does the wto have any plans about that now? >> the wto is about trade. we're not a silver bullet for other kinds of concerns that people have. but clearly, when you talk about investments, there is a very strong trade component when you're talking about investments, particularly in the area of intellectual property rights, which i think is part of the conversation you just mentioned. i think we should be exploring. we should not be afraid of doing things simply because they haven't been done before. there are ways of improving the system, creating new eras for the system. services were not covered until 1995. so there are a number of areas that you can improve and explore. i don't think we should be with our hands tied because we haven't done something before. >> while the trump administration complains about the wto, they're also creating some new headaches for your organization. one has to do with their unprecedented use of national security as a justification for new import limits. the president has already done so with steel and aluminum and he's stu

of consistency with wto. in a sense, i have to say and enforce, under $50 billion u.s., chinese goods regular w. again, we hope that current discussion between the u.s. and china will live to fruition of trade. for our part in japan in attempt to communicate with both united states and china going forward. finally, i will touch upon the conversation. i am grateful and excited to see the tpp will take affect on the 30th of this month and also japan with that, the boy first next year. if you way, you make the decision tomorrow. japan's trade policy in 2018. japan's united states agreement on goods. as well as other key areas including subsidies, achievement. i have to exaggerate on this. we can start negotiations 30 days after the details to congress. i believe the u.s. is working on that right now. that is also quiet by tpa. meanwhile, the progress made in our negotiation in 2018. we determine to conclude process in 2019. thank you. [applause] >> thank you very much. i am pleased that tammy can join us. she is

what wto reform can be all about. about. the measure of what remains to be done, and something about my personal experiences which make me quite hopeful about the wto. and attended to the text that i messed up this morning on my own laptop, i will forward it to fred and it will be available, is a list of areas in which the wto on a regular basis does a number of things that are of value to its members. reasons for optimism, first, there was ricardian physics, namely, that open borders and rules-based trade, and the rules-based rules-based trade, i'm not sure david ricardo had that in that there are better for national economies on the whole, then protection. it's about efficiency, and efficiency as a gravitational force. it's what countries eventually i'll have to come back to. and it's truer today than anytime in the past especially in a digitalized world in e-commerce, and vastly more capable transportation systems. that efficiency drives economies and, therefore, countries have two eventually live with that reality. secon

has been very vocal on wto reform, and president trump has threatened to withdraw from the wto. does the u.s. propose any constructive plans so far? and is there a timeline for reform? timeline g20 put in a to have a progress report by their next meeting in i think so reformlate june, is now something that is signed up to buy most of the world the real leaders of most of the economy. wto oris not the way the the gap before it really worked. round took eight to 12 years of percolating through to get to a conclusion, and we are talking about lightning speed. there are real problems to be solved. the real action-forcing event is , well there are two, one, the appellate body disappearing. i don't think there is a plan b that is as good as plan a, which is make this work. i don't know anyone that would disagree with that. there are all sorts of complications in any plan b. and the u.s.-china situation, how do they reach a new equilibrium? i think rules have a role to play in that. they may not think that they do. maybe they just say, you by buy soybeans,ou you drop your card tariff,

those issues, including wto reforms. it is not simply the use of wto in these issues. we can say that now. >> just to add to that, the trump administration's view on the multilateral approach is evolving. they came in saying we would do everything bilateral, we are the largest economy in the world, we are going to america first, we are going to squeeze everybody. the example is the trilateral with japan and the eu on a nonmarket economy. from my personal perspective i wish they had come in and focused on china first and built that coalition rather than going after all our friends and allies first and then getting to china. it is important to note there is bipartisan support in this town for the attention on the challenges with china and with all of the asian governments i speak with they are in agreement that this is a challenge we need to work on together. i am hoping there is an opportunity, but no idea on the timeframe. >> if i could just add, maybe it is a question that the panelists don't want to answer but there is a clear expression from time to time from this a

it's not just about the wto. it's about broader economic endangerment in the region to support economic development. >> i just say with respect to that developing division, one of the achievements i think of tpp or ct/tpp as tammy said is the mix of developing and developed countries, and basically the outcome of cp -- tpp is that everyone has effectively the same obligations, but you account for that developing status with different lead in times and transitions and with technical assistance. i've just put that forward as potentially a model down the line. i think it's difficult for countries as i see it a lot of us have faced the issue of having -- losing to some extent domestic support for trade and it's -- it's a difficult thing for those of us with that problem in the developed world to justify why other countries, some of whom are vastly wealthier than us, don't have the same obligations. i just kind of leave that out there as an issue that will need to be solved. i wonder whether the cp -- t/tp approach gi

