Verdict with Ted Cruz - May 13, 2025


BONUS POD： Trump’s Triumphs w BIG Pharma & China Trade Deal


Episode Stats


Length

14 minutes

Words per minute

158.30574

Word count

2,311

Sentence count

171

Harmful content

Hate speech

3

sentences flagged


Summary

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

Breaking down the deal between the US and China on trade and prescription drug prices and how this will impact the American consumer. The President announced that the US will now be the most favored nation in the world when it comes to pricing prescription drugs.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 This is an iHeart Podcast.
00:00:02.520 Guaranteed human.
00:00:05.920 Let's say China.
00:00:07.560 China.
00:00:08.120 China.
00:00:08.760 China.
00:00:09.300 China.
00:00:09.780 China.
00:00:10.340 China.
00:00:10.720 China.
00:00:11.200 China.
00:00:11.660 China.
00:00:12.500 China.
00:00:12.980 You go over to China.
00:00:14.140 China.
00:00:14.480 China.
00:00:14.820 China.
00:00:15.160 China.
00:00:15.540 China.
00:00:16.220 China.
00:00:16.820 China.
00:00:17.100 China.
00:00:17.420 China.
00:00:17.740 You take China. 0.84
00:00:18.400 China.
00:00:19.080 China.
00:00:19.680 I love them.
00:00:20.480 China.
00:00:21.020 You're listening to the 47 Morning Update with Ben Ferguson.
00:00:25.100 Good Tuesday morning.
00:00:26.240 Welcome.
00:00:26.540 It is the 47 Morning Update.
00:00:28.580 And my oh my as have been one heck of a week for President Trump.
00:00:32.600 Not only has he secured a UK trade deal that's historic, but now a China trade deal.
00:00:38.980 Plus the release of an American hostage.
00:00:41.360 A ceasefire with India and Pakistan. 0.80
00:00:44.320 And a ceasefire with the Houthis.
00:00:46.060 And now we will break down the other big deal as well.
00:00:49.340 First up, a massive deal on prescription drug prices.
00:00:53.180 And what happened in the China trade deal that is affecting every American.
00:00:58.580 It's the 47 Morning Update and it starts right now.
00:01:02.240 Story number one.
00:01:03.320 Major victory number one for the American people is going to have a massive impact on
00:01:09.540 so many Americans that deal with high costs of prescription drugs.
00:01:14.400 Here is what you need to know about what the President has done to lower the price of
00:01:20.320 prescription drugs for all Americans.
00:01:22.660 The announcement and the action put forth saying American patients will be first instead of
00:01:29.520 the pharmaceutical companies by Donald Trump will have an impact for every American.
00:01:34.260 Now this should not be a conservative or liberal or Republican or Democratic issue.
00:01:39.320 Yet Democrats are angry about it.
00:01:42.100 So let me tell you exactly how this is going to have an impact on you.
00:01:46.000 First up, the President said that we are now going to have Most Favored Nation prescription
00:01:53.180 drug pricing, saying we are going to pay the lowest price that there is in the world.
00:01:58.760 Here's the President in his own words.
00:02:01.100 But it's called Most Favored Nation.
00:02:03.040 We are going to pay the lowest price there is in the world.
00:02:06.020 We will get whoever is paying the lowest price.
00:02:08.560 That's the price that we're going to get.
00:02:10.300 So remember that.
00:02:11.160 So we're no longer paying 10 times more than another country.
00:02:14.980 Whoever is paying the lowest price, we will look at that price and we will say that's the
00:02:19.260 price we're going to pay.
00:02:20.620 Most favored nations.
00:02:22.560 That's what it is.
00:02:23.580 One breast cancer drug costs Americans over $16,000 per bottle.
00:02:29.560 But the same drug from the same factory manufactured by the same company is one-sixth that price
00:02:36.220 in Australia and one-tenth that price in Sweden.
00:02:39.860 One-tenth for the identical product.
00:02:42.280 A common asthma drug costs almost $500 here in America, but costs less than $40 in the
00:02:48.840 United Kingdom.
00:02:49.800 So $40 in the United Kingdom, which is where this gentleman told me he paid a small amount
00:02:54.840 for his shot.
00:02:56.440 But think of that.
00:02:57.400 So $40 versus $500 here.
00:03:01.000 $40 compared to $500, the difference between the UK and the US.
