President Trump Meets with Chinese Vice Premier CSPAN October 11, 2019 5:19pm-5:59pm EDT
have a good time. see you in louisiana. we are going now to louisiana where we will have a great rally. i hope you're going to come. ok? reporter: [indiscernible] those comments from president trump taking care a few moments ago at the white house. he is on his way to late charles, louisiana where he is holding a campaign rally with voters and supporters later tonight. you can see it live here at 8:00 p.m. kuester and. earlier this afternoon, the president met with reporters this afternoon to discuss a new trade deal with china. he was joined by the chinese vice premier, steve mnuchin, and mr. lighthizer. very trump: thank you
much. we have had some big news and good news today but i would like to hold this for china -- there is nothing bigger than what we are doing with china. i think it is important that these are the questions that are asked. as you know, we have the vice premier of china, wen of the most respected men in all of china and the world. we have great respect for him and friendship with him. we have come to a very substantial phase one deal. and i will go through some of the points. and then, i will ask the vice premier to say a few words. and any comments you may have. deal, prettyto a much subject to getting it written. it will take probably 3, 4, or five weeks. we are going to be in chile together at the summit. maybe it will be there or
sometime around then. we have come to a deal on intellectual property. financial services. a tremendous deal for the farmers. from $40 billion up to $50 billion in agricultural products. to show you how big that is, that would be 2.5, three times what china has purchased at its highest point thus far. they were purchasing 16 billion or $70 billion at its highest point and that will be brought up to $40 billion, $50 billion so i suggest that the farmers immediately go purchase more land and get bigger tractors. they will be available at john deere and a lot of other great distributors. we are taking in the purchase of agricultural products up to $40 billion or $50 billion approximately.
or $50 million approximately. at $8now, i think it is million. i will also say that over the oft two weeks, a lot purchases have started going you to our farmers and have been doing a lot of business with us which we appreciate very much. it really started a few weeks ago. they will increase once the deal is signed. probablyfrom a base of $16 million and right now, it is $8 million. we also have the agricultural structural issues. have some incredible progress on the structure and structural perhaps you could discuss that on agriculture and explain the importance of the
structural issues we have solved. >> i would say probably at least as important as the purchases is that we have corrected a variety issues regarding biotechnology and it will be much easier now for american able to ship it to china. and we have made some corrections on our side too which will help the chinese side as
well. pres. trump: and that has been completed and pretty much done. another big issue we have come to conclusion on is currency, foreign exchange, and steve, do you want to explain that, please? >> we have had discussions with and extensive discussions on financial up their opening markets to our financial services firms.
and as you know, mr. president, currency has been a big concern of yours since the campaign. we have made an agreement to have transparency into the foreign exchange markets
and free markets so we are very pleased with that. we have also made very good progress on technology transfer. we will put some technology transfer in phase one. will start negotiations almost immediately after we have concluded phase one and paper to it. it.apered intellectual property. an agreement on intellectual property. financial services. the banks and all of the financial services companies will be happy with what we have been able to get. and i think china will be happy because they will be served very well by these great institutions being able to go into china.
it will be a tremendous thing for banks and financial services companies. issues.ural, structural tremendous for the farmers. as steve said, it is almost as good, i disagree with his math, but it is almost as good as going from 8 billion dollars to 40 billion and now up to billion dollars, $50 billion of agricultural purchases which means that the farmers are going to have to work a lot of overtime to produce that much. it is the largest order in the history of agriculture by far. by 2-5 times. and technology transfer. we will have some technology transfer in the agreements. technology transfer will largely be done here and also in phase 2/ . we will start negotiating phase 2 after phase one is negotiated
and signed. phasesl either have two or three. we are very happy with this. we have great respect for china and the president and i want to i watched the 70th anniversary in great detail and it was an incredible event. congratulations. that was really something. something amazing to watch. lighthizer has been doing a terrific job. all of my team has done a fantastic job. , thank you for being here and your team. you are a tough negotiator. something we realized right from the beginning is how important this is for china, the u.s., and the world. any time there was a little bad news, the market would go down. a little bit of good news and
the market would go up. and yet other news that was also very big, the market just did not even care. it just seemed to care about the deal with the usa and china. and that is ok with me. and so we have had a tremendous, really, negotiation. a very complex negotiation but something that will be great for both countries. mr. vice president, would you like to say something -- mr. vice premier, would you like to say something? chinese] on behalf of the chinese government, we would like to extend our thanks to president congratulations on the 70th anniversary of the people's republic. [speaking chinese]
>> we very much agree that to get the technology measures right, is something that is good states,a, the united and we think the progress has gone in the right direction. [speaking foreign language] >> within a few days, i have had very good communications with mr. lighthizer and mr. minutia mnuchin.d mr. steve progressade extensive
on many fields. and we will continue to make progress. and thank you for this opportunity. pres. trump: thank you very much. it is a great honor. foreign exchange agreement that we made will be a tremendous, of tremendous benefit both in terms of the magnitude of it and the simplicity of what we were able to do. making a very complicated process much simpler. that in and of itself is something we have all been working for. yes, please? president trump: thank you, very much. can i see that? thank you very much.
