trade representative robert lighthizer and commerce secretary wilbur ross were also at the signing. this is 10 minutes. president trump: well, thank you very much, everybody. this has been long in the making. you have heard many, many speeches by me and talks by me and interviews where i talk about unfair trade practices. we've lost over a fairly short period of time 60,000 factories in our country, closed, shuttered, gone. six million jobs, at least, gone. and now they're starting to come back. you see what's happening with chrysler, with fox con, with so many other companies wanting to come back into the united states. but we have one particular problem and i view them as a friend. i have tremendous respect for president xi. we have a great relationship. they're helping us a lot in north korea. and that's china. but we have a trade deficit, depending on the way you calculate, of $504 billion. now, some people would say it's really $375 billion. many different ways of looking at it, but any way you look at it, it is the largest deficit of any country in the history of our world. it

it was robert lighthizer who said they could do a bilateral agreement with mexico and canada at thist mexico and canada do want to finish this multilateral doodad. >> this company has agreed to scripts this is $437 billion. the latest in a string of health-care deals. we were expecting something might happen with express scripts. who were the other potential contenders? i think it could have been other health insurers. what insurers are looking for is to mimic the model of the united health, which got in this game earlier, they got a pharmacy back in 2015. that diversification strategy has really paid off of the company not just as far as the revenue growth but as far as cost advantages, information advantages, convenience advantages that have bolstered the insurance business. it could've been a number of insurers, but if you remember cigna was the target. cigna had a limited extra cash -- little bit of x or cash to play with, which is why they are making this move. >> qualcomm delaying a key shareholder vote after the committee on foreign investment in the u.s. began investigating b

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trade representative robert lighthizer and commerce secretary wilbur ross. president trump: well, thank you very much, everybody. you heard many, many speeches by me and talks by me and interviews where i talk about unfair trade practices. we've lost over a fairly short eriod of time 60,000 factories in our country, closed,

. >> robert lighthizer has been insulting at previous press statements, saying he was disappointed atre offering. today, he seemed to recognize that there had been progress made and there had been good faith on the other side. obviously, they had to throw in the idea of a steel tariff in a dealbreaker, if they come true. we don't know what will happen with that yet. we will have to wait and see. it was robert lighthizer is that they could do agreements with x ago or canada -- but neither mexico or canada interested. ♪ >> the prescription for growth, buying the drug edelman. the latest in a string of health care deals, we were anticipating that something might happen with express scripts? who were the potential contenders? >> it could have been a number of health insurers. what they are looking for is to mimic the model of indicted health. unitedhealth group in this game early. that diversification strategy has paid off for the company. not just as far as new revenue growth but as far as cost advantages and convenience advantages. it has bolstered its insurance division. if you remembe

the meeting between the us trade representative robert lighthizer and his eu counterpart cecilia malmstromthe diary for saturday, but following the formal imposition of tariffs on steel and aluminium by the us this week, the meeting took on some urgency. the eu is not one of the biggest steel exporters to america, but it does not want its producers to pay a 25% tariff either. to complicate matters, britain is quitting the eu next year but cannot get an exemption to the tariffs until then. but its international trade minister, liam fox, travels to washington next week to seek exactly that. we will, of course, be looking to see how we can maximise the uk's case for exemption under these particular circumstances, but we will want, over the next few days, to look at them in great detail. if europe gets a carve out from the american tariffs they willjoin an ever—growing list of nations that will not be paying. the australian prime minister, malcolm turnbull, met donald trump on friday and removed his country from the list. canada and mexico have already been exempted. i was very pleased the pre

