1 00:00:01,680 --> 00:00:03,920 Speaker 1: President's decisions have president's decision. 2 00:00:04,120 --> 00:00:07,520 Speaker 2: There was a president's decision. They had to wait until today. 3 00:00:07,560 --> 00:00:09,920 Speaker 2: And again I know, as I said in the past, 4 00:00:10,280 --> 00:00:13,520 Speaker 2: no one creates a leverage for himself like President Trump. 5 00:00:14,000 --> 00:00:17,200 Speaker 3: This is a forty seven Morning Update Special edition with 6 00:00:17,280 --> 00:00:18,160 Speaker 3: Ben Ferguson. 7 00:00:18,239 --> 00:00:20,599 Speaker 4: Good Thursday morning. Nice to have you with us on 8 00:00:20,640 --> 00:00:23,279 Speaker 4: the forty seven Morning Update. It's Ben Ferguson with you 9 00:00:23,360 --> 00:00:26,960 Speaker 4: as always, and we've got one big story for you. 10 00:00:27,560 --> 00:00:30,360 Speaker 4: It's all tariffs, and the big news coming out of 11 00:00:30,400 --> 00:00:33,440 Speaker 4: the White House that they raised the tariffs on China 12 00:00:34,000 --> 00:00:38,000 Speaker 4: to one and twenty five percent and they issued a 13 00:00:38,159 --> 00:00:41,560 Speaker 4: ninety day pause on some other tariffs with other countries 14 00:00:41,960 --> 00:00:45,000 Speaker 4: that had come to the table. Now, I am going 15 00:00:45,080 --> 00:00:48,240 Speaker 4: to play for you exactly what the White House said 16 00:00:48,400 --> 00:00:50,560 Speaker 4: on this. You're gonna hear from the White House Press 17 00:00:50,560 --> 00:00:56,720 Speaker 4: Secretary and Secretary Scott Bescent as well. Before I do that, though, 18 00:00:56,840 --> 00:00:59,360 Speaker 4: let me explain to you exactly what the White House 19 00:00:59,440 --> 00:01:03,600 Speaker 4: is saying. The message is simple. For many countries who 20 00:01:03,600 --> 00:01:06,240 Speaker 4: are ready to take a seat at the negotiating table 21 00:01:06,840 --> 00:01:09,920 Speaker 4: and recognize that they will no longer be able to 22 00:01:09,959 --> 00:01:13,479 Speaker 4: mistreat America. The White House said, We're going to work 23 00:01:13,520 --> 00:01:17,320 Speaker 4: with you. Please come join us and be granted a 24 00:01:17,560 --> 00:01:22,280 Speaker 4: temporary reprieve. However, the White House said, for those like 25 00:01:22,480 --> 00:01:27,160 Speaker 4: China who want to retaliate after years of ripping America off, 26 00:01:27,720 --> 00:01:31,399 Speaker 4: we will not bend and we will not break. Now, 27 00:01:31,480 --> 00:01:34,080 Speaker 4: let's remind you of what the goal was from this 28 00:01:34,240 --> 00:01:39,440 Speaker 4: White House. Put America first and training partnerships that are 29 00:01:39,480 --> 00:01:42,840 Speaker 4: willing to work with America first. Why the White House 30 00:01:42,880 --> 00:01:47,720 Speaker 4: said number one, jobs, jobs, and jobs. President Trump's goal 31 00:01:47,800 --> 00:01:52,880 Speaker 4: is to supercharge the on shoring of American manufacturing. We 32 00:01:53,000 --> 00:01:56,360 Speaker 4: also know that the March jobs report shows that the 33 00:01:56,400 --> 00:02:01,360 Speaker 4: present's economic agenda is already having unintended effect. The economy 34 00:02:01,360 --> 00:02:04,160 Speaker 4: added two hundred and twenty eight thousand jobs in March, 35 00:02:04,680 --> 00:02:07,400 Speaker 4: far exceeding the economists