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tv   President Signs China Trade Memorandum  CSPAN  March 22, 2018 9:49pm-10:08pm EDT

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senator paul regarding this bill. i do not know for sure, but i would also ask on john's knowion, if you want to where the administration stands, look at the budget we submitted. cuts $3 trillion over the next 10 years. president's budget. we have to work at getting 60 votes in the united states senate. look at the budget that we have submitted to show where we would be making cuts. the president has taken seriously his commitment to making sure the $20 trillion in debt that has been added by the last several administrations is overturned. we put forth a is fully responsible budget. we need congress to partner with us on that. >> looks like we have to go. the president is getting ready to speak on tariffs.
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>> president trump site in them around imposes up to $60 billion in new tariffs on china. at the white house signing ceremony, he cited unfair trade practices with china. vice president pence and u.s. trade representative robert lighthizer and commerce secretary wilbur ross were also at the signing. this is 10 minutes. president trump: well, thank you very much, everybody. this has been long in the making. you have heard many, many speeches by me and talks by me and interviews where i talk about unfair trade practices. we've lost over a fairly short period of time 60,000 factories
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in our country, closed, shuttered, gone. six million jobs, at least, gone. and now they're starting to come back. you see what's happening with chrysler, with fox con, with so many other companies wanting to come back into the united states. but we have one particular problem and i view them as a friend. i have tremendous respect for president xi. we have a great relationship. they're helping us a lot in north korea. and that's china. but we have a trade deficit, depending on the way you calculate, of $504 billion. now, some people would say it's really $375 billion. many different ways of looking at it, but any way you look at
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it, it is the largest deficit of any country in the history of our world. it's out of control. we have a tremendous intellectual property theft situation going on which likewise is hundreds of billions of dollars, and that's on a yearly basis. i've spoken to the president. i've spoken to representatives of china. we've been dealing with it very seriously. as you know, we're renegotiating nafta. we'll see how that turns out. many countries are calling to negotiate better trade deals because they don't want to have to pay the steel and aluminum tariffs. and we are negotiating with various countries. mr. lighthizer, mr. ross, we are just starting the negotiation with the european union because
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they've really shut out our country to a large extent. they have barriers that they can trade with us but we can't trade with them. they have very strong barriers, very high tariffs. we don't. it's just not fair. nafta's been a very bad deal for the united states, but we'll make it better or we have to do something else. the deal we have with south korea is a very one-sided deal. it's a deal that has to be changed. so we have a lot of things happening. but in particular, with china, we are going to be doing a section 301 trade action. it could be about $60 billion, but that's really just a fraction of what we're talking about. i've been speaking with the highest chinese representatives, including the president, and i've asked them to reduce the trade deficit immediately by $100 billion.
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it's a lot. so that would be anywhere from 25%, depending on the way you figure, to maybe something even more than that. but we have to do that. the word that i want to use is reciprocal. when they charge 25% for a car to go in and we charge 2% for their car to come in to the united states, that's not good. that's how china rebuilt itself. the tremendous money that we've paid since the founding of the world trade organization, which has actually been a disaster for us, it's been very unfair to us. the arbitrations are very unfair. the judging has been very unfair. and knowingly we always have a minority and it's not fair.
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so we're talking to world trade. we're talking to nafta. we're talking to china. we're talking to european union. and i will say every single one of them wants to negotiate. and i believe that in many cases, maybe all cases we'll end up negotiating a deal. so we've spoken to china and we are in the midst of a very large negotiation. we'll see where it takes us, but in the meantime, we're sending a section 301 action. i'll be signing it right here right now. i'd like to ask bob lighthizer to say a few things about the 301 and where we are in that negotiation. we're doing things for this country that should have been done for many, many years. we've had this abuse by many other countries and groups of countries that were put together in order to take advantage of the united states and we don't want that to happen. we're not going to let that happen.
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it's probably one of the reasons why i was elected. maybe one of the main reasons. but we're not going to let that happen. we have right now an $800 billion trade deficit with the world. so think of that. so let's say we have $500 billion to $375 billion but let's say we have $500 billion with china but we have $800 billion total with the world. that would mean that china is more than half. so we're going to get it taken care of. and frankly it's going to make us a much stronger, much richer nation. the word is reciprocal. that's the word i want everyone to remember. we want reciprocal, mirror. some people call it a mirror tariff.
