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00:00He's a great guy.
00:03I want to just congratulate Howard and Allison and Kyle, Brandon, Casey, Ryan, and your entire
00:09family.
00:10Wonderful family.
00:11Beautiful family.
00:12Howard's one of the most experienced and talented business leaders of our time.
00:16He's done an amazing job on Wall Street and far beyond.
00:20But more importantly, he's a patriot who loves our country and has shown tremendous courage
00:24and strength throughout his career.
00:26Howard began at the famed Cantor Fitzgerald in 1983, and by the age of 29, he rose to
00:32become the president and CEO and one of the hottest firms on Wall Street.
00:38Much like myself, Howard should not be here today.
00:42On September 11th, 2001, Howard's company was at its absolute height doing unbelievable
00:48dominating Wall Street and stocks and bonds and trading from its headquarters on the 101st
00:56to the 105th floor.
00:57He had the top three or four floors of the World Trade Center, the North Tower of the
01:04World Trade Center.
01:06And every day, Howard got up and went to work early.
01:10He'd always go in and he'd go to work early, and he'd be there 6 o'clock in the morning.
01:16And as you know, the hit was around 8.45 or something like that.
01:20So he would have been there on almost any day other than this, because his wife was
01:25very angry at him because he wouldn't deliver his child to school.
01:31She said, you never take.
01:32Who is the child?
01:33Let me see.
01:34Where's the child?
01:35The little you saved your father's life.
01:38You saved your father's life.
01:40Should hold that against.
01:42You're going to leave him more than the other kids, right?
01:45Well, so he took he took.
01:49What is your first name?
01:50Kyle.
01:51He took Kyle.
01:52Kyle.
01:53Congratulations.
01:54Nice job.
01:55But he took Kyle that one day to school after years.
01:58He finally said, OK, I'll do it.
02:01And that's the only time.
02:02So he was actually riding down the West Side Highway and he saw the plane hit.
02:07And it's an amazing and the rest is history.
02:09And your brother was in there, too, I think.
02:11Right.
02:12And it was just a terrible.
02:13It's a big story.
02:15Every single Cantor Fitzgerald employee who was at work that day lost their lives, which
02:19is almost 100 percent of the company.
02:22And Howard lost more than 650 friends because they were all friends at a really well-unified,
02:29just highly respected company, a lot of talent in that company.
02:33But the employees, loved ones, including his brother and best friend, most people would
02:38have been defeated.
02:39They would have probably gone on to not too much.
02:43But Howard rebuilt the company step by step.
02:46And as he did it, he gave a tremendous amount of the profits and other things to the families
02:51of his colleagues who were killed in the World Trade Center on that horrible day.
02:58And it showed something about Howard that's really incredible.
03:01His resilience, it's a very few people could have done even thought of doing it.
03:05But his resilience and tenacity have earned him the respect and admiration of everyone
03:11in the financial world.
03:12But more importantly, Howard understands from personal experience why we put America first,
03:17because we love our families, we love our fellow citizens, and we love our country so
03:21much.
03:22And he really loves his country.
03:23And I wouldn't have done it if I didn't think so.
03:27And he's got so many friends in New York and Wall Street and elsewhere.
03:31And he has just really he's a relationship person.
03:35And they're always the best.
03:37And he's he's the best at it.
03:39As Secretary of Commerce, Howard will work tirelessly to protect our workers and our
03:44wealth and grow our economy into the strongest in the history of the world.
03:49You know, when he rebuilt the company, it actually became much bigger and much stronger
03:53than the original company, which is almost impossible to do.
03:57It became hotter than even the original can of Fitzgerald.
04:02But he's going to be unmatched as an emissary working to get jobs and investments.
04:06And his favorite word, and I'm going to move him down to fourth favorite word versus family
04:12love God.
04:14Not necessarily that order, by the way, I think.
04:16Let's put God first.
04:17All right.
04:18We'll put God first.
04:19You know why?
04:20Because we don't want to take any chances.
04:22That's why.
04:24But I did that once.
04:26I said I put I put tariff is my favorite word.
04:30Well, and the fake news went out and they really got me.
04:34I'll tell you.
04:35They said, what about God, family, relationship, a couple of words.
04:39And I said, you're right.
04:40And so I've made it now my fourth favorite word.
