BONUS POD: Tariff Turnaround-Understanding Trump's Reset on U.S. Trade

Summary

Verdict with Ted Cruz: BONUS POD: Tariff Turnaround – Understanding Trump's Reset on U.S. Trade
Release Date: May 15, 2025
Host: Ben Ferguson
Co-Host: Senator Ted Cruz
Produced by: Premiere Networks

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Introduction

In this bonus episode of "Verdict with Ted Cruz," hosted by Ben Ferguson, the focus is on a significant development in U.S. trade relations—President Donald Trump's recent negotiations with China aimed at resetting and improving bilateral trade dynamics. The episode delves into the details of the trade deal, the reduction of tariffs, and the broader implications for the American economy.

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1. Breaking Down the U.S.-China Trade Negotiations

Key Announcement:
Ben Ferguson opens the discussion by highlighting a major breakthrough in trade negotiations between the United States and China, contrary to media predictions of prolonged trade tensions.

Significant Progress:
After two days of constructive talks in Geneva, U.S. Treasury Secretary Scott Bessent and Trade Representative Jameson Greer reported substantial advancements in discussions with Chinese Vice Premier Liu He. Both American and Chinese negotiators expressed optimism about the outcomes.

Notable Quote:

• Scott Bessent (04:31): "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."

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2. Media Critique and Trump’s Negotiation Prowess

Media Skepticism:
Ben Ferguson criticizes the media for initially portraying the trade negotiations as stagnant, asserting that the White House's recent announcement disproves those negative forecasts.

Trump’s Role:
Ferguson commends President Trump’s negotiation skills, labeling him as "the best negotiator in the world" and suggesting that the media and liberal critics will be forced to acknowledge the administration's successes despite their biases.

Notable Quote:

• Ben Ferguson (08:12): "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."

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3. Details of the Tariff Reduction

Tariff Reductions:
The episode details the substantial reduction in tariffs as part of the trade deal:

• American Tariffs on China: Reduced from 145% to 30%.
• Chinese Tariffs on the U.S.: Reduced from 125% to 10%.

White House Statement:
Press Secretary Caroline Levy elaborates on the deal, emphasizing it as an "extraordinary first step in the right direction" and highlighting ongoing discussions to further open Chinese markets to American goods.

Notable Quotes:

• Caroline Levy (08:49): "China agreed to reduce their tariffs on the United States by 115%. They also agreed to continue having discussions about opening Chinese markets to American-made products and goods."
• Ben Ferguson (09:43): "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."

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4. Impact on the American Economy

Economic Benefits:
Ferguson discusses the positive impact of the trade deal on various sectors:

• Farmers and Retailers: Relief from previous tariff escalations is seen as beneficial.
• Consumers: A stronger U.S. Dollar and rising stock futures indicate a healthier economic outlook.

National Emergency:
The trade deficit, cited as $1.2 trillion, was a primary catalyst for the national emergency declaration and the imposition of tariffs. The agreement aims to mitigate this deficit by fostering a more balanced trade relationship.

Notable Quote:

• Scott Bessent (05:26): "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."

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5. Future Prospects and Ongoing Negotiations

Mechanism for Ongoing Dialogue:
Both nations have agreed to establish a new consultation mechanism to facilitate continuous economic dialogue and address future trade issues.

Fentanyl Crisis:
A critical component of the negotiations is tackling the fentanyl crisis. Both countries committed to aggressive actions to stem the flow of fentanyl and its precursors from China to North America.

Notable Quote:

• Ben Ferguson (12:15): "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."

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6. White House’s Comprehensive Statement

Joint Statement Highlights:
The White House issued a comprehensive statement outlining the agreement's specifics, including:

• Tariff Adjustments:
  • U.S. will retain an additional 10% tariff on China.
  • Suspension of the 34% reciprocal tariff for 90 days.
• Trade Policy Objectives:
  • Encouraging domestic production.
  • Strengthening supply chains.
  • Ensuring trade policies support American workers.

National Benefits:
The agreement is portrayed as a victory for American workers, farmers, and businesses, addressing longstanding trade imbalances and unfair practices.

Notable Quote:

• Ben Ferguson (09:43): "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."

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7. Broader Achievements Under Trump’s Administration

Additional Achievements:
Beyond the China deal, Ferguson lists other accomplishments within a seven-day span:

• Historic UK Trade deal.
• Release of an American hostage.
• Ceasefires with India and Pakistan, and the Houthis.

Public Sentiment:
These achievements are framed as fulfillment of American voters' expectations and President Trump's commitment to "putting Americans first."

Notable Quote:

• Ben Ferguson (14:43): "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."

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Conclusion

Ben Ferguson concludes the episode by emphasizing the administration's dedication to improving the American economy and protecting national interests through strategic trade negotiations. The successful tariff reductions with China are portrayed as a testament to President Trump’s effective leadership and negotiation skills, aligning with the broader mission to support conservative causes and benefit the American populace.

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Notable Exclusions:
The episode contains several advertisements and promotional segments, including mentions of iHeartRadio partners and other non-content related discussions. These sections have been omitted from the summary to focus solely on the substantive content regarding the U.S.-China trade deal.

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For Further Information:
Listeners are encouraged to subscribe to the "47 Morning Update with Ben Ferguson" and the "Ben Ferguson Podcast" for more in-depth news and analyses.

