Speaker 1: President's decisions have president's decision.
Speaker 2: There was a president's decision. They had to wait until today.
Speaker 2: And again I know, as I said in the past,
Speaker 2: no one creates a leverage for himself like President Trump.
Speaker 3: This is a forty seven Morning Update Special edition with
Speaker 3: Ben Ferguson.
Speaker 4: Good Thursday morning. Nice to have you with us on
Speaker 4: the forty seven Morning Update. It's Ben Ferguson with you
Speaker 4: as always, and we've got one big story for you.
Speaker 4: It's all tariffs, and the big news coming out of
Speaker 4: the White House that they raised the tariffs on China
Speaker 4: to one and twenty five percent and they issued a
Speaker 4: ninety day pause on some other tariffs with other countries
Speaker 4: that had come to the table. Now, I am going
Speaker 4: to play for you exactly what the White House said
Speaker 4: on this. You're gonna hear from the White House Press
Speaker 4: Secretary and Secretary Scott Bescent as well. Before I do that, though,
Speaker 4: let me explain to you exactly what the White House
Speaker 4: is saying. The message is simple. For many countries who
Speaker 4: are ready to take a seat at the negotiating table
Speaker 4: and recognize that they will no longer be able to
Speaker 4: mistreat America. The White House said, We're going to work
Speaker 4: with you. Please come join us and be granted a
Speaker 4: temporary reprieve. However, the White House said, for those like
Speaker 4: China who want to retaliate after years of ripping America off,
Speaker 4: we will not bend and we will not break. Now,
Speaker 4: let's remind you of what the goal was from this
Speaker 4: White House. Put America first and training partnerships that are
Speaker 4: willing to work with America first. Why the White House
Speaker 4: said number one, jobs, jobs, and jobs. President Trump's goal
Speaker 4: is to supercharge the on shoring of American manufacturing. We
Speaker 4: also know that the March jobs report shows that the
Speaker 4: present's economic agenda is already having unintended effect. The economy
Speaker 4: added two hundred and twenty eight thousand jobs in March,
Speaker 4: far exceeding the economists prediction of just one hundred and
Speaker 4: forty thousand jobs added. Why Because the President has been
Speaker 4: moving with aggressive onshoring and it appears to be afoot
Speaker 4: as the sectors where you would first expect to see
Speaker 4: a response are growing rapidly. Construction employment expanded by thirteen
Speaker 4: thousand jobs. For example, Transportation and warehousing employment expanded by
Speaker 4: twenty two thousand, nine hundred jobs, which brings the White
Speaker 4: House to the third big point, lower prices and bigger paychecks.
Speaker 4: President Trump's drill Baby drill agenda is already unleashing American
Speaker 4: energy and leading to lower gas prices. President Trump is
Speaker 4: calling on Congress to extend and expand his working class
Speaker 4: tax cuts for Americans, which they are doing. And then
Speaker 4: that brings us to the negotiating table on tariffs. With
Speaker 4: all of the other things happening, there's no better time
Speaker 4: and no one better to negotiate than President Trump. And
Speaker 4: he's made it clear he is not flinching. He understands
Speaker 4: that America has been mistreated and has had unfair trade,
Speaker 4: and now he is answering the call by Americans to
Speaker 4: put American workers in manufacturing first. So that brings us
Speaker 4: to the big point where there was a massive rally
Speaker 4: on Wall Street. Why because the President said, those that
Speaker 4: are willing to work with us, they are going to
Speaker 4: go first and get great trade deals with America, and
Speaker 4: those that went after us and retaliated aka China, will
Speaker 4: get ready for a one hundred and twenty five percent tariff.
Speaker 4: So I'm going to play for you in its entirety
Speaker 4: exactly what the White House said, so that you can't
Speaker 4: be lied to by the press. Many and the press
Speaker 4: did not want to cover this, and that's exactly why
Speaker 4: I'm letting you hear from the Secretary Scott Descent and
Speaker 4: Press Secretary Caroline Levitt. Take a listen.
Speaker 1: Latest statement regarding his America First trade plan. As you
Speaker 1: all know, the President just put out a statement announcing
Speaker 1: an additional tariff on China. The tariff on China will
Speaker 1: now go up to one hundred and twenty five percent
Speaker 1: because China imprudently decided to retaliate against the United States.
