WEBVTT - Make Tariffs Pause Again (Unless You're China)

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<v Speaker 1>President's decisions have president's decision.

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<v Speaker 2>There was a president's decision. They had to wait until today.

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<v Speaker 2>And again I know, as I said in the past,

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<v Speaker 2>no one creates a leverage for himself like President Trump.

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<v Speaker 3>This is a forty seven Morning Update Special edition with

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<v Speaker 3>Ben Ferguson.

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<v Speaker 4>Good Thursday morning. Nice to have you with us on

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<v Speaker 4>the forty seven Morning Update. It's Ben Ferguson with you

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<v Speaker 4>as always, and we've got one big story for you.

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<v Speaker 4>It's all tariffs, and the big news coming out of

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<v Speaker 4>the White House that they raised the tariffs on China

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<v Speaker 4>to one and twenty five percent and they issued a

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<v Speaker 4>ninety day pause on some other tariffs with other countries

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<v Speaker 4>that had come to the table. Now, I am going

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<v Speaker 4>to play for you exactly what the White House said

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<v Speaker 4>on this. You're gonna hear from the White House Press

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<v Speaker 4>Secretary and Secretary Scott Bescent as well. Before I do that, though,

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<v Speaker 4>let me explain to you exactly what the White House

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<v Speaker 4>is saying. The message is simple. For many countries who

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<v Speaker 4>are ready to take a seat at the negotiating table

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<v Speaker 4>and recognize that they will no longer be able to

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<v Speaker 4>mistreat America. The White House said, We're going to work

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<v Speaker 4>with you. Please come join us and be granted a

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<v Speaker 4>temporary reprieve. However, the White House said, for those like

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<v Speaker 4>China who want to retaliate after years of ripping America off,

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<v Speaker 4>we will not bend and we will not break. Now,

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<v Speaker 4>let's remind you of what the goal was from this

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<v Speaker 4>White House. Put America first and training partnerships that are

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<v Speaker 4>willing to work with America first. Why the White House

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<v Speaker 4>said number one, jobs, jobs, and jobs. President Trump's goal

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<v Speaker 4>is to supercharge the on shoring of American manufacturing. We

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<v Speaker 4>also know that the March jobs report shows that the

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<v Speaker 4>present's economic agenda is already having unintended effect. The economy

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<v Speaker 4>added two hundred and twenty eight thousand jobs in March,

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<v Speaker 4>far exceeding the economists prediction of just one hundred and

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<v Speaker 4>forty thousand jobs added. Why Because the President has been

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<v Speaker 4>moving with aggressive onshoring and it appears to be afoot

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<v Speaker 4>as the sectors where you would first expect to see

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<v Speaker 4>a response are growing rapidly. Construction employment expanded by thirteen

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<v Speaker 4>thousand jobs. For example, Transportation and warehousing employment expanded by

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<v Speaker 4>twenty two thousand, nine hundred jobs, which brings the White

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<v Speaker 4>House to the third big point, lower prices and bigger paychecks.

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<v Speaker 4>President Trump's drill Baby drill agenda is already unleashing American

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<v Speaker 4>energy and leading to lower gas prices. President Trump is

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<v Speaker 4>calling on Congress to extend and expand his working class

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<v Speaker 4>tax cuts for Americans, which they are doing. And then

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<v Speaker 4>that brings us to the negotiating table on tariffs. With

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<v Speaker 4>all of the other things happening, there's no better time

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<v Speaker 4>and no one better to negotiate than President Trump. And

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<v Speaker 4>he's made it clear he is not flinching. He understands

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<v Speaker 4>that America has been mistreated and has had unfair trade,

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<v Speaker 4>and now he is answering the call by Americans to

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<v Speaker 4>put American workers in manufacturing first. So that brings us

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<v Speaker 4>to the big point where there was a massive rally

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<v Speaker 4>on Wall Street. Why because the President said, those that

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<v Speaker 4>are willing to work with us, they are going to

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<v Speaker 4>go first and get great trade deals with America, and

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<v Speaker 4>those that went after us and retaliated aka China, will

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<v Speaker 4>get ready for a one hundred and twenty five percent tariff.

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<v Speaker 4>So I'm going to play for you in its entirety

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<v Speaker 4>exactly what the White House said, so that you can't

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<v Speaker 4>be lied to by the press. Many and the press

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<v Speaker 4>did not want to cover this, and that's exactly why

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<v Speaker 4>I'm letting you hear from the Secretary Scott Descent and

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<v Speaker 4>Press Secretary Caroline Levitt. Take a listen.

