
Loading summary
Ryan
Hello, it is Ryan and I was.
Ben Ferguson
On a flight the other day playing one of my favorite social spin slot.
Ryan
Games on jumbacasino.com I looked over the person sitting next to me and you.
Ben Ferguson
Know what they were doing? They were also playing Chumba Casino.
Ryan
Everybody's loving having fun with it. Chumba Casino is home to hundreds of casino style games that you can play for free anytime, anywhere. So sign up now@chumbacasino.com to claim your free welcome bonus. That's chumbacasino.com and live the Chumba Life.
Ben Ferguson
Sponsored by Chumba Casino. No purchase necessary VGW Group void where prohibited by law 21/ terms and conditions.
Rodney Williams
Apply for some of us, personal finances aren't just personal. They include a lot more people than ourselves, loved ones, neighbors, the communities we call home, and the causes we hold in our hearts. At Thrivent, we help plan your financial picture with the bigger picture in mind. Because even though our business is helping guide your finances, our ambition is to make it mean so much more. Thrivent, where money means more. Connect with us at you know how.
Travis Holloway
We'Re always talking about what's next. Well, I found it. It's called Formula E. Forget everything you think you know about racing. This isn't just cars going fast. It's like a supercomputer on wheels. The tech is insane and the drivers, they're like chess grandmasters at 200 miles per hour. You've got to see it. Trust me, you'll be hooked. Follow Formula E live on Roku Next Race Miami, April 12th I'm Rodney Williams.
Clay Travis
And I'm Travis Holloway. Welcome to the wealthbreak podcast, a real conversation about finance. Let's be honest, building wealth doesn't look the same for everyone.
Ben Ferguson
I feel like sometimes being broke is.
Rodney Williams
A cycle and that we might have to revisit that.
Clay Travis
And we're not stopping at success stories.
Ben Ferguson
What happens when it doesn't go right? How do you cope with it?
Clay Travis
Because wealth isn't just about money. It's about creating a life where you thrive and help others do the same. Listen to the Wealth Break podcast on the iHeartRadio app.
Buck Sexton
Hey Clay, if there was a summer camp for critical thinking, we'd be the chief counselors.
Ryan
Those jelly heads in June would be intellectual warriors by August.
Buck Sexton
Be a lot of fun too. Some Bill and Ted's excellent adventure references.
Ryan
Thrown in this podcast like a daily dose of that. Minus the campfires, archery and pranking, the girls.
Buck Sexton
The bonafide boot camp for critical thinking. You can get in on it for free. At the iHeartRadio app or wherever you get your your podcast. Just search our names Clay and Bach. Listen and subscribe.
Ted Cruz
Welcome. It is Verdict with Senator Ted Cruz, Ben Ferguson with you. And Senator, it was a very exciting day. You spent some time with the president today in the Oval Office. Even got, even got a nice little challenge coin as well.
Ben Ferguson
So I did, I spent about two hours in the Oval with, with President Trump today. And, and today was, was a very significant day. So, so, so let's start Yesterday was a phenomenal day. Yesterday, President Trump paused the tariffs that he announced last week on April 2, and at the same time, he jacked up the tariffs on China. The combination of those activities produced the greatest single day increase in the stock market in the history of the United States of America. Now, this week, I've spent a lot of time talking to President Trump. We're going to break that down. We're going to talk about the impacts of that. We're going to talk about the backstory of why the president did that and what to expect next. We're also going to talk about something the president did this evening. You and I are talking. It is right now 12:25am Thursday night.
Ted Cruz
And we're in the same place. This usually doesn't happen. We're in the same time zone right now.
Ben Ferguson
We're both in D.C. why are we in D.C. because in a half hour, I'm going to be on the Senate floor. We have votes starting at 1am so the Democrats are so angry, they hate Trump so much that they are blocking the nomination for the chairman of the Joint Chiefs of Staff. And so look, I'm going to commend Republicans in the Senate. We're saying, all right, screw you, because they're objecting. They could delay the vote until tomorrow. Tomorrow is now today because it's past midnight. Yep. So we're like, fine, we'll do it.
Ted Cruz
Hang out, 1am let's go.
Ben Ferguson
By the way, if the Democrats had agreed, we could have left at like 6pm on Thursday. But no, they're going to drag all 100 senators to the floor at 1 in the morning. By the way, we've got senators in their 80s, we've got senators in their 90s.
Ted Cruz
I do not envy the guy who has that job to wake up the senator because, you know, they're asleep.
Ben Ferguson
Yeah. Look, this is where it helps, being a night owl. To be honest, I'm much happier doing a 1am vote than if they did a 6am vote. I'd be really pissed because I as.
Ted Cruz
You know, I 100% believe you. I've seen you in the morning.
Ben Ferguson
But by the way, I will say this, so you and I record the pod. We record it often at 10:00pm or 11:00pm all right, let's keep going up.
Ted Cruz
There we go. Now we're getting into reality. That's much more so the pod.
Ben Ferguson
Two days ago, we finished at 2:30 in the morning.
Ted Cruz
Yes.
Ben Ferguson
And I will say I'm glad you used to do a morning radio show. What time did your morning radio show?
Ted Cruz
7Am is when it started. So I had to be up and like, up and at him. Thank the Lord, I don't do it.
Ben Ferguson
You had to be awake.
Ted Cruz
You had to be awake. I'd have coffee. I had to know what was going on. Like, I mean, it was the educated.
Ben Ferguson
You had to presumably say something like charming and funny and intelligent. If someone's going to listen to you.
Ted Cruz
Can'T wing it for two hours.
Ben Ferguson
And I gotta say, when I was keeping up till 2 and 3 in the morning and you were getting up at 6, 6:30.
Ted Cruz
Yep.
Ben Ferguson
I, I actually felt an enormous degree of guilt. I'm like, I'm killing Ben.
Ted Cruz
Yes, you were, you were on your way. It was the easiest way to get rid of me.
Ben Ferguson
I don't want to kill you, man.
Ted Cruz
I appreciate it.
Ben Ferguson
I want to give you grief and abuse, but I don't want you dead. I just, just, just want you being radly, made fun of.
Ted Cruz
There's a reason why they, they took me off that show one day. There's a reason.
