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President Trump is prioritizing America by implementing reciprocal tariffs, a concept with bipartisan support. Trump aims to reverse decades of being the "world's ATM," referencing his 1988 concerns about trade imbalances with Japan and other countries not paying their fair share. The US has become overly reliant on adversaries like China, even for essential items like pharmaceuticals. Between 2020 and 2022, US imports of China-based pharmaceuticals grew by 485%. China now owns the American generic drug supply. Trump is implementing discounted reciprocal tariffs, charging China half of what they charge the US. Critics predict economic disaster, but Trump supporters argue these tariffs are essential for long-term independence and are already incentivizing investment in American factories. Critics accuse Trump of promising to lower the high cost of living, but now, quote, crashing the economy. Countering claims that Trump will cut Social Security, supporters say he explicitly stated he would not. The speaker claims the media lies about Trump, while Americans support his actions.

This isn't a trade war, but a balancing of our economy with countries that have taken advantage of us for decades, getting rich over the backs of American workers. Unfair trade deals have caused the loss of manufacturing jobs, with production moving overseas and then being sold back to the U.S. Countries need access to the U.S. economy, the largest and greatest in the world, but it's costing manufacturing jobs. It is time for someone to stand up, and President Trump is applauded for being the first president to stand up and address this. It's about the future of America's economy. Trade deficits have increased year after year, and President Trump is finally doing something about it.

I claim to be the chosen one, stating that China has made $500 billion by ripping off the United States through intellectual property theft and other means. I believe someone had to take action, so I am taking on China in trade. And the good news is, we are winning.

Chuck Schumer and Nancy Pelosi have been discussing tariffs for decades. China's repression, trade deficit, and job losses for American workers are issues. Tariffs signal to China that unfair trade policies must end, or there will be dramatic consequences. When Democrat elites want tariffs, it's accepted, but when President Trump wants tariffs, there's a double standard. Some believe everyone knew tariffs were necessary, but lacked the courage to implement them. Implementing tariffs takes guts, and the country needs to be patient. The situation is working out, possibly faster than anticipated. This is a transition to greatness for the country. People investing in the country will do better than ever before.

At the start of the 20th century, America was the richest country. We used tariffs to defend our workers from unfair trade policies and had no income tax. Foreign companies paid to sell to America. Now, we have the Internal Revenue Service, charging us internally. Politicians who can't manage money keep taking more from us. Donald Trump plans to fix this by creating the External Revenue Service. Foreign companies will pay to sell to the U.S. If they want to compete with American workers, we shouldn't tax our own people. This will ensure that no bureaucrat will cut your benefits.

Do it. The tariffs are said to be bringing in a lot of additional revenue, which, the speaker states, is being used to give tax relief to the American people and make it easier for average Americans to get by. So

Under Joe Biden's policies, trade deficits have been increasing, leading to job losses and economic damage. Last year, the US lost $383 billion to China and nearly $1 trillion worldwide, the largest trade deficit in history. These losses result in China gaining more jobs, victories, and long-term prosperity, while also using the money to strengthen their military. This path of subservience and economic ruin is being laughed at by other countries. In contrast, during my presidency, tariffs on China and other countries led to job creation, wage growth, and the opening of 17,000 new factories. Under my leadership, we will end these job-killing deficits, regain independence, and experience a great economic boom. Thank you.

I have never received any money from any foreign source in my entire life. It has come to our attention that the current president has paid significantly more taxes in China, possesses a hidden bank account in China, conducts business in China, and has made claims about me accepting money. However, I want to clarify that I have never accepted any money from any country at any time.

"Tariffs are vital to the success of this country." "They could possibly replace federal income tax." "From 1850 to 1913, in the 1887, it's about 1887, they had the Great National Tariff Act." "And then in 1929, you had the depression." "They ended them in 1913. How did that work out? And then we went to the income tax." "I settled seven different wars. One going thirty one years, one go look at the Congo and Rwanda." "Thirty one years, ten million people dead. I got it settled." "We have trillions of dollars coming into our country." "If we didn't have tariffs, we would be a very poor nation, and we would be taken advantage of by every other nation in the world."