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<v Speaker 1>Latest statement regarding his America First trade plan. As you

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<v Speaker 1>all know, the President just put out a statement announcing

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<v Speaker 1>an additional tariff on China. The tariff on China will

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<v Speaker 1>now go up to one hundred and twenty five percent

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<v Speaker 1>because China imprudently decided to retaliate against the United States.

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<v Speaker 1>And as I said at the podium yesterday, when you

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<v Speaker 1>punch at the United States of America, President Trump is

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<v Speaker 1>going to punch back harder. In that same vein, we

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<v Speaker 1>have had more than seventy five countries from around the

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<v Speaker 1>world reach out to President Trump and his team here

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<v Speaker 1>at the White House to negotiate better trade deals for

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<v Speaker 1>the American worker. We have been overwhelmed with the amount

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<v Speaker 1>of requests for countries around the world. I'll let the

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<v Speaker 1>Secretary speak to that. We will continue with the tailor

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<v Speaker 1>made negotiations that I spoke about yesterday. In the meantime,

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<v Speaker 1>there will be a ninety day pause on the reciprocal tariffs,

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<v Speaker 1>as these negotiations are ongoing and the tariff level will

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<v Speaker 1>be brought down to a universal ten percent tariff. The

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<v Speaker 1>Secretary here has been a huge part of the President's

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<v Speaker 1>trade team, of course, and will continue to lead these

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<v Speaker 1>negotiations moving forward to look out for the American worker,

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<v Speaker 1>which is always President Trump's goal. So I'll kick it

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<v Speaker 1>over to our great Treasury Secretary Scott Bessett.

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<v Speaker 2>Good, thank you, and we saw the successful negotiating strategy

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<v Speaker 2>that President Trump implemented a week ago. Today, it has

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<v Speaker 2>brought more than seventy five countries forward to negotiate. It

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<v Speaker 2>took great courage, great courage for him to stay the

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<v Speaker 2>course until this moment. And what we have ended up

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<v Speaker 2>with here, as I told everyone a week ago there

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<v Speaker 2>in this very spot, do not retaliate and you will

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<v Speaker 2>be rewarded. So every country in the world who wants

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<v Speaker 2>to come and negotiate, we are willing to hear you.

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<v Speaker 2>We're going to go down to a ten percent baseline

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<v Speaker 2>tariff they have for them, and China will be raised

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<v Speaker 2>to one five due to their insistence on escalat.

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<v Speaker 4>Secretary, thank you for doing this.

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<v Speaker 2>Let me ask me three quick things and taking clarity because.

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<v Speaker 1>The market through open and the win.

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<v Speaker 2>First of all, Mexico and China, are they part of

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<v Speaker 2>the tenters a university? Well, China, No, China in Canada.

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<v Speaker 5>Mexico and Canada, are they part of the ten percent?

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<v Speaker 3>Yes?

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<v Speaker 2>Okay.

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<v Speaker 3>Second, given then that you have the rest of the

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<v Speaker 3>world essentially calling it it's not China.

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<v Speaker 2>Is this now just all about China? Well, it's about

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<v Speaker 2>bad actors. And you know what we will see is

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<v Speaker 2>some of the very early countries are China's neighbors that

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<v Speaker 2>we're going to see. I'm seeing Vietnam today, Japan is

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<v Speaker 2>at the front of the queue, South Korea, India. So

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<v Speaker 2>you know, we will see. And as I've repeatedly said,

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<v Speaker 2>and President Trump has been saying it four years, China

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<v Speaker 2>is the most imbalanced economy in the history of the

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<v Speaker 2>modern world. And they are the biggest source of the

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<v Speaker 2>US trade problem. And indeed they are problems for the

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<v Speaker 2>rest of the world because what we've seen is that

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<v Speaker 2>as the US announced the tariff wall last week, many

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<v Speaker 2>of those goods have already started flooding into Europe. Now,

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<v Speaker 2>this trade war is China, Well, I'm not calling it

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<v Speaker 2>a trade war but I am saying that China has escalated,

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<v Speaker 2>and President Trump responded very courageously to that, and we

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<v Speaker 2>are going to work on a solution with our trading partners.

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<v Speaker 1>Just excuse me, excuse me, if excuse me, or Kyle,

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<v Speaker 1>if I could just add to what the secretary said,

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<v Speaker 1>Many of you in the media clearly missed the art

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<v Speaker 1>of the deal. You clearly failed to see what President

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<v Speaker 1>Trump is doing here. You tried to say that the

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<v Speaker 1>rest of the world would be moved closer to China,

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<v Speaker 1>and in fact we've seen the opposite effect. The entire

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<v Speaker 1>world is calling the United States of America, not China,

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<v Speaker 1>because they need our markets, they need our consumers, and

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<v Speaker 1>they we need this president in the Oval Office to

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<v Speaker 1>talk to them. And that's exactly why more than seventy

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<v Speaker 1>five countries have called. Because the United States of America

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<v Speaker 1>is the best place in the world to do business,

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<v Speaker 1>and as the President has shown great courage, as the

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<v Speaker 1>secretary have said, and choosing to retaliate against China even higher. Rolena,

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<v Speaker 1>go ahead, and.