does the wto have any ability? . >> and with those concerns. but there is a very strong trade which is part of the conversation. and we should be exploring. there are ways and a lot of those areas did not exist before 1995 services were not covered until 1995 so those that can improve we shouldn't be with their hands tied. >> and while they complain of those headaches one has to do with the unprecedented use of national security for justification us trading partners and then to ask those rulings with the terrace back. can they tell the wto what is not a matter of national security? . >> whenever in the past to be justified there was never a challenge maybe there is a response that has happened before but now people are challenging others and that is very risky because my view in particular in some situations into talk to members and say be careful if it is brought to the wto know if the cases brought automatically and mandatorily will go through. experts will do their job and this is something that requires more of a conversation and to solve t

the reform of the wto. elaborate a little bit on how you think that part of the reform process might work out. we know the basic issues between the u.s. and china and china and maybe the rest of the world trading system. the subsidy issue. can we build on the subsidy code you and i both have a role in negotiating, can we build on the subsidy code, improve its implementation, is that a big part in dealing with the subsidy? state owned enterprises. that's another big piece. the transpacific readership which is going ahead without the united states has some breakthrough language and new discipline of state owned enterprises. cannot be brought into the wto system in use for that piece of the equation? the technology transfer peace, which is another big component. there are elements of that to the wto. utilize more broadly. the question is are there already to pieces of the reform package that can be built on, broadened, affect did crucial part of it are both china and the united states as you see it ready to go

including the wto. we have systemic interest in all members by wto with and upholding them in their own trading relationships. we want to see all wto members commit to allow foreign participation in as many areas of the economy as possible. but as members recognized, the wto is in need of reform. improvement of wto such as transparency and notification procedures and proper functioning of wto committees would strengthen the framework to us china trade relations which are not subject to preferential trade agreement and would insist on strengthening this institution as a whole. that is why australia's cosponsoring the us transparency initiative, we have seen positive areas, just a few days ago, china's support notifications for 2011-2016. the same conclusion, we are very clear eyed about challenges that lie ahead and these challenges are significant. it will be a heavylift from both countries, if the us and china to reach an agreement that sees tariffs not just pause but lowered on both sides. and the arr

in this context, we view china's wto as a positive. a framework upon which we have built in our bilateral fta trade relation. china economic transmission, probably succession to the wto has lifted millions out of poverty and economic transformation in one sector australia's 28 years of an interrupted economic growth. as much as we increasingly rely on fta, trading relationships, the wto means fundamental importance. to deal with issues of inherently connecting nature. this includes subsidies and support. ... >> between the two countries that is nondiscriminatory and is consistent with the wto rules with the global trading system it would also be good for us and china as the smaller trade exposed nation i have highlighted the way to australia places on the global trading system including the wto. we have systemic interest of our old rules we also want to see all members commit to allow to foreign participation of his many areas of the economy as possible that is g 20 members have recognized the wto is in need of reform improvement such

a comprehensive wto case would restore confidence in the wto in the rules of the trade -- wto and the rules of the trading system. third, a broad coalition-based case would lessen the likelihood china coder would effectively retaliate against all the trading partners in this coalition. burdens ofdentiary bringing a case against china because of its lack of transparency would be formidable. but a coalition case what a lie you to pull evidence that is being collected against china from the united states, the european union, japan, kennedy and others. and finally, wto cases have already been tried, but with limited success. few have been limited to a chinese measures or particular industry or set of producers. no panel has yet been requested to rule on the chinese system is a whole, and that is what i would recommend it, -- that is what i would recommend, that there be a wto case to hold china to the specific commitments it made when it avoid the wto, as well as abroad, arching, non-violation case that says china, you promised you would become a market-oriented economy and you have not d

china, united states, brazil, japan, is already under wto rules. however, more than half is on preferential terms with the e.u. and other agreements, and i think that's where some impact will exist. also in services. and it will vary from sector to sector. for example, when that you tariffs are very low, maybe the impact is not great. but in areas where you have higher tariffs or services or some special arrangements are tourism,nking, whatever, you could have a more significant impact. and it would depend on the rules that would apply after the exit. .ost: thank you very much [applause] ♪ announcer: the united states senate, a uniquely american institution. legislating and carrying out constitutional duties since 1789. 2, c-spanay, january takes you inside the senate. learning about the legislative body and its workings. we will look at its history of conflict and compromise with original interviews. >> are going about things and taking them around and having great debates is a thoroughly american thing. announcer: key moments in history. and unpr

