authority; administration’s response

Tone and Language

The episode maintains the sharp, combative, and unapologetic tone typical of Peter Navarro’s communications. His language is direct and often confrontational—particularly towards political opponents, foreign competitors, and critics in finance. Both hosts engage energetically, probing for answers on political strategy, economic reasoning, and policy specifics.

Summary

Listeners gain a thorough insight into the Trump administration’s current trade thinking, with Navarro defending protectionism, rejecting “one size fits all” tariff rates, and doubling down on political and economic arguments in favor of aggressive trade action. The episode is dense with policy detail, electoral tactics, and rhetorical jabs, making it essential listening for those tracking the ongoing trade wars and their political fallout.