Latest / The Ben Ferguson Podcast / China Strikes Back on Tariffs plus How Trump's Tariffs Are Shaping the Future

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China Strikes Back on Tariffs plus How Trump's Tariffs Are Shaping the Future · The Ben Ferguson Podcast

• 0:01
  Speaker 1: China fighting back, imposing a thirty four percent tariff on
• 0:06
  Speaker 1: all US imports. The announcement coming on Friday morning that
• 0:11
  Speaker 1: they imposed that thirty four percent tariff on all US
• 0:14
  Speaker 1: goods in retaliation for President Donald Trump's Liberation Day tariffs
• 0:19
  Speaker 1: on Wednesday. The Chinese tariff hike is scheduled to take
• 0:23
  Speaker 1: effect on April tenth. The Chinese government said it had
• 0:26
  Speaker 1: filed the lawsuit with the World Trade Organization the WTO,
• 0:30
  Speaker 1: also over the Trump tariffs, saying, quote, the United States
• 0:34
  Speaker 1: imposition of so called reciprocal tariffs seriously violates WTO rules,
• 0:40
  Speaker 1: seriously damages the legitimate rights and interests of WTO members,
• 0:44
  Speaker 1: and seriously undermines the rules based multilateral trading system and
• 0:50
  Speaker 1: international economic and trade order, the Chinese Commerce Ministry said
• 0:55
  Speaker 1: in a statement announcing their retaliatory tariffs.
• 0:59
  Speaker 2: Now.
• 0:59
  Speaker 1: China obviously imposed a fifteen percent tariff on coal and
• 1:03
  Speaker 1: liquefied natural gas from the United States of America, as
• 1:06
  Speaker 1: well as a ten percent tariff on crude oil, agricultural machinery,
• 1:11
  Speaker 1: and certain motor vehicles as part of the escalating trade
• 1:14
  Speaker 1: war with the United States. The retaliatory actions on Friday
• 1:19
  Speaker 1: morning also included more export controls on rare earth materials,
• 1:24
  Speaker 1: which are vital to manufacturing products such as computer chips
• 1:28
  Speaker 1: and electric vehicles. The ev batteries are something that China
• 1:34
  Speaker 1: has a major impact on worldwide and in America. Also, more
• 1:38
  Speaker 1: US firms added to a list of companies under the
• 1:42
  Speaker 1: trade sanctions for exporting quote dual use products within military
• 1:48
  Speaker 1: applications that also in this retaliatory tariff. China on Friday
• 1:54
  Speaker 1: also halted poultry imports from two American companies. They claimed,
• 2:01
  Speaker 1: and this is not a joke, it was because of
• 2:04
  Speaker 1: quote banded drugs were detected in the chicken products that
• 2:08
  Speaker 1: they shipped to China. Pretty rich for a country that
• 2:12
  Speaker 1: created the well Luhan Corona virus.
• 2:16
  Speaker 3: Of course, this is all I in retaliatory. I'm sure.
• 2:20
  Speaker 1: China's Customs Administration also issued a separate statement it will
• 2:25
  Speaker 1: suspend imports of poultry meat and bone meal animal feed
• 2:30
  Speaker 1: from Mountain Air Farms of Delaware and three other American companies.
• 2:35
  Speaker 1: President Trump dismissed China's retaliatory actions, saying Beijing played it
• 2:40
  Speaker 1: wrong and panicked. After his tariffs were announced, Trump said
• 2:45
  Speaker 1: panicking was the one thing that they cannot afford to do. Now,
• 2:49
  Speaker 1: it's not all doom and gloom, but many in the
• 2:52
  Speaker 1: media are doing everything he can to try to use
• 2:54
  Speaker 1: this to tank Donald Trump. So what is the real
• 2:57
  Speaker 1: impact of a stock market that is obviously having a
• 3:00
  Speaker 1: significant change if you're looking at it, Yes, there is
• 3:04
  Speaker 1: quote panic from some others. However, are seeing a huge
• 3:08
  Speaker 1: opportunity to buy stocks at a major discount, so when
• 3:12
  Speaker 1: the market rebounds, it will be huge gains.
• 3:16
  Speaker 3: Charles Pain at Fox.
• 3:17
  Speaker 1: Business put it this way about what all this means interesting.
• 3:22
  Speaker 4: Aspect of the stock market's reaction to quote unquote uncertainty.
• 3:26
  Speaker 4: When we approach a crosswalk, you know, particularly let's say
• 3:30
  Speaker 4: a woman out street, a street without traffic lights, there's
• 3:33
  Speaker 4: always additional risk, right then if there's heavy traffic, there's
• 3:35
  Speaker 4: even more risk, and then if it's rush hour, there's
• 3:38
  Speaker 4: even more risk.
• 3:39
  Speaker 3: All of that adds up.
• 3:40
  Speaker 4: To significant uncertainty, and in some cases we find an
• 3:43
  Speaker 4: alternative route. Of course, the stock markets the opposite, right,
• 3:45
  Speaker 4: The hints of this market are kennon to running into
• 3:48
  Speaker 4: that traffic head on during the height of rush hour.
• 3:50
  Speaker 4: In other words, folks, the market is acting with a
• 3:53
  Speaker 4: certainty that the corporate bottom lines are going to be slimmed.
