WEBVTT - US Trade Representative Jamieson Greer Talks China Trade 0:00:02.520 --> 0:00:07.000 Bloomberg Audio Studios, podcasts, radio news. 0:00:07.840 --> 0:00:10.480 I'm now joined in Beijing on the sidelines of this 0:00:10.560 --> 0:00:13.960 summit between President Trump and Shijiping with the United States 0:00:14.080 --> 0:00:16.800 Trade Ambassador Jamis Ingreer. Ambassador gre thank you so much 0:00:16.800 --> 0:00:17.360 for joining us. 0:00:17.360 --> 0:00:18.759 It's good to be here. Thanks for having me. 0:00:18.880 --> 0:00:21.320 So let's start with some of the trade agreements, potentially 0:00:21.320 --> 0:00:23.000 the purchasing agreements we could see come out of this. 0:00:23.079 --> 0:00:25.759 The President was talking earlier to some of the press 0:00:25.840 --> 0:00:28.680 about Boeing jets, about two hundred of them, a lot 0:00:28.720 --> 0:00:30.320 of report and going into this was maybe they'd get 0:00:30.320 --> 0:00:32.600 as high as five hundred. We saw last night. Maybe 0:00:32.600 --> 0:00:36.120 a sign of goodwill. China renew licenses for beef. Imports 0:00:36.400 --> 0:00:38.600 are there, soybeans are their energy? Can you walk us 0:00:38.600 --> 0:00:39.720 through some of the deliverables. 0:00:40.080 --> 0:00:41.440 Yeah, I'm happy to do that. 0:00:41.520 --> 0:00:43.960 So remember, we're in a situation where we're trying to 0:00:43.960 --> 0:00:45.360 rebalance our trade with China. 0:00:45.680 --> 0:00:48.040 We've had a lot of success in that. Our trade 0:00:48.040 --> 0:00:48.519 deathsit with. 0:00:48.479 --> 0:00:50.840 China went down by a third last year in one year, 0:00:51.159 --> 0:00:54.040 and so we're trying to manage the trade around the 0:00:54.120 --> 0:00:55.960 kinds of things we want to be selling to China, 0:00:56.040 --> 0:00:59.640 whether it's Boeings or soybeans or other ag or energy 0:00:59.680 --> 0:01:02.200 or devices, and so you can see us bit by 0:01:02.240 --> 0:01:06.160 bit building up this strategy coming out of this week. 0:01:06.360 --> 0:01:09.200 You heard the President today talk about the Boeings and 0:01:09.600 --> 0:01:12.959 hundreds of Boeings being purchased by China. We already have 0:01:12.959 --> 0:01:15.319 a soybean deal with them from our prior meetings of 0:01:15.319 --> 0:01:17.400 twenty five million metric tons a year over the next 0:01:17.400 --> 0:01:20.120 three years, and we expect to also see an agreement 0:01:20.200 --> 0:01:23.440 for double digit billion purchases of ags over the next 0:01:23.520 --> 0:01:25.640 three years per year coming out of this visit. And 0:01:25.640 --> 0:01:28.680 that's more general, that's aggregate, that's not just soybeans, that's 0:01:28.760 --> 0:01:29.360 everything else. 0:01:29.560 --> 0:01:31.280 Are they keeping up with those agreements? 0:01:32.000 --> 0:01:33.800 They have been so on the soybeans. 0:01:34.160 --> 0:01:36.319 You know, last year they needed to fill up twelve 0:01:36.360 --> 0:01:38.319 million metric tons at the end of last year. 0:01:38.680 --> 0:01:39.200 They did that. 0:01:40.080 --> 0:01:42.520 They've now you know, we expect most of the soybean 0:01:42.560 --> 0:01:44.400 sales to go on in the later part of the year, 0:01:44.640 --> 0:01:48.000 but we've seen some there already. We saw, as you noted, 0:01:48.680 --> 0:01:53.320 things related to beef ex sports registrations re upped last night. 0:01:53.400 --> 0:01:55.120 So we're already seeing them start to fulfill some of 0:01:55.160 --> 0:01:55.800 their promises. 