Latest / The 47 Morning Update with Ben Ferguson / Tariffs: The Love Affair the Dems Pretend Never Happened

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Tariffs: The Love Affair the Dems Pretend Never Happened · The 47 Morning Update with Ben Ferguson

• 0:01
  Speaker 1: Since nineteen ninety seven, Americans have been put out of
• 0:04
  Speaker 1: five million manufacturing jobs.
• 0:06
  Speaker 2: I'd like to call the attention of our colleagues to
• 0:08
  Speaker 2: this chart on the status quo that the business community
• 0:11
  Speaker 2: is asking each and every one of you to endorse.
• 0:14
  Speaker 3: Today to help the middle class who have been shouldering
• 0:17
  Speaker 3: the burden of falling real wages for about twenty five
• 0:20
  Speaker 3: years because of unfair and unjust trading practices. If you're
• 0:24
  Speaker 3: listening to the forty seven Morning Update with Ben Ferguson.
• 0:27
  Speaker 4: Good Friday morning, Ben Ferguson with you, It's nice to
• 0:30
  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,
• 0:35
  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
• 0:51
  Speaker 4: Senate GOP voted to advance the Trump tax cuts. This
• 0:56
  Speaker 4: is significant for your pocketbook. And finally, other countries are
• 1:00
  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
• 1:07
  Speaker 4: that are clearly working. I'll give you the list and
• 1:10
  Speaker 4: what they're doing coming up in just a moment. But
• 1:12
  Speaker 4: first make sure, if you're new to the show, you
• 1:15
  Speaker 4: hit that subscribe or auto download button right now so
• 1:18
  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
• 1:54
  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.
• 2:19
  Speaker 2: I'd like to call the attention of our colleagues to
• 2:22
  Speaker 2: this chart on the status quo that the business community
• 2:25
  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
• 9:30
  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
• 9:46
  Speaker 4: Senate Republicans have voted to advance the sweeping Trump tax
• 9:50
  Speaker 4: cut plan. Senate Republicans took a procedural step forward on
• 9:54
  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
• 10:02
  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.
• 10:15
  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
• 10:22
  Speaker 4: to the Republican controlled House of Representatives. Both chambers must
• 10:25
  Speaker 4: have proved the same budget resolution to unlock a key
• 10:28
  Speaker 4: parliamentary tool that would allow Republicans to circumvent Senate Democrats
• 10:34
  Speaker 4: and enact the Trump agenda later this year. This, by
• 10:37
  Speaker 4: the way, could take several months, and will continue to
• 10:40
  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
• 11:00
  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
• 11:32
  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
• 11:39
  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
• 11:45
  Speaker 4: Vietnam Airlines, JSC and Venta Capitol Group. The delegation hopes
• 11:51
  Speaker 4: to meet with Trump officials and beg basically for all
• 11:55
  Speaker 4: of these tariffs to be brought back down. They are
• 11:58
  Speaker 4: wanting to quote, make it deal. The business community in
• 12:02
  Speaker 4: Vietnam is panic, and they are panic that the government
• 12:05
  Speaker 4: is not doing enough too cool. The response from Donald
• 12:08
  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
• 12:15
  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,
• 12:23
  Speaker 4: they also reported that Vietnamese analysts and government officials expected
• 12:28
  Speaker 4: about a ten percent terre from Trump. The rate of
• 12:31
  Speaker 4: forty six percent that was revealed by Trump at the
• 12:33
  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
• 12:42
  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,
• 12:53
  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.
• 13:01
  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
• 13:08
  Speaker 4: more than one hundred and twenty three billion dollars. This
• 13:12
  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
• 13:18
  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
• 13:25
  Speaker 4: both countries. Moral of the story is this, Vietnam would
• 13:29
  Speaker 4: have never called this emergency meeting if it wasn't for
• 13:32
  Speaker 4: Donald Trump and what he did the White House on
• 13:34
  Speaker 4: Liberation Day.
• 13:35
  Speaker 3: Thank you for listening to the forty seven Morning Update
• 13:38
  Speaker 3: with Ben Ferguson. Please make sure you hit subscribe wherever
• 13:42
  Speaker 3: you're listening to this podcast right now and for more
• 13:45
  Speaker 3: in depth news, also subscribe to the Ben Ferguson podcast
• 13:49
  Speaker 3: and we will see you back here tomorrow