Episode 4401: Trump Fights Back Puts 125% Tariffs On China

Summary

Podcast Summary: Bannon's War Room – Episode 4401: Trump Fights Back Puts 125% Tariffs On China

Release Date: April 10, 2025
Host: Stephen K. Bannon
Organization: WarRoom.org

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1. Introduction and Market Surge

Timeframe: [00:00 – 00:24]

The episode begins with host Stephen K. Bannon engaging with Peter Navarro, the Trump administration's trade advisor, regarding the unprecedented surge in the stock market. Both note significant spikes:

• Peter Navarro: "Are we up 7,840 points right now? Dana, I'm watching this literally glitching and gap. We're up 900 points." [00:04]
• Stephen K. Bannon: "Yeah. Okay, there. Wow." [00:15]

This sets the stage for discussing the market's reaction to recent economic policies.

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2. President Trump's Tariff Strategy

Timeframe: [00:24 – 05:55]

Kelly provides a detailed breakdown of the President's latest tariff policies:

• 90-Day Pause: President Trump authorizes a 90-day pause on reciprocal tariffs, reducing them to 10% effective immediately. The exact terms—whether tariffs drop to zero or revert to previous levels—remain somewhat unclear.

• China Tariffs Raised to 125%: In response to China's retaliation and lack of willingness to negotiate, tariffs on Chinese goods are increased to 125% from the previous 104%.

• Global Negotiations: More than 75 countries have initiated negotiations with the U.S., allowing the administration to temporarily reduce tariffs for nations that have not retaliated.

Kelly's Insight:
“We're looking at a world in which things continue to get worse with China one of our largest trading partners, but getting much better with everybody else.” [01:56]

This dual approach aims to pressure China while fostering better trade relations with other nations.

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3. Explosive Market Reaction

Timeframe: [05:55 – 09:32]

Stephen Bannon elaborates on the market's explosive rally following the tariff announcements:

• Market Gains:

  • Dow Jones Industrial Average up nearly 3,000 points
  • S&P 500 increased by 9.5%
  • Nasdaq surged by 12%

• Economic Optimism: Bannon heralds the day as one of the greatest in American economic history, attributing the surge to Trump's "reciprocal trade deal" strategy.

• Bond Market Dynamics:

  • Initially, the 10-year Treasury yield spiked to 4.5% but then receded to around 3.9%.
  • Bannon suggests the bond market's volatility is influenced by both the tariff policies and incoming Senate budget proposals.

Bannon's Commentary:
“This is an economic war between the Chinese Communist Party and the United States.” [05:55]

He emphasizes the strategic moves to rebalance trade and reduce the national deficit.

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4. Geopolitical Tensions Escalate

Timeframe: [07:28 – 09:39]

Natalie Winters discusses the shifting geopolitical landscape, highlighting the intensified conflict with China:

• Emerging Conflict:

  • Transition from muted discussions about China to active economic and security conflicts.
  • Concerns about escalation cycles involving national leaders unwilling to back down.

• Potential Security Implications:

  • The conflict could extend beyond economics, impacting security relations and potentially leading to dangerous confrontations.

Winters' Analysis:
“Can that escalation be controlled? As you have two leaders who are going to have to show that they are tough and will not back down from one another and that can be dangerous.” [07:28]

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5. Internal Political Developments and Critiques

Timeframe: [09:12 – 27:35]

The discussion delves into internal political conflicts and critiques of opposing viewpoints:

• Criticism of Media and Think Tanks:

  • Stephen Bannon and Peter Navarro critique media outlets and think tanks for their alleged collaborations with Chinese influence groups.
  • Peter Navarro: “MAGA MEDIA I wish in my soul, I wish that any of these people had a conscience.” [09:12]

• Charlie Gasparino's Opposing View:

  • Gasparino presents a pessimistic outlook on the tariffs, predicting economic downturns and job losses.
  • Charlie Gasparino: “This is going to do several things. Number one, it's obviously going to raise prices and contribute mightily to inflation.” [23:08]

• Stephen Bannon and Navarro's Counterarguments:

  • They dispute Gasparino's assessment, arguing that the market's response signifies confidence in the administration's policies.

Navarro's Perspective:
“President Trump is assessing it in real time and seeing the max damage he can do to an evil system.” [34:54]

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6. Expert Opinions and Future Projections

Timeframe: [27:35 – 43:01]

The episode features various expert opinions and projections regarding the ongoing trade war and its broader implications:

• Economic Repercussions:

  • Discussions on the sustainability of tariffs and their long-term impact on the U.S. economy.
  • Concerns about the U.S. government's increasing debt and deficit.

• Strategic Alliances:

  • Emphasis on uniting with global allies against China's economic strategies.
  • Stephen Bannon: Highlights the support from Southeast Asian nations and Japan in opposing China's trade tactics.

• Future Outlook:

  • Predictions of continued economic and geopolitical tensions.
  • Speculations on China's potential recessions and the impact on global markets.

Bannon's Insight on Global Relations:
“They are more populous. And that woman like that goes Round and Round and negotiations go Round and Round.” [30:46]

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7. Conclusion and Future Outlook

Timeframe: [43:01 – End]

In the concluding segments, Bannon reiterates the administration's commitment to confronting China and reshaping global trade dynamics:

• Final Remarks by Stephen Bannon:
  • Emphasizes the necessity of decoupling from the Chinese Communist Party.
  • Advocates for comprehensive strategies beyond tariffs, including addressing non-tariff barriers and strengthening domestic policies.

Bannon's Call to Action:
“We are in a Cunian revolution. Their story, their narrative on the left, the Marxist left, they cannot explain the data.” [41:38]

• Future Episodes:
  • Promises in-depth discussions on non-financial and non-tariff strategies.
  • Highlights upcoming analyses on potential retaliatory actions by China.

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Key Takeaways

• Aggressive Tariff Policies: President Trump's administration has implemented significant tariff adjustments targeting China, aiming to rebalance trade deficits and reduce non-tariff barriers.

