I expect that Navarro will be needing to do a "high prices are good news" bit once stockpiled goods in warehouses in the US also run dry.
If Trump thought that this statement would be a political winner, I suspect that he'd be doing it himself, rather than having Navarro doing so. Right now, the only thing that Trump's currently seeing net positives in the polls I've most-recently seen is his immigration policy. Not on the economy.

In all seriousness, I think that there might be a good argument, in 2025, for converting races, be they car or boat or whatnot, to be remotely-driven.
We've got the technology today.
It'd permit for higher speeds and suchlike, and eliminate some requirements.
The audience doesn't get the drama of the driver maybe being killed in an accident, but by-and-large, blood sport has faded into history.
There are clearly some people who watch racing for the crashes
but it's possible to have the crashes and have vehicles potentially destroyed without the drivers being killed too.