President Trump, China, White House discussed on Washington Today

Automatic TRANSCRIPT

And o'keith a new byline starting in mid april what's next well headed over to cbs news to be there on air political correspondent reporting for the evening news cbs this morning and however else they need me but we'll still be here in washington and tracking events and hopefully we'll be able to make time for you and your listeners steve we wish you all the best and o'keefe of the wash washington post thank you for being with us take care and now under the new trade tariffs that spooked investors on wall street the president signing an executive memorandum today that would impose tariffs on up to sixty billion dollars in chinese imports the measures designed to penalize china for in part trade practices at the white house says involves stealing american companies intellectual property we begin with the president we're going to be doing a section three hundred one trade action it could be about sixty billion dollars but that's really just a fraction of what we're talking about i've been speaking with the highest chinese representatives including the president and i've asked them to reduce the trade deficit immediately by one hundred billion dollars that's a lot so that would be anywhere from twenty five percent depending on the way you figure to maybe something even more than that but we have to do that the word that i wanna use this reciprocal when they charge twenty five percent for a car to go in and we charge two percent for their car to come into the united states that's not good that's how china rebuilt itself the tremendous money that we've paid since the founding of the world trade organization which has actually been a disaster for us it's been very unfair to us the arbitrations are very unfair the judge has been very unfair and knowingly we always have a minority and it's not fair so we're talking to world trade we're talking to nafta we're talking to china we're talking to european union and i will say every single one of them wants to negotiate and i believe that in many cases maybe all cases will end up negotiating a deal so we've spoken to china and we're.

Coming up next