May 15, 2025 • 12 mins
-
Breakthrough in Trade Talks:
After two days of negotiations in Geneva, U.S. officials, including Treasury Secretary Scott Descent and Trade Representative Jamison Greer, reported substantial progress with Chinese Vice Premier Liu He. -
Tariff Reductions:
- U.S. tariffs on Chinese goods dropped from 145% to 30%.
- Chinese tariffs on U.S. goods dropped from 125% to 10%.
- A 90-day pause on certain tariffs was agreed upon.
-
Economic Impact:
The announcement positively affected financial markets, with rising stock futures and a strengthening U.S. dollar. -
Strategic Goals:
- Addressing the $1.2 trillion U.S. trade deficit.
- Opening Chinese markets to American businesses.
- Establishing a new consultation mechanism for ongoing dialogue.
- Tackling the fentanyl crisis through joint action.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
If you go back thirty years ago, he wasn't a
smart person. You go back to Prime Time with him,
he wasn't a smart person, but he was a very
mean person. Joe Biden's a very mean person. People don't
understand that they've ruined lives, They've ruined families. They've ruined
so many people that they could have ruined me. They
tried to ruin me. But we're now in Air Force one,
flying nicely since the Middle East.
Speaker 2 (00:23):
You're listening to the forty seven Morning Update with Ben Ferguson.
Speaker 3 (00:27):
Good Thursday morning. Nice to have you with us on
the forty seven Morning Update. Ben Ferguson with you, and
we have two major stories for you this morning coming
from the Trump administration. First up, the media lied to
you when they said there was no chance we'd get
a deal with China anytime soon. Some were even saying
it wouldn't be done anytime this year. We now have
(00:49):
a major announcement from the White House on a trade
negotiation deal with China, and I'll give you the details
in just a moment. Up next, what happened in the
China trade deal that affecting every American. It's the forty
seven morning update, and it starts right now, story number one,
doom and gloom. That's what the media wanted you to
(01:09):
believe that idea would not be done even this year
with China. Well, guess what the White House and now
and say significant breakthrough in trade negotiations with China, marking
a positive step forward resolving the ongoing trade tensions between
the two nations. When did this happen? After two days
(01:30):
of constructive talks in Geneva, the US Treasury Secretary Scott
Descent and the Trade Representative Jamison Greer reported substantial progress
and discussions with Chinese Vice Premiere, and both sides of
express optimism about the outcome. I want you to hear
what the Treasury Secretary had to say after the meeting
(01:52):
on Sunday.
Speaker 4 (01:53):
And I think that led to a great deal of
the productivity we've seen. But I can tell you that
the talks were productive. We had the Vice Premiere to
vice ministers who were integrally involved, Ambassador Jamison and myself
and I spoke to President Trump, as did Ambassador Jamison
(02:17):
last night, and he is fully informed of what.
Speaker 5 (02:20):
Is going on.
Speaker 4 (02:21):
So there will be a complete briefing tomorrow morning.
Speaker 3 (02:25):
Complete briefing from the White House, and yet again the
media lied to you just days ago saying this was
going to take at least a year to get done.
If it was going to get done. The US Trade
representative in Geneva also talking about how important this was
and how close they were to understanding each other in
(02:47):
the trade negotiations.
Speaker 5 (02:49):
I want to echo the Secretary's remarks respect to the
Swiss government. They've been so welcoming and they posted this
and everything has gone off lawlessly and we appreciate that.
And again the Chinese negotiators, Vice Premier Leoho, Vice Minister
Lee Chendong, and Vice Minister Li al Men worked very diligently.
And these are very tough negotiators. A couple of them
(03:10):
I know from before and have had past interactions with them.
And this was, as the Secretary pointed out, a very
constructive two days. It's important to understand how quickly we
were able to come to agreement, which reflects that perhaps
the differences were not so large as maybe thought. That
being said, there was a lot of groundwork that went
(03:30):
into these two days. Just remember why we're here in
the first place in the United States, as a massive
one point two trillion dollar trade deficit. So the President
declared a national emergency and imposed tariffs, and we're confident
that the deal we struck with our Chinese partners will
help us to resolve work towards resolving that national emergency.
