Make Tariffs Pause Again (Unless You're China)

Summary

The 47 Morning Update with Ben Ferguson Episode: Make Tariffs Pause Again (Unless You're China)
Release Date: April 10, 2025

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Introduction

In this special edition of The 47 Morning Update, host Ben Ferguson delves into the latest development in U.S. trade policy: the escalation of tariffs on China to 125% and the introduction of a 90-day pause on tariffs for other countries. This episode provides an in-depth analysis of the White House's strategic maneuvers in international trade, the economic implications for American workers, and exclusive insights from key government officials.

White House's Strategic Tariff Adjustments

Ben Ferguson begins by outlining the White House's recent decisions regarding tariffs. The administration has significantly increased tariffs on China while offering a temporary reprieve to other nations willing to negotiate fair trade deals with the United States.

Key Points:

• Tariff Increase on China: The tariffs on Chinese goods have been raised to 125% as a response to China's retaliatory measures.
• 90-Day Pause for Other Countries: A temporary pause on tariffs is extended to over 75 other nations to encourage them to come to the negotiating table.
• Objective: These measures aim to "put America first" by ensuring that trade partnerships are equitable and beneficial to American workers and industries.

Notable Quote:

"It's all tariffs. And the big news coming out of the White House that they raised the tariffs on China to 125% and they issued a 90 day pause on some other tariffs with other countries that had come to the table."
— Ben Ferguson [00:48]

Economic Implications: Jobs, Manufacturing, and Consumer Benefits

Ferguson highlights the administration's economic agenda, emphasizing job creation, the revitalization of American manufacturing, and the benefits of lower prices and higher paychecks for consumers.

Key Points:

• Job Creation: The March jobs report revealed an addition of 228,000 jobs, surpassing economists' predictions and attributing this growth to the administration's aggressive onshoring policies.
  • Construction employment increased by 13,000 jobs.
  • Transportation and warehousing sectors saw an expansion of 22,900 jobs.
• Manufacturing Revival: Efforts to bring manufacturing back to the U.S. are gaining traction, supported by the increase in job sectors traditionally linked to manufacturing.
• Consumer Benefits: The "drill baby, drill" energy policy has led to lower gas prices. Additionally, proposals to extend and expand tax cuts aim to boost workers' take-home pay.

Notable Quote:

"President Trump's drill baby, drill agenda is already unleashing American energy and leading to lower gas prices."
— Ben Ferguson [05:12]

Official Statements from the White House

The episode features comprehensive statements from White House Press Secretary Caroline Levitt and Treasury Secretary Scott Bessant, detailing the administration's stance and future plans regarding trade tariffs.

Press Secretary Caroline Levitt

Key Points:

• Response to China's Retaliation: Levitt explains that the tariff increase to 125% on China is a direct response to China's imprudent retaliatory actions.
• Global Negotiations: Over 75 countries have reached out to negotiate better trade deals, seeking to benefit from America's markets and consumer base.
• Misinterpretation by Media: Levitt criticizes media outlets for misconstruing the administration's actions, asserting that the world is turning towards the U.S. rather than China for fair trade.

Notable Quote:

"Many of you in the media clearly missed the art of the deal... the entire world is calling the United States of America, not China, because they need our markets, they need our consumers, and they need this president in the Oval Office to talk to them."
— Caroline Levitt [08:07]

Treasury Secretary Scott Bessant

Key Points:

• Negotiating Strategy: Bessant emphasizes the successful strategy implemented by President Trump, which has attracted numerous countries seeking fair trade agreements.
• Distinction Between Countries: While over 75 nations are open to negotiation with a proposed 10% universal tariff, China remains an exception with its significantly higher rate due to continued escalation.
• Non-Retaliation Clause: The 90-day pause on reciprocal tariffs is attributed to the high volume of negotiation requests, not market volatility.

Notable Quotes:

"No one creates leverage for himself like President Trump."
— Scott Bessant [11:02]

"China has escalated. And President Trump responded very courageously to that."
— Scott Bessant [07:48]

Market Reaction and Public Sentiment

Following the announcement, there was a notable rally on Wall Street, reflecting investor confidence in the administration's trade policies. Ferguson interprets this as a positive sign that markets are responding favorably to the prospect of equitable trade agreements benefiting American industries.

Key Points:

• Wall Street Rally: The stock market's positive movement indicates approval of the tariff adjustments and the potential for robust trade negotiations.
• Public Support: Ferguson underscores that the administration's actions align with American public demand for fair trade practices and job protection.

Notable Quote:

"This is a monumental moment and a great response that was well explained by the treasury secretary and the press secretary there saying President Trump will take proper action."
— Ben Ferguson [11:12]

Ben Ferguson's Commentary and Analysis

Throughout the episode, Ferguson provides his analysis, reinforcing the administration's commitment to "putting America first" and critiquing Democratic policies that he perceives as enabling unfair trade practices.

