Dow, S&P 500, Nasdaq, and Dow Jones all hit new records after a volatile day of trading. President Trump says he's not backing off his trade wars, and when asked if the overall tariffs are permanent or open to negotiation, a point that his advisors struggled to clarify last week. Meanwhile, China says it will fight to the end and take additional countermeasures against the United States.
00:03:16.720Earlier on the show this morning, Treasury Secretary Scott Besson joined us and had this to say on where the U.S. stands on tariff negotiations.
00:03:24.540President Trump has maximum negotiating leverage right here, right now.
00:03:31.980And I think it would be a mistake for anyone to think otherwise.
00:03:38.440And many of, as I said, many of our trading partners, they have queued up and they have kept their cool.
00:03:51.040And they will get priority in the queue.
00:03:55.960I think it was a big mistake, this Chinese escalation, because they're playing with a pair of twos.
00:04:01.900We can now look at Republican reaction, a bipartisan Senate bill that would curtail a president's power to implement tariffs,
00:04:09.880has gained the support of six additional Republicans.
00:04:13.620Republican Senator Chuck Grassley of Iowa is co-sponsor of the bill.
00:04:17.840And now Senators Jerry Moran, Lisa Murkowski, Susan Collins, Mitch McConnell, Tom Tillis, and Todd Young have all signed on to support the measure.
00:04:27.360The legislation would require a president to notify Congress of a new tariff within 48 hours of implementation and explain the reasoning behind it.
00:04:38.640It would also require new tariffs to expire after 60 days unless Congress approves them.
00:04:44.980The White House has already said it would veto the bill if it were to pass both the House and the Senate.
00:04:49.440Meanwhile, two sources tell NBC News that during a House GOP conference call on Sunday,
00:04:56.200Republican Congressman Daryl Issa of California asked for a detailed briefing from the White House on the tariffs.
00:05:03.740House Speaker Mike Johnson, for his part, asked that members trust the process and the president.
00:05:10.380In addition, he told them he'd arrange for someone from the administration to talk to the conference.
00:05:15.060The rumblings in the House come as the upper chamber has grown more vocal in their concerns.
00:05:21.560And the green is going to light up on your screen.
00:06:42.800We're going to have lower yields of mortgage.
00:06:45.200But again, the idea that the Speaker of the House, the third most powerful person in America, has no better answer after $11 trillion of wealth wiped clean than to say, trust the process.
00:06:59.260I bet in the House, that leaves a lot of members of the House not trusting the Speaker.
00:07:07.740I mean, I guess that's Mike Johnson's way of saying we have no collaboration in this process.
00:07:15.060It's not just true of Republicans in Congress, Republican leaders in Congress.
00:07:19.340It's true most of the time, seemingly, of Trump's cabinet officials.
00:07:24.260People like Scott Besant of Treasury are clearly not in the loop here and find themselves floundering on TV trying to explain what Trump has just done.
00:07:35.320Look, I think the sort of deeper problem here is trust in the American system.
00:07:40.360The world has got used to, over history and over dealing with America, the very famous, justly famous checks and balances that are built into the American system.
00:07:53.000What we have happening now is essentially a king or a Roman emperor crooking his finger and the market goes up $2 trillion.
00:08:02.440Uncrooking it, it goes down $2 trillion.
00:08:04.740That kind of power in one man is an extraordinary situation that I think is causing real nervousness.
00:08:13.880We've been amongst foreign investors, and you know that a huge share of American debt, of U.S. Treasury debt, is held by foreign countries.
00:08:24.360And yesterday, we started seeing 10-year Treasury bonds and 30-year Treasury bonds being sold off.
00:08:30.760These are the safe assets that you fly to, you know, in COVID, in the 08 meltdown.
00:08:36.500Whenever there's a panic, you flee to Treasury bonds.
00:08:40.200I think that there's a re-evaluation now going on about how safe those assets are.
00:08:47.000And that's because the foreign holders of these assets are worried about who's in charge of the United States.
00:08:54.480The Speaker doesn't know what he's going to do next.
00:08:57.200His Treasury Secretary doesn't know what he's going to do next.
00:08:59.860This is essentially a Roman emperor having fun with this extraordinary power over global asset markets.
00:09:09.160It's not a good thing, and it's not a very American thing.
00:09:15.260This is the primal scream of a dying regime.
00:09:20.520Pray for our enemies, because we're going medieval on these people.
00:09:24.280The President has not got a free shot at all these networks lying about the people.
00:09:29.900The people have had a belly full of it.