second, a comprehensive wto case would restore confidence in the wto. and the rules was trading system. third, in the past, countries have been reluctant to take on china, for fear of retaliation. but a broad coalition-based case would lessen the likelihood that china would or could effectively retaliated against all of the trading partners that would be in this coalition. fourth, the evidentiary buffedden -- burdens of bringing a case against chine abecause of its lack of tranparency are formidable. but a coalition case would allow you to pool all of the evidence that has been being collected against chine afrom the united states, the european union, china, japan. wto has been tried but with limited success. the problem is that the challenges were narrow. limited to a few chinese measures or to a particular industry or set of producers. no panel has yet been requested to rule on the chinese system as a whole. and that's what i would recommend. that there be a wto case, to hold china to specific commitments that it made when it joined the wto, as well a

to north korea and the imf -- [laughter] >> but if terms of wto -- but in terms of wto, because of technologyeed a new system to judge these things, these abuses and bring real penalties more quickly, fine, put it on the table, but in the meantime, you take a chinese bank that's engaged in laundering, we know who they are, and you kick them out what they call the swift system which means they can't operate internationally, that sends a real message. david: got to be the last word on the subject. iconic tech journalist announcing today he's quitting facebook. why he says he will no longer be using that site or any of its platforms. details coming next. the hard work you put into lowering your very high triglycerides with diet and exercise deserves the hard work that went into the science behind vascepa. prescription vascepa. vascepa, along with diet and exercise, has proven results in multiple clinical trials. vascepa looks different because it is different. over a decade of extensive research and development achieved proven results. that's the prescription power of vascepa. vascepa is not rig

and that is the wto system. but even to be part of the wto system, it is not instantaneous.to trading under the beauty oh rules. this is quite irresponsible, ruth. it's true! you are creating these fairy tales. we've had the national health service, the care workers, those who own care homes, which had the economic forecasts... own care homes, which had the economic forecasts. .. you didn't believe those, did you? are you an economic forecaster?” believe those, did you? are you an economic forecaster? i do respect mark carney, i do. and ijust think this is like blind faith. really, it is like mind faith. a formal faith we just want to demonise everybody who brings you some information. excuse me, how do we trade with non—eu countries? we trade with them underwto. non—eu countries? we trade with them under wto. what was the figure you gave us watching mark 55%. what happens to the other rest. we trade under wto is rules. but the eu won't give you that. they will. they will be infringing the cbo —— wto agreements. one day, you will see. that music... at 11:30pm. that's it for

and uk takes places -- wto work china, wto, 90% of global trade takes place on wto.has been so demonized by big global corporated that dominate european politics and british politics too it looks to be an unattractive option. let's talk about the real client, the voters, not members of parl parliament, the voters despite a tie tidal wave of nege tie from all over the world, apart from donald trump, who does support brexit, i am pleased to say. despite that, we've not changed our minds, my view, whatever happens in parliament, even if the worse case, comes to pass, they force us against in a second referendum on a same subject, on itself would be ought roij, but if they -- an outrage, if they do, we'll see leave again. >> wonderful nigel. i want to ask you. i understand why you voted for, this deal is not what anyone voted for, this seems this is a binary option, that will be another referendum, they hope will change the vote or a hard brexit, i think i know what you want, what do you think will happen? do you think a hard brexit or new referendum? >> i will be object

default, they are there and we will be trading 100% with wto rules as opposed to 55% . 100% with wtoto 55%. so why are we stockpiling medicine? it is scaremongering! and the government will stop it. sorry, this is getting a bit heated. it always was going to, you are never going to agree, under prime minister's plea for a united front shows how difficult it is. tony, last word. another slogan, strong and stable, brexit means brexit, come together, it is like she has put together an album of theresa may's worst hits. she is saying, deeply held differences. but i do respect your opinion, tony. let's move on to the front page of the financial times and look at the problems across the pond. president trump's a new chief of staff warning of the shut dragging on the next year. give us the context of this, what is going on? every year, three quarters of the us budget is put in place with a quarter to be renewed. and if it doesn't get renewed, parts of the government shut down. and donald trump said as part of the package going through congress that he wants funding for the wall. and the dem