prediction of just one hundred and 36 00:02:07,480 --> 00:02:11,720 Speaker 4: forty thousand jobs added. Why Because the President has been 37 00:02:11,800 --> 00:02:16,119 Speaker 4: moving with aggressive onshoring and it appears to be afoot 38 00:02:16,240 --> 00:02:19,320 Speaker 4: as the sectors where you would first expect to see 39 00:02:19,320 --> 00:02:24,640 Speaker 4: a response are growing rapidly. Construction employment expanded by thirteen 40 00:02:24,760 --> 00:02:29,799 Speaker 4: thousand jobs. For example, Transportation and warehousing employment expanded by 41 00:02:29,880 --> 00:02:33,680 Speaker 4: twenty two thousand, nine hundred jobs, which brings the White 42 00:02:33,680 --> 00:02:38,240 Speaker 4: House to the third big point, lower prices and bigger paychecks. 43 00:02:38,639 --> 00:02:42,560 Speaker 4: President Trump's drill Baby drill agenda is already unleashing American 44 00:02:42,760 --> 00:02:46,560 Speaker 4: energy and leading to lower gas prices. President Trump is 45 00:02:46,600 --> 00:02:50,640 Speaker 4: calling on Congress to extend and expand his working class 46 00:02:50,680 --> 00:02:54,119 Speaker 4: tax cuts for Americans, which they are doing. And then 47 00:02:54,240 --> 00:02:58,360 Speaker 4: that brings us to the negotiating table on tariffs. With 48 00:02:58,480 --> 00:03:01,760 Speaker 4: all of the other things happening, there's no better time 49 00:03:02,120 --> 00:03:05,720 Speaker 4: and no one better to negotiate than President Trump. And 50 00:03:05,760 --> 00:03:10,160 Speaker 4: he's made it clear he is not flinching. He understands 51 00:03:10,200 --> 00:03:14,080 Speaker 4: that America has been mistreated and has had unfair trade, 52 00:03:14,280 --> 00:03:17,960 Speaker 4: and now he is answering the call by Americans to 53 00:03:18,000 --> 00:03:22,799 Speaker 4: put American workers in manufacturing first. So that brings us 54 00:03:22,840 --> 00:03:25,760 Speaker 4: to the big point where there was a massive rally 55 00:03:25,800 --> 00:03:29,680 Speaker 4: on Wall Street. Why because the President said, those that 56 00:03:29,760 --> 00:03:32,920 Speaker 4: are willing to work with us, they are going to 57 00:03:33,080 --> 00:03:37,080 Speaker 4: go first and get great trade deals with America, and 58 00:03:37,200 --> 00:03:41,320 Speaker 4: those that went after us and retaliated aka China, will 59 00:03:41,360 --> 00:03:45,480 Speaker 4: get ready for a one hundred and twenty five percent tariff. 60 00:03:46,000 --> 00:03:49,000 Speaker 4: So I'm going to play for you in its entirety 61 00:03:49,520 --> 00:03:52,960 Speaker 4: exactly what the White House said, so that you can't 62 00:03:52,960 --> 00:03:55,680 Speaker 4: be lied to by the press. Many and the press 63 00:03:55,720 --> 00:03:58,320 Speaker 4: did not want to cover this, and that's exactly why 64 00:03:58,360 --> 00:04:01,920 Speaker 4: I'm letting you hear from the Secretary Scott Descent and 65 00:04:02,040 --> 00:04:05,440 Speaker 4: Press Secretary Caroline Levitt. Take a listen. 66 00:04:05,520 --> 00:04:09,040 Speaker 1: Latest statement regarding his America First trade plan. As you 67 00:04:09,080 --> 00:04:11,880 Speaker 1: all know, the President just put out a statement announcing 68 00:04:11,920 --> 00:04:14,640 Speaker 1: an additional tariff on China. The tariff on China will 69 00:04:14,680 --> 00:04:16,760 Speaker 1: now go up to one hundred and twenty five percent 70 00:04:17,200 --> 00:04:20,760 Speaker 1: because China imprudently decided to retaliate against the United States. 