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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm John Tucker and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today and Karen.

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Speaker 3: Boeing may be caught either cross hears of the US

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Speaker 3: China trade war. Bloomberg News has learned China has ordered

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Speaker 3: eas Airlines not to take any further deliveries of Boeing jets,

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Speaker 3: and Bloomberg Aviation reporter Danny Lee is following the story

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Speaker 3: this morning.

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Speaker 4: This is really quite a blow for Boeing in a sense.

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Speaker 4: Then we have seen more companies increasingly being caught up

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Speaker 4: and caught in by this for top trade war between

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Speaker 4: Washington and Beijing button increasingly where some like Boeing is

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Speaker 4: increasingly marginalized in such a thriving aviation market.

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Speaker 3: And Bloomberg Aviation reporter Danny Lee says China is forecast

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Speaker 3: to make up to twenty percent of global aircraft demand

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Speaker 3: over the next two decades. In at twenty eighteen, nearly

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Speaker 3: a quarter of Boeing's output ended up there. Shares of

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Speaker 3: Boeing this morning down two point seven percent in early trading.

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Speaker 2: Well, John, President Trump's administration is pressing forward with plans

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Speaker 2: to impost tariffs on semiconductor and pharmaceutical imports by initiating

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Speaker 2: trade probes led by the Commerce Department. And we get

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Speaker 2: more on that with Bloomberg's trades are Brandan Murray.

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Speaker 5: The Trump administration wants semiconductors to be made in the

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Speaker 5: US rather than in mostly in Asia and places like

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Speaker 5: Taiwan and China. This is going to be especially important

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Speaker 5: with the next generation of chips, the ones that power

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Speaker 5: artificial intelligence. The other issue, and this was one that

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Speaker 5: came up during the pandemic, was the drugs production and

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Speaker 5: the pharmaceutical issue. Both of these are the Trump administration

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Speaker 5: is seeking to ground them in the legal rationale of

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Speaker 5: national security.

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Speaker 2: And Bloombergy trades are Brandan Murray says. President Trump is

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Speaker 2: also floating up potential pause in auto tariffs, and that

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Speaker 2: has shares of Nissan, Toyota, and other auto stocks on

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Speaker 2: the rise this morning, and.

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Speaker 3: Karen the near daily flow of tariff announcements adding to

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Speaker 3: the confusion for companies and countries trying to navigate President

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Speaker 3: Trump's evolving trade policies. Speaking exclusively to Bloomberg's and Mary

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Speaker 3: hor Dern, the Treasury Secretary, Scott Benz Besson was asked

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Speaker 3: how many of these deals he expects to have signed

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Speaker 3: by the end of the pause.

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Speaker 6: I think there will be advantage to our allies, especially

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Speaker 6: in a first mover advantage. Usually the first person that

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Speaker 6: makes the deal gets the best deal. So if you

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Speaker 6: think will be first, it's their choice.

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Speaker 7: Is there a handful of countries that you expect to

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Speaker 7: have a deal before the ninety days is up.

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Speaker 6: Oh, I think there could be numerous countries, and it

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Speaker 6: may not be the actual trade document, but we will

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Speaker 6: have an agreement in principle and be able to move

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Speaker 6: forward from.

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Speaker 3: Their Treasury Secretary Besson also playing down the recent sell

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Speaker 3: off in the bond market, rejecting speculation but foreign nations

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Speaker 3: were dumping their holdings, well flagging that he's a department

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Speaker 3: has the tools to address dislocation if needed, and you

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Speaker 3: can hear the full conversation on the Bloomberg Talks podcast

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Speaker 3: feed or watch it on the Bloomberg podcast page on YouTube.

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Speaker 2: Well John Former Treasury Secretary Jennie Yellen is criticizing the

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Speaker 2: Trump administration's trade policy. She says the entire approach is muddled.

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Speaker 8: The objective's unclear, the rationale for the tariffs that have

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Speaker 8: been announced really unclear and not at all sensible. Steps

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Speaker 8: toward removing the tariffs lowering them are positive, but we're

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Speaker 8: in a world of tremendous uncertainty.

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Speaker 2: Despite uncertainties, Yellen told Bloomberg's Balance of Power, the US

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Speaker 2: economy is still strong and does not see a need

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Speaker 2: for a Central Bank intervention.

