Tariffs: The Love Affair the Dems Pretend Never Happened

Summary

The 47 Morning Update with Ben Ferguson: "Tariffs: The Love Affair the Dems Pretend Never Happened"

Release Date: April 4, 2025

Overview

In this episode of The 47 Morning Update, host Ben Ferguson delves into the complex and often contentious topic of tariffs in American politics. Ferguson critically examines the Democratic Party's evolving stance on tariffs, highlights significant legislative developments regarding Trump's tax cuts, and explores the international repercussions of recent tariff implementations, particularly focusing on Vietnam's response. Through compelling analysis and exclusive insights, Ferguson presents a comprehensive narrative on how trade policies are shaping America's economic landscape.

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1. Democrats' Historical Stance on Tariffs

Ferguson opens the discussion by spotlighting a seemingly contradictory position held by prominent Democrats over the past few decades. He highlights Nancy Pelosi's 1996 remarks on trade tariffs, revealing that Democrats once supported protective measures against unfair trading practices.

Ben Ferguson [08:39]: "If it was this bad in '96 and nothing's been done to stop this horrible trade agreement with China and this deficit that we're running with China and currency manipulation and stealing of trade secrets, the list goes on and on, then why on earth would we not want Donald Trump to step in and to stop this?"

Ferguson contrasts Pelosi's past advocacy for tariffs with her current criticism of Trump's trade policies, suggesting a hypocritical shift driven by political motivations rather than economic rationale.

2. Bernie Sanders' 2008 Advocacy for Tariffs

Expanding on the Democratic Party's stance, Ferguson brings attention to Bernie Sanders' 2008 position on tariffs. He underscores Sanders' support for protective trade measures aimed at safeguarding American manufacturing jobs.

Ben Ferguson [09:48]: "Bernie Sanders said not having tariffs in America means all our manufacturing goes overseas. It's the same thing as giving corporations, quote, the freedom to throw American workers out on the street."

Ferguson uses this example to argue that the Democratic leadership has historically recognized the detrimental effects of free trade without safeguards, yet currently opposes similar measures when implemented by Republican counterparts.

3. Senate GOP Advances Trump’s Tax Cuts

Shifting focus, Ferguson reports on a significant legislative development where Senate Republicans have moved forward with President Donald Trump's tax cut plan. He emphasizes the importance of this move for American taxpayers and the broader economic implications.

Ben Ferguson [11:13]: "The Senate voted 52-48 to move forward with a framework to address Trump's proposals for tax cuts, border enforcement, and increased military spending."

Ferguson explains the procedural steps taken by the Senate, highlighting the potential for these tax cuts to be enacted after negotiations and debates, despite initial concerns about insufficient spending cuts.

4. Impact of Trump's Tariffs on Vietnam

A substantial portion of the episode examines the international fallout from Trump's recent tariff announcements, focusing on Vietnam's urgent diplomatic response. Ferguson details how the Vietnamese government and business leaders are reacting to the imposition of a 46% duty on Vietnamese imports.

Ben Ferguson [12:22]: "Vietnamese deputy prime minister... announced an emergency trip to Washington D.C. to meet with Trump officials and beg for the tariffs to be lowered."

Ferguson outlines Vietnam's reliance on American markets, noting that the U.S. is Vietnam's most significant customer, with exports constituting about 90% of its economic output. He explains that the high tariffs have caused panic within Vietnam's business community, threatening millions of jobs and the stability of its export-driven economy.

Ben Ferguson [15:07]: "Vietnam would have never called this emergency meeting if it wasn't for Donald Trump and what he did at the White House on Liberation Day."

Ferguson concludes that Trump's aggressive trade policies are forcing Vietnam to seek negotiations, highlighting the disruptive impact of unilateral tariff increases on global trade relations.

5. Media Coverage and Public Perception

Ferguson critiques the mainstream media's portrayal of Trump's tariffs, arguing that the negative narrative fails to acknowledge the effective measures they've initiated. He suggests that media bias obscures the tangible benefits of the tariffs for American workers and industries.

Ben Ferguson [12:22]: "Watch the media today, they will tell you that the tariffs are a disaster, that Donald Trump should flinch and say sorry and immediately go back to the old way of doing business. That is the story they want you to believe."

Ferguson advocates for a more balanced understanding of trade policies, emphasizing the strategic advantages of protecting domestic industries against unfair foreign competition.

