In this episode, Jon Decker breaks down President Trump’s high-stakes Asia trip and his meeting with Chinese President Xi Jinping. Decker explores the future of U.S.–China trade relations, new agriculture agreements, and how these talks could impact American farmers and consumers. Decker also examines the latest developments in the U.S. government shutdown and the Federal Reserve’s interest rate decisions amid growing economic uncertainty.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Welcome to the White House Briefing Room for Thursday, October thirtieth.
I'm John Decker. President Trump wraps up his five day
Asia trip with the meeting with Chinese President Shijingping.
Speaker 2 (00:15):
I thought it was an amazing meeting. He's a great leader,
great leader of a very powerful, very strong country in China.
Speaker 1 (00:24):
The President says his meeting with she went much better
than even he expected.
Speaker 2 (00:29):
But overall, I guess on the scale, I'm from zero
to ten, with ten being the best. I would say
the meeting was a twelve.
Speaker 1 (00:36):
President Trump says he and she discussed the ongoing war
in Ukraine.
Speaker 2 (00:41):
We're going to work together to try and get the
war with Russia and Ukraine solved.
Speaker 1 (00:46):
It's day thirty of the federal government shutdown, and Senate
talks have picked up to end the impass, and the
Federal Reserve cuts interest rates once again. But we begin
with President Trump's first first face to face meeting of
his second term with Chinese President Xijingping. In a move
aimed at lowering trade tensions between the world's two largest economies.
(01:11):
President Trump met for several hours on Thursday with Chinese
President Shijingping in South Korea. On the sidelines of the
Apex Summit. It was their first face to face meeting
in six years, and the President, traveling back on Air
Force One after his five day trip to Asia, told
(01:31):
reporters that the meeting with Si went extremely well.
Speaker 2 (01:35):
It was an outstanding group of decisions. I think that
was made. A lot of decisions were made to it
wasn't too much left out there.
Speaker 1 (01:44):
On the flight back to the United States, the President
initially was reluctant in terms of talking about details regarding
what was discussed at the meeting. Let's listen to the
president right here.
Speaker 2 (01:56):
We've come to conclusion on many very important points, and
we'll be in I think that to you in a
little while when you know we have because there's a
lot of a lot of different things, many of them.
Speaker 1 (02:06):
Very important now. China, in a statement released shortly after
this summit ended, said the US and China reached a
consensus on resolving important economic and trade issues. The President
on Air Force one said an agreement was reached regarding
US agricultural products.
Speaker 2 (02:25):
We're an agreement on so many elements. Large amounts, tremendous
amounts of the soybeans and other foun products are going
to be purchased immediately starting Comedian. If you notice presiders
you authorized yesterday or China de started, you know that
(02:47):
China has start buying in very large qualities and so
it beets head other things.
Speaker 1 (02:52):
The US has for years pressed China to do more
to control the export of so called precursor chemicals to
make fentanyl, blame for more than one hundred thousand drug
overdose fatalities in the US, and the President on the
ride back on Air Force One, said she will work
to restrict the flow of those chemicals needed to manufacture
(03:16):
fentanyl and ventanol.
Speaker 2 (03:18):
We agreed that he was going to work very hard
to stop the flow. You know, it's a very complex
subject because it's used for lots of different reasons, including
pnascetics and things. But he's going to work very hard
on it.
Speaker 1 (03:34):
As a result of what the President described as a
very successful meeting with President She, he says that he
has reduced China's overall teriffrey.
Speaker 2 (03:44):
I've agreed, as you know, I put a twenty percent
tariff on China because of the ventanol coming in, which
is said it's a big tariff, and based on his
statements today, I reduced it by ten percent, so it's
ten percent instead of twenty percent effective of meat.
Speaker 1 (04:00):
The meeting itself was ninety minutes long. That was significantly
shorter than what we were told the meeting would last
in terms of duration. But the President said during that
ninety minute meeting much was agreed to by both leaders.
Speaker 2 (04:15):
Think we agreed to almost almost everything and a very
acceptable form. I wouldn't say everything was discussed because of
the thing said. Probably in retrospect, we could have discussed
and we did. For some recent didn't come.
Speaker 1 (04:28):
The President's meeting with President She was set up by
another meeting that happened over this past weekend in Malaysia.
That meeting between Treasury Secretary Scott Bessant and his Chinese counterpart.
They set the framework for what was discussed between President
Trump and President She and what was agreed to between
(04:49):
these two leaders is not a formal trade agreement. Instead,
it's still that same framework. And the President was asked
on Air Force one when he can sign it trade
deal with China.
