well thank you very much we’ve had a lot of very big news and some very good news today but I’d like to hold this for China there’s nothing bigger than what we’re doing with China I think it’s important that these are the questions that are asked and as you know we have the Vice Premier of China one of the most respected men in all of China and the world for that matter we have great respect for him and great friendship with him and we’ve come to a very substantial phase one deal and I’ll go through some of the points and then I’ll ask the Vice Premier to say a few words and any comments that he may have we’ve come to a deal pretty much subject to getting it written it’ll take probably three weeks four weeks or five weeks as you know where we’re going to be in Chile together at the big summit and maybe it’ll be then or maybe it’ll be sometime around then but we’ve come to a deal on intellectual property Financial Services a tremendous deal for the farmers a purchase of from 40 to 50 million dollars worth of agricultural products and to show you how big that is that would be two and a half three times what China had purchased at its highest point thus far so they were purchasing 16 or 17 billion at the highest point and that’ll be brought up to 40 billion to 50 billion so I’d suggest the farmers have to go and immediately buy more land and get bigger tractors they’ll be available at John Deere and a lot of other great distributors but would take in the purchase of agricultural products from 40 to 50 billion meaning in that neighborhood from 40 to 50 approximately billion and what they’ve been doing now I believe is about 8 billion right 8 right now it’s 8 the other thing I will say is over the last two weeks a lot of purchases have started going back to our farmers and you’ve been doing a lot of business with us which we we appreciate very much but it really started a few weeks ago but they intend to go up ultimately once the agreement aside from 40 to 50 billion and that really from that was from a base of probably 16 vision and right now it’s 8 billion and the 8 billion was lower than 8 billion they got up to 8 billion because they’ve been purchasing quite a bit over the last couple of weeks so we also have the agricultural structural issues we have some incredible progress on the structure and structural issues and Bob perhaps you could discuss that place on agriculture and explain the importance of these structural issues that we’ve saw we corrected a variety of SPS what we call a sanitary final sanitary issues of you corrected biotechnology is used and it will be it will be much easier now for for American farmers to be able to be shipped to China and we’ve made some questions on our side – they’ll help the Chinese side and that’s been completed and pretty much done another big issue that we’ve come to conclusion on is currency foreign exchange and Steve do you want to explain that list very good discussions with governor Yi the head of the People’s Bank of China their central bank we’ve also had extensive discussions on financial services opening up their markets to our financial services firms so we have pretty much almost a complete agreement on both those issues and as you know mr. president currency has been a very big concern of yours since the campaign and we we have a agreement around transparency into the foreign exchange markets and free markets so we’re very pleased with that we’ve also made very good progress on technology transfer and we’ll put some of technology transfer in phase 1 phase 2 we’ll start negotiations almost immediately after we’ve concluded phase 1 and papered it and I think phase 1 should happen pretty quickly so you have intellectual property we have an agreement on intellectual property financial services the banks and all of the financial services companies will be very very happy with what we’ve been able to get and I think China is going to be very happy because that we served very well by these great institutions being able to go into China and it’s going to be a tremendous thing for banks and for financial service companies agricultural structural issues tremendous for the farmers as Steve said that’s almost as good as which I disagree with him on that but it’s almost as good as going from 8 billion and then to 16 billion which was their all-time high to 40 to 50 billion so we’re going to be up to 40 to 50 billion dollars of agricultural purchases which means the farmers are gonna have to work a lot of overtime to produce that much that’s that’s the largest order in the history of Agriculture by far by two and a half times and technology transfer we’ll have some technology transfer in the agreement but technology transfer will largely be done here and also in phase two so we’re going to start negotiating phase two after phase one is completed and signed and then there may be a phase three or we may get it done in Phase two so you’ll either have two phases or three phases so we’re very happy with it we have great respect for China great respect for President Xi and I want to just tell you that I watched the 70th anniversary in great detail and it was an incredible event and congratulations on the 70th everyone that was really something very amazing to watch mr. Weiser’s done a