Peter Navarro Says Trump Might Get Nobel Economics Prize
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
One of Donald Trump's top trade advisers believes the president's policies could earn him a nomination for the world's most prestigious economics award.
"A lot of people talk about Donald Trump for the Nobel Peace Prize," Peter Navarro, the White House Senior Counselor for Trade and Manufacturing, told Fox Business on Thursday morning.
"I'm thinking that, since he's basically taught the world trade economics, he might be up for the Nobel in economics."
Why It Matters
As Navarro noted, Trump has already been tapped to receive nominations for the Nobel Peace Prize, most recently by Israeli Prime Minister Benjamin Netanyahu. Were Trump to receive a nomination for the economics prize—officially the Nobel Memorial Prize in Economic Sciences—he would become the first head of state to receive this honor. However, a nomination and a win remains highly unlikely, given the prize is awarded primarily for lasting contributions to economic theory rather than economic policies, effective or otherwise.
What To Know
Navarro, one of the key minds behind Trump's trade agenda, described the impacts of the president's economic policies as a "fundamental restructuring of the international trade environment in a way where the biggest market in the world has said you're not going to cheat us anymore. We're going to have fair deals."
The administration has struck a handful of trade deals in recent weeks, albeit fewer than the number promised at the outset of the first pause on reciprocal tariffs. So far, Trump has announced deals with the United Kingdom, Vietnam, Indonesia, the Philippines, Japan, the European Union and South Korea.
On Thursday, officials from the U.S. and Pakistan announced an agreement that will allow Washington to assist in developing Pakistan's oil reserves and result in lower tariffs for the South Asian nation, ABC reports. However, details regarding the agreed tariff rate have not yet been revealed.
U.S. officials are also racing to finalize a more comprehensive agreement with China, after agreeing in May to lower each other's tariffs for 90 days to pave the way for trade negotiations.
White House trade counselor Peter Navarro walks to the West Wing, Thursday, July 10, 2025, in Washington.
White House trade counselor Peter Navarro walks to the West Wing, Thursday, July 10, 2025, in Washington.
Julia Demaree Nikhinson/AP Photo
"Everything he's doing has defied the critics," Navarro added. "The tariffs have been tax cuts rather than inflation, and it's working beautifully."
Tariffs are import taxes paid by importers, and have been shown to contribute to higher prices on foreign-made goods as these extra costs are passed onto consumers. However, the impacts of tariffs on inflation have so far been more muted than initially anticipated.
Experts told Newsweek previously that "front-running" by importers, as well as companies being reluctant to immediately hike prices for fear of "consumer backlash." On Thursday, Federal Reserve Chair Jerome Powell said he expects more inflationary effects to appear in future data on consumer prices.
What People Are Saying
White House trade adviser Peter Navarro told Fox Business on Thursday: "I'm thinking that since he's basically taught the world trade economics, he might be up for the Nobel on economics, because this is a fundamental restructuring of the international trade environment."
Talk show host and former Republican congressman Joe Walsh responded to Navarro on X, writing: "Oh f—–. It's time for another massive asteroid to hit this planet. Our species here has run its course. Let's see what comes next."
What Happens Next?
Trump's suspension of "reciprocal tariffs" will end on Friday, after which countries that have been unable to finalize a trade deal will see tariff rates revert to the levels announced on April 2. Speaking to Fox News recently, Commerce Secretary Howard Lutnick said that there would be no further pauses after this date.
