1 00:00:02,720 --> 00:00:07,240 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,200 --> 00:00:12,000 Speaker 2: Jamison Greer is joining us now, Jamison, Ambassador, thank you 3 00:00:12,039 --> 00:00:13,880 Speaker 2: so much for being with us. I know you've been 4 00:00:13,920 --> 00:00:17,360 Speaker 2: incredibly busy. I can imagine you haven't slept much. I 5 00:00:17,440 --> 00:00:21,040 Speaker 2: am curious how much we're seeing the end of negotiations 6 00:00:21,360 --> 00:00:23,919 Speaker 2: or the beginning of the end, as there still seem 7 00:00:23,960 --> 00:00:26,000 Speaker 2: to be some loose ends to be tied up. 8 00:00:27,640 --> 00:00:29,920 Speaker 1: Well, I would say that, you know, we've spent the 9 00:00:29,920 --> 00:00:33,559 Speaker 1: past one hundred and twenty days negotiating with dozens and 10 00:00:33,560 --> 00:00:36,640 Speaker 1: dozens of countries, and with some of these countries the 11 00:00:36,680 --> 00:00:38,560 Speaker 1: deals have been good enough that the President's been willing 12 00:00:38,600 --> 00:00:41,440 Speaker 1: to accept them. With other countries, they're just going have 13 00:00:41,560 --> 00:00:44,680 Speaker 1: a tariff. But we have you know, you can look 14 00:00:44,720 --> 00:00:46,400 Speaker 1: at some of the information that's gone out there. We 15 00:00:46,400 --> 00:00:48,520 Speaker 1: have fact sheets, We have a joint statement with Indonesia 16 00:00:48,520 --> 00:00:50,680 Speaker 1: that give some details. You know, we'll be finishing the 17 00:00:50,680 --> 00:00:53,640 Speaker 1: paperwork in the next weeks and maybe a couple of months, 18 00:00:53,960 --> 00:00:56,000 Speaker 1: but these deals are pretty much set. 19 00:00:56,680 --> 00:00:59,040 Speaker 3: They are set right. We wouldn't make an agreement of less. 20 00:00:59,080 --> 00:01:00,920 Speaker 1: We all knew the contra of it, and the countries 21 00:01:00,960 --> 00:01:03,440 Speaker 1: knew it, and it's an exciting time because the President 22 00:01:03,440 --> 00:01:06,319 Speaker 1: has essentially reset the global trading system, and so we'll 23 00:01:06,360 --> 00:01:08,760 Speaker 1: be you know, finalizing everything that's been agreed to on 24 00:01:08,840 --> 00:01:11,600 Speaker 1: paper and then monitoring compliance going forward. 25 00:01:11,600 --> 00:01:13,880 Speaker 4: And Messagreer, can you help us understand how you landed 26 00:01:13,880 --> 00:01:16,720 Speaker 4: on some of these rates, Specifically a country like Switzerland. 27 00:01:16,800 --> 00:01:20,000 Speaker 4: It went from thirty one percent on Liberation Day April 28 00:01:20,040 --> 00:01:23,119 Speaker 4: second to now thirty nine percent, even though you and 29 00:01:23,480 --> 00:01:28,440 Speaker 4: your colleagues were in negotiations with the Swiss trading partners. 30 00:01:29,680 --> 00:01:29,960 Speaker 5: Sure. 31 00:01:30,040 --> 00:01:33,240 Speaker 1: Well, So, first of all, the rates are largely determined 32 00:01:33,280 --> 00:01:35,759 Speaker 1: by the trade deficit of a country with the United 33 00:01:35,840 --> 00:01:38,480 Speaker 1: States and what the country's willing to do to address 34 00:01:38,480 --> 00:01:41,840 Speaker 1: that trade deficit from Switzerland. You know this is surprising 35 00:01:41,840 --> 00:01:43,840 Speaker 1: to some to hear, but we have nearly forty billion 36 00:01:43,880 --> 00:01:48,040 Speaker 1: dollar trade deficit with Switzerland for