0:01:55.920 --> 0:01:58.240 When it comes to the daytant we have this trade 0:01:58.280 --> 0:02:01.160 agreement truce till October. Will that be extended on this trip. 0:02:01.840 --> 0:02:05.160 So we'll see about that. We have, of course the. 0:02:06.760 --> 0:02:10.720 Agreement that goes until this fall. That's all, that's all solid, 0:02:10.720 --> 0:02:13.480 that's all well and good. There's certainly a willingness on 0:02:13.520 --> 0:02:15.880 both sides that if this continues to work out well 0:02:16.240 --> 0:02:19.320 for each country to continue that and to extend this 0:02:19.440 --> 0:02:22.440 ability to make sure we're getting rare earths, that we're 0:02:22.480 --> 0:02:24.799 selling the types of things we should be selling to China, 0:02:25.120 --> 0:02:28.080 and we're trying to manage differences rather than escalate them. 0:02:28.160 --> 0:02:31.000 We hear that some firms China is dragging their feet 0:02:31.040 --> 0:02:33.400 when it comes to licenses on rare earths. 0:02:34.280 --> 0:02:37.680 Was this discussed? We do discuss this. We discussed this 0:02:37.880 --> 0:02:38.880 at all levels. 0:02:38.960 --> 0:02:40.440 So do you think they are dragging their feet? 0:02:40.880 --> 0:02:43.519 So with a couple of things, sometimes they do. I 0:02:43.560 --> 0:02:46.720 would I would give I would give them a passing 0:02:46.720 --> 0:02:50.520 grade on this. We've certainly seen the rare earths come 0:02:50.560 --> 0:02:55.280 back up to better levels. Sometimes it's slow. There are 0:02:55.280 --> 0:02:57.080 times when we have to go and make our point. 0:02:57.120 --> 0:02:58.520 You may have seen a couple of weeks ago there 0:02:58.520 --> 0:03:01.400 were some big shipments of virture that came across that 0:03:01.480 --> 0:03:05.520 was after advocacy from the US government. So whenever we 0:03:05.560 --> 0:03:08.120 see an issue or we hear from specific companies, we 0:03:08.160 --> 0:03:10.440 engage with our Chinese counterparts and we find them to 0:03:10.440 --> 0:03:11.040 be constructive. 0:03:11.080 --> 0:03:13.240 Where does this leave the three oh one tariffs? Does 0:03:13.520 --> 0:03:15.960 well China view this as retaliatory given the fact that 0:03:16.000 --> 0:03:18.120 it seems like the relationship right now is stable and 0:03:18.160 --> 0:03:20.560 you're in the middle of the state tunt So. 0:03:21.200 --> 0:03:23.560 I haven't yet met a country where we've imposed tariffs 0:03:23.560 --> 0:03:26.000 and said thank you, we love these tariffs. So no 0:03:26.080 --> 0:03:30.200 one really likes that other than our workers in our industries. 0:03:31.360 --> 0:03:33.680 What Chinese know and what we've agreed that there's going 0:03:33.760 --> 0:03:36.080 to be a certain level of tariff on the Chinese. 0:03:36.120 --> 0:03:38.360 So I think as we're rolling out and concluding different 0:03:38.360 --> 0:03:41.280 investigations under Section three oh one, which again don't just 0:03:41.320 --> 0:03:45.040 target China, they cover other countries as well, I think 0:03:45.080 --> 0:03:46.800 the Chinese are going to be looking at what we're 0:03:46.800 --> 0:03:49.600 doing there compared to agreements we've had in the past 0:03:49.600 --> 0:03:53.560 on certain tariff levels, and we'll just have to try 0:03:53.560 --> 0:03:54.120 to manage that. 0:03:54.240 --> 0:03:56.480 Will you get to the rate that the United States 0:03:56.520 --> 0:03:59.560 was at on China before the Supreme Court struck down 0:03:59.560 --> 0:04:01.240 IEP and the funtional ten percent. 