OFFICE AND AVOWED SOCIALIST.
>> RAIN, RAIN, EVERY TIME I DO
FOX, IT RAINS.
STUART: FIRST OF ALL, I HOPE
YOU'RE WELL, LARRY.
I HOPE YOU'RE FULLY RECOVERED.
>> THANK YOU, STU.
I FEEL GREAT, GREAT TO BE BACK.
TO QUOTE ONE OF MY HEROES MARK
TWAIN, RUMORS OF MY DEMISE WERE
GREATLY EXAGGERATED.
LET'S GET TO IT.
THE APPROACH TO TRADE, I'M
CHARACTERIZING THIS MORNING HAS
MORE RELAXED.
A LITTLE SOFTER.
BECAUSE WE'RE GOING TO A
COMMITTEE TO DECIDE ON CHINESE
MONEY COMING TO AMERICAN
TECHNOLOGY COMPANIES.
AMERICAN TECHNOLOGY GOING TO
CHINA.
WE'RE GOING TO GO TO A
COMMITTEE, A SOFTER APPROACH.
>> NO, NO HE'S NOT.
AND, YOU KNOW, THE IDEA OF
SOFTER OR HARDER IS REALLY
LEXICON.
BUT, LOOK, THAT'S NOT THE
INTENT, WE'RE NOT DRIVING
THERE.
THE COMMITTEE ON FOREIGN
INVESTMENT AROUND SINCE 1975.
IT'S POURING OUT HERE.
WE'RE GOING TO BRING IN
MODERNIZED VERSION, VERY
COMPREHENSIVE, VERY EFFECTIVE.
IT'S CALLED FIRMA.
PASSED THE HOUSE 400-2.
IT WAS VOTED UNANIMOUSLY OUT OF
THE SENATE BANKING COMMITTEE.
THE SENATE ENDORSED THAT BILL.
NOT MEANT TO BE HARDER OR
SOFTER.
IT'S GOING TO BE VERY
COMPREHENSIVE AND VERY
EFFECTIVE AT PROTECTING OUR
TECHNOLOGICAL FAMILY JEWELS IN
THE UNITED STATES.
THAT'S THE INTENT HERE.
WORLD LIVED WITH CFIUS FOR OVER
40 YEARS, OKAY?
WITH THIS UPDATE IN
MODERNIZATION, WE WILL STILL
HAVE A FREE AND OPEN INVESTMENT
SYSTEM, WHICH HAS BEEN CRUCIAL
TO AMERICA'S FABULOUS
PROSPERITY DOWN THROUGH THE
YEARS.
NONE OF THAT IS GOING CHANGE,
BUT WE MUST BE ON GUARD IN THE
MODERN WORLD, THERE ARE BAD
ACTORS OUT THERE.
NO QUESTION ABOUT IT, BUT WE
CAN LIVE WITH, THIS NOT
CLAMPING DOWN, NOT ENDING IN
FOREIGN INVESTMENT IN THE USA,
THIS IS UPDATING AND
MODERNIZATION OF CFIUS.
STUART: THAT'S DEALING WITH
THAT SIDE OF THE TRADE DISPUTE
ABOUT THE THEFT OF INTELLECTUAL
PROPERTY AND THE EXPORT OF
AMERICAN TECHNOLOGY.
THAT DEALS WITH THAT SIDE OF
THE DEAL.
THE OTHER SIDE IS THE TARIFFS
WHICH ARE STILL IMPOSED BY ALL
SIDES.
NO CHANGE THERE, I TAKE IT.
>> LOOK, THE PRESIDENT SAID
G7 MEETING NORTH OF QUEBEC AND
HE BASICALLY SAID THIS, I WANT
TO REMIND PEOPLE OF THIS, I
HE IS A FREE TRADER, AND HE
WOULD LIKE TO SEE A NEW WORLD
TRADING SYSTEM.
CURRENT ONE IS BROKEN.
HE'D LIKE TO SEE NO TARIFFS, NO
NONTARIFF BARRIERS.
NO SUBSIDIES.
AND WE ARE OPEN FOR THAT
BILATERAL MEETINGS WITH
CANADIAN PRIME MINISTER TRUDEAU
AND FRENCH PRESIDENT MACRON AND
THE PRESIDENT SAID THIS VERY,
VERY CLEARLY.
WE'RE WILLING TO TALK ABOUT
THAT ANY PLACE ANY, TIME.
STUART: BUT THAT SEEMS SO FAR
AWAY.
I MEAN, THAT KIND OF RADICAL
SHIFT IS SURELY NOT ON THE
CARDS IN THE IMMEDIATE FUTURE,
AND YOU DON'T YET HAVE ANY
AGREEMENT FROM ANY OF OUR
TRADING PARTNERS TOWARDS THAT
END AT ALL?
>> THAT IS TRUE AT THE MOMENT.
THOUGH COMMUNICATIONS ARE OPEN
AND I THINK SOME PROGRESS IS
BEING MADE.
DON'T BLAME HIM FOR ALL THE
EVILS AND THE BREAKDOWN OF THE
WTO AND OTHER TRADING SYSTEMS,
HE'S TRYING TO SOLVE THAT.
HE'S TRYING TO END.
THAT HE IS A REFORMER, AND I
THINK THAT'S AN IMPORTANT
CHINA.
LET ME SAY THIS.
THE PRESIDENT PROFFERED THE
POSSIBILITY OF $200 BILLION
EXECUTED, NOT FLUSHED OUT.
SATISFACTORY RESPONSE FROM
CHINA.
BY THE WAY, NOT HAD
SATISFACTORY RESPONSES FROM THE
EU OR CANADA OR MEXICO.
WE WILL WAIT AND SEE.
I MAY BE TOO OPTIMISTIC BUT AT
THE MOMENT, THEY HAVE NOT COME
BACK WITH THEIR OWN NEW SET OF
TARIFFS.
SO, STU VARNEY, IT MAY BE THEY
ARE THINKING THIS THROUGH, THAT
THEY HEARD THE PRESIDENT IN
QUEBEC AND MAY BE RETHINKING
THEIR POSITION, AND LORD KNOWS