Ben Ferguson
And, and your boss in the I heart world, Julie, she said, all right, Ben, I'm sparing you from The Morning Show 100% because we've decided that a dead Ben would be a bad thing.
Ted Cruz
That is how I know my life is valued on this earth right now.
Ben Ferguson
There you go. So tonight also, Donald Trump leaned in and engaged on an issue that may sound esoteric, but it's actually a big deal, which is Mexican water. Mexico has been stealing massive amounts of water from Texas. This is an issue I've been leading the fight on a very long time, and it's had an enormously harmful impact on Texas farmers. I've been leading the fight against it. And tonight the President, at my behest, leaned in vigorously and said, mexico, you will provide the water that you have committed by treaty to provide, or else there are going to be very serious penalties, tariffs and sanctions. It's a big deal. And I would say he used those two words. He did. As you and I are sitting here at 12:25am The Mexican government is freaking out. And you know what's going to happen? They're going to provide the farmers of South Texas the water. I'm going to walk you through the backstory of that. It is fascinating in terms of how international diplomacy has played out and the advantage of a strong president who actually fights for America versus the incredibly weak and ineffective president we had for the last four years.
Ted Cruz
Yeah, it's a really cool story. We'll talk about that. Plus, just like what happens in the Oval, the trinkets. The trinkets are impressive. We'll tell you about that in a moment. Want to tell you, though, real quick about the international fellowship of Christians and Jews. Because of amazing people just like you, we are standing with the people in Israel right now who are still under attack. Missile fire has resumed from Israel's enemies. Terrorists who seek utter death and destruction are at it 24 7. You really can't imagine what it would be like to live like this under constant fear. But for the people of Israel, it's very real and it's every single day. And that's why I'm asking you to join me and show the people of Israel you'll help protect them in this time of attack and uncertainty. And one of the best ways for you to give is by giving to the international fellowship of Christians and Jews. Why? Because your gift provides security essentials like bomb shelters, flat jackets and bulletproof vests. They also have done something that's been amazing. They have given armored security vehicles and armored ambulances so they can go into areas that are under attack. There's no better time to give than right now during the Passover holiday when we celebrate Israel's historic deliverance and birth as a nation. So to give a special Passover gift today and help protect the people of Israel, call right now. 888-488-IFCJ. That's 888488, IFCJ. Or online@supportifcj.org that's one word. Supportifcj.org all right, so let's just start with a little bit of color here. I gotta say, one of the most fun things about going to the Oval Office is Donald Trump loves having guests.
Ben Ferguson
Yes.
Ted Cruz
And the swag that you leave with is just the most incredible level of swag. And he pays for it out of his own pocket.
Ben Ferguson
He does.
Ted Cruz
It's not the taxpayers. So when I went in the first time, it was in the last and 45 in those years. And they asked if I would come up for State of the Union and prep and, and that. And I was there the day of the State of the Union. And at the end, he's like, ferguson, he's like, I know you got three boys at home. What do you need? And I'm like, Mr. President, whatever, you know, if you'd sign. He's like, no, no, come over here. And he walks you around the corner into the room. He has this, like, full swag room. And he's like, three different hats for the boys. Signs him. He's like, now, one of your son plays golf. He signs a Pro V1 ball for him. Then he gives me another sleeve. Then he gives me a golf towel. And then he's like. And you're laughing because you're in the Oval Office. And you're like, I'm going to walk out of here, like, with all this stuff.
Ben Ferguson
To be fair, you're not in the oval.
Ted Cruz
Well, no, you're outside of it, but you walk back in, you're like, holding all this stuff in the oval.
Ben Ferguson
You're in the little office next to the O.
Marco Rubio
Yes.
Ted Cruz
Where the swag room is.
Ben Ferguson
And what happened in that little room.
Ted Cruz
Which is one of his favorite stories. He's like, you know, you know where you are right now?
Ben Ferguson
25 years.
Ted Cruz
Yeah. He's like, you know where you are right now? And I'm like, where am I right now?
Ben Ferguson
This is where. Monica Lewinsky.
Ted Cruz
Did not have sex with that man.
Ben Ferguson
But, but, but, but, but, shall we say. I, I don't know.
Ted Cruz
Okay. The problem is, I think I did it perfectly there.
Ben Ferguson
I, I, I'm trying to find a way to say this.
Ted Cruz
Yeah.
Ben Ferguson
And, and this is.
Ted Cruz
Bill Clinton did not have sexual relations with that woman, quote, unquote. But may have.
Ben Ferguson
But, but it's also where the blue dress got sullied.
Ted Cruz
There you go. That's a great way of putting it.
Ben Ferguson
And it would be in that room. And you kind of look around and it's sort of little, and it's now filled with, if you can imagine, the.
Ted Cruz
Make America Great again hats. The 4045, 47. I mean, it's, it's, it's legit.
Ben Ferguson
And he has all these shelves full of swag. And he like, says, hey, what do you want? Take whatever you want.
Ted Cruz
And by the way, there's nothing in there that you can buy. So, like, it's either from there or you don't. Like, it's not.
Ben Ferguson
And he just does that. And he pays for it all. Like, he's out of his, like, he's paying for it himself, but he's like, what do you want? You want, like, they had gigantic MAGA hats that are like twice the size of a normal head.
Ted Cruz
The one that Elon Musk wore, that kind of made it famous. A lot of people remember he put it on. He was like.
Ben Ferguson
So he, he actually pointed that out. So that's the one Elon wears.
Ted Cruz
Yeah.
Ben Ferguson
So. And it's got all this stuff. He's got. It's cool stuff. So.
Ted Cruz
And by the way, the VIP gift is what I was told, which I think we can confirm is true, is a. Is. Is the cufflinks. So he looked at me, he's like, Ferguson, you need this. Can't buy these anywhere. And he hands them to me. It was. It's presidential cufflinks. They're amazing. I still have them this day. You've got a pair now as well.
Ben Ferguson
So I do. And I've had a couple of presidential cufflinks in the past.
Ted Cruz
Yeah.
Ben Ferguson
But these are.
Ted Cruz
These are the coolest.
Ben Ferguson
These are really damn cool. And I will say his challenge coin. So in the military and in law enforcement, people carry challenge coins and they're typically about the size of a silver dollar. And so if you come to my office, you've been to my office, I have one entire display of military challenge coins, and I probably, I don't know, 200 of them that, as I've traveled.
