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Speaker 1: Let's say, China, China, China, China, China, China, China, China, China, China, China.

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Speaker 1: You go over to China, China, China, China, China in China, China, China, China, China.

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Speaker 2: You take China, China, China. I love China.

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Speaker 3: You're listening to the forty seven Morning Update with Ben ferguson.

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Speaker 4: Good Tuesday morning. Welcome. It is the forty seven Morning Update,

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Speaker 4: and Mayo Maya's have been one heck of a week

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Speaker 4: for President Trump. Not only has he secured a UK

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Speaker 4: trade deal that's historic, but now a China trade deal,

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Speaker 4: plus the release of an American hostage, a ceasefire with

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Speaker 4: India and Pakistan, and a ceasefire with the Houthis. And

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Speaker 4: now we will break down the other big deal as well.

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Speaker 4: First up, a massive deal on prescription drug prices and

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Speaker 4: what happened in the China trade deal that is affecting

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Speaker 4: every American. It's the forty seven Morning Update and it

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Speaker 4: starts right now.

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Speaker 3: Story number one.

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Speaker 4: Major victory number one for the American people, is going

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Speaker 4: to have a massive impact on so many Americans that

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Speaker 4: deal with high costs of prescription drugs. Here is what

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Speaker 4: you need to know about what the President has done

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Speaker 4: to lower the price of prescription drugs for all Americans.

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Speaker 4: The announcement and the action put forth saying American patients

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Speaker 4: will be first instead of the pharmaceutical companies by Donald

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Speaker 4: Trump will have an impact for every American. Now, this

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Speaker 4: should not be a conservative or liberal, or Republican or

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Speaker 4: democratic issue, yet Democrats are angry about it. So let

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Speaker 4: me tell you exactly how this is going to have

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Speaker 4: an impact on you. First up, the President said that

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Speaker 4: we are now going to have most Favored nation prescription

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Speaker 4: drug pricing, saying we are going to pay the lowest

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Speaker 4: price that there is in the world. Here's the President

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Speaker 4: in his own words, but it's called.

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Speaker 2: Most favored nation. We are going to pay the lowest

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Speaker 2: price there is in the world. We will get whoever

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Speaker 2: is paying the lowest price. That's the price that we're

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Speaker 2: going to get. So remember that. So we're no longer

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Speaker 2: paying ten times more than another country. Whoever is paying

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Speaker 2: the lowest price. We will look at that price and

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Speaker 2: we will say that's the price we're going to pay

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Speaker 2: most favorite nations. That's what it is. One breast cancer

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Speaker 2: drug costs Americans over sixteen thousand dollars per bottle, but

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Speaker 2: the same drug from the same factory, manufactured by the

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Speaker 2: same company is one sixth that price in Australia and

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Speaker 2: one tenth that price in Sweden. One tenth for the

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Speaker 2: identical product. A common asthma drug costs almost five hundred

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Speaker 2: dollars here in America, but costs less than forty dollars

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Speaker 2: in the United Kingdom. So forty dollars in the United Kingdom,

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Speaker 2: which is where this gentleman told me he paid a

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Speaker 2: small amount for his his shot. But think of that,

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Speaker 2: So forty dollars versus five hundred dollars.

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Speaker 4: Here, forty compared to five hundred dollars a difference between

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Speaker 4: the US in the US. Now, let me explain more

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Speaker 4: about this order. The order directs the US Trade Representative

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Speaker 4: and the Secretary of Commerce to take action to ensure

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Speaker 4: foreign countries are not engaged in practices that purposely and

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Speaker 4: unfairly undercut market prices and drive price hikes in the

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Speaker 4: United States. All what I'm giving you right now is

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Speaker 4: coming directly from the White House, and want to make

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Speaker 4: that very clear. Number two, the order instructs the Administration

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Speaker 4: to communicate price targets to pharmaceutical manufacturers to establish that America,

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Speaker 4: the largest purchaser and funder of prescription drugs in the world,

