President Trump holds an event at the White House to unveil his "Liberation Day" tariffs.
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NewsTranscript
00:00Thank you very much.
00:22Nice crowd.
00:23What a good-looking group of people.
00:24Well, we have some very, very good news today, and a lot of good things are happening for
00:29our country.
00:30Please sit down.
00:33My fellow Americans, this is Liberation Day.
00:36I've been waiting for a long time.
00:41April 2nd, 2025, will forever be remembered as the day American industry was reborn, the
00:48day America's destiny was reclaimed, and the day that we began to make America wealthy
00:56again.
00:57We're going to make it wealthy, good and wealthy.
01:01For decades, our country has been looted, pillaged, raped, and plundered by nations
01:05near and far, both friend and foe alike.
01:10American steelworkers, autoworkers, farmers, and skilled craftsmen, we have a lot of them
01:14here with us today, they really suffered gravely.
01:19They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have
01:24ransacked our factories, and foreign scavengers have torn apart our once-beautiful American
01:31dream.
01:32We had an American dream that you don't hear so much about.
01:34You did four years ago, and you are now, but you don't too often, and for many years and
01:40decades even, you didn't hear too much about.
01:43Our country and its taxpayers have been ripped off for more than 50 years, but it is not
01:49going to happen anymore.
01:51It's not going to happen.
01:53In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries
02:04throughout the world.
02:06Reciprocal.
02:07That means they do it to us and we do it to them.
02:10Very simple.
02:11Can't get any simpler than that.
02:16This is one of the most important days, in my opinion, in American history.
02:22It's our declaration of economic independence.
02:26For years, hardworking American citizens were forced to sit on the sidelines as other nations
02:31got rich and powerful, much of it at our expense.
02:36But now it's our turn to prosper, and in so doing, use trillions and trillions of dollars
02:42to reduce our taxes and pay down our national debt, and it will all happen very quickly.
02:48With today's action, we are finally going to be able to make America great again, greater
02:54than ever before.
03:01Jobs and factories will come roaring back into our country, and you see it happening
03:05already.
03:06We will supercharge our domestic industrial base.
03:10We will pry open foreign markets and break down foreign trade barriers.
03:15And ultimately, more production at home will mean stronger competition and lower prices
03:20for consumers.
03:22This will be, indeed, the golden age of America.
03:26It's coming back, and we're going to come back very strongly.
03:32We're pleased to be joined on this momentous occasion by Vice President J.D. Vance.
03:38J.D.
03:40Thank you very much.
03:41Where are you, J.D.?
03:42No, that's —
03:43That wasn't too hard to find.
03:44I was looking.
03:45You know, he likes to take a low-key attitude, so usually we sit right in front.
03:55He's gaining a lot of confidence, Mike, isn't he?
03:59And nearly my entire Cabinet is here, as well as Speaker Mike Johnson, who's done an amazing
04:04job.
04:10And with the great success we had last night in Florida, we have a majority of seven.
04:15And seven is like a lot when we had it at one, right?
04:19You've done a fantastic job.
04:20And many of the members of the House and Senate are with us.
04:24Senators, congressmen, thank you all for being with us.
04:27We appreciate it.
04:28For decades, the United States slashed our trade barriers on other countries, while those
04:33nations placed massive tariffs on our products and created outrageous non-monetary barriers
04:40to decimate our industries.
04:42And in many cases, the non-monetary barriers were worse than the monetary ones.
04:47They manipulated their currencies, subsidized their exports, stole our intellectual property,
04:54imposed exorbitant VAT taxes to disadvantage our products, adopted unfair rules and technical
05:01standards, and created filthy pollution havens.
05:04They were absolutely filthy, but they always came to us and they said, we're violating,
05:10we should pay for it.
05:12It's all detailed in a very big report by the U.S. Trade Representative on Foreign Trade
05:17Barriers, and I'll just hold it up for you.
05:20It's available, and you don't have to pay too much.
05:23As I understand it, you'll pay nothing.
05:25It's a lot of work, a lot of work for something, actually, because it's a special book.
05:31It's very, frankly, it's very upsetting when you read it, when you see what people have
05:37been doing to us for 30 years.
05:39This all happened with no response from the United States of America, none whatsoever.
05:45But those days are over.
05:46Let me offer just a few examples of the vicious attacks our workers have faced for so many
05:52years.
05:54The United States charges other countries only a 2.4 tariff on motorcycles.
06:01Meanwhile, Thailand and others are charging much higher prices, like 60 percent.
06:08India charges 70 percent.
06:09Vietnam charges 75 percent, and others are even higher than that.
06:14Likewise, until today, the United States has, for decades, charged a 2.5 tariff.
06:21South Korea, they're 2.5 percent on foreign-made automobiles.
06:26The European Union charges us more than 10 percent tariffs, and they have 20 percent.
06:33That's much, much higher.
06:35India charges 70 percent, and perhaps worst of all are the non-monetary restrictions imposed
06:41by South Korea, Japan, and very many other nations.
06:44As a result of these colossal trade barriers, 81 percent of the cars in South Korea are
06:51made in South Korea, 94 percent of the cars in Japan are made in Japan.
06:57Toyota sells 1 million foreign-made automobiles into the United States, and General Motors
07:03sells almost none.
07:05Ford sells very little.
07:07None of our companies are allowed to go into other countries.
07:11And I say that, friend and foe.
07:13And in many cases, the friend is worse than the foe in terms of trade.
07:18But such horrendous imbalances have devastated our industrial base and put our national security
07:25at risk.
