Latest / The Ben Ferguson Podcast / Tariff Turnaround-Understanding Trump's Reset on U.S. Trade

Transcript

Tariff Turnaround-Understanding Trump's Reset on U.S. Trade · The Ben Ferguson Podcast

• 0:01
  Speaker 1: If you go back thirty years ago, he wasn't a
• 0:03
  Speaker 1: smart person. You go back to Prime Time with him,
• 0:06
  Speaker 1: he wasn't a smart person, but he was a very
• 0:08
  Speaker 1: mean person. Joe Biden's a very mean person. People don't
• 0:11
  Speaker 1: understand that they've ruined lives, They've ruined families. They've ruined
• 0:15
  Speaker 1: so many people that they could have ruined me. They
• 0:18
  Speaker 1: tried to ruin me. But we're now in Air Force one,
• 0:20
  Speaker 1: flying nicely since the Middle East.
• 0:23
  Speaker 2: You're listening to the forty seven Morning Update with Ben Ferguson.
• 0:27
  Speaker 3: Good Thursday morning. Nice to have you with us on
• 0:29
  Speaker 3: the forty seven Morning Update. Ben Ferguson with you, and
• 0:32
  Speaker 3: we have two major stories for you this morning coming
• 0:35
  Speaker 3: from the Trump administration. First up, the media lied to
• 0:39
  Speaker 3: you when they said there was no chance we'd get
• 0:42
  Speaker 3: a deal with China anytime soon. Some were even saying
• 0:46
  Speaker 3: it wouldn't be done anytime this year. We now have
• 0:49
  Speaker 3: a major announcement from the White House on a trade
• 0:52
  Speaker 3: negotiation deal with China, and I'll give you the details
• 0:55
  Speaker 3: in just a moment. Up next, what happened in the
• 0:58
  Speaker 3: China trade deal that affecting every American. It's the forty
• 1:02
  Speaker 3: seven morning update, and it starts right now, story number one,
• 1:07
  Speaker 3: doom and gloom. That's what the media wanted you to
• 1:09
  Speaker 3: believe that idea would not be done even this year
• 1:12
  Speaker 3: with China. Well, guess what the White House and now
• 1:15
  Speaker 3: and say significant breakthrough in trade negotiations with China, marking
• 1:21
  Speaker 3: a positive step forward resolving the ongoing trade tensions between
• 1:26
  Speaker 3: the two nations. When did this happen? After two days
• 1:30
  Speaker 3: of constructive talks in Geneva, the US Treasury Secretary Scott
• 1:35
  Speaker 3: Descent and the Trade Representative Jamison Greer reported substantial progress
• 1:40
  Speaker 3: and discussions with Chinese Vice Premiere, and both sides of
• 1:44
  Speaker 3: express optimism about the outcome. I want you to hear
• 1:48
  Speaker 3: what the Treasury Secretary had to say after the meeting
• 1:52
  Speaker 3: on Sunday.
• 1:53
  Speaker 4: And I think that led to a great deal of
• 1:55
  Speaker 4: the productivity we've seen. But I can tell you that
• 2:00
  Speaker 4: the talks were productive. We had the Vice Premiere to
• 2:05
  Speaker 4: vice ministers who were integrally involved, Ambassador Jamison and myself
• 2:12
  Speaker 4: and I spoke to President Trump, as did Ambassador Jamison
• 2:17
  Speaker 4: last night, and he is fully informed of what.
• 2:20
  Speaker 5: Is going on.
• 2:21
  Speaker 4: So there will be a complete briefing tomorrow morning.
• 2:25
  Speaker 3: Complete briefing from the White House, and yet again the
• 2:29
  Speaker 3: media lied to you just days ago saying this was
• 2:33
  Speaker 3: going to take at least a year to get done.
• 2:36
  Speaker 3: If it was going to get done. The US Trade
• 2:40
  Speaker 3: representative in Geneva also talking about how important this was
• 2:44
  Speaker 3: and how close they were to understanding each other in
• 2:47
  Speaker 3: the trade negotiations.