• Market Confidence: The stock market has reacted positively to these changes, signaling investor confidence in the administration's economic strategies.

• Intensified Geopolitical Conflict: The U.S. and China are entrenched in an economic war with potential spillover into security domains, raising concerns about global stability.

• Internal Political Struggles: There is a notable divide between the administration and mainstream media/think tanks, with accusations of Chinese influence infiltrating U.S. institutions.

• Future Uncertainties: The episode concludes with a cautiously optimistic outlook, predicting continued economic maneuvers and strategic alliances to counter China's influence.

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Notable Quotes with Timestamps:

• "This is an economic war between the Chinese Communist Party and the United States." – Stephen K. Bannon [05:55]

• "Can that escalation be controlled? As you have two leaders who are going to have to show that they are tough and will not back down from one another and that can be dangerous." – Natalie Winters [07:28]

• "MAGA MEDIA I wish in my soul, I wish that any of these people had a conscience." – Peter Navarro [09:12]

• "This is going to do several things. Number one, it's obviously going to raise prices and contribute mightily to inflation." – Charlie Gasparino [23:08]

• "President Trump is assessing it in real time and seeing the max damage he can do to an evil system." – Peter Navarro [34:54]

• "We are in a Cunian revolution. Their story, their narrative on the left, the Marxist left, they cannot explain the data." – Stephen K. Bannon [41:38]

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This episode of Bannon's War Room provides a comprehensive analysis of the U.S. administration's aggressive stance against China through tariffs, the resulting market dynamics, and the broader geopolitical implications. Host Stephen K. Bannon and his panel offer a perspective that underscores confidence in Trump's economic strategies while highlighting the challenges posed by entrenched opposition from media and international actors.

Transcript

[Stephen K. Bannon]

Go ahead and let it rip. Are the numbers I'm seeing on my screen correct here for the dow?

[Peter Navarro]

Are we up 7, 840 points right now? Dana, I'm watching this literally glitching and gap. We're up 900 points. Is this, this is, this is.

[Stephen K. Bannon]

Yeah. Okay, there. Wow.

[Peter Navarro]

Our charts can't even keep up with how quickly these numerical moves are happening. We are at session highs.

[Kelly]

Emily are just sifting through everything that we're seeing in this truth social post. But two major developments. I'm going to go first that the president, he is authorizing a 90 day pause and substantially lowering the reciprocal tariff during this period of 10% effective immediately. There's some fuzzy language here. The upshot is that there's a 90 day pause in the reciprocal tariff. What I'm not clear on is whether we go to zero during that time or to back where we were or if the 10% tariff remains in place, either way a major step forward. The president says that this is because more than 75 countries have called representatives of the United States negotiations are ongo. And so he's instituting this 90 day pause. In the meantime, on the other hand, some negative news on China, saying that based on the lack of respect that China has shown to the world's markets, he's raising the tariff on China to 125%. That's of course up from the 104% that took effect just at midnight. Now going even higher to 125% because he does not like the way China has been retaliating rather than coming to the United States and wanting to negotiate. So two major step forwards here. One obviously very good for the market markets. You're seeing the markets react to that. The other one on China looking like, you know, they don't like the lack of respect that they see. So we are looking at a world in which things continue to get worse with China one of our largest trading partners, but of course not the largest, but getting much better with everybody else, at least temporarily while these negotiations, Kelly.

[Stephen K. Bannon]

Are ongoing an explosive rally for stocks after news President Trump is pausing reciprocal tariffs on countries that did not retaliate, but holding them at that baseline of 10%. China the exception there, the Dow up nearly 3,000 points. S&P up nine and a half percent. Nasdaq up 12. Charles, this is one of the greatest days in American economic history. We have had, I think we're going to call it the art of the reciprocal trade deal. And I'll tell you all the nervous Nellies on Wall street who try to undermine us consistently underestimate the power of the President to negotiate. What have we got here? We are at a place now where we have a broad based 10% global tariff on. Well, we negotiate over the next 90 days with all of these countries who have come to us. And the mission, Charles, in these negotiations is to dramatically reduce our trade deficit, level the playing field, get rid of all the tariff differentials, get rid of all the non tariff barriers. Dow 50,000 Charles, I've said this before. It's going to hit that we're going to have a broad based recovery in the S&P 500. As we told you, remember our saying here also is that the bond markets turfed out more governments than howitzers. A little while ago the bond market kind of froze up in 10 year Treasury. 10 year treasury popped to 4.5%. Remember the other day we were on the show, it was down, I think it hit 3.9, 3.95. That was kind of irregular. I'm not saying liquidity, but irregular treasuries back down. And I believe that is twofold. Number one, not just the tariff situation, but now this outright throwdown between the Chinese Communist Party and the United States. But in addition, I think it's just starting to think through the Senate bill of which is being pushed by the President and I can tell you there's some spending there people don't understand is scratching their heads, including Sir Jamie DIMON There a $1 trillion defense bill and I don't know how that's aligned with hemispheric defense because it does take guts, believe me. The bond markets that persuaded you to reverse. I was watching the bond market. The bond market is very tricky. I was watching it. But if you look at it now, it's, it's beautiful. The bond market right now is beautiful. But yeah, I saw last night where people were getting a little queasy. I think everything had. Well, the big move wasn't what I did today. The big move was what I did on Liberation Day. We had Liberation Day in America. We're liberated from all of the horrible deals that were made, all of the horrible trade deals that were made. And I was helped by people just like this Senator, Congressman and friends. Right. And we had great help in the Senate. Republican senators have been amazing. They stood tall and likewise in the House. And John, there are decades in which nothing happens and there are weeks in which decades happen. Welcome to that week, one of those weeks and there have been many with President Trump a full blown, it's gone beyond tariffs, it's gone beyond trade. It's a full on. You can't call it anything else but an economic war between the Chinese Communist Party and the United States. Chinese Communist Party ratcheted up retaliatory measures last night, tariffs and others. And they've got a full toolbox. The Wall Street Journal has a really smart article up about how they've been prepping for this war, economic war. They've already been engaged in economic war with this unconventional warfare, unrestricted warfare. But they've been planning on this for many, many years. And now we're fully on it.

