BONUS POD: Trump’s Triumphs w BIG Pharma & China Trade Deal

Summary

Verdict with Ted Cruz: BONUS POD Episode Summary
“Trump’s Triumphs w BIG Pharma & China Trade Deal”
Release Date: May 13, 2025

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Introduction

In this bonus episode of "Verdict with Ted Cruz," hosted by Premiere Networks, Ben Ferguson delves into President Donald Trump's recent significant achievements, focusing on two pivotal areas: the reduction of prescription drug prices and the historic China trade deal. This detailed summary captures the essence of the discussions, including key points, insightful analyses, and direct quotes from influential figures.

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1. Major Achievements Under President Trump

Ben Ferguson begins by highlighting the whirlwind of accomplishments achieved by President Trump in a short span. These include:

• Historic UK Trade Deal: Expanding trade relationships and strengthening economic ties with the United Kingdom.
• China Trade Deal: A landmark agreement aimed at reducing tariffs and addressing unfair trade practices.
• Release of an American Hostage: Successfully negotiating the return of an American citizen from captivity.
• Ceasefires in Conflict Zones: Establishing ceasefires with India and Pakistan, as well as with the Houthi rebels, promoting regional stability.

Ben Ferguson (03:27):
"In just seven days, President Trump has secured a historic UK trade deal, a massive China trade deal, the release of an American hostage, and ceasefires in multiple conflict zones. This is exactly what so many Americans voted for."

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2. Tackling Prescription Drug Prices

Ferguson delves into President Trump's initiative to lower the cost of prescription drugs, emphasizing its widespread impact on American citizens.

Key Initiatives:

• Most Favored Nation Pricing: Ensuring the U.S. pays the lowest global price for medications.
• Direct Purchasing Mechanism: Allowing American patients to buy drugs directly from manufacturers, bypassing middlemen.
• Regulatory Actions: Empowering the Secretary of Health and Human Services to impose pricing rules and combat anti-competitive practices.

Donald Trump (05:03):
"We are going to pay the lowest price there is in the world. 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."

Impact Highlights:

• Cost Disparities: A breast cancer drug costing over $16,000 per bottle in the U.S. is available for one-third of the price in Australia and one-tenth in Sweden.
• Asthma Medication Example: Prices plummet from nearly $500 in the U.S. to under $40 in the United Kingdom.

Dr. Oz (07:50):
"In America, we're paying four times more than that drug costs in other countries. It's 289% above that baseline."

White House Perspective:

The administration underscores that the U.S. contributes less than 5% of the world's population but funds approximately 75% of global pharmaceutical profits. By implementing these measures, they aim to rectify the imbalance where American consumers subsidize drug manufacturers' profits through exorbitant prices.

Ben Ferguson (08:52):
"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."

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3. Historic China Trade Deal

One of the episode's focal points is the unprecedented trade agreement between the United States and China, marking a significant shift in bilateral economic relations.

Deal Highlights:

• Tariff Reductions:
  • American Tariffs on China: Reduced from 145% to 30%.
  • Chinese Tariffs on America: Dropped from 125% to 10%.

Donald Trump (11:22):
"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."

Caroline Levitt, White House Press Secretary (11:32):
"This is an extraordinary first step in the right direction. Thanks to the strength of President Trump, Secretary Bessant, and Ambassador Greer, we were able to cut this initial deal with China."

Objectives and Future Plans:

• Market Access: Ongoing discussions to further open Chinese markets to American goods.
• Fentanyl Crisis: Joint efforts to combat the influx of fentanyl and its precursors from China, addressing a critical national emergency.

White House Joint Statement (12:16):
"Both parties affirm the importance of the critical bilateral economic and trade relationship between both countries and the global economy. 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."

Implementation Timeline:

• Tariff Adjustments: To be executed by May 14, 2025.
• Suspended Tariffs:
  • China: Suspension of retaliatory tariffs announced since April 4.
  • U.S.: Suspension of the 34% reciprocal tariff imposed on April 2 for 90 days, maintaining a 10% baseline tariff to encourage domestic production.

Ben Ferguson (16:00):
"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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4. Implications for American Workers and Economy

The episode underscores how these deals are poised to bolster the American economy by:

• Reducing Trade Deficits: Addressing the $294 billion goods trade deficit with China.
• Protecting Domestic Industries: Strengthening supply chains and supporting American manufacturers.
• Securing Jobs: Preventing the offshoring of jobs and fostering a conducive environment for American workers.