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Speaker 3: And another major story we're following this morning, Harvard University

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Speaker 3: fighting dock against President Trump's demands for what he calls

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Speaker 3: reforms at the school. Let's get tails this morning from

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Speaker 3: Bloomberg's Lisa Matteo. Lisa, good morning, Good morning John.

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Speaker 9: The university's president, Alan Garber, says that the requests posed

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Speaker 9: threats to academic freedom and also interfere in higher education

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Speaker 9: a government task force on anti Semitism, while they responded

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Speaker 9: saying it plans to freeze two point two billion dollars

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Speaker 9: of multi year grants, which could impact the school's research, medicine,

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Speaker 9: public health programs, US agencies, while they've previously said they're

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Speaker 9: reviewing about nine billion dollars of Harvard's grants and contracts,

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Speaker 9: and the university's rejection of the demands, it's winning the

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Speaker 9: support from Democratic lawmakers, alumni, including former President Barack Obama.

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Speaker 9: Now already the government has canceled four hundred million dollars

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Speaker 9: in funding to Columbia University. They pause funds to Northwestern

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Speaker 9: and Cornell, and suspended money for Princeton, claiming that they're

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Speaker 9: not doing enough to fight anti semitism on campus. Now.

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Speaker 9: Unlike those institutions, however, Harvard the richest university with a

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Speaker 9: fifty three billion dollar endowment, but the school does say

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Speaker 9: about seventy percent of the annual distribution is restricted by

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Speaker 9: donor terms says specific programs, departments, or purposes. Lisa Matteo,

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Speaker 9: Bloomberg Radio.

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Speaker 2: All right, Lisa, thank you. Let's start to the markets

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Speaker 2: now and futures. They're higher this morning. Following gaines on

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Speaker 2: Wall Street to kick off the trading week, the S

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Speaker 2: and P five hundred and Dow gain nearly eight tens

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Speaker 2: of a percent. David Sowerby, managing director and portfolio manager

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Speaker 2: at Encora, says, it's a good time to buy for

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Speaker 2: long term investors.

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Speaker 6: This is my twelfth bear market.

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Speaker 10: Sadly, it's not going to be my last, and I

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Speaker 10: think with the effort, stock now trading at a free

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Speaker 10: cash flow yield to six percent.

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Speaker 7: That compares very favorably.

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Speaker 6: To the ten year treasury.

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Speaker 3: So if you're willing to buy and be a little

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Speaker 3: wrong before you ultimately very right, you should be in

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Speaker 3: there selectively buying in courus.

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Speaker 2: David Sowerby notes the S and P five hundred is

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Speaker 2: down eight percent so far this year, and.

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Speaker 3: Investor is going to get another batch of bank earnings

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Speaker 3: this morning. Let's get more from Bloomberg Intelligence senior analysts

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Speaker 3: Alison Williams.

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Speaker 11: For Bank of America and City Group, we expect to

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Speaker 11: see similar trends as we've seen for their peers, Goldman Sachs, JP,

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Speaker 11: Morgan Morgan Stanley, and Wells Fargo. And that is strength

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Speaker 11: and equities trading powering the top line risk to investment

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Speaker 11: banking fees related to uncertainty, and strength in buybacks really

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Speaker 11: representing a benefit to lesser regulation expected on the capital front.

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Speaker 11: A key thing we'll be focusing on is the health

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Speaker 11: of clients. Bank of America is likely to give us

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Speaker 11: a view into the US consumer, while the City Group

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Speaker 11: has relatively more exposure to the card business.

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Speaker 3: And Bloomberg Intelligence senior analyst Alison Williamess is look for

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Speaker 3: a bank of America earning six forty five city group.

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Speaker 6: At eight am Wall Street.

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Speaker 2: Time, John the Federal Trade Commission's anti trust trial seeking

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Speaker 2: a break up Meta Platforms continues today. Mark Zuckerberg testifind

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Speaker 2: in federal court yesterday about Facebook's acquisition of Instagram. Again

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Speaker 2: more from j for Ree of Bloomberg Intelligence.