00:03:05.860 Now let me explain more about this order.
00:03:07.920 The order directs the US Trade Representative and the Secretary of Commerce to take action
00:03:13.200 to ensure foreign countries are not engaged in practices that purposefully and unfairly
00:03:19.220 undercut market prices and drive price hikes in the United States.
00:03:24.260 All what I'm giving you right now is coming directly from the White House.
00:03:27.400 I want to make that very clear.
00:03:28.680 Number two, the order instructs the administration to communicate price targets to pharmaceutical
00:03:34.620 manufacturers to establish that America, the largest purchaser and funder of prescription
00:03:40.840 drugs in the world, gets the best price.
00:03:43.840 The Secretary of Health and Human Services is going to establish a mechanism through which
00:03:48.740 American patients can buy their drugs directly from manufacturers who sell to Americans at a,
00:03:55.160 quote, most favored nation price, bypassing the middlemen.
00:04:00.440 And finally, from the White House, if drug manufacturers fail to offer most favored nation
00:04:06.040 pricing, the order directs the Secretary of Health and Human Services to, one, propose rules
00:04:11.440 and impose most favored nation pricing.
00:04:13.580 And two, take other aggressive measures to significantly reduce the cost of prescription drugs to the
00:04:19.880 American consumer and, most importantly, end anti-competitive practices.
00:04:25.880 Why?
00:04:26.420 Because the White House says this is about getting a better deal for Americans.
00:04:30.380 And President Trump once again taking action to keep pharmaceutical manufacturers from charging
00:04:35.880 Americans high drug prices while giving steep discounts to other wealthy nations.
00:04:41.460 That is something that Dr. Oz talked about the White House with the President by his side.
00:04:46.700 And here is what he said.
00:04:48.120 That means that we are paying in America four times more than that drug costs in other countries.
00:04:54.500 Again, 100% is the baseline.
00:04:56.020 It's 289% above that baseline.
00:04:58.520 It goes all the way down to when we're paying 50% more than any other country.
00:05:01.900 That's the range.
00:05:02.740 As was pointed out by President Trump, half the time we're paying three times more than it's
00:05:06.820 paid in other countries.
00:05:07.680 It doesn't make any sense for the system.
00:05:09.580 That stated, President Trump has over and over again indicated, and Secretary Kennedy
00:05:13.200 has reflected as well, we want innovation.
00:05:15.960 We want our technology partners doing the best they can to make the best solutions for
00:05:20.120 drugs to cure as many people in America and around the world as possible.
00:05:23.820 By getting our allies to pay a bit more, as they should be, and they should have for many
00:05:28.600 years been doing, we'll course correct a problem that's gotten out of hand.
00:05:32.380 And by doing that in a thoughtful, effective way, we're going to be able to get the pharmaceutical
00:05:36.140 industry whole.
00:05:37.160 Those jobs will still be here, will still be productive, will still be curing cancer and
00:05:40.740 a slew of other ailments that plague humanity.
00:05:43.260 America will still be the leader in this space, but we'll be paying the appropriate amount,
00:05:47.480 the right-sized amount for those tasks.
00:05:49.660 Now, you may ask yourself this question.
00:05:52.240 Why is the president doing this?
00:05:54.180 Well, it's all in the numbers.
00:05:56.320 The United States has less than 5% of the world's population, yet funds roughly 75% of global
00:06:04.900 pharmaceutical profits.
00:06:06.320 Here's the other thing you may not know.
00:06:08.860 Drug manufacturers discount their products to gain access to foreign markets and then
00:06:14.160 subsidize those discounts through high prices charged in America.
00:06:18.760 In essence, you are subsidizing drug manufacturer profits and foreign health systems are getting
00:06:24.660 the big deal.
00:06:25.820 Despite drug manufacturers benefiting from generous research subsidies and enormous healthcare spending
00:06:32.500 by the U.S. government.
00:06:34.060 Now, in his first term, you may not know this, but President Trump took historic action to