07:26I don't blame these other countries at all for this calamity.
07:29I blame former presidents and past leaders who weren't doing their job.
07:32They let it happen, and they let it happen to an extent that nobody can even believe.
07:37That's why, effective at midnight, we will impose a 25 percent tariff on all foreign-made
07:42automobiles.
07:48Brian, I'd like to have you come up here for a second, okay?
07:55I just see him sitting.
07:56He's been a fan of ours, and he understands this business a lot better than the economists,
08:03a lot better than anybody.
08:04Brian, say a few words, please, would you?
08:07It's a great honor to have you.
08:08Thank you, Mr. President.
08:10I grew up just north of Detroit, Michigan, in Macomb County, known as the home of the
08:15Reagan Democrats.
08:17My first vote for president was for Ronald Reagan.
08:20I thought that was going to be the best president I ever saw in my lifetime, until Donald J.
08:24Trump came along.
08:28I have watched, my entire life, I have watched plant after plant after plant in Detroit and
08:34in the metro Detroit area close.
08:37There are now plants sitting idle.
08:39There are now plants that are underutilized, and Donald Trump's policies are going to bring
08:45product back into those underutilized plants.
08:48There's going to be new investment.
08:50There's going to be new plants built, and the UAW members, and I brought 20 of them
08:55with me.
08:56They're sitting right over here.
08:58We support Donald Trump's policies on tariffs 100%.
09:03So Mr. President, we can't thank you enough, and in six months or a year, we're going to
09:08begin to see the benefits.
09:10I can't wait to see what's happening three or four years down the road.
09:13Thank you, Mr. President.
09:17What a great guy.
09:18He got it right from the beginning.
09:20He got it before almost anybody else.
09:22This group over there, they got it too, and you know, we won the state of Michigan.
09:27We won almost all of them, but we won Michigan by a lot, and I want to just thank you all.
09:33The autoworkers were fantastic.
09:35The Teamsters were fantastic.
09:38Warren was pretty good, I will tell you.
09:40Thank you very much.
09:41I appreciate it.
09:42You're going to be very happy very soon, and you probably see what's happening with all
09:47of the, not only car companies, but car companies in particular see it with all of the ones
09:53they're moving, they're announcing day in, day out, you're seeing it.
09:57Nobody has ever seen anything like that.
09:59With today's actions, we're also standing up for our great farmers and ranchers who
10:04are brutalized by nations all over the world, brutalized.
10:09Canada, by the way, imposes a 250 to 300 percent tariff on many of our dairy products.
10:17They do the first can of milk.
10:21They do the first little carton of milk at a very low price, but after that it gets bad
10:26and then it gets up to 275, 300 percent.
10:29So when they're figuring what's Canada charging, they say, oh, about 2 percent, 3 percent.
10:35But take a look at what happens down the road when you look a little bit.
10:38It's not a pretty picture, and we don't like it, and it's not fair.
10:41It's not fair to our farmers.
10:43It's not fair to our country.
10:45And with countries like Canada, you know, we subsidize a lot of countries and keep them
10:51going and keep them in business.
10:52In the case of Mexico, it's $300 billion a year.
10:56In the case of Canada, it's close to $200 billion a year.
11:00And I say, why are we doing this?
11:02Why are we doing this?
11:03I mean, at what point do we say you got to work for yourselves and you got to — this
11:08is why we have the big deficits.
11:10This is why we have that amount of debt that's been placed on our heads over the last number
11:16of years.
11:17And we're really not taking it anymore.
11:20Through non-tariff barriers, the European Union bans imports of most American poultry.
11:25You understand?
11:26You see?
11:27We want to send you our cars.
11:28We want to send you everything.
11:29But we're not going to take anything that you have.
11:33Australia bans — and they're wonderful people and wonderful everything, but they
11:37ban American beef, yet we imported $3 billion of Australian beef from them just last year
11:45alone.
11:46They won't take any of our beef.
11:47They don't want it because they don't want it to affect their farmers.
11:50And you know what?
11:51I don't blame them, but we're doing the same thing right now, starting about midnight
11:55tonight, I would say.
11:56And China charges American rice farmers an over-quota, it's called, a tariff rate of
12:0565 percent.
12:06South Korea charges 50 — actually, they charge different, from 50 percent to 513 percent.
12:14And Japan, our friend, charges a 700 percent.
12:19But that's because they don't want us selling rice and other things.
12:22Who can blame them, Madam Secretary?
12:24Agriculture, great job you did on eggs, by the way.
12:27The egg prices came down 50 percent.
12:29You got them down 50 percent.
12:32Once we got involved, they were going through the sky — the egg prices, they were going
12:36through the sky.
12:37And you did a fantastic job.
12:39Now we have lots of eggs, and they're much cheaper down — about 59 percent now.
12:44And they're going down further.
12:47We charge 2.8 percent for so many things that other countries are charging 200 percent,
12:53300 percent, then 400 percent for.
12:56If imposing tariffs and protective barriers made nations poor, then every country on Earth
13:02would be racing to eliminate these policies, and China would be the first in line.
13:07They run a very strong country, but they're not first in line.
13:13And the American people are paying a very big price.
13:17From 1789 to 1913, we were a tariff-backed nation, and the United States was proportionately
13:25the wealthiest it has ever been — so wealthy, in fact, that in the 1880s, they established
13:31a commission to decide what they were going to do with the vast sums of money they were
13:36collecting.
13:37We were collecting so much money so fast, we didn't know what to do with it.
