WEBVTT - US Commerce Secretary Howard Lutnick Talks Trump Tariffs, Trade Relations, China

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

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<v Speaker 2>So here's the nightstest. This morning, the President of the

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<v Speaker 2>United States, Donald Trump canceling European tariffs that were sent

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<v Speaker 2>to begin February first. After reaching a framework deal over Greenland.

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<v Speaker 2>The US COMMAS Secretary Howard Latnik joined us. Now making

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<v Speaker 2>some waves of the World Economic Forum over the last

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<v Speaker 2>couple of days. Mister secretary is going to see you.

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<v Speaker 3>Great to see you.

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<v Speaker 2>Let's cut through the drama. Let's get to the big

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<v Speaker 2>point in the elephant in the room. What happened at

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<v Speaker 2>dinner time the other night. I've heard all kinds of

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<v Speaker 2>stories booming, Legarde storming at the room. What happens?

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<v Speaker 3>Oh, this is so silly.

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<v Speaker 4>So at the end of the evening they called on me.

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<v Speaker 4>I just published an op ed in the Financial Times,

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<v Speaker 4>and so they called on me. I gave two three

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<v Speaker 4>minutes of my ft, which basically said that globalization right

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<v Speaker 4>and the outsourcing of your industry to the lowest cost

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<v Speaker 4>in the world right, had really left, had really harmed

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<v Speaker 4>American and had harmed Europe, and it had failed, and

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<v Speaker 4>it failed us, and that we need to reshure, need

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<v Speaker 4>to take care of our own citizens.

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<v Speaker 3>So that's basically the model.

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<v Speaker 4>And when I was done with that two or three minutes,

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<v Speaker 4>one person of the two hundred odd people in the

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<v Speaker 4>room booed, and I felt honored because it was Al

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<v Speaker 4>Gore on alcore Bood, and I was like, really, so.

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<v Speaker 2>I wasn't throwing bread rolls a year from the bank.

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<v Speaker 2>That wasn't happening nout it.

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<v Speaker 4>I put it in the ft. I mean, I wasn't

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<v Speaker 4>like trying to be quiet about it. I mean I

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<v Speaker 4>think that globalization, right, and the idea of global supply

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<v Speaker 4>chains and finding the lowest cost, I mean, that is

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<v Speaker 4>just not the way to take care of your auto workers, right,

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<v Speaker 4>who are in Ohio and Michigan. And so we're bringing

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<v Speaker 4>that back. So think about this. When we were done

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<v Speaker 4>with we started auto tariffs. We started working on it

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<v Speaker 4>in March and we finished in November, and we were

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<v Speaker 4>done the last day. When we finished, General motives in

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<v Speaker 4>Ford stocks each went up ten percent. General Motives end

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<v Speaker 4>of the year of sixty percent. If I told you

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<v Speaker 4>on January first that General Motives was going to be

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<v Speaker 4>on sixty percent, you would all say, oh, stop it,

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<v Speaker 4>and how about this. On that same day, Sean Fame,

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<v Speaker 4>who runs the United Auto Workers called me and said,

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<v Speaker 4>I can't believe I'm calling a Republican Secretary of Commerce

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<v Speaker 4>to say thank God for you and your administration. The

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<v Speaker 4>first administration is actually taking care of the auto.

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<v Speaker 3>Workers of America. So think about that.

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<v Speaker 4>You can, if you really think it through, you can

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<v Speaker 4>take care of the company and the worker. You don't

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<v Speaker 4>have to pick sides because we want union labor growth

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<v Speaker 4>in America.

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<v Speaker 3>These are great jobs. Why wouldn't we want them in America.

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<v Speaker 4>So that's why Donald Trump wins the union vote, because

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<v Speaker 4>he's actually pro these workers. He literally is pro these workers.

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<v Speaker 4>It's not a political thing. It's these are great jobs

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<v Speaker 4>for Americans. Let's go get more of them.

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<v Speaker 2>There's a lot of money set to come into the

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<v Speaker 2>United States and big bets, a ton of FDM. We

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<v Speaker 2>could get into that in just a moment. I just

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<v Speaker 2>want to stay on G seven, allies, this week's been

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<v Speaker 2>quite a week. Emmanuel Macron, the French president, has said

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<v Speaker 2>basically accused of the US of trying to subordinate the Europeans.

