Episode 5515: China Is Manipulating American Trade

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Bannon`s War Room 54 min 5 speakers 5 chapters transcribed

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Transcript generated automatically by AI and may contain errors.

What is the show's opening framing and breaking news lineup?

Stephen K. Bannon 0:02

This is the primal scream of a dying regime. Pray for our enemies, because we're going medieval on these people. I got a free shot. All these networks lying about the people, the people had a belly full of it. I know you don't like hearing that. I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen.

Unknown 0:24

And where do people like that go to share the big line? Mega media. I wish in my soul, I wish that any of these people had a conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved. War Room. Here's your host, Stephen K. Bann.

Stephen K. Bannon 0:50

Okay. Tuesday, 14 July, Year of the Lord, 2026. We're going to go. We got Navarro on the phone with some breaking news from the White House. Eric Metaxas is going to join us here momentarily. Peter, we had a good print today, as Rick Santelli tells us. Is that solely because oil prices were coming down for a moment as we because we notified Congress last night that we're back at war? It starts the 60 day clock. Is there now, I guess, bought into the process of. of the War Powers Act, which I think is totally unconstitutional, but I guess you're going to do it, you're going to do it, right? Maybe we'll test the constitutionality of that. But the print was a good print, was it not, sir?

Peter Navarro 1:34

Yes, but see, it was not a good print because oil prices went back down. Yes, that was part of it, but We have a broad deflationary trend that's been going on for over a year because Trump policies are basically deflationary. We were getting increased productivity. You saw in this again, real wages are up. And if you just go category by category by category, They're benefiting from Trump policies. Remember, the big ones are the deregulation, the tax cuts, which lower the burden both on businesses and give people purchasing power. You've got strategic energy dominance, and you've got the fair trade. Good print. The big thing here, they did a little piece for real clear markets. The line is, you know, it's one thing to get egg on your face.

Peter Navarro 2:28

It's another to get a whole omelet. You had this guy, Chris Waller, one of the Fed Board of Governors, Coming out yesterday, basically arguing for rate hikes and whining about, you know, watch the CPI tomorrow. And sure enough, today, it's exactly the opposite. That's an omelet on your face, brother. That's an omelet. And I'm just it's really important that that Walsh. gets a little religion on this message, Steve. You don't raise rates into the teeth of an energy price shock, okay? Bernanke didn't do it. Greenspan didn't do it. You don't do it because it won't work. It won't help, okay? And you've got these clowns on the board of governors who are Bidenites and Powell likes, and it's just troubling to hear that.

Peter Navarro 3:26

And then you get a great print like this. So, you know, let's see what happens. We're fighting hard at the White House to get prices down.

Stephen K. Bannon 3:34

But hang on, but hang on, but hang on, but hang on. But how can Warsh, he just got over there. Right. There's 28,000, some sort of absurd number that's over at the central bank, which I question why do you even have a central bank? But for the first time, you actually have governors that are hostile to the administration. You've got Powell. You've got Waller. I mean, Warsh is walking in over there like it's Saigon in 68. Is it not, sir?

Peter Navarro 4:02

It's pretty much five of the seven, Steve. Four are Biden appointees. Waller... He's a Minnesotan. I don't know what they drink in the water there, but those folks don't think straight. And I'm concerned about Warsh, to be honest, because he came out way more hawkish. in his first speech than I think conditions warranted. I mean, this whole idea of putting inflation first. I mean, the Fed's supposed to balance employment. That's our people, Steve. Okay. Wall Street ain't worth employment with inflation. Okay. And when you put the inflation target first, in a trump world where everything we do is designed to lower the inflation rate it creates the kind of cognitive dissonance we got with powell going back to the first term where he's raising rates because he think we we can't grow that fast without causing inflation and sure enough we grow that fast without causing inflation but they put the rate hikes on then they slow us down it's like