Kudlow suggests a partial deal with China could be next step


NEIL: ALL RIGHT, WELCOME BACK, EVERYONE. THE DOW DOWN ONE AND A QUARTER POINTS. WHAT TOOK US OFF THE WORST LEVELS INDICATION BY LARRY KUDLOW, WHITE HOUSE ECONOMIC ADVISOR THAT A PARTIAL DEAL IS DOABLE AND IS NOT NECESSARILY DEAD ON ARRIVAL HERE. SO THE CHINA TRADE TALKS WHICH WE CALLED FOR STRUCTURAL REFORMS EVERYTHING IN CHINA, HOW THEY GET INFORMATION, INTELLIGENCE, ALL OF THAT, THAT MIGHT BE ON A BACKBURNER IF WE DO THIS. IF SO, IT WOULD BE A 180 FOR THIS WHITE HOUSE WHO WANT AD COMPREHENSIVE ACROSS THE BOARD DEAL. ALL THIS IS BASED ON CONJECTURE FROM LARRY KUDLOW COMMENTS. “WALL STREET JOURNAL” JON HILSENRATH ON THE SIGNIFICANCE OF THIS. WHAT DO YOU THINK?>>SO, NEIL, THERE HAS BEEN, THE CHINESE HAVE BEEN TALKING FOR SEVERAL WEEKS NOW ABOUT NARROWING THE SCOPE OF THE NEGOTIATIONS WITH THE U.S. THEY’RE NOT BUYING INTO THE IDEA OF MAJOR STRUCTURAL REFORM OF THEIR ECONOMY, REINING IN FOR INSTANCE, THEIR SUPPORT FOR STATE-OWNED ENTERPRISES. IT LOOKS LIKE THERE ARE PIECES IN PLACE WHERE THE TWO SIDES MIGHT AGREE TO AT LEAST CALM THINGS DOWN A LITTLE BIT. THE CHINESE, AS WE’RE REPORTING TODAY, HAVE ALREADY BEEN INCREASING THEIR PURCHASES OF U.S. SOYBEANS. SO ONE PIECE OF A POTENTIAL AGREEMENT IS, INCREASED IMPORTS OF U.S. AGRICULTURAL GOODS. THE CHINESE HAVE ALSO SIGNALED, THAT YOU KNOW, THEY’RE WILLING TO LOOK AT CHANGING HOW THEY ENFORCE INTELLECTUAL PROPERTY RULES. SO THAT IS SOMETHING THAT HAS GONE BACK SEVERAL MONTHS. THAT COULD BE A PIECE OF IT. YOU KNOW, MAYBE THEY TAKE THE STEPS IN RETURN FOR THE U.S. BACKING OFF ON THREATENED TARIFF INCREASES. OCTOBER 15th, THERE IS ANOTHER ROUND OF TARIFF INCREASES COMING. THERE IS ANOTHER ROUND AFTER THAT IN DECEMBER. SO MAYBE THEY AGREE TO SOME KIND OF DE-ESCALATION THAT DOESN’T ESOLVE THE WHOLE CONFLICT. NEIL: THE IRONY WOULD BE, THIS IS A DEAL, PROBABLY IF IT COMES DOWN TO WHAT YOU OUTLINED THAT COULD HAVE BEEN SCORED A WHILE AGO BUT EVERYONE WAS WAITING TO SEE IF A MORE COMPREHENSIVE ONE TO THE PRESIDENT’S LIKING THAT ADDRESSES INTELLECTUAL PROPERTY AND ALL THAT, COULD BE SCORED. NOW, IF THAT IS OUT, I KNOW THE WALL STREET VIEW, ANY DEAL IS BETTER THAN KNOW DEAL. MAYBE THAT WINS OUT FOR THE DAY. WHAT DO YOU THINK ARE THE IMPLICATIONS OF SUCH A DEAL?>>YOU KNOW, NEIL, I DON’T KNOW IF I AGREE WITH THIS IDEA THAT ANY DEAL IS BETTER THAN NO DEAL BECAUSE FRANKLY WHAT IS HOLDING BUSINESS BACK RIGHT NOW IS THIS UNCERTAINTY ABOUT THE TRADE LANDSCAPE, AND HOW IT IS GOING TO PLAY OUT. IF THEY DO SOME KIND OF A PARTIAL DEAL WHERE THERE IS STILL TARIFFS IN PLACE AND THERE MIGHT BE MORE PUT ON DOWN THE LINE, I DON’T THINK IT NECESSARILY REDUCES THAT UNCERTAINTY THAT’S HOLDING EXECUTIVES BACK FROM INVESTING. NEIL: I THINK YOU’RE RIGHT. I’M SORRY, MY FRIEND, BUT THE LATEST REMINDER THIS HOUSTON ROCKETS GENERAL MANAGER HAD TO APOLOGIZE FOR A TWEET SUPPORTING THE HONG KONG PROTESTERS AND THEN EVERYONE JUMPING UGLY ABOUT IT. DON’T OFFEND CHINA, DON’T OFFEND CHINA. WE THOUGHT WE PROGRESSED FROM THAT BUT THIS IS A CLEAR REMINDER, NO, WE HAVEN’T.