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<v Speaker 2>The Prime Minister of Canada, I'm sure you heard his speech,

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<v Speaker 2>Mark Conney the other day, said this is not a

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<v Speaker 2>transition it's a rupture. How would you describe relations with

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<v Speaker 2>those countries at the moment.

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<v Speaker 3>I think our relations are perfectly fine. Right.

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<v Speaker 4>I described the relationship with respect to the whole when

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<v Speaker 4>Greenland was going back and forth before we sort of

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<v Speaker 4>settled it with a framework agreement.

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<v Speaker 3>Right, I called it a kerf fluffle. Right.

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<v Speaker 4>It's basically like if you have an argument with your

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<v Speaker 4>spouse that's not real.

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<v Speaker 3>You know, it's not a real one. It's like a

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<v Speaker 3>small thing.

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<v Speaker 2>My spouse doesn't go out there and deliver a speech

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<v Speaker 2>after that argument. It's the end of the relationship.

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<v Speaker 4>Fair enough, But you're right, and I think they overreacted.

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<v Speaker 4>And it's proof that they overreacted because a day or

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<v Speaker 4>two later, there's a framework that makes sense.

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<v Speaker 3>Right.

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<v Speaker 4>What did we say? We said we cared about it

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<v Speaker 4>for national security. Right, we said we care about a

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<v Speaker 4>national security. I mean, it's obvious we care about it

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<v Speaker 4>for national security. Because if you're going to build a

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<v Speaker 4>golden dome over the United States of America, right, wouldn't

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<v Speaker 4>you prefer the golden dome cover Greenland? So when you're

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<v Speaker 4>knocking out the missiles, you're not knocking them out right

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<v Speaker 4>over your head like we've all seen Israel like knocking

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<v Speaker 4>out the missiles right over their head with their iron dome.

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<v Speaker 4>Wouldn't you prefer to knock out the missiles if you

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<v Speaker 4>live on the East coast of the United States of

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<v Speaker 4>America over Greenland, a couple of thousand miles away where

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<v Speaker 4>there's no people, right, does not sound better. So this

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<v Speaker 4>is sort of where we're thinking about it and how

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<v Speaker 4>our national security team is thinking about it. Let's actually

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<v Speaker 4>the framework, Well, the framework is a national security based

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<v Speaker 4>framework that that's what the United States cares about. We

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<v Speaker 4>care about our national security, and we care about the

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<v Speaker 4>shipping lanes. So let's talk about the national security and

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<v Speaker 4>shipping lanes and let's see if we can't figure out

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<v Speaker 4>a framework to do that together. And I think that's

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<v Speaker 4>what the President truthed about. He said, we're going to

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<v Speaker 4>try to figure that out together because those were the

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<v Speaker 4>key points that the States of America cared about. And

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<v Speaker 4>I think the President's been clear about and he just

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<v Speaker 4>wants people at the table dealing with it swiftly. I

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<v Speaker 4>mean to think about this, he sends out a truth

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<v Speaker 4>and like within four days, right, we have a framework

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<v Speaker 4>agreement Like that's by the way, it's a pretty effecise.

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<v Speaker 3>We had TIFFs, we had tariffs on tariff's off.

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<v Speaker 1>They were never as to do, they were never on

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<v Speaker 1>the threat of them, were coming on for February first.

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<v Speaker 1>What does this do now for the agreement you were

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<v Speaker 1>and your team struck with Brussels because the legal implementation

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<v Speaker 1>has now been put on hold.

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<v Speaker 4>Oh, I think it'll be put on unhold probably tomorrow.

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<v Speaker 4>I mean, come on, That's why I said it's an overreaction.

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<v Speaker 4>I mean, they know when the President says, this is

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<v Speaker 4>what's going to happen. I mean what provoked the president.

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<v Speaker 4>What provoked the President was that they sent military people

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<v Speaker 4>to Greenland. I mean, they didn't send military people to Ukraine. Like,

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<v Speaker 4>why aren't they sending military people to Greenland?

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<v Speaker 3>You know, it was so it seemed like a provocation.

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<v Speaker 2>We spoke to the Finish leader and he suggested that

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<v Speaker 2>was a miscommunication, and he cleared that up pretty quickly.

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<v Speaker 2>There's something I want to get into with you that

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<v Speaker 2>I think is quite important. This, of course, is the

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<v Speaker 2>art of the deal. We talk about it on the

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<v Speaker 2>program all the time. The President anchors the story to

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<v Speaker 2>the extreme and then gets a favorable deal for the

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<v Speaker 2>United States. I think that's whe I understood. Something happened

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<v Speaker 2>though in the last twelve months that I think is

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<v Speaker 2>really interesting. He tried the same thing with Canada and

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<v Speaker 2>totally upended the election in Canada. North of the border.

