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Speaker 1: Since nineteen ninety seven, Americans have been put out of

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Speaker 1: five million manufacturing jobs.

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Speaker 2: I'd like to call the attention of our colleagues to

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Speaker 2: this chart on the status quo that the business community

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Speaker 2: is asking each and every one of you to endorse.

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Speaker 3: Today to help the middle class who have been shouldering

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Speaker 3: the burden of falling real wages for about twenty five

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Speaker 3: years because of unfair and unjust trading practices. If you're

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Speaker 3: listening to the forty seven Morning Update with Ben Ferguson.

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Speaker 4: Good Friday morning, Ben Ferguson with you, It's nice to

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Speaker 4: have you on the forty seven Morning Update. And here

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Speaker 4: are the big stories that we're going to cover. First up,

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Speaker 4: Democrats were four tariffs before they were against them, even

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Speaker 4: the biggest leaders in the Democratic Party, and we've got

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Speaker 4: the audio to prove it. Also, in a major move

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Speaker 4: not getting any coverage from the mainstream bias media, the

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Speaker 4: Senate GOP voted to advance the Trump tax cuts. This

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Speaker 4: is significant for your pocketbook. And finally, other countries are

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Speaker 4: in a panic right now and are running to meet

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Speaker 4: with Donald Trump in his administration. Yes, over the tariffs

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Speaker 4: that are clearly working. I'll give you the list and

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Speaker 4: what they're doing coming up in just a moment. But

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Speaker 4: first make sure, if you're new to the show, you

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Speaker 4: hit that subscribe or auto download button right now so

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Speaker 4: you never miss an episode of the forty seven Morning

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Speaker 4: Update that starts right now.

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Speaker 3: Story number one.

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Speaker 4: In big breaking News, Nancy Pelosi defends Donald Trump's trade policy.

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Speaker 4: The only problem is it's not in twenty twenty five,

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Speaker 4: but in nineteen ninety six. That's right, Democrats are in

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Speaker 4: favor of what Donald Trump did well, as long as

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Speaker 4: he wasn't the guy actually doing it. Twenty five years ago,

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Speaker 4: Nancy Pelosi warned in fact of American job losses because

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Speaker 4: of China's unfair trade practices. Then on tariffs, she said

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Speaker 4: that we must reciprocate. Now she's calling what Donald Trump

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Speaker 4: is doing reckless. And now it's important that the audio

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Speaker 4: I'm about to play of Nancy Pelosi is shared with

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Speaker 4: everyone you know, because they need to be called out

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Speaker 4: for their hypocrisy. Today. Take a listen to Nancy Pelosi

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Speaker 4: talking about reciprocal trade tariffs and how important it was

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Speaker 4: to protect America. This from nineteen ninety six on the

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Speaker 4: floor of the House.

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Speaker 2: I'd like to call the attention of our colleagues to

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Speaker 2: this chart on the status quo that the business community

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Speaker 2: is asking each and every one of you to each

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Speaker 2: and every one of us to endorse. Today. Right now,

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Speaker 2: we have a thirty four billion dollar trade deficit with China.

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Speaker 2: The nineteen ninety ninety five figure, it will be over

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Speaker 2: forty billion dollars for nineteen ninety six. Since the Tenement

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Speaker 2: Square massacre, this figure has increased one thousand percent from

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Speaker 2: three and a half billion then to about thirty four

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Speaker 2: billion dollars now. In terms of tariffs, it's think it's

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Speaker 2: interesting to note that the average US MFN tariff on

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Speaker 2: Chinese goods coming into the United States is two percent,

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Speaker 2: as the average Chinese MFM tariff on US goods going

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Speaker 2: into China is thirty five percent. Is that reciprocal on exports?

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Speaker 2: China only allows certain industries into China of US industries

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Speaker 2: into China, and therefore only two percent of US exports

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Speaker 2: are allowed into China. On the other hand, the US

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Speaker 2: allows China to flood our markets with thirty a third

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Speaker 2: of their exports and that'll probably go over forty percent.

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Speaker 2: And it's limitless because we have not placed any restriction

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Speaker 2: in terms of jobs. This is the biggest and cruelest

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Speaker 2: hoax of all. Not only do we not have market access,

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Speaker 2: not only do they have prohibitive tariffs. Not only are

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Speaker 2: our exports not let in very specifically, but China benefits

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Speaker 2: with at least at least ten million jobs from US

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Speaker 2: China trade. The President, in his statement requesting this special

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Speaker 2: waiver said that it China trade supports one hundred and

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Speaker 2: seven seventy thousand jobs in the United States one hundred

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Speaker 2: and seventy thousand jobs, whereas our imports from China support

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Speaker 2: a ten million jobs at least. The fact is that

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Speaker 2: that US China trade is a job loser, and one

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Speaker 2: of the reasons that it is is because in order

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Speaker 2: well first, let me just make another point, and that

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Speaker 2: is that our colleagues on the other side of this

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Speaker 2: issue will say the trade with China, exports to China

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Speaker 2: have increased three times in the last ten years. They have,

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Speaker 2: but they failed to mention that exports imports from China

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Speaker 2: have increased eleven times, thereby leading to this huge trade deficit.