India has been a high tariff nation, making it difficult to sell into their market due to strong trade barriers. We're now moving to a reciprocal system; whatever tariffs India imposes, we will match. Previously, during my first term, we had the strongest economy ever, but I held off on reciprocal tariffs due to global suffering caused by COVID. Now, after decades of abuse, it's time to implement this fairness mechanism with many nations, not just India. The European Union is very difficult, and China was terrible until we started collecting hundreds of billions of dollars from them. I discussed India's high tariffs in the first term but couldn't get concessions. So, we're simply matching their tariffs, which is fair to the United States and, I believe, fair to India as well.

You know, you have this little group called BRICS. It's fading out fast. But BRICS is, they wanted to try and take over the dollar, the dominance of the dollar, and, the standard of the dollar. And I said, anybody that's in the BRICS consortium of nations, we're gonna tariff you 10%. And they had a meeting the following day and almost nobody showed up. They were they said, leave me alone. We didn't wanna they didn't wanna be tariffed to their that's amazing. No. We're not gonna let the dollar slide. If we have a smart president, you're never gonna let the dollar slide. If you have a dummy, that could happen.

Tariffs could replace income taxes. This idea stems from historical context, as the U.S. was wealthiest in the late 1800s under President McKinley, known as the "tariff king." He eloquently advocated for tariffs, emphasizing the need to protect American jobs, factories, and families from foreign competition. The message was clear: foreign entities should pay a significant price to operate in the U.S. to safeguard domestic interests.

Check out these insane tariffs that Canada imposed on the US last year: 250% for milk, 291% for butter, and over 200% for whey and cheese. Meanwhile, we charged them far less for the same goods. Since Trump announced tariffs, everyone suddenly became an economics expert. I don't know how tariffs will affect the economy, and neither does anyone else. But I do know tariffs led Apple to build a new factory and hire 20,000 Americans. Honda is building Civics here instead of Mexico. Taiwan Semiconductor is investing $100 billion to build five chip factories in the US. Tariffs pressure China, Mexico, and Canada to stop the flow of fentanyl. Tariffs are one tactic in an economic strategy. Are we willing to tolerate short-term disruption for long-term gain? Macroeconomics are complicated and take time to play out. Are you listening to people who want the President to fail, even if it hurts America?

So, I went off-script a bit tonight, and some folks walked out, but let me set the record straight on a few things. The economy I inherited wasn't a disaster, despite what some might say. Social Security isn't paying out to centuries-old people, and CEOs aren't thrilled about my tariffs. Ford's CEO thinks they'll devastate the auto industry. We've committed less to Ukraine's defense than Europe has, and Biden didn't close a bunch of power plants. Oil and gas production actually hit records under him. Even Doge hasn't claimed the huge savings some attribute to them, and cutting pediatric cancer research, then praising a young cancer survivor? That's just wrong. Oh, and I admitted Elon Musk heads Doge, which might cause some legal issues down the road. Also, about those tariffs, despite my efforts, everyone knows that the costs fall on the consumers.

Okay, so the richest guy in the world is on our team. I know that's a tough pill to swallow if you are competitive, but it's true. I tried to find someone smarter than him, believe me, I searched everywhere, but I couldn't do it. For the good of the country, we settled on the best person for the job. Thanks for having me.

The president promising the new tariffs will help make America richer than ever. We have a country that is, gonna be very rich. It's, a country that we're very proud of, but it's gonna be very rich. And money is coming in. Last Last month, the treasury department saying it's collected nearly $30,000,000,000 from tariffs, a 242% increase from last July. That's money paid by American companies that import the goods. The White House also sees tariffs as a key tool to bring back American manufacturing. We wanna get rid of these big deficits that we have with countries that have created these big surpluses and they, gutted gutted our manufacturing base base Right. And have been terrible for American workers.

Today, I implemented strong steel and aluminum tariffs. This fulfills a campaign promise, protects our national security and American workers, boosts American manufacturing, and generates revenue to lower your taxes.

Of course big business and Wall Street hate Trump's tariffs; they've been decimating American manufacturing for decades. These tariffs are helping to reverse that trend. We've seen companies like Milwaukee Tool, which sounds American but is owned by the Chinese Communist Party, compete against American companies. That's why we need tariffs to protect companies that actually want to manufacture in the United States. Don't believe the lies you read; polls show Americans overwhelmingly support tariffs.