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Speaker 12: The allegation is that for both of those companies, Facebook

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Speaker 12: at the time called Facebook and not Meta, was concerned

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Speaker 12: that they would grow or be bought by a Google

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Speaker 12: or somebody likes some other big tech platform and become

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Speaker 12: a real competitor to Facebook and give them a tough

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Speaker 12: time in social networking, and so they bought them instead.

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Speaker 12: It's sort of what they call a buy and barry,

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Speaker 12: although they didn't bury strategy, and they're saying that just

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Speaker 12: those acquisitions that itself was anti competitive.

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Speaker 2: Jennifer reea of Bloomberg Intelligence says if the FTC prevails,

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Speaker 2: a spinoff of Instagram and WhatsApp would undo years of

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Speaker 2: integration between the apps. The trial is expected to last

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Speaker 2: about two months.

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Speaker 6: Time.

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Speaker 2: Now for look at some of the other stories making

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Speaker 2: news in New York and around the world, and for

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Speaker 2: that we're joined by Bloomberg's Michael Barr Michael, good Morning, Good.

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Speaker 13: Morning Karen, President Donald Trump's top advisors and El Salvador's

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Speaker 13: president saying that they have no basis for the small

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Speaker 13: Central American nation to return a Maryland man who was

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Speaker 13: wrongly deported there. Last month. The Supreme Court has called

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Speaker 13: for the Trump administration to facilitate the return of Kilmar

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Speaker 13: Abrego Garcia from the US to a notorious from the

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Speaker 13: Notorious Prison Family attorney Benjamin Assurio.

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Speaker 10: Our Department of State works with other countries all the

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Speaker 10: time for detained US citizens, so this is not a

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Speaker 10: new thing that we're asking the government to do.

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Speaker 4: We're just asking them to follow the Supreme Court's order.

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Speaker 13: President Neebukele, who has been a vital partner for the

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Speaker 13: Trump administration and its deportation efforts, said, of course he

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Speaker 13: will not release him back to US soil. Another Columbia

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Speaker 13: student has been detained by immigration officials. Moshin mcdowick, a

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Speaker 13: permanent resident of the US and student at the university,

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Speaker 13: was arrested after attending his naturalization interview in Vermont. Court

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Speaker 13: documents claim the Palestinian refugee led protests on campus along

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Speaker 13: with Mackmood Khalil, another international student now facing possible removal.

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Speaker 13: Investigators are working to under cut under the uncover the

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Speaker 13: motive behind in arson fire last weekend at Pennsylvania Governor

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Speaker 13: John Shapiro's mansion, the latest act of political violence in

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Speaker 13: the US. Cody Balmer was detained denied bail Monday after

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Speaker 13: a brief court appearance. Authorities also say Balmer had planned

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Speaker 13: to beat Governor Shapiro with a hammer if he encountered him.

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Speaker 13: Early Sunday, Judge Ester Salas sounded the alarm about the

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Speaker 13: new threats. The judge's son, Daniel, was killed in twenty

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Speaker 13: twenty at their New Jersey residence and a deliberate attack.

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Speaker 1: We're in unprecedented times. I think we can look to

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Speaker 1: statements that are coming out from our leaders and these

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Speaker 1: positions of power and say we're in new territory when

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Speaker 1: we see members of Congress calling for the impeachment of

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Speaker 1: judges for doing their jobs.

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Speaker 13: Global news twenty four hours a day and whatever you

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Speaker 13: wanted with Bloomberg News. Now, I'm Michael Barr in this

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Speaker 13: is Bloomberg Karn.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg sports Update. Here's John Stashower.

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Speaker 10: John, Good morning, Good morning care, and it's early in

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Speaker 10: the baseball season. A Yankee fans quick to point out

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Speaker 10: that so far, their number twenty two Ben Rice has

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Speaker 10: better numbers, more production than the Mets number twenty two

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Speaker 10: one Soto. Rice has a seven hundred thousand dollars contract.

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Speaker 10: Soto has a seven hundred million dollar contracts So in

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Speaker 10: the Matts ten Minnesota, the Mets led three to one

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Speaker 10: with a man on in the seventh in.

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Speaker 6: A Soto's over for three.

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Speaker 3: Today is fourth straight at bat with a runner at

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Speaker 3: scoring position, unable to come through the first three times.