terrific job all of my team I think has done a fantastic job the Vice Premier I want to just thank you very much for being here with your team you’re very tough negotiators congratulations but it’s something that we both realized right from the beginning is very important not only for China not only for the US but for the world and every time there’s a little bad news the market would go down incredibly every time there was a little bit of good news the market would go up incredibly and yet other news that was also very big the market just didn’t really care they just seemed to care about the deal with the USA in China and that’s okay with me so we’ve had a tremendous really negotiation a very complex negotiation but something that’s going to be great for both countries and mr. vice premier would you like to say something firstly to present come for your congratulatory message to the 70th anniversary of the founding of the People’s Republic of China oh man you don’t owe me Mikey you’re using your email yet tonight no medium come back down feed on the farm she don’t come out we very much agree that to get the china-us economic relationship right it’s something that is good for China for the United States and for the whole world and we are making a lot of progress towards a positive direction hello Jenna that is about after the entire season fear and horror go to and from the body siren wailing shit are easier on cattle feed on bossy oh but recent days I have had a very good communication with both ambassador light Heiser and scepter management and mr. president as you just mentioned we have made substantial progress in many fields we are happy about it we’ll continue to make efforts to fulfill it won’t buy an Uzi and thank you for this opportunity for me to speak up and all my colleagues are happy about it well thank you very much a great honor I think that the currency foreign exchange agreement that we made will be a tremendous of tremendous benefit both in terms of the magnitude of it in terms of the simplicity of what we’re able to do will make a very complicated process much simpler I think that in itself I just sees something that we’ve all been working for yes please do mind I have my interpreter assistant who read the letter to you this is for guys like John then aren’t good with Chinese they’ll have that magnified so fast your head will spin well it’s a tremendous message and thank you very much and I’ve read this and I appreciate it very much this is from President Xi and we knew that we were going to have a very successful phase one and it took us a long time to get here but is something that’s going to be great for China and great for the USA and we appreciate it very much please congratulate President Xi the Vice Premier has requested and the president has approved while we go through a process of documenting this we will not be implementing the increase of tariffs that were scheduled to go in place from 25 to 30 percent that’s correct yeah I think we’re very close I think this is a very important phase it’s a lot of things are here our agriculture will be completed because with when we bring it up to 50 billion dollars I project is going to be the number I don’t know that there’s a question as to whether or not our farmers can produce that much and I think they can but they’re literally and I said it jokingly I think I mean it they’re gonna have to buy more land which is okay be a good time to own land in Iowa and Nebraska in a lot of other great states so they’re very happy about it but we’re taking it from 8 billion which it is now and it was about 2 or 3 billion they get down pretty low but if you take the highest that ever was with 16 billion and we’ll bring you that to 6 250 billion so we go from 16 to 50 so anywhere between 40 and 50 and that’ll start very soon and they’ve actually already started purchasing you’ve actually started purchasing a lot from the farmers we’ve we just got messages from the middle was already a tremendous amount of soybeans and that was over the last couple of weeks we got word of that you know we got word we we notice it goes quickly because we see a price go up a little bit it’s incredible the way the market works but yes we’re working on forcement right now and that’s been largely agreed to and that’s one of the things in this agreement we have an enforcement provision and they’re working out the final aspects of that enforcement division position and I think that’s something above do you want to say something about sure so so we’re gonna have a very elaborate consultation process we have been escalation in various areas so that so the difficulties can’t be resolved both parties have allocated or have assigned various people have created a structure under it and we’re down to the final details of what will happen if there’s not a resolution and that’s kind of the final issue that we’re putting together but but both sides agree it absolutely has to have a a workable dispute settlement mechanism and and we’re very close to I kind of do work together I think the relationship in certain ways may be better than it’s ever been we’ve been through a very tough negotiation there’s never been a negotiation like this and all fairness I give China tremendous credit because for 