Episode 4385: Outcry From Liberation Day; The Great Deal

Summary

Episode Summary: Bannon's War Room – Episode 4385: Outcry From Liberation Day; The Great Deal

Release Date: April 3, 2025
Host: Stephen K. Bannon
Podcast: WarRoom.org
Title: Outcry From Liberation Day; The Great Deal

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1. Introduction

In Episode 4385 of Bannon's War Room, host Stephen K. Bannon delves into the seismic shifts in global trade dynamics initiated by the United States' aggressive tariff policies. Titled "Outcry From Liberation Day; The Great Deal," the episode explores the ramifications of these economic maneuvers on international relations, global markets, and the American workforce. The discussion features insights from financial analyst Rick Santelli, as well as contributions from various unidentified analysts and guest Ben Harnwell.

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2. Tariffs and Trade Policies

Steve Bannon opens the episode at [00:00] by criticizing President Trump's relentless pursuit of tariffs aimed at trading partners including Canada, Mexico, Europe, and major automotive manufacturers such as Mercedes Benz, Volkswagen, Lamborghini, Toyota, and Nissan.

Steve Bannon [00:00]: "On the tariffs. Enough already. Let's just disrupt everything. The president wants to do it. He wants to hammer Canada, he wants to hobble Mexico. He's all over Europe."

Rick Santelli echoes concerns about the impact on China, prompting Bannon to dismiss it succinctly.

Rick Santelli [00:14]: "China."

Steve Bannon [00:14]: "Forget it, Jake. Tough luck. Nissan and Kia."

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3. Market Reactions

At [00:19], Bannon discusses the initial market responses to the tariff announcements, noting a temporary uptick in major stock indices:

Steve Bannon [00:19]: "In some sort of weird reprieve, The Dow gained 235 points S&B advanced 0.67% and the NASDAQ actually climbed 0.8%. You know what? That's kind of like a joke."

However, he quickly contrasts this with the subsequent negative market reactions post-announcements, painting a grim picture for investor confidence.

Steve Bannon [01:07]: "After hours and the trades after hours are painting a different picture, a horrendous picture... every bit as horrible for stocks as many of us thought it could be."

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4. Global Reactions to US Tariffs

The episode highlights strong international backlash against the US's tariff strategy. Rick Santelli reports reactions from global leaders:

Rick Santelli [02:41]: "Global community is reacting to President Trump's sweeping new tariffs. A spokesperson for the government of France says, we are ready for this war."

Various leaders, including British Prime Minister Keir Starmer and leaders from Poland and Australia, issue warnings or express resistance to reciprocal tariffs.

Unknown Analyst [02:53]: "Nobody wins in a trade war."

Rick Santelli [02:55]: "Poland's leader also issued a warning, if a bit vague, saying partnership means really and truly reciprocal tariffs."

European Commissioner Ursula von der Leyen criticizes the tariffs as detrimental to the world economy, labeling them a "major blow."

Ben Harnwell [41:26]: "Ursula von der Leyen... said that these tariffs were a major blow to the world economy."

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5. Critique of Globalism and Economic Structures

The discussion pivots to a broader critique of globalism and the existing economic frameworks established post-World War II. Steve Bannon argues that the current globalist system has outlived its usefulness, emphasizing the need to prioritize domestic interests over international alliances.

Unknown Analyst [03:20]: "Administration was the intrusion Corporations, they don't have an allegiance to the U.S. that's... the global globalism has been in reverse really, since COVID."

He further elaborates on the unsustainability of massive debt and trade deficits, linking them to weakened domestic economic health.

Steve Bannon [04:47]: "We're the richest in the world. We came out of the pandemic faster. We had better growth... but much of that, and much of that money we spent was in debt."

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6. Historical Context and Future Projections

Drawing parallels to historical events, Bannon references the end of World War II and the subsequent Cold War, asserting that President Trump's actions signal the dismantling of the post-war international order.

Steve Bannon [23:47]: "President Trump is reordering the world's economic system, a system that has been in place since the end of World War II."

He predicts that these tariff policies will lead to significant restructuring of the global economy, potentially triggering economic isolation and fostering domestic manufacturing resurgence.

Steve Bannon [16:58]: "Economic freedom, I talked about. I've never been a fan of globalism, never. But you're a fan of the government telling us where and how we can buy and how much we ought to pay for it..."

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7. Insights and Strategic Implications

The episode underscores the strategic intent behind the tariffs: to rebalance the trade deficit and reclaim manufacturing jobs lost to overseas markets. Rick Santelli underscores the transformational nature of these policies, suggesting they mark the beginning of a new economic era for the United States.

Rick Santelli [44:58]: "The market is gonna move, no doubt about that. But you're seeing reorientation. A restructuring of the world's economy."

Bannon and Santelli discuss the necessity of these measures for long-term economic resilience, emphasizing that the current system disproportionately benefits multinational corporations and the elite at the expense of the American working class.

Steve Bannon [29:25]: "Liberation Day... one of the most important days in American history... We're not paying for your defense anymore and we're not going to let you steal from us..."

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8. Conclusion: Implications and Future Outlook

In wrapping up the episode, Steve Bannon portrays the tariff initiative as a bold move to end decades of economic exploitation by foreign nations and multinational corporations. He anticipates continued resistance from global elites but remains optimistic about the eventual stabilization and strengthening of the American economy.

Steve Bannon [08:48]: "Liberation Day, one of the most important days in American history... I hereby decree that we're going to have a different deal, a great deal, a great deal for the American people."

The episode concludes with a strong affirmation of the United States' commitment to economic sovereignty and the rejuvenation of domestic industries, setting the stage for transformative changes in the coming years.

