Latest / The Ben Ferguson Podcast / Big Beautiful Bill hits a Roadblock plus The China Reset & the Drug Price Drop

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Big Beautiful Bill hits a Roadblock plus The China Reset & the Drug Price Drop · The Ben Ferguson Podcast

• 0:01
  Speaker 1: I want to start with some breaking news.
• 0:03
  Speaker 2: The House Budget Committee has just voted down what Donald
• 0:07
  Speaker 2: Trump described as the big Beautiful Bill.
• 0:11
  Speaker 1: Now the question is why they are.
• 0:13
  Speaker 2: Seeking more quote conservative reforms. The House Budget Committee voted
• 0:20
  Speaker 2: down the Budget Reconciliation Bill just after noon on Friday,
• 0:24
  Speaker 2: in a temporary roadblock for President Donald Trump's bill that
• 0:28
  Speaker 2: he says we need to get it done.
• 0:30
  Speaker 1: The defeat of the bill.
• 0:31
  Speaker 2: Is another expected, if unnecessary bump and the often messy
• 0:37
  Speaker 2: negotiating process of a massive piece of legislation. And this
• 0:41
  Speaker 2: is something I want you to understand. I'm not that
• 0:43
  Speaker 2: surprised over it. It would have been great to get
• 0:47
  Speaker 2: this thing done quickly and just move it through. The
• 0:50
  Speaker 2: chance of that happening based on what I was told,
• 0:52
  Speaker 2: we're probably about five percent, So this is a speedbump.
• 0:56
  Speaker 2: I want to be clear. And the media is going
• 0:58
  Speaker 2: to want to dunk on this. I do not believe
• 1:00
  Speaker 2: this is going to derail the agenda of Donald Trump
• 1:03
  Speaker 2: or the quote big beautiful bill. I just want to
• 1:07
  Speaker 2: be clear now. It is not the headline that we wanted,
• 1:11
  Speaker 2: all right. This is one that we I think the
• 1:14
  Speaker 2: Republicans should have tried to avoid and putting it in context,
• 1:18
  Speaker 2: this is one of those moments where the Democrats and
• 1:21
  Speaker 2: the media, they're going to dunk on it big. All right, now,
• 1:24
  Speaker 2: let me give you the background on this so you understand.
• 1:27
  Speaker 2: Conservatives on the committee made it clear before the committee
• 1:31
  Speaker 2: markup of the bill that they were against the bill
• 1:33
  Speaker 2: in its current form, stating that it felt short of
• 1:37
  Speaker 2: fully realizing Donald Trump's transformative agenda. Quote unquote, Speaker Mike
• 1:43
  Speaker 2: Johnson chose to go ahead with the scheduled markup of
• 1:46
  Speaker 2: this bill. Some thought that was a bad idea. We'll
• 1:49
  Speaker 2: see how it plays out. So then fast forward to
• 1:52
  Speaker 2: Friday four, Conservatives, along with another Republican who changes vote
• 1:58
  Speaker 2: for procedural reason, oppose the bill, which.
• 2:02
  Speaker 1: Went down sixteen to twenty one.
• 2:05
  Speaker 2: You had Representative from Texas, Chip Roy, you had Ralph
• 2:09
  Speaker 2: Norman from South Carolina.
• 2:12
  Speaker 1: You had Josh Rattin.
• 2:14
  Speaker 2: A Republican from Oklahoma, and you had Andrew Clyde, a
• 2:17
  Speaker 2: Republican from South Carolina that all jumped on board to
• 2:20
  Speaker 2: say we're going to stop this now. House conservatives requested
• 2:24
  Speaker 2: more changes in order to make a bigger, more beautiful bill,
• 2:28
  Speaker 2: is the way they described it. Their concerns varied from
• 2:31
  Speaker 2: spending and taxes to Second Amendment provisions, but they also
• 2:36
  Speaker 2: raised concerns that many of the reforms in the legislation
• 2:40
  Speaker 2: were postponed for years and would likely be eliminated in
• 2:44
  Speaker 2: future legislation before they could even take effect. Chip Roy
• 2:49
  Speaker 2: putting out tweets saying, quote, why there's a problem. The
• 2:52
  Speaker 2: House bill front loads tax cuts and spending and then
• 2:56
  Speaker 2: backloads the savings.
• 2:58
  Speaker 1: And he had a chart that he put.
• 3:00
  Speaker 2: It up, basically saying that we wouldn't get the best
• 3:02
  Speaker 2: effects of this until twenty thirty and that's not what
• 3:06
  Speaker 2: the American people actually voted for. Now, the committee has
• 3:11
  Speaker 2: not expected to meet again, according to House Budget Committee
• 3:14
  Speaker 2: Chairman Jody R.
• 3:15
  Speaker 1: Arrington.
• 3:16
  Speaker 2: He's a Republican from Texas who voted to vance the
• 3:19
  Speaker 2: bill despite agreeing with the no votes that the bill
• 3:22
  Speaker 2: must be improved before final passage on the House floor,
• 3:26
  Speaker 2: a sentiment shared by other Republicans also on the committee.
• 3:30
  Speaker 2: But the four Conservatives on the House Freedom Caucus one
• 3:33
  Speaker 2: of these changes made sooner rather than later, because well,
• 3:35
  Speaker 2: they don't trust the rhinos. I understand that, Okay, the
• 3:39
  Speaker 2: rhinos they always will screw you at the last moment.