• 3:57
  Speaker 4: So the question is for investors, at what point is
• 4:00
  Speaker 4: the damage so excessive that even though it doesn't feel
• 4:02
  Speaker 4: like the coast is clear, maybe it will be.
• 4:04
  Speaker 5: Now.
• 4:05
  Speaker 4: A lot of this comes down in the hopes that
• 4:06
  Speaker 4: with President Trump, maybe as far as that Trump put
• 4:10
  Speaker 4: that starting in the fad here, because well, listen, this
• 4:13
  Speaker 4: is just one of the posts from today. He remains
• 4:14
  Speaker 4: step fast. He says, ignore the markets. The boom will
• 4:17
  Speaker 4: come later. And a lot of sophisticated investors believe that
• 4:20
  Speaker 4: because it's worked over two hundred years, it's happened, But
• 4:23
  Speaker 4: in the midst of it, it does not feel that well.
• 4:25
  Speaker 1: Now, Charles Pain isn't the only one saying that, Hey,
• 4:28
  Speaker 1: relaxed for a moment, and this is going to be
• 4:31
  Speaker 1: short term pain with major American goals of success, especially
• 4:36
  Speaker 1: for American workers down the road. Even the Fed chairman
• 4:41
  Speaker 1: was asked today about the economy, and what did he
• 4:44
  Speaker 1: say after some record job numbers came in.
• 4:47
  Speaker 3: Here is his own words.
• 4:49
  Speaker 6: The economy is still in a good place. The incoming
• 4:52
  Speaker 6: data show solid growth, a labor market in balance, and
• 4:56
  Speaker 6: inflation running much closer to but still above our two objective.
• 5:02
  Speaker 6: After a couple of years of solid growth, many forecasters
• 5:05
  Speaker 6: have anticipated somewhat slower growth this year. The initial reading
• 5:09
  Speaker 6: for first quarter GDP will be released later this month.
• 5:13
  Speaker 6: The limited hard data are consistent, though with a slower
• 5:16
  Speaker 6: but still solid growth outlook. At the same time, surveys
• 5:20
  Speaker 6: of households and businesses report dimming expectations and higher uncertainty
• 5:25
  Speaker 6: about the outlook. Survey respondents point to the effects of
• 5:29
  Speaker 6: the new federal policies, especially related to trade. We are
• 5:33
  Speaker 6: closely watching this tension between the hard and the soft data.
• 5:37
  Speaker 6: As the new policies and their likely economic effects become clearer,
• 5:41
  Speaker 6: we will have a better sense of their implications for
• 5:43
  Speaker 6: the economy and for monetary policy. Looking across many indicators,
• 5:49
  Speaker 6: the labor market appears to be broadly in balanced and
• 5:52
  Speaker 6: not a significant source of inflationary pressure. This morning's jobs
• 5:56
  Speaker 6: report showed the unemployment rate at four point two percent
• 5:59
  Speaker 6: in March, still in the low range where it is
• 6:02
  Speaker 6: held since early last year. Over the first quarters a quarter,
• 6:06
  Speaker 6: payrolls grew by an average of one hundred and fifty
• 6:08
  Speaker 6: thousand jobs per month. The combination of low layoffs, moderating
• 6:13
  Speaker 6: job growth and slowing labor force growth has kept the
• 6:17
  Speaker 6: unemployment rate broadly stable. Turning to the other leg of
• 6:21
  Speaker 6: our dual mandate, inflation has declined sharply from its pandemic
• 6:25
  Speaker 6: highs of mid twenty twenty two. It is done so
• 6:29
  Speaker 6: without the kind of painful rise in unemployment that has
• 6:33
  Speaker 6: often accompanied periods of tight monetary policy that are needed
• 6:36
  Speaker 6: to reduce inflation. More recently, progress toward our two percent
• 6:40
  Speaker 6: inflation objective has slowed. Total PCEE prices rose two point
• 6:45
  Speaker 6: five percent over the twelve months ending in February. Core
• 6:49
  Speaker 6: PCE prices, which exclude the volatile food and energy categories,
• 6:53
  Speaker 6: rose two point eight percent.
• 6:55
  Speaker 1: So even the Fed Chairman Powe is saying, hey, our
• 6:58
  Speaker 1: economy is good, Our economy can handle this. With the
• 7:01
  Speaker 1: President's doing right now is something that is long overdue.
• 7:05
  Speaker 1: And yes, there are some short term hiccups here. And
• 7:08
  Speaker 1: this is where you have to trust the President of
• 7:10
  Speaker 1: United States of America. Now let's be very clear. Also,
• 7:14
  Speaker 1: the Democrats, I've gone all in to attack Donald Trump.
• 7:18
  Speaker 1: I'll give you a great example of this. On MSNBC,
• 7:21
  Speaker 1: the San Antonio mayor, on Trump's tariffs, said that America
• 7:25
  Speaker 1: will pay the brunt of the trade war that the
• 7:28
  Speaker 1: President is doing right now, and you should all be terrified.
• 7:33
  Speaker 3: Fifty past the hour.
