Trump aide dismisses inflation fears from tariffs: 'It's like a nothing burger'

White House trade adviser Peter Navarro on Monday dismissed concerns that President TrumpDonald John TrumpDemocratic senator rips Trump's 'let them fight' remarks: 'Enough is enough' Warren warns Facebook may help reelect Trump 'and profit off of it' Trump touts Turkey cease-fire: 'Sometimes you have to let them fight' MORE’s proposed tariffs on steel and aluminum imports will lead to a spike in inflation or larger economic issues.

“I think if you’re an investor right now at this point in time trying to look at the chess board here, it’s really important to understand that the impact of these tariffs from a macroeconomic point of view are zero,” Navarro said on Fox Business Network’s “Varney & Co.” 

“The impact on the inflation rate are just close to zero. It’s like a nothing burger,” he added.

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Trump announced last week a plan to impose 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports.

The move has drawn criticism from U.S. lawmakers on both sides of the aisle, as well as international officials, who expressed concerns it will start a trade war and ultimately hurt American workers.

Labor unions support the move, saying it will level the playing field with global competitors.

Navarro noted Monday that Trump has favored tariffs since he campaigned in 2016, and suggested it shouldn’t come as a surprise that he’s imposing them now.

He disputed that Trump could be swayed on the tariffs, saying “there’s no backing off from this.” He echoed the president’s language, adding that without the tariffs, “we will lose our aluminum industry within a matter of a few years.”