The Dow, S&P 500 and Nasdaq hit new bear market levels early in the session, and the Nasdaq and Dow hit new all-time low levels. President Trump announces new tariffs on $200 billion worth of Chinese goods, and China responds in kind, slapping back at the United States with $50 billion in retaliatory tariffs.
00:10:03.440As much as Jim Cramer and the CNBC crowd and the MSNBC crowd and particularly, you know, Katie Turner, all these people don't know anything about the stock market, never cared about it.
00:10:16.040But now it's like the most important thing in the universe.
00:10:17.880The folks that financed the globalists, the folks that financed all the factories leaving, the folks that essentially bet against the American people, the folks that went long other countries and shorted America, they're getting crushed.
00:10:36.440Americans are doing just fine in a historic day.
00:11:01.260And remember, these reciprocal, the reciprocity of the tariffs kick in on Wednesday, one week after they were announced on the 9th of April.
00:11:13.540And President Trump says, hey, it's no negotiation.
00:11:50.560But this is a total restructuring of the geoeconomic order throughout the world.
00:11:57.660And let me just read these two tweets that came out earlier and followed by a third about the Chinese Communist Party.
00:12:04.320This is Scott Besson early in the afternoon.
00:12:06.200Following a very constructive phone discussion with the government of Japan, POTUS, real Donald Trump, has tasked me and the U.S. trade rep to open negotiations to implement the president's vision for the new golden age of global trade.
00:12:22.940And then he is going to do it with the prime minister and his cabinet.
00:12:28.240So this is direct high-level negotiations.
00:12:30.820Then Scott Besson followed that up by saying, Japan remains among America's closest allies, and I look forward to our upcoming productive engagement regarding tariffs, non-tariff trade barriers, currency issues, and government subsidies.
00:12:46.240I appreciate the Japanese government's outreach and measured approach to this process.
00:12:51.500Another big thing, this is like the Chinese Communist Party, state-owned industries and what they do to game the system with state-owned industries against companies here in the United States that have to compete.
00:13:00.980All we're looking for is a level playing field.
00:13:03.460This was followed very closely, very closely by China, and this is from the Secretary of the Treasury, now in charge of this process.
00:13:12.280China has chosen to isolate itself by retaliating and doubling down on previous negative behavior.
00:13:19.140Over 50 countries have responded both openly and positively to the President of the United States, Donald J. Trump.
00:13:25.980Historic action to create a fairer, more prosperous system of global trade.
00:13:30.980He looks forward to China getting the message.
00:13:35.340I think President Trump took tariffs today over 100% against the Chinese Communist Party.
00:13:42.180It's the folks, the people that are whining are the people that finance the Chinese Communist Party.
00:13:48.820They've been outed, they've been unmasked, and quite frankly, they've been isolated with the Chinese Communist Party.
00:13:54.340Hey, if you've got a problem with your stocks going down, don't finance the bad guys.
00:13:59.060And whatever you do, do not short the American worker, the United States of America, and particularly never doubt Donald John Trump.
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00:16:57.800They ship the German cars over here right from Germany.
00:17:00.560Nothing's really made here, manufactured here.
00:17:02.980Even the assembled parts, even the assembly we do for Fords and others, the high-value-added parts are made over, you know, other places.
00:17:10.700She has the gall to sit there, hey, if you don't do this, we're going to retaliate.
00:17:15.280Retaliate one iota, and we ought to pull all money out of NATO, number one.
00:17:20.020We ought to move the two carrier battle groups that are in the Red Sea taking incoming from the Houthis to keep the Suez Canal open so that you get trade, right?
00:17:28.960Because as J.D. said in that text stream, only 3% of that of going through there has anything to do with the United States of America.
00:17:40.020Because you guys are too broke and never put any money into the Royal Navy, to the French Navy, to the Italian Navy, right?
00:17:46.300You've under-invested there for decades and decades and decades, and that's because the globalists on the Atlantic Council and Stavridis and all these people on Morning Joe, Richard Haas, you know, you had to have big, great partners in NATO.
00:18:13.500If we pulled out all the infrastructure of our military throughout Europe, the communications, the logistics, NATO wouldn't exist.
00:18:24.800These people have put no money into their military, and if you look at the polling, their young people won't volunteer for their military.
00:18:31.800Their young people won't fight for their own countries.
00:18:34.760You have some very brave people, like in the British Army, in the Royal Navy, in the French.
00:18:39.000Don't you have some, obviously, young patriots in those countries that volunteer, but overall, you do the polling, they won't fight for their country.
00:19:00.900We're underwriting a bunch of elites that are skiing in Switzerland or hanging out in the south of France, and we don't want to do it anymore.
00:19:08.640The American taxpayer doesn't want to do it.
