The U.S. is seeking more "reciprocal" trade with other countries in a bid to boost growth, reduce the trade deficit and keep American production capacity out of foreign hands, White House trade adviser Peter Navarro said.

"If we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate," Navarro said at an economists' conference in Washington Monday. Without action to close the gap, "foreigners will eventually own so much of America that there will be nothing left to trade," he warned.

"One of the goals of the Trump administration is to reclaim all of the supply chain and manufacturing capability that would otherwise exist if the playing field were level," said Navarro.