00:00I thought it was an amazing meeting.
00:04He's a great leader.
00:06A leader of a very powerful, very strong country, China.
00:30A lot of decisions were made.
00:33There wasn't too much left out there.
00:36And we've come to conclusion on many very important points,
00:40and we'll be handing that to you in a little while,
00:42because there was a lot of different things,
00:45many of them very important.
00:47We're in agreement on so many elements.
00:53Large amounts, tremendous amounts of the soybeans
00:57and other farm products are going to be purchased immediately,
01:00starting immediately.
01:01If you notice, the presidency authorized yesterday
01:06for China to start, did you know that, right?
01:09China to start buying in very large quantities of soybeans
01:12and other things, which I appreciated.
01:15That was a very nice gesture.
01:17On fentanyl, we agreed that he was going to work very hard
01:22to stop the flow.
01:24You know, it's a very complex subject,
01:26because it's used for lots of different reasons,
01:30including anesthetics and things.
01:33But he's going to work very hard on it, precursors,
01:37and I think you're going to see some real action taken.
01:42I've agreed, as you know, I put a 20% tariff on China
01:46because of the fentanyl coming in, which is a big tariff.
01:50And based on his statements today, I reduced it by 10%,
01:54so it's 10% instead of 20% effective immediately.
01:59I believe he's going to work very hard to stop the death that's coming in.
02:06But again, it's complex because of what fentanyl is,
02:11what the precursors do.
02:13So I think you're going to see a big difference.
02:16How will your new tariff rate on China's goods be once you sign a deal?
02:20It's the same.
02:21Other than what we...
02:22Tariffs are made exactly the same.
02:2455%?
02:25It's about...
02:26No, it's...
02:27It was 57.
02:28Now it's 47.
02:29And how long...
02:30Because we reduced it by the fentanyl.
02:34Because I believe they are really taking strong action.
02:39We've already seen the action on fentanyl,
02:41and they're taking very strong action.
02:43So we reduced it to 10%.
02:45That's all.
02:46On fentanyl, they've agreed there are a variety of precursors.
02:49You may recall that actual fentanyl was scheduled by China
02:52in the present's first term successfully.
02:54There are certain precursors where they take whatever actions they need to control that.
02:58If they can control rare earths, we know they can control the precursors.
03:01And President Xi, I think, was very strong in saying he was going to enforce those laws internally.
03:05And, of course, we'll watch that, and we'll work with them.
03:07He's going to be very strong in enforcing the fentanyl,
03:09everything having to do with fentanyl and regulations internally,
03:13including taking very strong measures against those that don't obey.
03:18And a variety of other tariffs still remain.
03:20Section 301 tariffs from the original.
03:22A variety of Section 232 tariffs.
03:24Some of these tariffs are, as the President mentioned,
03:26around 40%.
03:28For some individual products, it may go up to 100%.
03:30But as a general matter, it's about 45%, 47%.
03:33A lot of things we brought to finalization.
03:35A lot of finalization.
03:37I thought it was a great meeting.
03:39I think it was a very friendly meeting.
03:41It was a good meeting for two very large, powerful countries.
03:45And that's the way we should get along with it.
03:48But overall, I guess, on the scale of from 0 to 10, with 10 being the best,
03:53I would say the meeting was at 12.
03:56I think it was at 12.
03:58I think very importantly, you know, just the whole relationship is very important.
04:04Thank you all.
04:05It was a great success.
04:06It was a great honor.
04:07I mean, he's a tremendous leader of a very powerful country.
04:10And I give great respect to him.
04:12And we appreciate the fact that he came for this meeting.
04:15Thank you very much.
04:16Thank you, sir.
Comments