are going to join wto rules and start now advise europe that we are going tojoin wto rules and startd start on march 30. that would be no deal effectively living with their tariffs? no deal. but you run a business. what would that do to your business? at the present moment the stock market is plunging, the pound is plunging, the 250 is plunging. there will be problems but we will ove rco m e there will be problems but we will overcome them. what business do you run? we make bus and coach driver seats. what we are hearing from forecast after forecast, the bulk of the research out there suggests that this is just the the research out there suggests that this isjust the beginning in the contraction of the economy. whilst this deal would be bad, no deal would be £100 billion less a year in the economy. our total trade with european union comes to 9.7% of our economy. its £274 billion. we have seen economy. its £274 billion. we have seen forecast saying we're going to lose 10% of our economy. that is more than the total trade we do with the european union. somebody is going to say, we are

it signed up to the wto's rulings on trade facilitation, on sanitary and phytosanitary rulings.ed up to the kyoto deal on the world customs organization, why are they arbitrarily going to suddenly go delinquent and break the law? they would not be going delinquent. why? imean, for example, tariffs would be imposed. you know that. why? what do you mean why? we would be in charge of... well, because the eu would treat the uk as a third party. just as it treats other countries as third party traders and therefore tariffs would be imposed. 10% on vehicles, up to 35% on some agri products. you know that. it's just true. there are still time to negotiate that. we could do... could you just acknowledge that what i have said is true and that therefore all these people from the cbi onward to individual industrial sectors who are talking about the disaster of a no deal brexit they have a fundamental point, if the tariffs come in their business model is going to be destroyed. no, there is time for us to take up the deal offered by president tusk on of march 7, a wide—ranging free—trade agr

talking about the wto, it looks like it is running out of judges so who is to blame?gments over trade disputes that are made by panels. the panels are fine, there's plenty of people to do that, but the appeal procedure needs a minimum of three people who are appointed as semipermanentjudges people who are appointed as semipermanent judges and it people who are appointed as semipermanentjudges and it is now down to three, so in other words, everyjudge has to be involved in everyjudge has to be involved in every appeal case. the reason is the us has resisted the appointment of newjudges when existing ones‘ terms expire. i think you will ask me why but it is because they have some major reservations about the way in which the wto‘s dispute procedure works. they think it has been much too active and intrusive. the reason it is in the news this week is that the european union and a few other countries came up with some proposals that were intended to address some of the us‘s concerns but the us said no, that‘s not good enough. we have threejudges but the us said no, that‘s

try to kick china out of the wto? >> i thought a sign of the really major impact that president trump has had on the international trade debate was the g 20 statement mentioned wto reform needs to be a part of the international agenda. the reason why the president believes that, and i concur, is chinese intellectual property theft has been a serious problem year in, year out. president obama got them to promise to stop but then they kept going. every time we bring a case to the wto we win but it takes five years and doesn't seem to have much of an effect. if we're going to have these international rules and they're going to create a circumstance where one country can regularly steal hundreds of billions of dollars of intellectual property from other countries and then lose the case in the long run, then we have to think about wto reform. i think the fact that wto reform made it into the g 20 statement is an important sign that other countries agree. i said on the bbc when i was in london during the brexit discussions,

it signed up to the wto's on trade facilitation, on sanitary rulings. world trade 0rganization, why are they arbitrarily going to go delinquent break the law? they would not be going delinquent. caris would be imposed. you know that. why are? -- tariffs. be your cat —— the eu would treat uk as a third party. caris would be imposed. 10% on vehicles, up would be imposed. 10% on vehicles, up to 35% on some agriculture products. you know that it is true. there are still time to negotiate that. we could do... could you just acknowledge that what i have said is true and that therefore all these people from the cbi onward to individual industrial sectors were talking about the disaster of a no deal brexit they have a fundamental point, if he tariffs come in their business model will be destroyed. there is time for us to take up the deal offered on the seventh of march by president task, a wide—ranging free—trade agreement, which foundered the issue of the northern ireland border. there are still time, if we get rid of this appalling draft document next tuesday

