00:00Good afternoon, everybody.
00:02Okay.
00:04How are you?
00:05Hi.
00:06Has the president made up his mind about a timeline for tariffs on the EU?
00:13No, he has not.
00:15Will it be a one-size-fit-all or will it be differentiated among the governments?
00:21I will get ahead of the president on tariffs when it comes to the European Union.
00:25Reuters are reporting that the president has made a decision on the Canada and Mexico
00:30tariffs, but that they won't actually be implemented until March 1st.
00:33I was wondering if you could confirm that and talk through some of the president's
00:36thinking there.
00:37I saw that report, and it is false.
00:39I was just with the president in the Oval Office, and I can confirm that tomorrow, the
00:44February 1st deadline that President Trump put into place at a statement several weeks
00:48ago continues.
00:50The president will be implementing tomorrow a 25% tariffs on Mexico, 25% tariffs on Canada,
00:57and a 10% tariff on China for the illegal fentanyl that they have sourced and allowed
01:03to distribute into our country, which has killed tens of millions of Americans.
01:08These are promises made and promises kept by the president.
01:11The president yesterday said that last night he was planning to discuss whether an exemption
01:16would be made on oil imports.
01:18Do you have any information on what decision he made there, or will there be exemptions
01:21at all offered under this?
01:23I don't have an update or readout for you on the exemptions, but those tariffs will
01:27be for public consumption in about 24 hours tomorrow, so you can read them then.
01:32The Canadian prime minister said today that if the U.S. imposes tariffs, he will respond
01:37and he will not relent until the tariffs are removed.
01:40Are we seeing the start of a trade war with Canada?
01:42I don't think so.
01:43I think the president is going to implement those tariffs tomorrow, and he will respond
01:47to Mr. Trudeau's comments in due time, I am sure.
01:50What does the administration need to see in order to avoid those tariffs?
01:53The tariffs are incoming tomorrow on Canada, and the reason for that is because both Canada
01:59and Mexico have allowed an unprecedented invasion of illegal fentanyl that is killing American
02:05citizens and also illegal immigrants into our country.
02:09The amount of fentanyl that has been seized at the southern border in the last two years
02:12alone has the potential to kill tens of millions of Americans.
02:17And so the president is intent on doing this, and I think Justin Trudeau would be wise to
02:21talk to President Trump directly before pushing outlandish comments like that to the media.
02:25We promised Americans to try to reduce costs, and so many of the products that would be
02:30tariffed, when they come into the country, the outgoing country is not paying the tariff,
02:35the buyers in the United States pay that, and then that's passed on to consumers in
02:41most instances.
02:42Sometimes.
02:43How would you expect to have prices come down if you have such a broad plan for tariffs,
02:49and what do you say to the voters who want to see you reduce everyday costs?
02:53Well, let me just tell you that I got elected for a lot of reasons.
02:56Number one was the border.
02:57Number two was inflation, because I had almost no inflation, and yet I charged hundreds of
03:02billions of dollars of tariffs to countries.
03:06And think of it, I had almost no inflation and took in $600 billion of money from other
03:15countries, and tariffs don't cause inflation, they cause success, cause big success.
03:22So we're going to have great success.
03:24There could be some temporary short-term disruption, and people will understand that.
03:28And I had that when I negotiated some of the good deals for the farmers, and unfortunately
03:32those deals have been led astray by Biden and his people because they didn't enforce
03:38the deal.
03:39But the tariffs are going to make us very rich and very strong, and we're going to
03:44treat other countries very fairly.
03:47But if you think about it, other countries charge us tariffs, we don't charge them tariffs,
03:53and it's about time that that changes.
03:55Are you concerned about the market reaction around tariffs?
03:58No.
03:59No, tariffs, the word tariff is a very misunderstood word.
04:03You've heard me say, I say it kiddingly, but it's one of the most beautiful words in the
04:10dictionary.
04:11It really is.
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