1 00:00:02,520 --> 00:00:07,320 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:07,800 --> 00:00:10,119 Speaker 2: We begin this hour with markets are looking ahead to 3 00:00:10,200 --> 00:00:12,480 Speaker 2: high stakes trade talks between the US and China and 4 00:00:12,480 --> 00:00:15,400 Speaker 2: Switzerland this weekend. Joining us now. Very pleased to say 5 00:00:15,600 --> 00:00:17,959 Speaker 2: Pin Navarro, the Director of the Office of Trade and 6 00:00:17,960 --> 00:00:20,759 Speaker 2: Manufacturing Policy at the White House, dot Donavaro, it's been 7 00:00:20,800 --> 00:00:22,400 Speaker 2: too long, sir. It's good to see you. Thanks for 8 00:00:22,440 --> 00:00:22,880 Speaker 2: being here. 9 00:00:24,000 --> 00:00:24,680 Speaker 3: Been a long time. 10 00:00:24,760 --> 00:00:27,160 Speaker 4: Joan, it is good to see you too, sir. Thank you, sir, 11 00:00:27,320 --> 00:00:29,680 Speaker 4: first class digs here, my friend. 12 00:00:29,720 --> 00:00:31,400 Speaker 2: Well, I'm pleased we're looking after you. Let's kick it 13 00:00:31,440 --> 00:00:33,479 Speaker 2: off with these talks this weekend. We just heard from 14 00:00:33,520 --> 00:00:35,960 Speaker 2: the President just moments ago and he mentioned an eighty 15 00:00:35,960 --> 00:00:37,960 Speaker 2: percent tariff might be about right. It's up to the 16 00:00:37,960 --> 00:00:40,280 Speaker 2: Treasury Secretary. We understand you won't want to get ahead 17 00:00:40,280 --> 00:00:42,600 Speaker 2: of those negotiations, but I just wonder could you offer 18 00:00:42,640 --> 00:00:45,680 Speaker 2: some clarity on what about right means when the President 19 00:00:45,720 --> 00:00:48,839 Speaker 2: says eighty percent tariff on China seems right, seems right 20 00:00:48,880 --> 00:00:51,280 Speaker 2: for the talks this weekend, or seems right for the 21 00:00:51,320 --> 00:00:54,200 Speaker 2: foreseeable future. Yeah. 22 00:00:54,560 --> 00:00:58,080 Speaker 4: I was one of three people that was with the 23 00:00:58,080 --> 00:01:01,360 Speaker 4: White House the first term for all years. One of 24 00:01:01,440 --> 00:01:04,040 Speaker 4: the big reasons is I never got ahead of the president. 25 00:01:05,000 --> 00:01:07,120 Speaker 4: Let me tell you about Geneva, which is kind of 26 00:01:07,760 --> 00:01:12,640 Speaker 4: I've got a very warm memories. It was my finest 27 00:01:12,760 --> 00:01:15,360 Speaker 4: hour as a negotiator. I went there to lead the 28 00:01:15,360 --> 00:01:20,440 Speaker 4: negotiations for the United Postal Union reforms that essentially got 29 00:01:21,400 --> 00:01:24,640 Speaker 4: China rates fair to we say billions on that. But 30 00:01:24,720 --> 00:01:30,400 Speaker 4: I mentioned this because Geneva has symbolic value in this negotiation. 31 00:01:30,680 --> 00:01:33,360 Speaker 4: It is the headquarters. 32 00:01:33,200 --> 00:01:34,640 Speaker 3: Of the World Trade Organization. 33 00:01:34,920 --> 00:01:37,680 Speaker 4: And the scariest thing I ever saw in Geneva was 34 00:01:37,720 --> 00:01:42,200 Speaker 4: the size of the China delegation at the World Trade Organization. 35 00:01:42,480 --> 00:01:45,319 Speaker 4: And they've played the WTO like a fiddle. 