WASHINGTON–The White House is looking at a potential fourth stimulus package of as much as $2 trillion, with the focus on American manufacturing, according to Peter Navarro.
Navarro, the White House trade adviser, said during a media interview, “We are facing significant structural headwinds" because certain service-oriented industries like entertainment, hospitality and transportation have especially been hurt because of COVID-19.
"The only way to fully rebuild the economy in the face of those headwinds is to significantly expand and strengthen our manufacturing base,” continued Navarro. “Put simply, we need to create more manufacturing jobs. Manufacturing jobs not only provide good wages but also create more jobs both up- and downstream through multiplier effects."
According to Navarro. House Speaker Nancy Pelosi (D-CA) would like a $3 trillion dollar package, Senate Majority Leader Mitch McConnell (R-KY) would like a $1 trillion dollar package, but President Donald Trump would like a package of "at least $2 trillion dollars that is strategically focused around the President's two simple rules -- Buy American, Hire American -- along with incentives for American companies to bring offshored jobs back home."
Navarro said the White House would like to see any package completed prior to the August congressional recess. Republicans in Congress have indicated opposition to any additional direct payments to Americans, such as the earlier $1,200 payment.