Latest / The Ben Ferguson Podcast / America First-Trump's Strategy to Level the Playing Field

Transcript

America First-Trump's Strategy to Level the Playing Field · The Ben Ferguson Podcast

• 0:01
  Speaker 1: All right, So let's start with the big story, and
• 0:04
  Speaker 1: that is obviously tariffs and what is happening in the market.
• 0:08
  Speaker 1: If you looked at the close of the market, it
• 0:11
  Speaker 1: is very clear that the clothes that we have witnessed
• 0:15
  Speaker 1: on Thursday is a number that is shocked everybody. It's
• 0:19
  Speaker 1: Dow was down one thousand, six hundred and seventy nine points.
• 0:24
  Speaker 1: That's almost four percent of the total value. That was
• 0:27
  Speaker 1: not good for anybody. We can all agree on that.
• 0:31
  Speaker 1: There's also the reality that this will allow for some
• 0:34
  Speaker 1: great buys out there, and many people are actually talking
• 0:38
  Speaker 1: about doubling down because they know this is temporary and
• 0:41
  Speaker 1: not going to be a long term thing. Now we're
• 0:44
  Speaker 1: gonna hit pause on the markets very second. I'm gonna
• 0:46
  Speaker 1: come back and deal with them, and let's go and
• 0:48
  Speaker 1: actually deal with a policy, because if we just cover
• 0:52
  Speaker 1: the markets and the sky is falling, chicken little, and
• 0:54
  Speaker 1: you don't understand what's happening, then you're going to fall
• 0:57
  Speaker 1: into the liberal media and exactly what they want you
• 1:00
  Speaker 1: to say, Oh, is this what a red wave is?
• 1:02
  Speaker 1: That's one of the things trending with liberals. They're putting
• 1:05
  Speaker 1: up the picture of all the red on Wall Street
• 1:08
  Speaker 1: and they're like, Oh, I guess this is what a
• 1:10
  Speaker 1: red wave is, right, Like, you're an idiot in an
• 1:13
  Speaker 1: imbecile if that is how simplistic you're looking at this
• 1:16
  Speaker 1: terrif fight in what's going on in the world. Let's
• 1:19
  Speaker 1: go to what Donald Trump actually said. Trump said he
• 1:23
  Speaker 1: was not doing full reciprocal tariffs.
• 1:25
  Speaker 2: Number one.
• 1:27
  Speaker 1: He said that would have been tough for a lot
• 1:28
  Speaker 1: of countries. But what he is trying to do is
• 1:30
  Speaker 1: get us back to a fair playing field. With so
• 1:34
  Speaker 1: many countries that have tariffs on us, many Americans don't
• 1:38
  Speaker 1: even know that they're actually out there.
• 1:40
  Speaker 2: That's number one.
• 1:41
  Speaker 1: Number two, this is a smart strategy if it is
• 1:45
  Speaker 1: short term and not a long term and we go
• 1:48
  Speaker 1: into a full tariff war.
• 1:49
  Speaker 2: Now, can America outlast this? Yes?
• 1:52
  Speaker 1: Are there a lot of countries that can't handle the
• 1:54
  Speaker 1: pain that we can handle in this country? The entwer
• 1:56
  Speaker 1: is yes. If you're cashing out all your stocks, that
• 2:00
  Speaker 1: would be a dumb decision. If you're cashing out your
• 2:02
  Speaker 1: four to one K today, that'd be a dumb decision.
• 2:03
  Speaker 1: We've seen ups and downs in the markets. This is
• 2:06
  Speaker 1: where it's very clear. I'm not even opening my portfolio
• 2:09
  Speaker 1: today because this is not a real number. To me
• 2:11
  Speaker 1: that matters at this moment. I don't need this money
• 2:14
  Speaker 1: right now. I've seen multiple ups and downs, and what
• 2:16
  Speaker 1: I know is I'm investing for twenty years from now.
• 2:19
  Speaker 1: I'm actually just texted before I started the show my
• 2:24
  Speaker 1: finance advisor said, Hey, there's some cheap buys out there.
• 2:27
  Speaker 1: Can we meet tomorrow. I want to get in on
• 2:30
  Speaker 1: some different things. So there's some undervalued stocks from this.
• 2:33
  Speaker 1: There's opportunity. I'm going to take advantage of that. My
• 2:37
  Speaker 1: point is you can't just look at this as a
• 2:39
  Speaker 1: one day crisis and do the freak out, which is
• 2:42
  Speaker 1: exactly what the media is hoping is going to happen.
• 2:46
  Speaker 1: There is also an interesting point that was made by
• 2:48
  Speaker 1: center Ted Cruz, and I'm going to play that for
• 2:50
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• 5:00
  Speaker 1: let me play for you what was said by Ted
• 5:04
  Speaker 1: Kruz when he was reacting to what's going on with
• 5:07
  Speaker 1: these tariffs. Because I think it's a very important point
• 5:09
  Speaker 1: that's being made, and it's a point that I think
• 5:11
  Speaker 1: a lot of Americans are going to agree with.
• 5:13
  Speaker 2: Take a listen.