00:19:11.520We told you it was going to be turbulent.
00:19:14.000This started off a little dicey last night at about 6 o'clock when the futures market opened, but it went all over the map today and kind of landed in not too bad a place.
00:19:23.360We're a long way from being out of this.
00:19:25.060President Trump says, hey, this is just the top of the first inning.
00:19:28.260You've got to get ready because he is reordering global trade to focus on either, one, bringing manufacturing back to the United States so the American workers have high-value-added jobs, right, the most premier manufacturing in the world,
00:19:46.200and the American citizen can then get a great pricing off that.
00:19:51.540Or if you're not going to do that, you're going to pay up to get into this premium market.
00:19:56.280You're not giving it away anymore, and we should not be even considering giving up the military.
00:20:03.020I would actually charge the Europeans, if you want two carrier battle groups in the Red Sea and you want carrier strike forces hitting the Houthis to keep the Suez Canal open, start sending checks, folks.
00:20:37.460In this fiscal year, we're using Biden's budget at 25, there's been no impoundments, no rescissions, and we keep asking the rest of the guys, like, where are they?
00:21:03.180And I'm telling you, these two budgets, they've got debt ceiling increases of four trillion on one hand and five trillion on the other, and I think it's a two-year deal.
00:21:40.240But that's the financial situation we're in because working people deserve an additional tax cut.
00:21:44.960Besides the extension of the tax cut, they deserve to have, as President Trump promised on the campaign, no tax on tips, no tax on overtime,
00:21:52.720and particularly, folks, no tax on Social Security.
00:21:56.520You worked hard enough, and you contributed so many years, you don't need to be taxed on that on the way up.
00:22:03.060Mike Davis is going to join us at the bottom of the hour.
00:22:05.300Rosemary gets a huge decision in the Supreme Court today.
00:22:07.940But they're thinking, they're working on coming into these courts with these radical judges, I'm not kidding, to stop Trump on his trade, to say it's unconstitutional.
00:22:19.400We're going to talk to Mike about that because we're going to need you at the ramparts because now we've got to be bringing these judges in and grilling them in public to get people's minds right.
00:22:28.660We need a struggle session with Beryl Howe.
00:22:31.900We need a struggle session with Boesburg, those two to start off with.
00:22:36.360And I think the message will then get out, and you will have rulings that understand that President Trump's commander-in-chief of the United States,
00:22:44.680big ruling at the Supreme Court today on that very, very, very topic, which the MSNBC and the New York Times have been skipping around all day long
00:22:51.900about there was an order at midnight that had to be fulfilled to bring this individual back not so fast.
00:22:58.100Mike Davis will be here to explain that.
00:23:00.080Rosemary Gibson is going to talk about supply chain.
00:23:01.980Also, an investigative report she's been doing is going to blow your head up, as only Rosemary Gibson can do.
00:26:01.740We sent essentially raw materials and some services to China, and they sent us back finished goods, many of which come from state-owned industries.
00:26:13.160That and the transfer and stealing of intellectual property.
00:26:16.980So we have $25 trillion in trade deficit.
00:26:19.220$18 trillion just since China came into the World Trade Organization and got most favored nation status.
00:26:25.040I think it's $600 billion a year for stealing of intellectual property from our universities, from our companies, from the government by the Chinese Communist Party.
00:26:35.820I think that adds up to another $25 or $30 trillion of stolen intellectual property that you paid for either supporting the state colleges or your taxes, going to Ivy League schools, the research, or your equity investments in these companies.
00:26:53.520The intellectual property was stolen by the Chinese Communist Party, fully understood by Wall Street.
00:26:59.340That was one of the reasons they said, hey, you do these joint ventures.
00:27:01.680You can take the intellectual property.
00:27:40.360Because President Trump, once again, stepped into the breach, and his Secretary of the Treasury stepped up and started getting an orderly process of how we're going to work through this.
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00:29:39.500Chief Justice John Roberts is temporarily blocking a district court order requiring, that is, that a Maryland man mistakenly deported to El Salvador be returned to the U.S. by midnight.
00:29:51.320So this gives the court more time to consider the issue after the Trump administration requested they intervene.
00:29:57.840So the legal team for Kilmar Obrego Garcia now has until tomorrow night at 5 to respond.
00:30:04.380CBS News Department of Justice correspondent Scott McFarlane has been following this case closely.
00:31:29.320Well, I think the chief justice finally understands that these activist judges don't have Green Beret law clerks.
00:31:37.280And so how the hell do these judges think that you're going to order the president of the United States to negotiate with a foreign leader?
00:31:45.300A judge does not have that authority to order the president to negotiate with a foreign leader, especially on a compressed timeline like this and get a result from that foreign leader to bring back any illegal immigrants into our country.