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<v Speaker 5>You judgery, Secretary vesident, can you explain more of the

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<v Speaker 5>decision making.

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<v Speaker 1>On what feels like a reversal.

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<v Speaker 5>Parent think just he's went into effect less than fifteen

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<v Speaker 5>hours ago.

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<v Speaker 2>These tarts, why the pause now, let's die no again.

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<v Speaker 2>President Trump created maximum negotiating leverage for himself and which

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<v Speaker 2>terrorists went into effect fifteen hours ago. The ones that

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<v Speaker 2>we have a lower went into effect a week ago

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<v Speaker 2>or they were announced a week ago. And we have

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<v Speaker 2>just been overwhelmed, overwhelmed by the response from mostly our

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<v Speaker 2>allies who want to come and negotiate in good faith.

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<v Speaker 2>So we are expecting them to come with their best deal.

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<v Speaker 2>As I said, we could go to day, don't retaliate,

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<v Speaker 2>hold and around, let's see what happens. And China they

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<v Speaker 2>kept escalating and escalating, and now they have one hundred

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<v Speaker 2>and twenty five percent tariffs that will be effective immediately.

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<v Speaker 5>Mister secondary, mister Tebruary Bixmoth for doing this the ninety

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<v Speaker 5>day pause when there was a pariffs. It's not because

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<v Speaker 5>of the class I've been seeing across the financial market.

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<v Speaker 5>It's how life was, you know what we saw, the

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<v Speaker 5>slack markets, you.

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<v Speaker 1>Know a part of his decision.

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<v Speaker 2>No, it's because it's going to because of the large

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<v Speaker 2>number of inbounds. We've had more than seventy five countries

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<v Speaker 2>contact US, and I imagine after today there will be more.

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<v Speaker 2>So it is just a processing problem. Each one of

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<v Speaker 2>each one of these solutions is going to be bespoke.

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<v Speaker 2>It is going to take some time, and President Trump

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<v Speaker 2>wants to be personally involved. So that's why we're getting

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<v Speaker 2>the ninety day pulse is secular education.

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<v Speaker 5>Secretary there was that you, Semmary Luck and for thee

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<v Speaker 5>OBL present talking about this, Mark what that conversation looked like.

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<v Speaker 2>Look, it's all the president's decision, and that we were

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<v Speaker 2>the President had the A level in mind to raise

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<v Speaker 2>the China tariffs, and then he had the three months

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<v Speaker 2>no essentially the three month Pauls in mind, and we

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<v Speaker 2>were just discussing the exact wording. Sorry, of course, the

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<v Speaker 2>president's president's decision. It was a president's decision. They had

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<v Speaker 2>to wait until today. And again I know, as I've

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<v Speaker 2>said in the past, no one creates a leverage for

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<v Speaker 2>himself like President Trump.

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<v Speaker 4>No one creates leverage for himself like President Trump. This

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<v Speaker 4>is a monumental moment and a great response that was

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<v Speaker 4>well explained by the Treasury Secretary and the Press secretary

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<v Speaker 4>there saying President Trump would take proper action for decades demo.

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<v Speaker 4>They don't understand how to get America first. In our policies.

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<v Speaker 4>They are constantly allowing other countries to walk all over us.

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<v Speaker 4>As the Treasury Secretary said there, the President's going to

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<v Speaker 4>work forward and move forward. These seventy five plus countries

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<v Speaker 4>that have all said they want to meet, they're negotiating

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<v Speaker 4>right now, and the President created the leverage for himself

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<v Speaker 4>that he needed. As for China, they are now more

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<v Speaker 4>isolated than they have ever been, especially on the world

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<v Speaker 4>trade front. This is the opposite of what they were

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<v Speaker 4>hoping for. So, as Caroline Levitt said, a moment ago,

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<v Speaker 4>you and the media got it wrong and the President

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<v Speaker 4>got it right. You said people are going to run

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<v Speaker 4>to China, and now they're talking and running to America.

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<v Speaker 3>Thank you for listening to the forty seven Morning Update

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<v Speaker 3>with Ben Ferguson. Please make sure you hit subscribe wherever

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<v Speaker 3>you're listening to this podcast right now and for more

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<v Speaker 3>in depth news, also ascribe to the Ben Ferguson podcast

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<v Speaker 3>and we will see you back here tomorrow.