Speaker 3 (03:50):
Donald Trump made it clear from the very beginning, there
is a trade emergency and the US having that massive
one point two trillion dollar trade deficit, and that is
exactly why the President declared it. We're confident that the
deal we struck with our Chinese partners will help us
work towards resolving that national emergency. Now, President Trump characterized
(04:13):
the negotiations that move towards a total reset of US
China trade relations, emphasizing the importance of opening China's markets
to American businesses. Chinese officials also echoing this sentiment, describing
the talks as candid and constructive and highlighting the establishment
of a new consultation mechanism for ongoing economic dialogue quote unquote. Now,
(04:40):
the announcement has already had a positive impact on the
financial markets as well, stock futures rising and the US
dollars strengthening against other currencies. This development is seen as
a hopeful sign for American farmers, retailers, and consumers who
have been affected by the tariff escalations. Further details of
(05:01):
the agreement are expected to be disclosed in a joint
statement today, which will provide more insight into the specific
measures agreed upon to ease trade tensions and foster economic
cooperation between the US and China. If there's one thing
that's very clear now, Donald Trump really is the best
(05:21):
negotiator in the world. And this will make the media
and liberals lose their mind because they don't really care
about Americans. They care about Donald Trump being a failure
at all costs, and yet again he proved them wrong.
Speaker 2 (05:35):
Now story number two.
Speaker 3 (05:36):
Now, the other big story is the fact that we
now have a significant movement when it comes to the
tariffs with China. The Trump White House has just posted
a statement on the US and China's historic trade deal,
putting it this way, American tariffs on China we're at
one hundred and forty five percent now they're at thirty percent.
(05:57):
China's tariffs on America one hundred and twenty five percent
now at ten percent. And Donald Trump was the one
that made all of this possible. White House Press Secretary
Caroline Levey saying it this way to Fox News.
Speaker 1 (06:11):
First off, your reaction and what could you tell us
about the China deal that has tariffs dropping from one
hundred and forty five one twenty five respectively to thirty
and ten.
Speaker 6 (06:22):
This is an extraordinary first step in the right direction,
and thanks to the strength of President Trump, Secretary Besant
and Ambassador Greer were able to cut this initial deal
with China. China agreed to reduce their tariffs on the
United States by one hundred and fifteen percent. They also
agreed to continue having discussions about opening Chinese markets to
(06:42):
American made products and goods. And they also agreed to
continue seriously discussing the grave impact that Chinese produced fetanol
is having right here in the United States and our people.
So this is a great first step for the American public,
and Secretary Best, Ambassador Greer, and of course President Trump
will continue to goias with China so we can hopefully
inevitably get to a fair and comprehensive, big trade deal.
Speaker 3 (07:05):
Now, this is going to be a pause for ninety days,
and I want you to hear exactly what the White
House said to me earlier today. This is President Trump
quote securing another historic deal. Today, on the heels of
the brand new deal with the United Kingdom, President Trump
reached an agreement with China to reduce China's tariffs and
eliminate retaliation, also retain a US baseline tariff on China,
(07:29):
and set a path for future discussions to open market
access for American exports. You've just heard the White House
say that on TV. Today. The United States issued the
first joint statement on trade in many years with China
after successfully negotiating over the weekend in Geneva, Switzerland. The
White House says, quote, Both parties affirm the importance of
(07:50):
the critical bilateral economic and trade relationship between both countries
and the global economy, saying this, for far too long,
unfair trade practices and America's massive trade deficit with China
have fueled the offshoring of American jobs and the decline
of our manufacturing sector. In reaching an agreement, the White
(08:12):
House says, the United States and China will each lower
their tariffs by one hundred and fifteen percent, while retaining
an additional ten percent tariff. Other US measures will remain
in place. Both sides will take these actions by May
fourteenth of twenty twenty five, this trade deal is a
win for the United States, demonstrating President Donald Trump's unparalleled
(08:35):
expertise in securing deals that benefit the American people. Then
the White House said this the Chinese action, saying quote,
China will remove the retaliatory tariffs in announced since April
the fourth, and will also suspend to remove the non
tariff countermeasures taken against the United States since April the second.
