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Jamieson Greer: “We reduced that trade deficit with China by about 25% last…”

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

From Hamilton to Today: Trade and U.S. Economic Strategy with Ambassador Jamieson Greer

Published January 20, 2026 | Video Starts at 39:24

Well, let me make one more point. Our trade deficit with the EU this year might end up, or for 2025, might end up being bigger than our trade deficit with China. We reduced that trade deficit with China by about 25% last year. So when it comes to imbalance, we have a huge imbalance with Europe. You've had huge access into the US Market for many years. We've had limited access into Europe. (39:24–39:29)

CLAIM

Asserts that the U.S. reduced its trade deficit with China by 25% last year.

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

“New Jersey lost almost 47% of its manufacturing jobs after 1994.”
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“American per capita industrial output increased 525% from 1750 to 1860.”
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“By 1913, US per capita industrial output was the greatest in the world, 10% greater than that of the UK.”
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“American industrial production soared by over 1000% between 1860 and 1910.”
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“Lyndon Johnson imposed 25% tariffs on pickup trucks that we still have to this day.”
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“President Nixon put a 10% global tariff on the world in 1971.”
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“Over the past year, there have been 650,000 jobs created. And they're all in the private sector and they're all to Americans.”
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“We're now down to 2.7 [percent inflation].”
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“Real wages went down by $3,000 over [the Biden] administration. We're already up $1,300.”
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“We're pumping more oil than we ever have and the price of gas is down lower than it's been since 2019.”
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“Canada put a big tariff on Chinese electric vehicles of 100%.”
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“Canada's GDP is 75% dependent on the United States.”
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“President Trump has revived [the American pragmatic trade] approach with great effect.”
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“This approach...has resulted in increased GDP. It's reversed the trend in our trade deficit. It's boosted our wages, particularly for blue…”
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“Congress...has delegated a lot of that authority to the President.”
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“Paterson [New Jersey] then became one of the poorest cities in the United States.”
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“President Abraham Lincoln was a strong proponent of tariffs.”
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“Smoot Hawley ended up raising the average tariff rate from 40 to 46%.”
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“We protected our industry from foreign competition where that was necessary to unlock growth or to counteract Unfair production conditions…”
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“We leveraged the same playbook when we faced the challenge of a large trade deficit back in the 1980s due to non market policies in a…”
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“We bound our hands with NAFTA and the World Trade Organization in ways that made it impossible for the United States to effectively respond…”
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“The American system had become in some ways a global economic system, shaping the structures of economies far beyond our borders.”
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“The negotiators at Bretton woods and other economic conferences wrote new rules based on this and baked tariffs and trade measures into the…”
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“John Maynard Keynes, the British economist and the British representative to the Bretton woods conference, he had an idea for how this could…”
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“The GATT text is still the text underpinning the World Trade Organization agreements.”
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“Article 18 [of the GATT] explicitly states that it may be necessary...to take protective or other measures affecting imports.”
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“Article 12 [of the GATT] says that countries that have a persistent trade deficit can impose tariffs to protect the balance of payments.”
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“Article 6 [of the GATT]...says that countries can raise tariffs to respond to foreign subsidies or dumping.”
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“The international trade rules, as originally written after World War II, do not promote free trade as an end in itself.”
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“We allowed large non market economies into the world trading system, gave them the same tariff treatment as we did to market economies.”
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“The United States unilaterally disarmed. We slashed our tariff rates below the rates of nearly all our trading partners.”
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“The United States is now moving forward to fix historic problems with historic solutions.”
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“President Trump has increased these tariff rates and made deals to open foreign markets.”
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“In the United States, we have export controls, we have sanctions, we have prohibitions.”
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“Europe has done nothing to implement the trade deal.”
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“Europeans have not lowered a single tariff for us.”
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“The trade agreement...doesn't fix all of the agricultural issues we have with Europe.”
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“It doesn't fix the regulatory issues, which are hugely problematic.”
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“It doesn't fix pharmaceutical price.”
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“We have this massive trade deficit, which you'll have some people say trade deficits don't matter.”
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“Really exploded by 40% in the last five years, these are defensive measures.”
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“We've had very substantial tariffs on China.”
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“You limit our agricultural imports, you limit our industrial imports, and you have a huge surplus with us.”
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“We've taken measures to protect against overcapacity, certainly from China, they're the biggest offender.”
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“There are other Asian economies, Vietnam, elsewhere, who have a lot of overcapacity.”
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“The administration gave the court a clear pathway to find and favor the administration.”
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“The plain language of the statute authorizes the president in an emergency situation to regulate imports.”
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“There's an emergency with our trade deficit and offshoring, courts typically will defer on the emergency.”
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“The Trump team has been thinking about these actions for years.”
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“The president chose to use IPA because it is the most appropriate to the situations we're facing for the emergency.”
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“Manufacturing productivity has shot up over the past year.”
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“Manufacturing wages have gone up.”
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“Health care [is] subsidized by the government, so it goes up.”
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“There's oversupply in the world for most goods.”
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“Education, it's subsidized by the government, so it goes up.”
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“Energy, these are often state run utilities that are poorly run in many cases, so it goes up.”
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“Article 1, Section 8 of the Constitution entrusts tariff policy to the Congress of the United States.”
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“GDP last year was at 3.2% higher than expected.”
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“It's projected for 5.4.”
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“American energy is the most dependable energy for Europe.”
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“LNG is something that is a relatively clean fossil fuel compared to others.”
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“Europe's continued reliance to some degree on Russian oil is...dissonant.”
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“The United States is always going to be a better source for LNG.”
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“The services numbers... are quite unreliable.”
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“We have a very good and reliable know sense of what the goods trade looks like.”
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