President Trump at World Economic Forum

VERY MUCH, LARRY. IT IS GREAT TO BE BACK IN BEAUTIFUL DAVOS, SWITZERLAND, AND TO ADDRESS SO MANY RESPECTED BUSINESS LEADERS. SO MANY FRIENDS -- IF YOU ENEMIES. [LAUGHTER] AND ALL OF THE DISTINGUISHED GUESTS. IT IS A WHO'S WHO, I WILL SAY THAT.

I HAVE COME TO THIS YEAR'S WORLD ECONOMIC FORUM WITH TRULY PHENOMENAL NEWS FROM AMERICA. YESTERDAY MARKED THE ONE-YEAR ANNIVERSARY OF MY INAUGURATION, AND TODAY, AFTER 12 MONTHS BACK IN THE WHITE HOUSE, OUR ECONOMY IS BOOMING, GROWTH IS EXPLODING, PRODUCTIVITY IS SURGING, INVESTMENTS ARE SOARING, INCOMES ARE RISING, INFLATION HAS BEEN DEFEATED, OUR PREVIOUSLY OPEN AND DANGEROUS BORDER IS CLOSED, AND VIRTUALLY IMPENETRABLE, AND THE UNITED STATES IS IN THE MIDST OF THE FASTEST AND MOST DRAMATIC ECONOMIC TURNAROUND IN OUR COUNTRY'S HISTORY.

UNDER THE BIDEN ADMINISTRATION AMERICA WAS PLAGUED BY THE NIGHTMARE OF STAGFLATION, MEANING LOW GROWTH AND HIGH INFLATION, A RECIPE FOR MISERY, FAILURE, AND DECLINE. NOW, AFTER JUST ONE YEAR OF MY POLICIES, WE ARE WITNESSING THE EXACT OPPOSITE. VIRTUALLY NO INFLATION AND EXTRAORDINARILY-HIGH ECONOMIC GROWTH. GROWTH LIKE I BELIEVE YOU WILL SEE VERY SHORTLY. OUR COUNTRY HAS NEVER SEEN BEFORE, PERHAPS NO COUNTRY HAS EVER SEEN BEFORE. OVER THE PAST THREE MONTHS CORE INFLATION HAS IN JUST 4.6%, MEANWHILE FOURTH-QUARTER GROWTH IS A -- IS PROJECTED TO BE 5.4 PERCENT, FAR GREATER THAN ANYBODY OTHER THAN MYSELF AND A FEW OTHERS HAD PREDICTED.

SINCE THE ELECTION THE STOCK MARKET HAS SET 52 ALL TIME HIGH RECORDS. SO, THAT IS IN ONE YEAR. 52 RECORDS. ADDING 9 TRILLION DOLLARS IN VALUE TO RETIREMENT ACCOUNTS, 401(K)S, AND PEOPLE'S SAVINGS. PEOPLE ARE DOING VERY WELL AND ARE HAPPY WITH ME. SINCE MY NOT DURATION WE HAVE LIFTED MORE THAN 1.2 MILLION PEOPLE OFF OF FOOD STAMPS AND AFTER FOUR YEARS IN WHICH BIDEN SECURED LESS THAN $1 TRILLION OF NEW INVESTMENT IN OUR COUNTRY -- THINK OF THAT. $1 TRILLION. SUBSTANTIALLY LESS THAN THAT. IN FOUR YEARS WE HAVE SECURED COMMITMENTS FOR A RECORD-BREAKING $18 TRILLION AND WE THINK WHEN THE FINAL NUMBERS COME OUT THERE WILL BE CLOSER TO $20 TRILLION OF INVESTMENT. THAT HAS NEVER BEEN DONE BY ANY COUNTRY AT ANY TIME, NOT EVEN CLOSE.

JUST OVER ONE YEAR AGO UNDER THE RADICAL LEFT DEMOCRATS WE WERE A DEAD COUNTRY. NOW WE ARE THE HOTTEST COUNTRY NOWHERE IN THE WORLD. IN FACT, THE UNITED STATES ECONOMY IS ON PACE TO GROW AT DOUBLE THE RATE THAT WAS PROJECTED BY THE IMF LAST APRIL, AND WITH MY GROWTH AND TARIFF POLICIES IT SHOULD BE MUCH HIGHER. I REALLY BELIEVE WE CAN BE MUCH HIGHER THAN THAT. THIS IS ALL GREAT NEWS AND IT IS GREAT FOR ALL NATIONS. THE USA IS THE ECONOMIC ENGINE ON THE PLANET AND WHEN AMERICA BOOMS, THE ENTIRE WORLD BOOMS. IT HAS BEEN THE HISTORY. WHEN IT GOES BAD, IT GOES BAD. YOU ALL FOLLOW US DOWN, AND YOU FOLLOW US UP, AND WE ARE AT A POINT THAT WE HAVE NEVER -- I DON'T BELIEVE WE HAVE EVER BEEN. I NEVER THOUGHT WE COULD DO WITH THIS QUICKLY. THE BIGGEST SURPRISE IS I THOUGHT IT WOULD TAKE MORE THAN A YEAR, MAY BE LIKE A YEAR AND ONE MONTH. [LAUGHTER] BUT IT HAS HAPPENED VERY QUICKLY.

THIS AFTERNOON I WANT TO DISCUSS HOW WE RECEIVED THIS ECONOMIC MIRACLE. HOW WE INTEND TO RAISE LIVING STANDARDS FOR OUR CITIZENS TO LEVELS NEVER SEEN BEFORE. AND PERHAPS HOW YOU TOO IN THE PLACES YOU COME FROM CAN DO MUCH BETTER BY FOLLOWING WHAT WE ARE DOING, BECAUSE CERTAIN PLACES IN EUROPE ARE NOT EVEN RECOGNIZABLE, FRANKLY, ANYMORE. THEY ARE NOT RECOGNIZABLE, AND WE CAN ARGUE ABOUT IT, BUT THERE IS NO ARGUMENT. FRIENDS COME BACK FROM DIFFERENT PLACES -- I DON'T WANT TO INSULT ANYBODY -- AND SAY, I DON'T RECOGNIZE IT. AND THAT IS NOT IN A POSITIVE WAY, THAT IS IN A NEGATIVE WAY. I LOVE EUROPE AND I WANT TO SEE EUROPE GO GOOD, BUT IT IS NOT HEADING IN THE RIGHT DIRECTION.

IN RECENT DECADES IT BECAME CONVENTIONAL WISDOM IN WASHINGTON AND EUROPEAN CAPITALS THAT THE ONLY WAY TO GROW A MODERN, WESTERN ECONOMY WAS THERE EVER-INCREASING GOVERNMENT SPENDING, UNCHECKED MASS MIGRATION, AND ENDLESS FOREIGN IMPORTS. THE CONSENSUS WAS THAT SO-CALLED HEAVY JOBS AND HEAVY INDUSTRIES SHOULD BE SENT ELSEWHERE. THAT AFFORDABLE ENERGY SHOULD BE REPLACED BY THE GREEN SCAM. IN THEIR COUNTRIES COULD BE PROPPED UP BY IMPORTING NEW AND ENTIRELY DIFFERENT POPULATIONS FROM FARAWAY LANDS. THIS WAS THE PATH THAT JOE BIDEN AND MANY OTHER WESTERN GOVERNMENTS VERY FOOLISHLY FOLLOWED, TURNING THEIR BACKS ON EVERYTHING THAT MAKES NATIONS RICH AND POWERFUL AND STRONG. AND THERE IS SO MUCH POTENTIAL IN SO MANY NATIONS.

THE RESULT WAS RECORD BUDGET AND TRADE DEFICITS AND A GROWING SOVEREIGN DEFICIT DRIVEN BY THE LARGEST WAVE OF MASS MIGRATION IN HUMAN HISTORY. WE HAVE NEVER SEEN ANYTHING LIKE IT. QUITE FRANKLY, MANY PARTS OF OUR WORLD ARE BEING DESTROYED BEFORE OUR VERY EYES AND THE LEADERS DON'T EVEN UNDERSTAND WHAT IS HAPPENING, AND THE ONES THAT DO UNDERSTAND ARE NOT DOING ANYTHING ABOUT IT. VIRTUALLY ALL OF THE SO-CALLED EXPERTS PREDICTED MY PLANS TO END THIS FAILED MODEL WOULD TRIGGER A GLOBAL RECESSION AND RUNAWAY INFLATION. BUT WE HAVE PROVEN THEM WRONG. IT IS ACTUALLY JUST THE OPPOSITE.

IN ONE YEAR OUR AGENDA HAS PRODUCED A TRANSFORMATION LIKE AMERICA HAS NOT SEEN IN OVER 100 YEARS. INSTEAD OF CLOSING DOWN ENERGY PLANTS WE ARE OPENING THEM UP. INSTEAD OF TILTING AN EFFECT OF MONEY-LOSING WINDMILLS WE ARE TAKING THEM DOWN AND NOT APPROVING ANY. INSTEAD OF EMPOWERING BUREAUCRATS, WE ARE FIRING THEM AND THEY ARE GOING OUT AND GETTING JOBS IN THE PRIVATE SECTOR FOR TWO AND THREE TIMES WHAT THEY WERE MAKING IN GOVERNMENT. SO, THEY STARTED OFF HATING ME WHEN WE FIRED THEM, AND NOW THEY LOVE ME. INSTEAD OF RAISING TAXES ON DOMESTIC PRODUCERS WE ARE LOWERING THEM AND RAISING TARIFFS ON FOREIGN NATIONS TO PAY FOR THE DAMAGE THAT THEY COST.

IN 12 MONTHS WE HAVE REMOVED OVER 270 THOUSAND BUREAUCRATS FROM THE FEDERAL PAYROLLS. THE LARGEST SINGLE-YEAR REDUCTION IN GOVERNMENT EMPLOYMENT SINCE THE END OF WORLD WAR II. NOBODY THOUGHT THAT WAS COMING, BUT WE HAD NO CHOICE TO MAKE A COUNTRY GREAT. YOU CANNOT HAVE ALL FEDERAL JOBS. WE HAVE CUT FEDERAL SPENDING BY $100 BILLION AND SLASHED THE FEDERAL BUDGET DEFICIT BY 27% IN THE SINGLE YEAR. IT'S GOING TO GO TO DOWN FROM THAT. DRIVING INFLATION RATE DOWN FROM THE RECORD HIGHS OF THE BIDEN ADMINISTRATION. EVERY MONTH THEY WENT UP AND UP AND UP.

I PROMISED TO CUT 10 REGULATIONS FOR EVERY SINGLE NEW REGULATION, BUT INSTEAD I HAVE GOOD ACTUALLY TILL THIS .1 HOW TO 29 REGULATIONS FOR EVERYONE NEW REGULATION APPROVED, SO EVERY TIME THEY COME IN WITH A NEW REGULATION WE DO AT LEAST 10, BUT SO FAR IT IS AVERAGING OUT TO 129, IF YOU CAN BELIEVE IT. IN JULY WE PASSED THE LARGEST TAX CUTS IN HISTORY, INCLUDING NO TAX ON TIPS, NO TAX ON OVERTIME, NO TAX ON SOCIAL SECURITY FOR OUR GREAT SENIORS. WE ALSO PROVIDED 100% EXPENSING. THAT IS THE ONE THEY LIKE. AND BONUS DEPRECIATION FOR ALL NEW EQUIPMENT AND CAPITAL INVESTMENTS TO HELP COUNTRIES EXPAND -- COMPANIES EXPAND AND SHIFT PRODUCTION TO AMERICA. THEY ARE SO IN LOVE WITH THAT. THEY BUILD A PLANT, THEY ARE ABLE TO DEDUCT IT IMMEDIATELY, THE WHOLE THING, RATHER THAN WAITING 38 TO 41 YEARS IN THE OLD DAYS. THIS IS A MIRACLE TAKING PLACE. NOBODY THOUGHT IT WOULD NEVER BE DONE BY ANY COUNTRY. IT IS DONE BY US. IT IS WHAT MADE MY FIRST TERM THE MOST SUCCESSFUL FOUR-YEAR TERM WE HAVE EVER HAD FROM A FINANCIAL STANDPOINT, AND NOW WE HAVE UPPED IT. THIS IS A TENURE, NOT A ONE-YEAR PROGRAM, BUT YOU ARE ALLOWED TO DEDUCT EVERYTHING IN ONE YEAR. USED TO BE 38 TO 41 YEARS.

WITH TARIFFS WE HAVE RADICALLY REDUCED OUR BALLOONING TRADE DEFICIT, WHICH WAS THE LARGEST IN WORLD HISTORY. WE WERE LOSING MORE THAN $1 TRILLION EVERY SINGLE YEAR AND IT WAS JUST WASTED. IT WAS GOING TO WASTE. BUT IN ONE YOUR EYES SLASHED OUR MONTHLY -- I SLASHED OUR TRADE DEFICIT, AND ALL OF THIS WITH NO INFLATION. SOMETHING EVERYONE SAID CANNOT BE DONE. THERE WERE A COUPLE OF BILLION PEOPLE WHO ACTUALLY THOUGHT I WAS DOING THE RIGHT THING. I THOUGHT I WAS DOING THE RIGHT THING. NOW THEY ALL THINK I'M DOING THE RIGHT THING BECAUSE THEY CANNOT BELIEVE THE NUMBERS. AMERICAN EXPORTS ARE NOW UP BY MORE THAN 150 BILLION DOLLARS. DOMESTIC STEEL PRODUCTION IS UP BY 300,000 TONS A MONTH AND IS DOUBLING OVER THE NEXT FOUR MONTHS. IT IS DOUBLING AND TRIPLING AND WE HAVE STEEL PLANTS BEING BUILT ALL OVER THE COUNTRY. NOBODY THOUGHT THEY WOULD SEE THAT. FACTORY CONSTRUCTION IS UP BY 41%, AND THAT NUMBER IS GOING TO SKYROCKET, BECAUSE THAT IS DOING A PROCESS THEY ARE PUTTING IN TO GET THEIR APPROVALS THAT WE HAVE DONE VERY, VERY QUICK, FAST APPROVALS.