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Speaker 3: He lifts this one out to right.

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Speaker 10: Center field pretty well, hit back, goes Buckston back near the.

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Speaker 6: Wall, and it's out of here. A two one Hobar

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Speaker 6: for one Sodo.

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Speaker 10: His second home brought us a Mets and the Mets

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Speaker 10: extended laid the fire to one and that was the

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Speaker 10: final lesson Why to call twins at only three hits

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Speaker 10: at the stadium the Royals at only two, it's the Yanks.

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Speaker 10: He's hit four home runs, included one by Rice. Also

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Speaker 10: Jazz Chisholm, Trent Grisham, and Austin Wells. They make Kansas

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Speaker 10: City four to one. The Red Sox lost at Tampa

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Speaker 10: Bay sixteen to one. Taylor Al gave up the first twelve.

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Speaker 10: The National has lost in Pittsburgh ten to three. The

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Speaker 10: first player named to play for Team USA in next

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Speaker 10: year's World Baseball Classic Aaron Judge, and like with the Yankees,

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Speaker 10: he'll be the team captain. Rangers won five to three

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Speaker 10: at Florida. Their season will end on Thursday. The NBA

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Speaker 10: play in begins tonight Atlanta at Orlando, Memphis at Golden State.

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Speaker 10: The winners advanced. The losers play another game on Friday.

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Speaker 10: Phoenix Suns fired coach Mike Budenholzer. Dallas Wings took Yukon

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Speaker 10: Star Page Beckers with the first pick of the WNBA.

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Speaker 6: Draft, John Stanshewer, Blue Ricks Sports Karen Johns.

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Speaker 3: That brings us to five thirteen this morning. In a

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Speaker 3: breaking news story, another salvo in the trade war, China

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Speaker 3: has ordered its airlines not to take any further deliveries

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Speaker 3: of Boeing aircraft. Blowing Bloomberg Aviation reporter Danny Lee joins

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Speaker 3: US Now this morning from Hong Kong to walk us

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Speaker 3: through this story. Danny, China has been reducing its reliance

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Speaker 3: on Boeing in recent years, but this still has to

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Speaker 3: be a big blow for the company.

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Speaker 4: This still stings for Boeing, and this directive is you know,

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Speaker 4: given how important still Boeing plays and the Chinese aviation sphere.

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Speaker 4: It still provides around forty to forty five percent of

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Speaker 4: all jets into the Chinese aviation market, and it's a

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Speaker 4: huge market as well. So Boeing is more broadly, yet

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Speaker 4: another company that is caught up in this ongoing tip

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Speaker 4: for trade war between Washington and Beijing.

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Speaker 3: What specifically has Beijing said?

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Speaker 4: So, Beijing has ordered the carriers not to take any

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Speaker 4: further deliveries, as you said, and also on top of that,

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Speaker 4: they have asked the airlines not to take any orders

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Speaker 4: of any plane related equipment or parts from US companies.

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Speaker 4: Quite a broad mandate that they're asking of. And you

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Speaker 4: know this came at a time last week, in fact,

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Speaker 4: when China retaliated against against the US with its own

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Speaker 4: tariffs of one hundred and twenty five percent on Chinese goods.

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Speaker 4: And when you think just purely on the economic terms

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Speaker 4: of when you buy an aircraft, that kind of double

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Speaker 4: the cost of an aircraft over its lifetime and you know,

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Speaker 4: it becomes unrealistic for an airline to take delivery of

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Speaker 4: and you know this broader headache that airlines are worried

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Speaker 4: about of tariffs and the cost that they may have

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Speaker 4: to fut in terms of these hike and tariffs around

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Speaker 4: the world.

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Speaker 3: Is there any indication this could be reversed if there's

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Speaker 3: some progress in talks with the United States, Well, it.

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Speaker 4: Does remain to be seen. While on the China side,

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Speaker 4: at the very least they haven't backed down on the

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Speaker 4: tariffs that it has responded to from the US, whereas

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Speaker 4: in terms of Washington there has been some kind of

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Speaker 4: of rowback on some potes of some of the tariffs

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Speaker 4: and particularly related to Chinese made iPhones. So it does

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Speaker 4: we do have to wait and see whether there will

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Speaker 4: be any high level talks between China and the US

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Speaker 4: so there can be some de escalation. But for the moment,

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Speaker 4: all this does mean it does catch these prestige companies

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Speaker 4: in the middle.