>>THIS BRINGS, THIS WHOLE NEGOTIATION IT SHOWS HOW IT GOES BEYOND JUST TRADE AND REFORM OF THE CHINESE ECONOMY. THE PRESIDENT IS EMBROILED RIGHT NOW IN IMPEACHMENT PROCESS HERE IN THE UNITED STATES. HE IS ALSO BROUGHT THE CHINESE INTO THE QUESTION OF WHETHER THEY SHOULD BE INVESTIGATING THE BIDEN FAMILY. THE CHINESE HAVE, YOU KNOW, THIS CRISIS ON THEIR HANDS IN HONG KONG WITH CIVIL UNREST. AND THOSE ISSUES, YOU HAVE TO THINK, YOU KNOW, I THINK FOR THE NEGOTIATORS ON THE TRADE FRONT, THEY’RE TRYING TO PUT, PUT THEM OUT OF THE PICTURE BUT I THINK FOR THE TOP LEAD ES, FOR PRESIDENT XI AND PRESIDENT TRUMP, THOSE THINGS WILL WEIGH INTO THINGS. AND YOU KNOW, THERE IS A LOT OF MILESTONES IN THE NEXT FEW WEEKS INCLUDING POTENTIALLY A MEETING IN NOVEMBER WHERE WE HAVE TO SEE HOW THE SIDE STORIES PLAY INTO THE OVERALL THINKING. NEIL: IT MAKES YOU WONDER, I KNOW YOU REPORTED ON THIS A LOT, U.S. INTERESTS TO DO BUSINESS IN CHINA AND CONTINUE DOING BUSINESS IN HONG KONG WHERE WE’VE HAD THESE PROTESTS THEY WILL DO ANYTHING BUT TRY TO BRING ON THE WRATH OF CHINA BECAUSE THEY ALL OF SUDDEN KNOW THEIR BUSINESS IS SCREWED, A LOT OF OTHER BUSINESS OPPORTUNITY ARE HURT. EVEN IN THE CASE OF A PROFESSIONAL BASKETBALL FRANCHISE, THAT IS HELD INTO QUESTION. SO WE STILL KIND OF SUCK UP TO THEM, DON’T WE?>>ABSOLUTELY. YOU HAVE TO REMEMBER THAT AMERICAN BUSINESS, AMERICAN MULTINATIONALS, SPENT THE LAST QUARTER CENTURY BUILDING A MANUFACTURING FOOTPRINT IN CHINA. THAT IS THEIR MAIN SOURCE OF PRODUCTION. ALSO DOING EVERYTHING THEY CAN TO TAP CHINESE CONSUMERS WHICH IS THIS LARGE CONSUMER BASE, ONE OF THE FASTEST GROWING CONSUMER BASES IN THE WORLD, FOR COUNTRIES LIKE GENERAL MOTORS, APPLE, IT’S A HUGE AIR FOR BUSINESS AND THE NBA. AMERICAN COMPANIES ARE KIND OF STUCK IN THE MIDDLE OF THIS CONFLICT BETWEEN AMERICAN WORKERS WHO PRESIDENT TRUMP IS SIDING WITH AND THE CHINESE AND, YOU KNOW AMERICAN BUSINESS IS NOT IN A GOOD PLACE RIGHT NOW. NEIL: SO WE MANAGED TO GET MORE SOYBEANS SOLD, SOME OTHER THINGS, HOPEFULLY WE’LL BE GOOD BUT SOME OF THE CORE ISSUES NOT SO GOOD?>>AND ON THE SOYBEANS LET’S NOT FORGET WE WERE SELL THE CHINESE A LOT OF SOYBEANS AND THEY HAVE CUT BACK ON HOW MUCH THEY — YOU HAVE TO WONDER IF THEY WILL RAMP BACK UP THEIR AGRICULTURAL IMPORTS TO WHERE THEY WERE AND, WE MIGHT BE ASKING OURSELVES IN

Market strategist predicts no major deal with China


NOW IT’S THE CREW. LET’S BRING IN MARKET WATCHER BOB DOLL. HE’S WITH NUVEEN. BOB, YOU SAY A TRADE DEAL IS NOT GOING TO GET DONE. AM I RIGHT THAT YOU ARE SAYING THAT?>>WELL, A BIG TRADE DEAL, THE ONE WE EXPECTED. MIGHT WE GET A LITTLE SOMETHING SO WE CAN CHECK THE BOX, I THINK THAT’S POSSIBLE. LOOK, STUART, THIS IS THE MOST IMPORTANT TRADE RELATIONSHIP IN THE WORLD. WE NEED EACH OTHER BUT NEITHER SIDE GETTING HURT ENOUGH TO COME TO THE OTHER SIDE ON HANDS AND KNEES AND SAY CAN WE PLEASE TALK. SO WE HAVE THESE DANCES. LET’S HOPE WE CAN COME TO AN AGREEMENT, AGREE TO DISAGREE ON SOME THINGS, AGREE TO AGREE ON OTHER THINGS AND MOVE ON. STUART: OKAY, BUT NO BIG-TIME MAJOR DEAL SETTLING INTELLECTUAL PROPERTY, THE THEFT OF TECHNOLOGY, THAT’S NOT GOING TO HAPPEN, YOU THINK. OKAY.