• 5:14
  Speaker 3: Now on the tax cuts. You may, I don't know,
• 5:16
  Speaker 3: have you heard any of the show because of mister
• 5:19
  Speaker 3: Trump's reciprocity policy that he announced yesterday. The White House
• 5:23
  Speaker 3: is saying there could be six hundred billion dollar revenues
• 5:28
  Speaker 3: from the tariffs. I am proposing that dials revenues be
• 5:32
  Speaker 3: put into the Budget resolution and the Reconciliation bill, and
• 5:37
  Speaker 3: that you cut taxes even more to help the middle
• 5:40
  Speaker 3: class who have been shouldering the burden of falling real
• 5:44
  Speaker 3: wages for about twenty five years because of unfair and
• 5:47
  Speaker 3: unjust trading practices. If you have six hundred billion dollars, Senator,
• 5:51
  Speaker 3: if those are the estimates, I mean, now, ten years
• 5:53
  Speaker 3: is a gigantic number.
• 5:54
  Speaker 2: We need a fresh rent.
• 5:56
  Speaker 3: You need tax cuts, middle class tax cuts, corporate tax chut's.
• 6:00
  Speaker 3: I mean, I'm calling it a tariff dividend for taxpayers.
• 6:04
  Speaker 3: What do you think? I want you to carry this
• 6:06
  Speaker 3: ball for.
• 6:07
  Speaker 4: Me, So, Larry, you know I'm always in favor of
• 6:11
  Speaker 4: more tax cuts and bigger tax cuts, and I'm fighting
• 6:14
  Speaker 4: to make this tax cut as big and bold as possible. Look,
• 6:18
  Speaker 4: I think it is a mistake to assume that we
• 6:20
  Speaker 4: will have high tariffs and perpetuity.
• 6:22
  Speaker 5: I don't think that would be good economic policy.
• 6:24
  Speaker 4: I am not a fan of tariffs and the announcement yesterday. Look,
• 6:28
  Speaker 4: time is going to tell in the next month or two.
• 6:30
  Speaker 5: Or three what happens.
• 6:31
  Speaker 4: If the result of yesterday's announcement is a lot of
• 6:35
  Speaker 4: our trading partners across the globe dramatically reduce the tariffs
• 6:38
  Speaker 4: they charge on US goods and services, and the consequence
• 6:42
  Speaker 4: of that is the US government dramatically cuts the tariffs
• 6:45
  Speaker 4: that were announced yesterday, that would be a great outcome.
• 6:48
  Speaker 5: That would be good for America.
• 6:50
  Speaker 4: If the result is our trading partners jack up their
• 6:54
  Speaker 4: tariffs and we have high tariffs everywhere, I.
• 6:56
  Speaker 5: Think that is a bad outcome for America.
• 6:58
  Speaker 4: Tariffs are a tax on consumers, and I'm not a
• 7:01
  Speaker 4: fan of jacking up taxes on American consumers. So my
• 7:04
  Speaker 4: hope is these tariffs are short lived and they serve
• 7:08
  Speaker 4: as leverage to lower tariffs across the globe.
• 7:11
  Speaker 2: Now I agree with cinner Cruz here.
• 7:13
  Speaker 1: If they're done right and this is short term, this
• 7:16
  Speaker 1: is a smart decision. It's also already having an impact
• 7:19
  Speaker 1: on companies bringing jobs back to America.
• 7:22
  Speaker 2: Let me give you a perfect example of that proof.
• 7:25
  Speaker 1: General Motors has just announced they are going to expand
• 7:27
  Speaker 1: their production at their Indiana plant thanks to Trump's auto tariffs.
• 7:32
  Speaker 1: GM announcing today that its plant in Indiana is going
• 7:37
  Speaker 1: to expand because of the tariffs on foreign made cars.
• 7:42
  Speaker 1: Trump announced a twenty five percent tariff on all foreign
• 7:45
  Speaker 1: made cars to protect the nation's auto industry from quote
• 7:49
  Speaker 1: unfair trade competition. GIM executives said they will increase production
• 7:53
  Speaker 1: of light neuty trucks at their automaker's Fort Wayne assembly
• 7:56
  Speaker 1: plant in Indiana.
• 7:57
  Speaker 2: According to the exclusive report from.
• 8:00
  Speaker 1: Reuters Today, the Detroit automaker may also add overtime days
• 8:04
  Speaker 1: to schedule. The plant director told employees in a webcast,
• 8:08
  Speaker 1: saying the move will increase employment there with the hiring
• 8:12
  Speaker 1: of several hundred new workers. This is after, by the way,
• 8:16
  Speaker 1: the United Auto Workers Knows. The UAW have praised Trump's
• 8:20
  Speaker 1: auto tariffs as a necessary tool to end the nation's
• 8:23
  Speaker 1: decade long free trade policy that has devastated.
• 8:27
  Speaker 2: American auto workers and the industry. Quote.
