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April 11, 2025 - Sean Hannity Show
35:15
Defending Trade - April 10th, Hour 2
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All right, thanks, Scott Shannon.
Hour two, Sean Hannity Show, Toll Free.
It is 800-941, Sean.
If you want to be a part of the program, later in the program, the president had a full cabinet meeting earlier today.
And if you want to hear America's future and how dramatically different and open and transparent and how transformational and consequential everything that every department is now doing to get this country back to constitutional order, it's actually pretty inspiring.
And it's pretty amazing what every single person is up to right now.
And it's amazing.
Now, the big issue before everybody is after 50, 60 years of getting ripped off, abused, taken advantage of, and American presidents and American Congresses allowing this to happen, hurting American manufacturers, hurting the working men and women in this country, the people that really do make this country great.
It is making us dependent on items we should never, ever be dependent on.
For example, semiconductor chips or pharmaceuticals.
We learned that during COVID.
God forbid there's COVID 2.0.
You know, the 9-11 Commissioner Report concluded, oh, they were at war with us, but we were not at war with them.
Well, all these nations around the world economically have been at war with the United States, taking advantage of us, ripping us off, abusing us, and we've been taking it.
And now we've got a president saying enough is enough, and he's given countries a choice, and that is free and fair trade or reciprocal tariffs.
And the choice is pretty much theirs.
Now, the European Union charges 10%, for example, on American automobiles that are sold in Europe.
Then they have a 20% VAT tax, which is a value-added tax national sales tax.
That's 30% increase on the sticker price of an American car.
Is it any wonder?
For example, Germany sells nearly 10 cars in America to every one American-made car sold in Germany.
It becomes cost-prohibitive.
And we're supposed to just sit back and take that.
And then they go into energy deals with Vladimir Putin, and none of these countries end up paying their fair share.
We pay the bulk of the freight for NATO to protect them from Russia.
How stupid is this?
That's why Chancellor Merkel got the white flag of surrender back in Trump's first term.
Anyway, we welcome back to the program our friend Peter Navarro, an American economist, author who is currently senior counsel for trade and manufacturing for the U.S. Peter, great to have you back.
How are you, sir?
I'm doing fine, Sean.
America's doing fine.
That was a very, very good and historical day for America yesterday.
I think it's probably the greatest day in American trade history.
We've got now a global tariff of 10% around the world.
And we've got over 80 countries now coming in with the acknowledgement that they've been cheating us, willing to deal, which will basically help bring home our manufacturing and equally important, reduce our massive, massive, massive trade deficit with them.
And this was a beautiful master negotiation out of the reciprocal trade deal that we watched.
And Sean, yes, there were so many people in the media and on Wall Street and up on Capitol Hill, nervous Nellies, who just did not trust in Trump.
And Donald Trump showed, once again, and I don't know how many times he has to keep proving this, that he is the master of the negotiation, and you just have to get behind him, stay behind him, and let him do his thing for us.
Now, there is some ambiguity in people's minds because there are other issues that we have with other countries.
It's not just free or fair trade or reciprocal tariffs.
That is probably the bulk of the issue for most of the countries that we're going to be dealing with and whatever trade deals are ultimately going to be made.
And if some of these countries decide that they want reciprocal tariffs, they're going to do it to their own detriment.
My argument is the strength of Donald Trump, and you have to have a backbone of steel to do what he's doing, is that he understands that all these countries, they desperately need access to American markets, and that would include China.
But then you have, you know, kind of the, it gets, the waters get a little muddied, if you will, if you get away from free and fair and reciprocal tariffs, and then you start negotiating about currency manipulation or trade deficits with a country.
And by the way, it may not necessarily be, well, we'll have a trade surplus with country A, we'll have a trade deficit with country B.
It all depends on what we're importing and what we're exporting.
I think overall, when the president's energy dominance program gets up, Europe is going to want our energy.
It's going to be in their national security interest to get energy from America and not from Russia.
