Learn English with Donald Trump. President Donald Trump delivers a speech on April 2nd, 2025, declaring economic independence from the rest of the world and imposing a 25% tax on all foreign-made cars and trucks. Trump also announces a new ban on all aluminum and steel imports from other countries.
00:07:52.060The economy has to serve the American people.
00:07:55.280It has to serve our security, our well-being, the interests of the good and the beautiful and the true.
00:08:01.080And what President Trump did today in that speech is he weaved all of these issues together.
00:08:07.580He tied the issue of political independence and Independence Day and folded that into the context of economics independence, right?
00:08:17.020In a very real sense, Independence Day is predicated upon this Liberation Day.
00:08:23.340You can't have political independence without economic independence.
00:08:27.220If you can't defend your freedom because you don't manufacture steel or computers, firearms, automobiles, ships, then there's no way that you can actually function as an independent nation.
00:08:39.780So, Spencer, you know, some of the guys, my former colleagues on Wall Street, the Goldman Sachs crowd and others, will sit there and go,
00:08:48.860Steve, you know, a manufacturing percentage of the GDP is, I don't know, absolute numbers, 2.2 trillion, 2.5 trillion.
00:08:57.220And there's 400,000 unfilled manufacturing jobs here.
00:09:00.480People, you and Spencer may fantasize about this, but people don't want manufacturing jobs from the 1950s.
00:09:35.560Power, security, those are relative items, right?
00:09:39.060So we have to look at America's overall place in the world relative to our competitors.
00:09:45.820And ever since the 1970s, when the tariff walls were dropped, and especially since 2001, when China joined the World Trade Organization, there's been a huge seismic shift in industrial power from America to China.
00:10:01.460If you look at, for example, the industrial output between America and China, you know, on paper, it looks fairly similar.
00:10:09.440But that's because there's a big difference in purchasing power between America and China.
00:10:13.940When you account for purchasing power parity, China is producing three times the industrial output that America is.
00:11:09.960What President Trump is saying, we're not playing more games.
00:11:12.800We're going to bring back manufacturing capabilities and capacities here in the $35 and $40 an hour job that goes with it.
00:11:23.180We're not going to – the reason some of these jobs are going – wanting is that they're still relatively low wages.
00:11:29.760This whole – all the statistics that the Wall Street guys throw up at you are completely false when you look at what Trump is trying to do, which is to say, look, all of our allies have been – this is what's so powerful about reciprocity.
00:13:02.240I mean, first, it telegraphs where things are going for American businesses, and it gives our industry time to ramp up production and for people to invest domestically.
00:13:14.300So it should sort of smooth out the economic dislocation that we're expecting.
00:13:20.540But it's also giving other countries an opportunity to play ball.
00:13:23.540I mean, one of the things that we really want to see is opening up foreign markets for American products.
00:13:29.620Because remember, the big problem here is that we have a huge trade deficit, which means we're buying more than we're selling, right?
00:13:38.760Number one, it reshores the production here, so we buy more American.
00:13:42.700But if foreign countries look at our tariffs and they do the math and they say, look, this is not in their best interest, let's lower the tariffs and let American products in, that's going to open up billions of people to American producers as well, right?
00:13:56.060So this is not just about reshoring American industry.
00:13:58.820What President Trump is doing is he's also trying to open up foreign markets for American production and just let our companies compete.
00:14:07.180I want to go back to something President Trump said, and then you brought it up because they were kind of mocking this on TV, and that's the trade deficit.
00:14:16.740In 1974, a couple of things happened around those early years in the early 70s besides Watergate.
00:14:21.760And, by the way, we're going to come up on the 30th anniversary, on the 30th of this month of our sole retreat, the fall of Saigon in America being driven out of Vietnam.
00:14:49.060What we do is put you in touch with Birch Gold.
00:14:51.780Let them walk you through with all the information we put out together, the forces in the world, geopolitical, capital market, economic, demographic, that are driving the price of gold.
00:15:03.100I think gold was $1,100 when we started this four years ago with Birch Gold because they would put in the time and effort.
00:15:08.560You got the end of the dollar empire, which, you know, Rickard said today is the BRICS alternative currency they came up with is, hey, guess what?
00:15:19.600Gold, the central banks are buying at rapid rates.
00:15:23.420Go to birchgold.com slash Bannon, end of the dollar empire, totally free, the sixth free installment, modern monetary theory because we believe ideas have consequences.
00:15:32.840And this one had a quite negative consequence.
00:16:57.800He followed Lou Dobbs all the time, and he started to get his own ideas, his own opinions.