. >> robert lighthizer has been very insulting and previous press statements, talking about how he wasinted in what the other sides were offering and they were not taking this seriously. today, he seems to recognize that there had been progress made and that there had been good faith on the other side. obviously, he had to throw in the idea of the steel tariffs being a dealbreaker if they come true. we will have to wait and see. it was robert lighthizer who said they could do a bilateral agreement with mexico and canada have this point. but mexico and canada do want to finish this multilateral doodad. >> cigna has agreed to acquire express scripts for $67 billion. this is the latest in a string of health-care deals. we were expecting something might happen with express scripts. who were the other potential contenders? >> i think it could have been other health insurers. what insurers are looking for is to mimic the model of the united health, which got in this game earlier, they got a pharmacy back in 2015. that diversification strategy has really paid off of the company not just as fa

have a good result on that thanks to two people, president trump himself as well as ambassador robert lighthizere stuff, smart negotiator that president trump promised to appoint, it looks like we'll get a good deal on nafta as well for the american people. we're making great progress. when you turn to the china issue, i think everyone on set would agree with the promise that china engaged in the theft of intellectual property, as well as forced technology transfer ambassador lighthizer and secretary mnuchin at the president's direction and personal direction is talking -- they are talking with the chinese as we've been doing since day one. we will continue to do that. i think we're hopeful there that china will work with us to basically address some of these practices. so i see nothing but bullish signs ahead. we have four building blocks of a very strong economy. we've got a global growth synchronized growth pattern going on europe and asia. so from an investor's point of view, just looking at that plus the economic indicators themselves, it's extremely strong ism manufacturing index, above 60

the wto and expect a similar outcome as to then to that end the trade chief is meeting with robert lighthizerturday. we'll see whether they arrive at a compromise >> kayla, thank you very much for that kayla tausche for us in washington much more reaction to president trump's new trade tariffs throughout the day on cnbc at 7:30 eastern, you'll hear from bill morneau, at 11:00 catch our interview with treasury secretary stephen mnuchin. more coverage of this story throughout the day fresh reaction from the european union side of the debate and willem marx is live in brussels with more. good morning to you. >> good morning, wilf. as kayla mentioned there, cecilia malmstrom the commissioner of trade is hoping to meet with robert lighthizer here tomorrow. she said this morning she would be seeking further clarity about whether the eu would be excepted from the trade tariffs on steel and aluminum and she was critical of the way this was handled seeing that the europeans see themselves as allies of the u.s. here's what she said if these tariffs are not going to exclude them from this process >> we

trade representative robert lighthizer in the hot seat.g them about president trump's tariffs included steel and aluminum tariffs which by the way go into effect for tomorrow and possible retaliation. for latest, connell mcshane is live on capitol hill. connell, break it down for us. reporter: it is interesting, lauren, we have news on the steel and aluminum tariffs and all the chalk about china and the u.s. trade rep was up here and made a list of countries at first will be except from the tariff. we'll go to the map to show the countries. mexico on the list as we expected, included european june, -- union, australia and south korea. at first, robert lighthizer says they will not be subject to tariffs as negotiations continue. that is on steel and aluminum. you mentioned wilbur ross. he was a different hearing. he was really pressed by members of congress districts where farm something big business about the prospects of a trait war. we had a number of reports that the chinese with actions taken in the u.s. might be preparing their own se

has a supporter eight in wilbur ross in converse, robert lighthizer and he campaigned on it.of the states affected. >> the administration is gambling on the idea that the ends will justify the means. they know it's a big risk. shows that tariffs aren't always good for the united states, and not when it comes to putting taxes on our allies. this might be about china. we need to find ways to punish them. they steal our intellectual property, they cheat on the economy. a number of people of pushback on the way the president is going about this but i think we have to give it time. this is a president who has blown things out before. people have panicked. issues statements of combinatio condemnation. this is a big risk for the administration but will have to wait and see. >> bret: robert lighthizer and senator sasse earlier. >> the response that we are going to start a trade war is nonsense. we have a very, very imbalanced relationship with china. the president is beyond engage. he cares about jobs and wages. politics never comes up. when he is not thinking about jobs and wages, i

