Transcripts For BLOOMBERG Whatd You Miss 20240713 : vimarsan

BLOOMBERG Whatd You Miss July 13, 2024

Tremendous victory for both our nations. They will create countless expanded investment and commerce. Promote fairness and reciprocity and unlock the best opportunities for growth. In the United States, these game changer for our farmers and our ranchers. We have been working very hard on the spirit providing them with significantly enhanced access to a critical foreign market. Reallyment, i will be honoring a lot of folks in the room that are here with us from farm country, ranch country, and were going to be witnessing an ambassadorning by Robert Lighthizer and the ambassador from japan, along trip, just got here. Of yourateful to both for the outstanding job you have done, and all the people that were involved with both of you, your staffs and your representatives. Bob, thank you. Thank you very much. A lot of work. We are also delighted that secretary of transportation elaine chao is here. Where is elaine . Hi, elaine. She is busy, doing a fantastic job. Thank you. Deputy secretary of agriculture stephen chesky is here. Hi, stephen. Good job. Were doing well. A very great gentleman, a very popular man, too, in the world and especially his wonderful state, steve james. Steve, i saw you back there. Hi, steve. I saw your poll numbers. You you are strong. And that is a good decision by the voters, i can tell you. Representatives Jodey Arrington and kevin herne and thank you, fellas, for being here as well as north dakota governor doug burgum. Doug, thank you. Thank you. Hello to your wife. North carolina Lieutenant Governor. Hi. We just approve that last amount of money for the hurricane. Yo you know that, right . Iowa Lieutenant Governor adam gregg. Great job. Great job. And many other state and local officials. We have some tremendously respected people here, political people. I want to extend a special welcome to all of the leaders here today representing American Farmers and ranchers benefiting from this deal. To medically important deal in a very big deal including those from our beef, pork, wheat, dairy and corn associations. I would like to recognize zippy. He has been with us from the beginning. Hi. Very good. Thank you for being here. Zippys always here trying to make good deals for you folks, right . Hes president and ceo of the American Farm bureau federation. Were doing really well. In fact, we are doing a deal, a big deal with japan but china is buying again. Buying very big. A lot of people do not like to talk about that but china is in the market, buying very big agricultural. Were also joined by several Senior Leaders from our nations Top Technology companies. Hi, chris, how are you . Hows ibm doing . You have a lot to do with farming. Smart farming, very smart farming. Peggy johnson of microsoft. Peggy, thank you very much for being here. Please say hello to. And Craig Albright of Business Software alliance. Thank you very much, appreciate it. It really is now smart farming. Doesct, going to m. I. T. Not hurt, either when you are a farmer nowadays. Administrationy has fought tirelessly to achieve a level Playing Field for the american worker. In addition to the agreements we are signing with japan today we reach a tremendous agreement with mexico and canada to replace nafta with the new u. S. Msca. And hopefully that will get done and the nottoodistant future. Everybody wants it. Manufacturers want it. Farmers want it. Even unions wanted. People want it. It is a great deal for all of the countries but in particular a great deal for us and our workers. Were also completely renegotiating, and now we have completed that and signed it, the u. S. Korea trade agreement, substantially expanding American Auto exports. Its made a tremendous difference. That was a terrible agreement. We renegotiated it. It is now a good agreement for the United States. It was not a good agreement for the United States at all. Todays signing of the u. S. Japan trade agreement bu ilds on these incredible successes to the benefits of both of our nations and i have to say that while we are here and because of the fact that we are talking about agriculture, ethanol and the farmers of nebraska and iowa and all of the different places that wanted it, weve come to an agreement and it is going to be i guess about getting close to 16 billion barrels, Something Like that. Thats a lot. Say it again. 16 billion gallons. President trump thats a lot. That is a lot of gallons. So, they should like me out in iowa and all the different places. I think so. Importantly, we have taken in tremendous amounts of money in the form of tariffs from china. China has eatedn the cost of they haveffs because devalue their currency and they have also pumped a lot of monday into their system money into their system. Deflation is we have no inflation. If anything, it is going below the number. So therefore, we are entitled to Interest Rate cut. This would be like a rocket ship. And we are already the strongest economy in the world and doing better than just about any economy in the world. Of people we would like to see an Interest Rate cut, a very substantial one. And whatever else they want to do but we would be a rocket ship. And if you look at from the time go toelected, if you november 9, the day after the close to 60 re up in the market, which is numbers that are pretty much unheard of. It is a fairly short period of time. Our country is doing really well, but we are taking care of our farmers out of the billions and billions of dollars that we have gotten. You heard about that, zippy. We are giving 12 billion from the year before to complement of china, thank you very