Transcript
Scott Besson (0:00)
Chinese have an economic plan called dual circulation. And with dual circulation, our goal is to make sure dual circulation means export and domestic use. Dual circulation cannot mean that China overproduces and that only Chinese goods are consumed in China and then they export the excess to the rest of the world. So we have had the equivalent, because of these high tariff rates of an embargo on China and those goods are going to leak to the rest of the world. So, you know, our negotiations, we don't need to tell other countries what they need to do. They are seeing this wave of Chinese goods coming to their shore. They have to find a home and that could be at a discount price, undercutting local producers. And again, one of the most important things that we're doing, we do not want a generalized decoupling from China, but what we do want is a decoupling for, for strategic necessities which we unable to obtain during COVID And we realized that efficient supply chains were not resilient supply chains. So we are going to create our own steel, the protect our steel industry, the work on critical medicines on semiconductors. So we are doing that. And the reciprocal tariffs have nothing to do with the specific industry tariffs. What has to happen is it has to be fair for the American people.
Steve Bannon (1:37)
But in January 2020, that's Scott Besson. So today, historic day, Secretary Treasury Bennett Besant and Ambassador Jameson Greer live from Geneva this morning. Scott Besant's flying to Saudi Arabia I think, even as we speak. So they started off at 03:00 Eastern Time with a live press conference to explain this 90 day kind of process with the Chinese Communist Party. And the key takeaways, number one, he said this is a strategic decoupling. At first he said decoupling and then he refined it later. Strategic decoupling. What he means by that is that not all industries are going to come back. They're not going to make a forced effort and all industries are going to focus on high value added manufacturing, particularly precision engineering. Precision manufacturing. So in 90 days, the tariffs here, I want everybody to understand the tariffs as structured now are 50% on Chinese products. How do I get to that math? Quite simple. 20% from Trump's first term that Biden never took off because there's too much pressure not to take off. The Chinese mentioned that in the first round of negotiations that's 20%, 20% on fentanyl which has not been taken off. And he kept, he took the, the escalatory reciprocity tariffs that were 145, I think 125 to 145. He brought those down to 10%. You add that up, it's 50%, China's 10% with us. And that's the pressure. The Chinese economy, as everybody knows, is under enormous, enormous pressure, not just the real estate industry, not just the commercial banks, but manufacturing plants closing. Because up until today, there's been a complete and total embargo of essentially both countries, the two largest trading partners in the world. Complete and total embargo and I think what $1.2 trillion running annual deficit, the total trade deficit, $25 trillion, ladies and gentlemen, 18 trillion of that right to the Chinese Communist Party. As you can know from Italy to France and particularly Germany, the Chinese Communist Party is rapacious in how they destroy industries and take them to China. So good news out of this. I know for many of the hawks, people on our side that want totally decoupling, not 100% victory, but that's fine. It's a process. And this shows serious engagement. Scott Besant, very, very serious, tremendous move on this. And they're going to hammer away key thing on semiconductor and all the high value added manufacturing. That's all coming back here. And remember, Besson says some of the day is quite important. This is a whole package. You're going to have tax relief, you have massive deconstruction of the administrative state to lead to deregulation, lower energy costs. All that combined with a tariff with basically protectionist tariff barriers will add to a complete picture. This is why you're going to see, I think it's up to $2 trillion now of companies saying they're bringing manufacturing jobs back here. Not, not, not sovereign wealth funds. Now, the sovereign wealth funds. President Trump's going to do that in the next couple of days. He's leaving shortly and we're going to cover that live. MIKE krack, Producer, the guys in Denver and in West Palm beach, we want to make sure we get President Trump, he's going to, I think, walk out and take Air Force, take, take Marine One out to Andrews Air Force Base. He's leaving for Saudi Arabia here momentarily. So that's on the trade part. Remember, it's peace deals, it's trade deals and it's peace deals and trade deals and tax deals today. Also drug deals, the drug deal. He did something that was absolutely epic and historic with Bobby Kennedy and Dr. Oz by Assaiba. Bobby Kennedy, a really part of the royalty of the Democratic Party, stepped up to the microphone and said, hey, Republicans and Democrats have tried to do this for 50 or 60 years. They've been too intimidated because the money of big pharma, President Trump, who all the big pharma guys ran to him after, remember Mar A Lago, you had the news media every day, big pharmas down there having meetings, doing this. We then, this is the reason we got Bobby Kennedy confirmed. President Trump was bold in his pick of Bobby Kennedy. This show, this audience, bombarding the guys in the Senate that didn't want to vote for Bobby Kennedy. Today is the reason that you've got Bobby Kennedy in there as Secretary of Health and Human Services. Why Bobby Kennedy helped work with Dr. Oz, who's going to manage this process, to go to the president, say, hey, here's what we can do. Here's the executive order you should sign. And Bobby Kennedy called out Bernie Sanders by name. He said, Bernie Sanders has talked about this. He built his campaign around this. If you watch this phony cosplay oligarchs roadshow he's got with aoc, one of the big things they bring up is this. Well, today President Trump did it in the Oval office, up to 80%. And what this is doing is essentially the American people have been underwriting Europe. This is where the profits of the drug companies are made. And in the United States, they sell at a very different price. In Europe, that's now coming back. He's put them on notice. That's starting immediately. And that is going to. This is what Oz said is so important. This is going to start to. You're going to see the cost of Medicaid drop, the cost of Medicare drop. These, you know, when Medicaid and Medicare are a trillion dollars, you're going to start to see the costs coming out of there, just like lower energy costs are lowering, you know, the cost of living all around. That's another big aspect of it. So absolutely, totally historic. Working on getting Jack Posobec up. Jack is back. He's back from Rome Saturday night. We've got a lot to talk about about that. Also about China. He's got a lot to say here. So historic day. The President's about to leave for Saudi Arabia. And in Saudi Arabia right now, we understand there's going to be a lot of discussion. It's principally about. About investment and about investment in the United States, investment in the global market. He's going to be in Saudi Arabia also UAE and Qatar. Right. Not my favorite country, but he's going to go to all three. All this is really talking about investment. But remember, he's saying that the foundation of investment is what's going to lead to peace. Of course, discussions about what's happening in Gaza, particularly more of the hostages being released. President Trump, pretty brutal right there and saying, hey, only 20 are still alive. The rest are dead. The families want the dead bodies. He's working to make sure that both the dead bodies and the hostage himself, he dropped a bomb there at the end. He did mention that Erdogan is hosting the peace discussions, the ceasefire discussions in Istanbul this Thursday. And President Trump said, hey, I'm in the neighborhood. You don't know, maybe I'll drop by. He said, I'm open to it. So that's a bombshell. Jack Bosoba joins us now. Jack, you just back from Rome. First, give me your thoughts on what you heard. You're a, you're an old China hand. Your thoughts on, on Scott Bessant, Jameson Greer and at least this interim deal we have on with the ccp.