00:10:06.280It's Tuesday, 8 April in the year of our Lord, 2025, at least this morning, overnight in the futures market in Asia and even in Europe.
00:10:15.360Now it looks like it could be Turnaround Tuesday, started that way in the stock markets here, Dow Jones, S&P, etc.
00:10:24.240Kind of a robust bounce on heavy trading.
00:10:28.460As it appears now that the nations of the earth are taking President Trump and Secretary Besant and Peter Navarro seriously,
00:10:37.300that this is a new reordering of the world trading system.
00:10:42.840President Trump is standing up like no one's ever stood up for American workers in, to be brutally frank about the history of the United States.
00:10:54.520All the populist leaders, all the Democratic leaders, even Ronald Reagan.
00:10:58.760No one's ever stood up for American workers in the American middle class like President Trump.
00:11:04.620He is bending the nations of the earth to the sovereign will of the American people.
00:11:13.000They elected President Trump and they elected him on this, that he was going to put America first and he was going to stop the globalists from stealing from this country, from ripping off this country.
00:11:50.100If you set up a process, and I may say you're negotiating, just to hear your trading partners come in and say, hey, we may have a different calculation on the reciprocity.
00:12:02.460We don't understand how you calculated currency manipulation and counterfeiting and all the other non-tariff barriers we put up.
00:12:11.020So there are no Fords sold into Japan or into South Korea.
00:12:18.080By the way, President Trump just put up a huge post about South Korea, that they've called him the interim president there because they've had a coup by the Chinese Communist Party.
00:12:27.700The interim president there is all over and sending a team also to sit down, as is Japan.
00:12:34.480The hammer's been dropped on the Chinese Communist Party.
00:12:38.140We're going to have more of that as the morning unfolds.
00:12:41.240But to Scott Besson's point, we have maximum negotiating leverage, and we know President Trump is a maximalist.
00:12:50.660There's right there from South Korea, President Trump going through.
00:12:54.740South Korea has been, particularly for non-trade barriers, been very tough.
00:12:58.360Japan's been very tough for non-trade barriers.
00:13:00.820The EU's very tough for non-trade barriers.
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00:16:11.680A bipartisan, privileged resolution to end the latest crop of global tariffs that are clobbering American families and small businesses.
00:16:23.520Members on both sides of the aisle ought to know that this is a call to action, and Congress must step in to reign this president on trade.
00:16:41.620Chairman Crapo, Ranking Member Wyden, and members of the committee, I appreciate you taking the time today for this hearing.
00:16:48.140Last Wednesday, President Trump declared a national emergency in response to the large and persistent trade deficit that has built up in recent years.
00:16:55.580This deficit is driven in part by non-reciprocal tariffs, trading barriers, and other economic policies pursued by our foreign trading partners.
00:17:04.660President Trump imposed tariffs to address this emergency, and these measures are aimed squarely at achieving reciprocity and reducing our massive trade deficit to reshort production in the United States.
00:17:16.340This national emergency declaration and tariff action is the most significant change in U.S. trade policy since we allowed China to join the World Trade Organization.
00:17:24.120The American working class, in particular, has suffered concentrated losses from the so-called China shock and other adverse effects of past trade policy and the conditions that give rise to this massive trade deficit.
00:17:37.220You've heard some of these numbers before.
00:17:39.400The United States has lost 5 million manufacturing jobs and 90,000 factories since 1994.
00:17:45.280President Biden left with a 1.2 trillion trade deficit in goods, the largest of any country in the history of the world.
00:17:52.860The United States' share of world manufacturing output declined from 2001 to last year.
00:17:58.220In the fourth quarter of 2024, U.S. manufacturing as a share of gross domestic product was the lowest it had been in 20 years.
00:18:05.460During COVID, we were unable to procure semiconductors to build our cars or materials for pharmaceuticals and personal protective equipment.
00:18:13.020During World War II, we built nearly 9,000 ships.
00:18:16.260Last year, the United States built only three ocean-going vessels.
00:18:19.580Our agricultural trade balance, which historically resulted in trade surpluses for our farmers, was in deficit the last two years of the Biden administration and likely will take some time to recover.
00:18:30.960These are all serious indicators of an economic and national security emergency, and we can't ignore it.
00:18:36.840One important driver of these negative trends has been unfair, unbalanced, and non-reciprocal trade.
00:18:41.100This includes the effect of higher tariffs imposed by other countries on the United States, the effect of non-tariff measures that promote other countries' exports and obstruct U.S. exports,
00:18:51.120and other foreign economic policies favoring overproduction and degrading America's manufacturing capacity.