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Speaker 6: It doesn't.

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Speaker 3: It seems like Boeing just can't get a break lately.

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Speaker 4: Right, No, true, and given how it's Boeing has come

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Speaker 4: so far in China, where China used to be one

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Speaker 4: of its most important foreign markets, selling billions and billions

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Speaker 4: of aircraft into the country every year, and over the

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Speaker 4: last several years, it has not won a single major

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Speaker 4: aircraft order, and it does come against the backdrop of

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Speaker 4: how China is pursuing its own aviation planemaking developments, so slowly, ever, slowly,

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Speaker 4: Boeing is getting squeezed out in one of the world's

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Speaker 4: biggest aviation markets.

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Speaker 3: And those shares were down over two percent re market.

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Speaker 3: Bloomberg Aviation Reporter any lead with us this morning from

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Speaker 3: Hong Kong, Danny, Thanks, Karen well John.

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Speaker 2: We want to turn our attention now to our interview

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Speaker 2: with US Treasury Secretary of Scott Bess and he sat

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Speaker 2: down in Buenos Aires exclusively with Bloomberg's and Marie hor

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Speaker 2: Dern for a wide ranging discussion. They talked about making

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Speaker 2: trade deals with countries following President Trump's tariff rollout, negotiating

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Speaker 2: with China, and whether he's concerned about rising yields and

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Speaker 2: a week dollar. Let's go to part of their discussion.

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Speaker 6: Oh, I think there could be numerous countries, and it

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Speaker 6: may not be the actual trade document, but we will

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Speaker 6: have an agreement in principle and be able to move

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Speaker 6: forward from there.

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Speaker 7: So are we talking about a dozen or seventy plus?

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Speaker 6: I think it's going to depend. But we're going to

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Speaker 6: move with all deliberate speed. And again it's going to

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Speaker 6: be a process. It's going to be USTR who just

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Speaker 6: has mountains of data that they've been collecting over the years.

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Speaker 6: Because in a funny way, the terriffs are the easiest part.

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Speaker 6: So a country with high tariffs you can just say, okay,

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Speaker 6: this is get rid of it. It's the non tariff

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Speaker 6: trade barriers that are more insidious, more difficult to spot,

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Speaker 6: and it's probably going to take a little little longer

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Speaker 6: to exercise those demons.

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Speaker 7: China's Commerce Ministry came out when the tariff rates were

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Speaker 7: going above one hundred percent and called it, quote a joke.

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Speaker 7: Has there been negotiations on any level between Beijing and

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Speaker 7: Washington right now?

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Speaker 6: Well, look it'll come from the top. President Trump, Chairman

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Speaker 6: Shee have a very good relationship, and I wouldn't say

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Speaker 6: that these are not a joke. I mean these are

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Speaker 6: big numbers. I think no one thinks they're sustainable, wants

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Speaker 6: them to remain here, but it's far from a joke.

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Speaker 7: Well, they just say that the rate is so high

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Speaker 7: it's become a joke. Basically, does it just stop trade

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Speaker 7: between Washington and Beijing altogether? Do you see a decoupling

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Speaker 7: of these two economies?

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Speaker 6: Well, maybe the trade minister has a different sense of humor.

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Speaker 6: I do, but I don't see anything funny about it.

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Speaker 7: Do you see a decoupling though, between Washington and Beijing?

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Speaker 6: There doesn't have to be. There could be. There's a

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Speaker 6: big deal to be done at some point. But look

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Speaker 6: what is different with China. That is different in the

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Speaker 6: history of trade that normally if you go back to

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Speaker 6: the big trade deals or the currency deals in the eighties,

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Speaker 6: Applausa Accord, the Louver Accord, the Reagan Auto deals, were

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Speaker 6: our leading economic competitors, were our military allies. China is

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Speaker 6: both our biggest economic competitor and our biggest military rival.

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Speaker 6: So that's going to require a special kind of formula.

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Speaker 7: So shifts in TARFF policies has had markets on edge.

