this is the nafta 2.0 as it is sometimes called, the usmca. host: let's hear from kurt in pennsylvania on the line for independents. caller: good morning, tammy and dan. guest: hi. caller: you've talked very little about the usmca and the fact that trump was the only president to renegotiate this destructive nafta as you deemed it to be. bill clinton, one of the most destructive things he did was allow china into the wto. that was the beginning of the destruction of america, i think more so than nafta. how about the usmca, how about giving trump a little credit? he was the only president to renegotiate and try to dampen the destructive impact of nafta. guest: it's a good question. when you look at the agreement, there was an effort to talk a little bit about it. he's a subject in one of my articles about nafta in 2020 in the new yorker. i do think that it was not significant, a lot of the people that i spoke to pointed out that it was drafted and influenced by corporate lobbyists. you are still seeing this outflow of jobs. as i mentioned, the

maria: so what about usmca? what do you want to renegotiate?that you can do better. i've got a clause that gives me the right to renegotiate it. who else would think of that? except a business person. a good one. i'm a really good business person, i will tell you. so that's the story. i'm able to the renegotiate it, and i renegotiate to the benefit of our country. we've been screwed by mention deand by china. -- mexico and by china and by canada and the european union. oh, european union, it sounds so nice, the village as of the european union, right in they are brutal. when you add up all of those countries, they're about the same size as us, and the european union takes advantage of us unbelievably. i made a great deal with japan, i made a great deal with south korea. i said to them,, we've got 40,000 soldiers over there, they're in harm's way. now, i happen to get along with kim jong un very well. if i didn't -- and it start thed off nasty, remember? little rocket man. i called him little rocket -- maria: i remember. >> he called me things,

. >> president trump signed usmca, i voted for capped trifrz .5% on, 25% for light trucks for him towants to take them 200% -- unrealistic, two was his policy got it at 25%, and 2.5% what i would like major financing why aren't we financing auto manufacturing industry here in the united states in addition to thifz we need federal financing why a jobs program for he electricians, around this country to expand this we are investing in workforce development. that is part of the agenda i would like her to emphasize that, aspect more i think people care about good jobs care about higher pay, they care about the economy, they care about making sure, that their kids have a better future. maria: congressman have you told kamala harris this? she doesn't speak about any only goes on to rallies largely attacks trump. you know that. >> she does speak with reproductive rights is an important issue, and i do think that is going to be, important, but many of us have said we need to lead with the economy, that ultimately that is what is there i think best critique in my view of donald trump to say w

nca -- usmca policy. during the biden administration where high inflation costs and less opportunity. and so people are voting their pocketbooks and that is the mose deal between mexico, canada and america and it was a focus on the working-class voters, unions and more jobs into the united states. easier to create more supply chains and people saw that as real movement by the party to help working-class voters. what they saw under the trump administration was high wages, low inflation and more economic mobility. in the four years that preceded me in 2000, economic mobility has been at an all-time low. during the biden administration where high inflation costs and less opportunity. and so people are voting their pocketbooks and that is the most important issue. and if you look at public safety and immigration. i think that the democrats have started to lose trust with some of the voters that they have talked about advocating for for decades. host: what did you make about maybe two weeks ago or a week about

i would just say that usmca was passed on a bipartisan basis. one of the questions embedded in the discussion over usmca and in particular what will be required to update it when it comes up for abating in the near-term -- updating in the near term is to what extent is the north american supply chain -- how or the rules of origin being set, and how do players like the p.r.c. play into the auto supply chain and a place like mexico. that is something we will have to take a close look at. and to what extent are we ensuring that the promise of usmca for workers rights in particular through things like the rapid response mechanism actually being effectuated in a way that there isn't an unfair playing field that needs to be addressed. we will look at all of those things, and frankly have and will continue to have quite robust conversations with our mexican, parts as well as our canadian kennel parts about how truly -- that seeking counterparts as well as our canadian kennel parts about an economic platform that is a level playing field that delivers o

cheryl: trump announcing he will renegotiate one of the key trade agreements, the usmca. >> um announcinganada of my intention to invoke the six year renegotiation provisions of the usmca that i put in and seek strong protections against shipments so china and other countries can't smuggle their parts into the united states tax free through mexico to the detriment of our workers and supply chains, they smuggle thus this of stuff in, y the don't pay anything. cheryl: he also said, look, 15% corporate tax rate if you make your products here in the united states but i thought it was -- he really went after china and them buying up plants in mexico with of course the intention to ship those vehicles into the united states. >> bill.>> these chinese plantsn mexico, however, are providing jobs for mexican workers and they're perhaps helping to reduce the in incentive for peoe from latin america to cross illegally into the united states. we don't want to go ahead and impose tariffs and other types of sanctions that prove to be very damaging to the mexican economy. cheryl: when he said 1,000% tari