Transcript

[Ben Ferguson]

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[Bob Pittman]

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[Ben Ferguson]

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[Scott Bessent]

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[Ben Ferguson]

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[Bob Pittman]

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[Ben Ferguson]

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[Bob Pittman]

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[Ben Ferguson]

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[Caroline Levy]

I insisted first.

[Bob Pittman]

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[Ben Ferguson]

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[Caroline Levy]

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[Ben Ferguson]

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[Bobby Bones]

The art of adventure in Cedar City and Brian Head, Utah. Here you can discover Southern Utah's first artists at the Parowan Gap petroglyphs. Or carve a fresh trail at Brian Head Ski Resort. Paint the town red, perusing Cedar City's unique shops, museums and savory bites. Marvel at nature's masterpieces at nearby Zion, Bryce and Kolob canyons. And be mesmerized by the endless starry nights at Cedar Breaks National Monument. Your inspired adventure awaits. Plan your trip today@Visit cedarcity.com hi, I'm.

[Bob Pittman]

Bob Pittman, chairman and CEO of iHeartMedia. On this week's episode of Math and Magic, I'm sitting down with the one and only Bobby Bones. We're exploring the power of audio.

[Ben Ferguson]

Yeah, I don't fit into one specific hole. I think that is what endeared me to listeners. That's why I'm here now, because I talk to people that grew up like me, have sensibilities like me, and have loyalties like me.

[Bob Pittman]

Listen to math and stories from the frontiers of Marketing on the iHeartRadio app, Apple Podcasts, or wherever you get your podcast. In the fall of 1986, Ronald Reagan found himself at the center of a massive scandal that looked like it might bring down his presidency. It became known as the Iran Contra Affair.

[Ben Ferguson]

The things that happened were so bizarre.

[Scott Bessent]

And insane, I can't begin to tell you.

[Bob Pittman]

Please do. To hear the whole story, listen to fiasco Iran Contra on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.

[Ben Ferguson]

If you go back 30 years ago, he wasn't a smart person. You go back to prime time with him. He wasn't a smart person. But, but he was a very mean person. Joe Biden's a very mean person. People don't understand that. They've ruined lives, they've ruined families, they've ruined so many people. They could have ruined me. They tried to ruin me. But we're now in Air Force One flying n the Middle East.

[Bob Pittman]

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

[Ben Ferguson]

Good Thursday morning. Nice to have you with us on the 47 Morning Update. Ben Ferguson with you. And we have two major stories for you this morning coming from the Trump administration. 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, negotiation deal with China. And I'll give you the details in just a moment. Up next, what happened in the China trade deal that is affecting every American. It's the 47 Morning Update and it starts right now. Doom and gloom. That's what the media wanted you to believe, that a deal would not be done even this year with 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 Besant, and the trade representative, Jameson Greer reported substantial progress in discussions with Chinese vice premier. 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 Bessent]

And I think that led to a great deal of the productivity we've seen. But 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.

[Ben Ferguson]

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.

[Scott Bessent]

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 may be 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.

[Ben Ferguson]

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. Now, 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 candid 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.

[Bob Pittman]

Now, story number two.

[Ben Ferguson]

Now, the other big story 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.

[Bob Pittman]

First off, your reaction. And what could you tell us about the China deal that has tariffs dropping.

[Ben Ferguson]

From 145, 125 respectively, 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 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 produce 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 hopefully inevitably get to a fair and comprehensive big trade deal.

[Ben Ferguson]

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 US 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 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 offshoring 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 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. This agreement works towards address these imbalances to deliver real lasting benefits to 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 Lai Thing, the Vice Premier of the State Council. The United States will be represented by Scott Bessent, 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.

[Bob Pittman]

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.

[Bobby Bones]

Discover the art of adventure in Cedar City and Brian Head, Utah. Here you can discover southern Utah's first artists at the Parowan Gap petroglyphs. Or carve a fresh trail at Brian Head Ski Resort. Paint the town red, perusing Cedar City's unique shops, museums and savory bites. Marvel at nature's masterpieces at nearby Zion, Bryce and Kolob canyons and be mesmerized by the endless starry nights. And at Cedar Breaks National Monument, your inspired adventure awaits. Plan your trip today@Visit cedarcity.com hi, I'm.

[Bob Pittman]

Bob Pittman, chairman and CEO of iHeartMedia. On this week's episode of Math and Magic, I'm sitting down with the one and only Bobby Bones. We're exploring the power of audio.

[Ben Ferguson]

Yeah, I don't fit into one specific hole. I think that is what endeared me to listeners. That's why I'm here now, because I talk to people that grew up like me, have sensibilities like me, and have loyalties like me.

[Bob Pittman]

Listen to Math and Magic stories from the frontiers of Marketing on the iHeartRadio app, Apple Podcasts, or wherever you get your podcast. In the fall of 1986, Ronald Reagan found himself at the center of a massive scandal that looked like it might bring down his presidency. It became known as the Iran Contra Affair.

[Ben Ferguson]

The things that happened were so bizarre.

[Scott Bessent]

And insane, I can't begin to tell you.

[Bob Pittman]

You please do. To hear the whole story, listen to Fiasco Iran Contra on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. You're listening to an iHeart podcast.