US Trade Representative Jamieson Greer Talks Trade, TikTok & Nvidia

Summary

Podcast Summary: Bloomberg Talks

Episode: US Trade Representative Jamieson Greer Talks Trade, TikTok & Nvidia
Air Date: December 19, 2025
Host: Bloomberg
Guest: Ambassador Jamieson Greer, US Trade Representative

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Overview

This episode features a robust conversation with US Trade Representative Jamieson Greer, offering a deep dive into the state of global trade as shaped by the Trump administration in 2025. Greer addresses US tariff policy, ongoing negotiations with major trade partners, sensitive issues such as the TikTok buyout and Nvidia chip sales to China, and the evolving dynamics with Europe and Mexico. The discussion emphasizes balancing national security, economic growth, job creation, and international diplomacy in an increasingly complex geopolitical environment.

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Key Discussion Points & Insights

1. Recap of 2025 Trade Activity & Outlook for 2026

• Trade Reset & Tariff Strategy:
  • The Trump administration has moved from "total liberal trade" to a "new fair and balanced approach."
  • Multiple new trade deals and tariffs have been announced and are expected to be finalized in 2026.
  • Greer highlights positive economic indicators: lower inflation, rising wages, and strong job creation.
• Quote:
  • “The economy's booming, inflation's down, wages are up. We're on a really great track.” — Jamieson Greer [00:48]

2. Supreme Court Threat to Tariff Policy

• Risk of Overturning Tariffs:
  • Host raises concerns about the Supreme Court potentially reversing tariffs enacted under the IP EIPA provision.
  • Greer warns this would be "disastrous," destabilizing the new trading order the US has created.
• US Commitment:
  • The administration is committed to maintaining protective tariffs through any available means, emphasizing the importance of presidential emergency powers.
• Quote:
  • “It would be terrible if the Supreme Court overturned the case because we have built a new global trading order on the back of these tariffs… It would be disastrous if this was pulled out.” — Jamieson Greer [01:46]

3. Tariffs, Inflation, and Affordability

• Balancing Tariffs and Cost of Living:
  • The administration recently removed select tariffs (notably on foods like bananas, coffee, cocoa) to reduce grocery prices, especially on items not produced domestically.
  • Greer emphasizes food price declines, denies that tariff policy is a significant driver of inflation, attributing price concerns to housing and healthcare.
• Reshoring and Jobs:
  • The focus remains on reshoring manufacturing and protecting food security—even as affordability considerations are part of the broader policy toolset.
• Quote:
  • “The tariff program is really about creating jobs and the president's regulatory approach is really about bringing prices down and bring in affordability.” — Jamieson Greer [02:53]

4. Presidential Directives on Tariff Impact

• No Specific Directives:
  • Greer clarifies there's no explicit instruction from the President to avoid tariffs that might harm affordability; trade policy’s chief aim is job and wage growth.

5. TikTok Buyout and US-China Negotiations

• Progress on Deal:
  • The multi-pronged TikTok negotiation includes both private sector and governmental approval from the US and China.
  • Greer is optimistic about China’s impending approval, citing “an essential agreement” reached in Madrid.
• Quote:
  • “We expect approval by the government of China in alignment with that agreement we reached earlier this year.” — Jamieson Greer [04:52]

6. Nvidia (H200) Chip Export Controls to China

• Standalone Issue:
  • Export controls for AI chips like Nvidia’s H200 “are not a negotiated outcome” but US national security decisions.
  • The administration is separately working on keeping rare earths flowing, facilitating major agricultural exports (like soybeans), and seeking a stable framework with China.