>>I DON’T THINK SO. STUART: COULD BE A NEGATIVE FOR THE MARKET.>>THE TWO SIDES ARE STILL PRETTY FAR APART. STUART: I KEEP SAYING IT. DESPITE IT ALL, THAT WOULD BE DESPITE IMPEACHMENT, DESPITE WHAT’S GOING IN HONG KONG RIGHT NOW, IT LOOKS LIKE THE MARKET JUST WANTS TO GO UP AND IT IS UP ON THIS OCTOBER 1st. CAN I SAY THAT, BOB? THE MARKET JUST WANTS TO GO UP AT THIS POINT?>>I AGREE, STUART. IT’S BEEN RESILIENT NO MATTER WHAT WE THROW AT IT. IT JUST SEEMS TO HANG IN THERE. IT’S NOT GOING UP A LOT. 100 POINTS IS GREAT TODAY BUT WE HAVE KIND OF BEEN STUCK NOW FOR A FEW MONTHS AROUND THIS LEVEL. LET’S HOPE THIRD QUARTER EARNINGS ARE STRONG ENOUGH THAT WE HAVE A SHOT AT PUSHING THROUGH THAT AND GETTING RID OF THIS LONG TRADING RANGE. STUART: WHAT’S YOUR FORECAST FOR THIRD QUARTER EARNINGS? HOW MUCH ARE THEY GOING TO BE UP COMPARED TO LAST YEAR?>>UP A SCOCHE. THE CONSENSUS IS MINUS 2%. THEN YOU PUT THE NORMAL BEAT FACTOR ON TOP OF THAT AND I THINK WE WILL GET MILDLY POSITIVE. AS IMPORTANT WILL BE THE OUTLOOK FOR THE BALANCE OF THE YEAR AND EVEN MORE IMPORTANT, WHAT’S GOING TO HAPPEN IN 2010 — 2020. WILL THE 10% INCREASE, THE CONSENSUS EXPECTS, HAVE A CHANCE? I’M HOPEFUL BUT FEARFUL. STUART: AT THIS POINT, I DON’T FEEL LIKE SELLING ANY OF THE STOCKS THAT I OWN. I GET THE SAME IMPRESSION FROM MANY OF OUR VIEWERS. IS THAT WHERE YOU ARE RIGHT NOW?>>GENERALLY SPEAKING. WE CAN STILL FIND STOCKS THAT WE LIKE THAT HAVE GOOD CASH FLOW, DECENT EARNINGS, SELLING AT REASONABLE VALUATION. THERE ARE PARTS OF THE MARKET THAT ARE EXPENSIVE BUT OTHER PARTS WHERE FUNDAMENTALS ARE GOOD. WE’RE STILL PLAYING THE GAME. STUART: WE ARE UP 118 ON THE DOW.

US reaches trade deal with Japan


GRIFF: FOX NEWS ALERT YOU’RE SEE ING HERE PRESIDENT TRUMP SITTING DOWN WITH PRIME MINISTER LET’S TAKE A LISTEN. PRESIDENT TRUMP: IT’S A LONG TIME AND IT INVOLVES AGRICULTURAL AND IT INVOLVES E-COMMERCE AND MANY OTHER BIG THINGS AND IT’S A VERY BIG TRANSACTION AND WE’VE AGREED IN PRINCIPLE, IT’S GOING TO BE BILLIONS OF DOLLARS, TREMENDOUS FOR THE FARMERS AND ONE OF THE THINGS THAT THE PRIME MINISTER HAS ALSO AGREED TO IS WE HAVE EXCESS CORN, AND IN VARIOUS PARTS OF OUR COUNTRY, WITH OUR FARMERS, BECAUSE CHINA DID NOT DO WHAT THEY SAID THEY WERE GOING TO DO AND PRIME MINISTER, ON BEHALF OF JAPAN, THEY ARE GOING TO BE BUYING ALL OF THAT CORN AND THAT’S A VERY BIG TRANSACTION. THEY ARE BUYING IT FROM OUR FARMERS, SO THE DEAL IS DONE IN PRINCIPLE. WE PROBABLY WILL BE SIGNING IT AROUND THE DAY WHICH WE WILL LOOK FORWARD TO AND WE’RE VERY FAR DOWN THE LINE. WE’VE AGREED TO EVERY POINT AND NOW WE’RE PAPERING IT AND WE’LL BE SIGNING IT AT A FORMAL CEREMONY AND I JUST WANT TO THANK THE PRIME MINISTER AND THE JAPANESE PEOPLE. YOU’VE BEEN A FANTASTIC FRIEND AND WE VERY MUCH APPRECIATE IT, THIS WITH TREMENDOUS DEAL FOR THE UNITED STATES. IT’S A REALLY TREMENDOUS DEAL FOR OUR FARMERS AND AGRICULTURAL RANCHES AND ALSO INVOLVES OTHER THINGS INCLUDING AS I SAID E-COMMERCE, SO IT’S VERY BIG AND WE LOOK FORWARD TO IT AND THANK YOU VERY MUCH.