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00:00And Greer here today for the annual hearing on the president's trade agenda.
00:05They don't have another option. How do you plan to handle that?
00:09Senator, the president has been clear with me and with others that he does not intend to have exclusions and exemptions,
00:16especially given the nature of the action.
00:19If you have if you have Swiss cheese in the action, it can it can undermine the overall point,
00:23which is to get rid of the deficit, achieve reciprocity.
00:26I don't completely agree with Senator Cantwell. I mean, I just don't get it.
00:33Other countries did not. Other countries signaled that they'd like to find a path forward on reciprocity.
00:39China has not said that. And we will see where that goes.
00:43I think we need to work with our closest friends to make sure that we have trading arrangements that work.
00:48And if the Chinese are open, you know, we'll see what.
00:51But they haven't signaled that at all.
00:53So I don't think that's the I don't think that's in the very near term with China.
00:58You know, the fact on semiconductors, while you gave a small exemption, you didn't you about this.
01:05But I see a distinct difference between those countries who have come to us and they said,
01:09we understand your issues. We understand the deficit.
01:12We understand your desire for reciprocity. And we want to work with you on this.
01:15And the Chinese approach, which has been we're going to retaliate.
01:19We're trying to remedy. Senator Young.
01:24Good to have you here, Ambassador.
01:26So as you know, yesterday, the president directed Secretary Bess and myself to interact with the Japanese.
01:31We've already been having several conversations with them over past weeks.
01:35So this is not a new development, but we are taking it to a new level.
01:39And let me just begin by commending you.
01:43Obviously, we want to have more market access in Japan for us.
01:46We feel like we could have more and better agricultural market access.
01:50Not as long as they have to. But is there a timeline you're dealing with?
01:55So so the president has indicated that he's willing to negotiate with parties that want to pursue reciprocal trade with the United States.
02:02We don't have any particular timeline set on that, because, as you pointed out, Senator, the outcome is more important than setting something artificially for us.
02:11What I can say is I'm moving as quickly as possible.
02:14And a lot of these countries are moving very quickly.
02:16And we're working on the weekends.
02:18We're working at night as folks want to engage on this.
02:22Now, I will say I know you want to ask.
02:24So, Senator, we've already had many countries, many of our markets explain that they are not going to retaliate against the United States.
02:31And, in fact, Vietnam, for example, they've lowered their tariffs already on cherries.
02:36They've lowered them on almonds and apples, things I know are important to the Pacific Northwest.
02:40And this is exactly the right direction that we want to go in.
02:43I look forward to hearing from you what other kind of market action.
02:45I recognize that America has been very generous in opening up our market.
02:48And Vietnam is one of those countries that understands that it is, frankly, one of the major targets of this action,
02:55because their trade surplus with us is so lopsided.
02:59I think it's every $15 they export to us, we send them, you know, $1.
03:04And they remain closed to our exports where we can be in competitive agriculture, etc.
03:08But they've come to the table with an offer, right?
03:10We didn't go out and say, please come talk to us.
03:11They beat it down our door and they want to talk about it.
03:15Australia got hit with a 10% tariff as well.
03:20Senator, Australia has the lowest rate available under the new program.
03:24They've banned imports of America's beef.
03:26Ambassador, excuse me.
03:28There is a trade.
03:30We already have a free trade agreement.
03:32We have a trade surplus.
03:34So getting the least bad, why did they get whacked in the first place?
03:39We're addressing the $1.2 trillion deficit, the largest in human history that President Biden left us with.
03:43We should be running up the score in Australia.
03:45Ambassador, answer the question on Australia.
03:48We have a trade surplus with Australia.
03:51We have a free trade agreement.
03:53Why?
03:54They are an incredibly important national security partner.
03:57Why were they whacked with a tariff?
03:59Senator, despite the agreement, they ban our beef.
04:02They ban our pork.
04:03They're getting ready to impose measures on our digital companies.
04:06With your Greek letter formula, the fact that we have a trade surplus.
04:11We have a global tariff on everyone.
04:13We're trying to address the $1.2 trillion deficit that Biden left us with.
04:16I think that answer, sir, you're a much smarter person than that answer.
04:22Hearing a fair amount of agreement from the finance committee here.
04:26First of all, I think there's agreement that...
04:27I think that...
04:28I don't know.
04:28I think that...
04:28I think...
04:29I don't know.
04:45I don't know.
04:49I don't know.