April 7, 2025 - Bannon's War Room
48:32
Participants
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| Speaker | Time | Text |
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unidentified
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Markets in Asia plummeting overnight. | |
| The Hang Seng down more than 13%. | ||
| Japan dropping about 8% to an 18-month low. | ||
| Earlier in the session, Japanese futures were suspended after they hit circuit breakers. | ||
| In Europe, stock trading there, also down across the board. | ||
| You can see they've come off their worst levels. | ||
| The DAX right now down by about 5%. | ||
| The CAC in France off by 5.5%. | ||
| The FTSE in Italy, the FTSE MIB down by 5.8%. | ||
| The best performer is the FTSE 100 in London, which is down by 4.3%. | ||
| Germany's DAX, again, was down more than 10% before it paired some of those losses. | ||
| So we'll continue to watch things there. | ||
| And then energy prices adding to last week's steep losses as well. | ||
| You're now looking at WTI below $60 a barrel. | ||
| So $59.81 for the year. | ||
| It's down 31%. | ||
| I guess the upside to that is you're going to get cheaper prices at the pump. | ||
| But all of this signaling the market's idea that we're looking at much greater opportunities. | ||
| This was on the front page of Sunday Opinion, New York Times, and this pretty much sums it up. | ||
| The world wakes up to a new global reality. | ||
| The economy is deflating. | ||
| Now, let's be very clear here. | ||
| Regardless of how you feel about tariffs, this is a self-induced war that we started. | ||
| Alright? This is voluntary. | ||
| I spent three months after the election warning Republicans they needed to be careful. | ||
| Three months. | ||
| We've got about ten minutes of clips we could play you. | ||
| We've already done it before. | ||
| I could play it again. | ||
| Ten minutes of clips saying, be very careful. | ||
| We have the strongest economy in the world, but we have bubbles in the market, stock market, we have bubbles in crypto, we have a fiscal bubble. | ||
| Be very careful, manage it wisely, and we will continue to see working Americans taken care of. | ||
| That's not happening right now. | ||
| So, it's going to be fascinating to see what happens this week. | ||
| What's going to happen this week with the Republicans? | ||
| Are they really? | ||
| Republicans, by the way, Republicans in Congress have the power. | ||
| Have the power. | ||
| To not stop it. | ||
| To moderate it. | ||
| To pick certain countries that they think. | ||
| It's gone too far. | ||
| You know, there are some Republicans speaking out. | ||
| Chuck Grassley has spoken out about it. | ||
| Ben Shapiro says it's unconstitutional. | ||
| Bill Ackman. | ||
|
unidentified
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Huh? He saw the light. | |
| I've spoken to many countries. | ||
| They all want to do it. | ||
| Just so you understand the power of what I'm doing. | ||
| Every country is calling it being very solicitous of us. | ||
| Very, very nice. | ||
| They're being very nice. | ||
| And we have to be able to justify... | ||
| This is not sustainable. | ||
| The United States can't lose $1.9 trillion on trade. | ||
| We can't do that and also spend a lot of money on NATO in order to protect European nations. | ||
| We cover them with military, then we lose money on trade. | ||
| The whole thing is crazy. | ||
| And I got elected on that basis. | ||
| We explained it. | ||
| You know, the American people understand it a lot better than the media. | ||
| But the media understands it. | ||
| And much of the media writes correctly about it, I must say. | ||
| I just want you to know, though, when they're telling you this has to be done, that's not true. | ||
| And when they're telling you, these Republicans on the Hill, we can't do a ding about it. | ||
| Well, that's just a lie. | ||
| It's doublespeak. | ||
| With that in mind, President Trump's tariffs have stock futures plummeting again this morning. | ||
| The Dow is down more than 1,100 points, while the S&P 500 and the Nasdaq have both dropped by 3%. | ||
| This follows a market freefall to end the trading week, capped off by the Dow losing 2,200 points on Friday. | ||
| It was the first time that the index had ever lost more than 1500 points in back-to-back days. | ||
| The massive losses. | ||
| Were also fueled by China, announcing on Friday it would impose a 34% tariff on all goods imported from the United States beginning this Thursday. | ||
| Meanwhile, President Trump continues to downplay the tanking markets, writing on social media last night that his tariffs are a beautiful thing to behold. | ||
|
unidentified
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Is there pain in the market at some point? | |
| You're unwilling to tolerate this idea of a Trump put? | ||
| Is there a threshold? | ||
| I think your question is so stupid. | ||
| I don't want anything to go down. | ||
| But sometimes you have to take medicine to fix something. | ||
| And we have such a horrible... | ||
| We have been treated so badly by other countries because we had stupid leadership that allowed this to happen. | ||
| They took our businesses, they took our money, they took our jobs, they moved it to Mexico, they moved it to Canada, they moved a lot of it to China. | ||
| And it's not sustainable. | ||
| We're not going to do it. | ||
| Now we have hundreds of millions of dollars that's pouring into our country on a monthly basis. | ||
| It's pouring. | ||
| It's already started because they put tariffs on. | ||
| And eventually it's going to straighten out and our country will be solid and strong again. | ||
|
unidentified
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Look, Joe, let's just call this what it is. | |
| And you got out of it. | ||
| One is this is an economic war of choice. | ||
| This is not something that had to happen. | ||
| This is, you know, what football players would call an own goal. | ||
| Second of all, the president, I have the quote here, he says that sometimes you have to take medicine to fix something. | ||
| The problem was the patient wasn't sick. | ||
| This is economic malpractice. | ||