7. Possibility of a Broader US-China Trade Deal

• Cautious Optimism:
  • Greer cites a 25% reduction in the trade deficit with China and stresses the importance of stability ("confidence-building, not comprehensive")—potentially through managed trade agreements.
• Notable Moment:
  • “Our trade deficit with China has decreased by 25% this year alone under President Trump's policy.” — Jamieson Greer [06:34]

8. National Security, High-Tech Exports, and Export Controls

• National Security Not for Sale:
  • Greer defends US policy on export controls as a “fluid” process, rigorously reviewed case by case by the Commerce Department.
• Limited Scope:
  • Licenses for sensitive chips like H200 are considered on a case-by-case basis; all outflows are inspected both in the US and recipient countries.
• Quote:
  • “All of those H200 approvals still have to go through the Commerce Department to make sure that any licenses that are granted really respect US national security.” — Jamieson Greer [07:43]

9. Tech Trade Tensions with the EU

• US Tech Versus EU Regulations:
  • Greer criticizes new EU digital regulations as “discriminatory,” disproportionately targeting US tech giants.
  • Ongoing talks with the European Trade Commissioner reflect US efforts to challenge or modify these protective measures.

10. Changing Landscape of US Trade Partners

• Unexpected Difficulty with Europe:
  • Europe, typically viewed as an ally, has presented significant challenges due to strict non-tariff barriers against US goods.
  • India negotiations continue; Mexico is highlighted as a constructive partner.
• Quote:
  • “It's not because Europe is really competitive. We know they're not. It's because they have a lot of these rules that prevent U.S. goods and services from going into the continent.” — Jamieson Greer [11:27]

11. Mexico Tariffs and North American Trade

• Ongoing Negotiations:
  • Mexico recently approved tariffs on Chinese imports; is seeking modifications to the US steel and aluminum regime.
  • US is open to dialogue, noting ongoing "constructive" discussions.

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Notable Quotes

• “The economy's booming, inflation's down, wages are up. We're on a really great track.”
  — Jamieson Greer [00:48]

• “We will do whatever we need to do to make sure that we can maintain the tariffs we need and keep the deals in place.”
  — Jamieson Greer [01:46]

• “The tariff program is really about creating jobs and the president's regulatory approach is really about bringing prices down and bring in affordability.”
  — Jamieson Greer [02:53]

• “We expect approval by the government of China in alignment with that agreement we reached earlier this year.”
  — Jamieson Greer [04:52]

• “Our trade deficit with China has decreased by 25% this year alone under President Trump’s policy.”
  — Jamieson Greer [06:34]

• “All of those H200 approvals still have to go through the Commerce Department to make sure that any licenses that are granted really respect US national security.”
  — Jamieson Greer [07:43]

• “It's not because Europe is really competitive. We know they're not. It's because they have a lot of these rules that prevent U.S. goods and services from going into the continent.”
  — Jamieson Greer [11:27]

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Important Segment Timestamps

• Introduction & Administration’s Trade Reset: [00:19]–[01:28]
• Tariff Risks & Supreme Court Threat: [01:28]–[02:29]
• Tariffs, Inflation, and Food Prices: [02:29]–[03:36]
• Presidential Directives on Tariffs: [03:36]–[04:23]
• TikTok Buyout & US-China Dynamics: [04:23]–[05:26]
• Nvidia (H200) Chip Controls & Broader China Policy: [05:26]–[07:18]
• National Security & Tech Export Controls: [07:18]–[08:37]
• EU Digital Regulations & US Tech: [09:27]–[11:01]
• Trade Partnership Surprises & Barriers with Europe: [11:01]–[12:20]
• Mexico Tariffs & Negotiations: [12:20]–[13:26]

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Highlighted Memorable Moments

• On US-China Deal-Making:
  Greer outlines a pragmatic, managed approach to trade with China, reflecting realpolitik and confidence building over ideological free trade.

• On Europe’s ‘Non-Tariff Barriers’:
  Greer’s candid critique stands out: he openly challenges the EU’s protectionist regulations, labeling them as thinly veiled efforts to block US exports.

• On Balancing Security & Commerce:
  Greer's reassurance about the rigorous oversight on chip exports amid US-China technology tension frames the administration's intent to safeguard national interests.

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Tone & Style

Greer is assertive, detailed, occasionally combative (especially regarding critics and European partners), yet keen to portray the administration as pragmatic, results-oriented, and tough on trade while responsive to domestic economic concerns.