00:06:39.100 keep Medicare and seniors from paying more for drugs than economically comparable countries,
00:06:45.140 which the Biden administration rescinded before it could even take effect.
00:06:50.640 Why?
00:06:50.980 Because they're owned by Big Pharma.
00:06:52.920 Instead of fixing this problem, the Biden administration's greatest achievement was to negotiate prices
00:06:59.840 that were, on average, 78% higher than in 11 comparable countries as part of Biden's efforts
00:07:08.000 to, quote, beat Medicare.
00:07:10.920 In translation, the Democratic Party sold you out, the Americans who are suffering and desperately
00:07:17.160 need pharmaceutical drugs.
00:07:19.160 And they sold you out to the highest bidder, the lobbyists and the companies that came
00:07:24.400 in and said, this is what we need.
00:07:26.920 The president making it clear, this is never going to happen again in the U.S.
00:07:31.160 And as long as he is president, he is going to fight for innovation, fight for technology
00:07:36.660 and make sure that you are paying less than any other major nation in the world.
00:07:42.600 Now, story number two.
00:07:43.600 Now, the other big story of today is the fact that we now have a significant movement when
00:07:50.340 it comes to the tariffs with China.
00:07:52.640 The Trump White House has just posted a statement on the U.S. and China's historic trade deal,
00:07:58.280 putting it this way.
00:07:59.540 American tariffs on China were at 145%.
00:08:03.020 Now they're at 30%.
00:08:05.280 China's tariffs on America were 125%, now at 10%.
00:08:10.600 And Donald Trump was the one that made all of this possible.
00:08:15.000 White House Press Secretary Caroline Levy saying it this way to Fox News.
00:08:19.500 First off, your reaction and what could you tell us about the China deal that has tariffs
00:08:24.200 dropping from 145, 125 respectively to 30 and 10?
00:08:29.880 This is an extraordinary first step in the right direction.
00:08:33.380 And thanks to the strength of President Trump, Secretary Besant and Ambassador Greer were able
00:08:38.480 to cut this initial deal with China.
00:08:41.040 China agreed to reduce their tariffs on the United States by 115%.
00:08:45.800 They also agreed to continue having discussions about opening Chinese markets to American-made
00:08:51.360 products and goods.
00:08:52.360 And they also agreed to continue seriously discussing the grave impact that Chinese-produced 1.00
00:08:57.400 fentanyl is having right here in the United States and our people.
00:09:00.640 So this is a great first step for the American public.
00:09:03.620 And Secretary Besant, Ambassador Greer, and of course, President Trump will continue negotiations
00:09:07.980 with China so we can hopefully inevitably get to a fair and comprehensive big trade deal.
00:09:13.820 Now, this is going to be a pause for 90 days.
00:09:16.740 And I want you to hear exactly what the White House said to me earlier today.
00:09:20.900 This is President Trump, quote, securing another historic deal.
00:09:24.620 Today, on the heels of the brand new deal with the United Kingdom, President Trump reached
00:09:29.120 an agreement with China to reduce China's tariffs and eliminate retaliation.
00:09:33.420 Also, retain a U.S. baseline tariff on China and set a path for future discussions to open
00:09:39.580 market access for American exports.
00:09:42.300 You just heard the White House say that on TV.
00:09:45.020 Today, the United States issued the first joint statement on trade in many years with China
00:09:50.440 after successfully negotiating over the weekend in Geneva, Switzerland.
00:09:54.340 The White House says, quote, both parties affirm the importance of the critical bilateral
00:09:59.340 economic and trade relationship between both countries and the global economy, saying this
00:10:05.560 for far too long, unfair trade practices and America's massive trade deficit with China
00:10:11.500 have fueled the offshoring of American jobs and the decline of our manufacturing sector.
00:10:18.180 In reaching an agreement, the White House says, the United States and China will each lower
00:10:23.040 their tariffs by 115% while retaining an additional 10% tariff.
00:10:29.180 Other U.S. measures will remain in place.