The 90-day tariff pause on China is due to end on August 12, with the recent talks in Stockholm concluding without any indication of another extension.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 minutes ago
- Yahoo
New Tariffs Threaten American Battery Production
Trump-era clean energy policies are slamming the breaks on the United States' battery war with China. While lithium-ion batteries were invented in the United States, China has been outpacing the nation in terms of both battery manufacturing and technological innovations. But while U.S. companies have been scrambling to keep up, gutted clean energy incentives and tariffs on critical materials have made a U.S. victory all but impossible. The domestic battery industry had been gaining considerable ground under the Biden administration thanks to major incentives including the sweeping Inflation Reduction Act. Tax credits, in particular, 'helped close the price gap between U.S.-made batteries and those made in China, the world's main supplier of lithium-ion battery modules, cells, and materials,' according to Canary Media. Realizing that the Trump administration would bring a less encouraging policy environment for clean energy technologies, makers of lithium-ion batteries promised the federal government that they would collectively spend a cumulative $100 billion by 2030 to build up an independent and totally domestic grid battery industry. In exchange, they asked for continued political support. So far, that plea seems to be falling flat. Just this month, the Trump administration accused Chinese suppliers of dumping graphite into U.S. markets – meaning that they are selling graphite more cheaply abroad than in their own markets. As a result, the United States has imposed a formidable 93.5 percent tariff on Chinese graphite. This could have immediate and serious consequences for United States batterymakers, as almost all refined graphite in the world comes from China. In fact, this tariff alone could 'easily add $1,000 or more to the price of a battery' according to the New York Times. As a result, the nation's once-thriving 'battery belt' is faltering. 'Projects are being paused, cancelled, and closed at a rate 6 times more than during the same period in 2024,' reports 'The Big Green Machine,' a site affiliated with Wellesley College that tracks domestic clean energy investments. And this biggest projects are the ones suffering most. Politico reports that 'prospects dimmed for 34 projects that are worth more than $31 billion and were expected to create almost 28,000 jobs.' This includes projects that are either paused, canceled, delayed by at least six faced by a slash in funding, or scaled down. But the overall impact of recent political shifts are still unclear, and overall the domestic clean energy sector is still growing. Related: 'The policies Republicans have passed are so recent that they may not have worked their way through the economy,' reports Politico. 'In the last three months, Congress has passed and President Donald Trump has signed bills that removed key tax credits, taken the teeth out of fuel-economy rules and neutered California's ability to force automakers to sell EVs.' Taken together, all of these compounding policy measures create an uncertain policy and investment environment at minimum. More likely, it will cause an extreme contraction of the domestic battery sector at a time when Beijing was already pulling away. "Unquestionably, the Chinese are ahead in manufacturing technology," Bob Galyen, a retired executive who worked with both GM and the Chinese battery giant CATL, told NPR. He says that Chinese battery research and development is receiving major influxes of cash at a time when U.S. manufacturers are struggling for funding. "Clearly, the U.S. is lagging behind,' he finished. Ironically, these measures are hitting Republican districts the hardest. The so-called 'battery belt' is mostly comprised of red states. As a result, according to Politico, 'GOP districts saw 60 percent of the funding decline, while Democratic districts saw 39 percent.' By Haley Zaremba for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fox News
37 minutes ago
- Fox News
Cambodia to nominate Trump for Nobel Peace Prize for role in ending country's conflict with Thailand
Cambodia will nominate President Donald Trump for the Nobel Peace Prize after he helped the country reach a ceasefire agreement to end its border conflict with Thailand. Sun Chanthol, Cambodia's deputy prime minister, thanked Trump for bringing peace to the region while speaking to reporters earlier Friday in the country's capital of Phnom Penh. Chanthol said the American president deserved to be nominated for the Nobel Peace Prize, the highest-profile international award given to a person or organization for doing the most to "advance fellowship between nations." "We acknowledge his great efforts for peace," Chanthol said. Israeli Prime Minister Benjamin Netanyahu said last month he had nominated Trump for the Nobel Peace Prize and Pakistani officials said in June they would recommend him for the award for his role in helping to end its conflict with India. Trump urged a ceasefire last week when he spoke to the leaders of Cambodia and Thailand and threatened that the U.S. would not get back to the "trading table" with the Southeast Asian countries until the fighting stops. A ceasefire was negotiated in Malaysia on Monday, ending the heaviest conflict between the two countries in over a decade. "Numerous people were killed and I was dealing with two countries that we get along with very well, very different countries from certain standpoints. They've been fighting for 500 years intermittently. And, we solved that war ... we solved it through trade," Trump told reporters during his recent trip to Scotland. Following news of the ceasefire, White House Press Secretary Karoline Leavitt wrote on X that Trump's direct involvement led to the truce. "President Trump made this happen. Give him the Nobel Peace Prize!," she said. The fighting began last week after a land mine explosion along the border wounded five Thai soldiers. Each side blamed the other for starting the clashes, which lasted five days. At least 43 people were killed and more than 300,000 people were displaced on both sides of the border. "I said, 'I don't want to trade with anybody that's killing each other,'" Trump continued while in Scotland. "So we just got that one solved. And I'm going to call the two prime ministers who I got along with very, very well and speak to them right after this meeting and congratulate them. But it was an honor to be involved in that. That was going to be a very nasty war. Those wars have been very, very nasty." Chanthol, who also serves as Cambodia's top trade negotiator, said his country was also grateful to Trump for a reduced tariff rate of 19%. The Trump administration had initially threatened a tariff of 49% before later reducing it to 36%, a level that would have decimated Cambodia's vital garment and footwear sector, Chanthol told Reuters.