36 00:01:45,440 --> 00:01:47,720 Speaker 3: So let's see what happens tomorrow. 37 00:01:48,120 --> 00:01:51,240 Speaker 4: I'd be happy to come back on Monday do the debrief, 38 00:01:51,280 --> 00:01:53,080 Speaker 4: but I don't want to get ahead of the Boss 39 00:01:53,600 --> 00:01:57,480 Speaker 4: or Scott Besting. And don't forget Scott's going with Jamison Greer, 40 00:01:57,600 --> 00:02:02,520 Speaker 4: the United States Trade Representative. He's the guy who learned 41 00:02:02,520 --> 00:02:05,040 Speaker 4: that the knee of Bob liteheis for the first time around, 42 00:02:05,720 --> 00:02:07,600 Speaker 4: was there for all the China stuff, and he's the 43 00:02:07,600 --> 00:02:10,400 Speaker 4: guy who was the architect, along with Howard Lutnik, of 44 00:02:10,440 --> 00:02:11,280 Speaker 4: the UK deal. 45 00:02:11,440 --> 00:02:14,560 Speaker 3: So let's see what happens. It'so of the very best. 46 00:02:14,880 --> 00:02:17,320 Speaker 2: We'll certainly pensil in the weekend for the markets. Well, 47 00:02:17,360 --> 00:02:19,720 Speaker 2: pensil in and appearance with you for Monday. No worries 48 00:02:19,720 --> 00:02:22,120 Speaker 2: about that. I'm looking forward to that conversation. Just got 49 00:02:22,160 --> 00:02:24,320 Speaker 2: into the weekend and reflected on your experience dealing with 50 00:02:24,360 --> 00:02:27,040 Speaker 2: the Chinese. Then not the UK. This is not the 51 00:02:27,080 --> 00:02:31,040 Speaker 2: same relationship. The trade relationship is tremendously unbalanced and has 52 00:02:31,080 --> 00:02:32,760 Speaker 2: been for a long long time. Can you frame for 53 00:02:32,840 --> 00:02:35,480 Speaker 2: us how difficult it has been previously for you to 54 00:02:35,560 --> 00:02:37,960 Speaker 2: negotiate with the Chinese and how much longer it could 55 00:02:37,960 --> 00:02:41,040 Speaker 2: take with the Chinese relative to set the UK and 56 00:02:41,120 --> 00:02:42,040 Speaker 2: other trade partners. 57 00:02:43,360 --> 00:02:44,600 Speaker 3: Well, I could tell you. 58 00:02:44,639 --> 00:02:48,480 Speaker 4: I think I sat face to face with the China 59 00:02:48,600 --> 00:02:53,600 Speaker 4: team maybe seven times during the first term, and twice 60 00:02:54,000 --> 00:02:57,400 Speaker 4: Shi Jinping was there with G seven, just community the 61 00:02:57,440 --> 00:03:02,560 Speaker 4: G twenty both. I think it was Tokyo and our 62 00:03:02,800 --> 00:03:07,080 Speaker 4: Buenos Aires. What's interesting, So what's so interesting to me, 63 00:03:07,680 --> 00:03:12,240 Speaker 4: Jonathan about China is that they have continuity. The same 64 00:03:12,240 --> 00:03:14,440 Speaker 4: people are going to be in Geneva or the same 65 00:03:14,480 --> 00:03:19,880 Speaker 4: people back then, and you know, our our regimes change, 66 00:03:19,960 --> 00:03:22,639 Speaker 4: we have different governments and things like that. But they 67 00:03:22,720 --> 00:03:25,720 Speaker 4: have the advantage of that kind of continuity. 68 00:03:25,760 --> 00:03:29,400 Speaker 3: But look, it'll be interesting again. 69 00:03:29,480 --> 00:03:31,800 Speaker 4: I don't I don't want to get ahead of Scott 70 00:03:31,840 --> 00:03:34,160 Speaker 4: and Jamison or the President. 