All right, let's get to work here. No questions first. I got -- I'll be here as long as you need to. I want to deal with two separate -- yes, ma'am.
Hey, hey, hey. Yeah, oh, sorry, sorry. [Laughter]
I figure I'll be the director here too. Um, I want to deal with two very separate issues. One is the weaponization of government and lawfare. The other uh, I'll work through the uh, the EU deal today, which is just absolutely epic. And um, what I'd like to do is just talk about this lawfare issue, take a few questions and then, uh, go to the other one.
So if you can't try not -- no, don't interrupt me. I'm here to serve. OK. [Laughter] Let me get through what I want to say and I'll your questions. So let's proceed that way.
Dr. Navarro on the lawfare --
See? See. Now see. I did -- didn't you --
Sorry.
Aren't you listening, sir.
[Inaudible]
Don't do that again. OK? OK. Uh, who are you from? Where are you from?
[Inaudible]
All right, well, just -- I love those guys. They're my favorites. But just be cool. Um, so what I want to talk first about is about there's an article that appears today in Breitbart News, uh, which deals essentially with an FBI agent named Walter Giardina, who was recently fired by Kash Patel, the FBI director.
Uh, and the media, led by the New York Times, uh, is trying to make this guy a martyr. And this is the same guy that put me in handcuffs, put me in leg irons and led a totally unnecessary arrest with armed FBI agents at Reagan Airport. Uh and -- walked my fiance, and he's uh, he's a man who, uh, I will now show you, uh, really helps understand what has been a long term consistent weaponized attack on Donald John Trump going back to 2016. So I want to walk you through the arc of that.
We start with the Steele dossier. Christopher Steele writes this thing paid for by Hillary Clinton, and it was always a propaganda piece. And it became the catalyst for the Russia hoax Crossfire Hurricane. And the first thing that Giardina did was uh, and this is all alleged by whistleblowers. Everything I'm telling you is from whistleblowers that were reported, uh, through.
And thank you, Senator Chuck Grassley for getting this information out. Uh, he's doing a wonderful job on this. Um, Giardina was one of the FBI agents who blessed the Steele dossier who basically vouched for its authenticity. And therefore, set Crossfire Hurricane on its way. That was a complete hoax, a complete hoax that cost tremendous amounts of political capital, harmed the president and was just wrong.
Now at the same time, there was a separate operation going on, uh, and uh, it was called -- I'll call it the Egyptian hoax. It was codenamed Crimson River. Uh, and they later renamed it Red Masari. It was an allegation that the Egyptian government had given $10 million to the Trump campaign. It was total BS. Just -- just nothing there.
Again, Giardina played a central role in propagating that and then using that to do these investigations, do the leaks, do the smear tactics on Donald Trump. Now Crossfire Hurricane will allow Giardina then to move into the Mueller investigation. And he served there throughout the investigation. One of the things that that the whistleblowers point out is that Giardina's laptop mysteriously got totally wiped clean.
So all the data on there was now unavailable to you as journalists. The whistleblowers point out that there were more than one people, one person on the Mueller report team that used a technique where they put their password in a number of times in their cell phones and it wipe all the data clean. So it seemed to be the culture of the Mueller report and if in fact it's true that Giardina actually did that on purpose, that's a felony.
That alone would put him in jail. Now you think I'd be done, but no, I got a lot more to go with this guy. There was a thing called the Emoluments Clause. It's a -- it's a clause in the Constitution that says that people like presidents and government officials can't take money from foreign -- foreign governments or from state governments by getting favors things like that.
OK. Again, Giardina according to whistleblowers was at the very root of that propelling that forward. It has been revealed as nothing more, nothing more than a fishing expedition. It was like a license to hunt phone records and all sorts of other things. That guy was at the center of that. And then uh, in my view, some of the worst damage he did, uh, not just to the president, but to a lot of people.
I consider my friends is something called Operation Arctic Frost. And that was the one that followed J6 that investigated, uh, all of -- all the events surrounding the use of the Electoral Count Act of 1887, which is a perfectly legitimate tool to call for a recount of votes. Giardina used that, and it led to attacks on people like Jeff Clark, John Eastman, both of whom are or may lose their law license who spent millions of dollars on it. Uh, Jenna Ellis, Sidney Powell, Rudy Giuliani.
Giardina was there as well. And in some sense, I buried the lead because going back to Crossfire Hurricane, one of the big casualties there and a great friend of mine and a patriot was Mike Flynn. He was forced to resign because of that nonsense. And when we lost Mike Flynn early on in the administration, we wound up with John Bolton.