maria: what do you want to renegotiate nor usmca? >> there's always things you can do better.who else would think about that except a business american? and i'm a really good one, i'll tell you. i'm able to renegotiate it to the benefit of our country. we've been screwed by mexico and china and by canada and by the european union. sounds so fies. the villages of the european union. they are brutal. when you end up in those country, they're about the same size as us and a bit smaller and the european union takessed a vantage of us and i made a deal with japan and south korea saying we have 40,000 soldiers over there in harp's way. i happen to get along with kim jjong-un very well and if i den, he'd have an issue and he said i have a red button on my desk and i said i have a red button also but it's bigger and my red button works. it was really nasty and a lot of people were worried actually. then he called me and he said i'd like to get together. i asked president obama, he said the single biggest problem we had was north korea. they have great nuclear force. and he said he thi

formally notify mexico and canada of my intention to invoke the six-year renegotiation provisions of the usmca that i i put in. that was the hardest thing. they did want that. they wanted to have it, but i wanted to, always like little tricks to they want to play. i said nope, i want to read equation six years otherwise were not making a a gift and t it. i'm going to have a lot of fun. that will address these concerns. it will also seek strong new protections against strand shipment sunshine and of the countries could not smuggle the products and oil ports into the united states through mexico. to the detriment of our workers and our supply chains. they smuggle the stuff in. they don't pay anything. we are going to very strongly which on that. it's not hard what you know about it but nobody, no politician knows about it. you know when they signed nafta deal there were some mistakes made, typos, my typos. they were mistakes made. and they're going to take care of it the following day. 30 years later they said whatever happened? bike mistakes like one of the numbers, you know? which are always a

look at trump administration, we negotiated with china and renegotiated nafta and turned it into usmca. renegotiated with japan and korea. guess how much biden-harris administration has to show for it, answer zero, zero trade deals before senator and governor timeaccepts free trips to china. spare me the criticism who takes free goodies from china, versus donald trump negotiating with chinese commun ist party. fentanyl precursors from china are flowing into this country to kill young people and they have done nothing about it. >> carley: coming up on presidential election, it is time to look back at the past four years, something your organization did. discover the fiscal impact of the biden administration national security failures and you say it cost taxpayers 381 billion, which is taxpayer dollars. how do you explain that? >> morgan: this is the most conservative estimate possible we could do, probably likely more. what we tried to do was look at cost of deterrence failure. what does it cost america when we fail to prevent taliban frommic taking over kabul, fail to prevent putin fro

formally notify mexico and canada of my intention to invoke 6 year renegotiation provisions of the usmca i put in seek strong new protections against transshipments so china and other countries cannot smuggle their products auto parts into if united states. to the detriment of workers our supply chains they smuggle this in don't pay anything we are having very strong language on that. >>. cheryl: one thing we haven't seen discussed wants to make car -- alone interest tax deductible you can deduct mortgage we used to have that 1986, believe it or not, got rid of thattee used to you could deduct auto loan interests. >> motor vehicle sales not doing that well less than 60 million i could not say ear year under trump i think that would at times approach 17 million that gives idea the degree ask consumer spending deteriorated in fundamental sense the question a lot of debate as i said previously you've got to be careful with this, because if you have too much protectionism you pay price higher prices about chinese manufactures exporting imports you might intermediate products from mexico expo

the fact of the matter is democrats worked hard to improve the usmca.to look at trade policies that are going to work. so we cannot allow china to build plants in mexico and then bring them in under the uscma. i support joe biden put a 100% tariff on chinese electric vehicles. i strongly supported that. it's a complicated subject, one i study every day. people need to take time to really understand what they're doing. we need to be competing in a level playing field and global marketplace. china is subsidizing their companies, pays their workers nothing, has no working safety standards, energy standards, et cetera, or environmental standards. and it's a complicated subject, so i'm not going to totally discount donald trump, and he's smart when he comes to michigan and talks about trade, and democrats need to do it, too. >> we can certainly hear it in your voice there, some concern, congresswoman, about the state of michigan now three weeks until election day. let's talk about a couple different things. first being how trump is making evs a wedge issue.

