White House trade adviser Peter Navarro spoke on CNBC after the U.S. economy contracted by 0.3% in the first quarter of the year. He emphasized that the economic contraction was not as dire as it seems, pointing out a 22% increase in domestic investment. Navarro praised the administration's tariffs, especially on China, asserting they are necessary to combat unfair practices. He rejected concerns about the negative growth, stating that looking beyond the surface reveals an economy on the right track, with projected growth still promising despite the current statistics.
Navarro attempted to frame a 0.3% contraction of the economy as positive, arguing that a 22% domestic investment increase indicates strong fundamentals beneath the surface.
Despite the contraction, Navarro claimed optimism about the economy, saying the administration's tariffs would lead to eventual growth and enhance market conditions.
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