US, China officials confirm trade talks will resume


THE TOP STORY THIS HOUR IS CHINA TRADE NEGOTIATIONS, PRESIDENT TRUMP TAKES AIM AT CHINA’S ABUSIVE TRADE POLICIES, DOUBLING DOWN ON HIS PROMISE TO SECURE A STRONG DEAL FOR THE UNITED STATES.>>CHINA HAS TAKEN ADVANTAGE OF OUR COUNTRY FOR DECADES. THEY STEAL OUR INTELLECTUAL PROPERTY, SO MANY OTHER THINGS. NOW IT’S DIFFERENT. NOW IT’S WORKING THE OTHER WAY AND TARIFFS ARE A BEAUTIFUL THING WHEN YOU KNOW HOW TO USE THEM, THEY’RE A BEAUTIFUL THING. WE’RE GOING TO BE TALKING NEXT WEEK. WE’RE TALKING NOW. THEY’RE GOING TO BE COMING TO THE UNITED STATES IN TWO OR THREE WEEKS AND WE’LL SEE WHAT HAPPENS. BUT UNLESS WE’RE GOING TO MAKE A GOOD DEAL OR A FAIR DEAL FOR OUR COUNTRY, LET’S FACE IT, WE CANNOT GO BACK TO A SITUATION, WE’RE GIVING HUNDREDS OF BILLIONS OF DOLLARS TO CHINA BECOMES STANDARD FARE. NOT GOING TO HAPPEN. WE CAN’T DO IT. MARIA: THIS COMES AS BOTH SIDES WORK TOWARD A TRUCE WITH THE NEXT ROUND OF FACE-TO-FACE NEGOTIATIONS LIKELY EARLY NEXT MONTH, EARLY OCTOBER IN DC. MY NEXT GUEST JUST RETURNED FROM CHINA WHERE HE MET WITH TOP TRADE NEGOTIATORS. JOINING US NOW IS GEORGIA SENATOR AND FORMER REEBOKS AND DOLLAR GENERAL CEO, DAVID PERDUE. THANK YOU FOR JOINING US.>>GOOD MORNING, MARIA. MARIA: WE WANT TO TALK CHINA WITH YOU. YOU’VE GOT A UNIQUE PERSPECTIVE, AS A CURRENT LAWMAKER AND THE FORMER CEO OF RETAIL GIANTS THAT WERE IN CHINA, LIKELY TO GET AFFECTED BY THE TARIFF FIGHT. YOU’RE JUST BACK FROM CHINA. WHAT HAVE YOU LEARNED?>>WELL, SENATOR DANES AND I WERE OVER THERE LAST WEEK AS A PART OF AN ONGOING EFFORT TO DEVELOP A RELATIONSHIP WITH R THEIR NATIONAL PEOPLE’S CONGRESS. WE MET WITH THEIR CHAIRMAN AND VICE CHAIRMAN. THE NEXT DAY WE MET WITH THE TRADE REP, LEO HU AS YOU MENTIONED. WE SAID THIS PRESIDENT IS VERY SERIOUS AND HAS BIPARTISAN SUPPORT IN CONGRESS TO GET A LEVEL PLAYING FIELD WITH CHINA. THE PERSPECTIVE HERE IS THAT WE HAVE A NEW FREE TRADE AGREEMENT WITH SOUTH KOREA UNDER PRESIDENT TRUMP. WE HAVE JAPAN WITH AN AGREEMENT IN PRINCIPLE. WE HAVE AN USMCA THAT IF WE PUT IT BEFORE THE HOUSE AND TODAY IT WOULD PASS IN MY OPINION AND WE HAVE EUROPE IN HERE. CHINA IS REALLY MOVING I THINK TO DEVELOP A MORE LEVEL PLAYING FIELD. IT’S A SERIOUS CONVERSATION AND IT’S GOING TO BE ONGOING FOR A WHILE, I’M AFRAID. DAGEN: SENATOR, IT’S DAGEN McDOWELL. HOW LONG IS A WHILE? THERE’S AN ELECTION COMING UP. NOT TODAY, IN NORTH CAROLINA, BUT I’M TALKING ABOUT NEXT YEAR.