reporter: -- [indiscernible] thanks. they will have that magnified so fast, your head will spin. well, it is a tremendous message. and thank you very much. and i have read this, and i appreciate it very much. this is from president xi. we knew we were going to have a very successful phase one. it took us a long time to get here, but it is something that is going to be great for china and great for the usa. we appreciate it very much. please, congratulate president xi. thank you very much.
[shouted questions] i just want to clarify, the vice premier and the president has approved. wobble go through a process of documenting this, we will not implement the increase of tariffs scheduled to go in place from 25% to 30%. those will be deferred. mr. president, are we close to a complete end of this trade war? president trump: yes, we are very close. this is a very important phase. a lot of things, agriculture, are being completed. when we bring it up to $50 billion, i project that is going to be that number, i don't know, there is a question whether our farmers can produce that much. i think they can. but i said it jokingly, i think i mean it, they are going to have to buy more land. which is ok.
it would be a good time to own land in iowa, nebraska, a lot of other great states. so they are very happy about it. from $8aking it billion, which it is now, it was down to about 2 billion $3 billion, they got down pretty low, but if you take the highest it was ever was was $16 billion, and we are bringing it down to $50 billion, so we are going from $16 billion to $50 billion, and that will start soon. they have already started purchasing. you have actually been purchasing a lot from the farmers. we just got messages from the midwest. [indiscernible] tons. million a tremendous amount of soybeans. and that was over the past couple of weeks. we got word.
we noticed it quickly. the price goes up a little bit, right? it is incredible the way the market works. but yes. [shouted questions] how can this trade deal be enforced? president trump: we are working on enforcement now. it has largely been agreed to. that is one of the things in the agreement, we have an enforcement provision, and they are working out the final aspects of that enforcement position. bob, do you want to say something? >> we are going to have a consultation process. we have an escalation in various areas of it, so that difficulties can be resolved. both parties have assigned various people and created a structure under it. and we are down to the final details of what will happen if there is not a resolution, and that is the final issue we are
putting together. but both sides agreed it absolutely has to have a workable dispute settlement mechanism, and we are close to that. given u.s. china relations do you think u.s. and china can work together? president trump: i think they are great. the relationship may be better than it has ever been. we have been through a tough negotiation. there is never been a negotiation like this. in all fairness, i give china tremendous credit. 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 over the last 30 years, tremendous credit. i don't blame china, i blame the people representing our country. now we have a deal that i think ultimately is going to be fantastic for china and fantastic for the united states.
[shouted questions] >> can you clarify this is an actual deal, or progress? subject torump: getting everything papered you have to do it. we have agreed to everything in principle that i mentioned, all the different points, and now we are getting it papered i don't think it should be a problem as papered. i don't think it should be a problem to get it papered. china wants it badly. we wanted also, so we should be able to get that done over the next four weeks. inare going to be in chile five weeks, so we will see in terms of signing what happens. we will do a former -- a formal signing with president xi and myself. this is something that is very exciting. i'm very excited. we cover a lot more territory than agriculture, but i'm very excited for the farmer. there has never been a deal of this magnitude for the american farmer. [shouted questions] bob, do you want to talk about the huawei?