IN THE PROCESS WE HAVE MADE TRADE DEALS WITH PARTNERS COVERING 41% OF ALL U.S. TRADE. SOME OF THE GREATEST COMPANIES AND COUNTRIES IN THE WORLD. WE HAVE COUNTRIES AS OUR PARTNER TOO. EUROPEAN NATIONS, JAPAN, SOUTH KOREA. THEY ARE OUR PARTNERS. THEY HAVE MASSIVE DEALS WITH THOSE, ESPECIALLY OIL AND GAS. WE HAVE CAUSED STOCKMARKETS TO BOOM NOT ONLY IN THE U.S., BUT VIRTUALLY EVERY COUNTRY THEY CAME TO MAKE A DEAL BECAUSE, AS YOU HAVE LEARNED, WHEN THE UNITED STATES GOES UP, YOU FOLLOW. IT HAS REALLY BECOME A STAPLE.

IN AMERICA I HAVE STOPPED THE NATION-WRECKING ENERGY POLICIES THAT DRIVE UP PRICES WHILE SENDING JOBS IN FACTORIES TO THE WORLD'S WORST POLLUTERS. THEY ARE, INDEED, POLLUTERS. UNDER SLEEPY JOE BIDEN NEW DOMESTIC OIL AND GAS LEASES FELL BY 93%. GET THAT. AND THEY WONDER, WHY WAS GASOLINE GOING UP SO FAST? THE GASOLINE ACTUALLY TOPPED FIVE DOLLARS A GALLON IN SOME PLACES, SEVEN DOLLARS A GALLON, AND MORE THAN 100 MAJOR POWER PLANTS WERE VIOLENTLY SHUT DOWN BY INCOMPETENT PEOPLE THAT HAD NO IDEA WHAT THE HELL THEY WERE DOING.

UNDER MY LEADERSHIP U.S. NATURAL GAS PRODUCTION IS AT AN ALL-TIME HIGH, BY FAR. U.S. OIL PRODUCTION IS UP BY 730,000 BARRELS A DAY, AND LAST WEEK WE PICKED UP 50 MILLION BARRELS FROM VENEZUELA ALONE. VENEZUELA HAS BEEN AN AMAZING PLACE FOR SO MANY YEARS, BUT THEN THEY WENT BAD WITH THEIR POLICIES. 20 YEARS AGO IT WAS A GREAT COUNTRY, AND NOW IT HAS PROBLEMS, BUT WE ARE HELPING THEM AND THOSE 15 MILLION BARRELS, WE ARE GOING TO BE SPLITTING UP WITH THEM, AND THEY WILL BE MAKING MORE MONEY THAN THEY HAVE MADE IN A LONG TIME. VENEZUELA IS GOING TO DO FANTASTICALLY WELL. WE APPRECIATE ALL OF THE COOPERATION WE HAVE BEEN GIVING. WE HAVE BEEN GIVING GREAT COOPERATION. ONCE THE ATTACK ENDED -- THE ATTACK ENDED AND THEY SAID, LET'S MAKE A DEAL. OR PEOPLE SHOULD DO THAT. BUT VENEZUELA IS GOING TO MAKE MORE MONEY IN THE NEXT SIX MONTHS THAN THEY HAVE MADE IN THE LAST 20 YEARS. EVERY MAJOR OIL COMPANY IS COMING IN WITH US. IT IS AMAZING. IT IS A BEAUTIFUL THING TO SAY. THE LEADERSHIP OF THE COUNTRY HAS BEEN VERY GOOD. I HAVE BEEN VERY, VERY SMART.

THE PRICE OF GASOLINE IS NOW BELOW $2.15 A GALLON IN MANY STATES. $2.30 A GALLON IN MOST STATES. AND WILL SOON BE AVERAGING LESS THAN TWO DOLLARS A GALLON IN MANY PLACES. IT IS ALREADY DOWN EVEN LOWER, $1.95 A GALLON. NUMEROUS STATES ARE AT $1.99, NUMBERS NOBODY HAS EARNED FOR YEARS. ACTUALLY, SINCE MY LAST ADMINISTRATION. WE GOT IT DOWN TO AROUND THOSE NUMBERS.

I HAVE SIGNED AN ORDER DIRECTING AN APPROVAL OF MANY NEW NUCLEAR REACTORS. WE ARE GOING HEAVY INTO NUCLEAR. I WAS NOT A BIG FAN, BECAUSE I DIDN'T LIKE THE RISK, THE DANGER, BUT THEY HAVE -- WHAT, THE PROGRESS HAVE MADE WITH NUCLEAR IS UNBELIEVABLE, AND THE SAFETY PROGRESS THEY HAVE MADE IS UNBELIEVABLE. WE ARE VERY MUCH INTO THE WORLD OF NUCLEAR ENERGY. AND WE CAN HAVE IT NOW AT GOOD PRICES AND VERY, VERY SAFE, AND WE ARE LEADING THE WORLD IN AI, BY A LOT. WE ARE LEADING CHINA BY A LOT. I THINK PRESIDENT XI RESPECTS WHAT WE HAVE DONE IN PART BECAUSE I HAVE ALLOWED THESE COMPANIES BUILDING THESE MASSIVE BUILDINGS TO BUILD THEIR OWN ELECTRIC CAPACITY. THEY ARE BUILDING THEIR OWN POWER PLANTS, WHICH, WHEN ADDED UP, IS MORE THAN ANY COUNTRY ANYWHERE IN THE WORLD IS DOING. I READ RECENTLY AN ARTICLE IN THE "WALL STREET JOURNAL," CHINA IS CREATING SO MUCH ENERGY -- AND THEY ARE, GOT TO HAND IT TO THEM -- WHAT WE ARE CREATING AS MUCH AS MORE AND I'M VERY PROUD OF IT. IT WAS MY IDEA. HE SAID, YOU CAN CREATE THIS MUCH ENERGY. NEEDED MORE THAN DOUBLE THE ENERGY CURRENTLY IN THE COUNTRY, JUST TO TAKER OF THE AI PLANTS, AND THEY SAID, WE CAN DO THAT, WE HAVE AN OLD GRID SYSTEM. I CAME UP WITH THE IDEA, YOU KNOW, YOU PEOPLE ARE BRILLIANT, YOU HAVE A LOT OF MONEY, LET'S SEE WHAT YOU CAN DO. YOU CAN BUILD YOUR OWN ELECTRIC-GENERATING PLANTS, AND THEY LOOKED AT ME AND THEY DID NOT BELIEVE ME. ALL OF THE NAMES THAT ARE IN THE ROOM RIGHT NOW, IF YOU WANT TO KNOW THE TRUTH, THEY DIDN'T BELIEVE IT. I SAID, NO, NO, YOU CAN. THEY CAME BACK AND SAID, WE THOUGHT YOU WERE KIDDING. I SAID, NOT ONLY AM I NOT GETTING, YOU CAN HAVE YOUR APPROVALS WITHIN TWO WEEKS. I ALWAYS SAY, NUCLEAR WILL TAKE THREE WEEKS, BUT MOST ARE NOT GOING THAT, THEY ARE GOING OIL AND GAS. THEY ARE EVEN GOING COLD IN SOME CASES.

BECAUSE OF MY LANDSLIDE ELECTION VICTORY THE UNITED STATES AVOIDED THE CATASTROPHIC ENERGY COLLAPSE WHICH BEFELL EVERY EUROPEAN NATION THAT PURSUED THE GREEN SCAM. PERHAPS THE GREATEST HOAX IN HISTORY. THE GREEN NOOSE SCAM, WINDMILLS ALL OVER THE PLACE, DESTROY YOUR LAND. DESTROY YOUR LAND. EVERY TIME THAT GOES AROUND YOU WILL LOSE $1000. WE WERE SUPPOSED TO MAKE MONEY WITH ENERGY, NOT LOSE MONEY. HERE IN EUROPE WE HAVE SEEN THE FATE THAT THE RADICAL LEFT TRIED TO IMPOSE ON AMERICA. THEY TRIED VERY HARD. GERMANY NOW GENERATES 22% LESS ELECTRICITY THAN IT DID IN 2017, AND IT IS NOT THE CURRENT CHANCELLOR'S FAULT. HE IS SOLVING THE PROBLEM. HE'S GOING TO DO A GREAT JOB, BUT WHAT THEY DID BEFORE HE GOT THERE, I GUESS THAT IS WHY HE GOT THERE. AND ELECTRICITY PRICES ARE 64% HIGHER. THE UNITED KINGDOM PRODUCES JUST ONE THIRD OF THE TOTAL ENERGY FROM ALL SOURCES IT DID IN 1990. GIVE THAT. ONE THIRD, AND THEY ARE SITTING ON TOP OF THE NORTH SEA, ONE OF THE GREATEST RESERVES ANYWHERE IN THE WORLD, BUT THEY DON'T USE IT, AND THAT IS ONE REASON WHY THEIR ENERGY HAS REACHED CATASTROPHICALLY LOW LEVELS, WITH EQUALLY-HIGH PRICES. HIGH PRICES, VERY LOW LEVELS. THAT. ONE THIRD, AND YOU ARE SITTING ON TOP OF THE NORTH SEA. THEY LIKE TO SAY, THAT IS DEPLETED, THEY HAVE 500 UNITS. THEY HAVEN'T EVEN FOUND THE OIL. THE NORTH SEA IS INCREDIBLE. THEY DON'T LET ANYBODY DRILL. ENVIRONMENTALLY, THEY DON'T LET THEM DRILL. THEY MAKE IT IMPOSSIBLE FOR THE OIL COMPANIES TO GO. THEY TAKE 92% OF THE REVENUES, SO THE OIL COMPANIES SAY, WE CAN'T DO IT. THEY CAME TO SEE ME, IS THERE ANYTHING YOU CAN DO? I WANT EUROPE TO DO GREAT. I WANT U.K. TO DEGRADE. THEY ARE SITTING ON ONE OF THE GREATEST ENERGY SOURCES IN THE WORLD AND THEY DON'T USE IT. IN FACT, THEIR ELECTRICITY PRICES HAVE SOARED 139%. THERE ARE WINDMILLS ALL OVER EUROPE, THERE ARE WINDMILLS ALL OVER THE PLACE, AND THEY ARE LOSERS. ONE THING I HAVE NOTICED IS THAT THE MORE WINDMILLS A COUNTRY HAS, THE MORE MONEY THAT COUNTRY LOSES, AND THE WORSE THE COUNTRY IS DOING. CHINA MAKES ALMOST ALL OF THE WINDMILLS, AND YET I HAVE NOT BEEN ABLE TO FIND ANY WIND FARMS IN CHINA. DID YOU THINK OF THAT? CHINA IS VERY SMART. THEY SELL THEM FOR A FORTUNE. THEY SELL THEM TO THE STUPID PEOPLE THAT BUY THEM, BUT THEY DON'T USE THEM THEMSELVES. THEY PUT UP A COUPLE OF BIG WIND FARMS, BUT THEY DON'T USE THEM, THEY JUST PUT THEM UP TO SHOW PEOPLE WHAT THEY COULD LOOK LIKE. THEY DON'T SPIN, THEY DON'T DO ANYTHING. THEY USE A THING CALLED COAL, MOSTLY. CHINA GOES WITH THE COAL, THEY GO WITH THE OIL AND GAS, THEY ARE STARTING TO LOOK AT NUCLEAR LITTLE BIT, AND THEY ARE DOING JUST FINE. THEY MAKE A FORTUNE SELLING TO WINDMILLS, THOUGH, AND I THINK REALLY THAT IS ONE IT WOULD NOT BE SURPRISED IF IT STOPPED. THEY WERE TARIFF SHOCKED, BUT IT CONTINUES TO GO. THEY WERE VERY FRIENDLY WITH ME. THEY ARE SHOCKED THAT PEOPLE CONTINUE TO BUY THOSE DAMN THINGS. THEY KILLED THE BIRDS, THEY RUIN YOUR LANDSCAPES. OTHER THAN THAT I THINK THERE WONDERFUL. STUPID PEOPLE BUY THEM.

THE CONSEQUENCES OF SUCH POLICIES HAVE BEEN LOWER ECONOMIC GROWTH, LOWER STANDARDS OF LIVING, LOWER BIRTH RATES, MORE SOCIALLY-DISRUPTIVE MIGRATION, MORE VULNERABILITY TO HOSTILE FOREIGN ADVERSARIES AND MUCH, MUCH SMALLER MILITARIES. THE UNITED STATES CARES ABOUT THE PEOPLE OF EUROPE. WE REALLY DO. I AM DERIVED FROM EUROPE. SCOTLAND IN GERMANY. 100% SCOTLAND, MY MOTHER. 100% GERMAN, MY FATHER. AND WE BELIEVE DEEPLY IN THE BONDS WE SHARE WITH EUROPE AS A CIVILIZATION. I WANT TO SEE IT DO GREAT. THAT IS WHY ISSUES LIKE ENERGY, TRADE, AND ECONOMIC GROWTH MUST BE CENTRAL CONCERNS TO ANYONE WHO WANTS TO SEE A STRONG AND UNITED WEST. BECAUSE EUROPE IN THOSE COUNTRIES HAVE TO DO THEIR THING. THEY HAVE TO GET OUT OF THE CULTURE THAT THEY HAVE CREATED OVER THE LAST 10 YEARS. IT'S HORRIBLE, WHAT THEY ARE DOING TO THEMSELVES. THEY ARE DESTROYING THEMSELVES. THESE BEAUTIFUL, BEAUTIFUL PLACES. WE WANT TO STRONG ALLIES, NOT SERIOUSLY WEAKENED ONES. WE WANT EUROPE TO BE STRONG.