[David Fierstein]

As I said, We've given 90 days and the only certainty we can provide is that the US Is going to negotiate in good faith. And we assume that our allies will too. And in terms of certainty, we will see what China does. But what I am certain, certain of what I'm certain of is that what China is doing will affect their economy much more than it will ours because they have an export driven flood the world with cheap export models. And the rest of the world now understands because when we put up our tariff wall, those exports were already flowing to the rest of the G7 and to the global South.

[Natalie Winters]

How much of this decision was driven by the bond market cratering overnight is happening China selling their bonds?

[David Fierstein]

I have nothing that says that. And we actually had quite a good 10 year auction today. And all this was, again, this was driven by the president's strategy. He and I had a long talk on Sunday and this was his strategy all along. And that, you know, you might even say that he goaded China into a bad position. They responded. They have shown themselves to the world to be the bad actors. And, and we are willing to cooperate with our allies and with our trading partners who did not retaliate. It wasn't a hard message. Don't retaliate. Things will turn out well.

[Emily]

Just in the last few weeks, Nicole, I had been having conversations with my colleagues who also cover foreign policy, national security, saying, isn't it interesting how little we're hearing about China? You know, during the campaign and over his career, President Trump has been kind of obsessed with China. And he has so many China hawks in his administration who say that China is the biggest threat to the United States. But there was, you know, there were virtually no policy pronouncements. And now here we go. We are in this conflict with China and as you say, based in part on China's political culture, also the fragility of its economy. The Chinese are not going to Back down by any sign that we've seen, they are. Xi Jinping is going to stand up, show that he can't be cowed by President Trump. Nationalism is already starting to flare in that country and you could get into an escalatory cycle that not only has these economic implications, but can have security implications that can become quite dangerous. So we went from China seeming to be on the back burner, to now suddenly we're in the thick of it with China, not only economically, but in security terms. And again, the question is, can that escalation be controlled? As you have two leaders who are going to have to show that they are tough and will not back down from one another and that can be dangerous.

[Stephen K. Bannon]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. You're just not going to 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. And where do people like that go to share the big lie?

[Peter Navarro]

MAGA MEDIA I wish in my soul, I wish that any of these people had a conscience.

[Stephen K. Bannon]

Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved. War ROOM here's your host, Stephen k.

[Peter Navarro]

Ban.

[Stephen K. Bannon]

Wednesday the 9th of April in the year of our Lord 2025. I told you this morning at the start of the show about decades when nothing happens. Weeks where decades happen. This is going to be that kind of day. If you watch the show this morning, saw our concern about the, the bond market. Obviously the president shared that concern. There was a good auction or an okay auction before Secretary of Treasury Besant went over to the White House early in the afternoon. The, the also I think Matt Boyle reporting from Greece and Caroline Wren from the other side of the globe in Kuala Lumpur showed that the countries of the world want to unite with the United States economically against China. And these are trading partners. And remember, reciprocity is key. What Peter Navarro has said, I saw some people saying, oh, it's Besant and Elon Musk versus Ludnick and Navarro, John Cardillo. That's idiot talk. Elon Musk was a guy that went out of his way to crush Scott Besant and Elon Musk, his only concern is the Chinese Communist Party. 100% the Chinese Communist Party. Today the Chinese Communist Party got Crushed. But Michael Crowley right there summed it up. New York Times diplomatic correspondent. We're a long way from this thing being over tonight. Get ready. Xi is not going to back down on this. He can't back down on this. The reason he can't back down, if he was to back down and show any softness whatsoever, he would be overthrown either by his military. This is why he's been purging the PLA over the last two years. Massive purges in the senior ranks, kind of like Stalin did before World War II, in the 1930s at the Senior levels of the Red Army. She has been doing the exact same thing. She understands that he is judged by how he stands up to the United States of America. That's how he's really judged by the hardcore. They have, they have many, many super hawks over there that are just raring to get it on with the United States of America. This is one of the reasons you have to decouple the Chinese Communist Party. It's impossible to do a deal with. We learned this in 2019. As I keep saying over and over again, when we had the Lighthouse deal this morning, President Trump, you know, you can say, laid a trap, the three things. So just think this through. Number one, we've talked about you need to have a process. You had Liberation Day and then the nations of the world are piling in here. Some say, hey, I don't understand the formula. Some are saying, hey, I understand the formula, but I think you might be wrong. Some are saying, hey, I understand the formula, but my reciprocity is different. I understand you want to get to reciprocity. All of them, and particularly the biggest trading nations have all wanted to come over here and cut deals. As Caroline Red said this morning from Kuala Lumpur, all of Southeast Asia, and we know Japan had dinner with Scott Besant last night. The Koreans are heading over. Vietnam's already here. And she was putting out the word, you're not going to do this. You need to come back. You're in our camp. So this is about. You had to have a process. I think the process they chose to keep the 10% on. Remember, 10% tariff is not small. 10% tariff is four or five times. Some other, you know, other times they had terrorists. So that in and of itself is not tiny. The reciprocity piece will be worked through as people because it's going to. These are complicated. Remember, it's just not the numerical tariff that you've got. It's also all the non tariff barriers. But the important thing is he Had Scott Bessant, under President Trump's guidance warn China, warned him on Saturday and warned him on Sunday. Don't come back. If you strike back, it's going to be bad news. And they struck back hard. And President Trump then struck back even harder in the market of course took off number one. It is the, it is the, you know, the process. They like the 90 days. However, there is a mother of all short squeezes in there. In a couple of these stocks people were betting against President Trump, they were betting against maga, they were betting against the United States and they were betting against the these companies. They got squeezed because remember when you short like that and your leverage, it's an unlimited amount of money, infinite amount of money you can lose. Not like buying a stock and going long because if you buy stock it only go to zero. Historic day in the markets. Dow almost 3,000 points up broke 40,000 gold broke 3,100 for a while backed off. I think it's 3,098. You've got to learn the process there. The 10 year which was jiggy, the 10 year market when we started the show this morning was kind of frozen. That is not good ladies and gentlemen. That is not good. And that does not happen very often. US government securities, particularly the 10 year which is the one that as you've, we taught you the whole world and your financial life is off of your credit cards, all of it. Okay, we're going to the White House. We got Natalie, the White House. Dave, Brad is here. We're going to walk you through all of it. What happened today, what you have to understand from that, the process about it, more importantly what is to come in the war room. 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. 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In back of that, the pattern recognition and that is what Birch Gold will help you understand. Plus the into the dollar empire as the Chinese Communist Party is now up front saying, hey, they're going to lead a de dollarization effort. Don't think this is over by a long shot, folks. It was a great move of President Trump today. There was a short squeeze and also people pounded in saying, hey, Trump is back. So there's a lot of good there. The process to get these done and to keep reciprocity, which is absolutely what President Trump is focused on, bringing jobs back, which is his number one priority. And now in an economic war with Xi, who really can't, who's not in a position to back down. This is what I'm saying. Things other than just tariff and trade and you know, like the kinetic part of this, which may start quite frankly with us in Mexico against their partners, the cartels, or it may start around Taiwan. Stay tuned. This is why the show is for you is more vital than ever. Natalie Winters over in Congress, of course, Zero Hedge headed best. The Zero Hedge guys had an incredible tweet up today that said, and now this is after the story broke and it was obviously the focus on economic warfare. The Chinese Communist Party in the, in the, in the market started to run. The guys over Zero Hedge put up a tweet. And now we can go back to your regularly scheduled 1 trillion day, $1 trillion in debt increase every 100 days. So they voted in the Senate. It's just, it's just procedural. Been promised cuts. We'll get into that when we got time. Quite a day at the White House, Ms. Winters.