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Speaker 4: gets the best price. The Secretary of Health and Human

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Speaker 4: Services is going to establish a mechanism through which American

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Speaker 4: patients can buy their drugs directly from manufacturers who sell

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Speaker 4: to Americans at a quote most favored nation price, bypassing

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Speaker 4: the middlemen, and finally for the White House, if drug

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Speaker 4: manufacturers failed to offer most favored nation pricing. The order

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Speaker 4: directs the Secretary of Health and Human Services to one

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Speaker 4: propose rules and impose most favored nation pricing, and two

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Speaker 4: take other aggressive measures to significantly reduce the costs of

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Speaker 4: prescription drugs the American consumer, and most importantly in anti

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Speaker 4: competitive practices. Why because the White House says it's about

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Speaker 4: getting a better deal for Americans and President Trump once

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Speaker 4: again taking action to keep pharmaceutical manufacturers from charging Americans

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Speaker 4: high drug prices while giving steep discounts to other wealthy nations.

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Speaker 4: That is something that doctor Oz talked about the White

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Speaker 4: House with the President by his side, and here is

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Speaker 4: what he said.

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Speaker 5: That means that we are paying in America four times

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Speaker 5: more than that drug costs in other countries again one

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Speaker 5: hundred percents. The baseline's two hundred and eighty nine percent.

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Speaker 5: Above that baseline, it goes all the way down to

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Speaker 5: when we're paying fifty percent more than any other country.

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Speaker 5: That's the range, as was pointed out by President around

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Speaker 5: half the time, we're paying three times more than is

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Speaker 5: paid in other countries. It doesn't make any sense for

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Speaker 5: the system that stated President Trump is over and over

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Speaker 5: again indicated, and Secretary Kennedy has reflected as well. We

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Speaker 5: want innovation, We want our technology partners doing the best

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Speaker 5: they can to make the best solutions for drugs to

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Speaker 5: secure as many people in America and around the world

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Speaker 5: as possible. By getting our allies to pay a bit

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Speaker 5: more as they should be and they should have for

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Speaker 5: many years been doing, will course correct a problem that's

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Speaker 5: gotten out of hand. And by doing that in a thoughtful,

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Speaker 5: effective way, we're going to be able to get the

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Speaker 5: pharmaceutical industry hole. Those jobs will still be here, will

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Speaker 5: still be productive, We'll still be curing cancer and a

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Speaker 5: slew of other ailments that plague humanity. America will still

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Speaker 5: be the leader in this space. But we're paying the

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Speaker 5: appropriate amount, the right sized amount for those tasks.

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Speaker 4: Now you may ask yourself this question, why is the

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Speaker 4: president doing this? Well, it's all in the numbers. The

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Speaker 4: United States has less than five percent of the world's population,

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Speaker 4: yet funds roughly seventy five percent of global pharmaceutical profits.

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Speaker 4: Here's the other thing you may not know. Drug manufacturers

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Speaker 4: discount their products to gain access to foreign markets, and

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Speaker 4: then subsidize those discounts through high prices charged in America.

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Speaker 4: In essence, you are subsidizing drug manufacturer profits and foreign

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Speaker 4: health systems are getting the big deal, despite drug manufacturers

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Speaker 4: benefiting from generous research subsidies and enormous healthcare spending by

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Speaker 4: the US government. On his first term, you may not

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Speaker 4: know this, but President Trump took historic action to keep

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Speaker 4: Medicare and seniors from paying more for drugs than economically

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Speaker 4: comparable countries, which the Biden administration rescinded before it could

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Speaker 4: even take effect. Why because they're owned by Big Pharma.

