MORNING.
OUR TOP STORY THIS HALF HOUR IS
U.S.-CHINA TRADE.
CHINESE AND AMERICAN OFFICIALS A
AGREED TO HOLD HIGH LEVEL TALKS
IN WASHINGTON EARLY NEXT MONTH.
DEPUTY LEVEL DISCUSSIONS WILL
TAKE PLACE THIS MONTH TO LAY THE
GROUND WORK.
THE PLANS COME AS EACH SIDE
RAMPS UP TARIFFS.
JOINING ME NOW IS THE CEO OF
CAMBRIA, MARTY DAVIS.
PRIVATELY OWNED COMPANY IN
MINNESOTA THAT'S ACTUALLY DONE
VERY WELL IN THE FACE OF THESE
TARIFFS.
TELL US ABOUT YOUR REACTION TO,
FIRST, THAT WE'RE GOING TO SEE
MORE TALKS IN OCTOBER.
>> WELL, AS WE TALKED EARLIER ON
YOUR SHOW SOME TIME AGO, OUR
COMPANY FILED PETITIONS ON A
PRIVATE DIRECT BASIS, SO WE WON
OUR CASE AND NOW OUR ACTIVITY IS
BEGINNING TO REBOUND FOR OUR
COMPANY.
BUT WHAT WE'RE REALLY ABOUT
RIGHT NOW IS THE PEOPLE THAT
HAVEN'T GOTTEN THEMSELVES IN
THAT POSITION YET.
MORE ON AN AMERICA FIRST BASIS,
AMERICAN MANUFACTURING BASIS,
AND HELPING SUPPORT THE
PRESIDENT IN WHAT IS REALLY IN
THE FACE OF A LOT OF CRITICISM
AND CONDEMNATION ABOUT HIS
POLICY FROM ALL SECTORS OF OUR
COUNTRY.
BUT MOST IMPORTANTLY, FROM WALL
STREET AND FROM PUBLIC COMPANY
CEOS.
MARIA:  WHY DO YOU THINK THAT
IS?
>> WELL, I THINK SHORT-TERM
GAIN, LONG-TERM PAIN IS THE WAY
WALL STREET OPERATES.
IN SOME CASES.
I MEAN, IF YOU LOOK AT THE
HISTORY, REALLY IF SOMEBODY
BODYING INTO THE HISTORY OF WHAT
CREATED THIS MESS WITH CHINA
THAT TRUMP IS FIXING, THE SMART
GUY IN THE ROOM IS PRESIDENT
TRUMP.
BOB RUBIN, LARRY SUMMERS, HANK
PAULSON, EVEN COHEN UNDER TRUMP,
THESE GOLDMAN SACHS WALL STREET
TITANS, NOT AMERICAN TITANS,
THEY BAKED A LOT OF THIS.
THEY CREATED THIS TRADE POLICY
WITH CHINA.
THEY ADVISED AND INFLUENCED
HEAVILY PRESIDENT CLINTON AND
PRESIDENT BUSH.
NOW THEY'RE CRITICIZING
PRESIDENT TRUMP AND ONE JUST
NEEDS TO LOOK BACK AT THE
TESTIMONY THAT THEY GAVE BEFORE
THE CONGRESS AND ELSEWHERE IN
THE LATE '90s, EARLY 2000s.
LOOK AT LARRY SUMMER'S TESTIMONY
AND NOW HE'S CRITICIZING THE
PRESIDENT?
THE PRESIDENT IS THE ONLY ONE
THAT GETS AND IS THE ONLY ONE
THAT IS INTERESTED IN AMERICA,
NOT INTERESTED IN FEATHERING HIS
OWN NEST.
MARIA:  THE PRESIDENT CERTAINLY
HAS CHANGED THE CONVERSATION ON
CHINA.
THERE IS NO DOUBT ABOUT IT.
AND PEOPLE UNDERSTAND NOW THE
INTELLECTUAL PROPERTY THEFT A
THAT HAS BEEN GOING ON FOR SO
LONG AND FOR TOO LONG CEOS WERE
MORE INTERESTED IN GETTING THEIR
PRODUCT IN FRONT OF 1.4 BILLION
PERSON POPULATION IN CHINA THAN
ACTUALLY PROTECTING THEIR OWN
GOODS.
HAVING SAID THAT, THE ECONOMY IS
SLOWING.
AND IT HAS TO OF DO WITH THE
UNCERTAINTY AROUND THIS TRADE
WAR, RIGHT?
I MEAN, CAP EX IS DOWN.
PEOPLE ARE WORRIED THIS IS GOING
TO TAKE STEAM OUT OF THE
ECONOMIC GROWTH THAT THE
PRESIDENT ACTUALLY LED BECAUSE
OF HIS TAX LEGISLATION.
SO WHAT ABOUT THAT?
>> WELL, I THINK THAT YOU HAVE
TO PLAY THE LONG-TERM GAME HERE.
THIS IS 25-YEAR PRACTICE ROUND
THAT WALL STREET AND THE BUSH
AND CLINTON ADMINISTRATIONS
CREATED AND IT DIDN'T WORK AT
AWFUL IT'S BEEN VERY, VERY
CHALLENGES FOR U.S.