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<v Speaker 2>POLYEF was going to sail away with that. The reason

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<v Speaker 2>Mark Carney's here as Prime Minister is because the President

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<v Speaker 2>took such an assertive stance on Canada. Now at the time,

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<v Speaker 2>I was finding the humor in the conversation. Then the

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<v Speaker 2>Canadian started lighting up the Bloomberg terminal sending messages. They

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<v Speaker 2>were deeply offended and we've seen that damage the economic

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<v Speaker 2>relationship with Canada and the United States. And the risk

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<v Speaker 2>came mists the Secretary, and I'd love your thoughts on

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<v Speaker 2>it and your reaction, because I think this is really

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<v Speaker 2>important regard to the Europeans. The points you're making about

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<v Speaker 2>Europe and have made over the last week are valid

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<v Speaker 2>points and they're actually well received by a lot of Europeans,

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<v Speaker 2>but the style in which is being delivered at the

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<v Speaker 2>moment some of them are finally get offensive. D you

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<v Speaker 2>think it's a risk here that we damage the economic

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<v Speaker 2>relationship with the Europeans in the same way we do

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<v Speaker 2>with the Canadians, and for that matter, derail the conservative

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<v Speaker 2>movement in Europe as well.

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<v Speaker 3>Underway, I don't.

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<v Speaker 4>I think the fact is that you need to rethink.

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<v Speaker 4>I think Europe is amazing and it's got extraordinary opportunity

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<v Speaker 4>and a twenty trillion dollar economy. But think about this,

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<v Speaker 4>if they had the right digital rules, meaning similar digital

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<v Speaker 4>rules to the United States. We have six trillion dollars

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<v Speaker 4>with the committed investment to build data centers in America,

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<v Speaker 4>and we have a.

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<v Speaker 3>Thirty trillion dollar economy.

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<v Speaker 4>So if they had a twenty trillion dollar economy, you'd say, okay,

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<v Speaker 4>if they had the same rules, they could.

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<v Speaker 3>Get four trillion, or how about two trillion.

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<v Speaker 4>You realized two trillion for their economy, right, would be

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<v Speaker 4>ten points a GDP S right over three or four years.

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<v Speaker 4>I mean, that would produce amazing growth. And let me

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<v Speaker 4>sort of explain how that works. So we did a

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<v Speaker 4>deal with Micron. Right, they're going to build two hundred

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<v Speaker 4>billion dollars in America. So on Friday last Friday, we

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<v Speaker 4>did a ground breaking of their megafab, one hundred billion

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<v Speaker 4>dollar fag fab. And where did they do it? They

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<v Speaker 4>did it in Upstate New York conserractives. Now, there hasn't

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<v Speaker 4>been industrial building in Upstate New York in probably forty years.

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<v Speaker 4>But if you think about it, it had a huge

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<v Speaker 4>industrial base once upon a time.

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<v Speaker 3>So what does it have. It has power because it

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<v Speaker 3>has the power infrastructure for that.

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<v Speaker 4>So what that does is it creates like this enormous uplift.

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<v Speaker 4>And I think Europe can do the same thing. I

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<v Speaker 4>think the UK can do the same thing. And Canada

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<v Speaker 4>is just thinking in this arrogant kind of thought.

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<v Speaker 5>Well, but just to build on what John is talking about,

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<v Speaker 5>it's a style question. Can you get the same results

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<v Speaker 5>without using words like calling leaders week or their economy

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<v Speaker 5>is decaying?

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<v Speaker 3>Right?

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<v Speaker 5>Is it necessary to provoke the visceral feeling that we

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<v Speaker 5>feel among a lot of leaders here and in conversations

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<v Speaker 5>with international investors? I mean, is there any other way?

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<v Speaker 5>Is that style more harmful than it is helpful?

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<v Speaker 3>Well?

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<v Speaker 4>I think it creates listening, Like people pay attention to

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<v Speaker 4>it and listen to it. If you just sort of

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<v Speaker 4>blend in, no one hears anything in Davos, right, everybody

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<v Speaker 4>says the same blah blah blah blah blah. And if

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<v Speaker 4>you need to break out and you need to say it.

