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00:00Good, thank you. And we saw the successful negotiating strategy that President Trump
00:05implemented a week ago today. It has brought more than 75 countries forward to negotiate.
00:13It took great courage, great courage for him to stay the course until this moment.
00:18And what we have ended up with here, as I told everyone a week ago in this very spot,
00:26do not retaliate and you will be rewarded. So every country in the world who wants to come
00:33and negotiate, we are willing to hear you. We're going to go down to a 10% baseline tariff for them
00:43and China will be raised to $125,000 due to their insistence on escalation.
00:52China is the most imbalanced economy in the history of the modern world
00:56and they are the biggest source of the U.S. trade problems. And indeed, they are problems
01:02for the rest of the world because what we've seen is that as the U.S. announced the tariff wall last
01:09week, many of those goods have already started flooding into Europe.
01:14So as you see it now, this trade war is China versus the rest of the world?
01:18Well, I'm not calling it a trade war, but I'm saying that China has escalated and
01:24President Trump responded very courageously to that. And we are going to work on a solution
01:31with our trading partners.
01:33No. Again, President Trump created maximum negotiating leverage for himself. And which
01:41terrorists went into effect 15 hours ago? The ones that we have lowered went into effect a week ago.
01:48Or they were announced a week ago. And we have just been overwhelmed, overwhelmed by the response
01:55from mostly our allies who want to come and negotiate in good faith. So we are expecting
02:01them to come with their best deal. As I said a week ago today, don't retaliate. Hold your
02:08ground. Let's see what happens. And China, they kept escalating and escalating. And now they
02:15have 125 percent tariffs that will be effective immediately.
02:18Mr. Secretary, thank you so much for doing this. The 90-day call is when there were some
02:24tariffs. Is that because of the windlass that we've been seeing across the financial markets?
02:28How much was what we saw in the stock markets a part of this decision?
02:32No. It's because it's going to, because of the large number of inbounds, we've had more
02:38than 75 countries contact us. And I imagine after today, there will be more. So it is just
02:44a processing problem. Each one of these solutions is going to be bespoke. It is going to take
02:51some time. And President Trump wants to be personally involved. So that's why we're getting
02:57the 90-day pause.
02:58I think the willingness by more than 75 countries to come and negotiate, I think now the market
03:10understands that everything they saw last Wednesday was a ceiling. And now we have a 10 percent
03:17temporary floor. And I think the market, my 35 years in the market, I always wanted certainty. So I think
03:25we've got more certainty.
03:33The president had a level in mind to raise the China tariffs. And then he had the three-month,
03:42essentially, the three-month pause in mind. And we were discussing the exact wording.
03:47The president's decision. It was the president's decision to wait until today. And again, as
04:00I've said in the past, no one creates leverage for himself like President Trump.
04:06This was driven by the president's strategy. He and I had a long talk on Sunday. And this
04:14was his strategy all along. And you might even say that he goaded China into a bad position.
04:24They responded. They have shown themselves to the world to be the bad actors. And we are
04:31willing to cooperate with our allies and with our trading partners who did not retaliate.
04:37It wasn't a hard message. Don't retaliate. Things will turn out well.
04:44What about the EU? What about the EU? They retaliated this morning. Why are they being treated like
04:49that they're doing? Did you not? It's a little trick. So, you know, you're a little bit
04:56of an answer. You can go on the EU. We can pick it up. We can pick it up.
05:01It's time to have an eye to go on the EU. We can pick it up.
05:04We can pick it up. We can pick it up.
05:08What about the EU? We could pick it up.
05:11What about the EU? We can pick it up.
05:13It's time to pick it up.