[Natalie Winters]

Yes, quite a day indeed. Just getting here. They always are having press gaggles. We've already had a Ton today, right now, Transportation Secretary Duffy is speaking to reporters. I saw Commerce Secretary Lutnick walk by not too long ago. If you were to ask me what exactly the messaging, the strategy is, I think you're watching it develop right now in real time on the big networks, at the sticks, at the press gaggle. But I really think confidence is emanating from the White House today. The rebound that we saw. I think the strategy worked. I think Caroline Levitt said it best this morning speaking to reporters. They all got played. They all got fooled. This has been obviously the strategy all along. But overall, from the comms angle side of things, to each cabinet secretary, it seems like they're really emanating confidence and that they know what they're doing. Contrary to, I think, the narrative we've heard coming out from my legacy media colleagues.

[Stephen K. Bannon]

Natalie Crowley says something's very important. Like I said, President Trump ran because this thing of the United States being ripped off, being deindustrialized, the whole thing around trade, but the center of gravity, that has always been, as we keep putting back to the financial times and got it right. President Trump in a defiant move against Beijing about the Chinese Communist Party. You've been, since you've been an intern for us and for Rahim, your research originally started in things like the Chinese Communist Party and how they're infiltrated everywhere, how they're ripping us off. You know, Crowley said, hey, Trump is a China hawk. And he surrounded himself with China hawks. How big, how big a, how significant was that and how this played out today?

[Natalie Winters]

Well, I'm always honored to return to my anti CCP tradition here in the war room. But look, I think I'm getting a sense of deja vu. Although maybe PTSD is a better way to describe it really, to Covid the COVID panic. What do I mean by that? First and foremost, the idea that what was going to be a pandemic that was going to destroy the world, just like it was going to be what, a recession that was going to destroy the world. Well, that obviously didn't happen. But more precisely to that point, I think the duking it out right over the natural or origins versus the Wuhan Institute of Virology Lab origins. We saw this really, I think, massive moment happen where you had hardcore Chinese Communist Party propagandists who were on the payroll directly of the Chinese Communist Party, like we exposed, saying, no, no, this developed naturally. And then the other voices like ours, the independent ones, were saying, no, obviously it was man made. It was created through gain of function. Research. Why do I bring that up? Because those same voices that were weaponized, right, that same sort of propaganda that you heard to say Covid developed naturally in the Batcave or whatever, it's the same similar information warfare psyop that I think we heard now, not in the confines of biological research, but when it comes to the stock market, when it comes to these tariffs and we can get into the intricacies. But a lot of the think tanks that you're hearing, the ex, the so called experts, I guess there you go. Trust the experts. That also cross applies here too. But the people that you're hearing being pumped across the airwaves on legacy media are all a part of these think tanks, all are academics, part of these institutions that have been on the take on the payroll from the Chinese Communist Party for decades. And I know our side always loves to say oh so and so is, you know, bought and paid for by the Chinese Communist Party. That's an understatement, right? When you understand the way that the Chinese Communist Party has systematically waged political warfare to target not just the Achilles heel of the American system, but the American political system in its entirety. Right. Don't miss the forest for the trees. Hunter Biden is one of many. They've done that time and time and time again. All of these voices that are now criticizing President Trump in this trade war, which by the way, I reject that phrasing, it's the Chinese Communist Party that started this to begin with that's a victim blaming. It's the American people who have been besieged by the Chinese Communist Party through intellectual property theft, illegal trade exports and subsidies, currency manipulation, all these sort of non tariff barriers that the Trump administration is tossing talking about. While their legacy media counterparts are too dumb to even know that currency manipulation exists at a rate of, what is it, 30 to 40 cents on the dollar. So this is a much bigger issue of the tariffs, I think right now are sort of the latest theater of war that we're seeing the Chinese Communist Party influence ops psyops, you know, run out on. But this is just like Covid. Our audience is always ahead of the curve. We're always steely eyed. We understand, we stay frosty on the psyops. Don't think the same can be said for my colleagues here. But it's the same lying and deceitful actors that are very in bed with the Chinese Communist Party that are telling us that these tariffs are detrimental to the United States of America.

