The next is the transcript of an interview with U.S. Commerce Consultant Jamieson Greer that airs on “Face the Nation with Margaret Brennan” on Aug. 3, 2025.
MARGARET BRENNAN: And we’re joined now by United States Commerce Consultant, Jamieson Greer. Ambassador, good to have you ever right here.
JAMIESON GREER: Nice to be right here. Thanks.
MARGARET BRENNAN: So the President signed this govt order on Thursday, raises tariff charges on about 70 nations. Ought to we anticipate these to be negotiated down within the coming days?
JAMIESON GREER: I do not, I do not assume they are going to be within the coming days. I feel a whole lot of these, properly I do know a whole lot of these, are set charges pursuant to offers. A few of these offers are introduced, some usually are not, others rely upon the extent of the commerce deficit or surplus we might have with the nation. So, so these, these tariff charges are just about set. I anticipate I do have my cellphone blowing up. There are commerce ministers who, who need to discuss extra and see how they’ll work another way with the US, however I feel that now we have, we’re seeing really the contours of the President’s tariff plan proper now with these charges.
MARGARET BRENNAN: I used to be studying some interviews you had given, and also you mentioned in some unspecified time in the future the President’s view is perhaps a tariff is healthier than a deal. Are you saying there are nations that simply, they haven’t any shot of avoiding a tariff?
JAMIESON GREER: Properly, I might say that, actually, most nations on the planet, they simply have a tariff assigned to them, proper? Whether or not it is–
MARGARET BRENNAN: It will be the ten % or 15 %.
JAMIESON GREER: 10 or 15 or the upper stage tariff. As a result of, once more, when the President is taking a look at this, he appears at potential offers, and we carry him potential concessions from nations and the issues they could need to do. And he compares that to the potential tariff that is perhaps utilized to attempt to get that deficit down. After which speaking to his advisors, he makes a name on this. And you realize, typically a rustic will come again and make extra concessions that, that make it extra applicable. He is attempting to get on the deficit. He is attempting to reshore manufacturing. And so these are the components he is taking a look at when he is taking a look at when he is figuring out whether or not he is simply going to have a tariff or he’ll take a deal.
MARGARET BRENNAN: Making an attempt to reshore manufacturing, carry manufacturing jobs again to America. However we simply noticed on this unemployment knowledge that whereas the extent is fairly low total, it is fairly regular, good. Manufacturing particularly, we noticed it contract for the fifth straight month in July, manufacturing facility employment dropped to lowest ranges in 5 years. What does that knowledge point out to you in regards to the affect of your tariffs?
JAMIESON GREER: Yeah, I noticed that and my very own view is that I feel a whole lot of corporations have been ready to see if the tax invoice was going to come back via with the expensing for capital items and issues like that. And so I feel now you realize a whole lot of that knowledge comes pre “One Huge Stunning Invoice”. Now that now we have “One Huge Stunning Invoice”, and now we have a greater sense of the place the taxes are going, I feel we will see a a lot, we will see extra funding, all of the, all of the commitments on funding we have seen nations making, that is going to come back via. And such as you mentioned, it is a comparatively small quantity. So I do not, I do not learn tariff coverage into that quantity. I feel that’s form of pre-bill coverage.
MARGARET BRENNAN: So that you imagine the executives are making strategic selections with hiring, however the President simply introduced that the pinnacle of Labor Statistics is being fired due to the weak jobs report, claiming the information was faked.
JAMIESON GREER: Properly, I feel you realize, and I noticed what the president did, and he additionally talked in regards to the, simply the file from BLS, you realize, final yr–
MARGARET BRENNAN: Labor Statistics Bureau.
JAMIESON GREER: That is proper, yeah, precisely. You already know, even final yr in the course of the marketing campaign, there have been huge swings within the jobs numbers and so it sounds to me just like the President has actual issues. You already know, not simply based mostly on at this time’s however every part we noticed final yr. You need to have the ability to have considerably dependable numbers. There are at all times revisions, however typically you see these revisions go in actually excessive methods. And it is, you realize, the President is the President. He can select who works within the govt department.