Ted Cruz
The world, they give them to you, they get awesome.
Ben Ferguson
Yeah. And then I have another display of law enforcement challenge coins. So police officers, law enforcement. And so the two are ones behind my desk. The military is behind my desk, and the other is on the other end of my office, like kind of across my desk. So they're normally about the size of a silver dollar. Trump this evening gave me two challenge coins. He said, and his challenge coins are literally 300%.
Ted Cruz
The size of it is like the size of the tariff he put on Chinese goods.
Ben Ferguson
It's the size of a pancake.
Ted Cruz
Yeah, it's a coaster. It's a coaster.
Ben Ferguson
It's a coaster. Exactly like it is a straight up coaster. One that's sort of gold and fancy. And then he's another. That is gun metal. And he said, actually these are more popular because it's like military gun metal. Yeah. And it present the United States and a really cool coin.
Ted Cruz
I love it. That's the fun part about it. And you were there, by the way, for something that was not making big headlines, but it deals with crypto. And we're going to talk about this in another pod.
Ben Ferguson
Yeah, no, that's exactly right. I was there for a bill signing, so legislation that I introduced to repeal an incredibly abusive regulation from the Biden administration that harmed the crypto industry. And I got it passed through Congress. The President signed it into law. And so I've been there for a number of bill signings, of legislation I passed. But it's always cool because you're passing legislation, legislation, the President signed it, and suddenly becomes law.
Ted Cruz
Did you get to keep the pen? He loves giving away the Sharpie.
Ben Ferguson
Yes. And it's not a Sharpie. It is much like the challenge coin.
Ted Cruz
It's huge.
Ben Ferguson
It is huge. It is probably 300% the size of a Sharpie.
Ted Cruz
Yeah. It's like oversized, like, so when he signed my boy's hats, he goes, he goes, here's the pen. Take the pen home. And I still have the pen at my desk. It's like it's got the. And it's got the Trump gold signature on the side.
Ben Ferguson
You. Yeah. So I'll end up in my office framing that signing pin because it's legislation that I passed. That's really significant. And in my office, I have a bunch of different pieces of legislation signed, and a number of them are signed, are framed with the signing pin. So I was there for that. But look, a couple of things. One, we talked a lot about tariffs and. Let's rewind two days ago.
Ted Cruz
Yep.
Ben Ferguson
So we have talked in this last week, we've had two podcasts entirely devoted to the Trump. We had won our Friday podcast right after the tariffs came out. 100% of the podcast was on the tariffs. And then our Monday podcast, we talked about two competing camps in the Trump administration. We talked about angels and devils that were on President Trump's soldiers shoulders. The angels were urging the President use the leverage of the tariffs you've announced to fight for lower tariffs across the world to expand market access for America. I emphatically agree with that side. The devils, and there are voices in the administration, they want to see massive tariffs in perpetuity from America and every other country. I think that's a terrible outcome. So we did Monday's podcast. We did a deep dive on that. So I will tell you, you and I are sitting here Thursday night, Tuesday night, I spent an hour on the phone with President Trump and I had several other senators there. And we were urging him. What I was saying is, listen, the market is in free fall. That's dangerous. People are freaking out.
Ted Cruz
Sure.
Ben Ferguson
And my advice to him, and I said, I did Hannity Tuesday night. So I said this on Hannity. So this is not secret advice. I said it on Fox News to the whole country. I said, my advice is cut a deal now. Pick one or two countries. Cut a deal now. I don't care what countries they are. Pick one, pick two, and cut a deal where they slash their tariffs massively and we slash our tariffs massively. I said, I think that will calm the market down enormously. That will assuage people that we are headed to a world with much lower tariffs, which, by the way, as I told him, if 30 days, 60 days, 90 days from now, we have a world where every country on earth has massively lower tariffs and American farmers and ranchers and small businesses and manufacturers are able to export all over the world. That will be an historic win, like an unprecedented win for American workers and American jobs. So that's what I'm urging him. We spent an hour on the phone, and I gotta say, look, President Trump, sometimes when you're urging him to do something, he can push back. And in that call, he was kind of pushing back and popping back, and he's saying, look, these, these tariffs are great. We're raising a ton of money. What's the problem? Spent an hour. But then on Wednesday, the president put out an announcement at lunchtime. And it is an announcement was twofold. Number one, he said he was pausing all of the reciprocal tariffs he had announced on April 2 for 90 days.
Ted Cruz
For 90 days, which is enough time to get deals done.
Ben Ferguson
And number two, he said he was jacking up the tariffs on China even more, he said, to 125,000. Although it's actually 125%. Yeah, but it's actually 145% because there's an additional 20% that he had announced as a penalty for their role in fentanyl smuggling into this country.
Ted Cruz
Yep.
Ben Ferguson
So the total tariffs against China are 145%. Now, he announced that. I'll tell you, on Wednesday, I was in the Senate Republican lunch. All the Senate, Senate Republican senators, we have lunch together every Tuesday, Wednesday and Thursday. The middle of the lunch, Rick Scott, who hosts the Wednesday lunch, Rick Scott looked at his phone and announced, hey, the president's just paused all the tariffs and increased the tariffs on China. There wasn't exactly a round of applause, but close, pretty damn close. There was literally, there was a relief and, yes, a palpable sense of relief. And what is striking is the market, within minutes exploded and stocks soared up. So tonight, when I was in the oval, I said, Mr. President, as a result of your decision yesterday, you produced the single largest increase in the stock market in one day in the history of the United States of America.
Ted Cruz
That's a good day.
Ben Ferguson
That is a massive day. And so I will say the pause is important. I hope over these next 90 days, I hope what we see is, as we talked about on Monday's pod, there are two paths. Massively reducing tariffs for everyone or keeping tariffs in perpetuity. Over the next 90 days, I hope we see announcement after announcement after announcement of our trading partners, all of whom have come running to President Trump saying, we want to cut a deal. And to be clear, none of this would have happened without the April 2 announcement.
Ted Cruz
None of it. Well, and Scott Bessette, by the way, said this at the White House when they announced this. He walked out and he said, this is all about leverage, which is what the President said. Take a listen.
Ben Ferguson
It was the President's decision to wait until today. And again, as I've said in the past, no one creates leverage for himself like President Trump.