How that worked out? One of the most treacherous people that's ever been in that West Wing. So this is the guy if you weave that through, it paints a picture of a sustained effort by people inside the FBI inside the Justice Department inside what we love to call the deep state, which is what it is inside the rhino wing of the Republican Party going after Donald Trump.
So this guy, nobody should feel sorry for him. He's not a martyr New York Times. You have got to do a better job of doing your journalism. And he's the guy that put me in handcuffs, put me in leg irons. He's the guy that served me with my subpoena. He's the guy who testified at the grand jury. And -- and -- and there's allegations there that that testimony was not truthful.
He's the guy that testified at my trial. And I hold this man responsible. And it's not about me. I hold him responsible for a lot of what has been done to really erode trust of the American people in our American justice system. That's the story of Walter Giardino. I urge every one of you guys to read the Breitbart article.
Fact check me. And I dare you to find anything I say in there that's not absolutely true. And if it's absolutely true that man needs to go before Congress and needs to be hauled up. And he needs to be held accountable. And it's not just him. It's Obama. It's Clinton. It's Comey, Page, Clapper, Brennan, Schiff and all the rest of them.
OK, that's that story. I will take some questions now just on that. And then we'll go into the separate thing on EU. Yes, sir?
Dr. Navarro, thank you. Jordan Conrad, Gateway [Inaudible]. You wrote in your op-ed. If we don't hold these [Inaudible] accountable, they will do it again. What kind of punishment do you think is appropriate for Giardino, Clinton, Comey and the rest of them?
Well, remember, all of this -- all of these things are -- are allegations by whistleblowers inside the FBI or Justice Department, OK? I mean, that's damning in and of itself. But there's all sorts of things you could charge people like Giardino with. I mean, there is the conspiracy. Didn't they charge Donald Trump with conspiracy?
I mean, that's their like favorite go to charge. I mean, think about that. He's involved in every single operation against the president. And every time they were either trying to stop him from getting elected in 2016, overthrow him when he was in office or during the -- the interregnum between 45 and 47, they were trying to stop him from viability in the election and putting him in prison.
So um, he needs to be investigated. And there's a lot of people, I believe, I don't -- I -- look -- I went to prison for defending the Constitution. And by the way, my case is still on appeal. Why is it on appeal? I pay -- I served my prison time. Why am I still paying lawyers and spending time on that? Because there's important principle constitutionally at stake in my appeal.
If I lose that appeal, everybody in this West Wing here, everybody who will ever serve in the White House will be exposed to a choice between getting a Congressional subpoena and violating the Constitution or going to prison. So that's a Hobson's choice. All right, what else do you got? Anybody on this?
Speaking of lawfare --
Yes, sir.
The New York appeals court has thrown out President Trump's $500 million New York civil fraud penalty. That was prosecuted by Letitia James last year.
Yeah.
The appeals court says it was quote "excessive." What is your reaction to that? [Laughter]
Letitia James is another one that belongs in jail. Look, I -- look, these -- the Democrats -- look, they really overplayed their hand on this. Because they thought they could take Donald Trump out, they didn't. And in the process, they did totally destroy the American people's faith in our Justice Department.
And they got him a lot of -- they got President Trump a lot of votes because of that. I mean the -- the book I wrote about the -- I went to prison, so you won't have to. The whole theme of that thing is that I'm the wake up call. If they can come for me, they can come for you. So people need to understand that these are bad people.
Letitia James -- Fani Willis in Georgia, uh, Alvin Bragg in Manhattan. Um, the question is how coordinated were they? And that's the question that needs to be answered by an investigation. Uh, Eamon?
On the EU real quick?
We'll -- we'll get to that. Let me just finish this because -- it's a really important story. And I'll -- I'll -- I will give you what you need. Yeah?
On the EU, sir?
Uh, anybody? One last -- any lawfare? OK. Let's go --
On the EU -- on the EU -- OK. Very quickly about European --
Yeah, yeah, let's do the European. So let me just say a few words on -- on the European Union, uh deal. Because uh, in many ways, I can think of no deal more important than with the European Union. I mean, it is after all one of the largest entities in the world. It's so important, not just economically but strategically.
But for many, many years, it has been taking unfair advantage of the United States. Consistently higher tariffs, consistently higher non-tariff barriers. And even when we have gone to the World Trade Organization and won on things like agricultural cases, the EU has refused to cooperate. And so we've been in a situation where Germany sells us seven cars for every one we sell them.
We have a massive trade deficit with the EU. The trade deficit itself writ large is a great threat to our national security and economic security. It's an emergency that we're dealing with. So this -- this was like -- this is like a really important, uh, mountain to climb. And we climbed it. And President Trump got up to the top of the mountain today.
