frustration and share all with all of america of a fed chair who raised rates too fast and is the chairman locowen your vi view? i m not going there, jim. i totally support the president and his characterizations and the problem here is hang on, it s loco policy to raise rates when there s no inflation. that s loco. let s go onto the china trade talks. i didn t realize you spoke spanish, by the way. loco is one of them? let s talk about china trade talks. you re very involved. the president brought you with him. steve mnuchin brought a relatively optimistic note. where do we stand on those trade talks and do you see china as making the concessions necessary to reach an agreement? where we stand is quite simply we had a very constructive bilat negotiation
the feds job is not to get the jobs up, but control inflation and pereconomic growth rates. the dow going up is a leading indicator of our economy. so to the extent the stock market is receding it s simply the fact president trump has put in place an agenda, tax cuts, leveling the playing field on trade. this is what s going on, and today s news is great news. we ve had over 100 months of expansion now. we ve had really solid growth. so we ll have this debate ability what the fed should do, but bottom line is they should cut rates in order to keep men and women in america working and growing this economy. you talk about a debate, of course a debate over economic policy is reasonable. is the president wrong to call the fed chairman powell loco, saying he could fire him? so i share the president s
this morning the u.s. jobs reports are passing expectations, but is that bad news for a president who wants the fed to cut interest rates? joining me now is peter navarro, director for white house office of trade and manufacturing policy. mr. navarro, thanks very hutch for joining. let s start with those job numbers, certainly good numbers. 225,000, above expectations particularly after a slow may. in your view does that take away the case for the fed to cut interest rates? i love the fact 17,000 of those were manufacturing, and like 6 million jobs to date, one of the things that i love is that we re getting people back into the labor force. we ve got over a million now workers in prime age back into the work force, labor force with participation rates going up. yesterday the parade i was at, well, everyone was watching these incredible planes and tanks and everything like that. what i saw was jobs.
real estate market has slowed considerably over the past several months. manufacturing jobs also seeing a rebound there, an addition of 17,000 jobs. one thing i did notice the stock market is open today, falling 100 points, an expected drop at the opening of 100 points for the dow. there s a big concern now that the fed is going to have a hard time justifying cutting rates. it s part of the reason why we ve seen the major indices all move to fresh new highs as of the close on wednesday. but now you re seeing investors get really nervous that the fed may have a hard time justifying why it may go ahead and cut rates at the end of the month. good question. thank you very much. now to a cnn exclusive, vice president joe biden sits down with our colleague, chris cuomo, talking about the economy as well as health care and immigration, laying out why his policies can push him ahead in his tightening race for the democratic nomination.
and one of the reasons why we re having this great job creation is how the president has gone about hitting the jobs issue on multiple vectors. i was personally responsible for getting things in, and we re guildin building those in greenville, south carolina. do you need to cut rates in the midst of an economic boom. let s talk about what the fed has done and should do. there s no question, there s absolutely no question that the fed raised rates too fast, and more importantly they engaged in what s called quantitative we re below 4% unemployment, economic growth is strong. so back in the 90s when greenspan was fed chair he raised rates too fast and triggered a recession because he didn t understand the power of technology and allowing us to grow at a robust rate.