>> [SPEAKING IN A FOREIGN LANGUAGE]>> [TRANSLATING]>> [RESPONDING IN TRANSLATION]>> WITH REGARD TO THE U.S. TRADE AGREEMENTS A SERIES OF INTENSIVE NEGOTIATIONS HAS BEEN CONDUCTED KEEPING IN MIND WITH HOW THE ECONOMY WITH JOINT STATEMENTS ON SEPTEMBER 26, AND HOW WE SUCCESSFULLY REACHED CONSENSUS WITH REGARD TO THE CORE ELEMENTS OF BOTH THE AGRICULTURAL AND INDUSTRIAL PRODUCTS AT OUR BILATERAL MEETING ON AUGUST 23 AND I CERTAINLY WELCOME THIS DEVELOPMENT.>> [TRANSLATING]>> AND MR. PRESIDENT, HAD POINTED OUT, NEXT MONTH, AT THE END OF SEPTEMBER, BOTH OF US ARE GOING TO ATTEND THE GENERAL ASSEMBLY AND ON THAT OCCASION, THAT THE BILATERAL SUMMIT MEETING SO WE CERTAINLY WILL SIGN THIS JAPAN U.S. TRADE AGREEMENT ON SEIZING THAT OPPORTUNITY AND WE STILL HAVE SOME REMAINING WORK THAT HAS TO BE DONE AT THE WORKING LEVEL, NAMELY, FINALIZING THE WORDING OF THE TRADE A TREEMENT AND ALSO FINALIZING THE CONTENT OF THAT AGREEMENT ITSELF, BUT WE WILL MAKE SURE THAT OUR TEAMS WOULD ACCELERATE THE REMAINING WORK SO AS TO ACHIEVE THIS GOAL OF REALIZING THE FINDINGS OF THE AGREEMENT ON THE MARGINS OF THE UN GENERAL ASSEMBLY AT THE END OF SEPTEMBER.>> [TRANSLATING]>> AND I’M VERY HAPPY THAT BOTH OF OUR TEAMS HAVE BEEN WORKING ON THIS SPECIFIC ISSUE IN A WIN- WIN MANNER FRAMING BOTH THE BENEFITS TO JAPAN AND THE UNITED STATES, AND IF WE ARE TO SEE THE ENTRY INTO THE COURSE OF THIS TRADE AGREEMENT, I’M QUITE SURE THAT THERE WILL BE AN IMMENSE POSITIVE IMPACT ON BOTH THE JAPANESE AS WELL AS THE AMERICAN ECONOMY. PRESIDENT TRUMP: PERHAPS YOU MAY WANT TO DISCUSS THE ADDITIONAL PURCHASE OF ALL OF THAT CORN BECAUSE WE HAVE HAVE A TREMENDOUS AMOUNT RIGHT NOW AND WE’VE BEEN WORKING WITH THE FARMERS AND MAKING VERY VERY LARGE PAYMENTS FOR THE UNFAIR WAY THEY WERE TREATED BY CHINA, AND FARMERS ARE VERY HAPPY. THEY LIKE THEIR PRESIDENT. THEY’RE VERY HAPPY BUT I THINK IT’S EVEN BETTER AND THEY’RE EVEN HAPPIER WHEN THEY HEAR YOU’RE ACTUALLY BUYING THEIR PRODUCT SO PERHAPS YOU COULD SAY A COUPLE OF WORDS JUST ABOUT THE HUNDREDS OF MILLIONS OF DOLLARS OF CORN, EXISTING CORN, THAT’S THERE, THAT YOU’LL BE BUYING.>> [TRANSLATING]>> [IN TRANSLATION]>> WITH REGARD TO THE POTENTIAL PURCHASE OF AMERICAN CORN, IN JAPAN, HOWEVER, WE’RE NOW EXPERIENCING INSECTS PESTS ON THE AGRICULTURAL PRODUCTS AND THERE IS A NEED FOR US TO BUY CERTAIN AMOUNTS OF THE AGRICULTURAL PRODUCTS AND THIS WILL BE DONE BY THE JAPANESE PRIVATE SECTOR, AND THAT MEANS THAT THE JAPANESE CORPORATION WILL NEED TO BUY ADDITIONAL AGRICULTURAL PRODUCTS, AND WE BELIEVE THAT THERE IS A NEED, FOR US TO IMPLEMENT EMERGENCY SUPPORT MEASURES FOR THE JAPANESE PRIVATE SECTOR, TO HAVE THE PURCHASE OF THE CORN. OF COURSE, WITH THE UNDERSTANDING BY THE JAPANESE PRIVATE SECTOR, SO THAT’S