Coronavirus recovery will be 'multi-year period': Navarro
Navarro predicts rebirth for some American industries
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Economic recovery from the coronavirus will be a "multi-year period" that changes American industry relationship with China, White House trade adviser Peter Navarro said Sunday.
"I see, for example, a rebirth of our textile industry for the first time in 30 years, because what we're doing now is having that industry make our masks, our gowns and things like that," Navarro told "Sunday Morning Futures."
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"This is going to be a multi-year period as we go through, and I think that's why it's important to have somebody in the White House who actually understands economics and the economy," he said.
Before the pandemic, the U.S. and China embarked on a multi-phase trade deal to address issues like unfair trade practices that were "gutting" U.S. manufacturing, in Navarro's words. Now, U.S.-China tensions caused by the coronavirus outbreak may throw off such dealings.
In this June 24, 2019, file photo machines work on a Ford vehicle assembly line at Ford's Chicago Assembly Plant in Chicago. (AP Photo/Amr Alfiky, File) (Associated Press)
"The recovery has already begun," Navarro said. "$10 trillion is flooding in now. We are getting back to work, but we're also going to have to tend to these structural issues, and that's what the president is focused on."