The next is the transcript of the interview with U.S. Commerce Consultant Jamieson Greer that aired on “Face the Nation with Margaret Brennan” on Might 17, 2026.
MARGARET BRENNAN: We start this morning with a prime member of the president’s financial crew, United States Commerce Consultant Jamieson Greer. Good morning to you, Ambassador.
JAMIESON GREER: Good morning. Good to be right here.
MARGARET BRENNAN: It is not only a matter of sentiment. Gasoline is at a mean of $4.51 a gallon. Individuals have spent $45 billion extra on gas because the battle started versus a 12 months in the past. The inventory market is up, however lower-income Individuals are pulling again on their spending. The New York Fed experiences households incomes lower than $125,000 a 12 months are fueling up their automobiles much less usually. How do you present reduction to the common American?
JAMIESON GREER: Effectively, we all know that nobody desires to see increased gasoline costs. On the identical time, the president is balancing overseas coverage concerns. We all know that, along with eager to have low gasoline costs, we do not need our youngsters or grandchildren to inherit a world the place Iran has a nuclear weapon, so the president is targeted on affordability in as many ways in which he can- that he can. He is bringing jobs again to America. We’re targeted on getting wages as much as offset any form of improve in costs, and we’re seeing costs go down for staples like dairy, cheese, flour, and many others. So we’re very targeted on this. The president’s targeted on it, and we sit up for seeing these costs come down quickly because the operations wrap up within the Gulf.
MARGARET BRENNAN: However we now have no timeframe for that at this level. Let me ask you about what you have been simply engaged on in Asia. China mentioned it agreed with the USA to ascertain a board of funding to contemplate Chinese language funding right here within the U.S., and to ascertain bilateral boards of commerce to debate tariffs. Which merchandise are going to be affected by that board. Are this stuff outdoors the present investigations that you’re conducting?
JAMIESON GREER: So, after we take into consideration the Board of Commerce, we’re serious about tips on how to handle financial relations between the U.S. and China. These are two economies which can be fairly totally different, and we’re targeted on commerce in non-sensitive items. While you discuss delicate items, probably the most high-tech stuff, , issues that can be utilized for navy makes use of, these are issues that- these are nationwide safety points. So we’re seeking to talk about issues like gross sales of agricultural items to China, vitality items, Boeings, medical gadgets. After we speak in regards to the sorts of issues we wish to be importing from China, there are a variety of issues, there will be client items, perhaps low-tech objects, and so we have a look at these varieties of areas the place we must be buying and selling. On the funding facet, the Board of Funding is admittedly about discussing key points in U.S.-China funding coverage. It is probably not an funding program, nevertheless it’s to attempt to virtually be like a firefighter and put out points once they come up between the 2 nations.
MARGARET BRENNAN: So actually this simply appears a message of stability, since you have been already discussing lots of these items on a bilateral foundation, proper? I imply, what’s new?
JAMIESON GREER: So we now have by no means had a Board of Commerce or a Board of Funding earlier than, we have all the time had an advert hoc strategy with China and the USA, which I feel is definitely difficult. I feel it is extra vital to formalize these relations. The USA has a bunch of tariffs, import controls, export controls on China. China has quite a lot of non-tariff limitations which have been in place for a very long time, different challenges they impose to dam our imports and issues like that. It is a lot better to debate these in a formalized manner between our authorities and their authorities. Along with this, we noticed China over the previous couple of days scale back a bunch of nontariff limitations on agricultural merchandise, resembling beef and poultry, et cetera. And so we have seen them already beginning to do issues to facilitate imports from the USA.
MARGARET BRENNAN: Effectively, I will come again to a few of these in a second, however I wish to ask you about tariffs. The president mentioned to reporters he didn’t talk about tariffs with Xi Jinping in any respect. Are we in an indefinite commerce truce, or have been you- are you bringing that tariff charge again to the place it was earlier than the Supreme Courtroom ruling?
JAMIESON GREER: Effectively, the Chinese language know, and that is a part of our deal, that the USA can can elevate tariffs to the upper stage that we had on the time of what we name the Busan deal in October, when President Xi and President Trump met, following the Supreme Courtroom case in February, about 10 share factors have been knocked off the tariff charge for China. We consider underneath our deal that we’re capable of elevate that once more. The president is exploring totally different instruments that he has. I do not wish to prejudge lots of the investigations which can be taking place. The Chinese language know, identical to many different nations we’re coping with, that we’ll have a sure stage of tariff to regulate our imports, however that we additionally count on market opening.
