April 4, 2025 • 30 mins
Market Impact
- Market Reaction: The Dow dropped by 1,679 points, nearly 4% of its total value, causing widespread concern.
- Investment Opportunities: Despite the downturn, some see this as a chance to buy undervalued stocks.
Tariff Policies
- Trump's Tariff Strategy: President Trump announced reciprocal tariffs aimed at leveling the playing field with countries that impose high tariffs on U.S. goods.
- Short-Term vs. Long-Term: The strategy is considered smart if short-term but potentially harmful if it leads to a prolonged tariff war.
Political Commentary
- Ted Cruz's Perspective: Senator Ted Cruz supports using tariff revenues for further tax cuts to benefit the middle class.
- Historical Context: Nancy Pelosi's 1996 comments on trade deficits and tariffs with China are highlighted, showing long-standing issues.
Economic Impact
- Job Creation: Trump's tariffs are credited with encouraging companies like General Motors to expand U.S. production, creating jobs.
- Trade Deficit: The U.S. has a significant trade deficit, with many factories closing and millions of manufacturing jobs lost over the decades.
Please Hit Subscribe to this podcast Right Now. Also Please Subscribe to the 47 Morning Update with Ben Ferguson and Verdict with Ted Cruz Wherever You get You're Podcasts. Thanks for Listening
#seanhannity #hannity #marklevin #levin #charliekirk #megynkelly #tucker #tuckercarlson #glennbeck #benshapiro #shapiro #trump #sexton #bucksexton
#rushlimbaugh #limbaugh #whitehouse #senate #congress #thehouse #democrats
#republicans #conservative #senator #congressman #congressmen #congresswoman #capitol #president #vicepresident #POTUS #presidentoftheunitedstatesofamerica
#SCOTUS #Supremecourt #DonaldTrump #PresidentDonaldTrump #DT #TedCruz #Benferguson #Verdict
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
All right, So let's start with the big story, and
that is obviously tariffs and what is happening in the market.
If you looked at the close of the market, it
is very clear that the clothes that we have witnessed
on Thursday is a number that is shocked everybody. It's
Dow was down one thousand, six hundred and seventy nine points.
(00:24):
That's almost four percent of the total value. That was
not good for anybody. We can all agree on that.
There's also the reality that this will allow for some
great buys out there, and many people are actually talking
about doubling down because they know this is temporary and
not going to be a long term thing. Now we're
(00:44):
gonna hit pause on the markets very second. I'm gonna
come back and deal with them, and let's go and
actually deal with a policy, because if we just cover
the markets and the sky is falling, chicken little, and
you don't understand what's happening, then you're going to fall
into the liberal media and exactly what they want you
to say, Oh, is this what a red wave is?
That's one of the things trending with liberals. They're putting
(01:05):
up the picture of all the red on Wall Street
and they're like, Oh, I guess this is what a
red wave is, right, Like, you're an idiot in an
imbecile if that is how simplistic you're looking at this
terrif fight in what's going on in the world. Let's
go to what Donald Trump actually said. Trump said he
was not doing full reciprocal tariffs.
Speaker 2 (01:25):
Number one.
Speaker 1 (01:27):
He said that would have been tough for a lot
of countries. But what he is trying to do is
get us back to a fair playing field. With so
many countries that have tariffs on us, many Americans don't
even know that they're actually out there.
Speaker 2 (01:40):
That's number one.
Speaker 1 (01:41):
Number two, this is a smart strategy if it is
short term and not a long term and we go
into a full tariff war.
Speaker 2 (01:49):
Now, can America outlast this? Yes?
Speaker 1 (01:52):
Are there a lot of countries that can't handle the
pain that we can handle in this country? The entwer
is yes. If you're cashing out all your stocks, that
would be a dumb decision. If you're cashing out your
four to one K today, that'd be a dumb decision.
We've seen ups and downs in the markets. This is
where it's very clear. I'm not even opening my portfolio
today because this is not a real number. To me
that matters at this moment. I don't need this money
(02:14):
right now. I've seen multiple ups and downs, and what
I know is I'm investing for twenty years from now.
I'm actually just texted before I started the show my
finance advisor said, Hey, there's some cheap buys out there.
Can we meet tomorrow. I want to get in on
some different things. So there's some undervalued stocks from this.
There's opportunity. I'm going to take advantage of that. My
(02:37):
point is you can't just look at this as a
one day crisis and do the freak out, which is
exactly what the media is hoping is going to happen.
There is also an interesting point that was made by
center Ted Cruz, and I'm going to play that for
you in just a second. You've heard me talk about
Patriot Mobile for a long time now, and you probably
already know that for years, they've stood in the gap
(02:58):
for every American that leaves that freedom as worth fighting for.
They are the real deal. So let me ask you
a question. Have you switched to Patriot Mobile yet?
Speaker 2 (03:07):
Now?
Speaker 1 (03:07):
If the answer is no, then I got to ask
you this question. Why are you worried about coverage?
Speaker 2 (03:13):
Don't be.
Speaker 1 (03:14):
Patriot Mobile is one of the few cell phone providers
out there that actually operate on all three of the
major networks.
Speaker 2 (03:22):
In this country.
Speaker 1 (03:23):
The fact is, if you have a cell phone service
right now, you're going to get the same coverage you
used to or even better coverage with Patriot Mobile. That's
why they offer a coverage guarantee that other companies don't
or can't offer. Or maybe you haven't joined Patriot Mobile
because you think that making the switch is painful.
Speaker 2 (03:42):
I'm here to tell you it's not. In fact, it's easy.
Speaker 1 (03:45):
No need to spend hours in a retail store waiting
your turn. Simply call Patriot Mobiles one hundred percent US
based team from the comfort of your own home or
office and they'll have you activated in minutes. Still locked
into a contract, no, no problem. Patriot Mobile's contract buyout program
covers up to five hundred dollars per device and you
(04:06):
keep your same number, keep your phone, or you can
treat yourself to an upgrade. All right back to the
main point, and that's this what are you waiting for?
It is time to switch to Patriot Mobile today and
every time you send a text, every time you make
a call, you are supporting faith, family, and freedom. And
they take about five percent of your bill every month.
That no extra cost to you to stand with organizations
(04:27):
that are fighting for a first and or Second Amendment rights.
So make the switch and make a difference with a
bill you're gonna pay every month. Patriotmobile dot com slash ferguson,
you're gonna get the best deals right there, Patriot mobile
dot com slash ferguson. Nine to seven to two Patriot
is the number, and use the promo code ferguson.
Speaker 2 (04:48):
You're gonna get a free month of service.
Speaker 1 (04:49):
That's Patriot Mobile dot com slash ferguson or nine seven
to two Patriot. Use a promo code ferguson you'll get
that free month of service as well. All right, So
let me play for you what was said by Ted
Kruz when he was reacting to what's going on with
these tariffs. Because I think it's a very important point
that's being made, and it's a point that I think
(05:11):
a lot of Americans are going to agree with.
Speaker 2 (05:13):
Take a listen.
