Team,
In this recent War Room conversation with Steve Bannon, Steve and I discuss Trumpnomics, kitchen table issues, and breaking through legacy media barriers to inform the American people as we head into the midterm elections.
In addition to Substack, I regularly publish op-eds on macroeconomic reports to RealClearMarkets, and post related content to:
X;
and my podcast, The Navarro Express.
It’s a multimedia thing, and the point is to inform the American people—not only the MAGA base, but the general public—about what the Trump economic plan is doing, its mission, and what its effects are so far.
Please be sure to subscribe to and follow all of these platforms and share the message, especially because the legacy media has a vested interest in making sure the message doesn’t spread.
On any given day, the legacy media has other things they think can sell ads better. And that’s a failing of their business model, but there’s also a fair amount of Trump Derangement Syndrome involved.
And it’s not just the on-air talent that has Trump Derangement Syndrome. It’s not just the reporters. It’s the producers.
There are just too many producers, including at outlets that should naturally be supportive, who get in the way and block stories and people they don’t like. And there are general bans at legacy media outlets on a lot of the MAGA surrogates.
These bans continue today, even though Donald J. Trump is President and important information is being revealed, including information that verifies our worst fears about the 2020 election and about Anthony Fauci killing people.
The legacy media still will not accept facts that lead to realities that contradict their chosen narratives, which are basically designed to take down President Trump.
In the face of this, I’m working to break through via multiple platforms, including those listed above.
The central hub to find all of them in one place is PeterNavarro.com. It has links to all of the platforms and more, including The Navarro Report on the 2020 election and a report on the causes and costs of illegal immigration.
I try to talk about bread-and-butter, kitchen table issues as they are reflected in our policies and in the data. Frankly, the news cycle is so absorbed with other stories that they’re missing the beautiful message of the Trump economy.
For example, the favorable trade report this month shows Trumpnomics at work. This includes a massive surplus in our petroleum exports. Nobody at the depths of the energy crisis in the 1970s ever believed we could be energy independent, much less the world’s leading exporter as we have become. That’s helping a lot.
The manufacturing sector is now in a strong upward trend over the last six months as reflected in the ISM Manufacturing Index. And that is a result of our beautiful tariffs and our beautiful tax policies. And the overarching goal is building strong and resilient supply chains and manufacturing facilities in the interest of both economic security and national security. This includes the goal of real wages rising on increasing productivity for our nation’s MAGA blue-collar workers, who are at the tip of the prosperity spear.
That’s the course we continue to chart. And as we continually get positive reports, it shows that our Trumpnomics policies are working.
And I’m going to keep saying to Kevin Warsh and the Fed, don’t even think about raising rates into the teeth of an energy price shock. Bernanke and Greenspan both knew not to do it.
You do not cure a geopolitical oil shock by crushing American factories, homebuilders, farmers, and small businesses with unnecessarily high interest rates.
Monetary policy is supposed to distinguish signal from noise.
In addition, Steve alludes to my forthcoming book, Why Fauci MUST Rot in Prison, which had not yet been announced when this segment aired.
Here is my War Room announcement of the book, which is scheduled for publication in October.
And the following is the publisher’s description of my new book.
In Why Fauci MUST Rot in Prison, Peter Navarro prosecutes the man he calls the Godfather of the Pandemic—arguing that Fauci’s institute funded dangerous gain-of-function coronavirus research in Wuhan, failed to police the work, and then helped bury the lab-leak story to save his reputation and institution. And that is only the first count. Lockdowns. School closures. Mandatory masks. Hydroxychloroquine hysteria. Forced vaccination. Universal boosters. Myocarditis. Natural immunity ignored. Pregnancy uncertainties. Navarro follows the trail into the vaccine wing of the Fauci Medical-Industrial Complex, where government power, scientific authority, media influence, and Big Pharma reinforced one another. Navarro was the White House adviser who repeatedly challenged Fauci when few others would. Now he has Fauci’s private diaries. The defendant kept the evidence. Was the result merely catastrophic error—or involuntary manslaughter, even homicide? The trial of the century begins here.