• 3:42
  Speaker 2: Especially when you're trying to get a deal done. So
• 3:44
  Speaker 2: I get them saying we want it on the front end.
• 3:47
  Speaker 2: I understand the thinking here and I want you to
• 3:48
  Speaker 2: understand that as well. They said, despite voting no, they
• 3:52
  Speaker 2: remain willing to work towards a quote compromise, saying this,
• 3:56
  Speaker 2: we are continuing to negotiate. That is what a spokesman
• 3:59
  Speaker 2: for the House Freedom Caucus said.
• 4:03
  Speaker 1: We are not leaving right now.
• 4:05
  Speaker 2: We have been making progress and are continuing our work
• 4:08
  Speaker 2: on the legislation. The House Freedom canc is putting out
• 4:12
  Speaker 2: this statement on Twitter saying, and I'm going to quote
• 4:15
  Speaker 2: it exactly so you understand their viewpoints ad quote. Representatives
• 4:18
  Speaker 2: Roy Norman, Rachel Claude and others continue to work in
• 4:22
  Speaker 2: good faith to enact President's big beautiful bill quote unquote.
• 4:25
  Speaker 2: We were making progress before the vote and the Budget
• 4:28
  Speaker 2: Committee and will continue negotiations to further improve the reconciliation package.
• 4:33
  Speaker 2: We are not going anywhere, and we will continue to
• 4:35
  Speaker 2: work through the weekend, meaning obviously right now.
• 4:39
  Speaker 1: So when you look at this and what we under
• 4:42
  Speaker 1: what we.
• 4:42
  Speaker 2: Understand now is look, I think Trump's frustrated by this,
• 4:46
  Speaker 2: but this will overcome, and they will figure it out
• 4:50
  Speaker 2: and they will do it now. Trump posted on true
• 4:52
  Speaker 2: Social Friday morning, saying this quote, Republicans must unite behind.
• 4:57
  Speaker 1: The one big, beautiful bill.
• 5:00
  Speaker 2: Not only does it cut taxes for all Americans, but
• 5:04
  Speaker 2: it will kick millions of illegal aliens off of Medicaid
• 5:08
  Speaker 2: to protect it for those who are the ones in
• 5:11
  Speaker 2: real need. The country will suffer greatly without this legislation,
• 5:15
  Speaker 2: with their taxes going up sixty five percent. It will
• 5:18
  Speaker 2: be blamed on Democrats, but that doesn't help our voters.
• 5:22
  Speaker 2: We don't need grand standards in the Republican Party. Stop
• 5:26
  Speaker 2: talking and get it done. It's time to fix the
• 5:28
  Speaker 2: mess that Biden the Democrats gave us.
• 5:31
  Speaker 1: So that was what he said on true Social. Now.
• 5:33
  Speaker 1: Trump's urgency is understandable.
• 5:36
  Speaker 2: His team has continued to work with members of Congress
• 5:38
  Speaker 2: as the process moves forward, is what the White House
• 5:40
  Speaker 2: said Friday afternoon. The ultimate ambitious goal of sending a
• 5:44
  Speaker 2: bill to Trump's desk by July fourth remains achievable, is
• 5:49
  Speaker 2: what the White House is saying as well now. Before
• 5:52
  Speaker 2: Friday's vote, Mike Lee told Breitbart News exclusively that the
• 5:56
  Speaker 2: legislative process isn't easy, but that report Publicans working to
• 6:00
  Speaker 2: make further changes to the bill are doing so to
• 6:04
  Speaker 2: ensure it advances what Trump is laid out and what
• 6:08
  Speaker 2: needs to be done that both he and those who
• 6:12
  Speaker 2: elected him have quote demanded. So you can understand the
• 6:15
  Speaker 2: kind of more of the background on this. There are
• 6:17
  Speaker 2: some things that we need to address as we advance
• 6:20
  Speaker 2: legislation in order to advance President Donald Trump's agenda in
• 6:23
  Speaker 2: order to advance what he has laid out as what
• 6:27
  Speaker 2: needs to be done that both he and those who
• 6:30
  Speaker 2: elected him have demanded.
• 6:31
  Speaker 1: Is what Lee also went on to say.
• 6:33
  Speaker 2: Now, despite this setback, all right, I want to be
• 6:36
  Speaker 2: clear before the media punks you and lies to you.
• 6:41
  Speaker 2: I have no doubt the House will eventually pass this
• 6:44
  Speaker 2: bill in a form that will probably better than what
• 6:46
  Speaker 2: it is today, all right. I have no doubt that
• 6:49
  Speaker 2: negotiations are likely to continue throughout the weekend based on
• 6:54
  Speaker 2: the members that I've talked to. Now, once the Budget
• 6:57
  Speaker 2: Committee passes the bill, then this big, beautiful bill has
• 7:01
  Speaker 2: another big hurdle. It has the Senate, okay, and the
• 7:04
  Speaker 2: Senate must consider it where further changes are likely to
• 7:08
  Speaker 2: be made, which would necessitate House passage of the Senate
• 7:11
  Speaker 2: amended bill or more likely a conference committee for further negotiations.
• 7:16
  Speaker 1: So again, the President wants this by July fourth.