MARGARET BRENNAN: However you have been simply saying you were not actually doubting the information.
JAMIESON GREER: No, I wasn’t– You requested me what I assumed in regards to the knowledge–
MARGARET BRENNAN:
Proper.
JAMIESON GREER:–And was it mirrored within the tariff coverage? The reply is not any. I imply, my view is, to the extent that there is some form of, you realize, details about manufacturing jobs, you realize, I feel that we will see a giant enhance in manufacturing jobs now that now we have the “one large, stunning invoice” handed, now that now we have the expensing entering into. And I feel that, you realize, our producers know that they’ve a transparent and sure path ahead on that now.
MARGARET BRENNAN: Are you assured, although – as a result of you need to deal in authorized phrases, in particulars, with information and knowledge when you find yourself negotiating a authorized settlement – do you belief that in case you carry onerous knowledge to the president, he takes your counsel, even when it is an inconvenient truth?
JAMIESON GREER: At all times, sure. I imply, I’ve spent the- I spend many hours with the president nearly every single day, and that is what we’re speaking about is knowledge. We’re wanting – and I am on the commerce facet, after all – and we’re taking a look at import figures, export figures, funding ranges, et cetera. And that is how we’re making this choice. So I am very snug with that.
MARGARET BRENNAN: So you’ve got seen that Apple estimates, for the total yr, tariffs are going to price them greater than a billion {dollars}. For the automakers – GM, Stellantis, Ford – all of them got here out and mentioned they’re going to take successful from this.
AMBASSADOR GREER: Properly, in order that’s precisely the difficulty, proper? We now have, over a long time, we have had these giant producers, superior manufacturing, which have gone abroad. They’ve gone to different nations. They’ve taken benefit of unfair buying and selling practices, and the truth that the US has had low tariffs whereas different nations have not, and so they’ve taken benefit of that. That is what companies do. We’re all capitalists. And so if now they should pay a tariff or construct right here, the President is creating incentives to carry them again right here. That is why GM has introduced investments right here in the US, and that is why now we have all these corporations and nations saying funding within the US. As a result of the tariffs create the motivation to take action.
MARGARET BRENNAN: However reductions in earnings come at a value, proper? And as CEOs are making selections, how lengthy do you anticipate this ache to final for company America?
AMBASSADOR GREER: Properly, you realize, once more, once we look at- you realize, once we have a look at the numbers and the information, we’re seeing predictions of extra funding right here. That is what we wish. The President is not doing this a lot for the businesses. He is doing it for American staff who’ve seen their jobs offshored to Mexico, to Vietnam, to China. So once we hear corporations having to make onerous decisions about provide chain modifications. We now have to do this. I imply the established order, the place we hold making issues abroad, as a result of we are able to do it a bit of bit cheaper within the brief run. That isn’t preferable to having that funding and employment right here in the US.
MARGARET BRENNAN: However we have not seen that reshoring occur.
AMBASSADOR GREER: Properly, we have- now we have introduced AstraZeneca introduced they’ll have a $50 billion funding in prescribed drugs. GM has introduced $5 billion. Hyundai Metal has mentioned they’ll do a $21 billion funding in Louisiana. So this is- that is truly occurring. These are issues from the corporate saying it proper, and so they should say it. And so they have, you realize, earnings reviews, and so they have and- they’ve filings. They cannot simply make these items up. That is actual funding that we’re seeing.
MARGARET BRENNAN: Let me ask you about Canada, which is our second largest- largest buying and selling associate. The president elevated tariffs to 35%. It applies, although, to simply about 10% of what Canada sells right here. Why trouble to do that now in the midst of negotiations?