much. And 16 billion this last year and we will see what happens next year. Maybe by that time it is strained out. But the farmers and ranchers were targeted to put it mildly by china. It is nice theyre coming back and by the way china is also coming here, their representatives are coming on thursday and friday, bob, i believe, so you will start some negotiations. The relationship is very good. As to whether or not we make a deal, i dont know. But the relationship is a very good one. And billions of dollars and all of those many more billions, were giving 16 billion to our farmers because i asked sonny perdue, what was the amount of money that last year, the farmers were hurt . Let me get back to you. The number was 16 billion. I said, thats ok. We are going to take 16 billion out of the tariffs and give it to the American Farmer and i think they appreciated that. It never gets reported by the fake news as i say, but never gets reported. I dont know why. Took 12 you know, we billion from the year before and it also came from large amounts of tariffs. And people are actually saying, i read a report today and the Washington Times where they talked about the tremendous amount of money that has actually come in from tariffs. Its been a number we have never even seen before in this country. We have had a tremendous amount of money coming in. Some of the republican senators, and it is not a bad idea, said why dont we give it, because we have a lot of money left over, after taking care of our farmers, we are bringing it up to the farmers were targeted. So, in theory, that should be in some way a level Playing Field. The amazing thing about the farmer. I have been with so many. They dont even want that, right . They just want a level Playing Field. They do not even want 16 billion. Larry kudlow wants 16 billion. The farmer does not want it. They want to play the game the way it should be played. I think were probably pretty close to doing that, too. No other president would get 16 billion and 12 billion for the American Farmer or rancher, that i can tell you. So, maybe it is your great work, i dont know. It was all of us, everybody standing up here, frankly. Under the terms of the agreement today, japan is committed to dramatically increased Market Access to American Food and agricultural exports. Iutts a very dramatic number. It is one of the larger trade deal signed it as a result 126 million japanese consumers will have greater access to highquality american almonds, wine, poultry and egg products, and so muchwheat more. Anything else you folks can think of . Do you want to shout it out . Steve . Beef. President trump did i not say t hat . Ethanol. Let me think about that one. Once this agreement enters into force, japanese tariffs will be completely eliminated so that japan will not be judging us as have charging us as they have for many years. That we appreciate. And substantially reduce over 90 of the United States agricultural exports. That is a big thing, because we are getting charged a lot oft tariffs. Its ok for us to charge but we cannot have other countries charge. Farmers, ranchers and growers were not be able to compete fairly in japan against major competitors worldwide. In addition to these agricultural agreements, the extraordinary agreement that we did that digital agreement is a very big deal in its own right. Were signing today set standards on the 40 billion in digital trade between the United States and japan. We just want a big, talking about digital, talking about the internet but we just won a big case. You people would really know, right . That was a big case that we won on net neutrality. Just won it. It is going to maybe they will not even appeal it because it is a very hard case to appeal but it was a tremendous victory in terms of speed and in terms of investment on the internet. This deal is remarkable and that it will ensure americans have a level Playing Field in trading Cutting Edge Products and service such as video, music, ebooks and software. These provisions meet the Gold Standard of digital trade rules that was set in the landmark usmca. Again, we hope that will get voted on. We hope that nancy pelosi gets it voted on because Everyone Wants it. Shell have to make her own decision. Let her make her own decision. But i can tell you the American Public is tired of donothing. We are doing a lot, and the democrats are doing nothing. Thriving commerce between United States and japan is essential to advancing opportunity and prosperity for our people. The United States and japan are the Worlds Largest and Third Largest economies. Together on issues comprise nearly 1 3 of the entire globes gdp. Japan is americas Third Largest agricultural export market, and this makes it even bigger. Foreignis japans top investor and that is what i was talking about. All of the plants that are going up all over the country. I said to the Prime Minister, i will be pleased. We need auto plants. I said when i first met with him and immediately liked him a lot. They really produced. Doing a lot of plants, not just auto. Factoriesplants and are being built in the United States by japanese companies. These agreements will ensure that are Economic Partnership flourishes writer than ever before. We are probably at a stage with japan where i do not think our relationship has ever been stronger or better than it is right now. In the months ahead our teams will continue negotiations on remaining areas of interest to achieve a final and very comprehensive agreement. Were working on that right now. Some big things were working on. Id like to invite ambassador lighthizer to provide further details on these historic deal. Thent to thank