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Notable Quotes

• Steve Bannon [00:19]: "The Dow gained 235 points... that's the one we had had dangled in front of us since election day... every bit as horrible for stocks..."

• Unknown Analyst [01:59]: "We think he [Jack Welch] would have... I think we had a functioning democracy."

• Steve Bannon [04:57]: "There's a dark side to the trade deficits in a different way... it underscores and underpin a type of financial behavior that in the long term hurts us."

• Rick Santelli [08:27]: "It's Thursday the 3rd of April... it's an orderly sell off... it's not a market crash."

• Ben Harnwell [42:53]: "The UK doesn't make anything. They abandoned the just hangover."

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Final Thoughts

Episode 4385 of Bannon's War Room presents a fervent defense of President Trump's tariff policies as a necessary correction to decades-long economic imbalances and exploitation. Through spirited discussions and pointed critiques, the episode advocates for a paradigm shift towards economic nationalism, aiming to restore American manufacturing prowess and reduce dependency on global trade partners. The episode serves as both a rallying cry for supporters of strong trade policies and a comprehensive analysis of the potential long-term impacts on the global economic landscape.

Transcript

[Steve Bannon]

On the tariffs. Enough already. Let's just disrupt everything. The president wants to do it. He wants to hammer Canada, he wants to hobble Mexico. He's all over Europe. And Mercedes Benz, vw, Lambo, Hey, Toyota, look out. Same with Nissan.

[Rick Santelli]

China.

[Steve Bannon]

Forget it, Jake. Tough luck. Nissan and Kia.

[Rick Santelli]

See? Yep.

[Steve Bannon]

Welcome to Liberation Day where market does to all of our trading partners like we did to the Red coast in days of your. It's time to make a pay, teach them a lesson. Don't tread on me, just begin to fight. Whether you think it's good policy or bad policy, it sure seems like Wall Street's gotten tired, worried about it and just says bring it on. Although today, in some sort of weird reprieve, The Dow gained 235 points S&B advanced 0.67% and the NASDAQ actually climbed.8%. You know what? That's kind of like a joke. See, because that was before all the announcements after hours and the trades after hours are painting a different picture, a horrendous picture. The one we had had dangled in front of us since election day, the one that's finally here. And it's every bit as horrible for stocks as many of us thought it could be.

[Unknown Analyst]

To highlight something, Donald Trump has argued over and over that we need to impose these tariffs because other countries have been ripping us off for years, taking advantage of the American people. The White house says the 10% tariffs are going to apply everywhere. Well, Wired in Axios pointed out something really important. Those taxes include the Herd and McDonald Islands. You can see right here on this massive list the administration put out on social media. But here's what you might not realize. Those islands, they're in Antarctica. They don't produce any exports. Do you know why? Because there are not any human beings that even live there. There is no possible way that they could be taking advantage of us on trade. What we do not know is if the penguins who live there will retaliate.

That's exactly right. I do think in prior periods, I mean, the late Jack Welch, whom we worked for at ge, would have said something irrespective of any considerations for the price of the stock or any other issues that might have been outstanding.

We think he would have. I think we had a functioning democracy.

Yeah, we did. Absolutely. But I also think in this, as we've seen with the law firms, I mean, the retribution is swift and severe and that, you know, I to an extent understand their reticence. But to come out and really ignore what the economic implications of A full scale trade war are. And what will that will do to the domestic and global economy, which is in their own business interest as well? Is is perplexing at best.

[Rick Santelli]

Global community is reacting to President Trump's sweeping new tariffs. A spokesperson for the government of France says, we are ready for this war. British Prime Minister Keir Starmer is warning.

[Unknown Analyst]

Nobody wins in a trade war.

[Rick Santelli]

Poland's leader also issued a warning, if a bit vague, saying partnership means really and truly reciprocal tariffs. Australia's prime minister says his country will not join a race to the bottom. And China's Commerce Ministry is pushing back, calling the tariffs a form of, quote.

[Unknown Analyst]

Unilateral bullying, adding that protectionism is not a solution.

Complaint about the Harris and the Biden.

Administration was the intrusion Corporations, they don't have an allegiance to the U.S. that's, that's the heart of the problem in Trump's mind is the elite multinational corporations know no borders. The money goes everywhere in the free trade. Global globalism has been in reverse really, since COVID The problem is, is that the direction of that reversal was wrong. And, and maybe if Trump had a second term instead of Biden, instead of Vietnam and some of the alternate places that were extracted from China during COVID maybe it would have come to the U.S. maybe that would have helped Andrew's question of how long it's going to take for onshoring to occur. I'll tell you what, the structural issues of rejiggering trade are not going to be easy. But in the end, once again, it comes to, you know, I was doing Santelli exchanges on the end of globalism ten years ago. The handwriting has been on the wall. Ultimately, if you live in the US or you live in Europe or you live in China, ultimately what goes on at home is very important. And after World War II, when the United States was way up here economically and everybody else was in melting ruins, we created this structure. And the structure is outlived its usefulness in many ways. And to try to tweak the richest shutdown for maintenance is not going to be. Wait, wait, what did you say?

Because we're the richest in the world. We came out of the pandemic faster. We had better growth. We are the most dynamic economy in the world.

Money. And much of that, and much of that money we spent was in debt. The debt was financed by foreigners. Some of that they enabled us, just like the Fed enabled us with those capital accounts. I'm saying there is a dark side to the trade deficits in a different way. I think than Trump looks at it. I look at it like it does. It does underscore and underpin a type of financial behavior that in the long term hurts us.

I'm confused. Because if people make a decision to buy something from abroad, isn't that part of the freedom and independence people have?

They don't make that decision. They make the decision to buy what's cheap. And that's the problem. Okay, so it's not artificially cheap anymore. Every day Kmart, low prices had a dark side for the American economy.

