tv Pres. Trump Hosts Roundtable on Foreign Investment Risk Review Process CSPAN August 24, 2018 9:45pm-10:02pm EDT
ever, he said that reason rather than passion should prevail. after believed to have the entire system is set up to slow the direct expression of popular passion so that the people can be governed in the public interest, rather than through faction, that is mob's, that favor self interest, rather than public good. -- sunday send it in night at 9:00 eastern on c-span q&a. announcer: president trump held a discussion on foreign investment and the new love that challenges the kind of transactions that can be blocked for national security reasons. this is 15 minutes.
president trump: thank you very much for being here this morning, and thank you to secretary mnuchin for joining us, and congratulations. you have done a great job. i especially want to welcome senators john cornyn, who has been working so hard lately, and especially at the border, doing things nobody else but we could do, very bad legislation. we are going to get that changed. tom cotton, mike crapo, marco rubio, and jeff hensley. i want to thank you all. this is been a tremendous thing that we are sort of announcing today, but people found out about it. interview was instrumental in passing the foreign investment risk review modernization act, so important, which was included in the national defense organization act that i signed into law earlier this month.
this will enhance our ability to protect cutting-edge american technology and intellectual property vital to our national security. we have all been reading that intellectual property and all sorts of different things of that nature are being stolen from us by other countries, and it is going to be very hard for them to do that. we have put a lot of safeguards in and we are doing a lot of things against foreign acquisition of property, and especially when they are near sensitive military installations. so, this is a very big deal, a very important deal. the people in this room are the people that really were the most instrumental in wanting it and getting it passed. because of our incredible achievements, other nations seek to steal, copy or control american intellectual property, and we have a very, very little safeguards. we have in many cases, i would say, marco, no safeguards. and now, we probably have the best there is in the world. and we will keep adding on to it. this weakens our economy, steal, destroys our
jobs and threatens the security of our economy. this new legislation provides the committee on foreign investment in the united states greater authority when it comes to reviewing foreign ownership of american firms with critical technology and intellectual property. and if we see something we don't like, some country is buying something that we don't want them to be buying, we stop it. we now have the right to stop it. they will not be stealing our companies anymore, especially companies that are quite complex. we will protect america's crown jewels of intellectual property and advanced technologies from harmful foreign investments. i look forward to a protective productive discussion with the members of congress here today, and to a certain extent, this is a celebration meeting, more so than a meeting, john, right? a meeting of the act itself, because he passed to the foreign investment risk review modernization act. we are very proud of it. it was in the making for years, and we got it done.
so, i want to very much thank the people who are in this room. this is written or group that worked so hard to get it. mike, maybe i will have you start off. if you will save a few words about what we have done -- if you will say a few words about what we've done. >> i appreciate the attention you are bringing to this issue. i do not think it is known enough, the intensity and the the efforts of other nations to steal or simply outright, purchase and access our intellectual property and our technology that is critical for national security. and, you are right, this legislation updates critical procedures that we have in the united states now, both in export controls as well as on our committee on foreign investment in the united states, to put us on americans' technology, intellectual property, and ultimately our national security. so, this is critically
important, no would say that it is important that the american people realize the scope of assault on america today that is happening across the globe. president trump: thank you. marco? sen. rubio: mr. president, i am constantly thanking you for finally standing up to china. this is the first time since 1991 that we have a near and dear competitor in the world. it was only america and everybody else, and now, we are starting to wake up to the reality that we have a competitor. cheating,titor is stealing and undermining us with virtually every tool at their disposal, and one of them is intellectual property. throughes innovated american taxpayer investments, and they use of technology, reverse engineer it and use it for their own purposes. because they seek to replace us in the world. not to be equal to us, to overtake us. there is finally someone standing up to them, and i thank your administration for making
this a priority on every front, not on national security. president trump: great job, marco. you brought it up to me the other day. our country, since the election, we are up $10 trillion in worth. unfortunately, but this is the way it goes, china, of the last four months, is down about $15 trillion. we can't allow the things that are happening to happen, and we also cannot allow, and trade to stay the way it was. $517 billion in deficits each year. that is not happening anymore. i think we are -- as you see, we are rising very rapidly, we are rising. people are saying to me, this is the first time the have ever seen that the united states is the hot country. we used to be a hot country many years ago, but now we are the hot country again. everybody wants to be here. companies are moving in, and we want some of these companies to
move and also, and they will not be protected, and we will be protected, so that it will not be the theft of high-grade technology. so, thank you, marco, i appreciate it. john? senator cornyn: we are finally taking a big step to address the national security threat imposed by china, which has grown dramatically, as others have already said. i believe china represents the foremost national security and economic challenge to our country of any other country in the world -- president trump: not russia? not russia? senator cornyn: in the long term. in addition to its military transformation and its belligerence in places like the south china sea, that senator crapo and senator rubio pointed out, they have also engaged in outright theft of our intellectual property. this addresses the problem of foreign investment made strategically to exploit gaps in the committee on foreign investment. and for them to me it would to
acquire the know-how of intellectual property that they need in order to get access to this cutting edge technology. i just want to express my appreciation to secretary mnuchin and secretary mattis, general, secretary ross and a your entire administration for the partnership, we could not have gotten this done without each of these people at the table, and certainly, the leadership of chairman crapo. on the senate side and also on the house side. this is a great accomplishment. now we need to make sure it is implemented. it is on the top of secretary mnuchin's list to make sure it operates as congress intended, in order to accomplish these goals. president trump: we want to have a big focus on russia. not enough focus is on china, and other countries, frankly, not just russia and china. probably individuals also.
