Transcript: U.S. Trade Representative Jamieson Greer on "Face the Nation with Margaret Brennan," May 17, 2026

U.S. Trade Representative Jamieson Greer Discusses China Trade Framework, Tariffs, and Energy Prices on Face the Nation

U.S. Trade Representative Jamieson Greer appeared on CBS News’ “Face the Nation” on May 17, 2026, to address recent developments in U.S.-China trade relations, tariff policy, and domestic energy costs. Greer outlined the administration’s approach to managing bilateral economic ties through new formal mechanisms while responding to questions about specific purchase commitments and ongoing investigations.

Host Margaret Brennan opened the segment by noting average gasoline prices at $4.51 per gallon and an additional $45 billion spent on fuel since the start of certain Middle East operations compared with the prior year. She referenced New York Fed data showing reduced fuel purchases among households earning under $125,000 annually. Greer stated that the administration seeks lower energy prices while pursuing foreign policy objectives, including preventing Iran from acquiring nuclear weapons. He pointed to efforts to increase domestic employment and wages, along with observed declines in prices for items such as dairy, cheese, and flour. Greer indicated that further price reductions are anticipated once operations in the Gulf conclude.

Brennan asked about agreements reached during Greer’s recent Asia engagements. China and the United States have established a Board of Investment to review Chinese investment in the U.S. and bilateral Boards of Trade to address tariffs. Greer explained that the Board of Trade is intended to manage economic relations between the two countries, focusing on non-sensitive goods. Sensitive items with potential military applications remain subject to national security reviews. He listed areas for discussion including U.S. agricultural exports, energy products, Boeing aircraft, and medical devices, as well as certain consumer and low-technology imports from China. The Board of Investment, he said, would serve to address investment policy issues as they arise rather than function as a formal investment program.

Brennan noted that many topics were already under bilateral discussion and inquired what the new boards add. Greer responded that prior contacts had been ad hoc. Formal structures, he said, allow more systematic handling of U.S. tariffs, import and export controls, and Chinese non-tariff barriers. He added that China had recently reduced certain non-tariff barriers on U.S. agricultural products such as beef and poultry.

Brennan then turned to tariffs. President Trump stated he had not discussed tariffs with Chinese President Xi Jinping. Greer said the existing arrangement permits the United States to return tariff rates to levels in place at the time of the October Busan meeting between the two presidents, following a Supreme Court ruling in February that reduced rates by approximately 10 percentage points. He indicated the administration is examining available tools and does not intend to prejudge the results of current investigations.

Brennan referenced Greer’s prior appearance after the Supreme Court decision, in which he anticipated new tariffs after July under Section 301 authority once investigations conclude. Greer clarified that he had not prejudged outcomes. If investigations identify tariff barriers or unfair practices, options including tariffs, fees on services, or quotas could be presented to the president. He cited concerns over production overcapacity in China and other countries as a focus of the reviews.

Brennan asked about the level of detail in China’s Saturday statement confirming elements of the agreements. The statement did not reference a reported commitment for 750 Boeing aircraft or 400 to 450 GE aircraft engines. Greer stated that an initial order for 200 Boeing aircraft is confirmed, with potential for additional orders. He noted this would be China’s first major Boeing purchase in nearly a decade. A fact sheet detailing expected double-digit increases in aggregate agricultural purchases and other agreed items is expected to be released shortly.

Brennan cited a Wall Street Journal editorial board commentary questioning whether announced purchases represented new commitments or restatements of prior agreements, including soybean purchases. Greer said an existing October agreement requires China to purchase 25 million metric tons of soybeans annually for the remainder of the current presidential term. Additional agreements covering a broader range of agricultural products—beef, grains, dairy, and others—are expected to be announced with specific figures in the near term. These purchases would be facilitated through the new Board of Trade mechanism.

Brennan asked what concessions the United States had made to secure the agreements. Greer described the arrangements as efforts to achieve more balanced trade. He cited examples such as U.S. sales of aircraft and auto parts accompanied by Chinese purchases of spare parts to maintain fleet operations. He emphasized that discussions focus on mutually beneficial exchanges in non-sensitive sectors. Recent steps by China include re-registering U.S. beef facilities and resuming poultry imports, along with cooperation on biotechnology traits for genetically modified products.

Brennan observed that China continues to sell more to the United States than it buys, though the trade gap has narrowed by approximately 31.5 percent. Greer described the reduction as progress toward a central administration objective.

The interview concluded without a specific timetable for further energy price changes or final outcomes of the Section 301 investigations. Greer indicated additional details on agricultural purchase volumes and other elements would be provided once finalized.