Yahoo
an hour ago
- Yahoo
The Latest: US stock market and global trade partners react to Trump's new tariffs
President Donald Trump 's latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply. Trump signed an order the previous night imposing steep tariffs on 66 countries, the European Union, Taiwan and the Falkland Islands, to go into effect Aug. 7, after he originally threatened them for April but postponed twice after that until Aug. 1. The markets were also reacting to government reports of a dramatic slowdown in hiring as businesses, investors and the Fed operate under a cloud of uncertainty from months of tariff policy news. Here's the latest: Judge allows the NSF to continue withholding hundreds of millions of research dollars U.S. District Judge John Cronan declined a request by 16 Democratic-led states to force the National Science Foundation to restart payments immediately. The agency can continue withholding the funding from researchers until litigation aimed at restoring it plays out, he ruled. Cronan said he would not grant the preliminary injunction in part because it may be that another court, the Court of Federal Claims, has jurisdiction over what is essentially a case about money. He also said the states failed to show that NSF's actions were counter to its mandate. The states' lawsuit, filed in May, alleges that the NSF's new grant-funding priorities as well as a cap on what's known as indirect research expenses 'violate the law and jeopardize America's longstanding global leadership in STEM.' A lawyer for the NSF said it has the authority to fund whatever research it deems necessary — and has since its inception in 1950. Judge pauses Trump administration's push to expand fast-track deportations U.S. District Judge Jia Cobb agreed to temporarily block the administration's efforts to expand 'expedited removal' for immigrants who legally entered the U.S. under a process known as humanitarian parole. The ruling could could benefit hundreds of thousands of people. Cobb ruled that the Department of Homeland Security exceeded its statutory authority in its efforts. The judge said those immigrants face perils that outweigh any harm from 'pressing pause' on the administration's plans. The case 'presents a question of fair play' for people fleeing oppression and violence in their home countries, Cobb said in her order. 'In a world of bad options, they played by the rules,' she wrote. 'Now, the Government has not only closed off those pathways for new arrivals but changed the game for parolees already here, restricting their ability to seek immigration relief and subjecting them to summary removal despite statutory law prohibiting the Executive Branch from doing so.' Federal Reserve Governor Adriana Kugler steps down, giving Trump slot to fill on powerful board Kugler, who did not participate in the Fed's policy meeting this week, would have completed her term in January. Instead she will retire Aug. 8. She did not provide a reason for stepping down in her resignation letter. Federal Reserve governors vote on the central bank's interest rate decisions and also on changes to bank regulations and other financial rules. The Trump administration could take advantage of Kugler's resignation and appoint a potential replacement for Fed Chair Jerome Powell to her position. Powell, who has been repeatedly attacked by Trump for not reducing the Fed's key short-term interest rate, completes his term as chair in May 2026. Trump said Friday afternoon that he was 'very happy' to have an opportunity to name someone to the board. Asked about potential candidates, Trump said he has 'about three very good — I've got a lot of good candidates.' Trump orders 2 US nuclear subs repositioned over statements from Russian ex-leader Medvedev The president gave the directive after what he called 'highly provocative statements' by former Russian President Dmitry Medvedev. The two have have feuded online in recent days. The impact on U.S. nuclear submariness — which normally and routinely patrol global hotspots — remains unclear. But the move potentially escalates tensions between Washington and Moscow at a delicate time, as Trump threatens new sanctions in an attempt to push Russia toward a ceasefire in its war with Ukraine. Trump said Friday evening that he 'had to' reposition the subs. He said Medvedev made 'inappropriate' threats and, 'When you talk about nuclear, we have to be prepared.' House Republicans delay Ghislaine Maxwell's subpoenaed testimony before Oversight Committee In a letter to Maxwell's lawyers, Rep. James Comer, chair of the House Oversight Committee, said the committee 'is willing to delay your deposition' as part of its Jeffrey Epstein investigation until after the conclusion of an appeal she filed to the Supreme Court. That appeal is expected to be resolved in late September. Maxwell's team had notified congressional investigators that she would invoke her Fifth Amendment rights against self-incrimination unless the committee meets certain demands, including a granting of congressional immunity; for the deposition to take place outside of her Tallahassee prison; a preview of the questions; and the conclusion of her appeal. Comer wrote that while Maxwell's testimony is 'vital' to the investigation, the committee would not provide immunity or