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Speaker 7: Even the President recently re marked the bond market was

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Speaker 7: quote queasy, do you have a sense of who is

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Speaker 7: dumping US assets? Who's been dumping US treasuries?

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Speaker 6: I don't think there's a dumping and I think we

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Speaker 6: saw in the TIC data either today or Friday, that

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Speaker 6: actually foreign ownerships picked up. We had two, we had

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Speaker 6: three big auctions last week, and on the longer end

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Speaker 6: auction ten year, thirty year, we saw increase foreign competition.

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Speaker 6: So I actually think this is one of those occasional

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Speaker 6: varshocks that you get in the trading community. I think

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Speaker 6: a lot of people got very leverage, maybe out over

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Speaker 6: their skis, and then you combine that with some real

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Speaker 6: money selling and you get these moves.

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Speaker 7: So you don't think it's sovereigns. Potentially it's hedge funds unwinding.

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Speaker 6: I have no evidence that it's sovereigns, and look emery,

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Speaker 6: not you. But the nature of journalism is to create

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Speaker 6: a headline that ten days ago when ten year yields

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Speaker 6: hit three ninety said, well, Secretary Besson got what he wanted.

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Speaker 6: He got ten year yields down. But it's the wrong reason.

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Speaker 6: Now I forget what they hit on Friday, maybe for

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Speaker 6: forty something.

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Speaker 7: We saw a fifty basis move last week and ten

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Speaker 7: year yield at the same time that the dollar was

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Speaker 7: weakening nearly three percent. How do you simultaneously look at

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Speaker 7: that situation. It feels like investors are dumping US assets.

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Speaker 6: Well, look, I've learned that not to look at what

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Speaker 6: happens over a week. I, for better or worse, have

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Speaker 6: lived through a lot of these things, and trading in

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Speaker 6: one's personal trading history is the scar tissue that sticks

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Speaker 6: with you the most. I can tell you exactly where

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Speaker 6: I was standing in nineteen ninety eight when the long

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Speaker 6: term capital the backle happened. That had nothing to do

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Speaker 6: with anything other than a bunch of geniuses up in

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Speaker 6: Greenwich who had too much leverage.

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Speaker 5: So you're not.

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Speaker 7: Concerned at this moment about the US dollar or the

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Speaker 7: US Treasury losing safe haven asset.

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Speaker 11: No.

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Speaker 7: Look, we're still a global reserve card.

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Speaker 6: We are still a global reserve currency that we have

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Speaker 6: a strong dollar policy. The dollar can go up and

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Speaker 6: down to go and look back at President Trump's first term.

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Speaker 6: I don't remember the exact number, but the dollar in

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Speaker 6: twenty seventeen went down I can't remember seven eight nine percent,

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Speaker 6: and then once the tax bill was done, took off,

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Speaker 6: took off for the remainder of his term.

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Speaker 7: Have you spoken to the Fed at all about contingency plans?

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Speaker 10: Though?

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Speaker 7: If financial stability risks flare.

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Speaker 6: Up, Chair Powell and I have breakfast every week and

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Speaker 6: we discuss a wide range of things, and you know,

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Speaker 6: our staffs are always in contact. We have a market's room,

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Speaker 6: they have a market's room. But specifically, did we discuss

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Speaker 6: some kind of a break the glass? I think we're

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Speaker 6: a long way from that.

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Speaker 7: So when was the last time you guys spoke? We

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Speaker 7: had breakfast last week?

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Speaker 6: We had breakfast last week and it was an away game.

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Speaker 6: I was over at the Fed.

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Speaker 7: And no concern so far from the Fed chair and

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Speaker 7: what he saw on the treasury market.

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Speaker 6: I think we would have heard from the Fed chair.

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Speaker 6: I think we heard from Governor Collins of Boston on Friday.

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Speaker 6: We heard from Governor Weller today on his thoughts on

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Speaker 6: what tariffs means. So seems like business as usual.

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Speaker 3: Secretary Scott Besson speaking with Bloomberg Televisions and Marie Hord

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Speaker 3: during Catch the full interview on the Bloomberg Talks podcast.

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Speaker 3: Subscribed to hear all of our high profile discussions anywhere

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Speaker 3: you get your podcasts.