WHY, AGAIN, I DO THINK THAT THERE IS A POSSIBILITY FOR US TO ADDRESS THIS ISSUE, AND WITH REGARD TO FURTHER DETAILS, I’D LIKE TO CONTINUE DISCUSSING WITH YOU, MR. PRESIDENT. PRESIDENT TRUMP: AND THE JAPANESE PRIVATE SECTOR LISTENS TO THE JAPANESE PUBLIC SECTOR VERY STRONGLY. I’M NOT SURE. IT’S A LITTLE DIFFERENT IN THIS COUNTRY, PERHAPS BUT THEY’RE VERY RESPECTFUL FOR THE PUBLIC SECTOR, SO WHEN I HEAR THE PRIVATE SECTOR HAS AGREED TO THIS WE’RE VERY HAPPY ABOUT THAT AND I JUST LIKE TO ASK, PERHAPS YOUR COUNTERPART IF YOU’D LIKE TO SAY A FEW WORDS?>> [TRANSLATING]>> THANK YOU, MR. PRESIDENT, PRIME MINISTER, THANK YOU. FIRST OF ALL, WHAT WE HAVE IS ON PRINCIPLE WE HAVE THREE PARTS, AGRICULTURE, INDUSTRIAL TARIFFS, AND PAY AND FROM OUR POINT OF VIEW IT IS EXTREMELY IMPORTANT TO OUR FARMERS AND RANCHERS AND THOSE PEOPLE WHO WORK IN THE SPACE WE’LL GIVE THEM DETAILS AT ANOTHER TIME BUT GENERALLY, JAPAN IS OUR THIRD LARGEST AGRICULTURAL MARKET AND THEY IMPORT ABOUT $14 BILLION WORTH OF GOODS AND THIS WILL OPEN OUR MARKETS TO OVER $7 BILLION OF THOSE PRODUCTS.>> [TRANSLATING]>> IN THE AGRICULTURE AREA, IT WILL BE A MAJOR BENEFIT FOR BEEF , PORK, DAIRY PRODUCTS, WINE , ETHANOL, AND A VARIETY OF OTHER PRODUCTS.>> [TRANSLATING]>> IT WILL LEAD TO SUBSTANTIAL REDUCTIONS IN TARIFFS AND NON- TARIFF BARRIERS, ACROSS-THE-BOARD, AND I’LL JUST GIVE YOU ONE EXAMPLE. JAPAN IS BY FAR, OUR BIGGEST BEEF MARKET. WE SELL OVER $2 BILLION WORTH OF BEEF TO JAPAN AND THIS WILL ALLOW US TO DO SO WITH LOWER TARIFFS AND TO COMPETE MORE EFFECTIVELY WITH PEOPLE PARTICULARLY COUNTRIES AND EUROPE.>> [TRANSLATING]>> SO IT’S VERY GOOD NEWS FOR OUR FARMERS AND RANCHERS BUT IT’S ALSO GOOD NEWS FOR THOSE WHO WORK IN THE DIGITAL E-COMMERCE SPACE, WHERE IT IS THE GOLD STANDARD OF AN INTERNATIONAL AGREEMENT. THIS IS AN AREA THAT NOT ONLY HAS BEEN IMPORTANT TO THE PRESIDENT BUT HAS BEEN OF PARTICULAR IMPORTANCE TO THE PRIME MINISTER.>> [TRANSLATING]>> SO WE’RE VERY EXCITED ABOUT THIS AGREEMENT. WE LOOK FORWARD TO FINISHING THE ADDITIONAL WORK AND HAVING IT BE IMPLEMENTED AS SOON AS POSSIBLE, IN JAPAN AND THE UNITED STATES.>> [TRANSLATING] PRESIDENT TRUMP: THANK YOU.>> I’D LIKE TO MENTION BASED ON THE JAPAN/U.S. JOINT STATEMENT WITHING THE TWO LEADERS HAVING MET ON THE 26TH OF SEPTEMBER LAST YEAR, BUT A SERIES OF MEETINGS THERE WITH THE NEGOTIATION ON JAPAN/U.S. TRADE AGREEMENT.>> [TRANSLATING]>> THE UNITED STATES IS THE LARGEST ECONOMY IN THE WORLD, HOWEVER JAPAN IS ALSO RANKED THIRD IN THE TERMS OF THE TOTAL GDP AND ALSO WE ARE THE VERY FIRST AND THE SECOND LARGEST ECONOMY, AND WITH THIS MILESTONE ACHIEVEMENT, WE NOW HAVE THE CONCURRENCE ON VARIOUS ISSUES COVERING THE INDUSTRIAL PRODUCT AND ALSO THE DIGITAL PRODUCT AND E-COMMERCE, AND THIS ACHIEVEMENT , I’M VERY HAPPY AS TO SHARE THIS IMPORTANT ACHIEVEMENT WITH YOU.>> [TRANSLATING] PRESIDENT TRUMP: THANK YOU.