trump also went after his own united states-mexico-canada agreement or usmca, a trade deal that he brokeredng mexico, kind of skirting taxes by going through mexico, and he viewed to fix it. something that steel workers have told me the is a top priority for them. automakers aren't the only ones set to benefit. trump also made a play for car buyers saying he will make car loan interest fully deductible. this is the latest in a string of tax-focused pitches that we heard from the former president. opponents question whether any of this can get done because these proposals would need to be approved by congress. stuart: economist e.j. e.j. antoni joins me now. he said this about a deducting the interest on car loans, he said this in detroit. that sounds like a giveaway to the car makers, doesn't it? >> stuart, i have we though. why is it that we're going to tax both the person who receives those interest payments and also the person who makes those interest payments? there are lots of examples in the tax code where that's not the case. we exempt one side of that a equation. alimony's a good ex

trump said he would renegotiate the usmca trade deal that he signed into office. listen. >> there are always things that you can do better. i've got a clause that gives me the right to renegotiate it. we've been screwed by mexico and by china and by canada and by the european union. oh, european union, it sounds so mice, the villages of the european if -- so nice, the villages of the european union, right in they are brutal. >> reporter: now, the latest numbers show 405,000 mail-in ballots have been returned as of friday. democrats are turning in about three times as many mail-in ballots as republicans. here is the former president with maria bartiromo talking about whether or not he trusts mail-in ballots. if. >> i don't feel confident. when you have mail-in voting, jimmy carter had a commission on it. nobody does mail-in voting. you look at other countries, france, they go to pawn -- paper ballots. france had it, and they had a lot of problems -- >> but you don't want to discourage people -- >> no, look, we have to win the election. >> reporter: and there you go

-- move plants to mexico and try to sell stuff back to the u.s., sneak in under, for example, the usmcaiff schedule, you would charge them a 2000 -- 200 tear rift. >> or 100%. i would charge them enough that it would no longer make sense to go to mexico. they moved a big operation to mexico, and they come in, and they don't have to pay -- pay very little tax. they're going to make it in mexico, sell it in here, and we get killed. all we do is lose jobs. and, by the way, that's been happening for years. i stopped it during mine, but we had the greatest economy in history. companies were moving back in like nobody's ever seen -- larry: is that's how you, that's how you negotiate though. >> yeah. larry: that's the point i'm sort of driving at. >> john deere -- [inaudible] larry: john deere won't do it because you're threatening, i mean, you will jack up their tariffs, okay? they won't do it. >> it wouldn't be a threat. it'd be a fact. larry: you're negotiating right now. by saying this on the campaign trail, all right, you have an excellent chance of becoming president, they're getting the

he's going to say he wants to renegotiate the usmca, the trade deal he did during his presidency thatlaced nafta. he wants to trigger some of the renegotiation provisions in that agreement to enforce the idea that chinese autos can't come into the united states. in detroit michigan, that will be extremely popular. so this is a campaign speech, and remember that, you know, nothing that the former president proposes here with any candidate will turn into law unless they have majorities in congress or majority members of congress that will support these ideas. something interesting with this idea of interest on car loans being tax deductable, you've got to tease out what the economic implications of that will be, especially for consumers given that cars are a depreciating asset, up like houses, what that would do to consumer debt positions over time, kelly. >> maybe drive up car pricing, maybe become part of the fabric of our experience and maybe just another giveaway we can't afford. for now, thanks. >>> coming up, we're counting down to tesla's high-stakes robo taxi event tonight at 10

. >> and we did it with the usmca, but we're going to do things that you won't even believe these companies are going to be begging to come back. because if they don't, if they don't come back and open up plants here, they're not going to be sold in the product and the united it states, they're not going to be selling their products, were going to end the looting and the pillaging of pennsylvania. we will bring back our manufacturing jobs our energy jobs are called jobs are still jobs and we're going to bring back our dreams starting in january, we will give our companies the lowest taxes, the lowest energy costs it's the lowest regulatory burdens. and free access to the best and biggest market on the planet and it is. >> but it won't be that for long if you have a couple of more years you're not going to have the best and biggest that we're going to lose the dollars, the sanctity of the dollar. >> and once that happens that's like losing a war the centerpiece of this plan will be a 15% made in america corporate tax rate cutting attacks from 21 to 50. now, just you know, it was almost at 40

that's the usmca, which replaced nafta that he negotiated and is now critical of. he forgets who was responsible for it and with china, you know, he has sort of a handshake deal that never materialized into anything useful. and so the tariffs are still in place. i don't really understand why he keeps going back to this. well, of more and more and more tariffs. >> let me explain why let's take china. let's take an example that every american understands tiktok. >> everybody knows tiktok america people may, people made a decision that congress to ban it on midnight. jen 19th. the supreme leader of china said, no, we're going to use your court systems to litigate the american people people. so that doesn't happen. i can't do that in china, the supreme leader would never let me do that. i can protect my ip, their chinese have been screwing my 45 businesses for 35 years. i like the idea of going to war with china with tariffs to change behavior, but it didn't change behavior if you're all it did was hurt american weak leadership. >> that doesn't know how to emphasize th

