Navarro: US in 'difficult transition from Bidenomics to Trumpnomics'

Peter Navarro, a senior trade adviser to President Trump, said Wednesday that the U.S. is “in a difficult transition from Bidenomics to Trumpnomics.”

“Help us understand, what is the bigger picture for the economy from the administration?” host Will Cain asked on his Fox News show.

In his response, Navarro said, “let's start looking through one end of the telescope, through today's data, as you correctly observe, the core rate of inflation has fallen [to its] lowest level in almost four years.”

“That’s huge,” Navarro continued. “Gasoline prices down, we've had mortgage rates down, we've had grocery prices flat. Here's the thing, we're in this — this difficult transition from Bidenomics to Trumpnomics.”

“What is that, OK? Bidenomics was a combination of very overaggressive Keynesian stimulus spending to goose the economy that created large amounts of debt, which is unsustainable. So, [at] the same time that it gave us what we call demand-pull inflation, too much money chasing too few goods, it built in a recession, possibly some time down the road, if that spending weren't controlled,” he added.

In an interview that aired Tuesday, Commerce Secretary Howard Lutnick said Trump’s tariff policies will be worth it, even in the case that the economy experiences a recession.

“The only reason there could possibly be a recession is because of the Biden nonsense that we had to live with,” Luntick also said during the interview.

The stock market on Monday started the week with dramatic losses, with the Dow Jones Industrial Average closing with a loss of 890 points, dipping 2.1 percent.

In an editorial published Monday, The Wall Street Journal predicted that a fully fledged economic recession might come following the day’s stock market trouble.

“Stock prices have been richly valued for some time, and this may be merely a market correction. But there are also signs of a slowing economy that should have the Trump Administration on alert,” the Journal’s editorial board wrote.

Topics

Trump vowed to make the economy better on Day 1. Now he says US is in 'transition.'

After vowing to immediately make America more affordable if elected, Trump now says the nation faces a "period of transition."
ABC News - 13h
Stocks slide as Trump warns of US economy 'transition'

Investors are nervous about the possibility of a US recession, say experts.
BBC News - 2d
European stocks steady after US markets plunge

The global sell-off eases in Europe after US shares are hit by President Trump saying the economy is in "transition".
BBC News - 1d
Trump says Ukraine 'more difficult' to deal with than Russia

It may be 'easier dealing with' Moscow than Kyiv, the US president told reporters in the White House.
BBC News - 5d
British workforce assesses US backlash against diversity rules

Companies in American-owned groups are most exposed, although UK law will make it difficult to remove all safeguards
Financial Times - 2d
The US Army Is Using ‘CamoGPT’ to Purge DEI From Training Materials

Developed to boost productivity and operational readiness, the AI is now being used to “review” diversity, equity, inclusion, and accessibility policies to align them with President Trump’s orders.
Wired - 6d
Ukraine will need to make territorial concessions for peace deal, Rubio says

Top US diplomat says Kyiv will find it ‘very difficult’ to push Russia back to 2014 borders
Financial Times - 2d
49ers at a crossroads after major purge from Kyle Juszczyk, Deebo Samuel, other vets. Is it signs of a larger reset?

The franchise is in the midst of a recalibration while standing in the doorway of a Brock Purdy extension that is shaping up to be a difficult negotiation. Things change.
Yahoo Sports - 1d
White House says U.S. is in 'period of economic transition' amid recession fears

White House press secretary Karoline Leavitt told reporters that the U.S. economy was in a "period of economic transition" and criticized the economic policies of the Biden administration amid ...
NBC News - 1d