That would add, I believe that would create a trade surplus, don't you think?
Let me clear the waters on this for people to understand.
So the whole notion of reciprocity is that we will charge them whatever they are going to charge us.
And the higher tariffs that the world charges uniformly around the world, Sean, are only a very small part of the way they cheat us.
It's the non-cheating, it's the non-tariff cheating that really sticks it to us.
And it's the currency manipulation.
Let me count the ways.
I can probably get up to 10, but it's currency manipulation.
It's the VAT taxes.
It's the dumping, the export subsidies, these technical barriers to trade that keep our autos out and say in Japan, the agricultural barriers to trade, which prevent our pork and our beef and our chicken from going in.
It's the lawfare they're waging against our digital companies.
It's the trans shipping.
It's the sweatshop labor.
It's the pollution havens.
I think I'm pretty damn close to 10.
And intellectual property theft is just costing American companies untold hundreds of billions, if not trillions of dollars.
Trillions every year, Sean.
And so the point here is it's very clear.
The waters are very clear.
It's like they have to stop doing that to us.
And we were very careful about how to value those non-tariff barriers, that non-tariff cheating in a way which was reflected in the reciprocal tariffs we're charging them.
Now, think about where we are.
Think about where President Trump has put us in a negotiating position.
We've established a clear global broad tariff that's going to bring in billions of dollars a day, billions of dollars a day.
And every dollar is going to go back to the American people in terms of tax cuts and debt reduction.
All good there.
We've established our reciprocal trade tariff over and above that, Sean.
And we are putting that on pause.
And so the only thing that's going to happen now is we will lower that portion of the tariff, the reciprocal portion of the tariff, down, but only if they lower their non-tariff barriers.
Europe's coming at us.
Vietnam's coming at us.
Let's go to zero tariffs.
That does nothing, nothing for us.
It's the non-tariff cheating.
I can't stress that enough.
I don't think it does nothing.
I think it's a win, but it's certainly not comprehensive enough to have an equal playing field.
I'll tell you what.
I think they're eliminating tariffs.
However, it gets complicated in this sense.
A VAT tax is a tariff.
There's no other way to put it.
It's also an export subsidy.
In other words, they don't just tariff us, sending stuff to them.
When their BMW comes to the U.S., the German government gives them an export, they give them a rebate on the VAT, which acts as an export subsidy.
It's incredible.
So it's a double-edged tool.
But anyway, go ahead.
Can you explain how currency manipulation has taken place?
Because it's not a concept I think most people would be aware of.
Sure.
The way it works is every country in the world has some, their currency has some relationship to the dollar.
So in order for China, say, to buy $1, they've got to give seven yuan.
Now, what happens is if we tariff them, and this is what they do, or if they want to sell more exports to us, what they do is they devalue their currency, devalue.
They make it so their currency is less and the dollar is stronger.
What does that mean?
It's like a stronger dollar will buy more in China.
A weaker yuan buys less in the U.S.
So they win both ways.
And the way they do it is through central bank interventions where they're buying or selling dollars depending on which way they want their currency to go.
And it's pernicious.
One of the big surges that we had for several years with China when they were just taking tens of thousands of our factories, it was almost all currency manipulation.
And then the other things they do is they dump, which is sending us stuff below cost.
I don't even remember that famous time cover where they had a thing called the China price.
And they asked the question, how does China sell stuff in America for 50 cents less than everybody does it on the dollar?
And it was all about the cheating, the currency dumping, the export subsidies, the state government-owned enterprises, stuff like that.
So the Treasury Department watches all this stuff carefully.
And it's a very potent tool.
So when the reason, Sean, why we didn't see any inflation when we put the big tariffs on China is a lot of the burden was borne by the exporters themselves.
You know, they had to sell, so they lowered their price.
But they also devalued their currency.
That's the currency manipulation.
So it's all a central bank thing and it's a weapon.
How soon with the 75 countries that created the 90-day pause, how soon do you expect deals to be announced and what countries do you expect will move expeditiously?