25 or 30 years they’ve done very well with the US and and now we’re doing something jointly we’re doing it in a fair manner I try any credit for what they’ve done over the last 30 is tremendous credit I don’t blame China I blame the people representing our country now we have a deal that I think ultimately is going to be just fantastic for China and fantastic for the United States is this an actual deal or is this progress towards getting everything papered you have to do it we’ve agreed in principle to just about everything I mentioned all of the different points and now we’re getting it papered and I don’t think it should be a problem getting it paper and I think that China wants it badly and so we want it also and we should be able to get that done over the next four weeks we’re going to be in Chile in five weeks so we’ll see in terms of signing when it happens we’ll do a formal signing with President Xi and myself but but this is just something that’s very exciting and I’m very excited actually and we cover a lot more territory than agriculture but I’m very excited for the farmer because this is there has never been a deal of this magnitude for the American farmer in this agreement we’re not dealing specifically with them well it’s not part of this agreement that’s a separate process business dealings of hunter Biden with Chinese officials a lot of us where’s hunter where is hunter by the way whatever happened oh we’re gonna discuss where’s hunter when I get asked because I’ll stop at the helicopter but right now and in respect to China and to the vice premier one can only ask questions at point can you assure the American people that you did not bring up Joe Biden in these negotiations that you have not brought up that with respect to the buttons which I they can do whatever they want with respect to one and a half billion dollars going to somebody that’s up to China but we do have to look into corruption but no it has not been brought up I don’t think it well I think we know each other very well we’ve been negotiating this for a long time there’s a possibility of course that maybe there’s something that they were unable to get papered but I’ve been doing this for a long time and the Vice premiers been doing it for a long time and many other deals for many many years old both of us and his people are very professionals and so am i and I think the likelihood of that falling apart is not so good what do you think Oh Steve what you said I think we have a fundamental understanding on the key issues we’ve gone through a significant amount of paper but there is more work to do and we will not sign an agreement unless we get and can tell the president that this is on paper and I know the Vice Premier needs to go back and do some work with his team but we’ve made a lot of progress over the last two days this is also known by the people in China by President Xi he’s been following it very closely can you comment on the progress of the performances of the trees of both sides well I think are you from China yes I think the people of China have to be very proud of your team they they are unrelenting I say that in a positive way but they’re unrelenting they’re tough they’re smart and they have negotiated a great deal but I think the people of China should be very proud of this team starting with the Vice premiers very extraordinary man we’ve gotten to know each other well and everybody on my team respects your team so I think they’ve really handled themselves incredibly on the increase from 25% to 30% that will be suspended we’ll be paying 25 but we’re not increasing it to 30 and then you might want to mention the additional the additional tariffs are scheduled in fact as many of you know this the second half of September that is scheduled to effect on December the 15th and the president has not made a final decision on that but there’s plenty of time to make that decision and that is certainly part of this process that the Chinese are working the way through so the first one has been suspended the second one is subject to the president making a final decision but the way this timing works out that’ll be well in advance of that date they have difficult I mean many Chinese didn’t have in this country with their with disasters yes we’re gonna be very good to Chinese students nope I’ve heard this question many times before including from our own security people we want all the people that want to come over from China the greatest university system in the world and we’re going to keep it that way and one of the reasons it’s great is we have a lot of students from China now we we’re not going to make it tough we’re going to make it like for everybody else we’re gonna make it I think that’s important I think Steve I think it’s very important about our universities are available the world comes in they use our universities we have the greatest system of the world and China’s not gonna be treated any differently I think it’s important for you to say that to the people of China people get in based on merit we have incredible talent coming in from China they occupy a big space in our universities and we want to keep it that way ok cuz there was there was a false there was false rumors going to that are we going to close to schools to