Verdict with Ted Cruz - May 15, 2025


BONUS POD： Tariff Turnaround-Understanding Trump's Reset on U.S. Trade

Topics
trade deal with China productive talks trade deal with China
Hosted by
Ted Cruz
Mentioned
Donald Trump Jameson Greer Ben Ferguson Scott Besson Besant Caroline Leave Liz Chang Joe Biden Xiao Main Liu Hu Houthis Lefeng
Huge, Transformative Victory： Invest America 401k Accounts for Every Newborn Child in America CNN Has Uncovered a Scandal...that CNN Covered up Biden's Mental Decline!

Episode Stats


Length

12 minutes

Words per minute

155.83

Word count

1,954

Sentence count

134

Harmful content

Toxicity

4

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

After two days of constructive talks in Geneva, the U.S. Treasury Secretary Scott Bessent and the Trade Rep. Jameson Greer reported substantial progress in discussions with Chinese Vice Premier Liu He and both sides have expressed optimism about the outcome. The announcement has already had a positive impact on the financial markets, with the dollar strengthening against other currencies.

Transcript

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 This is an iHeart Podcast.
00:00:02.660 Guaranteed human.
00:00:05.860 If you go back 30 years ago, he wasn't a smart person.
00:00:09.080 You go back to prime time with him, he wasn't a smart person. 0.80
00:00:12.020 But he was a very mean person. 0.82
00:00:14.100 Joe Biden's a very mean person. 0.54
00:00:15.640 People don't understand that. 0.92
00:00:17.260 They've ruined lives.
00:00:18.300 They've ruined families.
00:00:19.380 They've ruined so many people.
00:00:21.240 They could have ruined me.
00:00:22.200 They tried to ruin me.
00:00:23.540 But we're now in Air Force One, flying nicely to the Middle East, right?
00:00:27.260 You're listening to the 47 Morning Update with Ben Ferguson.
00:00:31.360 Good Thursday morning.
00:00:32.580 Nice to have you with us on the 47 Morning Update.
00:00:35.260 Ben Ferguson with you.
00:00:36.400 And we have two major stories for you this morning coming from the Trump administration.
00:00:41.740 First up, the media lied to you when they said there was no chance we'd get a deal with China anytime soon.
00:00:49.300 Some were even saying it wouldn't be done anytime this year.
00:00:52.780 Well, we now have a major announcement from the White House on a trade negotiation deal with China.
00:00:58.960 And I'll give you the details in just a moment.
00:01:01.200 Up next, what happened in the China trade deal that is affecting every American?
00:01:06.540 It's the 47 Morning Update, and it starts right now.
00:01:10.160 Story number one.
00:01:11.400 Doom and gloom.
00:01:12.480 That's what the media wanted you to believe, that a deal would not be done even this year with China.
00:01:18.160 Well, guess what?
00:01:18.980 The White House announced a significant breakthrough in trade negotiations with China, marking a positive step forward, resolving the ongoing trade tensions between the two nations.
00:01:32.480 When did this happen?
00:01:33.780 After two days of constructive talks in Geneva.
00:01:37.040 The U.S. Treasury Secretary, Scott Bessent, and the trade representative, Jameson Greer, reported substantial progress in discussions with Chinese Vice Premier.
00:01:47.880 And both sides have expressed optimism about the outcome.
00:01:52.060 I want you to hear what the Treasury Secretary had to say after the meeting on Sunday.
00:01:58.100 And I think that led to a great deal of the productivity we've seen.
00:02:01.960 But I can tell you that the talks were productive.
00:02:07.020 We had the Vice Premier, two Vice Ministers who were integrally involved, Ambassador Jameson and myself.
00:02:16.760 And I spoke to President Trump, as did Ambassador Jameson last night.
00:02:22.600 And he is fully informed of what is going on.
00:02:26.020 So there will be a complete briefing tomorrow morning.
00:02:29.780 Complete briefing from the White House.
00:02:32.360 And yet again, the media lied to you just days ago, saying this was going to take at least a year to get done if it was going to get done.
00:02:43.020 The U.S. Trade Representative in Geneva also talking about how important this was and how close they were to understanding each other in the trade negotiations.
00:02:53.720 I want to echo the Secretary's remarks with respect to the Swiss government.
00:02:57.360 They've been so welcoming, and they posted this.
00:02:59.960 And everything has gone off flawlessly, and we appreciate that.
00:03:03.580 And again, to the Chinese negotiators, Vice Premier Liu He, Vice Minister Li Chenggong, and Vice Minister Liao Min work very diligently.
00:03:12.260 And these are very tough negotiators.
00:03:14.000 A couple of them I know from before and have had past interactions with them.
00:03:18.160 And this was, as the Secretary pointed out, a very constructive two days.