• 7:34
  Speaker 2: Despite a promise to lower prices for struggling Americans, President
• 7:37
  Speaker 2: Trump's terrorists, as of right now, are expected to increase
• 7:39
  Speaker 2: the cost of everything from cars, tools, clothes, groceries, and
• 7:44
  Speaker 2: so many other things. Americans are already feeling the impact,
• 7:48
  Speaker 2: especially in cities where the local economies are defined by
• 7:51
  Speaker 2: international trade. According to one big city mayor, San Antonio's
• 7:55
  Speaker 2: mayor Ron Narrenberg, quote, international trade helped lift thousands of
• 8:00
  Speaker 2: San Antonio families into the middle class as our city
• 8:02
  Speaker 2: became the economic gateway to Mexico. Mayor Nierrenburg is with
• 8:07
  Speaker 2: us this afternoon. It's good to see Maeric. Thank you
• 8:09
  Speaker 2: for your time. I know that your city is the
• 8:12
  Speaker 2: seventh most populous city in the US. What are your
• 8:16
  Speaker 2: biggest concerns going forward?
• 8:18
  Speaker 7: Well, my biggest concern going forward, Hose, is that at
• 8:21
  Speaker 7: the worst possible time, American families are going to be
• 8:25
  Speaker 7: the ones to pay for the brunt of this trade war.
• 8:27
  Speaker 7: We know that tariffs are our job killers and their
• 8:31
  Speaker 7: price increases for local consumers. And we know that you
• 8:35
  Speaker 7: know as a result of inflation that's occurred post pandemic.
• 8:39
  Speaker 7: American workers are already are already struggling at the grocery
• 8:42
  Speaker 7: aisle and everywhere else. We are fighting to continue the
• 8:46
  Speaker 7: economic recovery that it began a few years ago in
• 8:50
  Speaker 7: the soft landing that we achieved, and this is going
• 8:52
  Speaker 7: to send us back in reverse.
• 8:54
  Speaker 1: So if you want to know who's rooting against the
• 8:56
  Speaker 1: American economy, just watch TV, MSNBE, CNN.
• 9:00
  Speaker 3: They're all over this.
• 9:01
  Speaker 1: It's telling you Donald Trump is ruining your life. In reality,
• 9:06
  Speaker 1: it is going to take some time before we see
• 9:09
  Speaker 1: major changes come. And the President knew this from the
• 9:13
  Speaker 1: very beginning. This is also something he's been talking about
• 9:16
  Speaker 1: and campaigned on that America was being taken advantage of,
• 9:20
  Speaker 1: and that's exactly why he's clearly saying we're gonna stay
• 9:24
  Speaker 1: the course.
• 9:25
  Speaker 3: We also know now.
• 9:26
  Speaker 1: That Vietnam has any emergency delegation in the US and
• 9:30
  Speaker 1: is already working with the White House as we speak
• 9:33
  Speaker 1: to get a deal done to lower the tariffs on
• 9:36
  Speaker 1: both sides.
• 9:37
  Speaker 3: So if you think it's all doom and gloom, it's not.
• 9:39
  Speaker 1: There are many people that are in other countries right
• 9:42
  Speaker 1: now that are already talking with the Trump administration to
• 9:46
  Speaker 1: get a better deal, and that better deal was for
• 9:48
  Speaker 1: all Americans, our workers, and our manufacturing. All right, So
• 9:53
  Speaker 1: let's talk real quick about what's actually happening in America
• 9:58
  Speaker 1: and the the purpose of these retaliatory tariffs or reciprocal tariffs,
• 10:04
  Speaker 1: however you want to describe it was to put American
• 10:07
  Speaker 1: workers first.
• 10:09
  Speaker 3: Is that going to happen?
• 10:10
  Speaker 1: Ford Motor Company was asked that exact question their CEO
• 10:15
  Speaker 1: on Fox Business with Stuart Varney, and I want you
• 10:18
  Speaker 1: to hear what the Ford CEO said, after Donald Trump's
• 10:21
  Speaker 1: twenty five percent tariffs on auto imports is in effect.
• 10:25
  Speaker 1: Listen carefully, Andrew, can you make can full produce a
• 10:30
  Speaker 1: car one hundred made in the United States?
• 10:35
  Speaker 8: Wellow, Stuart, thanks for having me. I really appreciate it.
• 10:38
  Speaker 8: You know, Ford is a number America's number one auto manufacturer,
• 10:41
  Speaker 8: and we assemble more US vehicles and we employ more
• 10:45
  Speaker 8: US hourly autoworkers than any other OEM. And we want
• 10:48
  Speaker 8: to do more, not less, here in the US.
• 10:51
  Speaker 6: Uh.
• 10:51
  Speaker 8: You know, eighty percent of what we sell in the
• 10:53
  Speaker 8: US is assembled right here in the United States. And
• 10:56
  Speaker 8: it would be helpful to have certain parts here in
• 10:58
  Speaker 8: the US, and the White House gets that's that.
• 11:00
  Speaker 4: So, yeah, how long would it take for you to
• 11:03
  Speaker 4: be able to make all the pots in the United States?
• 11:07
  Speaker 8: Well, like I said, we already assemble eighty percent of
• 11:09
  Speaker 8: our vehicles right here in the US, including the UP
• 11:12
  Speaker 8: one fifty which is actually rolling down the assembly line
• 11:15
  Speaker 8: right behind me here at Dearborn Truck. So relatively speaking,
• 11:18
  Speaker 8: we're in a good position. But we're in a complex
• 11:20
  Speaker 8: industry relying on a lot of different suppliers, and we
• 11:24
  Speaker 8: need to ensure that we have the right supply chain
• 11:26
  Speaker 8: ecosystem in place here in the US to do so.
