Latest / The Ben Ferguson Podcast / Trump’s Triumphs w BIG Pharma & China Trade Deal

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Trump’s Triumphs w BIG Pharma & China Trade Deal · The Ben Ferguson Podcast

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  Speaker 1: Let's say, China, China, China, China, China, China, China, China, China, China, China.
• 0:08
  Speaker 1: You go over to China, China, China, China, China in China, China, China, China, China.
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  Speaker 2: You take China, China, China. I love China.
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  Speaker 3: You're listening to the forty seven Morning Update with Ben ferguson.
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  Speaker 4: Good Tuesday morning. Welcome. It is the forty seven Morning Update,
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  Speaker 4: and Mayo Maya's have been one heck of a week
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  Speaker 4: for President Trump. Not only has he secured a UK
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  Speaker 4: trade deal that's historic, but now a China trade deal,
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  Speaker 4: plus the release of an American hostage, a ceasefire with
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  Speaker 4: India and Pakistan, and a ceasefire with the Houthis. And
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  Speaker 4: now we will break down the other big deal as well.
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  Speaker 4: First up, a massive deal on prescription drug prices and
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  Speaker 4: what happened in the China trade deal that is affecting
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  Speaker 4: every American. It's the forty seven Morning Update and it
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  Speaker 4: starts right now.
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  Speaker 3: Story number one.
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  Speaker 4: Major victory number one for the American people, is going
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  Speaker 4: to have a massive impact on so many Americans that
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  Speaker 4: deal with high costs of prescription drugs. Here is what
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  Speaker 4: you need to know about what the President has done
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  Speaker 4: to lower the price of prescription drugs for all Americans.
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  Speaker 4: The announcement and the action put forth saying American patients
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  Speaker 4: will be first instead of the pharmaceutical companies by Donald
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  Speaker 4: Trump will have an impact for every American. Now, this
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  Speaker 4: should not be a conservative or liberal, or Republican or
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  Speaker 4: democratic issue, yet Democrats are angry about it. So let
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  Speaker 4: me tell you exactly how this is going to have
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  Speaker 4: an impact on you. First up, the President said that
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  Speaker 4: we are now going to have most Favored nation prescription
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  Speaker 4: drug pricing, saying we are going to pay the lowest
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  Speaker 4: price that there is in the world. Here's the President
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  Speaker 4: in his own words, but it's called.
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  Speaker 2: Most favored nation. We are going to pay the lowest
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  Speaker 2: price there is in the world. We will get whoever
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  Speaker 2: is paying the lowest price. That's the price that we're
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  Speaker 2: going to get. So remember that. So we're no longer
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  Speaker 2: paying ten times more than another country. Whoever is paying
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  Speaker 2: the lowest price. We will look at that price and
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  Speaker 2: we will say that's the price we're going to pay
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  Speaker 2: most favorite nations. That's what it is. One breast cancer
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  Speaker 2: drug costs Americans over sixteen thousand dollars per bottle, but
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  Speaker 2: the same drug from the same factory, manufactured by the
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  Speaker 2: same company is one sixth that price in Australia and
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  Speaker 2: one tenth that price in Sweden. One tenth for the
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  Speaker 2: identical product. A common asthma drug costs almost five hundred
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  Speaker 2: dollars here in America, but costs less than forty dollars
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  Speaker 2: in the United Kingdom. So forty dollars in the United Kingdom,
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  Speaker 2: which is where this gentleman told me he paid a
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  Speaker 2: small amount for his his shot. But think of that,
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  Speaker 2: So forty dollars versus five hundred dollars.
