THIS MULTILATERAL BASIS, CHRIS, THAT’S GOING TO BE THE BIG DEAL
FOR MARKETS.
FOR MARKETS. >> SPEAKING OF PARTNERS, I WANT
TO TALK ABOUT THIS BOMBSHELL
REPORT REVEALING THE TRUMP
ADMINISTRATION ACTUALLY HAS
DRAFTED NEW LEGISLATION TO
ESSENTIALLY WALK AWAY FROM THE
WORLD TRADE ORGANIZATION, THE
WTO.
WTO. A LEAKED DRAFT OF THE BILL THAT,
QUOTE, ESSENTIALLY PROVIDES
TRUMP A LICENSE TO RAISE U.S.
TARIFFS AT WILL WITHOUT
CONGRESSIONAL CONSENT AND
INTERNATIONAL RULES BE DAMNED.
AND IGNORES ITS MOST BASIC
PRINCIPLES.
PRINCIPLES. JOINING ME NOW IS SOMEONE WHO
HAS WHITE HOUSE REPORTER ELENA
TRAIN.
TRAIN. WE HAVE NOT SEEN IT, YOU HAVE.
WHAT MORE DOES THIS DRAFT CALL
FOR?
FOR? >> WELL, I THINK THE MOST
IMPORTANT THING TO POINT OUT
FROM THE START IS THAT THE
PRESIDENT HAS ABSOLUTE CONTEMPT
FOR THE WORLD TRADE
ORGANIZATION.
ORGANIZATION. HE THINKS IT’S STACKED AGAINST
THE U.S.
THE U.S. HE THINK IT IS UNFAIR, AN
INCONVENIENT GLOBAL INSTITUTION
KEEPING HIM FROM WHAT HE WANTS
TO DO WHICH IS NEGOTIATE WITH
DIFFERENT COUNTRIES ONE ON ONE
AND HAVE THE POWER WITHOUT
CONGRESSIONAL OVERSIGHT TO
IMPLEMENT TARIFFS ONE ON ONE.
AND SOME OF THE THINGS THAT
WE’RE SEEING HERE FROM THIS
DRAFT BILL ARE TWO OF THE KEY
PRINCIPLES OF THE WORLD TRADE
ORGANIZATION, WHICH IS THE MOST
FAVORED NATION PRINCIPAL, WHICH
SHOWS THAT THERE SHOULD BE TRADE
WITHOUT DISCRIMINATION.
WITHOUT DISCRIMINATION. THE PRESIDENT WANTS TO DO AWAY
WITH THAT.
WITH THAT. AS WELL AS THIS, THIS BORDER
BROAD TARIFF AGREEMENT, WHICH IS
BASICALLY IMPLEMENTS CEILINGS ON
HOW MUCH DIFFERENT COUNTRIES IN
THE WORLD OF TRADE ORGANIZATION
CAN IMPLEMENT THESE TARIFFS.
>> YOUR REPORTING IS THE
PRESIDENT WANTED THIS DONE.
SO WHAT ARE YOU HEARING FROM
INSIDE THE WHITE HOUSE, INSIDE
HIS ECONOMIC TEAM?
IS THIS, WELL, LET’S PUT IT
TOGETHER, WE’LL GIVE IT TO HILL,
IT’S NEVER GOING TO PASS, OR IS
IT SOME SENSE REALITY?
>> THEY DON’T THINK IT WILL
PASS.
PASS. AT LEAST MOST OF THEM, APART
FROM PETER NAVARRO, HIS TRADE
ADVISER.
ADVISER. WE ACTUALLY HAVE REPORTING THAT
MARK SHORT, THE LEGISLATIVE
AFFAIRS DIRECTOR, HAD TOLD PETER
NAVARRO A FEW MONTHS BACK WHEN
THEY WERE DISCUSSING THIS BILL
THAT THIS IS DEAD ON ARRIVAL.
THERE’S ZERO CHANCE CONGRESS
WOULD EVER PASS THIS.
THEY DON’T, YOU KNOW, THEY
ALREADY THINK HE HAS TOO MUCH
BROAD AUTHORITY ON IMPLEMENTING
DIFFERENT TRADE AGREEMENTS NOW.
THEY DON’T WANT TO GIVE HIM MORE
AUTHORITY TO CONTINUE DOING
THAT.
