Bloomberg Surveillance Bloomberg Surveillance TV: May 29, 2025
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May 29, 2025 Peter Navarro, former White House trade advisor, discusses the impact of a recent court ruling on Trump's tariffs and its implications for U.S. trade policy. Libby Cantrill from PIMCO outlines strategic options for the administration. Bob Michele, CIO at JPMorgan, warns about bond market signals regarding debt and deficits. Angelo Zino of CFRA reacts to Nvidia's earnings and its role in the AI market. The panel dives deep into economic crises, tariff complexities, and the intersection of technology and foreign policy.
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Navarro on Economic Emergencies Justifying Tariffs
- Peter Navarro highlights multiple economic emergencies justifying tariffs, including fentanyl deaths, illegal immigration's labor impact, and massive trade deficits.
- He sees courts as obstructing these trade and border policies despite apparent legitimacy and ongoing international negotiations.
Multiple Legal Routes for Tariffs
- Peter Navarro says multiple legal avenues exist to impose tariffs beyond IEPA, such as sections 122, 301, 232, and 338.
- He advises using these alternatives legally to pursue trade objectives while appealing the court ruling.
Bond Market Prices Growth Amid Tariffs
- Bob Michele notes bond market yields rose despite tariff headwinds due to expected growth and Congressional deficit spending.
- The bond market prices in inflation concerns but anticipates resilience supported by policy and fiscal stimulus.