a country of nine million. Now, 37 00:01:48,080 --> 00:01:51,080 Speaker 1: we value our relationship with Switzerland, certainly, but during our 38 00:01:51,120 --> 00:01:54,280 Speaker 1: discussions with them, you know, we weren't able to reach 39 00:01:54,320 --> 00:01:56,720 Speaker 1: agreement on the best way to reduce that trade deficit 40 00:01:57,720 --> 00:02:00,320 Speaker 1: at all. Right, they ship enormous amounts of pharmaceuticals to 41 00:02:00,400 --> 00:02:03,280 Speaker 1: our country. We want to be making pharmaceuticals in our country, 42 00:02:03,880 --> 00:02:06,480 Speaker 1: so this is a challenging situation, and so we have, 43 00:02:06,640 --> 00:02:08,639 Speaker 1: you know, high tariffs, not just on Switzerland, but many 44 00:02:08,639 --> 00:02:11,160 Speaker 1: countries where we weren't able to fully resolve a path 45 00:02:11,200 --> 00:02:13,520 Speaker 1: forward on reducing the trade deficit and opening markets. 46 00:02:13,639 --> 00:02:16,320 Speaker 4: My understanding was that the US in Switzerland actually had 47 00:02:16,360 --> 00:02:19,000 Speaker 4: a negotiated text and it was just waiting on sign 48 00:02:19,040 --> 00:02:21,040 Speaker 4: off from President Trump. Is that accurate. 49 00:02:22,000 --> 00:02:23,239 Speaker 3: I think that's an overstatement. 50 00:02:23,440 --> 00:02:25,280 Speaker 1: I mean that the reality is all of these countries, 51 00:02:25,320 --> 00:02:28,200 Speaker 1: you trade back and forth paperwork and then you take 52 00:02:28,200 --> 00:02:30,360 Speaker 1: it back to your leaders to get guidance from them, 53 00:02:31,120 --> 00:02:33,519 Speaker 1: and so nothing's agreed and till everything's agreed, That's what 54 00:02:33,560 --> 00:02:36,880 Speaker 1: every trade negotiator knows. So you know, the reality is, 55 00:02:36,919 --> 00:02:38,880 Speaker 1: we negotiate with lots of countries. Listen, there are a 56 00:02:38,880 --> 00:02:40,280 Speaker 1: lot of countries that didn't get the deal that we've 57 00:02:40,280 --> 00:02:42,320 Speaker 1: been negotiating with, and they, of course, they all want 58 00:02:42,360 --> 00:02:44,440 Speaker 1: a deal. They all want to deal with the United States. 59 00:02:45,160 --> 00:02:48,079 Speaker 1: So I can understand that. You know, folks may want 60 00:02:48,120 --> 00:02:50,400 Speaker 1: to try to manifest a deal in the last minutes, 61 00:02:51,000 --> 00:02:51,560 Speaker 1: but we just have. 62 00:02:51,520 --> 00:02:53,320 Speaker 3: To do it's right for America, and the President understands 63 00:02:53,360 --> 00:02:53,639 Speaker 3: that too. 64 00:02:53,800 --> 00:02:56,119 Speaker 4: I'm thinking of other countries like Taiwan which that rate 65 00:02:56,200 --> 00:02:59,760 Speaker 4: went down, India, Switzerland. Of course, we know you were 66 00:02:59,760 --> 00:03:03,760 Speaker 4: in negotiations with so between now and August seventh, could 67 00:03:03,800 --> 00:03:05,840 Speaker 4: some of these countries that you spent a lot of 68 00:03:05,880 --> 00:03:08,360 Speaker 4: time with your counterparts get a deal? 69 00:03:09,560 --> 00:03:12,919 Speaker 1: Well, that's not my focus. I feel like we've been 70 00:03:12,960 --> 00:03:16,519 Speaker 1: able to get everything set on August first. Of course, 71 00:03:16,560 --> 00:03:18,040 Speaker 1: any country that wants to talk to us, they can 72 00:03:18,040 --> 00:03:19,679 Speaker 1: always talk to us, and I'm sure some will be 73 00:03:19,720 --> 00:03:22,600 Speaker 1: eager to find ways to reduce the deficit, open their markets, etc. 74 00:03:23,400 --> 00:03:27,160 Speaker 1: But we're really focused right now on implementing the deals 75 00:03:27,160 --> 00:03:28,000 Speaker 1: that have been reached. 