BREAKING_ President Trump to levy 100% tariffs on China

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U.S. trade representative Jamieson Greer unpacks the status of U.S. trade with China on 'Special Report.' #fox #media #breakingnews #us #usa #new #news #breaking #foxnews #specialreport #jamiesongreer #ustraderepresentative #china #trade #economy #business #markets #tariffs #exports #imports #diplomacy #foreignpolicy #politics #political #politicalnews #government #international #global #breakingstory

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00:00have now set to put in new export controls on rare earth minerals and they've stopped buying

00:04soybeans from the U.S. What do you hope to get out of that meeting now with President Xi? Well,

00:09we'll see. We import from China massive amounts and, you know, maybe we'll have to stop doing

00:14that. But I don't know exactly what it is. Neither do you, neither does anybody. It's a little bit

00:19soon. Now there's a threat possibly of 100% tariffs on China and maybe not meeting with

00:26Chinese President Xi Jinping at APEC. Joining us tonight to talk about tariffs, trade and China

00:31is U.S. Trade Representative Jameson Greer. Mr. Ambassador, thanks for coming on. What's the

00:37status tonight with the U.S. and China and trade? Well, Brett, you've seen the President's truths

00:44today. I've been there with him throughout the day working with him on a response. What the Chinese

00:49have done in short is they've in the past couple of days, they've ordered the entire world that they

00:55have to submit for approval and permission by the Chinese government to export any kinds of

01:00materials that include rare earths that have been touched, processed, mined by China. So this could

01:06include cars. It could include microwaves that have chips. It can include defense materials.

01:12So China has taken this action, which is quite extreme. And so President Trump obviously wants

01:17to safeguard U.S. national and economic security. And so we have to take our own countervailing action.

01:23I want to play something about President Trump in recent days, talking positively about what was

01:29happening. Take a listen. We have big advantages over China for lots of different reasons. And

01:35I think we're doing very well with China. I get along very well with President Xi if those countries are

01:40hostile. And by the way, China hasn't been. We've made deals with China. President Xi was great.

01:45We're doing very well, as you know, with the trade deals. We're doing very well with China. And great

01:52respect for President Xi.

01:55So what happened? I mean, you've met with the Chinese. Treasury Secretary Besant has met with

01:59the Chinese, came out of the last meeting suggesting that there was significant progress.

02:05Why the change?

02:07That's exactly right, Brett. For the past six months, well, just to go back a little bit,

02:11six months ago, China took an action like this with respect to rare earth magnets. And over the

02:17past six months, we've been quite successful in securing the flow, the regular flow of those

02:22magnets to China. We've managed to have a truce, a fragile truce with China with respect to tariffs

02:28where we remain, we continue to have high tariffs on China, but we're able to talk to them and have great

02:34communication. This action that recently happened, I mean, listen, China, you know, negotiating with

02:40China is not like plain patty cake. On the one hand, they have a meeting with President Trump coming

02:44up, or they had one coming up. And on the other hand, they truly seek to acquire domination over global

02:49technology supply chains. This is a move clearly that they had in their pocket for a long time. And they thought

02:55that it was an appropriate time to deploy it before this meeting. And I think they've really miscalculated what

02:59they've done here.

03:01There's a lot of, obviously, the markets were really spooked by this today. There are a lot of

03:05businesses. There are farmers about soybeans. There are all kinds of different things that hinge

03:11on China and the U.S. and the established trade agreements. Who has the leverage here? Is it the

03:18rare earth minerals hinge? Or is it our ability to sell or not sell chips to China or technology to

03:28China? Where is the leverage here about getting to a deal?

03:31Well, first of all, I would say that China's economy is floating on the idea that they can

03:38continue to produce and export huge amounts of excess capacity, frankly, of manufactured goods

03:44and send them to overseas markets. The United States is the number one consumer, the number one

03:49importer. We are the dumping ground for Chinese goods. And so that is huge leverage. In fact, this is

03:54why they came to the negotiating table back in May the first time is when we had very high tariffs on

03:59them. It's actually not our desire to do that. Our desire is to have a healthy, balanced trading

04:04relationship with China that's fair. But it's a rocky road getting to that. You know, we have a market.

04:11They have a government that's running the economy of their country. We have a free market. And for

04:15them, it's a government.

04:17I mentioned soybeans. You met with the Farm Bureau yesterday to talk soybeans and more. There's real

04:22panic over the loss of Chinese buyers. Where is the U.S. on that issue for farmers?

04:28Sure. So one of the things that we're doing, which is so important, is we're opening foreign market access

04:33in additional countries. For example, Vietnam has already lowered its tariffs on soybeans. Cambodia has

04:39lowered its tariffs on soybeans. We're in talks with several other Asian nations to do that. We're also

04:45talking within the White House about domestic uses for soybeans. You know, the challenge is when China

04:50takes actions like this, it uses economic coercion to try to influence American politics. Everyone's

04:57just trying to make a living here. Our farmers are the victims of Chinese economic coercion. And it's

05:04unfortunate, right? And we're trying to find a way through this. You know, back in April, there was this

05:10pause. And back then, Peter Navarro, White House senior trade counselor, said, we get the potential here

05:16to do 90 trade deals in 90 days. As you look at the graphic, the trade deals that have been finalized,

05:22there have really only been seven official agreements that have been reached. So for the

05:26people who look at that and say, this is a danger sign, looking at 2026, what do you say to them?

05:33Sure. So first of all, the deals we've reached cover a huge percentage of U.S. trade. With Canada

05:40and Mexico, you know, a lot of the trade between Canada and Mexico is flowing quite freely. Canada

05:46had some retaliation, which they removed. We had Turkey that, you know, had retaliation,

05:50they removed. So there's actually no more retaliation in the world except for China.

05:55Some of these deals, President Trump is going through Southeast Asia at the end of the month

05:59to sign some with Malaysia, hopefully Cambodia, Thailand, and others. So we're making quite good

06:05progress on that front. And a lot of countries have already taken their tariffs down.

06:08It's not a trade war with China. Well, we'll see. It does not have to be,

06:16but we're ready to do that if necessary. And we think the American people are up to it.

06:20The reality is, you know, China doesn't have to have this approach. We can have a balanced

06:25relationship with China, but it needs to change aspects of its economy where it produces too much,

06:30it uses unfair trading practices, and it tries to course everyone into doing what it wants. I think

06:35we can have a better relationship. The president and President Xi have a great relationship.

06:39We actually have good conversations with our counterparts, you know, but we are in the middle

06:44of, you know, finding out where each other's lines are. And we need to take this time over the next

06:49few days to see if there's a way forward. But if not, we're going to take strong action,

06:53just like the president signaled. Does this put the TikTok deal in jeopardy?

06:57That is a separate issue, I believe. Now, that being said, if things escalate,

07:03you know, to a different point, then, you know, who knows what's going to happen. At this point,

07:07that has not been part of the discussions. That has not been pulled off the table.

07:10Okay. Ambassador, we appreciate the time.

07:13Thank you. Hey, Sean Hannity here. Hey,

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