WEBVTT - US Trade Representative Jamieson Greer Talks Trade, TikTok & Nvidia 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Joining us now as we parse through everything that has

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<v Speaker 2>happened in twenty twenty five around the trade story is

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<v Speaker 2>the twentieth US Trade Representative.

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<v Speaker 3>Jamison Greer.

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<v Speaker 2>Representative Greer, I want to start on how busy twenty

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<v Speaker 2>twenty five really was looking ahead to twenty twenty six.

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<v Speaker 2>Do you expect the same kind of pace with respect

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<v Speaker 2>to trade deals with respect to trade announcements.

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<v Speaker 1>Well, during twenty twenty five, President Trump the administration has

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<v Speaker 1>essentially reset the global trading order to move from total

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<v Speaker 1>liberal trade in the United States without any cost to

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<v Speaker 1>a new fair and balanced approach. We we've announced lots

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<v Speaker 1>of trade deals, We've announced lots of tariffs, as you know,

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<v Speaker 1>in the coming year, we expect to finalize a bunch

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<v Speaker 1>of those trade deals as well. You know, I think

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<v Speaker 1>that the tariff plan is in good shape. I think

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<v Speaker 1>we have a lot of the tariffs we want in place.

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<v Speaker 1>You know, if there are countries here and there that

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<v Speaker 1>don't comply with their deals or don't want to finish

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<v Speaker 1>a deal, then maybe we have.

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<v Speaker 4>To have another conversation.

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<v Speaker 1>But I think the economy's booming, inflations, down wages, are up.

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<v Speaker 4>We're in a really great track.

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<v Speaker 2>How much are you potentially at risk should the Supreme

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<v Speaker 2>Court overturn some of the tariffs that have been enacted

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<v Speaker 2>under the AEPA provision. Do you have something in place

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<v Speaker 2>to get those tariffs through other measures or will there

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<v Speaker 2>be a rethink about what will be put on and

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<v Speaker 2>what won't.

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<v Speaker 1>Well, it would be terrible if the Supreme Court overturned

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<v Speaker 1>the case because we have built a new global trading

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<v Speaker 1>order on the back of these tariffs and the tariff

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<v Speaker 1>system and our trading partners have accepted it, and they've

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<v Speaker 1>made deals and they've accepted there's going to be some

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<v Speaker 1>tariff leveled help protect US industry.

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<v Speaker 4>So it would be disaster if this was pulled out.

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<v Speaker 1>All that being said, we will do whatever we need

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<v Speaker 1>to do to make sure that we can maintain the

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<v Speaker 1>tariffs we need and keep the deals in place. Obviously,

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<v Speaker 1>we want the flexibility of the emergency powers that Congress

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<v Speaker 1>has given to the President. It's the most effective way

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<v Speaker 1>to deal with it. So what's made them so effective

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<v Speaker 1>this year in negotiating. But absent that, you know, we'll

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<v Speaker 1>work and we'll find a way to make sure we

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<v Speaker 1>can keep all these games we've made over the past year.

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<v Speaker 2>Representative Greer, there's also a feeling right now that cost

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<v Speaker 2>of living concerns are coming to the fore. And President

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<v Speaker 2>Trump has talked about removing some of tariffs on specific goods,

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<v Speaker 2>particularly having to do with food, is a way of

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<v Speaker 2>alleviating some of the price concerns. How does that factor

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<v Speaker 2>into discussions going forward? Do you think that that will

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<v Speaker 2>be an increasing part of your thought process as you

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<v Speaker 2>go through some of these trade negotiations.

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<v Speaker 1>Well, any good president wants to address affordability, and our

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<v Speaker 1>president is and over the past month we saw you know, dairy,

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<v Speaker 1>you know, fruit and vegetables, all kinds of prices go

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<v Speaker 1>down for basic stables, staples. So that's a great development

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<v Speaker 1>going forward. The President removed some tariffs in connection with

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<v Speaker 1>some deals related to food coming from a broad bananas, coffee, coco,

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<v Speaker 1>the kinds of things we just don't make in the

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<v Speaker 1>n United States is a food powerhouse.

