Breakthrough in U.S.-China Trade plus Trump’s Executive Order to Slash Drug Prices

Summary

The 47 Morning Update with Ben Ferguson

Episode: Breakthrough in U.S.-China Trade plus Trump’s Executive Order to Slash Drug Prices
Release Date: May 12, 2025

Ben Ferguson, a prominent national radio host and political commentator, delivers a comprehensive update on the latest developments shaping America’s economic and political landscape in this episode of The 47 Morning Update. The episode, released on May 12, 2025, delves into three significant stories: a breakthrough in U.S.-China trade negotiations, President Trump’s executive order aimed at reducing prescription drug prices, and alarming revelations about the Federal Aviation Administration’s (FAA) outdated equipment.

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1. Major Breakthrough in U.S.-China Trade Negotiations

[00:03:01 - 00:07:38]

Contrary to the pessimistic forecasts previously circulated by the media, a substantial breakthrough in trade negotiations between the United States and China has been announced. After two days of constructive talks in Geneva, U.S. Treasury Secretary Scott Bessant and Trade Representative Jameson Greer reported significant progress with Chinese Vice Premier Liu He and other high-ranking officials.

• Scott Bessant emphasized the productivity of the talks, stating, "I think that led to a great deal of the productivity we've seen. We will be giving details tomorrow." [00:03:51]

• Jameson Greer highlighted the efficiency and cooperation during the negotiations, remarking, "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought." [00:05:38]

President Trump characterized the negotiations as a move towards a "total reset" of U.S.-China trade relations, aiming to open Chinese markets to American businesses. The agreement has already positively influenced financial markets, with stock futures rising and the U.S. dollar strengthening. This development is particularly beneficial for American farmers, retailers, and consumers previously affected by tariff escalations. A joint statement outlining specific measures to ease trade tensions and foster economic cooperation is expected to be released later in the day.

Ben Ferguson commends President Trump’s negotiation prowess, asserting, "Donald Trump really is the best negotiator in the world. And this will make the media and liberals lose their mind because they don't really care about Americans. They care about Donald Trump being a failure at all costs. And yet again, he proved them wrong." [00:07:38]

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2. President Trump’s Executive Order to Slash Drug Prices

[00:07:40 - 00:11:18]

In a landmark decision, President Trump announced an executive order intended to drastically reduce the cost of prescription drugs and pharmaceuticals for American citizens. Described as "one of the most consequential executive orders in our country's history," the initiative aims to lower drug prices by 30 to 80% almost immediately.

• Trump criticized the pharmaceutical industry and the Democratic Party for high drug prices, stating, "The pharmaceutical slash drug companies would say for years that it was research and development costs and that all of these costs were and would be for no reason whatsoever, bore by the suckers of America alone." [00:08:45]

• He further elaborated on the policy, declaring, "We are going to do the right thing, something that the Democrats have fought for many years saying. I'm pleased to announce that tomorrow morning, Monday morning in the White House at 9am I'll be signing one of the most consequential executive orders in our country's history." [00:10:00]

The executive order introduces a "most favored nations" policy, ensuring that the United States pays the same price for drugs as the lowest-priced nation worldwide. This policy is expected to level the playing field, making American healthcare costs more affordable. Additionally, the order provides significant discounts to low-income patients for essential medications like insulin and facilitates programs that could save states millions in prescription drug expenses.

A White House fact sheet released in April outlined the directives for the Department of Health and Human Services (HHS) to implement measures reducing drug prices for patients. Ben Ferguson underscores the significance of this move, highlighting its potential to alleviate financial burdens on Americans, especially seniors.

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3. Alarming State of the FAA’s Equipment and Infrastructure

[00:11:20 - 00:14:13]

The third story addresses a critical issue within the Federal Aviation Administration (FAA). Recent reports have revealed that the FAA’s equipment is so outdated that replacement parts are being sourced from platforms like eBay, posing significant safety risks.

Transportation Secretary Sean Duffy provided insights during an interview with CBS This Morning:

• Sean Duffy explained, "This system that we use, many, much of the equipment you have to buy on eBay, no one makes it anymore. That's how old the system is that we fly on today." [00:13:12]

• He further detailed the challenges, stating, "Our main mission is safety. And so if there's any concern with safety, we slow down traffic and there might be delays, there might be cancellations. And we take those precautions to make sure that you get from your departure city to your, to your arrival city." [00:12:06]

The FAA acknowledges that the existing infrastructure is severely outdated, leading to increased stress among air traffic controllers and operational inefficiencies. Efforts are underway to train new controllers and build a new fiber-driven system to service major airports like Newark. Secretary Duffy emphasized the urgency of overhauling the entire air traffic control system to ensure reliability and safety, aiming for full functionality by the summer.