Speaker 1: And as I said at the podium yesterday, when you
Speaker 1: punch at the United States of America, President Trump is
Speaker 1: going to punch back harder. In that same vein, we
Speaker 1: have had more than seventy five countries from around the
Speaker 1: world reach out to President Trump and his team here
Speaker 1: at the White House to negotiate better trade deals for
Speaker 1: the American worker. We have been overwhelmed with the amount
Speaker 1: of requests for countries around the world. I'll let the
Speaker 1: Secretary speak to that. We will continue with the tailor
Speaker 1: made negotiations that I spoke about yesterday. In the meantime,
Speaker 1: there will be a ninety day pause on the reciprocal tariffs,
Speaker 1: as these negotiations are ongoing and the tariff level will
Speaker 1: be brought down to a universal ten percent tariff. The
Speaker 1: Secretary here has been a huge part of the President's
Speaker 1: trade team, of course, and will continue to lead these
Speaker 1: negotiations moving forward to look out for the American worker,
Speaker 1: which is always President Trump's goal. So I'll kick it
Speaker 1: over to our great Treasury Secretary Scott Bessett.
Speaker 2: Good, thank you, and we saw the successful negotiating strategy
Speaker 2: that President Trump implemented a week ago. Today, it has
Speaker 2: brought more than seventy five countries forward to negotiate. It
Speaker 2: took great courage, great courage for him to stay the
Speaker 2: course until this moment. And what we have ended up
Speaker 2: with here, as I told everyone a week ago there
Speaker 2: in this very spot, do not retaliate and you will
Speaker 2: be rewarded. So every country in the world who wants
Speaker 2: to come and negotiate, we are willing to hear you.
Speaker 2: We're going to go down to a ten percent baseline
Speaker 2: tariff they have for them, and China will be raised
Speaker 2: to one five due to their insistence on escalat.
Speaker 4: Secretary, thank you for doing this.
Speaker 2: Let me ask me three quick things and taking clarity because.
Speaker 1: The market through open and the win.
Speaker 2: First of all, Mexico and China, are they part of
Speaker 2: the tenters a university? Well, China, No, China in Canada.
Speaker 5: Mexico and Canada, are they part of the ten percent?
Speaker 3: Yes?
Speaker 2: Okay.
Speaker 3: Second, given then that you have the rest of the
Speaker 3: world essentially calling it it's not China.
Speaker 2: Is this now just all about China? Well, it's about
Speaker 2: bad actors. And you know what we will see is
Speaker 2: some of the very early countries are China's neighbors that
Speaker 2: we're going to see. I'm seeing Vietnam today, Japan is
Speaker 2: at the front of the queue, South Korea, India. So
Speaker 2: you know, we will see. And as I've repeatedly said,
Speaker 2: and President Trump has been saying it four years, China
Speaker 2: is the most imbalanced economy in the history of the
Speaker 2: modern world. And they are the biggest source of the
Speaker 2: US trade problem. And indeed they are problems for the
Speaker 2: rest of the world because what we've seen is that
Speaker 2: as the US announced the tariff wall last week, many
Speaker 2: of those goods have already started flooding into Europe. Now,
Speaker 2: this trade war is China, Well, I'm not calling it
Speaker 2: a trade war but I am saying that China has escalated,
Speaker 2: and President Trump responded very courageously to that, and we
Speaker 2: are going to work on a solution with our trading partners.
Speaker 1: Just excuse me, excuse me, if excuse me, or Kyle,
Speaker 1: if I could just add to what the secretary said,
Speaker 1: Many of you in the media clearly missed the art
Speaker 1: of the deal. You clearly failed to see what President
Speaker 1: Trump is doing here. You tried to say that the
Speaker 1: rest of the world would be moved closer to China,
Speaker 1: and in fact we've seen the opposite effect. The entire
Speaker 1: world is calling the United States of America, not China,
Speaker 1: because they need our markets, they need our consumers, and
Speaker 1: they we need this president in the Oval Office to
Speaker 1: talk to them. And that's exactly why more than seventy
Speaker 1: five countries have called. Because the United States of America
Speaker 1: is the best place in the world to do business,
Speaker 1: and as the President has shown great courage, as the
Speaker 1: secretary have said, and choosing to retaliate against China even higher. Rolena,
Speaker 1: go ahead, and.