71 00:03:34,280 --> 00:03:35,720 Speaker 3: I think, let's see what happens. 72 00:03:35,960 --> 00:03:40,280 Speaker 4: You know, my role, and we've got we've got fifteen 73 00:03:40,960 --> 00:03:44,200 Speaker 4: countries we run enormous trade deficits with that, We've got 74 00:03:44,240 --> 00:03:46,240 Speaker 4: to renegotiate. 75 00:03:45,400 --> 00:03:46,920 Speaker 3: The whole structure of those deals. 76 00:03:47,280 --> 00:03:50,360 Speaker 4: And there's another one hundred countries that that cheat us 77 00:03:50,360 --> 00:03:51,480 Speaker 4: in some ways. 78 00:03:51,160 --> 00:03:55,080 Speaker 3: But smaller ways. My role in the administration. 79 00:03:54,720 --> 00:03:58,200 Speaker 4: On all of this is to do the background analytics 80 00:03:58,560 --> 00:04:02,040 Speaker 4: to see how we country is cheating us, which basically 81 00:04:02,080 --> 00:04:05,800 Speaker 4: sets up the terms of the negotiation. And every country, 82 00:04:05,960 --> 00:04:09,760 Speaker 4: like fingerprinsts, like India is the Maharaja tariffs. They have 83 00:04:09,800 --> 00:04:12,960 Speaker 4: the highest tariffs of any of our major trading partners. 84 00:04:13,280 --> 00:04:17,719 Speaker 4: Japan is the most clever at protecting its own markets 85 00:04:17,760 --> 00:04:23,040 Speaker 4: with a combination of domestic protectionism non tariff barriers. You know, 86 00:04:23,120 --> 00:04:28,200 Speaker 4: Germany they have auto tariffs at ten percent. We have 87 00:04:28,279 --> 00:04:30,040 Speaker 4: them at two and a half percent, but they also 88 00:04:30,120 --> 00:04:33,680 Speaker 4: have the vat tax which acts as another twenty nine 89 00:04:34,279 --> 00:04:37,760 Speaker 4: what is it, nineteen percent tariff and an exports subsidies. 90 00:04:37,800 --> 00:04:39,240 Speaker 3: So what I do is. 91 00:04:40,279 --> 00:04:43,920 Speaker 4: Do the background and look at kind of how these 92 00:04:43,960 --> 00:04:47,440 Speaker 4: countries are doing what to us, and we get great 93 00:04:47,480 --> 00:04:48,120 Speaker 4: deals from there. 94 00:04:48,279 --> 00:04:51,039 Speaker 3: People. I think the UK deal is very interesting. 95 00:04:51,440 --> 00:04:54,400 Speaker 4: I think the significance is not just that it's a deal, 96 00:04:54,480 --> 00:04:57,120 Speaker 4: but that's a template for the future deals. What we 97 00:04:57,200 --> 00:05:01,719 Speaker 4: do done is like four or five verticals we look at. 98 00:05:01,800 --> 00:05:04,720 Speaker 4: It's the tariffs, the non tariff barriers, the digital taxes, 99 00:05:05,120 --> 00:05:07,400 Speaker 4: and then the various kinds of cheating, the dumping, the 100 00:05:07,440 --> 00:05:11,279 Speaker 4: currency manipulation and things like that. And then from there 101 00:05:12,279 --> 00:05:16,520 Speaker 4: we assess what the asks are, what we need and 102 00:05:16,600 --> 00:05:17,880 Speaker 4: go forward from there. 103 00:05:18,200 --> 00:05:21,320 Speaker 3: See, you get to see a steady wave of deals. 104 00:05:21,760 --> 00:05:25,520 Speaker 4: The USTR building is right across the street from the 105 00:05:25,520 --> 00:05:31,200 Speaker 4: White House. It's got the most staff negotiating these deals. 