• 11:30
  Speaker 8: And we're working with the administration to get clarity on
• 11:32
  Speaker 8: parts to grow jobs here in the US for us
• 11:34
  Speaker 8: to be able to do that.
• 11:35
  Speaker 1: You listen to what the president there CEO of Ford
• 11:38
  Speaker 1: is saying, and he's like, we're ready to go. This
• 11:41
  Speaker 1: also means that we're hiring, that we're getting more people
• 11:45
  Speaker 1: asap in to Ford to be able to do what
• 11:48
  Speaker 1: we think we're going to have happen because of these tariffs.
• 11:52
  Speaker 3: That is good news again for the American worker.
• 11:55
  Speaker 1: Now you look at what Donald trum Trump said, and
• 11:58
  Speaker 1: what he said was this is going to be something
• 12:01
  Speaker 1: we're going to have to fight.
• 12:02
  Speaker 3: You also have to ask yourself this question, is the.
• 12:05
  Speaker 1: President doing the right thing, especially in reaction to what
• 12:09
  Speaker 1: big retailers are saying like Walmart. Big retailers are saying
• 12:15
  Speaker 1: that they are well not happy. They're announcing publicly their
• 12:18
  Speaker 1: displeasure with President Trump and is America's first policy every
• 12:22
  Speaker 1: civical tariffs on Wednesday when Trump said it was Liberation Day,
• 12:28
  Speaker 1: while the big box stores are saying not for their
• 12:30
  Speaker 1: bottom line, many would think the Corporate America, hoping to
• 12:34
  Speaker 1: better the nation's workers.
• 12:35
  Speaker 3: I say that tongue in.
• 12:36
  Speaker 1: Cheek would embrace the trade policies that would put America
• 12:40
  Speaker 1: on a more even footing with its trading partners. Given
• 12:43
  Speaker 1: that Corporate America had embraced his America First agenda back
• 12:47
  Speaker 1: in January, well guess what they really don't care about
• 12:50
  Speaker 1: American workers.
• 12:51
  Speaker 3: They care about their bottom line.
• 12:53
  Speaker 1: Walmart CEO met with Trump in January ahead of his inauguration,
• 12:58
  Speaker 1: with a Walmart spokeman Foksmen saying quote, we stand ready
• 13:02
  Speaker 1: to help move our country forward. Many of America's business
• 13:05
  Speaker 1: leaders congratulated Trump on his election last November. Many of
• 13:10
  Speaker 1: them attending the inauguration and met with the president before
• 13:13
  Speaker 1: its term in office even started. In March, Trump even
• 13:16
  Speaker 1: met with these CEOs at a business roundtable and non Parson,
• 13:20
  Speaker 1: DC based Economic Advocacy Group comprise the more than two
• 13:24
  Speaker 1: hundred CEOs. Despite what seemed like the apparent embrace between
• 13:28
  Speaker 1: corporate Americans and Trump, it has become clear that the
• 13:31
  Speaker 1: National Retail Federation known as NRF no longer backs his
• 13:35
  Speaker 1: America First policies. Upon announcing these reciprocal tariffs, the NRF
• 13:41
  Speaker 1: releases statement from its executive vice president of Governmental Relations
• 13:45
  Speaker 1: contending that more tariffs lead to higher costs for American families, saying, quote,
• 13:49
  Speaker 1: tariffs are a tax paid by the US importer that
• 13:52
  Speaker 1: will be passed along to the end consumer. Tariffs will
• 13:56
  Speaker 1: not be paid by foreign countries or suppliers. The whole
• 13:59
  Speaker 1: point is that you start making in America so you
• 14:01
  Speaker 1: don't have to pay the tariffs. That's what clearly Donald
• 14:04
  Speaker 1: Trump's trying to do. But David French saying no, that's
• 14:08
  Speaker 1: not the case. We just need you to make this
• 14:10
  Speaker 1: all go back to how it was before. We want
• 14:12
  Speaker 1: cheap goods at a cheap price, and we don't care
• 14:15
  Speaker 1: about American workers. Well, despite the frequent claims from anti
• 14:19
  Speaker 1: tariff advocates, economists of the Federal Reserve and the National
• 14:23
  Speaker 1: Bureau of Economic Research found minimal pass through into the
• 14:27
  Speaker 1: broad inflation. Breitbart News also reporting this, saying that right now,
• 14:33
  Speaker 1: it looks like the people that are the most mad
• 14:35
  Speaker 1: are those that have been getting rich off of foreign
• 14:37
  Speaker 1: workers who are actually living terrible lives in their countries.
• 14:42
  Speaker 1: They don't care about building back America or building American jobs.
• 14:46
  Speaker 1: They just want cheap goods from cheap labor, and they
• 14:48
  Speaker 1: don't want it to be from America. Well, Big Retail
• 14:52
  Speaker 1: is America first in name only. Apparently after witnessing what
• 14:57
  Speaker 1: these CEOs are now saying publicly, companies like Walmart are
• 15:02
  Speaker 1: not happy.
• 15:03
  Speaker 3: So if the last.
