'They Were Very Happy To Be Able To Do Something With Us': Trump Celebrates US-China Trade Deal

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At a press briefing, President Trump touted the U.S.-China trade deal.

Transcript

00:00SECRETARY KERRY, President of the United States of America, in addition, yesterday we achieved

00:02a total reset with China after productive talks in Geneva.

00:08Both sides now agree to reduce the tariffs imposed after April 2nd to 10 percent for

00:1590 days as negotiators continue on the larger structural issues.

00:21And I want to tell you that a couple of things – first of all, that doesn't include the

00:25tariffs that are already on, that are our tariffs, and it doesn't include tariffs on

00:30cars, steel, aluminum, things such as that, or tariffs that may be imposed on pharmaceuticals

00:38because we want to bring the pharmaceutical businesses back to the United States, and

00:42they're already starting to come back now based on tariffs because they don't want to

00:46pay 25, 50, or 100 percent tariffs, so they're moving them back to the United States.

00:52I spoke to Tim Cook this morning, and he's going to, I think, even up his numbers, $500

01:00billion.

01:01He's going to be building a lot of plants in the United States for Apple, and we look forward

01:07to that.

01:08I really do look forward to that.

01:10But the talks in Geneva were very friendly.

01:15The relationship is very good.

01:18We're not looking to hurt China.

01:19China was being hurt very badly.

01:21They were closing up factories.

01:23They were having a lot of unrest, and they were very happy to be able to do something with

01:28us.

01:29And the relationship is very, very good.

01:32I'll speak to President Xi maybe at the end of the week.

01:36We have some other things we're doing.

01:38But one of the biggest things that we're doing – and I don't know if people realize this,

01:43but we made a great deal with China, a great trade deal.

01:48But it was a much bigger deal originally, and then they canceled it right in the last day.

01:54Some of you faces, I remember, were there when that happened.

01:57I remember you.

01:59And we had a deal where they opened up their country to trade with the United States, and

02:04they took that away at the last moment.

02:05And then I canceled the whole thing.

02:07And then six months later, we ended up doing a smaller deal.

02:09But it was a big deal.

02:10It was $50 billion worth of product that they were going to purchase from our farmers, et cetera.

02:16And we agreed to that.

02:18People thought it was $15, because they were doing $15.

02:20We've made it $50, because I misunderstood the $15.

02:23I thought they said – I said, you've got to get $50.

02:27Because when I asked – if you remember the story – when I asked, what are we doing

02:30with them, my secretary of agriculture at the time, Sonny Perdue, said, sir, it's about

02:37$15 billion, and we're asking for $15.

02:40And I thought he said $50.

02:42So I said – so they came back with the deal at $15, and I said, no way.

02:46I want $50, because you said $50.

02:48And they said, sir, we didn't say that anyway.

02:49The bottom line, I said, go back and ask for $50, and they gave us $50.

02:53And they were honoring the deal.

02:54And we would call them up a lot for the corn and for the wheat and for everything.

03:01They were honoring the deal.

03:03And then when Biden got in, they no longer honored the deal.

03:07There was nobody to call.

03:08I would call on an average of once every two weeks to say, come on, you have to speed

03:12it up a little bit.

03:14And our farmers were doing great.

03:16I said to him, buy more land and bigger tractors, if you remember.

03:19That's what happened.

03:21But the deal was a very good deal.

03:24But the best part of the deal was that we opened up China.

03:30China agreed to open itself up to American business to go in.

03:34And it would have been a great thing, I think, for China.

03:37They would be able to see things that they haven't seen.

03:40They would be able to buy products that they have never been able to buy.

03:45Would have been great for American business.

03:46I think it would have brought unity between China, better unity between China and the United

03:51States.

03:53And the bottom line is that they canceled it the last day.

03:56We were all set to sign it.

03:58And I went a little bit angry.

04:00I got a little angry.

04:01I said they canceled it.

04:03The deal was done.

04:04It was all ready to be signed.

04:06And people went over.

04:08They came back to me, sir, they don't want to sign the opening up China.

04:11Well, the biggest thing that we're discussing is the opening up China, and they've agreed

04:15to do that.

04:17But it's going to take a while to paper it.

04:20That's not the easiest thing to paper.

04:23But that's the single, I think, to me.

04:25Some people would disagree.

04:26Some people would say we're getting a lot of money with tariffs or whatever.

04:29But, you know, especially when you add what we already have, because remember, we're already

04:33getting the 50 percent on steel and different things.

04:37That's not included in these numbers.

04:40So you can add that.

04:42But the biggest thing to me is the opening up.

04:44I think it would be fantastic for our businesses if we could go in and compete and compete with

04:50China.

04:51It would be a lot of jobs for China.

04:52It would be, I think, at a time when they can, frankly, use the jobs.

04:56And that's what we're talking about.

04:58So that's a very important element to add.

05:02So when Scott – I watched him speak the other day, and I think he didn't want to

05:09say it.

05:10But I said, it's okay to say it.

05:11Look, if we don't get it, we don't get it.

05:12But if we don't get it, it won't be a positive thing.

05:15But if we do get it, I think it's maybe the most important thing to happen.

05:20Because if you think about it, we opened up our country to China.

05:24They come – we don't – I mean, they have very few restrictions.

05:27And they didn't open their country to us.

05:29It never made sense to me.

05:30It's not fair.

05:31And they've agreed to open China – fully open China.

05:36And I think it's going to be fantastic for China.

05:38I think it's going to be fantastic for us.

05:40And I think it's going to be great for unification and peace.

05:45China will also suspend and remove all of its non-monetary barriers.

05:50They've agreed to do that.

05:52Well – they're very numerous.

05:56But again, to me, the biggest thing that came out of that meeting is they've agreed – now,

05:59we have to get it papered, but they've agreed to open up China.

06:02And it's going to be great for everybody.

06:04And –

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