• 2:49
  Speaker 5: I want to echo the Secretary's remarks respect to the
• 2:52
  Speaker 5: Swiss government. They've been so welcoming and they posted this
• 2:55
  Speaker 5: and everything has gone off lawlessly and we appreciate that.
• 2:59
  Speaker 5: And again the Chinese negotiators, Vice Premier Leoho, Vice Minister
• 3:03
  Speaker 5: Lee Chendong, and Vice Minister Li al Men worked very diligently.
• 3:07
  Speaker 5: And these are very tough negotiators. A couple of them
• 3:10
  Speaker 5: I know from before and have had past interactions with them.
• 3:14
  Speaker 5: And this was, as the Secretary pointed out, a very
• 3:17
  Speaker 5: constructive two days. It's important to understand how quickly we
• 3:21
  Speaker 5: were able to come to agreement, which reflects that perhaps
• 3:24
  Speaker 5: the differences were not so large as maybe thought. That
• 3:28
  Speaker 5: being said, there was a lot of groundwork that went
• 3:30
  Speaker 5: into these two days. Just remember why we're here in
• 3:34
  Speaker 5: the first place in the United States, as a massive
• 3:36
  Speaker 5: one point two trillion dollar trade deficit. So the President
• 3:39
  Speaker 5: declared a national emergency and imposed tariffs, and we're confident
• 3:43
  Speaker 5: that the deal we struck with our Chinese partners will
• 3:46
  Speaker 5: help us to resolve work towards resolving that national emergency.
• 3:50
  Speaker 3: Donald Trump made it clear from the very beginning, there
• 3:53
  Speaker 3: is a trade emergency and the US having that massive
• 3:57
  Speaker 3: one point two trillion dollar trade deficit, and that is
• 4:01
  Speaker 3: exactly why the President declared it. We're confident that the
• 4:04
  Speaker 3: deal we struck with our Chinese partners will help us
• 4:08
  Speaker 3: work towards resolving that national emergency. Now, President Trump characterized
• 4:13
  Speaker 3: the negotiations that move towards a total reset of US
• 4:18
  Speaker 3: China trade relations, emphasizing the importance of opening China's markets
• 4:23
  Speaker 3: to American businesses. Chinese officials also echoing this sentiment, describing
• 4:28
  Speaker 3: the talks as candid and constructive and highlighting the establishment
• 4:33
  Speaker 3: of a new consultation mechanism for ongoing economic dialogue quote unquote. Now,
• 4:40
  Speaker 3: the announcement has already had a positive impact on the
• 4:43
  Speaker 3: financial markets as well, stock futures rising and the US
• 4:47
  Speaker 3: dollars strengthening against other currencies. This development is seen as
• 4:51
  Speaker 3: a hopeful sign for American farmers, retailers, and consumers who
• 4:56
  Speaker 3: have been affected by the tariff escalations. Further details of
• 5:01
  Speaker 3: the agreement are expected to be disclosed in a joint
• 5:05
  Speaker 3: statement today, which will provide more insight into the specific
• 5:09
  Speaker 3: measures agreed upon to ease trade tensions and foster economic
• 5:14
  Speaker 3: cooperation between the US and China. If there's one thing
• 5:17
  Speaker 3: that's very clear now, Donald Trump really is the best
• 5:21
  Speaker 3: negotiator in the world. And this will make the media
• 5:25
  Speaker 3: and liberals lose their mind because they don't really care
• 5:28
  Speaker 3: about Americans. They care about Donald Trump being a failure
• 5:32
  Speaker 3: at all costs, and yet again he proved them wrong.
• 5:35
  Speaker 2: Now story number two.
• 5:36
  Speaker 3: Now, the other big story is the fact that we
• 5:39
  Speaker 3: now have a significant movement when it comes to the
• 5:43
  Speaker 3: tariffs with China. The Trump White House has just posted
• 5:47
  Speaker 3: a statement on the US and China's historic trade deal,
• 5:50
  Speaker 3: putting it this way, American tariffs on China we're at
• 5:53
  Speaker 3: one hundred and forty five percent now they're at thirty percent.
• 5:57
  Speaker 3: China's tariffs on America one hundred and twenty five percent
• 6:02
  Speaker 3: now at ten percent. And Donald Trump was the one
• 6:05
  Speaker 3: that made all of this possible. White House Press Secretary
• 6:08
  Speaker 3: Caroline Levey saying it this way to Fox News.