ULTIMATELY THESE ARE MATTERS OF NATIONAL SECURITY AND PERHAPS NO CURRENT ISSUE MAKES THE SITUATION MORE CLEAR THAN WHAT IS CURRENTLY GOING ON WITH GREENLAND. WOULD YOU LIKE ME TO SAY A FEW WORDS OF GREENLAND? I WAS GOING TO LEAVE IT OUT OF THE SPEECH, BUT I THINK I WOULD HAVE BEEN REVIEWED VERY NEGATIVELY. I HAVE TREMENDOUS RESPECT BOTH FOR THE PEOPLE OF GREENLAND AND THE PEOPLE OF DENMARK. TREMENDOUS RESPECT. BUT EVERY NATO ALLY HAS AN OBLIGATION TO BE ABLE TO DEFEND THEIR OWN TERRITORY, AND THE FACT IS NO NATION OR GROUP OF NATIONS IS IN ANY POSITION TO BE ABLE TO SECURE GREENLAND OTHER THAN THE UNITED STATES. WE ARE A GREAT POWER. MUCH GREATER THAN PEOPLE UNDERSTAND. I THINK THEY FOUND THAT OUT TWO WEEKS AGO IN VENEZUELA.

WE SAW THIS IN WORLD WAR II, WHEN DENMARK FELL TO GERMANY. AFTER JUST SIX HOURS OF FIGHTING. AND WAS TOTALLY UNABLE TO DEFEND EITHER ITSELF OR GREENLAND. SO, THE UNITED STATES WAS THEN COMPELLED -- WE DID IT -- WE FELT AN OBLIGATION TO DO IT -- TO SEND OUR OWN FORCES TO HOLD THE GREENLAND TERRITORY. AND HOLD IT WE DID, AT GREAT COST AND EXPENSE. THEY DIDN'T HAVE A CHANCE OF GETTING ON IT, AND THEY TRIED. DENMARK KNOWS THAT. WE LITERALLY SET UP BASES ON GREENLAND FOR DENMARK. WE FOUGHT FOR DENMARK. WE WERE FIGHTING TO SAVE IT, FOR DENMARK. BIG, BEAUTIFUL PIECE OF ICE. IT IS HARD TO CALL IT LAND, IT IS OUR BIG PIECE OF ICE. BUT WE SAVED GREENLAND AND SUCCESSFULLY PREVENTED OUR ENEMIES FROM GAINING A FOOTHOLD IN OUR HEMISPHERE. SO, WE DID IT FOR OURSELVES ALSO. AND THEN AFTER THE WAR, WHICH WE WON -- WE WON IT BIG. DOUBT US YOU WOULD ALL BE SPEAKING GERMAN AND A LITTLE JAPANESE, PERHAPS. AFTER THE WAR WE GAVE GREENLAND BACK TO DENMARK. HOW STUPID WERE WE TO DO THAT? BUT, WE DID IT. BUT WE GAVE IT BACK, BUT HOW UNGRATEFUL ARE THEY NOW?

SO, NOW OUR COUNTRY'S IN THE WORLD FACE MUCH GREATER RISKS THAN IT DID EVER BEFORE, BECAUSE OF MISSILES, BECAUSE OF NUCLEAR, BECAUSE OF WEAPONS OF WARFARE I CAN'T EVEN TALK ABOUT. TWO WEEKS AGO THEY SAW WEAPONS NOBODY EVER HEARD OF. THEY WERE NOT ABLE TO FIRE ONE SHOT AT US. THEY SAID, WHAT HAPPENED? EVERYTHING WAS DISCOMBOBULATED. THEY SAID, WE'VE GOT THEM IN OUR SITES, PRESS THE TRIGGER -- AND NOTHING HAPPENED. NO ANTIAIRCRAFT MISSILES WENT UP. THERE WAS ONE THAT WENT UP ABOUT 30 FEET AND CRASHED DOWN RIGHT NEXT TO THE PEOPLE THAT SENT IT. THEY SAID, WHAT THE HELL IS GOING ON? THOSE DEFENSIVE SYSTEMS WERE MADE BY RUSSIA AND BY CHINA. SO, THEY ARE GOING TO GO BACK TO THE DRAWING BOARDS, I GUESS.

GREENLAND HAS A VAST, ALMOST ENTIRELY UNINHABITED AND UNDEVELOPED TERRITORY. SITTING UNDEFENDED IN A KEY STRATEGIC LOCATION BETWEEN THE UNITED STATES, RUSSIA, AND CHINA. THAT IS EXACTLY WHERE IT IS. RIGHT SMACK IN THE MIDDLE. WAS NOT IMPORTANT, NEARLY, WHEN WE GAVE IT BACK. AND WE GAVE IT BACK IT WAS NOT THE SAME AS IT WAS NOW. IT IS NOT IMPORTANT FOR ANY OTHER REASON. EVERYONE TALKS ABOUT THE MINERALS. RARE EARTH. NO SUCH THING AS RARE EARTH. THERE IS RARE PROCESSING, BUT THERE IS SO MUCH RARE EARTHS, AND TO GET TO THIS RARE EARTH YOU HAVE TO GO THROUGH HUNDREDS OF FEET OF ICE. THAT IS NOT THE REASON WE NEEDED. WE NEEDED FOR STRATEGIC NATIONAL SECURITY AND INTERNATIONAL SECURITY. IT IS AN ENORMOUS, UNSECURED ISLAND IS PART OF NORTH AMERICA, ON THE NORTHERN FRONTIER OF THE WESTERN HEMISPHERE. THAT IS OUR TERRITORY. IT IS THEREFORE OUR CORE NATIONAL SECURITY INTEREST OF THE UNITED STATES OF AMERICA, AND IN FACT IT HAS BEEN OUR POLICY FOR HUNDREDS OF YEARS TO PREVENT OUTSIDE THREATS FROM ENTERING OUR HEMISPHERE, AND WE HAVE DONE IT VERY SUCCESSFULLY AND WE HAVE NEVER BEEN STRONGER THAN WE ARE NOW.

THAT IS WHY AMERICAN PRESIDENTS HAVE SAW TO PURCHASE GREENLAND FOR NEARLY TWO CENTURIES. YOU KNOW, FOR TWO CENTURIES THEY HAVE BEEN TRYING TO DO IT. THEY SHOULD HAVE KEPT IT AFTER WORLD WAR II, BUT THEY HAD A DIFFERENT PRESIDENT. THAT'S ALL RIGHT. PEOPLE THINK THEY ARE FRIENDLY. MUCH MORE NECESSARY NOW THAN IT WAS AT THAT TIME, HOWEVER. IN 2019 SAID THEY WOULD SPEND OVER $200 MILLION TO STRENGTHEN FINLAND'S DEFENSES. BUT, AS YOU KNOW, THEY SPENT LESS THAN 1% OF THAT AMOUNT. 1%. THERE IS NO SIGN OF DENMARK THERE. I SAY THAT WITH GREAT RESPECT FOR DENMARK, WHOSE PEOPLE I LOVE, WHOSE LEADERS ARE VERY GOOD. IT IS THE UNITED STATES ALONE THAT CAN PROTECT THIS GIANT, MASSIVE LAND, THIS GIANT PIECE OF ICE, DEVELOP IT AND IMPROVE -- IMPROVE IT AND MAKE IT SO THAT IT IS GOOD FOR EUROPE AND SAFER EUROPE ANY GOOD FOR US. AND THAT IS THE REASON I'M SEEKING IMMEDIATE NEGOTIATIONS TO ONCE AGAIN DISCUSSED THE ACQUISITION OF GREENLAND BY THE UNITED STATES, JUST AS WE HAVE ACQUIRED MANY OTHER TERRITORIES THROUGHOUT OUR HISTORY, AS MANY OF THE EUROPEAN NATIONS HAVE ACQUIRED. THERE IS NOTHING WRONG WITH IT. MANY OF THEM, SOMEONE IN REVERSE, ACTUALLY. SOME HAD GREAT, VAST WEALTH, GREAT, VAST LANDS ALL OVER THE WORLD. THEY WENT IN REVERSE. THEY STUCK BACK WHERE THEY STARTED. THAT HAPPENS TOO, BUT SOME GROW. BUT THIS WOULD NOT BE A THREAT TO NATO, THIS WOULD GREATLY ENHANCE THE SECURITY OF THE ENTIRE ALLIANCE, THE NATO ALLIANCE.

UNITED STATES IS TREATED VERY UNFAIRLY BY NATO. I WANT TO TELL YOU THAT. WHEN YOU THINK ABOUT IT, NOBODY CAN DISPUTE IT. WE GIVE SO MUCH AND WE GET SO LITTLE IN RETURN. AND I HAVE BEEN A CRITIC OF NATO FOR MANY YEARS, YET I HAVE DONE MORE TO HELP NATO THAN ANY PRESIDENT BY FAR, THEN ANY PERSON. YOU WOULDN'T HAVE NATO IF I DIDN'T GET INVOLVED IN MY FIRST TERM.

THE WAR WITH UKRAINE AS AN EXAMPLE. WE ARE THOUSANDS OF MILES AWAY, SEPARATED BY A GIANT OCEAN. IT IS A WAR THAT SHOULD HAVE NEVER STARTED, AND IT WOULDN'T HAVE STARTED IF THE 2020 U.S. PRESIDENTIAL ELECTION WEREN'T RIGGED. THERE WAS A RIGGED ELECTION. EVERYBODY NOW KNOWS THAT, THEY FOUND OUT. PEOPLE WILL SOON BE PROSECUTED FOR WHAT THEY DID. THAT IS PROBABLY BREAKING NEWS, BUT IT SHOULD BE. IT IS A RIGGED ELECTION. CAN'T HAVE RIGGED ELECTIONS. NEED STRONG BORDERS, STRONG ELECTIONS, AND IDEALLY A GOOD PRESS. I ALWAYS SAY, STRONG BORDERS, STRONG ELECTIONS -- FREE, FAIR ELECTIONS -- AND THE MEDIA. THE MEDIA'S TERRIBLE, IT IS VERY CROOKED, IT IS VERY BIASED, TERRIBLE. IT IS LOSING ALL CREDIBILITY. THINK OF IT. AND I WON IN A LANDSLIDE -- A GIANT LANDSLIDE, WON THE POPULAR VOTE, WON EVERYTHING, AND I ONLY GET NEGATIVE PRESS. THAT MEANS IT HAS NO CREDIBILITY. AND IF THEY ARE GOING TO GET CREDIBILITY THEY ARE GOING TO HAVE TO GET FAIR. SO, YOU NEED A FAIR PRESS, BUT YOU ALSO NEED THOSE OTHER ELEMENTS AND I INHERITED A TERRIBLE, TERRIBLE SITUATION. IF YOU LOOK, THE BORDER WAS OPEN, THE INFLATION WAS RAGING. EVERYTHING WAS BAD WITH THE UNITED STATES WHEN I CAME INTO OFFICE, BUT I ALSO INHERITED A MESS WITH UKRAINE AND RUSSIA, SOMETHING THAT WOULD HAVE NEVER HAPPENED -- AND I KNOW PUTIN VERY WELL. HE AND I WOULD DISCUSS UKRAINE. IT WAS THE APPLE OF HIS EYE, BUT HE WASN'T GOING TO DO ANYTHING. I SAID, VLADIMIR, YOU'RE NOT DOING IT. IT WAS TERRIBLE WHAT HAPPENED. I COULD SEE IT HAPPENING TOO, AFTER I LEFT. I COULD SEE IT HAPPENING. BIDEN HAD GIVEN UKRAINE AND NATO $350 BILLION -- A STAGGERING SUM. $350 BILLION. I CAME IN, AND JUST LIKE THE SOUTHERN BORDER, JUST LIKE INFLATION, JUST LIKE ECONOMY I SAID, WOW, THIS PLACE IS IN TROUBLE, MEANING OUR COUNTRY. ALL OF THESE THINGS WERE OUT OF CONTROL. BUT THE BORDER WAS OUT OF CONTROL. WE FIXED IT. WE HAVE THE STRONGEST BORDER ANYWHERE IN THE WORLD. AND HAVE NOW BEEN WORKING ON THIS WAR FOR ONE YEAR DURING WHICH TIME I SETTLED EIGHT OTHER WARS. INDIA, PAKISTAN. I SETTLED OTHER WARS THAT -- VLADIMIR PUTIN CALLED ME, AZERBAIJAN. HE SAID, I CAN'T BELIEVE YOU SAID THAT. THEY WERE GOING ON FOR 35 YEARS. I SETTLED IT IN ONE DAY AND PRESIDENT PUTIN CALLED ME, HE SAID, YOU KNOW, I CAN'T BELIEVE I WORKED ON THAT WAR FOR 10 YEARS TRYING TO SETTLE AND I COULDN'T DO IT. I SAID, DO ME A FAVOR, FOCUS ON SETTLING YOUR WAR.

