calculate, of $504 billion. some people would say it s really $375 billion. many different ways of looking at it. but any way you look at it, it is the largest deficit of any country in the history of our world. it s out of control. we have a tremendous intellectual property theft situation going on which, likewise, is hundreds of billions of dollars, and that s on a yearly basis. i ve spoken to the president, i ve spoken to representatives of china. we ve been dealing with it very seriously. as you know, we re renegotiating nafta. we ll see how that turns out. many countries are calling to negotiate better trade deals because they don t want to have to pay the steel and aluminum
he s add the generation next panel discussion. we re told he would be jumping in this panel. he was asked a question on tariffs. let s listen in for a minute. it s the highest number of jobs we ve ever had in our country. it s coming back. we re losing $375 billion with china. it could be $504 billion depending on the way you count. a lot of different ways to count. no matter how you count, it s bad. we re doing something that will be the start of making trade with china more fair. we re so far down. our past presidents shouldn t have allowed this to happen. this has been many, many years. sort of like the middle east. how did that happen? and other things. how did all of these things happen? north korea, how did it happen where it s so bad. i shouldn t be the one negotiating north korea. this should have been done years ago, charlie. should have been done somebody
we ve lost over a fairly short period of time 60,000 factories in our countries. closed. shuttered. gone. 6 million jobs, at least, gone. and now they re starting to come back. you see what s happening with chrysler, with so many other companies wanting to come back into the united states. but we have one particular problem, and i view them as a friend. i have tremendous respect for president xi. we have a great relationship. they re helping us a lot in north korea. and that s china. but we have a trade deficit, depending on the way you calculate, of $504 billion. now some people would say it s
it s just not right. and we have many deals like that. now, with all of that being said, let s talk china. because china we probably lost $504 billion last year on trade. 504 billion. i think that president xi is unique. he s helping us with north korea who, by the way, wants to talk as of last night. you heard that, they want to talk. and we want to talk also only under the right conditions, otherwise we re not talking. they ve been talking for 25 years. other presidents should have solved this problem long before i got here. and they ve been talking for 25 years. and you know what happened? nothing. the clinton administration spent billions and billions of dollars. they gave them billions. they built things for them. they went out of their way, and the day after the agreement was signed, they continued with nuclear research.
with all of that being said, let s talk china. we probably lost $504 billion last year. $504 billion. i think president xi is unique, he s helping us with north korea who by the way wants to talk. they want to talk. we want to talk also only other the right conditions otherwise we are not talking. they ve been talking for 25 years, other presidents should have solve this problem long before i got here. they ve been talking for 25 years and you know what happened, nothing. the clinton administration spent billions and billions of dollars, gave them billions of dollars, built things for them. they went out of their way, they continued with nuclear research. it was horrible. the bush administration did