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  Speaker 4: Here, forty compared to five hundred dollars a difference between
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  Speaker 4: the US in the US. Now, let me explain more
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  Speaker 4: about this order. The order directs the US Trade Representative
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  Speaker 4: and the Secretary of Commerce to take action to ensure
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  Speaker 4: foreign countries are not engaged in practices that purposely and
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  Speaker 4: unfairly undercut market prices and drive price hikes in the
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  Speaker 4: United States. All what I'm giving you right now is
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  Speaker 4: coming directly from the White House, and want to make
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  Speaker 4: that very clear. Number two, the order instructs the Administration
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  Speaker 4: to communicate price targets to pharmaceutical manufacturers to establish that America,
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  Speaker 4: the largest purchaser and funder of prescription drugs in the world,
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  Speaker 4: gets the best price. The Secretary of Health and Human
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  Speaker 4: Services is going to establish a mechanism through which American
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  Speaker 4: patients can buy their drugs directly from manufacturers who sell
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  Speaker 4: to Americans at a quote most favored nation price, bypassing
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  Speaker 4: the middlemen, and finally for the White House, if drug
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  Speaker 4: manufacturers failed to offer most favored nation pricing. The order
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  Speaker 4: directs the Secretary of Health and Human Services to one
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  Speaker 4: propose rules and impose most favored nation pricing, and two
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  Speaker 4: take other aggressive measures to significantly reduce the costs of
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  Speaker 4: prescription drugs the American consumer, and most importantly in anti
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  Speaker 4: competitive practices. Why because the White House says it's about
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  Speaker 4: getting a better deal for Americans and President Trump once
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  Speaker 4: again taking action to keep pharmaceutical manufacturers from charging Americans
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  Speaker 4: high drug prices while giving steep discounts to other wealthy nations.
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  Speaker 4: That is something that doctor Oz talked about the White
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  Speaker 4: House with the President by his side, and here is
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  Speaker 4: what he said.
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  Speaker 5: That means that we are paying in America four times
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  Speaker 5: more than that drug costs in other countries again one
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  Speaker 5: hundred percents. The baseline's two hundred and eighty nine percent.
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  Speaker 5: Above that baseline, it goes all the way down to
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  Speaker 5: when we're paying fifty percent more than any other country.
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  Speaker 5: That's the range, as was pointed out by President around
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  Speaker 5: half the time, we're paying three times more than is
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  Speaker 5: paid in other countries. It doesn't make any sense for
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  Speaker 5: the system that stated President Trump is over and over
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  Speaker 5: again indicated, and Secretary Kennedy has reflected as well. We
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  Speaker 5: want innovation, We want our technology partners doing the best
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  Speaker 5: they can to make the best solutions for drugs to
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  Speaker 5: secure as many people in America and around the world
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  Speaker 5: as possible. By getting our allies to pay a bit
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  Speaker 5: more as they should be and they should have for
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  Speaker 5: many years been doing, will course correct a problem that's
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  Speaker 5: gotten out of hand. And by doing that in a thoughtful,
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  Speaker 5: effective way, we're going to be able to get the
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  Speaker 5: pharmaceutical industry hole. Those jobs will still be here, will
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  Speaker 5: still be productive, We'll still be curing cancer and a
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  Speaker 5: slew of other ailments that plague humanity. America will still
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  Speaker 5: be the leader in this space. But we're paying the
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  Speaker 5: appropriate amount, the right sized amount for those tasks.
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  Speaker 4: Now you may ask yourself this question, why is the
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  Speaker 4: president doing this? Well, it's all in the numbers. The
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  Speaker 4: United States has less than five percent of the world's population,
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  Speaker 4: yet funds roughly seventy five percent of global pharmaceutical profits.
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  Speaker 4: Here's the other thing you may not know. Drug manufacturers
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  Speaker 4: discount their products to gain access to foreign markets, and
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  Speaker 4: then subsidize those discounts through high prices charged in America.
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  Speaker 4: In essence, you are subsidizing drug manufacturer profits and foreign
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  Speaker 4: health systems are getting the big deal, despite drug manufacturers
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  Speaker 4: benefiting from generous research subsidies and enormous healthcare spending by
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  Speaker 4: the US government. On his first term, you may not
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  Speaker 4: know this, but President Trump took historic action to keep
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  Speaker 4: Medicare and seniors from paying more for drugs than economically
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  Speaker 4: comparable countries, which the Biden administration rescinded before it could
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  Speaker 4: even take effect. Why because they're owned by Big Pharma.