WHAT DOES THE UNITED STATES GET OUT OF ALL OF THIS WORK, OUT OF ALL OF THIS MONEY OTHER THAN DEATH, DESTRUCTION, AND MASSIVE AMOUNTS OF CASH GOING TO PEOPLE WHO DON'T APPRECIATE WHAT WE DO? THEY DON'T APPRECIATE WHAT WE DO. IN TALKING ABOUT NATO, I'M TALKING ABOUT EUROPE. THEY HAVE TO WORK ON UKRAINE. WE DON'T. UNITED STATES IS VERY FAR AWAY. WE HAVE A BIG, BEAUTIFUL OCEAN SEPARATING US. WE HAVE NOTHING TO DO WITH IT. UNTIL I CAME ALONG NATO WAS ONLY SUPPOSED TO PAY 2% OF GDP, BUT THEY WEREN'T PAYING. MOST OF THE COUNTRIES WEREN'T PAYING ANYTHING. THE UNITED STATES WAS PAYING FOR VIRTUALLY 100% OF NATO. AND I GOT THAT STOPPED. I SAID, THAT'S NOT FAIR. BUT THEN, MORE IMPORTANTLY, I GOT NATO TO PAY 5%, AND NOW THEY WERE PAYING, AND NOW THEY ARE PAYING. SO, SOMETHING EVERYBODY SAID WAS NOT POSSIBLE. THEY SAID, WE WILL NOT GO HIGHER THAN 2%. BUT THEY WENT TO 5% AND NOW THEY ARE PAYING THE FIVE. AND THEY ARE STRONGER FOR IT AND THEY HAVE AN EXCELLENT, BY THE WAY, SECRETARY-GENERAL, WHO IS POSSIBLY IN THE ROOM. MARK, ARE YOU HERE? YES, HE IS HERE. WE NEVER ASK FOR ANYTHING. AND WE NEVER GOT ANYTHING. WE PROBABLY WON'T GET ANYTHING UNLESS I DECIDE TO USE EXCESSIVE STRENGTH AND FORCE WHERE WE WOULD BE, FRANKLY, UNSTOPPABLE. BUT I WON'T DO THAT, OK? NOW EVERYONE IS SAYING, OH, GOOD. THAT IS PROBABLY THE BIGGEST STATEMENT I MADE, BECAUSE PEOPLE THOUGHT I WOULD USE FORCE. I DON'T HAVE TO USE FORCE. I DON'T WANT TO USE FORCE. I WON'T USE FORCE.

ALL THE UNITED STATES IS ASKING FOR IS A PLACE CALLED GREENLAND, WHERE WE ALREADY HAD IT, AS A TRUSTEE, BUT RESPECTFULLY RETURNED BACK TO DENMARK NOT LONG AGO AFTER WE DEFEATED THE GERMANS, THE JAPANESE, THE ITALIANS, AND OTHERS IN WORLD WAR II. WE GAVE IT BACK TO THEM. WE WERE A POWERFUL FORCE THEN, BUT WE ARE A MORE POWERFUL FORCE NOW. AFTER I REBUILT THE MILITARY IN MY FIRST TERM AND CONTINUE TO DO SO TODAY WE HAVE A BUDGET OF $1.5 TRILLION. WE ARE BRINGING BACK BATTLESHIPS. THE BATTLESHIP IS 100 TIMES MORE POWERFUL THAN THE GREAT BATTLESHIPS YOU SAW IN WORLD WAR II. IT WAS GREAT, BIG GORGEOUS SHIPS, MISSOURI, THE IOWA, THE ALABAMA. I THOUGHT MAYBE WE COULD TAKE THEM OUT OF MOTHBALLS. THEY SAID, NO SIR, THESE SHIPS ARE 100 -- THINK OF THAT 100 TIMES MORE POWERFUL THAN THOSE BIG, MAGNIFICENT PIECES OF ART USE ALSO MANY TIMES AGO, THAT YOU STILL SEE ON TELEVISION AND YOU SAY, WOW, WHAT A FORCE. 100 TIMES. EACH SHIP, 100 TIMES MORE POWERFUL THAN THE BIG BATTLESHIPS OF THE PAST. SO, THAT WAS THE END OF THE MOTHBALLS STORY.

SO, WHAT WE HAVE GOTTEN OUT OF NATO IS NOTHING EXCEPT TO PROTECT EUROPE FROM THE SOVIET UNION AND NOW RUSSIA. MEAN, WE HAVE HELPED THEM FOR SO MANY YEARS. WE HAVE NEVER GOTTEN ANYTHING, EXCEPT WE PAY FOR NATO, AND WE HAVE PAID FOR MANY YEARS UNTIL I CAME ALONG. WE PAID FOR, IN MY OPINION, 100% OF NATO, BECAUSE THEY WERE NOT PAYING THEIR BILLS. AND ALL WE ARE ASKING FOR IS TO GET GREENLAND, INCLUDING RIGHT TITLE AND OWNERSHIP, BECAUSE YOU NEED THE OWNERSHIP TO DEFENDANT. YOU CANNOT DEFEND IT OR LEASE. NUMBER ONE, LEGALLY IT IS NOT DEFENSIBLE THAT WAY, TOTALLY, AND NUMBER TWO, PSYCHOLOGICALLY WHO THE HELL WANTS TO DEFEND A LICENSE AGREEMENT? WHICH IS A LARGE PIECE OF ICE IN THE MIDDLE OF THE OCEAN WHERE, IF THERE IS A WAR MUCH OF THE ACTION WILL TAKE PLACE ON THAT PIECE OF ICE. THINK OF IT. THOSE MISSILES WOULD BE FLYING RIGHT OVER THE CENTER OF THAT PIECE OF ICE. ALL WE WANT FROM DENMARK, FOR NATIONAL AND INTERNATIONAL SECURITY, AND TO KEEP OUR VERY ENERGETIC AND DANGEROUS POTENTIAL ENTERED -- ENEMIES AT BAY IS THIS LAND ON WHICH WE ARE GOING TO BUILD THE GREATEST GOLDEN DOME EVER BUILT. WE ARE BUILDING A GOLDEN DOME THAT IS GOING TO JUST BY ITS VERY NATURE -- GOING TO BE DEFENDING CANADA. CANADA GETS A LOT OF FREEBIES FOR MOST, BY THE WAY. THEY SHOULD BE GRATEFUL ALSO, BUT THEY ARE NOT. I WATCHED YOUR PRIME MINISTER YESTERDAY. WAS NOT SO GRATEFUL. THEY SHOULD BE GRATEFUL TO US. CANADA. CANADA LIVES BECAUSE OF THE UNITED STATES. MEMBER THAT, MARK, THE NEXT TIME YOU MAKE YOUR STATEMENTS.

WHAT WE DID FOR ISRAEL WAS AMAZING, BUT THAT IS NOTHING COMPARED TO WHAT WE HAVE PLANNED FOR THE UNITED STATES, CANADA, AND THE REST OF THE WORLD. WE ARE GOING TO BUILD A DOME LIKE NO OTHER. WE DID IT FOR ISRAEL. I TOLD BB -- BIBI, STOP TAKING CREDIT FOR THE DUMB. THAT IS OUR TECHNOLOGY. BUT THEY HAD COURAGE AND A LOT OF GOOD FIGHTERS AND WE WERE WIPED OUT -- AND WE WIPED OUT THE IRAN NUCLEAR THREAT. NOBODY HAS EVER SEEN ANYTHING LIKE IT. THAT, VENEZUELA, TAKING DOWN SULLA MANY -- SOLEMANI. I DID A LOT OF BIG THINGS. ALL PERFECTLY EXECUTED. EVERYONE WAS PERFECTLY-EXECUTE. A MILITARY EXPERT TOLD ME, SIR, EVERYTHING YOU HAVE DONE HAS BEEN PERFECTLY EXECUTED. I SAID, I KNOW.

SO, OTHER PRESIDENTS HAVE SPENT, WHETHER FOOLISHLY OR NOT, TRILLIONS OF DOLLARS ON NATO, AND GOT AN ABSOLUTE NOTHING IN RETURN. WE HAVE NEVER ASK FOR ANYTHING. IT IS ALWAYS A ONE-WAY STREET. NOW THEY WANT US TO HELP THEM WITH UKRAINE. LET ME SAY I'M HOPING NOT EVEN THEM, I WANT TO SEE LAST WEEK -- IF YOU SAW IT WAS 10,000 SOLDIERS, BUT LAST MONTH IT WAS 31,000 SOLDIERS DIED. 31,000. THAT IS THIS ROOM TIMES THE NUMBER OF PEOPLE IN THIS ROOM TIMES 30. THINK OF IT. 30,000 SOLDIERS DIED IN ONE MONTH. THE MONTH BEFORE IT WAS 27,000. THE MONTH BEFORE IT WAS 28,000. THE MONTH BEFORE IT WAS 45,000. IT IS A BLOODBATH OVER THERE. AND THAT IS WHAT I WANT TO STOP. IT DOESN'T HELP THE UNITED STATES. BUT THESE ARE SOULS, THESE ARE YOUNG PEOPLE THAT LOOK LIKE YOU, THEY LOOK LIKE SOME OF YOU IN THE FRONT ROW. THEIR PARENTS ARE SO PROUD. TWO WEEKS LATER THEY GET A CALL, YOUR SON'S HEAD HAS BEEN BLOWN OFF. IT IS A HORRIBLE WAR. IT IS THE WORST SINCE WORLD WAR II. THEY KEEP GOING THERE LIKE WORLD WAR II, IT IS STAGGERING HOW MANY PEOPLE THEY HAVE LOST, THEY DON'T WANT TO TALK ABOUT IT. UKRAINE AND RUSSIA HAVE LOST TREMENDOUS AMOUNTS. AND DEALING WITH PRESIDENT PUTIN AND HE WANTS TO MAKE A DEAL. I'M DEALING WITH PRESIDENT ZELENSKYY AND I THINK HE WANTS TO MAKE A DEAL. I'M MEETING HIM TODAY. HE MIGHT BE IN THE AUDIENCE RIGHT NOW. BUT THEY'VE GOT TO GET THAT MORE STOPPED. BECAUSE TOO MANY PEOPLE ARE DYING. TOO MANY SOULS ARE BEING LOST. IT IS THE ONLY REASON I'M INTERESTED IN DOING IT. BUT IN DOING AND I'M HELPING EUROPE, I'M HELPING NATO, AND UNTIL THE LAST FEW DAYS WHEN I TOLD HIM ABOUT ICELAND THEY LOVED ME. THEY CALLED ME DADDY, RIGHT? LAST TIME? VERY SMART MAN SAID, HE IS OUR DADDY. I WENT FROM RUNNING INTO BEING A TERRIBLE HUMAN BEING. BUT NOW WHAT I'M ASKING FOR IS A PIECE OF ICE. COLD AND POORLY-LOCATED THAT CAN PLAY A VITAL ROLE IN WORLD PEACE AND WORLD PROTECTION. IT IS A VERY SMALL ASK COMPARED TO WHAT WE HAVE GIVEN THEM FOR MANY, MANY DECADES. BUT THE PROBLEM WITH NATO IS THAT WE WILL BE THERE FOR THEM 100%, BUT I'M NOT SURE THAT THEY WOULD BE THERE FOR US IF WE GAVE THEM THE CALL. GENTLEMEN, WE ARE BEING ATTACKED, WE ARE UNDER ATTACK BY SUCH AND SUCH A NATION. I KNOW THE MALL VERY WELL. I'M NOT SURE THEY WOULD BE THERE. I KNOW WE WOULD BE THERE FOR THEM. I'M NOT SURE THEY WOULD BE THERE FOR US. SO, WITH ALL OF THE MONEY WE EXPEND, WITH ALL OF THE BLOOD, SWEAT, AND TEARS I DON'T KNOW THAT THEY WOULD BE THERE FOR US. THEY ARE NOT THERE FOR US ON ICELAND, THAT I CAN TELL YOU.

OUR STOCK MARKET FOR -- TOOK THE FIRST DIP YESTERDAY BECAUSE OF ICELAND. ICELAND HAS ALREADY COST US A LOT OF MONEY, BUT THAT DIP IS PEANUTS COMPARED TO WHAT HAS GONE UP AND WE HAVE A WONDERFUL FUTURE. THAT STOCK IT IS GOING TO BE DOUBLED. WE ARE GOING TO HIT 50000 AND THAT STOCK MARKET IS GOING TO DOUBLE IN A RELATIVELY SHORT PERIOD OF TIME BECAUSE OF EVERYTHING THAT HAS HAPPENED. BUT THERE IS A GOOD EXAMPLE. AFTER GIVING NATO AND EUROPEAN NATIONS TRILLIONS AND TRILLIONS OF DOLLARS OF DEFENSE -- THEY BUY OUR WEAPONS. WE MAKE THE GREATEST WEAPONS IN THE WORLD, BUT NOW WE ARE GOING TO MAKE THEM FASTER. AND PUT A CAP ON THE SALARIES, AND I PUT NO BUYBACKS, NO STOCK BUYBACKS, VARIOUS OTHER THINGS THEY ARE DOING. THEY WERE MAKING $50 MILLION BUT IT WOULD TAKE THEM THREE YEARS TO GIVE YOU A PATRIOT MISSILE. I SAID, THAT'S NOT GOOD. I SHOW FOR -- MY CHAUFFEUR CAN DO A BETTER JOB THAN THAT. IF THEY ARE GOING TO MAKE THOSE BIG SALARIES THEY ARE GOING TO HAVE TO PRODUCE FASTER. THE GOOD NEWS IS WE HAVE THE GREATEST EQUIPMENT IN THE WORLD. NOW WE ARE GOING TO START MAKING IT FASTER. AND ALL OF THE MONEY THAT GOES INTO STOCK BUYBACKS IS GOING TO GO INTO BUILDING PLANS. WE ARE NOT ALLOWING STOCK BUYBACKS BY DEFENSE COMPANIES ANYMORE. THEY ARE GOING TO BUILD NEW PLANTS TO BUILD,'S, PATRIOTS -- WE HAVE THE BEST EQUIPMENT. F-35'S, 47, THE NEW ONE JUST COMING OUT. THEY SAY IT IS THE MOST DEVASTATING FIGHTER, PLANE, WHATEVER. THEY CALLED IT 47. IF I DON'T LIKE IT I'M GOING TO TAKE THE 47 OFF OF IT. I WONDER WHY THEY CALLED IT 47. BUT IF I DON'T LIKE IT I'M GOING TO TAKE THAT 47 OFF. BUT IT IS SUPPOSED TO BE THE FIRST STAGE-SIX PLANE. UNDETECTABLE, LIKE I B-2 BOMBERS WERE UNDETECTABLE. THEY FLEW RIGHT OVER IRAN, THERE WERE UNDETECTABLE, AND THEY DID THEIR JOB AND THEY GOT THE HELL OUT OF THERE.

