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00:00America wants its exporters and by implication its workers to be treated much more fairly.
00:14We want American markets, sorry, excuse me, in the same way that American markets have
00:19been open to a lot of European goods, we'd like a lot of European markets to be open
00:22to American goods.
00:23In other words, it's indirectly our defense also.
00:28We just want a little bit more fairness, or to use the president's favorite word, reciprocity.
00:33And again, with Europe, we think that's a very, very easy conversation to have.
00:39We hope our European friends agree.
00:40In a strategic deal with China, maybe even including on Taiwan.
00:45But the fundamental principle is we think that most nations, most nations in the world have
00:51been way too hard on American exporters and American firms.
00:54We want to make the entire world a little bit more open to the products built by American
00:59workers.
00:59We're obviously biased.
01:01We think that they're the best in the world.
01:03And we think that we can have a much better trading relationship with a lot of our European
01:08friends if they just drop some of those both tariff but also non-tariff trade barriers.
01:14There are regulatory barriers.
01:15There are sometimes you have an official at the Ministry of Defense.
01:18We have to be careful here because while we want to rebalance global trade, and that has
01:24certainly been the explicit goal of our policy, we also want to make sure that we do this in
01:29the right way.
01:30And yes, you've seen media reports that the Chinese reached out to the United States.
01:35Of course, we're going to sit down and talk to them.
01:37I'm not going to divulge too many details or prejudge the negotiations.
01:41But we want to rebalance trade in the interests of American workers, in the interests of American
01:46manufacturers.
01:47That is our policy.
01:48We think that we can do that while preserving at least an open dialogue with the PRC and
01:54with a lot of other nations all over the world.
01:57But that doesn't mean the old way of doing business is going to be stable or that it's
02:02going to persist.
02:03It simply cannot.
02:04It was not sustainable 10 years ago.
02:06It was certainly not sustainable four years ago, and we're very, very committed to changing
02:11it.
02:11But we're open to having conversations with both, again, our friends and more adversarial
02:15nations about what that rebalancing ultimately looks like.
02:19And people have to remember, you know, Liberation Day, which was where the president announced
02:24this fundamental change, I think, in the global trading system, that was almost exactly 30 days
02:30ago.
02:31So we are in the early innings of a very significant shift.
02:35I think that shift is going to really inure to the benefit of both the United States but
02:40also of Europe.
02:41But it's fundamentally, it has to happen, and it's going to happen under President Trump's
02:45leadership.
02:46A replay of the earlier, you know, agreement that was reached 10 years ago.
02:52But I think all of us, including especially the United States, we have to be careful that
02:58we don't draw the lines in such a way that we actually undermine the very democratic legitimacy
03:05upon which all of our civilization rests.
03:08And I think that is fundamentally the point here.
03:10It's not Europe bad, America good.
03:13It's that I think that both Europe and the United States, we got a little bit off track,
03:17and I'd encourage us all to get back on track together.
03:20We're certainly willing and able to participate in that work, and I think all of you all, too.
03:25God bless you.
03:25Great.
03:29Thank you so much.

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