Navarro: China devalued yuan to offset tariffs

"We can't live in a world where China cheats and treat us like a piggy bank" Peter Navarro said.

The White House director of trade and manufacturing policy told CNBC on Friday that the government in Beijing has "seven acts of economic aggression" structurally built in its system and highlighted cyber intrusion, dumping and the opioid crisis among other issues usually raised by the administration.

President Donald Trump's top aide stated the yuan has weakened 12 percent since the introduction of the 10 percent import tariffs in bilateral exchange and claimed the most populous nation is clearly manipulating from a trade point of view.

Asked about the outburst in market volatility in the past few weeks, he stressed he is bullish on the economy due to what he said were strong corporate earnings and the prospect of a drop in interest rates.

Navarro added the US-Mexico-Canada Agreement (USMCA) would be passed by Congress.

Trump has also been demanding the protection of intellectual property and for tariffs and nontariff barriers to be amended in order to agree fair rules of trade, while he also demands for illegitimate subsidies for domestic companies in China and forced technology transfers to be abolished. Navarro said a deal would be good for both sides and the global economy.