Ben Ferguson applauds the Trump administration's commitment to addressing this long-neglected issue, stating, "Gail, thank goodness the Trump administration is willing to take on a problem that every other administration just wanted to kick the can down the road and we'll finally be able to know that we have a system that's reliable and safe and parts are no longer being bought on eBay." [00:14:13]

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Conclusion

In this episode, Ben Ferguson highlights significant advancements and initiatives under the Trump administration aimed at bolstering America’s economic standing and improving citizens' quality of life. From a promising resolution in U.S.-China trade relations to groundbreaking measures to make healthcare more affordable, and finally addressing critical infrastructural deficiencies in national aviation safety, the episode underscores a proactive approach to governance and policy-making.

Listeners are encouraged to stay informed and ahead by subscribing to The 47 Morning Update on the iHeartRadio app or their preferred podcast platform.

Transcript

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[Unknown Speaker]

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[Ben Ferguson]

You're listening to the 47 Morning Update with Ben Ferguson.

[Unknown Speaker]

Good Monday morning. Welcome. It is the 47 Morning Update and we've got three big stories for you this morning. First up, the media lied to you when they said there was no chance we'd get a deal with China anytime soon. Some were even saying it wouldn't be done anytime this year. We now have a major announcement from the White House on a trade negotiation deal with China. And I'll give you the details in just a moment. Up next, in a deal that the president described as the most important and impactful truth ever issued at 9am this morning, there is an executive order that will change the price of prescription drugs for countless Americans and will have a huge impact, especially for seniors. This monumental deal in a moment. And lastly, in a shocking report, we're finding out just how bad things are at the faa, including the fact that the equipment is so antiquated that they're having to buy replacement parts on ebay. Donald Trump pledging he's going to fix an overhau the entire system. Before we get to those stories, I.

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Update, and it starts right now.

[Ben Ferguson]

Story number one, doom and gloom.

[Unknown Speaker]

That's what the media wanted you to believe, that a deal would not be China. Well, guess what? The White House announced a significant breakthrough in trade negotiations with China, marking a positive step forward resolving the ongoing trade tensions between the two nations. When did this happen? After two days of constructive talks in Geneva, the US Treasury Secretary, Scott Bessant, and the Trade Representative, Jameson Greer reported substantial progress in discussions with Chinese vice premier. Specific details, emails of the agreement are set to be released this morning, and both sides have expressed optimism about the outcome. I want you to hear what the treasury Secretary had to say after the meeting on Sunday.

[Scott Bessant]

And I think that led to a great deal of the productivity we've seen. We will be giving details tomorrow.

[Unknown Speaker]

But.

[Scott Bessant]

I can tell you that the talks were productive. We had the vice premier, two vice ministers who were integrally involved, Ambassador Jamison and myself. And I spoke to President Trump, as did Ambassador Jamison last night, and he is fully informed of what is going on. So there will be a complete briefing.

[Unknown Speaker]

Tomorrow morning, complete briefing from the White House. And yet again, the media lied to you just days ago, saying this was going to take at least a year to get done, if it was going to get done. The U.S. trade Representative in Geneva also talking about how important this was and how close they were to understanding each other in the trade negotiations.

[Jameson Greer]

I want to echo the Secretary's remarks with respect to the Swiss government. They've been so welcoming and they posted this and everything has gone off flawlessly. And we appreciate that. And again, to the Chinese negotiators, Vice Premier Liu He, Vice Minister Li Qiangong, and Vice Minister Liao Min worked very diligently. And these are very tough negotiators. A couple of them I know from before and have had past interactions with them. And this was, as the Secretary pointed out, a very constructive two days. It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. That being said, there was a lot of groundwork that went into these two days. Just remember why we're here in the first place. The United States has a massive $1.2 trillion trade deficit. So the president declared a national emergency and imposed tariffs. And we're confident that the deal we struck with our Chinese partners will help us to resolve, work toward resolving that national emergency.

[Unknown Speaker]

Donald Trump made it clear from the very beginning there is a trade emergency and the US having that massive $1.2 trillion trade deficit. And that is exactly why the president declared it. We're confident that the deal we struck with our Chinese partners will help us work towards resolving that national emergency. President Trump characterized the negotiations as a move towards a total reset of US China trade relations, emphasizing the importance of opening China's markets to American businesses. Chinese officials also echoing this sentiment, describing the talks as candidates and constructive and highlighting the establishment of a new consultation mechanism for ongoing economic dialogue, quote, unquote. Now, the announcement has already had a positive impact on the financial markets as well, stock futures rising and the US Dollar strengthening against other currencies. This development is seen as a hopeful sign for American farmers, retailers and consumers who have been affected by the tariff escalations. Further details of the agreement are expected to be disclosed in a joint statement today, which will provide more insight into the specific measures agreed upon to ease trade tensions and foster economic cooperation between the US And China. If there's one thing that's very clear now, Donald Trump really is the best negotiator in the world. And this will make the media and liberals lose their mind because they don't really care about Americans. They care about Donald Trump being a failure at all costs. And yet again, he proved them wrong.

[Ben Ferguson]

Next story number two, it's already an.

