LOOK WHO IS WITH US, RIGHT HERE
IN NEW YORK CITY AS WE SPEAK?
COMMERCE SECRETARY WILBUR ROSS.
MR. SECRETARY, WELCOME BACK.
GOOD TO SEE YOU.
>> THANKS, GOOD TO SEE YOU,
STUART.
STUART: CHINA SAYS, OFFICIAL
STATE MEDIA, WE WOULD LIKE YOU,
AMERICA TO ROLL BACK TARIFFS ON
DECEMBER 15TH.
WHY ARE YOU LAUGHING?
>> I'M SURE THEY WOULD LIKE IT.
STUART: WILL IT HAPPEN?
>> DEPENDS ON THEIR BEHAVIOR
BETWEEN NOW AND THEN.
IF THEY MAKE A REAL DEAL THAT WE
CAN LIVE WITH AND ENFORCEABLE --
STUART: TALKING ABOUT THE
INTELLECTUAL PROPERTY, IS THAT
PART OF THE DEAL?
>> LET'S START WITH AGRICULTURE.
THEY PROMISED 40 TO 50 BILLION
OF AGRICULTURE.
THAT IS ESSENTIALLY INGREDIENT
TO ANY DEAL THE SOME PARTS OF IP
AND THE OTHER STRUCTURAL REFORMS
WILL LIKELY BE IN PHASE ONE BUT
FOR THE MOST PART, THEY WILL BE
IN A LATER PHASE.
SO THE REAL QUESTION IS HOW FAR
DO THEY GO THIS PHASE?
ESPECIALLY HOW ENFORCEABLE?
STUART: HOW FAR HAVE THEY GONE
SO FAR?
>> WELL YOU DON'T HAVE A DEAL ON
ANYTHING, UNTIL YOU HAVE A DEAL
ON EVERYTHING.
SO THEY'RE MAKING PROGRESS, BUT
IT IS ONE STEP FORWARD, ONE STEP
BACKWARD.
I DO THINK THE PRESIDENT IS 100%
RIGHT.
THEY WANT TO MAKE A DEAL.
THE QUESTION, DO THEY WANT TO
MAKE A DEAL WE CAN LIVE WITH?
STUART: HAVE YOU ANY IDEA WHEN A
PHASE ONE DEAL MIGHT BE SIGNED?
CAN YOU GIVE US ANY INPUT ON
THAT?
>> WELL, YOU HAVE A LOGICAL
DEADLINE DECEMBER 15th.
IF NOTHING HAPPENS BETWEEN NOW
AND THEN, PRESIDENT HAS MADE
QUITE CLEAR HE WILL PUT THE
TARIFFS IN.
THE INCREASED TARIFFS.
SO THE BALL IS IN CHINA'S COURT?
STUART: ABSOLUTELY.
YOU'RE JUST WAITING FOR THEM TO
COME UP WITH SOMETHING THAT
ALLOWS THESE --
>> WE NEED AN OVERALL PACKAGE
THAT MEETS OUR REQUIREMENTS FOR
THE PHASE ONE.
AND, IF SO, A LOT OF THINGS
MIGHT BE POSSIBLE.
BUT IT IS GREAT THAT HE HAS THE
HAMMER OF DECEMBER 15th.
THAT IS A REAL HAMMER.
IT WON'T INTERFERE WITH THIS
YEAR'S CHRISTMAS.
NOBODY'S REORDERERRING STUFF
AFTER THE 15th OF DECEMBER.
RETAILERS HAVE STOCKED UP.
SO, IT'S A VERY GOOD TIME IF WE
HAVE TO PUT MORE TARIFFS ON.
STUART: BUT YOU THINK THE
PRESIDENT IS IN A STRONG
POSITION, OUR PRESIDENT, VERY
STRONG POSITION BECAUSE WE'VE
GOT A VERY STRONG ECONOMY?
>> WE HAVE A VERY STRONG ECONOMY
AND THEY HAVE LOTS OF PROBLEMS.
THE HOLLOWING OUT OF THEIR
SUPPLY CHAINS IS QUITE
CONSIDERABLE.
I WAS JUST IN VIETNAM A FEW
WEEKS AGO.
THEY'RE A MAJOR BENEFICIARY OF
THE HOLLOWING OUT OF THE CHINESE
SUPPLY CHAIN.
MALAYSIA IS GETTING SOME.
EVEN BANGLADESH IS GETTING SOME.
