Transcript
Steve Bannon (0:03)
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 at 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.
Spencer Morrison (0:24)
And where do people like that go.
Steve Bannon (0:25)
To share the big lie?
Spencer Morrison (0:27)
MAGA MEDIA I wish in my soul.
Steve Bannon (0:30)
I w 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.
Stephen K. Bannon (0:44)
War Room here's your host, Stephen K. Banner.
Steve Bannon (0:54)
The 31st of May in the year of our Lord 2025. Welcome back to the War Room, second hour of our morning show. We are trying to put in perspective right now the Chinese Communist Party and President Trump kind of the unrestricted warfare. We keep saying that they, that the Chinese Communist Party has been at a people's war with us since May of 2019 when they declared it. We think the American people starting to wake up to that. We know President Trump's awakened to it. That's where this fierce, fierce, fierce fight on many different fronts. Spencer Morrison is the author of Reshoring, one of the smartest guys I've ever met about trade and tariffs. There's been a firestorm over this week, but I want to go back to the centrality of this whole embargo and the whole trade deal. You know, Scott Besson kind of dropped a bomb. I felt it was coming. He said, hey, the Chinese let us know there's no real new meeting scheduled and they're kind of slowing things down. I directly equate that to what happened in Moscow. But Spencer, from your perspective, because you know the details here, get us up to speed on where we are because this is, this is the deal that everything revolves around where we are right now and where do you think this thing's going?
Spencer Morrison (2:07)
Steve, thanks for having me on the program. I love coming on War Room. You guys got the best people and we give you the best information. So right now, the tariffs negotiations, they're paused. They're paused for 90 days. The effective tariff rate right now is about 51%. That includes your 20% fentanyl base, fentanyl rate, the 10% base rate on top of that. And then of course, there's tariffs on aluminum, on steel, on automobile parts, there's de minimis tariffs which are higher as well, so your effective tariff rate right now is about 50%. So it's lower than it was when the negotiations started. But it's just about where it needs to be. I'd like to see it get up to just over 60%, but we're almost where we need to be. The reality is here, from my perspective, China joined the World trade organization in 2001, and in doing so, they made a ton of commitments that they would play fair, that they wouldn't steal intellectual property, that they would allow access to American companies and to Chinese markets. And they didn't do any of that. They've scrapped and nixed and weaseled out of every agreement that they've ever signed in relation to trade. Because the point of trade for China has nothing to do with fair business. They don't care about American industry. They don't care about the American people. They only care about enriching the Communist Party. And part and parcel of that is their trade policy. You have to understand that China's entire economic system is geared towards ripping off America. What they've done is they've. There's two prongs to it. The first prong is the unfair trade practices, which are netting them approximately $400 billion a year or more in the trade deficit. And then the second part of that is the intellectual property theft. China is responsible for about 80% of all global intellectual property theft. It costs America anywhere between 225 and 600 billion every single year. Every single year. So China is stealing almost a trillion dollars worth of. Worth of product every year. This is all about enriching the Communist Party of China. And President Trump is the first president to fight back against this in over 50 years.