will work with either of the possible winners security, fentanyl, alyssa, arms trafficking, and the usmcaue, or the main pillars on which there is not always he's agreement economic issues are key and the upcoming years with review of the mexico, us, canada free trade agreement, which both presidential candidates have expressed interest in renegotiating rather, the question or the approach here is mexico as a country, as a government, are we ready to face the challenges, whether it is a kamala harris or donald trump? come january 2025. >> this bilateral relation, marked by challenges and opportunities is more crucial than ever, regardless of whether trump or harris or elected, the decisions taken will not only affect the united states we'll also directly impact the economy and safety on both sides of the border nick valencia, cnn residents of western north carolina pay the price for hurricane helene ahead, how the storms devastation rob them a month what she needed income during what should be their business tourist season, lot more on that coming up, please stay with us the fund experien

that's the usmca, which replaced nafta that he negotiated and is now critical of. he forgets who was responsible for it. and with china, you know, he had sort of a handshake deal that never materialized into anything useful. and so the tariffs are still in place i don't really understand why he keeps going back to this. well, of more and more and more tariffs explain why. >> let's take china. >> let's take an example that every american understands tiktok. >> everybody knows tiktok america pico, people made a decision in congress to ban it on midnight. jan 19th the supreme leader of china said, no, we're going to use your court systems to litigate the american people that doesn't happen. i can't do that in china, the supreme leader would never let me do that. i can protect my ip, their chinese have been screwing my 45 businesses for 35 years. i like the idea of going to war with china with tariffs to change behavior, but it didn't change behavior. all it did that's heard american weak leadership. >> that doesn't know how to the same leadership. there was trump star

telling the wall street journal he is committed to upholding the usmca.al. rbc ceo weighing in saying it would be inflationary for america to make everything so by america cannot be a go it alone strategy. that is a big talking point for both economies. what you think the u.s. and canada can work closely together beyond 2024? david: you start with the history. the longest undefended border. a balanced trade. 34 states in the u.s., canada is the number one trading partner. you take out energy the u.s. exports more goods and services to canada and canada exports the other way. energy exports balance that trade. you look at the long-standing relationship, you look at supply chains. canada has a challenge and america has an opportunity. you have to think about how do we become more relevant to the largest economy in the world, fastest growing economy. you can put a business lens on it. canada needs to do a better job of aligning to what america needs. america needs canada to produce more energy, and unduly for america before for its key trade partners. americ

michigan auto jobs were annihilated after nafta, the worst trade deal ever made and i ended it with the usmca, that is mexico and canada. then they allowed china in one of their brilliant moves to enter as a growing developing nation. if you are a developing nation, you get all sorts of incentives like things we have to do that they don't like pay a lot of money. some china entered as a developing nation. i think detroit and some of our areas makes us a developing nation. china does not have any place like that. but they allowed them into the world trade organization. that did not work out too well for us. they robbed us and ripped us. i don't blame them. they get away with it. but they don't get away with it. i charged them more tariffs than china has paid in 1000 years. they paid hundreds of billions of dollars. they paid $440 billion or so. not as much as other previous presidents. not even $.10. the press challenged me. i don't want to get into it. obama did a horrible job. they said he would come, make a speech -- by the way, i don't think he is a good speaker. i don't happen to think he

the trump administration, we negotiated usmca, we had two great deals -- damian: that was the new naftas. ortagus: thank you. we had two deals that went through with japan plus a very contentious military. we had one with south korea and opened up new trade discussions with the philippines -- i think it was the philippines, with the u.k. for sure. you put our record of four or five trade deals i just mentioned to zero that have happened the last four years. the reason i bring this up is because the rhetoric and the reality of the policy are so totally different. i get this question all the time and it is mind-boggling to me because trump wants to get to a deal. he got deals. for all the rhetoric you hear about trump and trade, the biden/harris administration has produced zero trade deals. talk to the philippines, talk to southeast asia and see how they feel about making zero headway in this administration with trade deals. we were able to get deals. let's not talk about tweets and rhetoric, let's talk about policy and action. because this administration has nothing to show for it. we ha