there is a ton of confusion about the wto debate and your shows a good place to be clear on this unitedstates had granted china most favored nation with the same rules we extended to australia or honduras it was extended to china that was the early eighties we threatened to take it away in the early 19 nineties at the beginning of the clinton administrationn then they rightly backed off of the threat so whatever benefits the united states gave countries china was getting those with no prospect of being taken away by admitting china into the wto we had a whole set of concessions that substantially improved commercial access for us firms in china that was the right thing to do. >> next social security advisor john bolton talks about president trump and the north korean leader. we will be right (toni vo) 'twas the night before christmas, and all thro' the house. not a creature was stirring, but everywhere else... there are performers, dancers, designers the dads and the drivers. there are doers of good and bringers of glee. this time of the year is so much more than a bow and a tree. (morg

trying to move forward in a way that will strengthen the role-based order around the world with the wto. where we have got commitment on gender. whether it is involving women and girls, looking at education, looking at opportunities for economic empowerment, there are significant moves in a broad range of areas. we also committed to the challenge that is both social, planetary, and economic of addressing climate change. and the changes that are part of the paris agreement put forward their he strong language in the communique committing ourselves to action and leadership. the world is looking at the g20 to address the big issues that we are facing and these are things that we have done in that communique and around the table. [speaking french] >> would you say you are happy? >> i think anytime the major economies of the world can come together and commit to work together on the big issues that matter to canadians and two citizens of the world, that is a good thing. people look to this extraordinary, disparate group of nations and when they see that we are focused on the issues that matt

so even if they're really good ip, wto, what else? >> sen. bolton: i think cyber crime is very important and i think all of you who use information technology ought to be concerned about it too. we know that the chinese have engaged in a very considerable effort at not just hacking into the government which you'd expect but hacking into your computers as well. and who knows what they've left behind. just speaking personally we know that china took thousands of personnel records from u.s. government files am and probably including mine, so my fbi investigations are open to readership in china. this is very disturbing activity. but it's their espionage against commercial that's correct r targets that i think we're most concerned about here. so as these discussions go on, bob light lighthizer who will be leading the team for the president and negotiation will be asking about verification mechanisms as well. it's not what you sign up to on a piece of paper but whether we have some guarantees that china will carry through on its commitments and ac

unfortunately the founding principles of the wto have largely been eroded. the predictable structure is no longer among us. there are problems in the world are aorder and their series of fake talk on please -- and there are a series of fait accomplis. turkey is the 17th largest economy and the world and there is no doubt that we argue for the reformation of the wto as required by the times. arecertain arrangements required for the wto however the should not the destructive or chaos inducing. in ashould be taken circular manner. issue that has great importance is the question of refugees and also terrorism. questions are in direct association with global security and it is pleasing to see that they have started occupying a larger portion of the g20 agenda. regret, i might also and that there is a certain perspective prevailing that a connection among certain terrorist organizations. have suffered greatly from terrorist actions and we have witnessed the outcome of such actions in neighboring syria as well. the militants that are engaged in terror, who kill peo

g-20, virtually every country agrees that the wto has to be completely reformed. it is broken. so that is one issue. and every country agrees with us, they are experiencing it, whether it is germany or france or canada or whom ever, japan, they are experiencing the theft and the whole issue of ownership problems. this has to change. and we do have a trade coalition of the willing. everyone is in agreement. and we signed a tri-lateral document, so important that the u.n. and in the autumn and the fall, which was the e.u., the united states and japan, which explicitly discussed, quote, unquote, nonmarket problems, re china, et cetera. and third this is -- in my view this is the crux of this conversation with china and i don't want to be overly pessimistic and cynical as you are. oh, sorry, didn't mean to say that. but i want to say in degrees of importance, that has to be changed. >> well leave it on that optimistic note. >> appreciate it. >> larry kudlow, thank you very much. [ applause ] >> thanks a lot. thanks for coming. so we'll take a break now, coffee and ref

we make strong commitments to work together on a range of areas, including reform of the wto and making a global economy that works for everyone. we also discussed key priorities, such as tackling climate change and promoting health. i welcome the commitments made on stepping up the fight against modern slave labor -- modern slavery. this summit has given me the opportunity to update partners on the agreements we've reached on the exit in the european union. international firms that invested in u.k. production. and for the first time in more than four decades, the u.k. will have an independent trade policy, playing an active role on the global stage as we take a backseat at the wto. it has been affirmed by the discussions i've had on trade over the past two days. with friends and partners making clear that they are keen to sign and implement ambitious free-trade agreements as soon as possible. thank you. i'll pass on to questions. >> a third of the trade envoy aren't going to vote for your trade deal. can't offeru full-blooded good strength deals here. what have you been telling people,

