White House trade adviser Peter Navarro hopped on the defense of President Donald Trump amid the release of new inflation data.

The Bureau of Labor Statistics announced on Thursday that wholesale prices rose at their fastest pace in three years in July. The producer price index, which measures the final demand of goods, jumped 0.9%, signaling that inflation might be picking back as businesses contend with costs tied to Trump’s sweeping tariffs. The Dow Jones previously estimated a 0.2% gain.

During an appearance on CNBC’s “Money Movers,” Navarro asked whether tariffs should be seen as price hikes or tax cuts, to which he responded, “I say they’re tax cuts.”

Anchor Sara Eisen then swooped in: “Many economists would say they’re tax hikes, because ultimately, a consumer will pay for so

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