04:42And Howard, I think, is you'll go along with me.
04:45Number four, maybe even number five or six.
04:47But he's he really understands something about business.
04:51And we have been called by so many companies yesterday.
04:54We had Tim Cook of Apple and who's going to invest hundreds of billions of dollars in
04:57the country because of what we're doing.
04:59And we have many, many companies, too, too many to even mention.
05:03They're coming roaring back into this country.
05:07And it'll take maybe a little time, but not that much time.
05:09You're going to see things that you've never seen before at a level that you've never seen
05:13before.
05:14And Howard's going to lead that charge and help oversee the tariff and trade agenda,
05:20along with many other things.
05:22We'll soon impose reciprocal tariffs because that means they charge us.
05:26We charge them.
05:27It's very simple.
05:28Whatever a company or a country such as, let's say, India or China or any of them, whatever
05:34they charge, we want to be fair.
05:36So reciprocal, reciprocal, meaning they charge us, we charge them.
05:40We haven't done that.
05:41We've never done that.
05:42We were getting ready to do it until COVID hit.
05:44We had the greatest economy in the history of the world, and we were just getting started.
05:50But the tariffing is going to be very interesting.
05:53Howard's going to be in charge of it.
05:54And I think you're going to see jobs and money flowing into the country like never has been
05:59seen before.
06:00As we reduce inflation, unleash energy, bring down costs, bring back manufacturing and lead
06:06the world in innovation, families will flourish and opportunities will skyrocket.
06:11We will skyrocket like people haven't seen.
06:14It's going to be a really big thing, and I wouldn't feel the same confidence if I didn't
06:18have this man on my left.
06:20And even though he spent a little bit of his time in life as a Democrat from New York,
06:25I'm okay with it because I knew him during his Democrat days.
06:29And that's okay.
06:30But I just want to say that he is going to help very strongly make America wealthy again,
06:36make America great again.
06:38And there's nobody that can do the job better.
06:40So, Mr. Secretary of Commerce, I just welcome you abroad.
06:44There's nothing you can do so big as this.
06:46There's no deal you can do that's bigger.
06:49Every deal.
06:50That's why you can never go back into business, because it seems like small potatoes, no matter
06:53how big it is, including even Cantor Fitzgerald.
06:56It's all small potatoes compared to what we're doing now.
06:59So it's a great honor to have you and your family aboard.
07:02Thank you very much.
07:03And thank you very much in particular.
07:05Thank you very much.
07:09So, first, I'd like to thank you, President Trump.
07:17It is the greatest honor to work for you, to be with you, to carry your name, your leadership
07:25and your flag throughout the world.
07:28Has no idea who the gentleman to my left is.
07:31They portray him in all sorts of ways.
07:36But I know him as the smartest, most thoughtful and most intuitive person I've ever met.
07:44And it is really, it's amazing to be in this room and to work for him.
07:50I have to my right, my friend JD Vance, who was kind enough even to introduce me to the
07:56Senate.
07:57And he gave me the greatest compliment.
07:58He called me a good dude.
08:03So I have really the most wonderful family.
08:06I have my wife, Allison.
08:07We've been married for 30 years.
08:10And I always, when I come home, because I come home late at night, I walk in the door
08:14and I yell, hello, greatest wife.
08:16She's just an amazing girl.
08:18My four children, Kyle, who, you know, has saved my life.
08:21So now this is going to cost me dearly.
08:24My son, Brandon, my daughter, Casey, my son, Ryan, and my sister, Edie, my two brothers-in-law,
08:30Gary and Rick, my sister-in-law Abby, I mean, this is as beautiful a day as you could have.
08:38The opportunity that the Trump administration is going to bring to America is so extraordinary.
08:46You know, people think the golden age is a statement.
08:50It's like saying MAGA, make America great again.
08:54This is the greatest country on earth.
08:57It is such a great country that we can take care of our citizens and give them their Social
09:01Security.
09:02We can take care of everyone and give them their Medicaid.
09:04But we're going to get rid of so much waste, fraud, and abuse.
09:08We're not going to hurt anybody, but we're going to get rid of it.
09:11And then we are going to grow this economy in a way that people have never seen.
09:15And under the Trump administration, my goal, and I'm happy to wear it on my shoulders,
09:19is we are going to balance the budget of the United States of America, because Donald Trump
09:24understands global business.