Please be sure to pre-order copies of Why Fauci MUST Rot in Prison for yourself and friends to help spread the truth and break through the legacy media’s complicit silence. You can pre-order HERE.
I look forward to your comments, and please be sure to share.
Peter
TRANSCRIPT
STEVE BANNON: I now want to go to the White House, Pebble Beach, as it’s called, right outside the West Wing. Dr. Peter Navarro. Dr. Navarro, lost in—because of everything else going on, from Gaza to the Persian Gulf, everything in between, the Reflecting Pool, everything in between. It’s lost on the—the signal is getting lost, sir. So, we’ve got you on today to fire people up on the signal, particularly President Trump. Remember, Trump economics, Trumponomics is predicated around the re-industrialization of this nation. We had Jeff Clark on the other day who did really a brilliant job about how it was de-industrialized using EPA and how Lee Zeldin’s done a terrific job of kind of turning things around. But also this re-industrialization deals with the supply-side tax cut to provide capital for manufacturing. It deals with our favorite Navarro-Bannon supporting President Trump on the tariffs situation. And this is manifested in trade.
And so, there’s been some really good news on trade here recently, and I want to make sure people know about it, that we are re-industrializing this nation. We’re bringing back high-value-added manufacturing jobs. You’ve been on top of this. And this massive trade deficit, which, you know, the Gary Cohns of the world just said, ‘Bannon, that’s just an accounting thing.’ I said, ‘No, it’s not. No, it’s not. Talk to Lou Dobbs. Talk to Lou Dobbs. It’s just not an accounting function.’ Your thoughts, sir, on the signal, not the noise of this economy.
DR. NAVARRO: Well, I’m going to hit that hard, but I’m going to give you some signal. I don’t know if you know Will Scharf, but this gentleman is taking over as White House Legal Counsel, and he’s as pure and good on MAGA as it gets. He ran in 2024 in Missouri for Attorney General on a MAGA platform. He’s nails. He’s one of the most impressive guys I’ve met in my going on six years now on these grounds. So, it’s good news. Will Scharf at White House Legal Counsel.
BANNON: Hang on. Hang on. We did mention in the first block, we mentioned in the first block that Todd’s [Blanche] going to be sworn in today after being confirmed. He’s going to be sworn in at 2:00 PM.
DR. NAVARRO: I intend to be there. Yeah.
BANNON: If it’s open to the press at all, which I assume that it will probably be, RAV is going to cover it. Will Scharf is announced as replacing Dave Warrington as White House Counsel. What I told the audience is that in the run-up to the midterms and beyond, now President Trump is starting to put in place, I think you would say, wartime consiglieres, because hey, guess what? The Democrats are making noises like they want to turn the White House into Fort Apache. And, of course, if anybody can fight back, President Trump can. So, I think there’s some—they’re restocking the team with some hitters here.
DR. NAVARRO: Yeah.
BANNON: And I think it can only be good news.
DR. NAVARRO: It’s very good news. And I’ll have some good stuff for you this week, Steve. Your audience might get tired of me, but I’m going to demand to come back. I’ve been digging through all of the stuff that John Solomon has been able to get out into the public, which has been, of course, ignored by the legacy media. But I’m doing my job in packaging that in very easy to understand messages and op-eds. So, stay tuned. You’re going to be talking to me about the depth and breadth of the stuff that’s out there. I mean, if you look at what John’s put up there on the White House site—
BANNON: It’s amazing. It’s amazing.
DR. NAVARRO: It’s China. It’s Maricopa County.
BANNON: It’s amazing.
DR. NAVARRO: It’s vulnerabilities at the ballot box.
BANNON: It’s amazing.
DR. NAVARRO: All this, and it’s, like, this is what’s so wrong, Steve, with just about every journalist and outlet except War Room. It’s like they won’t deal with the hard truth about what happened in 2020. And so, we’re going to keep working it, and Solomon is going to do what Solomon does, keep getting more and more truth. And yeah, we need—you know Grassley’s doing a great job at the Senate side. Jordan, I don’t know what happened to Jim. He’s been so unhelpful in so many ways with that gavel in his hand, but we’re going to put this little heat on there to get some stuff done.
