and what about trade well Treasury secretary Stephen minuchin says what the
hell about trade steel and aluminum tariffs after his lead delegation have
been suspended as the negotiations with China have wrapped up the secretary
saying tariffs u.s. tariffs Trump tariffs can be put back on the table if
there's no progress made in reducing the 375 billion dollar trade deficit between
the two countries and joining us now Gordon Chang Daily Beast's columnist and
author of nuclear showdown North Korea takes on the world and China obviously
taking on the world your thoughts about the Venusian negotiated trade agreement
or non trade agreement with the Chinese yeah this does not have the hallmarks of
the president this looks like Steven minuchin we have a framework we don't
know the details yet but nonetheless it doesn't look good loo because basically
the Chinese have agreed to do what they should do and we are not going to put on
those section 301 tariffs meant to stop China's theft of intellectual property
and we're probably going to give relief to ZTE so let me see if I got this right
so there will be no tariffs on aluminum and steel dumping and by the Chinese
into this country or from anyone else apparently ZTE will suddenly be given a
pass for doing business for seven years with the Iranians and North Koreans
without imposition of any kind of penalty whatsoever and they can still
steal six hundred billion dollars worth of intellectual property from the United
States and preserve an almost 400 billion dollar trade deficit is that by
the is that basically where we are steven minuchin says it's good for us
Lou but yes you're right that's where the deal is right now in fact it's just
incredible to think that this the minutia nor anyone working for this
president would come up with that kind of nonsense I want to just show
everybody something if I may we were hearing a lot of talk folks about from
the minutia and others about sorghum and soybeans and our exports to the
to the Chinese let's take a look at the exports that we send to China right now
if we may let off by soybean some planes aircraft integrated circuits gas
turbines some scrap metal goes down the line now let's take a look at what we do
with the European Union aircraft Machinery pharmaceuticals
optical and medical equipment electric machinery let's look at Germany
particularly the mercantilist the leading mercantilist of the European
Union civilian aircraft in parts passenger cars new and used
pharmaceuticals medical equipment chemicals I mean we look like a
third-world nation in what we export to China and they're reducing not a single
tear not a single barrier to US exports yeah the real problem here is that
you've got industrial policy in China the made in China 2025 initiative the
13th five-year plan and we've got of course all the theft and the stealing
and the non-tariff barriers we got to eliminate those Lou because those are
the ones that are causing the trade deficit the president campaigned on
smart government trading and he said he couldn't blame the Chinese because they
were outsmarting us they just took his trade delegation and spanked them in
Beijing I mean it's that simple they might as well have been there with
peddlers carts with jars of sorghum in sacks of soybeans I mean it's pathetic
what they did yeah I mean we got taken to the cleaners and this I hope that
because this isn't final the president is going to intervene you know he did
actually speak to the head of the Chinese trade delegation a couple days
ago I think that's because he does see the problem there and I think that we're
gonna get a better trade deal but only because of the president because Steve
minuchin has an idea that you'd be nice to the Chinese they will reciprocate
we've tried that for about two decades now it doesn't work I think more than
being nice he basically just said you know I surrender I'll give you whatever
you want I mean it wasn't a negotiation I was a status check and the status said
you know we're gonna be just exactly what we've been for the past decade and
that's not particularly healthy for our economy Oh
North Korea where do you see it going now because China obviously is where
now is asserting its interest and and and just wiping the table with the
president's delegates to represent those interests at least on trade in Beijing
and here yes for the last two months China has been really sanctions busting
when Kim jong-un went to Beijing in March you know they showed all the
pictures of the sanctions violation I think there will be a summit with Kim
jong-un he needs sanctions relief might not be June 12 in Singapore but it will
occur there's gonna be problems down the road
Trump's gotta actually up the sanctions not only on North Korea but also on
China
you
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