(08:56):
China will also suspend its initial thirty four percent tariff
of the United States that it announced on April fourth
for ninety days. It will remain at ten percent tariff
during the period of the pause. And then they say,
under American action, the United States will remove the additional
tariff it imposed on China on April eighth and April ninth,
(09:16):
but will retain all duties imposed on China prior to
April second, including Section three h one tariffs, Section two
thirty two tariffs, and tariffs imposed in response to the
FETNYL National Emergency Invoke pursuant to the International Emergency Economic
Powers Act, and also the most Favored Nation's tariffs. They
(09:38):
went on to say the United States will suspend their
thirty four percent reciprocal tariff impose on April second for
ninety days, and the ten percent tariff that will remain
in place is set for a fair baseline that encourages
domestic production, strengthens our supply chains, and ensures that American
trade policy supports American workers first, instead of undermining them
(10:00):
them by imposing reciprocal tariffs. President Trump is ensuring our
trade policy works for the American economy and addresses our
national emergency brought on by our growing and persistent trade deficits,
and levels the playing field for American workers and our producers.
Unlike previous administrations, the White House said President Trump took
(10:20):
a tough, uncompromising stance on China to protect American interests
and stop unfair trade practices. They also said this is
working towards a rebalancing. When these changes come into effect,
the White House says both nations agree to establish a
mechanism to continue important discussions about trade economics. The US
(10:42):
goods trade deficit with China was two hundred ninety four
billion in twenty twenty four, the largest with any trade partner.
This agreement works towards addressing these imbalances to deliver real,
lasting benefits to American workers, American farmers, and American businesses,
the White House saying this finally, as our nations continue
(11:03):
these discussions. China will be represented by he lefing the
Vice Premier of the State Council. The United States will
be represented by Scott Pascent, the Secretary of Treasury, and
Jasmine Greer, United States Trade Representative. They also said addressing
the fetanyl crisis is the most important matter as well
as the United States and China will take aggressive action
(11:25):
to stem the flow of fetanol and other precursors from
China to elicit drug production in North America. If you
look at what the President has been able to do
in just the last couple of days, here it is,
in just seven days, President Trump has secured a historic
UK trade deal, a massive China trade deal, the release
(11:49):
of an American hostage, the ceasefire with India and Pakistan,
the ceasefire with the Huthis. And this is exactly what
so many Americans voted for, and Donald Trump paying off
on his promise to put Americans first and protecting all
of us.
Speaker 2 (12:06):
Thank you for listening to the forty seven Morning Update
with Ben Ferguson. Please make sure you hit subscribe wherever
you're listening to this podcast right now and for more
in depth news, also subscribe to the Ben Ferguson podcast,
and we will see you back here tomorrow
If you go back thirty years ago, he wasn't a
smart person. You go back to Prime Time with him,
he wasn't a smart person, but he was a very
mean person. Joe Biden's a very mean person. People don't
understand that they've ruined lives, They've ruined families. They've ruined
so many people that they could have ruined me. They
tried to ruin me. But we're now in Air Force one,
flying nicely since the Middle East.
Speaker 2 (00:23):
You're listening to the forty seven Morning Update with Ben Ferguson.
Speaker 3 (00:27):
Good Thursday morning. Nice to have you with us on
the forty seven Morning Update. Ben Ferguson with you, and
we have two major stories for you this morning coming
from the Trump administration. First up, the media lied to
you when they said there was no chance we'd get
a deal with China anytime soon. Some were even saying
it wouldn't be done anytime this year. We now have
(00:49):
a major announcement from the White House on a trade
negotiation deal with China, and I'll give you the details
in just a moment. Up next, what happened in the
China trade deal that affecting every American. It's the forty
seven morning update, and it starts right now, story number one,
doom and gloom. That's what the media wanted you to
(01:09):
believe that idea would not be done even this year
with China. Well, guess what the White House and now
and say significant breakthrough in trade negotiations with China, marking
a positive step forward resolving the ongoing trade tensions between
the two nations. When did this happen? After two days
(01:30):
of constructive talks in Geneva, the US Treasury Secretary Scott
Descent and the Trade Representative Jamison Greer reported substantial progress
and discussions with Chinese Vice Premiere, and both sides of
express optimism about the outcome. I want you to hear
what the Treasury Secretary had to say after the meeting
(01:52):
on Sunday.
