Trump’s Triumphs w BIG Pharma & China Trade Deal

Summary

Summary of "Trump’s Triumphs w BIG Pharma & China Trade Deal" Episode of The 47 Morning Update with Ben Ferguson

Released on May 13, 2025, The 47 Morning Update with Ben Ferguson delves into significant political and economic developments under President Donald Trump's administration. In this episode titled "Trump’s Triumphs w BIG Pharma & China Trade Deal," host Ben Ferguson examines two major accomplishments: the administration's strides in reducing prescription drug prices and the overhaul of the China trade agreement. Below is a comprehensive summary capturing the key discussions, insights, and conclusions presented in the episode.

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1. Major Victory: Lowering Prescription Drug Prices

Overview: The episode begins with an in-depth analysis of President Trump's initiative to make prescription drugs more affordable for Americans. Ferguson highlights the administration's "most favored nation" pricing strategy aimed at ensuring the U.S. pays the lowest possible prices for medications by benchmarking against global markets.

Key Points:

• Most Favored Nation Pricing: President Trump introduced a policy where the U.S. would pay the lowest price available globally for prescription drugs. This means that if another country pays less for a specific medication, the U.S. would adopt that lower price.

  Notable Quote:

  Donald Trump (03:01): "But it's called most favored. We are going to pay the lowest price there is in the world. We will get whoever is paying the lowest price. That's the price that we're going to get."

• Impact on Drug Costs: The policy is projected to significantly reduce expenses for medications that are currently priced exorbitantly in the U.S. For instance, a breast cancer drug costing over $16,000 per bottle in America is available for just $1,666 in Australia and $1,600 in Sweden. Similarly, an asthma medication priced at nearly $500 in the U.S. costs less than $40 in the United Kingdom.

  Notable Quote:

  Unknown Speaker (04:03): "A common asthma drug costs almost $500 here in America but costs less than $40 in the United Kingdom."

• White House Directives: The administration has directed the U.S. Trade Representative and the Secretary of Commerce to prevent foreign practices that undercut U.S. market prices, thereby driving up costs domestically. Additionally, mechanisms are being established for American patients to purchase drugs directly from manufacturers at these most favored nation prices, bypassing intermediaries.

• Expert Commentary: Dr. Oz supports the initiative, emphasizing the disparity in drug pricing and the necessity of aligning U.S. prices with those of other countries to foster innovation while ensuring affordability.

  Notable Quote:

  Dr. Oz (05:49): "That means that we are paying in America four times more than that drug costs in other countries... It doesn't make any sense for the system."

• Democratic Opposition: Despite the bipartisan nature of the issue, Democrats have expressed anger over the policy, possibly due to the significant shifts it introduces to the pharmaceutical industry's pricing models.

Implications: This move positions the U.S. as a proactive leader in addressing high pharmaceutical costs, potentially saving consumers thousands annually and reshaping the landscape of drug pricing negotiations.

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2. Historic China Trade Deal: Reducing Tariffs

Overview: The second major topic discusses the landmark trade agreement between the United States and China. Under President Trump's leadership, both nations have significantly reduced tariffs, aiming to balance trade relations and mitigate the longstanding trade deficit the U.S. has with China.

Key Points:

• Tariff Reductions: The agreement marks a substantial decrease in tariffs imposed by both countries. American tariffs on Chinese goods have been reduced from 145% to 30%, while Chinese tariffs on American products have plummeted from 125% to 10%.

  Notable Quote:

  Donald Trump (09:20): "First off, your reaction and what could you tell us about the China deal that has tariffs dropping from 145, 125 respectively to 30 and 10."

• White House Statements: Press Secretary Caroline Levy lauds the deal as an "extraordinary first step," crediting the administration's efforts and emphasizing continued negotiations to achieve a "fair and comprehensive big trade deal."

  Notable Quote:

  Caroline Levy (09:30): "This is an extraordinary first step in the right direction... President Trump will continue negotiations with China so we can hold, hopefully inevitably get to a fair and comprehensive big trade deal."

• Details of the Agreement:

  • Tariff Adjustments: Both nations will lower tariffs by 115% and retain an additional 10% tariff as a baseline.
  • Future Negotiations: Establishment of a mechanism for ongoing discussions to further open Chinese markets to American goods and address critical issues like fentanyl trafficking.
  • Suspension of Retaliatory Measures: China will remove retaliatory tariffs and non-tariff countermeasures imposed in early April, while the U.S. will suspend certain new tariffs for 90 days to stabilize trade relations.

  Notable Quote:

  Unknown Speaker (09:20-10:14): Detailed breakdown of the tariff changes and the administrative actions involved.