| Let's call it for what it is. | ||
| It's created problems rather than fixed them. | ||
| So when Scott Besson goes out and he talks to his friends, of course he can't find anybody. | ||
| Who's going to support what is going on? | ||
| And then the mixed signals make a bad situation worse. | ||
| So let's just call it for what it is. | ||
| It's totally self-created. | ||
| And the real question is, one, how do we get ourselves out of it? | ||
| But we shouldn't kid ourselves on another thing. | ||
| Even if there's a degree of economic recovery, someday there will be in the markets, a lot of the damage here will be lasting. | ||
| The United States will not again ever have the same reputation. | ||
| The dollar won't have the same strength. | ||
| The rest of the world's willingness to tolerate American debt will be much diminished. | ||
| This will have lasting consequences, even if at some point what's become our 301s becomes a 351, even if it doesn't recover fully to a 401k, even if there's a degree of financial recovery, the reputational cost of this will be deep and lasting. | ||
| I think the thing we're all trying to understand is then if there are going to be negotiations and you're saying zero is not enough, what is enough? | ||
| Zero is a small first start, okay? | ||
| What is enough? | ||
|
unidentified
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Let me ask you, but related to that... | |
| Let me answer that question. | ||
| Let's take them one at a time. | ||
| We've got plenty of time. | ||
| So what is enough? | ||
| You take any given country, they're like fingerprints. | ||
| They all cheat us. | ||
| In a different way. | ||
| So, here are the things they cheat us on. | ||
| Some of them engage in currency manipulation. | ||
| Some of them have a hefty VAT tax. | ||
| All of them dump into our markets. | ||
| All of them engage in heavy export subsidies and government subsidies. | ||
| All of them put up these phony technical and phytosanitary barriers to our ag products and our autos and everything in between. | ||
| Many of them steal our intellectual property. | ||
| A lot of them run sweatshop labor, including forced child labor. | ||
| They have pollution havens. | ||
| So when you say to me, Ed, What do we want from them? | ||
| We want fairness. | ||
| We don't want them to kill American workers by Indian datas with this non-tariff cheating. | ||
| And it would be really refreshing to have the media talk more about that. | ||
| This zero tariff thing, it's a misdirection. | ||
| No, it's a misdirection. | ||
| Our market is spoken when they look at the fact that we have a billion dollar rate deficit. | ||
| The trade deficit that we have with certain countries, way over a billion per country. | ||
| But with China, it's a trillion dollars. | ||
| And we have to solve our trade deficit with China. | ||
| We have a trillion dollar trade deficit with China. | ||
| Hundreds of billions of dollars a year we lose with China. | ||
| And unless we solve that problem, I'm not going to make a deal. | ||
| Now, I'm willing to deal with China, but they have to solve their surplus. | ||
| We have a tremendous deficit problem with China. | ||
| They have a surplus of at least a trillion dollars a year. | ||
| I think it's like a trillion one. | ||
| And I want that solved. | ||
| And no other president's taking it on. | ||
| I hadn't taken it on the last time that we had a rigged election. | ||
| No other president's taking it on. | ||
| And so China is, you know, they say the market's smoking. | ||
| The market, China is right now taking a big hit because everyone knows we're right. | ||
| They have to pay tariffs because otherwise we have a surplus and they have a surplus with us that is not sustainable. | ||
|
unidentified
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Mr. President. | |
| And we're talking about a trillion dollars. | ||
| You know that, right? | ||
| We're not going to lose a trillion dollars for the privilege of buying pencils from China. | ||
| This is the primal scream of a dying regime. | ||
|
unidentified
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Pray for our enemies because we're going medieval on this people. | |
| You're going to get a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
|
unidentified
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MAGA Media. | |
| I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
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Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
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War Room. | |
| Here's your host, Stephen K. Vance. | ||
| you you you Thank you. | ||
| Monday, 7 April, Year of Our Lord 2025. | ||
| So, to give this to you in real time, I'm going to make sure that we can frame this. | ||
| So, the War Room posse. | ||
| Can have a full and deep understanding of exactly what's happening. | ||
| So last night, over the weekend, President Trump, intransigent about any movement at all, even any, no negotiations. | ||
| It dug in in a hard, no negotiations. | ||
| Because remember, the trigger on the tariffs is on Wednesday. | ||
| That's when actually the reciprocity starts. | ||
| And so over the weekend, a lot of effort and discussion about setting up a process because you have, as people are tweeting out right now, you have 50, I don't know, maybe almost 100 countries. | ||
| And when I say the 50, I mean all the big ones except the CCP are lined up to come in and negotiate. | ||
| The issue for President Trump is quite simple. | ||
| You are in control of this process right now. | ||
| You're taking incoming calls and proposals and ideas, but you're in charge of this proposal. | ||
| You're in charge of this process. | ||
| What you want to avoid is, remember on this show I've been talking about for the last couple of years, we have $300 trillion in global debt at every level, and you have to avoid... | ||
| Having a global margin call. | ||
| Margin call is when the assets you own, whether real estate or stocks, start to drop in value and the bank comes back to you and say, hey, we need a little something else on top of what you gave us. | ||
| You've got to plug it or we're going to call your loan. | ||