So let me -- for those who hadn't read the news yet, I mean, look, think about this, we get Europe reducing all their tariff barrier -- tariffs to zero. We continue our global tariff to fight the trade deficit at 15 percent. Wow. Secondly, we will impose 15 percent tariffs on autos. It's a drop from the 25. But remember, before President Trump took office, the tariff was 2.5 percent compared to ten in Europe.
So that's -- that's a great win. We maintain completely our tariffs on steel and aluminum without exemptions or exclusions. We're getting $750 billion dollars' worth of LNG purchases. We're getting $600 billion of investment here in the US in our strategic sectors that we need to secure our supply chains and make them resilient.
And we're getting the Europe to buy more of our arms in cooperation with the uplifted NATO effort. I mean, in many ways, the Ukraine situation has been a total wake up call for Europe. And so this is -- this -- we're ushering a completely new and beautiful spirit and environment of cooperation with Europe.
And nobody would have imagined the success of this. Anybody who criticizes Trump trade policy, including the courts right now, simply has to look at this magnificent achievement that President Trump has secured not just for the American people but for Europe and the security of the world.
[Inaudible]
OK, I'll stop there. So let's go to Eamon first, and we'll go here and then we'll go here. Yes, sir?
So today with the joint statement, do you have a timeline now for how long before we see the binding legal language that negotiation is currently still on?
Yeah, I'll let you -- I'll let you talk to -- that's -- that's a Jamison Greer thing, but -- but I have coined that expression. In Trump time, we do things as fast as possible without screwing it up, so. Um, we're on that. I mean, it's a great deal for both of us. Why would we -- why would we delay? OK. Yes, ma'am?
Um, do you --
You're with?
Um, [Inaudible] Italian Television.
Oh, Italian Television, yes.
The largest European broadcaster ever, Sir. There is a lot of -- a lot of sectors are out of this acoustic board. I'm thinking steel. I'm thinking aluminum. I am thinking wine, alcohol and the digital market. Can they expect -- can you expect something more than 50 percent -- 15 percent for wine for instance and alcohol?
I can't speak to that. I can tell you that the experience from the first term with steel and aluminum tariffs is that every time we try to give an exemption or exclusion to one of our allies, they abused it totally. And we learned that it was a slippery slope. So um, there will be no exemptions, no exclusions for steel and aluminum tariffs.
As you may have seen, uh, just this week, we added over 400 new products, uh, to the steel and aluminum tariffs. Uh, we did that because these tariffs, um, it's a strategic game on the part of -- of people who try to export to us. What they do is they figure out ways to do it. So what they were doing was shifting downstream into these other products.
So they're not -- we're not going to be -- they're not going to do that anymore. All right. Yes, ma'am?
What about wine? Peter, what about wine?
I said I didn't have a comment on that.
Any takeaway from the Fed minutes yesterday on the dispute -- ongoing dispute over trade on the president's tariffs?
Uh, the Fed is -- I -- uh, they're -- they're -- the Federal Reserve is totally out of touch with reality. If you look at -- at the global interest rate spread, right now, we're at 425 -- 4.25 in the interest rate, OK? Europe is more than 200 basis points lower than we are here. Japan's four times lower.
China's three times lower. Now that -- that dog won't hunt for the American people because it creates all sorts of problems here. Uh, just the high interest rates alone are discouraging, uh, the mortgage and housing market and the purchase of new cars. And it just -- it's very costly because we have increased debt financing.
Because about 20 to 30 percent of our debt financing is just pure short run debt. So that's no good. But there's also currency effects when you have higher interest rates and they're lower in theirs. The dollar is higher and that exacerbates the trade deficit we're trying to deal with. So um, if the Fed's looking at what's going on, we're seeing improvements in inflation.
Uh, the tariffs are having zero impact on inflation like they did in the first term. And my fear with the Federal Reserve, it's just a partisan game going on. If you look at what you have there, you only have two Republicans nominees on there, soon to be a third with Stephen Miron. But the -- but the other five it's like -- and Jay Powell, he's a Republican, but he's so anti Trump it's -- it's -- it's unsettling.
Um and I say that just so I fill that out a little bit. If you look at the arc of Powell's decisions, everything he's done since he got appointed has been against President Trump. When he was in with Biden and Yellen, he was doing things he shouldn't have done lowering rates too early and causing inflation.
So they got to get their act together. I hope -- I hope they -- they find uh, some enlightenment in, uh, Jackson Hole uh, but um, I'm not betting my house on that. Uh, OK, yeah, we'll go here and then go here.
[Inaudible]
Hey, hang on, hang on. We'll go here, here and then here. Yes?
