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He's basically saying this this presidency is going to matter, that he's not going to let china get away with intellectual property theft the way it has with the cyber hacking it has and try to say this is the time to take a hard line to try to move china into being a more responsible actor on the world stage. it's a tough line, it's high risk but he has had the guts to do it and if he was simply focusing his fire on chain and not attacking all our allies simultaneously it might actually have a bigger bipartisan support than you might imagine. >> one of the things you wonder is did he overprom...

Either. even if it's not showing up in their five products yet, it will eventually. >> this is a double manny. let's say you're a manufacturing worker, a farm worker, your pay gets crimped at the same time your stuff -- >> if it get cut. >> at the same time the stuff you buy gets more expensive. >> over time, these things tend to multiply. i think of them as corosive like a leaky pipe. you ignore it for a while. maybe you repair it a little bit. until it bursts and you have a catastrophe. that's how these trade effects happen. they compound over time. a good example is of course the uk. the uk...

Deals? >> this is one of the two things that donald trump believes to his core. he believes that trade deals over the decades disadvantaged the united states. and he thinks that the costs of burdens of america's world role far exceed the benefits. i frankly disagree with him on both point. so do the leaders of the countries that he is meeting with in quebec. all sides benefitted from the free trade agreements. the president's narrow fixation on bilateral balances is simply not the way to measure these agreements. the u.s. economy has performed extraordinarily well over the decades. one of the ...

Car makers pocketed add profits and their supply was with held and u.s. consumers paid. it doesn't accrue to the u.s. it falls on the shoulders of the u.s. consumer. i don't think this tactic is productive and that's what i'm concerned with. >> something you just addressed is a big concern. even the trade war with china that's an underlying goal for this administration or curtailing practices that they don't like. imports from lower wage countries have served the american consumer well. it's not served the manufacturing worker for the last 40 years. it may are may not be better for american wo...

Trade barriers before they were in the wto. the reason this is happening is because china developed a stronger, more competitive economy. one strategy would be to try to hold them down. i don't think that would be a strategy we could execute. i think it'd have serious security consequences over time. what we have to do is recognize the reality of china's economic success and try to turn it to a competitive advantage for us. >> when we talk about intellectual property or the theft of it, if the president wants to address it, that's not going to help the rust belt, the manufacturing worker who l...