Trump Adviser Navarro on the Attack Against Dimon and Fees

Speakers

Peter Navarro — Senior Counsel on Trade and Manufacturing (Trump Adviser)

Summary

Dow 50,000 Prediction: Navarro reiterates a bullish call for the Dow Jones to hit 50,000, driven by the "four pillars of Trumpnomics": tax cuts, strategic energy dominance, deregulation, and fair trade.
USMCA Re-evaluation: Explicitly states the USMCA trade agreement will be "re-evaluated in July," accusing Mexico and Canada of serving as "staging areas" for Chinese tariff evasion.
Bank Antagonism: Launches a direct, hostile attack on Jamie Dimon (JPMorgan), calling for lower credit card interest rates and labeling current rates "criminal," signaling potential regulatory pressure on consumer lending.
Protectionist Stance: Confirms a "bespoke" tariff strategy (country-by-country) rather than a flat global rate, specifically targeting trade deficits and "cheating" nations.

Trade Ideas

Ticker	Direction	Speaker	Thesis	Time
XLE /US EQUITIES /DOW	LONG	Peter Navarro Senior Counsel on Trade and Manufacturing (Trump Adviser)	Navarro cites "strategic energy dominance," "deregulation," and "tax cuts" as the drivers for his prediction of "50,000 on the Dow." The administration is prioritizing fossil fuel expansion and reducing regulatory burdens. This macro environment disproportionately benefits traditional energy sectors (XLE) and industrial heavyweights found in the Dow Jones Industrial Average. LONG US cyclical and energy assets based on policy support. Inflation reigniting due to tariffs; trade wars slowing global growth.	1:07
EWC /FXC /GM	WATCH	Peter Navarro Senior Counsel on Trade and Manufacturing (Trump Adviser)	Navarro states USMCA has "significant flaws" and will be "re-evaluated in July." He accuses Mexico and Canada of being "staging areas" for Chinese goods to evade US tariffs. This rhetoric signals imminent trade friction. If tariffs are slapped on Canadian/Mexican imports to close "loopholes," it hurts the Canadian economy (EWC/FXC) and US automakers with integrated cross-border supply chains (GM). WATCH/AVOID assets heavily exposed to cross-border North American trade until the July re-evaluation clarifies the tariff regime. The administration may bluff for leverage without actually imposing damaging tariffs.	—
JPM	AVOID	Peter Navarro Senior Counsel on Trade and Manufacturing (Trump Adviser)	Navarro explicitly attacks Jamie Dimon, saying, "Lower your friggin credit card interest rates... You are a criminal... The president wants you to lower that." This is not just rhetoric; it signals that the administration views high consumer credit rates as a political target. This could lead to regulatory pressure, caps on interest rates, or antitrust scrutiny specifically targeting major consumer lenders. AVOID JPM and consumer credit issuers facing political headwinds on pricing power. The attack may be purely performative with no legislative action.	—
DE /US AGRICULTURE	LONG	Peter Navarro Senior Counsel on Trade and Manufacturing (Trump Adviser)	Navarro acknowledges retaliatory tariffs hurt farmers but states, "We make sure that farmers are made whole... I personally been involved... in making sure that farmers... can't be used as bargaining chips." The administration is committed to subsidizing the agricultural sector to offset trade war losses. "Made whole" implies direct cash injections, which supports farm income and equipment purchasing (Deere). LONG US Agriculture equipment and inputs on the back of guaranteed government support. Subsidies may lag behind the economic damage caused by lost export markets (China).	—