Because I would probably make the argument, I think I know Trump pretty well.
I've known him for 30 years and I've supported him ever since he got into the political arena, as you know.
I'm pretty sure if you get one of the first 20 deals, you're probably going to get a better deal than if you got the last 10.
Well, I'm not sure.
Do you know what it's like to negotiate an interview with him?
I'll ask him.
I'll say I need an hour.
If I need an hour.
I know a little bit about negotiating with the boss.
And it's fun.
Fortunately, I've been more of an observer of that than having to negotiate with him myself.
I shouldn't say.
I mean, he is hardcore.
If I say I want an hour for the TV show, you know, he says, I'll give you 20 minutes.
That's where he starts.
And by the way, he has every intention of giving me the time for the full hour, and then he usually will go way overtime.
And then I'll have more material for the next night.
And that's on him.
So I'll usually settle at like 35 minutes, knowing that he's going to stay in the chair for the 44 minutes that I need to get for the full hour.
And then he'll go overtime because once he's in the chair, we just keep talking like friends.
That's all it just keeps going.
Understood.
Well, he's going to take, he's going to be the lead negotiator.
But we've got a great team.
Jamison Greer, the USTR, knows chapter-in-verse, all of these non-tariff cheating that goes on.
Howard Ludnick, in his own right, is a fantastic negotiator.
Scott Besson knows a lot about the currency manipulation and the financial ways that they screw us.
And you've got Kevin Hassett doing wonderful background analysis and making sure the flow of world leaders comes in properly.
And then the vice president has been just beautiful on all of this.
He's very involved, very engaged, and very, very knowledgeable.
It's very, very different from Mike Pensk.
I mean, JD knows his stuff, and he lived it.
He grew up getting hammered by the unfair trade, particularly with China.
So, you know, you'll see deals, and there'll be great deals for America, and they'll start flowing.
I mean, but we got 90 days, and we're up to almost 90 countries, and this can be done, and they're going to be coming.
Well, let me ask you this exit question.
Do you agree with me?
I think China will come to the table.
I think a deal eventually will be struck with China because they have to have access to our markets.
It's very much in China's interest.
And yeah, I've been saying, Jean, for almost 20 years now that this could be a great thing both for China and the U.S. because what China should have been doing is gradually moving towards a more domestic consumption economy.
They're heavily export-dependent.
And that means they're heavily export-dependent, not just on the United States, but on Europe and other parts of the prosperous world.
And China's really not going to be the world power and the respected nation, and it wants to be until that day that it has a strong domestic market.
And the people of China would be better for it.
So, yeah, I mean, the president keeps saying that China would love to make a deal, and he'd love to make a deal with them.
So let's see what happens, as the boss says.
But in the meantime, I think the people of America should be really heartened by what happened yesterday.
It's amazing, and it all played out.
I think it's that too.
But I think Americans should be happy that all these countries realize that they've been ripping us off.
That's why they so quickly move towards, can we do a deal?
And I hope these deals get done quickly.
I'm just looking at the clock because of the constraints of time.
I have to let you go.
Peter, we do appreciate you.
As you know, thanks so much, as always, for being with us.
It was good to talk to you, Sean.
Fight the good fighters.
Thanks, brother.
800-941-Sean, our number.
Hey there.
I'm Mary Catherine Hamm.
And I'm Carol Markowitz.
We've been in political media for a long time.
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That's why we started Normally, a podcast for people who are over the hysteria and just want clarity.
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Every Monday, Wednesday, and Friday, we break down the news and bring you behind the scenes inside the White House, inside the Senate, inside the United States Supreme Court.
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We arm you with the facts to be able to know and advocate for the truth with your friends and family.
So down with Verdict with Ted Cruz now, wherever you get your podcasts.
What I told people I was making a podcast about Benghazi, nine times out of ten, they called me a masochist, rolled their eyes, or just asked, why?
Benghazi, the truth became a web of lies.