13:40Isn't that a nice problem to have?
13:42What do you think, Marco?
13:43Good problem?
13:44Marco would love that problem.
13:47But we don't have that problem anymore.
13:50But we're not going to have it very much longer, I will tell you.
13:53But they collected so much money, they actually formed a commission to determine what they
13:57were going to do with the money, who they were going to give it to, and how much.
14:01Then in 1913, for reasons unknown to mankind, they established the income tax so that citizens,
14:08rather than foreign countries, would start paying the money necessary to run our government.
14:13Then in 1929, it all came to a very abrupt end with the Great Depression, and it would
14:19have never happened if they had stayed with the tariff policy.
14:22It would have been a much different story.
14:24They tried to bring back tariffs to save our country, but it was gone.
14:30It was gone.
14:31It was too late.
14:32Nothing could have been done.
14:33It took years and years to get out of that depression, far longer than even FDR had that
14:39office right over there for a long period of time.
14:42The ramp system, it's rather intricate, was built because of him.
14:46And every time you walk up, you think of him.
14:49And he did a great job in many ways, but it lasted long beyond his terms, as you know.
14:55But it's not too late any longer, and we're going to start being smart, and we're going
15:00to start being very wealthy again.
15:02We're going to be wealthier as a country because they've taken so much of our wealth away from
15:07us.
15:08We're not going to let that happen.
15:09We truly can be very wealthy.
15:10We can be so much wealthier than any country.
15:13It's not even believable, but we're getting smart.
15:16Nearly a century later, in the face of unrelenting economic warfare, the United States can no
15:21longer continue with a policy of unilateral economic surrender.
15:26We cannot pay the deficits of Canada, Mexico, and so many other countries.
15:30We used to do it.
15:32We can't do it anymore.
15:33We take care of countries all over the world.
15:34We pay for their military.
15:36We pay for everything they have to pay.
15:39And then, when you want to cut back a little bit, they get upset that you're not taking
15:42care of them any longer.
15:44But we have to take care of our people, and we're going to take care of our people first.
15:47And I'm sorry to say that.
15:54And today, we're standing up for the American worker, and we are finally putting America
16:00first.
16:06In sleepy Joe Biden's last year in office, the United States hemorrhaged 100,000 manufacturing
16:13jobs, and the number was going through the roof at levels never seen before.
16:18And our trade deficit reached a record $1.2 trillion, which is unheard of.
16:26Since the beginning of NAFTA, the worst trade deal ever made, it was a horror show.
16:30I was able to terminate it.
16:31They all said, you'd never be able to get it out.
16:34We had to get approval from Congress to get it terminated.
16:38We had to live with that deal.
16:39It was the worst deal, worst trade deal ever made by far.
16:43But since the very beginning of NAFTA, our country lost 90,000 factories.
16:49Think of what that is, 90,000.
16:51Think about putting a map up and putting tax on it.
16:54You wouldn't have enough room.
16:56It was 90,000.
16:57I said, is that possible?
16:58We had it checked four different times, and it was actually somewhat higher than that.
17:02And 5 million manufacturing jobs were lost while racking up trade deficits of $19 trillion.
17:10That was the worst trade deal ever made.
17:13As a result of these gigantic losses, foreign nations now own $26 trillion more of American
17:19assets than American.
17:22Think of this, than the Americans own of their own foreign assets or other foreign assets.
17:28The United States can no longer produce enough antibiotics to treat our sick.
17:33We have a tremendous problem.
17:35We have to go to foreign countries to treat our sick.
17:37If anything ever happened from a war standpoint, we wouldn't be able to do it.
17:41We import virtually all of our computers, phones, televisions, and electronics.
17:46We used to dominate the field, and now we import it all from different countries.
17:51A single shipyard in China now produces more ships every year than all of the American
17:57shipyards combined.
17:59Think of that.
18:00And it was a business that we used to dominate.
18:02We used to dominate it totally.
18:04In short, chronic trade deficits are no longer merely an economic problem.
18:08They're a national emergency that threatens our security and our very way of life.
18:14It's a very great threat to our country.
18:17And for these reasons, starting tomorrow, the United States will implement reciprocal
18:21tariffs on other nations.
18:23It's been a long time since we even thought of that.
18:27We used to think about it a lot.
18:29We didn't think about it for many decades, and you see what's happened.
18:33For nations that treat us badly, we will calculate the combined rate of all their tariffs, non-monetary
18:39barriers, and other forms of cheating.
18:42And because we are being very kind — we're kind people, very kind — you're not so kind
18:49when you get ripped off when you're salaried.
18:51It's my autoworker friends and my teamster friends and all of the unions that typically
18:57voted Democrat.
18:58They're not voting Democrat anymore because worker, whether union or non-worker, they're
19:03for the Republicans now.
19:04That's what happened.
19:07But we will charge them approximately half of what they are and have been charging us.
19:12So, the tariffs will be not a full reciprocal.
19:17I could have done that, yes, but it would have been tough for a lot of countries.
19:22We didn't want to do that.
19:23I'd like to see the chart, if you have it.
19:25Could you bring it up, Howard?
19:27This is our great Secretary of Commerce, Howard Lutnick.
19:33Thanks, Howard.
19:35So, if you look at that, China — first row — China, 67 percent.
19:42That's tariffs charged to the USA, including currency manipulation and trade barriers.
19:49So, 67 percent.
19:51I think you can, for the most part, see it.
19:53Those with good eyes, with bad eyes.
19:55We didn't want to bring — it's very windy out here.