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<v Speaker 4>When we saw.

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<v Speaker 1>Inflation earlier, it's really about causing healthcare driven by Obamacare disaster.

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<v Speaker 1>So I don't think that, you know, food imports are

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<v Speaker 1>really going to be an issue for us. You know,

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<v Speaker 1>the tariff program is really about creating jobs, and the

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<v Speaker 1>presence regulatory approach is really about bringing prices down and

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<v Speaker 1>bringing affordability.

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<v Speaker 3>Ambassador.

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<v Speaker 5>Have you had any specific directives from the President though,

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<v Speaker 5>as you carry out your negotiations to make sure any

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<v Speaker 5>tariffs you put on from here are anyones that you

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<v Speaker 5>negotiate specifically are not having an impact on affordability.

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<v Speaker 1>So you know, the kind of the way you put

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<v Speaker 1>it there a specific direction, I would say no. Whenever

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<v Speaker 1>we're imposing tariffs are doing deals. The purpose of the

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<v Speaker 1>trade program is to reshore American manufacturing and protect American

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<v Speaker 1>food security. It's really about jobs and increasing wages, which

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<v Speaker 1>we've seen over the past few months. When it comes

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<v Speaker 1>to prices, the President is undertaking a lot of other actions,

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<v Speaker 1>you know, energy policy, tax policy, regulatory gas prices are down, etc.

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<v Speaker 1>So we don't see the trade policy really as driving prices.

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<v Speaker 1>We see it as driving jobs.

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<v Speaker 3>Ambassador.

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<v Speaker 5>I'd love to go back where Lisa started, and that

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<v Speaker 5>is it looks more likely that we indeed have something

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<v Speaker 5>of a TikTok deal where US buyers will take the

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<v Speaker 5>American portion. You after some of the negotiations in Madrid,

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<v Speaker 5>we're talking about how this deal, how this company was

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<v Speaker 5>part and parcel of a variety of matters when it

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<v Speaker 5>comes to negotiation, negotiating with your Chinese counterparts. So have

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<v Speaker 5>you had more discussions about this deal with TikTok. Does

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<v Speaker 5>it seem likely that China will let it happen.

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<v Speaker 1>So there are two layers to the TikTok deal. One

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<v Speaker 1>is the private sector layer, where the private parties are

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<v Speaker 1>concluding a deal, and then there's a layer of government approvals.

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<v Speaker 4>Between the United States and China.

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<v Speaker 1>And so my conversations with the Chinese government over the

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<v Speaker 1>past few months, as you mentioned, have covered a variety

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<v Speaker 1>of issues.

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<v Speaker 4>One of them has been TikTok.

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<v Speaker 1>Back at our discussions in Madrid, we came to an

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<v Speaker 1>essential agreement that if the private parties came to agreement,

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<v Speaker 1>that the Chinese.

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<v Speaker 4>Would approve it. So we expect approval by.

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<v Speaker 1>The government of China in alignment with that agreement we

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<v Speaker 1>reached earlier this year.

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<v Speaker 2>We're hearing about not only this deal with respect to

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<v Speaker 2>TikTok and some investors in the US, but also a

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<v Speaker 2>review process to sell two hundred chips into China. And

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<v Speaker 2>I'm just wondering, stepping back, if all of these are

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<v Speaker 2>pieces of a bigger deal that will come to fruition

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<v Speaker 2>in twenty twenty six between the US and China.

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<v Speaker 1>I would say with the H two hundred export control issues,

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<v Speaker 1>those really are standalone. That was not a negotiated outcome

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<v Speaker 1>in the United States. With respect to export controls, those

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<v Speaker 1>are not something that are really subject to negotiation. Those

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<v Speaker 1>are national security and commercial decisions made by the federal government.