• 8:30
  Speaker 1: We applaud the Trump administration for stepping up to end
• 8:33
  Speaker 1: the free trade disaster that devastated the working class communities
• 8:37
  Speaker 1: in America for decades. Ending the race to the bottom
• 8:41
  Speaker 1: in the auto industry starts with fixing our broken trade deals,
• 8:45
  Speaker 1: and the Trump administration has made history with their actions. Now,
• 8:49
  Speaker 1: this again goes back to any time you have something
• 8:53
  Speaker 1: that has to change that is way off course, whether
• 8:56
  Speaker 1: it's in your personal life, for business life, or in
• 9:00
  Speaker 1: the government, it is going to be hard at the beginning.
• 9:04
  Speaker 1: We've seen this with Doge and all the pushback. We've
• 9:07
  Speaker 1: seen this with law Fair and all the pushback. I mean,
• 9:09
  Speaker 1: the list is long here, and so what I think
• 9:12
  Speaker 1: is important is to say, all right, is Donald Trump
• 9:16
  Speaker 1: right in what he's saying.
• 9:18
  Speaker 2: I believe he is. If it is a.
• 9:20
  Speaker 1: Short term thing and not a long term thing, then
• 9:23
  Speaker 1: this is something that we can all agree is a
• 9:25
  Speaker 1: good thing. Now, if it goes on for too long
• 9:28
  Speaker 1: or it starts a really long trade war, it's something
• 9:31
  Speaker 1: that we can all say, hey, we got to ask
• 9:33
  Speaker 1: questions about. We get careful with it as the way
• 9:36
  Speaker 1: that Center Cruz described it. But overall, right now, the
• 9:40
  Speaker 1: way that this is working out, it is clear that
• 9:43
  Speaker 1: America has the advantage. Now, let me play for you
• 9:48
  Speaker 1: what Donald Trump actually said, because there's been a lot
• 9:51
  Speaker 1: of misinformation out there, and what Trump said when he
• 9:55
  Speaker 1: announced these full all right, I should say these reciprocal
• 9:59
  Speaker 1: tariffs that were not full reciprocal tariffs. And Donald Trump
• 10:03
  Speaker 1: went down the list. He asked for the list, they
• 10:05
  Speaker 1: brought it up. You're gonna hear him ask for that,
• 10:07
  Speaker 1: and I want you to hear what Trump had to
• 10:09
  Speaker 1: say in his own words. I'm not gonna edit this
• 10:11
  Speaker 1: because I think it's important.
• 10:13
  Speaker 2: This is a big issue.
• 10:14
  Speaker 1: And I want you to hear the President explain this
• 10:17
  Speaker 1: to everyone.
• 10:18
  Speaker 6: The tariffs will be not a full reciprocal I could
• 10:24
  Speaker 6: have done that, yes, but it would have been tough
• 10:26
  Speaker 6: for a lot of countries who didn't want to do that.
• 10:28
  Speaker 6: I'd like to see the chart. If you have it,
• 10:30
  Speaker 6: could you bring it up? Howard. This is our great
• 10:35
  Speaker 6: Secretary of Commerce, Howard Lutnick. Thanks.
• 10:39
  Speaker 7: So.
• 10:42
  Speaker 6: If you look at that China first row, China, sixty
• 10:47
  Speaker 6: seven percent, that's tariffs charged to the USA, including currency
• 10:53
  Speaker 6: manipulation and trade barriers, so sixty seven percent. I think
• 10:57
  Speaker 6: you can, for the most part see it. Those with
• 10:59
  Speaker 6: good eyes bad eyes. We didn't want to bring it's
• 11:02
  Speaker 6: very windy out here. We didn't want to bring out
• 11:03
  Speaker 6: the big charge because it had no chance of standing. Fortunately,
• 11:08
  Speaker 6: we came armed with a little smaller charge. So sixty
• 11:12
  Speaker 6: seven percent. So we're going to be charging a discounted
• 11:15
  Speaker 6: reciprocal tariff of thirty four percent. I think. In other words,
• 11:18
  Speaker 6: they charge us, we charge them, we charge them less.
• 11:21
  Speaker 6: So how can anybody be upset? They will be because
• 11:24
  Speaker 6: we never charge anybody anything. But now we're gonna charge
• 11:28
  Speaker 6: European Union. They're very tough, very very tough traders. Uh
• 11:33
  Speaker 6: you know you think of European Union, very friendly. They
• 11:36
  Speaker 6: rip us off. It's so sad to see, it's so pathetic.
• 11:41
  Speaker 6: Thirty nine percent. We're gonna charge them twenty percent, so
• 11:44
  Speaker 6: we're charging them potentially half Vietnam great negotiators, great people.
• 11:50
  Speaker 6: They like me.
• 11:50
  Speaker 5: I like them.
• 11:51
  Speaker 6: The problem is they charge is ninety percent. We're gonna
• 11:54
  Speaker 6: charge them forty six percent tariff. Taiwan where they make.
• 11:59
  Speaker 6: They took all of our computer chips and semiconductors. We
• 12:03
  Speaker 6: used to be the king, right, we were everything. We
• 12:06
  Speaker 6: had all of it. Now we have almost none of it.