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or a mirror tax. just use the word reciprocal. if they charge us, we charge them the same thing. that's the way it's got to be. that's not the way it is for many, many years. for many decades it's not been that way, and i will say the people we're negotiating with smilingly they really agree with us. i really believe they cannot believe they have gotten away with this for so long. i'll talk to prime minister abe of japan and others. great guy. a friend of mine. and there will be a little smile on their face and the smile is, i can't believe we've been able to take advantage of the united states for so long. so those days are over. ambassador lighthizer, thank you. ambassador lighthizer: well, thank you very much, mr. president. section 301 is a statute that gives substantial power, authority to the president to correct actions in certain circumstances where those unfair
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acts, policies, practices by our trading partners. in this case, the area is technology. technology is probably the most important part of our economy. 44 million people who work in high technology areas. know country has as much technology intensive industry as the united states, and technology is really the backbone of the future of the american economy. given these problems, the president asked ustr to conduct a study. we conducted a thorough study. we had hearings. we reviewed tens of thousands of pages of documents. we talked to many, many business people. we had testimony, as i say, and we concluded that in fact china does have a policy of forced technology transfer of requiring licensing at less than economic value at state capitalism where they go buy technology in the united states and not economic ways and finally of cyber theft. the result of there has been
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that the president has analyzed it, we have a 200-page study which we'll put out and e.s. -- he has concluded we should place tariffs on appropriate products. we will explain later how we concluded that products we would put investment restrictions on china with respect to high technology and that we'll follow w.t.o. case because one of the actions here does involve a w.t.o. violation. this is an extremely important action. very significant. very important for the future of the country. really across industries. and i would really like to thank you very much, mr. president, for giving me the opportunity to work on it. president trump: thank you very
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secretary ross: intellectual property rights is our future and it's no accident that in june of this year the u.s. patent and trademark office will issue its 10 millionth patent. 10 million patents. there's no country in the history of the world that remotely acrosses that. so the steel and aluminum actions we've taken deal more or less with the present. this action, intellectual property rights, deals with the future. so we're trying to solve both today's problem and problems that otherwise will be forthcoming. that's why these actions are so important and so important in unison with each other. we will end up negotiating these things rather than fighting over them, in my view. president trump: mike pence, would you like to say something? vice president pence: thank you, mr. president, and to all our honored guests. today's action sends a clear message that this president, our entire administration are determined to put american jobs and american workers first. the action the president will take today under section 301 also makes it clear that the era of economic surrender is over.
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the united states of america is taking targeted and focused action to protect not only american jobs but america's technology which will power and drive an innovation economy for decades to come. it is just one more step of the promise made and a promise kept by president trump. president trump: so we'll sign right now. i just want to let everybody know just for a second time that we are in the midst of very major and very positive negotiations. positive for the united states and actually very positive for other countries also. we have some of our great business leaders and leaders, period, right behind me. i may ask marillyn lockheed, the leading women's business executive in this country,
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according to many, and we buy billions and billions of dollars worth of that beautiful f- 35. it's stealth. you cannot see it, is that correct? ms. hewson: that is correct. president trump: marillyn, say a few words. ms. hewson: this is a very important moment in our country and in that we are addressing what is a critical areas for the aerospace and defense industry, and that is protecting our intellectual property. has been expressed, that is a threat to us. if we have that stolen from our companies because that is the lifeblood of our companies so we very much welcome the action on the part of the administration and president of the united states. thank you. president trump: thank you, marillyn. this is the first of many. this was number one but this is the first of many.
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thank you all very much. marillyn. + c-span's "washington journal"
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our website has resources on backgrounds of each case. you can download the 30 minute landmark cases podcast at or from your podcast subscriber. u.s. trade representative robert lighthizer spent the second on capitol hill testifying on trade policy. the recent steel and aluminum tariffs announcement. severalined that countries would receive temporary exemptions from the tariffs. he also talked about the president's new tariffs on chinese imports and nafta negotiations. this is to have ours. a half hours.


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