Speaker 3 (05:14):
Now on the tax cuts. You may, I don't know,
have you heard any of the show because of mister
Trump's reciprocity policy that he announced yesterday. The White House
is saying there could be six hundred billion dollar revenues
from the tariffs. I am proposing that dials revenues be
put into the Budget resolution and the Reconciliation bill, and
(05:37):
that you cut taxes even more to help the middle
class who have been shouldering the burden of falling real
wages for about twenty five years because of unfair and
unjust trading practices. If you have six hundred billion dollars, Senator,
if those are the estimates, I mean, now, ten years
is a gigantic number.
Speaker 2 (05:54):
We need a fresh rent.
Speaker 3 (05:56):
You need tax cuts, middle class tax cuts, corporate tax chut's.
I mean, I'm calling it a tariff dividend for taxpayers.
What do you think? I want you to carry this
ball for.
Speaker 4 (06:07):
Me, So, Larry, you know I'm always in favor of
more tax cuts and bigger tax cuts, and I'm fighting
to make this tax cut as big and bold as possible. Look,
I think it is a mistake to assume that we
will have high tariffs and perpetuity.
Speaker 5 (06:22):
I don't think that would be good economic policy.
Speaker 4 (06:24):
I am not a fan of tariffs and the announcement yesterday. Look,
time is going to tell in the next month or two.
Speaker 5 (06:30):
Or three what happens.
Speaker 4 (06:31):
If the result of yesterday's announcement is a lot of
our trading partners across the globe dramatically reduce the tariffs
they charge on US goods and services, and the consequence
of that is the US government dramatically cuts the tariffs
that were announced yesterday, that would be a great outcome.
Speaker 5 (06:48):
That would be good for America.
Speaker 4 (06:50):
If the result is our trading partners jack up their
tariffs and we have high tariffs everywhere, I.
Speaker 5 (06:56):
Think that is a bad outcome for America.
Speaker 4 (06:58):
Tariffs are a tax on consumers, and I'm not a
fan of jacking up taxes on American consumers. So my
hope is these tariffs are short lived and they serve
as leverage to lower tariffs across the globe.
Speaker 2 (07:11):
Now I agree with cinner Cruz here.
Speaker 1 (07:13):
If they're done right and this is short term, this
is a smart decision. It's also already having an impact
on companies bringing jobs back to America.
Speaker 2 (07:22):
Let me give you a perfect example of that proof.
Speaker 1 (07:25):
General Motors has just announced they are going to expand
their production at their Indiana plant thanks to Trump's auto tariffs.
GM announcing today that its plant in Indiana is going
to expand because of the tariffs on foreign made cars.
Trump announced a twenty five percent tariff on all foreign
(07:45):
made cars to protect the nation's auto industry from quote
unfair trade competition. GIM executives said they will increase production
of light neuty trucks at their automaker's Fort Wayne assembly
plant in Indiana.
Speaker 2 (07:57):
According to the exclusive report from.
Speaker 1 (08:00):
Reuters Today, the Detroit automaker may also add overtime days
to schedule. The plant director told employees in a webcast,
saying the move will increase employment there with the hiring
of several hundred new workers. This is after, by the way,
the United Auto Workers Knows. The UAW have praised Trump's
(08:20):
auto tariffs as a necessary tool to end the nation's
decade long free trade policy that has devastated.
Speaker 2 (08:27):
American auto workers and the industry. Quote.
Speaker 1 (08:30):
We applaud the Trump administration for stepping up to end
the free trade disaster that devastated the working class communities
in America for decades. Ending the race to the bottom
in the auto industry starts with fixing our broken trade deals,
and the Trump administration has made history with their actions. Now,
this again goes back to any time you have something
(08:53):
that has to change that is way off course, whether
it's in your personal life, for business life, or in
the government, it is going to be hard at the beginning.
We've seen this with Doge and all the pushback. We've
seen this with law Fair and all the pushback. I mean,
the list is long here, and so what I think
is important is to say, all right, is Donald Trump
(09:16):
right in what he's saying.
Speaker 2 (09:18):
I believe he is. If it is a.
Speaker 1 (09:20):
Short term thing and not a long term thing, then
this is something that we can all agree is a
good thing. Now, if it goes on for too long
or it starts a really long trade war, it's something
that we can all say, hey, we got to ask
questions about. We get careful with it as the way
that Center Cruz described it. But overall, right now, the
way that this is working out, it is clear that
(09:43):
America has the advantage. Now, let me play for you
what Donald Trump actually said, because there's been a lot
of misinformation out there, and what Trump said when he
announced these full all right, I should say these reciprocal
tariffs that were not full reciprocal tariffs. And Donald Trump
(10:03):
went down the list. He asked for the list, they
brought it up. You're gonna hear him ask for that,
and I want you to hear what Trump had to
say in his own words. I'm not gonna edit this
because I think it's important.
Speaker 2 (10:13):
This is a big issue.
Speaker 1 (10:14):
And I want you to hear the President explain this
to everyone.
Speaker 6 (10:18):
The tariffs will be not a full reciprocal I could
have done that, yes, but it would have been tough
for a lot of countries who didn't want to do that.
I'd like to see the chart. If you have it,
could you bring it up? Howard. This is our great
Secretary of Commerce, Howard Lutnick. Thanks.
Speaker 7 (10:39):
So.
Speaker 6 (10:42):
If you look at that China first row, China, sixty
seven percent, that's tariffs charged to the USA, including currency
manipulation and trade barriers, so sixty seven percent. I think
you can, for the most part see it. Those with
good eyes bad eyes. We didn't want to bring it's
very windy out here. We didn't want to bring out
(11:03):
the big charge because it had no chance of standing. Fortunately,
we came armed with a little smaller charge. So sixty
seven percent. So we're going to be charging a discounted
reciprocal tariff of thirty four percent. I think. In other words,
they charge us, we charge them, we charge them less.
So how can anybody be upset? They will be because
(11:24):
we never charge anybody anything. But now we're gonna charge
European Union. They're very tough, very very tough traders. Uh
you know you think of European Union, very friendly. They
rip us off. It's so sad to see, it's so pathetic.
Thirty nine percent. We're gonna charge them twenty percent, so
we're charging them potentially half Vietnam great negotiators, great people.
(11:50):
They like me.
Speaker 5 (11:50):
I like them.
Speaker 6 (11:51):
The problem is they charge is ninety percent. We're gonna
charge them forty six percent tariff. Taiwan where they make.
They took all of our computer chips and semiconductors. We
used to be the king, right, we were everything. We
had all of it. Now we have almost none of it.
Except the biggest company is coming in. They're gonna have
We're gonna end up with almost forty percent. Lee Zelden's
(12:13):
working to get their approvals and it's.
Speaker 2 (12:16):
An amazing company.
Speaker 6 (12:17):
Mister way of one of the great companies of the world. Actually,
they're coming in from Taiwan and they're going to build
one of the biggest plants in the world, maybe the
biggest for that, but sixty four percent, we're going to
charge them thirty two percent. Japan very very tough, great people.
And again I don't blame the people for doing it.
It's I think they're very smart to do it. I
(12:38):
blame the people that sat right in that Oval office,
right over there, right behind the resolute desk, whichever desk
they chose. Japan forty six percent, they would charge us
forty six percent, and much higher for certain items like cars,
you know, little items like cars, forty six percent. We're
charging them twenty four percent. India very very, very very tough.
