China tariffs isn’t something the stock market should worry about: Peter Navarro

Office of Trade and Manufacturing Director, Peter Navarro, reacts to reports China will raise the import tariff rate on some U.S. goods.

White House trade adviser Peter Navarro on Friday said China’s decision to impose new tariffs on $75 billion worth of U.S. goods are relatively small.

“Seventy-five billion dollars worth of tariffs in terms of what the combined $30 trillion economy is not something for the stock market to worry about and we’re cool here,” he told FOX Business’ Maria Bartiromo.

Navarro joined Bartiromo right after China's announcement which implements tariffs ranging from 5 percent to 10 percent in two batches effective on Sept. 1 and Dec. 15. As a result U.S. market futures completely reversed course.

Navarro believes that the move would only boost support for President Trump.

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“I think the risk here for China when it does things like this is simply to galvanize support even more for the president,” he said and he added “so look we are going to have negotiations.”