Trade tensions between the United States and China escalate to the point of no return. President Trump announces new tariffs on $200 billion worth of Chinese goods. Beijing retaliates with tariffs of 84% on U.S. goods, and the Dow and S&P 500 open in the red.
00:02:16.620Wall Street set to open in the red this morning as President Trump's reciprocal tariffs against dozens of countries taking effect officially now,
00:02:39.200You can take a look, by the way, the Dow off 800 points, NASDAQ off 270 points, S&P 500 looking to open down about 92 points.
00:02:47.220Take a look also, though, at Treasuries because that market has people on edge.
00:02:52.020We're now looking at the 10-year note at 4.466 and lots of questions about who's going to be buying Treasuries or maybe selling them,
00:03:00.880including where China stands on all of that.
00:03:04.260Maria, I think it's unfortunate that the Chinese actually don't want to come and negotiate because they are the worst offenders in the international trading system.
00:03:14.740They have the most imbalanced economy in the history of the modern world.
00:03:18.720And, you know, I can tell you that this escalation is a loser for them, that they have some very smart economists, the academicians, technocrats within their bureaucracy,
00:03:31.620and they would be telling the leadership that we do not have the edge here.
00:03:36.580They are the surplus country that their exports to the U.S. are five times our exports to China.
00:03:46.500So, you know, they can raise their tariffs, but so what?
00:03:50.740You know what I don't hear them talking about?
00:03:52.740I don't hear the president either talking about the working American right now who is going to bear the brunt of all of this.
00:04:01.780These guys are going to be fine, all of them.
00:08:55.680Futures overnight then dropped precipitously with the change.
00:09:00.880President Trump's dug in and then right now is up about 150.
00:09:07.580I think that's because Scott Besson, the Secretary of Treasury, has been out there.
00:09:10.820And, yes, there is a – remember, it's not really a negotiation because what they're putting out is non-negotiable.
00:09:17.180But they're open to having meetings in which they can potentially work out deals.
00:09:23.040We know that Japan, Korea and Vietnam and I think East Asia is very important this morning.
00:09:28.740Caroline Renz actually happens to be in Malaysia at the ASEAN meeting.
00:09:33.180We're going to get a report from her from Kuala Lumpur later in the show about the pressure the Chinese Communist Party is putting on Southeast Asia and East Asia to basically kowtow to them and abandon the United States up to the fact of the word there is that they're telling the delegation in Vietnam to leave Washington, D.C. and come back.
00:10:11.860Remember the other day we were on the show?
00:10:14.560It was down – I think it hit 3.9, 3.95.
00:10:18.260That was kind of irregular – I'm not saying liquidity, but irregular –
00:10:23.860Treasuries back down, and I believe that is twofold.
00:10:26.860Number one, not just the tariff situation, but now this outright throwdown between the Chinese Communist Party and the United States.
00:10:34.620But in addition, I think it's just starting to think through the Senate bill, of which is being pushed by the president.
00:10:41.600And I can tell you there's some spending there people don't understand and scratching their heads, including Jamie Dimon there, a $1 trillion defense bill.
00:10:49.480And I don't know how that's aligned with hemispheric defense.
00:10:51.960We're going to work through all that this morning.
00:10:55.900We'll get the clips of that last night between the Libertarian on Zero Hedge, Peter Schiff, and, of course, Spencer Morrison.
00:11:06.600Spencer, give me your assessment, not just of – we'll play clips last night.
00:11:09.820It was an incredible debate through hundreds of thousands of viewers.
00:11:14.480We really want to thank Zero Hedge for putting on.
00:11:16.420Give us your assessment of what's happened overnight because now this is – as I've said for the last couple of days, and that's why I keep my weekend FT, Trump defying his Beijing's fight back deepens turmoil.
00:11:31.360Yes, they had other aspects too, and you have to get it sorted.
00:11:34.000You've got to get our other quote-unquote allies from ripping us off, and you have to understand how you get American cars into Japan, and you have to deal with the EU who wants us to defend us, who wants us to keep the carrier battle groups in the Red Sea.
00:11:50.300Which, by the way, since the EU retaliated, I would pull both carrier battle groups out and say, guys, hope that Suez Canal thing works out for you.
00:11:59.280Spencer, your thoughts overnight because now it's pretty open.