• Economic Impact: The U.S. goods trade deficit with China, reported at $294 billion in 2024, is the largest with any trading partner. The agreement aims to address these imbalances, benefiting American workers, farmers, and businesses by leveling the playing field.

• Leadership and Representation: High-level representatives from both countries, including China's Vice Premier He Laifeng and the U.S. Secretary of the Treasury Scott Besant, will oversee the implementation and continuation of trade talks.

Implications: This deal signifies a strategic pivot towards more balanced trade relations between the U.S. and China. By reducing tariffs, the agreement seeks to boost American exports, strengthen domestic production, and curb unfair trade practices that have historically disadvantaged U.S. industries.

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3. Consolidated Achievements Under President Trump

Ben Ferguson encapsulates the administration's successes over the past week, highlighting a series of impactful decisions and negotiations:

• UK Trade Deal: Secured a historic agreement enhancing trade relations between the U.S. and the United Kingdom.
• China Trade Agreement: Achieved a significant reduction in tariffs, fostering a more equitable trade environment.
• Hostage Release: Facilitated the release of an American hostage, showcasing a commitment to national security and individual welfare.
• Ceasefires: Brokered ceasefires between India and Pakistan, as well as with the Houthis, demonstrating diplomatic efficacy in conflict resolution.

Notable Quote:

Unknown Speaker (14:XX): "In just seven days, President Trump has secured a historic UK Trade deal, a massive China trade deal, the release of an American hostage, the ceasefire with India and Pakistan, the ceasefire with the Houthis."

Conclusion: Ferguson emphasizes that these achievements align with the promises made by Trump during his campaign, particularly the focus on prioritizing American interests and safeguarding the well-being of its citizens. The administration's actions are portrayed as fulfilling voter expectations and reinforcing Trump's commitment to an America-first policy framework.

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Final Thoughts: This episode of The 47 Morning Update presents a narrative of effective leadership and decisive action under President Trump's administration. By addressing critical issues such as high prescription drug costs and unfair trade practices, the episode underscores the administration's efforts to enhance the economic and social well-being of Americans. Through direct quotes and detailed explanations, Ben Ferguson provides listeners with a clear understanding of the policies' implications and the administration's strategic direction.

Transcript

[Unknown Speaker]

You're listening to an I Heart podcast. It's true that some things change as we get older. But if you're a woman over 40 and you're dealing with insomnia, brain fog, moodiness and weight gain, you don't have to accept it as just another part of aging. And with MIDI health, you can get help and stop pushing through it alone. The experts at MITI understand that all these symptoms can be connected to the hormonal changes that happen around menopause. And MIDI can help you feel more like yourself again. Many healthcare providers aren't trained to treat or even recognize menopause symptoms. MIDI clinicians are menopause experts. They're dedicated to providing safe, effective, FDA approved solutions for dozens of hormonal symptoms, not just hot flashes. Most importantly, they're covered by insurance. 91% of midi patients get relief from symptoms within just two months. You deserve to feel great. Book your virtual visit [e-mail] that's join M I D I.com.

Let'S say China. China. China. China. China. China. China. China. China. China. China. You go over to China. China, China. China. China. China. China. China. China. China. China. China. I love them. China.

[Ben Ferguson]

You're listening to the 47 Morning Update with BE.

[Unknown Speaker]

47 Morning Update. And my, oh my, has it been one heck of a week for President Trump. Not only has he secured a UK Trade deal that's historic, but now a China trade deal plus the release of an American hostage, a ceasefire with India and Pakistan and a ceasefire with the Houthis. And now we will break down the other big deal as well. First up, a massive deal on prescription drug prices. And what happened in the China trade deal that is affecting every American. The 47 Morning Update. And it starts right now. Story number one, major victory number one for the American people is going to have a massive impact on so many Americans that deal with high costs of prescription drugs. Here is what you need to know about what the President has done to lower the price of prescription drugs for all Americans. The announcement and the action put forth saying American patients will be first instead of the pharmaceutical companies by Donald Trump will have an impact for every American. Now, this should not be a conservative or liberal or Republican or Democratic issue, yet Democrats are angry about it. So let me tell you exactly how this is going to have an impact on you. First up, the President said that we are now going to have most favored nation prescription drug pricing, saying we are going to pay the lowest price that there is in the world. Here's the President in his own Words.

