US President Donald Trump said on May 8 he expects there to be substantive negotiations between the United States and China on trade in Switzerland on May 10 and he added that the tariffs on Chinese goods could not get higher than 145%.
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00:00As you say, Donald, the timing couldn't be more apt because not only was it 80 years ago today that victory came for Europe after-
00:15Yes.
00:16Mr. President, if the talks go well this weekend between Secretary Bessett and Ambassador Greer with their Chinese counterparts, not preemptively, but if the talks go well, would you then consider lowering the tariff rate on China?
00:27Well, it could be. I mean, we're going to see. Right now, you can't get any higher. It's at 145, so we know it's coming down. I think we're going to have a very good relationship. You know, I always got along very well with President Xi. That relationship was greatly disturbed by COVID when COVID came in. But we get along very well now. I mean, we had a- I mean, the relationship was hurt with a lot of people, a lot of countries when COVID came in. But I think we're going to have a very good relationship.
00:55I expect to have a very good relationship with China, Scott. I think it's a very friendly meeting. They look forward to doing it in an elegant way. China, as you know, has a tremendous trade surplus with us, and we can't- you know, we just can't have that.
01:11And- but I think it's going to- I think it's going to be very good for both countries. I would like to see China opened. You know, one of the big things here is- and nobody would know this- but the UK was largely closed. It was very much closed to trade. And now it's opened. And a lot of the financial reporters are very happy about that, because that's so much- I'd listen to them. I hope they get countries opened up. And then you compete on a fair basis. But you can't compete when you're not allowed to go there.
01:39China would be the number one example of that. You know, it's very close. We almost started last time before COVID. And that didn't work out. But we made a great deal with China. They had to buy $50 billion worth of our food products. And it was a great deal doing very well for our farmers.
01:56And then when Biden came in, as usual, nothing happened. You know, he didn't enforce it. And it got less, less, less, and ultimately, you know, destroyed a great deal. That was a great deal. But, no, I think that we're going to have a- I think we're going to have a good weekend with China. I think they have a lot to gain. I do think they have far more to gain than we do, in a sense. But we're going to have a good- I think we're going to have a very good weekend.
02:20The Pressure Do you speak to Xi after the weekend talks?
02:22The President Biden Yeah, sure.
02:23The Pressure Do you expect that it will just be a formality to break the ice? Or are they going to get into substantive negotiations?
02:29The President Biden I believe so, yes. I believe it's substantive, yes. I think people like to say, yes, we're having a meeting to meet. Well, we're meeting. So what are we going to do? Talk about meeting again? So I think it's going to be substantive. I think we can say that, Ritska. Very substantive. Now, China wants to do something. And look, they have to. I think it's going to be substantive. I think we can say that. Very substantive.
02:42Very substantive. I think we can say that, Ritska. Very substantive. Now, China wants to do something. And look, they have to at this point. You know, essentially, they made a trillion dollars a year. And now they have absolutely, you know, no business because of the tariffs. They have no business. And they want to have business. And we want them to have business. We want them to do well. We want them to do very well. So I think it's going to be very substantive.