. >> i thought the major impact president trump has had that mentioning the wto reform as part of the agenda. and with that chinese intellectual property theft has been a serious problem year in and year out. and so that and then to create a circumstance with the intellectual property men to think about wto reform with those g 20 statements and when we were talking about the bracts it discussions last week that i would consider advocating in the white house for china to be kicked out of the wto but that is a much less likely path with the g 20 that the wto needs to be reformed. >> much less likely. so this pause that we see quick. >> secretary mnuchin has said he is a better source for that but i can say that i see a lot of positive signs. positive movement, 90 days to get stuff worked out. so the real big news for me that the two presidents agreed we need to work together. and what about that process now to evaluate if auto imports are national security threat cracks. >>. >> that is a question for wilbur ross. >> so we have to wait and see. >> so now let's open that up. question? may

were to quit the wto. >> the u.s.uld be a at ther everyone, but same time, i would rather focus on what is actually happening, which is that the unit is raised is engaging in a wto even in dispute settlement. in their recent months, the u.s. was the country that brought more cases to the wto than anybody else. paul: spacex has joined the delivery business, launching a rocket carrying 64 small satellite into space. the falcon 9 incorporated a first stage booster that has been news twice before on missions in may and august. the payload includes saturn last from 34 organizations and 17 countries. fed vice chairman, richard clarida says he is more concerned about falling short of a 2% inflation target, then running above it. his remarks add to signals that policymakers are not yet convinced that inflation has returned to the long-run objective. u.s.er, he says the broad economy is strong and he welcomes of a trade truce with china. >> in terms of the outlook for the u.s. economy, obviously, trade is an important part. at

he forces them to back down on the wto. he forced them to back down on multilateralism and ditch the mention of professionalism, which had been in communique is previously. you could argue that the only thing that trump did not get to do that he wanted to do is have a bilateral meeting with mohammad bin salman on saudi arabia. of course that would have been optically too bad. on every other front it looks like victory for donald trump. shery: thank you so much for that, erik. on the sidelines of the g20 meeting, russian and saudi arabia leaders also spoke about the future of oil. both countries agreed to extend production cuts into 2019, providing some optimism to support higher prices. ramy inocencio has the details on this. a key question is, can they get to specifics of this agreement when they meet in vienna? ramy: we only have about a week left for that. that is also a very big order in just the next seven days or so. what we do know now is the term rebalancing is floating in between russian president vladimir putin as

is setting, and the wto will be ruling whether it is within the nation's right to engage in these in national security, that could set a dangerous and more unstable trend for trading nations worldwide. i think this is the crux of what we need to be looking at for 2019 when we look at trade threats overall. vonnie: how does the g20 impact europe? there were a lot of eyes on the u.s.-china dinner. european carmakers are worried. they were due to come to the white house this week. with the bush funeral what will happen. >> europe is in trouble. canada and mexico were able to mitigate the terror threat for autos through a quarter -- throughhreat for autos negotiation. europe is negotiating as a block of nations. it has the european parliamentary elections in may. it does not have the formal negotiating mandate yet. the white house is in a hurry to get this deal moving. it is obsessed with the trade deficit argument. just a deal on autos is not going to cut it. iss is where the white house persistent in its demand to include agriculture. that is a redline for countries like france. german

you know there's a ton of confusion about the wto debate and i think your show is a good place to bear. on this -- the united states had granted china most favored nation that meant the same rules we extended in england or australia or ghana were extended to china. and we said that in early 1980s. we with threatened to take it away. in the early a 1990s at the beginning of the clinton administration. and the clinton administration rightly backed off of that threat. so whatever benefits the united states country who is were members of the wto china was getting those and there was no prospect of their being taken away by admitting china into wto we won confessions that substantially improved commercial access for -- for u.s. firms in china. that was the right thing to do. >> next, national security advisor john bolton talks about the relationship between president trump and the north korean leader. we'll be right back. h korean le. we will be right tuesday december 4th i have opportunity to interview white wohouse national security avers john bolton. but the annual wall street journal