• 7:20
  Speaker 2: He wants to have a big moment July fourth talking
• 7:23
  Speaker 2: about what he has done for the American people. And
• 7:25
  Speaker 2: that's really important. That's a good thing. It's something that
• 7:29
  Speaker 2: the president has on his calendar. And look, I like
• 7:31
  Speaker 2: having a timeline of getting things done. I think it's
• 7:35
  Speaker 2: important that we get things done in a timely manner.
• 7:40
  Speaker 1: And if we don't get things done a.
• 7:42
  Speaker 2: Timely manner, then what you end up having is things
• 7:44
  Speaker 2: fall through the cracks, right, and we don't get things
• 7:48
  Speaker 2: done the way we want them done, and then we
• 7:49
  Speaker 2: stall out and then before we know, it's the midterms
• 7:52
  Speaker 2: and we got nothing done.
• 7:53
  Speaker 1: That is the biggest concern that I have here.
• 7:56
  Speaker 2: Like, that's the biggest problem that I have, is that
• 7:59
  Speaker 2: we can end up in that scenario, that situation. So
• 8:03
  Speaker 2: to recap for you, I want to be clear, I
• 8:06
  Speaker 2: don't think this is doom and gloom. I think more
• 8:09
  Speaker 2: than like, we were probably going to get a better
• 8:11
  Speaker 2: deal done than we would have before. That's a huge bonus.
• 8:16
  Speaker 2: That's something that we should all be very excited about.
• 8:20
  Speaker 1: So I want to be clear. That's number one.
• 8:23
  Speaker 2: Number two, I think the President putting pressure on them
• 8:25
  Speaker 2: to work through the weekend is a smart political move.
• 8:29
  Speaker 2: It is a move that he understands. I don't want
• 8:32
  Speaker 2: you going home. I don't want this thing to stall.
• 8:35
  Speaker 2: I don't want this thing to linger. I want to
• 8:38
  Speaker 2: get it done. So that's part two that I think
• 8:40
  Speaker 2: also is extremely important here. And finally, let me just
• 8:44
  Speaker 2: put it this way. The idea that this big, beautiful
• 8:48
  Speaker 2: bill was just going to run through Congress, I think
• 8:50
  Speaker 2: was a great idea in theory.
• 8:52
  Speaker 1: I don't believe it was.
• 8:54
  Speaker 2: Ever going to be reality, and I think that's what
• 8:58
  Speaker 2: we're witnessing now. And look, the pent hates it when
• 9:01
  Speaker 2: they drag their feet. There's a lot of people that
• 9:03
  Speaker 2: are doing a lot of things on this bill, and
• 9:05
  Speaker 2: there are a lot of Rhinos that are gonna want
• 9:06
  Speaker 2: things in this bill, and it's gonna get complicated.
• 9:09
  Speaker 1: I don't think it's going to be the last hurdle.
• 9:12
  Speaker 2: But I also do think that the American people have
• 9:14
  Speaker 2: a mandate on Congress to actually get it done. And
• 9:17
  Speaker 2: I do think that's part of the important part here
• 9:19
  Speaker 2: is that. So I'm going to keep you updated on it.
• 9:22
  Speaker 2: We're gonna watch it throughout the weekend for you that
• 9:25
  Speaker 2: I can promise you. We have got a lot that
• 9:29
  Speaker 2: has happened at the White House. In fact, and just
• 9:31
  Speaker 2: the last week, President Trump has secured a UK trade deal,
• 9:35
  Speaker 2: which is already old news. We now have this China
• 9:38
  Speaker 2: trade deal. We have the release of an American hostage.
• 9:41
  Speaker 2: We have the ceasefire with India and Pakistan, and a
• 9:45
  Speaker 2: ceasefire with the Hoho Thies. And where's the media obsessing
• 9:48
  Speaker 2: over well, saying that Donald Trump's deal with China may
• 9:51
  Speaker 2: not actually work out. And that's what you should really
• 9:53
  Speaker 2: be focusing on. White House press singer Terry coming out
• 9:57
  Speaker 2: on Fox and Friends Monday morning saying the state for
• 10:00
  Speaker 2: all of this, saying this.
• 10:02
  Speaker 3: Told you the next one hundred days would consist of
• 10:04
  Speaker 3: peace deals in trade deals, and that's exactly what we
• 10:07
  Speaker 3: have seen. The President announced last week the big trade
• 10:10
  Speaker 3: deal with the UK, as you mentioned. Now we have
• 10:12
  Speaker 3: a first deal with China. Just yesterday, the President announced
• 10:15
  Speaker 3: the release of the last remaining American hostage in Gaza, Eden, Alexander,
• 10:19
  Speaker 3: who will soon be united with his loving family, God
• 10:23
  Speaker 3: bless him. That's thanks to President Trump. We also negotiated
• 10:26
  Speaker 3: a ceasefire with the Hoothies, and President Trump was instrumental
• 10:30
  Speaker 3: in negotiating a ceasefire with India and Pakistan. This is
• 10:34
  Speaker 3: all in the last week. President Trump and his team
• 10:37
  Speaker 3: are working incredibly hard on behalf of the country and
• 10:40
  Speaker 3: the world to secure peace deals, in trade deals, and
• 10:43
  Speaker 3: don't forget, we have a tax deal coming too. The
• 10:45
  Speaker 3: administration is working with Capitol Hills to sign the largest
• 10:48
  Speaker 3: tax cuts in American history.