0:04:01.800 --> 0:04:05.440 Well, I can't prejudge the outcome of these investigations. They 0:04:05.440 --> 0:04:08.360 are a legal process. They're ongoing right now. We've received comment, 0:04:08.400 --> 0:04:12.160 We've had hearings. We'll release the findings of these investigations 0:04:12.360 --> 0:04:15.400 within the next several weeks, and we'll propose action if 0:04:15.440 --> 0:04:17.960 we think we need to take action. And so if 0:04:18.000 --> 0:04:20.080 tariffs are part of that action, you know the world 0:04:20.120 --> 0:04:22.920 will see them, will be very transparent in public and 0:04:22.960 --> 0:04:24.920 people will be able to comment on that as well. 0:04:25.560 --> 0:04:28.359 So I can't really commit to a given rate or 0:04:28.400 --> 0:04:30.760 not at this point. We have to go through the investigation. 0:04:30.920 --> 0:04:33.039 We have did a discussion on the Board of Trade. 0:04:33.360 --> 0:04:35.640 When does that begin. There's a lot of reporting. It's 0:04:35.640 --> 0:04:38.000 about thirty billion dollars of goods on both sides. Is 0:04:38.000 --> 0:04:38.719 this all accurate? 0:04:39.240 --> 0:04:39.719 That's right? 0:04:39.760 --> 0:04:42.640 And so at the end of this meeting we'll go 0:04:42.680 --> 0:04:44.880 back to the US and the Chinese will be here. 0:04:45.240 --> 0:04:47.960 What we intend to do on the US side is 0:04:48.120 --> 0:04:50.000 is put out a call for public comment first and 0:04:50.040 --> 0:04:53.279 foremost and saying, hey, we're trying to manage this trade 0:04:53.279 --> 0:04:55.880 with China. We want to focus on nonsensitive goods we 0:04:55.920 --> 0:04:58.240 think we should be selling them things we think we 0:04:58.279 --> 0:05:01.200 should be buying from them, trying to facilitate trade in 0:05:01.200 --> 0:05:04.840 that area, and then we'll from there we'll be able 0:05:04.839 --> 0:05:07.599 to interact with our Chinese colleagues and negotiate with them 0:05:07.640 --> 0:05:10.280 over where we think we have the strongest mutually beneficial 0:05:10.279 --> 0:05:11.120 trade with our countries. 0:05:11.279 --> 0:05:13.599 Is there a chance though, that with this Board of 0:05:13.640 --> 0:05:16.840 Trade there'll be some goods coming from China that are 0:05:17.000 --> 0:05:19.800 a lower tariff rate than maybe an ally of the 0:05:19.920 --> 0:05:20.599 United States. 0:05:21.400 --> 0:05:24.159 I mean, I don't think we're comparing it necessarily to allies. 0:05:24.200 --> 0:05:26.040 And if you look at the President's tariff program over 0:05:26.080 --> 0:05:27.720 the past year, are there as certain things that never 0:05:27.760 --> 0:05:30.880 have really been subject to tariff? You know, energy, energy goods, 0:05:30.960 --> 0:05:33.280 you know, certain foods, you know, fertilizers, things like that 0:05:33.320 --> 0:05:36.280 have never been subject to tariffs. There are certain things 0:05:36.279 --> 0:05:39.039 that we should be buying from China, I think, just 0:05:39.120 --> 0:05:41.360 like there are other countries or we should be buying things. 0:05:41.360 --> 0:05:43.599 You saw the President a week ago he told the 0:05:43.720 --> 0:05:45.919 UK We're not going to have a tariff on whiskey 0:05:45.920 --> 0:05:48.440 from the UK. So it's not out of the norm 0:05:48.480 --> 0:05:50.880 of what this administration is doing to have nuance and 0:05:50.920 --> 0:05:53.360 how we're approaching it, kind of picking and choosing how 0:05:53.360 --> 0:05:54.479 we want to trade with countries. 