>>WELL, OBVIOUSLY THE BIG PICTURE HERE IS THAT WE’VE GOT TO GET A PRESIDENT INTO A SECOND TERM TO DEAL WITH WHAT YOU TALKED ABOUT JUST A MINUTE AGO AND THAT’S THIS DEBT CRISIS THAT WE HAVE AND WE HAVE TO DEAL WITH THE ENTITLEMENT PROGRAMS AND MANDATORY EXPENSES TO DO THAT. BUT I THINK RIGHT NOW WHAT WE SEE IS AN EFFORT TO GET CHINA TO THE TABLE AGAIN AND THEY’RE COMING BACK IN A FEW WEEKS AS YOU MENTIONED. I’M HOPEFUL THAT WE’LL SEE SOME PROGRESS. LOOK, WE HAVE ALREADY MADE A LOT OF PROGRESS WITH CHINA IN TERMS OF EQUAL ACCESS. WHAT WE HAVE IS SOME DIFFICULTIES WITH REGARD TO INTELLECTUAL PROPERTY RIGHTS, THE FORCED TRANSFER OF TECHNOLOGY, THE CYBER WAR, AND THE COMPLIANCE WITH THE WTO. THESE ARE REASONABLE REQUESTS THAT PRESIDENT TRUMP HAS. ISN’T IT HIGH TIME THAT SOME UNITED STATES PRESIDENT STOOD UP TO CHINA AND SAID LOOK, WE NEED EQUAL ACCESS HERE AND A LEVEL PLAYING FIELD. MARIA: JACK?>>SENATOR, IF YOU HAD TO GUESS — I WAS ONE OF THESE PEOPLE WHO THOUGHT FOR SURE WE’RE GOING TO HAVE A RESOLUTION BEFORE THE 2020 ELECTION BECAUSE THE PRESIDENT CAN’T GOING TO WANT TO GO INTO A CAMPAIGN WITH THIS HANGING OVER. NOW IT DOESN’T LOOK LIKE THAT. ARE WE TALKING YEARS THIS COULD DRAG ON?>>I’LL LET A CAREER POLITICIAN MAKE A PROGNOSTICATION ABOUT THAT. THIS IS A DEAL THAT CAN BE DONE. WE HAVE TWO SIDES THAT ARE NOT EXACTLY ON THE SAME PAGE YET. YOU’VE GOT TO RESPECT THE CHINESE, THEY’RE THE LARGEST DEVELOPING ECONOMY IN THE WORLD. THEY HE SEE US AS THE LARGEST DEVELOPED ECONOMY IN THE WORLD. I WORRY ABOUT LONG-TERM INTENTIONS THAT CHINA HAS DISCLOSED OVER THE YEARS MANY I BELIEVE WE COULD GET AN AGREEMENT IN PART BEFORE NEXT YEAR. OUR NEGOTIATORS ARE FINELY IN TUNE TO THIS. I THINK SECRETARY MNUCHIN AND AMBASSADOR ARE JOINED AT THE HIP IN TERMS OF THIS NEGOTIATION. I’M STILL HOPEFUL BY THE END OF THE YEAR WE COULD SEE NOTICEABLE PROGRESS THAT WE COULD DISCLOSE PUBLICLY. MARIA: THERE’S CHINA AND THEN THERE’S USMCA AND, YOU KNOW, WE KNOW THAT USMCA AND THE TRADE WITH CHINA AND — I’M SORRY, THE TRADE WITH MEXICO AND CANADA IS MORE THAN A TRILLION DOLLARS. $1.1 TRILLION. CHINA THE TRADING IS $500 BILLION. SO CONGRESS IS BACK IN SESSION WITH A BIG TO DO LIST. OBVIOUSLY IT FEELS LIKE THE MEXICO, CANADA SITUATION IS EVEN MORE URGENT THAN THE CHINA STORY. 11 TRADE GROUPS INCLUDING THE HE SEMICONDUCTOR INDUSTRY ASSOCIATION AND THE INTERNET ASSOCIATION ARE URGING LAWMAKERS TO PASS PRESIDENT TRUMP’S DEAL WITH MEXICO AND CANADA, IT’S A TOP PRIORITY FOR REPUBLICANS THIS FALL. IT’S STALLING IN THE HOUSE. DEMOCRATS ARE DELAYING THE VOTE. WHAT ARE YOU GOING TO DO?