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<v Speaker 4>So my view is right that Canada has never expressed

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<v Speaker 4>to the world that they have the best deal, the

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<v Speaker 4>second best deal in the world. The best deal in

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<v Speaker 4>the world is Mexico because remember they have USMCA, which

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<v Speaker 4>means eighty five percent of the Canadian economy comes into

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<v Speaker 4>the United States for zero. And there he is complaining

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<v Speaker 4>that he's going to go to China and improve it.

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<v Speaker 3>What's he going to do? China's delighted to sell to him.

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<v Speaker 4>But do you think China's going to open their economy

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<v Speaker 4>to accept exports from Canada. This is the silliest thing

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<v Speaker 4>I've ever seen. They have the second best deal because

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<v Speaker 4>Mexico's got a little better deal. They have twenty five

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<v Speaker 4>percent on the extra fifteen percent, whereas Canada's got thirty

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<v Speaker 4>five percent on the extra fifteen percent. But give me

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<v Speaker 4>a break. They have the second best deal in the world.

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<v Speaker 4>And all I got to do is listen to this

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<v Speaker 4>guy wind and complain.

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<v Speaker 5>Mister Secretary. In fairness, you've seen from the airplanes. You've

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<v Speaker 5>seen in about a thirty percent decline in Canadian visitors

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<v Speaker 5>to the United States, if not significantly more. You've seen

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<v Speaker 5>a similar type of decline from China. European travelers inbound

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<v Speaker 5>have come down. There is a sense that people do

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<v Speaker 5>not want to come to the culture of the US,

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<v Speaker 5>and there is this anchor about it. I just wonder

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<v Speaker 5>if you think that that's just temporary, or you just

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<v Speaker 5>sort of dismiss that, or you think it's irrelevant to

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<v Speaker 5>the actual issues.

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<v Speaker 4>I think what that is is political marketing. Right, the

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<v Speaker 4>Canadians have the second best deal in the whole wide world.

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<v Speaker 4>If they continue this path, right, which is a political

0:10:33.720 --> 0:10:36.160
<v Speaker 4>path of a certain thing. I'm going to go fly

0:10:36.320 --> 0:10:38.760
<v Speaker 4>to China. I'm going to open up my markets to China.

0:10:38.760 --> 0:10:41.800
<v Speaker 4>I'm going to take Chinese electric cars and do all

0:10:41.840 --> 0:10:47.520
<v Speaker 4>sorts of this stuff. Then when USMCA gets renegotiated this year,

0:10:48.160 --> 0:10:51.040
<v Speaker 4>this year, sort of like towards the end of the summer,

0:10:51.280 --> 0:10:52.880
<v Speaker 4>in the middle of the summer, do you think the

0:10:52.880 --> 0:10:54.880
<v Speaker 4>President of the United States is going to say you

0:10:54.920 --> 0:10:57.360
<v Speaker 4>should keep having the second best deal in the world.

0:10:57.360 --> 0:10:59.520
<v Speaker 4>I mean, you guys are such great friends. I mean

0:10:59.760 --> 0:11:04.199
<v Speaker 4>they are playing with a except of rules that they

0:11:04.200 --> 0:11:05.000
<v Speaker 4>haven't really thought.

0:11:05.080 --> 0:11:06.760
<v Speaker 2>I can hear it in your voice. You're excited about

0:11:06.760 --> 0:11:08.199
<v Speaker 2>negotiating this aren't you lay this year?

0:11:08.200 --> 0:11:11.160
<v Speaker 4>Well, they've sort of given a sort of a roadmap

0:11:11.360 --> 0:11:13.520
<v Speaker 4>of saying, so I guess we should change the whole deal.

0:11:14.000 --> 0:11:15.800
<v Speaker 3>Right, you want to be like the rest of the world.

0:11:16.040 --> 0:11:19.520
<v Speaker 4>You don't want to be this favored neighbor because you've

0:11:19.559 --> 0:11:22.480
<v Speaker 4>taken it so for granted that you're willing to come

0:11:22.679 --> 0:11:26.120
<v Speaker 4>to Davos and say, there's two higemic powers in the world,

0:11:26.559 --> 0:11:28.640
<v Speaker 4>and we're going to decide which one we're going to

0:11:28.720 --> 0:11:30.600
<v Speaker 4>work with. Really, you're going to either work with the

0:11:30.640 --> 0:11:32.600
<v Speaker 4>United States of America, where seventy five percent of your

0:11:32.600 --> 0:11:35.840
<v Speaker 4>economy is totally tied to it, or China.