• 12:08
  Speaker 6: Except the biggest company is coming in. They're gonna have
• 12:10
  Speaker 6: We're gonna end up with almost forty percent. Lee Zelden's
• 12:13
  Speaker 6: working to get their approvals and it's.
• 12:16
  Speaker 2: An amazing company.
• 12:17
  Speaker 6: Mister way of one of the great companies of the world. Actually,
• 12:21
  Speaker 6: they're coming in from Taiwan and they're going to build
• 12:23
  Speaker 6: one of the biggest plants in the world, maybe the
• 12:25
  Speaker 6: biggest for that, but sixty four percent, we're going to
• 12:28
  Speaker 6: charge them thirty two percent. Japan very very tough, great people.
• 12:34
  Speaker 6: And again I don't blame the people for doing it.
• 12:37
  Speaker 6: It's I think they're very smart to do it. I
• 12:38
  Speaker 6: blame the people that sat right in that Oval office,
• 12:41
  Speaker 6: right over there, right behind the resolute desk, whichever desk
• 12:44
  Speaker 6: they chose. Japan forty six percent, they would charge us
• 12:49
  Speaker 6: forty six percent, and much higher for certain items like cars,
• 12:53
  Speaker 6: you know, little items like cars, forty six percent. We're
• 12:56
  Speaker 6: charging them twenty four percent. India very very, very very tough.
• 13:02
  Speaker 6: The Prime Minister just left. He's a great friend of mine,
• 13:06
  Speaker 6: but I said, you're a friend of mine, but you're
• 13:08
  Speaker 6: not treating us right. They charged us fifty two percent.
• 13:11
  Speaker 6: You have to understand, we charge them almost nothing for
• 13:13
  Speaker 6: years and years and decades, And it was only seven
• 13:18
  Speaker 6: years ago when I came in. We started with China
• 13:21
  Speaker 6: charged that we took in hundreds of billions of dollars
• 13:24
  Speaker 6: from China in tariffs and they understood. Honestly, Presidency understood.
• 13:31
  Speaker 6: He said, look, I understand, and the other countries and
• 13:33
  Speaker 6: they all understand. We're gonna have to go through a
• 13:36
  Speaker 6: little tough love maybe, but they all understand they're ripping
• 13:39
  Speaker 6: us off, and they understood it. Prime Minister of Japan,
• 13:45
  Speaker 6: Shinzo was Shinzo Abbi. He was a fantastic man. He
• 13:50
  Speaker 6: was unfortunately taken from US assassination. But I went to
• 13:54
  Speaker 6: him and I said, Shinzo, we have to do something.
• 13:58
  Speaker 6: A trade is not fair. He said, I know that.
• 14:01
  Speaker 6: I know that, and he was a great gentleman. He
• 14:04
  Speaker 6: was a fantastic man. But he understood immediately what I
• 14:09
  Speaker 6: was talking about. I said, Shinzo, we have to do something.
• 14:12
  Speaker 6: He said, I know that, and we've worked out a
• 14:14
  Speaker 6: deal and it would have.
• 14:15
  Speaker 2: Been a much better deal.
• 14:16
  Speaker 6: But frankly, there were many years left in the deal
• 14:19
  Speaker 6: that was made previous to my getting there, but it
• 14:21
  Speaker 6: was it was something if you look at Switzerland sixty
• 14:26
  Speaker 6: one percent to thirty one percent, Indonesia, Malaysia, Cambodi. Who
• 14:30
  Speaker 6: look at Cambodia in ninety seven percent, we're going to
• 14:34
  Speaker 6: bring it down to forty nine. They made a fortune
• 14:36
  Speaker 6: with the United States of America, United Kingdom ten percent,
• 14:40
  Speaker 6: and we'll go ten percent. So we'll do the same thing.
• 14:44
  Speaker 6: South Africa, oh, sixty percent, thirty percent, and they've got
• 14:48
  Speaker 6: some bad things going on in South Africa. You know,
• 14:51
  Speaker 6: we're paying them billions of dollars that we cut the
• 14:55
  Speaker 6: funding because a lot of bad things are happening in
• 14:57
  Speaker 6: South Africa. The fake newso to be looking at it,
• 14:59
  Speaker 6: they don't, I want to report it. Brazil ten percent,
• 15:03
  Speaker 6: ten percent, Bangladesh is seventy four percent, so you see
• 15:07
  Speaker 6: what's going on. Pakistan fifty eight percent, Sri Lanka eighty
• 15:13
  Speaker 6: eight percent.
• 15:14
  Speaker 2: So what we're.
• 15:15
  Speaker 6: Doing is we're taking not the full we could take
• 15:18
  Speaker 6: the full eighty eight percent.
• 15:19
  Speaker 1: By the way, you noticed what Donald Trump is saying here,
• 15:22
  Speaker 1: And the reason why I played that for you un
• 15:24
  Speaker 1: interrupted is because I wanted you to actually hear his logic.
• 15:27
  Speaker 1: You just heard him say the part about we could
• 15:28
  Speaker 1: have gone the full eighty eight percent.
• 15:29
  Speaker 2: We didn't. We win forty four.
