On Wednesday, White House trade advisor Peter Navarro downplayed concerns regarding the recent decline in the U.S. gross domestic product (GDP), asserting confidence in the current economic landscape. “We really like where we’re at now,” he stated, highlighting a significant increase in domestic investment.
During an appearance on Finance Newso’s “Squawk on the Street,” Navarro remarked on the GDP report released by the Commerce Department, which indicated a 0.3% annualized decline in the first quarter of 2025. “I got to say just one thing about today’s news, that’s the best negative print I have ever seen in my life,” he said.
“That is off the charts when you strip out inventories and the negative effects of the surge in imports because of the tariffs, you had 3% growth,” Navarro explained, reiterating his positive outlook by adding, “So, we really like where we’re at now.”
Despite Navarro’s optimistic assessments, major stock market indices experienced declines during morning trading, reacting to the GDP figures that reflect economic performance during the initial months of Trump’s second term.
This is not the first occurrence of Navarro downplaying concerns regarding the repercussions of Trump’s policies on the economy. Earlier this month, he referred to a significant market plunge on April 10—prompted by worries over Trump’s broad new tariffs—as “no big deal.”
On that particular day, the Dow Jones Industrial Average saw a drop of more than 1,000 points, and the S&P 500 index, which tracks U.S. stocks, fell by 3.46%. Currently, the S&P 500 is down over 7% for the year.