[Steve Bannon]

No, but, but here's my question, Rick. What about all of the, the folks in China and India and other places who've been buying Nikes, who've been buying Starbucks, who've been going to McDonald's.

[Unknown Analyst]

Okay, why does he sell a pair of gym shoes for 200 bucks? And they have to make it in China where they pay people peanuts. And it doesn't make sense from the get go.

Chinese workers, now you can hear, now.

You care about the Chinese people that make more money. We have benefits, we cost more to make stuff. But there's a reason for that.

Because people bring their. They buy something cheap and they have money to buy other things. That's how it works, Rick, over time. You want us to go back to the horse and buggy.

That's why Trump's reversing it. Because we have $37 trillion worth of how it works.

[Rick Santelli]

Because China is an adversary.

[Steve Bannon]

It is not a partner for the United States.

[Rick Santelli]

Europe would make a very different argument.

[Steve Bannon]

And Europe might be wondering this morning.

[Rick Santelli]

Why they've been thrown into the same.

[Steve Bannon]

Bucket as the Chinese.

[Rick Santelli]

What explanation can you give them?

[Unknown Analyst]

Europe does not treat our products fairly. They do not treat our companies fairly. They treat themselves incredibly well. To the detri. To the United States of America.

[Rick Santelli]

Right?

[Unknown Analyst]

It is time for them to treat us fairly. And that is the point. This is not, it's not free and fair trade. Their tariffs are higher. The non tariff trade barriers are incredible. Like I've asked you, why don't they take our beef, why don't they take our agricultural products? Why? Because they don't want them. Because they want to make the money themselves. Why is it okay for every other country to feel this way and it's not okay for America? I tell you why. Because we were the world's piggy bank. And Donald Trump has said our $36 trillion deficit, our $1.2 trillion trade deficit, $1.2 trillion. We buy other people's things more than we sell them. Ours has got to be Rebalanced. It's a national emergency. Let's fix America and we can.

[Rick Santelli]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. I got a free shot. All these networks lying about the people, the people have had a belly full of it. I know you don't like hearing that. I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen.

[Unknown Analyst]

And where do people like that go.

[Rick Santelli]

To share the big lie? MAGA MEDIA I wish in my soul, I wish that any of these people had a conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved.

[Unknown Analyst]

War Room here's your host, Stephen K. Bannock.

[Rick Santelli]

It's Thursday the 3rd of April in the year of lower 2025. The morning after the proverbial morning after, folks, besides all the people running around lighting their hair on fire, it's been pretty orderly. It's a market reaction but it's certainly not the market crash or as forecasted, it's an orderly sell off of people changing their portfolio around companies that have taken advantage of the United States of America and countries that have taken advantage of the United States of America. President Trump, don't take it from me, take it from President Trump. Just put up on truth Social. If Denver would be so kind to put this up and it's in all caps. So you know, this is President Trump double down and meaning it. The operation is over. The patient lived and is healing. The prognosis is that the patient will be far stronger, bigger, better and more resilient than ever before. Make America great again. Yesterday, one of the most important days in American history, deliberation, you saw right there the intense fight back and forth. You also see that was it Lieberman or Liesman? The big liberal over at CNBC is a complete. This is the pablum. Put out the anti American pablum, the anti American worker pablum. See what they got to retreat to when he's trying to argue. Oh, don't you want treat goods? You're taking people's freedom away. No, they're all lies and misrepresentation. Running dogs of Wall street that have stolen from this country and stolen from its people for decade after decade at the corporatist and the sociopathic overlords have ripped off this country. And as Trump says, he doesn't blame the foreigners. If you're going to have people here running Your institutions that allow you to rip off the nation, rip it off. Competing nations are not there to be your buddies, your friends. Folks, the reason I say well stave is now 2%, 3%. Oh my gosh, people are saying we just went to economic war with China. You understand those tariffs with China where Xi right now is with that economy being so fragile because once again they've papered over problems. And the great Rick Santelli. Remember Rick Santelli? Rick Santelli started the Tea Party movement when he had that amazing rant, I think in March of 2009 when they first started the bailouts. Obama first started the bailouts. The Tea Party, the folks, you know, the Michael Patrick Leahy's and the Jenny Beth Martins and others that were just kind of around the country. Jim hall sat in St. Louis. They pulled together rallies off of his, off of his rant rallies on April 15th of 2009 on tax day because T bar said for tax enough already right there. Santelli's beating him back, said, hey, this has been 30, 40, 50 years. You have to look at two deficits and their integer can be linked. As much as my brothers on Wall street don't want to admit this, these are inextricably linked. You have $37 trillion face amount of debt, folks. The contingent liabilities that you have, remember your full faith and credit of the United States of America backing up that greenback, that dollar. The contingent liabilities are over $100 trillion. That thing so overwhelming, I don't even get into it with you. Let's take the face amount of the 37 trillion which has exploded, right? Has exploded things has been $16 trillion of debt. And the top 1% keep aggregating their wealth. I think in the last six months, $4.4 trillion has accumulated to the top 1% greater than the entire bottom 50 of the United States. You can't. That's a system that's not sustainable. The trade deficit, I think that 1.2 trillion this year, record trade deficit every month leading up to this. The trade deficit, I think the aggregate. Spencer Morris said last night, we were talking, Morrison talked last night. I think it's $25 trillion may be higher than that. That is the amount of resources we have paid other countries to bring consumer products into here. But that means your money's going out overseas and not staying in the country. And Wall Street. Oh, money's fungible services just good. No, you're all wrong. You're just wrong. You have $37 trillion face amount of debt to run two trillion dollar deficits every year. We have a $1.2 trillion trade deficit. We have $25 trillion aggregate trade deficit. We've hollowed out the country. And yesterday an individual, a guy from Queens that made his money in real estate and then became a media star, the blue collar billionaire stepped out in the Rose Garden upon, as Lincoln would say, thrust it upon the world stage and said, guess what, there is a new sheriff in town and we're going to restructure this entire thing. You're no longer going to rip off American workers in the American working class, the American middle class. Trump promised to put you in the room, Remember in Washington D.C. not in the room, not in the deal. Well, yesterday, more than even the creditors committee, he put you at the head of the operators committee, the operations committee. As President Trump said this morning, operation went fine. Patients doing okay, Short break. You don't go out and buy a life jacket when the boat is already sinking and you don't buy gold when the economy has already collapsed. Clearly others are heeding this advice as gold hit an all time high the first part of 2025 multiple times. It's not too late for you. The company I trust to help you diversify into physical gold is Birch Gold. The company I buy my gold from. Birch Gold specializes in helping you convert an existing IRA or 401k into a tax sheltered IRA in physical gold for no money out of pocket. Just listen to this five star review, quote knowledgeable, helpful, non pressure, end quote. 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[Unknown Analyst]