00:18:57.460And the lack of reciprocity is an important driver of our global trade deficit and with particular countries, so it's common sense to focus on these indicators.
00:19:04.660For example, the European Union can sell us all the shellfish they want, but the EU bans shellfish from 48 states.
00:19:12.740The result is a trade deficit in shellfish with the EU.
00:19:16.600We only charge a 2.5% tariff on ethanol, but Brazil charges us an 18% tariff.
00:19:33.220Our trade deficit, driven by these non-reciprocal conditions, is a manifestation of the loss of the nation's ability to make, to grow, to build.
00:19:42.400And the president recognizes the urgency of the moment.
00:19:45.640On the first day of his second term, President Trump issued a comprehensive memorandum setting out his trade policy directive.
00:19:52.060And over the past 10 weeks, he has executed on nearly all of these priorities.
00:19:56.120He has tightened tariffs on steel and aluminum.
00:19:57.780He's imposed new measures on auto and auto parts not made in the United States.
00:20:01.740And on April 2nd, the president declared the national emergency that we've discussed.
00:20:05.700And so the president has imposed a reciprocal tariff, along with a global baseline tariff, to achieve reciprocity with other countries and to drive the dangerous deficit down.
00:20:14.260And the president's strategy is already bearing fruit.
00:20:17.140Over the past few weeks, a planned layoff for an auto production shift in Tennessee has been suspended.
00:20:21.060Another automaker is hiring additional employees and expanding overtime to increase auto production in Indiana.
00:20:27.580Companies have announced $4 trillion in new investment in the United States.
00:20:31.760Nearly 50 countries have approached me personally to discuss the president's new policy and explore how to achieve reciprocity.
00:20:37.720And they've spoken with many members of the administration.
00:20:40.500Several of these countries, such as Argentina, Vietnam, India, and Israel, have suggested that they will reduce their tariffs and non-tariff barriers in line with the president's policy.
00:20:48.840And these obviously are welcome moves.
00:20:51.400Our large and persistent trade deficit has been over 30 years in the making.
00:20:54.600And it will not be resolved overnight.
00:20:56.180But all of this is in the right direction, particularly as we start to negotiate with these countries.
00:21:01.940We must move away from an economy that's based solely on government spending and the financial sector.
00:21:07.260And we must become an economy based on producing real goods and services that provide jobs for working class and middle class Americans in their communities.
00:21:14.660This adjustment may be challenging at times.
00:21:16.560And in a moment of drastic overdue change, I'm confident, I'm certain that the American people can rise to the challenges they've done before.
00:21:24.480I appreciate this committee's interest in President Trump's trade agenda.
00:22:00.800He's a cabinet official ambassador, Jameson Greer.
00:22:03.740He's getting grilled today by the Senate Finance Committee.
00:22:06.020That opening was the senator from Oregon, Ryan Wyden.
00:22:11.640And Wyden is sitting there and saying this is a total failure as you have 100 countries stacked up.
00:22:19.220South Korea, Japan, the EU have already said they want to come in and talk.
00:22:24.140He also said why zero tariffs alone are not enough.
00:22:27.880This backs up what Peter Navarro said the other day.
00:22:30.760Peter Navarro, obviously, he and Scott Besson are running this deal with Jameson Greer.
00:22:35.620So those three are your key folks doing this.
00:22:40.100Wyden is trying to be part of a rebellion in the Senate.
00:22:43.680And this is why guys like Tom Tillis and others, Mitch McConnell, are traitors to MAGA and to the American people by backing these radical Democrats.
00:22:55.300These Democrats are supposed to be for the people, for working class people, for the middle class.
00:23:26.140The numbers he's running for the president.
00:23:27.940The president is dug in hard, dug in as hard as I've ever seen.
00:23:31.140No president of the United States has ever taken on the global system and he's breaking it in front of you.
00:23:38.320And, of course, people are saying, oh, this is absolutely terrible.
00:23:40.180It's going to be a massive and is already a massive benefit to the American working people.
00:23:44.980This is the reason that you have almost a trillion dollars now of commitments of major companies bringing plant and equipment back here for manufacturing purposes.
00:23:54.800Now bring back the supply chains, the rest of the ecosystem that goes around bringing your plants in.
00:24:08.100April 9th is when the reciprocity kicks in.
00:24:10.520Now, individual countries, as they come in, may or may not get abeyances depends on how serious they are.
00:24:17.300But right now, President Trump's totally dug in and he's very much dug in and kind of singled out the Chinese Communist Party because the Chinese Communist Party is absolutely.