everyone in room for being here and thank you very much the media for being here, too. Please, robert. [applause] thank you very much, mr. President. Thank you for helping us get this agreement across the finish line, but more importantly, thank you for rearranging trade in new nonstate in the direction of Americans Workers and farmers and ranchers prefer to long we have lost our way and during the last almost three years you have brought us back and im very grateful for that and im grateful to have been a part of it. I want to thank a few people on my team. We had a huge group involved. Jeff and greg dowd, two of my deputies. Michael, sharon, then there are lots of other people who gets a lot of credit for doing this. Let me quickly made the point that the president has already made. This is a very big trade deal. This is about 55 billion worth of trade. With this, we will have more than 95 of the gdp that wouldve been in tpp. So, it is very import for farmers. It is also important for digital trade. Japan is the biggest market the United States in beef, pork, s a substantial market in of right of every things including potatoes and nuts. It also affects wine. We think we will have substantial additional sales as a result of this. So, thank you again, mr. President. It is a pleasure, and honor for me to be a person who gets to sign this. Over,d like to turn this the podium over to the ambassador who is not only the ambassador from japan to the United States but also was very active in getting this deal across the finish line. So, thank you very much. [applause] well, frankly speaking, i must tell you i feel really daunting. I couldnt feel more honor to be in this signing ceremony in the white house. You are listening to President Donald Trump there. This is the signing of a u. S. Japan trade agreement. This agreement is very heavy and agricultural products, according to Robert Lighthizer. It amounts to about 55 billion goods,fo traded potatoes, corn, soybeans, wheat. A lot of other products there. President trump did touch on a few issues including, he basically reiterated his call for the Federal Reserve and the u. S. To cut Interest Rates, saying the economy would be like a rocket ship if the fed did that. And he touched on a few other economic issues. Scarlet in the meantime we had the stock market close. A day of declines of u. S. Equities. On lower than average volume with the dow, the s p and the nasdaq off 1 3 of 1 . Whatd you miss . Is up next, where we have more on general electrics plan to slahsh its pension benefits. This is bloomberg. We are live from bloomberg World Headquarters in new york. I am caroline hyde. U. S. Stock market trading on very thin volume fell in the s p 500. But the question is whatd you miss . Takes a broada trade package off the table ahead of highlevel talks in washington. Trumps turn on turkey. After President Trump reverses his policy on syria. An initial green light for erdogan to take on kurdish forces. Ge squeezing benefits on 20,000 workers. What this means. Trade deals signed. President trump just signing a limited trade pact with japan at the white house. This is after dropping threats from auto tariffs. This step forward comes as china signals they will limit the scope for for a potential trade deal in their negotiations with the u. S. Negotiators meeting later this week, the president existing there is still a good chance for a good deal. Alsodent trump china is coming here, their representatives are coming on thursday and friday, bob, i believe. So, you will start some negotiations. The relationship is very good. As to whether or not we make a deal, i dont know. But the relationship is a very good one. Joining to talk more about this is michael, the head of china and northeast asia at the eurasia group. This is the 13th round of negotiations between the u. S. And china. Are we any closer to where we were after the fifth round . Y, that is a surprisingl kitty question. We have gone forwards at times and we have gone backwards. What we are looking at right now is will they get to an interim deal. Minian talk acall it a deal. Both sides of an interest to avoid further escalation. And to try to fidn some kind of landing zone for President Trump that would bring further relief to u. S. Farmers, not panic Financial Markets. Roader trade deal looks as far away as ever. The more likely scenario is that the u. S. Would postpone planned tariff increases. There is one for the 15th of this month. Another in middecember. The most optimistic scenario would be limited tariff relief. Thatps around the tariffs went to affect in early september. But i do not think we are going to go below the main, the main body of u. S. Tariffs which is 25 on 250 billion, half of u. S. Imports from china. Hard to see the two sides touching that. Romaine im sort of interstate in what china could potentially get out of this. When you look at the nuts and bolts of the japan agreement, it was largely depend catering to some of the u. S. Demands. I do not think japan got much out of this. More agricultural exports. Do think china would give in in that way to sort of appease what is supposed to be an ally. There is an element of that. They would not be giving all that much. If china were to step up purchases of u. S. Agricultural goods, that would be something that more or less is in beijings interest. It is not huge sacrifice. They also throw in some reform commitments that are an Early Harvest of what they have been negotiating as part of the trade deal. Were again talking about the waytively easy politically. Financial services, for example. That is much more polit

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