[Stephen K. Bannon]

The running dogs. You got a clip? Let's go and Play it and then we'll bring you back in for some observations.

[Charlie Gasparino]

Well, I think it'll be a devastating impact. I mean, for one thing, we've already seen in two business days, Thursday and Friday, after he announced on Wednesday the launching of all of these new tariffs, that in two short days the United States stock market's lost $6 trillion, $6 trillion in wealth. I don't think we've ever seen anything like that in history. I think you'd have to go back to the Great Depression and the crash of 1929 to see anything on this type of scale. And even that may not be quite the same. This is going to go down as one of the most egregious self inflicted wounds and unforced errors that we have ever made as a nation in any area of trade policy or economic policy. So the bottom line is it's going to do several things. Number one, it's obviously going to raise prices and contribute mightily to inflation. Number two, it's going to ultimately result in net job loss because American producers will be having to pay more for the inputs for their final products. That means that they'll have to raise their prices on the products. That means fewer people will buy the products and that means that the factories will have to lay people off. That's what happened the first time before COVID under the Trump economy. Under these policies, the United States lost 250,000 manufacturing jobs. So we know how this goes. And so in all of those ways it's going to be devastating. And of course it's leading to the weakening of the dollar and according to many economists, a much greater likelihood of a recession. And none of this had to happen. So it's very self inflicted and really economic mismanagement at a level that I don't know that we've ever seen in the modern history.

[Stephen K. Bannon]

Are they in the mumble tank now? They're not going to get their Great Depression this week, ma'am.

[Natalie Winters]

Well, Stephen K. Bannon, you just missed Peter Navarro walking by. He told me to send his regards to the posse. But just to contextualize who that is. I know we love the term running dogs here, but that's a full blown traitor. That's David Fierstein who is the CEO of the Bush China Center. Now what they don't tell you about the Bush China center and what I won't tell you about that interviewer, I guess they won't tell you is that he was running to Chinese state run television to dunk on President Trump tariffs. I stand by my treasonous claim and traitor claim. But what's more interesting is what he doesn't disclose is that that group, the Bush China center, is directly on the payroll of a Chinese Communist Party run influence group known as the China United States Exchange Foundation. They notoriously signed a five year, $1 million a year contract to basically parrot Chinese Communist Party talking points. That interview you see right there is what they call, I guess an roi. But more to that point, each year they were only bringing in about $1.2 million. So the buried lead there being that it was the China United States Exchange foundation that was constituting essentially the entirety of that group's budget. But this pattern is replicating itself over and over and over again. The other think tanks that are essentially bought and paid for by this very same, like, I repeat, communist influence group. The Brookings Institution, the Center for Strategic and International Studies, the Atlantic Council, the Center for American Progress, the East West Institute, the Carter center, and the Carnegie Endowment for International Peace. Of course, a bunch of America's top institutions are also on the take from the China United States Exchange Foundation. And if Denver wants to toss up on screen the center for American Progress, which has actually led delegations to China, paid for, subsidized by this communist influence group since 2009. This was a group that was founded by John Podesta, though I think that's maybe the lesser of the two controversies when it comes to this think tank, at least in the context of Chinese relations. But for decades they've been collaborating with them, going on these high level delegations, receiving hundreds of thousands of dollars to lobby for them. Why an American think tank would be lobbying for Chinese Communist Party interests, I can't quite tell you. The fact that it's comprised of overwhelmingly Obama administration alumni, maybe that squares that logic chain. But this is what you're hearing. It's full blown propaganda from guess what? People who hate hate the United States of America don't think borders matter and don't think sovereignty is important. So of course they're going to hate these tariffs.

[Stephen K. Bannon]

Natalie Winters, social media Ma'am, Natalie G.

[Natalie Winters]

Winters on all platforms. Thank you for having me.

[Stephen K. Bannon]

Great job. Couldn't have come out of the box firing with all cylinders, but the CCP folks don't think we're through this one by a long stretch. This is battle of the titans right now. Short break, brat on the other side. Health isn't just a personal issue. It's a family issue, a community issue issue. We're living in unpredictable times. Supply chains can break down Hospitals can get overwhelmed. And let's not even start on the natural disasters. These aren't hypotheticals. They're happening. You see it here in the war room and we all know it. The question is simply, are you ready? That's where Jace comes in. This isn't just a kit. This is a Jace case. It's a lifeline. It's a personal supply of prescribed emergency medications that puts the power back in your hands. Whether it's an unexpected illness or a global disruption of supply chains, you can act fast and protect yourself and your loved ones. This February, show them you care in a way that really matters. Be prepared. Get the Jace case today so you'll have the right meds on hand the moment you need them. Visit JS medical.com and use the code Bannon. B A N N O N at checkout for a discount on your order. That's Jace medical.com, promo code Bannon. Get the Jace case and do it today.

[Peter Navarro]

Here's your host, Stephen K. Bannon.

[Stephen K. Bannon]

President Trump absolutely hammered him today. Make sure that you are not hammered. Get the home title lock, triple lock protection. The one million dollar triple lock protection. The only thing that shows that you actually own that piece of real estate that you rebuilt, abide in your home is your title. Everybody in the world's trying to get it, trying to monetize it. Sell your house or monetize, take it a second mortgage, the home title. Like $1 million triple lock protection. 24 hour coverage alerts in the middle of the night. If anybody's messing with your title. If all, if that fails, then they have a $1 million restoration project and Natalie Dominguez and the team can tell you all about it. $1 million. Put lawyers on it, all of it, to make sure that your title is back to you and nobody's taking out a second mortgage. Hometitlelock.com this is the one million dollar triple lock protection. Make sure you put in a promo code. Steve25. Just Steve. Just Steve. Steve25 is gone. I'd like Steve25, just Steve. Keep it simple. Just Steve. Only Steve. Dave. Brett, I want to get to the second the Senate. I don't know. I'm not feeling it, brother, but I heard it was just procedural day. A lot of long faces having to vote for this. But walk me through your assessment of President Trump's handling of this over the last couple of days. And where do you think we are right now?

