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Jamieson Greer: “The EU has an enormous trade surplus with the United States…”

Featuring: Jamieson Greer, U.S. Trade Representative | National

A Conversation With Jamieson Greer

Published May 27, 2026 | Video Starts at 1:11:16

Great. So I would say with Brussels, I'll see my counterpart next week. We speak probably on a weekly basis at my level and our teams work together frequently. The EU has an enormous trade surplus with the United States. Over $200 billion. It's actually the largest trade surplus as of the end of 2025. They have a larger surplus with us than China has with us. (1:11:16–1:11:21)

CLAIM

Asserts that the EU has a trade surplus with the US exceeding $200 billion.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Jamieson Greer

“China has issued supply chain regulations stating that if you are divesting from China or removing China from your supply chain, they can…”
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“Toyota is one of only two automakers in the world that is making its own batteries.”
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“They have a larger surplus with us than China has with us.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:11:24-1:11:27
“We are now exporting more than we've ever exported the United States. In January, February and March, it was over $300 billion in goods and…”
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“We have a $340 billion surplus in trade in services.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:14:38-1:14:44
“Last Friday I was at the Micron Fab in Manassas where they just put in an additional 2 billion.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 05:33-05:39
“They [China] want denuclearization on the Korean Peninsula.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 05:37-28:18
“Trade is not just, hey, we're seeking for efficiencies wherever we can get it, we're going to try to allocate capital, blah, blah, blah. It…”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 06:03-06:19
“Wages have outpaced inflation over the past year, the past two months being exceptional for reasons we all know.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 08:26-08:34
“Manufacturing as a share of GDP has been about 9.5% for some time.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 08:33-08:37
“Manufacturing productivity at highest levels it's been in a long time [in the last half of 2025].”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 08:46-08:54
“Our import profile is now 40% capital goods.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 08:55-09:00
“Manufacturing jobs at a net positive in the first quarter of this year.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 09:12-09:16
“I don't think [WTO gaps] are going to be filled by multilateral negotiation and outcomes.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 10:30-22:16
“Exports are up the highest they've ever been.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 10:41-10:44
“Manufacturing wages, again for the line workers, non supervisory, those are up.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 10:44-10:49
“One Q26, we've seen again net positive in manufacturing jobs.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 11:20-11:25
“Tariff policy can’t do it alone. That's just one element.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 12:26-12:30
“We are trying to create, recreate manufacturing ecosystems that over time have been lost.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 14:47-14:54
“The president is not interested in exclusion programs.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 16:40-16:45
“We are seeking a world in which the United States has balanced trade.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 17:33-17:37
“It is not the administration's policy to adopt a club of balanced trade.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 18:26-18:33
“America has an outside influence in the global economy and we account for a lot of trade.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 20:30-20:36
“There is a new order and it is really being keyed off of what America is doing now.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 20:59-21:12
“The WTO is there, there are certain commitments that countries have made to each other there.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 21:50-21:55
“All the agricultural quotas and tariff rates in all kinds of countries toward US Exporters are kind of ensconced under WTO regulations.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 21:55-22:05
“We are just layering on top of that system, country by country, how we think we need to further adjust trade.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 22:15-22:24
“I don't think MFN is really going to be the touchstone going forward.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 23:42-23:47
“In the United States, a manufacturing job on average pays more than your average services job.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 25:27-25:34
“We continued to have our tariffs [on China], we continued to try to have a little bit of a managed trade approach.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 27:33-27:39
“We agreed to a couple of mechanisms to help manage the relationship [with China]. A board of trade and a board of investment.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 27:52-28:01
“China was pretty clear with us that they won't accept tolling in the Strait of Hormuz.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 28:06-28:11
“We need to be able to export $70 billion worth of ag separate on top of soybeans.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 29:30-29:36
“There was a broader deal made that would have gotten at some of these things, industrial subsidies, etc.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 30:02-30:07
“President Trump is concerned about our deficit with Mexico. It has grown over the past.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 32:59-33:05
“Mexico has been one of the big winners of American diversification from China and Asia.”
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“The share of imports from Mexico has gone up.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 33:33-33:37
“We want to see that deficit [with Mexico] go down.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 33:49-33:52
“Mexico has already done a lot of this on their own. They've raised tariff on non FTA partners, particularly in Asia.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 34:11-34:18
“The US is going to have tariffs, even with countries like Mexico, as long as we have a giant trade deficit.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 35:37-35:41
“I want to have our supply chain sourced from this hemisphere, from North America.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 36:02-36:13
“The team right now is in Mexico, my team, and they're negotiating with Mexico on a bilateral basis.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 37:24-37:32
“Canada retaliated against the United States. Two countries in the world retaliated against US: People's Republic of China and Canada.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 38:22-38:27