virtually every country agrees the wto has to be completely reformed. every country agrees with us france or canada with the whole issue of ownership problems it has to change and we do have a trade coalition of the living we had a trilateral document working for the e.u. and the united states and japan which explicitly discusses the nonmarket problems regarding china. we have got to make changes and in my view this is the crux of this conversation with china. i don't want to be pessimistic but i just want to say with the degrees of importance that has to be changed. >> thank you very much. [applause] . >> coffee and refreshments are outside of me will be back. abot politics. "the wall street journal" moderates our discussion. [applause] >> welcome. >> welcome. we will jump right into it. this morning we spent a lot of time talking [applause] welcome. we will jump right in this morning we spent time talking about business

what happened in the 20 years since china entered the wto is not pretty. we ended up enriching other countries and lots of lost traders like gary cohn himself as our own middle-class suffere. thousands of u.s. companies moved overseas for cheaper production, all ushered in under the banner of globalization. gone were most american-made products, textiles, toys, televisions. it sure wasn't what the globalist told us what happened once china was welcomed into the world trade community. >> by joining the wto, china is not simply agreeing to import more of our products. it is agreeing to impart one of democracy's most cherished values: economic freedom. the more china liberalized its economy, the more fully it will liberate the potential of its people. their initiative, their imagination, and their remarkable spirit of enterprise. >> laura: well, how did that work out? sure the chinese are richer but we have a $375 billion annual trade deficit with china, and the only imagination they brought to the game is in there plotting to steal america's innovation. 18 y

the plenary sessions virtually every country agrees the wto has to be completely reformed so that's oneissue and every country agrees with us they are experiencing it whether it is germany, france, whomever they are a threat and this has to change and we do have a trade coalition and we signed up for a trilateral document which explicitly discussed bond market problems with china etc.. we have got to make change just. i don't want to be overly pessimistic or cynical, sorry i didn't mean to say that but i just wanted to say that degrees of importance that have to be changed. >> we will leave it on that optimistic note. >> coffee and refreshments outside. we will be back. "the wall street journal" conference the ceos of insurance company aetna and dick's sporting goods talk about politics. "the wall street journal" moderates our discussion. [applause] >> welcome. >> welcome. we will jump right into it. this morning we spent a lot of time talking to the business and external affairs and this is one

it's not just the wto. we saw it in nato, at the g8, we've seen it in others where essentially this current administration's strategy feels like we'll throw a bomb in the room and then open the doors, let the smoke out, ask for a parade for clearing the air. i'm not ready to quite give them a pat on the pack until we see sustained focus, collaborative attempt to try to resolve some of these >> let me put this differently do you see china backing down on intellectual property protection at its simeetings if it suits te and if it suits their made in 2025 china policy? >> no as your question was asked, if it suits them absolutely one of the points i've made, china will make its most progress in terms of respect for intellectual property, protecting it, combating privacy when it realizes it's in its own self-interest. china will never become the dynamic society it wants to be if it's built on pirating and cop p copying the work of others they have to build their own class. those chinese innovators will eventual

: wto? really? >> veronique: we benefited from this because the highest level of country is against the united states, and the united states -- the data shows the united states complies much less than china. at the wto. >> stephen: are you kicked kidd? they violate every provision of the wto. >> veronique: go check the data, looking at the wto. >> stephen: you're wrong about that i've looked at the data, tariffs three times higher than we do. they can't do business in china. >> veronique: they're hurting their own people. >> stephen: they're also hurting our companies. our companies can't do business over there. >> veronique: so we're imposing high taxes on americans until they start treating their people right. we'll see. the jury's out. >> stephen: i'm optimistic, trump is using leverage here and i think it's about time. every country needs access to america's market to grow especially china. if trump is saying you're not going to have access to that market until you start behaving yoursel

, got the imf reforms and laid the basis for the wto. and it is a complete game changer. europe needs to do something before they are purchased by china. the balkans as they are already doing. >> in terms of china and all these things, we are not, any of us appear, saying the end of the world is my. we are missing opportunities, we tackle these challenges because we are not working together, and in a way that will hurt the country and hurt security far better organized and have a strategy as compared to us. that is the concern. >> on trade from 2001 through 2010, and and there's no impact on that at all with respect to china. and donald trump put more missile behind confronting the chinese that are well-known in terms of predatory behavior. and the means he's going about it and certainly a blunder bus approach to things that could try to find common cause. that he was not spurious we slapping them and the canadians and others with aluminum tariffs and steel tariffs on national security grounds so it is more style, and i take your point o