It's almost a dirty word, one that connotes conspiracy theory.
Will we ever get the truth about the Benghazi massacre?
Bad faith political warfare and, frankly, bullshit.
We kill the ambassador just to cover something up.
You put two and two together.
Was it an overblown distraction or a sinister conspiracy?
Benghazi is a Rosetta Stone for everything that's been going on for the last 20 years.
I'm Leon Nayfak from Prologue Projects and Pushkin Industries.
This is Fiasco, Benghazi.
What difference at this point does it make?
Yes, that's right.
Lock her up.
Listen to Fiasco, Benghazi, on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
Here to weigh in on, you know, where we are in terms of President Trump, his 90-day suspension of these tariffs.
He's only staying with the 10% tariff.
We have been ripped off by country after country after country, including allied countries, for the longest period of time.
Why Americans don't understand this fact?
And it has hurt our economy.
It has hurt our manufacturing.
It has hurt our automakers.
It has hurt our farmers.
It has hurt our ranchers.
It has hurt our economy overall.
And this has gone on.
It's, you know, the establishment institutionalist mindset is: oh, no, no, no, no, they're going to get mad at us and everything.
And we're going to have a trade war.
And the skittish, you know, people on Wall Street freak out at any change.
They like the status quo.
Although, don't kid yourself, a lot of people on Wall Street make money when the market goes up and they make money when the market goes down.
You know, what most people don't know is about 50%, over 50% of Americans, they're not even in the stock market.
And the people that are going to benefit are the people that will, with all, with the $7 trillion in committed investments from countries and companies, which I've been scrolling all over TV every night to educate people or try to, that is going to be massive, a massive input of high-paying career jobs for Americans.
And with manufacturing about to explode, that's going to be huge for the American economy.
Couple that with the president's plan on energy and energy dominance, and you couple that with the $150 billion that Elon announced, and we'll play this cabinet meeting in the final hour today because it was so worthwhile.
$150 billion in saving at Doge, you've got yourself, you're lining America up for the longest period of peacetime economic growth in our lifetime.
And it's just a matter of people having a little bit of patience and a little bit of understanding about the varying components and that it takes time to do these things.
It's going to take time to get these factories online, these manufacturing centers online.
However, the money's committed.
It's over $7 trillion.
It's going to take time to get that energy out of the ground, but they'll get it out quickly.
They've been incentivized to do it.
President's even proposing and has put out there the idea that any new manufacturing center could be 100% tax deductible.
Add that to reconciliation, which is now well on a path towards success.
Thankfully, it passed in the House today.
We have major, major economic opportunities that will transform America's economy.
And it also has national security implications if we start producing our chips and semiconductor stuff right here in America.
Guess what?
We're not dependent on other countries.
If we need pharmaceuticals in this country, why don't we produce our own rather than rely on other countries?
God forbid there's COVID 2.0.
Anyway, Steve Moore is with us, economist, author of the bestseller, Trump and Omics, inside the America First Plan to Revive Our Economy.
This is exactly what the president promised that he would do.
And when he announced these tariffs, he got the world's attention.
I know the, look, there's Main Street and then there's Wall Street.
I care about the people on Main Street.
And yes, is there a temporary decline in the stock market?
We saw yesterday the biggest one-day gain in history.
But putting that all aside for a second, because that's not my biggest barometer.
But long term, the play that the president is making is basically a declaration of economic independence and basically one saying we're not going to be abused, taken advantage of, or ripped off anymore.
And I think that message resonates with Main Street, but the people of Wall Street, they kind of like the system the way it is, don't they?
Well, it's almost like we have a Kick V sign plastered on our back.
It's true.
And so, listen, I wanted to just give one piece of little advice to people in terms of the market.
The market was way up yesterday.
It's coming down a little bit today.
You know, my strategy is buy the dips, buy these dips because the economy is going to rush back to good health.
And when that happens, American businesses are going to do well.
So you want to be invested.
And I just say, every time I see one of these sell-offs, I'm buying.
