00:00Hi, Caroline. Two questions on trade. First, as a part of these negotiations, is it possible
00:06for countries to lower their tariffs below that 10 percent bare minimum that's been set?
00:12Again, I'll leave that to the President to make those determinations, but I can tell
00:16you that 10 percent universal baseline will go into effect as these negotiations are ongoing.
00:20Got it. And then what is your thinking just as far as low labor-cost countries? Like,
00:25if you've got a country like Vietnam that wants to negotiate, but obviously they have
00:29some advantages in terms of trade, in terms of the people there are not paid as much
00:33as American citizens. What is kind of the thinking? Can they still achieve a good kind of trade
00:39outcome with the United States? Well, again, you're right to point out
00:42that different countries have different labor markets. They have different skills, if you
00:47will, different resources, and the President is going to take all of that into account.
00:51His team will take all of that into account when they're negotiating these deals. I do
00:54just want to point out one thing, that the President, everybody in Washington, whether
00:59they want to admit it or not, knows that this President is right when it comes to tariffs
01:04and when it comes to trade. In fact, Democrats have long said that the United States of America
01:09has been ripped off by the countries around the world. They just don't want to admit it
01:13now because it's President Trump who is saying that. In June of 1996, Nancy Pelosi spoke on the House floor.
01:19She urged her colleagues at the time to fight against the status quo trade policies that had contributed
01:24to America's trade deficit with China. In fact, Nancy Pelosi said,
01:28How far does China have to go? How much more repression? How big a trade deficit?
01:32How many jobs have to be lost for the American workers? How much dangerous proliferation has to exist
01:37before members of this House of Representatives will say, I will not endorse the status quo?
01:42Those are the words of Nancy Pelosi in 1996. Well, President Trump is finally answering her call.
01:4827 years later, Nancy Pelosi can thank President Trump today for the 104 percent retaliatory tariff
01:55that will be going into effect on China. In 2007, Chuck Schumer spoke of our nation's crippling trade
02:01deficits, saying, These are the kinds of records the American people don't want us to be breaking.
02:05The administration needs to move beyond words. Take action now to reverse a trend that threatens our
02:10prospects for future economic growth. And Chuck Schumer said that in 2007.
02:16Finally, in 2025, President Trump is taking action. Recently defeated Democrat Sherrod Brown said on
02:22deficits in 2012 that our deficit then at China had reached an all-time high. And it was on pace to
02:29recede last year's record. The trade deficit had cost American workers millions of jobs at the time.
02:36These are the words of Democrats years ago. It is about time America finally has a President who is
02:42taking action to restore those millions of jobs back to the United States of America to boost our
02:47manufacturing industry. He's doing what's right for the American people. It will take a lot of labor.
02:52It will take a lot of effort. That's exactly what the American people elected this President to do.
02:56He will be talking about our energy agenda at 3 o'clock today over in the East Room, as you all know.
03:01He will be signing a bill to unleash the might of our beautiful, clean coal industry in this country,
03:08which is a reliable energy source also for AI. There's a great story in Bloomberg today, actually,
03:14about the executive order that will be signed later. So we'll see you all there.
03:17I'll let the President speak more. We'll see you later. Thanks, guys.
03:20We'll see you later, guys.
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