00:12:03.140It's economic war between the Chinese Communist Party and the United States of America, sir.
00:12:07.600And like you said, Steve, this is just the latest salvo in an economic war that's been raging for at least 20 years.
00:12:15.020We have to remember that since China joined the World Trade Organization, they haven't played by any of the international rules.
00:12:20.800They've instituted legal barriers to entry to the Chinese market.
00:12:25.320They've given Chinese exporters massive subsidies and below-market rate loans so that they can invest in the capital that they need to feed the U.S. market.
00:12:37.600And here's another thing that a lot of people don't know, that when a U.S. company wants to invest in China and build a factory, they have to partner with a Chinese company.
00:12:47.440And they have to – the management, they have to export the technology, and they have to train up the Chinese people to do the jobs, right?
00:12:54.820So this is an avenue for a technological path.
00:12:59.300This is what Kevin O'Leary was saying last night.
00:13:24.440As the U.S. military talks about going kinetic via drones on cartels, we've got Dr. Bradley Thayer about the Chinese Communist Party and the economic war.
00:13:34.900Also, Caroline Wren is from Kuala Lumpur later in the show talking about ASEAN and the folks in Southeast Asia that want to be trading partners to the United States.
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00:16:12.480And those I talk to around him, he is holding fast.
00:16:16.760We've seen some slight rifts open up within the administration, within the Republican Party.
00:16:21.680We know Treasury Secretary Besant urging more negotiations.
00:16:24.520Some of those will be taking place in the days ahead.
00:16:28.200Others, like Peter Navarro, some in the extended Trump world, those listening to the Steve Bannon podcast are saying,
00:16:33.880no, dig in, this is indeed our moment to bring back these manufacturing jobs to the United States,
00:16:39.700even though economist after economist after economist says that's just not realistic,
00:16:43.700or at the very least, it'll be an extraordinarily lengthy process.
00:16:47.420It will take years, and a lot of economic pain will be endured between now and then.
00:16:55.280Okay, we're going to go around the world today.
00:16:57.000Let's go to Greece and our own Matt Boyle, the national political editor of Breitbart News.
00:18:42.340They want to figure out how do they get there.
00:18:45.100The prime minister of Greece, Mitsotakis, told me that he is ready.
00:18:50.800He believes Europe is ready to make a deal that he called win-win, a mutually beneficial deal with President Trump.
00:19:01.060And that they understand that the big picture here is about stopping the Chinese Communist Party.
00:19:06.220So that trade war that we're talking about here, that economic warfare with China, that's what this picture is about.
00:19:12.420And I think that President Trump has a unique opportunity right now around the world with what you see with a number of these countries,
00:19:19.300whether it be the Europeans, who are sometimes being dragged kicking and screaming along to the point of working with the Americans to stand up to China.
00:19:30.620But along with that, the Japanese, the South Koreans, the Indians, and so many more, President Trump can unite the world and create a global coalition to defeat the Chinese Communist Party.
00:19:43.760And there's a pathway to do so already in existence.
00:19:47.220President Trump signed earlier this year, and this is the big picture.
00:19:50.380And I asked the president about this when I was in the White House with him just a few weeks ago.
00:19:54.920So he signed a deal with Narendra Modi, the prime minister of India, when he came to the United States, called the IMEK Corridor.
00:20:03.520And the IMEK Corridor is the first Western-led trade corridor to counter the Belt and Road Initiative from China.
00:20:25.960And then it goes from there through Cyprus into Greece into Western Europe.
00:20:31.200So the way to look at this is, and this is what the prime minister told me, is that you have on one side the world's biggest democracy in India.
00:20:39.820On the other side, the world's most powerful democracy in the United States.
00:20:44.540And the birthplace of democracy right here in Greece, in the center that holds the whole thing together.
00:20:50.060And this is the Western world's answer to the communist-led trade routes through the Belt and Road Initiative.
00:20:57.160Is there an understanding of not just the Greeks but the other Europeans that are there that we have to come to some sort of – there's got to be worked out – you know, we put forward this – the issue of reciprocity, which both tariffs and non-tariff barriers, particularly in countries like Germany, et cetera.
00:21:15.720Is there an understanding at this conference that these are reasonable requests and somehow we've got to figure this out?
00:21:25.980So I haven't talked to some of the folks from the other places yet.