SO, WE WANT A PIECE OF ADVICE FOR WORLD PROTECTION, AND THEY WON'T GIVE IT. HAVE NEVER ASK FOR ANYTHING ELSE AND WE COULD HAVE KEPT THAT PIECE OF LAND, AND WE DIDN'T, SO THEY HAVE A CHOICE. YOU CAN SAY, YES, AND WE WILL BE VERY APPRECIATIVE. OR, YOU CAN SAY, NO, AND WE WILL REMEMBER.

A STRONG AND SECURE AMERICA MEANS A STRONG AND SECURE NATO, AND THAT IS ONE REASON WHY I'M WORKING EVERY DAY TO ENSURE OUR MILITARY IS VERY POWERFUL, OUR ORDERS ARE VERY STRONG, AND ABOVE ALL OUR ECONOMY IS STRONG BECAUSE NATIONAL SECURITY REQUIRES ECONOMIC SECURITY AND ECONOMIC PROSPERITY AND WE HAVE THE GREATEST WE HAVE EVER HAD. BIDEN AND HIS ALLIES DESTROYED OUR ECONOMY AND GAVE US PERHAPS THE WORST INFLATION IN AMERICAN HISTORY. THEY SAY 48 YEARS, I SAY FOREVER, BUT I THINK 48 YEARS IS THE EQUIVALENT TO FOREVER. WHETHER IT IS 48 YEARS OR EVER, IT IS TERRIBLE. COSTING THE TYPICAL FAMILY $33,000. WHAT THEY DID TO THIS COUNTRY SHOULD NEVER, EVER BE FORGOTTEN. IT IS EARLY, BUT HE HAS TO BE RATED AS THE WORST PRESIDENT WE HAVE HAD, BY FAR. THE AUTO PIN DID MUCH OF THE DAMAGE. THE AUTO PIN. HE WAS THE AUTO-PEN RESIDENT. BUT NOW GROCERY PRICES, MORTGAGE RATES, RENTS, AND CAR PAYMENTS ARE ALL COMING DOWN AND COMING DOWN FAST. WE INHERITED A MESS BUT WE HAVE DONE A HELL OF A JOB IN 12 MONTHS.

UNDER MY MOST FAVORED NATION POLICY FOR DRUG PRICES THE COST OF PRESCRIPTION DRUGS IS COMING DOWN MY UP TO 90%. PENDING ON THE WAY YOU CALCULATE IT YOU CAN SAY FIVE, -- FIVE PER SIX -- 5%, 7%, A PERCENT. BUT WE HAVE THE FAVORED NATION'S POLICY THAT EVERY PRESIDENT WANTED. NO PRESIDENT WAS ABLE TO GET. I GOT IT, AND OTHER NATIONS APPROVED IT, AND THEY HAD TO USE TARIFFS IN ORDER TO GET IT, BECAUSE THEY SAID, NO WAY. IN OTHER WORDS, A BUILDER COST 10% IN LONDON COST $130 -- IT COST $10 IN LONDON, COST $130 IN NEW YORK OR IN LOS ANGELES. AND I SAY, BOY, THAT IS BAD. FRIENDS OF MINE ARE SAYING, YOU KNOW, YOU GO TO LONDON WE CAN BUY THE STUFF FOR NOTHING. GO ALL OVER THE WORLD AND WE CAN BUY IT FOR NOTHING. BECAUSE, BASICALLY, AMERICA WAS SUBSIDIZING EVERY NATION IN THE WORLD. BECAUSE PRESIDENTS ALLOW THEM TO GET AWAY WITH IT. IT BECAME VERY TOUGH. SO, WHEN I CALLED UP EMMANUEL MACRON -- I WATCHED HIM YESTERDAY WITH THOSE BEAUTIFUL SUNGLASSES. [LAUGHTER] WHAT THE HELL HAPPENED? [LAUGHTER] BUT I WATCHED HIM SORT OF BE TOUGH, BUT HE WAS $10 FOR A PILL, AND I SAID, I HAVE ALL OF THE BIG PHARMACEUTICAL COMPANIES ARE IN TOTAL AGREEMENT. WAS AN EASY. THEY ARE TOUGH, THEY ARE SMART. THEY HAVE BEEN GETTING AWAY WITH THIS SCAM FOR A LONG TIME THEY GAVE IT UP AND SAID, YOU WILL NEVER GET THE COUNTRIES TO APPROVE IT. I SAID, WHY IS THAT? THEY ALWAYS SAID, WE ARE NOT PAYING ANYMORE, GET THE REST FROM THE UNITED STATES. THEY STAYED THE SAME AND WE WENT UP, UP, UP. WE WOULD PAY 13, 14, 15 TIMES MORE THAN CERTAIN COUNTRIES. I SAID, NO, THEY WILL APPROVE IT, 100%. BUT I ACTUALLY STARTED WITH EMMANUEL, WHO IS PROBABLY IN THE ROOM, AND A LICHEN. HARD TO BELIEVE. I SAID, EMMANUEL, YOU ARE GOING TO HAVE TO LIFT THE PRICE OF THAT HILL -- PILL TO $20, MAYBE $30. BIG ABOUT THAT. THAT MEANS IT IS A DOUBLING OF PRESCRIPTION DRUGS. MIGHT BE A TRIPLING. MY EA QUADRUPLING. IT IS NOT EASY. NO, NO, DONALD, I WILL NOT DO THAT. I SAID, YES YOU WILL COME A HUNDRED PERCENT. HE SAID, NO, NO. YOU ARE ASKING ME TO DOUBLE. I SAID, EMMANUEL, YOU HAVE BEEN TAKING ADVANTAGE OF THE UNITED STATES FOR 30 YEARS WITH PRESCRIPTION DRUGS. YOU REALLY SHOULD DO IT, AND YOU WILL DO IT, I HAVE NO DOUBT. IN FACT, I AM 100% SURE. NO, NO, I WILL NOT DO IT. IN ALL FAIRNESS TO HIM, HE HAS TO DOUBLE OR TRIPLE, BECAUSE THE WORLD BEING A BIGGER PLACE THAN THE UNITED STATES, IT IS NOT THAT YOU MEET IN THE MIDDLE, IT IS JUST THAT YOU GO UP SOME, AND WE COME DOWN A LOT. SO, WE ARE AT 100 $30, THEY ARE AT $10, SO THEY MAY HAVE TO GO TO $20 OR $30. MORE THAN THAT. I SAID, EMMANUEL, YOU'RE GOING TO BE DOUBLING OR TRIPLING. NO, NO, NO. SAID, HERE IS THE STORY, EMMANUEL. YOU ARE GOING TO DO IT AND DO IT FAST, AND IF YOU DON'T I'M PUTTING A 25% TARIFF ON EVERYTHING YOU SELL INTO THE UNITED DATES AND A 100% TARIFF ON YOUR WINDS AND CHAMPAGNES. AND THAT IS ABOUT -- WINES AND CHAMPAGNES. I DON'T WANT TO GO PUBLIC WITH IT, BUT YOU MAY MAKE ME DO THAT. NO, DONALD, I WANT TO DO IT. IT TOOK ME, ON AVERAGE, THREE MINUTES A COUNTRY, SAYING THE SAME THING. YOU WILL DO IT. THEY ALL SAID, NO, NO, I WILL NOT DO IT. YOU ARE ASKING ME TO DOUBLE THE COST OF PRESCRIPTIONS. I SAID, THAT IS RIGHT, BECAUSE YOU HAVE BEEN SCREWING US FOR 30 YEARS. AND THEY SAID, WE WILL NOT DO IT. I SAID, THAT'S ALL RIGHT. ON MONDAY MORNING WE ARE PUTTING A 25%, 30%, 50% -- I GAVE DIFFERENT NUMBERS FOR DIFFERENT COUNTRIES -- THIS IS ALSO NATIONAL SECURITY WE ARE TALKING ABOUT. NOT FAIR. WE ARE NOT GOING TO SUBSIDIZE THE WHOLE WORLD. AND EVERYONE OF THOSE COUNTRIES HAVE AGREED TO DO IT. SO, ONE OF THE BIGGEST THINGS I HAVE DONE IS THE FACT THAT WE HAVE NOW MOST FAVORED NATION. YOU WILL PAY WHATEVER THE LOWEST PRICE IS IN THE ENTIRE WORLD. SO, HOW ARE DRUG PRICES ARE GOING TO BE COMING DOWN BY A STAGGERING 90%. AGAIN, YOU COULD SAY 1000%, 2000%. WE WILL GO WITH THE WAY THE FAKE NEWS LIKES IT BETTER, BECAUSE IT SOUNDS -- CAN YOU IMAGINE A 90% REDUCTION? IT SOUNDS MUCH WORSE. DRUG PRICES ARE GOING TO BE COMING DOWN TREMENDOUSLY IN ALL OF THE NATIONS, AND I APPRECIATE THEM DOING IT, BUT THEY DID IT WITHOUT TARIFFS. I WOULD NOT HAVE BEEN ABLE TO GET IT DONE.

AFTER DECLINING $3000 HUNTER BIDEN REAL -- UNDER BIDEN REAL INCOMES ARE UP BY $2000, 3000 DOLLARS, AND EVEN $5,000 AND MORE. HOMEOWNERSHIP HAS ALWAYS BEEN A SYMBOL OF HEALTH AND VIGOR OF AMERICAN SOCIETY, BUT THAT GOAL FELL OUT OF REACH FOR MILLIONS AND MILLIONS OF PEOPLE IN THE BIDEN ERROR BECAUSE INTEREST RATES WENT UP SO HIGH. TODAY I'M TAKING ACTION TO BRING BACK HIS BEDROCK OF THE AMERICAN DREAM.

IN RECENT YEARS WALL STREET GIANTS AND INSTITUTIONAL INVESTMENT FIRMS -- MANY OF YOU ARE HERE, MANY OF YOU ARE GOOD FRIENDS OF MINE. MANY OF YOUR SUPPORTERS. SORRY TO DO THIS TO YOU, BUT YOU HAVE DRIVEN UP HOUSING PRICES BY PURCHASING HUNDREDS OF THOUSANDS OF SINGLE-FAMILY HOMES. AND IT HAS BEEN A GREAT INVESTMENT. OFTEN AS MUCH AS 10% OF HOUSES ON THE MARKET. YOU KNOW, THE CRAZY THING IS A PERSON CANNOT GET DEPRECIATION ON A HOUSE, BUT WHEN A CORPORATION BUYS IT THEY GET DEPRECIATION. THIS IS SOMETHING WE ARE GOING TO HAVE TO THINK ABOUT. I DON'T KNOW TOO MANY PEOPLE THINK ABOUT THAT. BY A CORPORATION, THEY BUY 500 HOUSES, BY HUNDREDS OF THOUSANDS, THEY BUY FIVE HOUSES THEY CAN TAKE DEPRECIATION A PERSON SWEATS AND WORKS IN BUYS ONE HOUSE THEY CAN'T. BUT HOMES ARE BUILT FOR PEOPLE, NOT FOR CORPORATIONS, AND AMERICA WILL NOT BECOME A NATION OF RENTERS. WE ARE NOT GOING TO DO THAT. THAT IS WHY I HAVE SIGNED AN EXECUTIVE ORDER BANNING LARGE INSTITUTIONAL INVESTORS FROM BUYING SINGLE-FAMILY HOMES. IT IS NOT FAIR TO THE PUBLIC. THEY ARE NOT ABLE TO BUY A HOUSE. AND I'M CALLING ON CONGRESS TO PASS THAT AND INTO PERMANENT LAW AND I THINK THEY WILL.

ONE OF THE BIGGEST BARRIERS TO SAVING FOR A DOWN PAYMENT HAS BEEN SURGING CREDIT CARD THAT. THE PROFIT MARGIN FOR CREDIT CARD COMPANIES NOW EXCEEDS 50%. ONE OF THE BIGGEST. AND THEY CHARGE AMERICA'S INTEREST RATES OF 28%, 30%, 31%, 32%. WHATEVER HAPPENED TO USERY? SO, TO HELP OUR CITIZENS RECOVER FROM THE BIDEN DISASTER -- ALL CAUSED BY THIS HORRIBLE PRESIDENT -- JUST HORRIBLE PRESIDENT -- I AM ASKING CONGRESS TO CAP CREDIT CARD INTEREST RATES AT 10% FOR ONE YEAR. AND THIS WILL HELP MILLIONS OF AMERICANS SAVE FOR HOME. THEY HAVE NO IDEA THEY ARE PAYING 28%. THEY GO OUT THERE A LITTLE LATE ON THEIR PAYMENT AND THEY END UP LOSING THEIR HOUSE. IT IS TERRIBLE.