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Speaker 2: John repeating some of our top stories this morning. China

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Speaker 2: has ordered as Airlines not to take any further deliveries

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Speaker 2: of Boeing jests as part of the tit for tat

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Speaker 2: trade war.

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Speaker 3: Now the Trump administration moving forward with plans to impose

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Speaker 3: tarifs on semiconductor and pharmaceutical imports. The Booth threatens to

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Speaker 3: broaden the President's sweeping trade war.

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Speaker 2: And Harvard University is rejecting the Trump Administration's demands to

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Speaker 2: make sweeping changes on campus. The university science threats to

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Speaker 2: academic freedom and interference and higher Education. Will have more

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Speaker 2: in those stories coming up on Bloomberg Daybreak. And now

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Speaker 2: we turn to another discussion with a former US Treasury Secretary,

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Speaker 2: now Jennet Yellen. She joined Bloomberg TV's Kaylee Lines yesterday

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Speaker 2: on Bloomberg's Balance of Power discussing President Trump's tariff policy

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Speaker 2: and the outlook for US markets as well as the

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Speaker 2: health of the US economy.

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Speaker 6: Let's listen in it.

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Speaker 8: Was suggested that these reciprocal tariffs are in response to

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Speaker 8: unfair trade practices. That clearly wasn't the case, and for example,

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Speaker 8: with the European Union, the trade.

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Speaker 7: Barriers are very very low.

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Speaker 8: So I must say I'm confused about what the Trump

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Speaker 8: administration we'll be looking for. With Vietnam, for example, we

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Speaker 8: actively encouraged Vietnam to begin to produce goods that we

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Speaker 8: were dependent on China for for national security purposes, we

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Speaker 8: wanted diversification of supply chains.

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Speaker 11: I don't think there.

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Speaker 8: Was anything unanticipated or inappropriate about having a trade deficit

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Speaker 8: with Vietnam. I find it very difficult to know what

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Speaker 8: the Trump administration will be looking for or expecting well,

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Speaker 8: And of course China.

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Speaker 14: Xi Jinping himself was discussing trade with Vietnam today on

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Speaker 14: the subject of Shei and of the Chinese government, which

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Speaker 14: of course you had many conversations with over your tenure

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Speaker 14: as Treasury Secretary. You made tracks to Beijing yourself. Given

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Speaker 14: your interactions with China and the way in which they

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Speaker 14: have responded to the tariffs the administration has levied on

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Speaker 14: Chinese imports, do you see them as willing to come

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Speaker 14: to the table on this one or are we stuck

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Speaker 14: in a dangerous gain of chicken.

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Speaker 8: Well, I think they've made clear that they would like

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Speaker 8: to de escalate this conflict and remove their own trade

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Speaker 8: barriers the retaliation they have announced and see our trade

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Speaker 8: barriers come down as well. I think they're tremendously damaging

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Speaker 8: there at levels that are almost prohibit of trade, and

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Speaker 8: I think it would be beneficial for both sides. I

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Speaker 8: will say, in the case of China, and I've made

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Speaker 8: this clear during my own visits there, we have legitimate

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Speaker 8: grievances with some of the policies that China has followed

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Speaker 8: to massively subsidized its export sector, its manufacturing sector, particularly

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Speaker 8: advanced manufacturing, and its overall macroeconomic strategy, which places unusually

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Speaker 8: low emphasis on consumer spending as a source of demand

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Speaker 8: and really relies on flooding the world with Chinese goods.

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Speaker 8: I think this is legitimately damaging to the US economy

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Speaker 8: and something that we were discussing, and I think there

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00:25:21,880 --> 00:25:27,840
Speaker 8: should be dialogue in an attempt by the Trump administration

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00:25:28,880 --> 00:25:33,800
Speaker 8: to pursue this issue. Working together with our allies, I

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00:25:33,840 --> 00:25:38,080
Speaker 8: think would have been a desirable approach. It's one that

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Speaker 8: we were committed to. But now the Trump administration is

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Speaker 8: really engaged in some very antagonistic initiatives relative to our

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Speaker 8: closest allies, and that looks like a less promising approach

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Speaker 8: than I would have hoped.

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