Future today with gold have trade surpluses and we didn't have a fed that left rates at zero. Maybe the pain of overspending would hit home much sooner.

[Steve Bannon]

Rick, if you don't have the.

[Rick Santelli]

But if you don't have the trade.

[Steve Bannon]

Deficit then you won't and everything gets manufactured here. You're not going to collect the revenue that you want. I think from those tariffs.

[Unknown Analyst]

I think Trump would be happy with that.

I think the people who used to talk about economic freedom are suddenly talking about something a little different that that there was a Time when I talk.

Economic freedom, I talked about. I've never been a fan of globalism, never.

But you're a fan of the government telling us where and how we can buy and how much we ought to pay for it and what kind of industries business ought to do and where Apple ought to source it. That's what you're in favor of.

[Rick Santelli]

I can't take Leisman. This is, this is, this is, this is the running dogs for the globalists. All of a sudden they're so interested in freedom. For the first guy that said, no, if the, if they bring the factories here, we manufacture here. No, you're not going to get tariffs. Hello, but you're going to get taxes. This is not that hard. Guys. You work at supposedly the biggest, most sophisticated business channel in the world. You ought to learn something. Leesman is just a big mouth liberal there all the time. A Trump hater, doesn't know anything, total airhead. And the great Rick Santelli. Think about what Rick Santelli has put up every day over there. Santelli telling the truth, just like he talked to power, started the Tea Party revolution. Santelli is a major, major player in this because every day he's telling. Exactly. And the globalists, hey, look, it's a declaration of economic war against the CCP yesterday with those tariffs that will break China. They can't have that. You're going to see every nation on earth running to the Oval Office. Zuckerberg yesterday on suits that President Trump started in first term to break the oligarchs and the Democrats didn't have the back of Lina Khan or any of the antitrust people they put in as window dressing. These people were hammers. But remember the progressive regime of Biden, really. And Obama didn't have their back. President Trump is two weeks away from the trial. As Mike Davis said last night, Zuckerberg's in the Oval Office begging for mercy. Reporting I think at Politico, saying the staff over there is getting tired of it. The intense pressure being put by Facebook and by people all over town to ease up. That's the exact same thing you see here every day. For President Trump now for the next couple years, going to be a negotiation. Matt Boyle I think said it best. You know, I'm a maximalist when it comes to reciprocity. The reciprocal terrorists. Because Trump thought the idea up. I thought it was brilliant. Nobody thought it up beforehand. He conceived this years ago. He wanted to do it in the first term, but yesterday was far better. It's not a maximalist approach. It's kind of the wisdom of Solomon. He didn't quite split the baby. He went more to the reciprocity side than to the tiered 20%. But it's a beautiful thing. The market reaction, no matter what MSNBC is saying, is orderly because like when you say the stock market's up, the stock market's up. It's the Mag 7. It's seven tech stocks that have been kind of hyped and have had no antitrust. These oligarchs have no antitrust been hyped on AI then looking for the public to start paying for the data centers, you know, another bailout of the, of the wealthy, of the oligarchs. And they've been, they've taken advantage of this trade situation. Guess what? That's over. Trump threw down hard yesterday. The Europeans are in shock. That's what we started with Cramer. The cold open started with Cramer because of the end of market yesterday. I kept telling people, they don't believe, they don't believe Trump. There was really no market activity. The Dow finished up 200 points when it closed at 4:00. Then Trump magnificently walked out there. Folks, if you're a Trump supporter, if you've been with President Trump and even those who are just now coming aboard, we love you too, right? We love converts. Yesterday was so magnificent and the stagecraft was so perfect. His speech was so incredible. He had full command. Like you want an executive to have full command of the issue, how it was going to be presented, to make it accessible to the American people. He didn't have a, he held it. And I often say this, I was concerned that there wasn't enough rollout. Part of that they had not finally decided, but it was not enough rollout beforehand. But understanding that President Trump knows mass communications 100 times better than I do and he is a McLuhanesque figure, I kind of got it. A few minutes into his speech he held no leaks, no going out on CNBC and giving a heads up. They gave him media, they gave him Media. At 3 o'clock a tee up to the media. But nothing could leak close hold so the media could start thinking it through. And people were like in gasping. And Trump goes out there because he wanted the world to know and to see in his own voice, in his own cadence, in his own thought processes what he intended to do. Because he's reordering the world's economic system, a system that has been in place since the end of World War II. The post war international rules based order set up with American institutions and paid for by American blood. The victory in World War II and us being the arsenal democracy. The huge casualties as we talk about and I believe that this is really we're going to bring because Russia was exempted and we're doing this rash pushment with Russia. We've gone to war with the CCP really to free Lao Baijang. I think what you're seeing folks, and what's going to play with the next couple of years, we're actually ending World War II. In World War