(Photo: REUTERS/Leah Millis)
White House trade adviser Peter Navarro disclosed that United States President Donald Trump is looking for around $2 trillion in the next stimulus funding to help ease an economy that has been ravaged by the global health crisis.
Trump is "very interested in something on the order of at least $2 trillion," Navarro disclosed, referring to a possible fourth serving of a stimulus package, during an interview with Fox Business' Maria Bartiromo broadcast Friday evening, and reported on Politico by Evan Semones.
According to Navarro, the White House is also considering a major payroll tax reduction and focus on restarting the country's manufacturing sector and bring people back to work in any further stimulus program. The president's stance is likely to be met with opposition from congressional leaders, including members from his own political party, sources said.
In an interview with CNN, Navarro pointed out that the country is facing huge structural headwinds because of the heavy blow dealt by the coronavirus on certain service-oriented industries like transportation, hospitality, and entertainment.
"The only way to fully rebuild the US economy in the midst of those headwinds is to significantly expand and strengthen our manufacturing base," Navarro said, as reported by Jason Hoffman, Kirsten Appleton and Betsy Klein of CNN.
Navarro said the new stimulus package is almost double the $1 trillion size that Senate Majority Leader Mitch McConnell stated he would aim at and two-thirds the amount of the $3 trillion Heroes Act that House Democrats passed.
Navarro also emphasized the focus of the new stimulus package would be on manufacturing jobs, which is somewhat a different tone compared to previous speculations regarding a return-to-work bonus and a payroll salary cut.
Trump is seriously looking at around $2 trillion, with a huge portion of the amount to be allocated on bringing home the country's manufacturing base. Navarro cited health equipment and pharmaceuticals as two areas that House Minority Leader Kevin McCarthy is certain there should be incentives to bring such jobs to American soil from abroad.
On Capitol Hill this week, US Treasury Secretary Steven Mnuchin said the Trump administration is seriously considering further financial aid, which may come in many forms of direct money, but would concentrate mainly on helping people return to work.
Mnuchin's reference to direct cash could refer to a second stimulus package or to business financing in specific areas of the country that have been hit hard by the virus.