>> AND ON THIS OCCASION, MYSELF AND MASTER LIGHTHIZER HAD A CHANCE ON WHAT WE HAD AGREED AND HOW WE SUCCESSFULLY GAINED ENDORSEMENT FROM PRESIDENT TRUMP AND ALSO PRIME MINISTER AND THE KEY MISSION, HOWEVER, WITH MYSELF IS TO COMPLETE THE REMAINING WORK AS SOON AS POSSIBLE, BUT FIRST, HOW I HAVE MY OWN TEAM, WHICH WE WILL FOCUS ON COMPLETING THE REMAINING WORK AND I CERTAINLY HOPE THAT THE WORK BETWEEN MYSELF AND AMBASSADOR LIGHTHIZER AND ALSO BETWEEN THE AMERICANS WE WOULD LIKE TO HAVE TO COMPLETE THE REMAINING WORK AS SOON AS POSSIBLE. PRESIDENT TRUMP: THANK YOU, AND I APPRECIATE IT. REPORTER: MR. PRESIDENT? PRESIDENT TRUMP: YES? REPORTER: WILL THE MATERIALS REMAIN IN PLACE? PRESIDENT TRUMP: WITH REGARD TO CHINA? REPORTER: WITH REGARD TO JAPAN.>> THERE ARE A SEARS OF INDUSTRIAL TARIFFS THAT REMAIN REDUCED. OUR TARIFFS ARE NOT IN THAT GROUP. PRESIDENT TRUMP: THAT DEPENDS ARE YOU TALKING ABOUT JAPAN OR CHINA? THAT’S ALL I CAN TELL YOU IS CHINA REMAINS. JAPAN THEY STAY THE SAME. THEY ARE THE SAME. THIS IS A MASSIVE PURCHASE OF WHEAT ALSO IN ADDITION TO EVERYTHING ELSE THIS IS A VERY LARGE PURCHASE OF WHEAT, AND THE VERY VERY LARGE ORDER OF CORN THAT WILL GO QUICKLY, BUT IMPORTANTLY, IT’S SOMETHING THAT WASN’T IN THE AGREEMENT AND WE MAY VIEW THAT AS A SUPPLEMENTARY AGREEMENT BUT WE APPRECIATE THAT VERY MUCH. WE JUST AGREED TO THAT ON THE OTHER SIDE OF THE DOOR, SO I JUST APPRECIATE THAT VERY MUCH, AND WE’LL DO A GREAT JOB AND THE FARMERS ARE VERY THANKFUL. [TRANSLATING]>> MR. PRESIDENT ON A SEPARATE ISSUE THERE ARE REPORTS THAT THE IRANIAN FOREIGN MINISTER IS COMING TO BIARRITZ. CAN YOU CONFIRM THAT? PRESIDENT TRUMP: NO COMMENT.>> [TRANSLATING] PRESIDENT TRUMP: THANK YOU VERY MUCH, EVERYONE.>> THANK YOU, GUYS.>> THANK YOU. GRIFF: DONE IN PRINCIPLE PRESIDENT TRUMP ANNOUNCING A MAJOR TRADE DEAL WITH JAPAN AND IT WILL INVOLVE WHEAT AND A LARGE AMOUNT OF CORN, AND PRIME

Trump: ‘I will not accept a bad deal’ with China


TO CONFRONT THESE UNFAIR PRACTICES I PLACED MASSIVE TARIFFS ON MORE THAN $500 BILLION WORTH OF CHINESE-MADE GOODS. ALREADY AS A RESULT OF THESE TARIFFS SUPPLY CHAINS ARE RELOCATING BACK TO AMERICA AND TO OTHER NATIONS AND BILLIONS OF DOLLARS ARE BEING PAID TO OUR TREASURY. THE AMERICAN PEOPLE ARE ABSOLUTELY COMMITTED TO RESTORING BALANCE TO OUR RELATIONSHIP WITH CHINA. HOPEFULLY WE CAN REACH AN AGREEMENT THAT WOULD BE BENEFICIAL FOR BOTH COUNTRIES. BUT AS I HAVE MADE VERY CLEAR, I WILL NOT ACCEPT A BAD DEAL FOR THE AMERICAN PEOPLE. AS WE ENDEAVOR TO STABLIZE OUR RELATIONSHIP WE’RE ALSO CAREFULLY MONITORING THE SITUATION IN HONG KONG. THE WORLD FULLY EXPECTS THAT THE CHINESE GOVERNMENT WILL HONOR ITS BINDING TREATY, MADE WITH THE BRITISH AND REGISTERED WITH THE UNITED NATIONS IN WHICH CHINA COMMITS TO PROTECT HONG KONG’S FREEDOM, LEGAL SYSTEM AND DEMOCRATIC WAYS OF LIFE. HOW CHINA CHOOSES TO HANDLE THE SITUATION WILL SAY A GREAT DEAL ABOUT ITS ROLE IN THE WORLD IN THE FUTURE. WE ARE ALL COUNTING ON PRESIDENT XI AS A GREAT LEADER. THE UNITED STATES DOES NOT SEEK CONFLICT WITH ANY OTHER NATION. WE DESIRE PEACE, COOPERATION,

What could a trade deal between the US and UK look like?