[Peter Navarro]

Yeah, my view is we're in the middle of a geopolitical geo Economic revolution, A Cunian paradigm shift that's going to be permanent. President Trump is assessing it in real time and seeing the max damage he can do to an evil system. Right. St. Augustine Provocho Boney the absence of the good is evil. Communism Morning Joe. Mika Baptist. Let's have a debate on that one. Is Communists communism good or evil? Let's, let's have that one. Somehow Communist China grew at 10% GDP for a decade. Somehow they are doing 5 trillion in manufacturing a year while the United States of America is doing half of that two and a half trillion. Somehow China has $100 trillion in capital to work with and we only have 70 trillion. That might explain why our productivity has been going down for 70 years. Bob Gordon, Northwestern I've shown that chart a thousand times. Talking about the real economy. That guy on the news, you just had Firestein or whoever talking about the real economic outlook. He didn't mention the economy once. Our economy is not in strong shape because it's been destroyed by the communists and the leftists, et cetera, who've given us those charts. And so I think President Trump is just weighing in real time. He sees very clearly what they did to him in 16, in 20, what they're still doing in 2024 with the courts, et cetera. And he's maxing out what he can do in a short order. It's not like the establishment. Once he starts these changes, they're going to continue on his regime, right? They're not going to say, oh yeah, or Trump's not going to say, let's just do this incrementally. Let's just make, you know, little changes, right at first, because, boy, we don't want to upset the apple cart that's been wreaking havoc on the American middle class. And so I also want to add the moral debate. President Trump, he'll never admit this, but I see the positive thinking in his upbringing. I see that he is not a beggar thy neighbor guy. He doesn't want our advancement at the worsening of the rest of the world. What he wants is a system that makes us all better off as opposed to China, who is beggar thy neighbor. They got rich off of our backs. They took manufacturing away from us. They cheated, lied, steeled. The tariffs are about a third of the story, not tariff barriers are 2/3 of the story. And the White House is. And you've been strong on that for the last few days, Steve. And so I applaud the backbone from our America first side for sticking with it and doing the best. And Trump's a smart, smart guy, so he's reading the leaves and seeing how he can maximize goodness for the American people in the political sphere.

[Stephen K. Bannon]

This is just getting kicked off now. This a throwdown. You know how tough and hard the Chinese Communist Party is. They have a huge problem with legitimacy since they were a revolutionary force and they did defeat one of the Kuomintang armies. But essentially the country was given to them by traders in the State Department, in the US Government who took a small revolutionary cadre and gave the. Gave the country to them. And they had defeated, on many occasions, many battles, the Nationalist forces. But they've always had a question about legitimacy. They've never had an election, they've never been elected in. They've never had to go out and convince the Chinese people to support them. Where do you think we are now? Particularly. You got Taiwan. You have the Fentanyl crisis on our southern border. You've got the Panama Canal. You have the Arctic. You have. My recommendation immediately is to take all 350,000 students that are here, revoke the student visas and send them all home right now. There may be some swell kids in that, but it's just. It's a principle. They all got to go. And we still have tens of thousands that snuck in here and crossed the border when Biden invited them in. Where do you think we are now in this overall war that they've been engaged against us since 2019?

[Peter Navarro]

I think we're in a very, very scary world and predicament right now. And that's why I brought up all these Morning Joe and Mikas and Jamie Dimons and the Wall street journals. Hey, what are you guys going to say in the morning if China goes all in, puts all in chips, does, takes over Taiwan or does something worse than that, then all of a sudden, are you going to finally figure out that the Chinese totalitarian communist surveillance state is not morally good? They have no human rights. They're. They do not believe in God. They're abusing human beings. There's no human freedom. The moral equivalence, right. I'm just shocked on the moral equivalents, right? The Panama Canal versus Taiwan or whatever. We have paid for a peaceful order for 70 years. China has never done anything good for anyone in the last 70 years except themselves. And not even themselves a small, teeny little minority. When we talk about China, we're not talking about the Lao, Beijing, the people made in the image of God. We're talking about the totalitarian despots. And it is A scary world we're living in right now that we don't know. My guess is they're probably in a recession and near 0% GDP growth. I know we are. As we've always said, if you stripped out the grotesque money printing and the 2 trillion deficits, we'd be shrinking at at least 3, 4, 5%. But you wouldn't know that because none of the mainstream economists will ever do any research on anything that matters. And that's, I mean, what Natalie just brought up, right? Just look at all those foundations she reeled off. They all fund all the economists at Harvard and Yale and Princeton, Berkeley and mit. So if you want to know why, none of the America first issues are ever covered by economists. And that's why I'm serious, we're in a Cunian revolution. Their story, their narrative on the left, the Marxist left, they cannot explain the data, how our productivity so far down, why China's growing so fast, how we let that happen. Who's in charge, Right? No one in the establishment is defending the current trade regime. That's the tell. Right. But they don't have another story narrative theory ready to go. And when it comes to geopolitics, you know more than I do. So I'll defer to you on the, on the Chinese military threat.

