Ronald Reagan actually said...

This recovery, the greatest one we've known in decades, has been done with this same trade imbalance.

That's the lesson of the Smoot-Hawley tariff in 1930, which helped to trigger a worldwide trade war.

We're going to try to get into real discussions that we would hope could lead to a change in the relationship between the two countries.

I think it's high time that we talk to each other.