• 15:04
  Speaker 1: Twenty four to forty eight hours have taught us anything
• 15:06
  Speaker 1: it's that the magabase is growing and corporate America can
• 15:10
  Speaker 1: no longer ignore us.
• 15:11
  Speaker 3: That's number one.
• 15:12
  Speaker 1: But number two these companies, they're digging in against Trump
• 15:16
  Speaker 1: because they want to make maximum profits no matter what
• 15:20
  Speaker 1: happens to American workers. MAGA voters clearly chose in November
• 15:25
  Speaker 1: that they didn't want an administration that would continue to
• 15:27
  Speaker 1: abandon them. And there are many Republican operatives, by the way,
• 15:31
  Speaker 1: in Washington, d c. That have no problem working now
• 15:35
  Speaker 1: to undermine Donald Trump. Now, I go back to what
• 15:38
  Speaker 1: jd Vance said quote. So, for forty years, America has
• 15:42
  Speaker 1: been the piggy bank of the world. Not only that
• 15:45
  Speaker 1: we absorb all of the ridiculous trade practices and economic
• 15:49
  Speaker 1: practices of friend and foe alike. For the first time
• 15:53
  Speaker 1: in probably forty years, we have an American president who's
• 15:56
  Speaker 1: saying no more, that it's not going to work. He's
• 16:00
  Speaker 1: not going to allow America to be taken advantage of
• 16:02
  Speaker 1: any more. You've already seen a number of American manufacturers
• 16:07
  Speaker 1: and a number of foreign manufacturers who are saying they're
• 16:09
  Speaker 1: going to build or expand plants in America. That means
• 16:13
  Speaker 1: more workers with good middle class jobs. That means more
• 16:18
  Speaker 1: self sufficientcy in the United States of America. Again, it
• 16:23
  Speaker 1: can't happen unless you have a president who fights back
• 16:26
  Speaker 1: against these ridiculous trade policies. Finally, we have a president
• 16:31
  Speaker 1: who's doing exactly that now, Van saying this in the
• 16:35
  Speaker 1: Rose Guard event the White House, making it clear that
• 16:38
  Speaker 1: we're not going to back down and that America he
• 16:40
  Speaker 1: believes has more than enough leverage to.
• 16:43
  Speaker 3: Change the game.
• 16:45
  Speaker 1: Many supporters, by the way of the President, are saying,
• 16:48
  Speaker 1: give it its time, it needs Nothing is going to
• 16:52
  Speaker 1: be fixed in a number of hours or days. But
• 16:54
  Speaker 1: I go back to how many countries are now reaching
• 16:57
  Speaker 1: out to the Trump administration saying, we want to sit down,
• 17:01
  Speaker 1: we want to have a conversation, we want to get
• 17:04
  Speaker 1: a deal done. We already know that Vietnam loaded up
• 17:08
  Speaker 1: their plane and went to America.
• 17:10
  Speaker 3: They are now sitting in Washington having meetings.
• 17:13
  Speaker 1: Right now trying to work out a deal when it
• 17:16
  Speaker 1: comes to something that both sides can live with. And
• 17:19
  Speaker 1: there's many other countries that are staring at Vietnam and
• 17:23
  Speaker 1: watching to see what happens now. This also all comes
• 17:26
  Speaker 1: as there's some good news. Job numbers crushed expectations with
• 17:32
  Speaker 1: two hundred and twenty eight thousand jobs added in March,
• 17:36
  Speaker 1: as Trump's economy defies the critics. This was not the
• 17:40
  Speaker 1: news the media or the left wanted to hear, because
• 17:43
  Speaker 1: employers in the United States of America added two hundred
• 17:45
  Speaker 1: and twenty eight thousand workers to their payroll in March,
• 17:48
  Speaker 1: the Department of Labor said on Friday, and the unemployment
• 17:51
  Speaker 1: rate inched up to four point two percent. Economists had
• 17:55
  Speaker 1: been expecting only one hundred and forty thousand jobs would
• 17:58
  Speaker 1: be added in March. The climate the unemployment rate was
• 18:01
  Speaker 1: also expected. Now, the private sector's hiring was much stronger
• 18:05
  Speaker 1: than anyone expected, including the Trump administration. Economists had forecast
• 18:10
  Speaker 1: about one hundred and fifteen thousand jobs.
• 18:13
  Speaker 3: Businesses added two hundred nine.
• 18:14
  Speaker 1: Thousand jobs, and the workforce participation rate climbed from sixty
• 18:19
  Speaker 1: two point four percent to sixty two point five percent.
• 18:23
  Speaker 1: The average workweek lengthened, a sign of increased demand for
• 18:27
  Speaker 1: labor as well. Average hourly earnings rose zero point three
• 18:31
  Speaker 1: percent compared with February and three point eight percent compared
• 18:35
  Speaker 1: with one year ago when the Biden regime was in charge.
• 18:38
  Speaker 1: So what does this mean. It means the economy is
• 18:42
  Speaker 1: actually strong. The strong job numbers is the latest piece
• 18:46
  Speaker 1: of economic data suggesting the economy remains on a solid footing,
• 18:51
  Speaker 1: just like you heard from the Treasury Secretary earlier, despite
• 18:55
  Speaker 1: surveys showing quote gloomy consumer sentiment, rising policy uncertainty, and
• 19:01
  Speaker 1: businesses that are weary of future economic conditions. At the
• 19:05
  Speaker 1: end of the day, Donald Trump said, give it its time,
• 19:07
  Speaker 1: it needs to work, and we're also adding record jobs
• 19:11
  Speaker 1: right now during a time when everyone else said it
• 19:13
  Speaker 1: was impossible.