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Speaker 4: Instead of fixing this problem, the Biden administration's greatest achievement

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Speaker 4: was to negotiate prices that were on average seventy eight

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Speaker 4: percent higher in an eleven comparable countries. As part of

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Speaker 4: Biden's efforts, to quote beat Medicare in translation, the Democratic

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Speaker 4: Party sold you out. The American two are suffering and

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Speaker 4: desperately need pharmaceutical drugs, and they sold you out to

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Speaker 4: the highest bidder, the lobbyist and the companies that came

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Speaker 4: in and said this is what we need. The President

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Speaker 4: making it clear this is never going to happen again

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Speaker 4: in the US and as long as he is present,

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Speaker 4: he is going to fight for innovation, fight for technology,

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Speaker 4: and make sure that you are paying less than any

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Speaker 4: other major nation in the world.

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Speaker 3: Now, story number two.

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Speaker 4: Now, the other big story of today is the fact

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Speaker 4: that we now have a significant movement when it comes

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Speaker 4: to the tariffs with China. The Trump white House has

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Speaker 4: just posted a statement on the US and China's historic

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Speaker 4: trade deal, putting it this way, American tariffs on China,

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Speaker 4: we're at one hundred and forty five percent. Now they're

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Speaker 4: at thirty percent. China's tariffs on America we're one hundred

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Speaker 4: and twenty five percent now at ten percent. And Donald

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Speaker 4: Trump was the one that made all of this possible.

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Speaker 4: White House Press Secretary Caroline Levey saying it this way

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Speaker 4: to Fox News.

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Speaker 2: First off, your reaction and what could you tell US

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Speaker 2: about the China deal that has tariffs dropping from one

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Speaker 2: hundred and forty five one twenty five respectively.

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Speaker 6: To thirty and ten. This is an extraordinary first step

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Speaker 6: in the right direction, and thanks to the strength of

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Speaker 6: President Trump, Secretary Besant and Ambassador Greer were able to

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Speaker 6: cut this initial deal with China. China agreed to reduce

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Speaker 6: their tariffs on the United States by one hundred and

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Speaker 6: fifteen percent. They also agreed to continue having discussions about

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Speaker 6: opening Chinese markets to American made products and goods. And

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Speaker 6: they also agreed to continue seriously discussing the grave impact

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Speaker 6: that Chinese produced fetanol is having right here in the

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Speaker 6: United States and our people. So this is a great

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Speaker 6: first step for the American public and Secretary best as

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Speaker 6: Ambassador Greer, and of course President Trump will continue negotiations

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Speaker 6: with China so we can hopefully inevitably get to a

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Speaker 6: fair and comprehensive, big trade deal.

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Speaker 4: Now, this is going to be a pause for ninety days,

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Speaker 4: and I want you to hear exactly what the White

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Speaker 4: House said to me earlier today. This is President Trump

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Speaker 4: quote securing another historic deal today on the heels of

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Speaker 4: the brand new deal with the United Kingdom, President Trump

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Speaker 4: reached an agreement with China to reduce China's tariffs and

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Speaker 4: eliminate retaliation, also retain a US baseline tariff on China,

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Speaker 4: and set a path for future discussions to open market

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Speaker 4: access for American exports. You just heard the White House

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Speaker 4: say that on TV today. The United States issued the

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Speaker 4: first joint statement on trade in many years with China

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Speaker 4: after successfully negotiating over the weekend in Geneva, Switzerland. The

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Speaker 4: White House says, quote, both parties affirm the importance of

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Speaker 4: the critical bilateral economic and trade relationship between both countries

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Speaker 4: and the global c of ME, saying this, for far

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Speaker 4: too long, unfair trade practices and America's massive trade deficit

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Speaker 4: with China have fueled the offshoring of American jobs and

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Speaker 4: the decline of our manufacturing sector. In reaching an agreement,

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Speaker 4: the White House says, the United States and China will

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Speaker 4: each lower their tariffs by one hundred and fifteen percent,

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Speaker 4: while retaining an additional ten percent tariff. Other US measures

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Speaker 4: will remain in place. Both sides will take these actions

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Speaker 4: by May fourteenth, of twenty twenty five. This trade deal

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Speaker 4: is a win for the United States, demonstrating President Donald

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Speaker 4: Trump's unparalleled expertise in securing deals that benefit the American people.