(13:02):
The Prime Minister just left. He's a great friend of mine,
but I said, you're a friend of mine, but you're
not treating us right. They charged us fifty two percent.
You have to understand, we charge them almost nothing for
years and years and decades, And it was only seven
years ago when I came in. We started with China
charged that we took in hundreds of billions of dollars
(13:24):
from China in tariffs and they understood. Honestly, Presidency understood.
He said, look, I understand, and the other countries and
they all understand. We're gonna have to go through a
little tough love maybe, but they all understand they're ripping
us off, and they understood it. Prime Minister of Japan,
(13:45):
Shinzo was Shinzo Abbi. He was a fantastic man. He
was unfortunately taken from US assassination. But I went to
him and I said, Shinzo, we have to do something.
A trade is not fair. He said, I know that.
I know that, and he was a great gentleman. He
was a fantastic man. But he understood immediately what I
(14:09):
was talking about. I said, Shinzo, we have to do something.
He said, I know that, and we've worked out a
deal and it would have.
Speaker 2 (14:15):
Been a much better deal.
Speaker 6 (14:16):
But frankly, there were many years left in the deal
that was made previous to my getting there, but it
was it was something if you look at Switzerland sixty
one percent to thirty one percent, Indonesia, Malaysia, Cambodi. Who
look at Cambodia in ninety seven percent, we're going to
bring it down to forty nine. They made a fortune
with the United States of America, United Kingdom ten percent,
(14:40):
and we'll go ten percent. So we'll do the same thing.
South Africa, oh, sixty percent, thirty percent, and they've got
some bad things going on in South Africa. You know,
we're paying them billions of dollars that we cut the
funding because a lot of bad things are happening in
South Africa. The fake newso to be looking at it,
they don't, I want to report it. Brazil ten percent,
(15:03):
ten percent, Bangladesh is seventy four percent, so you see
what's going on. Pakistan fifty eight percent, Sri Lanka eighty
eight percent.
Speaker 2 (15:14):
So what we're.
Speaker 6 (15:15):
Doing is we're taking not the full we could take
the full eighty eight percent.
Speaker 1 (15:19):
By the way, you noticed what Donald Trump is saying here,
And the reason why I played that for you un
interrupted is because I wanted you to actually hear his logic.
You just heard him say the part about we could
have gone the full eighty eight percent.
Speaker 2 (15:29):
We didn't. We win forty four.
Speaker 1 (15:31):
So if you're upset that Trump is doing this, then
the question you should be asking yourself is, Okay, why
are you upset? Because of the instant gratification of now,
are you understanding that the President's trying to do something,
which is stop countries from taking advantage of us. That
is something, by the way, the White House Press secretary
(15:53):
set on CNN today. They didn't like it, Okay, they
were upset that she set it. Caroline Levitt talking about
the trade deficit that we're trying to correct.
Speaker 2 (16:02):
Listen to what she said on CNN.
Speaker 5 (16:05):
To anyone on.
Speaker 8 (16:05):
Wall Street this morning, I would say, trust in President Trump.
This is a president who is doubling down on his
proven economic formula. From his first term. We saw wages increase,
we saw inflation come down, we had a Trump energy boom,
we had the largest tax cuts in history. And that's
exactly what the President intends to do following his historic
(16:25):
announcement yesterday. For reciprocal terists, it's the Golden Aid rule
for the Golden Age of America, and the United States
of America is no longer going to be cheated by
foreign nations around the world. And as the President declared yesterday,
this is indeed a national emergency. We have a one
point two trillion dollar trade deficit in counting. We've had
(16:46):
ninety thousand factories closed in the last couple of decades.
Since nineteen ninety seven, Americans have been put out of
five million manufacturing jobs. These are not just statistics. These
are real American lives that have been impact and it's
about time we have a president who actually does something
about it. This is going to restore more wealth, more jobs,
more economic prosperity to our great country.
Speaker 2 (17:09):
You hear what she says, and let's break it down.
Speaker 1 (17:12):
We have a one point two trillion dollar trade deficit
in counting. We've had ninety thousand factories closed in the
last couple of decades alone.
Speaker 2 (17:24):
How many American jobs were lost?
Speaker 1 (17:27):
Since nineteen ninety seven, Americans have been put out of
five million manufacturing jobs. Five million jobs disappeared. And as
she described, these are not just statistics. These are real
American lives that have been impacted. Now, why is Donald
Trump doing it? Because he's the one that's willing to
do the hard things other politicians are like and the
(17:49):
advisors walking like, hey, you can't do this right, like
whether it's Social Security or Medicare, Medicaid, like there's a
third row issues. This is a perfect example, like hey,
leave tarff Slan, shut up, don't do it. Kick the
can down the road. The deficit kick it down the road,
like there's gonna.
Speaker 2 (18:03):
Be a day of reckoning.
Speaker 1 (18:05):
And what Donald Trump is saying is is I'm not
running for reelection ever again. Okay, like I'm But what
I do know is if we're taking advantage of here.
Speaker 2 (18:14):
And I'm not gonna let it keep happening.
Speaker 1 (18:17):
Eric Trump put out a very interesting tweet earlier and
he said this, I wouldn't want to be the last
country that tries to negotiate a trade deal with Donald Trump.
The first negotiate will win, the last will absolutely lose.
I have seen this movie my entire life. And the
point that that I think Eric Trump is making there
is is if you think you're gonna outlast Donald Trump,
(18:38):
you're wrong. Now there's sky, it's falling, chicken little here, okay,
and and and that's.
Speaker 2 (18:45):
That's part of this.
Speaker 1 (18:46):
There is that, right, And and that's what the media
is hoping that you're gonna do. You're gonna abandon Trump,
You're gonna run away. You're gonna say, oh, I lost
too much money. This is ridiculous. Just go back to
SaaS Quo. It doesn't mean that things are getting any better.
And Donald Trump's saying I want the jobs back. Let
me also just give you a perfect example of what
(19:09):
I mean by Donald Trump is doing the hard thing, okay,
the hard thing that others are not willing to do.
And let me also just give you a perspective for
a second. You know what Mexico's economic policies are, Mexico first.
Do you know what Canada's economic policies are Canada first?
(19:33):
Do you know what China's economic policies are China first?
You know what India's economic policy is, India first. So
the question is to me, why shouldn't America's economic policies
be specifically America first?
Speaker 2 (19:53):
Like that?
Speaker 1 (19:54):
That is the question that so many people should be
asking right now. This should be a very simple America
first policy. That is what Donald Trump is trying to
shepherd in here. And by the way, there's a lot
of people in Congress that used to agree with this,
but then they decided, for either corruption reasons or lobbyist reasons,
(20:18):
or they just decide to woos out and put America
second and everybody else.
Speaker 2 (20:21):
First, that they were going to change their minds.
Speaker 1 (20:25):
I'm going to take you back to nineteen ninety six
and I'm going to play for you what Nancy Pelosi
said back in nineteen ninety six, speaking on the issue
of tariffs and the trade deficit in nineteen ninety six,
with China, almost all the Democrats out there are hypocrites.
(20:46):
They're wanting the sky to fall, They're wanting you to
abandon Trump. They don't ever want to do the hard thing.