| That's called a margin call. | ||
| Margin call in this situation would be at the hedge fund level. | ||
| For the hedge funds to start having, you know, particularly some of these smaller mid-sized hedge funds. | ||
| When I say small, I mean hedge funds that are $10 and $20 billion on today's market that are highly leveraged, making highly leveraged bets. | ||
| Remember that from 2008? | ||
| Well, you still got today. | ||
| Those start having margin calls. | ||
| Some of these banks start having what we call a credit event. | ||
| You've already seen in Europe some of these over-leveraged companies already starting to have problems. | ||
| Once you start having credit events, Then maybe the process gets out of your hand. | ||
| President Trump, also coming at President Trump from the courts. | ||
| Jonathan Karl is reporting this morning over at, I guess, with George Stephanopoulos that he has been informed that conservative groups, certain conservative groups are looking to go to court to try to get a TRO against President Trump. | ||
| Some are arguing that President Trump's emergency, calling this in for emergency for fentanyl and national security. | ||
| That now he's talking about deals, and he's talking about money, he's talking about jobs, goes outside of that. | ||
| He's being hit, Federal Reserve has now emergency meeting at 11.30 a.m. this morning. | ||
| President Trump, they're coming at him from many different angles. | ||
| The NASDAQ is now up 1%. | ||
| The Dow is down about 9.30, but last night when trading on futures started, the Dow was down 1,500 points. | ||
| It looks like it's going to be a total and complete meltdown. | ||
| The Asian markets were a meltdown, particularly the Hang Seng, which is Hong Kong. | ||
| China is in a total and complete meltdown right now. | ||
| The people that financed all the factories and all the jobs going overseas, they're in a big hurt right now. | ||
| The people that did this to us are in a big hurt. | ||
| And President Trump has taken a tough stance. | ||
| However, and I think that's the reason the NASDAQ has flipped around. | ||
| The Japanese have announced that they're coming, and they're coming with a proposal that would take care of all of President Trump's concerns, including what Peter Navarro is talking about, or non-trade barriers, which is the key. | ||
| And President Trump just tweeted out a moment ago, or put up on Truth, that a negotiating team, it's the first time he used the word negotiating in a Truth Social. | ||
| We're going to take a short commercial break. | ||
| There's a lot going on in the world today, and we're going to help explain it all to you. | ||
| Here in the War Room. | ||
| Just back in a moment. | ||
| American faith In America's heart In America's heart Okay, so starting last night about 6 p.m., this was on Sunday when President Trump got ready to head back to Washington, D.C., and he had the Secretary of Treasury. | ||
| That is, I want to give a hat tip to the brilliant team I have here at the War Room, my young charges. | ||
| Also the team in Denver, the great team at Real America's Voice, putting together, that was a magnificent cold open. | ||
| That gave you in about nine or ten minutes exactly the most important things that happened on the weekend in capital markets. | ||
| The established order, and this was led by Jim Cramer, all weekend, but particularly last night, they wanted to see Black Monday. | ||
| Jim Cramer came out and said once again, and this is if we can tee up and get ready, his 2008. | ||
| Remember in 2008, and this is why we played it a couple times on Friday and Saturday, Cramer went on the Today Show in 2008 on that Monday and said, if you need cash in the next five years, you need to sell everything today. | ||
| If you need cash in the next five years, you need to sell everything today. | ||
| That exacerbated. | ||
| A panic that was already out there. | ||
| This is about orderly versus disorderly. | ||
| This is about orderly versus disorderly. | ||
| So far, you've seen an orderly kind of work through of what this new economic order is going to be because the United States is not going to be picked off anymore. | ||
| You just heard Haas from the Council on Foreign Relations, Richard Haas, saying the patient's not sick. | ||
| Well, bro. | ||
| For the Council for our Relation and all the elites in New York City and the Upper East Side and the Hamptons, it's not bad because on borrowed money, you've got your own hedge fund, right? | ||
| You've got the United States government putting a Keynesian massive influx of stimulus all the time. | ||
| You own all the real assets. | ||
| You own the real estate. | ||
| You guys own all the stocks. | ||
| Of course, it's good time. | ||
| It's the best time to be part of the global elites. | ||
| That's what President Trump is changing fundamentally. | ||
| Last night at 6 o'clock, what happens then? | ||
| Basically, the Tokyo opens, and then it starts rolling through the Asian markets. | ||
| Next, you get Shanghai, you get Hong Kong, and then you get Singapore. | ||
| At the same time, they start trading futures, so you can get a sense of where the Dow Jones is going to be. | ||
| It was $1,500 at the open last night on the futures market, so it looked like another brutal day. | ||
| And all night it kind of hung in there. | ||
| And President Trump on the plane back, and that's the brain cuts my staff did. | ||
| For President Trump, hey, sounds like a personal problem. | ||
| I'm dug in here. | ||
| And, of course, you had country after country and company after company saying, hey, we want to come in and talk. | ||
| Maybe we don't understand the formula. | ||
| But we understand this. | ||
| There's a problem. | ||
| And guess what? | ||
| you're not going to tolerate it anymore. | ||
| And this kind of hammer blow to the system, this traumatic blow to the system, which is what President Trump's been doing in national security. | ||
| This is what the Russian rapprochement is about. | ||
| This is what the whole situation with NATO is about. | ||
| This is about setting up an order of which we're hemispheric defense, right? | ||
| By the way, Rahim's going to be here at the bottom of the hour. | ||