[Unknown Speaker]

Incredible day when it comes to what the president is doing. But it's not just trade that he's going to have a major impact on an issue that affects so many Americans. We are now learning directly from the White House that President Trump, in his words, said this is the most important and impactful truth ever issued, saying, I'm pleased to announce Monday morning in the White House at 9am that I'll be signing one of the most consequential executive orders in our country's history. So what is it? Well, President Trump revealing that he's going to be signing this morning that executive order to reduce the cost of prescriptions and pharmaceutical drugs by 30 to 80% almost instantly. In a post on Truth Social Media, Trump pointed out that, quote, for many years, the world has wondered why prescriptions and pharmaceutical drugs are so much more expensive in the United States of America than they are in any other nation, adding that sometimes they are five to ten times more expensive than the same drug manufactured in the exact same laboratory or plant by the same company. Trump also criticized the pharmaceutical and drug companies and the Democratic Party in his post saying this, the pharmaceutical slash drug companies would say for years that it was research and development costs and that all of these costs were and would be for no reason whatsoever, bore by the suckers of America alone. Trump said campaign contributions can do wonders, but not with me and not with the Republican Party. President Trump went on to say, quote, we are going to do the right thing, something that the Democrats have fought for many years saying. I'm pleased to announce that tomorrow morning, Monday morning in the White House at 9am I'll be signing one of the most consequential executive orders in our country's history. Trump said that prescription drug and pharmaceutical prices will be in all caps reduced almost immediately by 30 to 80%. Now how is this going to work? Well, Trump added that the cost of prescription and pharmaceutical drugs would rise throughout the world. In order to equalize and for the first time in many years, bring fairness to America. I will be instituting a, quote, most favored nations policy whereby the United States will pay the same price as the nation that pays the lowest price anywhere in the world. Trump continued. Our country will finally be treated fairly and our citizens health care costs will be reduced by numbers never even thought of before. A fact sheet from the White House also revealed in April that Trump had signed an executive order directing the Department of Health and Human Services, HHS to take steps to significantly reduce drug prices for American patients. Now, Trump's executive order this morning also provides massive discounts to low income patients for life saving medications such as insulin and quote, help states reduce drug prices through the facilitation of important programs that could save states millions in prescription drug costs. Yes, the President said no longer will you be paying because of lobbyists and the Democratic Party and what they've done to allow the jacking up of prices far higher than anywhere else in the world.

[Ben Ferguson]

And here is story number three.

[Unknown Speaker]

In a shocking revelation, we now have found out that the faa, the Federal Aviation Administration, is relying on such outdated technology that the Transportation Secretary, Sean Duffy, has disclosed that the agency is forced to purchase replacement parts on platforms like ebay due to how obsolete their current systems are. The administration is now promising that there will be a massive overhaul of the system, but it could take years to accomplish. Sean Duffy doing a sit down interview with CBS this Morning explaining just how bad the system is and why. Donald Trump has told him it's time to overhaul it as fast as we can.

[Sean Duffy]

Our main mission is safety. And so if there's any concern with safety, we slow down traffic and there might be delays, there might be cancellations. And we take those precautions to make sure that you get from your departure city to your, to your arrival city. But it's going to take a little bit of time. Now, the main line that feeds information into Newark, that went down, the secondary line didn't stand up. And so both lines are now working. We have a little bit of issues with our air traffic controllers. Some of them have stepped out of the tower. They were, they were stressed. So we're training new individuals in the Philly tracon, which services Newark. And we're building a whole new fiber driven system down in Philly that does serve that Newark TRACON or the Newark airport. So listen, we're in a situation where, you know, it's going to take us a little bit of time. I hope by the summer we're going to be fully functioning.

[Gail]

Yeah, I was going to say, Mr. Duffy, what does that mean when you say a little bit of time? You say by the summer? Because I'm thinking the problem with Newark is when you hear the screens went down and no one seemed to be able to explain that, you don't think we have to worry about that happening again? You think they've corrected that problem?

[Sean Duffy]

Well, in Newark, both lines are working. And so, you know, listen. Yes, and if both lines do go down, there are emergency procedures, backup procedures that we take to talk to airplanes to make sure they stay separated. But Gail, I'm concerned. I mean, this, this system that we use, many, much of the equipment you have to buy on ebay, no one makes it anymore. That's how old the system is that we fly on today. Which is why yesterday I called for a brand new infrastructure plan to rebuild everything across the spectrum for air traffic control. It is well overdue in America. And I think what you've seen in Newark is you're having failings. And when you have the failings, you take a look at the whole system and could other parts, you know, have issues? Of course it could have issues, but that's why it's a call to action to do this for America so you always feel safe when you're flying.

[Unknown Speaker]

Gail, thank goodness the Trump administration is willing to take on a problem that every other administration just wanted to kick the can down the road and we'll finally be able to know that we have a system that's reliable and safe and parts are no longer being bought on ebay.

[Ben Ferguson]

Thank you for listening to the 47 Morning Update with Ben Ferguson. Please make sure you hit subscribe wherever you're listening to this podcast right now and for more in depth news, also subscribe to the Ben Ferguson Podcast and we will see you back here tomorrow.

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