They never want to do the hard thing. So I
want you to hear and listen and listen to Nancy
Pelosi in nineteen nine on the four of the House
lose her mind over China, the trade deficit and the
issue of tariffs.
Speaker 7 (21:06):
How far does China have to go, how much more repression,
how big a trade deficit and loss of jobs for
the American worker, and how much more dangerous proliferation has
to exist before members of this House of Representatives will say,
I will not endorse the status quo.
Speaker 2 (21:26):
By the way, I like this Nancy Pelosi. I want
to be clear about this.
Speaker 1 (21:29):
This is before she became an insider trading woman who
just said I'm going to get rich and I'm going
to sell out America to China into other countries. This
is when I actually think she thought she was serving
the people. She's abandoned that for the last what thirty years,
But in nineteen ninety six, this is pretty good stuff
(21:50):
from Nancy Pelosi.
Speaker 2 (21:51):
Keep listening.
Speaker 7 (21:52):
As I mentioned, it's about jobs, proliferation, and human rights.
And there are those who say we shouldn't link human
rights in trade and proliferation and trade. I disagree, But
if we just want to take up this issue on
the basis of economics alone, indeed, China should not receive
Most Favored Nation status for several reasons that I'd like
(22:12):
to go into now. I'd like to call the attention
of our colleagues to this chart on the status quo
that the business community is asking each and every one
of you to, each and every one of us to endorse.
Speaker 5 (22:24):
Today.
Speaker 7 (22:25):
Right now, we have a thirty four billion dollar trade
deficit with China. The nineteen ninety five figure, it will
be over forty billion dollars for nineteen ninety six. Since
the Tenement Square massacre, this figure has increased one thousand
percent from three and a half billion then to about
thirty four billion dollars now. In terms of tariffs, it's
(22:48):
think it's interesting to note that the average MFN tariff
on Chinese goods coming into the United States is two percent,
whereas the average Chinese MFF tariff on US goods going
into China is thirty five percent. Is that reciprocal?
Speaker 1 (23:05):
Nancy Pelusi in nineteen ninety six is saying the exact
same thing that Donald Trump said at the White House yesterday.
Is that reciprocal average US tariff on Chinese goods two percent,
average Chinese tariff on US goods thirty five percent.
Speaker 2 (23:24):
Keep listening.
Speaker 1 (23:25):
This is Nancy Pelosi ninety six actually saying the honest
and right thing before she sold out on exports.
Speaker 7 (23:33):
China only allows certain industries into China of US industries
into China, and therefore only two percent of US exports
are allowed into China. On the other hand, the US
allows China to flood our markets with thirty a third
of their exports, and that'll probably go over forty percent.
And it's limitless because we have not placed any restriction
(23:56):
in terms of jobs. This is the biggest and cruelest
pox of ball. Not only do we not have market access,
not only do they have prohibitive tariffs. Not only are
our exports not let in very specifically, but China benefits with.
Speaker 2 (24:12):
At least at least.
Speaker 7 (24:14):
Ten million jobs from US China trade. The President and
his statement requesting this special waiver said that it China
trade supports one hundred and seventy thousand jobs in the
United States one hundred and seventy thousand jobs, whereas our
imports from China support ten million jobs at least. The
(24:37):
fact is that that US China trade is a job loser,
and one of the reasons that it is is because
in order well first, let me just make another point,
and that is that our colleagues on the other side
of this issue will say the trade with China, exports
to China have increased three times in the last ten years.
They have, but they failed to mention that exports imports
(24:59):
from China have increased eleven times and thereby leading to
this huge trade deficit.
Speaker 1 (25:06):
I go back to back in ninety six when Nancy
Pelosi was saying this, she truly was sounding the alarm
that China was taking advantage of America and it was
catastrophic to the American worker, and it was catastrophic to
our industries and to manufacturing, and it was costing American jobs.
(25:27):
And the trade deficit was insane, and the tariffs were
insane that we were dealing with compared to what we
compared to what we were putting on them. And guess what,
it's not gotten any better since ninety six. So if
the problem was this bad in nineteen ninety six, then
put it into perspective about how bad the problem is
in twenty twenty five. You want to know why Donald
(25:49):
Trump is doing this. This is why Donald Trump is
doing this because it has been this bad for thirty
plus years, and nobody has had the jones to deal
with this issue for one reason. They didn't want to
upset the apple cart. They didn't want to lose their
approval rating. They didn't want to have a moment where
(26:14):
it things may get tough for a little bit and
have to go out there and explain it to American people.
So what did their advisors say, Hey, don't touch that,
just kick it down the road. You don't want to
go to war on this stuff. You don't want to
deal with US tarriffs, you don't want to deal with
China directly.
Speaker 2 (26:27):
You don't want to.
Speaker 1 (26:28):
And by the way, China, despite US tariffs, this is important.
China's currently leading the world in automobile production and exports.
Speaker 2 (26:37):
They're the king.
Speaker 1 (26:39):
We allow them to be the king, and they killed
American jobs in the process. They are the king, and
everybody knows it. China knows it more than anybody. China
understands it more than anyone. China understand just how easy
(27:02):
it is to take advantage of America because they knew that.
We had a bunch of wisses. Why do you think
the last administration didn't do anything one They were compromised
by China. We know that from the Biden crime family.
They were on the take, so they were able to
buy off the last administration. Like doing great things is hard.
You look at where we are right now. Border is
(27:22):
now closed.
Speaker 2 (27:23):
That was hard. MS thirteen and the TDA gang are
being deported.
Speaker 1 (27:28):
That's hard. No more men and women's sports. Still a
fight going on. Democrats standing up, that's a hard thing.
Food price is going down. That's a good thing, but
it's been a hard thing. Gas price is going down.
That's a good thing. It's also been a hard thing.
Housing is becoming more affordable. That was a good thing.
It's a hard thing to deal with. Inflation going down.
Egg price is going down five trillion and new investments
(27:51):
in America from companies, no more DII hundreds of billions
of government spending. Fraud has been stopped through DOGE when
there are countries yesterday that are removing tariffs against the US.
Speaker 2 (28:04):
Part of this is you've got to.
Speaker 1 (28:05):
Understand that when this happens, okay, it is if it
nothing that is grand.
Speaker 2 (28:14):
Or great usually is easy.
Speaker 1 (28:17):
When we've been taking advantage of and this has become
the status quo, and we keep bowing down and looking
the other way. For the last thirty years, more than that,
thirty five, thirty six, thirty seven years, China's been like
just beating the you know what out of us, and
other countries looked at China and they're like, hey, we
can do this too. There are some countries that were
(28:39):
inspired by China, by the way, there really were.
Speaker 2 (28:41):
There was a lot of countries.
Speaker 1 (28:43):
That were inspired by China, and they're like, if China
can get.
Speaker 2 (28:47):
Away with us, hell, then maybe we can get away
with us too. Maybe we can maybe we can do
the same thing.
Speaker 1 (28:54):
And so they learned from this, They learned from watching,
they learn from sitting there and going America's not doing
anything stuff.
Speaker 2 (29:04):
This is China. Why don't we get on the action.
