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00:00Hi Mr. Secretary, so it was reported this morning that Amazon will soon display a little number next to the price of each product that shows how much the Trump tariffs are adding to the cost of each product, so isn't that a perfect crystal clear demonstration that it's the American consumer and not China who is going to have to pay for these policies?
00:23I will take this since I just got off the phone with the President about Amazon's announcement. This is a hostile and political act by Amazon. Why didn't Amazon do this when the Biden administration hiked inflation to the highest level in 40 years?
00:39And I would also add that it's not a surprise because as Reuters recently wrote, Amazon has partnered with a Chinese propaganda arm. So this is another reason why Americans should buy American. It's another reason why we are on-shoring critical supply chains here at home to shore up our own critical supply chain and boost our own manufacturing.
01:01Is Jeff Bezos still a Trump supporter?
01:03Look, I will not speak to the President's relationships with Jeff Bezos, but I will tell you that this is certainly a hostile and political action by Amazon. And Secretary, if you have anything to add.
01:14Yeah, I would also add that bringing down the terrible Biden inflation has been a priority for the first 100 days of the Trump administration. And President Trump has done a great job of leading that. Since January 20th, interest rates, mortgage rates are down. Gasoline and energy prices are down.
01:36We're expecting further decreases. And as Caroline said, the big tax on consumers that goes unnoticed is deregulation or regulation. And we are deregulating and bringing that down.
01:49So from a household income point of view, we would expect real purchasing increases. We've seen them over the first 100 days and we would expect that to accelerate. We are doing peace deals, trade deals, tax deals, and deregulating. And the deregulation is a longer lead time. But I think by the third and fourth quarters, that's really going to kick in.