so we saw trump's top trade gosh yates tore robert lighthizer dispatched to europe yesterday to negotiate with europe and japan. andic was supposed to be chinese steel, but instead they were focusing on the 232 steel measure. and the countries are arguing that they should be exempt. they are no threat to american national security, they are close allies. but it is not clear yet what they could do to get an exempti exemption. so the next two weeks will be a very important time for them. these exemptions could be worth billions of dollars of twrrade. >> we haven't had a good trade war for many decades. what do we know about what will happen in the coming months? >> not a lot right now because we don't know who will be exempt from it and kons qunconsequentl don't know the scale of the potential retaliation from our trading partners. in terms of the local effect, it is very likely that number one the malg any tud of the effect will be pretty small. number two, there are more likely to be job losses in the industries that use steel and aluminum and now have to pay more for that than there are

trade representative robert lighthizer and commerce secretary wilbert ross were also at the signing. this is 10 minutes.

trade rep robert lighthizer. they are set to meet again next week. canada and mexico are currently exempt and australia is negotiating an exemption as well. lighthiz also met with top s panese officials who have voiced concerner the tariffs setting off a trade war. the tariffs are set to take effect in two weeks. the department of stice announced today plans to ban devices that allow rifles to fire like automatic weapons likely setting up a legal battle with gun manufacturers and pro- gun groups. in a statement, the justice department laid out its proposal ypto reclassify bump stock devices as machine guns, which are already banned under federal law. following the school shooting florida last month, president totrump pushed the d.o.j. egin the process of banning the devices, sidestepping congressional approval. bump stocks were used in last year's mass shooting in las vegas thateft 58 dead, but not the parkland high school massacre. investigators are working to determine why a former army rifleman and afghan war veteran killed three women who devoted

>> that's really something you would have to ask robert lighthizer. the ambassador here in china ini'm dealing with things china in helping american companies here. and all those kind of things. dealing with the chinese on issues that we have, but the administration has people that are responsible for negotiations and certainly, they just recently reached a new free trade agreement with north korea. i know he has also been working on improving the north american free trade agreement. and yet the 301 actions are because china has promised and promised and promised to improve the trade situation and to eliminate some of these unfair nontrade barriers, and hasn't happened. that's the reason why were moving forward with the 301. >> that's a trade agreement with south korea. the chinese officials we speak to point to a lack of clarity. they say they are still confused about what the demands are from the u.s. side. maybe you can add clarity. whether asked what of the top three demands from the u.s. side on china at this point? >> is a 200 page document that

e new deal doubles that limit, which ambassador robert lighthizer says should spur more business. >> we think we ar going to make real improvements. it's to the going to go to 50,000tuer manufr immediately. but i think it's going to get way above 25,000, and i think we are talking in the not too distant future about billions of dollars of additional sales. andou i say that other countries do sell in there, and products e kind o that they will buy. >> the white house says there are new cuts to regulation in korea and a side deal combatting currency manipulation as well as caps on how much steelorea can nd to the u.s. that's in light of roonl announced tariffs. trade talks were contentious when they started with president trump surprising south korea'sn president by publicly slamming the deal during their first meeting. >> our trade deficit with south korea has increased by more than $11 billion. not exactly a great deal. >> and then threateni to withdraw all together. today trump tweeting, the two countries can now focus on their curity relationship. as a sult between the u.s. and nor

the three representatives of the nafta negotiations speaker we just heard from robert lighthizer. >> united states has midterm elections coming up in november. all of this complicates our work i fear the longer we proceed, the more political headwinds we will feel. thus, in the u.s., we must resolve our outstanding is issue soon to maintain the possibility of having this measure be considered by the current congress >> words of urgency from lighthizer. >> how would you like to be him right now? >> it's got to be super difficult. >> what do you have to offer when you have the president imposing these tariffs right in the middle of discussions? >> i guess you could say the u.s. market, right, which is so important to the mexicans and canadians, hence, why we buy so much steel from canada, for example. >> defense stocks have been rallying ever since president trump was elected. shares of boeing are higher by 141% raytheon up 56%. northrop grumman up 48% and lockheed martin is up 48% since the election morgan brennan joins us. >> so, the world's biggest defense contractor uses steel and