Speaker 1 (29:05):
Why do you think it got so out of whack
with all the numbers that Donald Trump said earlier that
I presented to you, They got out of whack because
they watched and they realized that America was not willing
to fight back. And so is the President saying, now
I'm not screwing around. I'm standing up for the American worker.
And this is a thirty five forty year chiropractic adjustment.
(29:27):
It's gonna be hard, but it's an adjustment that should
have happened back in nineteen ninety six when Nancy Pelosi
was talking about it. So to everybody out there that's
going crazy over this, just know, calm down and let
it run its course. Okay, like, let it run its course.
This isn't just about products made in America. The Chinese
(29:50):
want American products that are that are made in China.
The transfer of the technology and the transfer of the
jobs has taken place. Those are new Nancy Pelosi's exact
words in ninety six, and they sound exactly like Donald
Trump's words.
Speaker 2 (30:04):
In twenty twenty five.
Speaker 1 (30:07):
Do me a favor, make sure you share this podcast
with your family, your friends, put it up on social media,
wherever you are on social media, and I will see
you back here tomorrow
All right, So let's start with the big story, and
that is obviously tariffs and what is happening in the market.
If you looked at the close of the market, it
is very clear that the clothes that we have witnessed
on Thursday is a number that is shocked everybody. It's
Dow was down one thousand, six hundred and seventy nine points.
(00:24):
That's almost four percent of the total value. That was
not good for anybody. We can all agree on that.
There's also the reality that this will allow for some
great buys out there, and many people are actually talking
about doubling down because they know this is temporary and
not going to be a long term thing. Now we're
(00:44):
gonna hit pause on the markets very second. I'm gonna
come back and deal with them, and let's go and
actually deal with a policy, because if we just cover
the markets and the sky is falling, chicken little, and
you don't understand what's happening, then you're going to fall
into the liberal media and exactly what they want you
to say, Oh, is this what a red wave is?
That's one of the things trending with liberals. They're putting
(01:05):
up the picture of all the red on Wall Street
and they're like, Oh, I guess this is what a
red wave is, right, Like, you're an idiot in an
imbecile if that is how simplistic you're looking at this
terrif fight in what's going on in the world. Let's
go to what Donald Trump actually said. Trump said he
was not doing full reciprocal tariffs.
Speaker 2 (01:25):
Number one.
Speaker 1 (01:27):
He said that would have been tough for a lot
of countries. But what he is trying to do is
get us back to a fair playing field. With so
many countries that have tariffs on us, many Americans don't
even know that they're actually out there.
Speaker 2 (01:40):
That's number one.
Speaker 1 (01:41):
Number two, this is a smart strategy if it is
short term and not a long term and we go
into a full tariff war.
Speaker 2 (01:49):
Now, can America outlast this? Yes?
Speaker 1 (01:52):
Are there a lot of countries that can't handle the
pain that we can handle in this country? The entwer
is yes. If you're cashing out all your stocks, that
would be a dumb decision. If you're cashing out your
four to one K today, that'd be a dumb decision.
We've seen ups and downs in the markets. This is
where it's very clear. I'm not even opening my portfolio
today because this is not a real number. To me
that matters at this moment. I don't need this money
(02:14):
right now. I've seen multiple ups and downs, and what
I know is I'm investing for twenty years from now.
I'm actually just texted before I started the show my
finance advisor said, Hey, there's some cheap buys out there.
Can we meet tomorrow. I want to get in on
some different things. So there's some undervalued stocks from this.
There's opportunity. I'm going to take advantage of that. My
(02:37):
point is you can't just look at this as a
one day crisis and do the freak out, which is
exactly what the media is hoping is going to happen.
There is also an interesting point that was made by
center Ted Cruz, and I'm going to play that for
you in just a second. You've heard me talk about
Patriot Mobile for a long time now, and you probably
already know that for years, they've stood in the gap
(02:58):
for every American that leaves that freedom as worth fighting for.
They are the real deal. So let me ask you
a question. Have you switched to Patriot Mobile yet?
Speaker 2 (03:07):
Now?
Speaker 1 (03:07):
If the answer is no, then I got to ask
you this question. Why are you worried about coverage?
Speaker 2 (03:13):
Don't be.
Speaker 1 (03:14):
Patriot Mobile is one of the few cell phone providers
out there that actually operate on all three of the
major networks.
Speaker 2 (03:22):
In this country.
Speaker 1 (03:23):
The fact is, if you have a cell phone service
right now, you're going to get the same coverage you
used to or even better coverage with Patriot Mobile. That's
why they offer a coverage guarantee that other companies don't
or can't offer. Or maybe you haven't joined Patriot Mobile
because you think that making the switch is painful.
Speaker 2 (03:42):
I'm here to tell you it's not. In fact, it's easy.
Speaker 1 (03:45):
No need to spend hours in a retail store waiting
your turn. Simply call Patriot Mobiles one hundred percent US
based team from the comfort of your own home or
office and they'll have you activated in minutes. Still locked
into a contract, no, no problem. Patriot Mobile's contract buyout program
covers up to five hundred dollars per device and you
(04:06):
keep your same number, keep your phone, or you can
treat yourself to an upgrade. All right back to the
main point, and that's this what are you waiting for?
It is time to switch to Patriot Mobile today and
every time you send a text, every time you make
a call, you are supporting faith, family, and freedom. And
they take about five percent of your bill every month.
That no extra cost to you to stand with organizations
(04:27):
that are fighting for a first and or Second Amendment rights.
So make the switch and make a difference with a
bill you're gonna pay every month. Patriotmobile dot com slash ferguson,
you're gonna get the best deals right there, Patriot mobile
dot com slash ferguson. Nine to seven to two Patriot
is the number, and use the promo code ferguson.
Speaker 2 (04:48):
You're gonna get a free month of service.
Speaker 1 (04:49):
That's Patriot Mobile dot com slash ferguson or nine seven
to two Patriot. Use a promo code ferguson you'll get
that free month of service as well. All right, So
let me play for you what was said by Ted
Kruz when he was reacting to what's going on with
these tariffs. Because I think it's a very important point
that's being made, and it's a point that I think
(05:11):
a lot of Americans are going to agree with.
Speaker 2 (05:13):
Take a listen.
Speaker 3 (05:14):
Now on the tax cuts. You may, I don't know,
have you heard any of the show because of mister
Trump's reciprocity policy that he announced yesterday. The White House
is saying there could be six hundred billion dollar revenues
from the tariffs. I am proposing that dials revenues be
put into the Budget resolution and the Reconciliation bill, and
(05:37):
that you cut taxes even more to help the middle
class who have been shouldering the burden of falling real
wages for about twenty five years because of unfair and
unjust trading practices. If you have six hundred billion dollars, Senator,
if those are the estimates, I mean, now, ten years
is a gigantic number.
Speaker 2 (05:54):
We need a fresh rent.
Speaker 3 (05:56):
You need tax cuts, middle class tax cuts, corporate tax chut's.
I mean, I'm calling it a tariff dividend for taxpayers.
What do you think? I want you to carry this
ball for.
Speaker 4 (06:07):
Me, So, Larry, you know I'm always in favor of
more tax cuts and bigger tax cuts, and I'm fighting
to make this tax cut as big and bold as possible. Look,
I think it is a mistake to assume that we
will have high tariffs and perpetuity.