Speaker 5: You judgery, Secretary vesident, can you explain more of the
Speaker 5: decision making.
Speaker 1: On what feels like a reversal.
Speaker 5: Parent think just he's went into effect less than fifteen
Speaker 5: hours ago.
Speaker 2: These tarts, why the pause now, let's die no again.
Speaker 2: President Trump created maximum negotiating leverage for himself and which
Speaker 2: terrorists went into effect fifteen hours ago. The ones that
Speaker 2: we have a lower went into effect a week ago
Speaker 2: or they were announced a week ago. And we have
Speaker 2: just been overwhelmed, overwhelmed by the response from mostly our
Speaker 2: allies who want to come and negotiate in good faith.
Speaker 2: So we are expecting them to come with their best deal.
Speaker 2: As I said, we could go to day, don't retaliate,
Speaker 2: hold and around, let's see what happens. And China they
Speaker 2: kept escalating and escalating, and now they have one hundred
Speaker 2: and twenty five percent tariffs that will be effective immediately.
Speaker 5: Mister secondary, mister Tebruary Bixmoth for doing this the ninety
Speaker 5: day pause when there was a pariffs. It's not because
Speaker 5: of the class I've been seeing across the financial market.
Speaker 5: It's how life was, you know what we saw, the
Speaker 5: slack markets, you.
Speaker 1: Know a part of his decision.
Speaker 2: No, it's because it's going to because of the large
Speaker 2: number of inbounds. We've had more than seventy five countries
Speaker 2: contact US, and I imagine after today there will be more.
Speaker 2: So it is just a processing problem. Each one of
Speaker 2: each one of these solutions is going to be bespoke.
Speaker 2: It is going to take some time, and President Trump
Speaker 2: wants to be personally involved. So that's why we're getting
Speaker 2: the ninety day pulse is secular education.
Speaker 5: Secretary there was that you, Semmary Luck and for thee
Speaker 5: OBL present talking about this, Mark what that conversation looked like.
Speaker 2: Look, it's all the president's decision, and that we were
Speaker 2: the President had the A level in mind to raise
Speaker 2: the China tariffs, and then he had the three months
Speaker 2: no essentially the three month Pauls in mind, and we
Speaker 2: were just discussing the exact wording. Sorry, of course, the
Speaker 2: president's president's decision. It was a president's decision. They had
Speaker 2: to wait until today. And again I know, as I've
Speaker 2: said in the past, no one creates a leverage for
Speaker 2: himself like President Trump.
Speaker 4: No one creates leverage for himself like President Trump. This
Speaker 4: is a monumental moment and a great response that was
Speaker 4: well explained by the Treasury Secretary and the Press secretary
Speaker 4: there saying President Trump would take proper action for decades demo.
Speaker 4: They don't understand how to get America first. In our policies.
Speaker 4: They are constantly allowing other countries to walk all over us.
Speaker 4: As the Treasury Secretary said there, the President's going to
Speaker 4: work forward and move forward. These seventy five plus countries
Speaker 4: that have all said they want to meet, they're negotiating
Speaker 4: right now, and the President created the leverage for himself
Speaker 4: that he needed. As for China, they are now more
Speaker 4: isolated than they have ever been, especially on the world
Speaker 4: trade front. This is the opposite of what they were
Speaker 4: hoping for. So, as Caroline Levitt said, a moment ago,
Speaker 4: you and the media got it wrong and the President
Speaker 4: got it right. You said people are going to run
Speaker 4: to China, and now they're talking and running to America.
Speaker 3: Thank you for listening to the forty seven Morning Update
Speaker 3: with Ben Ferguson. Please make sure you hit subscribe wherever
Speaker 3: you're listening to this podcast right now and for more
Speaker 3: in depth news, also ascribe to the Ben Ferguson podcast
Speaker 3: and we will see you back here tomorrow.