[Donald Trump]

But it's called most favored. We are going to pay the lowest price there is in the world. We will get whoever is paying the lowest price. That's the price that we're going to get. So remember that. So we're no longer paying 10 times more than another country. Whoever is paying the lowest price, we will look at that price and we will say that's the price we're going to pay. Most favored nations. That's what it is. One breast cancer drug costs Americans over $16,000 per bottle. But the same drug from the same factory manufactured by the same company is 1/6 that price in Australia and one tenth that price in Sweden. 1/10 for the identical product. A common asthma drug costs almost $500 here in America but costs less than $40 in the United Kingdom. So $40 in the United Kingdom, which is where this gentleman told me he paid a small amount for his his shot. But think of that. So $40 versus $500 here, 40 compared.

[Unknown Speaker]

To DOL between the UK and the U. S. Now let me explain more about this order. The order directs the U. S. Trade representative and the secretary of commerce to take action to ensure foreign countries are not engaged in practices that purposefully and unfairly undercut market prices and drive price hikes in the United States. All what I'm giving you right now is coming directly from the White House. I want to make that very clear. Number two, the order instructs the administration to communicate price targets to pharmaceutical manufacturers to establish that America, the largest purchaser and funder of prescription drugs in the world, gets the best price. The Secretary of health and human services is going to establish a mechanism through which American patients can buy their drugs directly from manufacturers who sell to Americans at a quote, most favored nation price, bypassing the middlemen. And finally from the White House, if drug manufacturers fail to offer most favored nation pricing, the order directs the secretary of health and human services to one, propose rules and impose most favored nation pricing and two, take other aggressive measures to significantly reduce the cost of prescription drugs, the American consumer and most importantly, end anti competitive practices. Why? Because the White House says it's about getting a better deal for Americans. And president Trump once again taking action to keep pharmaceutical manufacturers from charging Americans high drug prices while giving steep discounts to other wealthy nations. That is something that Dr. Oz talked about. The White House with the president by his side. And here is what he said.

[Dr. Oz]

That means that we are paying in America four times more than that drug costs in other countries. Again, 100% the baseline. It's 289% above that baseline. It goes all the way down to where we're paying 50% more than any other country. That's the range, as was pointed out by President Trump, half the time we're paying three times more than is paid in other countries. It doesn't make any sense for the system. That stated President Trump has over and over again indicated, and Secretary Kennedy reflected as well, we want innovation, we want our technology partners doing the best they can to make the best solutions for drugs to cure as many people in America and around the world as possible. By getting our allies to pay a bit more, as they should be, and they should have for many years been doing, we'll course correct a problem that's gotten out of hand. And by doing that in a thoughtful, effective way, we're going to be able to get the pharmaceutical industry whole. Those jobs will still be here. We'll still be productive. We'll still be curing cancer and a slew of other ailments that plague humanity. America will still be the leader in this space. But we're paying the appropriate amount, the right sized amount for those tasks.

[Unknown Speaker]

Now, you may ask yourself this question. Why is the President doing this? Well, it's all in the numbers. The United States has less than 5% of the world's population, yet funds roughly 75% of global pharmaceutical profits. Here's the other thing you may not know. Drug manufacturers discount their products to gain access to foreign markets and then subsidize those discounts through high prices charged in America. In essence, you are subsidizing drug manufacturer profits and foreign health systems are getting the big deal, despite drug manufacturers benefiting from generous research subsidies and enormous health care spending by the US Government. Now in his first term. You may not know this, but President Trump took historic action to keep Medicare and seniors from paying more for drugs than economically comparable countries, which the Biden administration rescinded before it could even take effect. Why? Because they're owned by Big Pharma. Instead of fixing this problem, the Biden administration's greatest achievement was to negotiate prices that were on average 78% higher than in 11 comparable countries. As part of Biden's efforts to, quote, beat Medicare in translation, the Democratic Party sold you out, the Americans who are suffering and desperately need pharmaceutical drugs, and they sold you out to the highest bidder, the lobbyists and the companies that came in and said, this is what we need. The President making it clear this is never going to happen again in the U. S. And as long as he is present. He is going to fight for innovation, fight for technology and make sure that you are paying less than any other major nation in the world.

[Ben Ferguson]

Now story number two.

[Unknown Speaker]

Now the other big story of today is the fact that we now have a significant movement when it comes to the tariffs with China. The Trump White House has just posted a statement on the US And China's historic trade deal putting it this way. American tariffs on China were at 145%. Now they're at 30%. China's tariffs on America were 125%, now at 10%. And Donald Trump was the one that made all of this possible. White House Press Secretary Caroline Levy saying it this way to Fox News.

[Donald Trump]

First off, your reaction and what could you tell us about the China deal that has tariffs dropping from 145, 125 respectively to 30 and 10.