| He's heading out with Pete Heggs today and guess where they're going? | ||
| They're going to Panama. | ||
| He sent J.D. Vance to Greenland last week. | ||
| He sent his Secretary of Defense coming back from the three island chains. | ||
| Remember Hawaii, Guam, and Philippines, and Japan? | ||
| The three island chains. | ||
| He's now down, and guess where he's going? | ||
| He's going to Panama. | ||
| All because of hemispheric defense. | ||
| All because of this massive pivot by the United States geopolitically and geostrategically. | ||
| This is also the geoeconomic side. | ||
| Remember my talk at CPAC in 2017? | ||
| The three lines of work. | ||
| Number one are America first national security policy. | ||
| Number two is economic nationalism. | ||
| And number three, wait for it, is deconstruction of the administrative state. | ||
| President Trump is so far down the route of all three of them. | ||
| The most significant changes in the world, I think... | ||
| Since World War II, I may even go back to pre the guns of August in 1914. | ||
| This is a major, major, major reset. | ||
| It really ends World War II, is what he's doing. | ||
| And he's not going to budge on this. | ||
| Now, the big change and the reason that the Dow is now only down, what's the Dow down? | ||
| Dow's only down like 900. | ||
| The NASDAQ is up. | ||
| The S&P is up. | ||
| Oh, excuse me, the Dow is up 250 points last check. | ||
| Now, it's going to bounce around. | ||
| We're not gauging everything just by how it moves, right? | ||
| Things are going to bounce around. | ||
| But the point is, at least at the start... | ||
| It's not the meltdown that Jim Cramer and all the left wanted. | ||
| They wanted panic today. | ||
| They wanted absolute selling with no buyers. | ||
| They wanted to trigger a margin call that would then trigger a credit event that would then try to, they would use that to attempt to destroy President Trump. | ||
| That would be disorderly. | ||
| Right now, this is quite orderly of just a kind of a work through of people's positions. | ||
| And guess what? | ||
| For everything that said President Trump was compromised, And that Elon Musk and the tech bros, all the people, all the reports that it's Bannon and these economic nationalists versus the tech bros, and they're going to be... | ||
| The hammer blow is to the Mag7. | ||
| The two people that he's given the biggest hammer blow to are kind of this phony tech broligarchs, right, in the Chinese Communist Party. | ||
| The Chinese Communist Party may be having a death blow right now. | ||
| May be having a death blow right now. | ||
| Their economy was just on the bubble as it is, and it's totally export. | ||
| There's all kind of happy talk. | ||
| Oh, they're going to change their consumer economy. | ||
| They don't have time to change their consumer economy. | ||
| They've tried that for seven or eight years. | ||
| This is everything. | ||
| And President Trump came in with a hammer blow to them. | ||
| They don't even know how to respond right now. | ||
| Their response, by the way... | ||
| Maybe military intervention into Taiwan. | ||
| That is why those exercises last week are not a joke. | ||
| This is why the Korean situation of the coup d'etat in Korea that now the conservative president is out, this is all playing into it. | ||
| And you have to stand by because right now, Xi may have to pivot to something like ultra-nationalism to jack up the young people in college that, hey, the foreign devils are trying to destroy us economically. | ||
| The two people taking the biggest hammer blows. | ||
| Are the tech oligarchs, the tech oligarchs and their stocks, Trump's come right after them? | ||
| And this is why. | ||
| There's some great tweets out overnight. | ||
| The difference is that these guys are globalists. | ||
| I mean, Elon Musk showed it over the weekend. | ||
| It was so embarrassing, I didn't even want to play it. | ||
| Peter Navarro, though, just called him out, said he's nothing but a car salesman. | ||
| But he put up, he talked to Salvini and the guys at the Northern League on a video talk. | ||
| He gave at their big conference, and they had a Q&A. | ||
| It was embarrassing. | ||
| You know, I've been saying, hey, he's a globalist, and I know the fanboys don't want to hear that, but what he said last night, in the middle of the war that President Trump has, in the defining moment when you have to lock in and lock down, he comes out and says he wants basically a no-terror zone between the EU and the United States. | ||
| He essentially wants America to merge in after Britain Brexited. | ||
| He wants us to merge with the EU. | ||
| But the worst comment was about, and this is the mentality, was about having European citizens come to the United States unfettered. | ||
| It'd be like St. John. | ||
| It'd be like illegal alien gets through to Hungary, then you can go all the way. | ||
| It gets through to Italy or Greece, and you can go all the way to Ireland. | ||
| He actually proposed that. | ||
| And then this morning, he's tweeting out Milton Freeman's video on the pencil. | ||
| Stop humiliating yourself, okay? | ||
| This is childless nonsense. | ||
| President Trump is in a war, and it's a man's war, and I don't mean that about gender. | ||
| I mean, this is for people who are tough, who need to step into this moment. | ||
| President Trump is saying, hey, the economic order that basically stripped America of her manufacturing base, the economic order. | ||
| That the entire world was dependent upon working men and women in the middle class in this country, in the United States of America, and that every person gained the system. | ||
| It's all getting unmasked. | ||
| Now, why is this turned around in real time in about 20 minutes? | ||
| And I'm not saying this will last. | ||
| I think you're going to have market movements over the next couple of days. | ||
| But why did we not start at Black Monday? | ||
| Right? Last night at 6 o'clock, it looked like this was going to be catastrophic. | ||
| The New York Post lead story was Black Monday. | ||
| Jim Cramer, Black Monday's coming. | ||
| You've got to dump everything. | ||
| Because President Trump put out this tweet, if we can put it up for a moment. | ||