• 6:11
  Speaker 1: First off, your reaction and what could you tell us
• 6:14
  Speaker 1: about the China deal that has tariffs dropping from one
• 6:17
  Speaker 1: hundred and forty five one twenty five respectively to thirty
• 6:21
  Speaker 1: and ten.
• 6:22
  Speaker 6: This is an extraordinary first step in the right direction,
• 6:26
  Speaker 6: and thanks to the strength of President Trump, Secretary Besant
• 6:29
  Speaker 6: and Ambassador Greer were able to cut this initial deal
• 6:32
  Speaker 6: with China. China agreed to reduce their tariffs on the
• 6:35
  Speaker 6: United States by one hundred and fifteen percent. They also
• 6:38
  Speaker 6: agreed to continue having discussions about opening Chinese markets to
• 6:42
  Speaker 6: American made products and goods. And they also agreed to
• 6:45
  Speaker 6: continue seriously discussing the grave impact that Chinese produced fetanol
• 6:50
  Speaker 6: is having right here in the United States and our people.
• 6:53
  Speaker 6: So this is a great first step for the American public,
• 6:55
  Speaker 6: and Secretary Best, Ambassador Greer, and of course President Trump
• 6:58
  Speaker 6: will continue to goias with China so we can hopefully
• 7:02
  Speaker 6: inevitably get to a fair and comprehensive, big trade deal.
• 7:05
  Speaker 3: Now, this is going to be a pause for ninety days,
• 7:09
  Speaker 3: and I want you to hear exactly what the White
• 7:11
  Speaker 3: House said to me earlier today. This is President Trump
• 7:14
  Speaker 3: quote securing another historic deal. Today, on the heels of
• 7:18
  Speaker 3: the brand new deal with the United Kingdom, President Trump
• 7:21
  Speaker 3: reached an agreement with China to reduce China's tariffs and
• 7:24
  Speaker 3: eliminate retaliation, also retain a US baseline tariff on China,
• 7:29
  Speaker 3: and set a path for future discussions to open market
• 7:32
  Speaker 3: access for American exports. You've just heard the White House
• 7:35
  Speaker 3: say that on TV. Today. The United States issued the
• 7:39
  Speaker 3: first joint statement on trade in many years with China
• 7:42
  Speaker 3: after successfully negotiating over the weekend in Geneva, Switzerland. The
• 7:46
  Speaker 3: White House says, quote, Both parties affirm the importance of
• 7:50
  Speaker 3: the critical bilateral economic and trade relationship between both countries
• 7:55
  Speaker 3: and the global economy, saying this, for far too long,
• 7:59
  Speaker 3: unfair trade practices and America's massive trade deficit with China
• 8:04
  Speaker 3: have fueled the offshoring of American jobs and the decline
• 8:08
  Speaker 3: of our manufacturing sector. In reaching an agreement, the White
• 8:12
  Speaker 3: House says, the United States and China will each lower
• 8:15
  Speaker 3: their tariffs by one hundred and fifteen percent, while retaining
• 8:19
  Speaker 3: an additional ten percent tariff. Other US measures will remain
• 8:23
  Speaker 3: in place. Both sides will take these actions by May
• 8:27
  Speaker 3: fourteenth of twenty twenty five, this trade deal is a
• 8:31
  Speaker 3: win for the United States, demonstrating President Donald Trump's unparalleled
• 8:35
  Speaker 3: expertise in securing deals that benefit the American people. Then
• 8:40
  Speaker 3: the White House said this the Chinese action, saying quote,
• 8:44
  Speaker 3: China will remove the retaliatory tariffs in announced since April
• 8:48
  Speaker 3: the fourth, and will also suspend to remove the non
• 8:52
  Speaker 3: tariff countermeasures taken against the United States since April the second.