Speaker 2 (05:01):
I think pretty soon. We have not too many major
subbling books we were. We have a deal. Now every
year will renegotiate the deal, but I think the deal
will go in for a long time, long beyond the year.
Will negotiate at the end of the year. But all
of the rare earth has been settled. And that's for
(05:22):
the world, I mean, you know, worldwide.
Speaker 1 (05:24):
The President had at one point earlier this month threatened
one hundred percent trade tariffs on China for a variety
of reasons, one of which was the fact that it
had not curtailed the distribution of fentanyl into the United States.
But now that one hundred percent tariff threat is off
(05:46):
the table, and the President was asked what the new
tariff rate for China will be.
Speaker 2 (05:51):
It's fifty seven. Now it's forty seven because we were
reduced it by the event and because I they are
really taking strawmakas.
Speaker 1 (06:01):
The President on that flight back said that tremendous amounts
of soybeans and other farm products are going to be
purchased immediately by China. American soybean farmers are going to
be ecstatic regarding that news. They've been in a panic
this harvest season with China not purchasing any soybeans from
(06:23):
American farmers. China bought several cargoes from US grain handlers
earlier this week, with each shipment holding about two million
bushels of soybeans, and the US Secretary of Agriculture, Brooke Rolins,
said on social media that the purchases were a great
start and give US producers the opportunities that they've earned.
(06:46):
The President, after his meeting with President She said that
the roadblock, as he called it, to importing rare earths
is now gone. In October, China angered President Trump by
further enhancing RISCs restrictions on the export of rare earths.
Those rules, according to the President, are now expected to
(07:07):
be delayed by a year. As part of this trade agreement,
and because of the success of this summit that President
Trump had with President She, a meeting between the two
leaders is going to happen once again. The President spoke
about a trip that he intends to take to China
in the spring.
Speaker 2 (07:27):
It's another thing we agreed. I'll be going to China
in April, and he'll be coming here sometime after that,
whether it's in Florida, Bambich or Washington. Yes, say.
Speaker 1 (07:41):
After all, President She is very close with Russian President
Vladimir Putin, and the President believes no one can apply
pressure on President Putin. More than President. She and the
President on that flight back on Air Force One told
those reporters flying in the press cabin that he and
(08:02):
she indeed discussed the war in Ukraine.
Speaker 2 (08:05):
Great came up very strongly. We talked about it for
a long time.
Speaker 3 (08:09):
And we're both gonna work together to see if we
can get something that we agree that the sides there,
you know, locked in fighting, and sometimes you have to
let him fight. I guess crazy, but he's gonna help
us and we're gonna work together on Ukraine. There's not
a lot more we can do.
Speaker 2 (08:27):
You know, he's been buying you out from Russia for
a long time. It takes care of a big part
of China. And you know, I can say Indy has
been very great and good to that front. But we
didn't really discuss the We discussed working together to see
if we could get that war finished.
Speaker 1 (08:48):
One issue that did not come up during their ninety
minute meeting was the issue of Taiwan. Let's listen to
the president when asked that question about whether Taiwan came
up during their summit.
Speaker 2 (09:01):
Never came up. Taiwan never came up the stunt discuss section.
This didn't come up that you thought might come up.
You mentioned edid gives everything. We had a long meeting,
as you know, but a lot of things we discussed
in great detail. A lot of things we brought to finalization,
a lot of finalization. I thought it was a good meeting.
(09:24):
I think it was a very friendly meeting. It was
a good meeting for two very large, powerful countries, and
that's the way we should get along with a large,
powerful mind.
Speaker 1 (09:34):
The President clearly felt that the meeting with President She
was a good one, and he also indicated that he
respects his Chinese counterpart. At the start of their meeting,
the President said, President She is a great leader of
a great country, and I think we're going to have
a fantastic relationship for a long period of time. Clearly,
(09:56):
trade tensions between the United States and China have been
lowered because of the President's meeting with President She. Back
here at home, it's day thirty of the federal government's shutdown,
and there is a pickup in informal talks in the
Senate to resolve the nearly month long impass. Lawmakers have
(10:19):
been pointing to deadlines that will happen within days that
they hope will force a breakthrough before money stops flowing
for food stamp benefits and enhanced healthcare subsidies. The White
House is ensuring that service members get paid, but they've
also urged Republican leaders to not hold votes on standalone
(10:42):
proposals to pay other government workers or otherwise lessen the
impact of the shutdown. As for talks between the leaders
in the Senate, Senator Chuck Schumer and Senator John Thune,
Senator Schumer said he believes the pivotal moment will come
at the start of open enrollment for Obamacare, when millions
(11:05):
of Americans realize that the expiration of Enhanced Affordable Care
Act federal subsidies will cause their premiums to skyrocket. Now,
since September, Schumer has been demanding talks to extend expiring
ACA subsidies before Senate Democrats will provide the votes for
(11:26):
a Republican bill to reopen the federal government. So far,
only three Senators who caucus with Democrats have crossed the
aisle in more than a dozen failed votes to reopen
the federal government and end the government shutdown. The four
week shutdown is expected to reduce the annualized growth rate
(11:47):
of real GDP gross domestic product by one full percentage
point in the current quarter. That impact would increase the
longer the shutdown persists, according to the Congressional Budget Office.