Ted Cruz
And he said that, by the way, at the point when the dow was up 2,000 points. Right. So he just announced it, walks out there. And then Caroline Levitt also was a reminder like, hey, we're letting the rest of the world off the hook, but when it comes to China, we're not. She said this at the same press conference.
Caroline Levitt
As you all know, the President just put out a statement announcing an additional tariff on China. The tariff on China will now go up to 125% because China imprudently decided to retaliate against the United States. And as I said at the podium yesterday, when you punch at the United States of America, President Trump is going to punch back harder. In that same vein, we have had more than 75 countries from around the world reach out to President Trump and his team here at the White House to negotiate better trade deals for the American worker. We have been overwhelmed with the amount of requests from countries around the world. I'll let the Secretary speak to that. We will continue with the tailor made negotiations that I spoke about yesterday. In the meantime, there will be a 90 day pause on the reciprocal tariffs as these negotiations are ongoing and the tariff level will be brought down to a universal 10% tariff.
Ted Cruz
I mean, you listen to them and I think it's pretty clear.
Ben Ferguson
By the way, I will say this, Caroline Levitt I know really well. Yeah, she's a good friend. So Caroline ran for Congress in New Hampshire and she was running for Congress, if I remember correctly, she was 25 years old.
Ted Cruz
Yeah.
Ben Ferguson
And by the way, the Constitution. The minimum age for a member of Congress is 25 years old.
Ted Cruz
Yep.
Ben Ferguson
So she was on the House side.
Ted Cruz
Yep.
Ben Ferguson
Yep. Member Congress is 25. A senator is 30, and the president must be 35. That's what the Constitution lays out. So Caroline was running in New Hampshire. As you know, I raised a ton of money for Caroline.
Ted Cruz
Yep.
Ben Ferguson
I believe, if I remember correctly, north of $100,000 to support her campaign. And I flew to New Hampshire and campaigned with her. She was a great president.
Ted Cruz
She's a great candidate.
Ben Ferguson
And by the way, I told the president that tonight. I said, look, she's kicking ass as your press secretary. But she was a fabulous. And the coolest part, we did a huge rally, and she rocked it. And it was a lot of energy and excitement. And then we went afterwards to a bar, I think it was a VFW bar, if I remember correctly. And there were, like several hundred, mostly veterans, and we were having a beer with them, and they loved her. It was really cool. It was like a fun. It was after the event, hanging out, having a beer with a bunch of New Hampshire veterans. And it was like a great moment. Now, she ended up. She won the primary. She did not win the general, although I pointed out to her tonight. I said, look, that didn't work out, even though you were a great candidate. But I said, you know what? You'd rather the job you have now.
Ted Cruz
Than being a fresh biggest house, Biggest blessing in disguise. Because if she was in the house, yeah. She would have done that job. She would be the press secretary right now. It's amazing how those things happen in your life when you're like, you want things so bad and then you don't get it. And then you're like, man, if I would have gotten that, where would I look at what I would have missed?
Ben Ferguson
You know the country western song, Some of God's Greatest Gifts Are Unanswered prayers.
Ted Cruz
Yeah. Oh, yeah.
Ben Ferguson
There have been multiple steps in my life where I desperately wanted something. I didn't get it. I was crestfallen. I was frustrated. I used to keep. All right, this is going to be sort of a weird admission. When I was in high school and college, I literally kept a file folder. And by the way, for all of you under 30, you don't know what a file folder is, but I had, like, a file cabinet with a folder. You know what it was called?
Ted Cruz
What?
Ben Ferguson
Failures.
Ted Cruz
How many were in there?
Ben Ferguson
A lot. Okay, so look, I was someone. I. I tried for things. I applied for Things. I wanted to be a Rhodes scholar. I applied for the Rhodes scholarship. I didn't get it. I was really. I was like, damn, I'd really like to be a Rhodes scholar. I'm pissed. I didn't get it.
Ted Cruz
Yeah.
Ben Ferguson
But.
Clay Travis
All right.
Ben Ferguson
I think it's 10th grade. Okay. This is. Okay. I'm. I'm sort of embarrassed. Like, you guys know Ben's a jock. He was like a cool kid. And like, you know.
Ted Cruz
Although I tried hard. I tried hard.
Ben Ferguson
Other. To be fair, is a tennis player really a job?
Ted Cruz
Well, you know, it's.
Ben Ferguson
It's a sort of.
Ted Cruz
In the sec. It is.
Ben Ferguson
I mean, it's like a tennis player. You're wearing like a white eyes on like it's not good swag.
Ted Cruz
We had some. We had some nice Nike swag. Like they. We did it right.
Ben Ferguson
I. I'm just saying.
Ted Cruz
You were division football. It's not basketball. It's not baseball. I'll give you that. I will give you dunk. No, I cannot dunk.
Ben Ferguson
I played hoops with. I knew the answer.
Ted Cruz
Yeah, yeah. Cannot. But I wasn't going for road scholar, I can promise you that. And I didn't have a briefcase. You had a briefcase. That's what we're really getting at.
Ben Ferguson
No, I didn't have a briefcase. No, I. I'm sorry, I'm not Alex P. Keaton, which no one knows who that was, but he is Michael J. Fox and Family Ties.
Ted Cruz
Amazing show.
Ben Ferguson
But. But. All right, so in 10th grade, I was sitting there in class with my classmates and they were talking about like applying to a scholarship.
Ted Cruz
Yeah.
Ben Ferguson
And several of my classmates said, well, no, no, I'm not going to apply. And I said, well, why not? And they said, well, if I apply, I might get rejected and I don't want to fail, so I'm not going to do it.
Ted Cruz
Yeah.
Ben Ferguson
And.
Ted Cruz
And you're like, screw that. I'm going for all of it.
Ben Ferguson
And I wrote a poem in 10th grade, which I don't have, but I'm going to try to remember it. I don't know that I can remember it exactly, but imagine a dreamer walking off a cliff with hopes and aspirations. Many would say his steps were foolish. And yet all the great inventors, discoverers and achievers would say, nothing ventured, nothing gained. And here's another element to complicate the matter. What if the walker learned to fly? And this is me as a geeky 15 year old writing a poem. Writing a poem inspired me. Like if, you know, that was before Chat gbt.
Ted Cruz
So you didn't even steal it from anybody, Cliff.