MANUFACTURING AND ULTIMATELY THE
UNDERPINNING OF THE U.S.
ECONOMY.
MARIA:  TELL ME WHAT YOU FACED
AT CAMBRIA.
DUMPING OF PRODUCTS FROM CHINA,
HOW DO YOU KNOW SO MUCH ABOUT
HOW BUSINESS HAS BEEN IMPACTED?
GIVE US THE BACKGROUND.
>> WE LIVED IN IT WHERE WE SAW
THE CHINESE GOVERNMENT FUND THE
RAW MATERIALS AND THE
MANUFACTURING AND THE ENTIRE
INFRASTRUCTURE COST OF OUR
INDUSTRY, OF OUR PRODUCT
PRODUCTION INDUSTRY AROUND CORD
SERVICING AND DUMPED THE PRODUCT
INTO AMERICA.
AND WHAT I GET A KICK OUT OF IS
RUBIN AND PAULSON AND SUMMERS
AND COHEN AND THESE SUPPOSED
INTELLECTS OF WALL STREET USING
THE TERM FREE TRADE SO LOOSELY.
FOR THEM TO SUGGEST THAT WHAT WE
HAVE GOING ON OVER THE LAST 20
YEARS UNDER THEIR AUTHORSHIP WAS
FREE TRADE, THAT'S A GREAT
TRAVESTY OF THIS STORY.
WHAT A FAKE NARRATIVE THEY
BROUGHT FORWARD.
IT'S NOT FREE TRADE.
YOU CANNOT HAVE FREE TRADE WITH
A FOREIGN DICTATORSHIP, A
COMMUNIST DICTATORSHIP WHO IS
FRANKLY JUST HARVESTING THE
PROSPERITY OF AN AMERICAN
DEMOCRACY.
SO THIS FREE TRADE LINE IS SUCH
A FALSE NARRATIVE, WHEN YOU'RE
DEALING WITH CHINA.
MARIA:  AND YOU'VE SEEN IT
FIRSTHAND.
YOUR COMPANY MAKES COURT
SURFACES, TELL US ABOUT THAT.
IT MAY VERY WELL -- I THINK WE
HAVE THAT QUARTS IN
HAVE THAT QUARTZ IN
HAVE THAT QUARTZ HN
HAVE THAT QUARTZ HERE.
>> WE MAKE IT FOR COUNTERS,
FLOORING.
MARIA:  AND CHINA IS BRINGING
Q
ITIN.
>> AFTER WE FOUNDED OUR COMPANY
IN 2001, PRESIDENT BUSH'S
ADMINISTRATION EBB
ADMINISTRATION ENCOURAGED
ENTREPRENEURSHIP.
IF I KNEW WE WERE RISKING TO
INVESTING IN THE BUSINESS, THAT
AT THE SAME TIME THEY WERE
MAKING DEALS WITH CHINA THAT
WOULD END UP UNDERMINING OUR
VERY BUSINESS PLATFORM AND
THAT'S WHAT HAPPENED IN 2012
AND '13.
CHINA CAME POURING INTO A MARKET
THAT WE AND OTHERS CREATED IN
THE U.S. AND UNDER GREAT SUBSIDY
FROM THEIR GOVERNMENT AND THEIR
STATE-OWNED BANKS AND SO FORTH,
THEY CAME IN AND BASICALLY
HIJACKED OUR INDUSTRY.
MARIA:  THE SAME THING HAPPENED
WITH STEEL.
>> OH, YEAH.
IT'S GOING TO HAPPEN WITH
AIRLINES.
IT'S GOING TO HAPPEN WITH
MEDICAL DEVICES.
IT HAPPENED WITH A ALUMINUM.
IT'S HAPPENING IN ALL AREAS.
MARIA:  WHY DO YOU THINK IT'S
GOING TO HAPPEN IN ALL THESE
OTHER AREAS.
CHINA WANTS TO BE NUMBER ONE.
>> CHINA'S SMART.
THEY KNOW WHAT THEY'RE DOING.
THEY'RE ABLE TO PLAY WALL
STREET.
WHY IS GOLDMAN SACHS SUPPORTING
-- YOU LOOK AT THE ARTICLE
WRITTEN IN THE NEW YORK TIMES A
YEAR AGO, ABOUT ALL THE WALL
STREET TITANS, INBLUEDING
BLACKSTONE, THAT WERE HEADING
OVER TO CHINA TO MEET WITH THE
TOP THREE GUYS UNDER XI OVER
THERE AND TO DEVELOP A STRATEGY
HOW TO HELP CHINA NEGOTIATE WITH
TRUMP.
IN ESSENCE.
AND WHY IS THE BLACKSTONE CEO,
HE'S GOT A $500 MILLION
SCHOLARSHIP IN CHINA.
WHY?
WHY DOES GOLDMAN REPORT THEY'RE
GOING TO SUPPORT CHINA IN A
$5 BILLION WORTH OF SUPPORT IN
INVESTING IN AMERICAN COMPANIES,
GETTING STAKE IN AMERICAN
COMPANIES?