[Stephen K. Bannon]

Well, it's going to be significant. I mean, we got to be on watch. And starting, starting tomorrow, we're going to break this all down. But overnight I'll be putting stuff up and get her. But tonight's dangerous. Every night's going to be dangerous. But particularly she cannot sit there and have Trump go, okay, tough guy, it's 125. How about that? And keep coming for him. So, you know, zero hedge today, the ten year auction. And before the auction went okay, but before that, the bond market did freeze or appeared to freeze for a few minutes. It was rattled. Part of the reason it's rattled is that, that, you know, they hadn't seen the trap that President Trump was working on springing. They thought it was maybe a little too much confusion and that you had this reciprocity. But there wasn't really a process to get everybody in the 75 to 100 countries in. So they hadn't been able to see that President Trump made that clear later. But the other thing that spooked them, Dave, is this Senate bill. Now you got to help me here, brother. The House voted on it today. And if it hadn't been for a couple of Democrats who have died, I think from cancer, I don't know if the bill would have passed. I mean, it was 216, 215. Right on the no's, with a couple of no's, three no's from the, from the Democrats. This Senate bill is almost indecipherable. I mean, it was only a procedural thing today. And we promised, President Trump specifically promised a trillion dollars in cuts. So this thing could be horrific. And the bond market is not going to sit there and let us, they get a vote now. They're just not going to let us run up these massive deficits. In both of these deals, one has 4 trillion, the other has 5 trillion. I mean, what's your sense? I know the arm twisting in the House has been intense and they've committed that they're going to get to work and we're going to understand this entire thing and understand where the spending is, understand what the deficits are, how they're going to get to zero, understand where the tax cuts are, whose taxes are being raised and who are continuing on with the lower taxes. I mean, what is your outlook in this? Clearly the zero hedge was kind of mocking everybody and said, okay, now this crisis is over, we're back to just running up a trillion dollars every hundred days, Sir.

[Peter Navarro]

Yeah, I think the analysis of the budget is fairly similar to that with tariffs. Where have any of the House members been with a plan or the courage to come out and defend this America first play on behalf of the American worker? And I get it. I was there. I mean, it's a tough world running against the tooth fairy and the Democrats who are supposed to be pro labor and pro worker and where are they? They have no strategy, no nothing. They're not populous. And so, yeah, I've got no hope at all in the budget process right now. I haven't seen any reason to be optimistic that there's cuts. I think the Senate, from what I read today, the cuts are in the billions, not the hundreds of billions, not a trillion, but in the billions. And then the House is, you know, I think the speaker and some of the members are saying that's not good enough. So they're going to get go back and forth. But at the end of the day, they're going to lob it into one big beautiful bill, which means there's going to be extreme pressure on everyone to vote for that thing. That's how they do it. They time it, they wait for a key choke point when you're going home or whatever, and then they force you to the wall and that's it. And so you're right on the bond market. Now we've added other realities to the risk calculus around the world. Right now you've got geopolitics, you got China, you got the tariffs. And President Trump knows full well that this cannot be incremental. This, this America first move, right? On energy, all in. On the tariffs, all in. And it's not the tariffs. He wants them to come to the table like, you know, Vander leyen for the EU, etc. They offered a zero tariff in no way, Jose, 2/3, right? I got a chart. I'll show it in the 6 o'clock hour, the blue chart that shows for Most of the G20, the non tariff barriers are bigger by far than the tariff barriers. Right. And that's bank of America and World bank, by the way. So if any of these analysts want to question the methodology and the formula, I'll show them bank of America, World bank, same stuff.

[Stephen K. Bannon]

No, this is, this is why Navarro's a genius. What Navarro said is, hey, you got to put in currency manipulation, counterfeiting, all the non tariff barriers. It's just not the number because you know, people come all the time and say, hey, between Europe and us, it's just zero, zero. Let bygones be bygones. No, no, no, no, no, no. That's not how it goes. This is still the way. Germany, we have not one American car sold in Germany. The Senate bill we're going to have to deconstruct. You're right. You know, you've got a trillion dollar defense budget. They're adding another $170 billion for the border, for deportations. These things have to be done. But we really got to go through the fine tooth comb and find out about. Plus the taxes, all of it. It's complicated. I just. This audience is going to come under tremendous pressure to roll over on this thing. Go ahead, Dave.

[Peter Navarro]

Yeah, yeah, I'll just throw in real quick. I watched that debate last night. Schiff I disagreed with on the tariffs, but he did have another parallel explanation with the Federal Reserve. Right. Printing too much money, reserve currency, interest rates way too low. Therefore you don't do any saving, you do all consumption. That, that line of thought is also powerful. It parallels why we're in a problem. And the Federal Reserve better get its act together to be complementary to this whole America first project.

[Stephen K. Bannon]

Hang on one second, Dave, Brett's with me. We'll take a short commercial break, take down the ccp. Back in a moment. 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 from Patriot Mobile with a coverage guarantee. But the difference is every dollar you spend supports the first and 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 from Posse. Today we're going to have another huge war room exclusive at wholesale prices. We're going to start with our my towels. With that proprietary technology, the bath towels that came in the big bath sheets are in the kitchen towels are in with all the accessories as low as 999. So go to mypillow.com scroll down till you see Steve. Give them a click. And there it is, the kitchen and towel 999 sale. Right next to that you have the spring sheet sale where you save up to 50%. And there's the my crosses, the most requested product I think ever for MyPillow, you save 30%. And there's the premium MyPillows 1898 for the Queens and 1998 for the Kings. That's a war room exclusive. Help keep my employees going, you guys. And help yourself get the best sleep ever and the best products ever. Or call 8008-7310-6280-0873-1062. Promo code, War room. The most sought after promo code ever. We are going to talk tomorrow about non financial and non tariff and non trade because that's going to take a life of its own. There's going to be some retaliation tonight you watch But Dave Bratt we got to start talking about also, because this is going to last for a while. There's not going to be kind of handshake and deal. They're dug in. And one of the reasons they're dug in, they got their own internal problems. One is that is they got to be tough. They got to be tough about Taiwan, they got to be tough about the Panama Canal besides the student visas. And look, I love the Lao Beijing, and I'm one of the leaders of the anti CCP movement here in the country. I'm the only civilian in the history of the country to be fully banned, right? And, you know, essentially politically and economically quarantined from China or any Chinese Communist by the Chinese Communist Party. On the day of President Trump, when he left the White House, it was Pompeo, it was Matt Pottinger, it was Peter Navarro and myself. And so I'm very proud of that. I wear as a badge of honor because I detest the ccp. But we got to start thinking outside. I know things are being developed, but the student visa ban has to happen. You have to send all 350,000 home. You're also going to unmask these colleges that are really. This is how they're getting by. And that's just not right. The party has to be US Citizens. The other thing I would do immediately is I would take the. I would take the deal down the Panama Canal. Hutchinson Juanpoa and Larry Fink. And look, Larry Fink is, I mean, no angel, right? A terrible guy, but he's the one that could step up and buy, I think it was a $25 billion deal. Right now the Panama, the Panama government of Panama should seize that from Hutchinson Juanpoa, transfer it to Larry Fink, BlackRock, take the cash and send it right back to Hutchinson. Wham po, say, hey, here's the cash. You guys came to a deal. It was stopped by the Chinese Communist Party after they had a deal, just like TikTok. TikTok's going to be another fiasco because the Chinese Communist Party says, hey, deal off. We're not selling. Screw you. If you want to do anything about it, go ahead and try. So there's all these types of aspects. This thing has 10 fronts to it, all the way from the Fentanyl to the Arctic. And right now, we have to start being creative about how we're thinking about this. The team over at the White House and the National Security Council and of course, the great Scott Bessen and others, because this is this is so far metastasizing trade and tariff. And what they've done to us on trade is one aspect of it. That's the big one. But the grievances here on both sides are substantial. You heard this morning from Caroline Wren and it was 10:00 at night, Kuala Lumpur. They had told the nations of Southeast Asia, you're not even going to the United States. If you got a delegation, get back because you're not making a deal. A deal with America. That is how hardball it's getting. Dave, Brett, any thoughts about going forward against the Chinese Communist Party?