Ben Ferguson
You ain't growing wings.
Ted Cruz
Okay, Fair point.
Ben Ferguson
And so my. I literally had a whole folder of failures, things I tried to do that. That I did not accomplish. But if you are. Are to use another great hero of mine, Teddy Roosevelt.
Ted Cruz
Yeah.
Ben Ferguson
You know, T.R. gave a great commencement speech about being in the arena. The man who is marred by blood and sweat and mud in the arena. And not one of those cold and timid souls.
Ted Cruz
Yep.
Ben Ferguson
Who know neither victory nor defeat nor.
Ted Cruz
Nor defeat.
Ben Ferguson
And so I forget where I'm going on this. No, you're, you're, you got me ranting on.
Ted Cruz
You're talking about Caroline Levitt failing at the, at the. Going for Congress, and now it's the biggest thing in her life. So you're saying count your failures because they can be your blessing later in life.
Ben Ferguson
If you have no failures, you've done nothing.
Ted Cruz
I just want to prove that right now to my wife, how good of a listener I am, because I just saved that whole story right there. I just want credit for that moment. Anyway, continue.
Ben Ferguson
Is she going to buy that?
Ted Cruz
I don't know. We'll see if she listens to the show, because I just. If she, if she doesn't listen, we're both going to know.
Ben Ferguson
Well, look, I will say what happened on tariffs Wednesday was a massive day. Number one for the market and for a huge surge. But number two, the 90 days we have an opportunity. This is not hyperbole. President Trump could achieve the greatest victory for jobs and economic growth, certainly in our lifetimes and maybe in the history of America now.
Ted Cruz
Well, and you read between the tea leaves here, like, there does seem to be a strategy here. And this is some of the genius I do have to think of that I give credit for that. A lot of people miss on President Trump. It seems like he's saying, hey, rest of the world, I want to get along with you. I'm going to bust China. They're taking advantage of us. They're still in our intellectual property. It's a national security issue. We witnessed what we witnessed during COVID with them as a nation. I want everybody else to succeed, and we're going to make sure they don't have all of this leverage over not just us, but other partners in the world.
Ben Ferguson
Yes, but look, the two things I've been urging President Trump for a long time on trade to focus on are, number one, focus on China. I am all for pounding the living daylights out of China. You know, when I arrived in the Senate 13 years ago, what I said then is China poses the single largest geopolitical threat to the United States over the next hundred years.
Ted Cruz
Amen.
Ben Ferguson
Now, Ben, when I arrived, that was a lonely voice. Almost nobody agreed with me. Every Democrat disagreed with me and most of the Republicans disagreed with me. They looked at China and they saw nothing but dollar signs as far as the eye could see. Now the world has changed. I think a lot more people have opened their eyes to the danger, to the peril. China is fighting a thousand year war against the United States.
Ted Cruz
And that's not hyperbole. I mean, that's really how they look at it.
Ben Ferguson
And everything we can do to delink our economy from China is a good step. So I've urged President Trump, you can't focus on China too much. The more you can bring jobs out of China, the more you can bring our critical infrastructure out of China, the more you can bring pharmaceuticals out of China, the more you can bring semiconductors out of China. Everything we depend upon, China is coming after us.
Ted Cruz
And this is national security. Things we depend on.
Ben Ferguson
It is national security, is economic security. This is a fundamental battle. So I am all for focusing on China. But the other principle, reciprocity. Look, I don't want to be overly optimistic. As we mentioned on Monday's podcast, you got to go back and listen to it about angels and devils. There are really vocal and outspoken voices in the administration who don't want the President to lower tariffs in other countries. They want tariffs to be high and there forever. And they want the revenue. Look, tariffs are producing about $2.5 billion a day in revenues. Now, the point I made to the President, where are those revenues coming from? Tariffs are taxes. They're coming from American consumers. So yes, it's producing a lot of money, but I would much rather lower the barriers to other countries and let our farmers and ranchers and small businesses and manufacturers export the hell out of it. Because I think American businesses can beat every company on earth if there's a fair playing field. If most of the countries we trade with, there's not a fair playing field. And so this opportunity. And listen, President Trump's negotiation strategy is in some ways simple. He walks up to people, he smacks them in the head with a two by four, and then he backs up and negotiates from that.
Ted Cruz
Yeah.
Ben Ferguson
And it has proven to be an incredibly effective negotiation strategy. So I will say I'm really, really glad about Wednesday's pause announcement. It produces. I noted the biggest single day increase in the stock market in history. And I Hope the next 90 days we will see deal after deal after deal slashing tariffs and opening markets to American producers.
Ted Cruz
Secretary of State Marco Rubio saying something like that in the cabinet meeting when he said this about the President. And also he said, which I think was interesting, he said, and I'm going to quote him, he said, one of the most important things you'll achieve in your presidency is reordering the world in a proper way. For more than 31 years, multiple administrations have allowed the Chinese to de industrialize this country, to take away jobs and factories and pillars of our national strength. Like this is from a Secretary of State who's saying this is the ball game.
Ben Ferguson
Yes.
Ted Cruz
And, and then national security saying this is the ball game. And then producers are saying this is the ball game and American workers are saying this is the ball game. I've never seen a moment politically where so many different factions are all seem to be aligned and understanding this threat, which is in fact is China. And so you look at this next 90 days, it's very important and there's got to be deals done. When do you think we'll start to see deals and momentum? Because it's all about momentum. Right. You get one with Vietnam or you get one with Taiwan, or you get one with Malaysia or India or wherever it is. Right. And you start going country by country. When will we start to see that? Because that's what the market's now looking for.
Ben Ferguson
Yeah. Look, so what I urged the President Tuesday night is negotiate a deal fast. I said, I don't care what country.
Ted Cruz
Just get one on the books.
Ben Ferguson
Get one and have it be a massive reduction on both sides because that will assuage people. Okay, this is the path we're going down. When you have 70 plus countries that are seeking to negotiate deals, that takes a little bit of time. That's complicated.
Ted Cruz
Yes.
Ben Ferguson
And so I really like the 90 day pause because it gives you 90 days to negotiate deals. And so I hope in the next 90 days we see deal after deal after deal and I think it'll build momentum.
Ted Cruz
So you think in weeks we'll start seeing the first ones.
