Peter Navarro, White House Senior Counselor for trade and manufacturing, joins CNBC's 'Squawk on the Street' to discuss his view on the Federal Reserve's rate policy, manufacturing, and more.

Peter Navarro, speaking on CNBC, addressed concerns about Apple's continued reliance on manufacturing in China. He noted that Apple, which employs millions in the US and has committed significant investment, has been slow to shift production out of China despite ongoing discussions with CEO Tim Cook. Navarro expressed the belief that with current technological advancements, Apple could manufacture its products elsewhere, including in the US.

The conversation also touched on broader economic issues, including the Congressional Budget Office's scoring of federal bills and the impact of tariff revenues. Navarro argued that accurate economic projections could result in a more favorable fiscal outlook for the US, potentially turning deficits into surpluses. He also briefly responded to criticism from Elon Musk, choosing to focus on policy rather than personal remarks.

Peter Navarro on Apple

But now, I do want to know, as the trade person, I have not seen you late for trade, we've got some things that disturb me. You have a great American company that arguably has put 2.9 million people to work in our country, which is Apple. It seems like no matter where Apple goes, we find that they have to be taxed high. And I know that they're committing $550 billion to the country. And unless you directly contest Tim Cook's honor, what is enough for you? Apple, look, Jim, going back to the first Trump term, Tim Cook has continually asked for more time in order to move his factories out of China. I mean, it's the longest running soap opera in Silicon Valley. And my problem with Tim Cook is he never takes the steps to actually do that. And with all these new advanced manufacturing techniques and the way things are moving with AI and things like that, it's inconceivable to me that Tim Cook could not produce his iPhones elsewhere around the world and in this country. But India was something you wanted. It's a technological problem. You wanted India, you wanted Vietnam. These are not easy decisions. You wanted us to leave China. Apple is trying very hard. They're a huge manufacturer. How about something like this? Apple's a great company. They're a gem of our country. And what we're going to do is we're going to respect that they moved to India when it comes to us. We sure wish they would do more, but they're doing $550 billion away from that. What more do we need from this great American company? Jim, let's simulate that. You and I cannot solve Apple's problems today on this show. What I'm really concerned about is what's going on with the Federal Reserve today. All right. Well, I did want to ask one more thing. We have to see Elon Musk. Obviously, he lost some things in the big bad bill. He has not been as complimentary of you. I know you too long to repeat the things that he said because I don't like that level of discourse. But obviously, you must have a feeling about someone who does not think that you're as intelligent as I've known you for many years and has really, I think, used that kind of derision that I find to be not part of the discourse. What do you say back to him? Well, here's what I would say about Elon in terms of the big beautiful bill, which is, I think, where the discourse should stay focused on. If you look at the analytics of this congressional budget office, where they come up with a $2 trillion increase in the debt, it's the same kind of mistake they make that Jay Powell made in the first term. It's like when they scored the bill in 2018, they scored it wrong. They were a point off in GDP growth. And we got all sorts of revenues instead. So when you accurately score the bill, the big beautiful bill, you get another point of GDP growth, which is a couple of trillion dollars. So the debt comes down. And then when you accurately score the tariff revenues, you get another couple of trillion dollars and you move from a $5 trillion. It's a $5 trillion thing. You go from a $2 to $3 trillion deficit to a $2 to $3 trillion surplus. And it boggles my mind, Jim, that not enough people are talking about that in the legacy media. Because that's the numbers. People should listen to you and realize that you did not come back with some sort of gratuitous, capricious statement about Elon Musk. And I applaud you. You are the scholar and gentleman that I've known for 50 years. Thank you so much to Peter Navarro. Always a pleasure to be with you and Carl. Thank you.

Chicago Mayor Brandon Johnson detailed his plan Saturday to resist President Trump's threatened immigration crackdown in his city. CBS News has learned the Trump administration plans to intensify immigration enforcement in the city as early as next week.

Chicago

Chicago mayor pushes back on Trump's immigration crackdown

Russian strikes shook the Zaporizhzhia region in southern Ukraine overnight Friday, hitting a five-story apartment building, killing at least one person and injuring dozens more.

Zaporizhzhia

Russia continues assault on Ukrainian cities

For the first time since this week's deadly mass shooting at a Minneapolis church, which killed two young students and wounded more than a dozen people, a devastated community gathered Saturday at the site to attend Mass.

Minneapolis

Mass held at site of Minneapolis church shooting

The United States says it will not allow Palestinian Authority President Mahmoud Abbas to travel to New York next month for a United Nations gathering of world leaders, where several U.S. allies are set to recognise Palestine as a state.

New York

Middle East Conflict

U.S bars Palestinian leadership from attending UN

The Department of Homeland Security is preparing for an immigration crackdown in Chicago as early as next week, sources told CBS News. Illinois Gov. JB Pritzker blasted the Trump administration's plans.

Chicago immigration crackdown could happen next week, sources say

The Israeli military on Friday declared Gaza City a “dangerous combat zone” before a new offensive in the Palestinian enclave's largest city. Israel is moving forward with plans to seize Gaza City despite growing international pressure to end the nearly two-year conflict.