00:21:28.940So I don't want to give you misinformation.
00:21:32.060But I do think that what you're seeing from the European leaders – and you heard this from the European Union president, Ursula von der Leyen, the other day.
00:21:41.400They're willing to work with the United States.
00:21:44.020Their effort – their measures that they approved just moments ago, the European Union, are frankly – they're kind of muted, right?
00:21:54.160Like these were things they were planning anyway in response to the aluminum and steel tariffs.
00:22:00.100They dropped the bourbon tariff that they were going to do after President Trump's threat of 200 percent tariffs in response on any European alcohol imports to the United States.
00:22:10.620So I think the Europeans, based off my conversations, again, pretty heavily with the Greeks and I'll see if I meet some folks from some other nations, is that President Trump can rally Europe to his side in the broader economic war with China.
00:22:25.820You've been following President Trump as close as anybody for the last 10 years.
00:22:31.800It should be no surprise that this throwdown with China came and China's punching back with all their might and actually the Wall Street Journal is reporting how they've been preparing their toolbox with a lot of different – including, as I've been warning on this show, maybe even cutting off medicines and active pharmaceutical ingredients.
00:22:49.120I mean, they've got a whole escalatory ladder.
00:22:50.920You're – knowing President Trump, is there anything that President Trump's done in the last 48 hours vis-a-vis the Chinese Communist Party and China as a trading partner surprise you?
00:23:02.200This is – and everybody keeps asking me, oh, is Trump going to back down because of the Wall Street trade, you know, the markets or the media pressure?
00:24:00.900But the, I keep telling everybody, after we were manufacturing powerhouse coming out of World War II, and then after the Cold War, we, you know, the entire foreign policy establishment acted like history was over.
00:24:18.060Like, that there was no challenge anymore.
00:24:19.980And then that allowed the Chinese Communist Party, and frankly, the politicians in both parties in America, both Republicans and Democrats, from both Bushes, the Clintons, the Obamas,
00:24:30.900and Biden allowed China to hollow out our middle class.
00:24:38.520So many of the factories are shut down.
00:24:40.280The ones that are still operating that used to employ, say, 30,000, 20,000 people maybe employ 1,000 now, right?
00:24:46.580Like, so it's as if a nuclear bomb went off in Ohio.
00:24:50.380And President Trump deeply understands this.
00:24:53.180And then, oh, by the way, China, just for good measure, just keeps pumping fentanyl back into the, to replace the jobs, right?
00:25:00.220Like, so they steal our factories and our innovation and our manufacturing.
00:25:05.180And then they, they pump drugs in to poison our people afterwards.
00:25:09.140So when I say it's a nuclear, like a nuclear bomb went off, it's not just the, the, the hit of losing the job and losing the factory.
00:25:15.820Then they're addicting all of our people to, to deadly chemical drugs.
00:25:19.860And, um, uh, it's having lasting, lingering effects.
00:25:23.540So President Trump is exactly right about this.
00:25:26.180And I think that, um, he's not backing down.
00:25:29.640There's no reason why he would back down.
00:25:31.760Uh, there's nothing that the establishment can do to stop him.
00:25:34.840And I think that, uh, look, this is a big swing.
00:25:37.680He's taking a huge swing here, uh, as president, uh, it's maybe bigger than, uh, many of us would have thought he would have taken, right?
00:25:45.540Cause you know, sometimes, you know, once they get there, they get into office, you know, all these people get around them and they try to work them from different sides.
00:25:55.360And I think that, um, the more he holds the line and buckles down here, if he succeeds on this, and I think he will, uh, he will go down as one of the greatest presidents, uh, in, in, in our country.
00:26:06.100They'll have to carve out a, an extra spot for him on Mount Rushmore if he wins on this fight, right?
00:26:11.360Like, I mean, and they'll probably be on, uh, you know, on, on money at some point, right?
00:26:15.940Like, I mean, he's going to be remembered as an incredible president if he pulls off this huge swing that he's taking.
00:26:21.280Matt Boyle, where do people, uh, get your reporting at Breitbart and see the, uh, the interview you're going to put up with the Greek prime minister, where'd they go?
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00:30:50.380Yeah, Boyle is, I guess he's a month early for the East Med.