Speaker 4 (01:53):
And I think that led to a great deal of
the productivity we've seen. But I can tell you that
the talks were productive. We had the Vice Premiere to
vice ministers who were integrally involved, Ambassador Jamison and myself
and I spoke to President Trump, as did Ambassador Jamison
(02:17):
last night, and he is fully informed of what.
Speaker 5 (02:20):
Is going on.
Speaker 4 (02:21):
So there will be a complete briefing tomorrow morning.
Speaker 3 (02:25):
Complete briefing from the White House, and yet again the
media lied to you just days ago saying this was
going to take at least a year to get done.
If it was going to get done. The US Trade
representative in Geneva also talking about how important this was
and how close they were to understanding each other in
(02:47):
the trade negotiations.
Speaker 5 (02:49):
I want to echo the Secretary's remarks respect to the
Swiss government. They've been so welcoming and they posted this
and everything has gone off lawlessly and we appreciate that.
And again the Chinese negotiators, Vice Premier Leoho, Vice Minister
Lee Chendong, and Vice Minister Li al Men worked very diligently.
And these are very tough negotiators. A couple of them
(03:10):
I know from before and have had past interactions with them.
And this was, as the Secretary pointed out, a very
constructive two days. It's important to understand how quickly we
were able to come to agreement, which reflects that perhaps
the differences were not so large as maybe thought. That
being said, there was a lot of groundwork that went
(03:30):
into these two days. Just remember why we're here in
the first place in the United States, as a massive
one point two trillion dollar trade deficit. So the President
declared a national emergency and imposed tariffs, and we're confident
that the deal we struck with our Chinese partners will
help us to resolve work towards resolving that national emergency.
Speaker 3 (03:50):
Donald Trump made it clear from the very beginning, there
is a trade emergency and the US having that massive
one point two trillion dollar trade deficit, and that is
exactly why the President declared it. We're confident that the
deal we struck with our Chinese partners will help us
work towards resolving that national emergency. Now, President Trump characterized
(04:13):
the negotiations that move towards a total reset of US
China trade relations, emphasizing the importance of opening China's markets
to American businesses. Chinese officials also echoing this sentiment, describing
the talks as candid and constructive and highlighting the establishment
of a new consultation mechanism for ongoing economic dialogue quote unquote. Now,
(04:40):
the announcement has already had a positive impact on the
financial markets as well, stock futures rising and the US
dollars strengthening against other currencies. This development is seen as
a hopeful sign for American farmers, retailers, and consumers who
have been affected by the tariff escalations. Further details of
(05:01):
the agreement are expected to be disclosed in a joint
statement today, which will provide more insight into the specific
measures agreed upon to ease trade tensions and foster economic
cooperation between the US and China. If there's one thing
that's very clear now, Donald Trump really is the best
(05:21):
negotiator in the world. And this will make the media
and liberals lose their mind because they don't really care
about Americans. They care about Donald Trump being a failure
at all costs, and yet again he proved them wrong.
Speaker 2 (05:35):
Now story number two.
Speaker 3 (05:36):
Now, the other big story is the fact that we
now have a significant movement when it comes to the
tariffs with China. The Trump White House has just posted
a statement on the US and China's historic trade deal,
putting it this way, American tariffs on China we're at
one hundred and forty five percent now they're at thirty percent.
(05:57):
China's tariffs on America one hundred and twenty five percent
now at ten percent. And Donald Trump was the one
that made all of this possible. White House Press Secretary
Caroline Levey saying it this way to Fox News.
Speaker 1 (06:11):
First off, your reaction and what could you tell us
about the China deal that has tariffs dropping from one
hundred and forty five one twenty five respectively to thirty
and ten.
Speaker 6 (06:22):
This is an extraordinary first step in the right direction,
and thanks to the strength of President Trump, Secretary Besant
and Ambassador Greer were able to cut this initial deal
with China. China agreed to reduce their tariffs on the
United States by one hundred and fifteen percent. They also
agreed to continue having discussions about opening Chinese markets to
(06:42):
American made products and goods. And they also agreed to
continue seriously discussing the grave impact that Chinese produced fetanol
is having right here in the United States and our people.
So this is a great first step for the American public,
and Secretary Best, Ambassador Greer, and of course President Trump
will continue to goias with China so we can hopefully
inevitably get to a fair and comprehensive, big trade deal.