00:03:23.260 It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as may be thought.
00:03:32.320 That being said, there was a lot of groundwork that went into these two days.
00:03:36.260 Just remember why we're here in the first place.
00:03:39.380 The United States has a massive $1.2 trillion trade deficit.
00:03:43.160 So the President declared a national emergency and imposed tariffs.
00:03:46.980 And we're confident that the deal we struck with our Chinese partners will help us to resolve, work toward resolving that national emergency.
00:03:54.480 Donald Trump made it clear from the very beginning, there is a trade emergency in the U.S.
00:04:00.500 having that massive $1.2 trillion trade deficit.
00:04:05.180 And that is exactly why the President declared it.
00:04:08.140 We're confident that the deal we struck with our Chinese partners will help us work towards resolving that national emergency.
00:04:16.260 Now, President Trump characterized the negotiations as a move towards a total reset of U.S.-China trade relations.
00:04:24.200 Emphasizing the importance of opening China's markets to American businesses.
00:04:29.200 Chinese officials also echoing this sentiment, describing the talks as candid and constructive.
00:04:35.900 And highlighting the establishment of a new consultation mechanism for ongoing economic dialogue, quote unquote.
00:04:44.540 Now, the announcement has already had a positive impact on the financial markets as well.
00:04:49.260 Stock futures rising and the U.S. dollar strengthening against other currencies.
00:04:54.200 This development is seen as a hopeful sign for American farmers, retailers, and consumers who have been affected by the tariff escalations.
00:05:04.140 Further details of the agreement are expected to be disclosed in a joint statement today,
00:05:10.800 which will provide more insight into the specific measures agreed upon to ease trade tensions
00:05:16.720 and foster economic cooperation between the U.S. and China.
00:05:20.740 Now, if there's one thing that's very clear now, Donald Trump really is the best negotiator in the world.
00:05:28.320 And this will make the media and liberals lose their mind because they don't really care about Americans.
00:05:34.000 They care about Donald Trump being a failure at all costs.
00:05:37.560 And yet again, he proved them wrong.
00:05:39.800 Now, story number two.
00:05:40.960 Now, the other big story is the fact that we now have a significant movement when it comes to the tariffs with China.
00:05:49.060 The Trump White House has just posted a statement on the U.S. and China's historic trade deal, putting it this way.
00:05:56.180 American tariffs on China were at 145 percent.
00:06:00.040 Now they're at 30 percent.
00:06:02.380 China's tariffs on America were 125 percent, now at 10 percent.
00:06:08.140 And Donald Trump was the one that made all of this possible.
00:06:11.640 White House Press Secretary Caroline Levy saying it this way to Fox News.
00:06:15.820 First off, your reaction, and what could you tell us about the China deal that has tariffs dropping from 145, 125, respectively, to 30 and 10?
00:06:26.520 This is an extraordinary first step in the right direction.
00:06:30.500 And thanks to the strength of President Trump, Secretary Besant and Ambassador Greer were able to cut this initial deal with China.
00:06:37.720 China agreed to reduce their tariffs on the United States by 115 percent.
00:06:42.480 They also agreed to continue having discussions about opening Chinese markets to American-made products and goods.
00:06:49.040 And they also agreed to continue seriously discussing the grave impact that Chinese-produced fentanyl is having right here in the United States and our people.
00:06:57.440 So this is a great first step for the American public.
00:07:00.260 And Secretary Besant, Ambassador Greer, and, of course, President Trump will continue negotiations with China so we can hopefully inevitably get to a fair and comprehensive big trade deal.
00:07:10.060 Now, this is going to be a pause for 90 days.
00:07:13.400 And I want you to hear exactly what the White House said to me earlier today.
00:07:17.540 This is President Trump, quote, securing another historic deal.
00:07:21.260 Today, on the heels of the brand new deal with the United Kingdom,
00:07:24.780 President Trump reached an agreement with China to reduce China's tariffs and eliminate retaliation.
00:07:30.300 Also, retain a U.S. baseline tariff on China and set a path for future discussions to open market access for American exports.
00:07:38.780 You just heard the White House say that on TV.
00:07:41.680 Today, the United States issued the first joint statement on trade in many years with China after successfully negotiating over the weekend in Geneva, Switzerland.
00:07:51.260 The White House says, quote,
