treated fairly by the world trade organization. organizations like the wto can only function properly when all of the members follow the rules and respect the sovereign rights of every member. we cannot achieve open markets if we do not ensure fair market access. in the end, unfair trade undermines us all. the united states promoted private enterprise, innovation, and industry. other countries use government-run industrial planning and state-owned enterprises. we adhered to wto principles on protecting intellectual property and ensuring fair and equal market access. they engaged in product dumping, subsidized goods, currency
we re going to start reversing things very, very quickly. china is taking us to the cleaners like probably nobody in history. the worst abuser of the united states. you have the massive theft of intellectual property, putting unfair taxes on our companies, not helping with the menace of north korea like they should. and the at-will and massive devaluation of their currency and product dumping. other than that, they ve been wonderful, right? nbc news chief white house correspondent hallie jackson is in florida this afternoon. you also see air china on the left side of your screen. president xi jinping just landing there. what are the expectations for this meeting, hallie? reporter: saying hi and breaking the niice, craig. administration in the u.s. and experts in chinese/american relations are saying expectations are somewhat low in the sense this is the first first to face meeting.
the nation of china is responsible for almost half of america s trade deficit. china is not a market economy. they got a lot of help. and that is why we designate them as being a non market economy. big thing. they haven t played by the rules. and i know it is time that they are going to start. they are going start. they have got to. we re all in this thing together, folks. we ve got play by the rules, folks. you have the massive theft of intellectual property, putting unfair taxes on our companies. not helping with the menace of north korea like they should. and the at will and massive devaluation of their currency and product dumping. other than that they have been wonderful. right? but i have to tell you, the man
our trade deficit is now nearly $800 billion a year, can you believe that? who s doing this? do you have any business people in the audience? do you think you might be able to negotiate a delightly better deal than that? $800 billion. we make all these wonderful trade deals. i love trade and i love free trade but right now we have foolish trade. we have okay, ready? we have stupid trade. stupid trade. stupid. it s dumb. it s a chronic drag on growth and a destroyer of jobs and the wealth of our country and you see what s happening. we owe $20 trillion and it s going up rapidly. that s why we ll renegotiate our trade deals, stop the product dumping and the currency manipulation which is a disaster for our country. every time we get going china and others they just knock the
relationship with china. the nation of china is responsible for almost half of america s trade deficit. china is not a market economy. they got a lot of help. and that s why we designate them as being a non-market economy. big thing. they haven t played by the rules and i know it s time that they re going to start. they re going to start. they ve got to. we re all in this thing together, folks. we got to play by the rules, folks. you have the massive theft of intellectual property, putting unfair taxes on our companies, not helping with the menace of north korea like they should. and the massive devaluation of their currency and product dumping. other than that, they ve been wonderful, right?