00:24:25.200That is the I would say the point of the exercise is we don't get China right.
00:24:53.480I had a senior executive at one of the most important financial papers try to convince me the other night that their consumer market was going to see China through.
00:25:35.940And remember, we're not saying fluctuations in the stock market are so important.
00:25:40.640But the opposition of President Trump, CNBC, MSNBC, the New York Times, Washington Post, Wall Street Journal, they tried to gin up a crash.
00:26:02.660The hedge funds that backed the globalists, the highly leveraged hedge funds that helped send the jobs over to China and still deeply invested over there.
00:26:12.700Yeah, they got a little nervous, started dumping their shares and sometimes maybe even forced to dump some shares.
00:26:46.020Remember, Bibi's coming over to pitch a military invasion or an air attack on the Persians' nuclear compound.
00:26:55.880President Trump says, oh, by the way, at the thing, oh, by the way, we're in one-on-one senior-level negotiations about that, and we're meeting next on Saturday at the highest levels.
00:27:06.980President Trump, go back to the three verticals on national security.
00:27:11.240Completely reordering the geopolitical realities of the world off of the Eurasian landmass to a hemispheric defense.
00:27:20.060Number two, on the geoeconomics of it, he is bending the world trade system to support and benefit citizens of the United States, particularly working class, that it all rests on their shoulders anyway.
00:27:36.300And last, he's taking on the administrative state and the deep state.
00:27:39.700The Kochs and Leo Leonard are running to court on trade.
00:27:43.520They don't trust the political process to stop Trump.
00:27:46.020They don't think that the countries of the world will stop him.
00:27:49.640They're running to, guess what, a federal judge to try to stop President Trump.
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00:28:56.280The pandemic taught us how quickly store shelves can empty.
00:29:52.400And to me, that's part of this calculation.
00:29:54.280I wrapped up with the services question because it seems to me it's classic Donald Trump.
00:29:59.040Really good at talking about problems, even saying that there is some reason to go forward, identifying a problem, but pretty damn bad at fixing them.
00:30:09.440And there's going to be a whole lot of collateral damage in the process if you all continue with these trade policies and services and in other areas.
00:31:21.460And Jameson Greer is going to be taking incoming from the Democrats.
00:31:24.200The Democrats who should have done this, who should have stood up for the American people, who should have stood up for the American worker and never did,
00:31:32.220abandoned them for the sociopathic overlords of easy money on Wall Street and the apartheid state of Silicon Valley and slobbered all over big tech.
00:31:54.200Folks over there should understand this is to the core of President Trump's being.
00:32:00.440This is why he ran for president of the United States to turn this country around and particularly turn this country around in manufacturing.
00:32:08.460This is the issue that has energized him for decade after decade after decade and finally convinced him along with mass,
00:32:14.880the mass immigration, the invasion of the country that was going on of how America was getting weaker,
00:32:19.820how America was not great like it used to be.
00:32:22.340And he was going to come in and return America to her greatness.
00:32:26.020And so he is doing it and taking on all comers.
00:32:30.180If you look at the institutions of the world, this has never happened, I don't think, in world history.
00:32:36.320One individual with a loyal set of followers in a political movement are taking on every institution that has failed the American people,
00:32:45.200starting with the Congress, starting with the media, the law firms, the universities, high culture, low culture,
00:32:53.420just even the woke military, the woke elements in the military, now the international trading system.
00:33:01.060These are every country of the world's coming at him.
00:33:03.420The EU, Germany, France, Japan, Korea.
00:33:07.280And they're all after realizing he's not going to be budgeable.
00:34:07.260Or you'll turn into what Great Britain has become, which is what the Tory party turned them into and Blair in that part of the labor government, which was Singapore on the Thames.
00:34:20.440This is why England's having such a tough time surviving.
00:34:50.340Those are old, old, old kind of groupings that are essentially irrelevant.
00:34:57.500It is populist nationalism versus elite globalism.
00:35:02.080And the globalist, the ones who are not in the elites, who are in service to the elites, the great unmasking is happening.
00:35:08.460And you see you're seeing this by people are talking about open borders with Europe and bringing, you know, all you know, let's just change.
00:35:17.200Let's say everybody just come across the border and work where they want to work.
00:35:21.600The American citizen is not going to be flooded with Europeans that come over here and take their jobs, particularly the high value added jobs.
00:35:31.060That is that is repulsive, even as a thought.
00:35:34.520Just like we stopped the invasion on the southern border for for lower skilled against Hispanics and African-Americans now to have Europeans come in and go after the middle class and the tech jobs and the managerial jobs.