0:11:36.559 --> 0:11:40.199
<v Speaker 3>Why would you say that? It just I think it's political,

0:11:40.880 --> 0:11:41.120
<v Speaker 3>you know.

0:11:41.240 --> 0:11:44.160
<v Speaker 4>I think if we take it correctly, we should look

0:11:44.160 --> 0:11:46.679
<v Speaker 4>at it as just political noise coming out of a

0:11:46.760 --> 0:11:49.760
<v Speaker 4>prime minister and maybe this is working for his election, right,

0:11:49.840 --> 0:11:52.360
<v Speaker 4>because I don't think it can be real, Because if

0:11:52.400 --> 0:11:56.840
<v Speaker 4>you took out the math of Canada's economy and doing

0:11:56.880 --> 0:12:00.559
<v Speaker 4>business with the United States of America's thirty trillion dollars economy,

0:12:00.840 --> 0:12:04.560
<v Speaker 4>there's no such thing as changing what they have today.

0:12:04.800 --> 0:12:07.160
<v Speaker 3>No one would vote for changing.

0:12:06.840 --> 0:12:09.680
<v Speaker 4>What they head today now, not think they're marketing as well,

0:12:10.000 --> 0:12:12.720
<v Speaker 4>but they're just for their politics, but they're surely not

0:12:12.840 --> 0:12:16.240
<v Speaker 4>marketing it well for their fundamental economics for long term.

0:12:16.320 --> 0:12:18.120
<v Speaker 1>The United States, the US are doing deals with China,

0:12:18.120 --> 0:12:19.400
<v Speaker 1>and i'd love you to walk us through what's going

0:12:19.440 --> 0:12:21.560
<v Speaker 1>on with the Age twenties. Is it accurate now that

0:12:21.679 --> 0:12:24.120
<v Speaker 1>basically for China to get the Age twenty chips, Taiwan

0:12:24.160 --> 0:12:26.640
<v Speaker 1>needs to send them to America for US to put

0:12:26.640 --> 0:12:28.440
<v Speaker 1>a tariff on them to make money off it, and

0:12:28.480 --> 0:12:29.480
<v Speaker 1>then send to China.

0:12:29.960 --> 0:12:31.880
<v Speaker 3>And is it your understanding that China might.

0:12:31.760 --> 0:12:35.240
<v Speaker 1>Be suspectable now to these chips suspect because they're entering

0:12:35.240 --> 0:12:36.240
<v Speaker 1>through the United States.

0:12:36.920 --> 0:12:40.319
<v Speaker 4>So it's the Age two hundred, right, So that's the

0:12:40.400 --> 0:12:43.160
<v Speaker 4>chip we're talking about. And Jensu Wang came to the

0:12:43.160 --> 0:12:46.720
<v Speaker 4>Oval office and he argued that this is a better

0:12:46.840 --> 0:12:49.839
<v Speaker 4>chip than they can actually make in any scale. Right,

0:12:49.920 --> 0:12:53.479
<v Speaker 4>So if we sell them to China, right, and Chinese businesses,

0:12:53.640 --> 0:12:56.920
<v Speaker 4>then they'll start using them and they'll develop on the

0:12:56.960 --> 0:12:59.120
<v Speaker 4>American tech stack and that will take some money away

0:12:59.160 --> 0:13:02.680
<v Speaker 4>from the Chinese tech stack. And that's it's an interesting argument.

0:13:02.679 --> 0:13:04.800
<v Speaker 4>There are two sides. There are strong two sides. We

0:13:04.800 --> 0:13:07.000
<v Speaker 4>shouldn't sell them any or we should sell them the

0:13:07.080 --> 0:13:09.839
<v Speaker 4>which and I stayed right in the middle. It was

0:13:09.880 --> 0:13:13.640
<v Speaker 4>a really really good discussion, okay. And the President decided

0:13:13.880 --> 0:13:16.760
<v Speaker 4>that fine, we'll sell the h two hundreds to them, okay.

0:13:16.960 --> 0:13:18.920
<v Speaker 3>And he made that decision, and after.

0:13:18.679 --> 0:13:20.760
<v Speaker 4>He was done, he said, and you know what, I

0:13:20.800 --> 0:13:22.920
<v Speaker 4>think if we do that, we should get twenty five

0:13:22.920 --> 0:13:26.120
<v Speaker 4>percent for the American taxpayers, right, because we're creating something.