I'm buying stock because I believe in the Trump agenda.
And by the way, let's not forget, Sean, for people who do watch the stock market, remember how much the NASDAQ was up in Trump's first term?
140%.
The Dow was up 60%.
The S&P 500, almost 75%.
But in the beginning of his term, when he announced tariffs against China, the market took a hit at that point.
And then he got a deal with China.
I predict he's going to get a deal with China.
I think China has no choice.
They're going to want access to our markets.
Now, China has another problem, is European countries, they have responded to the high tariffs that China has put on their countries, and they have responded with reciprocal tariffs themselves.
It's ironic that they don't like reciprocal tariffs put on them by America because they've been abusing us for so long, but they did it to China.
Well, that's exactly right.
And incidentally, I think it's so interesting that the media, they report every day when the stock market is down.
But a lot of your listeners probably don't know this because it's not reported by the media.
China's stock market is way down more than ours is.
So they have way more to lose by not coming to an agreement with Trump than we do.
I mean, if they can't trade with the United States, China is going to go into something that looked like the Great Depression that we had in the 1930s in the United States.
They cannot possibly grow their economy if they can't sell products to our $20 trillion consumer market.
And so Trump understands that.
I really believe, having been around him now for the last eight years, this guy is like at least two moves on the chessboard of everybody else.
And that's why he's been so successful.
I want to make one other quick point.
And if I may, Sean, you did a good summation of what's happening with the economy.
You left out something.
We got a really good inflation number today.
Surprise, surprise.
Trump has ended the Biden inflation.
This is two months in a row now.
An unexpected dip.
I mean, there's nothing this guy can do right in any way, shape, matter, or form.
The White House National Economic Council director Kevin Hassett announced that trade deals are moving very, very quickly.
Nearly 20 countries are sending in proposals now.
There's over 75 countries.
And this is the reason the president put the pause in place is because these countries reacted the way they should have reacted.
They know they've been ripping us off all these years.
And the president was interesting in this cabinet meeting, which is why I'm going to play some of this in the next hour, when he said, I don't really blame them.
It's the people that were president at the time, and this has gone on for 50 or 60 years, they've allowed our country to be ripped off and taken advantage of.
And any American president at any time could have and should have stopped this.
But they don't have the intestinal fortitude of a Donald Trump to say, sorry, you don't get to rip off America.
You don't get to hurt American manufacturing.
You don't get to hurt American auto workers.
You don't get to screw us over and, meanwhile, make a fortune off us at the same time.
Well, as you know, I do believe in free trade.
I understand how important it is to the world economy.
But don't you believe in free and fair trade?
Exactly.
Yes, that's what I was saying.
What Trump has really convinced me of is that when their tariffs are two, three, four times higher than ours are, that simply is not a fair playing field.
It's not a level playing field.
And Trump is basically flexing our economic muscle.
He is exerting American power to force these countries to do what they should do anyways.
I mean, I told you earlier this week on your show that, you know, these Europeans and the Japanese and all these, and the Chinese are so sanctimo, like, gee, you know, Trump is starting a trade war.
We didn't start this.
How did we start it?
We've been the victim of this.
All right, quick break.
More with Steve Moore on the other side.
Toll-free on numbers 800-941-Sean, if you want to be a part of the program.
In the next hour, we'll take you inside the president and his cabinet secretaries from earlier today.
A fascinating meeting today.
Don't forget our Tesla contest.
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Final hour roundup is next.
You do not want to miss it.
And stay tuned for the final hour free-for-all on the Sean Hannity Show.
All right, we continue now with Steve Moore.
Now, the European Union suspended their, quote, retaliatory tariffs against the U.S.
We want to give negotiations a chance.
I'm sorry.
You know, we only charge a 2.5% tariff on European countries, for example, on automobiles.
They charge a 10% tariff, but then they got something called a value-added tax, a VAT tax, national sales tax.
So that's an increase of 30% on the sticker price of any American automobile that's ever sold in Europe.