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Speaker 2: The other issue, in addition, if intellectual property is a

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Speaker 2: two billion dollar three billion dollar loss, technology transfer is

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Speaker 2: in the hundreds of billions of dollars. If you want

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Speaker 2: to sell to China your products into China, the Chinese

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Speaker 2: insists that you open a factory there. They take misappropriate

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Speaker 2: your technology, open factories of their own, and then say

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Speaker 2: to you, now we want to see your plan for export.

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Speaker 2: That's as simply as I can say it briefly. But

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Speaker 2: the fact is, this isn't about products made in America.

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Speaker 2: The Chinese want American products that are made in China.

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Speaker 2: And the most serious of these transfers of technology are

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Speaker 2: in the airline industry. We're Boeing tail sections. The tail

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Speaker 2: sections of the Boeing seven thirty sevens were mostly made

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Speaker 2: in Wichita, Kansas. Now they are made in shen Province,

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Speaker 2: where workers make fifty dollars a month, and they had

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Speaker 2: the transfer of the technology and the transfer of the

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Speaker 2: jobs has taken place. General Motors for they're all fighting

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Speaker 2: to get in to build factories there so they can

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Speaker 2: make parts there. They want MFN so they can get

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Speaker 2: those parts back into the United States. So we are

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Speaker 2: exporting not low tech jobs and textile jobs. We're exporting

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Speaker 2: our technology. Now, if you take a country the size

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Speaker 2: of China with the cheap the very cheap and in

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Speaker 2: some instances slave labor, the lack of market access, the

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Speaker 2: rip off of our intellectual property, the transfer of technology,

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Speaker 2: a country that is not willing to play by the

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Speaker 2: rules in any respect in this trade relationship. You have

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Speaker 2: a serious threat not only to our relationship, but to

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Speaker 2: the industrialized world. And if there's one message that I

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Speaker 2: want our colleagues to understand today and our constituents, is

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Speaker 2: that on this day your member of Congress could have

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Speaker 2: drawn the line to say to the President of the

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Speaker 2: United States, do something about this US China trade relationship.

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Speaker 2: That is a job loser for the United States. And

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Speaker 2: this brings us to the point that others have said, well,

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Speaker 2: we can't isolate China. Do you think for one minute

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Speaker 2: that with ten million jobs at least and thirty five

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Speaker 2: billion and be over forty billion dollars this year in

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Speaker 2: a trade surplus, all those billions of dollars in surplus,

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Speaker 2: that the Chinese are going to walk away? Where are

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Speaker 2: they going to take thirty five to forty percent of

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Speaker 2: their exports? Who's going to buy them? This is what

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Speaker 2: sustains the regime, the funding and the jobs. They can't

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Speaker 2: have those people out of work. They have to be

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Speaker 2: at worth exporting to the United States.

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Speaker 4: So the question is where is that Nancy Pelosi? Now,

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Speaker 4: I actually like that Nancy Pelosi of nineteen ninety six.

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Speaker 4: And the other question you should be asking yourself is this.

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Speaker 4: If it was this bad in ninety six and nothing's

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Speaker 4: been done to stop this horrible trade agreement with China

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Speaker 4: and this deficit that we're running with China and currency

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Speaker 4: manipulation and stealing of trade secrets, the list goes on

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Speaker 4: and on, then why on earth would we not want

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Speaker 4: Donald Trump to step in and to stop this. The

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Speaker 4: American worker has been decimated. Nancy Pelosi said it in

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Speaker 4: ninety six, and the only reason why she's not saying

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Speaker 4: it now is because Donald Trump is president. By the way,

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Speaker 4: there's another Democrat who was also saying the same thing.

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Speaker 4: But it wasn't in ninety six. It was in two

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Speaker 4: thousand and eight, and his name was Bernie Sanders. And

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Speaker 4: what did Bernie Sanders want in two thousand and eight?

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Speaker 4: He wanted tariffs. How do we know it because this

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Speaker 4: is what he said on the floor of the Senate.

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Speaker 1: Further, what they have said is that we need to

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Speaker 1: not worry about manufacturing in America because what we should

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Speaker 1: establish is a policy of unfitted free trade. We don't

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Speaker 1: need tariffs. What we need is to allow corporate America

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Speaker 1: the freedom, the freedom to throw American work is out

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Speaker 1: on the street. People are making fifteen twenty twenty five

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Speaker 1: bucks an hour, healthcare pensions. Throw them out on the

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Speaker 1: street because somehow mount of president, we are going to

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Speaker 1: create wealth in America and good paying jobs in America

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Speaker 1: as we shut down plans we moved to China. Corporations

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Speaker 1: there pay workers twenty thirty cents an hour, and we

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Speaker 1: bring the product back into this country.