19:57We didn't want to bring out the big charts because it had no chance of standing.
20:01Fortunately, we came armed with a little smaller chart.
20:05So it's 67 percent.
20:07So we're going to be charging a discounted reciprocal tariff of 34 percent.
20:11I think, in other words, they charge us, we charge them, we charge them less.
20:15So how can anybody be upset?
20:17They will be because we never charge anybody anything.
20:20But now we're going to charge.
20:23European Union, they're very tough.
20:24Very, very tough traders.
20:28You know, you think of European Union, very friendly.
20:30They rip us off.
20:31It's so sad to see.
20:33It's so pathetic.
20:34Thirty-nine percent.
20:35We're going to charge them 20 percent.
20:38So we're charging them essentially half.
20:40Vietnam, great negotiators, great people.
20:44They like me.
20:45I like them.
20:46The problem is they charge us 90 percent.
20:48We're going to charge them 46 percent tariff.
20:51Taiwan, where they make — they took all of our computer chips and semiconductors.
20:57We used to be the king, right?
20:58We were everything.
21:00We had all of it.
21:01Now we have almost none of it, except the biggest company is coming in.
21:04They're going to have — we're going to end up with almost 40 percent.
21:06Lee Zeldin is working to get their approvals.
21:09And it's an amazing company.
21:11Mr. Wei of one of the great companies of the world, actually.
21:15They're coming in from Taiwan, and they're going to build one of the biggest plants in
21:18the world, maybe the biggest for that.
21:21But 64 percent, we're going to charge them 32 percent.
21:24Japan, very, very tough.
21:27Great people.
21:29And again, I don't blame the people for doing it.
21:31I think they're very smart in doing it.
21:32I blame the people that sat right in that Oval Office, right over there, right behind
21:37the Resolute desk or whichever desk they chose.
21:40Japan, 46 percent.
21:42They would charge us 46 percent, and much higher for certain items like cars — you
21:47know, little items like cars.
21:49Forty-six percent, we're charging them 24 percent.
21:52India, very, very tough.
21:54Very, very tough.
21:56The Prime Minister just left, and he's a great friend of mine.
22:00But I said, you're a friend of mine, but you're not treating us right.
22:04They charged us 52 percent.
22:05You have to understand, we charge them almost nothing, for years and years and decades.
22:09And it was only seven years ago, when I came in, we started with China and charged them.
22:16We took in hundreds of billions of dollars from China in tariffs.
22:21And they understood, honestly.
22:24President Xi understood.
22:26He said, Look, I understand.
22:27And the other countries — and they all understand.
22:29We're going to have to go through a little tough love, maybe.
22:32But they all understand.
22:33They're ripping us off, and they understood it.
22:35The Prime Minister of Japan, Shinzo, was Shinzo Abe.
22:42He was a fantastic man.
22:44He was, unfortunately, taken from us — assassination.
22:48But I went to him and I said, Shinzo, we have to do something.
22:52A trade is not fair.
22:54He said, I know that.
22:56I know that.
22:57And he was a great gentleman.
22:58He was a fantastic man.
23:01But he understood immediately what I was talking about.
23:04I said, Shinzo, we have to do something.
23:06He said, I know that.
23:07And we worked out a deal, and it would have been a much better deal.
23:10But, frankly, there were many years left in the deal that was made previous to my getting
23:15there.
23:16But it was — it was something.
23:18If you look at Switzerland, 61 percent to 31 percent.
23:22Indonesia, Malaysia, Cambodia — oh, look at Cambodia.
23:26Ninety-seven percent.
23:28We're going to bring it down to 49.
23:29They made a fortune with the United States of America.
23:32United Kingdom, 10 percent.
23:34And we'll go 10 percent.
23:36So we'll do the same thing.
23:38South Africa — oh, 60 percent, 30 percent.
23:42And they've got some bad things going on in South Africa.
23:45You know, we're paying them billions of dollars, and we cut the funding because a
23:50lot of bad things are happening in South Africa.
23:52The fake news ought to be looking at it.
23:54They don't want to report it.
23:55Brazil, 10 percent, 10 percent.
23:58Bangladesh is 74 percent.
24:01So you see what's going on.
24:03Pakistan, 58 percent.
24:06Sri Lanka, 88 percent.
24:10So what we're doing is we're taking not the full — we could take the full 88 percent.
24:14Thanks a lot.
24:15He's doing a very good job.
24:16How's he doing?
24:17Huh?
24:18I think you better take it with you.
24:20It's not going to last very long.
24:22He's going to put it — it's going to follow you down with the wind.
24:26I brought a hat just in case it got too windy.
24:28But here's — would anybody like a hat?
24:31I'm giving — I'm not giving it to a Cabinet.
24:33I'm giving it to the autoworkers.
24:35Come here.
24:37Thank you, fellas.
24:40Get it.
24:42That's it.
24:44That's it.
24:46They deserve it more than our Cabinet.
24:50Our Cabinet has plenty of hats.
24:52But you see the — you see the numbers.
24:54The numbers are so disproportionate, they're so unfair.
24:57At the same time, we will establish a minimum baseline tariff of 10 percent.
25:02You notice that on the chart.
25:04And that'll be on other countries to help rebuild our economy and to prevent cheating.
25:09So we're going to have a minimum of cheating, and we're going to be very severe on the
25:13people that — at the gate that watch the tariffs and watch the product coming in, because
25:18there's been a lot of — a lot of bad things happening at the gate because the money is
25:22so enormous that you're talking about — there's never been probably anything like it in terms
25:27of the enormity.