but, this goes a long way, and i appreciate very much, your words. you have done a great job, thank you very much. steve? secretary mnuchin: i appreciate the opportunity to work with everybody in this room on this important legislation. i think it is an excellent example of the house and senate working together, giving us the cifius, the critical tools we need to protect investments in the united states while also allowing foreign investments in the united states. we will be launching the pilot program very quickly, and we look forward to full implementation of the legislation. so, thank you to everybody. president trump: you guys like all those cameras behind your heads? [laughter] would be trump: i very, very, i think, a longtime incoming my hair, if i were in that seat. i would take a long time. tom? senator cotton: it is a good thing that congress now recognizes china as our chief , long-term rival. we have known for a long time china has been hurting our
manufacturing sector, not buying enough of our agricultural products, and they also discriminate against our companies. they just turned down the merger between qualcomm and xp. it had nothing to do with china. it just like to hurt the jobs here. they have been conducting espionage for years. like ours look a lot jets in our military. now they are outright buying our technology. beta have to steal it anymore, especially when you have smaller companies with critical breakthroughs in technology were or artificial intelligence, what have you. this legislation will allow us to recognize those threats and to stop china from buying our most critical technology that we need to maintain our role as the world's greatest superpower. i thank you for your support of this legislation. i encourage everyone on the committee to take a tough look at what china is doing in the united states. president trump: we put a $50 million number out there.
-- $50 billion number out there, the top number is 250 billion, but of that $50 billion has to do with technology and other high-tech things, and there is a 5% tax on that now coming in. that economically also helps us. people are our be saying it is having a big effect. we are article election that money, it is a lot of money come up much of it is being collected, some of it in one week. ofis a tremendous amount money coming into the coffers of the united states, which nobody has ever seen before. nobody has ever come close, to seeing that before, actually. jeff? representative hensarling: i am glad to represent the house today. i just came from doing a series of town hall meetings in the fifth district of texas. people are enjoying, most of them, the best economy in their
lifetimes, and they send their gratitude. your leadership on the tax cuts and the jobs act, that do regulatory agenda that this administration has made, has with a really big difference. but as you know, we're not going to keep 3% plus economic growth if our intellectual property and technology is taken from us by hook and crook and ill-gotten gains and in proper leverage. with your leadership, needed gaps were filled. -- improper leverage. with your leadership, needed gaps were filled. also, mr. president, i wanted to thank you for helping unite our congress and unite our nation, because a bill that came out of the house was almost unanimous, i think we had two or three dissenting votes. so congress is united to ensure that this intellectual property theft does not continue, that we stand up to all the countries by thee not playing
rules, including, and especially, china. so i want to thank my fellow come senatorsenate crapo, but also a couple of house members who are here, the senator from north carolina, others in the house will have shaffer at it to the committee in the house, and also thank the secretary who played a very vital role, mr. president, in negotiating these differences between the house and senate and ensuring we could get this into the nda and getting your signature. so i wanted to acknowledge them as well. president trump: this is a great achievement, and i want to thank everybody in the room. great job. >> let's go. [reporters shouting questions] >> let's go, everybody out. time's up. keep moving. let's go. >> he is one of the most
qualified nominees ever picked for the supreme court, and he has contributed a great deal to his community and the legal profession, besides being an outstanding judge on the d.c. circuit court of appeals. >> judge kevin our house a special obligation to make his views on this topic clear, given thatresidents litmus test, he would only appoint judges who overturn roe v. wade. on that obligation, judge spectacularly. >> i look forward to watching his confirmation hearing and after conducting a thorough, subjective review of his nomination for miami confident that judge kavanagh will be an excellent addition to our nation's highest court. announcer: watched day one of
the senate confirmation hearing for supreme court nominee brad kavanagh, live tuesday, september 4 on c-span3. watch any time c-span.org or listen on >> sunday night on "afterwards," economist dan talks about her book "edge of chaos why democracy is failing to deliver economic growth and how to fix it." she is by champ -- jason furman. >> you wrote a book which is quite a lot of politics and political fines. >> the most important thing i think of is going out of frustration. write my interests and academic background are in economics. if you look at the global economy, there are deeply structural long-term problems
the global company -- economy has to contend with. things like demographic shifts, what the impact of technology will be for job to jobless, underclass, concerns about productivity and debt that overhang. income inequality, something that was never discussed in my phd. it's now one of the biggest three issues on the agenda. it is long-term structural problems. the people were charged with overseeing the regulatory and policy environment are very short-term and michael sick in their frame. >> watch "afterwards" sunday night on c-span2 book tv. welcomes neera tanden, the president and ceo of the center for american progress. in that position since 2011. c-span viewers are familiar with center of american progress, a progressive think