As for Republicans, they have insisted that the only way
out of this shutdown is this CR this continuing resolution
(12:10):
that passed the House last month and would fund the
government through November twenty first. Also on Wednesday, the Federal
Reserve lowered interest rates at its second consecutive meeting, but
the FED Chair Jerome Powell cast out on expectations of
a further cut later this year. The next time the
(12:30):
FED meets, the final meeting of the year, will be
in December, and how made an unusually pointed intervention at
a news conference following their FED meeting to push back
against market expectations that a ray cut at that December
meeting was a foregone conclusion. He said to reporters, far
(12:50):
from it. Now. The Fed's job has been complicated by
what could best be described as a data blackout resulting
from the government shutdow out. That FED blackout means that
FED officials are essentially flying blind. They don't know how
well or how poorly the US economy is doing. Right
now because of a lack of that government data. In
(13:14):
addition to that, the FED is trying to determine whether
the slowdown that we've been seeing in monthly job gains
reflects fewer people entering the country and seeking jobs, or
instead a drop in demand for workers. The economy added
around twenty nine thousand jobs a month on average over
(13:34):
the three months through August. That's down from eighty two
thousand in the year earlier period, according to the Labor Department.
So what complicates things for FED officials making these determinations
on interest rate cuts not only that lack of data,
but also inflation, which has run above the Fed's two
(13:55):
percent target for several years, as well as what we've
seen anemic job growth over the last few months. As
for Thursday, the President is taking that long flight back
from Asia, he arrives back at the White House. At least,
he's scheduled to arrive back at the White House at
three o'clock in the afternoon and at five point thirty
(14:16):
in the afternoon on Thursday, the President and the First
Lady will participate in a Halloween celebration at the White House.
So no rest for the President coming back after a
five day trip to Asia. That's the White House briefing
room for Thursday, October thirtieth. I'm John Decker. Have a
(14:38):
good one
Welcome to the White House Briefing Room for Thursday, October thirtieth.
I'm John Decker. President Trump wraps up his five day
Asia trip with the meeting with Chinese President Shijingping.
Speaker 2 (00:15):
I thought it was an amazing meeting. He's a great leader,
great leader of a very powerful, very strong country in China.
Speaker 1 (00:24):
The President says his meeting with she went much better
than even he expected.
Speaker 2 (00:29):
But overall, I guess on the scale, I'm from zero
to ten, with ten being the best. I would say
the meeting was a twelve.
Speaker 1 (00:36):
President Trump says he and she discussed the ongoing war
in Ukraine.
Speaker 2 (00:41):
We're going to work together to try and get the
war with Russia and Ukraine solved.
Speaker 1 (00:46):
It's day thirty of the federal government shutdown, and Senate
talks have picked up to end the impass, and the
Federal Reserve cuts interest rates once again. But we begin
with President Trump's first first face to face meeting of
his second term with Chinese President Xijingping. In a move
aimed at lowering trade tensions between the world's two largest economies.
(01:11):
President Trump met for several hours on Thursday with Chinese
President Shijingping in South Korea. On the sidelines of the
Apex Summit. It was their first face to face meeting
in six years, and the President, traveling back on Air
Force One after his five day trip to Asia, told
(01:31):
reporters that the meeting with Si went extremely well.
Speaker 2 (01:35):
It was an outstanding group of decisions. I think that
was made. A lot of decisions were made to it
wasn't too much left out there.
Speaker 1 (01:44):
On the flight back to the United States, the President
initially was reluctant in terms of talking about details regarding
what was discussed at the meeting. Let's listen to the
president right here.
Speaker 2 (01:56):
We've come to conclusion on many very important points, and
we'll be in I think that to you in a
little while when you know we have because there's a
lot of a lot of different things, many of them.
Speaker 1 (02:06):
Very important now. China, in a statement released shortly after
this summit ended, said the US and China reached a
consensus on resolving important economic and trade issues. The President
on Air Force one said an agreement was reached regarding
US agricultural products.