00:07:52.460 Both parties affirm the importance of the critical bilateral economic and trade relationship between both countries and the global economy, saying this.
00:08:02.460 For far too long, unfair trade practices and America's massive trade deficit with China have fueled the offshoring of American jobs and the decline of our manufacturing sector.
00:08:14.800 In reaching an agreement, the White House says, the United States and China will each lower their tariffs by 115 percent while retaining an additional 10 percent tariff.
00:08:25.880 Other U.S. measures will remain in place.
00:08:28.500 Both sides will take these actions by May 14th of 2025.
00:08:33.700 This trade deal is a win for the United States, demonstrating President Donald Trump's unparalleled expertise in securing deals that benefit the American people.
00:08:44.860 Then the White House said this.
00:08:46.700 The Chinese action saying, quote,
00:08:48.900 China will remove the retaliatory tariffs it announced since April the 4th and will also suspend or remove the non-tariff countermeasures taken against the United States since April the 2nd.
00:09:00.900 China will also suspend its initial 34 percent tariff from the United States that it announced on April 4th for 90 days.
00:09:09.620 It will remain at 10 percent tariff during the period of the pause.
00:09:13.660 And then they say under American action, the United States will remove the additional tariff it imposed on China on April 8th and April 9th,
00:09:21.160 but will retain all duties imposed on China prior to April 2nd, including Section 301 tariffs, Section 232 tariffs,
00:09:29.800 and tariffs imposed in response to the fentanyl national emergency invoked pursuant to the International Emergency Economic Powers Act
00:09:39.720 and also the most favored nation's tariffs.
00:09:42.560 They went on to say the United States will suspend their 34 percent reciprocal tariff imposed on April 2nd for 90 days.
00:09:49.160 And the 10 percent tariff that will remain in place is set for a fair baseline that encourages domestic production,
00:09:56.780 strengthens our supply chains, and ensures that American trade policy supports American workers first instead of undermining them.
00:10:04.680 By imposing reciprocal tariffs, President Trump is ensuring our trade policy works for the American economy
00:10:10.620 and addresses our national emergency brought on by our growing and persistent trade deficits
00:10:16.400 and levels the playing field for American workers and our producers.
00:10:21.080 Unlike previous administrations, the White House said President Trump took a tough, uncompromising stance on China
00:10:28.420 to protect American interests and stop unfair trade practices.
00:10:33.440 They also said this is working towards a rebalancing.
00:10:36.620 When these changes come into effect, the White House says, both nations agree to establish a mechanism
00:10:41.920 to continue important discussions about trade economics.
00:10:45.900 The U.S. goods trade deficit with China was $294 billion in 2024, the largest with any trade partner.
00:10:54.680 This agreement works towards addressing these imbalances to deliver real,
00:10:58.820 lasting benefits to American workers, American farmers, and American businesses.
00:11:04.360 The White House saying this, finally, as our nations continue these discussions,
00:11:09.440 China will be represented by He Lefeng, the Vice Premier of the State Council.
00:11:14.820 The United States will be represented by Scott Bessent, the Secretary of Treasury,
00:11:19.000 and Jasmine Greer, United States Trade Representative.
00:11:22.220 They also said addressing the fentanyl crisis is the most important matter as well,
00:11:26.880 as the United States and China will take aggressive action to stem the flow of fentanyl
00:11:31.580 and other precursors from China to elicit drug production in North America.
00:11:37.540 If you look at what the President has been able to do in just the last couple of days,
00:11:43.160 here it is.
00:11:44.340 In just seven days, President Trump has secured a historic U.K. trade deal,
00:11:50.660 a massive China trade deal,
00:11:53.320 the release of an American hostage,
00:11:56.060 the ceasefire with India and Pakistan,
00:11:58.520 the ceasefire with the Houthis.
00:12:01.100 And this is exactly what so many Americans voted for,
00:12:04.860 and Donald Trump paying off on his promise to put Americans first and protecting all of us.
00:12:10.740 Thank you for listening to the 47 Morning Update with Ben Ferguson.
00:12:14.900 Please make sure you hit subscribe wherever you're listening to this podcast right now.
00:12:20.120 And for more in-depth news, also subscribe to the Ben Ferguson Podcast,
00:12:24.660 and we will see you back here tomorrow.
00:12:28.520 This is an iHeart Podcast.
00:12:31.320 Guaranteed Human.