White House's Navarro: ‘smart money’ is going to buy on the dips as economy ‘is as strong as an ox’

US stocks markets fell sharply on Monday after China hit the US with tariffs on $3 billion of exports. Navarro, director of the White House National Trade Council, is unfazed by the risk aversion in the equities and believes the investors are overreacting. 

In the interview on CNBC, Navarro said, "I’m looking at this market and the economy and I’m thinking the smart money is certainly going to buy on the dips here because the economy is as strong as an ox."

Key quotes (Source: CNBC)

"Trump's "singular focus is on economic growth, rising wages and a strong manufacturing and defense industrial base" 

"If we hit all points … the market will go up."

"Everybody needs to relax and kind of look the chess board here. This economy is just strong"

"I was a little puzzled when the Fed announced three rate hikes before the end of the year because when I look at the chessboard I don’t see any inflation to speak of in the economy"

"Inflation was likely to remain tame because Trump’s tax cuts are going to spur investment and productivity growth, thus putting downward pressure on wages