we are expecting robert lighthizer to lift out these tariffs on chinese goods from now until april.ot to focus on the next 48 hours or so. betty: a lot indeed. let's turn to what happened at the u.s. market closed today. nasdaq on pace for its worst monthly loss since january 2016. now set-heavy nasdaq for a 6% loss in march. it looks like bearish sentiment is not letting up. it is now netflix and amazon who had not seen these steep declines, are now seeing this. we talk about concern for investors, but traders consider this paradise, because of the whipsaw swings into the market. we saw the dollar and bonds higher on the strength of the gdp data, two point 9% growth, exceeding the 2.7% expectation. the dollar jumped, bonds rose, yields held below 20%. we saw gold lower in the trading session. new york traded crude was lower on supply data. you can see is setting up for a bounceback. let's look at the size of the losses in the tech names. amazon we are going to get to, in the crosshairs of regulation. netflix down on a number of concerns. people are threatening to cancel atflix beca

robert lighthizer has until april 6 to release this list of new products that are going to have tariffs any day. we suspect it could be this day come but meanwhile the white house is claiming a win on revamp trade deals with south korea, which list a cap of potential u.s. autos in south korea from 25,000 to 50,000. you already could get koreans to buy enough cars to meet that cap that you had previously, what makes you think you will get them to buy 50 cars now? we'll see down the road. maybe it is a move in the right direction. haidi: what about the impact on the u.s. in the global economy? what are we expecting? peoplen: it is not just in general economist saying we are heading towards a global trade war if the rest takes more steps on introducing tariffs, specifically targeting china. the general of the wto in an interview with the bbc on wednesday said we are seeing the first movement towards a global trade war that could have a severe impact on the global economy. fourth-quartert gdp figures for the u.s. revised up to 2.9%. that looks good and uber economics says it will get and we

robert lighthizer saying that a trade war is not good for anyone. not what the u.s. wants.hen you're talking about rates, look at the bloomberg, fed fund futures, how many more rate increases this year are they planning? 3.5 is where we are currently. if we get a deviation or change to that expectation, something unexpected from the commentary today from the fomc and jay powell, we could see a change with more tumult in the market. we have financial conditions in white. the two-year yield in yellow and the fed funds target rate, the two-year yield most closely tied to what the fed does as bp -- see the financial conditions have tightened considerably. widening a little bit in march from their lives. things to watch in the wake of the decision this afternoon. mark: yes. deutsche bank shares down substantially, the european bank in the news, warning of revenue headwinds from currencies and high funding cost. joined by our finance and investing managing editor. what happened in the last week? last week and things were looking a bit better but what happened in one week? >> the

malmstrom is making clear she will be working hard tomorrow in a previous scheduled meeting with robert lighthizer to get clarity on if these will be directed, these measures, at the european union if they are going to avoid calf-outscarve-or the eu, she seems to have the support to push through tariffs on those targeted things cecilia malmstrom said she wants to avoid escalation, but based on what we're hearing from the wous there would white house there would be further measures if this went forward. >> willem, thank you very much for that later on we will be speaking with u.s. treasury secretary steven mnuchin at 16:00 cet. we will also sill down with the canadian finance minister to discuss the tariffs and their impact on nafta, that's at 12:30 cet. >>> let's pull up some boards and just give you an idea how the markets and stocks are reacting to this narrative on protectionism and steel tariffs over here in europe. as you can see, salzgitter is down it 2% arcelormittal is down. and thyssenkrupp is absorbing this early round of trade tensions the downstream sectors, this is important. this is