0:05:54.720 --> 0:05:58.279 When it comes to Nvidia and Chips, I bring this 0:05:58.400 --> 0:06:00.919 up because a lot of talk about Jensen Wong. You 0:06:01.000 --> 0:06:03.279 were on Air Force one, I mean, were you surprised 0:06:03.279 --> 0:06:05.800 to see him in Alaska at the refuel stop and 0:06:05.880 --> 0:06:08.200 getting on board. And there's a lot of speculation that 0:06:08.279 --> 0:06:10.480 something would be done here with chips. When it comes 0:06:10.520 --> 0:06:12.800 to the H two hundreds in January of the United 0:06:12.800 --> 0:06:15.640 States greenlit Chinese firms to be able to buy them, 0:06:15.880 --> 0:06:18.479 Will China allow their companies to buy them? 0:06:18.880 --> 0:06:21.839 Well, obviously that's going to be a software decision for China. 0:06:21.960 --> 0:06:25.520 With export controls, they're fluid, right, they change over time. 0:06:25.600 --> 0:06:29.360 It depends on what threats you see, what's commercially available worldwide, 0:06:29.400 --> 0:06:31.600 what the Chinese can already do, and so you want 0:06:31.640 --> 0:06:33.880 to make sure you strike a balance between national security, 0:06:33.960 --> 0:06:37.080 protecting high tech, but also making sure that we're benefiting 0:06:37.120 --> 0:06:39.400 from overseas markets. And so those are the kinds of 0:06:39.400 --> 0:06:41.840 things that went into the H two hundred decision as 0:06:41.839 --> 0:06:44.400 to whether the Chinese are going to buy or not. Again, 0:06:44.480 --> 0:06:47.919 they're making their own determinations. They're very committed to domestic production. 0:06:48.120 --> 0:06:51.000 They often see US high tech as it sometimes as 0:06:51.040 --> 0:06:53.560 a threat to them because we're if we're ahead of 0:06:53.560 --> 0:06:56.400 the game like we are on AI chips, sometimes they 0:06:56.400 --> 0:06:59.159 feel that that can stop their own growth. Obviously, we 0:06:59.200 --> 0:07:01.320 think it can be helpful to them in the long run, 0:07:01.760 --> 0:07:03.400 but they'll just have to make their decision on them. 0:07:03.400 --> 0:07:05.240 But there's a lot of speculation that this would be 0:07:05.400 --> 0:07:08.760 a tangible talking point at the table because of the 0:07:08.800 --> 0:07:12.880 presence of the Nvidia boss. Did this come up Semiconductors? 0:07:13.040 --> 0:07:18.440 Well, so we have fifteen to seventeen American business leaders here, 0:07:18.720 --> 0:07:21.760 and they had actually the opportunity yesterday in a meeting 0:07:21.800 --> 0:07:24.000 with President Trump and President Sheet to come in talk 0:07:24.040 --> 0:07:27.400 a little bit about their company. So Jensen was there. 0:07:27.440 --> 0:07:29.520 He spoke about Nvidia. We also had a variety of 0:07:29.560 --> 0:07:33.720 other folks there, you know, Cargil, Brian Sykes, and a 0:07:33.760 --> 0:07:35.520 variety of other companies. 0:07:35.560 --> 0:07:37.080 So all these things come up. 0:07:37.760 --> 0:07:40.600 This was not a major topic of discussion at the 0:07:40.600 --> 0:07:43.720 bilateral meeting. We did not talk about chipexport controls at 0:07:43.720 --> 0:07:44.040 the meeting. 0:07:44.160 --> 0:07:47.120 When it comes to the Bussan deal, you're really building 0:07:47.160 --> 0:07:50.040 on that. But since then, what we've seen China do 0:07:50.120 --> 0:07:52.280 is they've put in a lot of regulations and laws 0:07:52.640 --> 0:07:55.400 that actually make it difficult for American companies to get 0:07:55.440 --> 0:07:58.520 a foothold here, and some of them are even contradictory 0:07:58.560 --> 0:08:01.560 to some US laws, mean that doing business here in 0:08:01.680 --> 0:08:03.559 China they'd be against US law. 0:08:04.040 --> 0:08:05.000 Did this come up? 0:08:05.120 --> 0:08:08.160 Do you find it harder or easier for American businesses 0:08:08.440 --> 0:08:10.040 to gain access to this market? 