Speaker 5 (06:22):
I don't think that would be good economic policy.
Speaker 4 (06:24):
I am not a fan of tariffs and the announcement yesterday. Look,
time is going to tell in the next month or two.
Speaker 5 (06:30):
Or three what happens.
Speaker 4 (06:31):
If the result of yesterday's announcement is a lot of
our trading partners across the globe dramatically reduce the tariffs
they charge on US goods and services, and the consequence
of that is the US government dramatically cuts the tariffs
that were announced yesterday, that would be a great outcome.
Speaker 5 (06:48):
That would be good for America.
Speaker 4 (06:50):
If the result is our trading partners jack up their
tariffs and we have high tariffs everywhere, I.
Speaker 5 (06:56):
Think that is a bad outcome for America.
Speaker 4 (06:58):
Tariffs are a tax on consumers, and I'm not a
fan of jacking up taxes on American consumers. So my
hope is these tariffs are short lived and they serve
as leverage to lower tariffs across the globe.
Speaker 2 (07:11):
Now I agree with cinner Cruz here.
Speaker 1 (07:13):
If they're done right and this is short term, this
is a smart decision. It's also already having an impact
on companies bringing jobs back to America.
Speaker 2 (07:22):
Let me give you a perfect example of that proof.
Speaker 1 (07:25):
General Motors has just announced they are going to expand
their production at their Indiana plant thanks to Trump's auto tariffs.
GM announcing today that its plant in Indiana is going
to expand because of the tariffs on foreign made cars.
Trump announced a twenty five percent tariff on all foreign
(07:45):
made cars to protect the nation's auto industry from quote
unfair trade competition. GIM executives said they will increase production
of light neuty trucks at their automaker's Fort Wayne assembly
plant in Indiana.
Speaker 2 (07:57):
According to the exclusive report from.
Speaker 1 (08:00):
Reuters Today, the Detroit automaker may also add overtime days
to schedule. The plant director told employees in a webcast,
saying the move will increase employment there with the hiring
of several hundred new workers. This is after, by the way,
the United Auto Workers Knows. The UAW have praised Trump's
(08:20):
auto tariffs as a necessary tool to end the nation's
decade long free trade policy that has devastated.
Speaker 2 (08:27):
American auto workers and the industry. Quote.
Speaker 1 (08:30):
We applaud the Trump administration for stepping up to end
the free trade disaster that devastated the working class communities
in America for decades. Ending the race to the bottom
in the auto industry starts with fixing our broken trade deals,
and the Trump administration has made history with their actions. Now,
this again goes back to any time you have something
(08:53):
that has to change that is way off course, whether
it's in your personal life, for business life, or in
the government, it is going to be hard at the beginning.
We've seen this with Doge and all the pushback. We've
seen this with law Fair and all the pushback. I mean,
the list is long here, and so what I think
is important is to say, all right, is Donald Trump
(09:16):
right in what he's saying.
Speaker 2 (09:18):
I believe he is. If it is a.
Speaker 1 (09:20):
Short term thing and not a long term thing, then
this is something that we can all agree is a
good thing. Now, if it goes on for too long
or it starts a really long trade war, it's something
that we can all say, hey, we got to ask
questions about. We get careful with it as the way
that Center Cruz described it. But overall, right now, the
way that this is working out, it is clear that
(09:43):
America has the advantage. Now, let me play for you
what Donald Trump actually said, because there's been a lot
of misinformation out there, and what Trump said when he
announced these full all right, I should say these reciprocal
tariffs that were not full reciprocal tariffs. And Donald Trump
(10:03):
went down the list. He asked for the list, they
brought it up. You're gonna hear him ask for that,
and I want you to hear what Trump had to
say in his own words. I'm not gonna edit this
because I think it's important.
Speaker 2 (10:13):
This is a big issue.
Speaker 1 (10:14):
And I want you to hear the President explain this
to everyone.
Speaker 6 (10:18):
The tariffs will be not a full reciprocal I could
have done that, yes, but it would have been tough
for a lot of countries who didn't want to do that.
I'd like to see the chart. If you have it,
could you bring it up? Howard. This is our great
Secretary of Commerce, Howard Lutnick. Thanks.
Speaker 7 (10:39):
So.
Speaker 6 (10:42):
If you look at that China first row, China, sixty
seven percent, that's tariffs charged to the USA, including currency
manipulation and trade barriers, so sixty seven percent. I think
you can, for the most part see it. Those with
good eyes bad eyes. We didn't want to bring it's
very windy out here. We didn't want to bring out
(11:03):
the big charge because it had no chance of standing. Fortunately,
we came armed with a little smaller charge. So sixty
seven percent. So we're going to be charging a discounted
reciprocal tariff of thirty four percent. I think. In other words,
they charge us, we charge them, we charge them less.
So how can anybody be upset? They will be because
(11:24):
we never charge anybody anything. But now we're gonna charge
European Union. They're very tough, very very tough traders. Uh
you know you think of European Union, very friendly. They
rip us off. It's so sad to see, it's so pathetic.
Thirty nine percent. We're gonna charge them twenty percent, so
we're charging them potentially half Vietnam great negotiators, great people.
(11:50):
They like me.
Speaker 5 (11:50):
I like them.
Speaker 6 (11:51):
The problem is they charge is ninety percent. We're gonna
charge them forty six percent tariff. Taiwan where they make.
They took all of our computer chips and semiconductors. We
used to be the king, right, we were everything. We
had all of it. Now we have almost none of it.
Except the biggest company is coming in. They're gonna have
We're gonna end up with almost forty percent. Lee Zelden's
(12:13):
working to get their approvals and it's.
Speaker 2 (12:16):
An amazing company.
Speaker 6 (12:17):
Mister way of one of the great companies of the world. Actually,
they're coming in from Taiwan and they're going to build
one of the biggest plants in the world, maybe the
biggest for that, but sixty four percent, we're going to
charge them thirty two percent. Japan very very tough, great people.
And again I don't blame the people for doing it.
It's I think they're very smart to do it. I
(12:38):
blame the people that sat right in that Oval office,
right over there, right behind the resolute desk, whichever desk
they chose. Japan forty six percent, they would charge us
forty six percent, and much higher for certain items like cars,
you know, little items like cars, forty six percent. We're
charging them twenty four percent. India very very, very very tough.
(13:02):
The Prime Minister just left. He's a great friend of mine,
but I said, you're a friend of mine, but you're
not treating us right. They charged us fifty two percent.
You have to understand, we charge them almost nothing for
years and years and decades, And it was only seven
years ago when I came in. We started with China
charged that we took in hundreds of billions of dollars
(13:24):
from China in tariffs and they understood. Honestly, Presidency understood.
He said, look, I understand, and the other countries and
they all understand. We're gonna have to go through a
little tough love maybe, but they all understand they're ripping
us off, and they understood it. Prime Minister of Japan,
(13:45):
Shinzo was Shinzo Abbi. He was a fantastic man. He
was unfortunately taken from US assassination. But I went to
him and I said, Shinzo, we have to do something.
A trade is not fair. He said, I know that.
I know that, and he was a great gentleman. He
was a fantastic man. But he understood immediately what I
(14:09):
was talking about. I said, Shinzo, we have to do something.