trade representative robert lighthizer say about whether canada and mexico are included in the terra regime question mark u.s. officials have said they are and the president tweeted this morning that steel and aluminum tariffs will not be lifted unless there is a new and fair nafta negotiated the review could take that as somewhat good news, because it is suggesting they could continue to negotiate, but shortly after that the mexico economy minister said that this is no way to incentivize new talks or negotiation, to threaten us, and both countries have threatened to retaliate if they are included. statemenththizer's could indicate whether these talks continue at all. theie: what are possibilities here? can the teams negotiate and leave out the chapter in steel and iron, for example? do they stop negotiating if there are tariffs in place question mark does someone have to order them to stop negotiating? michael: in this case, it would be the president who would pull the united states out of the and mexicocanada could stop if they are unhappy. they have close to five chapters and have

treasury secretary steve mnuchin and robert lighthizer, the trade representative white house trade adviser peter navelli th navarro confirmed that they were asked to talk. >> secretary navarro at the president's direction and personal direction, they are talking with the chinese as we've been doing since day one, and we will continue to do that. i think we're hopeful there that china will work with us to basically address some of these practices. so i see nothing but bullish signs ahead. >>> he is one of the men tipped to take a top job at ecb annette spoke to the finnish central bank governor and asked if the ecb could face a dilemma in the second half of the year if inflation remains below target >> our monetary policy has been predictable. we went to marriager large scale asset purchases. they have made for monetary policy bank lending is improving. the economy has been growing therefore we have net asset purchases. we reinvest when these purchases expire and also we have corporate guidance this toolbox is value and we will stick to it if the economy continues to recover, and we have so

beijing was open to discussions but fully prepared with counter measures speaking with cnbc, robert lighthizer said he expects a 60-day window of public comments before u.s. tariffs on chinese goods take effect. he added it would take some time to bring the u.s./china relationship to a good place >> i think it's possible where we could end up over many years and working our way to a good place. this is the beginning of that. >> speaking with eunice yoon earlier on "squawk box," terry branstead says beijing has not traded fairly and ultimately the trump administration wants an even playing field for u.s. workers. >> we had a situation for many years where china has not treated american companies fairly and the trade deficit has grown and grown. we had companies such as wechat, you can use that in america but you can't use facebook in china. china has a 25% tariff on automobiles. we have 2.5% there's been a lack of enforcing the laws on intellectual property and they would even require companies to have a joint venture and transfer the technology to the chinese company. lighthizer put together i

trade representative robert lighthizer started a section 301 action, unfair trade practices. no one took him seriously. no one took the president seriously. now everyone is listening seriesly. president trump plans on leveling the playing field yet wall street doesn't like of it. what do you make of it? >> it is too bad wall street doesn't like it because this was a promise the president made during his election. i was out there during the beginning, uncertain circumstances i do believe we need tariffs. we go after china with tariffs. as far as our friend, canada, mexico, japan, no, i don't think we need them there but what we need, this is the guy to do it, president trump, is to talk about a fair trade deal. charles: right. to that point, this goes far beyond the steel and aluminum. we're talking, when it comes to china rapid theft of intellectual property to the tune of perhaps $600 billion annually. it involves counterfeiting, piracy, trade secrets. again, what do you make of the lack of public support at least from even members in your open party to the fact that we are

that will happen face-to-face later this week when robert lighthizer meets with his european counterpartsthat will be what they like to call a robust discussion >> thank you very much for that. let's continue this discussion about the trade tensions with the deputy head of the u.s. program at chatham house if trump is taking this american first doctrine to its logical conclusion through the prism of trade, does it mean he will secure his core voter base in the midterms >> it's a little bit more complicated than that. steel tariffs will benefit the american steel industry, but that's smaller than the industries which depend on imported steel on the one hand he'll be benefiting steel manufacturers on the other hand he'll be hurting people in car manufacturers. >> downstream. >> downstream will be impacted heavily. and the question is what balancing measures will he be able to take he can do the tariff part of this without too much oversight from congress. they have to step in and prevent him because over time congress has delegated this authority to the president. the taxation measures he w

