Bloomberg Talks: U.S. Trade Representative Jamieson Greer on Hormuz, China Talks, and Trade Tariffs

Date: March 31, 2026
Host: Anne Marie (Bloomberg)
Guest: Ambassador Jamieson Greer, U.S. Trade Representative

Overview

This episode features an in-depth interview with Ambassador Jamieson Greer, the U.S. Trade Representative, following his return from a high-level WTO meeting in Cameroon. The conversation focuses on the impact of conflict in the Strait of Hormuz on global trade, U.S.-China trade relations, WTO reform, and the future of tariffs and rare earth supplies. The dialogue provides current insights into U.S. trade strategy, negotiation dynamics with China, and the geopolitical ripple effects shaping policy.

Key Discussion Points & Insights

1. The Strait of Hormuz Crisis and Its Trade Impact

• U.S. Insulation from Immediate Effects

  • Greer emphasizes that the U.S. is generally “insulated from a lot of the supply chain effects” due to domestic and regional partners’ sourcing.
    • “For a lot of that, we have domestic sourcing. We have sourcing from our partners to the north and south of us and other places…We’re monitoring the situation.” (01:15)
  • Other countries, especially in Asia, are more seriously impacted as their supplies tighten.

• Timeline for Resolution

  • No artificial timelines are being set. Reference to U.S. military perspectives suggesting operations will last “weeks.”
    • “They talk about…operations in terms of weeks. We hope that’s the case.” (02:07)
  • Progress related to Iran’s capabilities and preventing nuclear weapons is ongoing.

2. U.S.-China Trade Dialogue

• Focus of Recent Meetings

  • Recent meeting with Chinese Minister of Commerce, Minister Wong, focused on preparing for an upcoming leaders summit and discussing the future of the WTO—not on the Hormuz crisis despite China’s economic stake.
    • “We were focused on preparing for the leaders meeting…talking about the WTO itself and the future of it, or potentially lack thereof, as the case may be.” (02:45)

• WTO Reform and U.S. Perspective

  • Greer points out the WTO’s inability to address structural imbalances and trade surpluses, emphasizing U.S.-proposed reforms.
    • “The WTO has never been able to address those things. And it won’t be going forward. It can barely address issues on its current agenda.” (03:04)
  • Notable mention of opposition from certain countries (Brazil, Turkey) to a closing package in recent reform efforts.

3. International Responsibility in the Strait of Hormuz

• Allies and China’s Role
  • Anne Marie asks if China, as the prime beneficiary of Iranian crude, should help secure the strait. Greer defers direct judgment but underlines it as a Chinese decision.
    • “It affects these other countries much more than it affects us…But it is clearly in the interest of the world community to make sure…that Iran doesn’t get a nuclear weapon.” (04:25)
  • Suggests broader global alignment on containing Iran’s threat is needed.

4. US-China-Tariff Dynamics & Trade Deficit

• Section 301 Tariffs and Reciprocal Actions

  • Current investigative process on Section 301 tariffs towards China is highlighted—paralleled by China launching its own investigations into U.S. companies.
    • “We were seeking stability…a level of tariff application on one side and a flow of rare earth minerals…Both sides want stability.” (06:07)
  • U.S. trade deficit with China has decreased by 30% in the last year; shipments from third countries also show the desired downward trend.

• Transshipment Concerns

  • Acknowledges issues with Chinese exports entering the U.S. via third countries but emphasizes the overall healthy direction of trade data.
    • “There’s always been an issue with transshipment…overall, our trade deficit is going down.” (06:45)

• Future of Tariffs

  • Greer withholds speculation on specific tariff levels pending investigation outcomes, but reaffirms the administration’s commitment to protecting U.S. producers and increasing production and wages.

5. Rare Earth Supplies and “Project Vault”

• Supply Chain Security Initiatives

  • The U.S. is making progress in rare earth stockpiling (“Project Vault”) and developing domestic mining and processing capabilities.
    • “We have new projects in the United States to mine, process and manufacture rare earths…working with our counterparts and our trading partners…to increase supply chain security.” (08:30)

• Upcoming U.S.-China Leaders' Meeting

  • Rare earths are “working fairly well” as an area of cooperation, with minor issues being addressed at the staff level.
    • “The process with the Chinese is working fairly well…if the presidents need to talk about it, they will. Our hope is we can manage a lot of it at the staff level.” (09:00)

6. Anticipated Outcomes from Beijing Leaders’ Meeting

• U.S.-China Board of Trade Proposal
  • Major anticipated deliverable: establishment of a U.S.-China Board of Trade for structured management of trade flows, emphasizing reciprocity and focusing agreements on less sensitive goods to sidestep national security issues.
    • “If we can formalize the mechanism…to make sure we can agree on things we are selling to each other…the Chinese want to be selling things to us and we’re willing to buy things…commodities that maybe the Chinese have that we don’t.” (09:51)

Highlighted Quotes/Notable Moments

• On WTO Reform:

  • Greer: “The ability of the World Trade Organization to meet the needs of the moment…The WTO has never been able to address those things. And it won’t be going forward.” (03:04)

• On International Response to Hormuz:

  • Greer: “It is clearly in the interest of the world community to make sure…that Iran doesn’t get a nuclear weapon, Iran doesn’t empower its terror proxies…” (04:25)

• On Tariffs and Trade Deficit:

  • Greer: “The Chinese know that the United States is trying to control for our giant trade deficit…which went down by 30% last year, by the way.” (06:07)

• On U.S.-China Stability:

  • Greer: “Both sides want stability…I see a positive agenda with China going forward where we learn to manage our trade with each other.” (07:46)

• On Board of Trade Vision:

  • Greer: “We’ve been talking about a board of trade, a U.S.-China Board of Trade, which really will be a mechanism to help manage trade…to make sure that we…agree on things we are selling to each other.” (09:51)

Timestamps for Key Segments

| Timestamp | Segment | |-----------|---------| | 01:00–02:31 | Hormuz crisis and U.S. trade insulation | | 02:31–03:28 | China talks—WTO reform, leaders’ meeting prep | | 04:04–05:04 | Hormuz and China’s global responsibility | | 05:42–06:45 | U.S.-China Section 301 tariffs, trade deficit trends | | 07:32–08:55 | Rare earths strategy, Project Vault, trade stability | | 09:51–10:45 | Deliverables for Beijing: U.S.-China Board of Trade |

Conclusion

Ambassador Jamieson Greer outlined a pragmatic, stability-driven approach to resolving current global trade disruptions and U.S.-China economic tensions. While major trade issues like the Strait of Hormuz and WTO reform remain complex, the U.S. administration projects confidence in supply chain resilience, domestic production, and ongoing diplomatic negotiations. The proposed U.S.-China Board of Trade signals a structured way forward, prioritizing mutual benefit and compartmentalization of sensitive issues.