0:08:10.240 --> 0:08:12.680 Well, we have raised this with our counterparts. 0:08:13.240 --> 0:08:15.400 The Chinese in the past couple of weeks put into 0:08:15.440 --> 0:08:20.000 place supply chain rules that when I read them, it 0:08:20.040 --> 0:08:21.920 looks to me like they're saying if you're trying to 0:08:21.960 --> 0:08:24.200 reshuffle your supply chain or get closer to the United 0:08:24.200 --> 0:08:26.440 States or something like that, they might. 0:08:26.280 --> 0:08:28.480 Punish you, which a lot of firms are doing. 0:08:28.560 --> 0:08:32.000 So that's a strong concern for me. The thing to 0:08:32.040 --> 0:08:34.559 remember is with the Boosan Agreement what we're doing now. 0:08:34.920 --> 0:08:37.679 They build on each other, but they're not comprehensive. They 0:08:37.679 --> 0:08:40.360 don't solve every problem in the relationship. That's why something 0:08:40.360 --> 0:08:42.600 like the Board of Trade were focused on nonsensitive trade, 0:08:42.640 --> 0:08:44.439 because we know we're going to have differences in these 0:08:44.440 --> 0:08:44.959 other areas. 0:08:45.000 --> 0:08:47.120 Whether it's export controls. 0:08:46.720 --> 0:08:49.960 Or high tech or critical infrastructure or things like that. 0:08:50.640 --> 0:08:53.839 So those are issues that we raise and we talk about, 0:08:53.880 --> 0:08:55.160 but we also try to be constructive. 0:08:55.280 --> 0:08:58.640 But I do wonder you, as a critical individual on 0:08:58.800 --> 0:09:01.600 China in the past, the rules, regulations, the subsidies they 0:09:01.600 --> 0:09:04.040 give to their companies, do you actually welcome that in 0:09:04.080 --> 0:09:06.480 a sense that you can say to us businesses, this 0:09:06.520 --> 0:09:08.160 is what I've been telling you, this is why it 0:09:08.240 --> 0:09:10.400 is hard to do business in China, and these are 0:09:10.400 --> 0:09:12.120 some of the traps that are set in place. 0:09:12.480 --> 0:09:15.679 Yeah, I guess what I would say is I am 0:09:15.720 --> 0:09:17.680 clear out on these things, and I think it's helpful 0:09:17.720 --> 0:09:19.880 for our companies to be clear eyed as well. And 0:09:19.920 --> 0:09:21.880 I think they are a lot more realistic about their 0:09:21.920 --> 0:09:24.800 expectations about operating in China's market and selling into this 0:09:24.880 --> 0:09:27.480 market than they were three years ago, certainly more than 0:09:27.480 --> 0:09:29.839 they were five years ago. So when these things happen, 0:09:31.000 --> 0:09:34.679 it's good for our companies to realize the objectives of 0:09:34.720 --> 0:09:36.920 the Chinese government the Chinese economy. They're just different than 0:09:36.960 --> 0:09:39.439 the objectives we have. We're trying to make money and 0:09:39.760 --> 0:09:42.280 be capitalists and flow that money down to workers and 0:09:42.280 --> 0:09:45.719 families in China, there's just a political element to their 0:09:45.720 --> 0:09:47.199 economy that doesn't exist in the US. 0:09:47.320 --> 0:09:49.360 The other political element to all of us, of course, 0:09:49.440 --> 0:09:51.440 is while you were in this bilateral meeting with the 0:09:51.440 --> 0:09:54.880 President and Shijhiping, we had the Chinese readout come out 0:09:54.880 --> 0:09:57.400 where they need it clear that Taiwan is the biggest 0:09:57.400 --> 0:10:00.000 issue for them. At the same time, the White House 0:10:00.120 --> 0:10:02.199 read out didn't mention Taiwan at all. 0:10:02.600 --> 0:10:03.480 How much is this. 0:10:03.440 --> 0:10:06.440 Going to be the biggest hurdle between this relationship and 0:10:06.440 --> 0:10:09.560 setting up potentially some of the broader discussions like Board 0:10:09.600 --> 0:10:10.240 of Trade. 