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For listeners seeking a comprehensive, frank, and timely picture of US trade policy heading into 2026, this interview offers essential clarity straight from the administration’s top trade official.

Transcript

[Indiana University Announcer]

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[Bloomberg Host]

Bloomberg Audio Studios Podcasts Radio News. Joining us now as we parse through everything that has happened in 2025 around the trade story is the 2030th US Trade Representative, Jamison Greer. Representative Greer, I want to start on how busy 2025 really was. Looking ahead to 2026, do you expect the same kind of pace with respect to trade deals, with respect to trade announcements?

[Ambassador Jameson Greer]

Well, during 2025, President Trump, the administration has essentially reset the global trading order to move from, you know, total liberal trade in the United States without any cost to a new fair and balanced approach. We, we've announced lots of trade deals, we've announced lots of tariffs. As you know, in the coming year, we expect to finalize a bunch of those trade deals as well. You know, I think that the tariff plan is, is in good shape. I think we have a lot of the tariffs we want in place. You know, if there are countries here and there that don't comply with their deals or don't want to finish a deal, then maybe we have to have another conversation. But I think the economy's booming, inflation's down, wages are up. We're on a really great track.

[Bloomberg Host]

How much are you potentially at risk should the Supreme Court overturn some of the tariffs that have been enacted under the IP EIPA provision? Do you have something in place to get those tariffs through other measures, or will there be a rethink about what will be put on and what won't?

[Ambassador Jameson Greer]

Well, it would be terrible if the Supreme Court overturned the case because we have built a new global trading order on the back of these tariffs and the tariff system and our trading partners have accepted it and they've made deals and they've accepted there's going to be some tariff level to help protect US Industry. So it would be disastrous if this was pulled out. You know, all that being said, you know, we will do whatever we need to do to make sure that we can maintain the tariffs we need and keep the deals in place. Obviously, we want the flexibility of the emergency powers that Congress has given to the president. It's the most effective way to deal with it. What's made him so effective this year in negotiating? But absent that, you know, we'll work and we'll find a way to make sure we can keep all these gains. We've made over the past year.

[Bloomberg Host]

Representative Greer there's also a feeling right now that cost of living concerns are coming to the fore. And President Trump has talked about removing some of tariffs on specific goods, particularly having to do with food food as a way of alleviating some of the price concerns. How does that factor into discussions going forward? Do you think that that will be an increasing part of your, of your thought process as you go through some of these trade negotiations?

[Ambassador Jameson Greer]

Well, any good president wants to address affordability and our president is and over the past month we saw dairy, fruit and vegetables, all kinds of prices go down for basic stables staples. So that's a great development going forward. The president removed some tariffs in connection with deals related to food coming from abroad. Bananas, coffee, cocoa, the kinds of things we just don't make in the United States. United States is a food powerhouse. When we saw inflation earlier, it's really about housing, health care driven by Obamacare disaster. So I don't think that, you know, food imports are really going to be an issue for us. You know, the tariff program is really about creating jobs and the president's regulatory approach is really about bringing prices down and bring in affordability.

[Bloomberg Interviewer]

Ambassador, have you had any specific directives from the president though, as you carry out your negotiations to make sure any tariffs you put on from here or any ones that you negotiate specifically are not having an impact on affordability?

[Ambassador Jameson Greer]

So I, you know, kind of the way you put it there, a specific direction I would say no. Whenever we're imposing tariffs or doing deals. The purpose of the trade program is to reshore American manufacturing and protect American food security. It's really about jobs and increasing wages which we've seen over the past few months. When it comes to prices, the president is undertaking a lot of other actions, you know, energy policy, tax policy, regulatory, you know, gas prices are down, etc. So we don't see the trade policy really as driving prices. We see it as driving jobs.