76 00:03:28,360 --> 00:03:32,320 Speaker 5: Well, on implementing those deals. Representative, you mentioned that you 77 00:03:32,360 --> 00:03:35,840 Speaker 5: would be looking and monitoring them for any violations. How 78 00:03:35,840 --> 00:03:38,400 Speaker 5: will this administration judge what is a violation and what 79 00:03:38,440 --> 00:03:39,960 Speaker 5: the consequences of that would be. 80 00:03:41,040 --> 00:03:45,040 Speaker 1: So, for example, you know, we put out a fairly 81 00:03:45,080 --> 00:03:49,120 Speaker 1: detailed joint statement with Indonesia and we're finalizing the underlying agreement, 82 00:03:49,320 --> 00:03:51,360 Speaker 1: and in there you can see that they've made commitments 83 00:03:51,400 --> 00:03:52,800 Speaker 1: on terariff levels where they're can. 84 00:03:53,040 --> 00:03:54,320 Speaker 3: Remove all of their tariffs. 85 00:03:54,640 --> 00:03:57,080 Speaker 1: They've made commitments on non tariff barriers with respect to 86 00:03:57,360 --> 00:04:00,880 Speaker 1: you know, agricultural inspections and the way they you know, 87 00:04:00,920 --> 00:04:03,480 Speaker 1: treat certain digital trade and so our office, which has 88 00:04:03,560 --> 00:04:05,839 Speaker 1: hundreds of people, the offs of the gust Trade representative, 89 00:04:06,280 --> 00:04:08,400 Speaker 1: they watch this and they make sure that Indonesia actually 90 00:04:08,440 --> 00:04:10,640 Speaker 1: does what it's supposed to do, and if they don't, 91 00:04:10,680 --> 00:04:12,960 Speaker 1: the president has his terr of authority. I mean, all 92 00:04:13,000 --> 00:04:15,800 Speaker 1: of the deals are premised and the modified rates for 93 00:04:15,840 --> 00:04:18,760 Speaker 1: these countries are premised on them actually opening their market, 94 00:04:19,120 --> 00:04:21,760 Speaker 1: making the investment and purchase commitments they've agreed to, and 95 00:04:21,800 --> 00:04:23,600 Speaker 1: if you don't, you can have the tariffs go back 96 00:04:23,600 --> 00:04:24,120 Speaker 1: into place. 97 00:04:24,200 --> 00:04:26,279 Speaker 3: This is this is basic trade enforcement. That's what we 98 00:04:26,320 --> 00:04:27,719 Speaker 3: intend to do here, Ambassador. 99 00:04:27,839 --> 00:04:29,560 Speaker 2: Right now, there are a number of countries coming out 100 00:04:29,600 --> 00:04:31,800 Speaker 2: and saying this is part of a negotiation and they 101 00:04:31,839 --> 00:04:35,000 Speaker 2: plan to keep talking with the team over in the 102 00:04:35,040 --> 00:04:38,560 Speaker 2: Trade Trade Organization and trade representatives from the United States. 103 00:04:38,680 --> 00:04:42,120 Speaker 2: Is that just messaging to their own political constituents or 104 00:04:42,200 --> 00:04:43,000 Speaker 2: is that reality? 105 00:04:44,000 --> 00:04:46,799 Speaker 1: Well, well, listen, they certain they certainly have their domestic 106 00:04:46,839 --> 00:04:50,839 Speaker 1: constituents they have to talk to. You can be sure 107 00:04:50,960 --> 00:04:52,880 Speaker 1: that I woke up this morning to a number of 108 00:04:52,880 --> 00:04:55,960 Speaker 1: trade ministers texting me and emailing me, and I'm sure 109 00:04:55,960 --> 00:04:59,279 Speaker 1: they're reaching out to my colleague Secretary LATINX Secretary Vesson 110 00:04:59,560 --> 00:05:02,560 Speaker 1: et Set And my job is to talk to these folks. 