00:36:56.980Hey, Tej, now more than ever, Tej Gill's with me.
00:36:59.740I asked him to come on this morning because I need I need another pot of Warpath coffee put on because it's been that kind of last couple of days.
00:37:09.120Haven't gotten a lot of sleep, brother.
00:37:10.880My Warpath coffee's got me through it, though.
00:38:53.760I think I told you during during the war when I was going back and forth, I was in Kuwait for Ramadan and I had the best cup of coffee I've ever had there.
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00:39:11.740That's the coffee I was going after was a very smooth cup of coffee.
00:39:16.860And by roasting it on the perforated drum, we don't burn it at all.
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00:41:00.220So today, in the courts, huge victory from President Trump last night on the illegal, on the aliens, enemies of 1798 upheld at the Supreme Court levels of President Trump as commander-in-chief can keep shipping Venezuelans out of the country.
00:41:20.460Designate, particularly ones designated in this terrorist criminal group.
00:41:24.240We'll try to have a breakdown of that in the second hour.
00:41:26.480If not, we'll do it at 5 o'clock tonight.
00:41:27.980On this massive taking on all comers and reorganizing our trading, President Trump is, you know, there's no way you can say it, is winning.
00:41:40.600Not only do you have a more robust trading market today in stocks and equities throughout the world, not just in the United States, but people understand what he's doing.
00:41:48.720He is standing up what a nation's leader should do for the first time in decades and decades and decades and decades.
00:41:56.180He's putting the American people first.
00:42:10.760You're president of the United States of America and American citizens.
00:42:14.500And one of the best things about this process, you're unmasking, unmasking everybody that really stands with President Trump and stands with the MAGA movement and stands with the core tenants of the MAGA movement.
00:42:27.900And everybody that's just there to hold, to grab on and see how much they can get, to see how much they can grab, why the grabbing is good.
00:42:38.540Well, President Trump says, hey, we're turning this deal around and we're going to turn this thing around and have stability.
00:42:43.500We're going to have economic stability and we're just not going to be based upon services.
00:42:49.060People are going to put more capital on the back of services and make them more competitive.
00:42:53.660A sustainable competitive advantage on services, quite difficult, particularly to do it year after year after year.
00:43:02.240Manufacturing and manufacturing processes with your intellectual property, with your copyright, your trademark, your patents, very sustainable.
00:43:11.900This is one of the reasons we had the massive war against the Chinese Communist Party.
00:43:15.640The stealing of the intellectual property, the gaming of the system.
00:43:50.760He's our wise man, a former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics and capital markets.
00:43:58.380Jim predicted Trump's Electoral College victory exactly 312 to 226 down to the actual number itself.
00:44:07.740Now he's issuing a dire warning about April 11th, a moment that could define Trump's presidency in your financial future.
00:44:14.800His latest book, Money GPT, exposes how AI is setting the stage for financial chaos, bank runs at lightning speeds, algorithm-driven crashes, and even threats to national security.
00:44:27.000Right now, war room members get a free copy of Money GPT when they sign up for Strategic Intelligence.
00:44:33.600This is Jim's flagship financial newsletter, Strategic Intelligence.
00:44:55.800So at the highest level, for the highest stakes, this is being played out on the global stage right now, and President Trump is dug in.
00:45:07.940At the same time, he's doing an absolute big deal with the Russian on the Russian rapprochement, right, which is this overall kind of arrangement, understanding with the Russians.
00:45:34.320I still can't make height or hair of it, so I'm going to defer that until this afternoon.
00:45:39.920I have more meetings to make sure I go through this because right now the Senate, what the Senate's proposing makes absolutely no sense, I don't think, just mathematically.
00:45:49.180So we're going to get into all that, but that's another huge thing that's going, as President Trump didn't have enough on his plate, but he's dug in on this right now.
00:45:57.140So one of the most important parts of this, that's why also it is, I think, now more than ever for you to understand the macroeconomics of it.
00:46:07.400We try to give you enough information on this, but I really recommend the end of the dollar empire.
00:48:06.260This is about the security of this country.
00:48:09.780And also, I think the CCP and Xi is playing a game of chicken with the president, with the American people, which he will lose and the CCP will lose.
00:50:52.200And also, the last thing, I think we have to, the American people has to be prepared because, you know what, the Chinese Communist Party controls the propaganda, even in this country.
00:51:03.840So in China, they 100 percent control the media.
00:51:07.600So whatever they do, they fight to the end.
00:51:10.980They sacrifice the well-being of the Chinese people.
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