TO UNLEASH INNOVATION AND SAVINGS IN FINANCING I'M ALSO WORKING TO MAKE SURE AMERICA REMAINS THE CRYPTO CAPITAL THE WORLD. AND TO THAT END LAST YEAR I SIGNED THE LANDMARK GENIUS ACT INTO LAW. NOW CONGRESS IS WORKING VERY HARDLEGISLATION. BITCOIN, ALL OF THEM, WHICH I HOPE TO SIGN VERY SOON, UNLOCKING NEW PATHWAYS FOR AMERICANS TO REACH FINANCIAL FREEDOM. AND I DID IT FOR TWO REASONS. ONE, I THOUGHT IT WAS POLITICALLY GOOD. I GOT TREMENDOUS POLITICAL SUPPORT. BUT MORE IMPORTANT, CHINA WANTED THAT MARKET, TOO, JUST LIKE THEY WANT THE AI. I THINK WE HAVE THAT PRETTY MUCH LOCKED UP. BUT IT WAS TOTALLY AGAINST IT UNTIL BEFORE THE ELECTION WHEN THEY REALIZE THERE WERE MILLIONS OF PEOPLE VOTING AGAINST HIM OVER CRYPTO, THEN ALL OF A SUDDEN THEY LOVED IT VERY MUCH BUT IT WAS TOO LATE. THEY BLEW IT. IT IS POLITICALLY POPULAR BUT IT IS MUCH MORE IMPORTANT THAT WE HAVE TO MAKE IT SO THAT CHINA DOESN'T GET THE HOLD OF IT, BECAUSE ONCE THEY DO GET A HOLD ON IT WE DO NOT GET IT BACK.

FINALLY, I'VE INSTRUCTED GOVERNMENT-BACKED INSTITUTIONS TO PURCHASE UP TO 200 BILLION DOLLARS IN MORTGAGE BONDS TO BRING DOWN INTEREST RATES. I'LL BE ANNOUNCING A NEW FED CHAIRMAN IN THE NOT-TOO-DISTANT FUTURE. I THINK HE WILL DO A VERY GOOD JOB. I GAVE AWAY SOME OF IT, HE. WE HAVE SOMETHING. WE GOT SOMETHING. BUT SOMEBODY THAT IS VERY RESPECTED. THEY ARE ALL RESPECTED, THEY ARE ALL GREAT. EVERYONE I INTERVIEWED IS GREAT, EVERYONE COULD DO A FANTASTIC JOB. PROBABLY THEY CHANGE ONCE THEY GET THE JOB. SAYING EVERYTHING I WANT TO HEAR, THEY GET THE JOB, THEY ARE LOCKED IN FOR SIX YEARS. ALL OF A SUDDEN, LET'S RAISE RATES A LITTLE BIT. SIR, WE WOULD RATHER NOT TALK ABOUT THIS. IT'S AMAZING HOW PEOPLE CHANGE ONCE THEY HAVE THE JOB. TOO BAD. CERTAIN DISLOYALTY BUT THEY HAD TO DO WHAT THEY THINK IS RIGHT. WE HAVE A TERRIBLE CHAIRMAN RIGHT NOW, JEROME TOO LATE POWELL, HE IS ALWAYS TOO LATE, VERY LATE WITH INTEREST RATES EXCEPT BEFORE THE ELECTION. HE WAS FINE FOR THE OTHER SIDE. WE ARE GOING TO HAVE SOMEBODY THAT IS GREAT. WE HOPE HE DOES THE RIGHT JOB.

LAST WEEK, THE AVERAGE 30 YEAR MORTGAGE RATE DROPPED BELOW 6% FOR THE FIRST TIME IN MANY YEARS, ANOTHER MAJOR FACTOR IN DRIVING UP HOUSING COSTS WAS THE MASS INVASION OF OUR BORDERS. I HAVE TO SAY ONE THING ABOUT HOUSING BECAUSE NOBODY EVER SAYS THIS. I AM VERY PROTECTIVE OF THE THAT ALREADY OWN A HOUSE. OF WHICH WE HAVE MILLIONS AND MILLIONS AND MILLIONS. AND BECAUSE WE HAVE HAD SUCH A GOOD RUN, THE HOUSE

VALUES HAVE GONE UP TREMENDOUSLY, AND THESE PEOPLE HAVE BECOME WEALTHY. THEY WERE NOT WEALTHY; THEY BECAME WEALTHY BECAUSE OF THE HOUSE. EVERY TIME YOU MAKE IT MORE AND MORE AFFORDABLE FOR SOMEBODY TO BUY A HOUSE CHEAPLY, YOU ARE ACTUALLY HURTING THE VALUE OF THOSE HOUSES. WORKS IN TANDEM WITH THE OTHER. I DON'T WANT TO DO ANYTHING THAT IS GOING TO HURT THE VALUE OF PEOPLE THAT OWN A HOUSE, WHO, FOR THE FIRST TIME IN THEIR LIVES, ARE WALKING AROUND THE STREETS OF WHATEVER CITY THEY ARE IN, VERY PROUD THAT THEIR HOUSE IS WORTH 500, 600, $700,000. IF I WANTED TO CRUSH THE HOUSING MARKET, I COULD DO THAT SO FAST. PEOPLE WOULD BUY HOUSES, BUT YOU WOULD DESTROY A LOT OF PEOPLE THAT ALREADY HAVE HOUSES. IN SOME CASES, THEY MORTGAGE THEIR HOUSE, AND THE MORTGAGE WOULD BE VERY LOW. ALL OF A SUDDEN, THE MORTGAGE WITHOUT ANY CHANGES BECOMES VERY HIGH, AND THEY END UP LOSING THE HOUSE.

I SPEAK WITH SCOTT WHO IS DOING A FANTASTIC JOB. HOWARD IS DOING A FANTASTIC JOB. ALL OF MY PEOPLE. I SAY, LOOK, I CAN CRUSH THE HELL OUT OF THE MARKET, WE CAN DRIVE INTEREST RATES TO A LEVEL. THAT IS NATURAL, THAT IS GOOD FOR EVERYBODY. THE DROPPING OF THE INTEREST RATES, WE SHOULD BE PAYING A MUCH LOWER INTEREST RATE THAN WE ARE. WE SHOULD BE PAYING THE LOWEST INTEREST RATE OF ANY COUNTRY IN THE WORLD BECAUSE WITHOUT THE UNITED STATES, YOU DON'T HAVE A COUNTRY. I HAD A CASE WITH SWITZERLAND -- WE HAPPEN TO BE IN SWITZERLAND. THEY PAY NOTHING, THEY MAKE BEAUTIFUL WATCHES, WE WERE PAYING NOTHING TO THE UNITED STATES WHEN THEY SEND THEIR PRODUCTS IN. WE HAD A $41 BILLION DEFICIT. 41 BILLION WITH THIS BEAUTIFUL PLACE. FLEW OVER, ISN'T IT NICE? I SAID LET'S PUT A 30% TARIFF ON THEM SO THAT WE GET BACK SOME OF IT, NOT ALL, BUT WE STILL HAVE THE BIG DEFICIT. WE HAD $41 MILLION. THAT IS A BIG DEFICIT. I SAID LET'S PUT A TARIFF ON, DIFFERENT TARIFFS, DIFFERENT PLACES. YOU ARE ALL PARTY TO THEM, IN SOME CASES, VICTIMS. THAT IS THE VERY THING, MOST OF YOU WILL REALIZE THAT. WE PUT A 30% TARIFF ON SWITZERLAND, AND ALL HELL BROKE LOOSE. THEY WERE CALLING LIKE YOU WOULDN'T BELIEVE. I HAD KNOWN SO MANY PEOPLE FROM SWITZERLAND, INCREDIBLE, BRILLIANT PLACE. BUT I DIDN'T REALIZE THEY ARE ONLY GOOD BECAUSE OF US, AND THERE ARE SO MANY OTHER EXAMPLES. PROBABLY OTHER PLACES BUT A MAJORITY BECAUSE OF US. WE NEVER CHARGED THEM ANYTHING. SO THEY COME IN, THEY SAW THEIR WATCHES, NO TARIFFS, NOTHING, THEY WALK AWAY AND MAKE $41 BILLION ON JUST US. SO I SAID, NO, WE CANNOT DO THAT. I'M GOING TO BRING IT UP. WE STILL HAVE A DEFICIT PRETTY SUBSTANTIAL BUT WE BROUGHT IT UP TO 30%. I GUESS THE PRIME MINISTER -- I DON'T THINK THE PRESIDENT -- PRIME MINISTER CALLED, A WOMAN. SHE WAS VERY REPETITIVE. SHE SAID, NO, NO, NO, YOU CANNOT DO THAT 30%. WE ARE A SMALL, SMALL COUNTRY. BUT I SAID YOU HAVE A BIG, BIG DEFICIT. YOU MIGHT BE SMALL BUT YOU HAVE A BIG DEFICIT. NO, NO, NO, YOU CANNOT DO IT. CAPS ON SING THE SAME THING OVER. WE ARE A SMALL COUNTRY. SHE JUST RUBBED ME THE WRONG WAY, I'LL BE HONEST WITH YOU. I SAID, ALL RIGHT, THANK YOU, MA'AM, APPRECIATE IT. DO NOT DO THIS. AND I MADE IT 39%. AND THEN ALL HELL REALLY BROKE OUT. I WAS PAID VISIT BY EVERYBODY. ROLEX CAME TO SEE ME, THEY ALL CAME TO SEE ME. I REALIZED, BECAUSE I DON'T WANT TO HURT PEOPLE, I DON'T WANT TO HURT THEM. WE BROUGHT IT DOWN TO A LOWER LEVEL. DOESN'T MEAN IT IS NOT GOING UP. BUT WE BROUGHT IT DOWN TO A LOWER LEVEL. I REALIZED, WE HAVE MANY PLACES LIKE THAT WHERE THEY ARE MAKING A FORTUNE BECAUSE OF THE UNITED STATES. WITHOUT THE UNITED STATES, THEY WOULD NOT BE MAKING ANYTHING. SWITZERLAND MADE $41 BILLION ON US, AND AS SHE SAT, IT'S A SMALL PLACE. I REALIZED, I DON'T KNOW IF IT WAS BECAUSE SHE WAS SO AGGRESSIVE, BUT I REALIZED IN THE CONVERSATION THAT THE UNITED STATES IS KEEPING THE WHOLE WORLD AFLOAT. MANY PLACES. I CAN GIVE YOU 6, 7 PLACES, ALL OF THESE PEOPLE KNOW EVERY ONE OF THEM. THEY HAVE BEEN LOOKING DOWN, THEY DON'T WANT TO STEER ME IN THE EYES, BUT THEY ARE TAKING ADVANTAGE. EVERYONE TOOK ADVANTAGE OF THE UNITED STATES. BUT I HAVE BEEN VERY FAIR. I GAVE THEM A TARIFF, IT'S FINE. I REALIZED, WITHOUT US, IT IS NOT SWITZERLAND ANYMORE. WITHOUT US, IT IS NOT ANY OF THE COUNTRIES REPRESENTED HERE. WE WANT TO WORK WITH THE COUNTRIES. WE ARE NOT LOOKING TO DESTROY THEM. I COULD HAVE SAID 39, 40%. I COULD HAVE SAID I WANT A 70% TARIFF WITH SWITZERLAND AND THEN WE WOULD MAKE MONEY WITH SWITZERLAND, BUT SWITZERLAND WOULD PROBABLY BE FINANCIALLY DESTROYED. I DON'T WANT TO DO THAT. BUT WE SHOULD BE PAYING THE LOWEST INTEREST RATE OF ANYBODY. I HOPE SCOTT IS INTERESTING TO THIS. WE SHOULD BE PAYING THE LOWEST INTEREST RATES. WITHOUT US, MOST OF THE COUNTRIES DON'T EVEN WORK. THEN YOU HAVE THE PROTECTION FACTOR. WITHOUT OUR MILITARY, THE GREATEST IN THE WORLD BY FAR, WITHOUT OUR MILITARY, YOU HAVE THREATS THAT YOU WOULDN'T BELIEVE. YOU DON'T HAVE THREATS BECAUSE OF US. THAT IS BECAUSE OF NATO.