Key Points:

• America First Agenda: Ferguson asserts that President Trump is effectively advancing policies that prioritize American workers and industries.
• Isolation of China: The heightened tariffs on China have led to increased isolation of the country in global trade, contrary to media predictions that other nations would side with China.
• Positive Global Shift: The majority of countries are now seeking alliances with the U.S. for better trade terms, validating the administration's strategic approach.

Notable Quote:

"More than 75 countries have called. Because the United States of America is the best place in the world to do business."
— Ben Ferguson [12:18]

Conclusion

Ben Ferguson wraps up the episode by reiterating the significance of the White House's tariff strategy and its alignment with the broader goal of strengthening the American economy. He encourages listeners to stay informed by subscribing to the podcast for ongoing updates and in-depth analysis of the issues shaping America today.

Closing Remarks:

"Thank you for listening to the 47 Morning Update with Ben Ferguson. ... also subscribe to the Ben Ferguson Podcast and we will see you back here tomorrow."
— Ben Ferguson [12:18]

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Summary

This episode of The 47 Morning Update provides a comprehensive overview of the U.S. administration's recent tariff adjustments, highlighting the strategic increase in tariffs on China and the temporary pause for other nations. Through exclusive statements from key officials and insightful commentary from Ben Ferguson, listeners gain a deeper understanding of the economic motivations and anticipated outcomes of these policies. The episode underscores the administration's commitment to "putting America first," the positive market response, and the shifting dynamics in global trade relations.

Transcript

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[Scott Bessant]

President's decision it was the President's decision to wait until today. And again, as I've said in the past, no one creates leverage for himself like President Trump.

[Ben Ferguson]

This is a 47 Morning Update Special Edition with Ben Ferguson.

Good Thursday morning. Nice to have you with us on the 47 Morning Update. It's Ben Ferguson with you as always and we've got one big story for you. It's all tariffs. And the big news coming out of the White House that they raised the tariffs on China to 125% and they issued a 90 day pause on some other tariffs with other countries that had come to the table. Now I am going to play for you exactly what the White House said on this. You're going to hear from the White House press secretary and Secretary Scott Bessant as well. Before I do that though, let me explain to you exactly what the White House is saying. The message is simple for many countries who are ready to take a seat at the negotiating table and recognize that they will no longer be able to mistreat America. The White House said, we're going to work with you. Please come join us and be granted a temporary reprieve. However, the White House said, for those like China who want to retaliate after years of ripping America off, we will not bend and we will not break. Now let's remind you of what the goal was from this White House, put America first and trading partnerships that are willing to work with America first. Why? The White House said number one, jobs, jobs and jobs. President Trump's goal is to supercharge the onshoring of American manufacturing. We also know that the March jobs report shows that the president's economic agenda is already having unintended effect. The economy added 228,000 jobs in March, far exceeding the Economist's prediction of just 140,000 jobs added. Why? Because the president has been moving with aggressive onshoring and it appears to be afoot as the sectors where you would first expect to see a response are growing rapidly. Construction employment expanded by 13,000 jobs. For example, transportation and warehousing employment expanded by 22,900 jobs, which brings the White House to the third big point, lower prices and bigger paychecks. President Trump's drill baby, drill agenda is already unleashing American energy and leading to lower gas prices. President Trump is calling on Congress to extend and expand his working class tax cuts for Americans, which they are doing. And then that brings us to the negotiating table on tariffs. With all of the other things happening, there's no better time and no one better to negotiate than President Trump. And he's made it clear, he is not flinching. He understands that America has been mistreated and has had unfair trade. And now he is answering the call by Americans to put American workers and manufacturing first. So that brings us to the big point where there was a massive rally on Wall Street. Why? Because the President said those that are willing to work with us, they are going to go first and get great trade deals with America. And those that went after US and retaliated, aka China, will get ready for a 125 tariff. So I'm going to play for you in its entirety exactly what the White House said so that you can't be lied to by the press. Many in the press did not want to cover this. And that's exactly why I'm letting you hear from Secretary Scott Besant and Press Secretary Caroline Levitt. Take a listen.

[Caroline Levitt]

Latest statement regarding his America first trade plan. As you all know, the President just put out a statement announcing an additional tariff on China. The tariff on China will now go up to 125% because China imprudently decided to retaliate against the United States. And as I said at the podium yesterday, when you punch at the United States of America, President Trump is going to punch back harder. In that same vein, we have had more than 75 countries from around the world reach out to President Trump and his team here at the White House to negotiate better trade deals for the American worker. We have been overwhelmed with the amount of requests from countries around the world. I'll let the Secretary speak to that. We will continue with the tailor made negotiations that I spoke about yesterday. In the meantime, there will be a 90 day pause on the reciprocal tariffs as these negotiations are ongoing and the tariff level will be brought down to a universal 10% tariff. The Secretary here has been a huge part of the President's trade team, of course, and will continue to lead these negotiations moving forward to look out for the American worker, which is always President Trump's Goal. So I'll kick it over to our great Treasury Secretary, Scott Bessant.

