President Donald Trump announced new blanket tariffs on a slew of countries Monday, coming with a new deadline added to the calendar of August 1st.

That's when countries that are unable to work out a trade deal will face higher rates that the president announced back in April.

White House senior counselor for trade and manufacturing Peter Navarro spoke with Scripps News about the latest changes to President Trump's U.S. tariff policy.

"What we're finding, which is so interesting, I think to the American people, is that these countries around the world which we run large trade deficits with, have it so good sticking it to us that they're reluctant to give up that advantage. So what the president is doing with these letters is basically saying, 'well, here's what we're going to charge you for the privilege of entering our market.'"

"The good news for the American people is the process is working very well. We're collecting billions upon billions of revenues from the tariffs already. They are being used essentially to give you things like tax cuts and it's just going to get better and better as these deals get unfolding."

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Navarro also spoke critically about the Federal Reserve's decision to keep interest rates at their current level.

"We're in a situation where the Federal Reserve arguably has the Fed funds rate, its short-term interest rates, up probably about 50 basis points or half a percentage point at least, higher than it otherwise should be."

"A half a point of interest rates too high is basically a quarter to a half a point of GDP growth which is depressed. Now, what does that mean? That means 750,000 jobs that won't created when those interest rates are high because we have to finance our debt, 20 to 30% of it, with short term rates. That's billions upon billions of dollars of additional debt that's added because of these higher interest costs."

Watch the full interview in the video above.