111 00:05:02,600 --> 00:05:04,520 Speaker 1: I'm always going to talk to these folks, and you know, 112 00:05:04,520 --> 00:05:06,440 Speaker 1: if they have proposals, you know, I'll talk to them 113 00:05:06,440 --> 00:05:07,040 Speaker 1: and I'll. 114 00:05:06,880 --> 00:05:07,680 Speaker 3: Brief the president. 115 00:05:08,240 --> 00:05:11,360 Speaker 1: You know, we're focused on implementation and doing, you know, 116 00:05:11,400 --> 00:05:13,359 Speaker 1: what's right to change the trading system to one that 117 00:05:13,360 --> 00:05:14,599 Speaker 1: benefits American workers. 118 00:05:14,880 --> 00:05:17,920 Speaker 2: How much are you also hearing from US companies concerned 119 00:05:17,920 --> 00:05:21,240 Speaker 2: about certainty and whether they're going to get clarity on 120 00:05:21,360 --> 00:05:23,520 Speaker 2: exactly what the rates are going to be, whether they 121 00:05:23,560 --> 00:05:26,000 Speaker 2: will stick, whether there will be adjustments, and how some 122 00:05:26,040 --> 00:05:28,760 Speaker 2: of these things will work with trans national shipments of 123 00:05:29,080 --> 00:05:30,679 Speaker 2: getting penalized forty percent. 124 00:05:31,920 --> 00:05:35,520 Speaker 1: So so with respect to certainty, you know, President Trump 125 00:05:35,600 --> 00:05:38,720 Speaker 1: has been talking about a new tariff program. 126 00:05:38,520 --> 00:05:41,239 Speaker 3: For for literally years, decades. 127 00:05:41,279 --> 00:05:43,560 Speaker 1: In some instances, you know, he has tariffs from his 128 00:05:43,600 --> 00:05:45,840 Speaker 1: first term that are still in place. So sometimes when 129 00:05:45,880 --> 00:05:47,960 Speaker 1: companies say we want certainty, what they mean is we 130 00:05:48,000 --> 00:05:52,560 Speaker 1: want a different outcome, right, and you know by by putting, 131 00:05:52,880 --> 00:05:54,920 Speaker 1: you know, the market has baked in a lot of 132 00:05:54,920 --> 00:05:57,440 Speaker 1: the tariffs we put in, you know, the new tariffs 133 00:05:57,440 --> 00:05:59,400 Speaker 1: that we issued last night, are firm. That's why we 134 00:05:59,440 --> 00:06:01,400 Speaker 1: put it out the very clear list. Everyone can see 135 00:06:01,440 --> 00:06:05,039 Speaker 1: it and understand, which retract a transhipment that's always been illegal, 136 00:06:05,520 --> 00:06:07,560 Speaker 1: and so we're just going to put an additional forty percent 137 00:06:07,600 --> 00:06:11,280 Speaker 1: tariff on that. So you know, I understand that there 138 00:06:11,279 --> 00:06:13,360 Speaker 1: are going to be ede cases where companies have to 139 00:06:13,440 --> 00:06:15,520 Speaker 1: change their supply chains and no one wants to do that. 140 00:06:15,560 --> 00:06:17,839 Speaker 1: They just want status quo. But we can't have the 141 00:06:17,839 --> 00:06:20,320 Speaker 1: status quo. The status quo is what led to offshoring 142 00:06:20,360 --> 00:06:22,480 Speaker 1: and the loss of some of our key industries. So 143 00:06:22,680 --> 00:06:24,840 Speaker 1: during that supply chain shift, you know, that can be 144 00:06:24,960 --> 00:06:27,200 Speaker 1: challenging for some companies. And I talk to a lot 145 00:06:27,240 --> 00:06:29,720 Speaker 1: of these folks. I wanted to understand the presence trade policy. 