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Speaker 4: So Bernie Sanders said, not having tariffs in America means

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Speaker 4: all our manufacturing goes overseas. And it's the same thing

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Speaker 4: as giving corporations quote, the freedom to throw American workers

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Speaker 4: out on the street. The question you should be asking

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Speaker 4: yourself is what changed? Why is it? The Pelosi in

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Speaker 4: ninety six, Bernie Sanders in eight, and the list goes

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Speaker 4: on and on are saying no to Donald Trump correcting

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Speaker 4: this problem that they declared was massive then and has

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Speaker 4: only gotten bigger since then. And it's one reason because

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Speaker 4: they hate Donald Trump and they hate the people that

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Speaker 4: support him and they're willing to hurt American workers over everything.

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Speaker 3: Else now story number two.

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Speaker 4: It is a major victory and it's being overshadowed right now,

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Speaker 4: and it's one that you need to know about. The

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Speaker 4: Senate Republicans have voted to advance the sweeping Trump tax

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Speaker 4: cut plan. Senate Republicans took a procedural step forward on

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Speaker 4: President Donald Trump's tax cuts agenda on Thursday, overcoming concerns

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Speaker 4: among summer Republican lawmakers that the plan does not include

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Speaker 4: sufficient spending cuts. The Senate voted fifty two to forty

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Speaker 4: eight to move forward with a framework to address Trump's

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Speaker 4: proposals for tax cuts, border enforcement, and increased military spending.

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Speaker 4: Lawmakers now hope to pass the resolution after up to

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Speaker 4: fifty hours of floor debate. Then it will be sent

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Speaker 4: to the Republican controlled House of Representatives. Both chambers must

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Speaker 4: have proved the same budget resolution to unlock a key

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Speaker 4: parliamentary tool that would allow Republicans to circumvent Senate Democrats

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Speaker 4: and enact the Trump agenda later this year. This, by

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Speaker 4: the way, could take several months, and will continue to

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Speaker 4: watch all of it as it unfolds. But the good

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Speaker 4: news is this is a major victory for Donald Trump

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Speaker 4: and most importantly for American taxpayers.

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Speaker 3: And here is story number three.

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Speaker 4: If you watch the media today, they will tell you

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Speaker 4: that the tariffs are a disaster, that Donald Trump should

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Speaker 4: flinch and say sorry and immediately go back to the

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Speaker 4: old way of doing business. That is the story they

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Speaker 4: want you to believe. But the reality is the tariffs

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Speaker 4: are already working. One prime example is Vietnamese Deputy Prime Minister,

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Speaker 4: accompanied by a major entourage of Vietnamese business executives, announce

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Speaker 4: an emergency trip to Washington, D C. On Wednesday. Quietly,

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Speaker 4: that is the same day that Donald Trump revealed his

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Speaker 4: Liberation Day tariff schedule, which included a forty six percent

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Speaker 4: duty on imports from Vietnam. The Vietnamese delegation, we're now

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Speaker 4: being told, is scheduled to arrive on Sunday and remain

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Speaker 4: in Washington, D C. Until April fourteenth, when it will

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Speaker 4: pay an official visit to then Cuba. The Vietnamese Prime

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Speaker 4: Minister will be accompanied by executives from companies such as

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Speaker 4: Vietnam Airlines, JSC and Venta Capitol Group. The delegation hopes

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Speaker 4: to meet with Trump officials and beg basically for all

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Speaker 4: of these tariffs to be brought back down. They are

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Speaker 4: wanting to quote, make it deal. The business community in

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Speaker 4: Vietnam is panic, and they are panic that the government

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Speaker 4: is not doing enough too cool. The response from Donald

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Speaker 4: Trump the Prime Minister's visit, they claim, will pave the

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Speaker 4: way for real negotiations leading to a more balanced agreement

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Speaker 4: easing the burden on businesses amid the current tough business

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Speaker 4: landscape in Vietnam. That coming from The Saigon Times on Thursday,

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Speaker 4: they also reported that Vietnamese analysts and government officials expected

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Speaker 4: about a ten percent terre from Trump. The rate of

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Speaker 4: forty six percent that was revealed by Trump at the

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Speaker 4: White House is when the panic set in. Why Vietnam

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Speaker 4: is among the world's most trade dependent nations, with exports

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Speaker 4: equivalent to about ninety percent of economic output, and counts

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Speaker 4: the US as its most significant customer. Sales have served

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Speaker 4: since the trade war that broke out during Trump's first term,

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Speaker 4: when businesses sought to relocate away from China and Vietnam

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Speaker 4: became an alternative base for production aimed at American markets.

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Speaker 4: American customers buy about a third of what Vietnam exports

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Speaker 4: to the entire world, creating a massive trade surplus of

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Speaker 4: more than one hundred and twenty three billion dollars. This

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Speaker 4: appears to have factored into the tariff right reveal by

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Speaker 4: President Trump on Wednesday, and that is why Vietnam is

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Speaker 4: well freaking out and running to America. Tried to quote,

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Speaker 4: de escalate and come up with a fair deal for

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Speaker 4: both countries. Moral of the story is this, Vietnam would

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Speaker 4: have never called this emergency meeting if it wasn't for

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Speaker 4: Donald Trump and what he did the White House on

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Speaker 4: Liberation Day.

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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