Transcript for Trump signs partial trade deal with China
For decades American workers farmers ranchers manufactures. And innovators have been hurt by. He unfair trade with China forced technology transfer and intellectual property theft. Have been huge problems. Since China joined the World Trade Organization two decades ago we have racked up nearly five. Trillion dollars the vice premier hope is that listening to this. In trade deficits. Lost millions and millions of manufacturing jobs and saw tens of thousands of factories close and that had to do also with. Mexico and to an extent Canada. What they did to this country. With trade and trade deals NAFTA. We had no deal with Jan and that we had to. And it was like just easy Pickens. For years politicians ran for office promising action to remedy d.'s practice is only to do nothing. But allow them to continue and it was village. As a candidate for president I've strong action it's probably the biggest reason why I. Ran for president because I sought for so many years and I said how come nobody's doing something about it. In the mean time immigration and building our military. Also important but that's probably the biggest reason and you 12016. In the great state of Pennsylvania I promise that I would use every lawful presidential power to protect Americans from. Unfair trade and unfair trade practices. Unlike those who came before me I kept. My promise. They've been promised to heart. And I actually think I'm more than kept my promise. Now our efforts of yielded a transformative deal that will bring tremendous benefits to both countries we have a great relationship with China. We have a great relationship with the leadership of China and China fully understands that there has to be a certain reciprocity. Past that the cannot continue like this it would be dangerous for it to continue. Like it was the agreement we signed today includes groundbreaking provisions in an area of critical importance to the United States. Protecting intellectual property. So the do you seeing today is a much bigger deal than we have a very much guarded. They asked one of our. Democratic trend Chuck Schumer a what do you think of the deal to which he had no idea what that Ilyce never saw that lets talk. We got it I don't like get I don't like the Dili said. Why do you see it I think I know well what are you like it well they took the tariffs off actually we didn't. He knowingly give it to do. He just said. Exactly what probably should say as a politician. Had he liked the deal I don't like the deal do you know the deal sort of. He never saw that you knew nothing about it he would love to deal but he can't say it because he's on the other priority but may be Patrick would do the same thing right. You know what. I would say that issue and this is unbelievable deal for the United States'. And ultimately it's a great deal for both countries and it's can also lead to even a more stable peace. Throughout the world. China is helping us with North Korea. China is helping us with a lot of the things that they can be helping us with which you don't see any deal but they have been very very helpful with respect to. Kim Jung on who has great respect for president she. And it's all a very very beautiful game of chance or game of poker room or. I can't use the word checkers 'cause it's far greater than any checker game that I've ever seen but it's a very. Beautiful mosaic. Which and is giving us a lot of help and we're giving them a lot of help when things that we help them with. One of the things that we are also talking about as fentanyl and president she has already instituted very strong penalties. And arrested large numbers of people who are sending fentanyl and to our country that never happened before. So China has made substantial and enforceable commitments regarding the protection of American ID is. Trade secrets patents and trademarks. This was not according to most and they didn't know we covered any of this we've covered a lot of this it's phase one. But they're doing many more things in phase one than anyone thought possible. John is also pledged firm action to confront pirated and counterfeit goods which is a big problem for many of the people in the room the counterfeiting. We'll make sure that this happens and we are very very strong protection. In addition the agreement addresses forced technology transfer. Policies that can require companies to give away here know now and trade secrets are now when Boeing. Has some work done over in China wants to sell planes over in China that are not to give up every single. Thing that they've ever. You know what that they've worked so hard to. Q development. And to come up with you guys hearing that you don't have to give up anything anymore. Just be strong. Be strong don't let it happen. But you don't have to do that it was a terrible it was a terrible situation going on there and a lot of it was because I cut our companies have to say this will very weak. You're very weak he gave up things that you didn't have to give up but now legally you don't have to give them up under this deal. Transfers and licensing of technology will be based on market terms that a fully voluntary reflect mutual agreement. Phase one will also see China greatly expand imports of the unit to the United States. We want to. By allowed of their product inexpensively. But we have an additional 200 they are going to be. What what's to me very important. Number one thing the news be spending much more than 200 billion dollars over the next two years including up to fifty billion just an agricultural loan. And some of the numbers that I wrote. On manufacturing they'll be spending 75 billion dollars they'll be putting into our country. Okay bigger be putting into our country. 