BANNON: Hang on—this is what we’re trying to—we’ve got to—if we’re going to hold the House, let’s use the gavel. One last thing before you get into trade. Bannon and Navarro are also working on a special project related to Peter Navarro’s. If you think he’s got insight into the 2020 election, which The Navarro Report’s still the definitive of all that, Peter Navarro’s perspective on Dr. Fauci is only second probably to Bobby Kennedy, but during the pandemic, you’re even ahead of Bobby Kennedy because you saw it up close and personal. We’re working on a special project. We’re not prepared to announce it, but Dr. Navarro’s got a very special project regarding Dr. Fauci, the pandemic, all of it that we’ll be announcing in the next couple of days. Continue on, Dr. Navarro.
DR. NAVARRO: All right. Let’s go from the poison of Fauci and the promise of holding some of these scumbags accountable for what happened in 2020 to the economics. And Steve, you’re right. What I do here as much as I can is try to talk about the bread-and-butter, kitchen table-type issues as it’s reflected first in our policies and then in the data. And frankly, the news cycle is so absorbed with other stuff that they’re missing this beautiful message about the Trump economy. If you look at the trade deficit, we had a good report out last week, which shows you Trumpnomics at work. I mean, you start with the surplus, the massive surplus, the record surplus in our petroleum exports. I mean, nobody at the depths of the energy crisis in the '70s ever believed we could be energy independent, much less the world’s leading exporters.
So, that’s helping a whole lot. The manufacturing sector is now in a strong upward trend over the last six months as reflected in the ISM Manufacturing Index. And that is a result of our beautiful tariffs and our beautiful tax policies, like 100-percent expensing of building buildings that are going to make stuff here in America. And the overarching goal, Steve, going back to your little chalkboard in 2016 in campaign headquarters, which we used to, like, talk about constantly, is we want this country to have strong and resilient supply chains and manufacturing facilities in the interest of both economic security and national security with the goal of having our MAGA blue-collar workers at the tip of the prosperity spear with real wages rising on rising productivity. And that’s where we continue to go. And as we get report after report after report, it shows these Trumpnomics policies are working.
And I’m going to keep saying to Kevin Warsh and the Confederacy of Dunces at the Fed, don’t even think about raising rates in the teeth of an energy price shock. Bernanke didn’t do it. Greenspan didn’t do it. You don’t do it because it’s the wrong thing to do in the presence of an energy price shock. And the politics, you know—
BANNON: Hang on. Hang on.
DR. NAVARRO: Yeah.
BANNON: Hang on for a second. Hang on for a second. We had the Treasury Secretary on here, I think Thursday or last week for 30 minutes walking through the underlying power of what we’ve been able to do, even in the face of the excursion, as President Trump calls it, into the Middle East and to Persia. You come on and you’ve got facts and data to back it up. Just a recommendation from a humble servant out in the hinterlands. I think it would behoove us to have, like, you and Scott Bessent—
DR. NAVARRO: I’m going with the ‘servant in the hinterlands,’ but I’m not buying the ‘humble.’ Go ahead.
BANNON: No, it—in the—in the Oval, let’s get all the media in there—
DR. NAVARRO: Yes.
BANNON: —where they’ve got to cover it. And instead of talking about Jeanine Pirro, instead of talking about the Reflecting Pool, and I understand the President’s, you know, he’s trying to clean DC up and make it the magnificent city it could be if somebody paid attention to the details as President Trump is. He’s a builder and he’s going to do the statues, he’s going to do the pool, he’s going to clean this thing up and make it magnificent, but this is the thing that drives elections. You and Bessent in a two-hander in the Oval—
DR. NAVARRO: Yeah.
BANNON: —forcing people to look at a couple of charts to talk. This is the type of word we’ve got to get out on the economic messaging, because what’s happening right below the surface is very powerful and really a change of 50 years of drift.
This is the point that’s so powerful is that President Trump did it in his first term.
DR. NAVARRO: Yeah.