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Speaker 4: Then the White House said this the Chinese action, saying quote,

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Speaker 4: China will remove the retaliatory tariffs in announced since April

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Speaker 4: the fourth, and will also suspend to remove the non

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Speaker 4: tariff countermeasures taken against the United States since April the second.

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Speaker 4: China will also suspend its initial thirty four percent tariff

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Speaker 4: of the United States that it announced on April fourth

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Speaker 4: for ninety days. It will remain at ten percent tariff

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Speaker 4: during the period of the pause. And then they say

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Speaker 4: under American action, the United States will remove the additional

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Speaker 4: tariff it imposed on China on April eighth and April ninth,

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Speaker 4: but will retain all duties imposed on China prior to

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Speaker 4: April second, including Section three oh one tariffs, Section two

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Speaker 4: thirty two tariffs, and tariffs imposed in response to the

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Speaker 4: FETNYL National Emergency Invoke pursueant to the International Emergency Economic

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Speaker 4: Powers Act, and also the most favored Nation's tariffs. They

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Speaker 4: went on to say the United States will suspend their

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Speaker 4: thirty four percent reciprocal tariff imposed on April second for

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Speaker 4: ninety days and the ten percent tariff that will remain

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Speaker 4: in place, is set for a fair baseline that encourages

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Speaker 4: domestic production, strengthens our supply chains, and ensures that American

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Speaker 4: trade policy support or its American workers first, instead of

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Speaker 4: undermining them by imposing reciprocal tariffs. President Trump is ensuring

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Speaker 4: our trade policy works for the American economy and addresses

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Speaker 4: our national emergency brought on by our growing and persistent

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Speaker 4: trade deficits, and levels the playing field for American workers

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Speaker 4: and our producers. Unlike previous administrations, the White House said,

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Speaker 4: President Trump took a tough, uncompromising stance on China to

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Speaker 4: protect American interests and stop unfair trade practices. They also

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Speaker 4: said this is working towards a rebalancing. When these changes

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Speaker 4: come into effect, the White House says both nations agree

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Speaker 4: to establish a mechanism to continue important discussions about trade economics.

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Speaker 4: The US goods trade deficit with China was two hundred

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Speaker 4: ninety four billion in twenty twenty four, the largest with

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Speaker 4: any trade partner, and today's agreement works towards addressing these

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Speaker 4: imbalances to deliver real, lasting benefits to American workers, American farmers,

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Speaker 4: and American businesses. The White House saying this Finally, as

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Speaker 4: our nations continue these discussions. China will be represented by

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Speaker 4: he Lafing, the Vice Premier of the State Council. The

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Speaker 4: United States will be represented by Scott Descent, the Secretary

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Speaker 4: of Treasury, and Jasmine Greer, United States Trade Representative. They

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Speaker 4: also said addressing the fetanyl crisis is the most important

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Speaker 4: matter as well as the United States and China will

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Speaker 4: take aggressive action to stem the flow of fetanyl and

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Speaker 4: other precursors from China to elicit drug production in North America.

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Speaker 4: If you look at what the President has been able

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Speaker 4: to do in just the last couple of days, here

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Speaker 4: it is, in just seven days, President Trump has secured

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Speaker 4: a historic UK trade deal, a massive China trade deal,

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Speaker 4: the release of an American hostage, the ceasefire with Indian Pakistan,

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Speaker 4: the ceasefire with the Houthis And this is exactly what

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Speaker 4: so many Americans voted for, and Donald Trump paying off

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Speaker 4: on his promised to put Americans first and protecting all

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Speaker 4: of us.

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Speaker 3: Thank you for listening to the forty seven Morning Update

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Speaker 3: with Ben Ferguson. Please make sure you hit subscribe wherever

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Speaker 3: you're listening to this podcast right now and for more

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Speaker 3: in depth news also subscribe to the Ben Ferguson podcast,

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Speaker 3: and we will see you back here tomorrow