00:17:01.460You go back and look at those interviews with Trump in the 80s and 90s, it's like he was in the Rose Garden today.
00:17:08.140This is a – this is what the French call idea fix.
00:17:12.020This is a fixed idea he's had that a great nation cannot continue to run trade deficits year after year after year and get into the trillions of dollars.
00:19:13.260I don't put a lot of stock into them, but this one's real because it matches up with what we see historically, what we're seeing today.
00:19:20.200Right. There's inductive evidence for it.
00:19:22.500But what he's saying is that there's a mathematical certainty that the bubble will burst.
00:19:25.660And when it does, the economic dislocation and problems that that will cause will be far worse than anything we've ever seen.
00:19:32.560We're in the biggest bubble in history right now.
00:19:35.160And the only way to do that, to get out of it safely, is what President Trump has done.
00:19:39.540It's to deflate it slowly over time by reducing the trade deficit and running a trade surplus.
00:19:44.620So I think that's what we need to get to, Steve.
00:19:46.720OK. This is – he's saying this bubble is the trade deficit, which nobody on Wall Street ever wants to talk about.
00:19:53.420They don't like talking about the debt, but this is separate than the debt.
00:19:56.280This means that your money, your – either you've monetized assets or just your paycheck has gone to people that don't live in the United States of America to pay for goods that are not made in the United States of America to sustain yourself.
00:20:08.160What Scott Besson was saying in the Declaration of Independence in the Constitution is not that you have a constitutional right to just cheap stuff.
00:20:16.760There's something deeper here than that.
00:20:19.700He's saying that bubble, the $25 trillion, that's eventually going to implode and give – and have a massive impact unless you start to deflate the bubble by having surpluses.
00:20:30.960And the way you have surpluses is implement Trump's plan, correct?
00:20:36.800The tariffs are going to do two things.
00:20:39.980Like I said earlier in the show, the tariffs are going to reduce the trade deficit by virtue of having factories be reshored into the country.
00:20:51.180So people are going to buy American rather than buying Chinese or buying Mexican, buying European, right?
00:20:56.720So all of those brands, all of those industries are going to come back to America.
00:21:00.040We're going to make the products in the country.
00:21:02.660So that's going to reduce the trade deficit.
00:21:04.580The other side of that is that, you know, with the reciprocal tariffs, foreign markets are going to open up like they haven't opened up ever before, right?
00:21:13.100American businesses are not free to sell our goods in foreign countries to nearly the same degree that they can sell them here.
00:21:18.940Because these other countries are using tariffs and other non-monetary barriers to entry as part of their industrial development policies.
00:21:26.680But if those numbers come down and American companies are free to compete on even footing, it's going to open up markets.
00:21:34.320Billions and billions of people, potential consumers, will be able to buy American goods for the first time, for the first time in 50 years.
00:21:41.700And that's going to, I would hope, lead to a trade surplus.
00:22:01.360This is what people on MSNBC did when they were talking.
00:22:08.500The reporter said, hey, I've met people that understand, the working class people that understand they want those high value added jobs to come back.
00:22:14.480They understand this is not going to take place immediately.
00:22:16.720You're just going to see a complete onslaught of, oh, the price is going to go up, the price is going to go up.
00:22:22.140Although there's no evidence from our first term that prices went up at all.
00:22:29.280I've been writing a lot of articles about this, about inflation and how it relates to the trade deficit and tariffs.
00:22:36.620And the factual reality of the matter is that America flourished under the Hamiltonian American system of economic and industrial development, which was a high tariff model.
00:22:48.700So for over 150 years, America had the highest tariffs in the world.
00:22:52.600And throughout that entire period, 1789 up until 1973, goods were getting cheaper.
00:23:18.280I'm going to give you three numbers, Steve.
00:23:19.820And these paint the picture of, you know, what's happened to the American family.
00:23:26.240In 1950, the American family spent 31, the average American household spent 31.6% of its income on, like, wants.
00:23:36.440Like vacations, toys, all the goodies in life, right?
00:23:40.700That improved decade over decade over decade until the 1980s when it peaked at about 50%.
00:23:49.180Since then, it's gone down, back down to the levels that we saw in the 1960s.
00:23:58.340So Americans right now are spending proportionally their income on wants, the same as they were in the 1960s, which means we've actually sort of went back in time in terms of economic growth, right?
00:24:10.060And we're spending more now on housing, on food, on shelter, clothing, than at any time in the last 60 years.
00:24:23.840I'm going to play some clips on the other side of a break, and Spencer's going to be with us.