Tel Aviv-Yafo

Israel declares Gaza City a 'dangerous combat zone'

Palestinian Authority President Mahmoud Abbas has been blocked from attending the UN General Assembly in New York next month. That's as U.S. Secretary of State Marco Rubio has cancelled visas for the Palestinian delegation.

U.S. blocks Palestinian officials from attending UN general assembly

The death toll of a devastating Russian air assault in Kyiv earlier this week has been revised upward to 25. Now European allies suggest Russian President Vladimir Putin is playing U.S. President Donald Trump if he runs out the clock on Washington's peace efforts.

Paris

Ukraine Invasion

Macron says Putin 'played Trump' if Zelenskyy meeting isn’t set soon

The Trump administration is planning expanded immigration operations in Chicago next week, two Department of Homeland Security sources tell CBS News. Camilo Montoya-Galvez reports.

Trump planning immigration crackdown in Chicago next week: sources

Iran-backed Houthi Prime Minister Ahmed al-Rahawi was killed in Israeli airstrikes on Sanaa, according to Yemeni and Israeli reports. The strikes also targeted top military officials, including the group's defence minister.

Sana'a

Iran-backed Houthi PM killed in Israeli airstrikes on Yemen's capital

Thailand's Constitutional Court dismissed 39-year-old Paetongtarn Shinawatra from office on Friday (August 29) on an ethics violation, abruptly ending the term of Thailand's youngest prime minister after just over a year in office.

Bangkok

Thai court ousts PM Paetongtarn for ethics violation

Chinese President Xi Jinping will be flanked by leaders of some of the world's most heavily sanctioned nations at a World War Two military parade in Beijing next week, in a show of solidarity against the West.

Beijing

China to stage massive military parade as Xi hosts sanctioned leaders

The multinational peacekeeping force known as UNIFIL has played a significant role in monitoring the security situation in southern Lebanon for decades, including during the Israel-Hezbollah conflict last year.

Beirut

UN votes to end peacekeeping force in Lebanon after five decades

Russia, set to assume the UN Security Council presidency in October, has proposed extending the resolution that governs the snapback mechanism, potentially intensifying a diplomatic standoff with European powers.

Moscow

Russia slams European push to reimpose UN sanctions on Iran

It's been 13 days since President Trump said he could strike a peace deal in Ukraine, following his meeting with Russia's leader, Vladimir Putin. But Russia shows no signs of backing down, launching an aerial assault on Kyiv.

Kyiv

Russian attack on Kyiv kills more than a dozen people

The shooter in Minneapolis fired more than 100 rounds from a rifle at the church where students at Annunciation Catholic School attended Mass. City and state officials highlighted this fact as they called for stricter gun control.

Minneapolis officials call for stronger gun laws after school shooting

The shooter who killed 2 kids and injured 17 at Annunciation Catholic Church in Minneapolis had ties to the church where he targeted children celebrating a new school year during mass.

Annunciation school shooter had knowledge of church he targeted

The White House is responding to Centers for Disease Control and Prevention Director Dr. Susan Monarez's refusal to step down from her role. CBS News' Olivia Rinaldi reports.

Washington

White House reacts to CDC director refusing to step down from role

In Tehran on Thursday, Iran’s currency traded at over 1 million to $1. At the time of the 2015 accord, it traded at 32,000 to $1, showing the currency’s precipitous collapse in the time since.

Tehran

Europe prepares sanctions as Iran's currency falls

Two children, ages 8 and 10, were killed in a school shooting at Annunciation Church in Minneapolis. The FBI is investigating the shooting as an act of terrorism and a hate crime targeting Catholics. Warning, this video is difficult to watch.

FBI investigating Minneapolis Catholic school shooting as hate crime

UN officials and aid agencies have warned that famine in Gaza is no longer a looming threat but a present reality, with children increasingly dying of hunger. In a blunt address to the UN Security Council, officials described the famine and widespread hunger in the enclave as “engineered” and “man-made” disasters.

UN Security Council affirms Gaza famine is manmade

Denmark summoned the top U.S. diplomat in the country to protest what Danish officials say is an unprecedented effort by people close to U.S. President Donald Trump to conduct secret influence operations in Greenland.

Copenhagen

Denmark accuses U.S. of covert operations in Greenland

Two young children were killed, and 17 others were injured in a shooting during a Catholic Mass packed with young students in Minneapolis. The gunman is also dead.

Minneapolis Catholic school shooting leaves two children dead

The group is accused of attempting to infiltrate Greenlandic society, including allegedly recruiting locals for a new independence movement from Denmark, according to the Danish public broadcaster, DR, who was first to break the story.

Nuuk

Denmark summons U.S envoy over claimed interference in Greenland

SpaceX on Tuesday launched its Super Heavy-Starship, the most powerful rocket in the world, for a test flight after three other flights failed earlier this year. NASA hired SpaceX to build a lunar lander version of Starship to carry astronauts to the moon.

Starbase

SpaceX launches Super Heavy-Starship in test flight

The United States has doubled tariffs on many imports from India to 50 percent, as U.S. President Donald Trump followed through on his threat to punish New Delhi for buying discounted Russian oil.

New Delhi

Global Tariffs

U.S. raises India tariffs to 50 percent over Russian oil purchases

President Donald Trump said he would seek the death penalty for murders in Washington, as part of a crackdown on what he calls out-of-control crime in the US capital.

Breakdown