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.

After almost four decades of a bloody conflict that until recently had no end in sight, Azerbaijan and Armenia signed a peace agreement in the presence of the US President Donald Trump. Notably absent in this historic moment is Russia, which no longer plays a central role in the South Caucasus.

Washington

Azerbaijan and Armenia sign historic agreement

Montana's governor said that the dayslong manhunt for the suspect in a bar shooting has ended. 45-year-old Michael Brown was taken into custody on Friday.

Anaconda

Montana bar shooting suspect captured after weeklong manhunt

President Trump announced Friday that he will hold a one-on-one meeting with Russian President Vladimir Putin on Aug. 15 in Alaska. The summit comes as Russia has been pushing to keep all the Ukrainian territory it gained from its invasion. Nancy Cordes and Margaret Brennan have the latest.

Ukraine Invasion

Trump, Putin to hold meeting in Alaska next week

The U.S. Department of Justice issued subpoenas in its investigation into New York Attorney General Letitia James. CBS News' Jake Rosen reports.

New York

Trump's DOJ subpoenas New York AG Letitia James

Vladimir Putin and Donald Trump will meet in the coming days, the Kremlin said on Thursday (August 7), as the U.S. president seeks a breakthrough to end the Ukraine war after voicing mounting frustration with his Russian counterpart and threatening him with new sanctions.

Moscow

Kremlin says Trump, Putin to meet soon; Ukraine seeks role for Europe

U.S. President Donald Trump's rushed deadline for Russia to strike a ceasefire deal or face more sanctions has arrived without much movement from Russian President Vladimir Putin.

Trump deadline for Russia to reach ceasefire arrives

Protesters in Israel are voicing their concerns about a plan approved by Prime Minister Benjamin Netanyahu's Security Cabinet to take over Gaza City. CBS News' Debora Patta has more.

Jerusalem

Middle East Conflict

Israel's security cabinet approves plan to take over Gaza City

Israeli Prime Minister Benjamin Netanyahu says Israel intends to take full military control of Gaza and push a new offensive, despite mounting international criticism over the war’s human toll and growing hunger crisis.

Israel intends to take full control of Gaza, Netanyahu says

U.S. President Donald Trump said that there is a good chance he'll meet with Russian leader Vladimir Putin soon over Russia's war with Ukraine.

Trump says 'good chance' he'll meet with Putin soon

U.S. President Donal Trump officially began levying higher import taxes on dozens of countries on Thursday (August 7), just as the economic fallout of his months-long tariff threats was beginning to create visible damage to the U.S. economy.

Global Tariffs

Higher U.S. tariffs officially take effect

The man accused of killing two Israeli Embassy staffers in Washington, D.C., earlier this year has been charged with federal hate crime charges. CBS News Justice reporter Jake Rosen has more.

Hate crime charges filed in killings of Israeli Embassy staffers

As Sean "Diddy" Combs awaits his sentencing, his lead attorney Marc Agnifilo says he has not talked to anyone at the White House about a possible pardon.

Sean "Diddy" Combs' attorney says he hasn't had talks about a pardon

Mike Huckabee, the U.S. ambassador to Israel, blamed Hamas when asked about starvation in Gaza, saying, "Hamas has not allowed the food to get to the people who are hungry." Huckabee also addressed questions over the controversial aid sites.

U.S. Ambassador to Israel faces questions over starvation in Gaza

On "T-Day," the US began enforcing Trump's new tariffs, raising average rates from 2% to 15% after a 90-day pause allowed some countries to negotiate reduced deals while others, like India and Brazil, faced hikes. These tariffs have generated over $150 billion in revenue by July, impacting various sectors and aiming to address trade imbalances.

U.S. begins collecting Trump's new global tariffs

Brazil’s President Luiz Inacio Lula da Silva says he plans to call the leaders of China and India, to discuss a joint response to new US tariffs. The announcement came as Brazil and India were hit with 50 percent levies - the highest imposed by President Donald Trump.

State of Rio de Janeiro

Brazil halts U.S. trade talks as Lula condemns new tariffs

U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock.

Trump imposes extra 25% tariff on India over Russian oil imports

President Trump has been briefed about the shooting at Fort Stewart in Georgia, the White House press secretary says. At least five soldiers were shot before a suspect was apprehended, officials say.

Fort Stewart

Five soldiers shot at Fort Stewart in Georgia; suspect apprehended

A Russian official said President Trump's special envoy to the Middle East, Steve Witkoff, had a "useful and constructive" conversation with Russian President Vladimir Putin in Moscow on Wednesday.

Witkoff, Putin had 'useful and constructive conversation'

The U.S. aims to deploy nuclear power reactors on the Moon and Mars, targeting the first launch by decade’s end. A new NASA directive, revealed by Politico and AFP, calls for appointing a nuclear power czar to choose two commercial proposals within six months, aiming to outpace a Chinese-Russian collaboration.

NASA races to put nuclear reactors on Moon and Mars

Japan held a memorial service and ceremony for victims and the remaining survivors of the U.S. atomic bombing of Hiroshima, marking its 80th anniversary and renewing pledges of working towards a world without nuclear weapons.

Hiroshima

Hiroshima marks 80th anniversary since U.S. atomic bombing

The U.S. is warning travelers as cases of chikungunya, a mosquito-borne illness, spreads in China. Health officials in China have ordered mass disinfection measures. The region near Hong Kong reported more than 7,000 cases in recent weeks.

Beijing

U.S. warns travelers as cases of chikungunya increase in China

Japan has commemorated the 80th anniversary of the Hiroshima atomic bombing during World War II. Ceremonies at Peace Memorial Park honoured the victims of the 1945 nuclear attack by US forces.

Japan’s Hiroshima marks 80 years since U.S. atomic bombing

Multiple media outlets in Israel have reported that Israeli Prime Minister Benjamin Netanyahu wants a complete military takeover of Gaza, while almost 600 former Israeli military and security officials are petitioning Washington to stop the fighting.

Netanyahu reportedly wants complete Gaza takeover

Ukrainian President Volodymyr Zelenskyy said Tuesday that he had a productive talk with President Trump focused on ending the war with Russia. CBS News national security contributor Samantha Vinograd has more.

Breakdown