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The President's Daily Brief
PDB Afternoon Bulletin | May 9th, 2025: Trump Floats Major Chinese Tariff Cut & Ukraine Busts Hungarian Spy Network
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- [00:01]
Mike Baker
Are you still quoting 30 year old movies? Have you said cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide. And every time you make a purchase with your card, you automatically earn cash back. Welcome to the now it pays to Discover. Learn more@discover.com credit card based on the February 2024 Nielsen report, it's Friday the 9th of May. Welcome to the PDB Afternoon Bulletin. I'm Mike Baker, your eyes and ears on the world stage. All right, let's get briefed. First up, President Trump suggests that he's willing to drastically cut US Tariffs on Chinese goods just as his economic team heads to Switzerland for their first direct trade talks with officials from the Communist regime. Later in the show, Ukraine is accusing Hungary of espionage after allegedly dismantling a Hungarian military spy network gathering sensitive intelligence regarding Kyiv's defenses near their shared border. We'll have those details. But first, today's afternoon spotlight. We'll begin with a major update on the US China trade war as President Trump signals that he's willing to make a big tariff concession to the Chinese Communist Party. Taking to truth Social on Friday morning, the president said he'll consider slashing his current 145% tariff on Chinese imports by nearly half. That would, for those of you working on your math, that would be somewhere near 80%, which is, well, okay, not exactly 80%, but in that region, it was the first time that Trump suggested a specific alternative to his massive tariff and comes just ahead of direct trade talks with Chinese officials this weekend. That's according to a report from the Associated Press. As we've been tracking here on the pdb, Beijing and Washington agreed earlier this week to take the first step towards finding a resolution to the crippling tariff war which began, of course, last month when Trump hit the Chinese communist party, the CCP, with the 145% duty on their exports, prompting Beijing to retaliate with a 125% tax on U.S. goods. U.S. treasury Secretary Scott Besant and Senior U.S. trade Representative Jameson Greer will meet in Geneva, Switzerland with China's economic czar on Saturday to break the ice on the subject of mutual de escalation. In what appears to be an attempt to soften up the Chinese delegation. Ahead of the negotiations, Trump said, quote, china should open up its market to USA would be so good for them. And then he used three exclamation marks so it would be really good for them. Closed markets don't work anymore, end quote. He then added 80 tariff on China seems right up to Scott B. Of course, referring to his treasury secretary. Now, whether the CCP takes Trump's remarks and the exclamation marks as an olive branch or maintains their stance that all unilateral U.S. tariffs must be dropped before substantive talks can move forward, well, that's anyone's guess. While an 80% rate would still be an extremely high import duty, it would bring some measure of welcome relief to Chinese manufacturers, which of course have so far borne the brunt of the economic standoff. The trade talks in Geneva are scheduled to run through May 12, though neither the US nor China has specified what the agenda will look like. Beleaguered global investors are hoping to see signs of a diplomatic breakthrough, such as potential tariff exemptions for specific product categories critical to both the US And Chinese economies, even if the two sides are not yet able to hammer out broader trade terms. But some observers are more optimistic than others. Many financial analysts have said the Chinese delegation will likely maintain a hardline posture in the early talks, which they predict could drag on for several months or longer. They point to a statement from Chinese officials earlier this week that said their participation in the talks is not a sign of them caving to US Pressure, but based on a consideration of global expectations, China's interests and appeals from American businesses and consumers. At a daily press conference on Wednesday, a spokesman for China's Foreign Ministry stated that Beijing's quote, position of firmly opposing US Abuse of tariffs has not changed. They added, quote, if the United States wants to resolve the issue through negotiations, it must face up to the serious negative impact of unilateral tariff measures on itself and the world, end quote. But despite their face saving rhetoric, the significant impact the tariffs have already had on China's export dependent economy may make the CCP more willing to find a diplomatic off ramp to the trade war. The CCP has already begun quietly exempting a host of US made products from their 125% retaliatory tariff. While China is not publicly acknowledging the exemptions, they are substantial, applying to roughly $40 billion in goods, or nearly a quarter of all Chinese imports from the US this year. The exemptions cover a range of products from pharmaceuticals and industrial chemicals to aviation components and critical inputs for electronics manufacturing. Since early April, Beijing has also been privately surveying businesses about other potential sectors where tariff waivers might be appropriate. Analysts say that this quiet approach by the CCP shows that China is eager to de escalate even as they publicly maintain their hardline messaging demand that the US Back down. Still, so far, the exemptions have not been enough to stop the financial bleeding. As we discussed earlier this week on the pdb, the mounting strain of the tariffs on China's economy has been difficult for the CCP to contain. Factory activity in China has now slipped into its sharpest contraction since late 2023. And numerous Chinese manufacturers have paused production entirely and shut down operations as they scramble to find new buyers. Goldman Sachs recently estimated that some 16 million jobs across Chinese industries are now at risk as China's export orders hit their lowest levels since the worst days of the COVID lockdowns. Coming up next, tensions in Eastern Europe escalate as officials in Kiev accuse Hungary of engaging in espionage so charge that officials in Budapest are calling Ukrainian propaganda. I'll be right back. Hey, Mike Baker here. Now this July, maybe you've heard about this, but this July there's going to be a global summit of the BRICS nations in Rio de Janeiro. The block of emerging superpowers that includes China and Russia and India and Iran. Well they're meeting with the goal of displacing the US dollar as the global currency. And they're calling this the real reset. That's a catchy name. As BRICS nations push forward with their plans, well demand for US Dollars could decrease bringing down the value of the dollar. While this transition of course won't happen overnight, the real reset, well it marks a pivotal moment when bricks objectives move from possibility toward reality. So you ask yourself what can you do to help protect your hard earned savings? Well, I'm going to tell you. One of the things you could do is check in with the Birch Gold Group. Look, Birch Gold can help you move your hard earned savings to into a tax sheltered IRA in precious metals. 