BANNON: You could see the convergence, as you remember, in the fall of 2019. And the Chinese Communist Party knew that. That’s where they tore up the Lighthizer-Navarro deal and threw it back into our face. And that’s why, quite frankly, they declared People’s War. We had the pandemic. They involved themselves in stealing the 2020 election. It’s all—it’s all very obvious how it rolls out. But now, once again, after the biggest comeback in history after four years in the wilderness, he’s come back and, really, in the first 15 months, 18 months—and that includes the excursion to the Middle East—the green sprouts of a major re-industrialization of the United States of America into a manufacturing hegemon is right before us, sir.
DR. NAVARRO: It’s a great idea, Steve, because once you’re in the Oval and the President’s talking, they’ve got to cover it. They’ve got to cover it. And we need to do it both to assure the folks out in MAGA Land that we’re getting done exactly what we promised in the election, but at the same time we’ve got to inoculate ourselves against these mindless, senseless attacks by the left about, ‘oh, no manufacturing, tariffs cause inflation,’ all that crap, which we’ve shown to be absolute crap. So, we’ve got to do this. But do me a favor, Steve. When I’m on camera and you don’t want to talk about something like Jeanine Pirro, never mention her freaking name to me because that woman still refuses—refuses—
BANNON: Stop. Stop. We love Jeanine.
DR. NAVARRO: —to fire John Crabb, the prosecutor—
BANNON: Hold it.
DR. NAVARRO: —who was involved in putting you and me behind bars. Okay? So, don’t you dare—Judge Jeanine. You know, when the Boss said she choked, it’s like I, you know, like, I’m just telling you.
BANNON: Your personal ven—hey. I can’t deal, I can’t deal with your—okay. Hang on.
DR. NAVARRO: That guy, how is that guy still working here who pointed me at a courtroom and said I was above the law? Those—you get my drift.
BANNON: I get your drift. Yes.
DR. NAVARRO: Don’t get me stoked up. Yeah.
BANNON: They accused the President of having all these personal vendettas. The media never really met Peter Navarro. No. That’s totally unacceptable. But my point is is that—
DR. NAVARRO: That’s a professional. That guy is on the inside, Steve, of our Justice Department. That guy was responsible for so much. He went after J6 people, he went after you, he went after me, he should be gone. Jeanine, are you listening?
BANNON: I want Judge Pirro—I want Judge Pirro to know I had nothing to do with this outburst. This is Navarro. In fact, I’ve never brought it up to her ever.
DR. NAVARRO: Oh, you set me up here. But it was unwittingly, Steve, because sometimes it happens with you, but not very often.
BANNON: But hang ong. I’m going hold you through the break.
DR. NAVARRO: He’s exonerated, Judge.
BANNON: Let me use an example. The other night—and I’m going to use Erin Burnett—they spent two segments, half hour on CNN—
DR. NAVARRO: Yeah.
BANNON: —going through Judge Jeanine, the meeting at the White House, the file she brought in, Burgum sitting there, you know, being called to to account, everything about the Reflecting Pool. So, it’s 30 minutes of primetime on the Reflecting Pool, not one second spent on what you’re doing on the economy, what the real facts are for the American people. It just shows you the Trump Derangement Syndrome is only going to get more pronounced. Peter, I know you’ve got to bounce, but I’ve got to—just hold on for one second. We’re going to take a short commercial break.
DR. NAVARRO: I will stay with you, but dare I say not one—not one ‘reflection’ on the issue.
[RETURN FROM COMMERCIAL BREAK]
BANNON: Judge Jeanine Pirro, I love you. We love you in the War Room. But I do think Peter has an item you ought to just think about. Anyway, moving on. So, Navarro, I started—I wanted to start Monday with Harrison in Texas and you and Washington because you two guys are great at motivating people for what kind of the more substantial things are, not the ephemeral that a lot of people dance around or skip around on. One of the things I really admire about what you’re doing, and I think is very, very powerful. You’re not just writing these pieces for The Washington Times and, you know, some of these great editorials, but—and are doing traditional TV hits like this morning. You’re also making very short videos to explain to folks, not simply the War Room Posse, but I think people that, you know, because this show covers this in such detail, you’re making these videos for people that don’t really know much about it. I think it’s very powerful. I want to make sure the War Room Posse is a force multiplier by going and pushing it out. But I would recommend, I think, in the White House, the White House account, however you guys do it, these little TikTok or Instagram, whatever these are, are very, very powerful. Give me a minute on what you’re trying to accomplish and how we at the War Room and the War Room Posse can assist you in getting this message out.