09:26It's the first time you put in that chair the greatest businessman in the United States
09:31of America.
09:32And I just, for one, I have to tell you, I cannot be more proud to serve my great friend
09:38and the greatest president in America, Donald J. Trump.
09:52So now we get to swear Howard in.
09:54Now we're we need the actual sign the commission first.
09:59OK, Mr. President, we're going to sign the commission first.
10:05I can't swear him out.
10:06I guess.
10:07So you sign the commission.
10:08Yes, sir.
10:09You ready?
10:10Sure.
10:11Last time.
10:12You can change your mind.
10:13I get to work for you.
10:14Right here.
10:15How do you like the new look desk is a different desk.
10:32It's one of seven, but the resolute desk is being renovated and refurbished after many,
10:39many years of service.
10:40It's going to be back in four weeks in case anybody missed it, which a lot of people do.
10:55You're in.
10:56All right.
10:57Now, Howard.
10:58Raise your right hand and repeat after me.
11:18I, Howard Ludnick, I, Howard Ludnick, do solemnly swear to solemnly swear that I will support
11:24and defend the Constitution of the United States.
11:26I will support and defend the Constitution of the United States against all enemies,
11:30foreign and domestic against all enemies, foreign and domestic, that I will bear true
11:35faith and allegiance to the same and I will bear true faith and allegiance to the same
11:40that I take this obligation freely.
11:43I will take this obligation freely without any mental reservation, without any mental
11:48reservation or purpose of evasion or purpose of evasion, and that I will well and faithfully
11:53discharge and I will well and faithfully discharge the duties of the office on which
11:58I'm about to enter.
11:59The duties of the office of which I am about to enter.
12:01So help you God.
12:02So help me God.
12:03Congratulations, Mr. Secretary.
12:04Thank you very much.
12:05Well, we want to have a post office that works well and doesn't lose massive amounts of money.
12:33And we're thinking about doing that and it'll be a form of a merger, but it'll remain the
12:38Postal Service and I think it'll operate a lot better than it has been over the years.
12:43It's been just a tremendous loser for this country.
12:47Tremendous amounts of money are being lost and we think we can do something that'll be
12:51very good and keep it a very similar way.
12:55But whether it's a merger or just using some of the very talented people that we have elsewhere
13:01so it doesn't lose so much.
13:02It's losing a tremendous amount of money.
13:03Some members of Congress in red districts are facing pushback from voters in town halls.
13:04We know that Americans voted for you on immigration and the economy, but these voters say they're
13:05angry and frustrated by these firings.
13:06They don't like the work of Elon Musk and these other actions.
13:07What do you say to them?
13:08Who do you work for?
13:09I work for ABC News, sir.
13:10Who?
13:11ABC News.
13:12No wonder.
13:13Let me just tell you.
13:14Let me just tell you.
13:15I have today the highest poll numbers I've ever had.
13:35I have today the highest poll numbers of any Republican president ever.
13:40We haven't even checked the Democrats, but that's what I was just told.
13:44And they like the job that we're doing.
13:46They like the job that Elon's doing.
13:48He's doing something that a lot of people wouldn't have the courage to do.
13:51We want to streamline our country.
13:52We want to streamline.
13:53Because you know why?
13:54Because we want our country to survive and thrive.
13:58And we're finding billions and billions of dollars of waste, fraud and abuse, billions.
14:04And I mean numbers like you wouldn't believe.
14:06And we haven't even started yet.
14:08So it's actually just the opposite.
14:11We've polled it and people are thrilled.
14:13They can't even believe it's happening.
14:15And it won't affect many people.
14:16It'll only affect the people that get caught stealing.
14:20The waste, fraud and abuse is at a level like nobody's ever seen.
14:23It's been going on for years.
14:25And all you have to do is look at the Social Security rolls.
14:28Look at some of the things.
14:29Look at the way the money is going.
14:31The Attorney General is looking into something environmental protection, $20 billion.
14:37And it's out and out fraud.
14:39So I think the people are very happy.
14:41Yes, please.
14:42I want to ask you about this week, the Secretary spent four hours with the European Union trade
14:48representative.
14:49The European Union has signaled that they would lower tariffs and do a trade deal with
14:53the United States.
14:54Yeah, the European Union wants to come back.
14:56They've treated us very badly.
