Trump Trade Rep. Jamieson Greer Says 50 Countries Have Approached Him To Address Tariffs

2 days ago

President Trump's U.S. Trade Representative Jamieson Greer delivers his opening statement to the Senate Finance Committee.

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Transcript

00:00Thank you, Senator Wyden. And Ambassador Greer, you may now make your statement.

00:06Thank you. Chairman Crapo, Ranking Member Wyden, and members of the committee,

00:11I appreciate you taking the time today for this hearing.

00:14Last Wednesday, President Trump declared a national emergency in response to the large and persistent trade deficit that has built up in recent years.

00:21This deficit is driven in part by non-reciprocal tariffs, trading barriers, and other economic policies pursued by our foreign trading partners.

00:28The situation is urgent. President Trump imposed tariffs to address this emergency,

00:33and these measures are aimed squarely at achieving reciprocity and reducing our massive trade deficit to reshort production in the United States.

00:42This national emergency declaration and tariff action is the most significant change in U.S. trade policy since we allowed China to join the World Trade Organization.

00:50The American working class in particular has suffered concentrated losses from the so-called China shock

00:56and other adverse effects of past trade policy and the conditions that give rise to this massive trade deficit.

01:03You've heard some of these numbers before.

01:05The United States has lost 5 million manufacturing jobs and 90,000 factories since 1994.

01:11President Biden left with a 1.2 trillion trade deficit in goods, the largest of any country in the history of the world.

01:18The United States' share of world manufacturing output declined from 2001 to last year.

01:24In the fourth quarter of 2024, U.S. manufacturing as a share of gross domestic product was the lowest it had been in 20 years.

01:31During COVID, we were unable to procure semiconductors to build our cars or materials for pharmaceuticals and personal protective equipment.

01:39During World War II, we built nearly 9,000 ships.

01:42Last year, the United States built only three ocean-going vessels.

01:45Our agricultural trade balance, which historically resulted in trade surpluses for our farmers,

01:51was in deficit the last two years of the Biden administration and likely will take some time to recover.

01:57These are all serious indicators of an economic and national security emergency, and we can't ignore it.

02:02One important driver of these negative trends has been unfair, unbalanced, and non-reciprocal trade.

02:07This includes the effect of higher tariffs imposed by other countries on the United States,

02:12the effect of non-tariff measures that promote other countries' exports and obstruct U.S. exports,

02:17and other foreign economic policies favoring overproduction and degrading America's manufacturing capacity.

02:23And the lack of reciprocity is an important driver of our global trade deficit and with particular countries.

02:28So it's common sense to focus on these indicators.

02:31For example, the European Union can sell us all the shellfish they want,

02:35but the EU bans shellfish from 48 states.

02:38The result is a trade deficit in shellfish with the EU.

02:42We only charge a 2.5% tariff on ethanol, but Brazil charges us an 18% tariff.

02:47The result?

02:48We have a large trade deficit in ethanol with Brazil.

02:51Our average tariff on agricultural goods is 5%, but India's average tariff is 39%.

02:57You understand the trend here.

02:59Our trade deficit, driven by these non-reciprocal conditions,

03:02is a manifestation of the loss of the nation's ability to make, to grow, to build.

03:08And the president recognizes the urgency of the moment.

03:11On the first day of his second term,

03:13President Trump issued a comprehensive memorandum setting out his trade policy directive.

03:18And over the past 10 weeks, he has executed on nearly all of these priorities.

03:22He has tightened tariffs on steel and aluminum.

03:23He's imposed new measures on auto and auto parts not made in the United States.

03:27And on April 2nd, the president declared the national emergency that we've discussed.

03:31And so the president has imposed a reciprocal tariff, along with a global baseline tariff,

03:35to achieve reciprocity with other countries and to drive the dangerous deficit down.

03:40And the president's strategy is already bearing fruit.

03:43Over the past few weeks, a planned layoff for an auto production shift in Tennessee has been suspended.

03:47Another automaker is hiring additional employees and expanding overtime to increase auto production in Indiana.

03:53Companies have announced $4 trillion in new investment in the United States.

03:57Nearly 50 countries have approached me personally to discuss the president's new policy

04:01and explore how to achieve reciprocity.

04:03And they've spoken with many members of the administration.

04:06Several of these countries, such as Argentina, Vietnam, India, and Israel,

04:10have suggested that they will reduce their tariffs and non-tariff barriers in line with the president's policy.

04:14And these obviously are welcome moves.

04:17Our large and persistent trade deficit has been over 30 years in the making,

04:20and it will not be resolved overnight.

04:22But all of this is in the right direction, particularly as we start to negotiate with these countries.

04:27We must move away from an economy that's based solely on government spending and the financial sector.

04:33And we must become an economy based on producing real goods and services that provide jobs

04:37for working class and middle class Americans in their communities.

04:40This adjustment may be challenging at times.

04:43And in a moment of drastic overdue change, I'm confident, I'm certain that the American people

04:48can rise to the challenges they've done before.

04:50I appreciate this committee's interest in President Trump's trade agenda.

04:54I'm glad we're talking about this.

04:55It's created a debate.

04:56And we may not agree on everything, but I know that you want to do what's best for America.

05:01So does the president, and so do I, and we'll collaborate together on this.

05:04Thank you again for your time, and I look forward to our conversation.

Trump Trade Rep. Jamieson Greer Says 50 Countries Have Approached Him To Address Tariffs

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