NEIL: ALL RIGHT. THE PRESIDENT WE ARE TOLD IS ON THE VERGE OF MAKING GOOD ON A CHINESE GOODS. SO THOSE TALKS OR LACK THEREOF DON’T APPEAR TO BE ADVANCING ALONG BUT THE PRESIDENT AS YOU KNOW HAS HAD CONSISTENT PREFERENCE FOR ONE-ON-ONE TRADE DEALS. HE WENT THAT WAY WITH MEXICO. A AGREEMENT GOING WITH THE EUROPEAN COMMISSION TO GET AT LEAST EUROPEANS TO BUY MORE AGRICULTURAL GOODS, NOW WITH HER MAJESTY’S KINGDOM, GREAT BRITAIN. WHO KNOWS THAT BETTER, EUROPEAN PARLIAMENT MEMBER, FAVORITE OF THIS SHOW, DARRELL AM MONDAY.>>HOW ARE YOU? NEIL: THE DEAL TO COME TOGETHER, EXPLAIN WHAT THIS IS ABOUT?>>BOTH SIDES ARE COMMITTED TO HAVING A DEAL. NEIL: U.S. AND BRITAIN.>>EITHER THE TWO GOVERNMENTS WANT IT. WE SPEAK THE SAME LANGUAGE. YOU’RE ALREADY OUR SINGLE A MILLION BRITS OUT THERE CLOCK IN EVERY DAY TO WORK FOR AMERICAN COMPANY. THERE ARE A MILLION AMERICANS WORK FOR A BRITTISH COMPANY. IT’S A NATURAL FIT. WE HAVEN’T BEEN ABLE TO DO THE TRADE DEAL BECAUSE WE’RE IN THE EUROPEAN UNION. NOW THE DOOR IS OPEN. THE QUESTION HOW DO WE MAXIMIZE THE OPPORTUNITY? HOW DO WE GET A TRADE DEAL WORKS FOR LITTLE GUY AND NOT JUST FOR CORPORATES, MULTINATIONALS, THAT DELIVERS MORE LOWER PRICES AND COMPETITION FOR CONSUMERS? THE BASIC IDEA I’M PUSHING, A LAUNCHING A PROPOSAL 10 THINK TANKS ARE WORKING ON BOTH SIDES OF THE ATLANTIC INCLUDING ALL CRAZY –>>INCLUDES MANHATTAN, HERITAGE,. NEIL: FAIR AND BALANCED THINK TANKS.>>FIRST TIME AS FAR AS ANYONE KNOW COLLABORATED ON THE SAME PROJECT WHICH IS GREAT. REALLY ANY COST TO THE GOVERNMENTS. THE IDEA WE WOULD SIMPLY SAY, WHATEVER IS LEGAL IN YOUR COUNTRY IS AUTOMATICALLY LEGAL IN OUR AND VICE VERSA. THIS SHOULD APPLY TO SERVICES, TO PROFESSIONAL QUALIFICATIONS. IF A DRUG IS APPROVED BY THE FDA THAT SHOULD BE GOOD ENOUGH. IF A GUY IS QUALIFIED TO WORK AS TRADER IN LONDON, HE SHOULD BE ABLE TO PRACTICE ON WALL STREET AND VICE VERSA. IF YOU DID THAT, INSTEAD OF HAVING COMMON STANDARDS, OBAMA WAY OF DOING IT, COMMON RULES ON THREATENED BEFORE THE “BREXIT” VOTE, BE A PITY IF SOMETHING HAPPENED THAT WENT AGAINST YOUR INTERESTS.>>IT IS VERY INTERESTING, THE PRESIDENT TALKS ABOUT A TRADE DEAL WITH THE UK, OBVIOUSLY BEING PRESIDENT TRUMP HE USES HIS HABITUAL SUPERLATIVES. IT WILL BE INCREDIBLY BEAUTIFUL TRADE. YOU KNOW WHAT? IT REALLY COULD BE. ALL THOSE SUPERLATIVES COULD BE JUSTIFIED IF WE DID A DEAL FOR MUTUAL RECOGNITION. NEIL: WE TAKE IT AWAY, BRITAIN THIS QUEBEC TO THE ASTONISHMENT OF HIS FELLOW LEADERS, WHY DON’T LET’S TAKE HIM SERIOUSLY AND LITERALLY. AT LEAST WITH AN ADVANCED COUNTRY WITH SIMILAR LEVEL OF WAGES WHERE NONE OF ISSUES ABOUT OFFSHORING SO AN ARRIVES. WHY DON’T WE TRY TO DO THAT. IF WE CAN MAKE IT WORK BETWEEN THE UK AND UNITED STATES, LET’S BRING IN OTHER LIKE-MINDED COUNTRIES, OTHER ENGLISH SPEAKING COMMON RULE COUNTRIES. LET’S MAKE A TRADE NEXUS. THE IDEA “BREXIT” GOES THROUGH AND BRITAIN LEAVES THE FOLD SO TO SPEAK, YOU WILL BE ABANDONED>>WELL WE’RE IN THE EU. WE’RE NOT ALLOWED TO NEGOTIATE SOMEONE ELSE. WE’RE SCOPING TRADE DEALS. INTERNATIONAL LAW IS FUZZY — NEIL: I ALWAYS THOUGHT THAT WAS AMERICAN EXPRESSION?