Members of President Trump's trade team aim to transition the U.S. government away from heavy reliance on income taxes towards generating revenue through tariffs and other external sources, a senior trade official stated.
During a Politico event, White House trade adviser Peter Navarro described Trump's second term as a significant advancement from the first, highlighting that the president and his team are now "at the top of the learning curve."
Despite initial doubts about Trump's trade policies, particularly tariffs on China during his first term, Navarro emphasized that the president was more prepared this time, having established a stronger team and acted swiftly.
The recent tariff threats and subsequent reconsideration involving China, Mexico, and Canada were cited as strategic moves and not chaos by Navarro, who praised Trump's capability to follow through on decisions.
Furthermore, Navarro mentioned that Treasury Secretary Scott Bessent will play a key role in trade matters, overseeing investigations on foreign acquisitions and currency issues through the Committee on Foreign Investment in the United States (CFIUS).
Additionally, Jamieson Greer, a nominee for a top trade role, will focus on refining trade agreements with Mexico and Canada, along with reviewing the U.S.-China trade deal. Navarro emphasized a systematic approach to these tasks.
Howard Lutnick, nominated to head the Commerce Department, will concentrate on trade issues like Section 232 tariffs on various products, as Navarro confirmed. Kevin Hassett, the White House National Economic Council director, will be crucial in the shift towards a tariff-centric revenue model.
Navarro also credited Secretary of State Marco Rubio and deputy chief of staff Stephen Miller for their roles in the negotiations related to Mexico tariffs and their subsequent postponement.