• 10:50
  Speaker 2: Right now, you listen to this White House and time
• 10:54
  Speaker 2: and time again, this administration is telling you what they're
• 10:59
  Speaker 2: going to do, says it's impossible, it cannot happen, and
• 11:02
  Speaker 2: then they pay off on it and they do it.
• 11:05
  Speaker 2: You look at the president right now on the issue
• 11:08
  Speaker 2: of China. Just this week, I was on CNN and
• 11:11
  Speaker 2: one of the people from the view in Navarro most
• 11:14
  Speaker 2: of views she's on CNN, she's like, and another expert
• 11:19
  Speaker 2: quote unquote expert when it comes to the economy we're on.
• 11:21
  Speaker 2: They're like, well, there's a very good chance these trade
• 11:23
  Speaker 2: deals won't even get done this year. And I'm like,
• 11:25
  Speaker 2: that's not true, that's absolutely not true. And I fought
• 11:28
  Speaker 2: back hard because they're just lying and they're like, well,
• 11:30
  Speaker 2: the American people can't handle these trade deals and there's
• 11:33
  Speaker 2: gonna be empty shelves because this is going.
• 11:35
  Speaker 1: To drag on into next year.
• 11:37
  Speaker 2: Well, what happened with China here is part of what
• 11:39
  Speaker 2: the White House said about that.
• 11:41
  Speaker 4: First off, your reaction and what could you tell us
• 11:44
  Speaker 4: about the China deal that has tariffs dropping from one
• 11:47
  Speaker 4: hundred and forty five to one five respectively to.
• 11:50
  Speaker 5: Thirty and ten.
• 11:53
  Speaker 3: This is an extraordinary first step in the right direction,
• 11:56
  Speaker 3: and thanks to the strength of President Seump, Secretary Besant,
• 12:00
  Speaker 3: Ambassador Greer, we're able to cut this initial deal with China.
• 12:04
  Speaker 3: China agreed to reduce their tariffs on the United States
• 12:07
  Speaker 3: by one hundred and fifteen percent. They also agreed to
• 12:10
  Speaker 3: continue having discussions about opening Chinese markets to American made
• 12:15
  Speaker 3: products and goods. And they also agreed to continue seriously
• 12:18
  Speaker 3: discussing the grave impact that Chinese produced fetanol is having
• 12:23
  Speaker 3: right here in the United States and our people. So
• 12:25
  Speaker 3: this is a great first step for the American public,
• 12:28
  Speaker 3: and Secretary Best and Ambassador Greer, and of course President
• 12:30
  Speaker 3: Trump will continue negotiations with China so we can hopefully
• 12:34
  Speaker 3: inevitably get to a fair and comprehensive, big trade deal.
• 12:38
  Speaker 2: So yet again what the media and the Laft set
• 12:41
  Speaker 2: was impossible has become a reality. President Trump also on
• 12:45
  Speaker 2: Monday saying this about China and the.
• 12:47
  Speaker 4: Deal, and they've agreed to open China, fully open China.
• 12:51
  Speaker 4: And I think it's going to be fantastic for China.
• 12:54
  Speaker 4: I think it's going to be fantastic for US, and
• 12:56
  Speaker 4: I think it's going to be.
• 12:57
  Speaker 5: Great for unification and peace.
• 13:00
  Speaker 4: China will also suspend and remove all of its non
• 13:03
  Speaker 4: monetary barriers. They've agreed to do that. Well, they're very numerous.
• 13:09
  Speaker 4: But again, to me, the biggest thing that came out
• 13:11
  Speaker 4: of that meeting.
• 13:12
  Speaker 5: Is they've agreed.
• 13:13
  Speaker 4: Now we have to get it papered, but they've agreed
• 13:14
  Speaker 4: to open up China.
• 13:16
  Speaker 5: Its going to be great for everybody.
• 13:18
  Speaker 2: And look, this is the President United States of America
• 13:20
  Speaker 2: having dialogue and conversations and sending an envoy to Geneva,
• 13:25
  Speaker 2: where he said, we've got to let them understand. They've
• 13:28
  Speaker 2: been taking avantage of us. They know that we're not
• 13:30
  Speaker 2: going to let them keep doing it. They know that,
• 13:33
  Speaker 2: so let's do a better deal for both nations. And so,
• 13:37
  Speaker 2: as you described what happened Geneva. Here's what he said
• 13:39
  Speaker 2: with more details.
• 13:42
  Speaker 4: In addition, yesterday we achieved a total reset with China
• 13:47
  Speaker 4: after productive talks in Geneva. Both sides now agreed to
• 13:52
  Speaker 4: reduce the tariffs and post after April twod to ten
• 13:56
  Speaker 4: percent for ninety days, as negotiators continue in the larger
• 14:00
  Speaker 4: structural issues.
• 14:02
  Speaker 5: And I want to tell you that a couple of things.
• 14:05
  Speaker 4: First of all, that doesn't include the tariffs that are
• 14:08
  Speaker 4: already on that are our tariffs. And it doesn't include
• 14:11
  Speaker 4: tariffs on cars, steel, aluminum, things such as that, or
• 14:17
  Speaker 4: tariffs that may be imposed.