“We have trade in energy and minerals and other things, fertilizers, between the US and Canada that really has not been affected.”
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“If you want to have absolute certainty in avoiding tariffs, you should source as much from the US as possible.”
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“Countries that have giant surpluses with the US generally are going to have higher tariffs.”
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“The U.S. position toward Chinese investment in the U.S. has not materially changed.”
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“Section 301 tariffs on China we've had since 2018.”
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“Countries that aren't doing what they need to do with respect to forced labor.”
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“The US economic position in Africa arguably was not as good as it was at the beginning, beginning of the 20 years [of AGOA].”
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“There's a CFIUS program to scrutinize investments from everywhere in the world, including China.”
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“Toyota has built factories here over the years, that's a great thing.”
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“Toyota announced an additional $10 billion in investment.”
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“If companies are going to seek out foreign money... it's adding to America's resilience.”
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“We have a critical mineral supply chain choke point largely in China.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 57:02-57:08
“The administration has taken a number of measures to try to address this weakness and its vulnerability.”
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“We're also trying to put government funds to making it economically possible to do processing plants here in the US.”
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“We have magnets coming off the line in South Carolina, permanent magnets.”
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“A draft text for an agreement on trade and critical minerals...is going through the interagency.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 58:24-58:38
“The Chinese broke this market by subsidizing production.”
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“Buyers in the United States...will have to pay what I call a national security premium.”
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“Our view is these markets are broken in many cases by subsidies in foreign countries.”
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“Malaysia has agreed in their agreement we can impose an 18% tariff on them.”
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“Many of these countries have already eliminated tariffs and many of the non-tariff barriers.”
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“Export controls have always been dynamic.”
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“The H2 hundreds you're talking about... are subject to export controls.”
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“We made a number of modifications recognizing this kind of thing [tariffs on non-strategic goods] over the course of last year.”
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“The US is going to have X amount of tariff on you, but with respect to these goods, you'll just have the MFN tariff.”
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“We have on China, we have the Section 301 tariffs from the original Trump administration.”
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“We have Section 232 tariffs and that kind of thing.”
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“There will always be a higher average tariff coming out of China.”
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“The United States, we have a good record on establishing and enforcing laws prohibiting the import of goods made with forced labor.”
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“We have chosen to introduce a section 301.”
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“I think it's upwards of 40 countries on this issue over the past few weeks.”
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“El Salvador has already put one into place.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:09:59-1:10:02
“It's actually the largest trade surplus as of the end of 2025.”
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“We agreed to the Turnberry Agreement last year where the EU acknowledged that in the interest of rebalancing we can have some level of…”
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“The EU has made a lot of progress in the past few weeks on passing a bill to eliminate tariffs on all industrial products coming from the…”
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“The United States is not [the EU's] problem. We don't have a deforestation issue in the United States. We're one of the cleanest…”
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“Flexibilities were promised to the United States as part of the turn barrier agreement last year.”
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“We have a framework agreement done with the Indians.”
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“We are, I have a team going there next week.”
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“We are now exporting more than we've ever exported the United States.”
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“In the first Trump administration, when we were doing tariffs on China, we met with the Europeans and the Japanese at the same time to say…”
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“The Biden people, they wanted to align with the Europeans on steel and aluminum and kind of a green, a green pact.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:15:58-1:16:05
“There are things like critical minerals where we've had deeper discussions and they [Europeans] have an interest in this.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:17:28-1:17:34
“If the critical mineral thing works and you, you can have a group of countries on a plural lateral basis align on a supply chain and trade…”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:17:34-1:17:45
“By our count, there are about 66, 0. Some of them. We're closer to having sufficient production than we are to others.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:18:28-1:18:38
“The more challenging ones are the heavy rare earths, which are more rare in the processing is located in China.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:18:37-1:18:46
“We have facilities in America that process alumina and aluminum, and you can produce gallium at these sites as a byproduct.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:18:53-1:19:01
“We're trying to, with our trading partners, identify those minerals where we can more quickly have more supply chain independence.”
A Conversation With Jamieson Greer | Uploaded May 27, 2026 | 1:19:09-1:19:19