25:29And there are a lot of bad things happening at the people that do the check-in.
25:33And they're looking at 10-year jail sentences if they do play.
25:36We're going to treat them so good.
25:37But if they cheat, the repercussions are going to be extremely strong.
25:42Foreign nations will finally be asked to pay for the privilege of access to our market.
25:48We're the biggest market in the world.
25:49We're, right now, the biggest market in the world.
25:51We had a great country four years ago in terms of the economics.
25:56We were doubling up on China.
25:58We were doing so well.
25:59Nobody was going to catch us.
26:00But so much of it slipped away over the last four years under Biden.
26:04I campaigned on this policy throughout last year and today.
26:08That promise was made, and it was also a promise, as you know, that was kept.
26:13Promises made, promises kept.
26:19To any company that objects to our common-sense reciprocal tariffs, again, reciprocal, back
26:25and forth, back and forth.
26:27And we were — I call this kind reciprocal.
26:31This is not full reciprocal.
26:32This is kind reciprocal.
26:35But what we do is we cut it in half.
26:38We charge them.
26:39My answer is very simple if they complain.
26:41If you want your tariff rate to be zero, then you build your product right here in America
26:46because there is no tariff if you build your plant, your product in America.
26:52And we've seen companies coming in like we've never seen before.
26:56Likewise, to all of the foreign presidents, prime ministers, kings, queens, ambassadors,
27:02and everyone else who will soon be calling to ask for exemptions from these tariffs,
27:06I say terminate your own tariffs, drop your barriers, don't manipulate your currencies.
27:14They manipulate their currencies like nobody can even believe, which is a bad, bad thing
27:19and very devastating to us.
27:21And start buying tens of billions of dollars of American goods.
27:25Tariffs give our country protection against those that would do us economic harm.
27:30And many people were looking to do us economic harm.
27:33Maybe not so obviously, but they were doing tremendous economic harm.
27:40But even more importantly, they will give us growth.
27:43These tariffs are going to give us growth like you haven't seen before.
27:47And it'll be something very special to watch.
27:49I am so looking forward.
27:51And Brian, it's going to happen even faster than you said.
27:54You know, you might say, but it's already started.
27:58It's already started.
28:00Work's already begun on plants all around the country.
28:02And you see that as before.
28:04These are big, rich companies.
28:06We have $61 billion started on a big plant going up.
28:12It's going to be announced over the next two days.
28:14And they already started work.
28:15Many of these biggest, the biggest companies in the world, they've committed to build,
28:19build, build.
28:20We're going to build, build, build, sir.
28:23And they came here to see me and they came, wanted to know if they could have a press
28:26conference.
28:27I do as many as I can.
28:28We're busy trying to stop Russia and Ukraine and the Middle East.
28:32We got to stop that.
28:33We're going to stop the Houthis, which we're making tremendous.
28:37They like shooting ships down and out of the water, seeking ships.
28:41They get a kick out of it, but they're not getting such a kick out of it now, are they,
28:45Mr. Secretary?
28:46They're not getting such a kick out of that now.
28:49But here are just a short list of some of the companies that have already announced
28:54and committed to investment.
28:57This is a company that built its factories and its plants in China.
29:03Apple is going to spend $500 billion.
29:07They never spent money like that here.
29:09They're going to build their plants here.
29:12SoftBank, OpenAI, and Oracle, great, great companies, are investing $500 billion almost
29:21immediately.
29:22NVIDIA, a hot company, is investing hundreds of billions of dollars.
29:26They just announced TSMC, the biggest, most important company in the world of chips from
29:32Taiwan, with no investment from us, is investing $200 billion.
29:38And they said the reason was, number one, the election of November 5th, and number two,
29:42the tariffs.
29:43They don't want to pay the tariffs.
29:44And the way they're not paying it is to build their plant here.
29:47So we're going to go from almost no percentage.
29:50We used to have 100 percent of the chip market.
29:52Now it's all in Taiwan.
29:53Almost all of it's in Taiwan.
29:55A couple of other countries, but mostly in Taiwan.
29:58And think of it, we had 100 percent.
30:00We lost it because of people in that office that didn't do their job.
30:04They allowed it to be stolen from us.
30:07Johnson & Johnson, great company, $55 billion.
30:10Eli Lilly, $27 billion.
30:13Meta is investing $500 billion.
30:17Wow.
30:19The MAC is investing $20 billion.
30:22CMA, CGM, $20 billion.
30:26And then you have Merck and Clarios, Stellantis, General Motors, GE Aerospace, Honda, Nissan.
30:33Hyundai are all putting in billions and billions of dollars, and they're committed 100 percent.
30:40And we have never had — we've never had — and this is after two and a half months.
30:44This is not — this is after just a short — this all took place as soon as we —
30:49came out with what everybody wanted to do.
30:52You know, I watched a gentleman today on television.
30:54He used to work with Lee Iacocca, a very respected automobile person.
30:58And he said, you know — because they're asking people, and they try and get as many
31:02negative people as they can, but they can't find them too much.
31:05It's pretty hard to find in terms of what we're doing, especially when they see all
31:09this investment.
31:10They said, so tell me, what do you think of what Trump is doing from the automobile standpoint?
31:15He said, I can't believe it.
31:18Everybody is finally — he's an older guy, real pro, really top guy.
31:22With Lee Iacocca, he said, I never thought I'd see the day when this would happen,
31:27where somebody had the courage to go and do what has to be done.
31:31This is transforming our nation.
