tv President Trump Meets with Chinese Vice Premier CSPAN October 11, 2019 4:25pm-4:52pm EDT
electoral system and put out false information and were very active on social media trying to pit americans against each other over domestic issues, whether race, immigration, guns, what have you and their whole thing is to discredit our democracy and cause people to hate one another and turn against one another and try to weaken us from within. >> watch on sunday night at 9:00 eastern. and we take you now to the white house where moments ago, president trump outlined a tentative new trade deal for china. i have had communication with
secretary mnuchin and made substantial progress. and we are happy about it. we will continue to make efforts. and thank you for this pportunity for me to -- all my colleagues. president trump thank you very much. it's a great honor. i think because the foreign exchange agreement that we made will be tremendous, tremendous benefit both in terms of the magnitude and the simplicity. will make a complicated process much simpler. something we have all been working for.
>> thank you very much. ould i see that? indiscernible] president trump this is for guys like john that aren't good with chinese. will have that magnified so fast, your head will spin. it's a tremendous message and thank you very much. i read this and i appreciate it very much. this is from president xi and we knew we were going to have a very successful phase one and took us a long time to get here
but something that's going to be great for china and the u.s.a. we appreciate it very much. and please congratulate president xi. thank you very much. >> thank you. thank you. [indiscernible chatter] >> the vice premier and the president has approved. we will not be implementing the increase of tariffs that were scheduled to go in place from 25% to 30%. [indiscernible] >> that's correct. [indiscernible] president trump i think we are very close. this is a very important phase. a lot of things will be completed. when we bring it up to $50 billion i project is going to be the number.
i don't know if there is a question that our farmers can produce that much. i think they can. and i said it jokingly and i mean it, they are going to have to buy more land, which is ok. be a good time to own land in iowa and nebraska and other great states. they are very happy about it. $8 we're taking it from billion and was $1 billion or $2 billion, but if you took the highest it was at $16 billion and bringing it out to $50 billion, so anywhere between 40 and 50, that will start very soon and actually started purchasing. you started purchasing a lot from the farmers. e just got messages. [indiscernible] president trump: 20 million
tons. tremendous amount of soy beans and that was over the last couple of weeks. we got word. we noticed it. we see the price go up a little bit. incredible the way the market works. that's right. that's right. that's right. [indiscernible chatter] president trump we are working on enforcement right now and has been agreed to and one of the things in this agreement, we have an enforcement provision and working out the final aspects to be in position and bob, do you want to say something about that? >> we are going to have an elaborate consultation process and escalation in various areas so the difficulties can be resolved. both parties have allocated or
have assigned various people and created a structure under it and we are down to the final details of it of what will happen if there is not a resolution and that is the issue. but both sides agree has to have a workable dispute settlement mechanism and we are very close to that. [indiscernible] >> u.s. and china can work together? president trump may be better than it's ever been. we have been tough through a negotiation. i give china tremendous credit because for 25 or 30 years, they have done very well with the u.s. and now we are doing something jointly. we are doing it in a fair manner. i give china credit for what they have done, tremendous
credit. i don't blame china but blame the people representing our country. we have a deal that will be fantastic for china and fantastic for the united states. [indiscernible chatter] >> is this an actual deal or progress towards a deal. president trump you have to do it -- we have agreed in principle to just about everything i mentioned, all of the different points and getting it papered and i don't think it should be a problem getting it papered. china wants it badly. and so we want it also and we should be able to get that done over the next four weeks. we will be in chile in five weeks and in terms of signing, we will do a formal signing with president xi and myself. but this is something that is very exciting. we carry a lot more territory than agriculture. but i'm excited for the american
farmer. [indiscernible chatter] do you want to talk about -- >> in this agreement, we are not doing specifically. it is not part of this agreement, it's a operate process. indiscernible chatter] president trump where is hunter? we are going to discuss where is hunter because i'll stop at the helicopter. but right now in respect to china and to the vice premier only answer questions -- [indiscernible chatter] >> can you assure the american pell who you did not bring up joe biden in these negotiations and have not brought that up? president trump i have not brought up joe biden.