0:10:10.480 --> 0:10:13.040 Well again, well, I don't expect the Taiwan issue to 0:10:13.160 --> 0:10:14.199 bleed into Board of Trade. 0:10:14.440 --> 0:10:15.079 I just don't. 0:10:15.400 --> 0:10:17.600 We've known for a long time that the Taiwan issue 0:10:17.640 --> 0:10:20.440 is of key importance to the Chinese. The Chinese know 0:10:20.520 --> 0:10:24.400 that for us, we're interested in US companies and US 0:10:24.440 --> 0:10:27.840 workers being successful and leveling the playing field. So it's 0:10:27.880 --> 0:10:31.200 normal for different countries to have different key objectives, and 0:10:31.240 --> 0:10:33.240 so it's normal for them to raise that. It's normal 0:10:33.280 --> 0:10:34.640 for us to talk about want to have access to 0:10:34.679 --> 0:10:35.000 their market. 0:10:35.080 --> 0:10:36.920 But in twenty seventeen, you were actually here. I think 0:10:36.920 --> 0:10:39.360 you might be the only individual part of the President's cabinet. 0:10:39.480 --> 0:10:41.520 Now that was here in twenty seventeen. You were then 0:10:41.640 --> 0:10:45.480 the chiefest staff of Ambassador Leithheiser. Do you think she's 0:10:45.520 --> 0:10:47.760 warning was the sharpest you've heard on Taiwan? 0:10:48.520 --> 0:10:51.960 So, I would say no, right, there's a difference between 0:10:52.000 --> 0:10:54.000 the way we talk and the bilateral meeting and the 0:10:54.960 --> 0:10:57.440 statements that go out from the Chinese Ministry of Foreign Affairs, 0:10:57.600 --> 0:11:00.360 which is famously it takes a wolf warrior approach. I 0:11:00.400 --> 0:11:03.000 would say that the meetings here between President Trump and 0:11:03.040 --> 0:11:06.599 President She they were quite candid. You know, with the 0:11:06.679 --> 0:11:08.240 Chinese when you meet with them, they always have a 0:11:08.280 --> 0:11:11.920 script and typewritten points, and they're certainly with some of that. 0:11:11.960 --> 0:11:13.720 But there was a lot of candid discussion, a lot 0:11:13.800 --> 0:11:16.240 of offscript discussion, which I think is really helpful where 0:11:16.240 --> 0:11:18.800 you're talking about the two leaders of the world's biggest economies. 0:11:18.840 --> 0:11:21.400 Well, she opened the bilateral talking about the Ciddy's trap, 0:11:21.480 --> 0:11:24.840 basically saying America is the established, more existing power, we 0:11:24.880 --> 0:11:27.520 are the rising one, and the conflicts could emerge and 0:11:27.600 --> 0:11:30.559 brew from this sort of tension, and the President called 0:11:30.559 --> 0:11:33.280 the relationship fantastic. The two gave a toast to each 0:11:33.280 --> 0:11:36.360 other yesterday. It does feel like there is a warmness here. 0:11:36.400 --> 0:11:39.240 Do you feel like the relationship has changed from twenty. 