THIS CHINA -- TRUMP IS NOT
BENEFITING FROM HIS EFFORTS ON
CHINA.
WALL STREET IS BENEFITING FROM
THEIR EFFORTS ON CHINA.
THESE GUYS HAVE MADE SEVERAL
HUNDRED MILLION DOLLARS
PERSONALLY AS THIS WHOLE THING
PLAYED OUT OVER THE LAST 25
YEARS.
MARIA:  I THINK SOME OF THIS
STUFF IS CULTURAL.
THE THEFT OF INTELLECTUAL
PROPERTY, I DON'T THINK YOU CAN
CHANGE VERY MUCH.
ESPECIALLY WHEN YOU HAVE A
DICTATOR FOR LIFE IN PLACE.
HOWEVER, THE U.S. TRADE GAP DID
NARROW LAST MONTH, IN JULY,
RATHER.
MANUFACTURING WEAKNESS HELD DOWN
IMPORTS ON BUSINESS EQUIPMENT
AND SUPPLIES.
WHAT DID YOU THINK OF THAT?
AND IN TERMS OF A POTENTIAL
TRADE DEAL, IS IT EVEN POSSIBLE
THAT THE U.S. CAN DO A DEAL WITH
CHINA TO AGREE ON THINGS LIKE
INTELLECTUAL PROPERTY THEFT AND
THE DUMPING OF THE PRODUCTS THAT
YOU'RE TALKING ABOUT.
>> IF PRESIDENT TRUMP WINS THE
ELECTION, YES.
I THINK HE WILL SUSTAIN IT AND
CHINA WILL KNOW IT'S SEARS JUST.
RIGHT NOW, -- SERIOUS.
RIGHT NOW, HE'S RUNNING IN AN
ELECTION WHERE WALL STREET
TITANS ARE CRITICIZING HIM.
RUBIN'S OUT CRITICIZING HIM.
SUMMERS IS OUT CRITICIZING HIM.
HANK PAULSON BACKED OFF A LITTLE
BIT.
NOT ENOUGH.
THAT'S WHAT'S HURTING THE
PRESIDENT'S POSITION AND HIS
TRADE TEAM IS WE CAN'T EVEN GET
WALL STREET ON THE SAME PAGE
WITH WHAT'S BEST FOR AMERICA.
AND WHAT'S BEST FOR AMERICA IN
MANY CASES HAS PROVEN NOT TO BE
BEST FOR WALL STREET ON SHORT
TERM.
AND I THINK A THAT'S THE
CHALLENGE.
I THINK IT'S A CHALLENGE WITH
AMERICAN COMPANIES PUBLIC CEOS
WHO LOOK FOR SHORT-TERM, CHEAP
RAW MATERIALS UNDERSTAND THAT'S
GOING TO BENEFIT ON THE
SHORT-TERM AND THEY HAVE SHORT
LIFE CYCLES IN THEIR COMPANY.
MARIA:  YOU'RE NOT UNCOMFORTABLE
WITH ALL THESE MASSIVE WILD
SWINGS FOR THE STOCK MARKET WHEN
PEOPLE GET NERVOUS ABOUT A DEAL
NOT HAPPENING.
>> IT WILL SETTLE OUT.
IT'S GOING TO BE A LOT WORSE FOR
THIS COUNTRY LONG TERM IF WE
WOULD HAVE CONTINUED DOWN THE
PATH OF THE CLINTON, BUSH AND
WALL STREET PLATFORM THAT WAS
BEING BUILT AND HAD BEEN
EXECUTED UNTIL TRUMP CAME ALONG
AND REALLY SAVED THE MIDDLE
CLASS IN HIS EFFORTS HERE.
HE'S THE ONLY ONE FIGHTING FOR
THE MIDDLE CLASS.
WALL STREET IS NOT.
BUSH AND CLINTON ADMINISTRATION
-- UNDER THE BUSH
ADMINISTRATION, THEY EVEN
DEFLECTED THE SAFEGUARD ACTIONS
THAT AMERICAN PRIVATE COMPANIES
TOOK IN THOSE YEARS AND ACTUALLY
SHOT THEM DOWN.
THIS STUFF IS ALL FACTUALLY
ILLUSTRATED IN A VARIETY OF
TESTIMONY AND ARTICLES AND
WRITINGS THAT HAVE BEEN PUT
FORTH.
THE AMERICAN PEOPLE NEED TO GET
EDUCATED.
WE'RE FORTUNATE TO HAVE TRUMP IN
THIS POSITION.
HE IS THE SMART GUY IN THE ROOM.
I LIKE WHEN THE WALL STREETERS
TALK ABOUT THEY'RE SMARTER THAN
TRUMP.
NO THEY'RE NOT.
TRUMP IS A SMART GUY.
MARIA:  IT'S GREAT TO HAVE YOUR
INSIGHTS ON THIS.
YOU'VE SEEN IT FIRSTHAND.
>> I DID.
I THINK THEY OWE US AN APOLOGY,