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Conclusion

Ben Ferguson's episode provides a critical examination of the Democratic Party's shifting stance on tariffs, juxtaposed with Republican initiatives to reshape America's tax and trade policies under Trump's administration. By highlighting historical positions, legislative progress, and international reactions, Ferguson offers listeners a nuanced perspective on the enduring complexities of trade policy and its profound implications for the American workforce and global economic relations.

Key Takeaways:

• Democratic Hypocrisy: Historical support for tariffs by Democrats like Nancy Pelosi and Bernie Sanders contrasts with their current opposition to similar measures when advocated by Republicans.

• Legislative Advances: The Senate GOP's progress on Trump's tax cuts signifies a pivotal move to potentially reshape the American economic landscape, pending further debates and approvals.

• International Repercussions: Trump's aggressive tariffs have elicited urgent diplomatic responses from countries like Vietnam, underlining the significant impact of unilateral trade policies on global trade dynamics.

• Media Bias: Ferguson argues that mainstream media narratives may overlook the positive outcomes of Trump's tariffs, such as protection of American jobs and industries, thereby shaping public perception in favor of opposing these measures.

Listeners are encouraged to subscribe to The 47 Morning Update for ongoing coverage and in-depth analysis of current political and economic developments.

Transcript

[Ryan Seacrest]

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[Clay]

Hey Clay, if there was a summer camp for critical thinking, we'd be the chief counselors.

[Buck]

Those jelly heads in June would be intellectual warriors by August.

[Clay]

Be a lot of fun too. Some Bill and Ted's excellent adventure references.

[Buck]

Thrown in this podcast like a daily dose of that. Minus the campfires, archery and pranking the girls.

[Clay]

The bonafide boot camp for critical thinking. You can get in on it for free at the iHeartRadio app or wherever you get your podcast. Just search our names Clay and Bach. Listen and subscribe.

[Unknown Host of Bone Valley]

Something unexpected happened after Jeremy Scott confessed to killing Michelle Schofield in Bone Valley Season one.

[Jeremy Scott's Son]

Every time I hear about my dad is, oh, he's a killer. He's just straight evil.

[Unknown Host of Bone Valley]

I was becoming the bridge between Jeremy Scott and the son he'd never known.

[Jeremy Scott's Son]

At the end of the day, I'm literally a son of a killer.

[Unknown Host of Bone Valley]

Listen to new episodes of bone Valley Season 2 starting April 9 on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

[Buck]

Since 1997, Americans have been put out of 5 million manufacturing jobs.

[Unknown Speaker]

I'd like to call the attention of our colleagues to this chart on the status quo that the business community is asking each and every one of you to endorse today to help the middle.

[Ben Ferguson]

Class who have been shouldering the burden of falling real wages for about 25 years because of unfair and unjust trading practices.

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

Good Friday morning, Ben Ferguson with you. It's nice to have you on the 47 Morning Update, and here are the big stories that we're going to cover. First up, Democrats were for tariffs before they were against them, even the biggest leaders in the Democratic Party. And we've got the audio to prove it. Also, in a major move not getting any coverage from the mainstream bias media, the Senate GOP voted to advance the Trump tax cuts. This is significant for your pocketbook. And finally, other, other countries are in a panic right now and are running to meet with Donald Trump and his administration. Yes. Over the tariffs that are clearly working. I'll give you the list and what they're doing coming up in just a moment. But first, make sure if you're new to the show, you hit that subscribe or auto download button right now so you never miss an episode of the 47 Morning Update that starts right now. In big breaking news, Nancy Pelosi defends Donald Trump's trade policy. The only problem is it's not in 2025, but in 1996. That's right. Democrats are in favor of what Donald Trump did. Well, as long as he wasn't the guy actually doing it. 25 years ago, Nancy Pelosi warned, in fact, of American job losses because of China's unfair trade practices. Then on tariffs, she said that we must reciprocate. But now she's calling what Donald Trump is doing reckless. Now, it's important that the audio I'm about to play of Nancy Pelosi is shared with everyone you know, because they need to be called out for their hypocrisy. Today, take a listen to Nancy Pelosi talking about reciprocal trade tariffs and how important it was to protect America. This from 1996 on the floor of the House.

