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CNBC Exclusive: CNBC’s John Harwood Speaks One-on-One with House Minority Leader Nancy Pelosi Today

WHEN: TODAY, TUESDAY, JUNE 16TH

WHERE: CNBC'S "POWER LUNCH"

Following is the unofficial transcript of a CNBC EXCLUSIVE with House Minority Leader Nancy Pelosi today on CNBC's "Power Lunch." Following is a link to the video of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000389142.

Harwood spoke with House Minority Leader Pelosi this afternoon for an upcoming episode of his CNBC Digital original video series - Speakeasy with John Harwood (http://www.cnbc.com/speakeasy). Harwood posted a preview story of this conversation - 10 questions with Nancy Pelosi on trade, opposing the president­today on CNBC.com. The complete Speakeasy featuring Nancy Pelosi will be published on Wednesday, July 1 only on CNBC.com.

All references must be sourced to CNBC.

BRIAN SULLIVAN: HOUSE MINORITY LEADER NANCY PELOSI CAME OUT AGAINST THE TRADE PROMOTION AUTHORITY BILL JUST DAYS BEFORE FRIDAYS KEY VOTE. THE BILL WAS EASILY DEFEATED AND NOW THE PRESIDENT AND REPUBLICAN SUPPORTERS OF THE MEASURE ARE SCRAMBLING TO FIND PLAN "B." JOHN HARWOOD ASKED NANCY PELOSI ABOUT THAT IN AN EXCLUSIVE INTERVIEW AND HE JOINS US LIVE FROM WASHINGTON. JOHN.

JOHN HARWOOD: BRIAN I SAT DOWN A FEW MINUTES AGO WITH DEMOCRATIC LEADER PELOSI TO TALK ABOUT THAT STUNNING SETBACK FOR THE PRESIDENT'S TRADE AGENDA AT THE HANDS OF HIS OWN PARTY. SHE WOULDN'T SAY WHAT SHE HAD TOLD THE PRESIDENT IMMEDIATELY BEFORE OR SINCE THAT VOTE, BUT SHE DID ADDRESS CHARGES THAT SHE HAD BETRAYED HER PRESIDENT.

JOHN HARWOOD: ONE OF THE HEADLINES SAID PELOSI KNIFES OBAMA.

NANCY PELOSI: THAT'S NOT FAIR. THAT'S JUST NOT FAIR. I'VE NOT BEEN A BIG SUPPORTER OF FAST TRACK. I DON'T THINK IT'S EVEN NECESSARY. IT'S A CONVENIENCE FOR THE ADMINISTRATION. IT'S AN ADVANTAGE FOR THE BUSINESS COMMUNITY, BUT IT'S A HARDSHIP FOR WORKERS BECAUSE THERE JUST -- IT JUST ISN'T FAIR. THIS HAS REACHED LIKE A TIPPING POINT. I WROTE TODAY IN THE "USA TODAY" WE NEED A NEW PARADIGM. WE HAVE CONFERENCES ON THIS, THAT AND THE OTHER, THE G-7, THE G-8, THE G-20, THE GEE WHIZ. WHY ARE THEY NOT TALKING ABOUT HOW WE CAN HAVE FAIR TRADE THAT LIFTS EVERYONE UP INSTEAD OF TRICKLE-DOWN TRADE THAT ADVANTAGES MANY, SOME AND IS QUESTIONABLE IN TERMS OF ITS ADVANTAGE TO SOME. I JUST DON'T THINK THAT THIS APPROACH WHERE THERE'S SOME APPROACH WE CAN UP OR DOWN THE VOTE, THAT'S OKAY. THAT PART IS OKAY, BUT DON'T ASK US TO UP OR DOWN THE VOTE ON FAST TRACK. THAT WAS TOO MUCH.

HARWOOD: BUT IF YOU STOOD ON THE FLOOR ON FRIDAY AND SAID I TRUST THE PRESIDENT TO NEGOTIATE THE BEST POSSIBLE DEAL FOR AMERICAN WORKERS VOTE FOR TRADE ADJUSTMENT ASSISTANCE, WOULDN'T IT HAVE PASSED?

PELOSI: I DON'T THINK SO. I MEAN I HAD TO SAY WHAT I BELIEVED, AND I SAID TO MEMBERS ALL ALONG DO WHAT YOU BELIEVE.

HARWOOD: BUT YOU DON'T TRUST HIM IN HIS ASSERTION THAT THIS DEAL IS GOOD FOR MIDDLE CLASS ECONOMICS?