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  Speaker 4: Instead of fixing this problem, the Biden administration's greatest achievement
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  Speaker 4: was to negotiate prices that were on average seventy eight
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  Speaker 4: percent higher in an eleven comparable countries. As part of
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  Speaker 4: Biden's efforts, to quote beat Medicare in translation, the Democratic
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  Speaker 4: Party sold you out. The American two are suffering and
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  Speaker 4: desperately need pharmaceutical drugs, and they sold you out to
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  Speaker 4: the highest bidder, the lobbyist and the companies that came
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  Speaker 4: in and said this is what we need. The President
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  Speaker 4: making it clear this is never going to happen again
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  Speaker 4: in the US and as long as he is present,
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  Speaker 4: he is going to fight for innovation, fight for technology,
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  Speaker 4: and make sure that you are paying less than any
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  Speaker 4: other major nation in the world.
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  Speaker 3: Now, story number two.
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  Speaker 4: Now, the other big story of today is the fact
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  Speaker 4: that we now have a significant movement when it comes
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  Speaker 4: to the tariffs with China. The Trump white House has
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  Speaker 4: just posted a statement on the US and China's historic
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  Speaker 4: trade deal, putting it this way, American tariffs on China,
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  Speaker 4: we're at one hundred and forty five percent. Now they're
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  Speaker 4: at thirty percent. China's tariffs on America we're one hundred
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  Speaker 4: and twenty five percent now at ten percent. And Donald
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  Speaker 4: Trump was the one that made all of this possible.
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  Speaker 4: White House Press Secretary Caroline Levey saying it this way
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  Speaker 4: to Fox News.
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  Speaker 2: First off, your reaction and what could you tell US
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  Speaker 2: about the China deal that has tariffs dropping from one
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  Speaker 2: hundred and forty five one twenty five respectively.
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  Speaker 6: To thirty and ten. This is an extraordinary first step
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  Speaker 6: in the right direction, and thanks to the strength of
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  Speaker 6: President Trump, Secretary Besant and Ambassador Greer were able to
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  Speaker 6: cut this initial deal with China. China agreed to reduce
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  Speaker 6: their tariffs on the United States by one hundred and
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  Speaker 6: fifteen percent. They also agreed to continue having discussions about
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  Speaker 6: opening Chinese markets to American made products and goods. And
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  Speaker 6: they also agreed to continue seriously discussing the grave impact
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  Speaker 6: that Chinese produced fetanol is having right here in the
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  Speaker 6: United States and our people. So this is a great
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  Speaker 6: first step for the American public and Secretary best as
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  Speaker 6: Ambassador Greer, and of course President Trump will continue negotiations
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  Speaker 6: with China so we can hopefully inevitably get to a
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  Speaker 6: fair and comprehensive, big trade deal.
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  Speaker 4: Now, this is going to be a pause for ninety days,
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  Speaker 4: and I want you to hear exactly what the White
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  Speaker 4: House said to me earlier today. This is President Trump
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  Speaker 4: quote securing another historic deal today on the heels of
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  Speaker 4: the brand new deal with the United Kingdom, President Trump
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  Speaker 4: reached an agreement with China to reduce China's tariffs and
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  Speaker 4: eliminate retaliation, also retain a US baseline tariff on China,
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  Speaker 4: and set a path for future discussions to open market
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  Speaker 4: access for American exports. You just heard the White House
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  Speaker 4: say that on TV today. The United States issued the
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  Speaker 4: first joint statement on trade in many years with China
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  Speaker 4: after successfully negotiating over the weekend in Geneva, Switzerland. The
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  Speaker 4: White House says, quote, both parties affirm the importance of
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  Speaker 4: the critical bilateral economic and trade relationship between both countries
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  Speaker 4: and the global c of ME, saying this, for far
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  Speaker 4: too long, unfair trade practices and America's massive trade deficit
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  Speaker 4: with China have fueled the offshoring of American jobs and
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  Speaker 4: the decline of our manufacturing sector. In reaching an agreement,
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  Speaker 4: the White House says, the United States and China will
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  Speaker 4: each lower their tariffs by one hundred and fifteen percent,
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  Speaker 4: while retaining an additional ten percent tariff. Other US measures
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  Speaker 4: will remain in place. Both sides will take these actions
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  Speaker 4: by May fourteenth, of twenty twenty five. This trade deal
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  Speaker 4: is a win for the United States, demonstrating President Donald
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  Speaker 4: Trump's unparalleled expertise in securing deals that benefit the American people.