ambassador robert lighthizer is the man on that. he is the toughest hombre in this town. david: he is tough. >> besides the president of course. we had six round with hundreds of people involved with the mexicans and canadians and we hear there is positive signs and we'll see. i mean there has to be some mystery david, otherwise you would not be able to tease next week's show. david: that's right, peter. you have a point. you're thinking of fox. >> we may have a solution in the nafta deal. david: final question, how are you getting along with larry kudlow? >> i love larry. he and i go back over a decade when we were both on the other network we don't like to talk about. david: that is the dark network. >> we were friends then. we agreed during the campaign we were blood brothers in arms there. deregulation, tax cuts. we have gentlemen's disagreements. david: lie you and i do as well. >> amen to that, david. david: correct me if i'm wrong, i think those disagreements are kind of mending themselves and there is an agreement coming together even among people that were initia

in danger with the purpose of hurting others that eventually end up hurting itself ambassador robert lighthizeron thursday that's not a reason to back down. >> it's something we're worried about, it's unfair that farmers, particularly soybean farmers would be singled out having said that it's not possible to take the position because of soybean farmers we won't stick up for our rights in a variety of ways and have hundreds of billions of dollars of other exporters and domestic producers be punished. >> it's not just soybean farmers. china overnight releasing a list of products it would retaliate against including wine, steel, fruit and pork >> kayla, as we talk about, let's turn back to mcmaster and bolton for a second. it does feel like over the course of the last month, like you said, this is a circling of the wagons in the trump administration it's no longer a team or a group of rivals debating things. this is very much about a like-minded approach so what do washington circles think about how this will play out? is this overall going to be a healthy development or are there skeptics who bel

in some very unorthodox -- people with unorthodox economic views, notably peter navarro and robert lighthizer and wilbur ross, the secretary of commerce. they have been held at baby peop -- bay by people like gary cohn, who really don't want protectionism and believe in free trade and free markets. now gary cohn appears to be signaling he's lost that fight. even though the paperwork hasn't yet been signed objen the tarif there's still a pressure campaign to get the president not to go through with it. >> here's what the president said about all the infighting that's going on right now. listen to this. >> i like conflict. i like having two people with different points of view. i certainly have that. then i make a decision. i like watching it. i like seeing it. i think it's the best way to go. i like different points of view. >> how's that working out? >> not very well, clearly. i think, you know, the president doesn't like to call it chaos, but the fact of the matter is that people have been departing either by their own volition or being pushed out by the president and his top aides at an unp

coming weeks, president trump is going to have on his desk some recommendations on ambassador robert lighthizer'ste, 301 investigation, of china's theft and forced transfer of intellectual property. this will be one of the many steps the president is going to courageously take in order to address unfair trade practices and rick, i don't think there's a single person on the floor of the -- anybody on wall street that will oppose cracking down on china's theft of our intellectual property. >> and that's universal. that's why i'm actually happy that you're there and larry's there. because the real issue here is trying to get a job done that needs to be done and it's the right time, in my opinion, because world economy is coming out and getting some tail winds to address these issues. it's how we address them and how we frame it. i guess my final question or series of questions would revolve around the following how do you think it will play out with regard to this adoption of these new rules companies that import, that are looking for exemptions, will they be able to navigate this wou without doing

robert lighthizer said he was optimistic >> at this point i am hopeful.ng progress i think all three parties want to move forward. we have a short window because of elections and things beyond our control, but if there's a real effort made to close out and compromise and do some of the things we know we should do, you know, i'm optimistic we can get something done in principle in the next little bit >> joining us, ambassador nicholas burns, former ambassador to nato and greece and former undersecretary of state for political affairs. ambassador burns, thanks for joining us today. >> thank you >> all right so you just heard ambassador lighthizer and his comments. had this deal between the u.s. and south korea in the last 24 hours. a week ago, stocks sold off on fears of potential trade war with tariffs between the u.s. and china. this week we have officials coming out, taking what seems a much less hawkish stance, saying this sisn't about war, it is about striking better deals for the u.s. is that what's happening here? >> it may be proof is in the pudding