II, although we had the unconditional surrender of the governments in the military, of the fascists in Italy, in the Imperial Japanese in Tokyo and of course the Nazis in Berlin, it had kind of immediately got off track. And that's where we had the Cold War immediately with our who had been our biggest ally during the war, the Bolsheviks under Stalin. And that Cold War went all the way to 1989 at Tiananmen Square and the fall of the Berlin Wall. And then when the people in those two countries had had enough of it and President Reagan, obviously the victory, you know, pushing the evil empire when they collapsed and cratered, we kicked into the elites in America set up, had already set up a globalist system. This is why in 74 we talked about Spencer Morrison yesterday, the first time we had a trade deficit going off the gold standard, the Arab oil embargo, all of it happened in the early 70s. That whole decade the globalists took over. And so instead of taking out the Chinese Communist Party, we emboldened them to the detriment of Lao Beijing. This was the Bush, this was Scowcroft, this is the neoliberal neocons in the Bush who are no different than the Democrats really. Then when the Berlin Wall fell, really, the west led by Western Europe tried to just go and steal everything of the Russian people. He used to come to our offices in Beverly Hills. Oh, you can buy the greatest studio in the world for 5 cents on the dollar. I said, no, no meeting, you're out of here. And they go, why? I go, because one day the Russian people are going to sit there and go, hey, who are these foreigners that stole our assets? And that's what happened a couple years later. The KGB took over. The KGB runs it today and the Chinese Communist Party is stronger than ever. What President Trump is really doing is saying that post war international rules based order eventually got to gut it. Set up a globalist system that was predicated upon the working men and women in the United States for them to supply the cannon fodder of their sons and daughters to be spread out all hell's half acre in these forever wars. But also to pay the price economically and to make sure all the high value added jobs that had been here during our rise to power would be shipped overseas to work essentially at slave labor throughout the rest of the world while you suffered here and had to work a couple of jobs or got a job in a McDonald's or I don't know, was it 18 million men are out of the workforce because of no high value manufacturing jobs. That's what he's trying to bring back. That's the whole package. That's what this is about. Jack Bosobik last night told me it's called, it should be called the Great Deal. The Great Deal. He's made a compact with the American people that I will put America first and I will put American citizens first. He says something very powerful yesterday, whether Republicans or Democrats, these individuals thought they were President of the world. You're not President of the world. You're President of the United States of America and you're the leader of the American people. So with all the complexity and everything they're trying to throw at you and the Steve Leesmans of the world and all this BS they're trying to throw out, this is quite simple. We're not going to get ripped off by a bunch of elites in these countries that we underwrite that we are upside down on commerce, upside down on trade because they hinder our trade with non trade bearers and tariffs at the same time that you're paying and underwriting their defense. It's over. And of course they're going to be upset about it. Of course they're going to be pulling their hair out about it. Of course they're going to be cursing Trump and cursing Trump's reactionary followers. Of course they're going to do that. I wouldn't expect them to do anything else. But they've been outed. We're not paying for your defense anymore and we're not going to let you steal from us of what you've been doing. And you can have all kind of complicated, well, ba bing. Ba Bing. Ba it. Basically, that's what it is. And Trump yesterday walked out in that magnificent backdrop of the Oval Office, but festooned with the American flag. Just amazingly beautiful. Great stagecraft there, guys. In the Oval Office. An overcast and slightly chilly day. Liberation Day, one of the most important days in American history. It'll be the national holiday reminding and remembering people about President Trump long after he's gone. Decades from now, it won't be his birthday, it'll be April 2, when he stepped on the world stage and told the globalist, your game is up. It's over. I hereby decree that we're going to have a different deal, a great deal, a great deal for the American people. And guess what? It'll work out for you too. After some period of adjustment. Incredible. Absolutely, breathtakingly incredible. Short break. What if he had the brightest mind in the war room delivering critical financial research every month? Steve Bannon here. War Room listeners know Jim Rickards. I love this guy. He's our wise man. A former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics and capital markets, Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number itself. Now he's issuing a dire warning about April 11, a moment that could define Trump's presidency and your financial future. His latest book, MoneyGPT, exposes how AI is setting the stage for financial chaos. Bank runs at lightning speeds, algorithm driven crashes and even threats to national security. Right now, War Room members get a free copy of MoneyGPT when they sign up for Strategic Intelligence. This is Jim's flagship financial newsletter, Strategic Intelligence. I read it. You should read it. Time is running out. Go torickards war room dot com. That's all one word. Records. War rooms, records with an S. Go now and claim your free book. That's Rickards War room dot com. Do it today.

[Unknown Analyst]

Here's your host, Stephen K. Ban.