00:32:34.180Why do you think this shows you that he's now focused on what he said about this is important enough that this could because don't they aren't they on the hook to actually give briefings tomorrow on this contempt?
00:32:47.440Bosworth's got a contempt hearing going about, you know, Bosworth trying to step in and be commander in chief.
00:32:52.860Yeah, I don't know how Bosworth can think that his case is going to survive after the chief justice just just did this administrative stay in a case that the facts and the law are a lot worse for the Trump administration on this one than than the trend de Aragua that Bosworth tried to stop.
00:33:11.140So I don't I hope that the Supreme Court is coming to its senses.
00:33:18.200I hope the Supreme Court is stopping these judicial saboteurs.
00:33:22.240I hope the Supreme Court understands that if Bosworth is able to hold Trump administration officials in contempt for not turning around planes full of terrorists and bringing them back to the United States.
00:33:34.960After this Bosworth, the clown exposed dangerously exposed this ongoing military operations for Saturdays ago when he wasn't even the emergency judge that weekend, he he took this upon himself to open up his courtroom, expose this ongoing military operation where the president is working with the Salvadorian president with a very sensitive military operation to get over 200 of the Western Hemisphere's worst terrorist.
00:34:03.120The hell out of America, the hell out of America and Bosworth thinks he can expose that Bosworth thinks he can order planes to turn around.
00:34:09.820Bosworth did not know the fuel levels.
00:34:12.500Bosworth did not know the security footprint in America.
00:34:15.760We saw the security footprint in El Salvador.
00:34:18.720Why the hell would we have had that same security footprint in America?
00:34:22.720Because who would have imagined that some whack job D.C.
00:34:26.460activist judge thinks he can order planes to turn around.
00:34:28.960So I hope that this is the chief finally getting his judicial house in order because if Bosworth holds Trump administration officials in contempt, good luck.
00:34:40.520Good luck, Jeff Bosworth enforcing your contempt order, because I just I don't see it happening.
00:34:45.180OK, all day long this morning, there's been a huge buzz because Jonathan Karl broke it this morning on Stephanopoulos on Good Morning America,
00:34:58.000that prominent conservative people in the judicial side of the conservative movement came to Jonathan Karl and said they are preparing lawsuits right now to go into court
00:35:08.220and to shut down President Trump's reordering of the global trade arrangements between countries.
00:35:16.820This is once again every action that President Trump is trying to take as chief executive officer of the U.S. government or commander in chief for national security purposes is being thwarted by these by these courts.
00:35:30.260Because I hear they may be as close as tomorrow to be ready to file.
00:35:33.480I think that these activist judges and these activist plaintiffs are election deniers because President Trump campaigned on the fact that he's going to hire Elon Musk.
00:35:45.200He's going to set up the Department of Government Efficiency.
00:35:49.200He's going to deport illegal immigrants, particularly foreign terrorists.
00:35:52.720He's going to impose tariffs on foreign countries to rebalance our trade that's been so out of whack for decades.
00:36:00.540And President Trump's doing exactly what he promised American voters he would do.
00:36:05.200And he got a broad electoral mandate to do it.
00:36:07.840312 electoral votes, all seven swing states, the popular votes.
00:36:12.340He has the legal authority to do this, both under Article 2 of the Constitution and his statutory authority.
00:36:18.940And I would say this, if you don't want the president to have so much power, maybe you should not give the executive branch so much power.
00:36:27.560Maybe you should follow the Constitution and have the executive branch with its specific enumerated and divided powers.
00:36:35.400And what's not specifically spelled out in the Constitution belongs to the states and to the people.
00:36:41.640But this idea that you're going to delegate to the executive branch all of this power, but the president doesn't get to oversee that executive branch, that we have unelected bureaucrats who are supposed to run the executive branch despite what the president wants.
00:36:55.700That's the very definition of a deep state.
00:36:57.500Mike, I've talked to a number of congressmen that are sitting there going, they think it's time for hearings, particularly with Burrell Howe and Boesbert on these very topics.
00:37:42.480I'm working very closely with Senator John Thune's office, the Senate Majority Leader, along with Senator Chuck Grassley's office, the Senate Judiciary Chairman, Senator Mike Lee, along with members of the House.
00:37:56.300We are working on legislation right now, various pieces of legislation to hold these activist judges accountable for their unlawful temporary restraining orders that aren't temporary.
00:38:10.240At least the Supreme Court finally fixed that problem yesterday, or Friday, excuse me, where Justice Amy Coney Barrett switched sides from her position she took several weeks ago that unleashed this judicial sabotage.
00:38:26.620I said before that she's a rattled ball professor with her head up her ass.
00:38:30.660Well, at least on Friday, she got her head out of her ass, and she finally understands that just because these judges called a temporary restraining order, that doesn't mean it's temporary.