[Unknown Speaker]

I'd like to call the attention of our colleagues to this chart on the status quo that the business community is asking each and every one of you to each and every one of us to endorse today. Right now, we have a $34 billion trade deficit with China. The 1995 figure, it will be over $40 billion for 1996. Since the Tiananmen Square massacre, this figure has increased 1000% from 3 1/2 billion then to about $34 billion. Now. In terms of tariffs, I think it's interesting to note that the average US MFN tariff on Chinese goods coming into the United States is 2%, whereas the average Chinese MFM tariff on US goods going into China is 35%. Is that reciprocal on exports? China only allows certain industries into China, of US industries into China, and therefore only 2% of US exports are allowed into China. On the other hand, the US allows China to flood our markets with 30 a third of their exports, and that'll probably go over 40%. And it's limitless because we have not placed any restriction in terms of jobs. This is the biggest and cruelest hoax of All. Not only do we not have market access, not only do they have prohibitive tariffs, not only are our exports not let in very specifically, but China benefits with at least, at least 10 million jobs from U.S. china. Trademark. The President in his statement requesting this special waiver said that China trade supports 170,000 jobs in the United States. 170,000 jobs, whereas our imports from China support 10 million jobs at least. Fact is that that US China trade is a job loser. And one of the reasons that it is is because in order. Well, first let me just make another point. And that is that our colleagues on the other side of this issue will say the trade with China exports to China have increased three times in the last 10 years. They have, but they failed to mention that exports imports from China have increased 11 times, thereby leading to this huge trade deficit. The other issue, in addition, if intellectual Property is a $2 billion, $3 billion loss, technology transfer is in the hundreds of billions of dollars. If you want to sell to China your products into China, the Chinese insist that you open a factory there. They take misappropriate your technology, open factories of their own and then say to you now we want to see your plan for export. That's as simple as I can say it briefly. But the fact is this isn't about products made in America. The Chinese want American products that are made in China. And the most serious of these transfers of technology are in the airline industry where Boeing tail section, tail sections of the Boeing 737s were mostly made in Wichita, Kansas. Now they are made in Shen Province where workers make $50 a month. And they had the transfer of the technology and the transfer of the jobs has taken place. General Motors, Ford, they're all fighting to get in to build factories there so they can make parts there. They want MFN so they can get those parts back into the United States. So we are exporting not low tech jobs and textile jobs, we're exporting our technology. Now, if you take a country the size of China with the cheap, the very cheap, and in some instances slave labor, the lack of market access, the rip off of our intellectual property, the transfer of technology, a country that is not willing to play by the rules in any respect in this trade relationship, you have a serious threat not only to our relationship, but to the industrialized world. And if there's one message that I want our colleagues to understand today and our constituents is that on this day your member of Congress could have drawn the line to say to the President of the United States do something about this US China trade relationship. That is a job loser for the United States. And this brings us to the point that others have said, well, we can't isolate China. Do you think for one minute that with 10 million jobs at least, and 35 billion and be over $40 billion this year in a trade surplus, all those billions of dollars in surplus that the Chinese are going to walk away? Where are they going to take 35 to 40% of their exports? Who's going to buy them? This is what sustains the regime, the funding and the jobs. They can't have those people out of work. They have to be at work exporting to the United States.

[Ben Ferguson]

So the question is, where is that Nancy Pelosi now? I actually like that Nancy Pelosi of 1996. And the other question you should be asking yourself is this. If it was this bad in 96 and nothing's been done to stop this horrible trade agreement with China and this deficit that we're running with China and currency manipulation and stealing of trade secrets, the list goes on and on, then why on earth would we not want Donald Trump to step in and to stop this? The American worker has been decimated. Nancy Pelosi said it in 96 and the only reason why she's not saying it now is because Donald Trump is president. By the way, there's another Democrat who was also saying the same thing, but it wasn't in 96. It was in 2008 and his name was Bernie Sanders. And what did Bernie Sanders want in 2008? He wanted tariffs. How do we know it? Because this is what he said on the floor of the Senate.

[Bernie Sanders]

Further, what they have said is that we need to not worry about manufacturing in America because what we should establish is a policy of unfettered free trade. We don't need tariffs. What we need is to allow corporate America the freedom, the freedom to throw American workers out on the street. People are making 15, 20, 25 bucks an hour. Health care, pensions, throw them out on the street. Because somehow, Madam President, we are going to create wealth in America and good paying jobs in America. As we shut down plants, we move to China, corporations there pay workers 20, 30 cents an hour and we bring the product back into this country.

