LOU: WHAT ABOUT TRADE?
TREASURY SECRETARY STEVE MNUCHIN
SAYS WHAT THE HELL ABOUT TRADE?
STEEL AND YOU A ALUMINUM TARIFFS
HAVE BEEN SUSPENDED.
THE SECRETARY SAYING U.S.
TARIFFS, TRUMP TARIFFS CAN BE
PUT BACK ON THE TABLE IF THERE
IS NO PROGRESS MADE IN REDUCING
THE $375 BILLION TRADE DEFICIT
BETWEEN THE TWO COUNTRIES.
JOINING US NOW.
GORDON CHANG.
YOUR THOUGHTS ABOUT THE MNUCHIN
NEGOTIATED TRADE AGREEMENT OR
NON-TRADE AGREEMENT WITH THE
CHINESE.
>> THIS DOES NOT HAVE THE
HALLMARKS OF THE PRESIDENT.
THIS LOOKS LIKE STEVEN MNUCHIN.
WE HAVE THE FRAMEWORK AND WE
DON'T HAVE THE DETAILS.
BASICALLY THE CHINESE HAVE
AGREED TO DO WHAT THEY SHOULD DO
AND WE ARE NOT GOING TO PUT ON
THE SECTION 301 TARIFFS MEANT TO
TOP THEIR THEFT OF INTELLECTUAL
PROPERTY.
LOU: THERE WILL BE NO TARIFFS ON
STEEL AND ALUMINUM DUMPING.
ZTE WILL SUDDENLY BE GIVEN A
PASS FOR DOING BUSINESS FOR 7
YEARS WITH THE IRANIANS AND
NORTH KOREANS WITHOUT IMPOSITION
OF ANY PENALTY AND THEY CAN
STEAL $600 BILLION WORTH OF
INTELLECTUAL PROPERTY AND
PRESERVE ALMOST A $400 BILLION
TRADE DEFICIT.
>> STEVE MNUCHIN SAYS IT'S GOOD
FOR US.
THAT'S WHERE THE DEAL IS RIGHT
NOW.
LOU: IT'S INCREDIBLE TO THINK
MNUCHIN OR ANYONE WORKING FOR
THIS PRESIDENT WOULD COP UP WITH
THAT KIND OF NONSENSE.
I WANT TO SHOW EVERYBODY
SOMETHING IF I MAY.
WE ARE HEARING TALK FROM MNUCHIN
AND OTHERS ABOUT SOY BEANS AND
OUR EXPORTS TO THE CHINESE.
LET'S LOOK AT THE EXPORTS THAT
WE SEND TO CHINA LED OFF BY SOY
BEANS.
NOW LET'S TAKE A LOOK AT WHAT WE
DO WITH THE EUROPEAN UNION.
AIRCRAFT, MACHINERY,
PHARMACEUTICALS, OPTICAL AND
MEDICAL EQUIPMENT, ELECTRIC
MACHINERY.
GERMY IN PARTICULAR, CIVILIAN
AIRCRAFT AND PARTS, PASSENGER
CARS NEW AND USED, MEDICAL
EQUIPMENT, CHEMICALS.
WE LOOK LIKE A THIRD WORLD
NATION IN WHAT WE EXPORT TO
CHINA AND THEY ARE NOT REDUCING
A SINGLE TARIFF OR BARRIER
TOWVMENT S. EXPORTS.
>> YOU HAVE GOT INDUSTRIAL
POLICY IN CHAIN TODAY.
THE MADE IN CHINA INITIATIVE.
AND WE HAVE THE THEFT AND THE
STEALING.
THOSE BARRIERS ARE CAUSING THE
TRADE DEFICIT.
LOU: THE CAMPAIGN ON SMART
GOVERNMENT.
AND HE SAID HE COULDN'T BLAME
THE CHINESE BECAUSE THEY WERE
OUTSMARTING US.
THEY MIGHT AS WELL A BEEN THERE
WITH PEDDLE I
WITH -EDDLE I
WITH --DDLE I
WITH -- WLE I
WITH -- WIT I
WITH -- WITHI
WITH -- WITH PEDDLERS CARTS WITH
SACKS OF SOY BEANS.
>> THE PRESIDENT DID SPEAK TO
THE HEAD OF THE CHINESE TRADE
ASSOCIATION BECAUSE I THINK HE
DOES SEE THE PROBLEM THERE.
AND I THINK WE'LL GET A BETTER
TRADE DEAL.
STEVE MNUCHIN HAS AN IDEA IF YOU
BE NICE TO THE CHINESE THEY WILL
RECIPROCATE.
WE TRIED THAT FOR TWO DECADES IT
DOESN'T WORK.
LOU: IT'S MORE THAN BEING NICE.
HE BASICALLY SAID I SURRENDER.
THE STATUS SAID WE'LL BE WHAT WE
HAVE BEEN FOR THE PAST HE KADE
AND THAT'S NOT HEALTHY FOR OUR
ECONOMY.
NORTH KOREA.
Y WHERE DO YOU SEE IT GOING NOW?
IT'S ASSERTING ITS INTEREST AND
JUST WIPING THE TABLE WITH THE
PRESIDENT'S DELEGATES TO
REPRESENT THOSE INTEREST AT
LEAST ON TRADE IN BEIJING AND
HERE.
>> THE LAST TWO MONTHS, WHEN KIM
JONG-UN WENT TO BEIJING IN MARCH
THEY SHOWED ALL THE PICTURES OF
A SANCTIONS VIOLATION.
I THINK THERE WILL BE A SUMMIT
WITH KIM JONG-UN.
IT MAY NOT BE JUNE 17th IN