ONE OTHER THING I HAVE TO SAY, SO IMPORTANTLY. IN THE OLD DAYS, I USED TO SAY I'M THE YOUNGEST IN THE ROOM. NOW, I HATE TO SAY IT, I DON'T FEEL OLD, BUT I'M AMONG THE OLDER. BUT I REMEMBER NOT LONG AGO, 20, 25 YEARS AGO, WHEN GOOD NEWS CAME OUT ABOUT, LET'S SAY, THE UNITED STATES -- THE UNITED STATES HAD A GREAT QUARTER, UNITED STATES HAD A GREAT MONTH. ALL THE STOCKS WENT UP. AND THAT IS THE WAY IT IS SUPPOSED TO BE. NOW THEY SAY, THE UNITED STATES HAD A RECORD QUARTER. IT IS UNBELIEVABLE HOW WELL IT IS DOING. ALL THE STOCKS CRASH BECAUSE THEY SAY, OH, NO, INFLATION, THEY ARE WILLING TO RAISE INTEREST RATES. SOME OF THESE STUPID PEOPLE LIKE POWELL, THEY RAISE INTEREST RATES. WHAT THEY DO IS STOP YOU FROM BEING SUCCESSFUL. IT USED TO BE, WHEN WE HAD A GREAT QUARTER, GREAT MONTH, GREATER EARNINGS, GREAT ANYTHING, ANY GOOD NEWS, THE STOCK MARKET WENT UP. THAT IS THE WAY IT'S GOING TO BE. WE HAVE TO DO THAT AGAIN. NOW, WHEN WE HAVE A GREAT MONTH, THEY WANT TO KILL IT. WE DID OVER 5% P. . WE CAN DO 25%. WHEN WE ANNOUNCE GOOD NUMBERS -- AND THE REASON IS THEY ARE SO PETRIFIED OF INFLATION. GROWTH DOESN'T MEAN INFLATION. WE HAVE HAD TREMENDOUS GROWTH WITH VERY LOW INFLATION. IN FACT, GROWTH CAN FIGHT INFLATION, PROPER GROWTH. WE WANT TO GET BACK TO THE DAYS WHEN WE ANNOUNCE GREAT NUMBERS. ALL OF THESE FACTORIES THAT ARE BEING BUILT -- THOUSANDS OF BUSINESSES ARE BEING BUILT RIGHT NOW. REMEMBER, $18 TRILLION IS INVESTED. I THINK THE SECOND NUMBER IS THREE, AND THAT WAS CHINA MANY YEARS AGO, INVESTMENTS IN THE COUNTRY FROM OUTSIDE. $18 TRILLION, NOBODY HAS EVER SEEN THAT. THAT IS MONEY COMING IN AND BUILDING FACTORIES. THOUSANDS OF BUSINESSES ARE BEING BUILT, THOUSANDS. HUNDREDS OF BIG FACTORIES, CAR PLANTS ARE MOVING BACK TO THE UNITED STATES, COMING IN FROM CANADA, MEXICO, JAPAN. JAPAN IS COMING INTO BUILT PLANTS IN ORDER TO AVOID TARIFFS. THEY ARE COMING IN FROM CHINA, ALL OVER THE WORLD. WE HAD MORE PLANTS, CAR PLANTS BEING BUILT, EVEN IN THE HEYDAY FROM THE 1940'S AND 1950'S. THEY DON'T USE RENOVATIONS ANYMORE WHERE THEY TAKE AN OLD ONE. THEY RIP IT DOWN AND BUILD A BRAND-NEW PLANT, SUPER MODERN. IT IS HAPPENING AT LEVELS THAT NO ONE HAS EVER SEEN.

IN 2024, THE U.S. BUILT LESS THAN 2 MILLION NEW HOMES. BUT I DID ADMITTED THAT MORE THAN 8 MILLION NEW MIGRANTS. THOSE DAYS ARE OVER. IN 2025, FOR THE FIRST TIME IN 50 YEARS, THE UNITED STATES HAD REVERSE MIGRATION. THESE WERE CRIMINALS THAT WERE BEING TAKEN OUT OF OUR COUNTRY. BECAUSE THEY ALLOW PEOPLE TO COME INTO OUR COUNTRY FROM JAILS, FROM GANGS, DRUG DEALERS, MURDERERS. 11,888 MURDERERS. WE HAVE GOT MOST OF THEM OUT. VERY STUPID PEOPLE FROM LEADERSHIP IN MINNESOTA. WE ARE ACTUALLY HELPING MINNESOTA SO MUCH BUT THEY DON'T APPRECIATE IT. MOST PLACES DO. WASHINGTON, D.C. IS THE SAFEST PLACE NOW IN THE UNITED STATES. IT WAS A VERY DANGEROUS PLACE TO WALK, AND NOW YOU CAN WALK WITH YOUR WIFE AND KIDS TO THE MIDDLE OF THE CITY. RIGHT NOW, WASHINGTON, D.C. IS AS SAFE AS IT GETS. IT WAS THE MOST UNSAFE. WE SENT IN THE MILITARY, NATIONAL GUARD. WITHIN TWO MONTHS, IT WAS GREAT. WITHIN THREE MONTHS, IT IS LIKE A REALLY GREAT, SAFE PLACE, BEAUTIFUL PLACE, EVEN CLEANED UP. THE GRAFFITI IS GONE, FENCES ARE GONE. WE ARE NOT WORRYING ABOUT FENCES ANYMORE. THE GRASSES ARE CUT, REPLACE WITH NEW GRASS IN MANY CASES. IT WILL ALL HAPPEN IN THE SPRING. WASHINGTON, D.C. IS BEAUTIFUL AGAIN AND SAFE. NEW RESTAURANTS ARE OPENING UP. THEY WERE ALL CLOSING. NOW YOU CANNOT GET INTO RESTAURANTS. RESTAURANTS AND WASHINGTON, D.C. ARE ALL OPENING. MEMPHIS, TENNESSEE, NEW ORLEANS, LOUISIANA. WE WERE THERE FOR THREE WEEKS, WE CUT THE CRIME DOWN 64%. WITHIN ANOTHER MONTH, WE WILL HAVE VIRTUALLY NO CRIME. WE CAN DO THAT ALL OVER. WE ARE GOING TO HELP THE PEOPLE IN CALIFORNIA. WE WILL HAVE NO CRIME. I KNOW GAVIN IS HERE. I USED TO GET ALONG SO WELL THE CABIN WHEN I WAS PRESIDENT. GAVIN IS A GOOD GUY. IF YOU NEEDED IT, I WOULD DO IT IN A HEARTBEAT. WE DID HELP THEM A LOT IN LOS ANGELES. A LOT EARLIER IN MY TERM WHEN THEY HAD SOME PROBLEMS. WE WOULD LOVE TO DO IT. I WOULD SAY THIS, IF I WERE A DEMOCRAT GOVERNOR OR WHATEVER, I WOULD CALL UP TRUMP. COME IN AND MAKE US LOOK GOOD, BECAUSE WE ARE CUTTING CRIME DOWN TO NOTHING. WE ARE TAKING PEOPLE OUT, CAREER CRIMINALS WHO WILL ONLY DO BAD THING, BRINGING THEM BACK TO THEIR COUNTRIES. WHERE WE HAVE DONE IT, IT'S AMAZING. WE HAVE THE CAPACITY TO DO IT AT MUCH GREATER LEVELS. WE ARE CUTTING ILLEGAL ALIENS OFF OF WELFARE AND OTHER GOVERNMENT BENEFITS. I HAVE DIRECTED THAT STARTING IMMEDIATELY, THERE'LL BE NO MORE PAYMENTS TO SANCTUARY CITIES BECAUSE THEY ARE REALLY JUST SANCTUARIES FOR CRIMINALS. THEY ARE REALLY PROTECTING CRIMINALS. THOSE ARE THE ONES WE HAVE TO GET OUT OF THE COUNTRY, MURDERERS, DRUG DEALERS, THE MENTALLY INSANE. THEY EMPTIED THEIR MENTAL INSTITUTIONS INTO THE UNITED STATES. DESPITE THAT, WE HAVE THE LOWEST CRIME NUMBERS WE'VE EVER HAD IN THE HISTORY OF THE COUNTRY. JUST CAME OUT. EQUALLY IMPORTANT, WE ARE CRACKING DOWN ON MORE THAN $19 BILLION IN FRAUD THAT WAS STOLEN BY SOMALI BANDITS. CAN YOU IMAGINE, SOMALIA. I SAY THESE ARE LOW IQ PEOPLE, HOW DID THEY GO INTO MINNESOTA AND STEAL ALL THAT MONEY? YOU KNOW THEY ARE PIRATES, GOOD PIRATES, BUT WE SHOOT THEM OUT OF THE WATER, JUST LIKE THE DRUG CARTELS. THEY ARE NOT PIRATING TOO MANY BOATS, IF YOU NOTICE. WHEN THEY GO OUT TO THOSE BOATS, THEY WANT TO TAKE OUT A BILLION AND A HALF-DOLLAR TANKER, LOADED UP WITH OIL. THEY SAY WE ARE GOING TO BLOW UP THE BOAT, YOU HIT THE SIDE OF THE BOOK, YOU BLOW THE WHOLE THING UP. INSURANCE COMPANIES ARE PETRIFIED SO THEY SAY JUST GIVE THEM THE BOAT, WE WILL GIVE THEM MONEY INSTEAD. I DON'T DO THAT. WE BLOW THEM THE HELL OUT OF THE WATER. WE DON'T HAVE ANY PIRATES SUCH ANYMORE. IF WE DO, THEY WILL NOT BE THERE LONG. WE HAVE CUT DOWN WITH THE HITTING OF THE BOATS LOADED UP WITH DRUGS INCLUDING SUBMARINES. CAN YOU IMAGINE, THEY ARE CALLED MANY SUBS, VERY FAST, THEY ARE MEANT FOR DRUGS. WE HAVE KNOCKED OUT TWO OF THEM. DEMOCRATS SAY YOU HAVE RUINED SOMEBODY'S FISHING WEEKEND. A SUBMARINE IS NOT A FISHING BOAT. WE HAVE KNOCKDOWN DRUGS BY WATER, THE OCEANS, THE CD, BY 97.2%. THINK OF THAT. I SAY WHO THE HELL ARE THE 3%? I WOULD NOT WANT TO BE PILING INTO ANY OF THOSE BOATS. THE LAND IS THE EASY PART. WHAT WE DID AT SEA IS INCREDIBLE, AND THAT IS OUR GREAT MILITARY.

THE SITUATION IN MINNESOTA REMINDS US THAT THE WEST CANNOT MESS IMPORT FOREIGN CULTURES WHICH HAVE FAILED TO EVER BUILD A SUCCESSFUL SOCIETY OF THEIR OWN. WE ARE TAKING PEOPLE FROM SOMALIA, AND SOMALIA IS A FAILED -- IT IS NOT A NATION. GOT NO GOVERNMENT, NO POLICE, NOTHING. AND THEN WE HAVE THIS FAKE CONGRESSPERSON WHO THEY JUST REPORTED IS WORTH $30 MILLION. ILHAN OMAR TALKING ABOUT THE CONSTITUTION PROVIDES ME. SHE IS FROM A COUNTRY THAT IS NOT A COUNTRY. NOT GOING TO GET AWAY WITH IT MUCH LONGER, I TELL YOU. THE PROGRESS THAT BUILT THE WEST DID NOT COME FROM OUR TAX CODES, IT ULTIMATELY CAME FROM OUR VERY SPECIAL CULTURE. THIS IS THE PRECIOUS INHERITANCE THAT AMERICA AND EUROPE HAVE IN COMMON. WE SHARE IT. WE HAVE TO KEEP IT STRONG. WE HAVE TO BECOME STRONGER, MORE SUCCESSFUL, MORE PROSPEROUS THAN EVER. WE HAVE TO DEFEND THAT CULTURE AND REDISCOVER THE SPIRIT THAT LIFTED THE WEST FROM THE DEPTHS OF THE DARK AGES TO THE PINNACLE OF HUMAN ACHIEVEMENT. WE LIVE IN AN INCREDIBLE, CHANGING PERIOD. IT IS AN UNBELIEVABLE TIME BUT WE HAVE TO TAKE ADVANTAGE OF THE TIME THAT WE ARE IN. IN OUR HANDS ARE TECHNOLOGIES THAT OUR ANCESTORS COULD -- THEY COULDN'T EVEN HAVE RENT SOME OF THE THINGS THAT WE SEE TODAY. SO RAPIDLY THEY ARE PRODUCED. AI, TWO YEARS AGO, NOBODY HEARD OF THE TERM. NOW EVERYONE IS TALKING ABOUT IT. IT COULD HAVE SOME GOOD PURPOSE, ALSO SOME VERY DANGEROUS PURPOSE. FOR THAT WE HAVE TO WATCH OUT, BUT SOME TREMENDOUS THINGS ARE HAPPENING. AND WE ARE LEADING BY SO MUCH, WE ARE DOING SO WELL. OPPORTUNITIES THAT ARE BIGGER AND GRANDER THAN EVER BEFORE IN HUMAN HISTORY ARE RIGHT BEFORE US. IT IS THE PIONEERS IN THIS ROOM, MANY OF WHOM ARE TRUE PIONEERS. YOU ARE TRULY BRILLIANT PEOPLE. JUST YOUR ABILITY TO GET A TICKET IS BRILLIANT BECAUSE YOU HAVE ABOUT 50 PEOPLE FOR EVERY SEAT. THAT IS LARRY. EVERYTHING LARRY TOUCHES TURNS TO GOLD. HE MADE THIS VERY SUCCESSFUL. BUT YOU ARE IN THIS ROOM. AND SOME OF YOU ARE THE GREATEST LEADERS ANYWHERE IN THE WORLD, THE GREATEST BRAINS ANYWHERE IN THE WORLD. AND THE FUTURE IS UNLIMITED, TO A LARGE PART, BECAUSE OF YOU. WE HAVE TO PROTECT YOU AND CHERISH YOU. I ALWAYS SAY, WE HAVE TO CHERISH OUR BRILLIANT PEOPLE, BECAUSE THERE ARE NOT MANY OF THEM. TOGETHER WITH CONFIDENCE, BOLDNESS, AND PERSISTENT, LET US LIFT UP OUR PEOPLE, GROW OUR ECONOMIES, DEFEND OUR SHARED DESTINY, AND BUILD A FUTURE FOR OUR CITIZENS THAT IS MORE AMBITIOUS, MORE EXCITING, MORE INSPIRING, AND GREATER THAN THE WORLD HAS EVER SEEN. WE ARE IN A POSITION TO DO THINGS THAT NOBODY ELSE HAS EVER THOUGHT OF BEFORE, AND MANY OF THE PEOPLE IN THIS ROOM ARE THE ONES THAT ARE DOING IT. I WANT TO CONGRATULATE YOU AND I'M WITH YOU ALL THE WAY. YOU CAN DO THINGS THAT NOBODY ELSE CAN THINK ABOUT. SO I CONGRATULATE YOU ON YOUR TREMENDOUS SUCCESS. AND THE UNITED STATES IS BACK, BIGGER, STRONGER, BETTER THAN EVER BEFORE. AND I WILL SEE YOU AROUND. THANK YOU ALL VERY MUCH. THANK YOU VERY MUCH. [APPLAUSE] THANK YOU. [APPLAUSE] >> AND THERE IS ALSO SUPPOSED TO BE A NICE FIRESIDE CHAT, MR. PRESIDENT. PRES. TRUMP: I GOT SET UP. [LAUGHTER] I DID. >> YOU ARE MAKING A JOB FOR THE MODERATOR VERY EASY. THANK YOU, MR. PRESIDENT FOR YOUR SPEECH. I HAVE A FEW FOLLOW-UP QUESTIONS, IF THAT'S OK. I DON'T KNOW IF I SHOULD START WITH GREENLAND MAY BE. I WILL START WITH THE ECONOMY. THE U.S. ECONOMY IS DOING REALLY WELL. BUT HOW TO SUSTAIN THIS GROWTH MOVING FORWARD? THERE WAS ALWAYS A RECESSION LOOMING AROUND THE CORNER.