stu eizenstat, you have one minute to tell us about your chapter on trade, nafta, usmca.eally have is we're moving into an anti-trade environment. and so i interviewed all of the trade representatives, including donald trump's mr. lighthizer, who was a first rate trade representative. trade is critically important, and it's the issue internally, certainly, peter, that has the most domestic political content, because you're dealing with jobs, you're dealing with plant openings and closings. you're dealing with imports of sensitive goods like steel and aluminum, which are going to compete here. and i found that what bob lighthizer said was the key to his negotiations preparation, preparation and preparation. knowing what the other side was standing for, what you needed to have, and how you open markets like mexico, like canada, as in now, after, but do so in a way that protects the interests of american workers. well. stuart eizenstat, the art of diplomacy. how american negotiators reached historic agreements changed the world. thank you for spending a few minutes with us h

the usmca on china terrace, trumka do that, but you need congress to get most of it done.ifference between liz truss and donald trump is that it is quite a long process to do the fiscal spending. that planning going into it will take a few weeks, a few months, and by that point there probably won't be a strike to have that size of fiscal spending. with liz truss, she just threw the budget out there. it probably would get through if she had the opportunity before stepping down. a very different political landscape. the u.s. is the reserve currency of the world, but that's not the case here with a buyer strike and in the treasury market you will see a steepening of the curve with fiscal fear, but it won't be a buyer's strike. the global financial machinery uses u.s. rates. lisa: at the same time you might wonder if it tempers the yields rising, but does it also temper how violent the yield could be in fx? even if people believe the u.s. could benefit more and that other companies could suffer more from potential tariffs, people aren't going to be as aggressively going into t

the usmca has taken the place of the north american free trade agreement.er it is good or bad is almost irrelevant. he can come here and say i told you i was going to do this and i did. a lot of voters in places like macomb county give him a lot of credit for it. he has credibility. i would also say in 2016 when he was first here in the primary, trump and bernie sanders had a similar message when it came to trade and manufacturing. it was fascinating to watch. you fast-forward to 2024. trump is trying to re-create that magic. he strung to re-create the success he had with union workers. and he appears to be making some serious inroads. the fact that the teamsters did not make an endorsement is i think an incredibly significant move. we have started to see some data leak out from the teamsters and surveys they have done in their membership where more than half of teamster members are planning to vote for trump. i would imagine if the uaw who has been in the news lately with sean fain as their president, he is a tough talker himself for sure. i would imagine

the usmca has taken the place of the north american free trade agreement.er it is good or bad is almost irrelevant. he can come here and say i told you i was going to do this and i did. a lot of voters in places like macomb county give him a lot of credit for it. he has credibility. i would also say in 2016 when he was first here in the primary, trump and bernie sanders had a similar message when it came to trade and manufacturing. it was fascinating to watch. you fast-forward to 2024. trump is trying to re-create that magic. he strung to re-create the success he had with union workers. and he appears to be making some serious inroads. the fact that the teamsters did not make an endorsement is i think an incredibly significant move. we have started to see some data leak out from the teamsters and surveys they have done in their membership where more than half of teamster members are planning to vote for trump. i would imagine if the uaw who has been in the news lately with sean fain as their president, he is a tough talker himself for sure. i would imagine

annmarie: it is interesting because he was talking about there is a provision in the usmca.john deere with a 200% tariff, it seems like he is almost willing to rip up that trade negotiation he got to the table. clete is absolutely correct when it comes to ev's and mexico made by china. kamala harris and donald trump do not want those vehicles to enter the united states. jonathan: one to keep an eye on. let's get you a update on stories elsewhere. yahaira: japan has recorded the highest number of bankruptcies that a decade as companies were increasingly hit by rising costs. nearly 5000 firms went bankrupt in the six months through september of this year, that is up nearly 19% from a year ago. construction, manufacturing, and retail were among the sectors that have the highest number of bankruptcies due to pleasure -- due to pressure from inflation. iron ore and top metals are following after china's top economic planner failed to announce new stimulus measures. investors were bracing but did not get one. iron ore futures are up from late september on optimism china's earlier

nca -- usmca policy. very bipartisan. you had both parties voting for this legislation. what did it do? guest: he created a new trade deal between mexico, canada and america and it was a focus on the working-class voters, unions and more jobs into the united states. easier to create more supply chains and people saw that as real movement by the party to help working-class voters. what they saw under the trump administration was high wages, low inflation and more economic mobility. in the four years that preceded me in 2000, economic mobility has been at an all-time low. during the biden administration where high inflation costs and less opportunity. and so people are voting their pocketbooks and that is the most important issue. and if you look at public safety and immigration. i think that the democrats have started to lose trust with some of the voters that they have talked about advocating for for decades. host: what did you make about maybe two weeks ago or a week about the debate over donald trump working at a mcdonald's and whether that was authentic or not? guest: