Peter Navarro on inflation data: Tariffs are tax cuts

Trade & Tariffs Impact - Foreign exporters heavily dependent on the US market are most affected by tariffs [1] - Tariffs provide a choice to exporting countries: absorb the cost or raise prices and sell less [2] - Over $100 billion in tariffs have been collected [1] - The collected tariffs have not caused inflation [1] - Tariffs are considered a tax cut [4] Impact on American Companies - Some American companies are experiencing earnings hits due to tariffs, such as Tapestry announcing a 60 cent earnings impact [2] - Companies producing goods abroad and shipping them to the US are considered multinationals [2] - Companies are encouraged to return production to the US to avoid tariffs [3] Trade Policy & Economic Strategy - The trade issues are linked to China's entry into the WTO and NAFTA [3] - Increased tariff revenues have contributed to paying for a "big beautiful bill" [4]