0:13:26.160 --> 0:13:28.320
<v Speaker 1>I think China wants to buy them, knowing that they're

0:13:28.320 --> 0:13:31.080
<v Speaker 1>going from Taiwan now back to the US.

0:13:31.160 --> 0:13:32.600
<v Speaker 3>Coming to the United States.

0:13:32.640 --> 0:13:37.040
<v Speaker 4>Because in order to collect twenty five percent, right, the

0:13:37.280 --> 0:13:41.000
<v Speaker 4>process matter to do it, right is he imported, put

0:13:41.000 --> 0:13:43.720
<v Speaker 4>a tariff on it, and then export it again. Okay.

0:13:44.000 --> 0:13:47.440
<v Speaker 4>And so that's the model. It's the process model to

0:13:47.520 --> 0:13:51.640
<v Speaker 4>execute a plan that the President United States of America made, right.

0:13:51.840 --> 0:13:54.320
<v Speaker 4>So that's just the execution model of how to do

0:13:54.360 --> 0:13:57.200
<v Speaker 4>it. It's not it's just process, right. And it's the same

0:13:57.280 --> 0:14:00.480
<v Speaker 4>age two hundred chip. And the question will find out

0:14:00.920 --> 0:14:04.840
<v Speaker 4>is that businesses in China want to buy that's for sure.

0:14:05.120 --> 0:14:09.559
<v Speaker 4>The question is does China central government right want you

0:14:09.600 --> 0:14:11.480
<v Speaker 4>know when they have that same argument too, I want

0:14:11.480 --> 0:14:14.680
<v Speaker 4>to give my companies this chip that they're all clamoring for,

0:14:15.120 --> 0:14:16.880
<v Speaker 4>or do I want to force them to take the

0:14:16.920 --> 0:14:20.240
<v Speaker 4>pain of using lesser chips that are domestically made, but

0:14:20.400 --> 0:14:22.520
<v Speaker 4>helping our domestic companies grow.

0:14:23.040 --> 0:14:25.440
<v Speaker 3>And that's a question. We're going to see how it goes.

0:14:25.520 --> 0:14:28.280
<v Speaker 4>But I think the President put that question out there,

0:14:28.440 --> 0:14:30.320
<v Speaker 4>and I think it's a really interesting one. I didn't

0:14:30.320 --> 0:14:33.760
<v Speaker 4>say there's not two sides of that coin, right, but

0:14:33.840 --> 0:14:38.600
<v Speaker 4>the President thought having Chinese developers on the US tech stack, right,

0:14:39.120 --> 0:14:42.800
<v Speaker 4>given sort of the middle, he falls that way. And

0:14:43.040 --> 0:14:46.240
<v Speaker 4>it was really robust discussion. Both sides of the discussion

0:14:46.240 --> 0:14:48.760
<v Speaker 4>were in the room. It was a deep and thoughtful discussion,

0:14:48.800 --> 0:14:50.800
<v Speaker 4>and that's where he came out and that's why.

0:14:50.600 --> 0:14:51.280
<v Speaker 3>He's the president.

0:14:51.440 --> 0:14:53.400
<v Speaker 2>So you know, I'm just a final thought just listening

0:14:53.400 --> 0:14:55.840
<v Speaker 2>to this engaging conversation of the last fifteen minutes or so.

0:14:56.120 --> 0:14:58.600
<v Speaker 2>Do you fancy the FED seat over the Federal Reserve?

0:14:58.640 --> 0:15:01.440
<v Speaker 2>I can see comma section, you can see him in

0:15:01.440 --> 0:15:03.920
<v Speaker 2>the the ecles. Can you imagine the magic of that

0:15:03.960 --> 0:15:07.400
<v Speaker 2>news conference? These news conferences?

0:15:07.480 --> 0:15:09.640
<v Speaker 1>With the news conference, I'd be going.

0:15:09.480 --> 0:15:11.080
<v Speaker 4>I know what I call that. I call that an

0:15:11.080 --> 0:15:14.360
<v Speaker 4>Amy winehouse. No, No, no.

0:15:14.840 --> 0:15:18.040
<v Speaker 2>I call that box office. It's going to see you,

0:15:18.960 --> 0:15:22.040
<v Speaker 2>the Secretary, thank you. I'm just making sure Missus Farrow

0:15:22.080 --> 0:15:25.280
<v Speaker 2>hasn't scheduled a speech. I don't want that, do we,

0:15:25.440 --> 0:15:27.680
<v Speaker 2>Missus Secretary, thank you, appreciate your time.