106 00:05:31,960 --> 00:05:34,760 Speaker 4: And it's like you go to the Delhi and you 107 00:05:34,800 --> 00:05:35,440 Speaker 4: have to take. 108 00:05:35,240 --> 00:05:36,400 Speaker 3: A number and get in line. 109 00:05:36,720 --> 00:05:41,000 Speaker 4: Every day there's delegations from around the world lining up 110 00:05:41,000 --> 00:05:46,160 Speaker 4: to meet with Jamison Greer and Howard Lutnick, and I've seen. 111 00:05:46,279 --> 00:05:47,680 Speaker 3: I looked yesterday at the schedule. 112 00:05:47,680 --> 00:05:49,599 Speaker 4: It was kind of fun out the July and it's 113 00:05:49,680 --> 00:05:51,400 Speaker 4: just you know, one after the others. 114 00:05:51,160 --> 00:05:53,280 Speaker 1: Well, Peter looking at the countries lining up. 115 00:05:53,560 --> 00:05:56,560 Speaker 5: One key aspect of the UK deal was of course 116 00:05:56,640 --> 00:05:59,480 Speaker 5: bringing down the auto tariff to ten percent. So right 117 00:05:59,520 --> 00:06:03,039 Speaker 5: now tariff rate that's lower for Bentley's, which is a 118 00:06:03,040 --> 00:06:06,400 Speaker 5: car that most American families can't afford made in the UK, 119 00:06:06,640 --> 00:06:08,920 Speaker 5: where Chevys have a higher rate if they're made in 120 00:06:08,960 --> 00:06:12,799 Speaker 5: Canada or Mexico. Is there an expectation that the next 121 00:06:12,839 --> 00:06:16,880 Speaker 5: trade deals auto terrors will be coming down those rates. 122 00:06:19,480 --> 00:06:21,640 Speaker 3: It's going to be country by country. I mean, the 123 00:06:21,720 --> 00:06:23,480 Speaker 3: beauty about the UK is. 124 00:06:23,320 --> 00:06:29,160 Speaker 4: That very small amount of exports they send us and 125 00:06:29,200 --> 00:06:33,039 Speaker 4: we have a hard cap I think it's one hundred 126 00:06:33,120 --> 00:06:35,880 Speaker 4: thousand units where it goes right back up to twenty 127 00:06:35,920 --> 00:06:39,320 Speaker 4: five percent. And again we're trying to do something that's 128 00:06:39,600 --> 00:06:43,560 Speaker 4: mutually beneficial to both countries to get to a better place. 129 00:06:44,040 --> 00:06:45,599 Speaker 3: Well at the same time. 130 00:06:46,800 --> 00:06:49,080 Speaker 4: Changing the level of the playing field so that it 131 00:06:49,160 --> 00:06:52,640 Speaker 4: is more level. I think for me, the beauty of 132 00:06:52,680 --> 00:06:55,800 Speaker 4: the UK deal besides that was all of the good 133 00:06:55,839 --> 00:06:57,880 Speaker 4: stuff we had for AG. I mean, one of the 134 00:06:57,920 --> 00:07:04,240 Speaker 4: problems we have is this non tariff barriers like FIDO 135 00:07:04,440 --> 00:07:08,320 Speaker 4: sanitary standards, what's that that's like? These things they do 136 00:07:08,480 --> 00:07:12,080 Speaker 4: to keep our pork out, our chicken out, our beef. 137 00:07:13,440 --> 00:07:15,600 Speaker 3: Right now we're going to be able to. 138 00:07:15,520 --> 00:07:19,080 Speaker 4: Sell a lot more beef, poultry, dairy, and ethanol. 139 00:07:19,160 --> 00:07:20,480 Speaker 3: I mean they had a really. 