DR. NAVARRO: Sure. Sure. So, every video begins with some kind of news or mostly the economic report of the day, whether it’s the ISM Manufacturing Index or this week it’s going to be the CPI, PPI. Right? So, what I do first is I write an op-ed, which will typically go up on RealClearMarkets if it’s the macro-oriented. And then what I do next with that is strip it down into a podcast that goes on the Navarro Express. And then we take the op-ed and I turn it into a 45-to-60-second video to distill it to its essence. And I quickly record that. And all of it goes out to the Substack, as well. So, the whole point, Steve, is to segment the market. You know, there’s people who watch Instagram or X, Gettr, Truth. They like Substack. They like a podcast like the Navarro Express. And they like reading op-eds. And the whole point of this is to inform the people, not just the MAGA, but the general public on what the Trump economic plan is doing, what its mission, and what so far the effects are. And I don’t think—I don’t know if anybody else is doing that. And I do know that the media has a vested interest in making sure that that stuff doesn’t spread. Okay?
BANNON: Yep.
DR. NAVARRO: At any given day, they’ve got other things they think can sell soap or hemorrhoid cream better. And that’s a failing of the way our media business model in this country is connected. But there’s also a fair amount of the Trump Derangement Syndrome across. And Steve, it’s not just the talent on the air, and it’s not just the reporters, it’s the producers.
BANNON: Yep.
DR. NAVARRO: So, it’s just too many producers, including at places where they should be for us, that get in the way and block stories and people.
BANNON: Yeah.
DR. NAVARRO: I mean, there’s a general ban on a lot of the surrogates from MAGA that still continues to today—
BANNON: Yep.
DR. NAVARRO: —even though Donald John Trump is President and all this information’s coming out, verifying our worst fears about that 2020 election, our worst fears about Fauci killing people and all of that.
BANNON: Yeah.
DR. NAVARRO: The media still will not accept facts which lead to realities which contradict their message, which basically is designed to take down Donald Trump. So, I’m trying to, in my own way, break through. So, it’s a multimedia thing. Substack, Instagram, podcast Navarro Express, Gettr, Truth, X, and outlets like RealClearMarkets.
BANNON: Pretty amazing. Peter, where do we go to get all that? Because I want people to be a force multiplier—
DR. NAVARRO: Sure.
BANNON: —particularly as you’re putting up these videos for people who are not part of the MAGA movement, who are not maybe Republicans, who are just our fellow citizens, but maybe don’t understand the power of President Trump’s economic program. Where do they go?
DR. NAVARRO: The central hub is PeterNavarro.com, PeterNavarro.com. It has links to everything, including the reports on the border and the election and all of that. And do sign up for the Substack, the Peter Navarro Substack, because we also post everything that’s going to be out there on the Substack. And the technology makes things faster today. It makes all of this possible.
BANNON: Yep.
DR. NAVARRO: It’s easier for me, for example, to do a 60-second video, write it, record it, and get it out than it was back in the old days—
BANNON: Of the first term.
DR. NAVARRO: —of old technology.
BANNON: Yeah.
DR. NAVARRO: So, PeterNavarro.com. Always have fun with you, Steve. And I’m sure Jeanine will still have lunch with you, Steve. Maybe not dinner, but she’ll still have lunch with you after the show and, you know, we can order a little crow for her if you want. I’ll pay for that.
BANNON: She’s too busy re-investigating the Reflecting Pool. Dr. Peter Navarro from the White House. Thank you so much, sir. I appreciate you.
DR. NAVARRO: My brother. Admiral.
BANNON: Thank you, sir.
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