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

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.

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.

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]

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]

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.

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.

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.