75 billion dollars on manufacture. Fifty billion dollars worth of energy. So that's great for our energy people with a number one in the world now we weren't we're now the number one. An AG. Are a group in the world would bigoted Saudi Arabia have looked bigger than Russia. Were bigger than. And for those people that are in the room that are very much into it which we have a lot of the oil and gas folks in the room. I'm approving some pipelines in Texas momentarily which we'll give you. Which would have taken fifteen more years to get. But you're gonna have very quickly and we would take from a fifteen year period to about a two month period and I'm angry at my people for taking so long road. But we do that we'll be up about another 22%. In oil and natural gas so we have fifty million for fifty billion for energy. Fifty billion for agriculture. And forty to fifty billion on services including rob financial services. So the banks are going to be doing great credit cause all of the things that you do so well. You're going to be able to now go into China and really do a job in the going to be working with you one of the other things I have to say is the protection of intellectual property we have very strong. Protection of intellectual property more a lot of people thought this too is just a simple. Deal for the farmers are gonna get fifty billion remember I said Lindsey to have to go out by larger tractors. China was doing sixteen billion dollars with the farmers. And they stopped why not you know they're in a negotiation. So our people agreed to two when he and I said no make it fifty with differences make make it fifty. They see so there are farmers can't produce that much I said I love our farmers let them tell me they can't do it. And I sit tellem to go out and buy a larger tractor by a little more land but they'll be able to do I have no doubt they'll do after. So. The other thing that I think we have is the currency devaluation standards we have a very strong standard for currency devaluation. And in all due respect China was one of the greats in history. At doing that and we gonna work on it together. But currency devaluation will now have to as some very very strong restrictions and very powerful restrictions. And we have full again the word one of the strongest things we have total and full enforce ability. And you know what that means total fool enforce ability on all of this so the agreement tears down major. Market barriers for US food and agricultural exports China well. Now welcome American beef and pork poultry seafood rice staring infant formula animal feed. Biotechnology. And much much more because frankly. You know they were not doing things that that was supposed to be and that's okay. Because now they will the deal will also benefit energy manufacturing services. And all sectors of the economy. And I will say this to steal again they thought it was a fifty billion dollar agricultural deal now it's much more than 200 billion dollars of which fifty is agricultural. But the rest is in all of the other things that we just discussed. Especially for financial and you should really look at it and you have free pass and you don't have to worry about the 49%. We you can't own. Because you're going to be able to own now when you're not gonna have to take partners that are forced upon you. It's an incredible deal from that standpoint to. We're delighted that the Chinese consumers will now enjoy the greater access to the best products on earth those made grown and raised right here. In the USA so phase one. Which has been that really incredible you know we almost had the whole deal done but this is better this is a more di tale deal for this aspect of the deal. It was such a big deal before and this is a much more. Much more targeted much more powerful deal for everything we're doing which is them which is a very large part of the deal. But we're going to be starting phase two as soon as this kicks in will be starting phase two. We're leaving tariffs on which people were shot but it's great but but I will agree to take those tariffs off. If we are able to. Do phase two and Edwards who negotiated with the terrorists we have 2.5 percent and 250 billion dollars worth of goods. And then where bring in the 10% down to seven and a half percent on 300 billion dollars worth of goods plus. So what I'm leaving them on. Because otherwise we have no cards to negotiate with a negotiating with Leo is very tough. But they will all come off. As soon as we finish phase two. And that would be something that some people on Wall Street will luff. But from what I see they love to steal the way it is now but we are very strong cards and frankly. China. And I are gonna start negotiating with Bob and Steve and everybody. And very very shortly so from this nation's vibrant heartland tour gleaming cities millions of workers and farmers and innovators. Have waited decades for this day we never even had a deal with Chad. In all fairness I don't blame China I blame the people that stood here before me I don't blame China told at the presidency I was in Beijing making his speech. Saying how they're ripping us off and guess what he wasn't too happy I looked at him I said he's not happy. And so that any changes speech quickly so I said I don't blame him I blame our presidents and I'm right. We should've done the same thing to them but we didn't we didn't we never had to deal with they do what ever they want. With the signing we mark more than just an agreement we mark a sea change in international trade. At long last Americans have a government that puts them first at the negotiating team first intraday first and every deal. Every decision and every action we take with incredible enforce ability. As we move on to phase two I look forward to continued to forge a future of greater harmony prosperity and really commerce. Commerce and far beyond commerce between the United States and China. This is something that far beyond him in this deal. It's going to lead to aim even stronger world peace we now have. We now have a a big investment in each other and in getting along with each other. And this deal is phase one will probably be able to concluded with phase two we don't expect of a phase three. But. It's something that we all want to get done. And it'll be a tremendously big deal this is something that's going to be so special however to our manufacturers. Our farmers our bankers our service people. Nobody's ever seen anything like if this is the biggest deal there is anywhere in the world by far. And that's good we're doing another big one next week but this is the biggest deal anybody's ever seen and they can lead to being the deal that's unprecedented. Because China has one point five billion people. And ultimately in phase two we're going to be opening up China to all appear companies so I hope you folks can handle it.
This transcript has been automatically generated and may not be 100% accurate.