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Economy, the more fully it will liberate the potential of its people. their initiative, their imagination, and their remarkable spirit of enterprise. >> laura: well, how did that work out? sure the chinese are richer but we have a $375 billion annual trade deficit with china, and the only imagination they brought to the game is in there plotting to steal america's innovation. 18 years after china's entrance into the wto, even trump's most ardent critics are conceding that basically he's right. >> let's be honest. on one big fundamental point, donald trump is right. china is a trade cheat. the ...

A problem and then taking credit for solving a problem they created in the first place? >> you know, sometimes they do this. this this one i do have to give -- i would say that donald trump is right that china has been basically a trade cheat, that the chinese have a very countless view of the world and particularly have this view of trying to get american companies to hand over intellectual property either by stealing it or by forcing them to do it. they don't reciprocate. there is a big problem with u.s.-china trade. i don't know that trump has -- he's diagnosed the problem accurately. i don...

That's the surprise. the surprise is the united states government has become the pr agency for the saudi regime and for the saudi regime as it has done things that are most decidedly not in america's best interests, not even clear that they're in saudi arabia's best interests. so to me i get why putin is high-fiving. i don't get why trump is high-fiving. let's talk more about the president at the g20 because there's now this 90-day truce between the united states and china on these -- this trade war. but isn't this another example of this administration creating a problem and then taking credi...

But we're still early on in this game. >> so rana. >> yes. >> play that out. i certainly agree with steve moore that china is a trade cheat, as i've often said. the question is, is the strategy rate? we've alienated the europeans and the canadians. shouldn't we have brought them all on board and had a collecting position against china? >> in a word, yes. and stephen and i i think agree on this point. a lot of the same complaints that we have about china, the europeans have, the germans have. absolutely, it would have been a great time to come together with the europeans and say, enough is enou...

They will make some concessions to the united states which they need to do. and at the end of the day, we may actually end up with freer trade, with lower tariffs and lower trade barriers. but we're still early on in this game. >> so rana. >> yes. >> play that out. i certainly agree with steve moore that china is a trade cheat, as i've often said. the question is, is the strategy right? we've alienated the europeans and the canadians. shouldn't we have brought them all on board and had a collective position against china? >> in a word, yes. and stephen and i i think agree on this point. a lot ...