[Caroline Levy]

This is an extraordinary first step in the right direction. And thanks to the strength of President Trump, Secretary Besant and Ambassador Greer were able to cut this initial deal with China. China agreed to reduce their tariff tariffs on the United States by 115%. They also agreed to continue having discussions about opening Chinese markets to American made products and goods. And they also agreed to continue seriously discussing the grave impact that Chinese produced fentanyl is having right here in the United States and our people. So this is a great first step for the American public and Secretary Besson, Ambassador Greer and of course President Trump will continue negotiations with China so we can hold, hopefully inevitably get to a fair and comprehensive big trade deal.

[Unknown Speaker]

Now this is going to be a pause for 90 days and I want you to hear exactly what the White House said to me earlier today. This is President Trump, quote, securing another historic deal. Today on the heels of the brand new deal with the United Kingdom, President Trump reached an agreement with China to reduce China's tariffs and eliminate retaliation. Also retain a U. S baseline tariff on China and set a path for future discussions to open market access for American exports. You just heard the White House say that on TV today. The United States issued the first joint statement on trade in many years with China after successfully negotiating over the weekend in Geneva, Switzerland. The White House says, quote, both parties affirm the importance of the critical bilateral economic and trade relationship between both countries and the global economy. Saying this, for far too long, unfair trade practices and America's massive trade deficit with China have fueled the offshore lowering of American jobs and the decline of our manufacturing sector. In reaching an agreement, the White House says the United States and China will each lower their tariffs by 115% while retaining an additional 10 tariff. Other U. S measures will remain in place. Both sides will take these actions by May 14th of 2025. This trade deal is a win for the United States, demonstrating President Donald Trump's unparalleled expertise in securing deals that benefit the American people. Then the White House said this. The Chinese action saying, quote, China will remove the retaliatory tariffs it announced since April 4 and will also suspend or remove the non tariff countermeasures taken against the United States since April 2. China will also suspend its initial 34% tariff for the United States that it announced on April 4 for 90 days. It will remain at 10% tariff during the period of the pause. And then they say under American action, the United States will remove the additional tariff it imposed on China on April 8 and April 9, but will retain all duties imposed on China prior to April 2, including Section 301 tariffs, Section 232 tariffs and tariffs imposed in response to the fentanyl national emergency invoke pursuant to the International Emergency Economic Powers act and also the most favored nations tariffs. They went on to say the United States will suspend their 34 reciprocal tariff imposed on April 2 for 90 days and the 10 tariff that will remain in place is set for a fair baseline that encourages domestic production, strengthens our supply chains and ensures that American trade policy supports American workers first instead of undermining them by imposing reciprocal tariffs. President Trump is ensuring our trade policy works for the American economy and addresses our national emergency brought on by our growing and persistent trade deficits and levels the playing field for American workers and our producers. Unlike previous administrations, the White House said President Trump took a tough, uncompromising stance on China to protect American interests and stop unfair trade practices. They also said this is working towards a rebalancing when these changes come into effect. The White House says both nations agree to establish a mechanism to continue important discussions about trade economics. The U. S goods trade deficit with China was 294 billion in 2024, the largest with any trade partner. And today's agreement works towards addressing these imbalances to deliver real lasting benefits. American workers, American farmers and American businesses. The White House saying this. Finally, as our nations continue these discussions, China will be represented by He Laifeng, the Vice Premier of the State Council. The United States will be represented by Scott Bessant, the Secretary of treasury and Jasmine Greer, United States Trade Representative. They also said addressing the fentanyl crisis is the most important matter as well as the United States and China will take aggressive action to stem the flow of fentanyl and other precursors from China to illicit drug production in North America. If you look at what the president has been able to do in just the last couple of days, here it is. In just seven days, President Trump has secured a historic UK Trade deal, a massive China trade deal, the release of an American hostage, the ceasefire with India and Pakistan, the ceasefire with the Houthis. And this is exactly what so many Americans voted for. And Donald Trump paying off on his promise to put Americans first and protecting all of us.

[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.

[Unknown Speaker]

It's true that some things change as we get older. But if you're a woman over 40 and you're dealing with insomnia, brain fog, moodiness and weight gain, you don't have to accept it as just another part of aging. And with MITI Health, you can get help and stop pushing through it alone. The experts at MIDI understand that all these symptoms can be connected to the hormonal changes that happen around menopause. And MITI can help you feel more like yourself again. Many healthcare providers aren't trained to treat or even recognize menopause symptoms. MIDI clinicians are menopause experts. They're dedicated to providing safe, effective, FDA approved solutions for dozens of hormonal symptoms, not just hot flashes. Most importantly, they're covered by insurance. 91% of midi patients get relief from symptoms within just two months. You deserve to feel great. Book your virtual visit [e-mail] that's join M I D I.com you're listening to an iHeart podcast.