0:11:38.920 --> 0:11:42.319 Seventeen, Well, certainly it's developed more. I mean it's been 0:11:42.400 --> 0:11:45.360 nine years, and during those nine years, you know, obviously 0:11:45.360 --> 0:11:47.800 when President Trump wasn't in office, they didn't have communication, 0:11:47.960 --> 0:11:52.080 but they have met regularly during that time, maybe more 0:11:52.080 --> 0:11:54.680 so than some of the other leaders that President Trump 0:11:54.720 --> 0:11:57.679 has interacted with. So it's President Trump is the most 0:11:57.679 --> 0:12:00.559 powerful leader in the world, and President She is right 0:12:00.640 --> 0:12:02.280 up there with them. So I think it's natural for 0:12:02.320 --> 0:12:04.800 them to have a relationship. It doesn't mean there are 0:12:04.800 --> 0:12:07.200 no problems. It doesn't mean that there are serious challenges 0:12:07.240 --> 0:12:08.600 we have to face. It doesn't mean there are things 0:12:08.640 --> 0:12:11.080 we're trying to deal with to protect our workers and 0:12:11.120 --> 0:12:13.560 protect our industries. But it does mean that we have 0:12:13.600 --> 0:12:15.240 to have a constructive relationship. 0:12:15.280 --> 0:12:17.679 It just felt like the images in the rhetoric coming 0:12:17.679 --> 0:12:20.320 out of yesterday potentially what we're going to see today 0:12:20.320 --> 0:12:24.840 another bilateral meeting, didn't match the trade war that we 0:12:24.840 --> 0:12:27.240 were in a year ago. Are you happy with the 0:12:27.240 --> 0:12:29.040 direction of travel with this relationship? 0:12:29.360 --> 0:12:33.040 Well, for me, as the trade representative, I'm looking at 0:12:33.080 --> 0:12:37.199 outcomes and one year in our trade deathsit with China 0:12:37.280 --> 0:12:40.080 has dropped by thirty three percent. That's incredible, went down 0:12:40.120 --> 0:12:41.959 by one hundred and thirty billion dollars last year. That's 0:12:42.000 --> 0:12:44.840 what we want to see. That means we're diversifying from China. 0:12:45.200 --> 0:12:49.319 We're making more stuff here. We're seeing the manufacturing indicators 0:12:49.320 --> 0:12:52.160 and manufacturing labor indicators increase in the United States. 0:12:52.320 --> 0:12:53.360 That's what we're locking at. 0:12:53.559 --> 0:12:55.839 It's less, you know, it's not this issue of China 0:12:55.920 --> 0:12:58.280 VERSUS America as much as it is. We're pro America 0:12:58.320 --> 0:13:00.480 and we want our domestic economy to do really well, 0:13:00.640 --> 0:13:03.160 and we have to kind of manage and control our 0:13:03.240 --> 0:13:05.319 economic relationship with China to make sure we can achieve 0:13:05.320 --> 0:13:06.640 our domestic economic goals. 0:13:06.760 --> 0:13:10.280 And just finally, on Iran, this was the major talking 0:13:10.320 --> 0:13:13.679 point on the White House readout, Do you believe shijiping 0:13:13.840 --> 0:13:15.880 is going to help the United States and potentially reopening 0:13:15.920 --> 0:13:17.800 the strait up formos putting the pressure on the running 0:13:17.880 --> 0:13:20.839 regime and also at home telling their firms they need 0:13:20.840 --> 0:13:22.160 to abide by US sanctions. 0:13:22.400 --> 0:13:25.640 So, first of all, it's really important for China to 0:13:25.640 --> 0:13:28.400 have the Straits of horror moves open, no tolling, no 0:13:28.520 --> 0:13:31.560 military control. That was clear from the meeting, so we 0:13:31.559 --> 0:13:36.720 welcome that. With respect to Chinese involvement with Iran, our 0:13:36.800 --> 0:13:39.079 view is that Chinese are being very pragmatic. They don't 0:13:39.120 --> 0:13:41.120 want to be on the wrong side of this. They 0:13:41.160 --> 0:13:43.319 want to see peace in that area. President Trump wants 0:13:43.320 --> 0:13:44.920 to see peace in that area. So we have a 0:13:44.920 --> 0:13:47.199 lot of confidence that they will do what they can 0:13:47.280 --> 0:13:49.760 to limit any kind of material support for Iran. 0:13:49.920 --> 0:13:51.960 Am bestor Grea, thank you so much for your time today.