140 00:07:20,280 --> 00:07:24,480 Speaker 4: High tariff, like almost a lockout tariff on ethanol and 141 00:07:24,520 --> 00:07:25,520 Speaker 4: that's made from corn. 142 00:07:25,640 --> 00:07:28,520 Speaker 3: So the folks in Iowa are very happy about that. 143 00:07:28,760 --> 00:07:31,760 Speaker 3: So this is the way we're going to go forward 144 00:07:32,280 --> 00:07:35,160 Speaker 3: on net. The United States is going to be far 145 00:07:35,280 --> 00:07:38,560 Speaker 3: better off. And all we're doing is trying to level 146 00:07:38,600 --> 00:07:39,160 Speaker 3: the playing field. 147 00:07:39,320 --> 00:07:42,920 Speaker 4: I saw the e EU kind of rattling sabers I 148 00:07:42,920 --> 00:07:47,280 Speaker 4: think was yesterday about some kind of retaliation, and I 149 00:07:47,520 --> 00:07:51,200 Speaker 4: would just say to anybody's who's in the European Union, 150 00:07:51,240 --> 00:07:52,920 Speaker 4: I mean, how can you look at us in the 151 00:07:52,920 --> 00:07:56,840 Speaker 4: face and threaten us when your tariffs are higher? 152 00:07:57,400 --> 00:07:58,800 Speaker 3: You have lost. 153 00:07:58,600 --> 00:08:03,760 Speaker 4: Cases repeatedly at the WTO on us selling you things 154 00:08:03,840 --> 00:08:08,280 Speaker 4: like beef and poultry, and you won't even honor that. 155 00:08:08,560 --> 00:08:13,280 Speaker 1: So yesterday the President called Ursula Vonderline fantastic and he 156 00:08:13,320 --> 00:08:16,040 Speaker 1: said he hopes to meet her. But are you saying 157 00:08:16,040 --> 00:08:18,320 Speaker 1: that the European Union is not as high on the 158 00:08:18,360 --> 00:08:21,520 Speaker 1: priority list? And say other trading partners like the Oriental 159 00:08:21,640 --> 00:08:23,080 Speaker 1: pan not at all. 160 00:08:23,320 --> 00:08:25,800 Speaker 3: I mean the EU to be clear here, we. 161 00:08:25,880 --> 00:08:31,960 Speaker 4: Have the second highest trade deficit with the EU, behind China, 162 00:08:32,400 --> 00:08:35,319 Speaker 4: so they're very high on the list. All I'm saying 163 00:08:35,360 --> 00:08:39,160 Speaker 4: here is that I thought I found it unfortunate that 164 00:08:39,240 --> 00:08:42,360 Speaker 4: the EU kind of fired I think some term was 165 00:08:42,360 --> 00:08:46,160 Speaker 4: fired shots across our bow. It's like retaliation will not 166 00:08:46,280 --> 00:08:47,600 Speaker 4: work against the United States. 167 00:08:47,600 --> 00:08:48,440 Speaker 3: We shouldn't have that. 168 00:08:48,559 --> 00:08:51,479 Speaker 4: Let's talk, let's figure this out, and it would. 169 00:08:51,200 --> 00:08:54,040 Speaker 3: Be nice here. Let's give piece a chance here. 170 00:08:54,080 --> 00:08:56,480 Speaker 4: All we're asking for here in the United States of 171 00:08:56,520 --> 00:08:58,319 Speaker 4: America is fairness. 172 00:08:58,440 --> 00:08:59,959 Speaker 3: I mean, hold on, did you agree? 