SPY330.65-3.85 -1.15%
DIA276.52-2.38 -0.85%
IXIC10,793.28-117.00 -1.07%

Peter Navarro Tells CNBC To Prepare For Dow 32,000

White House trade advisor Peter Navarro was a guest on CNBC Tuesday to talk trade deals and his outlook for 2020. He predicted the Dow will hit 32,000 in 2020 during the interview. 

Benzinga · 12/31/2019 15:52

White House trade advisor Peter Navarro was a guest on CNBC Tuesday to talk trade deals and his outlook for 2020.

He predicted the Dow will hit 32,000 in 2020 during the interview. 

Phase One 'In The Bank'

The "phase one" component of the U.S.-China trade deal is "in the bank," and all that is left to do is wait for a Chinese translation of the 86-page agreement, Navarro said.

The only piece of uncertainty is whether the Chinese translation will be "more pages or less," he said. 

Navarro, known for being a China trade hawk, said the phase one agreement has some "great stuff in it."

The agreement is consistent with the original one in May in terms of intellectual property theft, which resulted in the Chinese delegation walking away, he said.

The deal also includes a "nod to the currency manipulation," Navarro told CNBC. 

Commenting on a Tuesday Wall Street Journal investigation into how Chinese elements hacked their way into corporate American infrastructure, Navarro said "2020 needs to be the year we have a very candid discussion about that aspect of the relationship."

"This cyber espionage is intolerable, as is the killing of Americans with fentanyl," he said. "I think those are going to be two 2020 important issues. But I'm looking forward to a great 2020."

More Trade Deals

Navarro also said in 2020 the White House will "try to get something going" with the United Kingdom. The country is poised to finally separate from the European Union after several years of back-and-forth.

The U.S. administration is also looking to secure new trade deals with Vietnam, Europe and "anybody else who wants to fairly trade," he said.

Other trade deals that were finalized and closed in 2019 and are set to be enacted in the coming year include the revised NAFTA agreement, which Navarro said will cover twice the volume of trade and five times the exports compared to China.

The trade deal is sitting on Senate Majority Leader Mitch McConnell's desk and "ready to go to the floor of the Senate," he said.

Related Links:

Q&A: China's 21st Century Approach To Trade And Customs Modernization

China Economy Suffered From High Borrowing, Low Cash Flow, And Trade War In Q4: Report