[Scott Bessant]

Good. Thank you. And we saw the successful negotiating strategy that President Trump implemented a week ago today. It has brought more than 75 countries forward to negotiate. It took great courage, great courage for him to stay the course until this moment. And what we have ended up with here, as I told everyone a week ago, they're in this very spot. Do not retaliate, and you will be rewarded. So every country in the world who wants to come and negotiate, we are willing to hear you. We're going to go down to a 10% baseline tariff for them. And China will be raised to 125 due to their insistence on escalation.

[Reporter]

Secretary, thank you for doing this. Let me ask you three quick things for the sake of clarity, because the markets are open under one. First of all, Mexico and China, are they part of this 10% universal?

[Scott Bessant]

Well, China, no. China, Mexico and Canada.

[Reporter]

Mexico and Canada, are they part of the 10%?

[Scott Bessant]

Yes.

[Reporter]

Okay. Second, given then that you have the rest of the world essentially calling it not China, is this now just all about China?

[Scott Bessant]

Well, it's about bad actors. And you know, what we will see is some of the very early countries are China's neighbors that we're going to see. I'm seeing Vietnam today. Japan's at the front of the queue, South Korea, India. So we will see. And as I've repeatedly said, and President Trump has been saying it for years, China is the most imbalanced economy in the history of the modern world. And they are the biggest source of the US Trade problems. And indeed, they are problems for the rest of the world. Because what we've seen is that as the US Announced the tariff wall last week, many of those goods have already started flooding into Europe.

[Reporter]

So as you see it now, this trade war is China versus the rest of the world.

[Scott Bessant]

Well, I'm not calling it a trade war, but I am saying that China has escalated. And President Trump responded very courageously to that. And we are going to work on a sol solution with our trading partners.

[Caroline Levitt]

Excuse me, Raquel, If I could just add to what the secretary said. Many of you in the media clearly missed the art of the deal. You clearly failed to see what President Trump is doing here. You tried to say that the rest of the world would be moved closer to China, when in fact, we've seen the opposite effect. The entire world is calling the United States of America, not China, because they need our markets, they need our consumers, and they need this president in the Oval Office to talk to them. And that's exactly why more than 75 countries have called. Because the United States of America is the best place in the world to do business. And as the President has shown great courage, as the Secretary has said, in choosing to retaliate against China even higher. Elena, go ahead.

[Scott Bessant]

Thank you.

[Caroline Levitt]

Treasury Secretary Busset, can you explain more of the decision making on what feels like a reversal here? I mean, just these went into effect less than 15 hours ago. These tariffs. Why the pause now? What led to that?

[Scott Bessant]

No, again, President Trump created maximum negotiating leverage for himself and the witch terrorists went into effect 15 hours ago. The ones that we have lowered went into effect a week ago. They were announced a week ago. And we have just been overwhelmed, overwhelmed by the response from mostly our allies who want to come and negotiate in good faith. So we are expecting them to come with their best deal. As I said a week ago today, don't retaliate. Hold your ground. Let's see what happens. And China, they kept escalating and escalating and now they have 125% tariffs that will be effective immediately.

[Caroline Levitt]

Mr. Secretary, go ahead. Mr. Secretary, thanks so much for doing this. The 90 day pause on the reserve tariffs, is that because of the whiplash that we've been seeing across the financial markets? How much was what we saw in the stock markets a part of this decision?

[Scott Bessant]

No, it's because it's going to because of the large number of inbounds. We've had more than 75 countries contact us and I imagine after today there will be more. So it is just a processing problem. Each one of these solutions is going to be bespoke. It is going to take some time and President Trump wants to be personally involved. So that's why we're getting the 90 day pause.

[Caroline Levitt]

Mr. Secretary, there was a tweet that UN Secretary Lutnick, when the Oval Office. Was the President talking about this? Can you talk about what that conversation looks like and what you guys said before or nothing?

[Scott Bessant]

Look, it's the President's decision and the President had a level in mind to raise the China tariffs. And then he had the three month, essentially the three month pause in mind. And we were discussing the exact wording.

[Caroline Levitt]

Sorry, of course it's the President's decision.

[Scott Bessant]

It was the President's decision to wait until today. And again, as I said, said in the past, no one creates leverage for himself like President Trump.

[Ben Ferguson]

No one creates leverage for himself like President Trump. This is a monumental moment and a great response that was well explained by the treasury secretary and the press secretary there saying President Trump will take proper action. For decades, Democrats, they, they don't understand how to get America first in our policies. They are constantly allowing other countries to walk all over us. As the treasury secretary said there, the president's going to work forward and move forward. These 75 plus countries that have all said they want to meet, they're negotiating right now. And the president created the leverage for himself that he needed. As for China, they are now more isolated than they have ever been, especially on the world trade front. This is the opposite of what they were hoping for. So as Caroline Levitt said a moment ago, you and the media got it wrong and the president got it right. You said people are going to run to China and now they're talking and running to America.

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.