• 14:18
  Speaker 5: On pharmaceuticals, because we.
• 14:20
  Speaker 4: Want to bring the pharmaceutical businesses back to the United
• 14:23
  Speaker 4: States and they're already starting to come back now based
• 14:26
  Speaker 4: on tariffs.
• 14:28
  Speaker 2: So let me walk you through where we were and
• 14:30
  Speaker 2: where we are now, because if you look at this timeline,
• 14:34
  Speaker 2: it's one that you need to understand not only how
• 14:37
  Speaker 2: quickly this happened, but also what the art of the
• 14:41
  Speaker 2: deal look like. I'm going to take you back to
• 14:43
  Speaker 2: Phase one of the trade agreement, signed January the fifteenth.
• 14:46
  Speaker 1: Of twenty twenty.
• 14:47
  Speaker 2: All right, Phase one the agreement back then aimed to
• 14:50
  Speaker 2: ease trade tensions between the US and China, that it escalated.
• 14:53
  Speaker 2: They claim since twenty eighteen, China commitments were to increase
• 14:58
  Speaker 2: the purchase of US goods and serve This is by
• 15:00
  Speaker 2: two hundred billion over twenty twenty twenty twenty one compared
• 15:04
  Speaker 2: to quote twenty seventeen levels.
• 15:06
  Speaker 1: Guess what happened. They didn't do that.
• 15:07
  Speaker 2: They also claimed they were going to enhance intellectual property protections.
• 15:10
  Speaker 1: They didn't do it.
• 15:12
  Speaker 2: They said they were going to eliminate force technology transfers,
• 15:15
  Speaker 2: they lied, they didn't do it. They said they were
• 15:17
  Speaker 2: going to reframe from competitive currency devaluation.
• 15:20
  Speaker 1: They lied.
• 15:20
  Speaker 2: They are currency they do currency manipulation all the time.
• 15:25
  Speaker 1: They didn't do it.
• 15:25
  Speaker 2: Now again, I go back to their lies with the
• 15:29
  Speaker 2: Obama Biden regime and the Biden Harrish regime.
• 15:32
  Speaker 1: They said they were going.
• 15:33
  Speaker 2: To improve access for US financial services firms. All of
• 15:36
  Speaker 2: that was a lie. None of it worked. So you
• 15:39
  Speaker 2: now look and you move forward from there. Right, they
• 15:42
  Speaker 2: were lying. They're taking advantage of us. They have tars
• 15:44
  Speaker 2: on our stuff. They don't look our stuff going to
• 15:46
  Speaker 2: their country. You move forward to twenty twenty five May
• 15:49
  Speaker 2: the twelve, and here's what we now know there was
• 15:53
  Speaker 2: this trade tension. They took advantage of us. The President
• 15:56
  Speaker 2: said no more, and he said we're done. We're gonna
• 16:00
  Speaker 2: basically put imports to one hundred and forty five percent.
• 16:04
  Speaker 2: You now see where we are today on the twelfth,
• 16:08
  Speaker 2: and the US tariffs on Chinese imports are gone from
• 16:10
  Speaker 2: one hundred and forty five percent to down to thirty percent.
• 16:14
  Speaker 2: Chinese tariffs on US goods have been reduced from one
• 16:16
  Speaker 2: hundred and twenty five percent to ten percent, and the
• 16:20
  Speaker 2: reductions are set for ninety day periods, during which they
• 16:23
  Speaker 2: say further negotiations will continue. Global stock markets what do
• 16:28
  Speaker 2: they do? They didn't listen to media or the left
• 16:30
  Speaker 2: or the Democrats. They surge with significant games and major indexes.
• 16:36
  Speaker 2: The US dollar also strengthened, and commodity price including crude oil,
• 16:40
  Speaker 2: rows significantly. While the agreement is seen as a quote
• 16:44
  Speaker 2: positive step, experts quote caution it may be temporary fixed
• 16:49
  Speaker 2: without addressing underlying issues. That's the economic times. Again, you
• 16:53
  Speaker 2: cannot trust the media and how they're doing this. So
• 16:56
  Speaker 2: what is the takeaway from this? The takeaway is pretty simple.
• 17:01
  Speaker 2: US China trade the relations are seeing a significant development
• 17:04
  Speaker 2: in favor of the US. China needs America more than
• 17:09
  Speaker 2: we need China, is what they are now signaling. They
• 17:12
  Speaker 2: were going to have major economic problems in China. That's
• 17:15
  Speaker 2: the reason why they decide to come forward and do
• 17:18
  Speaker 2: this deal now. And look, if you listen to what
• 17:22
  Speaker 2: those around the president said about this deal, President Trump
• 17:27
  Speaker 2: outlining a vision they said for rebranding and rebalancing global trade.
• 17:33
  Speaker 2: I want you to hear what Scotts said had to say.
• 17:35
  Speaker 1: Take a listen.
• 17:36
  Speaker 6: This administration is running full speed to make sure that
• 17:40
  Speaker 6: what we saw during COVID never happens again. So it's
• 17:44
  Speaker 6: a combination. It can be terrorists, but again it is
• 17:49
  Speaker 6: the administration moving as quickly as possible to make sure
• 17:54
  Speaker 6: that we are self sufficient in the strategic industries.