Well, that makes it cost-prohibitive for most people in Europe.
That's why we sell so few automobiles, America-made automobiles in Europe.
Germany, for example, sells 10 German cars to like one American car sold here.
94% of cars purchased in Japan are Japanese-made.
And at some point, we've got to level the playing field.
Why does Japan, a country that depends on us, like European countries depend on us for the national security?
Why are they putting a 200% tariff on rice, for example?
Why is Canada putting these ridiculously high tariffs?
They start out at, what, 5%.
You sell X amount of dairy goods, which is like done in three weeks, and then it's a 200, 250% tariff.
They're hurting our farmers.
They're hurting our dairy farmers.
They're hurting our poultry people.
They're hurting everybody.
Well, there's another element to this.
Everything you said is absolutely correct, which is now what Trump has basically done is laid down the law, which is we are going to isolate China because they are the bad actor.
They are the new evil empire of the 21st century.
I think you'd agree with me on that, Sean.
And it's going to be interesting to see what these other nations that are supposedly our allies do.
I mean, Japan's saying, well, maybe we'll trade with China.
Can you imagine anything stupider than that?
I mean, China is a menace to the whole region, and we're not coming to their rescue if China invades them.
If they stick a knife in our back, same thing with the Europeans.
I mean, how much have we spent on NATO over the last 40 years?
What, a trillion dollars?
Now they're saying, well, maybe we'll trade with our enemy.
Okay.
If that's their option, maybe they need to take a look at the tariffs that China currently has on them.
So they're going to prefer to make a trade deal with China or China is going to try and bypass the U.S.
No, all of them want access to our markets.
China is not going to be buying European goods the way America will.
They're not going to be buying Canadian products the way America would.
That's not really an option.
You know, it's interesting.
Somebody works on my staff.
It's Ethan.
He works on this radio show.
He said, you remember the 9-11 Commission report?
Quote, they were at war with us.
We weren't at war with them.
For 50, 60 years, all these countries have been waging economic war against America and ripping us off.
And now we're fighting back for once.
And the reaction is, this is outrageous.
You're supposed to be our ally.
Oh, you want this to be a one-sided relationship?
You get what you want.
You get to rip us off, but we can't retaliate.
And then you expect us to pay for national defense for you and you'll come crying to us if, God forbid, you get attacked one day.
Well, China is not just an economic threat.
They're a military threat.
And every time we invent something, have you noticed this?
Whether it's a new microchip or a new computer or something.
Well, the first thing they do, the Chinese, they take all the pictures of it, and they just go to their factories and they make the same thing.
They completely disregard our patent laws.
I mean, they play by none of the rules that lead to innovation.
And they do that with impunity.
Yeah, it's unbelievable.
It really is.
How long do you think this goes on until it settles down?
Here's my prediction.
Pretty soon, in short order, Donald Trump's going to sign deal number one, then deal number two, and then deal number three.
And I think all of a sudden, everybody's going to, all these naysayers are going to have egg all over their face.
That's how I see this playing out.
I said exactly the same thing to the Wall Street Journal today when I was called by a reporter.
You remember that game you used to play when you were a kid called Musical Chairs?
Remember that one, Sean?
Yep.
The music plays, and then there's 12 people running around, there's 11 chairs, and then one person's out.
And then you do it again and again.
And that's exactly what Trump is doing.
And he's saying to these countries, you better not be the one who's not sitting at the table.
You don't want to be the one left standing.
And he's using that as a very shrewd negotiating tactic.
And I agree with you.
I think it's going to be a stampede over the next weeks of companies saying, you know, choose me, choose me, choose me, because you don't want to be the one left out.
And the ones that are laggards, they're not going to get the, as Trump has said this, I'm going to give good deals to the countries that come to the table first.
If you're sitting around hemming and hawing, you're not going to get a good.
So what do you think they're going to do?
I'll tell you, manufacturer, thank you, Steve Moore.
We appreciate you.
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