• 15:31
  Speaker 1: So if you're upset that Trump is doing this, then
• 15:37
  Speaker 1: the question you should be asking yourself is, Okay, why
• 15:40
  Speaker 1: are you upset? Because of the instant gratification of now,
• 15:43
  Speaker 1: are you understanding that the President's trying to do something,
• 15:47
  Speaker 1: which is stop countries from taking advantage of us. That
• 15:50
  Speaker 1: is something, by the way, the White House Press secretary
• 15:53
  Speaker 1: set on CNN today. They didn't like it, Okay, they
• 15:55
  Speaker 1: were upset that she set it. Caroline Levitt talking about
• 16:00
  Speaker 1: the trade deficit that we're trying to correct.
• 16:02
  Speaker 2: Listen to what she said on CNN.
• 16:05
  Speaker 5: To anyone on.
• 16:05
  Speaker 8: Wall Street this morning, I would say, trust in President Trump.
• 16:09
  Speaker 8: This is a president who is doubling down on his
• 16:11
  Speaker 8: proven economic formula. From his first term. We saw wages increase,
• 16:16
  Speaker 8: we saw inflation come down, we had a Trump energy boom,
• 16:19
  Speaker 8: we had the largest tax cuts in history. And that's
• 16:22
  Speaker 8: exactly what the President intends to do following his historic
• 16:25
  Speaker 8: announcement yesterday. For reciprocal terists, it's the Golden Aid rule
• 16:30
  Speaker 8: for the Golden Age of America, and the United States
• 16:33
  Speaker 8: of America is no longer going to be cheated by
• 16:35
  Speaker 8: foreign nations around the world. And as the President declared yesterday,
• 16:39
  Speaker 8: this is indeed a national emergency. We have a one
• 16:42
  Speaker 8: point two trillion dollar trade deficit in counting. We've had
• 16:46
  Speaker 8: ninety thousand factories closed in the last couple of decades.
• 16:50
  Speaker 8: Since nineteen ninety seven, Americans have been put out of
• 16:53
  Speaker 8: five million manufacturing jobs. These are not just statistics. These
• 16:57
  Speaker 8: are real American lives that have been impact and it's
• 17:00
  Speaker 8: about time we have a president who actually does something
• 17:03
  Speaker 8: about it. This is going to restore more wealth, more jobs,
• 17:06
  Speaker 8: more economic prosperity to our great country.
• 17:09
  Speaker 2: You hear what she says, and let's break it down.
• 17:12
  Speaker 1: We have a one point two trillion dollar trade deficit
• 17:15
  Speaker 1: in counting. We've had ninety thousand factories closed in the
• 17:21
  Speaker 1: last couple of decades alone.
• 17:24
  Speaker 2: How many American jobs were lost?
• 17:27
  Speaker 1: Since nineteen ninety seven, Americans have been put out of
• 17:32
  Speaker 1: five million manufacturing jobs. Five million jobs disappeared. And as
• 17:38
  Speaker 1: she described, these are not just statistics. These are real
• 17:40
  Speaker 1: American lives that have been impacted. Now, why is Donald
• 17:43
  Speaker 1: Trump doing it? Because he's the one that's willing to
• 17:46
  Speaker 1: do the hard things other politicians are like and the
• 17:49
  Speaker 1: advisors walking like, hey, you can't do this right, like
• 17:52
  Speaker 1: whether it's Social Security or Medicare, Medicaid, like there's a
• 17:55
  Speaker 1: third row issues. This is a perfect example, like hey,
• 17:57
  Speaker 1: leave tarff Slan, shut up, don't do it. Kick the
• 17:59
  Speaker 1: can down the road. The deficit kick it down the road,
• 18:02
  Speaker 1: like there's gonna.
• 18:03
  Speaker 2: Be a day of reckoning.
• 18:05
  Speaker 1: And what Donald Trump is saying is is I'm not
• 18:07
  Speaker 1: running for reelection ever again. Okay, like I'm But what
• 18:12
  Speaker 1: I do know is if we're taking advantage of here.
• 18:14
  Speaker 2: And I'm not gonna let it keep happening.
• 18:17
  Speaker 1: Eric Trump put out a very interesting tweet earlier and
• 18:19
  Speaker 1: he said this, I wouldn't want to be the last
• 18:22
  Speaker 1: country that tries to negotiate a trade deal with Donald Trump.
• 18:25
  Speaker 1: The first negotiate will win, the last will absolutely lose.
• 18:28
  Speaker 1: I have seen this movie my entire life. And the
• 18:32
  Speaker 1: point that that I think Eric Trump is making there
• 18:35
  Speaker 1: is is if you think you're gonna outlast Donald Trump,
• 18:38
  Speaker 1: you're wrong. Now there's sky, it's falling, chicken little here, okay,
• 18:43
  Speaker 1: and and and that's.
• 18:45
  Speaker 2: That's part of this.
• 18:46
  Speaker 1: There is that, right, And and that's what the media
• 18:48
  Speaker 1: is hoping that you're gonna do. You're gonna abandon Trump,
• 18:50
  Speaker 1: You're gonna run away. You're gonna say, oh, I lost
• 18:52
  Speaker 1: too much money. This is ridiculous. Just go back to
• 18:54
  Speaker 1: SaaS Quo. It doesn't mean that things are getting any better.