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- [10:26]
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- [10:55]
Mike Baker
Welcome back to the afternoon bulletin. Ukrainian officials say that they have dismantled a Hungarian spy network operating along their western border with Hungary, arresting two alleged operatives who were gathering sensitive intelligence. The incident marks the first occasion in Ukraine's history that authorities have uncovered a Hungarian espionage network operating on their soil and threatens to drive an even larger wedge between Kyivan leaders in Budapest. Ukraine and their western neighbor have long had a tense relationship, particularly given Hungarian Prime Minister Viktor Orban's affinity for Russian President Putin. The Hungarian leader has repeatedly attempted to use his position as an EU member to block military aid to Kiev. But this new subversive discovery, well, could sink relations to new lows. That's according to a report from ABC News. Ukraine's intelligence service, also known as the sbu, announced the arrest of the two suspects on Friday, identifying both as former members of the Ukrainian military and claiming that their supervisor is a Hungarian military intelligence officer. The activity of the alleged spies was said to be focused on the Zakarbortya region that runs along Ukraine's border with Hungary and is home to a substantial Hungarian ethnic minority. Budapest and Kyiv have often clashed over the rights of ethnic Hungarians in the region, which until the end of World War I belonged to Hungary. Officials with Ukraine's SBU said the operatives were conducting activities, quote, to the detriment of our state, allegedly gathering intelligence on military defenses and identifying vulnerabilities in its ground and air defense systems. US Even more troubling, they were also reportedly assessing the political views of local residents, specifically how residents would react if Hungarian troops crossed the border into the region. Detailing the allegations, SBU officials said one of the suspects was allegedly recruited by Hungarian intelligence more than four years ago and placed on standby in 2021. According to a report from the Keev Independent. He was, quote, activated in September of 2024 and subsequently carried out reconnaissance regarding the location of S300 air defense systems and the deployment of Ukrainian troops. He then crossed the border in Hungary to deliver reports to his handler, who provided him with cash to fund the operation and ordered him to establish a network of informants. Ukrainian officials surveilled him as he reportedly tried to recruit at least two other individuals. The suspect had a second meeting with his handler in March of 2025, where he received a phone encoded with a special software for covert communications. He returned to Ukraine with orders to track Ukrainian military vehicles and report on developments from the front lines of the war. The second suspect is a former member of Ukraine's security forces who left her position earlier this year. She was allegedly tasked with tracking military aircraft operating in the Zagarpatiya region and spilling secrets regarding air defense systems operated by her former military unit. Hungary's foreign minister was quick to hit back at the allegations of espionage, calling Keeves claims, quote, anti Hungarian propaganda. We should note, however, that he did not expressly deny that Hungarian espionage cells are operating inside Ukraine. The foreign minister said, quote, I urge everyone to exercise caution against any news that appears in Ukrainian propaganda. If we get any details or official information, then we can deal with it, end quote. The suspects, meanwhile, face charges of treason, which is punishable in Ukraine by life imprisonment. And that, my friends, is the PDB afternoon bulletin for Friday 9th May. Now, if you have any questions or comments, please reach out to me at pdb@the first tv.com and according to all available intelligence, today is Friday. And as with every Friday, that means we'll be launching a brand new episode of the PDB Situation Report this evening at 10pm on the First TV. Our excellent guests this week include Jeff Smith from the Heritage foundation and the always insightful China analyst and author Gordon Chang. We'll be examining the growing conflict between India and Pakistan. Got to keep your eye on that one. And digging into the current trade war between the US And China. As always, you can catch the situation report on our YouTube channel. Check that out. You can find it at at President's Daily Brief and of course, all podcast platforms everywhere. I'm Mike Baker and I'll be back over the weekend with the PDB Situation Report. Until then, well, stay informed, stay safe, stay cool. Hey, Mike Baker here. I want to take just a few seconds of your time to talk about fitness, right? That's a very important subject. You know that. Look, more and more Americans are making their health and fitness a priority again. And that's terrific news. And studies prove that strength training does more to burn fat than just cardio alone. Plus, as we age, and we're all aging, strength training is critical to maintaining muscle mass and bone density. Plus, this is important. You want to be consistent and make it easy to find time to work out regularly, right? And the best way that I've found to do that is to be able to work out at home. And that's what Jacked Up Fitness is all about. 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