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  Speaker 4: Then the White House said this the Chinese action, saying quote,
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  Speaker 4: China will remove the retaliatory tariffs in announced since April
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  Speaker 4: the fourth, and will also suspend to remove the non
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  Speaker 4: tariff countermeasures taken against the United States since April the second.
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  Speaker 4: China will also suspend its initial thirty four percent tariff
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  Speaker 4: of the United States that it announced on April fourth
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  Speaker 4: for ninety days. It will remain at ten percent tariff
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  Speaker 4: during the period of the pause. And then they say
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  Speaker 4: under American action, the United States will remove the additional
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  Speaker 4: tariff it imposed on China on April eighth and April ninth,
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  Speaker 4: but will retain all duties imposed on China prior to
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  Speaker 4: April second, including Section three oh one tariffs, Section two
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  Speaker 4: thirty two tariffs, and tariffs imposed in response to the
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  Speaker 4: FETNYL National Emergency Invoke pursueant to the International Emergency Economic
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  Speaker 4: Powers Act, and also the most favored Nation's tariffs. They
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  Speaker 4: went on to say the United States will suspend their
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  Speaker 4: thirty four percent reciprocal tariff imposed on April second for
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  Speaker 4: ninety days and the ten percent tariff that will remain
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  Speaker 4: in place, is set for a fair baseline that encourages
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  Speaker 4: domestic production, strengthens our supply chains, and ensures that American
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  Speaker 4: trade policy support or its American workers first, instead of
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  Speaker 4: undermining them by imposing reciprocal tariffs. President Trump is ensuring
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  Speaker 4: our trade policy works for the American economy and addresses
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  Speaker 4: our national emergency brought on by our growing and persistent
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  Speaker 4: trade deficits, and levels the playing field for American workers
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  Speaker 4: and our producers. Unlike previous administrations, the White House said,
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  Speaker 4: President Trump took a tough, uncompromising stance on China to
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  Speaker 4: protect American interests and stop unfair trade practices. They also
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  Speaker 4: said this is working towards a rebalancing. When these changes
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  Speaker 4: come into effect, the White House says both nations agree
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  Speaker 4: to establish a mechanism to continue important discussions about trade economics.
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  Speaker 4: The US goods trade deficit with China was two hundred
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  Speaker 4: ninety four billion in twenty twenty four, the largest with
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  Speaker 4: any trade partner, and today's agreement works towards addressing these
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  Speaker 4: imbalances to deliver real, lasting benefits to American workers, American farmers,
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  Speaker 4: and American businesses. The White House saying this Finally, as
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  Speaker 4: our nations continue these discussions. China will be represented by
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  Speaker 4: he Lafing, the Vice Premier of the State Council. The
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  Speaker 4: United States will be represented by Scott Descent, the Secretary
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  Speaker 4: of Treasury, and Jasmine Greer, United States Trade Representative. They
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  Speaker 4: also said addressing the fetanyl crisis is the most important
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  Speaker 4: matter as well as the United States and China will
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  Speaker 4: take aggressive action to stem the flow of fetanyl and
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  Speaker 4: other precursors from China to elicit drug production in North America.
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  Speaker 4: If you look at what the President has been able
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  Speaker 4: to do in just the last couple of days, here
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  Speaker 4: it is, in just seven days, President Trump has secured
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  Speaker 4: a historic UK trade deal, a massive China trade deal,
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  Speaker 4: the release of an American hostage, the ceasefire with Indian Pakistan,
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  Speaker 4: the ceasefire with the Houthis And this is exactly what
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  Speaker 4: so many Americans voted for, and Donald Trump paying off
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  Speaker 4: on his promised to put Americans first and protecting all
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  Speaker 4: of us.
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  Speaker 3: Thank you for listening to the forty seven Morning Update
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  Speaker 3: with Ben Ferguson. Please make sure you hit subscribe wherever
• 14:16
  Speaker 3: you're listening to this podcast right now and for more
• 14:19
  Speaker 3: in depth news also subscribe to the Ben Ferguson podcast,
• 14:23
  Speaker 3: and we will see you back here tomorrow