AMBASSADOR GREER: So I might say, to begin with, you realize, Canada is topic to 50% tariffs on metal, aluminum. 25% tariffs on autos, and once more, the 35% tariff on- on items that do not observe the principles of USMCA. And, you realize, early on, the president posed a 25% tariff on Canada, and that was actually about fentanyl and border points, proper? It is- it’s- it is a separate regime from the reciprocal tariff. And what did Canada do in response? You already know, they talked about serving to on the border. And I am not, you realize, I am not the drug czar or something. However what I do know, because the commerce man, is that Canada retaliated. The one different nation on the planet who retaliated on tariffs was the Chinese language. And so if the president’s going to take an motion and the Canadians retaliate, the US wants to take care of the integrity of our motion, the effectiveness. So now we have to go up too.
MARGARET BRENNAN: So, you are speaking in regards to the issues that the previous Prime Minister Trudeau put in place, not the present Prime Minister–
AMBASSADOR GREER: — And are nonetheless in place–
MARGARET BRENNAN: — Which might be nonetheless in place. However the present prime minister has held off, largely, on retaliation right here. That is the man you are negotiating with and his group. So what is the technique right here? And are not you nervous that this can damage the broader free commerce deal in case you really do need to renegotiate it subsequent yr.
AMBASSADOR GREER: Properly- properly, the President’s view with with each nation, whether or not it is Canada or Mexico, and whatever the form of commerce settlement now we have in place, is that the online results of the buying and selling system, whether or not it is our WTO agreements or our current commerce agreements, the online end result has been that a whole lot of the manufacturing has gone abroad, and when that is the online end result, you possibly can’t proceed with that system. So you realize, I am not involved that it should complicate issues with Canada. Our view is the President is attempting to repair the phrases of commerce with Canada, and if there is a solution to a deal, we’ll discover it. And if it is not, we’ll have the tariff ranges that now we have.
MARGARET BRENNAN : So I hear you drawing distinctions while you say I am the commerce man, I am not the drug czar.
AMBASSADOR GREER: Appropriate.
MARGARET BRENNAN: I am the commerce man. I am not dealing with these different issues. However the President is form of mixing all this stuff collectively, as a result of he cited fentanyl as soon as once more when it got here to tariffs- to the coverage with Canada. He additionally mentioned on social media, Canada’s choice to again statehood for Palestine goes to make it onerous for us to make a commerce deal. How does which have something to do with monetary and commerce agreements?
AMBASSADOR GREER: So, so- so, to begin with, the president United States has his international affairs energy the place he can- he can handle relations underneath the Structure with international nations. Second of all, you realize, Congress delegated to the president the flexibility to take financial motion in response to nationwide emergencies within the Worldwide Financial Emergency Powers Act. And for instance, the Treasury Division, they’ve a variety of sanctions the place they’ll truly reduce off a rustic’s commerce with the US, prohibit items, reduce them off from our monetary system for geopolitical causes. So the truth that they’ll do that- nearly definitely the President can do one thing that is not as expansive and just- and simply put a price on these items, which is a- which is a tariff. So if you–
MARGARET BRENNAN: –However can and may are various things, proper? And- and I am asking this–
JAMIESON GREER: –However to- to go- but- however pay attention, if you are going to sanction someone and basically prohibit commerce, you nearly definitely can do one thing that is softer, which is to permit the commerce and simply put a tariff on it.
MARGARET BRENNAN: So let me ask you about Brazil, as a result of the U.S. has a commerce surplus with Brazil. Which means, you realize, we promote them greater than we purchase from them. So it would not appear to be constant right here, when you may have the President put 50% tariffs on Brazil, one of many highest of any nations. And on the similar time, the President is citing issues that don’t have anything to do with commerce when he is justifying them. He despatched a letter to the present authorities complaining in regards to the prosecution of his ally, Bolsonaro, who is- who allegedly staged a coup when he misplaced the final election. The President known as it a witch hunt. This appears politically motivated and never about commerce.
AMBASSADOR GREER: Properly, two issues. To begin with, there is a 10% tariff on Brazil as a result of now we have a surplus with them. That is the reciprocal tariff. After which there is a 40% tariff that the President has chosen to do underneath the Worldwide Emergency Financial Powers Act, like we might do any sanction the place we see geopolitical points. The President has seen in Brazil, like he is seen in different nations, a misuse of legislation, a misuse of democracy, what one may name lawfare. It’s regular to make use of these instruments for geopolitical points. I imply, sanctions, we have been utilizing them for years with all types of nations, together with nations we like–
MARGARET BRENNAN: You view tariffs and sanctions as the identical?