31:33Our entire nation is going to be transformed, not only with the cars, but on every single
31:38other item that's built.
31:41We're going to become an industrial powerhouse.
31:42And he said that so beautifully today.
31:44In fact, I'm going to find out — I'm going to get a tape.
31:48And Bruce, I'm going to get that tape, and I'm going to send it to you out in Long Island,
31:52and you're going to play it for the people and all your union workers and your non-union
31:56workers out there.
31:57You got a pretty even split.
32:00But we have — so far, it looks like we're going to have about $6 trillion of investments.
32:06And you wouldn't do that in years in this country, over the last number of years.
32:12$6 trillion.
32:13And that's going to be much higher by the end of the year.
32:16And think of what $6 trillion is.
32:18You wouldn't have even a small percentage of that under this other system.
32:23We're going to be an entirely different country, and it's going to be fantastic for the workers.
32:27It's going to be fantastic for everyone.
32:30There will never have been a transformation of a country like the transformation that's
32:34already happening in the United States of America.
32:37It's an incredible thing to watch, and it's incredible to meet with the top people — people
32:42that you read about.
32:43Very wealthy people or people that are great managers and executives and presidents of
32:49big public companies.
32:50And to watch the enthusiasm they have now that they didn't have.
32:53They gave up on our country.
32:54They went to foreign countries and they built.
32:58Companies are pouring into our country at levels never seen before, with jobs and money
33:03to follow.
33:04And it's really beautiful.
33:05In the coming days, there will be complaints from the globalists and the outsourcers and
33:10special interests and the fake news.
33:12Always — the fake news will always complain.
33:15But never forget, every prediction our opponents made about trade for the last 30 years has
33:21been proven totally wrong.
33:23They were wrong about NAFTA.
33:24They were wrong about China.
33:26They were wrong about the Trans-Pacific Partnership, which would have been a disaster if I didn't
33:31terminate it.
33:32If I didn't turn that — terminate that, United Auto Workers, you would have had no
33:38jobs in this country.
33:39You would have had no jobs.
33:41It was all going to other countries.
33:45In my first term, they said tariffs would crash the economy.
33:50Instead, we built the greatest economy in the history of the world.
33:53And again, I have great respect for President Xi of China, great respect for China.
33:57But they were taking tremendous advantage of them — of us.
34:03And I commend them for that.
34:04I say, hey, if you can get away with it, that's okay.
34:07But you know, they understand exactly what's happening, and they probably — most of them
34:12are saying it's about time they did something.
34:14But — and they're going to fight, and they're going to fight for — everyone is going to
34:17fight.
34:18You know, it's like — I say to the leaders, look, you got to take care of your country,
34:22but we have to start taking care of our country now.
34:25We can't do what we've been doing for the last 50 years.
34:27On the day of my election, the stock market went up, in my first term, 88 percent, with
34:33NASDAQ going up 155 percent — more than any President has ever had in any term in
34:41office, by far.
34:45And I think we're going to blow that away.
34:46And maybe the numbers won't show, but I think they're going to show much better than even
34:51those numbers.
34:52But what you're going to see is you're going to see activity that — empty, dead sites,
34:57factories that are falling down.
34:59Those factories will be knocked down, and they're going to have brand-new factories
35:02built in their place.
35:03They're not only talking about renovating, they're talking about brand-new — the best
35:07anywhere in the world, the biggest anywhere in the world.
35:09I have a friend who builds car plants, and I said, I want to see the biggest and the
35:13best.
35:14He said, well, we have to go to Mexico.
35:15I said, no, I want to see it in the United States.
35:18He said, we're not building them in there.
35:19This is a year and a half ago.
35:21During the campaign, he said, we're not building, you'd have to go to Mexico.
35:25And I was starting to decide to run, and I went to number one in the polls — very rapidly,
35:30I want to say.
35:31I want to say.
35:32Like, let's say, in the first — in the first hour.
35:36And then, shortly thereafter, it looked like I was going to win, and the fake news was
35:40saying, oh, no, don't do this.
35:42What they don't know is if I didn't win, they would have really been in trouble, because
35:46nobody wants to read them anyway.
35:48But I tell you what, when I — when it looked like I was going to win, I announced that
35:53I was going to be doing exactly what we're talking about today.
35:56Great consistency, actually, because I've been talking about it for 40 years.
36:00But — because I saw what was happening 40 years ago.
36:03If you look at my old speeches when I was young, very handsome —
36:07— my old speeches, and people would say it'd be on a television show, I'd be talking
36:13about how we were being ripped off by these countries.
36:16I mean, nothing changes very much.
36:18The only thing that changed were the countries.
36:20But nothing really changes.
36:21But, you know, it's why it's such an honor — it's such an honor to be finally able
36:26to do this.
36:27If you look at China, I took in hundreds of billions of dollars in my term.
36:34Hundreds of billions.
36:35They never paid 10 cents to any other president, and yet they paid hundreds of billions.
36:40So much so that Biden couldn't do anything.
36:43They wanted to try and terminate it because he had a very special relationship with China.
36:49You know what their relationship was?
36:51He had a special relationship.
36:53But the numbers were so big — the numbers were so big that they couldn't do it.
37:00So they did ease it up.
37:01They did things that they shouldn't have done.
37:03They made it a lot more comfortable for them, but they couldn't do it because the numbers
37:08were hundreds of billions of dollars.
37:10And I did that.
37:12And we were on our way to doing something, like, incredible.
37:16And then we had a very bad election happen.
37:18A very bad election.