71 00:04:20,760 --> 00:04:23,120 Speaker 1: And as I said at the podium yesterday, when you 72 00:04:23,200 --> 00:04:25,480 Speaker 1: punch at the United States of America, President Trump is 73 00:04:25,520 --> 00:04:28,159 Speaker 1: going to punch back harder. In that same vein, we 74 00:04:28,240 --> 00:04:30,960 Speaker 1: have had more than seventy five countries from around the 75 00:04:31,000 --> 00:04:33,880 Speaker 1: world reach out to President Trump and his team here 76 00:04:33,920 --> 00:04:36,919 Speaker 1: at the White House to negotiate better trade deals for 77 00:04:37,000 --> 00:04:40,440 Speaker 1: the American worker. We have been overwhelmed with the amount 78 00:04:40,440 --> 00:04:42,320 Speaker 1: of requests for countries around the world. I'll let the 79 00:04:42,320 --> 00:04:45,120 Speaker 1: Secretary speak to that. We will continue with the tailor 80 00:04:45,120 --> 00:04:48,040 Speaker 1: made negotiations that I spoke about yesterday. In the meantime, 81 00:04:48,040 --> 00:04:50,480 Speaker 1: there will be a ninety day pause on the reciprocal tariffs, 82 00:04:50,480 --> 00:04:53,680 Speaker 1: as these negotiations are ongoing and the tariff level will 83 00:04:53,680 --> 00:04:56,680 Speaker 1: be brought down to a universal ten percent tariff. The 84 00:04:56,720 --> 00:04:59,440 Speaker 1: Secretary here has been a huge part of the President's 85 00:04:59,440 --> 00:05:02,160 Speaker 1: trade team, of course, and will continue to lead these 86 00:05:02,200 --> 00:05:05,080 Speaker 1: negotiations moving forward to look out for the American worker, 87 00:05:05,120 --> 00:05:07,480 Speaker 1: which is always President Trump's goal. So I'll kick it 88 00:05:07,520 --> 00:05:10,400 Speaker 1: over to our great Treasury Secretary Scott Bessett. 89 00:05:11,240 --> 00:05:15,839 Speaker 2: Good, thank you, and we saw the successful negotiating strategy 90 00:05:15,920 --> 00:05:20,280 Speaker 2: that President Trump implemented a week ago. Today, it has 91 00:05:20,320 --> 00:05:24,360 Speaker 2: brought more than seventy five countries forward to negotiate. It 92 00:05:24,440 --> 00:05:27,640 Speaker 2: took great courage, great courage for him to stay the 93 00:05:27,680 --> 00:05:30,560 Speaker 2: course until this moment. And what we have ended up 94 00:05:30,600 --> 00:05:35,880 Speaker 2: with here, as I told everyone a week ago there 95 00:05:35,880 --> 00:05:40,719 Speaker 2: in this very spot, do not retaliate and you will 96 00:05:40,760 --> 00:05:44,360 Speaker 2: be rewarded. So every country in the world who wants 97 00:05:44,400 --> 00:05:48,560 Speaker 2: to come and negotiate, we are willing to hear you. 98 00:05:49,040 --> 00:05:52,200 Speaker 2: We're going to go down to a ten percent baseline 99 00:05:52,240 --> 00:05:56,039 Speaker 2: tariff they have for them, and China will be raised 100 00:05:56,080 --> 00:06:04,680 Speaker 2: to one five due to their insistence on escalat. 101 00:06:00,080 --> 00:06:05,640 Speaker 4: Secretary, thank you for doing this. 102 00:06:05,880 --> 00:06:10,000 Speaker 2: Let me ask me three quick things and taking clarity because. 