Speaker 3 (07:05):
Now, this is going to be a pause for ninety days,
and I want you to hear exactly what the White
House said to me earlier today. This is President Trump
quote securing another historic deal. Today, on the heels of
the brand new deal with the United Kingdom, President Trump
reached an agreement with China to reduce China's tariffs and
eliminate retaliation, also retain a US baseline tariff on China,
(07:29):
and set a path for future discussions to open market
access for American exports. You've just heard the White House
say that on TV. Today. The United States issued the
first joint statement on trade in many years with China
after successfully negotiating over the weekend in Geneva, Switzerland. The
White House says, quote, Both parties affirm the importance of
(07:50):
the critical bilateral economic and trade relationship between both countries
and the global economy, saying this, for far too long,
unfair trade practices and America's massive trade deficit with China
have fueled the offshoring of American jobs and the decline
of our manufacturing sector. In reaching an agreement, the White
(08:12):
House says, the United States and China will each lower
their tariffs by one hundred and fifteen percent, while retaining
an additional ten percent tariff. Other US measures will remain
in place. Both sides will take these actions by May
fourteenth of twenty twenty five, this trade deal is a
win for the United States, demonstrating President Donald Trump's unparalleled
(08:35):
expertise in securing deals that benefit the American people. Then
the White House said this the Chinese action, saying quote,
China will remove the retaliatory tariffs in announced since April
the fourth, and will also suspend to remove the non
tariff countermeasures taken against the United States since April the second.
(08:56):
China will also suspend its initial thirty four percent tariff
of the United States that it announced on April fourth
for ninety days. It will remain at ten percent tariff
during the period of the pause. And then they say,
under American action, the United States will remove the additional
tariff it imposed on China on April eighth and April ninth,
(09:16):
but will retain all duties imposed on China prior to
April second, including Section three h one tariffs, Section two
thirty two tariffs, and tariffs imposed in response to the
FETNYL National Emergency Invoke pursuant to the International Emergency Economic
Powers Act, and also the most Favored Nation's tariffs. They
(09:38):
went on to say the United States will suspend their
thirty four percent reciprocal tariff impose on April second for
ninety days, and the ten percent tariff that will remain
in place is set for a fair baseline that encourages
domestic production, strengthens our supply chains, and ensures that American
trade policy supports American workers first, instead of undermining them
(10:00):
them by imposing reciprocal tariffs. President Trump is ensuring our
trade policy works for the American economy and addresses our
national emergency brought on by our growing and persistent trade deficits,
and levels the playing field for American workers and our producers.
Unlike previous administrations, the White House said President Trump took
(10:20):
a tough, uncompromising stance on China to protect American interests
and stop unfair trade practices. They also said this is
working towards a rebalancing. When these changes come into effect,
the White House says both nations agree to establish a
mechanism to continue important discussions about trade economics. The US
(10:42):
goods trade deficit with China was two hundred ninety four
billion in twenty twenty four, the largest with any trade partner.
This agreement works towards addressing these imbalances to deliver real,
lasting benefits to American workers, American farmers, and American businesses,
the White House saying this finally, as our nations continue
(11:03):
these discussions. China will be represented by he lefing the
Vice Premier of the State Council. The United States will
be represented by Scott Pascent, the Secretary of Treasury, and
Jasmine Greer, United States Trade Representative. They also said addressing
the fetanyl crisis is the most important matter as well
as the United States and China will take aggressive action
(11:25):
to stem the flow of fetanol and other precursors from
China to elicit drug production in North America. If you
look at what the President has been able to do
in just the last couple of days, here it is,
in just seven days, President Trump has secured a historic
UK trade deal, a massive China trade deal, the release
(11:49):
of an American hostage, the ceasefire with India and Pakistan,
the ceasefire with the Huthis. And this is exactly what
so many Americans voted for, and Donald Trump paying off
on his promise to put Americans first and protecting all
of us.
Speaker 2 (12:06):
Thank you for listening to the forty seven Morning Update
with Ben Ferguson. Please make sure you hit subscribe wherever
you're listening to this podcast right now and for more
in depth news, also subscribe to the Ben Ferguson podcast,
and we will see you back here tomorrow
Host
Ben Ferguson
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