PRES. TRUMP: YOU KNOW, THE ONE THING ABOUT ECONOMIES AND RECESSIONS, SOMETIMES YOU GET HIT UNEXPECTEDLY AND THERE IS NOTHING YOU CAN DO. ALL BRILLIANT PEOPLE, BUT ONE EXAMPLE, COVID. WE HAD AN ECONOMY GOING AT LEVELS THAT NOBODY HAD EVER SEEN. MY FIRST TWO AND A HALF, THREE YEARS. THEN I HEARD THE WORD PANDEMIC, NOT COVID. THEY CAME UP WITH THAT NAME OVER A PERIOD OF TIME. WE WILL NOT GET INTO THAT. BUT I HEARD THE WORD PANDEMIC. I HEARD A POLE COME OUT JUST PRIOR TO THAT THAT WAS SO STRONG, I WAS WITH THE BEST POLLSTERS, MCGLOCKLIN, FABRIZIO. THEY SAID, SIR, GEORGE WASHINGTON AND ABRAHAM LINCOLN, IF THEY CAME BACK AND REIGNED AS PRESIDENT AND VICE PRESIDENT, THEY COULDN'T BEAT YOU. THE FOLLOWING DAY, I WAS TOLD TO STAY TUNED, BECAUSE SOMETHING REALLY BAD IS HAPPENING IN CHINA. THERE ARE BODIES LAYING ALL OVER WUHAN, RIGHT AROUND THAT CERTAIN BUILDING THAT WE TALK ABOUT. I ALWAYS SAY IT CAME FROM WUHAN. IT CAME FROM WUHAN. THERE WERE BODY BAGS, WE SAW IT BY SATELLITE. I SAID THERE ARE STRANGE THINGS HAPPENING IN CHINA, AND SO IT BEGAN. WE ENDED UP WITH COVID AND THE WHOLE WORLD SUFFERED. WE DID A PHENOMENAL JOB. I DON'T GET THE CREDIT THAT WE DESERVE. WE DID SOMETHING CALLED OPERATION WARP SPEED, WHICH SOME PEOPLE SAY WAS ONE OF THE GREATEST MILITARY FEATS EVER. WE DID A GREAT JOB, USING OUR MILITARY PEOPLE. BUT SOMETIMES YOU GET HIT WITH THINGS, NOTHING YOU CAN DO. YOU GET HIT WITH THINGS LIKE THAT UNEXPECTEDLY. AND WE GOT THROUGH IT. WHEN I LEFT, THE STOCK MARKET WAS HIGHER THAN IT WAS PREVIOUS TO THE COVID COMING UP. I CALL IT A GREAT ACHIEVEMENT. BUT BAD THINGS HAPPEN. THE THINGS THAT WE CAN STOP OUR WARS, IF WE ARE SMART. THOSE WE CAN STOP. THOSE ARE A MATTER OF BEING INTELLIGENT AND HAVING INTELLIGENT PEOPLE ON THE OTHER SIDE. BECAUSE WARS ARE THE WORST OF ALL, WORSE THAN ANYTHING. BUT WE CAN STOP THE WARS BECAUSE THE IT IS UP TO US. BUT THINGS LIKE DUST FLYING IN THE AIR, WHEREVER COVID COMES FROM, WHATEVER COMES, SOMETIMES YOU HAVE TO BE A LITTLE LUCKY. BUT WE ARE POISED TO HAVE AN ECONOMY LIKE NO OTHER, NOT ONLY IN THIS COUNTRY BUT ANYWHERE. WHEN YOU HEAR THE KIND OF NUMBERS -- I CAN TELL YOU, SCOTT BESSENT WAS WITH ME THE OTHER DAY, TALKING ABOUT THE NUMBERS. THAT IS ALL HE HAS DONE PRETTY MUCH HIS WHOLE LIFE, SCOTT. SCOTT WAS NOT THAT GREAT AT FOOTBALL, BUT HE WAS ALWAYS GOOD AT NUMBERS, RIGHT? HE WAS LOOKING AT THE NUMBERS. I'VE NEVER SEEN ANYTHING LIKE THIS. WE ARE POISED TO DO THINGS THAT NO OTHER COUNTRY HAS EVER DONE. AND YOU KNOW, LUCK -- I HATE TO SAY IT, BUT WE NEED A LITTLE LUCK. WE DON'T WANT TO GET HIT BY SOMETHING THAT NOBODY COULD HAVE THOUGHT. WHO WOULD'VE THOUGHT THAT WE WERE GOING TO GET HIT BY A PANDEMIC? WHEN I HEARD THE WORD PANDEMIC, I SAID THAT IS AN ANCIENT PROBLEM. LOWER WORLD WAR I, THEY LOST A HUNDRED MILLION PEOPLE. IT ACTUALLY ENDED WORLD WAR I, THE SPANISH FLU AND DID IT BECAUSE ALL THE SOLDIERS WERE SICK. THEY WERE SO SICK ON BOTH SIDES. THAT WAR WAS RAGING AND THEY WERE ALL DYING FROM THE SPANISH FLU, THEY WERE SICK AS DOGS, THEY COULDN'T FIGHT. YOU DON'T KNOW HOW THAT WOULD HAVE TURNED OUT. SUBJECT TO THAT, AND I ALWAYS HAVE TO PUT A CAVEAT IN FOR IT. WE ARE POISED TO HAVE THE LARGEST GROWTH OF ANY LARGE COUNTRY, ANY COUNTRY. WHEN YOU LOOK AT WHAT IS HAPPENING WITH THE UNITED STATES, IT'S REALLY AMAZING.

>> THANK YOU. MAYBE ONE THING THAT KEEPS YOU UP AT NIGHT -- I KNOW THAT YOU DON'T SLEEP MUCH ANYWAY, MR. PRESIDENT -- IS THE U.S. DEBT. IT IS HIGH, THE BIGGEST EXPENDITURE ON YOUR BUDGET. HOW TO GET OUT OF THAT IMPULSE?

PRES. TRUMP: THE BIG THING IS GROWTH. GROWTH IS THE WAY. IF WE GROW LIKE THIS, WE GO FROM HAVING A $37 TRILLION, WE GO FROM HAVING HIGH DEBT TO LOW DEBT. BUT WE ARE ALSO CUTTING EXPENSES THE OLD-FASHIONED WAY. WE HAVE EXTRAORDINARY GROWTH. I THINK WE WILL BE GROWING OUR WAY OUT, WE WILL BE PAYING OFF DEBT, TAKING IN TREMENDOUS MONEY FROM TARIFFS, FAIRLY. AGAIN, I AM USING THEM JUDICIOUSLY. SWITZERLAND IS A CASE STUDY. I COULD'VE ASKED FOR MUCH MORE. BUT WE ARE USING THEM JUDICIOUSLY. I THINK GROWTH MOST IMPORTANTLY, AND THEN CUTTING COSTS. IF YOU LOOK AT MINNESOTA, $19 BILLION IN FRAUD AND OTHER THINGS. PEOPLE GOING TO AIRPORTS, THEY CAME INTO THE COUNTRY, THEY DON'T HAVE $.10, AND THEY'RE LEAVING WITH HUNDREDS OF THOUSANDS OF DOLLARS IT OF CASH IN THEIR BACKS. WHEN WE GET TO THAT, OUR DOJ, PAM, TODD, ALL THE PEOPLE THAT WORK THERE, ALL THE PEOPLE THAT WORK HERE, I CAN TELL YOU SCOTT BESSENT IS WORKING ON THAT. A PRIORITY OF THE WHOLE TEAM. WE ARE LOOKING FOR WHERE THIS MONEY IS COMING FROM, HOW MUCH IT IS. IT COULD BE MORE THAN $19 BILLION. CAN YOU BELIEVE THAT? THAT IS JUST ONE STATE. IF WE WERE ABLE TO CUT OUT 50% OF THE FRAUD, WE SHOULD BE ABLE TO DO BETTER THAN THAT, WE WOULD HAVE A BALANCED BUDGET WITHOUT HAVE YOU TALK ABOUT EVEN GROWTH. SO WE HAVE A LOT OF OPTIONS THAT WE ARE WORKING VERY HARD ON THAT. IT IS NOT JUST THE PROTESTS, THE FAKE PROTESTS DONE BY AGITATORS AND PROFESSIONAL INSURRECTIONISTS. THAT IS WHAT THEY ARE, PROFESSIONAL TROUBLEMAKERS. WE ARE LOOKING VERY STRONG AT THE MONEY IN MINNESOTA AND OTHER PLACES.

>> MR. PRESIDENT, ALSO THE $500 BILLION OF U.S. DOLLARS INVESTED IN ARTIFICIAL INTELLIGENCE, FRONTIER TECHNOLOGIES INVESTED LAST YEAR WERE ALSO DRIVING GROWTH EXPONENTIALLY IN THE U.S.

PRES. TRUMP: AI HAS BEEN A BIG FACTOR, MASSIVE. MARK ZUCKERBERG SHOWED ME A PLANT, WHERE HE PUT IT OVER A MAP OF MANHATTAN, AND IT WAS BASICALLY THE SIZE OF MANHATTAN. I SAID, YOU HAVE TO BE KIDDING. IT WAS A PLANT THAT WAS MILES LONG, MILES WIDE, VERY HIGH. I DON'T THINK I LIKE THE EMPIRE STATE BUILDING, BUT IT WAS HIGH. IT LITERALLY COVERED MOST OF THE ISLAND OF MANHATTAN. THAT IS CALLED A BIG PLANT. WHEN I HEARD THEY ARE GOING TO SPEND $50 BILLION BUILDING IT -- IF YOU SPEND $50 MILLION, YOU CAN BUILD A NICE SHOPPING CENTER. $500 MILLION, YOU COULD BUILD A GOOD SHOPPING CENTER. BUT HOW DO YOU SPEND $50 BILLION? WHEN I LOOKED AT THIS THING, DO YOU THINK YOU'LL BE ABLE TO DO IT FOR THAT? IT'S AMAZING. I SEE THEM ALL. SO BIG, WE ARE LETTING THEM BUILD THEIR OWN ELECTRIC GENERATION. THIS WAY WE HAVE NO PROBLEM. OTHERWISE THEY WOULD BE COMPLAINING. WE HAVE AN OLD GRID SYSTEM. NOT ONLY THAT, THEY ARE GOING TO SELL AT A VERY CHEAP PRICE THE EXCESS ELECTRICITY THEY CREATE BACK INTO OUR GRID. SO THAT WILL SOLVE SOME PROBLEMS FOR CERTAIN STATES THAT DON'T HAVE ENOUGH ELECTRICITY.

>> WE ALSO KNOW THAT ON THE AI, THERE IS FIERCE COMPETITION WITHIN THE U.S., THE LARGEST ECONOMY IN THE WORLD. 27% OF THE GLOBAL GDP, 5% OF THE GLOBAL POPULATION NOT DOING THAT BADLY, AND CHINA, WE KNOW THAT COMPETITION IS VERY TOUGH ON AI. I KNOW THAT YOU ARE HEADING TO A STATE VISIT TO CHINA IN APRIL. HOW DO YOU SEE THE U.S.-CHINA RELATIONSHIP MOVING FORWARD? ARE YOU ABLE TO COMBINE THIS TOUGH COMPETITION WITH ALSO COLLABORATION?

PRES. TRUMP: I'VE ALWAYS HAD A GREAT RELATIONSHIP WITH PRESIDENT XI, AND WITH PRESIDENT PUTIN, TALKING ABOUT THE LARGER POWERS. BUT I'VE ALWAYS HAD A GOOD RELATIONSHIP WITH PRESIDENT XI OF CHINA. HE IS AN INCREDIBLE MAN. WHAT HE HAS DONE IS AMAZING, HIGHLY RESPECTED BY EVERYBODY. HI DO NOW.

>> WE ARE GOING TO LEAVE PRESIDENT TRUMP'S REMARKS TO KEEP OUR COMMITMENT TO LIVE COVERAGE OF THE U.S. CONGRESS. YOU CAN WATCH OUR COMPANION NETWORKS C-SPAN3 AS WE TAKE YOU LIVE TO CAPITOL HILL WHERE THE HOUSE OF GAMBLING IN FOR GENERAL SPEECHES.

>> THE HOUSE WILL BE IN ORDER. THE CHAIR LAYS BEFORE THE HOUSE A COMMUNICATION FROM THE SPEAKER.

>> THANK YOU.

>> THE SPEAKER'S ROOMS, WASHINGTON, D.C. JANUARY 21ST,