[Peter Navarro]

Yeah, I'll just start off again with the Provacho bonum. The absence of the good. Communism rejects God. In the Judeo Christian West, God is the good. And at Harvard the motto in 1640 and Princeton and Yale and all the publics was their motto was truth for Christ and church for hundreds of years now, not so much. So these universities, what do they believe in? So the left always used to beat us conservatives up with the moral arguments they'd made, the little pithy sympathetic moral claims. I'd love to hear what the moral claims are. We have the moral high ground now. Trump is providential. He doesn't want to act pietistic and like we're holy rollers. That's not what I'm after. We need to make the moral argument that we're the ones fighting for the small guys. That's always been the Judeo Christian West. Right. Christ came and said, whoever takes care of the least of these, you're good. Right? That, that in a, in a simple summary. That's the Sermon on the Mount. Love your, love your God, love your neighbor as yourself. That's the piece I would throw into the White House theorists while they're composing all of their reactions to the non tariff barriers. Everything that China's doing hurts people. Everything we're doing helps people. And if you draw that contrast, the left does not have a narrative to compete with that story.

[Stephen K. Bannon]

Dave, Hang on. Charlie Gasparino is reporting that and I've heard similar this. It wasn't China last night selling bonds. That kind of caused President Trump's to get his attention and to actually freeze the bond market this morning. It wasn't China. A lot of people thought China might be offloading their treasuries. It turns out rumor has it it was Japan because they were nervous about the direction of this thing. We will make sure we break all that down for you tomorrow morning as we work overnight to get this. My birchgold.com if you haven't taken this wild ride today and think you need to know about gold or need to talk to Philip Patrick and the team of everything that's happening in gold and why it's a store of value, why we're going to go through this roller coaster, it's only going to get crazier, folks. That much I can guarantee you. You're going through a massive geopolitical and geo economic and a geoeconomic earthquake and it's tectonic plate shifts a better term for it. It's not going to slow down anytime soon. Birchgold.com Bannon the Chinese Communist Party already said they're starting a massive de dollarization effort. We wrote the textbook on the end of the dollar empire. Go check it out. Today all of it's free. In the last free installment is just up. Modern monetary theory. You read all of them, you will start to understand the world you live in. That much I guarantee you. Dave Brad is going to be back. Next hour is going to be on fire. We are going to be broadcasting from Los Angeles for a couple of days and we have some very exciting things are going to happen. My Patriot Supply has got a new special, the Mega Deal. Go to my patriotsupply.com Ben and that's the promo code. This has got the most calories ever. It's a three month supply but it's a mega, mega, mega deal. People there are the best is the single best of the I call them the preparation companies. Get ahead of it, particularly on a day like today. Who knows what's going to happen overnight. One thing I can tell you, the Chinese Communist Party is just not going to sit there and take it right now. They believe that the United States has finally engaged them in economic warfare. Stick around. Short commercial break we'd be back in the war room in just a moment. The April 15 tax deadline is coming and it's coming fast. Do you have unfiled tax returns? Can't pay the irs. The IRS is more than aggressive and the more aggressive than ever. And the longer you wait, the worse it gets. Wage garnishments, bank levies, even property seizures are all on the table. You need to get ahead of this. You need to get ahead of it today. But going up against the IRS alone is a big time mistake. Take my advice. Call the experts at Tax Network usa. They know the system. They have an edge, a preferred direct line to the irs. They know which agents to deal with and which ones to avoid. Whether you owe $10,000 or $10,000,000, their genius strategies are designed to quickly settle your tax problems in your favor. Tax Network USA's attorneys and negotiators have already resolved over $1 billion in tax debt. Let me repeat that. They've already resolved over $1 billion in tax debt. Tax Network USA can help you too, but you need to move. You need to move fast because April 15th is already here. Remember, if you get that letter, don't put it in the drawer. It just metastasizes. Talk with one of our strategists today. It's totally free. Stop looking over your shoulder. Stop the anxiety. Stop the worry. Put it all behind you. Call Tax Network USA at 1-800-958-1000, that's 800-958-1000 or visit tnusa.com Bannon that's Tax Network USA. Go to tnusa.com Bannon Curd human really.

[Peter Navarro]

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[Stephen K. Bannon]

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