Speaker 2 (02:25):
We're an agreement on so many elements. Large amounts, tremendous
amounts of the soybeans and other foun products are going
to be purchased immediately starting Comedian. If you notice presiders
you authorized yesterday or China de started, you know that
(02:47):
China has start buying in very large qualities and so
it beets head other things.
Speaker 1 (02:52):
The US has for years pressed China to do more
to control the export of so called precursor chemicals to
make fentanyl, blame for more than one hundred thousand drug
overdose fatalities in the US, and the President on the
ride back on Air Force One, said she will work
to restrict the flow of those chemicals needed to manufacture
(03:16):
fentanyl and ventanol.
Speaker 2 (03:18):
We agreed that he was going to work very hard
to stop the flow. You know, it's a very complex
subject because it's used for lots of different reasons, including
pnascetics and things. But he's going to work very hard
on it.
Speaker 1 (03:34):
As a result of what the President described as a
very successful meeting with President She, he says that he
has reduced China's overall teriffrey.
Speaker 2 (03:44):
I've agreed, as you know, I put a twenty percent
tariff on China because of the ventanol coming in, which
is said it's a big tariff, and based on his
statements today, I reduced it by ten percent, so it's
ten percent instead of twenty percent effective of meat.
Speaker 1 (04:00):
The meeting itself was ninety minutes long. That was significantly
shorter than what we were told the meeting would last
in terms of duration. But the President said during that
ninety minute meeting much was agreed to by both leaders.
Speaker 2 (04:15):
Think we agreed to almost almost everything and a very
acceptable form. I wouldn't say everything was discussed because of
the thing said. Probably in retrospect, we could have discussed
and we did. For some recent didn't come.
Speaker 1 (04:28):
The President's meeting with President She was set up by
another meeting that happened over this past weekend in Malaysia.
That meeting between Treasury Secretary Scott Bessant and his Chinese counterpart.
They set the framework for what was discussed between President
Trump and President She and what was agreed to between
(04:49):
these two leaders is not a formal trade agreement. Instead,
it's still that same framework. And the President was asked
on Air Force one when he can sign it trade
deal with China.
Speaker 2 (05:01):
I think pretty soon. We have not too many major
subbling books we were. We have a deal. Now every
year will renegotiate the deal, but I think the deal
will go in for a long time, long beyond the year.
Will negotiate at the end of the year. But all
of the rare earth has been settled. And that's for
(05:22):
the world, I mean, you know, worldwide.
Speaker 1 (05:24):
The President had at one point earlier this month threatened
one hundred percent trade tariffs on China for a variety
of reasons, one of which was the fact that it
had not curtailed the distribution of fentanyl into the United States.
But now that one hundred percent tariff threat is off
(05:46):
the table, and the President was asked what the new
tariff rate for China will be.
Speaker 2 (05:51):
It's fifty seven. Now it's forty seven because we were
reduced it by the event and because I they are
really taking strawmakas.
Speaker 1 (06:01):
The President on that flight back said that tremendous amounts
of soybeans and other farm products are going to be
purchased immediately by China. American soybean farmers are going to
be ecstatic regarding that news. They've been in a panic
this harvest season with China not purchasing any soybeans from
(06:23):
American farmers. China bought several cargoes from US grain handlers
earlier this week, with each shipment holding about two million
bushels of soybeans, and the US Secretary of Agriculture, Brooke Rolins,
said on social media that the purchases were a great
start and give US producers the opportunities that they've earned.
(06:46):
The President, after his meeting with President She said that
the roadblock, as he called it, to importing rare earths
is now gone. In October, China angered President Trump by
further enhancing RISCs restrictions on the export of rare earths.
Those rules, according to the President, are now expected to
(07:07):
be delayed by a year. As part of this trade agreement,
and because of the success of this summit that President
Trump had with President She, a meeting between the two
leaders is going to happen once again. The President spoke
about a trip that he intends to take to China
in the spring.
Speaker 2 (07:27):
It's another thing we agreed. I'll be going to China
in April, and he'll be coming here sometime after that,
whether it's in Florida, Bambich or Washington. Yes, say.
Speaker 1 (07:41):
After all, President She is very close with Russian President
Vladimir Putin, and the President believes no one can apply
pressure on President Putin. More than President. She and the
President on that flight back on Air Force One told
those reporters flying in the press cabin that he and
(08:02):
she indeed discussed the war in Ukraine.
Speaker 2 (08:05):
Great came up very strongly. We talked about it for
a long time.
Speaker 3 (08:09):
And we're both gonna work together to see if we
can get something that we agree that the sides there,
you know, locked in fighting, and sometimes you have to
let him fight. I guess crazy, but he's gonna help
us and we're gonna work together on Ukraine. There's not
a lot more we can do.