china can do whatever they want with respect to bidens. that's up to china. but we have to look into corruption. but no, it hasn't been combrout up. >> the deal next three, four, five weeks won't fall apart. president trump that can happen. we know each other very well and negotiating for a long time. there is a possible blilt that there is something that will not be able to get paped. but i have been doing it for a long time and the vice premier has been doing it for a long time. and his people are great professionals and so am i and the likelihood of it falling apart is not so good. >> we have a fundamental key understanding on the issues. there is more work to do. we will not sign an agreement
unless we get and can tell the president that is on paper. and i know the vice premier has to go back and do work but made a lot of progress over the last few days. president trump and most of this is known by the people in china and president xi have been following it closely. >> you have been working over and a year and a half, can you comment on -- president trump are you from china? the people of china have to be proud of your team. they are unrelenting and i say that in a positive way. they are tough and smart and have negotiated a great deal. but i think the people of china should be proud of this team starting with the vice premier. extraordinary man and have
gotten to know everyone else. and everyone on my team respects everyone on your team. the tariffs on the increase from 25% to 30%, that will be suspended. will be paying 25% but not increasing it to 0% and you might want to mention the additional -- >> the second half of september, that is scheduled to go into effect on december. and the president has not made a final decision on that but there is plenty of time to make that decision and ta is certainly part of this process with the chinese are working their way through. the first one has been suspended. the second one is subject to the president making a final decision, but the way this timing works out, that will be well in advance of that date.
indiscernible chatter] president trump no. no. no. no. no. we are going to be very good to chinese students. i have heard this question many times before including from our own security people. we want all the people who want to come over with china, we are the greatest university system in the world. and one of the reasons it's great is because we have students from china. we aren't going to make it tough. [indiscernible chatter. ] president trump our universities are available. the worldcom in to use the universities we have the greatest system and china is not going to be treated any differently and say that to the people of china. our system is open.
people get in based on merit. we have incredible talent coming in from china. they occupy a big space in our universities and want to keep it that way. there was false rumors that we are going to close the schools to china. that is so false. just false. [indiscernible chatter] president trump you already exchanged -- [indiscernible] >> i think you have been clear in your directive through the trade negotiations on your view on the universities. [indiscernible] president trump give them my word. we want them coming here and greatest talent in the worldcoming to harvard, yale, princeton, wharton school of
finance, all of these great schools, we want them coming here. and that's one of the reasons we have the great system. and there have been discussions, not by me. i had end those discussions very quickly. [indiscernible] >> any discussion on the currency manipulation. >> i would comment assuming we close the agreement and have the assurances that will be a big step in the right direction for our evaluation. indiscernible charter] > what about chinese business? president trump we are doing a lot of business with chinese companies. certain companies we have to be careful with. but we are doing tremendous business with china and chinese businesses. we have tailed it off. we purposely tailed it off but
will start building up quickly again and we expect that to a much bigger extent than even before. [indiscernible chatter] >> when you have a trade deal with china -- president trump: this is phase one. the farmers, intellectual property, a lot of areas are covered here that frankly are in great shape. the financial services is going to be a massive boon to the banks and credit card companies and all of these companies including ownership interests. before you had to do certain things that made it difficult for banks and institutions to go into china. china has really opened up now for the first time for financial services and big banks and other types of financial services. so that is a tremendous thing and we have complete agreement on that.
intellectual property, a lot of agreement, but we will have that included in phase two. agriculture should be done. i don't think the farmers can handle any more than what we are getting. we signed a big deal with japan and a lot of that had to deal with agriculture. currency, foreign exchange, we are all set on that. we have done it through simplification and the importance of it. and technology transfer. so we are going to have some technology transfer and some will be in phase two. phase conclude it with two, phase three. >> you have been saying as earlier as this week that you wanted one big deal. president trump: it covers so much territory that doing it in sections and phases is i think really better.