China that is so false it’s just false some technical easy hope you have already I think you’ve been very clear in your directive all along through the trade negotiations on your view on the universities yeah I can give up my word I want them coming here we want the greatest talent in the world coming to our great universities to Harvard Yale Princeton the great Wharton School of Finance or Stanford all of these great schools we want them we want them coming here and that’s what we have that’s one of the reasons we have the great system and there have been discussions about that not by me because I ended him very quickly I want to let you know I add those discussions very quickly we will be making a decision on that evaluating it although I would comment that assuming we close the agreement and we have the assurances that’ll be a big step in the right direction for our evaluation we’re doing a lot of business within these companies we do have to be you know the security companies and certain companies we have to be careful with and we have to pay very close attention but we’re doing tremendous business with China and with Chinese businesses its tailed off we’ve tailed it off we’ve purposely tailed it off but that’ll start building up very quickly again we expect that to build up to a much bigger extent I think then even before phase 1 and it’s a big part of it the farmers the intellectual property a lot of a lot of areas are covered here that that frankly are in great shape intellectual probably Financial Services is going to be a massive boon to the banks and credit card companies and all of these companies including ownership interests you know before you had to do certain things that made it very difficult for banks and institutions to really go into China China’s really been opened up now for the first time to financial services or to the big banks and credit card companies and other types of financial services so that’s a tremendous thing and I think we have complete agreement on that intellectual property a lot of agreement but we’ll have some of that included in phase 2 agriculture should be done I don’t think the farmers can handle any more than what they’re getting don’t forget we just signed a big deal with Japan and that was a very big deal and a lot of that had to do with agriculture also so the farmers are are doing well currency foreign exchange we’re all set on that that we’ve been able to do not only through simplification but the importance of it is very important and technology transfer so we’re gonna have some technology transfer here and some will be in Phase two we think we’ll probably be able to conclude it with Phase two but it may be phase two phase three and it covers so much territory that doing it in sections and phases is I think really better and we’re talking about very big don’t forget we’ve covered fully agriculture even in terms of agricultural structural issues and then in terms of fifty billion dollars of Agriculture so that will be covered in its entirety currency foreign exchange will be covered in entirety financial services I think will be covered pretty much in its entirety so the banks and lending institutions all institutions are covered some of technology transfer a large part of intellectual property will be covered so I think it actually works out to be a very neat package and now we can focus on Phase two five or six weeks and what point would you raise tariffs again if you don’t have a only only good faith in bed say that I think we have a lot of good faith right now going on right away and getting this paper right now it’s it’s already partially papered much of this has been pretty much completed from the standpoint of paper but we think it’ll take four weeks five weeks something like that now we happen to be together in Chile so that could be a point or maybe not presidency we’ll be there I’ll be there for the big summit I would love to hear from both of you why this time is different what’s changed in there we got to know each other a lot better but don’t forget there’s been a lot of back-and-forth since that happened we thought we had a deal and perhaps they didn’t but it didn’t work out that way this deal is a bigger deal than the last yield relatively speaking now we’re talking about big parts of it with financial services in agriculture but when we talk about 50 billion dollars in agriculture we never had that in mind in the first deal we were thinking about 20 we’re thinking about anywhere from 16 I would say to 20 billion dollars now we’re talking about 50 billion dollars so this is actually a much bigger deal it’s a big chunk of it but it’s a much bigger deal than we had in mind certainly in terms of I would say Steve Financial Services is Beck bigger and more complete intellectual property will be in both phases of the deal currency foreign exchange we didn’t really discuss that very much in the last deal now we’re including it in this deal because a lot of things have happened during the course of the last year that meant it so I think this is actually when you added up going to be a more important deal a bigger deal and more precise see the currency foreign exchange is included the foreign exchange aspect of it is much more complete now than it would have