'I Think We're On A Really Good Path': Steve Daines Praises Trump's Tariffs

2 days ago

During Tuesday's Senate Finance Committee hearing, Sen. Steve Daines (R-MT) expressed optimism that the stock market will rebound after Trump's global tariffs came into effect.

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Transcript

00:00Chairman. Senator Daines. Mr. Chairman, thank you. Ambassador Greer, welcome to Capitol Hill.

00:09I share the President's determination to end these unfair trade practices, whether they are

00:15tariffs or non-tariff barriers. I hope we can avoid an all-out trade war. A trade war will mean

00:24higher prices for the American consumer because I think we could do a little thought exercise at

00:29the moment who pays these high tariffs. In the short, medium term, it will be the consumer.

00:36It will be the consumer. And so I'm worried about the inflationary effect. I'm worried if there is a

00:42trade war that we're going to have markets shutting down for American farmers, ranchers and manufacturers.

00:47I'll give you an example of that here in a moment. But I'm encouraged because the President's

00:55announcement has gotten the attention of a lot of countries. I was encouraged to see Kevin Hassett

01:01this morning talking about negotiations occurring, looking at President Trump's latest posts on

01:07True Social, the fact that we've got Koreans now coming to the United States literally dispatched

01:14to engage with us to lower these barriers, tariff and non-tariff. The Japanese and some 70 countries

01:21now that want to come and work and address the issues of the barriers for American companies,

01:29American producers doing businesses in their countries with 95% of the world's consumers

01:33outside the United States. Critically important. So this is very encouraging. I think that's in part

01:40why we're seeing the rebound today in the equity markets, because there's hope that these tariffs are

01:46a means and not solely an end. And if that's the case, I think we're on a really good path with this

01:53kind of tough, tough position we're taking to actually solve some of these problems in barriers

01:59in trade that have been lingering for decades. And President Trump is taking bold leadership

02:04to address it. And I'm hoping for a good outcome.

02:09My hope this hope is this is a sign of things to come, that these countries will offer major

02:17concessions and make historic trade deals with President Trump. Ambassador Greer, I encourage

02:25the administration, encourage you to use this opportunity to secure better terms for with our

02:32partners, with our allies, to protect and grow American jobs, to grow access for American farmers,

02:40our ranchers, our manufacturers, and American families. Three weeks ago, I was in Hanoi and met

02:49with General Party Secretary Do Lam, the highest ranking official in Vietnam. And then I went to Beijing

02:55and met with high-ranking Chinese officials, including the Premier Li Cheng. I carried President Trump's

03:03America First message directly to these leaders. I spoke with Premier Li Cheng and demanded that China

03:12stop the flow of the fentanyl precursors into Mexico, United States, and Canada. I raised concerns about

03:21developments related to the expiration of registrations for beef processing plants here in the United

03:27States and some non-science-based barriers which has impacted Montana and U.S. beef exports. I want to

03:37remind you that in 2017, I went to China. I carried some steaks from a Montana rancher, Fred Wacker of

03:47Mile City, Montana. We met with the Premier. In fact, I had one of your predecessors, Rob Portman,

03:52then the Senator from Ohio and a former USTR with me. I had Senator Barrasso with me, Senator Kennedy with me.

03:59And as a result of that meeting, 30 days later, they lifted a 14-year ban on U.S. beef imports into

04:07China. Let me talk about what that has meant so far. This is the largest beef export market in the world

04:13is now China. For U.S. producers of beef, in 2021, we shipped $1.6 billion of beef. Keep in mind,

04:22the 2017 number was $31 million. It was $2.1 billion in 22, $1.6 billion in 23, $1.6 billion in 24.

04:35But here's the concern. That's been shut off now in the last three weeks. March exports of beef to

04:42China, U.S. beef declined 92 percent. So the valve is shut right now for U.S. beef producers.

04:51My question is, what can we do to hold China's commitment to U.S. beef and other egg imports,

05:01which are so critical right now for U.S. producers?

05:03Thank you, Senator. And you've always been a leader on this, and I appreciate that.

05:09You know, China, of course, needs to take down their barriers. It's been a persistent challenge

05:14with them, and they like to use economic coercion, and they have their own method of doing things.

05:19But my hope would be is that they turn back on this course of action. I think President Trump is

05:24focused on making sure we have the right program in place, that we're dealing with partners who are

05:29going to be respectful and achieve reciprocity with us. And I think a lot of this is going to

05:34be up to the Chinese on how forward-leaning they want to be on having fair trade with us. I'm very

05:39sensitive to this issue in particular, and I want to make sure we open up beef markets other places

05:42too, so we don't have to be dependent on just one market. Yeah. Well, Ambassador Greer, I'm encouraged

05:49by the negotiations that are going on as we speak with Japan, with Korea, with some 70 countries who want

05:55to now reduce their tariff and non-tariff barriers. This could be absolutely a monumental moment

06:01in trade for the United States, and Godspeed.

06:07Thank you, my colleague. Next is Senator Young.

06:14Good to have you here, Ambassador Greer, and let me just begin by commending you. You've been very

06:21accessible as we've tried to get some clarity on exactly trade policy and where we're headed and

06:29how we expect counterparties to move and all the rest. You return my phone call immediately and

06:35your team's been in touch with mine. And so just that speaks very well of you and the Trump.

'I Think We're On A Really Good Path': Steve Daines Praises Trump's Tariffs

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