[Bloomberg Interviewer]

Ambassador, I'd love to go back where Lisa started and that is it looks more likely that we indeed have something of a tick tock deal where US Buyers will take the American portion. You after some of the negotiations in Madrid were talking about how this deal, how this company was part and parcel of a variety of matters when it comes to negotiation, negotiating with your Chinese counterparts. So have you had more discussions about this deal with tick tock? Does it seem likely that China will let it happen?

[Ambassador Jameson Greer]

So there are, there are two layers to the tick tock deal. One is the private sector layer where the private parties are concluding a deal, and then there's a layer of government approvals between the United States and China. And so my conversations with the Chinese government over the past few months, as you mentioned, have covered a variety of issues. One of them has been tick tock. Back at our discussions in Madrid, we came to an essential agreement that if the private parties came to it, agreement that the Chinese would approve it. So we expect approval by the government of China in alignment with that agreement we reached earlier this year.

[Bloomberg Host]

We're hearing about not only this deal with respect to TikTok and some investors in the US, but also a review process to sell a 200 chips into China. And I'm just wondering, stepping back, if all of these are pieces of a bigger deal that will come to fruition in 2026 between the US and China.

[Ambassador Jameson Greer]

I would say with the H200 export control issues, those really are standalone. That was not a negotiated outcome in the United States with respect to export controls. Those are not something that are really subject to negotiation. Those are national security and commercial decisions made by the federal government. So that's kind of standing on its own with respect to the rest of the China deal. Right now we're trying to make sure that rare earths continue flowing from China. You know, they bought over 5 million metric tons of soybeans at this point. And we're trying to keep trade flowing between the two countries in a way that makes sense.

[Bloomberg Host]

Do you expect a bigger deal other than just sort of steady reset kind of idea that we've talked about with respect to the US And China? Do you expect something more comprehensive to be outlined next year?

[Ambassador Jameson Greer]

It's a little hard to say at this point. You know, goal one is stability for me, and everyone's heard me say this before. I just, we need trade with China to be much more balanced. Our trade deficit with China has decreased by 25% this year alone under President Trump's policy. So that's going, going the right direction. I can foresee a situation in the first half of next year where we come to some kind of agreement with China on exactly what we should be trading with each other and even in what volumes. It's a little bit of managed trade, but it's the kind of thing that can be healthy and stable. You know, given the way the Chinese government runs its economy. It just doesn't mesh very well with the way we want to run our economy. That just means we have to manage it a little bit more. And I think there's a possibility of that. I'm not sure I'd call it comprehensive, but I'd call it confidence building.

[Bloomberg Interviewer]

Ambassador, I think a lot of the confusion for many people comes around national security. One of the points that you mentioned just a moment ago, especially things with H200 chips, giving chips to China, was seen an issue of national security, even giving F35s to Saudi Arabia. What does that mean for national security? Because critics would say that it means that national security is up for sale. What would you say to those critics?

[Ambassador Jameson Greer]

So. So with respect to the F35, that's, that's not my. I used to be in the Air Force, but it's not my. It's not my wheelhouse on the H2 hundreds and export controls. General export controls have always been fluid. They've never been static. The very nature of export controls is that the US Government is constantly reviewing the state of technology and assessing what technologies can be sold and which ones can't, and balancing national security and assessing whether or not there's foreign ability availability. Everyone knows that the Chinese are quickly also trying to develop their own AI chips, semiconductor tools to make those chips, etc. It's a race. All of those H200 approvals still have to go through the Commerce Department to make sure that any licenses that are granted really respect US national security and make sure that it's not violated. And there can be conditions on licenses, etcetera, to make sure they go to end users and end uses that don't jeopardize U.S. national security.

[Bloomberg Interviewer]

Is it fair to say then, Ambassador, that even if this does go through, the kind of cases where this is allowed, where it's approved, will still be quite limited in scope.