00:30:53.020It'll probably warm up a little bit, a little bit come May, but you have to have that Delphi for him a little bit later up there on Mount Olympus, I guess.
00:31:01.240Get us some of those thunderbolts for him.
00:31:03.620But look, when it comes down to it, when it comes down to it, with President Steve, go back to the very first days of war room pandemic.
00:31:11.240Go back to the very first days of all the things that we've talked about from that day until now.
00:31:18.340Everything that we've discussed has been building to this moment.
00:31:23.020Everything that MAGA has been fighting for, everything that these people have been fighting for, we're almost at the 10-year mark of President Trump coming down that escalator, coming down the golden escalator.
00:31:34.180It'll be just in a couple of months here.
00:31:35.700It's 10 years to say the American people have been ripped off.
00:31:50.800A merger of the elites of the United States and the elites of China.
00:31:55.200And through that corrupt elite merger, they built the seeds of globalism, sown, by the way, on the bloodied streets of Tiananmen Square.
00:32:05.260We've talked about this for years, wrote books about it, et cetera, et cetera.
00:32:07.900And now President Trump is finally going to do something to fight back.
00:32:14.780I'm not just talking about the IP stealing and the military secrets and all the stuff that's going on and Clinton selling them the satellite technology and all the rest.
00:32:22.760We're talking about the hollowing out of the middle class.
00:32:24.960We're talking about the hollowing out of the working class, particularly in – go look at the – why is the Rust Belt like the Rust Belt?
00:32:30.300Why is Pennsylvania, Michigan, Ohio, Wisconsin look the way that it does and Shanghai and Shenzhen look the way they do?
00:32:48.000That's built off of the backs of the American people being turned into a zombie-like consumer slave class where you have two options, right?
00:32:56.740Go buy the new iPhone or go take the latest fentanyl and as you go slowly spin down into a downward spiral of depression and the deaths of despair throughout the America's economic heartland.
00:33:11.040That's why President Trump is where he is.
00:33:13.100That is what the American people voted for him to do, not the elites, the working class people of this country.
00:33:19.800When I saw President Trump's speech last night at the NRCC, I said that is full-throated, raw economic nationalism, and I had tears in my eyes watching that speech because finally, finally someone is actually doing something about the Chinese Communist Party that has been robbing us blind for 30 years.
00:33:37.480And look, I've talked about this for so long.
00:33:39.620I spent two years over there, about 2006 to 2008, off and on, going back and forth, Shanghai, Shanghai American Chamber of Commerce, going working for a U.S. firm, trying to bring U.S. business over there.
00:33:50.360We can't bring U.S. businesses over there.
00:33:52.200There's all sorts of trade barriers and all of a sudden some party members got this problem and they got that problem and, oh, this can't come over because, you know, you've got agriculture.
00:33:59.640You've got mad cow disease and you've got bird flu, so we've got to block this and block that.
00:34:03.820They won't call it a tariff, but they'll call it something else because they know exactly what they're doing.
00:34:08.580And then you have American business owners and American politicians going over there saying, oh, so you're a model.
00:34:15.660You don't have to worry about pollution controls or human rights or civil rights or any of these things.
00:34:21.400And you have all these workers and they'll do they'll do the work much, much cheaper than all those those union workers, manufacturing workers and blue collar workers in the United States.
00:34:32.500And then we're going to come back and import it to the United States.
00:34:35.900The big lie of all of this has been rather than China becoming more open and democratic if we put them into the World Trade Organization or give them the PNTR, the Permanent Normal Trade Relations.
00:34:47.320No, the most favored nation status, by the way.
00:35:02.000And by the way, Steve, what happened the very last time that China had their backs up against the wall, right up against the wall, like Kevin O'Leary said?
00:35:42.640They declared a people's war on us in May of 2019 when they rejected the Lighthizer-Navarro deal that President Trump had worked on for two years.
00:35:52.840They declared it had one belt, one road, the top of their game.
00:35:57.200They rolled right into the games, released COVID to stop Trump.
00:36:00.900You said on the very first show, folks, particularly newer audience members, but our original posse would remember the very first show, Jack Posobiec was on there.
00:36:11.440And I asked you the question, the very first pandemic after we shifted over from impeachment in late January of 2020.
00:36:26.220Is that Xi trying to convince the Chinese people he still retains the mandate from heaven?