Ben Ferguson
I don't know. I don't know if it'll be weeks or 30 to 60 days. I don't know how long it takes.
Ted Cruz
90 days gives us time to do it right.
Ben Ferguson
90 days gives us time to do it right. And I have a high level of confidence that in the next 90 days we will see a bunch of them. How quickly given the 90 day pause, there's not the urgency. What I was urging what I said on Hannity is do it now, don't wait a week, like do it tomorrow. Because frankly the market's freaking out and you don't want people's 401ks to go to crap. And so I think there was real value to moving quickly. The pause essentially buys you time to then negotiate the deals and I hope that's what they're going to do. How to have fun anytime, anywhere. Step 1 Go to chumbacasino.com chumbacasino.com Got it.
Ted Cruz
Step 2 Collect your welcome bonus.
Ben Ferguson
Come to papa.
Travis Holloway
Welcome bonus.
Ben Ferguson
Step 3 Play hundreds of casino style games for free.
Ryan
That's a lot of games all for free.
Ben Ferguson
Step 4 Unleash your excitement.
Rodney Williams
Chumba Casino has been delivering thrills for over a decade.
Ben Ferguson
So claim your free welcome bonus now and live the chumba life.
Rodney Williams
Visit chumbacasino.com no purchase necessary vgw group.
Ben Ferguson
Void where prohibited by law 21 + terms and conditions apply.
Marco Rubio
You know Israel is still under attack. Missile fire has resumed from the Houthis, Hezbollah, Hamas enemies seeking Israel's destruction. This is the reality since October 7, 2023. Parents now taking their kids to school, falling to the ground to lay on top of their small children to protect them because sirens are blaring because of incoming rocket attacks. The next attack against Israel is happening right now. That's why your generosity is critical. That's why we have partnered with the International Fellowship of Christians and Jews to help provide not only humanitarian assistance but life saving aid and security essentials. Your urgently needed gift today will help provide security essentials. It will provide bomb shelters, flak jackets, bulletproof vests for first responders and so much more. Call now 888-488-IFCJ 888-488IFCJ or one word supportifcj.org that's one word supportifcj.or or 88488.
Rodney Williams
Ifcj for some of us, personal finances aren't just personal. They include a lot more people than ourselves, loved ones, neighbors, the communities we call home, and the causes we hold in our hearts. At Thrivent, we help plan your financial picture with the bigger picture in mind. Because even though our business is helping guide your finances, our ambition is to make it mean so much more. Thrivent, where money means more. Connect with us@thrivent.com you know how we're.
Travis Holloway
Always talking about what's next? Well, I found it. It's called Formula E. Forget everything you think you know about racing. This isn't just cars going Fast. It's like a supercomputer on wheels. The tech is insane. And the drivers, they're like chess grandmasters at 200 miles per hour. You've got to see it. Trust me, you'll be hooked. Follow Formula E live on Roku next race, Miami, April 12th.
Ryan
The best way to understand all sides of an issue is to know all sides of an issue.
Buck Sexton
Can't get that in the mainstream media. Which is why you've got to listen to some Klay and Buck for another point of view.
Ryan
Buck, why are you going third person?
Buck Sexton
Because, Clay, I think this ad is running in places that might not exactly align with all of our politics or even know who we are.
Ryan
It's impossible. But even if it's true, I bet if they did listen, they'd end up agreeing with us on at least one issue, even if they secretly want it mitted.
Buck Sexton
Well, the only way they're going to find out is, is if they download the Clay Travis and Buck Sexton show podcast on the iHeartRadio app or wherever they get their pods.
Ryan
We're easy to find. Unlike your wife at Costco, Clay, you speak the truth.
Buck Sexton
But we're already losing people.
Ryan
I think I gained one or two just now.
Buck Sexton
In case you haven't noticed, we like to have a lot of fun as well as talk about what's going on in the world.
Ryan
Come hang with us today and every day at Clay and buck. Download the iHeartRadio app, search out those names. Clay, Travis, Buck, Sex and. And come hang.
Ted Cruz
All right, before you go to this vote at 1:00 in the morning, not a joke, I want to ask you about this other. I. I would just say insane news because I can't believe that they've been allowed to do it for so long. And that is. That is Mexico stealing water, which is suffocating farmers.
Ben Ferguson
Yep.
Ted Cruz
Specifically, it's happening in Texas and it's. It's making farming industry collapse and farmers disappearing from areas because there is no water.
Ben Ferguson
So let me give you the background because this is a really important issue. It's important in Texas, but it's important to the country, which is there's a water treaty that we signed with Mexico in 1944, the Mexican Water Treaty of 1944. It obligates Mexico to provide 350,000 acre feet of water a year to South Texas. That's over a five year period.
Ted Cruz
Okay.
Ben Ferguson
For the last five years, Mexico has been openly and brazenly violating the treaty. They've not been providing the water. They are right now, in this five year period, 1.3 million acre feet in arrears water, they have not provided that. They've committed by treaty to provide. Now what are they doing? They're diverting that water that should go to South Texas farmers under the treaty to Mexican farmers. And a couple of things are happening. So in South Texas, there is a massive drought going on. It is doing enormous damage to farmers. And I spent a lot of time in South Texas and the damage to farmers. We're seeing a lot of South Texas farmers that are taking half of their acreage out of production. They're shutting down half of their farms.
Ted Cruz
Just because they don't have the water to do it.
Ben Ferguson
Right. They're laying off thousands of workers. So there was one sugar mill in all of Texas last year. It shut down because of water, and it shut down because the sugar farmers did not have the water to raise the sugar. Wow. And it's gone.
Ted Cruz
And Mexico on the other side is green as can be.
Ben Ferguson
It is green as can be. The Mexican farmers are prospering. They're literally stealing our water. And by the way, like, President Trump talks a lot about foreign countries taking advantage of America.
Ted Cruz
This is a great example.
Ben Ferguson
This is literally the Mexican government stealing our water.
Ted Cruz
And did Joe Biden do anything to stop this?
Ben Ferguson
Zero.
Ted Cruz
And he knew about it.
