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Intellectual property and so on and so forth. so i would prefer not to and nag flf so, luis, the global economic slowdown is a big concern for all of the leaders. many fear the u.s. this is what he had to say before departing for the summit. >> hour economy is doing great. we're having a little senate with china and we'll win it. we put a lot of tariffs on china today. as you know, they put some on us, we put a lot on them. we're up to about $550 billion. they've been hitting us for many, many years for over $500 billion a year, taking out of our country much more than 500

China and we'll win it. we put a lot of tariffs on china today as you know. they put a lot on us, we put a lot on them. we are up to $550 billion. they have been hitting us taking out of our country much more than $500 billion a year so, we want that stopped, okay? [ inaudible question ] >> well, we'll see what happens. at this moment they want to do that, so we'll see what happens. they want to have talks so -- i'm always open to talks. [ inaudible question ] >> well, in 1977, we had an act passed, a national emergency act. i have the absolute right to do that. we'll see how that goes. but i ...

They are significant. >> they add on to what exists and coming in the near future. white house aids, the president and his trade advisors met and huddled to come up with some kind of plan in response to the chinese tariffs and what we're seeing now is that some of the existing tariffs are going to go up from 25% to 30% and then tariffs that were planned to go into place on september 1st, a $300 billion worth, those will go from 10 to 15% so all told, 550 billion dollars will be tariffed or taxed and they are being born by american consumers. >> they try to protect them, the fact is, that's who...

>> it's fool's error to make china get the fundamentals fortg them in the eye for the tariffs. we're paying the costs of the tariffs. we're going to see more in the price of the consumer goods. >> what of that, dan, this is prdevastating. $75 billion in new tariffs. we only -- we only sold, what, $150 billion a year to china. they sold us $550 billion.so whg about? >> he doesn't know what he's talking about, to be honest with you. it's very unfortunate for someone who says he wants to be president of the united states doesn't understand how serious this battle, the existential battle is we are...

We are having a little spat with china and we will win it. we put a lot of tariffs on china. we are up to $550 billion. taking out of our country much more than $500 billion a year. we want that stopped. we will see what happens. they want to do that so we will see what happens. they want to have talks. i am always open to talks. >> american companies -- >> in 1977 we had the national