146 00:06:30,000 --> 00:06:33,080 Speaker 1: I want to hear about any unintended consequences. But the 147 00:06:33,120 --> 00:06:36,160 Speaker 1: presence trade policy is moving forward and we're shifting from 148 00:06:36,200 --> 00:06:39,479 Speaker 1: a seventy year policy based on purely efficiency to a 149 00:06:39,480 --> 00:06:41,360 Speaker 1: new policy based on fair and balance trade. 150 00:06:41,600 --> 00:06:42,840 Speaker 3: And the world is agreeing with US. 151 00:06:42,920 --> 00:06:45,880 Speaker 4: Investor agree what about the unintended consequences of what's going 152 00:06:45,920 --> 00:06:49,040 Speaker 4: on with the sectoral tariffs on autos? The Ford CEO 153 00:06:49,160 --> 00:06:53,520 Speaker 4: was on Bloomberg Television yesterday talking about the price disadvantage 154 00:06:53,560 --> 00:06:57,200 Speaker 4: compared to auto companies if they're making a car in 155 00:06:57,279 --> 00:07:00,720 Speaker 4: Japan because of the input cost of twenty percent on 156 00:07:00,760 --> 00:07:03,160 Speaker 4: those inputs that they need to make the car coming 157 00:07:03,200 --> 00:07:06,360 Speaker 4: into the United States versus the fifteen percent right that 158 00:07:06,480 --> 00:07:09,760 Speaker 4: Japan now has. What's the point of the auto sectoral 159 00:07:09,920 --> 00:07:13,440 Speaker 4: tariff if basically it's going to be bilateral now with 160 00:07:13,520 --> 00:07:15,720 Speaker 4: country by country. 161 00:07:15,560 --> 00:07:19,240 Speaker 1: So first of all, you know, there are only a 162 00:07:19,280 --> 00:07:22,480 Speaker 1: handful of countries that export cars to us, right essentially, 163 00:07:22,640 --> 00:07:25,120 Speaker 1: you know, Germany, Japan, in a couple of countries of 164 00:07:25,120 --> 00:07:27,960 Speaker 1: the European Union. We also have Canada, Mexico, and we 165 00:07:28,000 --> 00:07:30,840 Speaker 1: had our domestic producers, you know, choose over a couple 166 00:07:30,880 --> 00:07:33,280 Speaker 1: of decades to offsho a lot of that production to Mexico. 167 00:07:33,680 --> 00:07:37,400 Speaker 1: And so naturally there is some some challenge as as 168 00:07:37,400 --> 00:07:40,520 Speaker 1: they continue to reshore that. And we understand that, right, 169 00:07:40,720 --> 00:07:42,920 Speaker 1: I mean, our goal is long term. We're not looking 170 00:07:42,960 --> 00:07:45,520 Speaker 1: at quarterly earnings as policy makers. We're looking at a 171 00:07:45,520 --> 00:07:47,560 Speaker 1: way to make sure that we have a strong, robust 172 00:07:47,640 --> 00:07:50,640 Speaker 1: industrial base here that provide good jobs for our workers 173 00:07:50,840 --> 00:07:53,640 Speaker 1: and support the national security. So you know, we're in 174 00:07:53,680 --> 00:07:57,480 Speaker 1: constant contact with the domestics with the unions and everybody. 175 00:07:57,800 --> 00:08:00,880 Speaker 1: And you know, I understand that the the auto companies 176 00:08:00,880 --> 00:08:04,720 Speaker 1: are receiving a credit for content that's made in America, 177 00:08:05,080 --> 00:08:05,920 Speaker 1: which is how it should be. 178 00:08:05,920 --> 00:08:07,400 Speaker 3: That's what we're trying to incentivize. 179 00:08:07,440 --> 00:08:09,680 Speaker 4: When you're looking and you're thinking long term, are you 180 00:08:09,760 --> 00:08:14,760 Speaker 4: preparing for Supreme Court ruling against using AEPA for these tariffs? 