• 17:57
  Speaker 7: I think that's completely understandable from the United States side.
• 18:01
  Speaker 7: And I want to miss the secretary whether the Chinese
• 18:03
  Speaker 7: understood that. Did you get the sense they do understand
• 18:06
  Speaker 7: that will be the road forward for the United States.
• 18:11
  Speaker 6: Well, I think they understand that, and I think they
• 18:15
  Speaker 6: understand that we are focused on fair trade, that this
• 18:19
  Speaker 6: gigantic deficit that we have with them, that it didn't
• 18:25
  Speaker 6: happen last year. It didn't happen there before. It's happened
• 18:28
  Speaker 6: over decades, and that this happened, hal excuse me, has
• 18:32
  Speaker 6: to be remedied. The China shock gutted our manufacturing sector,
• 18:38
  Speaker 6: and we want to bring that back on the other side.
• 18:41
  Speaker 5: Party Chair.
• 18:42
  Speaker 6: She has said that he would like to increase consumption,
• 18:46
  Speaker 6: but to date the Chinese have just increased manufacturing. So
• 18:52
  Speaker 6: we would like to see them increase consumption. We would
• 18:55
  Speaker 6: like to see them open their market to American products.
• 18:58
  Speaker 6: So there are two ways to rebalance. One is fewer
• 19:03
  Speaker 6: Chinese goods in the US market. The other is more
• 19:07
  Speaker 6: American goods in the Chinese market. And my guess is
• 19:11
  Speaker 6: that the answer is somewhere in between.
• 19:15
  Speaker 2: So you listen to what the President outlined a vision
• 19:18
  Speaker 2: for a rebalance, and we're getting it this ninety days
• 19:22
  Speaker 2: to move forward with lowering these tariffs on each country
• 19:26
  Speaker 2: and China moving several steps closer to achieving a major
• 19:30
  Speaker 2: renegotiation deal. Everyone said this was impossible, and it's happening.
• 19:38
  Speaker 2: I mentioned earlier that China ignored and broke virtually everything
• 19:43
  Speaker 2: from twenty twenty to twenty twenty four that we had
• 19:45
  Speaker 2: had in agreements before them, currency, manipulation. Laugh in our
• 19:49
  Speaker 2: face is a great example of that. Second Trader Secretary
• 19:53
  Speaker 2: Bassett also said this about China and why they were
• 19:56
  Speaker 2: able to get away with ignoring the trade agreement that
• 19:59
  Speaker 2: was set up by Trump in twenty sixteen through twenty twenty,
• 20:02
  Speaker 2: that Joe Biden inherited that they just they didn't care
• 20:06
  Speaker 2: because they knew Joe Biden was weak.
• 20:07
  Speaker 1: They owned him.
• 20:08
  Speaker 2: This goes back to the corruption with the Biden crime family.
• 20:12
  Speaker 2: China was paying off the President's family clearly, and the
• 20:17
  Speaker 2: ten percent for the big guy.
• 20:19
  Speaker 1: They knew they didn't have to play by the rules.
• 20:22
  Speaker 6: What has to happen is it has to be fair
• 20:24
  Speaker 6: for the American people. But in January twenty twenty, President
• 20:29
  Speaker 6: Trump produced a template.
• 20:31
  Speaker 1: We had an excellent.
• 20:33
  Speaker 6: Trade agreement with China, and the Biden administration chose.
• 20:39
  Speaker 5: Not to enforce it.
• 20:41
  Speaker 6: The Chinese delegation basically told us that once President Biden
• 20:45
  Speaker 6: came into office, they just ignored their obligations. So we
• 20:50
  Speaker 6: all already have a large framework. The other thing to
• 20:54
  Speaker 6: remember here, Jonathan, is that this is a pause down
• 20:58
  Speaker 6: to ten percent. The April second level for China is
• 21:03
  Speaker 6: thirty four percent, so we will be working to see
• 21:08
  Speaker 6: where their final reciprocal number ends up. And the negotiations
• 21:14
  Speaker 6: are a combination of tariffs, non tariff, trade barriers, currency manipulation,
• 21:20
  Speaker 6: and subsidies of labor and capital.
• 21:25
  Speaker 2: So this is all part of the Grand Plan. Trump
• 21:28
  Speaker 2: has a China trade deal. They said it couldn't happen.
• 21:31
  Speaker 2: Trump is lowering prescription drug prices. That's another thing that
• 21:35
  Speaker 2: he did as well. So let's move to that because
• 21:37
  Speaker 2: that's another big part of this story right now that
• 21:40
  Speaker 2: you need to understand. The President coming out making it
• 21:44
  Speaker 2: very cleared that it's time for us to fight big pharma,
• 21:49
  Speaker 2: as he put it, fight them and make sure that
• 21:52
  Speaker 2: America is no longer taking advantage of. Same thing with
• 21:56
  Speaker 2: the what we just talked about with China, but now
• 21:58
  Speaker 2: this applies to to us and to what we're dealing
• 22:02
  Speaker 2: with with prescription drug prices that are clearly out of control.
• 22:09
  Speaker 2: Take a listen to the President talking about this at
• 22:12
  Speaker 2: the White House. Are saying we are no longer to
• 22:14
  Speaker 2: be taken advantage of, and the rest of the world
• 22:16
  Speaker 2: is going to have to pay their fair share, and
• 22:18
  Speaker 2: we're not going to subsidize these companies.