173 00:09:00,160 --> 00:09:02,880 Speaker 4: Is there any disagreement on this set and on your 174 00:09:02,920 --> 00:09:06,600 Speaker 4: set that the tariffs of the EU are higher, and 175 00:09:06,640 --> 00:09:10,920 Speaker 4: that the non tariff bearriers are higher, and that the 176 00:09:11,120 --> 00:09:15,400 Speaker 4: w t O in Geneva is basically sanctioning that through 177 00:09:15,440 --> 00:09:16,719 Speaker 4: tuesdays one is the. 178 00:09:17,840 --> 00:09:19,320 Speaker 3: But would you agree with that? 179 00:09:19,559 --> 00:09:22,720 Speaker 6: I think there's a bigger question fac there. There's a 180 00:09:22,720 --> 00:09:25,240 Speaker 6: bigger question here. There's a bigger question here, and this 181 00:09:25,280 --> 00:09:27,319 Speaker 6: is something that the German Finance Minister has come out 182 00:09:27,360 --> 00:09:29,640 Speaker 6: and talked about, which is they'd be willing to drop 183 00:09:29,960 --> 00:09:32,160 Speaker 6: all tariffs to zero if the US were willing to 184 00:09:32,240 --> 00:09:35,120 Speaker 6: drop all tariffs to zero. There is a willingness to 185 00:09:35,160 --> 00:09:39,280 Speaker 6: negotiate aground the board to a lower teriff regime. Would 186 00:09:39,320 --> 00:09:41,000 Speaker 6: that be acceptable to you? Or is ten percent? 187 00:09:41,520 --> 00:09:44,680 Speaker 3: So stay with that. See, that's such a misdirection. 188 00:09:45,040 --> 00:09:49,080 Speaker 4: Okay, it's it's the non tariff barriers stupid to kind 189 00:09:49,080 --> 00:09:54,319 Speaker 4: of paraphrase Bill Clinton, It's like, it's the non tariff barriers. 190 00:09:54,600 --> 00:09:59,280 Speaker 4: So when countries like Vietnam or entities like the EU 191 00:09:59,440 --> 00:10:02,360 Speaker 4: say to oh, let's all go to zero tariffs and 192 00:10:02,640 --> 00:10:04,880 Speaker 4: everything will be okay, that's. 193 00:10:04,679 --> 00:10:07,200 Speaker 3: Not the problem. It's part of the problem. 194 00:10:07,640 --> 00:10:12,080 Speaker 4: But the bigger problem is the non tariff barriers in Europe. 195 00:10:12,120 --> 00:10:13,120 Speaker 3: It's the VAT tax. 196 00:10:13,200 --> 00:10:15,120 Speaker 4: I mean, I don't know if you know this, but 197 00:10:15,200 --> 00:10:17,920 Speaker 4: the United States has tried, going back to the nineteen 198 00:10:18,080 --> 00:10:23,439 Speaker 4: seventies to get equity treatment for the that tax, which 199 00:10:23,559 --> 00:10:26,319 Speaker 4: most countries of the world use versus the income tax 200 00:10:26,320 --> 00:10:29,400 Speaker 4: which we use. We haven't been able to get it 201 00:10:29,480 --> 00:10:33,200 Speaker 4: because the WTO has a majority of people who benefit 202 00:10:33,280 --> 00:10:35,920 Speaker 4: from sticking it to the United States. 203 00:10:35,920 --> 00:10:36,559 Speaker 3: So they do. 204 00:10:36,679 --> 00:10:41,320 Speaker 4: So the zero tariff thing, that's misdirection, and on your set, 205 00:10:41,360 --> 00:10:44,800 Speaker 4: you should call it on that. Let's lower the bad 206 00:10:44,880 --> 00:10:49,000 Speaker 4: tariff barriers, and let's give you relief on the VAT tax. 207 00:10:49,440 --> 00:10:50,200 Speaker 3: Now we're talking. 