• 19:00
  Speaker 1: And Donald Trump's saying I want the jobs back. Let
• 19:05
  Speaker 1: me also just give you a perfect example of what
• 19:09
  Speaker 1: I mean by Donald Trump is doing the hard thing, okay,
• 19:14
  Speaker 1: the hard thing that others are not willing to do.
• 19:19
  Speaker 1: And let me also just give you a perspective for
• 19:22
  Speaker 1: a second. You know what Mexico's economic policies are, Mexico first.
• 19:28
  Speaker 1: Do you know what Canada's economic policies are Canada first?
• 19:33
  Speaker 1: Do you know what China's economic policies are China first?
• 19:38
  Speaker 1: You know what India's economic policy is, India first. So
• 19:43
  Speaker 1: the question is to me, why shouldn't America's economic policies
• 19:47
  Speaker 1: be specifically America first?
• 19:53
  Speaker 2: Like that?
• 19:54
  Speaker 1: That is the question that so many people should be
• 19:57
  Speaker 1: asking right now. This should be a very simple America
• 20:02
  Speaker 1: first policy. That is what Donald Trump is trying to
• 20:06
  Speaker 1: shepherd in here. And by the way, there's a lot
• 20:10
  Speaker 1: of people in Congress that used to agree with this,
• 20:13
  Speaker 1: but then they decided, for either corruption reasons or lobbyist reasons,
• 20:18
  Speaker 1: or they just decide to woos out and put America
• 20:20
  Speaker 1: second and everybody else.
• 20:21
  Speaker 2: First, that they were going to change their minds.
• 20:25
  Speaker 1: I'm going to take you back to nineteen ninety six
• 20:29
  Speaker 1: and I'm going to play for you what Nancy Pelosi
• 20:33
  Speaker 1: said back in nineteen ninety six, speaking on the issue
• 20:38
  Speaker 1: of tariffs and the trade deficit in nineteen ninety six,
• 20:41
  Speaker 1: with China, almost all the Democrats out there are hypocrites.
• 20:46
  Speaker 1: They're wanting the sky to fall, They're wanting you to
• 20:49
  Speaker 1: abandon Trump. They don't ever want to do the hard thing.
• 20:53
  Speaker 1: They never want to do the hard thing. So I
• 20:56
  Speaker 1: want you to hear and listen and listen to Nancy
• 20:58
  Speaker 1: Pelosi in nineteen nine on the four of the House
• 21:01
  Speaker 1: lose her mind over China, the trade deficit and the
• 21:04
  Speaker 1: issue of tariffs.
• 21:06
  Speaker 7: How far does China have to go, how much more repression,
• 21:11
  Speaker 7: how big a trade deficit and loss of jobs for
• 21:15
  Speaker 7: the American worker, and how much more dangerous proliferation has
• 21:19
  Speaker 7: to exist before members of this House of Representatives will say,
• 21:23
  Speaker 7: I will not endorse the status quo.
• 21:26
  Speaker 2: By the way, I like this Nancy Pelosi. I want
• 21:28
  Speaker 2: to be clear about this.
• 21:29
  Speaker 1: This is before she became an insider trading woman who
• 21:33
  Speaker 1: just said I'm going to get rich and I'm going
• 21:35
  Speaker 1: to sell out America to China into other countries. This
• 21:38
  Speaker 1: is when I actually think she thought she was serving
• 21:40
  Speaker 1: the people. She's abandoned that for the last what thirty years,
• 21:44
  Speaker 1: But in nineteen ninety six, this is pretty good stuff
• 21:50
  Speaker 1: from Nancy Pelosi.
• 21:51
  Speaker 2: Keep listening.
• 21:52
  Speaker 7: As I mentioned, it's about jobs, proliferation, and human rights.
• 21:55
  Speaker 7: And there are those who say we shouldn't link human
• 21:57
  Speaker 7: rights in trade and proliferation and trade. I disagree, But
• 22:01
  Speaker 7: if we just want to take up this issue on
• 22:03
  Speaker 7: the basis of economics alone, indeed, China should not receive
• 22:08
  Speaker 7: Most Favored Nation status for several reasons that I'd like
• 22:12
  Speaker 7: to go into now. I'd like to call the attention
• 22:15
  Speaker 7: of our colleagues to this chart on the status quo
• 22:18
  Speaker 7: that the business community is asking each and every one
• 22:21
  Speaker 7: of you to, each and every one of us to endorse.
• 22:24
  Speaker 5: Today.
• 22:25
  Speaker 7: Right now, we have a thirty four billion dollar trade
• 22:28
  Speaker 7: deficit with China. The nineteen ninety five figure, it will
• 22:33
  Speaker 7: be over forty billion dollars for nineteen ninety six. Since
• 22:36
  Speaker 7: the Tenement Square massacre, this figure has increased one thousand
• 22:41
  Speaker 7: percent from three and a half billion then to about
• 22:44
  Speaker 7: thirty four billion dollars now. In terms of tariffs, it's
• 22:48
  Speaker 7: think it's interesting to note that the average MFN tariff
• 22:51
  Speaker 7: on Chinese goods coming into the United States is two percent,
• 22:55
  Speaker 7: whereas the average Chinese MFF tariff on US goods going
• 23:00
  Speaker 7: into China is thirty five percent. Is that reciprocal?