103 00:06:09,720 --> 00:06:10,840 Speaker 1: The market through open and the win. 104 00:06:11,360 --> 00:06:13,560 Speaker 2: First of all, Mexico and China, are they part of 105 00:06:13,560 --> 00:06:18,400 Speaker 2: the tenters a university? Well, China, No, China in Canada. 106 00:06:18,440 --> 00:06:20,279 Speaker 5: Mexico and Canada, are they part of the ten percent? 107 00:06:20,480 --> 00:06:20,720 Speaker 3: Yes? 108 00:06:20,839 --> 00:06:21,159 Speaker 2: Okay. 109 00:06:21,520 --> 00:06:23,919 Speaker 3: Second, given then that you have the rest of the 110 00:06:23,920 --> 00:06:25,720 Speaker 3: world essentially calling it it's not China. 111 00:06:25,839 --> 00:06:30,200 Speaker 2: Is this now just all about China? Well, it's about 112 00:06:30,680 --> 00:06:34,280 Speaker 2: bad actors. And you know what we will see is 113 00:06:34,520 --> 00:06:38,279 Speaker 2: some of the very early countries are China's neighbors that 114 00:06:38,760 --> 00:06:41,720 Speaker 2: we're going to see. I'm seeing Vietnam today, Japan is 115 00:06:41,760 --> 00:06:45,040 Speaker 2: at the front of the queue, South Korea, India. So 116 00:06:45,320 --> 00:06:48,440 Speaker 2: you know, we will see. And as I've repeatedly said, 117 00:06:48,839 --> 00:06:52,640 Speaker 2: and President Trump has been saying it four years, China 118 00:06:52,800 --> 00:06:55,200 Speaker 2: is the most imbalanced economy in the history of the 119 00:06:55,240 --> 00:06:58,920 Speaker 2: modern world. And they are the biggest source of the 120 00:06:59,040 --> 00:07:02,840 Speaker 2: US trade problem. And indeed they are problems for the 121 00:07:02,880 --> 00:07:06,240 Speaker 2: rest of the world because what we've seen is that 122 00:07:06,520 --> 00:07:10,280 Speaker 2: as the US announced the tariff wall last week, many 123 00:07:10,320 --> 00:07:15,400 Speaker 2: of those goods have already started flooding into Europe. Now, 124 00:07:15,800 --> 00:07:19,640 Speaker 2: this trade war is China, Well, I'm not calling it 125 00:07:19,760 --> 00:07:23,840 Speaker 2: a trade war but I am saying that China has escalated, 126 00:07:24,320 --> 00:07:29,000 Speaker 2: and President Trump responded very courageously to that, and we 127 00:07:29,040 --> 00:07:33,760 Speaker 2: are going to work on a solution with our trading partners. 128 00:07:35,200 --> 00:07:37,840 Speaker 1: Just excuse me, excuse me, if excuse me, or Kyle, 129 00:07:37,880 --> 00:07:39,840 Speaker 1: if I could just add to what the secretary said, 130 00:07:40,120 --> 00:07:43,080 Speaker 1: Many of you in the media clearly missed the art 131 00:07:43,120 --> 00:07:46,000 Speaker 1: of the deal. You clearly failed to see what President 132 00:07:46,040 --> 00:07:49,040 Speaker 1: Trump is doing here. You tried to say that the 133 00:07:49,040 --> 00:07:51,400 Speaker 1: rest of the world would be moved closer to China, 134 00:07:51,440 --> 00:07:54,040 Speaker 1: and in fact we've seen the opposite effect. The entire 135 00:07:54,120 --> 00:07:57,200 Speaker 1: world is calling the United States of America, not China, 136 00:07:57,280 --> 00:07:59,800 Speaker 1: because they need our markets, they need our consumers, and 137 00:07:59,840 --> 00:08:02,320 Speaker 1: they we need this president in the Oval Office to 138 00:08:02,400 --> 00:08:04,680 Speaker 1: talk to them. And that's exactly why more than seventy 