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The shadow of a trade war looming large for two of the world's economic giants. instead of pointing the finger at china over the trade deficit president trump shifting the blame on to previous administrations. >> i don't blame china. i blame the people running our country. i blame presidents. i blame representatives. i blame negotiators. we should have been able to do what they did. we didn't do it. they did. and it's the most lopsided set of trade rules, regulations that anybody has ever seen. >> with me now tax and economics reporter for "the new york times." jim, we'll get into some of what...

Four great days. with that being said, china has been taking advantage of the united states for many years. if you look at it, since the start of the world trade organization. and they have really done a number on this country. and i don't blame china. i blame the people running our country. i blame presidents and representatives and i blame negotiators. we should have done what they did. we didn't do it. they did. it's the most lopsided set of trade rules, regulations that anybody has ever seen. with that being said, we have many of them. nafta was a horrible deal. we're renegotiating. we'll ...

Florida. and they were four great days with. that being said, china has been taking advantage of the united states for many years. really, if you look at it, since the start of the world trade organization, and they have really done a number on this country. and i don't blame china, i blame the people running our country. i blame presidents, i blame representatives, i blame negotiators. we should have been able to do what they did. we didn't, they did. and it's the most lopsided set of trade rules, regulations that anybody has ever seen. with that being said, we have many of them, nafta was a ...

Economic sense and don't panic all the time. that's the stock market. notice what john bolton said. he focused exclusively on china. i'm a free trader, too. i've been one all my life. when countries violate the free trading rules that we've all established, wto or any other agreement and when they steal property, of course you have to hit them where it hurts. so maybe we'll have a trade war. i don't expect it to disrupt trade indefinitely between china and the united states. i think that what has to happen is china has to understand that two things will happen. there's going to be balance and ...

Lasted a year or two then. there was no trade war and there was not economic harm as found by international trade commission study. so what's happening, as china fills up the global market with steel, there's trans shipping and the basic osmotic pressure. it pushes the other country or pushes their steel to us, they're going to have to manage this problem as they, on a country by country basis as the president is doing right now. leland: you say this isn't going to be a problem. a lot of folks disagree with you. we'll put one of your views on the screen. this from the national farmer's union. ...