[Rick Santelli]

Market's down 1400 points, 3%, but it's orderly. I know it's not a meltdown because gold's down a little bit. Gold's at 3,000, 130. A guy said today about gold. And of course, you know, I didn't get my Financial Times today delivered. We got everything else. We got the, you know, Trump rolls out vast arsenal, vast arsenal. On global, on global tariffs from the New York Times, you got, that's a beautiful shot too, by the way, over President Trump's shoulder into the crowd that was there. And you see the cabinet in the first row, really magnificent about how they set that up yesterday. This is one poso loves. And now that meme is President Trump like Moses. Those are the reciprocal tariffs right by country. Why is my president holding his charts? He loves his charts. Those are like the tablets that Moses brought down. Trump slaps broad tariffs on imports. Then they got editorials hating on it. Gold's down a little bit. That means you show it's not a meltdown. It's not a meltdown. What did President Trump said? The patient came through the operation. There's a long way to go on this folks, long way to go. But gold's down. Otherwise if gold, if they had all been a flight into gold and the market is down 10% and look, all that could happen stay by day. But I think they're realizing that Trump, Trump means what he says. When he says he's going to close the border, he's going to close the border. When he says he's going to deport people, he's going to deport people. When he says he's going to take on these judges about judicial supremacy, he's going to do it. When he's going to break the law firms, he's going to do it. When he's going to take on these universities, he's going to do it. I can go on and on and on and on. When Donald John Trump says he's going to do something, he's not just spouting off, they treat it like he's spouting off. Since he came on the scene, let's say in 14 or 15, so what? We're 10 years into this, a decade into this, they still don't understand anything about him. They don't give him the common decency or courtesy of actually trying to understand what he says, what it means and how it all fits together because it all fits together quite brilliantly. And the European elites just start, they could outlast him. I thought, hey, the Americans, you know, all the guys in msnbc, they're there, the Atlanta Council, they're all being our side. The Party of Davos. Just got to wait this out now. They're in bad shape. They're not going to be under, not having their defense paid for by you and your kids and they're not going to let them rip them off on trade. Sorry, not sorry. European elites are in for a very bad rumor. I don't know. You think a couple of those governments could be overthrown by the populist right in elections? Let me think. Thinking, thinking, thinking. Yeah, I think so. Because they've been exposed for exactly what they were. Remember all those governments are just kind of follow ons from the aristocracy that really didn't take get taken out in World War I. And I'm about as big an anti monarchist as you can get. I think aristocracies throughout history have proven time and time again just to be for their own self interest and not for the interest of the people, not for the interest of their nations, and certainly not in the interest of God, although they cover that up and had a lot of, you know, a lot of symbolism associated that, but not real meaning, not real impact, not real actions. So that's what you're saying, that's what Europe is just a, it's just a monarchist, reactionary to the sovereign will of the people. And Trump finally said, like Rick Santelli, we're not a piggy bank anymore. This is why we have this massive debt. This is why we have this massive trade deficit. And their nature could be linked. And Trump saying, enough now we're going to have to get into some very gnarly political things about the one big beautiful bill and all that, particularly if there's not real cuts in spending and particularly if there's not. I don't know if you can't gap it, I don't know why we're cutting taxes or extending tax cuts for the wealthy. I don't get that. I just don't see the math. Also, you know, Elon Musk, Elon Musk again the other day, I think Yesterday again reiterated $1 trillion in cuts coming out of Doge. Brother, if you do that, we will, we will say there's a national holiday should be named after you, but so far I'm not seeing it. You have some programmatic things like usaid, but that's people worked on forever. That's not waste, fraud and abuse. That is programmatically should have been shut down. Eli Crane's people tried to shut it down a couple years ago, but establishment Republicans, the controlled opposition of the Republican Party kept it in there. That's what Trump's in a bold stroke, is throwing away. Yesterday, how many Republicans, how many Republicans came to the ramparts yesterday and said how magnificent this was in the Senate? In the Senate, the libertarian Rand Paul, who I really love. I love Rand Paul. But him. But McConnell, what, Collins, the senator from Alaska, The Democratic senator of Alaska that's sitting in a Republican seat. They voted. And so they have a resolution in the Senate that the emergency measure is over and you can't do the tariffs with Canada. That's how much support you've got from. And there's another 30 Republicans who would love to vote for that, but they understand. They're afraid of you. They're afraid of the Trump voter. They don't support us. They don't. You have not purged that. That's another issue for another day. Trump is essentially one man alone. He's got supporters. You see, Lutnik's trying to get up to speed in some moments. He's got some real brilliance in what he says. And there's other moments that is, are suboptimal. You've got Scott Besson. Scott Bessen is doing his duties. He's trying to keep the capital markets from imploding. Right. Scott's got his task and purpose. Navarro's out breathing fire, as he should. And President Trump came down harder on reciprocity than I thought he would. He landed to the reciprocity side and he did. It was a magnificent explanation and putting the charts up. And now they're all saying the numbers are all wrong. The numbers are wrong. Well, hey, you calculate your numbers, we'll calculate ours. You have your formula, we have ours, and God bless you. But you can see by the reaction, I'll tell you what, you didn't get a real reaction. The reaction you got in China, this happened the day before. So you had the stock market yesterday that didn't react that badly. Right. I said, well, you know, you got the Chinese navy that's now showing new aircraft carriers and they got, you know, these, these exercises off Taiwan. I think that's their equivalent of the market kind of being down before you announced that they knew what was coming. The ccp, I think, was more ahead of this than was, was ahead of this. Much more than the stock market. They understood something was coming. I'm not sure they realized it was economic warfare, flat out, which I'm digging, because I don't know at the current tariff structure he's got in the breaking of non tariff barriers. Let me be blunt. The Chinese and Thayer will be up at 11 with Dave. Brett. The Chinese Communist Party can't exist. It will implode. Can't they understand? They're the. You haven't seen them whining as much everybody else. I think they're behind scenes plotting on, hey, do we make a move in Taiwan or not? We got to take it now because this guy's a madman. He's much worse. You know, people used to say Nixon's a madman. This guy really is because he'll take action gold. I've never said this on the show, but it was said on Bloomberg today. And I'll have to repeat. I'll get the club. Go, go. Take Bannon, your phone. B a n n o 989-898. You get the brochure. The ultimate guy for investing in gold in the era, Trump from Birch Gold. He gets to talk to Birch Gold. Clearly they're converging forces in the restructuring of the global economy that will have implications of gold as a hedge and a store of value. But when the top analyst was on Bloomberg, they had him in for an entire hour to go through the whole trade thing. Really brilliant guy. Didn't agree with everything he said, but had a really smart way of looking at credit markets and equity markets and the bond market. And he said, hey, look, gold's interesting asset. He said, he says we track gold very closely. It's outperformed the S&P 500 over the last 25 years. Hello, full stop. His words. I'll get the clip, Mark. Gold has outperformed the S&P 500, which is actually a better indicator of American industry. It does include the banks. It's The S&P 400 is the best, but the 500 is the American economy better than the Dow Jones over the last 25 years. Now more than ever, you need to understand not the price of gold. You need to understand the forces driving gold as a hedge and a store of value. Because, folks, it's going to be turbulent. Never promised you a rose garden on this. Promised you we would deliver it from the rose garden. How's that for. How's that for a. A land, dad, Land that. But go check out gold. And most importantly, get to know Philip, Patrick and the team and why they recommend physical gold now more than ever. Just do that also. Rickards, more than ever. If you like this stuff, if you're attracted to this and want to learn more and particularly if you haven't had the chance or the opportunity to get college education or postgraduate education, a lot of people just had to go to work. My parents were high school grads. One of their things was make sure all five of their kids went to college. And they succeeded in that. But I think my sister, my older sister, the first kid in the expanded clan that graduated from college. So if you hadn't had those opportunities or even if you did and you kind of partied through it. Rickards of Strategic Intelligence. A great newsletter will keep you up to speed and I think reinforce a lot what you hear in the war room in a little more depth because he can take topics go in depth. Rickards war room.com strategic intelligence. And he throws in a free book on money and AI that is will get your attention. Okay, we'll get your attention. And last but not least, home title lock. Now we need you at the ramparts. A lot of work people are talking about what happened in Wisconsin, what happened in Florida, understanding that it's about low propensity voters and the Warren posse who pulled out a massive win. Breitbart, Matt Boyle and Warren Posse have gotten all the kudos for pulling out the victory that looks like it was going to be a defeat in Florida. 6 so we don't need you worried about your title. Remember right now, particularly where the economy is 80% or 90% of your net worth is tied up in home sweet home. And the only thing you've got to prove that even if you're living there is the title to your home. Don't let anybody get to it. The main dollar triple lock protection, 24 hour coverage in the middle of the night. They will alert you if anybody's messing with your title and if all else fails they have a million dollar restoration project including lawyers. Talk to Natalie Dominguez and the team today. Steve25hometitlelock.com Steve25 do it today do I have Ben Harnwell? Ben Harnwell this is one of the most I'm so waiting for this. Your your your focus on the European capitals. Their response to America's Liberation Day. Sir.

