00:00.
00:30In the past few weeks, the U.S. team, according to the two members of the 6th of the 5th of the U.S.
00:44The U.S. team will continue to work with the U.S. team of the U.S. team.
00:51The U.S. team will go in an advocate for the U.S. team.
00:58The U.S. team has focused on both the U.S. team for the U.S. team, according to the U.S. team of U.S. team.
01:12And of course, we were here in the first purpose to confirm the implementation of what was
01:33agreed in London in terms of accelerating the flow of rare earth magnets from China to
01:38U.S. companies. And then we were able to discuss further how to make sure that the entire U.S.
01:43supply chain, including those that go through third countries, could be accelerated.
01:49I think it was the level of momentum and the entire reordering that President Trump has done
01:56of the global trading system. So now here you have the two largest economies in negotiation.
02:04And as I've said before, and we reiterated to them, we don't want to decouple. We just need
02:10to de-risk with certain strategic industries. Right now, if you look at the numbers,
02:17we're still tracking an annual trade deficit with China. But if you extrapolate it out from
02:23the numbers we have so far, so far it looks like it's going to be at least $50 billion smaller this
02:28year. So that's some progress already. And just to be clear, Gavin, the president has discretion to
02:33change the rate depending on the circumstances that we have, et cetera. So while the snapback rate
02:38would be 34 percent, he of course has discretion under the law to modify that.
02:42We expressed our concern for their purchases of Iranian, sanctioned Iranian oil, which they buy about
02:5090 percent. We also expressed our regret that we believe that they had sold Russia about 15 billion
02:58of dual use technologies. But the overall tone of the meetings was very constructive.
03:06What was your message to the Chinese about Russian oil? Did you tell them they're on notice? They need
03:12to start to pull back? Well, we described it's not just the president. What is making its way through
03:19the U.S. Senate and hard to imagine anything could get 80 or 90 bipartisan votes in the U.S. Senate
03:27is a bill that will give the president discretion to apply secondary tariffs on sanctioned Russian
03:34oil from I believe it's from zero to 500 percent. I believe he's used 100 percent. And we've all we've heard
03:43from several of our European counterparts, NATO allies, even Canada, Canada is in NATO, that they
03:52will be following on that. So we would expect most of the Western alliance that has been supporting
04:00Ukraine to follow on that. So I think anyone who buys sanctioned Russian oil should be ready for this.
04:08What was their response to that warning? The Chinese take their sovereignty very seriously. We don't
04:15want to impede on their sovereignty. So they'd like to pay 100 percent tariff.
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