• 19:15
  Speaker 3: So I'll say this yet again. I think what Donald
• 19:18
  Speaker 3: Trump is.
• 19:18
  Speaker 1: Doing right now is a very smart game of negotiations
• 19:23
  Speaker 1: with many powers around the world that cannot hang on
• 19:26
  Speaker 1: as long as America can to win, and that is
• 19:29
  Speaker 1: exactly why so many Americans will end up winning at
• 19:33
  Speaker 1: the end of the day. Let me also just give
• 19:36
  Speaker 1: you a perfect example of what I mean by Donald
• 19:40
  Speaker 1: Trump is doing the hard thing, okay, the hard thing
• 19:45
  Speaker 1: that others are not willing to do. And let me
• 19:49
  Speaker 1: also just give you a perspective for a second. You
• 19:53
  Speaker 1: know what Mexico's economic policies are Mexico first. You know
• 19:58
  Speaker 1: what Canada's economic policies are, Canada first.
• 20:03
  Speaker 3: Do you know what.
• 20:04
  Speaker 1: China's economic policies are China first. You know what India's
• 20:09
  Speaker 1: economic policy is, India first. So the question is to me,
• 20:14
  Speaker 1: why shouldn't America's economic policies be specifically America first?
• 20:22
  Speaker 3: Like that?
• 20:23
  Speaker 1: That is the question that so many people should be
• 20:26
  Speaker 1: asking right now. This should be a very simple America
• 20:31
  Speaker 1: first policy. That is what Donald Trump is trying to
• 20:35
  Speaker 1: shepherd in here. And by the way, there's a lot
• 20:40
  Speaker 1: of people in Congress that used to agree with this,
• 20:42
  Speaker 1: but then they decided, for either corruption reasons or lobbyist reasons,
• 20:47
  Speaker 1: or they just decide to woos out and put America
• 20:50
  Speaker 1: second and everybody else.
• 20:51
  Speaker 3: First, that they were going to change their minds.
• 20:55
  Speaker 1: I'm going to take you back to nineteen ninety six,
• 20:59
  Speaker 1: and I'm going to play for you what Nancy Pelosi
• 21:03
  Speaker 1: said back in nineteen ninety six speaking on the issue
• 21:07
  Speaker 1: of tariffs and the trade deficit in nineteen ninety six
• 21:11
  Speaker 1: with China. Almost all the Democrats out there are hypocrites.
• 21:16
  Speaker 1: They're wanting the sky to fall, They're wanting you to
• 21:19
  Speaker 1: abandon Trump. They don't ever want to do the hard thing.
• 21:23
  Speaker 1: They never want to do the hard thing. So I
• 21:25
  Speaker 1: want you to hear and listen and listen to Nancy
• 21:28
  Speaker 1: Pelosi in nineteen ninety six on the four of the
• 21:30
  Speaker 1: House lose her mind over China, the trade deficit and
• 21:34
  Speaker 1: the issue of tariffs.
• 21:35
  Speaker 5: How far does China have to go? How much more repression,
• 21:41
  Speaker 5: how big a trade deficit and loss of jobs for
• 21:44
  Speaker 5: the American worker, and how much more dangerous proliferation has
• 21:49
  Speaker 5: to exist before members of this House of Representatives will
• 21:52
  Speaker 5: say I will not endorse the status quo.
• 21:56
  Speaker 3: By the way, I like this Nancy Pelosi. I want
• 21:58
  Speaker 3: to be clear about this.
• 21:59
  Speaker 1: This is before she became an insider trading woman who
• 22:03
  Speaker 1: just said I'm going to get rich and I'm going
• 22:04
  Speaker 1: to sell out America to China into other countries. This
• 22:08
  Speaker 1: is when I actually think she thought she was serving
• 22:10
  Speaker 1: the people. She's abandoned that for the last what thirty years,
• 22:14
  Speaker 1: But in nineteen ninety six, this is pretty good stuff
• 22:19
  Speaker 1: from Nancy Pelosi. Keep listening.
• 22:22
  Speaker 5: As I mentioned, it's about jobs, proliferation, and human rights.
• 22:25
  Speaker 5: And there are those who say we shouldn't link human
• 22:27
  Speaker 5: rights in trade and proliferation and trade. I disagree. But
• 22:31
  Speaker 5: if we just want to take up this issue on
• 22:33
  Speaker 5: the basis of economics alone, indeed, China should not receive
• 22:38
  Speaker 5: Most Favored Nation status for several reasons that I'd like
• 22:42
  Speaker 5: to go into now. I'd like to call the attention
• 22:45
  Speaker 5: of our colleagues to this chart on the status quo
• 22:48
  Speaker 5: that the business community is asking each and every one
• 22:51
  Speaker 5: of you, to each and every one of us to
• 22:53
  Speaker 5: endorse today. Right now, we have a thirty four billion
• 22:57
  Speaker 5: dollar trade deficit with China ninety five figure it will
• 23:02
  Speaker 5: be over forty billion dollars for nineteen ninety six. Since
• 23:06
  Speaker 5: the Tenement Square massacre, this figure has increased one thousand
• 23:11
  Speaker 5: percent from three and a half billion then to about
• 23:14
  Speaker 5: thirty four billion dollars now. In terms of tariffs, it's
• 23:17
  Speaker 5: think it's interesting to note that the average US MFN
• 23:21
  Speaker 5: tariff on Chinese goods coming into the United States is
• 23:24
  Speaker 5: two percent, whereas the average Chinese MFF tariff on US
• 23:29
  Speaker 5: goods going into China is thirty five percent. Is that reciprocal?