agreement, we are not dealing specifically with huawei. is not part of this agreement. that is a separate process. dealings with president biden? >> we are going to discuss hunter. we are going to discuss where is hunter when i get out, because i will stop at the helicopter. but right now, in respect to china and the vice premier, we are only going to ask questions. [shouted questions] >> can you assure the american people you did not bring up joe biden in these negotiations, that you have not brought up that? president trump: i am not brought up joe biden. china can do whatever they want with respect to the bidens. china can do whatever they want with respect to 1.5 billion dollars going to somebody. that it's up to china. but we have to look up -- look
at corruption, but no, it has not been brought up. >> how do you know this deal over the next five weeks won't fall apart as it is being papered? president trump: that can happen. i don't think it will. we know each other very well. we have negotiated for a long time. there is a possibility that maybe there is something they are unable to get papered, but i have been doing this for a long time and the vice premier has been doing it for a long time, many deals for many years, both of us, and his people are very great professionals and so am i. and i think the likelihood of it falling apart is not so good. what do you think, steve? >> we have a fundamental understanding on key issues. we have gone through a significant amount of paper, but there is more work to do. we will not sign an agreement until we can tell the president, the vice premier needs to work with his team, we have both made
a lot of progress over the past two days. president trump: in most of this is also known by people in china. president xi has been following it closely. [shouted questions] >> you have been working together for a year and a half now. president trump: are you from china? >> yes. president trump: people from china have to be proud of your team. they are unrelenting. i say that in a positive way, but they are unrelenting. they are tough. they are smart. and they have negotiated a great deal. but i think the people of china should be very proud of this team, starting with the vice premier, a very extraordinary man. we have gotten to know each other well. and everybody on my team expects your team. so i think they have really handled themselves incredibly well. [shouted questions] trump: so the tariffs,
the increase from 25% to 30%, that will be suspended. we will be paying 25%, but we are not increasing it to 30%. and you might want to mention the additional tariff. >> the additional tariff, the second half of september, scheduled to go into effects of -- go into effect december 15. the president has not made a final decision on that, but there is plenty of time to make that decision. that is certainly part of this process the chinese are working their way through. so the first one has been suspended. the second one is subject to the president making a final decision, but the way the timing works out, that will be well in advance of that date. [shouted questions was bracket questions]
trump: students, no, no. we are going to be very good to chinese students. i've heard this question many times, including from our own security people. we want all the people that want to come over from china, we have the greatest university system in the world and we are going to keep it that way. and one of the reasons it is great as we have a lot of students from china. we are not going to make it tough. we are going to make it like for everybody else. [shouted questions] i think that is important. steve, i think it is very important our universities are available, the world comes in, they use our universities, we have the greatest system in the world, and china is not going to be treated any differently. it is important for you to say that to the people of china. our system is open. people get in based on merit. we have incredible talent coming from china, and they occupy a big space in our universities,
and we want to keep it that way. there was false rumors going around that we were going to close schools to china. that is so false, just false. we have already exchanged opinions. president trump: we have already exchanged, yes. >> mr. president, you have been clear in your directive through the trade negotiations in your view on your you -- in your view on the universities. we will follow up. president trump: yes, i can give them my word, we want them coming here. we want the greatest talent in the world to coming -- in the world coming to our great universities, harvard, princeton, the wharton school of finance come all these great schools, we want them coming here. that is one of the reasons we have a great system. and there have been discussions about that, but not by me
because i ended those discussions very quickly. i want you to know, i handed those discussions very quickly. [shouted questions] >> we will be making a decision on not, assuming we close the agreement that have the assurances. that will be a step in the right direction. [shouted questions] president trump: absolutely. we are doing a lot of business with chinese companies. we do have to be, security companies in certain companies we have to be careful with, and we have to pay very close attention, but we are during -- doing tremendous business with china. it has tailed off. we tailed it off. we purposely tailed it, but that will start thing up very quickly again. we expect that to build up to a much bigger extent than before. >> when he talked about a big
trade deal with china, is this what you envisioned? president trump: this is phase one, and a big part of it. the farmers, intellectual property, a lot of areas are covered here that frankly are in great shape. intellectual property, financial services going to be a massive boon to banks and credit card companies that all 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 been opened up now for the first time to financial services, to the big banks and credit card companies and other types of financial services. so that is a tremendous thing. i think we have complete agreement on that. a lot ofual property, agreement, but we will have some of that included in phase two. agriculture should be done. i don't think the farmers can
handle anymore than they are getting. don't forget, we signed a big deal with japan. that was a very big deal and a lot of that had to do with agriculture also, so the farmers are during well. currency, foreign-exchange, we are all set on that. that we have been able to do not only through simplification, but the importance of it is very important. and technology transfers. so we are going to have some technology transfer here and some in phase two. we think we will probably able -- be able to conclude it with phase two, but it may be phase two, phase three. >> the idea of doing a phase one? you have been saying as recently as this week that you wanted one big deal. president trump: we have such a big deal that covers so much territory, that doing it in sections and faces is i think, really better. and we are talking about very big. don't forget we have covered fully agriculture, even in terms of agricultural structural in terms of $50
billion of agriculture. so that will be covered in its entirety. currency, foreign exchange will be covered in its entirety. i think financial services will be covered pretty much 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, so i think it actually works out to be a very neat package. and now we can focus on phase two. >> you said it make take five or six weeks. at what point would you raise tariffs again if you don't have an agreement? president trump: we will see. it is all in good faith or bad faith and i think we have a lot of good faith now. we are going to start right away on getting this papered, it is already partially papered. much of this has been pretty
much completed from the standpoint of the paper, but we think it will take four weeks, five weeks, something like that. now we happen to be together in chile, so that will be a point or maybe not. president xi and i will be there for the big summit. [inaudible] president trump: we got to know each other a lot better. there has been a lot of back-and-forth since that happened. we thought we had a deal, perhaps they didn't, but it didn't work out that way. this deal is a bigger deal than the last deal relatively speaking. now, we are talking about big parts of it with financial services and agriculture. but when we talk about $50 billion in agriculture, we never had that in mind in the first deal. we were thinking about anywhere from $16 billion to $20 billion and now we are talking about $50 billion, so this is a much bigger deal.