been under the other system and don’t forget a lot of things have happened with currency and foreign exchange that we weren’t talking about a year ago things that will be up to the vice premier and to President Xi so we’ll find that been doing very well China I think well I think this will be a tremendously positive this is gonna be a tremendous thing for China we’ve been doing well and I think we’ll do better I mean we’ve been doing really well we’ve been leading the world and many aspects of what we’re talking about I think we’ll do even better and I think China will do tremendously well with this this is a great deal for China it’s a great deal for us over the less than two years and I think great progress has been made by China in Hong Kong and I’ve been watching and I actually told the Vice Premier it really has toned down a lot from the initial days of a number of months ago when I saw a lot of people and I see far fewer now I thought we were discussing it and I think that’s going to take care of itself I actually think this deal is a great deal for the people of Hong Kong to see what happened I think this is a very positive thing for Hong Kong but but it really has it’s it’s the escalation it really has de-escalated a lot from the beginning and we were discussing all the black pistol Chinese companies we’ve seen three friends looking at the blacklist and we’ll be making a determination as to which companies would be on that list I think the Federal Reserve should cut rates regardless of this deal because we’re higher than other nations Germany is loaning money and when it has to be paid back they get paid okay it’s ridiculous and I think that the Federal Reserve should cut rates regardless of how good this is we have a great economy but we have a Federal Reserve that’s not in step with the rest of the world so I think they ought to get in step and if they were in step would be we would regardless of the China deal the China deal is much more important than the interest rates but because this has to do with more than trade this has to do with world peace this has to do with getting along this has to do with the rest of the world this isn’t just a deal on trade this has to do with a lot of friction a lot of bad things that are happening in the world so this is far more important than the Federal Reserve and interest rates but the Federal Reserve should cut interest rates absolutely yesterday we had the biggest crowd we broke a stadium record we broke the record in in Minnesota nobody’s ever seen anything like that and you saw it and you understand it too and my poll numbers are going way up and so the impeachment it’s a hoax I know we didn’t discuss it but I would tell them it’s a hoax it’s a hoax done by people that are losing and they want to try and use it to win an election and I don’t think it’s going to happen and I don’t think China believes it’s going to happen because if they did and they’d rather deal with a sleepy Joe Biden who’s failing badly he’s not going to make it anyway but whoever does emerge on the other side and they’d probably be better off maybe waiting but they also know that when I win the deal gets even tougher it gets even tougher and they expect that I’m gonna win otherwise they wouldn’t sign the deal it’s very simple I think that we’re going to have a deal that’s a great deal that’s beyond tariffs this is a deal that’s a very important deal for China a very important deal for the world very important deal for the United States I think this is a deal that’s beyond tariffs I really mean that I think that world peace you know there was a lot of friction between the United States and China and now it’s a lovefest that’s a good thing but that’s good for China and it’s good for us but it’s good for the world the Vice Premier said the same thing and he said it better than anybody could have said it he said this is a great thing for the world he didn’t say China or us he said this is a great thing for the world and he’s absolutely right perhaps you’d like to comment on them I agree with you it’s good for China it’s good for us but it’s good for whole other one our treaties its provided peace and the prosperity and development for the whole world I think it’s very very so it’s beyond a trade deal it really is and you know the talk was getting tough rhetoric was getting tough we have ships and they have ships and we have planes and they have planes and you know bad things can happen stupid things can happen but this is a great a great thing that’s taking place we have a very good bonded relationship and I have very little doubt that we’ll be able to get this thing finalized now it’s not overly complex and then they’ll start phase two but this was a very important deal for a lot of reasons thank you very much I hear a helicopter I hear a helicopter I’m going down to Louisiana we have a totally sold-out crowd in Louisiana and hopefully the governor of Louisiana who’s not doing a very good you know he’s not doing a very good job in Louisiana hopefully he won’t get the 50% we’ll have a runoff and you have a nice new Republican governor of Louisiana and I hope a lot of you going to join us you’re joining us John you’re gonna be joining us to watch a lot of people enjoy – John have a good time you