and we are talking about very big. we have covered fully agriculture, even in terms of agricultural structural issues and in terms of $50 billion of agriculture. so that will be covered in its entirety. currency, foreign exchange will be covered in its entirety. financial services will be covered in its entirety. so the banks and lending institutions, all institutions are covered. some of technology transfer. a large part of intellectual property will be covered. it works out to be a very neat package and can focus on phase two. indiscernible chatter] >> at what point would you raise tariffs again? president trump: i think we have a lot of good faith going on right now. [indiscernible]
president trump: what we're doing is we are going to start right away and getting this papered. much of this has been completed from the stand point of paper. but we think it will take four weeks, five weeks like that. we happen to be together in chile. that could be appoint. president xi will be there and i will be there. indiscernible] president trump: we got to know each other. we thought we had a deal and perhaps they didn't. but didn't work out that way. this deal is a bigger deal than the last deal relatively speaking. we are talking about big parts of it with financial services. when we talk about $50 billion in agriculture, we didn't have
that in mind. we were thinking from $16 billion to $20 billion. so this is actually a much bigger deal. it's a bigger chunk but a much bigger deal. i would say, steve, financial services is bigger and more complete. intellectual property will be in both phases of the deal. currency and foreign exchange we didn't discuss that much and now we are including it in this deal because a lot of things have happened during the course of the last year. so i think this is actually -- when you add it up will be a bigger deal and more precise. [indiscernible] president trump: now we have currency and foreign exchange is included. it is much more complete than it would have been under the other system. and don't forget a lot of things have happened with currency and
foreign exchange that we weren't talking about a year ago. indiscernible chatter] president trump: we are going to find that out. that will be up to the vice remier and president xi. [indiscernible question] president trump: the united states has been doing very well. china -- i think this will be tremendously positive. this is going to be a tremendous thing for china. we have been doing well and i think we will do better. we have been leading the world in many aspects of what we are talking about. we will do even better and china will do -- this is a great deal for china and great deal for us. [indiscernible question] president trump: do you want to dine that, please.
>> won't scale up to an annual figure. within the second year. president trump: over the -- less than two years. [indiscernible question] president trump: we discussed hong kong and great progress has been made by china and hong kong. and i actually told the vice premier, it has toned down a lot from the initial days the numbers of months ago that i see people. and i think that's going to take care of itself. i actually think this deal is a great deal for the people of hong kong to see what happened. this is a very positive thing for hong kong. but it really has. the escalation -- it has de- escalated a lot.
[indiscernible question] president trump: we will be looking at the black list and making a determination as to which companies would be on that list. >> do you think the federal reserve needs to cut rates? president trump: i do. the federal reserve should cut rates regardless of this deal. because we are higher than other nations. germany is loaning money and when it has to be paid back, they get paid. it's ridiculous. and i think that the federal reserve should cut rates regardless of how good this is. we have a great economy, but we have a federal reserve that's not in step with the rest of the world. so i think they ought to get in step. and if they were in step -- regardless of the china deal, the china deal is much more important than the interest rates. this has to do with -- this has to deal with world peace and
getting along and this isn't just a deal on trade. this has to deal with a lot of friction a lot of bad things happening in the world. so this is far more important than the federal reserve and cutting interest rates. but the federal reserve should cut rates. yesterday we had the biggest crowd and broke a stadium record and broke the record in minnesota. nobody has seen anything like that. you seen it. my poll numbers are going way up. so the impeachment, it's a hoax. we didn't discuss it. it's a hoax, a hoax by people who are losing and use it to win an election. and i don't think it's going to happen. and i don't think china believes it's going to happen because if they did, they would deal with a sleepy joe biden who is failing. but whoever does emerge on the
other side they probably would be better off waiting. they know when i win, the deal gets even tougher, gets even tougher and they expect i'm going to win, otherwise they wouldn't sign the deal, very simple. >> putting tariffs out. what is your inclination about december? president trump: we will have a deal that is a great deal that is beyond tariffs. this is a deal that is important for china and the world and the united states. this is a deal that is beyond tariffs. i really mean that. i think that world peace -- there was a lot of friction between the united states and china and now it's a love fest. that's a good thing and good for china and good for us and the rest of the world. the vice premier. he said this is a great thing for the world, he didn't say
china or us. he said this is a good thing for the world. perhaps you would like to comment on that. >> the whole world is watching. resident trump: amazing. >> it provides peace and prosperity for the whole world. very, very important. president trump: peace and prosperity for the whole world. it's beyond a trade deal. talk was getting tough, rhetoric was getting tough. we have ships and they have ships and we have planes and they have planes. student things can happen. but this is a great thing that's taking place. we have a very good bonded relationship and i have very little doubt that we will get
this thing finalized. not overly complex and we will go to phase two. thank you very much. i hear a helicopter, i'm going down to louisiana. we have a totally soldout crowd in louisiana and the governor of louisiana is not doing a very good job in louisiana. hopefully he won't get to 50% and you will have a nice new republican governor of louisiana and i hope -- are you joining us, john? >> did you watch last night? did you joan it? a lot of people enjoyed it, john. have a good time everyone. [captions copyright national cable satellite corp. 2019] captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org >> these comments taking place a