• 22:21
  Speaker 4: But starting today, the United States will no longer subsidize
• 22:25
  Speaker 4: the healthcare of foreign countries, which is what we were doing.
• 22:28
  Speaker 4: We're subsidizing others healthcare countries where they paid a small
• 22:32
  Speaker 4: fraction of what for the same drug that.
• 22:36
  Speaker 5: What we pay many, many times and more for.
• 22:39
  Speaker 4: And we're no longer tolerate profiteering and price gouging from
• 22:43
  Speaker 4: big pharma. But again, it was really the countries that
• 22:46
  Speaker 4: forced big pharma to do things that frankly, I'm not
• 22:51
  Speaker 4: sure they really felt comfortable doing. But they've gotten away
• 22:54
  Speaker 4: with it these countries. European Union has been brutal, and
• 22:59
  Speaker 4: the drug companies actually told me, sir as, it was
• 23:01
  Speaker 4: just brutal how they force them. And European Union suing
• 23:04
  Speaker 4: all our companies Apple, Google, Meta, they're suing all of
• 23:12
  Speaker 4: our companies.
• 23:12
  Speaker 5: They end up they have judges that are.
• 23:16
  Speaker 4: European Union centric and they get rewarded fifteen billion, seventeen billion,
• 23:24
  Speaker 4: twenty billion, and they use that to run their operation.
• 23:30
  Speaker 2: Not going to happen any longer that I can tell you,
• 23:34
  Speaker 2: not going to happen any longer that I can tell you.
• 23:38
  Speaker 2: And so is this going to be a slash and
• 23:40
  Speaker 2: the prices for you, the American people, Yes, how do
• 23:44
  Speaker 2: we know it.
• 23:44
  Speaker 1: Here's the president on that.
• 23:46
  Speaker 4: So for the first time in many years, we'll slash
• 23:48
  Speaker 4: the costs of prescription.
• 23:49
  Speaker 5: Drugs, and we will bring fairness to America. Drug prices
• 23:52
  Speaker 5: will come down by much more.
• 23:55
  Speaker 4: Really, if you think fifty nine, if you think of
• 23:58
  Speaker 4: a drug that is sometimes ten times more expensive, it's
• 24:02
  Speaker 4: much more than the fifty nine percent. You know, it
• 24:05
  Speaker 4: depends on the way you want to analyze it. But
• 24:07
  Speaker 4: in one way, you could analyze it that way. But
• 24:09
  Speaker 4: between fifty nine and eighty and I guess even ninety percent.
• 24:14
  Speaker 4: So when I worked so hard in the first term,
• 24:17
  Speaker 4: and if I got prices down, I remember I was
• 24:20
  Speaker 4: the only one to ever get prices down for a
• 24:21
  Speaker 4: full year.
• 24:23
  Speaker 5: But I get them down like.
• 24:24
  Speaker 4: Two percent, and I thought it was like a big deal.
• 24:26
  Speaker 4: Well we're getting them down sixty seventy eighty ninety percent,
• 24:31
  Speaker 4: But actually more than that if you think about it
• 24:33
  Speaker 4: in the way mathematically, and Farmer has to say, we're sorry,
• 24:38
  Speaker 4: but we'll not be able to do this any longer.
• 24:42
  Speaker 4: To these to these countries that have been so tough,
• 24:46
  Speaker 4: they've been very tough, nasty. It's trade. It's trade, and
• 24:50
  Speaker 4: Farmer is also very powerful, and the Democrats have protected farmer.
• 24:56
  Speaker 2: And look, the President wasn't done there, as he explained
• 24:59
  Speaker 2: to the America people. And this is good for everyone.
• 25:02
  Speaker 2: This is not a political statement the present's making. He's
• 25:05
  Speaker 2: talking about how much more we are paying then other
• 25:08
  Speaker 2: countries are paying for the same drugs made in the
• 25:11
  Speaker 2: same pharmaceutical labs. The same damn pill in the same
• 25:15
  Speaker 2: place comes off the line, and it goes to one
• 25:17
  Speaker 2: country and they pay ten cents on the dollar compared
• 25:20
  Speaker 2: to the US.
• 25:21
  Speaker 1: It's wrong.
• 25:22
  Speaker 4: So today Americans spend seventy percent more for prescription drugs
• 25:27
  Speaker 4: that we spent in the year two thousand.
• 25:29
  Speaker 5: Think of that our.
• 25:31
  Speaker 4: Country has the highest drug prices anywhere in the world
• 25:33
  Speaker 4: by sometimes a factor of five, six seven, eight times.
• 25:38
  Speaker 4: It's not like they're slightly higher that six seven eight times.
• 25:41
  Speaker 4: There are even cases of ten times higher, so that
• 25:45
  Speaker 4: you go ten times more expensive for the same drug.
• 25:48
  Speaker 5: That's big numbers.
• 25:50
  Speaker 4: Even though the United States is home to only four
• 25:53
  Speaker 4: percent of the world's population, pharmaceutical companies make more than
• 25:57
  Speaker 4: two thirds of their profits. In America, with four percent
• 26:01
  Speaker 4: of the population, the pharmaceutical companies make most of their money.