>>MARIA, YOU’VE GOT IT. THIS IS NOTHING BUT PURE POLITIC. THIS IS A DEAL THAT GOT EVERYTHING THE DEMOCRATS JUANED FOR THE LAST DECADE. STRONG RER LABOR REQUIREMENTS, STRONGER COMPENSATION REQUIREMENTS IN MEXICO, MEXICO’S ALREADY RATIFIED IT. CANADA’S IN THE PROCESS RIGHT NOW. I BELIEVE IF WE PUT IT ON THE FLOOR OF THE HOUSE AND SENATE IT WOULD PASS TODAY. AMERICANS WANT THIS. $68 BILLION INCREASE IN GDP, 176,000 HE POTENTIAL NEW JOBS. THIS IS A GOOD DEAL, BETTER THAN NAFTA THAT WE’RE UNDER TODAY. I CAN’T SEE ANYTHING BUT PURE POLITICS IS KEEPING THIS FROM BEING PASSED TODAY.>>SENATOR, I HAVE ONE QUESTION. YOU TALK ABOUT THIS PRESIDENT NEEDING TO BE REELECTED. RIGHT NOW, WE KNOW THE TRADE WAR IS OBVIOUSLY HITTING CHINA MORE THAN IT’S HITTING AVERAGE AMERICANS, FOR THE AVERAGE AMERICAN IT’S GOING TO COST THEM ABOUT $400 THIS I DON’T REMEMBER. BUT WHAT IF THAT DOES UPTICK BEFORE 2020? WHAT THEN?>>YOU KNOW, IN MY STATE SOYBEAN FARMERS HAVE BEEN HURT REALLY BAD BY THIS TARIFFS. THEY’RE THE STRONGEST SUPPORTERS OF THIS STRATEGY AND HERE’S WHY. BECAUSE EVERYBODY SEES THE LONG-TERM REALITY OF A LEVEL PLAYING FIELD F WE GET A LEVEL PLAYING FIELD OUR EXPORTS GO UP DRAMATICALLY. AND YOU KNOW, GUYS, IF YOU WANT TO CONTINUE TO GROW THIS ECONOMY NORTH OF 3%, WHICH WE HAVE TO DO TO DEAL WITH THE DEBT, YOU’VE GOT TO GROW EXPORTS. AND THAT’S WHAT THIS PRESIDENT’S TRYING TO DO. LOOK, WE HAD UNLEVEL PLAYING FIELDS ON MOST OF OUR TRADE AGREEMENTS FOR THE LAST 50 YEARS. ACTUALLY, SINCE WORLD WAR II, BECAUSE WE WERE TRYING TO HELP THE THIRD WORLD DEVELOP. I LIVED IN ASIA. SENATOR DANES LIVED IN ASIA. THAT’S ONE REASON WHY WE’RE TRYING TO PLAY A SMALL PART IN HELPING THIS DIMENSIONAL RELATIONSHIP WITH CHINA. BUT THIS IS A LONG-STANDING ISSUE OF OUR OWN MAKING. DAGEN: SENSE R TORE, REALLY QUICKLY — SENATOR, REALLY QUICKLY, DO THE FARMERS NEED AND WILL THEY GET ANOTHER BAILOUT FROM THE FEDERAL GOVERNMENT? I THINK THERE HAVE BEEN TWO, NORTH OF $25 BILLION TOTAL, IF MY MATH IS RIGHT. DO YOU THINK MORE MONEY IS HEADED THEIR WAY?>>WELL, WE’LL SEE. I MEAN, THE BEST THING THAT COULD HAPPEN TO FARMERS IS THE COMMODITY PRICES WOULD REBOUND. WE HAVE THE LOWEST COMMODITY PRICES IN YEARS AND THAT’S REALLY DEVASTATING RIGHT NOW NOT ONLY IN THE SOUTHEAST BUT THE MIDWEST AS WELL. AS WELL AS CALIFORNIA. SO WE’LL SEE. I THINK THE PRESIDENT HAS MOVED JUDICIOUSLY SO FAR AND HE STANDS READY OF TO BACK OUR FARMERS. WE KNOW THIS IS A STRATEGIC INDUSTRY, OVER HALF THE GDP IN GEORGIA. THE PRESIDENT’S GOT HIS EYE ON THAT FOR SURE. MARIA: ALL RIGHT. WE’LL LEAVE IT THERE.

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