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the united states is ready for the challenge. >> as we've discussed, the united states and china will continue to compete and as americans, we welcome competition it's part of our dna and propels our citizens to rise to the challenge. cooperation as you and i have spoken about, can only be mutually beneficial if the game is fair. >> perhaps we welcome competition, but are we ready for it? business professor peter navarro is the author of the book "death by china." peter vice president biden says the u.s. welcomes competition. you say china is using in your word, quote, weapons of job...

It's a very fundamental violation of a very easy law to understand and that is a deceptive trade practice. deceiving consumers, and in this case homeowners about whether or not and who owns their note and the mortgage is the most basic consumer protection right they have. and that's what i am. i'm a prosecutor and a consumer protector. that's what i get paid to do. and that's why i'm on this. >> beau biden, attorney general of the state of delaware, thank you for taking the time to talk with us about this tonight. i've been looking forward to talking to you about this for a long time, sir. tha...

And general schneiderman's office won't continue to try to do it. i'm attacking this problem at this level because it seems like it's a very fundamental violation of a very easy law to understand and that is a deceptive trade practice. deceiving consumers, and in this case homeowners about whether or not and who owns their note and the mortgage is the most basic consumer protection right they have. and that's what i am. i'm a prosecutor and a consumer protector. that's what i get paid to do. and that's why i'm on this. >> beau biden, attorney general of the state of delaware, thank you for tak...

That doesn't mean that my office and general schneiderman's office won't continue to try to do it. i'm attacking this problem at this level because it seems like it's a very fundamental violation of a very easy law to understand and that is a deceptive trade practice. deceiving consumers, and in this case homeowners about whether or not and who owns their note and the mortgage is the most basic consumer protection right they have. and that's what i am. i'm a prosecutor and a consumer protector. that's what i get paid to do. and that's why i'm on this. >> beau biden, attorney general of the sta...

To me anyway rings hollow if you look at the trade practice in which china has declared a trade war. that without the u.s. trade surplus that immediately china would go into a deficit and without the tariff rigging and reciprocity they wouldn't have the trade surplus. >> china manipulates its currency that's true. but to my mind they are building up a big problem for themselves. look at it from china's perspective. one sits in the u.s. and you look at all the money that china has built up the so-called foreign exchange reserves which largely come from those great trade surpluses you talk about...