MARGARET BRENNAN: Okay, however the final time you have been right here after the Supreme Courtroom determination, you mentioned that when a few of these tariffs expire in July, that you’d count on to roll out new tariffs after the tip of those investigations underneath authority 301. So, are you saying now that you simply now not count on tariffs to come back into place after July?
JAMIESON GREER: Effectively, I feel I used to be cautious to inform you, as a result of my common counsel all the time tells me to say this. I can not prejudge the outcomes of these investigations. These investigations, in the event that they discover on- tariff limitations or unfair buying and selling practices, they will authorize the president to take actions like tariffs, like charges on companies, like quotas, issues like that. So we’ll definitely be presenting the president with these choices, if these, if these investigations present what we expect they may present, which is that there is a large drawback with over capability in China and different nations. So we’ll- we’ll get again to you on the findings in these investigations once they conclude.
MARGARET BRENNAN: Okay, we did see China on Saturday launch a press release confirming a number of the offers with the U.S., nevertheless it was fairly obscure. There was no point out of the promise to purchase 750 Boeing planes that President Trump advised reporters about if the primary 200 go nicely. China mentioned there was a assure by the U.S. to produce plane engines, nevertheless it did not point out the 400 to 450 GE engines that the president introduced. GE hasn’t commented both. So, how locked in are these agreements?
JAMIESON GREER: So, the 200 Boeings, these are locked in. There’s clearly a future to have extra Boeings. The truth is, that is the primary main buy by China in virtually 10 years of Boeings or orders, quite. In order that’s- that is going ahead, and just like the president mentioned. You realize, when and if Boeing delivers, there’s- there’s lots of upside there. With respect to a number of the different particulars. We’re finalizing a reality sheet that can hopefully get out very quickly, so we will be clear in regards to the double digit improve in agricultural purchases we count on from the Chinese language, and a number of the different issues that occurred and have been agreed to through the go to.
MARGARET BRENNAN: Okay, and I do know GE is assembly with China at present, however we’ve not seen something from them on the plane engines. On the ag merchandise, the conservative Wall Avenue Journal editorial board questioned whether or not the summit achieved any of the acknowledged wins, due to how obscure these items have been. They mentioned “Mr. Trump boasted about implausible Chinese language purchases of U.S. soybeans in plane, however China did not verify the gross sales, and by our rely, that is the second time China has purchased the identical American soybeans, or is it the third?” They’re form of arguing you are enjoying a shell sport right here with, like, reannouncing previous offers on previous agreements to buy over a time period. Are you able to reply these conservative skeptics with any specifics?
JAMIESON GREER: So, to begin with, we have had a deal in place with the Chinese language since October that they might purchase 25 million metric tons of soybeans every year for the remainder of the president’s administration, in order that deal remains to be in drive. What we count on with the brand new buy agreements, the place the particular quantity will probably be introduced very quickly, double digit purchases of combination agricultural merchandise. After I say combination, I imply every part else that may very well be soybeans, that may very well be beef, that may very well be grains, that may very well be dairy merchandise, every kind of issues. So we now have the prevailing soybean deal that they could be referring to, after which over on prime of that we now have these agricultural merchandise as nicely, and all of that will probably be facilitated by Board of Commerce discussions with the Chinese language.
MARGARET BRENNAN: So nonetheless not nailed down, simply an combination settlement. So what number of concessions did the US make? What have been these concessions with the intention to get this?
JAMIESON GREER: Effectively, one factor, they’re- they’re steadiness trades right here, proper? We’re attempting to get to steadiness commerce with the Chinese language. For a very long time, it has been out of whack. So, if you see one thing like what the Chinese language mentioned, which I can verify, a few sale of Boeings accompanied by a sale of plane and auto components and spare- auto components, plane components, and people sorts of issues. The Chinese language wish to make it possible for they’ve common entry to those form of spare objects, to allow them to proceed to fly their fleets. In order that’s one thing we wish to do. We’re targeted on mutually helpful commerce, so if you’re speaking about that form of factor, what we must be exporting, what we must be importing, turns into much less a query of concessions and extra a query of what is mutually helpful for each of us. That is why we’re so targeted on non-sensitive commerce, as a result of that does not, that does not require concessions, that is about working collectively, speaking about what they want, what we wish to promote, what we want from them, so we’re already seeing it as they’ve re-registered beef amenities, the place beef amenities expired. They’re taking poultry once more, they’re working with us on biotech traits to make it possible for these varieties of merchandise which have genetic modification can go into China with none drawback.
MARGARET BRENNAN: China nonetheless sells extra to the US than it buys, however that distinction has decreased by about 31 and a half p.c. So, thanks, Ambassador.
JAMIESON GREER : Sure, we’re very joyful to see that progress. It is a foremost aim that we now have, and it is good to be attaining it.