14:57And the European Union wants to lower their tariffs because of the fact we were paying
15:03a fortune of tariffs.
15:04We couldn't sell a car there.
15:05We couldn't sell our farm products there.
15:07They wouldn't take anything.
15:08Now all of a sudden they're being very nice.
15:11And that's going to happen with a lot of others, too.
15:13The European Union is wanting to lower its barriers at very low levels.
15:17They want to now bring their car number, which was extremely high, down to 2.5 percent, which
15:22is the same thing that we charge.
15:25That's reciprocal.
15:26See, that's what is happening, reciprocal.
15:29And I think it's a big start in the right direction with the European Union.
15:32You called President Zelensky of Ukraine a dictator.
15:33Do you think that President Putin of Russia is also a dictator?
15:34I think that President Putin and President Zelensky are going to have to get together
15:47because you know what?
15:48We want to stop killing millions of people.
15:51You have young soldiers being killed.
15:53If you saw the pictures that I saw of the battlefield from satellite, you've never seen
15:57any pictures like that.
16:00Soldiers are being killed by the thousands a week.
16:02Thousands of soldiers a week.
16:04As we speak, they're being killed.
16:06That's why I want to see a ceasefire and I want to get the deal done.
16:08I think we have a chance to get the deal done.
16:11I had to make sure that Russia wanted to do it.
16:15It's a war that would have never happened if I was president, but it did happen.
16:19So I got stuck with it and I want to stop people from being killed.
16:22You know, it doesn't affect the United States very much.
16:25It's on the other side of the ocean.
16:27It does affect Europe.
16:28And we've put in three times more money.
16:30We're in for 300 billion.
16:32We're in for 100 billion.
16:34And you know, Europe is also doing it in the form of a loan.
16:37Biden just gave him money.
16:39There was no loan.
16:40There was no security.
16:41There was no anything.
16:42So we're going to either sign a deal or there's going to be a lot of problems with them.
16:48So we're going to sign a deal to get security because we have to do that.
16:52We're spending our treasure.
16:53They're spending their blood.
16:55They are.
16:56And they're very brave and, you know, in every way you can imagine.
17:00But we are spending our treasure on some country that's very, very far away.
17:06And it's OK.
17:07But we have to be treated the same as Europe is being treated.
17:10Europe gets their money back.
17:11Europe is basically giving nothing because they get it back in the form of a loan.
17:15And it's a guaranteed loan.
17:17We don't get our money back.
17:18And we're losing.
17:19I mean, we don't want to do that anymore.
17:21So we're signing an agreement, hopefully in the next fairly short period of time, that
17:26will assure us that we'll get four or five years back.
17:28We're in there for 300 billion.
17:30Now, one other thing.
17:32Europe is at 100.
17:34We're at 300.
17:35We think it has to equalize.
17:36In other words, they have to come up with more money because it has a big effect in
17:40Europe.
17:41It doesn't have much of an effect on us because we have a big, beautiful ocean in between.
17:45But it does affect.
17:46And Biden should have never gotten us into this mess.
17:50We had an incompetent president who got us into a mess.
17:53But we're going to get you out of it.
17:54The same thing in the Middle East.
17:55We're going to have some good news in the Middle East.
17:58What happened yesterday, the sight of those babies was not acceptable to anybody.
18:04Nobody has seen anything like it.
18:06So, President, are you going to Moscow?
18:07There's a report out of France that you're going to Moscow on May 9th.
18:11No.
18:12No, I'm not.
18:13To join President Putin.
18:14I'm not.
18:15And then, if I could, sir, just ask you about Kash Patel, who's going to be sworn in soon
18:18as you're FBI director.
18:19Talk to us about your reaction to him getting sworn in and the fact that many agents across
18:24the country are concerned that they will be fired en masse for simply just doing their
18:28jobs.
18:29No, I think the agents are very happy about Kash.
18:31In fact, the agents led the charge for Kash.
18:34One of the reasons I loved Kash and wanted to put him in is because of the respect the
18:38agents had for him.
18:39I think he's going to be — I think he'll go down as the best ever at that position.
18:44And it turned out he was very easy to get approved.
18:47You know, I was not sure.
18:48He's a tough guy, strong guy.
18:50He has his opinions.
18:52And I wasn't sure.