• 23:34
  Speaker 1: Nancy Pelusi in nineteen ninety six is saying the exact
• 23:40
  Speaker 1: same thing that Donald Trump said at the White House yesterday.
• 23:44
  Speaker 1: Is that reciprocal average US tariff on Chinese goods two percent,
• 23:50
  Speaker 1: average Chinese tariff on US goods thirty five percent.
• 23:54
  Speaker 3: Keep listening.
• 23:55
  Speaker 1: This is Nancy Pelosi ninety six actually saying the honest
• 23:58
  Speaker 1: and right thing before she sold out on exports.
• 24:03
  Speaker 5: China only allows certain industries into China of US industries
• 24:07
  Speaker 5: into China, and therefore only two percent of US exports
• 24:11
  Speaker 5: are allowed into China. On the other hand, the US
• 24:15
  Speaker 5: allows China to flood our markets with thirty a third
• 24:18
  Speaker 5: of their exports, and that'll probably go over forty percent.
• 24:22
  Speaker 5: And it's limitless because we have not placed any restriction
• 24:25
  Speaker 5: in terms of jobs. This is the biggest and cruelest
• 24:29
  Speaker 5: hoax of all. Not only do we not have market access,
• 24:33
  Speaker 5: not only do they have prohibitive tariffs, not only are
• 24:36
  Speaker 5: our exports not let in very specifically, but China benefits.
• 24:41
  Speaker 3: With at least at least ten.
• 24:44
  Speaker 5: Million jobs from US China trade. The President and his
• 24:48
  Speaker 5: statement requesting this special waiver said that it China trade
• 24:54
  Speaker 5: supports one hundred and seventy thousand jobs in the United
• 24:58
  Speaker 5: States one hundred and seventy thousand jobs, whereas our imports
• 25:03
  Speaker 5: from China support ten million jobs at least. The fact
• 25:07
  Speaker 5: is that that US China trade is a job loser,
• 25:11
  Speaker 5: and one of the reasons that it is is because
• 25:14
  Speaker 5: in order well first, let me just make another point,
• 25:16
  Speaker 5: and that is that our colleagues on the other side
• 25:19
  Speaker 5: of this issue will say the trade with China, exports
• 25:21
  Speaker 5: to China have increased three times in the last ten years.
• 25:25
  Speaker 5: They have, but they failed to mention that exports imports
• 25:29
  Speaker 5: from China have increased eleven times, thereby leading to this
• 25:33
  Speaker 5: huge trade deficit.
• 25:35
  Speaker 1: I go back to back in ninety six, when Nancy
• 25:40
  Speaker 1: Pelosi was saying this, she truly was sounding the alarm
• 25:45
  Speaker 1: that China was taking advantage of America and it was
• 25:48
  Speaker 1: catastrophic to the American worker, and it was catastrophic to
• 25:52
  Speaker 1: our industries and to manufacturing, and it was costing American jobs.
• 25:57
  Speaker 1: And the trade deficit was insane, and the tear griffs
• 26:00
  Speaker 1: were insane that we were dealing with compared to what
• 26:02
  Speaker 1: we compared to what we were putting on them. And
• 26:05
  Speaker 1: guess what, it's not gotten any better since ninety six.
• 26:10
  Speaker 1: So if the problem was this bad in nineteen ninety six,
• 26:13
  Speaker 1: then put it into perspective about how bad the problem
• 26:16
  Speaker 1: is in twenty twenty five. You want to know why
• 26:19
  Speaker 1: Donald Trump is doing this. This is why Donald Trump
• 26:22
  Speaker 1: is doing this because it has been this bad for
• 26:25
  Speaker 1: thirty plus years, and nobody has had the cojones to
• 26:30
  Speaker 1: deal with this issue. For one reason, they didn't want
• 26:34
  Speaker 1: to upset the apple cart. They didn't want to lose
• 26:39
  Speaker 1: their approval rating. They didn't want to have a moment
• 26:43
  Speaker 1: where it things may get tough for a little bit
• 26:46
  Speaker 1: and have to go out there and explain it to
• 26:48
  Speaker 1: American people. So what did their advisors say, Hey, don't
• 26:51
  Speaker 1: touch that, just kick it down the road. You don't
• 26:53
  Speaker 1: want to go to war on this stuff. You don't
• 26:54
  Speaker 1: want to deal with US tariffs. You don't want to
• 26:55
  Speaker 1: deal with China directly. You don't want to. And by
• 26:58
  Speaker 1: the way, China, despite US tariffs, this is important. China
• 27:02
  Speaker 1: is currently leading the world in automobile production and exports.
• 27:07
  Speaker 3: They're the king.