• 8:56
  Speaker 3: China will also suspend its initial thirty four percent tariff
• 9:01
  Speaker 3: of the United States that it announced on April fourth
• 9:03
  Speaker 3: for ninety days. It will remain at ten percent tariff
• 9:07
  Speaker 3: during the period of the pause. And then they say,
• 9:10
  Speaker 3: under American action, the United States will remove the additional
• 9:13
  Speaker 3: tariff it imposed on China on April eighth and April ninth,
• 9:16
  Speaker 3: but will retain all duties imposed on China prior to
• 9:19
  Speaker 3: April second, including Section three h one tariffs, Section two
• 9:24
  Speaker 3: thirty two tariffs, and tariffs imposed in response to the
• 9:28
  Speaker 3: FETNYL National Emergency Invoke pursuant to the International Emergency Economic
• 9:34
  Speaker 3: Powers Act, and also the most Favored Nation's tariffs. They
• 9:38
  Speaker 3: went on to say the United States will suspend their
• 9:40
  Speaker 3: thirty four percent reciprocal tariff impose on April second for
• 9:44
  Speaker 3: ninety days, and the ten percent tariff that will remain
• 9:47
  Speaker 3: in place is set for a fair baseline that encourages
• 9:50
  Speaker 3: domestic production, strengthens our supply chains, and ensures that American
• 9:55
  Speaker 3: trade policy supports American workers first, instead of undermining them
• 10:00
  Speaker 3: them by imposing reciprocal tariffs. President Trump is ensuring our
• 10:03
  Speaker 3: trade policy works for the American economy and addresses our
• 10:07
  Speaker 3: national emergency brought on by our growing and persistent trade deficits,
• 10:12
  Speaker 3: and levels the playing field for American workers and our producers.
• 10:16
  Speaker 3: Unlike previous administrations, the White House said President Trump took
• 10:20
  Speaker 3: a tough, uncompromising stance on China to protect American interests
• 10:26
  Speaker 3: and stop unfair trade practices. They also said this is
• 10:30
  Speaker 3: working towards a rebalancing. When these changes come into effect,
• 10:34
  Speaker 3: the White House says both nations agree to establish a
• 10:37
  Speaker 3: mechanism to continue important discussions about trade economics. The US
• 10:42
  Speaker 3: goods trade deficit with China was two hundred ninety four
• 10:46
  Speaker 3: billion in twenty twenty four, the largest with any trade partner.
• 10:50
  Speaker 3: This agreement works towards addressing these imbalances to deliver real,
• 10:54
  Speaker 3: lasting benefits to American workers, American farmers, and American businesses,
• 11:00
  Speaker 3: the White House saying this finally, as our nations continue
• 11:03
  Speaker 3: these discussions. China will be represented by he lefing the
• 11:08
  Speaker 3: Vice Premier of the State Council. The United States will
• 11:11
  Speaker 3: be represented by Scott Pascent, the Secretary of Treasury, and
• 11:15
  Speaker 3: Jasmine Greer, United States Trade Representative. They also said addressing
• 11:19
  Speaker 3: the fetanyl crisis is the most important matter as well
• 11:22
  Speaker 3: as the United States and China will take aggressive action
• 11:25
  Speaker 3: to stem the flow of fetanol and other precursors from
• 11:29
  Speaker 3: China to elicit drug production in North America. If you
• 11:34
  Speaker 3: look at what the President has been able to do
• 11:36
  Speaker 3: in just the last couple of days, here it is,
• 11:39
  Speaker 3: in just seven days, President Trump has secured a historic
• 11:44
  Speaker 3: UK trade deal, a massive China trade deal, the release
• 11:49
  Speaker 3: of an American hostage, the ceasefire with India and Pakistan,
• 11:54
  Speaker 3: the ceasefire with the Huthis. And this is exactly what
• 11:58
  Speaker 3: so many Americans voted for, and Donald Trump paying off
• 12:02
  Speaker 3: on his promise to put Americans first and protecting all
• 12:05
  Speaker 3: of us.
• 12:06
  Speaker 2: Thank you for listening to the forty seven Morning Update
• 12:09
  Speaker 2: with Ben Ferguson. Please make sure you hit subscribe wherever
• 12:13
  Speaker 2: you're listening to this podcast right now and for more
• 12:16
  Speaker 2: in depth news, also subscribe to the Ben Ferguson podcast,
• 12:20
  Speaker 2: and we will see you back here tomorrow