AMBASSADOR GREER: They’re simply totally different in diploma. I imply, tariffs are literally lighter than a sanction- a sanction, you are slicing off a rustic out of your monetary system. You are prohibiting commerce with them. A tariff, you are permitting commerce. You are simply placing a price on it. It is a- it is a lesser
MARGARET BRENNAN: –However now
AMBASSADOR GREER: step than sanctions–
MARGARET BRENNAN: –You- you may have moved far-off from from coping with the deficit. Now–
AMBASSADOR GREER: –Properly the deficit has a ten% tariff–
MARGARET BRENNAN: –you are speaking about politically motivated commerce actions right here. I imply, the president despatched a letter to President Lula, saying that tariffs are due partially to Brazil’s insidious assaults on free elections. He additionally, on the similar time, sanctioned the Supreme Courtroom justice overseeing Bolsonaro’s trial. Why are you attempting to affect a prison trial of an ally of President Trump?
AMBASSADOR GREER: So, so, so the president of United States, traditionally, whether or not it is a Democrat or Republican, they’ve used IEEPA to impose sanctions for all types of geopolitical causes in all types of nations. Generally it is countrywide, typically it is particular to sure, you realize, people and infrequently international leaders and international officers. So this isn’t, this isn’t method outdoors the market. If something, the President might have gone farther in the kind of sanction that was used. As a substitute he simply used a tariff as an alternative of slicing them off from the monetary system altogether.
MARGARET BRENNAN: So that you have been totally on board with it. It feels like.
AMBASSADOR GREER: With the president of the US? My boss? After all I’m–
MARGARET BRENNAN: –However with intervening in prison trials–
AMBASSADOR GREER: –when the President–
MARGARET BRENNAN: — via commerce coverage.
AMBASSADOR GREER: When the President sees lawfare occurring, he’ll impose a sanction via IEEPA that is been delegated by Congress. That is his job because the president. He is elected to evaluate the International Affairs scenario in the US and take applicable motion. There’s simply no query that it is each from a authorized perspective, it is fully permissible. And from a coverage perspective, that is what he is elected to do.
MARGARET BRENNAN: Relating to commerce, the large deal that’s pending out there may be how is the president going to take care of China? There’s an August 12 deadline, and if that deadline is just not met, you may have mentioned tariff ranges might snap again to above 80%. Is that deadline going to slip?
AMBASSADOR GREER: So that is what’s underneath dialogue proper now. I might say that our conversations with the Chinese language have been very optimistic. We now have discussions on the employees stage, at my stage, you realize, President Xi and President Trump have had conversations.
MARGARET BRENNAN: They mentioned that it is sliding. The Chinese language mentioned it is sliding.
AMBASSADOR GREER: That is one thing we’re working towards. That is what we talked about–
MARGARET BRENNAN: So you are not there but.
AMBASSADOR GREER: And so, so that they need to do this. We’re engaged on some technical points, and we’re speaking to the president about it, you realize, I feel it is entering into a optimistic route. You already know, I am not going to get forward of the President, however, you realize, I do not assume anybody needs to see these tariffs snap again to 84%.
MARGARET BRENNAN: Did you get any commitments in these two days of talks in Stockholm?
AMBASSADOR GREER: So sure, we did. Sure, we talked about, and I will not go into element, as a result of they’re, you realize, confidential conversations between two, two governments, however they actually centered on uncommon earth magnets and minerals. You have in all probability heard some about that, that China has put a world management on the world, and so for the US, we’re centered on ensuring that the circulate of magnets from from China to the US and the- and the adjoining provide chain can circulate as freely because it did earlier than the management, and I would say we’re about midway there.
MARGARET BRENNAN: Ambassador Greer, thanks in your time at this time.
AMBASSADOR GREER: Thanks a lot.
MARGARET BRENNAN: And we’ll be proper again.
