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Steve Bannon: “The gross interest charges now on just our debt is $1.4…”

Featuring: Steve Bannon, Former White House Chief Strategist | National

'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War

Published April 8, 2025 | Video Starts at 32:39

It's now up to $37 trillion and we're adding right now about a trillion dollars every hundred days. The model is not close to being sustainable. The gross interest charges now on just our debt is $1.4 trillion. Ray Dalio, one of the most sophisticated hedge fund guys just gave an interview to CNBC two weeks ago. He says, hey, I see sovereign debt crisis potentially happening in Europe with these governments. (32:39–32:45)

CLAIM

Asserts that the U.S. pays $1.4 trillion in gross interest on its debt.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Steve Bannon

“We put some of the strictest tariffs ever on China in 17 and 18 and, and prices didn't go up at all on Chinese product.”
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“He [President Trump] shut down the border in 60 days, there's no crossings.”
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“We have a cumulative trade deficit, I believe a $25 trillion.”
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“It's now up to $37 trillion and we're adding right now about a trillion dollars every hundred days.”
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“Between January of 2021, when Biden took office, in January of 2025, when Trump returned, 10 million illegal alien invaders came across the…”
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“The New York Times reports that the tariffs on Mexico alone, the first tranche of tariffs, cut the fentanyl traffic by 50%.”
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“This [Ukraine conflict] has been every bit as bloody, if not bloodier than the start of the Second World War.”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 00:58-47:29
“The net trade deficit with China is 5 or $600 million, excuse me, billion dollars.”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 04:11-04:17
“In Christmas of 19 we had virtually no inflation, lowest interest rates you ever had exploding growth explode, 3 1/2% growth.”
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“There's no evidence when Trump did this the first time, not a scintilla evidence from the largest partner we buy from on, on finished goods…”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 05:18-05:31
“We essentially I think went to economic War with the Chinese Communist Party yesterday.”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 07:16-07:22
“These tariffs I think could put Xi out of business.”
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“President Trump's adamant if you bring the tariffs down, and particularly on reciprocity, you bring the non tariff barriers, which is really…”
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“I think the Biden, the Biden, you know, last year is going to be, I think near a trillion dollar trade deficit.”
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“We have a trillion dollar defense bill.”
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“We're underwriting the security of Western Europe, of the Persian Gulf and the Gulf Emirates of, around the South China Sea and the Straits…”
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“We have trade deficits basically with every part of the. You go around the, the horn, around the rim of the Eurasian land mass. We have…”
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“Reagan and Thatcher were neoliberal neocons, okay. At that time in trying to take on the Soviet Union.”
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“We've been underwriting your defense since World War II and we're kind of underwriting your prosperity.”
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“The European elites are total and complete deadbeats.”
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“You actually realized we have to get to 2 to 2% or 2 and a half percent, which none of you did.”
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“If you took the United States out of Western Europe today, militarily, the whole thing would collapse.”
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“We have a trillion dollar defense budget and we got to cut the defense budget.”
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“We have a 2 trillion dollar deficit every year.”
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“The EU was the first to start bitching and moaning about the tariffs.”
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“President Trump's a real estate guy, you know, back rent. Oh, by the way, you haven't. This was in 2017. Your four years arrears are not me…”
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“A country that has $2 trillion deficit and at that time 32 or $33 trillion in face amount of debt.”
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“They changed it that they actually can run budget deficits because these deadbeats have not paid for the defense in 80 years.”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 21:22-21:30
“The United States, we don't want you, the populist nationalist movement, the last thing we want is the British or the Europeans to be vassal…”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 22:26-22:35
“You're a protectorate, just like Saudi Arabia in the, in the Gulf.”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 22:52-22:55
“The strategic heartland of America, is actually the Pacific, the vast Pacific.”
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“The Pacific, that vast central Pacific is actually the size of the Eurasian landmass.”
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“You have massive financial problems in England that have to be solved now, and it's got to be solved with him or the IMF is going to step…”
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“Diego Garcia is so important. It is actually the linchpin of the Indo Pacific strategy.”
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“My understanding is that giving it back to Mauritius, who's up to the neck of the Chinese Communist Party, there is a lease that's going to…”
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“What the Chinese Communist Party has done is predatory capitalism.”
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“One belt, One road was, was basically lend vast amounts of money to these South Asian and central sub Saharan African countries to build…”
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“Virtually all of them [infrastructure projects] are upside down.”
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“We spend about six and a half or seven trillion dollars a year our tax base. So everything we bring in is about four and a half.”
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“We have a $2 trillion deficit every year.”
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“Ray Dalio...says, but I see a failed treasury auction here where you go to market in refinancing these tens of trillions of dollars you have…”
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“We have an open violent revolutionary movement that singled this guy [Elon Musk] out and gone after his customers.”
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“You can't drive a Tesla into a parking lot of a restaurant or somebody will attack it or attack you personally.”
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“Trump has remade the Republican Party.”
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“The Tory voter is more the credentialed class, like kind of the Democratic Party.”
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“The reformed voter is much more working class, or it's that middle class that really. Remember, it's kind of maga.”
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“We start to have to identify real numbers, particularly on fraud.”
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“The American taxpayer is sitting there going, hey, I don't trust the government to do anything.”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 37:05-37:09
“We have to identify the actual fraud and then we have to prosecute people.”
'Europe is no ally' Steve Bannon on Tariffs, Trump, and Total War | Uploaded April 8, 2025 | 37:12-37:19
“The authorities will have to stop from being the French Revolution and getting guillotined.”
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“All of the fraud that Elon Musk had found up to three weeks ago is actually none of it, got taken out.”
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“This fight between the judiciary and the presidency is between this battle between the executive branch and the judicial branch.”
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“The judiciary is basically saying you're not chief executive because you really can't cut personnel and you can't cut spending.”
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“You don't know if grand juries have been impaneled.”
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“The corruption, the, the what happened at the Justice Department is tremendous.”
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“Pam Bondi's kind of revered by the MAGA base.”
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“Pam Bondi has, quite frankly been a player in Beloved.”
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“President Trump is not driving [the] investigation[s].”
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“Two or three people in the National Security Council have been dismissed.”
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“Our movement does not want to be sucked into more forever wars.”
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“President Trump has announced his first trip is going to be Saudi Arabia, UAE and Qatar and maybe Israel.”
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“The deportations, particularly the 10 million in this reconciliation bill that still has to be passed, it's $170 billion to do that.”
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“The Mexican military is starting to look like with the American military interdict the fentanyl trade with taking, physically taking down…”
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“Bolsonaro is up, I think 15 or 20 points on Lula.”
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“In Brazil, they have Bolsonaro's on trial for his life in a show trial that's every bit as bad as Moscow in 1935.”
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“In France, on what was an administrative thing...they found [Marine Le Pen] guilty.”
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“There are very few populist economic nationalists in either the House or the Senate.”
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“The people that oppose President Trump buy into the globalist system.”
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