| The Japanese, so you should understand, every nation on Earth has been trying to get here to see President Trump to talk about this. | ||
| But he said, no negotiations. | ||
| Now... You have to say, well, can't people come and at least make their pitch? | ||
| Some people may have a question about the formula, right? | ||
| The formula, how you derive this. | ||
| Peter Navarro was quite blunt on TV over the weekend this morning. | ||
| Peter Navarro said, hey, this is just not about tariffs, the actual number. | ||
| It's about non-trade barriers. | ||
| Currency manipulation, counterfeiting, the non-tariff barriers you put into black American goods, And this is why if you look throughout the world, you don't see a ton of American goods sold overseas. | ||
| You go to Japan, agree, you never see an American car. | ||
| You don't see a lot of industrial product. | ||
| We're to look now as a capital market and a provider of natural resources and a consumer market. | ||
| President Trump is one million percent correct. | ||
| You cannot continue. | ||
| It's not sustainable. | ||
| The only way it's been sustainable to date is. | ||
| It's because you're running $2 trillion deficits every year. | ||
| This is so obvious. | ||
| It's so simple. | ||
| And it's not sustainable. | ||
| The trade deficit President Trump is talking about, the trillion dollars, that's annual. | ||
| The cumulative, just like we have $37 trillion of debt and we're adding a trillion dollars every 100 days, and the frickin' budget the Senate and the House puts out has $4 and $5 trillion increases to the debt ceiling, so they're not real about actually doing what men and women have to do is start to cut this federal budget. | ||
| It's unsustainable and it's just creating fiat currency by the Federal Reserve to do the fiscal irresponsible thing. | ||
| And part of that is a defense budget that's now over a trillion dollars to underwrite the security of all these nations on the earth. | ||
| It can't continue. | ||
| President Trump's saying it can't continue and this is what it is. | ||
| The only question for President Trump is not that we are right in fighting the fight of the righteous. | ||
| It's how do you manage the process? | ||
| How do you manage the process? | ||
| You don't want the process to get out of your hands. | ||
| Today, Jonathan Carr reported it. | ||
| They're going to go into court to these judges to look for a TRO. | ||
| You heard Ben Shapiro and these guys say it. | ||
| Up on the Hill, it's not Ted Cruz. | ||
| Ted Cruz is virtually irrelevant. | ||
| Who's relevant is Steve Daines. | ||
| Steve Daines, who's had a career in Hong Kong and in China, is leading out their seven senators against Trump right now on the record, including Tom Tillis, folks in North Carolina. | ||
| Steve Daines may lead out another five to ten senators. | ||
| The United States Senate, led by the Republicans, may try to intervene here and take the power away from President Trump. | ||
| Everything's on the table right now. | ||
| The key is that the Japanese are in route. | ||
| And what did President Trump say? | ||
| He used negotiation. | ||
| He said they're coming over to negotiate. | ||
| It's the first time that word has crossed the lips of Donald John Trump. | ||
| That is the pivot in the market this morning. | ||
| Short break. | ||
| Okay, market's bouncing around. | ||
| It's being attributed to a Kevin Hassett quote that they can't quite verify. | ||
| I think CNBC put it up that Kevin Hassett said there'd be a 90-day pause to let everybody in here negotiate. | ||
| Now they're saying, the White House is saying that's not true. | ||
| They can't find the verification of that. | ||
| And so the markets bounce around. | ||
| Here's the point. | ||
| At the very mention there's a process, you're going to get back two-thirds of the value lost. | ||
| Just saying. | ||
| At the very mention of a process, this is all about people are looking at a process. | ||
| What's going to try to mess up that process? | ||
| Federal Reserve's meeting a secret, not a secret, a closed-door meeting of the governors at 1130. | ||
| Jonathan Karl of ABC is reporting pretty well, how do I say this, sourced, that I believe its conservative groups are coming at to go into legal, think federal society, are thinking of going to court today with certain of these tax and trade organizations or lobbyist groups and are looking to go into court today to get a TRO on President Trump to stop this for a TRO. | ||
| Also, people are thinking of going to court today to question the constitutionality of it. | ||
| Also, Steve Daines and others. | ||
| Now, Daines hasn't publicly committed. | ||
| There have been seven already publicly committed, including Tom Tillis, has publicly committed to getting President Trump to back off this. | ||
| My understanding is Steve Daines is leading an effort with another five or ten senators. | ||
| Once again, people are looking at the courts to try to thwart this, and or Reiner Republicans. | ||
| President Trump is dug in. | ||
| He did say, he put this out about negotiate, that the Japanese are sending a team over. | ||
| And Japan's one of the thorniest. | ||
| Korea's going to be quite thorny. | ||
| Places like Vietnam, you heard Peter Navarro. | ||
| Peter Navarro said it's just not the listed rate of the tariff. | ||
| It's also the non-tariff barriers. | ||
| And for India and places like this, it could get quite sticky and quite complicated. | ||
| But there are also ways to get around that if you still have a trade deficit. | ||
| Because remember, the formula, quote-unquote, is really based upon trade deficits. | ||
| Our face amount of our debt is 37. The trade deficit cumulative aggregate is about $25 trillion. | ||
| $18 trillion of that has come from what China was granted most favored nation in WTO sanctioned to become actually a true trading partner, although in the category of a developing nation, which they've never left. | ||
| You know, at the World Bank, they go to the developing nation window. | ||
| Every institution that the globalists set up Was to make it easier for China. | ||
| Why? That's where they made the real money. | ||
| In shipping off. | ||
