The Dow Jones Industrial Average could go over 30,000 sooner than many financial experts anticipate, if the Federal Reserve cuts interest rates at the end of this month and if House Speaker Nancy Pelosi, D-Calif., puts the United States-Mexico-Canada trade agreement on the floor for a vote, White House trade adviser Peter Navarro predicted Thursday.
"I've said this repeatedly now is that the two things that we need for the next leg up of the Trump economy and the stock market are the passage of the USMCA," Navarro told Fox News' "America's Newsroom."
The NAFTA replacement will have strong bipartisan support in the House and will pass easily in the Senate, Navarro said.
"This is a deal that transcends partisanship, or it should because it's a good deal for America," he said. "It updates one of the worst deals we ever signed in NAFTA . . . this is the most important thing for me. They have these things called rules of origin. Production, manufacturing must stay in the hemisphere and the U.S. Must get its fair share of that manufacturing. There are strong rules including strong protections for the environment, for labor, and for these reasons farmers, ranchers, workers, manufacturers, everybody benefits."
Meanwhile, the economy remains strong, Navarro said.
"On Tuesday we had very strong, above consensus retail sales," Navarro said. "In a few days we'll get the Q2 GDOP numbers, and they will be stronger because of those retail sales. We hit 3.1%, largely on the basis of those tariffs on China and reduction in the trade deficit."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
© 2024 Newsmax. All rights reserved.