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00:00I'm going to let the USTR, the trade rep, Jameson Greer, as well as Secretary of Commerce and Secretary Lutnick provide more detail on that.
00:09I know that's not exactly the answer that you want, but I will speak at a high level to the fact that China has abrogated the agreement.
00:17The United States acted immediately and in good faith, as of course you all saw with the proclamation adjusting the tariff rate.
00:24China did not fulfill the obligations that it made and committed to with the United States.
00:28And so that opens up all manner of action for the United States to ensure future compliance.
00:36It remains the president's hope and desire that China will choose the path of cooperation, of common ground, and that we can open up China to American business,
00:49just in the same way that America, of course, as we all know, has been open to Chinese business for a very long time now.
00:55So hopefully China will choose the path to use a very common bureaucratic phase of rules-based conduct, not a phrase I often use, but it applies here, and follow the agreement that they reached.
01:08Next question.
01:09How quickly must China respond to the president's demands until that action is taken?
01:16Again, as I mentioned, China often says that it believes in the exact phrase of the rules-based international order, right?
01:21We've all heard that phrase from China over and over again.
01:24This is a chance to show it's serious about upholding that commitment to the rules-based international order.
01:29And as soon as possible is the best answer I can give you.
01:33We want to see them comply with their agreements with the United States and fulfill their obligations
01:38so that we can have, again, a relationship that is cooperative and that is constructive, which is what the president wants.