| The people you see getting hammered today are people that are financially tied to that. | ||
| Let me repeat this. | ||
| The people getting hammered are the people financially tied to shipping all the jobs to China. | ||
| President Trump, and for all the happy talking kind of missed, for those that ever questioned President Trump being a populist and an economic nationalist, I hope the last four or five days have shown That President Trump is dug in on your side. | ||
| The forgotten man and woman. | ||
| He has put a full shotgun blast onto the Chinese Communist Party. | ||
| Full on. | ||
| 54% tariffs. | ||
| They can't exist. | ||
| It's not sustainable. | ||
| They will collapse. | ||
| He's also gone after the MAG-7. | ||
| That's the seven stocks, the tech stocks that were kind of frothy. | ||
| And this is why the Dow Jones Adjuster, I keep telling people, it doesn't show the real economy. | ||
| Because it's all tied to AI. | ||
| Those are the ones, the Mag7 and other big tech oligarchs, globalist corporations have taken the biggest hits. | ||
| And President Trump is adamant. | ||
| Either you're going to bring your manufacturing back here with the ecosystem of your supply chains, right, your supply chains, or... | ||
| We're going to... | ||
| You're going to have high tariffs you have to come in on. | ||
| So you've got to deal with either get the money through tariffs or we're going to get the money through increased tax revenue of people, of corporations putting their plant and equipment here in higher, obviously, tax revenue coming off citizens of this country. | ||
| Now, while all this is going on geoeconomically, and we're going to walk you through the entire day, take a deep breath. | ||
| President Trump's in control process. | ||
| The only issue we have... | ||
| With President Trump and the path he's going down, now he controls the process. | ||
| The moment, and that can happen, the moment that he doesn't control the process, and I'm less concerned right now with a court challenge, of course they're going to try to tie Trump up, or a political challenge coming from the rhinos in the Senate. | ||
| The bigger issue to me is something like a margin call and a credit event that all of a sudden things start to spin where you just can't control them. | ||
| And that's why you got to be very careful in this. | ||
| I know President Trump is monitoring it with his team of Scott Besant and the people over at the Treasury and also Peter Navarro. | ||
| But Peter Navarro is out there and Peter Navarro talking for President Trump ain't backing down an inch. | ||
| The other is geopolitically. | ||
| And this is critical because the trade deficit and the debt are inextricably linked. | ||
| Two sides of the same coin. | ||
| And that is America spread out over hell's half acre and everybody taking advantage of us. | ||
| Now, the massive pivot that President Trump has had, because you think about it, we're not going to be spending the money on defending Western Europe or the Gulf Emirates or even around the South China Sea eventually. | ||
| This is all going to go back to a hemispheric defense. | ||
| Not that those areas are not important. | ||
| And quite frankly, the South China Sea and around Taiwan where they have this chip. | ||
| Plants is vitally important to our economy, whether you like it or not. | ||
| Whether you take the high moral ground that Taiwan's independent or you just say, hey, I don't care and we're never going to defend them. | ||
| The geopolitical pivot is monumental. | ||
| And he's saying, we're going to go back to the Monroe Doctrine 2.0. | ||
| And part of that's manifest destiny. | ||
| And here it is. | ||
| The pivot of the world is not the Eurasian landmass. | ||
| It is not Mackinder's whoever controls the Eurasian landmass controls the world. | ||
| He's saying the pivot for the United States of America is the vast Pacific. | ||
| Okay? Starting at those three island chains, that vast Pacific that is a natural barrier to the Eurasian landmass and protects the United States. | ||
| If you look on its east coast, what you have to do is go from Greenland all the way to the Panama Canal. | ||
| You go from Greenland to the Panama Canal. | ||
| You take the Panama Canal. | ||
| You work out something with Greenland. | ||
| You establish naval bases there, particularly submarine bases. | ||
| You've blocked the Russian Navy from the Arctic. | ||
| You actually have a play then to make sure that China, the CCP, and the Russians can't come at you through the Arctic. | ||
| You control the Panama Canal and the CCP's Navy goes back past the Three Island Chains and bobs your uncle. | ||
| Today, Pete Hegseth, and remember, Pete started his tour by doing what? | ||
| Flying over the vast Pacific, which is the heartland of the United States strategically, to Hawaii, the third island chain. | ||
| Then to Guam, the second island chain. | ||
| And then to the Philippines and Japan, the first island chain. | ||
| Today, the Secretary of Defense will leave early this afternoon and go where? | ||
| He will go to Panama after J.D. Vance, the Vice President of the United States, with Waltz, the National Security Advisor, last week went to where? | ||
| Greenland. Today, going with him, is our own Rahim Kassam. | ||
| Rahim, put it in perspective. | ||
| How important is this? | ||
| The Secretary of Defense is actually going down to begin the process of our reclaiming the Panama Canal from the Chinese Communist Party, sir. | ||
| Yeah, thanks, Steve. | ||
| Thanks for having me. | ||
| I'll be shortly leaving here for Andrews Air Force Base. | ||
| We'll be traveling with the Secretary of Defense over there to Panama. | ||
| He has a packed out schedule over the next three days, and I'll be bringing coverage live on all social media platforms and on the National Pulse for it. | ||
| And it really revolves around exactly what you're talking about, right? | ||
| It's been a long time since we've seen an assertion of American strength, manifest destiny, the idea that you can And it's critical, because it fits not just, in fact it doesn't even fit this current administration and its next. | ||
| Three, four years. | ||
| What it is, it's about the future of American security. | ||