Ferguson (10:46):
"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."

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5. Conclusion

Ben Ferguson wraps up the episode by reaffirming President Trump's commitment to prioritize American interests, ensuring that policies enacted under his administration lead to tangible benefits for the American populace. The significant strides in both healthcare affordability and international trade relations exemplify the administration's dedication to fostering a robust and equitable economic landscape.

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Notable Quotes:

• Donald Trump (05:03):
  "We are going to pay the lowest price there is in the world."

• Dr. Oz (07:50):
  "In America, we're paying four times more than that drug costs in other countries."

• Caroline Levitt (11:32):
  "This is an extraordinary first step in the right direction."

• Ben Ferguson (10:46):
  "President Trump took a tough, uncompromising stance on China to protect American interests."

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Final Thoughts

"Verdict with Ted Cruz" effectively breaks down complex political and economic issues, providing listeners with a comprehensive understanding of policies that directly impact their lives. This episode highlights the administration's strategic moves to ensure fair pricing in the pharmaceutical industry and to recalibrate the United States' trade relations with China, ultimately aiming to secure a prosperous future for American workers and businesses.

Transcript

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[Bobby Bones]

This podcast is sponsored by Talkspace. May is mental health awareness month, and Talkspace, the leading virtual therapy provider, is telling everyone, let's face it in therapy. By talking or texting with a supportive licensed therapist at Talkspace, you can face whatever is holding you back. Whether it's mental health symptoms, relationship drama, past trauma, bad habits, or another challenge that you need support to work through. It's easy to sign up. Just go to talkspace.com and you'll be paired with a provider, typically within 48 hours. And because you'll meet your therapist online, you don't have to take time off work or arrange childcare. You'll meet on your schedule. Plus, talkspace is in network with most major insurers and most insured members have a $0 copay. Make your mental health a priority and start today. If you're not covered by insurance, get $80 off your first month with Talkspace when you go to talkspace.com and enter promo code SPACE80. That's S, P, A, C, E. 80. To match with a licensed therapist today, go to talkspace.com and Enter promo code SPACE80.

[Bob Pittman]

Hi, I'm 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.

[Podcast Sponsor]

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.

[Podcast Storyteller]

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.

[Donald Trump]

The things that happened were so bizarre and insane, I can't begin to tell you.

[Podcast Storyteller]

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

[Donald Trump]

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. You take China, China, China. I love China.

[Podcast Announcer]

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

[Podcast Host]

Good Tuesday morning. Welcome. It is the 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 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. It's 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. For 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 nation. 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 one sixth 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.

[Podcast Host]

To $500, the difference between the UK and the US 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 fund wonder 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 this is 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.

[Podcast Host]

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.

[Podcast Announcer]

Now, story number two.

[Podcast Host]

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 Levitt 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 Levitt]

This is an extraordinary first step in the right direction. And thanks to the strength of President Trump, Secretary Bessant 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 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 hopefully inevitably get to a fair and comprehensive big trade deal.

[Podcast Host]

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, 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 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 US 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 A34 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 US 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 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 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 elicit drug production. 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.

[Podcast Announcer]

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]

This podcast is sponsored by Talkspace. May is Mental Health Awareness Month and Talkspace, the leading virtual therapy provider, is telling everyone let's face it, in therapy, by talking or texting with a supportive, licensed therapist at Talkspace, you can face whatever is holding you back, whether it's mental health symptoms, relationship drama, past trauma, bad habits, or another challenge that you need support to work through. It's easy to sign up. Just go to talkspace.com and you'll be paired with a provider, typically within 48 hours. And because you'll meet your therapist online, you don't have to take time off work or arrange childcare. You'll meet on your schedule. Plus, Talkspace is in network with most major insurers and most insured members have a zero dollar copay. Make your mental health a priority and start today. If you're not covered by Insurance, get $80 off your first month with Talkspace when you go to talkspace.com and enter promo code SPACE80. That's S P A CE83. To match with a licensed therapist today, go to talkspace.com and Enter promo code SPACE80.

[Bob Pittman]

Hi, I'm 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.

[Podcast Sponsor]

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.

[Podcast Storyteller]

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.

[Donald Trump]

The things that happened were so bizarre and insane, I can't begin to tell you.

[Podcast Announcer]

Please do.

[Podcast Storyteller]

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

[Podcast Announcer]

You're listening to an iHeart podcast.