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<v Speaker 1>So that's kind of standing on its own. With respect

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<v Speaker 1>to the rest of the China deal. Right now, we're

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<v Speaker 1>trying to make sure that rare earths continue flowing from China.

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<v Speaker 1>You know, they bought over five million metric tons of

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<v Speaker 1>soybeans at this point, and we're trying to keep trade

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<v Speaker 1>flowing between the two countries in the way that makes sense.

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<v Speaker 2>Do you expect a bigger deal other than just sort

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<v Speaker 2>of steady reset kind of idea that you've talked about

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<v Speaker 2>with respect to the US and China. Do you expect

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<v Speaker 2>something more comprehensive to be outlined next year.

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<v Speaker 1>It's a little hard to say at this point. Goal

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<v Speaker 1>one is stability. For me, and everyone's heard me say

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<v Speaker 1>this before. We need trade with China to be much

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<v Speaker 1>more balanced. Our trade deficit with China has decreased by

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<v Speaker 1>twenty five percent this year alone under President Trump's.

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<v Speaker 4>Policy, so that's going the right direction.

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<v Speaker 1>I can first see a situation in the first half

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<v Speaker 1>of next year where we come to some kind of

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<v Speaker 1>agreement with China on exactly what we should be trading

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<v Speaker 1>with each other and even in what volumes. It's a

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<v Speaker 1>little bit of managed trade, but it's the kind of

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<v Speaker 1>thing that can be healthy and stable. You know, Given

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<v Speaker 1>the way that Chinese government runs its economy, it just

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<v Speaker 1>doesn't mesh very well with the way we want to

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<v Speaker 1>run our economy. That just means we have to manage

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<v Speaker 1>it a little bit more. And I think there's a

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<v Speaker 1>possibility of that. I'm not sure i'd call it comprehensive,

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<v Speaker 1>call it confidence building, Ambassador.

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<v Speaker 5>I think a lot of the confusion from many people

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<v Speaker 5>comes around national security. One of the points that you

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<v Speaker 5>mentioned just a moment ago, especially things with H two

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<v Speaker 5>hundred chips giving chips to China has seen an issue

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<v Speaker 5>of national security. Even giving F thirty fives to Saudi Arabia,

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<v Speaker 5>what does that mean for national security? Because critics would

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<v Speaker 5>say that it means that national security is up for sale.

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<v Speaker 3>What would you say to those critics.

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<v Speaker 1>So with respect to the F thirty five, that's not

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<v Speaker 1>my I used to be in the Air Force, but

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<v Speaker 1>it's not it's not my wheelhouse. I'm h two hundreds

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<v Speaker 1>and export controls generally, export controls have always been fluid,

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<v Speaker 1>They've never been static. The very nature of export controls

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<v Speaker 1>is that the US government is constantly reviewing the state

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<v Speaker 1>of technology and assessing what technologies can be sold and

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<v Speaker 1>which ones can't, and balancing national security and assessing whether

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<v Speaker 1>or not there's foreign availability. Everyone knows that the Chinese

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<v Speaker 1>are quickly also trying to develop their own AI chips,

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<v Speaker 1>semiconductor tool to make those chips, etc.

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<v Speaker 4>It's a race. All of those Age two hundred approvals

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<v Speaker 4>still have.

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<v Speaker 1>To go through the Commerce Department to make sure that

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<v Speaker 1>any licenses that are granted really respect US national security

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<v Speaker 1>and make sure that it's not violated, and there can

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<v Speaker 1>be conditions on licenses, etc. To make sure they go

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<v Speaker 1>to end users and end uses that don't jeopardize US

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<v Speaker 1>national security.

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<v Speaker 5>Is it fair to say that, Ambassador that even if

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<v Speaker 5>this does go through the kind of cases where this

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<v Speaker 5>is allowed, where it's approved, will still be quite limited

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<v Speaker 5>in scope.