• 26:06
  Speaker 5: Most of their profits from America. That's not a good thing. Now.
• 26:11
  Speaker 4: I think, by the way pharmaceutical I have great respect
• 26:14
  Speaker 4: for these companies and for the people that run them.
• 26:16
  Speaker 5: I really do, and I think they did one of
• 26:18
  Speaker 5: the greatest jobs.
• 26:19
  Speaker 4: In history for their company, convincing people for many years
• 26:23
  Speaker 4: that this was a fair system. Never nobody really understood why,
• 26:30
  Speaker 4: but I figured it out. For years, pharmaceutical and drug
• 26:33
  Speaker 4: companies have said that research and development costs were what
• 26:37
  Speaker 4: they are for no reason whatsoever.
• 26:41
  Speaker 5: They had to be borne by America alone. Not anymore.
• 26:46
  Speaker 2: They don't, not anymore, they don't the present saying we're
• 26:51
  Speaker 2: going to most favored nation prescription drug pricing. This is
• 26:56
  Speaker 2: where it's going to affect you in your bottom line
• 26:59
  Speaker 2: when you go shop for drugs that you need.
• 27:02
  Speaker 1: And here is how that's going to work.
• 27:04
  Speaker 4: But it's called most favored nation. We are going to
• 27:06
  Speaker 4: pay the lowest price there is in the world. We
• 27:10
  Speaker 4: will get whoever is paying the lowest price. That's the
• 27:13
  Speaker 4: price that we're going to get. So remember that. So
• 27:16
  Speaker 4: we're no longer paying ten times more than another country.
• 27:20
  Speaker 4: Whoever is paying the lowest price. We will look at
• 27:23
  Speaker 4: that price and we will say that's the price we're
• 27:25
  Speaker 4: going to pay most favored nations.
• 27:29
  Speaker 5: That's what it is.
• 27:31
  Speaker 4: One breast cancer drug costs Americans over sixteen thousand dollars
• 27:37
  Speaker 4: per bottle, but the same drug from the same factory,
• 27:42
  Speaker 4: manufactured by the same company is one sixth that price
• 27:47
  Speaker 4: in Australia and one tenth that price in Sweden, one
• 27:52
  Speaker 4: tenth for the identical product. A common asthma drug costs
• 27:59
  Speaker 4: almost five hundred dollars here in America, but costs less
• 28:02
  Speaker 4: than forty dollars in the United Kingdom. So forty dollars
• 28:07
  Speaker 4: in the United Kingdom, which is where this gentleman told
• 28:09
  Speaker 4: me he paid a small amount for his shot. But
• 28:15
  Speaker 4: think of that, So forty dollars versus five hundred dollars.
• 28:20
  Speaker 2: Here, forty dollars compared to four or five hundred dollars here.
• 28:27
  Speaker 2: You have a president that is saying it very clearly,
• 28:31
  Speaker 2: this should have been done a long time ago. We
• 28:34
  Speaker 2: should have made it competitive market. That's what the American
• 28:37
  Speaker 2: people should have expected here. And one of the biggest
• 28:40
  Speaker 2: problems is when it comes to us is we have
• 28:43
  Speaker 2: so many people that are filing bankruptcy, so many Americans
• 28:47
  Speaker 2: that are that are filing bankruptcy because of these incredibly
• 28:52
  Speaker 2: high prices. This is a historic day for the president.
• 28:56
  Speaker 2: It's a historic day, by the way, for the American people.
• 28:59
  Speaker 2: It's something we should all be so excited about because
• 29:02
  Speaker 2: we finally have a president that is saying no more
• 29:06
  Speaker 2: to bankruptcy because of people that are having to mortgage
• 29:09
  Speaker 2: their homes and second mortgage and third mortgage to pay
• 29:12
  Speaker 2: for life saving pills that other countries are paying payings
• 29:14
  Speaker 2: on the dollar for. It's exactly, by the way, what
• 29:17
  Speaker 2: the NIH director had to say.
• 29:19
  Speaker 8: I firmly believe in research and development for drugs. I mean,
• 29:23
  Speaker 8: it's part of the NIH mission to look for fundamental
• 29:27
  Speaker 8: biological advances that develop in better treatments. But why should
• 29:31
  Speaker 8: it only be American taxpayers that pay for that. What
• 29:34
  Speaker 8: President Trump is doing is saying enough, let's have a
• 29:37
  Speaker 8: broader base of support for this research mission. It's actually
• 29:40
  Speaker 8: pro in some ways pro pharmas because it's going to
• 29:43
  Speaker 8: expand the set of of sort of stakeholders to include
• 29:47
  Speaker 8: Europeans as well for the support of R and D,
• 29:50
  Speaker 8: while at the same time protecting American taxpayers from having
• 29:54
  Speaker 8: to pay such high prices for drugs. I mean, we
• 29:57
  Speaker 8: have patients going bankrupt over hy high health bills.
• 30:00
  Speaker 2: We have a going bankrupt and the present's trying to
• 30:04
  Speaker 2: stop that. Don't forget we do this show every day,
• 30:07
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• 30:10
  Speaker 2: button so you don't miss any of the interviews we do,
• 30:12
  Speaker 2: especially with members of the administration. And I'll see you
• 30:15
  Speaker 2: back here tomorrow morning.