| It's about the future of shipping. | ||
| It's about the future of US military and power projection. | ||
| And this is not the first step, as you said. | ||
| And it certainly won't be the last. | ||
| Because what I intend to bring up with the Secretary today and tomorrow along the trip is other American critical pivot points around the world that have not just been left. | ||
| You know, degraded over time and abandoned almost by the previous administrations, but also that are now currently in the process of being traded away by America's so-called allies. | ||
| One of those, as a lot of your audience knows, because I know Nigel Farage has been on this show to talk about it in the past, are the Chagos Islands, and Diego Garcia being a critical base over there in the Indian Ocean. | ||
| And the British Labour government is in the, well, they think the end game of giving these islands away effectively to the Chinese Communist Party. | ||
| So there's a lot at stake over the course of this trip, and there's a lot that I intend to get out of the Secretary of Defence along the next few days. | ||
| A couple things. | ||
| Number one, and we're going to hold you through the break here, Rahim, because we've got a lot of questions about this as we monitor the geoeconomics of this. | ||
| In Panama, I mean, the thoughts are, Right now, the CCP has held up Larry Fink in, was it Blackstone, or BlackRock, actually purchasing From what is it, Lee Kao-Shing and Hutchinson and Wampoa, the entire Stevedore operation, or actually the management of the ports, not the management of the locks. | ||
| The management of the locks are with the Panamanian government, and that's what I believe the United States will slide into. | ||
| But the docks themselves, the actual operation of taking cargo on and off, that has been blocked. | ||
| Number two, you have this whole issue of the Caribbean. | ||
| Right? What's got to happen there? | ||
| You've got Venezuela, but most importantly, you saw over the weekend millions of people in the streets in Brazil to support Bolsonaro. | ||
| We'll talk later about Le Pen and the millions in the street in Paris standing up for Le Pen. | ||
| But when you're there with Pete... | ||
| That whole geostrategic, like, what is the methodology we're going to do? | ||
| How important is this? | ||
| Are we also going to block the Darien Gap Harbor down there? | ||
| What does it mean for the Caribbean? | ||
| And why is no one in the U.S. government to date standing up and vocally saying, hey, what's going on in Brazil where they're trying to put Bolsonaro in prison and actually have him assassinated? | ||
| We won't allow happen, sir. | ||
| Yeah, I mean, you know, the... | ||
| The problem that you've laid out is, and I don't know if you mind me saying this, that you're not in the administration. | ||
| There are very few characters in the world who could, in a 60-second thing like you just did, pull all of those things together. | ||
| And this, I know for a fact that while this administration is doing as much as it can do, a lot of this stuff is new to a lot of the new actors in there. | ||
| A lot of the people that are now in these positions of power have not necessarily been, you know, banning babies for the last 10, 15 years and heard all of these arguments and understand this. | ||
| And they're getting to grips with it right now. | ||
| I hear that stuff all the time. | ||
| What are we paying attention to there? | ||
| What's going on with Le Pen? | ||
| All of this stuff. | ||
| And as you know, in the coming up of government, It's one thing then to understand it. | ||
| It's a totally other thing to act on it. | ||
| And right now, I don't mean this as an insult in any way, but they're clearly still finding their feet. | ||
| I mean, they're clearly still finding personnel. | ||
| And if anything must be done between now and summer, it's to finalize and fill all those positions because you actually don't have people who are willing to execute. | ||
| On things like what's going on in Brazil, on things like what's going on in France. | ||
| And while, look, I think the Vice President's team, who I talk to quite often, have a very firm grasp of especially what's going on in Europe. | ||
| We saw that during the Paris and the Munich trip. | ||
| They can't do the work of the State Department themselves from the VP's office. | ||
| So we need more talented people. | ||
| Steve, we might have to get you into Secretary of State at some point. | ||
| No, no, no. | ||
| I got a full-time perch here. | ||
| Now that you abandoned me, Rahim, to travel the world, we're going to come back. | ||
| We're all going to talk about Diego Garcia, some other things that go through with Rahim on a weekend of geopolitics and geoeconomics. | ||
| We're in a live fire exercise in world markets this morning in the War Room. | ||
|
unidentified
|
Since Trump has gotten back to the White House, we are seeing prominent Republicans in Congress directly criticize his actions. | |
| People, as you heard, like Ted Cruz, like Rand Paul. | ||
| In fact, I don't see many Republican leaders coming forward to defend what Donald Trump has done. | ||
| The reason here is simple. | ||
| Trump is not just gambling with the American economy here. | ||
| He is putting Republican political fortunes at risk. | ||
| We see some of the biggest stock market declines. | ||
| ...since the Great Depression. | ||
| Dire warnings of a recession, of inflation, and not because of outside forces like a pandemic, but because of the direct actions of the Republican president. | ||
| Rand Paul, for one, is predicting dire consequences for his party if this goes forward. | ||
| Dire consequences, he says, that could take years to overcome. | ||
| Some Republicans also question whether the president has the legal authority to impose these tariffs that he has imposed, and these legal challenges are coming. | ||
| George, this is important. | ||
| There will be legal challenges to these tariffs, possibly by the end of the week. | ||
| I spoke to a prominent Republican, a conservative legal figure last night. | ||
| This is somebody close to the president who told me that he believes that the Supreme Court would likely declare the president's actions unconstitutional. | ||
