Peter Navarro, the trade advisor of the White House, dropped concerns about the unexpected decline of the US gross domestic product in the last quarter on Wednesday and said: “We really like it where we are now” and pointed out an increase in new domestic investments.
“I only have one thing about today's news. This is the best negative pressure I have ever seen in my life,” said Navarro in “Squawk on the Street” from CNBC after the trade department reported that GDP fell in the first quarter of 2025 with a season of 0.3%.
“The markets have to look under the surface of this illustration,” said Navarro, a passionate supporter of President Donald Trump's tariff policy.
“We had an increase in domestic investments by 22%,” he said.
“This is not in the charts if you strike the inventory and the negative effects of import train due to the tariffs, they had a growth of 3%,” said Navarro.
“Well, we really like it where we are now,” he added.
The most important stock market indices were reduced in the morning trade according to the GDP report, in which the economic data from the first two full months were recorded by Trump's second term in the White House.
This is not the first time that Navarro has rejected concerns about the harmful effects of Trump's policy on the US economy.
At the beginning of this month, Navarro described a massive market waste on April 10, which was heated by Fears of Trump's broad new tariffs as “no big cause”.
On this day, the Dow Jones Industrial average fell by more than 1,000 points and the benchmark S&P 500 index of the US shares lost 3.46%.
So far, the S&P 500 has dropped by more than 7%this year.
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