37:19A lot of bad things happened.
37:20So when I said, we're going to do it again, I said, we have to make it too big to rig.
37:24And we made it too big to rig, and we won in records, and it was a monumental win.
37:30And it was such an honor to see so many of you, like Brian and your friends, here with
37:36us to celebrate and to, more importantly, celebrate what we're doing, because that
37:40wouldn't be a full celebration if we didn't do this, because this will be an entirely
37:44different country in a short period of time.
37:47It'll be something the whole world will be talking about it.
37:50The critics made the very tired predictions earlier this year, but in February, core inflation
37:57dropped to the lowest rate in four years.
38:00And the price of eggs, as you know, just in a couple of, in a month and a half, we were
38:04there for four weeks.
38:07And the first week, I got blamed for eggs.
38:10I said, I just got here.
38:12They said, eggs have gone up at like 250 percent and you can't get eggs.
38:18And they were going crazy.
38:19And I said, I just got here.
38:23And then we, we got to work on eggs.
38:26We got to work on everything.
38:27And our great Secretary of Agriculture, you did a fantastic job, Brooke Rollins, she did
38:32a fantastic job.
38:36As I said before, the price of eggs dropped now 59 percent, and they're going down more
38:40and the availability is fantastic.
38:42They were saying that for Easter, please don't use eggs.
38:46Could you use plastic eggs?
38:47I said, we don't want to do that.
38:48We want to.
38:49And you really came through.
38:50It's an amazing job.
38:51Thank you very much, Brooke.
38:52You did great.
38:53But likewise, an old-fashioned term that we use, groceries, I used it on the campaign.
38:58It's such an old-fashioned term, but a beautiful term, groceries.
39:01It sort of says a bag with different things in it.
39:04Groceries went through the roof.
39:06And I campaigned on that.
39:07I talked about the word groceries for a lot.
39:10And energy costs now are down, groceries are down, gasoline is way under $3, and people
39:16are beginning to be able to buy things and live again.
39:19We brought prices way down.
39:21We created 10,000 already in a few weeks, new manufacturing jobs.
39:26And it was — that took place in one month, numbers that they haven't seen in a long time.
39:31We had virtually no inflation under my term.
39:34We had virtually no inflation for four years, but after transitioning over to Sleepy Joe,
39:41it went from almost nonexistent to the highest in the history of our country.
39:45They had the highest inflation in the history of our country, brought up by energy and bad
39:50spending and bad policy, and a lot of bad things happened.
39:54How about allowing millions and millions and millions of people to pour into our country
39:59with open borders, where the — it's so sad to see, even now.
40:05And I see our great Secretary of — you have done — stand up, please, Christy.
40:10Stand up.
40:11Christy Noem.
40:12And Tom Holman.
40:13These are people that are doing a great job.
40:20But we've gotten them out on records.
40:22We have problems with judges that don't want them to go out.
40:25They want Trinidad and Tobago, and they want MS-13.
40:29The most vicious gangs ever.
40:31Nobody has ever seen anything like it.
40:33Absolute killer gangs.
40:34They kill people.
40:35They don't even think about it.
40:37And we put them out, and we have judges now — radical-left judges that want to — they
40:41don't want them to go out.
40:42They want them to even be brought back.
40:43Let's bring them back.
40:45You've done a fantastic job.
40:46And please thank everybody — Homeland Security.
40:49Thank everybody.
40:50Appreciate it.
40:53And we now have a border that's the best border that we've ever had.
40:58Even better than it was my first term.
41:01My first term, we did good.
41:02But this one, we really specialized in.
41:04We've done really well.
41:06And we had records then.
41:07We had the — we're the best, safest border.
41:10Four years ago, we had the best border there ever was.
41:12And now we have — you've actually matched it and done even better.
41:16And we're going to get it down the right way.
41:19We want people, by the way, to come into our country, but we want them to come in through
41:23a legal process.
41:24We want them to come in legally.
41:26We need more people.
41:27We need people to run these plants and to help the autoworkers and the Teamsters and
41:32the non-union people and everybody else.
41:34But we need people — and the farmers.
41:35And we're going to let people come in, but they want to come in.
41:38We want them to come in legally.
41:40They have to have the capability of loving our country, not people that hate our country.
41:44We don't want them in our country.
41:46And now we're going to pass the largest tax cuts in American history.
41:51And that's where we're relying on Mike and John Thune.
41:55And we will not cut Social Security, Medicare, or Medicaid benefits.
42:00And the Democrats will, because if they got in, the entire economy would collapse.
42:06This country was heading for a collapse under the people that you saw.
42:11They were horrible.
42:12I think one of the reasons people like the job — I have my highest approval ratings
42:16because I think they're comparing me to the worst administration in the history of
42:21our country.
42:22So I appreciate that, at least.
42:24But Speaker of the House Mike Johnson and Senate Majority Leader — appreciate it,
42:29Mike.
42:30John Thune have been fantastic, by the way.
42:34But they've been working tirelessly on taking the next step to pass the plan for our one
42:40big, beautiful bill.
42:42I'd like to name it that, if you can.
42:44One big, beautiful — I made that statement about six months ago, and everybody calls
42:47it one big, beautiful bill.
42:49And it will be that.
42:50It'll have everything — the big tax cuts and every incentive there is.
42:54And it'll be fantastic.
42:57And by the way, for the cars, we're asking for an interest deduction on a loan.
43:01So if you build the car — only in America we do it, Brian.
43:05If the car is not built in America, you don't get the interest rate deduction.