[Ambassador Jameson Greer]

So it's hard to say at this point that these types of license applications are typically case by case and reviewed. So, you know, we'll see. The way it's set up right now is if the chips are going to go to China, they come back to the US For a security inspection to make sure that they are indeed the types of chips that are being allowed to be sent to the Chinese. We know there are a lot of Chinese companies that want them. We know the Chinese government's pretty interested in having their own domestic champions build them. So the Chinese themselves right now are having a conversation about the types of chips that they want from the United States. We think that they want the H200. They've shown an interest in that. That. So we'll see, you know, between their process and ours, we'll see where it goes.

[Bloomberg Host]

It seems like the tech wars have been behind a lot of the negotiations over the past 12 months, in particular, not only with China, but also the European Union. I'm just wondering where some of those discussions are with respect to some of the restrictions and regulatory investigations Europe has been making toward US Tech companies. Where are some of those discussions?

[Ambassador Jameson Greer]

So I just had a conversation yesterday with my counterpart in the European Trade, in the European Commission yesterday to, to reinforce some of the strong concerns we're hearing from US Stakeholders. US Tech companies are the most competitive in the world, and Europe, frankly, doesn't have those types of competitors. If you talk to the Europeans, they'll say that's why we have to regulate and have these protectionist measures against U.S. u.S. Tech companies. Unfortunately, we see in the way that they've developed those measures, they're discriminatory. They only capture companies above a certain threshold of revenue globally or certain business models. And magically, it only happens to capture US Companies. They'll say that they're Chinese companies too. But we only see actions against American companies. So it's a problem. It's discriminatory. In fact, you'll hear the Europeans say, well, it's fair, but it's discriminatory, in fact act and in intent. So, you know, I've. I want to talk to these folks. I want to negotiate over it. They've been somewhat resistant to that. But again, I had a great conversation yesterday with the European Trade Commissioner, and I think we just have to be able to talk about why they're doing this, why they're purporting to regulate American companies and their global business models.

[Bloomberg Host]

Ambassador, coming into 2025, a lot of people were wondering who our allies and who our adversaries would be on trade. And we were talking about who traditionally have been between US Allies and who haven't. Have you been surprised at who has been most difficult to deal with in 2025? It has surprised a lot of people in the markets to see the likes of Europe be a more contentious discussion than other regions, even sometimes China.

[Ambassador Jameson Greer]

That's because they haven't been trade negotiators. I have not been surprised at where it's been more challenging. Take India, for example, who's an important partner and a strategic partner in a lot of ways. We started negotiating with them early in the year, and we're still negotiating with them to try to find a good landing zone during that time. We have other trade partners who have come in, started, proceeded with, and concluded trade negotiations with us, etc. The reality is somebody like, like Europe and frankly, you know, some jurisdictions that want to emulate them, they, you know, they might have relatively low tariffs compared to the rest of the world, but they have non tariff barriers, regulations that exclude American agriculture, major exports and regulations that exclude our industrial exports. And so you get into, and this is why we have giant imbalances. It's not because Europe is really competitive. We know they're not. It's because they have a lot of these rules that prevent U.S. goods and services from going into the continent.

[Bloomberg Host]

Ambassador Greer, just to finish up on Mexico, which has been negotiating, from what we understand, they just recently gave final approval to put tariffs on certain Chinese imports. And a lot of people are expecting there to be some sort of reprieve with respect to aluminum and steel tariffs on Mexico. Is there any discussion about that going on right now?

[Ambassador Jameson Greer]

So, so first of all, any country in the world who exports steel and aluminum to the United States wants to have a modification to that regime because the United States for many years has been the consumer of last resort. And this is why the President, President put steel aluminum tariffs on in the first administration. The Biden administration kept them and the president has tightened them further in his second administration. Of course, the Mexicans are asking for this. We have found the Mexicans to be quite constructive in some of our recent discussions and looking to change some of their laws and regulations related to longstanding US Concerns. So have the Mexicans asked about this? Yes, you know, I won't give any further detail beyond that, but it's certainly something that they would like to see. It's not surprising.

[Bloomberg Host]

Ambassador Greer, thank you so much for being with us this morning and have a wonderful rest of the year. Ambassador Jameson Greer speaking with us.

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