00:38:42.120When you're sending $2 billion out the door, that's not temporary.
00:38:47.000And so it sounds like she's back in line.
00:38:49.760What I've been calling on the War Room Posse to do is to go to Article3Project.org.
00:38:54.800And I've never called on this before, but what Judd Boesberg, this activist Obama judge in D.C. has doing, is so unlawful and so dangerous for him to expose and sabotage an ongoing military operation.
00:39:11.500I've never called for this to happen before.
00:39:14.460I think the Trump administration had a constitutional duty to ignore those orders to turn around the planes.
00:39:20.700And I also think the House of Representatives must open an impeachment inquiry on Boesberg because if he's sitting through an impeachment inquiry, he's not going to have time to moonlight as the next commander-in-chief whatever Saturday he decides to go open his courtroom and expose an ongoing military operation.
00:39:37.460And as you call from day one, the reason this is important, people need to go to Article 3 today, and you've got a script there too about the impeachment, you know, even go by the hearing or even more important than legislation right now, is that he's going down the path of contempt.
00:39:56.060He intends to basically chop block the Trump administration.
00:40:01.480It's what they want to do at midnight tonight.
00:40:03.300If Roberts hadn't stepped in, if they didn't comply by midnight, this is all they were taught.
00:48:02.160They have to protect their warfighters, their family members, and retirees and veterans.
00:48:06.940And so some of the results are just beginning to come out, Steve, in their blockbuster.
00:48:13.120They're finding after just testing the first few drugs, and some of these are in the top 10 of what Americans take, that 13% of them have manufacturing defects.
00:48:24.380They have carcinogens in them, lead, arsenic.
00:48:29.220And some of them don't work as they should because they're not manufactured properly.
00:48:33.060And if you ask any manufacturer with a product with 13% manufacturing defects, that is off the charts.
00:48:41.300You know, people bet their lives on these things.
00:48:43.400And some of these products are really lifesavers.
00:48:46.800And I stay tuned because there could be some things coming down the pike showing that Americans are not doing too well on some of these.
00:48:56.680And the other key thing is that the Department of Defense stocks the White House pharmacy, and I'm sure it must stock the crash carts.
00:49:06.440And so first priority, 101, is to expand this testing.
00:49:09.960And by the way, we have to brief the new senior leadership in DOD because this was started under the prior leadership, and I give them a lot of credit for this.
00:49:18.420We have to brief the new leadership team in DOD, and they have to expand this testing.
00:49:23.380And these test results, you know, they can be used by hospitals all over the U.S. because they're all the same.
00:49:28.500What's used in the White House and elsewhere, basic drugs, and hospitals around the country, we have to start testing.
00:49:44.320I know China's got a reputation of making some shoddy product, but I thought that since they do the generics and they make the ingredients for other drugs, once they come in, once to get into the United States, don't you have to go through some sort of, I don't know if it's FDA or who does it, but is it somebody besides Customs and Border?
00:50:05.300However, don't these have to be inspected to make sure that they're the quality, they say so in the package, and so you don't get arsenic or lead or whatever else you said was in there?
00:50:16.440Isn't there already a testing apparatus that just says, okay, this batch is not good, and it's got to go back, and we find the company or we tell the company you no longer can make drugs and products that come into the United States, ma'am?
00:50:28.780Steve, we have de facto two regulatory systems.
00:50:34.800We have one for U.S. firms and European firms that are professional, trustworthy companies and trustworthy countries.
00:50:43.060And then we have, in the case of China, and by the way, these manufacturing defects are in products coming from multiple countries.
00:50:50.920It was just an issue with South Africa where they didn't have sterile facilities.
00:50:56.740They had an outside door left open, letting all sorts of air come in, what's supposed to be a sterile facility.
00:51:02.160We have billions and billions of pills coming in every day, Steve, and it's an impossible task for one federal agency to do that.
00:51:11.000But with regard to China, in a nutshell, China has no respect for our law and our regulations when it comes to the FDA.
00:51:22.340It was really shocking to see the former FDA commissioner two years ago, March 2023, tell Congress that China was blocking FDA inspectors from traveling to that country because they inspect the facilities.
00:51:37.120It was blocking them, not transparent.
00:51:42.140Hey, Rosemary, hang on for one second.
00:51:44.060I'm going to hold you through to the 6 o'clock hour.
00:51:46.480A blockbuster report, as only Rosemary Gibson can give.
00:51:51.980I'm going to have to drill down into some more.
00:51:54.820It sounds like the drugs coming into the country from China are not properly inspected.
00:52:00.080And where they are inspected, they're found wanting.
00:52:03.380Now, who would ever think that the Chinese Communist Party would be part of some sort of system that sent defective goods to the United States of America, including the White House?