Originally Posted by
Alfster
Trump showing his understanding of trade deals while being being laughed at by the Chinese.
It started when Trump was asked by a reporter how long “memorandums of understanding” being negotiated with China over trade disputes would last.
Trump shot back: “I don’t like MOUs because they don’t mean anything.”
Lighthizer calmly corrected the president, and turned to explain to reporters: “An MOU is a contract. It’s the way trade agreements are generally [established]. It’s an actual contract between the two parties. A memo of understanding is a binding agreement.”
He added: “It’s detailed, it covers everything. ... It’s a legal term; it’s a contract.”
“I disagree,” said a scowling Trump, causing top Chinese negotiator Vice Premier Liu He to laugh. “A memorandum of understanding is exactly that: It’s a memorandum of what our understanding is,” he said, circling his hands in the air. “How long will that take to put into a ... contract?”