[Inaudible] Are you saying that the EU could still win an exemption on --
No, not saying that at all.
How sustainable are those secondary tariffs against India? And how important are those to hold Russia accountable?
Well, let's talk about India. I would refer you to the piece I did in the Financial Times, um, that appeared on Monday. And the Indian situation is very interesting. A lot of people don't know this, but prior to Russia's invasion of Ukraine, in February of 2022, India exported -- excuse me, India bought virtually none, no Russian oil.
Let me say that again, prior to the invasion of Ukraine, in February of 2022, India bought virtually no Russian oil. I mean it was like 1 percent of their needs. So the argument somehow now is as the percentage has gone up to like 30 and 35 percent, um, that somehow they need Russian oil to cool their homes or cook or drive their cars is nonsense.
And what I do in the Financial Times article is I illustrate how Russian refiners have gotten in bed with Italian refiners in a game in which they get cheap Russian crude. Follow me here. They get crude at a discount. And then they make refined products which they sell at premium prices in the Europe, Africa and Asia.
It's strictly profiteering, profiteering by the Indian refining industry. Big oil. Now think about India, when you think about the tariffs, we're putting in place. 25 percent because they cheat us on trade, 25 percent because of the Russian oil. I ask you this, what is the net impact on the America -- Americans because of our trade with India?
Well, let's think about it. They have higher tariffs, they're maharaja tariffs, higher non-tariff barriers. We run a massive trade deficit with them. So that hurts American workers hurts American businesses. Then they use the money that they get from us when they sell us stuff to buy Russian oil, which then is processed by refiners.
And they make a bunch of money there. But then the Russians use the money to build more arms and kill Ukrainians. And so American taxpayers have to provide more aid military style to the Ukrainians. So that's -- that's insane. And President Trump sees that chessboard beautifully. And you guys need to write about that.
That's what's going on there. And in many ways the road to peace runs through New Delhi. And so that's the answer to that. OK? Who's next?
Sir, sir -- So sticking with -- sticking with India --
You're with?
EWTN, Owen Jensen, Global Catholic Network.
OK.
OK. So, following up on that question on India.
Yeah, yeah.
The doubling of tariffs to 50 percent is supposed to take place August 27th, just six days from now.
Yeah.
Do you see that taking place. --
I see that taking place. India doesn't appear to -- to want to recognize its role in the bloodshed. It simply doesn't. It's -- it's cozying up to Xi Jinping is what it's doing. It's not -- it's not act -- and by the way, I wrote that article in the FT just to deal with the -- the propaganda of the Indian government to make people want to feel sorry for them.
Oh, they need the oil. They don't need the oil. It's a refining profiteering scheme. It's a laundromat for the Kremlin. That's the reality of that. So I love India. I -- look, Modi's a great leader, but please, please, India, like look at what is -- what your role here is in the -- in the global economy and good here.
It's like what you're doing right now is not creating peace, it's perpetuating the war. I'm going to take two more and then I got stuff to do.
[Crosstalk]
Let's go here. Hang on, hang on. Here and then here. And then please let me -- let me, uh, move on. I've given you generous amounts of time. Yes, ma'am.
So have the trade talks between US and India been canceled that was slated for later this month?
I -- I have no visibility on that. You have to talk to the USTR about that.
And China still continues to be the number one exporter of crude oil from Russia. Why have they been --
We have 50 percent. We have 50 percent tariffs on China already, so.
Right, but they have been given a second -- tariff --
Yes, ma'am? Yes, ma'am? Yes, ma'am?
You alluded to Chairman Powell giving a big speech tomorrow in Jackson Hole.
Yeah, who you're with just so I know?
Betsy Klein with CNN.
CNN, OK.
Um, what is the White House hoping to hear from that speech tomorrow?
Uh -- [Laughter] Hope is not a strategy, OK? We don't hope anything with Jay Powell. He's a lost cause. But uh, I've said repeatedly that the best thing that can happen is that the other uh, members of the board of governors, uh, get -- get religion on this. I said that before the last meeting. And -- and sure enough two of them descended for the first time since the 1990s. We'll get Steve Mirren in there.
He'll be a strong voice. Uh, and look, I -- you've got to stop this partisan crap, OK? This is about America. This is about the American people. It's about workers. It's about businesspeople. It's -- it's just we got to do that. And whether it's the lawfare aspects of this where we're partisan just destroying our justice system to try to put people in jail or out of power or whether it's this crap we got to stop doing that.
OK, thank you for your patience. I got to go now. I got to go now. And I'll be right with -- I'll be -- I'll be back. I'll be back.
Thank you, sir. Thank you Thank you, Peter.
Good to see you.