he said robert lighthizer the trade rep would do it talking to european june and japanese.nk peter navarro came up with the idea for these things though navarro's original interest on china. i don't think peter navarro is quite appropriate to put into a policy position to implement the broad range of president's policies. david: he is non-negotiation guy. he said no exceptions talking about it putting it out there at the beginning of this month. now of course we know there are exceptions. >> there are exceptions but the thing about larry kudlow, kudlow is an honest broker. he is forthright. you know where he is coming from. if he has to negotiate a position among factions inside of the administration they can believe that larry kudlow will represent their views honestly. that is important right now. david: dan, great to see you. thank you very much. melissa. melissa: go, larry. challenging trump in 2020. jeff flake is calling for a republican to run against the commander-in-chief. what could that mean for the republican party? karl rove, former senior advisor to president g

that is all from robert lighthizer.rate decision, the first under jerome powell starting at 1:00 p.m. eastern and 5:00 p.m. london time. up next, etf iq dedicated to etf. this is bloomberg. ♪ >> i am scarlet fu and this is etf iq where we focus on the assets, risks, rewards. march madness, on the prowl for underdogs, which etf -- china ranks high in attracting funds. issuers make their push into europe, reducing costs with expansion across the continent. a status update from bryon lake.

robert lighthizer, the u.s.resentative, no stranger to the thorny woods of trade policy, charged with figuring out which ones get higher tariffs. what he might tax, electronics and computers, which we get a lot of from china. investors hoping it'll be done smartly, in a surgical way, and not a broad tariff placed on all products from china. >> it is broadly at the moment and a big ham fisted and could be very precise, but the president is not wrong about something that we all acknowledge. american companies, whether they do business in china, are always fearful that, somehow, the chinese are going to figure it out, reverse engineer their stuff, not respect patents, make a product that is very much like the american-made product or western-made product and sell it for less money on the world market. it is a fact that the chinese do this. >> yeah. you spring up a very good point. this enjoys more bipartisan political support than the steel and aluminum tariffs. if you want to do business in china, and a lot of ame

today, robert lighthizer, said brazil was exempt, canada's exempt. more countries are coming. how do you be happy with that? >> i'm ecstatic about this. >> about the exemptions? >> yes, they're temporary exemptions, conditioned on the ability of these countries to come to the table and give us more fair, reciprocal trade. i can assure you, if we don't get a better deal in the context of nafta from canada and mexico and refigure this, we're going to have something happen. i should tell you, this is an important thing. every country that is not facing tariffs that we're going to negotiate with will face quotas, so we protect our aluminum and steel industries. i would put this out as a rhetorical question. >> canada is going to be punished in some way. >> it's not a question of punishment. >> there's no tariff, but they're not going to be able to export as much as they want, there's a quota, to be clear. >> four ar all countries there to be a quota, then any country that can do what they want will be a transshipment place. lighthizer is the smartest dgu

trade representative robert lighthizer to levy tariffs on at least $50 billion in chinese imports so over the next two weeks we understand the u.s. will come up with a proposed list of products that would face these higher tariffs. here is the president speaking about it earlier today. >> we've lost -- i mean so many factors. probably 60,000 factories. nobody can believe it. when i first heard the number, i said that can't be real. we lost from 6 to 7 million jobs over a relatively short period of time. and it is a whole different thing. >> reporter: and you know the stuff better than most so i don't have to tell you, policy makers across the country -- across the world are warning ever a trade war that could undermine the u.s. and global economy. beijing will retaliate, meaning the things that come with a maid in china tag could get more expensive and they're also, we understand, going to target the u.s. agriculture industry which means a lot of people in trump country could bear the brunt of this. >> that is by design, the chinese deciding to target their trade responses where it h