18:53He turned out to be very — he went very smoothly.
18:55I don't know if he's in the room now.
18:57He's going to be in the room very shortly.
18:58Where is he?
18:59Oh, good.
19:00I'm saying the right thing.
19:01You have to be careful.
19:02I can't speak too badly about him.
19:03I better be careful.
19:04You know what?
19:05I will say this about Kash, and Howard understands this.
19:13One of the reasons that I wanted him is because the agents love this guy and they respect
19:19this guy, and this is what they wanted.
19:22And even somebody like Trey Gowdy, who's a very good guy, but known as somewhat of
19:27a moderate person, he came out and he came out with a statement that was so incredible.
19:32He said, Kash is an incredible person.
19:35People don't realize it.
19:36When he said that, there was no doubt left.
19:38It was really a big statement made by somebody that's respected and on the moderate side.
19:44And I will tell you, I think Kash is going to go down as maybe the best ever when it's
19:48all said and done.
19:49So I'm glad he's willing to do it.
19:51Thank you, Kash.
19:52Can you speak a little bit more about your meeting with Tim Cook?
19:58You said that he was going to invest hundreds of billions of dollars in specific projects
20:02that he spoke to you about?
20:03Like, what were those?
20:04All over the country.
20:05All over the country.
20:06He's going to start building.
20:07He doesn't want to pay tariffs, and he's going to start building.
20:09But very big numbers.
20:11You have to speak to him.
20:12I assume they're going to announce it at some point.
20:13But very big numbers.
20:14He was here yesterday.
20:16I met with him at length.
20:17And Apple is coming here with tremendous dollars.
20:20They're going to be spending a lot of money in the United States, more than they've ever
20:24spent by a factor of probably 10.
20:27Did you report that you were signing a memo later to counter digital service taxes?
20:34Will you speak?
20:35I mean, what are you doing?
20:36Reading it?
20:37Can't you just say it without having to read it?
20:39My question?
20:40Yeah.
20:41Oh, sure.
20:42You said that you were expected to sign tariffs, or a memo later on tariffs on digital taxes.
20:47Is there any idea how high you might go with those tariffs?
20:49We are going to be doing that digital.
20:51What they're doing to us in other countries is terrible with digital, so we'll be announcing
20:55that.
20:56Are we signing it maybe today?
20:57Today.
20:58Today.
20:59How high?
21:00And we'll be.
21:01So we'll talk about that in a little while.
21:02Couple minutes.
21:03Are you going to put the Secretary in charge of the Postal Service?
21:06He's going to look at it.
21:07He's got a great business instinct, which is what we need.
21:10And he'll be looking at it.
21:11And we think we can turn it around, but it is the Postal Service.
21:14I mean, we're leaving the Postal Service, but we're losing so much money with the Postal
21:19Service, and we don't want to lose that kind of money.
21:21So the Secretary, and some others that have talent, that kind of talent we'll be looking
21:25at.
21:26How close are you to a minerals agreement with Ukraine, Mr. President?
21:29What?
21:30How close are you to striking a minerals deal with Ukraine?
21:33I think we're pretty close, yeah.
21:34I think they want it, and they feel good about it, and it's significant.
21:38It's a big deal.
21:40But they want it, and it keeps us in that country, and they're very happy about it.
21:44But it's — we get our money back.
21:46This should have been signed long before we went in.
21:49This should have been signed by Biden, but Biden didn't know too much about what he was
21:54doing.
21:55The war should have never happened, number one.
21:57When it did happen, it could have been settled the first week or two weeks.
22:00After that, it got bad.
22:02It got really bad.
22:03But it should have been — it should have never happened, and it should have been settled.
22:07And it could have been settled very easily at the beginning.
22:10Now it's tougher, but we'll get it settled.
22:12On the territory, Mr. President, Germany has elections on Sunday.
22:16What are your thoughts?
22:17What do you expect to happen in the elections on Sunday?
22:19Germany?
22:20Who has elections?
22:21Germany.
22:22Oh, Germany.
22:23I wish them luck.
22:24We got our own problems, don't we?
22:25Goodbye, everybody.
22:26Thank you very much.
22:28Thank you, Pres.
22:29Thank you, Pres.
22:30We got our own problems.
22:31We don't have to worry about Germany.
22:32All right.
22:33Thank you, everybody.