Let's say, China, China, China, China, China, China, China, China, China, China, China. You go over to China, China, China, China, China in China, China, China, China, China.
You take China, China, China. I love China.
You're listening to the forty seven Morning Update with Ben ferguson.
Good Tuesday morning. Welcome. It is the forty seven Morning Update, and Mayo Maya's have been one heck of a week for President Trump. Not only has he secured a UK trade deal that's historic, but now a China trade deal, plus the release of an American hostage, a ceasefire with India and Pakistan, and a ceasefire with the Houthis. And now we will break down the other big deal as well. First up, a massive deal on prescription drug prices and what happened in the China trade deal that is affecting
every American. It's the forty seven Morning Update and it starts right now.
Story number one.
Major victory number one for the American people, is going to have a massive impact on so many Americans that deal with high costs of prescription drugs. Here is what you need to know about what the President has done to lower the price of prescription drugs for all Americans. The announcement and the action put forth saying American patients will be first instead of the pharmaceutical companies by Donald
Trump will have an impact for every American. Now, this should not be a conservative or liberal, or Republican or democratic issue, yet Democrats are angry about it. So let me tell you exactly how this is going to have an impact on you. First up, the President said that we are now going to have most Favored nation prescription drug pricing, saying we are going to pay the lowest price that there is in the world. Here's the President in his own words, 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 ten 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 favorite nations. That's what it is. One breast cancer drug costs Americans over sixteen thousand dollars 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. One tenth for the identical product. A common asthma drug costs almost five hundred dollars here in America, but costs less than forty dollars
in the United Kingdom. So forty dollars 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 forty dollars versus five hundred dollars.
Here, forty compared to five hundred dollars a difference between the US in the US. Now, let me explain more about this order. The order directs the US Trade Representative and the Secretary of Commerce to take action to ensure foreign countries are not engaged in practices that purposely 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, and want to make
that very clear. Number two, the order instructs the Administration to communicate price targets to pharmaceutical manufacturers to establish that America, the largest purchaser and funder of prescription drugs in the world,
gets the best price. The Secretary of Health and Human Services is going to establish a mechanism through which American patients can buy their drugs directly from manufacturers who sell to Americans at a quote most favored nation price, bypassing the middlemen, and finally for the White House, if drug
manufacturers failed 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 costs of prescription drugs the American consumer, and most importantly in anti
competitive practices. Why because the White House says it's about getting a better deal for Americans and President Trump once again taking action to keep pharmaceutical manufacturers from charging Americans high drug prices while giving steep discounts to other wealthy nations. That is something that doctor Oz talked about the White House with the President by his side, and here is what he said.
That means that we are paying in America four times more than that drug costs in other countries again one hundred percents. The baseline's two hundred and eighty nine percent. Above that baseline, it goes all the way down to when we're paying fifty percent more than any other country. That's the range, as was pointed out by President around 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 is over and over again indicated, and Secretary Kennedy has reflected as well. We want innovation, We want our technology partners doing the best they can to make the best solutions for drugs to secure 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, will 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 hole. Those jobs will still be here, will 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.
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 five percent of the world's population, yet funds roughly seventy five percent 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 healthcare spending by the US government. On 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 seventy eight percent higher in an eleven comparable countries. As part of Biden's efforts, to quote beat Medicare in translation, the Democratic
Party sold you out. The American two are suffering and desperately need pharmaceutical drugs, and they sold you out to the highest bidder, the lobbyist 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 US 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.
Now, story number two.
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, we're at one hundred and forty five percent. Now they're at thirty percent. China's tariffs on America we're one hundred and twenty five percent now at ten percent. And Donald Trump was the one that made all of this possible.
White House Press Secretary Caroline Levey saying it this way to Fox News.
First off, your reaction and what could you tell US about the China deal that has tariffs dropping from one hundred and forty five one twenty five respectively.
To thirty and ten. 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 one hundred and fifteen percent. 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 fetanol is having right here in the United States and our people. So this is a great first step for the American public and Secretary best as 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.
Now, this is going to be a pause for ninety 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 c of ME, 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 one hundred and fifteen percent, while retaining an additional ten percent tariff. Other US measures will remain in place. Both sides will take these actions
by May fourteenth, of twenty twenty five. 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 in announced since April the fourth, and will also suspend to remove the non tariff countermeasures taken against the United States since April the second.
China will also suspend its initial thirty four percent tariff of the United States that it announced on April fourth for ninety days. It will remain at ten percent 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 eighth and April ninth, but will retain all duties imposed on China prior to April second, including Section three oh one tariffs, Section two thirty two tariffs, and tariffs imposed in response to the FETNYL National Emergency Invoke pursueant to the International Emergency Economic
Powers Act, and also the most favored Nation's tariffs. They went on to say the United States will suspend their thirty four percent reciprocal tariff imposed on April second for ninety days and the ten percent 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 support or its 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 two hundred ninety four billion in twenty twenty four, 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 Lafing, the Vice Premier of the State Council. The United States will be represented by Scott Descent, the Secretary
of Treasury, and Jasmine Greer, United States Trade Representative. They also said addressing the fetanyl crisis is the most important matter as well as the United States and China will take aggressive action to stem the flow of fetanyl and other precursors from China to elicit 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 Indian Pakistan, the ceasefire with the Houthis And this is exactly what so many Americans voted for, and Donald Trump paying off on his promised to put Americans first and protecting all of us.
Thank you for listening to the forty seven 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