208 00:10:50,480 --> 00:10:53,200 Speaker 6: The VAT tax is a slightly different mechanism. This is 209 00:10:53,240 --> 00:10:54,719 Speaker 6: all going to take a long time, and there are 210 00:10:54,720 --> 00:10:57,520 Speaker 6: a lot of competing factors here in terms of who 211 00:10:57,559 --> 00:11:00,760 Speaker 6: can possibly pull these levers. I just wander, We've got 212 00:11:00,800 --> 00:11:04,640 Speaker 6: two months left in this ninety day negotiating period that 213 00:11:04,880 --> 00:11:07,719 Speaker 6: is paused for the retaliatory tariffs. Does that just get 214 00:11:07,760 --> 00:11:09,680 Speaker 6: extended out in another ninety days as you have to 215 00:11:09,720 --> 00:11:13,360 Speaker 6: deal with different legislative bodies to possibly remedy what you. 216 00:11:13,400 --> 00:11:18,280 Speaker 4: See, Well, we don't have to deal with legislative body. 217 00:11:18,480 --> 00:11:21,920 Speaker 4: Well okay in the EU perhaps, but you know, like 218 00:11:22,080 --> 00:11:24,480 Speaker 4: coin a term in Trump time, which is to say, 219 00:11:24,520 --> 00:11:27,000 Speaker 4: do it as fast as possible without screwing it up. 220 00:11:27,360 --> 00:11:28,520 Speaker 3: And that's all we're trying to do. 221 00:11:28,679 --> 00:11:32,559 Speaker 4: I go back to the observation that the United States 222 00:11:32,600 --> 00:11:36,360 Speaker 4: Trade Representative and that building, which is historic building, by 223 00:11:36,360 --> 00:11:38,240 Speaker 4: the way, beautiful to see if you ever get there. 224 00:11:39,240 --> 00:11:41,560 Speaker 4: The lines, you know, they're they're coming in and out. 225 00:11:41,640 --> 00:11:43,920 Speaker 4: We're talking, and we're talking, and you. 226 00:11:43,880 --> 00:11:46,240 Speaker 3: Know, let's, as the boss says, let's see what happens. 227 00:11:46,280 --> 00:11:49,520 Speaker 4: I mean, it's in everybody's interests around the world to 228 00:11:49,720 --> 00:11:52,360 Speaker 4: level the playing field with the United States in a 229 00:11:52,400 --> 00:11:56,640 Speaker 4: way which allows us to restructure this international trade environment 230 00:11:56,679 --> 00:12:00,520 Speaker 4: which is fundamentally skewed against the United States. I mean, 231 00:12:00,559 --> 00:12:03,920 Speaker 4: we're losing because of this system. The United States is 232 00:12:04,000 --> 00:12:08,040 Speaker 4: losing our manufacturing base, We're losing our defense industrial base. 233 00:12:08,320 --> 00:12:09,320 Speaker 3: And when push comes to. 234 00:12:09,360 --> 00:12:11,880 Speaker 4: Shove and folks around the world are looking for the 235 00:12:12,000 --> 00:12:15,360 Speaker 4: United States to help defend them, I mean, we get 236 00:12:15,400 --> 00:12:17,400 Speaker 4: to a point where we can't do that, what good 237 00:12:17,480 --> 00:12:17,800 Speaker 4: is that? 238 00:12:17,920 --> 00:12:18,800 Speaker 3: So trade? 239 00:12:19,240 --> 00:12:22,079 Speaker 4: Trade, economic security is national security is one of the 240 00:12:22,120 --> 00:12:25,720 Speaker 4: guiding principles and President Trump in this administration. So we're 241 00:12:25,840 --> 00:12:28,880 Speaker 4: just trying to get fairness here. Give give fairness a 242 00:12:29,000 --> 00:12:30,839 Speaker 4: chance here and work with us. 243 00:12:31,120 --> 00:12:33,040 Speaker 2: Looking forward to an update on Monday, sir, it's going 244 00:12:33,080 --> 00:12:36,400 Speaker 2: to see it once again, sir. Thank you. Dotar, Director 245 00:12:36,440 --> 00:12:39,120 Speaker 2: of the Office of Trade and Manufacturing Policy at the 246 00:12:39,160 --> 00:12:39,679 Speaker 2: White House.