43:09But if you build the car in America, if you buy a car, if it's built in America, then
43:14you get an interest rate deduction, tax deduction.
43:18And that's a big thing.
43:20That's going to be a big thing.
43:21I think that's going to pay for itself very quickly, that deduction.
43:23Never happened.
43:24We've never had anything like that before.
43:26Somebody said, where do you get the idea?
43:28Because it's so basic.
43:29You would think that would have happened a long time ago.
43:31It never did.
43:32And I'm very happy it didn't, because now I can say that was my idea.
43:38But we're going to get us closer to the debt extension.
43:42We have to get the debt extension passed.
43:44And I know you're going to be able to do that, Mike.
43:46And it's very important that you do that.
43:48And all of the other things that the Senate budget plan gives us, along with working — because
43:53I know they're working together, John and Mike.
43:56And the two bills are going very well together.
43:58We need to get our shared priorities done, including certain permanent tax cuts.
44:03We want the tax cuts to be permanent.
44:05Spending cuts, energy, and historic investments in defense, border, and so much more.
44:11We're covering everything.
44:12These will be phenomenal.
44:14There'll be no bill like this that's going to straighten — one bill is going to straighten
44:18out our country for many, many years to come.
44:21And we said, let's just do it, and let's get it done.
44:23And some guys will love it, and some guys will like it a little bit less, because they're
44:27not getting what they were exactly looking for, but they're getting a lot.
44:32They'll never — if we get this done, it'll be the most incredible bill ever passed in
44:36the history of our Congress and Senate, and congressmen — the senators and the congressmen,
44:42many of whom are here today — will be very proud of themselves.
44:45I really believe that.
44:46It's going to set us on a whole new, prosperous path.
44:50We're going to cut spending and right-size the budget back to where it should be.
44:55We're going to do that very strongly.
44:57Thank you, Rick.
45:02Oh, look.
45:03Look at all of our senators over there.
45:04Oh, boy.
45:05That's a nice group of people.
45:07But I won't like them so much if they don't get this bill done.
45:10That's a great group.
45:12And, congressmen, thank you very much.
45:14I appreciate it.
45:15Tremendous people.
45:16The Senate plan is my complete and total support, and the House plan, likewise, is very similar.
45:23They're moving along pretty much at the same clip, and as soon as you're ready, you'll
45:26show it to me, and I'm sure it'll have my support in mind.
45:30Every Republican congressman and senator must unify.
45:33We have to unify.
45:34We can't be separated.
45:36We have to get it done.
45:37We have to get absolutely everything we can, and we have to take care of the American people.
45:42That's the only thing that matters.
45:43We have to take care of the American people first.
45:45We need to pass this bill immediately.
45:48Get it done, including debt extension.
45:51From this day on, we're not going to let anyone tell us that American workers and families
45:56cannot have the future that they deserve.
45:59We're going to produce the cars and ships, chips, airplanes, minerals, and medicines
46:04that we need right here in America.
46:07The pharmaceutical companies are going to become roaring back.
46:10They're coming roaring back.
46:12They're all coming back to our country, because if they don't, they've got a big tax to pay.
46:16And if they do, I'll be very happy, and you're going to be very happy, and you're going to
46:21be very safe.
46:22We're going to build our future with American hands, with American heart, American steel,
46:27and we're going to build it with American pride like we used to.
46:31We're approaching our 100th day as President, and have been given credit by a lot of people,
46:39actually, even some of the fake news.
46:41Can you believe it?
46:43Which in this case, hopefully, isn't fake.
46:45For having done more in that time than any other administration in the history of our
46:50country in the first 100 days, I think we've had an amazing, in terms of what we've done,
46:55what we've gotten accomplished.
46:56I'd like to see if we can get that war ended, and another war from not starting in the Middle
47:03East.
47:04We have to get Russia.
47:05They're losing 2,000 on average, 2,500 people a day, young people, soldiers, Russian.
47:13Think of that, 2,500 through some days, but on average, probably over about a one-week
47:21period.
47:222,712, they say.
47:25They're losing those soldiers, they're dying, they're being decimated, and they're not from
47:31our country, but they're from other countries, but they're human beings, they're from Russia,
47:36they're from Ukraine in this period, most of them, and we're going to get it stopped.
47:41It's a senseless war that would've never happened if I was President, and it shouldn't be allowed
47:46to go on.
47:47And I think we're being given good cooperation by Russia and by Ukraine, but we have to get
47:55it stopped.
47:56It's humanity.
47:57It's humanity.
47:58It's a terrible thing.
48:00This will be a very big moment.
48:02I think you're going to remember today, it's going to be a free nation that we're dealing
48:06with.
48:07We're going to have a very free and beautiful nation.
48:10It's going to be Liberation Day in America, and it's going to be a day that hopefully
48:15you're going to look back in years to come and you're going to say, You know, he was
48:18right.
48:19This has turned out to be one of the most important days in the history of our country.
48:23God bless you, and God bless America.
48:25Thank you, everybody.
48:26Thank you very much, thank you.
48:27Thank you very much.
48:29Thank you very much.
49:01Good afternoon, y'all. We have two documents prepared for the president's signature today.
49:13One closes what's referred to as a minimalistic recall of the Respect Aid Awards Committee.
49:23The other is the big one, is the reciprocal tariff executive order that the president just spoke about tonight.
49:29This is obviously a huge deal, and it's been an honor to be a part of the team.
49:41This is big stuff.
49:43That's a ten.
50:32Mr. President, what do you say to American families who are worried they'll pay more?