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.

President Donald Trump's Justice Department and FBI released a memo concluding that there is no evidence Jeffrey Epstein had a "client list." The FBI confirmed that more than 1,000 victims were harmed by Epstein.

Washington

FBI: Epstein investigation turned up no 'incriminating client list'

The death toll from the devastating floods in Texas has risen to at least 90 as rescue workers continue to search for dozens of missing people. At least 27 campers and counselors at Camp Mystic in central Texas died in the floods.

Kerrville

At least 90 people killed in Texas floods

A shooter is dead after opening fire at a U.S. Border Patrol building in McAllen, Texas, a Department of Homeland Security spokesperson said. CBS News' Shanelle Kaul has the latest updates.

McAllen

Shooter killed after opening fire at U.S. Border Patrol building

Israel’s military launched airstrikes early on Monday targeting ports and facilities held by Yemen’s Houthi rebels. The strikes followed a suspected Houthi attack on a ship in the Red Sea.

Sana'a

Middle East Conflict

Israel strikes Yemen ports held by Houthi rebels

Israeli Prime Minister Benjamin Netanyahu is set to meet with U.S. President Trump at the White House on Monday. The two leaders are expected to discuss the ongoing conflict in Gaza and a potential ceasefire with Hamas.

Netanyahu set to meet Trump at White House amid ceasefire optimism

U.S. President Donald Trump's 90-day pause on global tariffs announced in April is nearing its expiration, and the White House warned that steeper tariffs could roll out at the beginning of August.

Global Tariffs

White House warns higher tariffs could roll out August 1

Erin Patterson, the Australian woman accused of killing three relatives with a meal of death cap mushrooms baked in a Beef Wellington lunch, has been found guilty of three counts of murder and the attempted murder of the lone survivor.

Morwell

Australian woman found guilty in ‘mushroom murder’ trial

Camp Mystic, an all-girls summer camp along the Guadalupe River, has confirmed that at least 27 campers and counselors died in the devastating floods that hit the Texas camp.

Hunt

Camp Mystic confirms 27 campers, counselors killed in floods

President Donald Trump called Elon Musk's plans to form a new political party "ridiculous," launching new barbs at the tech billionaire.

Trump criticizes Musk's new 'America Party' as feud grows

Rescuers are searching for more than 40 people still missing, after flooding in the US state of Texas. The death toll has risen to at least 82, including 28 children - many of them from a summer camp. President Donald Trump has declared the area a disaster zone.

Death toll from Texas floods rises to 82, dozens still missing

BRICS leaders set to discuss key global political issues, but questions over the bloc’s cohesion arose as Chinese President Xi Jinping and Russian President Vladimir Putin opted to skip the summit.

State of Rio de Janeiro

BRICS group slams tariffs, Iran conflict at summit in Brazil

The search for missing children from a girls' summer camp hit by flash floods in Texas entered a third day on Sunday, as rescuers faced the threat of more flooding and the death toll in the region reached at least 67.

Texas officials face questions over flood warnings

Search and rescue missions continue in Kerr County, Texas, after severe storms caused deadly flooding that has killed dozens of people. More than 20 children from the nearby Camp Mystic are still missing, officials say.

Texas campground owner describes flash floods: "It was just chaos"

Tesla and SpaceX CEO Elon Musk says he has formed a new political party after falling out with U.S. President Donald Trump over the "One Big Beautiful Bill."

Elon Musk launches 'American Party'

Israel has sent a delegation to Qatar for new indirect talks on a possible hostage and ceasefire deal despite Israeli Prime Minister Benjamin Netanyahu saying the changes requested by Hamas to a previous proposal were "unacceptable."

Doha

Israel, Hamas delegations resume truce talks over Gaza in Doha

Iran’s Supreme Leader Ayatollah Ali Khamenei received an enthusiastic welcome at a mosque in Tehran as he made his first public appearance since the start of the 12-day war between Israel and Iran.

Tehran

Iran's Supreme Leader makes first public appearance since war started

Search-and-rescue operations are expected to continue as the death toll continues to rise from Friday's flash flooding in central Texas, with authorities confirming at least 50 deaths so far, 15 of those children. Among the missing are girls from a Christian summer camp.

Death toll rises as search for Texas flood survivors continues

Rescuers are searching for survivors of a flash flood that hit central Texas on Friday, leaving at least 43 people dead, including 15 children. Authorities in Texas are now facing questions about whether they issued proper warnings in advance of rain-fuelled flooding.

Death toll from Texas flooding rises to 43

Experts link the rising frequency and intensity of heatwaves in Europe to climate change, warning that such extreme weather events are becoming increasingly common.

Athens

Firefighters across Europe battle wildfires

Rallies on the streets of Tel Aviv were held as the Israeli security cabinet reportedly gathered to discuss Hamas' response to a potential ceasefire-hostage deal.

Tel Aviv-Yafo

Tel Aviv rally calls for the release of the remaining hostages

Ukrainian President Volodymyr Zelenskiy said on Saturday (July 5) that his latest conversation with U.S. President Donald Trump this week was the best and "most productive" he has had to date.

Kyiv

Ukraine Invasion

Zelenskyy says latest Trump call the 'most productive' yet

The unemployment rate for new college graduates has recently surged. Economists say businesses are now replacing entry-level jobs with artificial intelligence. Ali Bauman has the story.

Cambridge

Unemployment surges as employers replace new hires with AI

Israeli Prime Minister Benjamin Netanyahu said he is sending a delegation to Qatar on Sunday for talks on a possible ceasefire deal. Hamas calls the latest response "positive." Meanwhile, Israeli strikes on Saturday killed at least 14 in Gaza.

Renewed momentum for Israel-Hamas ceasefire in Gaza

The deadline is fast approaching for countries to make new tariff agreements with the U.S. or face a higher rate. The Trump administration is putting them on notice.

Trump turns attention to trade after major legislative win

The funeral proceedings of the late football players Diogo Jota and his brother Andre Silva took place in the church of Gondomar in their hometown in the east of Porto. Family members, teammates and coaches joined thousands of mourners to pay their final respects.

Gondomar

Thousands gather to bid farewell to Liverpool's Diogo Jota

McMahon's most recent projects included Netflix's whodunit "The Residence" and the Nicolas Cage drama "The Surfer," which premiered earlier in the year at SXSW.

Melbourne

Australian-American actor Julian McMahon dies, 56

Diplomatic efforts are ongoing as U.S President Donald Trump looks to secure a ceasefire deal between Israel and Hamas. Israel has previously accepted the US proposal, meanwile Hamas has "submitted a positive response" to the mediators.

Israeli hostage negotiation team to fly to Doha to hold talks with Hamas

A forestry worker injured in a wildfire in the western Turkish province of Izmir has died from his injuries, raising the death toll in recent days from the fires to three, as emergency crews also continued to battle a blaze in a province bordering Syria.

Hatay

Turkiye’s wildfires declared national emergency

Search and rescue operations continued overnight after flash floods slammed central Texas, killing dozens, officials said. More than 20 children are still missing from Camp Mystic, an all-girls camp hit by the floods, the Kerr County sheriff said.

Rescues continue in central Texas after deadly flash floods

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.