He said, I know that, and we've worked out a
deal and it would have.
Speaker 2 (14:15):
Been a much better deal.
Speaker 6 (14:16):
But frankly, there were many years left in the deal
that was made previous to my getting there, but it
was it was something if you look at Switzerland sixty
one percent to thirty one percent, Indonesia, Malaysia, Cambodi. Who
look at Cambodia in ninety seven percent, we're going to
bring it down to forty nine. They made a fortune
with the United States of America, United Kingdom ten percent,
(14:40):
and we'll go ten percent. So we'll do the same thing.
South Africa, oh, sixty percent, thirty percent, and they've got
some bad things going on in South Africa. You know,
we're paying them billions of dollars that we cut the
funding because a lot of bad things are happening in
South Africa. The fake newso to be looking at it,
they don't, I want to report it. Brazil ten percent,
(15:03):
ten percent, Bangladesh is seventy four percent, so you see
what's going on. Pakistan fifty eight percent, Sri Lanka eighty
eight percent.
Speaker 2 (15:14):
So what we're.
Speaker 6 (15:15):
Doing is we're taking not the full we could take
the full eighty eight percent.
Speaker 1 (15:19):
By the way, you noticed what Donald Trump is saying here,
And the reason why I played that for you un
interrupted is because I wanted you to actually hear his logic.
You just heard him say the part about we could
have gone the full eighty eight percent.
Speaker 2 (15:29):
We didn't. We win forty four.
Speaker 1 (15:31):
So if you're upset that Trump is doing this, then
the question you should be asking yourself is, Okay, why
are you upset? Because of the instant gratification of now,
are you understanding that the President's trying to do something,
which is stop countries from taking advantage of us. That
is something, by the way, the White House Press secretary
(15:53):
set on CNN today. They didn't like it, Okay, they
were upset that she set it. Caroline Levitt talking about
the trade deficit that we're trying to correct.
Speaker 2 (16:02):
Listen to what she said on CNN.
Speaker 5 (16:05):
To anyone on.
Speaker 8 (16:05):
Wall Street this morning, I would say, trust in President Trump.
This is a president who is doubling down on his
proven economic formula. From his first term. We saw wages increase,
we saw inflation come down, we had a Trump energy boom,
we had the largest tax cuts in history. And that's
exactly what the President intends to do following his historic
(16:25):
announcement yesterday. For reciprocal terists, it's the Golden Aid rule
for the Golden Age of America, and the United States
of America is no longer going to be cheated by
foreign nations around the world. And as the President declared yesterday,
this is indeed a national emergency. We have a one
point two trillion dollar trade deficit in counting. We've had
(16:46):
ninety thousand factories closed in the last couple of decades.
Since nineteen ninety seven, Americans have been put out of
five million manufacturing jobs. These are not just statistics. These
are real American lives that have been impact and it's
about time we have a president who actually does something
about it. This is going to restore more wealth, more jobs,
more economic prosperity to our great country.
Speaker 2 (17:09):
You hear what she says, and let's break it down.
Speaker 1 (17:12):
We have a one point two trillion dollar trade deficit
in counting. We've had ninety thousand factories closed in the
last couple of decades alone.
Speaker 2 (17:24):
How many American jobs were lost?
Speaker 1 (17:27):
Since nineteen ninety seven, Americans have been put out of
five million manufacturing jobs. Five million jobs disappeared. And as
she described, these are not just statistics. These are real
American lives that have been impacted. Now, why is Donald
Trump doing it? Because he's the one that's willing to
do the hard things other politicians are like and the
(17:49):
advisors walking like, hey, you can't do this right, like
whether it's Social Security or Medicare, Medicaid, like there's a
third row issues. This is a perfect example, like hey,
leave tarff Slan, shut up, don't do it. Kick the
can down the road. The deficit kick it down the road,
like there's gonna.
Speaker 2 (18:03):
Be a day of reckoning.
Speaker 1 (18:05):
And what Donald Trump is saying is is I'm not
running for reelection ever again. Okay, like I'm But what
I do know is if we're taking advantage of here.
Speaker 2 (18:14):
And I'm not gonna let it keep happening.
Speaker 1 (18:17):
Eric Trump put out a very interesting tweet earlier and
he said this, I wouldn't want to be the last
country that tries to negotiate a trade deal with Donald Trump.
The first negotiate will win, the last will absolutely lose.
I have seen this movie my entire life. And the
point that that I think Eric Trump is making there
is is if you think you're gonna outlast Donald Trump,
(18:38):
you're wrong. Now there's sky, it's falling, chicken little here, okay,
and and and that's.
Speaker 2 (18:45):
That's part of this.
Speaker 1 (18:46):
There is that, right, And and that's what the media
is hoping that you're gonna do. You're gonna abandon Trump,
You're gonna run away. You're gonna say, oh, I lost
too much money. This is ridiculous. Just go back to
SaaS Quo. It doesn't mean that things are getting any better.
And Donald Trump's saying I want the jobs back. Let
me also just give you a perfect example of what
(19:09):
I mean by Donald Trump is doing the hard thing, okay,
the hard thing that others are not willing to do.
And let me also just give you a perspective for
a second. You know what Mexico's economic policies are, Mexico first.
Do you know what Canada's economic policies are Canada first?
(19:33):
Do you know what China's economic policies are China first?
You know what India's economic policy is, India first. So
the question is to me, why shouldn't America's economic policies
be specifically America first?
Speaker 2 (19:53):
Like that?
Speaker 1 (19:54):
That is the question that so many people should be
asking right now. This should be a very simple America
first policy. That is what Donald Trump is trying to
shepherd in here. And by the way, there's a lot
of people in Congress that used to agree with this,
but then they decided, for either corruption reasons or lobbyist reasons,
(20:18):
or they just decide to woos out and put America
second and everybody else.
Speaker 2 (20:21):
First, that they were going to change their minds.
Speaker 1 (20:25):
I'm going to take you back to nineteen ninety six
and I'm going to play for you what Nancy Pelosi
said back in nineteen ninety six, speaking on the issue
of tariffs and the trade deficit in nineteen ninety six,
with China, almost all the Democrats out there are hypocrites.
(20:46):
They're wanting the sky to fall, They're wanting you to
abandon Trump. They don't ever want to do the hard thing.
They never want to do the hard thing. So I
want you to hear and listen and listen to Nancy
Pelosi in nineteen nine on the four of the House
lose her mind over China, the trade deficit and the
issue of tariffs.
Speaker 7 (21:06):
How far does China have to go, how much more repression,
how big a trade deficit and loss of jobs for
the American worker, and how much more dangerous proliferation has
to exist before members of this House of Representatives will say,
I will not endorse the status quo.
Speaker 2 (21:26):
By the way, I like this Nancy Pelosi. I want
to be clear about this.
Speaker 1 (21:29):
This is before she became an insider trading woman who
just said I'm going to get rich and I'm going
to sell out America to China into other countries. This
is when I actually think she thought she was serving
the people. She's abandoned that for the last what thirty years,
But in nineteen ninety six, this is pretty good stuff
(21:50):
from Nancy Pelosi.
Speaker 2 (21:51):
Keep listening.
Speaker 7 (21:52):
As I mentioned, it's about jobs, proliferation, and human rights.