>>MAYBE IT IS. MAYBE THAT GETS US OVER THE WITH TRADE DEALS ARE COUNTRIES IF YOU LIKE INNEROPERABLE, METHOD, SAME KIND OF PROFESSIONAL CREDENTIALS. ISRAEL I WOULD PUT IN THAT NEIL: THIS BECOME AS BLUEPRINT COUNTRY BY COUNTRY BASIS?>>I HOPE SO. WHAT WE TENDED TO DO UP TILL NOW OR WHAT THE WORLD TENDED TO DO CORPORATIST DEALS SAY IF YOU WANT TO SELL ME SOMETHING IT HAS TO MEET ALL OF THESE STANDARDS. WHAT HAPPENS IS THAT THE BIG CORPORATES ON BOTH SIDES OF THAT DEAL TRY AND MAXIMIZE THE DIFFICULTY OF CONFORMING WITH THE STANDARDS SO THAT NO NEW ENTRANT CAN COME TO COMPETE AGAINST THEM. THAT WAS HAPPENING WITH THE TTIP DEAL WHICH THE PREVIOUS ADMINISTRATION WAS DISCUSSING WITH EUROPE. THERE ARE ELEMENTS IN THE TRANS-PACIFIC PARTNERSHIP. LET’S GET AWAY FROM ALL OF THAT, JUST GO FOR BASIC RECIPROCITY. MOMENT ABOUT U.S. BEEF. YOUR DELICIOUS BEEF INVOLVES HORMONES THE REASON THEY’RE BANDED IN EUROPE. THE REASON THEY’RE BANDED IN EUROPE, PURE PROTECTIONISM. THERE WAS A GLUT IN THE ’90s. CAME OUT WITH UNSCIENTIFIC BAN BASICALLY EXCLUDES EVERY OTHER COUNTRY THAT USES THESE HORMONES. THE U.S. IS OBVIOUSLY FUNCTIONING COUNTRY. PEOPLE EAT A LOT OF BEEF, WE WOULD KNOW ABOUT IT. NEIL: THEY ARE GLOWING AT NIGHT. AMERICANS I THINK WE WOULD KNOW LET’S NOT FORBID YOU TO EIGHT IT EITHER. THAT IS MY APPROACH. HAD THE BIG “BREXIT” VOTE, A LOT OF PEOPLE IN INTERIM WITH WAVES OF THIS WHOLE THING, THEY WANT IS THAT VIEW STILL OUT THERE? A LOT OF BRITS ARE CONCERNED? I KNOW IN SCOTLAND THAT WAS A ANY REGRETS, FULL THROTTLE?>>OPINION POLLS ALMOST NO SHIFT THE VOTE SHOWED MAJORITY THE OTHER WAY. THEY TURNED OUT TO BE WRONG. NEIL: YOU’RE RIGHT.>>YOU KNOW, I DO THINK IT WAS A AND IN THE END THE DEAL WE GET WILL HAVE TO REFLECT THAT. IT WILL HAVE TO REFLECT THE FACT SCOTLAND, NORTHERN IRELAND, TWO OF THE FOUR CONSTITUENTS VOTED TO STAY. THAT MEANS WE’LL HAVE TO TREAT NEIL: WAVER YOU GUYS DO THEY HAVE TO GO ALONG WITH IT, RIGHT?>>I DON’T THINK YOU CAN INTERPRET A 4 8-52 VOTE TO SEVEN HAVE YOU EVER ALL TIES. OUR GEOGRAPHY AND POSITION. WE LIKE THEM. THEY ARE OUR FRIEND. WE WANT RICH NEIGHBORS. RICH NEIGHBORS MAKE GOOD CUSTOMERS. NEIL: WHAT ABOUT THE FRENCH GOVERNMENT?>>THE CURRENT FRENCH GOVERNMENT IS PROBABLY BEING THE MOST DIFFICULT IN THESE TALKS BECAUSE THEY ARE KIND OF AFFRONTED WITH THE WHOLE THING. YEAH, WE HAVE AS YOU HAVE DIFFICULTIES WITH THE FRENCH OVER THE YEARS. WE KNOW THEY’RE ON THE SIDE OF DEMOCRACY WHEN THE CHIPS ARE DOWN. THANK YOU VERY MUCH. NEIL: DANIEL HAMMOND, SPEAKS HIS MIND.