White House trade adviser Peter Navarro believes Donald Trump deserves the Nobel Prize in economics “since he’s basically taught the world trade economics.”
“A lot of people talk about Donald Trump for the Peace Prize, the Nobel Peace Prize. I’m thinking that since he’s basically taught the world trade economics, he might be up for the Nobel on economics because he, this is a fundamental restructuring of the international trade environment in a way where the biggest market in the world has said you’re not going to cheat us anymore,” Navarro said on FOX Business Network Thursday.
“We’re going to have fair deals and everything he’s doing has defied the critics,” he continued. “The tariffs have been tax cuts rather than inflation, and it’s just working beautifully.”
Navarro’s comments came just before new numbers were released showing that Federal Reserve’s preferred inflation gauge ticked higher last month in a sign that Trump’s tariffs are starting to increase prices for the American consumer and cripple the economy.
The Personal Consumption Expenditures (PCE) price index — the Fed’s preferred inflation gauge — rose 0.3% last month. That is a tick faster than the 0.2% gain in May.
From the same month one year ago, prices rose in June rose 2.6%, up from the 2.4% increase in the 12 months through May.
Core PCE, which excludes volatile food and energy categories, similarly increased by 0.3% in June. Core PCE increased 2.8% from one year ago, compared to the 2.7% gain in May.
