White House Economic Council Director Larry Kudlow slammed Peter Navarro on Tuesday after President Trump’s trade advisor criticized Wall Street in a keynote address last week.
“He was not speaking for the president, nor was he speaking for the administration,” Kudlow told CNBC. “His remarks were way off base. They were not authorized by anybody. I actually think he did the president a great disservice.”
The fierce rebuke followed Navarro’s appearance at Washington, D.C.’s Center for Strategic and International Studies last Friday, where the economist warned that any trade deal between the United States and China would not rely on Wall Street or any meddling by “globalist elites.”
“If there is a deal, if and when there is a deal, it will be on President Donald J. Trump’s terms. Not Wall Street terms,” said Navarro. “If Wall Street is involved and continues to insinuate itself into these negotiations, there will be a stench around any deal that’s consummated because it will have the imprimatur of Goldman Sachs and Wall Street.”
Kudlow shot down his colleague’s remarks directly, in what appeared to be an effort to ease tensions over an escalating trade war that Navarro’s rhetoric may have further exacerbated.
“The president can talk to whoever he can talk to. He talks to people on Wall Street, yes,” said the White House Economic Council director. “If there is a deal to be had with China it’s a deal that has to be in America’s interests…. I think Peter very badly misspoke. He was freelancing. He was not representing the president or the administration.”