00:36:30.900Well, that's exactly what Kevin O'Leary was discussing when he said Xi cannot remain supreme leader if he loses the mandate of heaven, if he loses face in front of the Chinese people.
00:36:40.240So the mandate of heaven goes into this idea, this theory of Chinese history of the cyclical nature of Chinese dynasties.
00:36:48.260And if you look at the CCP as a modern dynasty of China, the same way Qing dynasty, Ming dynasty, Song dynasty, Qin dynasty, et cetera, all the way back to Emperor Qin Shi Huang and the Yellow Emperor, the Golden Emperor, all the rest, that a dynasty falls when the dynasty becomes corrupt, when a dynasty loses.
00:37:06.620So invasion, pestilence, economic downturn, disease, famine, these are all reasons for a dynasty to have lost face or in the Chinese context, lost the mandate of heaven.
00:37:20.000And so if the Chinese people believe he has lost this, then potentially that would be something that would actually sap the economic strength or the political strength of his position within China.
00:37:29.580Now, I don't think that he is in a position to lose power in China right now.
00:37:34.820But what I am talking about is this is the nature of how China works.
00:37:40.300This is the nature of how things have always been.
00:37:42.140So he's going to fight as hard as possible to maintain the Chinese Communist Party's grip on control within China, the same way he did back all the way back then.
00:37:53.780The market is basically flat right now.
00:37:56.540So people are waiting for the next blow to fall.
00:38:36.100It may be a little stop coming through Mexico because of the tariffs, but they're not dialing it back.
00:38:40.440Talk to me about this report and your assessment.
00:38:44.540Yeah, NBC is out with a pretty scoopy report talking about how the White House and Trump are interested in unilateral drone strikes against the cartels in Mexico.
00:38:59.960This is causing quite a kerfuffle, of course, in the bilateral relationship between Mexico and the United States.
00:39:08.980But I've been telling you here for, you know, a couple of months now that they seem to be the United States seems to be moving in a direction toward this for since the very beginning, you know, putting a bunch of spy flights up and naval vessels off both coasts and 10th Mountain Division on our side and and striker brigades, CIA.
00:39:35.120So, I mean, I wouldn't be surprised if Trump decided at some point to start striking in Mexico, which would be just absolutely unprecedented.
00:39:49.100Claudia Scheinbaum is out over the last 10 hours or so complaining about this, saying, you know, we're you know, we're we're opposed to this.
00:39:58.380It's it's something we won't accept, et cetera.
00:40:02.360But, you know, Donald Trump is not a conventional president at all, as we all know.
00:40:08.800And so, you know, anything's possible.
00:40:11.520It's the madman theory in action here.
00:40:30.640President Trump has said it got to stop the games.
00:40:33.060Now, we know from reports in The New York Times, Todd, that the that the fentanyl, the tariffs have cut the fentanyl by 50 percent.
00:40:41.200But the report best and the people are talking about is that the Chinese Communist Party are still in back of this and trying to push hard.
00:40:47.200I guess the blockbuster in the story is not so much the drone strikes, but it's unilateral.
00:40:52.880In other words, he ain't dialing in the Mexicans.
00:40:55.340I think I think the feeling is probably they don't want this to leak because the Mexican, even the Mexican Marines are rife with informants for the cartels.
00:41:07.900You keep talking about going after the company.
00:41:09.760Is this why President Trump's thinking now of unit unilateral military action against the at least these labs, these concentration of labs in these in these mountain towns, sir?
00:42:21.980And I think the numbers for fentanyl smuggling events are going to be down again in March.
00:42:29.580That'll be three consecutive months of declines in fentanyl seizures on our side, which is a good indicator.
00:42:38.700And Derek Maltz, the head of DEA, told me last week that he thinks that they've got intel that the cartels are making a decision to start moving fentanyl into European markets instead of our markets just to get the heat off of them.
00:43:22.040Make sure you go to jacemedical.com today and find out how you can avoid getting wrapped up in the strategic initiative of the Chinese Communist Party to shut down our generic drugs.
00:43:51.900He's our wise man, a former CIA, Pentagon, and White House advisor with an unmatched grasp of geopolitics and capital markets.
00:43:59.000Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number itself.
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00:45:43.300We told you turbulence was coming, and it's not going to get any less turbulent.
00:45:47.920This is a world that is a-changing, right?