00:10:31.840 Both sides will take these actions by May 14th of 2025.
00:10:37.600 This trade deal is a win for the United States, demonstrating President Donald Trump's unparalleled
00:10:43.160 expertise in securing deals that benefit the American people.
00:10:48.180 Then the White House said this, the Chinese action, saying, quote, China will remove the
00:10:53.500 retaliatory tariffs it announced since April the 4th and will also suspend or remove the
00:10:59.280 non-tariff countermeasures taken against the United States since April the 2nd.
00:11:04.380 China will also suspend its initial 34% tariff from the United States that it announced on
00:11:10.600 April 4th for 90 days.
00:11:12.880 It will remain at 10% tariff during the period of the pause.
00:11:16.720 And then they say under American action, the United States will remove the additional
00:11:21.220 tariff it imposed on China on April 8th and April 9th, but will retain all duties imposed
00:11:26.520 on China prior to April 2nd, including Section 301 tariffs, Section 232 tariffs, and tariffs
00:11:34.100 imposed in response to the fentanyl national emergency, invoked pursuant to the International
00:11:40.260 Emergency Economic Economic Powers Act and also the most favored nation's tariffs.
00:11:45.620 They went on to say the United States will suspend their 34% reciprocal tariff imposed on April 2nd
00:11:51.580 for 90 days.
00:11:52.760 And the 10% tariff that will remain in place is set for a fair baseline that encourages domestic
00:11:59.100 production, strengthens our supply chains, and ensures that American trade policy supports
00:12:04.560 American workers first instead of undermining them.
00:12:08.020 By imposing reciprocal tariffs, President Trump is ensuring our trade policy works for the
00:12:12.980 American economy and addresses our national emergency brought on by our growing and persistent
00:12:18.480 trade deficits and levels the playing field for American workers and our producers.
00:12:24.440 Unlike previous administrations, the White House said President Trump took a tough, uncompromising
00:12:30.320 stance on China to protect American interests and stop unfair trade practices.
00:12:36.800 They also said this is working towards a rebalancing.
00:12:40.280 When these changes come into effect, the White House says both nations agree to establish a
00:12:44.740 mechanism to continue important discussions about trade economics.
00:12:49.240 The U.S. goods trade deficit with China was $294 billion in 2024, the largest with any trade
00:12:57.360 partner.
00:12:57.780 And today's agreement works towards addressing these imbalances to deliver real, lasting benefits
00:13:03.120 to American workers, American farmers, and American businesses.
00:13:08.240 The White House saying this, finally, as our nations continue these discussions, China will be
00:13:13.800 represented by He Lefeng, the Vice Premier of the State Council.
00:13:18.300 The United States will be represented by Scott Bessent, the Secretary of Treasury, and Jasmine
00:13:23.280 Greer, United States Trade Representative.
00:13:25.460 They also said addressing the fentanyl crisis is the most important matter as well, as the
00:13:30.660 United States and China will take aggressive action to stem the flow of fentanyl and other
00:13:36.020 precursors from China to elicit drug production in North America.
00:13:41.220 If you look at what the President has been able to do in just the last couple of days, here
00:13:47.000 it is.
00:13:47.680 In just seven days, President Trump has secured a historic U.K.
00:13:53.060 trade deal, a massive China trade deal, the release of an American hostage, the ceasefire
00:14:00.380 with India and Pakistan, the ceasefire with the Houthis.
00:14:04.580 And this is exactly what so many Americans voted for.
00:14:08.340 And Donald Trump paying off on his promise to put Americans first and protecting all of
00:14:13.780 us.
00:14:14.100 Thank you for listening to the 47 Morning Update with Ben Ferguson.
00:14:18.280 Please make sure you hit subscribe wherever you're listening to this podcast right now.
00:14:23.600 And for more in-depth news, also subscribe to the Ben Ferguson podcast, and we will see you
00:14:29.060 back here tomorrow.
00:14:29.940 This is an iHeart Podcast.
00:14:35.060 Guaranteed human.