• 23:05
  Speaker 1: Nancy Pelusi in nineteen ninety six is saying the exact
• 23:10
  Speaker 1: same thing that Donald Trump said at the White House yesterday.
• 23:15
  Speaker 1: Is that reciprocal average US tariff on Chinese goods two percent,
• 23:20
  Speaker 1: average Chinese tariff on US goods thirty five percent.
• 23:24
  Speaker 2: Keep listening.
• 23:25
  Speaker 1: This is Nancy Pelosi ninety six actually saying the honest
• 23:29
  Speaker 1: and right thing before she sold out on exports.
• 23:33
  Speaker 7: China only allows certain industries into China of US industries
• 23:37
  Speaker 7: into China, and therefore only two percent of US exports
• 23:41
  Speaker 7: are allowed into China. On the other hand, the US
• 23:45
  Speaker 7: allows China to flood our markets with thirty a third
• 23:48
  Speaker 7: of their exports, and that'll probably go over forty percent.
• 23:52
  Speaker 7: And it's limitless because we have not placed any restriction
• 23:56
  Speaker 7: in terms of jobs. This is the biggest and cruelest
• 23:59
  Speaker 7: pox of ball. Not only do we not have market access,
• 24:03
  Speaker 7: not only do they have prohibitive tariffs. Not only are
• 24:06
  Speaker 7: our exports not let in very specifically, but China benefits with.
• 24:12
  Speaker 2: At least at least.
• 24:14
  Speaker 7: Ten million jobs from US China trade. The President and
• 24:18
  Speaker 7: his statement requesting this special waiver said that it China
• 24:24
  Speaker 7: trade supports one hundred and seventy thousand jobs in the
• 24:28
  Speaker 7: United States one hundred and seventy thousand jobs, whereas our
• 24:32
  Speaker 7: imports from China support ten million jobs at least. The
• 24:37
  Speaker 7: fact is that that US China trade is a job loser,
• 24:41
  Speaker 7: and one of the reasons that it is is because
• 24:44
  Speaker 7: in order well first, let me just make another point,
• 24:46
  Speaker 7: and that is that our colleagues on the other side
• 24:49
  Speaker 7: of this issue will say the trade with China, exports
• 24:52
  Speaker 7: to China have increased three times in the last ten years.
• 24:55
  Speaker 7: They have, but they failed to mention that exports imports
• 24:59
  Speaker 7: from China have increased eleven times and thereby leading to
• 25:03
  Speaker 7: this huge trade deficit.
• 25:06
  Speaker 1: I go back to back in ninety six when Nancy
• 25:10
  Speaker 1: Pelosi was saying this, she truly was sounding the alarm
• 25:15
  Speaker 1: that China was taking advantage of America and it was
• 25:18
  Speaker 1: catastrophic to the American worker, and it was catastrophic to
• 25:23
  Speaker 1: our industries and to manufacturing, and it was costing American jobs.
• 25:27
  Speaker 1: And the trade deficit was insane, and the tariffs were
• 25:30
  Speaker 1: insane that we were dealing with compared to what we
• 25:33
  Speaker 1: compared to what we were putting on them. And guess what,
• 25:37
  Speaker 1: it's not gotten any better since ninety six. So if
• 25:41
  Speaker 1: the problem was this bad in nineteen ninety six, then
• 25:44
  Speaker 1: put it into perspective about how bad the problem is
• 25:46
  Speaker 1: in twenty twenty five. You want to know why Donald
• 25:49
  Speaker 1: Trump is doing this. This is why Donald Trump is
• 25:52
  Speaker 1: doing this because it has been this bad for thirty
• 25:56
  Speaker 1: plus years, and nobody has had the jones to deal
• 26:01
  Speaker 1: with this issue for one reason. They didn't want to
• 26:05
  Speaker 1: upset the apple cart. They didn't want to lose their
• 26:09
  Speaker 1: approval rating. They didn't want to have a moment where
• 26:14
  Speaker 1: it things may get tough for a little bit and
• 26:16
  Speaker 1: have to go out there and explain it to American people.
• 26:19
  Speaker 1: So what did their advisors say, Hey, don't touch that,
• 26:22
  Speaker 1: just kick it down the road. You don't want to
• 26:23
  Speaker 1: go to war on this stuff. You don't want to
• 26:24
  Speaker 1: deal with US tarriffs, you don't want to deal with
• 26:26
  Speaker 1: China directly.
• 26:27
  Speaker 2: You don't want to.
• 26:28
  Speaker 1: And by the way, China, despite US tariffs, this is important.
• 26:32
  Speaker 1: China's currently leading the world in automobile production and exports.
• 26:37
  Speaker 2: They're the king.
