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We love the countries of the european union. but the european of course was set up to take advantage of the united states, to attack our piggy bank. right? and you know what, we can't let that happen. last year with european union we lost $151 billion on trade. we had a trade deficit of $151 billion because they sent the mercedes in, they send the bmws income if they send the products in. they said, no thank you, we don't like your product. that's not the way it works. for all those free traders out there, that's not free trade, that's stupid trade. [cheers and applause] >> so i said to them, ...

And it can't be that way anymore. we lost $500 billion last year with china. we lost $151 billion with the european union, which puts up trade barriers so that our farmers can't trade. we can't send farm products in, for the most part. it's very hard to send cars in. we have countries where, as an example, india, they charge as much as 100% tariff. we want the tariffs removed. what i would like to do and what i offered at the g-7, you remember, i said, let's drop all tariffs and all barriers. is everybody okay with that? and nobody said yes. i said, wait a minute, folks, you're complaining. no...

Great. i was with harley-davidson, a great company from wisconsin. who has a harley-davidson? a lot of you. you know, harley-davidson makes great motorcycles. they were in my office. >> our allegiance will be to the american workers. >> so here's what he tweeted today. surprised that harley-davidson of all company would be the first to wave the right flag. i fought hard for them and ultimately they will not pay tariffs selling to the eu which has hurt us badly in trait, down $151 billion. taxes just a harley excuse. be patient. what is your reaction to that? >> do i believe that hardly doing t...

$151 billion. taxes just a harley excuse. be patient. what is your reaction to that? >> do i believe that hardly doing this. it was one thing i will agree with. that they are using this as an excuse to take the jobs overseas. they've shown that they've taken jobs overseas and will continue. >> i appreciate your time. the author of makers and takers, a rise of finance in the fall. harley-davidson stands to lose $100 million a year. explain to us how tariffs work. >> they're basically a tax on doing business. countries impose tariffs on other countries and it makes products imported to the u.s. ...

Up 40 -- if you look at the kind of numbers we have picked up, it's up almost 40%, the market. and the real market is the overall, and the overall is up much more than that. but we picked up about $8 trillion in value doing what we're doing. now, we've got a little bit of uncertainty because of trade. to me there is no uncertainty, and to other people that happen to be smart, there is no uncertainty. but we can't allow the european union to take out $151 billion out of the united states. we can't allow mexico to have a nafta deal that gives them over $100 billion. and i call it profit. you kno...