181 00:08:14,800 --> 00:08:16,680 Speaker 4: And if so, what's the plan be. 182 00:08:18,480 --> 00:08:20,560 Speaker 1: So the case is at the Federal Circuit right now. 183 00:08:20,600 --> 00:08:23,720 Speaker 1: We had the arguments yesterday, you know, lots of questions, 184 00:08:23,720 --> 00:08:26,280 Speaker 1: a lot of preparation. Dog did a great doj did 185 00:08:26,280 --> 00:08:28,520 Speaker 1: a great job. We had a great team out there. 186 00:08:28,720 --> 00:08:31,640 Speaker 1: We feel very confident in the case. You know, if 187 00:08:31,680 --> 00:08:33,920 Speaker 1: there's still questions coming out of the Federal Circuit or 188 00:08:34,280 --> 00:08:36,720 Speaker 1: further litigation that goes to the Supreme Court, we're confident 189 00:08:36,720 --> 00:08:39,719 Speaker 1: there that this statue clearly says the President has the 190 00:08:39,720 --> 00:08:42,600 Speaker 1: authority to regulate imports. That's the language, you know, not 191 00:08:42,640 --> 00:08:45,920 Speaker 1: my words, it's a statute statutes language. You know, in 192 00:08:45,960 --> 00:08:49,439 Speaker 1: case there's a national emergency, the Presence declared a national emergency. 193 00:08:49,640 --> 00:08:52,120 Speaker 1: So we feel confident. You know, if it goes the 194 00:08:52,160 --> 00:08:54,840 Speaker 1: other way, then we'll manage that. The reality is the 195 00:08:54,880 --> 00:08:58,000 Speaker 1: countries understand the type of leverage that President Trump has created. 196 00:08:58,080 --> 00:08:59,880 Speaker 1: That's why they're doing these deals, and they're going to 197 00:09:00,280 --> 00:09:01,760 Speaker 1: regardless of what happens in litigation. 198 00:09:02,320 --> 00:09:03,839 Speaker 2: That's where I wanted to finish. And we just have 199 00:09:03,880 --> 00:09:05,880 Speaker 2: a couple of minutes. We are out of time with you, 200 00:09:05,960 --> 00:09:08,240 Speaker 2: I know, but I am curious what the game plan 201 00:09:08,480 --> 00:09:11,680 Speaker 2: is should there be some sort of overruling of IEPA. 202 00:09:11,760 --> 00:09:13,920 Speaker 2: Do you already have section two thirty two and others 203 00:09:13,960 --> 00:09:14,480 Speaker 2: lined up? 204 00:09:15,920 --> 00:09:16,079 Speaker 5: Well? 205 00:09:16,240 --> 00:09:18,559 Speaker 1: Well, listen, we always have all kinds of plans, and 206 00:09:18,600 --> 00:09:21,319 Speaker 1: I'm not going to go deep into our strategy here, 207 00:09:21,520 --> 00:09:25,040 Speaker 1: mostly because we're pretty confident on the current plan. But 208 00:09:25,120 --> 00:09:27,040 Speaker 1: we will do whatever it takes to make sure that 209 00:09:27,080 --> 00:09:29,960 Speaker 1: the President can continue to rectify the trade deficit and 210 00:09:30,040 --> 00:09:32,600 Speaker 1: change the global trading system. And this is a historic thing. 211 00:09:33,120 --> 00:09:34,440 Speaker 1: This is once in a hundred years that you have 212 00:09:34,480 --> 00:09:36,800 Speaker 1: the chance to reorder global trade like this, and we're 213 00:09:36,840 --> 00:09:38,880 Speaker 1: doing it, and we'll use whatever tools aren't necessary to 214 00:09:38,920 --> 00:09:39,160 Speaker 1: do it. 215 00:09:39,400 --> 00:09:41,920 Speaker 2: US Trade Representative Jamison Greer, thank you so much for 216 00:09:41,960 --> 00:09:42,520 Speaker 2: being with us.