advance questions. The committee 'is willing to engage in good faith negotiations' and 'will continue its long-standing practice of engaging in forthright and detailed discussions about scoping,' Comer added. Restaurant industry leader says the cost of eating out is likely to rise due to tariffs The National Restaurant Association, which represents more than 1 million U.S. eateries and food service providers, said Friday that tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Chef Phila Lorn walks through his restaurant, Mawn, after opening for the day in Philadelphia, Thursday, May 22, 2025. (AP Photo/Matt Rourke) Michelle Korsmo, the president and CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' US depends on spices coming from abroad Laura Shumow, the executive director of the American Spice Trade Association, said Friday that many essential spices like cinnamon, pepper, nutmeg, cloves and vanilla require tropical conditions to grow and can't be cultivated in the U.S. on a commercial scale. Tariffs on such products won't incentivize U.S. production or create American jobs, but they will place a financial burden on food companies and restaurants, Shumow said. Shumow noted the Trump administration's framework for its trade agreement with Indonesia would allow the U.S. to lower tariff rates on commodities that aren't naturally available or domestically produced in the U.S. Shumow said she hopes the final trade agreements with Brazil, India, Madagascar, Sri Lanka and other spice providers will contain similar language. 'We firmly believe that smart, targeted trade policies can support the U.S. spice industry and other American businesses while helping to keep grocery costs down for families,' Shumow said in a statement. Brewer outlines the toll of Trump's latest tariffs Brewers across the country have been struggling with labor costs driven up by inflation and generational shifts in alcohol consumption. Tariffs have made sourcing everything from cardboard to aluminum cans more expensive. Trump's latest round of tariffs on European goods are putting special pressure on Utepils Brewing in Minneapolis — which specializes in pilsner, Kolsch and other classic styles from the continent. For Dan Justesen, president of Utepils, that means sourcing hops and malt from farmers in Germany and the Czech Republic. 'You might ask, 'Why don't we buy American-grown hops?' They don't grow the same styles, and they don't taste the same,' he said. The latest tariffs are already taking a toll. One supplier notified Justesen Thursday that they would no longer split the additional costs–leaving Utepils on the hook with no relief in sight. 'Even when the tariffs have been dropped temporarily at times, we don't see a price reduction. Prices go up, go up, and they go up,' Justesen said. New tariffs could raise costs of coffee and hamburgers, restaurant group says The National Restaurant Association, which represents more than 1 million U.S. restaurants and food service providers, said Friday that the tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Michelle Korsmo, CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' Supermarket chain assesses tariff impacts on chocolate and wine Stew Leonard Jr., president and CEO of Stew Leonard's, a supermarket chain that operates stores in Connecticut, New York and New Jersey, noted that the latest round of Trump's tariffs will now force him to look at doing more business with U.S. suppliers. For the winter holidays, he usually buys Swiss chocolates but will look at other U.S. vendors to fill the gap. 'Trump is doing what he intends to do,' he said. 'He's making it too expensive to buy chocolate from Switzerland. So what I'm going to do is make sure we buy our chocolate from the United States. ' As for wines, 50% of the wines and spirits the chain sells are imported from Europe and other countries. The price range has been $10 to $20 so with a 15% tariff rate on goods from the European Union, he would have to raise prices, a move that he believes will hurt demand. So he plans to promote more U.S. brands, he said. Leonard is already started to increase prices on some imported items, including jars of marinara sauce from Italy under the retailer's private label. They were $5.99 before the pandemic, then rose to $6.49 during the health crisis because of supply chain issues. That price will go up to $6.99 because of the 15% duties on products from the European Union, he said. Hungary's prime minister slams EU for failing to negotiate more favorable trade deal with the US 'They didn't take seriously that the U.S. president was going to really reshape the world economy, they thought he was just a bigmouthed American entrepreneur who wouldn't do half of what he undertook,' Viktor Orbán, Hungary's populist prime minister, told state radio on Friday. The Hungarian leader, who is a Trump ally, also criticized European Commission head Ursula von der Leyen for making 'commitments to America that are beyond her authority,' and railed against reported agreements for European companies to purchase natural gas, oil and nuclear fuel from the U.S. and to make large-scale investments there. 'This is a terrible economic agreement,' Orbán said. 