[Ben Harnwell]

Morning Steve. Well, let me invite you therefore to get your bucket of popcorn ready as I read through the meltdown here across the European capitals. Let's start off with war room favorite Ursula von der Leyen, president of the European Commission, unelected president of the European Politburo. She said that these tariffs were a major blow to the world economy. America's great friends, China, the Commerce Ministry said that there are no winners in trade wars. There's no way out. And then there's lots of other hypocritical platitudes which follow. Keir Starmer. Now I happen to think that the Brits have been unfairly treated on this. But Keir Starmer says that nobody wins in a trade war. We have a fair and balanced trade relationship with the U.S. nonetheless, I will only strike a deal if there's a national interest. Why I say that I think the UK has been unfairly treated, Steve, is simply the reason that America had a trade surplus with the US America had a trade surplus with the UK Not a trade deficit. And the whole mathematical arithmetical calculation behind these reciprocal tariffs was based on the trade deficit that the US Holds with other countries. You sold more to the UK Than you bought. Yeah, I just do Germany.

[Rick Santelli]

Ben, Ben, hang over a second. That's because the UK doesn't make anything. They abandoned the just hangover Second take a short commercial break. Ben Harnwell's with me. Dave Brat's going to join Dr. Thayer. We're gonna go around the world on the morning after Liberation Day. Short commercial break. Back in a moment. We rejoice when there's no more. Let's take down the ccp. They have all life for too long. While we may have won this election, the fight to restore our great nation is only beginning. Now is the time to take a stand and Patriot Mobile is leading the charge. Only America's Christian conservative wireless provider, Patriot Mobile, offers a way to vote with your wallet without compromising on quality or convenience. Patriot Mobile isn't just about providing exceptional cell phone service. It's a call to action to defend our rights and our freedoms. With Patriot Mobile, you get outstanding nationwide coverage because they operate on all three major networks. If you have a cell phone service today, you can get cell phone service with Patriot Mobile with a coverage guarantee. But the difference is every dollar you spend supports the first and in Second Amendments, the sanctity of life in our veterans and first responders. Switching is easy. Keep your number, keep your phone or upgrade. Their 100% US based customer service support team will help you find the perfect plan. Now. Right now, go to patriotmobile.com Bannon or call 972 Patriot. So call 972 Patriot or go to patriotmobile.com Bannon. You get a free month of service. That's a free month with promo code. Bannon. Switch to Patriot Mobile today and defend freedom with every call and text you make. Visit patriotmobile.com bannon or call 972 Patriot. Remember, you get a free month of service. Do it today.

[Unknown Analyst]

Here's your host, Stephen K. Bannon.

