White House trade adviser Peter Navarro Tuesday said the success with the first phase of the U.S.-China trade deal, the USMCA (United States-Mexico-Canada Agreement), and upcoming deals with Japan, South Korea, and Mexico will mean a "boom year in 2020."
"That's over 60% of total trade," Navarro told Fox News' "Fox and Friends" of the five deals. "It's going to be a boom year in 2020 for the American economy. I'm looking at growth closer to 3% than 2%. I'm looking at the Dow well over 30,000."
Navarro said he predicted several months ago that if USMCA was approved and interest rates went down, "we would get over 30,000."
"It's going to be a great year for America," Navarro said.
He added that America's pork farmers "should be ecstatic right now" over China's agreement to lower tariffs so that added costs aren't passed on to their consumers.
"China really needs that pork," he said. "They have gotten rid of the tariffs, and here we go. A lot of bacon is going to be boiling there in China."
The China deal's first phase also marks a good start on forced technology transfer and on currency manipulation, which President Donald Trump promised in 2016 to crack down on, said Navarro.
The National Defense Authorization Act and the appropriation bill passed last week also "really sets the stage" for a successful 2020, he added.
"It's like a combination lock that clicks," said Navarro. "Everything opens up ... it's set up for a beautiful 2020. Americans should celebrate tomorrow. Strong paychecks, low unemployment mean a merry Christmas."
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