Ben Ferguson
So. He knew about it. So I've engaged this issue. I engaged. I started engaging about two years ago, and I started engaging when I was down in South Texas and I did a roundtable with farmers and they raised this issue to me. And two years ago, I didn't know what the water Treaty of 1944 was. And they explained it to me. And at the time, they were really worried we're gonna lose our sugar mill if this doesn't change. And I said, look, I think I can help. I'm gonna lean in. And I began leaning in aggressively. I forced a vote on the Senate floor on an amendment to direct the State Department to use every lever point we have to force Mexico to comply with the water treaty. I got a majority of the Senate, a bipartisan majority, and then there's a water commissioner for the United States. I like leaned in with the water commissioner, said, look, the Senate has spoken. A bipartisan majority, and here's the fundamental problem. Joe Biden didn't give a damn about this. So I desperately tried to get the Biden administration to exert leverage.
Ted Cruz
Yeah.
Ben Ferguson
And they just didn't care.
Ted Cruz
Now, by the way, leverage for Donald Trump at this point was him saying, hey, I'm coming after you with tariffs or sanctions. So do the right thing now before I have to do that. And they know he means it. Unlike even if you had that same statement from Joe Biden, he wasn't gonna do anything, so.
Ben Ferguson
And South Texas cities are also facing massive drought. You're literally facing the cities not having enough water for their citizens because Mexico's stealing the water. And so I leaned in. I could not get the Biden administration do a damn thing. In December, as part of the continuing resolution, I authored legislation that got adopted that provided $280 million in emergency relief for Texas farmers because they're going broke. And we're talking about generational farms, farms that have been three, four generations who are being bankrupted because their government is not enforcing the treaty and they're being starved of water. And so several weeks ago, I went down to South Texas with Brook Rawlins. Brook Rollins is the Secretary of Agriculture. Brooke has been a good friend of mine for 25 years. She's a Texan. She's the first Texan in the history of the country to be the Secretary of Agriculture. She's also the first Secretary of Agriculture ever to go to the Rio Grande Valley.
Ted Cruz
Wow.
Ben Ferguson
And she came to the Valley at my request. I asked her come down with me. Yeah. And we did. We did a press conference, number one, where she announced, I've got $280 million I'm giving to South Texas farmers because your federal government has been screwing you by not getting the water back, and Mexico is starving you. But we also did a roundtable. We did a roundtable with farmers where Brooke and I talked with the farmers. And the Rio Grande Valley has been bright blue for 100 years. In 2024, the Rio Grande Valley flipped red. I won the valley, and Donald Trump won the valley.
Ted Cruz
Incredible.
Ben Ferguson
That has never happened. I won Hispanic statewide in Texas by six points. That's never happened. I have spent an enormous amount of time and millions of dollars in the valley trying to flip the valley red, because I saw the potential there. And so I think I've invested more than any elected official in Texas in terms of turning the valley red. Well, I gotta say, sitting there at that roundtable, you got farmers and ranchers, and you're just asking them, look, over the last four years, did Joe Biden do a damn thing for you?
Ted Cruz
No. And that's how you turn this.
Ben Ferguson
And what I told them is, I said, listen, if there's one thing you know about Donald Trump, he will stand up to foreign countries and fight for you. And I made that commitment. And frankly, look, these are voters who their entire lives have voted Democrats. Their parents voted Democrat, their grandparents voted Democrat, their great grandparents voted Democrat. And this last election, for the first time, they pulled the lever for Republican. Going down there and saying, look, we're fighting for you. We're gonna get you the damn water is one of the ways you lock those votes. And it's a generational shift for Texas, by the way.
Ted Cruz
This is the first time for verdict. They've just opened the vote. They're only keeping it open for 15 minutes.
Ben Ferguson
So I'm gonna go.
Ted Cruz
Montari, you're gonna go momentarily, which means, actually, it's about 12 minutes, because I'm a couple minutes behind. Just this is why I love doing verdict, because this is how it really works in the insanity of the Senate.
Ben Ferguson
So I will say this. I called President Trump a week ago And I said, Mr. President, it would make a huge difference if you leaned in personally with the President of Mexico and said, provide us the water.
Ted Cruz
Yeah, knock it off.
Ben Ferguson
And he said, I'll tell you what, I'll send a truth social post. And so I worked with him on the wording of it. And tonight when I was in the oval, I said, Mr. President, can you send that truth post? Yeah, he sent it tonight. I'm going to read it to you. Here's what President Trump sent this evening. Mexico owes Texas 1.3 million acre feet of water under the 1944 Water Treaty. But Mexico is unfortunately violating their treaty obligation. This is very unfair and it is hurting South Texas farmers very badly. Last year, the only sugar mill in Texas closed because Mexico has been stealing the water from Texas farmers. Ted Cruz has been leading the fight to get South Texas the water it is owed. But Sleepy Joe refused to lift a finger to help the farmers. This ends now. I will make sure that Mexico doesn't violate our treaties and doesn't hurt our Texas farmers. Just last month, I halted water shipments to Tijuana until Mexico complies with the 1944 Water Treaty. My Agriculture Secretary, Brooke Rollins, is standing up for Texas farmers. And we will keep escalating consequences, including tariffs and maybe even sanctions, until Mexico honors the treaty and gives Texas the water they are owed. And gives Texas the water they are owed is in all caps.
Ted Cruz
There you go.
Ben Ferguson
That tweet got sent out tonight. I'll tell you in just within an hour of that tweet going out, the President of Mexico sent out a tweet saying, we're going to fix this. We're going to fix this. And The Mexican government is freaking out. That's what it looks like to be a leader, to be a president who is fighting for America. Joe Biden could have done that for four years, but he didn't give a flip about farmers in South Texas going out of business. The president's tweet and I can tell you Mexico is in the process now of negotiating with the State Department to provide for the water. We're going to get the water. And that's a great.
Ted Cruz
That's a great victory for America. Go vote. You're on the clock now. I love it. Don't forget we did a show Monday, Wednesday, Friday. Sometimes it's like one in the morning. You're going to run and vote right now. We'll see you back here on, on what is today? Thursday, Wednesday. What is today? It's just they're all running together now.
Ben Ferguson
Today's Thursday.
Ted Cruz
Thursday. So this is Friday. So the BET the weekend review will be on Saturday. So there you go. Which isn't like a day if you're looking at when we're recording this. We'll see you then. Share this wherever you are on social media and we'll see you back here on Saturday.
