Breaking the Back of Inflation

In an exclusive interview with CNBC on Tuesday, Peter Navarro, the designated senior counselor for trade and manufacturing under President-elect Donald Trump, confidently stated that the incoming Trump administration is poised to "break the back of persistent inflation."

Navarro emphasized the administration's strategy to achieve this, starting with the energy sector. He explained, "It's gonna happen, first and foremost, with 'Drill, baby, drill.' By reducing the average oil price from $75 or $80 per barrel back down towards $50, the economic impact will be significant."

Navarro also took aim at current policies, specifically President Joe Biden's electric vehicle mandate. He asserted that he believes it "will be gone" once the new administration assumes power, signaling a shift in energy and economic policy direction.