U.S. President Donald Trump's tough approach to global trade, including his new tariffs on metals imports, will not necessarily provoke a trade war, the White House's top adviser on international economic exchanges, Peter Navarro, said during an interview on CNBC on Thursday.

"We can obviously do it in a way that can be good for the American people and good for the global trading system," he said. "We can do this in a way that is peaceful and will improve and strengthen the trading system. ... Everybody on Wall Street needs to understand: Just relax."