[Rick Santelli]

A historic day. It's the morning after and the world ain't melting down. The rhetoric's a lot higher than the market moves. The market is gonna move, no doubt about that. But you're seeing reorientation. A restructuring of the world's economy. So the American people are not. It doesn't rest all on your shoulders. And you're not getting the benefits. You're not getting the benefits. You have to scramble for everything you've got. You're worried nonstop. If you're in your 20s and 30s, you worry nonstop about what happens when I hit my 60s. Can I ever retire? Can I be like my parents or my grandparents? I guess not so much for your parents because your parents aren't retiring either. That's all gonna be done away with. How do you. How do you. How's the system that creates so much wealth in the world rest upon the shoulders of the working class and middle class in this country, and they're not in on the deal. If you're in the middle class, you get a taste. You get your beak wet. You get your beak wet. But ask yourself, you get restructured out of that job, and the corporations don't care at all. You get restructured out of that job. Tell me where you are in a hundred days. How you feeling? How you looking? You're nervous. This anxiety hangs over everybody. Shouldn't have. Why, why do we have that anxiety in the United States of America? If the whole system rests on your shoulder, why are you anxious? Shouldn't you say, yeah, it rests on my shoulders, but I'm feeling good because I know, you know, we create the value here. We're the foundational elements. So we get, we get, we get a piece of the action. No, that's not what happens. You get the exact opposite. That's what Trump's doing is very basic. You're now going to get a piece of the action. And you're not a freeloader. You're not asking this for free. What are we asking for? Bring manufacturing jobs back so people can work long hours and productive jobs that they love and they're happy with, they feel they're fulfilled and they know they've got a future for themselves and their families. Not a big ask, is it? For a country that's created more wealth than anywhere in the world, that's freed more people that have more debt and more foreign battlefields that bailed the fricking Europeans out time and time and time again when they get in their messes, we got to go back countries that kicked us all out. Think about that. They kicked every one of your parents out. Virtually. Grandparents, great grandparents. You hear them pining for the old country. Not so much, because in the old country, they got screwed. So they'd rather come here. You ever been across the American west and think about, my God, what must have been their life to do this? Think about it. And they're going to sit there and their great grandchildren are going to be taken advantage of by the same elites running Europe. And they want to be bailed again. And today they're whining. Screw you. Don't want to hear you whining. We're not bailing you out anymore militarily, and we're not going to bail you out economically. Oh, by the way, let me add as a side note, Zelensky is making a big Deal. And Harnwell is going to talk to you in the next hour if Brad gets him in about the Trump advisers now realize they're being sucked into a morass because they're dealing with the Ukraine. Screw the Ukrainian leadership. I don't care what they have to say or what they want. Either sign the economic deal or don't. We don't want it signed. We'd love to walk away the sign it today as is or walk away just like in Europe. Don't sit there and tell me you're great. We're great allies. You're not great allies. We've bailed you out every time of messes that you got in because your elite leadership because of what you got into. And now we got to face the Chinese Communist Party, which you're going to rub up the other day. People saying, well on the university professors, these guys getting laid on the bureaucracy. Well, we'll just get. We'll just get research money from the Chinese Communist Party. I dare you. I'm hearing this from these resources. Oh, they're going to cuss off the Ivy League schools of the state land grant. Ivy's bannings. Big talk. We'll get it from the Chinese. Yeah, you will. We'll throw you in fricking prison. You're going to trade with the enemy. Big talk shows you how much they love this country. Right? Let's just do it all and let's have a great unmasking. Let's see who's with us and who's against us. That's what this is about. Anybody supporting Trump's on our side of the football, including you had all the union folks there yesterday. The back Trump, uaw, UAW and others. Let's have a great unmasking right now. Just like in the pandemic was kind of a preamble. The great reset and build back better. Hey, we're building back better here. We got a plan. We're building back better. Don't like it. Leave. Here's how much empathy I have with you. None the credential class and hear the MSNBC whining and oh, the consumer prices are going to go up and stocks are falling. When the hell did you ever care about capitalism of stocks? The billionaires that own you do, but you're just puppets and your phony cosplay populism AOC and Bernie Sanders. Bernie Sanders. Hapless old man. New order of Bernie Bros. You guys go into the big things. You're losers. You're back in a loser who didn't take on the Clintons the two times he had him and ain't gonna take him on again. And trust me, he's thinking about running. He sees those crowds. He's all juiced up. He's sitting there going, I'm 83. I'll be 86 when I run. How can I do that? But he loves it. He loves it because it's all about him. It's all about him. It's all about him. That's what. Nothing happened. Listen to the speech. There's no populism in there. Some hapless old man wandering around aoc she doesn't know what she's doing. That's all cosplay. What Trump gave you is the real deal. Guess what? We're going to bring manufacturing jobs back here. And Trump says, it's very simple. Make it here. You don't have to pay them. Stop whining. You got to think, making the United States of America. What's so bad about that? Pretty good country, pretty good workers, pretty good folks, pretty good system. You got Leesman and the other guy on there. Well, hold it. If it all comes here, how do you. How do you go? You don't have a tariff. Money. It's called taxes, you moron. You moron. This is why I don't take CNBC seriously. I take certain people there seriously, like Rick Santelli. They can't take it seriously. It's the MSNBC of finance and business. President Trump stepped out onto the world stage, just like Lincoln said, when you're thrust out onto the world stage, you know what he said? He threw down hard. He said, the day of ripping off the United States of America, the day of you taking advantage in destroying American workers is over. Why do you think the union guys were standing up and applauding? And don't you find that ironic that MSNBC and the New York Times, all these progressives, they're so worried about the people, they're sitting there running dogs for the Wall street crowd, barking, snipping at President Trump's heels. And the workers are in the Rose Garden. Were they ever inviting the Rose Garden in Biden's regime or Obama's? I don't remember seeing a lot of hard hats around there coming up to the microphone, throwing down. I missed that. The right stuff takes us out. Brat Harnwell Thayer. That's a cast of characters. The great Dave Bratton. Short commercial break. I didn't even play my gold. I'm gonna hold that. 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