This is declared as a declaration of economic independence and liberation day. Foreign leaders have stolen jobs, ransacked factories, and torn apart the American dream for over 50 years, but this will end now by putting America First. An executive order will institute reciprocal tariffs on countries worldwide to supercharge the domestic industrial base, pry open foreign markets, and break down foreign trade barriers. More domestic production will mean stronger competition and lower prices. From this day on, America will produce the cars, ships, airplanes, minerals, and medicines it needs. The future will be built with American hands and heart, ushering in a golden age.

I'm meeting with the premier of Ontario to level set, especially with Canada in flux. We'll wait for their new Prime Minister before negotiating. We're lowering the temperature; you can't push around President Trump, the world's most capable leader. He wants to focus on national security, bringing back steel, aluminum, autos, semiconductors, and pharmaceuticals to America. We need a strong domestic capability, including copper. Inflation comes from government overspending, not tariffs. Tariffs encourage buying American. Domestic steel production needs to increase. We're stopping other countries from dumping steel and aluminum. America has had the lowest tariffs for too long. It's time for balanced trade and to unleash our economy. I'm helping President Trump execute his policies. We're a great team focused on bringing manufacturing back to America.

Thank you. It’s good to be here. We've been discussing how to pay for my plans. They're logical, but Washington isn't. How will I convince a divided Congress to support them, given their past behavior? It will involve taxes. Economists across the spectrum agree, although Congress isn't made up of economists. I understand the concern, but that's the reality.

The speaker states they are in dialogue with the prime minister and believes he is happy with how they treated them with tariffs. The speaker addresses foreign leaders, urging them to terminate their tariffs, drop barriers, and stop manipulating currencies, which they claim is devastating. They request these leaders buy tens of billions of dollars of American goods. The speaker asserts tariffs protect the country from economic harm and will lead to unprecedented growth, adding that this growth has already started.

The Treasury Secretary discusses President Trump's new tariff regime, calling it transformational for the American economy and the Republican alignment. He likens it to Reagan's era, emphasizing the focus on the forgotten American worker and re-industrialization. He claims the tariffs are a tool to negotiate and counter unfair trade practices, potentially generating substantial revenue to lower taxes and reduce the deficit. The Secretary argues that market declines are not solely due to the President's policies, citing China's AI advancements as a factor. He believes the tariffs will incentivize companies to bring manufacturing back to the US, boosting domestic revenue and reducing the trade deficit. He addresses concerns about the labor force, suggesting AI and automation will mitigate shortages. He acknowledges the challenges of forecasting economic impacts due to factors like illegal immigration and AI, but expresses confidence in the new direction. He defends the administration's approach to government spending, aiming for efficiency rather than simply issuing more debt. He highlights the importance of a strong relationship between President Trump and Chairman Xi for managing US-China relations. He also mentions a failed deal with Zelenskyy.

Under Joe Biden's policies, trade deficits have been increasing, leading to job losses and economic damage. Last year alone, we lost $383 billion to China and nearly $1 trillion worldwide, the largest trade deficit in our history. These losses allow China to gain more jobs, victories, and long-term prosperity while they use the money to buy our real estate, factories, and build up their military. This path of subservience and economic ruin is evident to everyone, and other countries are mocking us. However, under my leadership, we will end these job-killing deficits, regain our independence, and experience a great economic boom. My previous tariffs on China and other countries actually resulted in no inflation, significant job creation, wage growth, and the opening of over 17,000 new factories in the USA. With my strategic national manufacturing initiative, we will achieve even greater success. Thank you.

I had two questions regarding tariff revenue and the IRS. President Trump discussed replacing income tax with tariff revenue to combat waste, fraud, and abuse. The China tariff revenue, estimated between $500 billion and a trillion dollars over ten years, should facilitate the passage of a Republican bill. I also asked about comments regarding cutting $50 billion in waste, fraud, and abuse by unelected bureaucrats. The narrative from the president's critics is that Elon Musk is an unelected bureaucrat. Is one of Doge's objectives to get rid of the federal bureaucracy? The executive power is vested in the president. The existential threat to democracy is the unelected bureaucracy. President Trump is removing federal bureaucrats who defy democracy by failing to implement his lawful orders, which are the will of the whole American people.