it is a big chunk of it, but a much bigger deal than we had in mind. say, steve, financial services is bigger and more complete. intellectual property will be in both phases of the deal. currency, foreign exchange, we didn't discuss that much in the last deal and we are including it in this deal, because a lot of things have happened over the last year. you added this, when up, is going to be a more important deal, a bigger deal, and more precise. >> currency had been agreed last spring as well, before talks. wesident trump: well now have the currency, foreign exchange included. the foreign-exchange aspect is much more complete that it would have been under the other system. and a lot of things have happened with her and see in foreign-exchange we weren't talking about a year ago. [inaudible]
president trump: well, we will find that out. that will be up to the vice premier and president xi. >> [inaudible] 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 doing really well. we have been leading the world in many aspects of what we are talking about. i think we will do even better, and think china will do tremendously well with this deal. it is a great deal for china, a great deal for us. [inaudible] will scale up to an annual figure within the second year. trump: less than two
years. >> [inaudible] trump: we discussed hong kong, and great progress has been made by china and hong kong. i have been watching, and i told the vice premier it has toned down a lot from the initial days a number of months ago, when i saw a lot of people. i see far fewer now. we were discussing it, and i think that is going to take care of itself. actually think this deal is a great deal for the people of hong kong to see, this is a very positive thing for hong kong. theit really has, escalation, it really has the escalated a lot from the beginning. and we were discussing it. >> [inaudible] president trump: we will be looking at the black list and be making a determination as to which companies would be on that list. >> if this deal goes forward and
helps the economy, do still think the federal reserve needs to cut rates? president trump: yeah, 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. reserveink the federal should cut rates regardless of how good this is. we have a great economy. but we have a federal reserve that is 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 interest rates, but because this has to do with more than that, this has to do with world peace, this has to do with getting along, this has to do with the rest of the world. this isn't just a deal on trade. this has to do with a lot of friction, bad things happening is farworld, so this
more important than the federal reserve and interest rates paid but the federal reserve should cut interest rates, absolutely. >> can you tell us about the impeachment process and how it affects your ability to work? president trump: i think it is helping me. last night we had a stadium record in minnesota, we broke the record. you saw that, you understand it poll numbers are going way out. so the impeachment, it is a hoax. we didn't discuss it, but it is a hoax. it is a hoax done by people who are losing and they are trying to use it to win an election. i don't think it is going to happen and i don't think china believes it is going to happen, because if they did, they would rather deal with the sleepy joe biden who is failing badly. he's not going to make it anyway, but whoever does emerge on the others, they would probably be better off maybe waiting. but they also know that when i we end, the deal gets even tougher, it gets even tougher.
and they expect i am going to win. otherwise they wouldn't sign the deal. it is very simple. like putting tariffs out? like the trump: i do arabs, yes. >> then what is your explanation for december? president trump: this is an important deal beyond tariffs. it is a very important deal for china, very important deal for the world. it is a very important deal for the united states. i think this is a deal beyond tariffs. i think that world peace, you know, there was a lot of friction between the u.s. and china. and now it is a love fest. thing.t is a good it is good for china, good for us, good for the world. the vice premier said it better than anybody could have said it. he said, this is a great thing for the world. he didn't say china or us, he just said this is a great thing for the world. he is absolutely right. perhaps he would like to comment.
[speaking chinese] voice of translator: the whole world is watching. and it is amazing, and i say it. yes. peace and prosperity and development for the whole world. trump: he said peace and prosperity for the whole world. so it is beyond the trade deal, it really is. and you know, talk was getting tough, rhetoric was getting tough. we have ships and they have ships and we have planes and they have planes, and you know, bad things can happen. stupid things can happen. but this is a great, a great thing that has taken place. we have a very good, bonded relationship, and i have little doubt we will be able to get this thing finalized now. it is not overly complex, and then they will start phase two. but this was an important deal
for a lot of reasons. thank you, very much. i hear a helicopter. i hear a helicopter. i'm going to louisiana. we have a totally sold out crowd in louisiana, and hopefully the governor of louisiana, who is not doing a very good job, you know, he is not doing a very good job in louisiana, hopefully we will get to 50% and we will have a runoff and you will have a nice, republican governor of louisiana. i hope a lot of you will join us. are you joining us, john? >> i will be watching. president trump: did you watch last night? did you enjoy it? a lot of people in the audience, john. press, we are leaving now. thank you. press.ou, we are leaving now. >> here is a look at our prime time schedule on the c-span networks. starting at 8:00 p.m. eastern on c-span, live coverage of
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