00:45:51.000As Boyle said and Poso said, they've been an unrestricted war for us over a decade, right?
00:45:56.680But people's war outright since May of 2019, viciously, viciously.
00:46:01.620First of the pandemic from the Wuhan lab, which we called in the very first day of war and pandemic.
00:46:07.040And we're proven right over time after being smeared and, remember, deplatformed by everybody because of that.
00:46:14.740And also for standing up for President Trump and his victory in 2020, which we're very proud of even today because he did win in 2020.
00:46:23.680Birchgold.com, ended the dollar empire.
00:46:26.600In the Wall Street Journal article, what they talk about is the Chinese Communist Party making all efforts right now on a de-dollarization move globally.
00:46:35.540Because they're getting crushed in their capital markets.
00:46:39.100So de-dollarization, remember, that's what we talk about in the end of the dollar empire.
00:46:43.340Go to birchgold.com slash bandages, check it all out.
00:46:49.080He makes the case that President Trump and the team are thinking about this.
00:46:53.460People should understand the NBC report was quite well sourced from, you know, the Pentagon, the intelligence services, and the White House.
00:47:03.580Look, Steve, when it comes down, though, we know that the border situation has gotten completely out of control.
00:47:10.560These people not only – and I shouldn't say people, these scum, these absolute animals that are operating on both sides of the border.
00:47:16.840That's what's clear about this is that these rat lines that they've had over, up, and into parts of the southern United States have been going on for a decade plus.
00:47:27.300Why are we so worried about the borders of countries that are thousands and thousands of miles away?
00:47:33.620And when, again, we're not protecting our own economic heartland?
00:47:37.340You know, I'm a Mackinderite when it comes to the American heartland.
00:47:41.620You know, not so much about the world island, but when it comes to the American heartland, yeah, then I become a Mackinderite.
00:47:48.020And so this idea is we need to fight – if you look at it as a whole-of-government, whole-of-society approach towards the CCP, well, guess what?
00:48:09.180They're going to Taiwan with the first island chain there.
00:48:11.840So when you look at all of these things writ large, and then, of course, they're all backfilling with Wall Street and the Ivy Leagues and taking all of our professors, the Thousand Talents program.
00:48:29.080So they're fighting a people's war against us on every single front.
00:48:33.460And finally, finally, there is an administration that says rather than tapping into that, that's saying I'm going to be on the crack myself.
00:48:43.040No, we're going to get America off the crack.
00:48:45.640We're going to get America back to a holistic, healthy heartland economically, spiritually, and physically.
00:48:53.640And, yes, that means taking out the running dogs of the CCP in these cartels.
00:48:58.840So, yeah, if there's some cartels that don't want to stand down, well, guess what?
00:49:26.560We're tired of having our people destroyed by this chemical warfare attack by the Chinese Communist Party.
00:49:32.280How do you think that's going to set down south of the border, sir?
00:49:37.320Oh, I mean, you know, it's the American dogs.
00:49:41.800I mean, there's a long history about, you know, American military adventures in Mexico and everywhere else down there.
00:49:50.320And people are, especially people like Claudia Scheinbaum, you know, people on the kind of socialist left are especially keyed in on this.
00:50:02.540So I don't know what their pushback is going to be, but they'll push back if we try something like that.
00:50:10.820I think what they're up for is some joint kind of U.S. intelligence-led intervention kind of action down there.
00:50:19.580I don't know what they're going to do if we just go at unilateral.
00:50:22.880I mean, I think they're going to lose their collective minds.
00:50:25.180And one thing about that that I do worry about, I'll just put this out there, is that we don't want to see the Mexican population, you know, start viewing the cartels as the hero victims of martyrs against the, you know, the North American dogs that are doing this to us again.
00:50:47.680And so there's – I think there is a fine balance.
00:50:50.560We don't want to lose the Mexican people in too much military intervention.
00:50:59.520Yeah, no, that gets to the Pancho Villa, Blackjack Pershing, the last expeditionary force I think we said down there.
00:51:05.940Todd, we'll spend more time on this during the week.
00:51:09.080Where do people go to get all your great writings and all your information?
00:51:11.820Because this front in the war of the Chinese Communist Party is about to go kinetic, I believe, either in combination with the Mexican military or in a solo endeavor.