139 00:08:04,680 --> 00:08:07,600 Speaker 1: five countries have called. Because the United States of America 140 00:08:07,680 --> 00:08:09,640 Speaker 1: is the best place in the world to do business, 141 00:08:10,080 --> 00:08:12,120 Speaker 1: and as the President has shown great courage, as the 142 00:08:12,160 --> 00:08:16,440 Speaker 1: secretary have said, and choosing to retaliate against China even higher. Rolena, 143 00:08:16,480 --> 00:08:17,320 Speaker 1: go ahead, and. 144 00:08:17,400 --> 00:08:19,680 Speaker 5: You judgery, Secretary vesident, can you explain more of the 145 00:08:19,680 --> 00:08:20,640 Speaker 5: decision making. 146 00:08:20,800 --> 00:08:22,520 Speaker 1: On what feels like a reversal. 147 00:08:22,600 --> 00:08:25,200 Speaker 5: Parent think just he's went into effect less than fifteen 148 00:08:25,240 --> 00:08:25,720 Speaker 5: hours ago. 149 00:08:25,840 --> 00:08:31,119 Speaker 2: These tarts, why the pause now, let's die no again. 150 00:08:31,240 --> 00:08:36,000 Speaker 2: President Trump created maximum negotiating leverage for himself and which 151 00:08:36,080 --> 00:08:38,880 Speaker 2: terrorists went into effect fifteen hours ago. The ones that 152 00:08:38,920 --> 00:08:41,840 Speaker 2: we have a lower went into effect a week ago 153 00:08:42,679 --> 00:08:45,240 Speaker 2: or they were announced a week ago. And we have 154 00:08:45,400 --> 00:08:51,040 Speaker 2: just been overwhelmed, overwhelmed by the response from mostly our 155 00:08:51,160 --> 00:08:54,360 Speaker 2: allies who want to come and negotiate in good faith. 156 00:08:54,720 --> 00:08:57,640 Speaker 2: So we are expecting them to come with their best deal. 157 00:08:58,400 --> 00:09:01,520 Speaker 2: As I said, we could go to day, don't retaliate, 158 00:09:02,000 --> 00:09:05,959 Speaker 2: hold and around, let's see what happens. And China they 159 00:09:06,320 --> 00:09:10,240 Speaker 2: kept escalating and escalating, and now they have one hundred 160 00:09:10,240 --> 00:09:12,960 Speaker 2: and twenty five percent tariffs that will be effective immediately. 161 00:09:13,040 --> 00:09:17,480 Speaker 5: Mister secondary, mister Tebruary Bixmoth for doing this the ninety 162 00:09:17,520 --> 00:09:20,040 Speaker 5: day pause when there was a pariffs. It's not because 163 00:09:20,040 --> 00:09:22,720 Speaker 5: of the class I've been seeing across the financial market. 164 00:09:22,760 --> 00:09:24,280 Speaker 5: It's how life was, you know what we saw, the 165 00:09:24,320 --> 00:09:25,240 Speaker 5: slack markets, you. 166 00:09:25,200 --> 00:09:26,800 Speaker 1: Know a part of his decision. 167 00:09:27,679 --> 00:09:31,120 Speaker 2: No, it's because it's going to because of the large 168 00:09:31,200 --> 00:09:34,440 Speaker 2: number of inbounds. We've had more than seventy five countries 169 00:09:34,520 --> 00:09:37,600 Speaker 2: contact US, and I imagine after today there will be more. 170 00:09:38,040 --> 00:09:41,320 Speaker 2: So it is just a processing problem. Each one of 171 00:09:41,520 --> 00:09:44,640 Speaker 2: each one of these solutions is going to be bespoke. 172 00:09:45,080 --> 00:09:47,600 Speaker 2: It is going to take some time, and President Trump 173 00:09:47,640 --> 00:09:51,640 Speaker 2: wants to be personally involved. So that's why we're getting 174 00:09:51,640 --> 00:09:54,200 Speaker 2: the ninety day pulse is secular education. 