THAT. BUT THIS IS SOMETHING THAT THE
PRESIDENT HAS WANTED FOR MONTHS.
HE SECRETLY AND PRIVATELY HAS
BEEN TALKING WITH AIDES ABOUT
FIXING THIS, WHAT HE SEES ABOUT
UNFAIR AND UNBALANCED TRADE WITH
DIFFERENT COUNTRY.
DIFFERENT COUNTRY. >> IT IS THIS IS A GUY, DOM WHO
GOT ELECTED IN LARGE PART, YOU
KNOW, WITH THIS ECONOMIC
MESSAGE.
MESSAGE. I HEARD IT CERTAINLY WHEN I WAS
OUT ON THE CAMPAIGN TRAIL ALL
THE TIME.
THE TIME. HE’S A BUSINESS MAN.
HE’S GOING TO FIX OUR ECONOMIC
PROBLEMS.
PROBLEMS. HE HAS SHOWN A LACK OF
UNDERSTANDING ABOUT HOW TRADE
WORKS, HOW TARIFFS WORK.
AND I BELIEVE -- ISN’T IT TRUE
THE RULES HAS HELPED LOWER
TARIFFS AND PROTECT U.S. TRADE?
WHAT, IF ANYTHING, COULD HE BE
TRYING TO GAIN IN PASSING A BILL
LIKE THIS?
LIKE THIS? OTHER THAN AUTONOMY TO DO WHAT
HE WANTS TO DO?
>> THAT’S THE REAL ISSUE,
WHETHER THE LEAKED DOCUMENT
THERE WAS IN ANY WAY MEANT TO
CATALYZE OR EVOKE A RESPONSE IN
SOME WAY FROM OTHER NEGOTIATING
PARTIES THAT WE’RE WITH RIGHT
NOW.
NOW. THE ISSUE IS WHETHER OR NOT HE
HAS THE ADVISERS AROUND HIM,
PRESIDENT TRUMP DOES THAT ARE
GOING TO PRETTY MUCH SHOW HIM
THAT THIS COULD BE A REAL PATH
TOWARDS AT LEAST A DOWNSIDE FOR
THE U.S. ECONOMY.
AND WHEN I SAY THAT, REMEMBER,
AT THE BEGINNING, IN HIS FIRST
YEAR IN OFFICE, PRESIDENT TRUMP
HAD THAT BIG COUNCIL OF BUSINESS
LEADERS, ALL OF THESE CEOs THAT
WAS LATER DISBANDED.
ONE OF THE PEOPLE ON THERE WAS
THE"
THE" THE GM CEO --
>> DISBANDED OR WALKED AWAY?
>> RIGHT, HOWEVER YOU WANT TO
SPIN IT, THESE CEOs WERE THE
ONES WHO WERE TRYING TO ADVISE
PRESIDENT TRUMP ON SOME OF THE
BUSINESS IMPLICATIONS HERE.
WHEN GM COMES OUT AND SAYS IF
YOU HAVE TRADE AND TARIFF POLICY
AS IT STANDS RIGHT NOW OR GOING
FORWARD, YOU WILL SEE A SMALLER
GENERAL MOTORS IN AMERICA.
AND WE’RE TALKING ABOUT A
COMPANY THAT HAS 47 PLANTS AND
110,000 EMPLOYEES IN AMERICA.
THAT’S A BIG DEAL.
THEN YOU GOT THE BUSINESS
ROUNDTABLE, RIGHT.
ROUNDTABLE, RIGHT. ALL THOSE GROUPS SPEAKING OUT.
THE U.S. CHAMBER OF COMMERCE
TODAY IS UNVEILING A NEW
CAMPAIGN TO GO AFTER PRESIDENT
TRUMP’S TRADE POLICIES.
IN THE END, THEY SAY IT WILL
COST U.S. CONSUMERS AND THAT’S
GOING TO BE SOMETHING THAT IT’S
REALLY STRANGE TO SEE GROUPS
LIKE THE CHAMBER OF COMMERCE AT
ODDS WITH THE PRESIDENT WITH THE
REPUBLICAN PARTY BECAUSE THEY
ARE SEEN AS BUSINESS FRIENDLY.
TO SEE THAT KIND OF THING HAPPEN
REALLY DOES EVOKE SOME KIND OF
AN INTERESTING RESPONSE FROM A
LOT OF PEOPLE OUT THERE.