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Allowing permanent trade relations status. they were able to manipulate the market. this was not an efficient marketplace. i would submit the marketplace was horrifically distorted by state subsidies, by trade, by currency devaluation. but most importantly, by cheating, dumping globally, not just dumping in the united states. cheaters. >> let's say you are right, and you probably are right, then we ought to be for a policy that would reduce those other countries' barriers more than the u.s., but that is exactly what the tpp was going to do that trump abandoned. >> laura: austan, this is what g...

Status, they were able to manipulate the market. i would submit the marketplace was distorted by currency devaluation, but most importantly by cheating, dumping globally, not just dumping in the united states. >> we don't like cheaters. >> let's say you right, you probably are right, we ought to be for a policy that would reduce those other countries' barriers more than the u.s. that's whatha the tpp was goingo do. >> wait a second, austin -- >> they are signing on trade deals with china. they deal with china and not the united states. >> this president ran on a fair trade. he ran on being pre...

Currency devaluation, which is a killer for our country, because we don't do it and everybody else does. >> but do you want bilateral? >> absolutely. and you know what, if a deal doesn't work out we terminate the deal. when you get into the mosh pit, i call it, where you have all these countries together, you can't get out of the deal. and you take the lowest denominator, in other words you have countries that don't treat us well, they are in there. we want a deal with the ones that treat us well, and if they don't treat while we terminate or give him a 30 day notice of termination, andn they ...

The chinese authorities need to do a lot more to certainly restore confidence and stimulate growth. we know china's economy is slowing. it's hoping for growth of 7% this year. many, many people very skeptical that could be achieved, but really it is slowing and it is having global ramifications as we are seeing. the sellout began in june and then the currency devaluation two weeks ago was interpreted by many as a sign that china's economy is much weaker than anticipated. now, there are also concerns, alison, that china's leadership is one step behind, that they are not being pro active and the...

The other side, let's taken a apple. apple is a fascinating example. it goes both ways because obviously its source is in china, it exports from china therefore it should benefit to some extent from this currency devaluation with. but it also sends products back into china. so it's on both sides of the equation and when you see that sort of scenario you really are left with just simply saying uncertainty. we know the stock market's in trouble. we know there's property problems in china. the banking community, will show what's happening and they will save 7%. put all this together, with the mov...