Speaker 2 (08:27):
You know, he's been buying you out from Russia for
a long time. It takes care of a big part
of China. And you know, I can say Indy has
been very great and good to that front. But we
didn't really discuss the We discussed working together to see
if we could get that war finished.
Speaker 1 (08:48):
One issue that did not come up during their ninety
minute meeting was the issue of Taiwan. Let's listen to
the president when asked that question about whether Taiwan came
up during their summit.
Speaker 2 (09:01):
Never came up. Taiwan never came up the stunt discuss section.
This didn't come up that you thought might come up.
You mentioned edid gives everything. We had a long meeting,
as you know, but a lot of things we discussed
in great detail. A lot of things we brought to finalization,
a lot of finalization. I thought it was a good meeting.
(09:24):
I think it was a very friendly meeting. It was
a good meeting for two very large, powerful countries, and
that's the way we should get along with a large,
powerful mind.
Speaker 1 (09:34):
The President clearly felt that the meeting with President She
was a good one, and he also indicated that he
respects his Chinese counterpart. At the start of their meeting,
the President said, President She is a great leader of
a great country, and I think we're going to have
a fantastic relationship for a long period of time. Clearly,
(09:56):
trade tensions between the United States and China have been
lowered because of the President's meeting with President She. Back
here at home, it's day thirty of the federal government's shutdown,
and there is a pickup in informal talks in the
Senate to resolve the nearly month long impass. Lawmakers have
(10:19):
been pointing to deadlines that will happen within days that
they hope will force a breakthrough before money stops flowing
for food stamp benefits and enhanced healthcare subsidies. The White
House is ensuring that service members get paid, but they've
also urged Republican leaders to not hold votes on standalone
(10:42):
proposals to pay other government workers or otherwise lessen the
impact of the shutdown. As for talks between the leaders
in the Senate, Senator Chuck Schumer and Senator John Thune,
Senator Schumer said he believes the pivotal moment will come
at the start of open enrollment for Obamacare, when millions
(11:05):
of Americans realize that the expiration of Enhanced Affordable Care
Act federal subsidies will cause their premiums to skyrocket. Now,
since September, Schumer has been demanding talks to extend expiring
ACA subsidies before Senate Democrats will provide the votes for
(11:26):
a Republican bill to reopen the federal government. So far,
only three Senators who caucus with Democrats have crossed the
aisle in more than a dozen failed votes to reopen
the federal government and end the government shutdown. The four
week shutdown is expected to reduce the annualized growth rate
(11:47):
of real GDP gross domestic product by one full percentage
point in the current quarter. That impact would increase the
longer the shutdown persists, according to the Congressional Budget Office.
As for Republicans, they have insisted that the only way
out of this shutdown is this CR this continuing resolution
(12:10):
that passed the House last month and would fund the
government through November twenty first. Also on Wednesday, the Federal
Reserve lowered interest rates at its second consecutive meeting, but
the FED Chair Jerome Powell cast out on expectations of
a further cut later this year. The next time the
(12:30):
FED meets, the final meeting of the year, will be
in December, and how made an unusually pointed intervention at
a news conference following their FED meeting to push back
against market expectations that a ray cut at that December
meeting was a foregone conclusion. He said to reporters, far
(12:50):
from it. Now. The Fed's job has been complicated by
what could best be described as a data blackout resulting
from the government shutdow out. That FED blackout means that
FED officials are essentially flying blind. They don't know how
well or how poorly the US economy is doing. Right
now because of a lack of that government data. In
(13:14):
addition to that, the FED is trying to determine whether
the slowdown that we've been seeing in monthly job gains
reflects fewer people entering the country and seeking jobs, or
instead a drop in demand for workers. The economy added
around twenty nine thousand jobs a month on average over
(13:34):
the three months through August. That's down from eighty two
thousand in the year earlier period, according to the Labor Department.
So what complicates things for FED officials making these determinations
on interest rate cuts not only that lack of data,
but also inflation, which has run above the Fed's two
(13:55):
percent target for several years, as well as what we've
seen anemic job growth over the last few months. As
for Thursday, the President is taking that long flight back
from Asia, he arrives back at the White House. At least,
he's scheduled to arrive back at the White House at
three o'clock in the afternoon and at five point thirty
(14:16):
in the afternoon on Thursday, the President and the First
Lady will participate in a Halloween celebration at the White House.
So no rest for the President coming back after a
five day trip to Asia. That's the White House briefing
room for Thursday, October thirtieth. I'm John Decker. Have a
(14:38):
good one
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