175 00:09:54,760 --> 00:09:57,720 Speaker 5: Secretary there was that you, Semmary Luck and for thee 176 00:09:57,760 --> 00:10:03,160 Speaker 5: OBL present talking about this, Mark what that conversation looked like. 177 00:10:05,520 --> 00:10:09,640 Speaker 2: Look, it's all the president's decision, and that we were 178 00:10:10,400 --> 00:10:14,960 Speaker 2: the President had the A level in mind to raise 179 00:10:15,040 --> 00:10:19,120 Speaker 2: the China tariffs, and then he had the three months 180 00:10:19,160 --> 00:10:22,560 Speaker 2: no essentially the three month Pauls in mind, and we 181 00:10:22,640 --> 00:10:30,360 Speaker 2: were just discussing the exact wording. Sorry, of course, the 182 00:10:30,440 --> 00:10:34,960 Speaker 2: president's president's decision. It was a president's decision. They had 183 00:10:35,040 --> 00:10:37,959 Speaker 2: to wait until today. And again I know, as I've 184 00:10:37,960 --> 00:10:40,480 Speaker 2: said in the past, no one creates a leverage for 185 00:10:40,679 --> 00:10:42,280 Speaker 2: himself like President Trump. 186 00:10:42,800 --> 00:10:47,520 Speaker 4: No one creates leverage for himself like President Trump. This 187 00:10:47,720 --> 00:10:51,160 Speaker 4: is a monumental moment and a great response that was 188 00:10:51,240 --> 00:10:54,800 Speaker 4: well explained by the Treasury Secretary and the Press secretary 189 00:10:54,880 --> 00:10:59,840 Speaker 4: there saying President Trump would take proper action for decades demo. 190 00:11:01,000 --> 00:11:05,760 Speaker 4: They don't understand how to get America first. In our policies. 191 00:11:06,040 --> 00:11:09,959 Speaker 4: They are constantly allowing other countries to walk all over us. 192 00:11:10,240 --> 00:11:13,400 Speaker 4: As the Treasury Secretary said there, the President's going to 193 00:11:13,480 --> 00:11:17,360 Speaker 4: work forward and move forward. These seventy five plus countries 194 00:11:17,640 --> 00:11:20,400 Speaker 4: that have all said they want to meet, they're negotiating 195 00:11:20,480 --> 00:11:23,480 Speaker 4: right now, and the President created the leverage for himself 196 00:11:23,520 --> 00:11:26,400 Speaker 4: that he needed. As for China, they are now more 197 00:11:26,520 --> 00:11:30,720 Speaker 4: isolated than they have ever been, especially on the world 198 00:11:30,880 --> 00:11:34,079 Speaker 4: trade front. This is the opposite of what they were 199 00:11:34,120 --> 00:11:37,680 Speaker 4: hoping for. So, as Caroline Levitt said, a moment ago, 200 00:11:38,040 --> 00:11:41,079 Speaker 4: you and the media got it wrong and the President 201 00:11:41,120 --> 00:11:44,040 Speaker 4: got it right. You said people are going to run 202 00:11:44,080 --> 00:11:48,120 Speaker 4: to China, and now they're talking and running to America. 203 00:11:48,240 --> 00:11:50,840 Speaker 3: Thank you for listening to the forty seven Morning Update 204 00:11:51,000 --> 00:11:55,120 Speaker 3: with Ben Ferguson. Please make sure you hit subscribe wherever 205 00:11:55,160 --> 00:11:58,200 Speaker 3: you're listening to this podcast right now and for more 206 00:11:58,200 --> 00:12:02,000 Speaker 3: in depth news, also ascribe to the Ben Ferguson podcast 207 00:12:02,240 --> 00:12:04,040 Speaker 3: and we will see you back here tomorrow.