thursday, robert lighthizer will testify before the senate finance committee regarding the

trade representative robert lighthizer. >> as president trump has said, we hope for a successful completione talks and we would prefer a three way agreement. if that proves impossible, we are prepared to move on a bilateral agreement. >> joining us is james jones he helped lead the effort to pass and implement nafta while serving as president clinton's u.s. ambassador to mexico. thank you for being here there is so much that we're trying to dig through and parse with all of this you just heard what robert lighthizer had to say. what was your interpretation of reading between the lines on this >> well, i don't have an interpretation i'm not a psychiatrist and we elected a tv -- reality tv star so that's the kind of program that's going on. in the final analysis we've got to have anagreement because it's more than just a trade agreement. it is a binding agreement for all the three countries, not only in economics, in national security, in trade all these kinds of things so it is a big deal for the united states and we have to have an agreement. i think ultimately we will >> what do you think

today, i have the pleasure of introducing ambassador robert e. lighthizer. ambassador lighthizer was sworn in as the 18th united states trade representative on may 15th of last year. since members of this committee have gotten to know bob well over the past several months and because we have a lot to talk about, i will dispense with further introductions. it is a pleasure to have you here with us today. i think very highly of you, mr. ambassador. so please continue with your opening statement and we'll go from there. >> thank you very much, mr. chairman, ranking member wyden and members of the committee. i begin by saying being referred to as a cool head is an unusual experience for me, but i hope that over a period of time, i earn that. although you've had hearings, i brought my two newly minted deputies with me so that the committee can see them again. jeff garish, the deputy for europe, middle east and asia. and cj mahoney. i think it's important. i won't do this again, but i think it's important to remind you that we have people there. we're grateful for

robert lighthizer talked about heavy tariffs on chinese imports, and will produce a list of targets in: with china we will be doing a section 301 trade action. it could be about $60 billion. but, that is really just a fraction of what we are talking about. >> global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen, this is bloomberg. rishaad: china reacting to all tariffs,sident trump's saying imposing tariffs on steel and aluminum, and food and wine. china will defend its interests. tom mackenzie joins us from beijing. be are told there would measured response. is this regarded as indeed that? tom: it is not a major push back from china, but it is a shot across the bows -- boughs. pork, china has a lot of pork being produced in this year. it will impact some of the agricultural producers in the u.s. the 25% tariffs on u.s. pork, 15% tariff on things like fruit and wine and steel. an impact on california. the commerce ministry saying they wanted to avoid a trade war, but china was not afraid of a trade war, warning wash

also, robert lighthizer will testify on a u.s. trade policy.ve all been waiting for. the federal reserve committee meeting. jay powell will hold a news conference for the first time as fed chairman. alix: all eyes on jay powell. the fed is expected to raise rates. will we see a more hawkish tone? >> my personal outlook for the economy has strengthened. each member of the fomc will be writing down a new set of projections and estimates of appropriate monetary policy as we go into the march meeting. see incoming data that suggest strengthening and the economy. continuing strength in the data market. we have seen data that will, in my case, add confidence to my view that inflation is moving up many factorsle shape the economic outlook. some of the headwinds the u.s. -- the scope policy has become more stimulative. and there is a furniture directory. i continuing to gradually raise interest rates over time, we are trying to balance those things and achieve inflation moving up to target but also making sure the economy doesn't overheat. >> earlier,

nielsen testified on election security and that will be live in the morning at 9:30 eastern and robert lighthizer will testify in front of the sfraet finance committee imposed by the trump administration and give an overview on u.s. trade policy. live coverage begins thursday, 10:00 a.m. eastern on c-span three. >>> fema administrator brock long and others testify on lessons learned on 2017 disasters which include harvey, irma and maria. the house homeland security committee is considering reducing regulations and whether fema should become a