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<v Speaker 1>So it's hard to say at this point that these

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<v Speaker 1>types of license applications are typically a case by case and.

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<v Speaker 4>Reviewed, so we'll see.

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<v Speaker 1>The way it's set up right now is if the

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<v Speaker 1>chips are going to go to China, they come back

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<v Speaker 1>to the US for a security inspection to make sure

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<v Speaker 1>that they are indeed the types of chips that are

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<v Speaker 1>being allowed to be sent to the Chinese. We know

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<v Speaker 1>there are a lot of Chinese companies that want them.

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<v Speaker 1>We know the Chinese government's pretty interested in having their

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<v Speaker 1>own domestic champions build them. So the Chinese themselves right

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<v Speaker 1>now are having a conversation about the types of chips

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<v Speaker 1>that they want from the United States. We think that

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<v Speaker 1>they want the Age two Hunters. They've shown an interest

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<v Speaker 1>in that, so we'll see between their process and ours,

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<v Speaker 1>we'll see where it goes.

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<v Speaker 2>It seems like the tech wars have been behind a

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<v Speaker 2>lot of the negotiations over the past twelve months, in

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<v Speaker 2>particular not only with China but.

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<v Speaker 3>Also the European Union.

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<v Speaker 2>I'm just wondering where some of those discussions are with

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<v Speaker 2>respect to some of the restrictions and regulatory investigations Europe

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<v Speaker 2>has been making toward US tech companies.

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<v Speaker 3>Where are some of those discussions.

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<v Speaker 1>So I just had a conversation yesterday with my counterpart

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<v Speaker 1>in the European Trade in the European Commission yesterday to

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<v Speaker 1>reinforce some of the strong concerns we're hearing from US stakeholders.

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<v Speaker 1>US tech companies are the most competitive in the world,

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<v Speaker 1>and Europe frankly doesn't have those types of competitors. If

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<v Speaker 1>you talk to the Europeans, they'll say, that's why we

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<v Speaker 1>have to regulate and have these protectionist measures against US

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<v Speaker 1>tech companies. Unfortunately, we see in the way that they've

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<v Speaker 1>developed those measures they're discriminatory. They only capture companies above

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<v Speaker 1>a certain threshold of revenue globally or certain business models,

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<v Speaker 1>and magically it only happens to capture US companies. They'll

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<v Speaker 1>say that they're Chinese companies too, but we only see

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<v Speaker 1>actions against American companies.

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<v Speaker 4>So it's a problem. It's discriminatory in fact.

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<v Speaker 1>You'll hear the European say, well, it's fair, but it's

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<v Speaker 1>discriminatory in fact and in intent.

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<v Speaker 4>So I want to talk to these folks. I want

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<v Speaker 4>to negotiate over it.

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<v Speaker 1>They've been somewhat resistant to that, but again I had

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<v Speaker 1>a great conversation yesterday with the European Trade Commissioner, and

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<v Speaker 1>I think we just have to be able to talk

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<v Speaker 1>about why they're doing this, why they're purporting to regulate

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<v Speaker 1>American companies and their global business models.

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<v Speaker 3>Ambassador.

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<v Speaker 2>Coming into twenty twenty five, a lot of people were

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<v Speaker 2>wondering who are allies and who our adversaries would be

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<v Speaker 2>on trade, and we were talking about who traditionally have

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<v Speaker 2>been US allies and who haven't. Have you been surprised

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<v Speaker 2>and who's been most difficult to deal with in twenty

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<v Speaker 2>twenty It has surprised a lot of people in the

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<v Speaker 2>markets to see the likes of Europe be a more

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<v Speaker 2>contentious discussion than other regions, even sometimes China.