SO THAT IS A STRUCTURAL PROBLEM
THAT WILL NOT GO AWAY FOR THE
CHINESE.
SECOND, THERE IS TOO MUCH DEBT
IN THE ECONOMY, IN THE CHINESE
ECONOMY.
STUART: OKAY.
>> THEY HAVE GOT A REAL PROBLEM
WITH THAT.
THIRD, THEY HAVE REALLY HAVE HAD
THEIR OWN CONSUMER CONFIDENCE
HURT SEVERELY.
SO YOU NOTICE EVERY MONTH
THEY'RE MARKING DOWN THE RATE OF
MANUFACTURING GROWTH, MARKING
DOWN THE RATE OF GDP GROWTH.
MY OWN GUESS IT IS PROBABLY
SLOWER THAN WHAT THEY'RE LETTING
ON TO.
STUART: AS COMMERCE SECRETARY
WOULD YOU BE ALLOWED TO HANDICAP
THE LIKELIHOOD OF A CHINA TRADE
DEAL THIS MONTH?
ARE YOU ALLOWED TO DO THAT?
BECAUSE OUR VIEWERS WE'RE
CONFUSE THE CONFUSED ABOUT THIS
HEADLINE, THAT HEADLINE.
>> PEOPLE NEED TO FOCUS ON THE
RIGHT DEAL.
YOU CAN ALWAYS GET A DEAL
QUICKLY SO MEETING A
DECEMBER 15TH DEADLINE WOULD BE
EASY.
ALL WE HAVE TO DO IS ROLL OVER.
THE KEY IS TO GET THE RIGHT
DEAL, WHETHER IT IS BY 15th
OR IT IS LATER.
THAT IS WHAT THE PRESIDENT MADE
CLEAR THROUGHOUT.
STUART: EARLIER THIS MORNING THE
PRESIDENT REIMPOSED TARIFFS ON
STEEL COMING IN TO US FROM
BRAZIL.
>> RIGHT.
STUART: BRAZIL IS ALLY.
THE PRESIDENT OF BRAZIL A STRONG
SUPPORTER OF OUR PRESIDENT
TRUMP.
WAS THE PRESIDENT TAKING A
SYMBOLIC LINE, WE'LL DEAL WITH
ALLIES LIKE THIS, WE'LL
CERTAINLY DEAL WITH RIVALS LIKE
YOU?
>> EVEN OUR FRIENDS MUST LIVE BY
THE RULES.
OUR BEST ALLIES MUST LIVE BY THE
RULES.
WHAT THE PRESIDENT WAS CONCERNED
ABOUT, WAS DETERIORATION OF THE
BRAZILIAN CURRENCY.
THAT IS A FAIR FACTOR TO TAKE
INTO ACCOUNT.
IT'S A REAL FACTOR.
THE LOWER THEIR CURRENCY, THE
CHEAPER PRODUCTS COMING IN.
HE FELT HE HAD TO DO SOMETHING
ABOUT IT.
THEY ARE NOT THE ONLY ONE WHERE
THERE ARE CURRENCY ISSUES.
FOR THE MOMENT I DON'T MOW THAT
CHINA IS SUCH A BAD PROBLEM WITH
CURRENCY BUT THEY HAVE BEEN IN
THE PAST.
STUART: ARE YOU ENJOYING YOUR
LIFE IN WASHINGTON?
>> WE ARE.
MOST DAYS ARE GOOD.
SOME DAYS THE POISON DARTS GET
OUT.
THAT IS A LITTLE HARD.
STUART: BEFORE THE TRUMP
ADMINISTRATION YOU USED TO SIT
WITH ME ON THIS SHOW.
WE WOULD TALK ABOUT THE STATE OF
THE ECONOMY.
YOU'RE ALL SMILES.
WE ALWAYS SAID, NO THE
BILLIONAIRE WILBUR ROSS JOINING
US NOW.
ARE YOU STILL A BILLIONAIRE?
>> WHO KNOWS.
STUART: YOU KNOW.
WHAT DO YOU THINK OF ELIZABETH
WARREN?
>> WELL I THINK ELIZABETH WARREN
WOULD BE A GOOD TEACHER.
STUART: LEAVE IT AT THAT?
>> YES.
STUART: WILBUR ROSS, ALWAYS A
PLEASURE TO HAVE YOU ON THE SHOW
THAT YOU COULDN'T BE MORE
DEFINITIVE OF CHINA TRADE.
YOU KNOW HOW IT IS.
>> YOU HAVE TO PUSH I HAVE TO