'This Week' Transcript: Sen. John McCain

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GERARD: Mort and I probably disagree on the words, because I think if you have an infrastructure strategy, you have in fact got a manufacturer strategy. We don't have any strategy. And when people keep talking about low-priced goods, low-priced goods they have an expensive cost. Low-priced goods with China where we've accumulated almost a $2 trillion deficit with China have meant hundreds of thousands of people unemployed. It's meant poison in our kids toys. It's meant lead in our steel that we have had to send back. The Bay Bridge is three years behind schedule because they bought Chinese steel that won't hold the welds.

FREELAND: You're not saying we should stop buying things from China or stop trading with China?

GERARD: No. I'm not saying we should stop trading. In fact, no country can survive without trade. What I'm in fact saying is that we have got to have some set of rules on which we trade by. Our union filed nine trade cases against China and won every one. Why are we winning them? Because they cheat. At the very least we should ask for an economy where we're not cheated.

MUIR: Just back from China. And I think Leo would agree on this point, correct me if I'm wrong, but we have to pick which items we want to compete with. I mean, we were in these Chinese factories, south of Shanghai, as you know Christiane. In one factory that makes one-third of all the socks in the world. I mean, America doesn't want to make socks anymore. We don't want to compete with that. We want to compete with the products...

AMANPOUR: We're going to continue this right after the break. Lots to talk about. We're going to break. And we'll come back and continue.

Up next, Washington's answer to the job crisis. Will the deep budget cuts on the table stick a fork in the recovery?

(COMMERCIAL BREAK)

AMANPOUR: Coming up next, will the budget battle in Washington have an impact on jobs?

And from the Middle East, the latest on the civil war in Libya.

And the women behind the revolutions, are they the best hope for real democracy in the region?

(COMMERCIAL BREAK)

AMANPOUR: President Obama says the United States needs to build on the momentum of Friday's upbeat jobs reports. The progress is clearly fragile and the budget battles in Washington will certainly have an impact, say many analysts. The question is -- what will that impact be?

Joining me again here in the Newseum, my ABC colleague David Muir. Leo Gerard, president of the United Steel Workers. Chrystia Freeland, global editor at large for Thompson Reuters. And Mort Zuckerman, editor in chief of U.S. News and World Report.

Let's just go back to the lightbulb and finish that rather heated debate.

MUIR: Well, it's interesting, because we were talking about China. And the workers in those factories make $14 a day, $270 a month, and they send much of it back to their child who's being raised by the grandparents in rural China. We could never survive competing against China in certain respects. We have got to pick--

(CROSSTALK)

MUIR: We've got to pick which products.

(CROSSTALK)

MUIR: They say the answer are multiplier products, the ones that take multiple people to get it from start to finish. But Leo saw the reporting this week and brought us this, about a lightbulb here in America. This is what I love.

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