And there are those who say we shouldn't link human
rights in trade and proliferation and trade. I disagree, But
if we just want to take up this issue on
the basis of economics alone, indeed, China should not receive
Most Favored Nation status for several reasons that I'd like
(22:12):
to go into now. I'd like to call the attention
of our colleagues to this chart on the status quo
that the business community is asking each and every one
of you to, each and every one of us to endorse.
Speaker 5 (22:24):
Today.
Speaker 7 (22:25):
Right now, we have a thirty four billion dollar trade
deficit with China. The nineteen ninety five figure, it will
be over forty billion dollars for nineteen ninety six. Since
the Tenement Square massacre, this figure has increased one thousand
percent from three and a half billion then to about
thirty four billion dollars now. In terms of tariffs, it's
(22:48):
think it's interesting to note that the average MFN tariff
on Chinese goods coming into the United States is two percent,
whereas the average Chinese MFF tariff on US goods going
into China is thirty five percent. Is that reciprocal?
Speaker 1 (23:05):
Nancy Pelusi in nineteen ninety six is saying the exact
same thing that Donald Trump said at the White House yesterday.
Is that reciprocal average US tariff on Chinese goods two percent,
average Chinese tariff on US goods thirty five percent.
Speaker 2 (23:24):
Keep listening.
Speaker 1 (23:25):
This is Nancy Pelosi ninety six actually saying the honest
and right thing before she sold out on exports.
Speaker 7 (23:33):
China only allows certain industries into China of US industries
into China, and therefore only two percent of US exports
are allowed into China. On the other hand, the US
allows China to flood our markets with thirty a third
of their exports, and that'll probably go over forty percent.
And it's limitless because we have not placed any restriction
(23:56):
in terms of jobs. This is the biggest and cruelest
pox of ball. Not only do we not have market access,
not only do they have prohibitive tariffs. Not only are
our exports not let in very specifically, but China benefits with.
Speaker 2 (24:12):
At least at least.
Speaker 7 (24:14):
Ten million jobs from US China trade. The President and
his statement requesting this special waiver said that it China
trade supports one hundred and seventy thousand jobs in the
United States one hundred and seventy thousand jobs, whereas our
imports from China support ten million jobs at least. The
(24:37):
fact is that that US China trade is a job loser,
and one of the reasons that it is is because
in order well first, let me just make another point,
and that is that our colleagues on the other side
of this issue will say the trade with China, exports
to China have increased three times in the last ten years.
They have, but they failed to mention that exports imports
(24:59):
from China have increased eleven times and thereby leading to
this huge trade deficit.
Speaker 1 (25:06):
I go back to back in ninety six when Nancy
Pelosi was saying this, she truly was sounding the alarm
that China was taking advantage of America and it was
catastrophic to the American worker, and it was catastrophic to
our industries and to manufacturing, and it was costing American jobs.
(25:27):
And the trade deficit was insane, and the tariffs were
insane that we were dealing with compared to what we
compared to what we were putting on them. And guess what,
it's not gotten any better since ninety six. So if
the problem was this bad in nineteen ninety six, then
put it into perspective about how bad the problem is
in twenty twenty five. You want to know why Donald
(25:49):
Trump is doing this. This is why Donald Trump is
doing this because it has been this bad for thirty
plus years, and nobody has had the jones to deal
with this issue for one reason. They didn't want to
upset the apple cart. They didn't want to lose their
approval rating. They didn't want to have a moment where
(26:14):
it things may get tough for a little bit and
have to go out there and explain it to American people.
So what did their advisors say, Hey, don't touch that,
just kick it down the road. You don't want to
go to war on this stuff. You don't want to
deal with US tarriffs, you don't want to deal with
China directly.
Speaker 2 (26:27):
You don't want to.
Speaker 1 (26:28):
And by the way, China, despite US tariffs, this is important.
China's currently leading the world in automobile production and exports.
Speaker 2 (26:37):
They're the king.
Speaker 1 (26:39):
We allow them to be the king, and they killed
American jobs in the process. They are the king, and
everybody knows it. China knows it more than anybody. China
understands it more than anyone. China understand just how easy
(27:02):
it is to take advantage of America because they knew that.
We had a bunch of wisses. Why do you think
the last administration didn't do anything one They were compromised
by China. We know that from the Biden crime family.
They were on the take, so they were able to
buy off the last administration. Like doing great things is hard.
You look at where we are right now. Border is
(27:22):
now closed.
Speaker 2 (27:23):
That was hard. MS thirteen and the TDA gang are
being deported.
Speaker 1 (27:28):
That's hard. No more men and women's sports. Still a
fight going on. Democrats standing up, that's a hard thing.
Food price is going down. That's a good thing, but
it's been a hard thing. Gas price is going down.
That's a good thing. It's also been a hard thing.
Housing is becoming more affordable. That was a good thing.
It's a hard thing to deal with. Inflation going down.
Egg price is going down five trillion and new investments
(27:51):
in America from companies, no more DII hundreds of billions
of government spending. Fraud has been stopped through DOGE when
there are countries yesterday that are removing tariffs against the US.
Speaker 2 (28:04):
Part of this is you've got to.
Speaker 1 (28:05):
Understand that when this happens, okay, it is if it
nothing that is grand.
Speaker 2 (28:14):
Or great usually is easy.
Speaker 1 (28:17):
When we've been taking advantage of and this has become
the status quo, and we keep bowing down and looking
the other way. For the last thirty years, more than that,
thirty five, thirty six, thirty seven years, China's been like
just beating the you know what out of us, and
other countries looked at China and they're like, hey, we
can do this too. There are some countries that were
(28:39):
inspired by China, by the way, there really were.
Speaker 2 (28:41):
There was a lot of countries.
Speaker 1 (28:43):
That were inspired by China, and they're like, if China
can get.
Speaker 2 (28:47):
Away with us, hell, then maybe we can get away
with us too. Maybe we can maybe we can do
the same thing.
Speaker 1 (28:54):
And so they learned from this, They learned from watching,
they learn from sitting there and going America's not doing
anything stuff.
Speaker 2 (29:04):
This is China. Why don't we get on the action.
Speaker 1 (29:05):
Why do you think it got so out of whack
with all the numbers that Donald Trump said earlier that
I presented to you, They got out of whack because
they watched and they realized that America was not willing
to fight back. And so is the President saying, now
I'm not screwing around. I'm standing up for the American worker.
And this is a thirty five forty year chiropractic adjustment.
(29:27):
It's gonna be hard, but it's an adjustment that should
have happened back in nineteen ninety six when Nancy Pelosi
was talking about it. So to everybody out there that's
going crazy over this, just know, calm down and let
it run its course. Okay, like, let it run its course.
This isn't just about products made in America. The Chinese
(29:50):
want American products that are that are made in China.
The transfer of the technology and the transfer of the
jobs has taken place. Those are new Nancy Pelosi's exact
words in ninety six, and they sound exactly like Donald
Trump's words.
Speaker 2 (30:04):
In twenty twenty five.
Speaker 1 (30:07):
Do me a favor, make sure you share this podcast
with your family, your friends, put it up on social media,
wherever you are on social media, and I will see
you back here tomorrow