00:00at the same time.
00:01And so, I want to talk a little specifics here.
00:03The Trump administration's great plan for staging the Great American Manufacturing Comeback
00:08is simple.
00:10You're making interesting new things here in America?
00:12Great.
00:13Then we're going to cut your taxes, we're going to slash regulations, we're going to
00:17reduce the cost of energy so that you can build, build, build.
00:22Our goal is to incentivize investment in our own borders, in our own businesses, our own
00:27workers, and our own innovation.
00:29We don't want people seeking cheap labor, we want them investing and building right
00:33here in the United States of America.
00:35And so, if you'll allow it, I'd like to talk about a few ways that the Trump administration
00:39is already pursuing a pro-innovation economy that allows our workers to thrive and our
00:44companies to out-compete their foreign peers.
00:48In short, an economy that is vibrantly America first, that serves Americans from all walks
00:54of life and of every kind.
00:56First, President Trump is starting with, and is dead serious, about rearranging our trade
01:03and tariff regime internationally.
01:06We believe that tariffs are a necessary tool to protect our jobs and our industries from
01:11other countries, as well as the labor value of our workers in a globalized market.
01:16In fact, combined with the right technology, they allow us to bring jobs back to the United
01:21States of America and create the jobs of the future.
01:25Let's look, in the past few months, at the auto industry as an important example.
01:30When you erect a tariff wall around a critical industry, like auto manufacturing, and you
01:34combine that with advanced robotics and lower energy costs and other tools that increase
01:40the productivity of U.S. labor, you give American workers a multiplying effect.
01:45Now that, in turn, allows firms to make things here at a price-competitive basis.
01:50Our president gets that, which is why, last month, we posted 9,000 new auto jobs after
01:57many, many years of stagnation or even decline in the auto sector.
02:01It's why, just weeks in, we already have new planner production announcements from Honda,
02:06from Hyundai, and Stellantis, worth billions of dollars and thousands of additional jobs
02:11on top of the ones that were already created.
02:14Now this takes work.
02:15It took, in the president's first term, the president ripping up NAFTA and creating a
02:20new U.S. deal for American manufacturers in North America.
02:26But there's important work, and we're going to do it.
02:29Now second, all of this is why the president is approaching the issue of illegal immigration
02:35as aggressively as he has, because he knows that cheap labor cannot be used as a substitute
02:41for the productivity gains that come with economic innovation.
02:44And so we've cracked down on illegal immigration at the border, where the results speak for
02:49themselves.
02:50Last month, migrant crossings were down 94% to their lowest number all time, and that
02:55happened just in two months of serious border enforcement.
03:00Thanks to President Trump's leadership, last month, for the first time in over a year,
03:04the majority of job gains went to American citizens born on U.S. soil.
03:09And that's important.
03:10For the first time in over a year, the majority of job creation actually went to American
03:16citizens.
03:17Third, this administration is focused on reducing our input costs for our manufacturers and
03:23for everybody else.
03:25Achieving energy abundance, and I know Doug Burgum was here earlier, will be here later,
03:29is top of mind, because when we look at some of the most exciting applications of new technologies,
03:34we realize it's going to take a lot of power to keep them running.
03:38And we're thrilled to have our friends from the United Arab Emirates, a number of the
03:41business leaders and government leaders, in town this week for meetings with our government.
03:47And one of the things they consistently hammer upon is something that unfortunately too few
03:52of our European allies tend to get, is that if you want to lead in artificial intelligence,
03:56you have got to be leading in energy production.
03:59So we are going to set the pace there, and we are going to lead from the front.
04:03Now we are already seeing, the good news is, signs of progress, even just a couple of months
04:07in.
04:08Gas and diesel prices are dropping, the cost of a barrel of U.S. crude is way down, and
04:12last Wednesday the administration took major steps to make energy even cheaper and liberate
04:18our companies from stifling environmental regulations.
04:22Now that is great, but of course there is a lot more work we have to do over the next
04:27four years.
04:29Getting a tax bill right is especially critical for all of you and for all of your workers.
04:34We know how important it is to restore 100% bonus depreciation for capital investments,
04:39as well as full expensing for R&D.
04:41Again, we want people to invest in America, and we are going to make sure the tax code
04:44reflects that.
04:46In order to build on the success of the original tax law, meaning the tax law from the President's
04:51first administration, our administration is working to broaden some provisions that are
04:56critical to the industrial base, like expanding full expensing to cover factory construction.
05:02For business owners, including manufacturers, making the 2017 tax cuts permanent will provide
05:08further confidence and predictability to invest in new technology and equipment, hire more
05:14American workers, and grow all of your businesses.
05:18We have a lot more to do, but the country is already starting to see the payoff of this
05:23administration's bold economic agenda.
05:26For producers and consumers alike, inflation is finally starting to come down.
05:31Poor CPI last week dropped to its lowest number since April of 2021.
05:37And when it comes to the labor market, last month's jobs report showed a massive reversal.
05:4110,000 new manufacturing jobs created, where the previous year we had lost over 100,000
05:47manufacturing jobs.
05:49As you may have heard the President say, in less than two months since he took office,
05:54he's already secured more than $1.7 trillion in new investments across the United States.
06:00That's hundreds of thousands of new jobs in manufacturing, AI, other hard tech sectors,
06:06and more.
06:07So we think there's a lot to be excited about.
06:09There's a lot that we're excited about, and we certainly hope that you guys are excited
06:13too.
06:14But the fundamental premise, the fundamental goal of President Trump's economic policy
06:19is, I think, to undo 40 years of failed economic policy in this country.
06:25For far too long, we got addicted to cheap labor, both overseas and by importing it into
06:31our own country, and we got lazy.
06:34We over-regulated our industries instead of supporting them.
06:37We over-taxed our innovators instead of making it easier for them to build their great companies.
06:43And we made it way too hard to build things and invest things in the United States of
06:48America.
06:49That stopped two months ago, and it will continue to stop and will continue to fight for American
06:55workers and the American businesses that hire them and that support them.
07:00So I want to thank you all.
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