• 27:08
  Speaker 1: We allow them to be the king, and they killed
• 27:10
  Speaker 1: American jobs in the process.
• 27:15
  Speaker 3: They are the.
• 27:17
  Speaker 1: King, and everybody knows it. China knows it more than anybody.
• 27:25
  Speaker 1: China understands it more than anyone. China understands just how
• 27:31
  Speaker 1: easy it is to take advantage of America because they
• 27:35
  Speaker 1: knew that we had a bunch of wisses. Why do
• 27:38
  Speaker 1: you think the last administration didn't do anything? Well, One,
• 27:40
  Speaker 1: they were compromised by China. We know that from the
• 27:42
  Speaker 1: Biden crime family. They were on the take, so they
• 27:45
  Speaker 1: were able to buy off the last administration. Like, doing
• 27:48
  Speaker 1: great things is.
• 27:48
  Speaker 3: Hard, you look at where we are right now. Border
• 27:52
  Speaker 3: is now closed. That was hard.
• 27:54
  Speaker 1: MS thirteen and the TDA gang are being deported that's hard.
• 27:58
  Speaker 1: No more men and womens. Still a fight going on.
• 28:01
  Speaker 1: Democrats standing up. That's a hard thing. Food price is
• 28:04
  Speaker 1: going down. That's a good thing, but it's been a
• 28:06
  Speaker 1: hard thing. Gas price is going down. That's a good thing.
• 28:09
  Speaker 1: It's also been a hard thing. Housing is becoming more affordable.
• 28:12
  Speaker 1: That was a good thing. It's a hard thing to
• 28:15
  Speaker 1: deal with. Inflation going down. Egg price is going down
• 28:19
  Speaker 1: five trillion, and new investments in America from companies, no
• 28:23
  Speaker 1: more DII, hundreds of billions of governments spending. Fraud has
• 28:26
  Speaker 1: been stopped through DOGE, and there are countries, yes today
• 28:31
  Speaker 1: that are removing tariffs against the US. Part of this
• 28:34
  Speaker 1: is you've got to understand that when this happens, okay,
• 28:41
  Speaker 1: it is if it nothing that is grand.
• 28:44
  Speaker 3: Or great usually is easy.
• 28:47
  Speaker 1: When we've been taking advantage of and this has become
• 28:49
  Speaker 1: the status quo, and we keep bowing down and looking
• 28:52
  Speaker 1: the other way. For the last thirty years, more than that,
• 28:56
  Speaker 1: thirty five, thirty six to thirty seven years, China's been
• 29:01
  Speaker 1: like just beating the you know what out of US,
• 29:04
  Speaker 1: and other countries looked at China and they're like, hey,
• 29:06
  Speaker 1: we can do this too. There were some countries that
• 29:08
  Speaker 1: were inspired by China. By the way, there really were.
• 29:11
  Speaker 1: There was a lot of countries that were inspired by China,
• 29:15
  Speaker 1: and they're like, if China can get away with this hell,
• 29:18
  Speaker 1: then maybe we can get away with us too. Maybe
• 29:21
  Speaker 1: we can maybe we can do the same thing. And
• 29:24
  Speaker 1: so they learned from this. They learned from watching, They
• 29:30
  Speaker 1: learned from sitting there and going America's not.
• 29:33
  Speaker 3: Doing anything stuff. This is China. Why don't we get
• 29:34
  Speaker 3: on the action.
• 29:35
  Speaker 1: Why do you think it got so out of whack
• 29:37
  Speaker 1: with all the numbers that Donald Trump said earlier that
• 29:40
  Speaker 1: I presented to you, they got out of whack because
• 29:43
  Speaker 1: they watched and they realized that America was not willing
• 29:47
  Speaker 1: to fight back. And so was the President saying, now
• 29:49
  Speaker 1: I'm not screwing around. I'm standing up for the American worker.
• 29:53
  Speaker 1: And this is a thirty five forty year chiropractic adjustment.
• 29:57
  Speaker 1: It's gonna be hard, but it's an adjustment that should
• 30:00
  Speaker 1: have happened back in nineteen ninety six when Nancy Pelosi
• 30:03
  Speaker 1: was talking about it. So to everybody out there that's
• 30:06
  Speaker 1: going crazy over this, just know, calm down and let
• 30:10
  Speaker 1: it run its course. Okay, Like, let it run its course.
• 30:15
  Speaker 1: This isn't just about products made in America. The Chinese
• 30:19
  Speaker 1: want American products that are made in China. The transfer
• 30:24
  Speaker 1: of the technology and the transfer of the jobs has
• 30:26
  Speaker 1: taken place. Those are Nancy Pelosi's exact words in ninety six,
• 30:31
  Speaker 1: and they said exactly like Donald Trump's words in twenty
• 30:34
  Speaker 1: twenty five. Don't forget Share this podcast please on social
• 30:38
  Speaker 1: media wherever you're listening, Grab it, hit that auto button,
• 30:42
  Speaker 1: that forward button, share it. Put it out there so
• 30:45
  Speaker 1: other people can find this show. Without you guys doing that,
• 30:47
  Speaker 1: we don't get new audience members. So if you want
• 30:49
  Speaker 1: to help fight back against what we're exposing, share it
• 30:52
  Speaker 1: on social media.
• 30:53
  Speaker 3: I'll see you back here tomorrow.