PELOSI: LET ME JUST SAY THIS. I CERTAINLY TRUST THE PRESIDENT, AND I THINK ALL OF OUR MEMBERS TRUST THE PRESIDENT. WE DISAGREE WITH THE PRESIDENT ON THAT BECAUSE THIS TPP HAS NOT EVEN BEEN COMPLETED IN TERMS OF IT, AND PEOPLE CAN RESERVE THE RIGHT TO TAKE A LOOK AT THAT WHEN WE SEE THAT AND MAKE A JUDGMENT.

HARWOOD: WHAT WE'RE GOING THROUGH NOW WOULDN'T ALLOW IT TO BE COMPLETE.

PELOSI: IT CAN BE COMPLETED WITHOUT IT. I HAVE GREAT CONFIDENCE IN THE ABILITY OF OUR COUNTRY TO NEGOTIATE, AND IF THESE COUNTRIES WANT TO BE INVOLVED.

HARWOOD: ARE YOU CONCERNED THAT BLOCKING THE PRESIDENT ON THIS FRONT WEAKENS HIM AND COULD WEAKEN U.S. LEADERSHIP IN THE WORLD?

PELOSI: NO. WHAT YOU SAW ON THE FLOOR ON FRIDAY WAS AN EXPRESSION OF CONCERN OF THE AMERICAN PEOPLE. WE ARE REPRESENTATIVES. THAT IS OUR TITLE AND THAT IS OUR JOB DESCRIPTION.

HARWOOD: NOW THE SIGNIFICANCE OF WHAT THE LEADER SAID WAS SHE DOESN'T THINK THAT FAST TRACK IS EVEN NECESSARY TO COMPLETE THE DEAL. THAT MEANS THAT IF WE'RE GOING TO HAVE A TPA, TRADE PROMOTION AUTHORITY PASS THE CONGRESS, IT MAY HAVE TO HAPPEN WITHOUT ASSISTANCE FROM DEMOCRATS WHICH IS WHAT BLOCKED IT LAST FRIDAY, AND BY THE WAY, IF ANYBODY IS WONDERING WHY NANCY PELOSI WAS EATING WHILE I WAS ASKING HER A QUESTION IT WAS BECAUSE WE SAT DOWN FOR ONE OF OUR SPEAKEASY INTERVIEWS OVER ICE CREAM. I WAS EATING IT AS WELL, AND YOU COULD SEE THE REST OF THAT WHEN WE RELEASE THAT IN A FEW DAYS TIME.

AMANDA DRURY: QUICK QUESTION, PICKING UP ON SOMETHING THAT SHE SAID THEN, JOHN, WHEN SHE WAS SAYING YOU KNOW THE INTENSE DEBATE OVER THE PAST FEW WEEKS MAKES HER CONVINCED THAT WE NEED A NEW PARADIGM, A NEW MODEL FOR TRADE AGREEMENTS AND SHE HAD ALL THESE LOFTY IDEAS OF LIFTING EVERYBODY UP, LIFTING UP THE WORKER, BUT WHAT WOULD A NEW MODEL FOR TRADE AGREEMENTS ACTUALLY LOOK LIKE?

HARWOOD: WELL, YOU KNOW, THE PRESIDENT SAYS THAT THE AGREEMENT THAT HE'S NEGOTIATING NOW IS A NEW PARADIGM, THAT IS TO SAY IT IS A PROGRESSIVE TRADE DEAL THAT HE SAID WILL LIFT UP AVERAGE WORKERS AND WHAT LEADER PELOSI SAID, WAS WELL, EVEN IF IT'S BETTER THAN THE STATUS QUO IT MAY NOT BE AS GOOD AS WE CAN GET SO THAT'S A PRETTY HIGH STANDARD TO SET AND, OF COURSE, BOTH DEMOCRATIC -- RECENT DEMOCRATIC PRESIDENTS, BILL CLINTON AND BARACK OBAMA HAVE BOTH BELIEVED IN THE PROCESS OF TRADE EXPANSION HAVE BOTH PUSHED IT. OVER OPPOSITION FROM THE LEFT AND THE QUESTION NOW IS WHETHER PRESIDENT OBAMA, WITH HELP FROM THE REPUBLICAN LEADERSHIP IN CONGRESS, CAN OVERCOME THAT OPPOSITION ON BEHALF OF THE TRADE AGREEMENT AND, OF COURSE, THE BUSINESS COMMUNITY IS HIGHLY INTERESTED IN GETTING THAT DONE.

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