P2JW324000-0-R00100-1--------XA JOURNAL REPORT © 2017Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, November 20, 2017|R1 BETSY DEVOS MIKE PENCE ‘We still ‘By eliminating fundamentally the mandate, we operate on a will enact tax relief for model that was working families.’ brought to us 150 years ago by the Prussians.’ THE BUSINESS At the annual gathering of The Wall Street Journal’s CEO Council, top executives heard from the AGENDA, administration about what it has accomplished—and the prospects ONE YEAR IN for more change in the near future GARY COHN AMY ‘We need to KLOBUCHAR make our ‘My issue with this businesses reform bill is the debt more piece, the $1.5 competitive.’ trillion.’ STEVEN MNUCHIN WILBUR ROSS ‘This is about ‘J ob creation is middle- the real purpose income tax of reducing the cuts and trade deficit.’ making our business taxes competitive.’ MITCH KEVIN McCONNELL HASSETT ‘This is not ‘We’re going your father’s into next Democratic Party. year with a There are very significant few moderate amount of Democrats left.’ momentum.’ JOURNAL REET ST LL WA THE R FO MORSE UL PA INSIDE MikePence on taxreform, trade Mitch McConnell on taxes, Anne Case and Angus Deaton LawrenceSummers seesdangers JayWalkerimaginesalie-detect- and the president’s leadership bipartisanship and divisions in the discussthe direstate of white, in the Tr ump administration’s ing app at the intersection of qualities, R2 Republican Party, R6 working-classAmericans, R12 approach to trade, R14 biology and business, R9 Steven Mnuchin says with reform AmyKlobuchar and Mark Kevin Hassett tells howthe U.S. PLUS JerryKaplan on the effects of the corporatetax rate isn’tgoing Warner layout the Democrats’ canget to sustained 3% GDP John Ford on howwho is benefit- artificial intelligenceonsociety above 20%, R4 vision of taxreform, R8 growth, R12 ting mostfrominnovation, R6 and labor, R11 Wilbur Ross explains whythe GaryCohn on the GOP taxplan’s Betsy DeVos says the education John Ferriola on the Tr ump Chris Liddell says the White administration prefersbilateral impactonproductivityand the systemneeds to turn around and administration’sengagement with House will listentobusinesses trade deals, R4 housing market, R11 look forward, R13 manufacturers, R8 of all kinds, R13 P2JW324000-0-R00200-1--------XA R2 | Monday, November 20, 2017 THE WALL STREET JOURNAL. JOURNAL REPORT | CEO COUNCIL The Vice President on Ta xesand Trade Mike Pence says the administration thinks they have the votes for tax reform—and offers a defense of the president’s leadership qualities The Trump administration U.S. But let me pose the prob- is one of the most pro-business lem that some people see with JOURNAL in recent memory. What do its that approach, which is that REET agendas mean for companies? by leaving the multilateral ST LL Vice President Mike Pence arena, you’re creating avac- WA spoke on the state of the na- uum, in Asia in particular, that THE tion, and then discussed a China will step in and fill. Is R range of issues with The Wall that a concern to you? FO Street Journal’s executive MR. PENCE: President Trump Washington editor, Gerald F. believes in free and fair trade, MORSE UL Seib. Here are edited excerpts. but that multilateral deals re- PA sult in the United Stateslosing MIKE PENCE | ‘We believe that we’ve isolated North Korea economically and diplomatically in ways that have never occurred.’ Where we are leverage. He believes we’ll be MR. PENCE: Thepresident is able to advancethe interests gotaway to go to make the candidate like your response, winginghis way back from a of our countryand the coun- sale about acombination of a BiggestWorries but he wanted to inviteyou to journey across the Asia Pa- tries we’re trading with more corporate tax cut and an indi- Percentage of CEOs in the U.S. who saytheyare extremely concerned spend Fourth of July weekend cific.Hehas been about the effectively with arm’s-length vidual cut. Can you do that? about these threats to their organization's growth prospects with him, and bring your business of restoring Ameri- relationships. MR. PENCE: Ithink we can. I whole family.And his family’s canleadership on the world traveled around the country, Overregulation 56% going to be there.” We arrived stage. He joined President Xi MR. SEIB: When the other 11 meeting with businesses large on aFridaynight. We went to in China to announceagree- countries in the Trans-Pacific and small, and people getit. Cyberthreats 50% the clubhouse.Mywifeand mentsthat will benefit the Partnership say, “We’re mov- They understand what a bar- my daughter were with me. Increasing tax burden 41% American economy. ing on,” is that atrain leaving rier our tax code has been to Dave’s been running Bed- President Trump earlier with us left behind? growth and to jobs.But