Travis Holloway
You know how we're always talking about what's next? Well, I found it. It's called Formula E. Forget everything you think you know about racing. This isn't just cars going fast. It's like a supercomputer on wheels. The tech is insane and the drivers, they're like chess grandmasters at 200 miles per hour. You've got to see it. Trust me, you'll be hooked. Follow Formula E live on Roku. Next race, Miami, April 12.
Rodney Williams
For some of us, personal finances aren't just personal. They include a lot more people than ourselves, loved ones, neighbors, the communities we call home, and the causes we hold in our hearts. At Thrivent, we help plan your financial picture with bigger picture in mind. Because even though our business is helping guide your finances, our ambition is to make it mean so much more. Thrivent, where money means more. Connect with us@thrivent.com I'm Rodney Williams.
Clay Travis
And I'm Travis Holloway. Welcome to the wealthbreak podcast, a real conversation about finance. Let's be honest, building wealth doesn't look the same for everyone.
Ben Ferguson
I feel like sometimes being broke is.
Rodney Williams
A cycle and that we might have.
Clay Travis
To revisit that and we're not stopping at success stories.
Ben Ferguson
What happens when it doesn't go right? How do you cope with it?
Clay Travis
Because wealth isn't just about money. It's about creating a life where you thrive and help others do the same. Listen to the Wealth Break podcast on the iHeartRadio app.
Buck Sexton
Hey Clay, if there was a summer camp for critical thinking, we'd be the chief counselors.
Ryan
Those jelly heads in June would be intellectual warriors by August.
Buck Sexton
Be a lot of fun too. Some Bill and Ted's excellent adventure references.
Ryan
Thrown in this podcast. Like a daily dose of that, minus the campfires, archery and pranking. The girls.
Buck Sexton
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 Buck Listen and subscribe.
Verdict with Ted Cruz: In the Oval Office, BIGGEST Stock Market Surge in History, plus Mexico Stealing our Water & Trump Fights Back
Release Date: April 11, 2025
In this engaging episode of "Verdict with Ted Cruz," hosted by Senator Ted Cruz and co-host Ben Ferguson, the duo delves into significant political and economic developments impacting the United States. The primary focus areas include the unprecedented surge in the U.S. stock market, recent changes in tariffs, the Senate's procedural battles over military appointments, and a critical issue of Mexico violating a longstanding water treaty with Texas. Throughout the discussion, Cruz and Ferguson provide in-depth analysis, personal anecdotes, and strategic insights into these pressing matters.
Timestamp: [02:34]
The episode kicks off with Ben Ferguson sharing riveting news about the stock market's biggest single-day surge in U.S. history. This surge was triggered by President Trump's strategic decision to pause previously announced tariffs while simultaneously increasing tariffs on China.
This monumental move not only bolstered investor confidence but also showcased Trump's adeptness in leveraging economic policies to yield immediate positive market reactions.
Timestamp: [16:04]
Ferguson elaborates on the rationale behind the tariff adjustments and their broader economic implications. He emphasizes the dual approach of reducing reciprocal tariffs to open international markets for American businesses while maintaining stringent tariffs on China to address geopolitical threats.
Despite initial resistance from within the administration, Trump's decisive actions led to immediate market relief, underscoring the effectiveness of assertive economic strategies.
Timestamp: [03:48]
The conversation shifts to the Senate's ongoing struggle to confirm the chairman of the Joint Chiefs of Staff. Democrats, notably antagonistic towards Trump, have been blocking the nomination, leading to late-night Senate sessions.
Cruz and Ferguson express frustration over the Senate's inefficiency, highlighting the impact on both the legislative process and the morale of elderly senators compelled to stay awake for early morning votes.
Timestamp: [37:59]
A significant portion of the episode is dedicated to addressing Mexico's blatant violation of the 1944 Water Treaty. Ferguson details how Mexico has diverted water owed to South Texas farmers, exacerbating drought conditions and threatening the agricultural sector.
In response, Ferguson recounts his persistent efforts to rally support and legislative action against the Biden administration's inaction on this critical issue.
Cruz underscores the importance of this issue, emphasizing its national security and economic implications.
Timestamp: [44:28]
Ferguson narrates a pivotal moment when President Trump took personal action by sending a Truth Social post addressing the water treaty violation. This move signaled a strong commitment to protecting American farmers and enforcing international agreements.
The immediate response from the Mexican government, signaling negotiations to rectify the situation, highlights the effectiveness of Trump's leadership and Trump's willingness to confront international challenges directly.
Cruz praises Trump’s approach, noting the rare moment of bipartisan recognition of the China threat and the unified stance of various factions supporting Trump's policies.
Timestamp: [33:16]
Looking ahead, Ferguson is optimistic about the potential for significant tariff negotiations within the 90-day pause period instituted by Trump. He anticipates multiple deals that will reduce tariffs, thereby fostering an environment conducive to American exports and economic growth.
Cruz concurs, emphasizing the necessity of momentum in these negotiations to sustain market confidence and promote long-term economic stability.
In this comprehensive episode, Verdict with Ted Cruz effectively captures the dynamic interplay between economic policies, legislative challenges, and international diplomacy. Through insightful discussions and strategic analysis, Cruz and Ferguson illuminate the critical actions taken by President Trump to stabilize the stock market, address unfair trade practices by China, and combat Mexico's violation of water treaties. Their dialogue underscores a steadfast commitment to advocating for American interests, fostering economic growth, and ensuring national security.
Notable quotes throughout the episode provide a deeper understanding of the hosts' perspectives and the gravity of the issues at hand. This episode serves as a valuable resource for listeners seeking to comprehend the complexities of current political and economic landscapes shaping the United States.
Notable Quotes:
Ben Ferguson: “Yesterday, President Trump paused the tariffs... produced the greatest single day increase in the stock market in the history of the United States of America.” [03:00]
Ted Cruz: “This is a great example... Mexico is literally stealing our water.” [40:06]
Ben Ferguson: “Mexico has been openly and brazenly violating the treaty... diverting that water that should go to South Texas farmers to Mexican farmers.” [38:00]
Ben Ferguson: “President Trump... just sent out a tweet... we will keep escalating consequences, including tariffs and maybe even sanctions, until Mexico honors the treaty and gives Texas the water they are owed.” [46:37]
This detailed summary captures the essence of the episode, providing listeners with a comprehensive overview of the key discussions and their implications for American politics and economy.