| The issue here is the authority he has cited, that the Emergency Power Act that he has cited does not explicitly give him the right to impose. | ||
| Okay, the important thing there, Rahim, is what Jonathan Karl's reporting is about quote-unquote conservatives and Republicans. | ||
| A Republican revolt in the Senate led by Ted Cruz, although Ted Cruz is not really, it's really Steve Daines and these guys behind the scenes. | ||
| He's already got seven on the record. | ||
| And a prominent legal figure, Reed Leonard Leo, in the Federalist Society is going to come in because that's that whole Milton Friedman crowd, right? | ||
| They're all coming for Trump. | ||
| They're all coming for the economic nationalists. | ||
| They're going to try to go to, and think about it, they're going to go to the courts and they hope the Supreme Court bails them out. | ||
| Your thoughts, sir? | ||
| Yeah, look, my initial reaction to all of that is, you know, for the crowd that's been screaming, Fiat currency and audit the Fed and all of this stuff, they're certainly very quick to defend big corporate interest, which is nothing like the Ayn Rand novels that they keep tucked in their beds with them every night. | ||
| And it's not just hypocritical. | ||
| It actually shows a strain of deceit. | ||
| ...that still runs deep through the Republican Central Party apparatus. | ||
| I've talked about this for years now, but we talked about it, what, last week, when we talked about what's going on in the Republican Party of Texas? | ||
| You look at what's going on, by the way, in the Republican Party of Florida at the moment, where even Governor DeSantis is having to fight off rhinos in his statehouse who are attempting to stop him from making any strategic reforms in the state. | ||
| And the same thing is happening here on Capitol Hill. | ||
| Look, I know it doesn't even need saying, but these people will revert to type. | ||
| Why? Take a look at their FEC declarations. | ||
| Take a look at who donates to their PACs. | ||
| These are the same people, and they're burning down the phone lines. | ||
| They're not your senators and congressmen, ladies and gentlemen. | ||
| They're their senators and congressmen. | ||
| They are burning down the phone lines all weekend to these people saying, hey, you get in there on Monday and you stop this guy. | ||
| You stop him ruining our monopoly. | ||
| You stop him ruining our markets and our wealth and our richness. | ||
| And listen, since 2008 to 2021, we have seen the largest wealth transfers in human history. | ||
| And the people who got not just rich, not just wealthy, not just did well. | ||
| Greed, greed is in their eyes and in their hearts. | ||
| These are the people who are saying, hey, one of my billions is missing now. | ||
| I'm going to need that back. | ||
| And it's at a cost to you. | ||
| Ladies and gentlemen, it's a cost to the manufacturing base of this country. | ||
| It's at a cost to the nation's own security, right? | ||
| The very fact that you are not manufacturing things in this country, you are going to turn out like the United Kingdom if you continue down this road of creating nothing and having nothing. | ||
| And for these people who sit a half a mile down the street from me in the capital to be doing the bidding of these major corporates who are peeved this Monday morning that they lost a couple of more points. | ||
| On their stock valuations, without recognizing, without realizing, and without even paying heed to the fact that Donald J. Trump walked onto that campaign stage, on that rally stage, every single day during the campaign. | ||
| And he told people he was going to do this. | ||
| And he warned them that tariffs were coming. | ||
| Did they think he was joking? | ||
| Did they think it was a game? | ||
| Well, now they're finding out what it's like to be on the receiving end of that game and on the receiving end of being treated like the poor were treated during the market crash in 2008 and like the poor were treated during COVID. | ||
| Strip their money. | ||
| Who cares about them? | ||
| Well, I got news for you. | ||
| Who cares about you, corporate America? | ||
|
unidentified
|
Yeah. | |
| All this nonsense about the prices going up, I don't think it's going to happen. | ||
| Let's play. | ||
| Your favorite person, step to the microphone to submit. | ||
| Let's go ahead and play this, Rahim, and have your commentary. | ||
|
unidentified
|
We stand ready to negotiate with the United States. | |
| Indeed, we have offered zero for zero tariffs for industrial goods, as we have successfully done with many other trading partners. | ||
| Because Europe is always ready for a good deal, so we keep it on the table. | ||
| But we are also prepared to respond through countermeasures and defend our interests. | ||
| Okay, right there, Rahim. | ||
| And by the way, it's the non-tariff barriers that the Germans, particularly this is why I see no American cars in Europe. | ||
| Rahim, your response to the head of the European Union? | ||
| You know, just before I do that, do you know what winds me up so much about this at a personal level? | ||
| My parents lost everything in 1992 when George Soros shorted the pound. | ||
| And I lived firsthand what Americans have had to live firsthand since 2008, right? | ||
| I've seen it. | ||
| I've seen the look in my father's eyes, you know, going through that process of bankruptcy, of losing everything. | ||
| And this man comes along called Donald Trump, and he promises. | ||
| He doesn't just suggest. | ||
| He pledges. | ||
| He swears an oath, in fact, if anybody forgot. | ||
| That what he was going to do, what he said he was going to do on the campaign trail, he would enact as President of the United States in America's national interest. | ||
| And that's what he's doing. | ||
| And I could, you know, I don't expect anything more from the Democrats. | ||
| Go ahead. | ||
| Hang on, just hang on. | ||
| I know you've got to bolt to Andrews, but I'm going to hold you through a 90-second break as we start Hour 2. Raheem Kassam's with us. | ||
| He's about... |
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