'I have been saying since February that we should take the initiative, to stand up for totally free trade ... but we shouldn't wait like a frozen rabbit or an animal charmed by a snake just to be attacked.' US hiring slowed as Trump's tariffs took effect U.S. hiring is slowing sharply as Trump's erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world's largest economy. The Labor Department reported Friday that U.S. employers added just 73,000 jobs last month, well short of the 115,000 forecasters had expected. Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked up to 4.2% as Americans dropped out of the labor force and the ranks of the unemployed rose by 221,000. Economists have been warning that the rift with every U.S. trading partner will begin to appear this summer and the Friday jobs report appeared to sound the bell. 'We're finally in the eye of the hurricane,' said Daniel Zhao, chief economist at Glassdoor. 'After months of warning signs, the July jobs report confirms that the slowdown isn't just approaching—it's here.' Trade group reiterates that higher tariffs eventually get passed down to consumers David French, executive vice president of government relations at the National Retail Federation, the largest retail trade group in the U.S., said in a statement Friday that these higher tariffs are taxes paid by U.S. importers and are eventually passed along to consumers and hurt businesses. 'Retailers have been able to hold the line on pricing so far, but the new tariffs will impact merchandise in the coming weeks, ' he said. 'We have heard directly from small retailers who are concerned about their ability to stay in business in the face of these unsustainable tariff rates.' A 'structural rewrite' for the global economy 'Trump's new tariff directive, signed behind closed doors just ahead of the Aug. 1 deadline, slaps a new floor under global trade costs: a 10% minimum rate for nearly all partners, with surcharges of 15% or higher for surplus nations,' Stephen Innes of SPI Asset Management said in a commentary. 'This wasn't just an update — it was a structural rewrite. The average U.S. tariff jumps from 13.3% to 15.2%, a seismic shift from the 2.3% average before Trump retook office. This reshapes the cost calculus for everything from semiconductors to copper pipes,' he said. France still wants to renegotiate parts of the EU's trade deal with the EU Just days after it was sealed with a handshake, France is already talking about possibly renegotiating parts of the EU-US deal on tariffs, to make it more favorable for European producers. 'It's a stage and we won't stop here,' French Foreign Minister Jean-Noël Barrot said Friday, speaking to broadcaster France Info. 'We want new concessions, guarantees on wine and spirits, a readjustment, a rebalancing on the service sector, in particular digital services.' The minister argued that European negotiators hadn't been feared enough by Trump. 'Europe has to beef up its game," Barrot added. If Europe had been stronger, had it been feared by Donald Trump and the American negotiators, we doubtless could have obtained better results.' Swiss pharmaceutical Roche says medications should be exempt from tariffs Swiss pharmaceuticals powerhouse Roche says it is working to ensure its patients and customers worldwide have access to their medications and diagnostics amid Trump's tariff war. 'While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation,' the statement said. Still, the company said it was prepared for the implementation of potential tariffs. 'With strengthened U.S. production capacity and proactive measures like inventory adjustments and tech transfer, we are working to ensure uninterrupted access to our products.' Some African nations hope they can still negotiate reduced tariffs Some African nations that benefited for 25 years from a duty-free trade agreement with the U.S. say they hope they can still negotiate a reduction on the new tariff rates imposed by the Trump administration, as they threaten tens of thousands of jobs in poor countries already struggling with high unemployment rates. South Africa, Africa's most diverse economy, received a 30% tariff rate which would impact exports like agricultural produce and cars. Those sectors have warned of potential job losses in a country that already has an unemployment rate of more than 32% — one of the highest in the world. South Africa is a beneficiary of the African Growth and Opportunity Act, a U.S. program giving some African countries duty-free access to the American market to spur development. African officials say that program — which started in 2000 — now appears doomed when it is up for renewal by the U.S. government in September. Meanwhile, neighboring Botswana expressed some relief that its rate was reduced from a threatened 37% in April to 15%. It was hoping for further talks, according to Botswana's chief trade negotiator. But in an indication of the wider impact, Botswana said its automotive industry also would be hurt because it provides parts to South Africa's car sector. Another African nation, tiny Lesotho, had been threatened with a massive 50% tariff rate. That was reduced to 15% by the U.S. in Thursday's list, but officials there fear it will still spell disaster for its clothing manufacturers, which make U.S. brands and export to the American market. The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