[Ben Ferguson]

So Bernie Sanders said not having tariffs in America means all our manufacturing goes overseas. And it's the same thing as giving corporations, quote, the freedom to throw American workers out on the street. The question you should be asking yourself is what changed? Why is it that Pelosi in 96, Bernie Sanders in 08 and the list goes on and on, are saying no to Donald Trump, correcting this problem that they declared was massive then and has only gotten bigger since then. And it's one reason because they hate Donald Trump and they hate the people that support him and they're willing to hurt American workers over everything else.

Now, story number two, it is a.

Major victory and it's being overshadowed right now. And it's one that you need to know about. The Senate Republicans have voted to advance the sweeping Trump tax cut plan Senate Republicans took a procedural step forward on President Donald Trump's tax cuts agenda on Thursday, overcoming concerns among some Republican lawmakers that the plan does not include sufficient spending cuts. The Senate voted 5248 to move forward with a framework to address Trump's proposals for tax cuts, border enforcement and increased military spending. Lawmakers now hope to pass the resolution after up to 50 hours of floor debate. Then it will be sent to the Republican controlled House of Representatives. Both chambers must approve the same budget resolution to unlock a key parliamentary tool that would allow Republicans to circumvent Senate Democrats and enact the Trump agenda later this year. This, by the way, could take several months and we'll continue to watch all of it as it unfolds. But the good news is this was a major victory for Donald Trump and most importantly, for American taxpayers.

And here is story number if you.

Watch the media today, they will tell you that the tariffs are a disaster, that Donald Trump should flinch and say sorry and immediately go back to the old way of doing business. That is the story they want you to believe. But the reality is the tariffs are already working. One prime example is Vietnamese deputy prime minister, accompanied by a major entourage of Vietnamese business executives announced an emergency trip to Washington D.C. on Wednesday. Quietly. That is the same day that Donald Trump revealed his Liberation Day tariff schedule, which included a 46% duty on imports from Vietnam. The Vietnamese delegation, we're now being told, is scheduled to arrive on Sunday and remain in Washington D.C. until April 14, when it will pay an official visit to then Cuba. The Vietnamese prime minister will be accompanied by executives from companies such as Vietnam Airlines, JSC and Vena Capital Group. The delegation hopes to meet with Trump officials and beg basically for all of these tariffs to be brought back down. They are wanting to, quote, make a deal. The business community in Vietnam is panicked and they are panicked that the government is not doing enough to cool the response from Donald Trump. The prime minister's visit, they claim, will pave the way for real negotiations leading to a more balanced agreement, easing the burden on businesses amid the current tough business landscape in Vietnam. That coming from Saigon Times on Thursday. They also reported that Vietnamese analysts and government officials expected about a 10% tear from Trump. The rate of 46% that was revealed by Trump at the White House is when the panic set in. Why Vietnam is among the world's most trade dependent nations, with exports equivalent to about 90% of economic output and counts the US as its most significant customer. Sales have surged since the trade war that broke out during Trump's first term, when businesses sought to relocate away from China and Vietnam became an alternative base for production aimed at American markets. American customers buy about a third of what Vietnam exports to the entire world, creating a massive trade surplus of more than $123 billion. This appears to have factored into the tariff rate revealed by President Trump on Wednesday, and that is why Vietnam is, well, freaking out and running to America trying to quote, de escalate and come up with a fair deal for both countries. The moral of the story is this. Vietnam would have never called this emergency meeting if it wasn't for Donald Trump and what he did at the White House on Liberation Day.

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.

[Ryan Seacrest]

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[Clay]

Hey Clay, if there was a summer camp for critical thinking, we'd be the chief counselors.

[Buck]

Those jelly heads in June would be intellectual warriors by August.

[Clay]

Be a lot of fun too. Some Bill and Ted's excellent adventure references.

[Buck]

Thrown in this podcast like a daily dose of that minus the campfires, archery and pranking the girls.

[Clay]

The bonafide boot camp for critical thinking. You can get in on it for free at the iHeartRadio app or wherever you get your podcast. Just search our names, play in Buck Listen and subscribe.

[Unknown Host of Bone Valley]

Something unexpected happened after Jeremy Scott confessed to killing Michelle Schofield in Bone Valley Season one.

[Jeremy Scott's Son]

Every time I hear about my dad, it's, oh, he's a killer. He's just straight evil.

[Unknown Host of Bone Valley]

I was becoming the bridge between Jeremy Scott and the son he'd never known.

[Jeremy Scott's Son]

At the end of the day, I'm literally a son of a killer.

[Unknown Host of Bone Valley]

Listen to new episodes of bone Valley Season 2, starting April 9 on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.