Trump business adviser Navarro brushes off GDP drop: ‘We really like where we’re at now’

White House business guide Peter Navarro disregarded issues Wednesday concerning the sudden drop in U.S. gross home product closing quarter, announcing, ‘We in point of fact like the place we are at now,” and pointing to a surge in new domestic investment.

“I were given to mention only one factor about lately’s information, that is the most efficient adverse print I’ve ever noticed in my lifestyles,” Navarro said on CNBC’s “Squawk at the Street” after the Commerce Department reported that GDP fell at a 0.3% annualized pace in the first quarter of 2025.

“The markets want to, like, glance underneath the skin of that” figure, said Navarro, an ardent supporter of President Donald Trump‘s tariff policy.

“We had a 22% build up in home funding,” he mentioned.

“That is off the charts while you strip out inventories and the unwanted effects of the surge in imports as a result of the price lists, you had 3% enlargement,” Navarro said.

“So, we in point of fact like the place we are at now,” he added.

Major stock market indices were down in morning trading on the heels of the GDP report, which captured economic data from the first two full months of Trump’s second term in the White House.

This is not the first time that Navarro has dismissed concerns about the damaging effect of Trump’s policies on the U.S. economy.

Earlier this month, Navarro described a massive April 10 market drop that was fueled by fears Trump’s broad new tariffs as “no giant deal.”

That day, the Dow Jones Industrial Average fell greater than 1,000 issues and the benchmark S&P 500 index of U.S. shares misplaced 3.46%.

So a long way this yr, the S&P 500 is down greater than 7%.