• 26:39
  Speaker 1: We allow them to be the king, and they killed
• 26:40
  Speaker 1: American jobs in the process. They are the king, and
• 26:49
  Speaker 1: everybody knows it. China knows it more than anybody. China
• 26:56
  Speaker 1: understands it more than anyone. China understand just how easy
• 27:02
  Speaker 1: it is to take advantage of America because they knew that.
• 27:06
  Speaker 1: We had a bunch of wisses. Why do you think
• 27:09
  Speaker 1: the last administration didn't do anything one They were compromised
• 27:11
  Speaker 1: by China. We know that from the Biden crime family.
• 27:14
  Speaker 1: They were on the take, so they were able to
• 27:15
  Speaker 1: buy off the last administration. Like doing great things is hard.
• 27:20
  Speaker 1: You look at where we are right now. Border is
• 27:22
  Speaker 1: now closed.
• 27:23
  Speaker 2: That was hard. MS thirteen and the TDA gang are
• 27:27
  Speaker 2: being deported.
• 27:28
  Speaker 1: That's hard. No more men and women's sports. Still a
• 27:31
  Speaker 1: fight going on. Democrats standing up, that's a hard thing.
• 27:33
  Speaker 1: Food price is going down. That's a good thing, but
• 27:36
  Speaker 1: it's been a hard thing. Gas price is going down.
• 27:38
  Speaker 1: That's a good thing. It's also been a hard thing.
• 27:41
  Speaker 1: Housing is becoming more affordable. That was a good thing.
• 27:44
  Speaker 1: It's a hard thing to deal with. Inflation going down.
• 27:47
  Speaker 1: Egg price is going down five trillion and new investments
• 27:51
  Speaker 1: in America from companies, no more DII hundreds of billions
• 27:55
  Speaker 1: of government spending. Fraud has been stopped through DOGE when
• 28:00
  Speaker 1: there are countries yesterday that are removing tariffs against the US.
• 28:04
  Speaker 2: Part of this is you've got to.
• 28:05
  Speaker 1: Understand that when this happens, okay, it is if it
• 28:12
  Speaker 1: nothing that is grand.
• 28:14
  Speaker 2: Or great usually is easy.
• 28:17
  Speaker 1: When we've been taking advantage of and this has become
• 28:19
  Speaker 1: the status quo, and we keep bowing down and looking
• 28:22
  Speaker 1: the other way. For the last thirty years, more than that,
• 28:27
  Speaker 1: thirty five, thirty six, thirty seven years, China's been like
• 28:31
  Speaker 1: just beating the you know what out of us, and
• 28:34
  Speaker 1: other countries looked at China and they're like, hey, we
• 28:37
  Speaker 1: can do this too. There are some countries that were
• 28:39
  Speaker 1: inspired by China, by the way, there really were.
• 28:41
  Speaker 2: There was a lot of countries.
• 28:43
  Speaker 1: That were inspired by China, and they're like, if China
• 28:47
  Speaker 1: can get.
• 28:47
  Speaker 2: Away with us, hell, then maybe we can get away
• 28:49
  Speaker 2: with us too. Maybe we can maybe we can do
• 28:53
  Speaker 2: the same thing.
• 28:54
  Speaker 1: And so they learned from this, They learned from watching,
• 29:00
  Speaker 1: they learn from sitting there and going America's not doing
• 29:03
  Speaker 1: anything stuff.
• 29:04
  Speaker 2: This is China. Why don't we get on the action.
• 29:05
  Speaker 1: Why do you think it got so out of whack
• 29:08
  Speaker 1: with all the numbers that Donald Trump said earlier that
• 29:10
  Speaker 1: I presented to you, They got out of whack because
• 29:14
  Speaker 1: they watched and they realized that America was not willing
• 29:17
  Speaker 1: to fight back. And so is the President saying, now
• 29:19
  Speaker 1: I'm not screwing around. I'm standing up for the American worker.
• 29:23
  Speaker 1: And this is a thirty five forty year chiropractic adjustment.
• 29:27
  Speaker 1: It's gonna be hard, but it's an adjustment that should
• 29:31
  Speaker 1: have happened back in nineteen ninety six when Nancy Pelosi
• 29:33
  Speaker 1: was talking about it. So to everybody out there that's
• 29:36
  Speaker 1: going crazy over this, just know, calm down and let
• 29:40
  Speaker 1: it run its course. Okay, like, let it run its course.
• 29:47
  Speaker 1: This isn't just about products made in America. The Chinese
• 29:50
  Speaker 1: want American products that are that are made in China.
• 29:54
  Speaker 1: The transfer of the technology and the transfer of the
• 29:57
  Speaker 1: jobs has taken place. Those are new Nancy Pelosi's exact
• 30:01
  Speaker 1: words in ninety six, and they sound exactly like Donald
• 30:04
  Speaker 1: Trump's words.
• 30:04
  Speaker 2: In twenty twenty five.
• 30:07
  Speaker 1: Do me a favor, make sure you share this podcast
• 30:09
  Speaker 1: with your family, your friends, put it up on social media,
• 30:12
  Speaker 1: wherever you are on social media, and I will see
• 30:15
  Speaker 1: you back here tomorrow