00:24:28.420Also, Brother Delaney, who's the publisher of the book, is going to join us about his family's situation, why he was interested in publishing this extraordinary book.
00:24:38.380You saw this morning where the head of the St. John's, was it Brother Cook, came on, Denver Cook, right?
00:24:49.620Came on this morning and talked to us about the Warren Posse really saving, when Matt Boyle at Breitbart, you've got everybody on watch here, saved the Florida 6th.
00:25:00.380Also, Mike Davis, just a moment ago, said the pressure of the Warren Posse on the House to have these hearings on the judges.
00:25:14.640One of the things I'm most worried about is this anxiety that either taxes or debt or credit cards or particularly your title of your home.
00:25:23.240Remember, if you're lucky enough to own a home, and that's not a lot of folks, or it's less and less, particularly if you're under 35 years old, that contract, that piece of paper is what shows that you actually own that real asset you call a lodge.
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00:34:38.040Dow, the future is down 900, but open tomorrow.
00:34:41.660Asian markets, I'm sure, are going to be on full blast.
00:34:45.000Just why they're not going to be able to rip off the United States and not going to have the margins they had before.
00:34:50.820You need to understand gold as a central part of this, more so than I think it's ever been before, at least in the history of this country.
00:39:05.400You're pretty selective now on what you publish.
00:39:07.940Why did this, why was this book, why is this book so important to you?
00:39:10.960I know you're a huge MAGA guy and you support President Trump.
00:39:13.480But there's something deeper about this book and why you got Spencer to write it and why you're pushing it so hard at your, at your, uh, imprint.
00:39:49.780And, uh, the reason I sought out Spencer is because the story he tells and the policy solution he provides is a solution to what has happened, the tragic story, what has happened to thousands of great American companies.
00:40:05.040And one of them is my family's business.
00:40:06.360We were, uh, I've got a new piece up on im1776.com, uh, about the human cost of offshoring.
00:40:13.940And we had a flush valve manufacturing business, if anyone that goes, it's, uh, we always like to joke in the family that it's, uh, it's, you know, we're in the ship business.
00:40:23.840And it's, uh, not the most glamorous, but everyone has, you know, there's, there's a story behind every manufactured good in this country.
00:40:31.100And this was a company founded in 1879 in New York by immigrants from Ireland that fled the potato famine.
00:40:38.580Uh, they moved the company down after a two-year union strike in New York and Brooklyn.
00:40:43.240And that coincided with about millions of job manufacturing jobs fleeing New York from the, uh, post-World War II into the early seventies, moved down to Charlottesville, Virginia.
00:40:53.080And then in the nineties, they were booming, uh, producing a thousand valves a day.
00:40:57.500Uh, they had several inventions that were made a couple of their valves, the top in the class.
00:41:02.760They were the first one to have a sensor operated battery valve.
00:41:05.340They had a regulating screw that enabled contractors and repairmen to repair the valves in the field.
00:41:10.800So they were, they were innovative and they were doing it all with, uh, basically it was the family and a few others, uh, at this manufacturing facility in Charlottesville.
00:41:21.280They were even outsourcing to other local manufacturers in the, in the central Virginia area.
00:41:26.440And then all of a sudden Zern comes in, in the, in the early nineties, uh, and everyone's probably gone to the bathroom and was seen as Zern flush valve.
00:41:33.100And they were the first to offshore to China.
00:41:35.140And, uh, they, the break-even point for a Delaney flush valve was $65.
00:41:42.000They were a massive global company that could afford, first of all, they were saving money from the offshoring and they were able to use this as a loss leader.
00:41:48.740And their stated goal was to put Delaney out of business.
00:41:51.260So that began an absolutely brutal eight years.
00:41:54.440Uh, my grandfather was clinging on, they didn't make the appropriate changes, but they didn't want to make the changes.
00:42:16.780Unfortunately, my father ultimately passed because of the stress from it.
00:42:20.380But that's, that's the, so we need to understand the human cost of this offshoring.
00:42:24.960I mean, everyone that drives through America sees the devastation of rural America, Kentucky, Virginia, everywhere you turn.
00:42:31.420You go past these one, you can tell back 30 years ago, 20 years ago, used to be thriving communities that were built off of these companies.
00:42:38.640And now the shutter manufacturer graffiti takes over, the rot sets in, the drugs come in, and we are, we are starting to reverse that.
00:48:23.920When you've got a guy like that that comes along in some countries' history only once, in our beloved republic, this is the third time, you've got to play your hand out.
00:48:35.000You've got to get all the squeeze out of the lemon.
00:48:39.020So today, and so folks, understand tomorrow may not be pleasant.
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