0:11:10.400 --> 0:11:13.240
<v Speaker 1>That's because they haven't been trade negotiators. I have not

0:11:13.320 --> 0:11:16.880
<v Speaker 1>been surprised at where it's been more challenging. Take India,

0:11:16.920 --> 0:11:19.880
<v Speaker 1>for example, who's an important partner and a strategic partner

0:11:20.080 --> 0:11:22.559
<v Speaker 1>in a lot of ways. We started negotiating with them

0:11:22.600 --> 0:11:25.040
<v Speaker 1>early in the year and we're still negotiating.

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<v Speaker 4>With them to trying to find a good landing zone.

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<v Speaker 1>During that time, we have other trade partners who have

0:11:29.000 --> 0:11:34.520
<v Speaker 1>come in, started proceeded with and concluded trade negotiations with US, etc.

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<v Speaker 1>The reality is somebody like Europe and frankly you know

0:11:38.320 --> 0:11:41.920
<v Speaker 1>some jurisdictions that want to emulate them. They know they

0:11:41.960 --> 0:11:44.080
<v Speaker 1>might have relatively low tariffs compared to the rest of

0:11:44.080 --> 0:11:46.920
<v Speaker 1>the world, but they have non tariff barriers, regulations that

0:11:47.000 --> 0:11:50.880
<v Speaker 1>exclude American agriculture, which is a major exports, and regulations

0:11:50.920 --> 0:11:54.040
<v Speaker 1>that exclude are industrial exports. And so you get into it.

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<v Speaker 1>And this is why we have giant and balances. It's

0:11:55.880 --> 0:11:58.560
<v Speaker 1>not because Europe is really competitive, we know they're not.

0:11:58.880 --> 0:12:00.880
<v Speaker 1>It's because they have a lot of these rules that

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<v Speaker 1>prevent US goods and services from going into the continent.

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<v Speaker 2>Ambassador Greer just to finish up on Mexico.

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<v Speaker 3>Which has been negotiating.

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<v Speaker 2>From what we understand, they just recently gave final approval

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<v Speaker 2>to put tariffs on certain Chinese imports, and a lot

0:12:16.200 --> 0:12:18.800
<v Speaker 2>of people are expecting there to be some sort of

0:12:18.920 --> 0:12:22.800
<v Speaker 2>reprieve with respect to aluminum and steel tariffs on Mexico.

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<v Speaker 3>Is there any discussion about that going on right now?

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<v Speaker 1>So, first of all, any country in the world who

0:12:29.280 --> 0:12:32.560
<v Speaker 1>exports steel and aluminum to the United States wants to

0:12:32.559 --> 0:12:35.920
<v Speaker 1>have a modification to that regime. Because the United States

0:12:35.960 --> 0:12:38.480
<v Speaker 1>for many years has been the consumer of last resort,

0:12:38.520 --> 0:12:41.240
<v Speaker 1>and this is why the President put steel loomed tariffs

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<v Speaker 1>on in the first administration. The Biden administration kept them,

0:12:44.520 --> 0:12:47.480
<v Speaker 1>and the President has tightened them further in his second administration.

0:12:48.160 --> 0:12:51.480
<v Speaker 1>Of course, the Mexicans are asking for this. We have

0:12:51.520 --> 0:12:54.400
<v Speaker 1>found the Mexicans to be quite constructive in some of

0:12:54.440 --> 0:12:56.840
<v Speaker 1>our recent discussions and looking to change some of their

0:12:56.920 --> 0:12:59.240
<v Speaker 1>laws and regulations related to long.

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<v Speaker 4>Standing US concerns.

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<v Speaker 1>So have the Mexicans asked about this, Yes, you know,

0:13:04.760 --> 0:13:06.840
<v Speaker 1>I won't give any further detail beyond that, but it's

0:13:06.840 --> 0:13:08.760
<v Speaker 1>certainly something that they would like to see.

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<v Speaker 4>It's not surprising.

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<v Speaker 2>Ambassador Greer, thank you so much for being with us

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<v Speaker 2>this morning, and have a wonderful rust of the year.

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<v Speaker 2>Ambassador Jamison Greer speaking with us