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US President Donald Trump has escalated the trade war with China, announcing 100% tariffs on Chinese goods along with export controls on all critical software, starting November 1. Speaking about his upcoming meeting with Chinese President Xi, Trump said it may still happen but uncertainty looms: “Out of the blue, they hit the world… it was shocking.”

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00:00I can speak for almost everybody that's here.
00:02Most of them are here because of tariffs.
00:03You have to understand, he has no tariffs.
00:06If you build in this country, there are no tariffs.
00:08Out of the blue, they came up with this whole import-export concept,
00:14and nobody knew anything about it.
00:17We were just surprised at China.
00:18I have a very good relationship with President Xi, and they did that.
00:21This is not something that I instigated.
00:25This was just a response to something that they did.
00:28And they didn't really aim it at us.
00:30They aimed it at the whole world.
00:32First on this, could you have brought these pharmaceutical companies to the table
00:35without that 100% tariff that you imposed?
00:38Well, is that 100%?
00:39You're talking about China might be 100%.
00:41No, but I'm talking about the 100% you imposed on pharmaceuticals for that sector.
00:44I would never have been able to bring them.
00:45Now, I'm not sure that Pascal would like to say,
00:48but behind the scenes, he did say tariffs were a big reason he came here,
00:52and also the fact he loved Virginia.
00:54He liked this guy. He liked me.
00:55I think the November 5th election was a very important date.
01:00We had a good election, and that was important.
01:03But yeah, he's here.
01:04A lot of, I can speak for almost everybody that's here.
01:07Most of them are here because of tariffs.
01:09Because you have to understand, he has no tariffs.
01:13If you build in this country, there are no tariffs.
01:15I'm going to ask you about China, if I could.
01:17I just want to confirm, have you canceled your meeting with President Xi?
01:21No, I haven't canceled, but I don't know that we're going to have it.
01:24But I'm going to be there regardless, so I would assume we might have it.
01:27But, you know, they hit the world with something that really is not anything that people are going to do.
01:35And it was shocking.
01:37I can tell you, Howard and I and Todd, we all, Scott, we were all speaking about it before.
01:44And it was, we said, where did that come from?
01:47It was just, that was out of the blue, right?
01:50Out of the blue, they came up with this whole import-export concept.
01:55And nobody, nobody knew anything about it.
01:59So if they roll back their export controls, the new announcement, would you roll back?
02:03Yeah, look, we're going to have to see what happens.
02:05That's why I made it November 1st.
02:07We'll see what happens, yeah.
02:08Mr. President, go ahead, please.
02:10What else besides software could be on the table in terms of export controls?
02:14Oh, a lot more, a lot more.
02:16I mean, you have, you have software, but you have a lot more.
02:19We have airplanes, we have airplane parts.
02:21You remember that from last time?
02:23We were just surprised at China.
02:25I have a very good relationship with President Xi, and they did that.
02:28This is not something that I, you know, instigated.
02:31This was just a response to something that they did.
02:34And they didn't really aim it at us.
02:37They aimed it at the whole world.
02:38The whole world is, is subject to it.
02:42So I thought it was very, very bad.
02:44But we have many things, including a big thing is airplane.
02:46They have a lot of Boeing planes, and they need parts.
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