we Uncertain economic growth 38% minster sincethe president this year made the decision to MR. PENCE: We don’t think so. need businessleadersinthis bought it anumber of years withdraw from the Trans-Pa- This is the most powerful country to tell that story too. Geopolitical uncertainty 34% Source:PricewaterhouseCoopers ago. He walked over to the ta- cific Partnership.Americawill economy in the history of the survey of 114CEOsinthe U.S. as ble and he said to me, “I just Speed of technological change part of the 2017 Global CEO pursue bilateral trade agree- world. We’reinthe midst of MR. SEIB: Are you going to 32% Survey,conducted from wanted to check and make ments. We expect that markets renegotiating the North Amer- have 52 Senate votesgoing September to November 2016. sureeverything’sOK, and you Protectionism 27% will be open to an equal de- ican Free Trade Agreement. forward, or is this problem in THE WALL STREETJOURNAL. guys have what youneed.” I gree on both sides. Thepresident is very passion- Alabama going to cost you one said, “Oh, it’s wonderful.” America’seconomy, and ateabout this,that the United of those? cally and diplomatically in do you put up with all the Dave said, “You knowhow confidenceinAmerica, is re- Stateshas not pressed our in- MR. PENCE: We believewe’ll waysthat have never occurred chaos and periodic silliness?” he is.He’scalled acouple of bounding.Businesses from the terestsenough in recent years. have the votes. We believe before. China’staken action MR. PENCE: Icouldn’t be more timesfromthe cartomake outset of this administration I have heard it many times that we’remaking steady that they’venever takenbe- proud to be vicepresident for sure everything is squared have created 1.5million new in private, but the president progress in the United States fore. We believe they need to Donald Trump. The American away.” jobs. The stock market is set- has said it very much in public Senateand in the House of do more. Other countries in people electedthe right man Thereweretwo thingsin ting newrecords.The econ- this week,“Well, Idon’t blame Representatives and that we’ll the region need to do more. at the right time. that moment that I’veseen ev- omyhas grownbyatleast 3 China forabad trade deal.” He have the votes. But we’re tak- President Trump is abso- When we gotthe call about ery single day with President percentagepointsfor the past blamed the policymakersin ing nothing for granted. lutely committedtoachieve being considered for this job, Donald Trump.Number one is, two quarters. Beforethe end the United Stateswho have al- what is theconsensus objec- I’donly met the president he has high standards.Things of this year,we’regoing to cut lowed that kind of a relation- Dealing with Korea tive of the world community, twice. We said we were hon- have to be right. I’vespoken taxesfor working families and ship to evolve. MR. SEIB: Is there an opening andthat is that North Korea ored, but never expected we to the president everyday businesses. So Ithink the honesty of for diplomacy to solve the would abandon itsnuclear and would be asked. during this trip, with few ex- Letmealso saythat the that kind of dialogue,the North Korea nuclear problem? ballisticmissiles program. And Isaid, “There’stwo things ceptions,and everyday he’s president and Iwelcome word strength of the American MR. PENCE: President Trump that we would have anuclear- I’dwant to know. Number one, talked to me about taxcuts. that the Senate Finance Com- economy, putsusinaposition made very clear what our pol- free Korean Peninsula. I’dliketoknowthe job de- He’s totally focused. mittee will include the repeal to movetoward what the pres- icy is. First and foremost, the scription.” Because there’s Theother thing Isaw was of theindividual mandateof ident envisions,bilateral win- eraofstrategic patienceis MR. SEIB: We earlier today only one person that writes it. another quality of leadership, Obamacare. By eliminating the win trade relationships. over.We’reabsolutely com- canvassedthis group and Thesecond thing Isaid is, because when Dave said to me, mandate, we will enact taxre- mittedtoresolving this issue. asked them for questions that “We’dneed to knowthem as a “He’sgoing to want to make lief for working families. MR. SEIB: Let me turn to your All options areonthe table, I might pose to you. One per- family.” Isaid, “Now, Iknow surethingsare right,” he said sales pitch on the tax bill. We but we continue to hope and sonsaid, “I voted for Trump none of that’s possible.” This it with asmile.There’stwo The trade issue did anational poll in which we continue to work to resolve 12 months ago. Iwould vote waslateJune.Isaid we great qualities of leaders. Vi- MR. SEIB: In his work in Asia, only 16%said they favored this issue peaceably,bybring- forhim today.