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00:00Ladies and gentlemen, the 45th and 47th President of the United States, Donald J. Trump.
00:30The 45th and 47th President of the United States, Donald J. Trump.
01:00The President of the United States, Donald J. Trump, the President of the United States, Donald J. Trump, the U.S. President of the United States, Donald J. Trump.
01:07Well, thank you very much.
01:15It's a great honor to be here.
01:17Incredible people, incredible country.
01:20I'm thrilled to be back with so many visionary innovators
01:25and titans of industry, the most brilliant in the world, actually.
01:29So many different locations, and they come from all over.
01:33But this is a very special country that I'm in,
01:37and the business leaders here at AIPAC
01:40are really, really fantastic, so many friends.
01:43And I want to thank our host at this important summit,
01:48President Lee of South Korea.
01:50He's a terrific person,
01:52and I'm going to be meeting with him this afternoon,
01:55and I look forward to that very much.
01:58The Republic of Korea is a cherished American friend
02:01and a close ally.
02:02And as we can see in this beautiful city,
02:05it's truly one of the most remarkable nations anywhere on Earth.
02:10Here in this peninsula, the people of South Korea
02:12have forged a miracle of economic development
02:15like you rarely see,
02:17an industrial and technological powerhouse,
02:20and above all, a free society,
02:22and enduring democracy, and a thriving civilization.
02:25And I want to congratulate you.
02:28Very few places like it.
02:30The entire world should be inspired by all that you have achieved,
02:34and they study you,
02:35and they do so much to understand what you've done,
02:39but most of them don't get it.
02:41And that's probably good for you.
02:42Keep it this way.
02:43Most of them don't get it.
02:48They want to get it,
02:50but it doesn't quite work out for them
02:51the same way it works out for you,
02:53so that's a great tribute to you.
02:55We have some very special people with us today,
02:58and I want to thank for the great job he's done,
03:01and also for being here,
03:02Secretary of State Marco Rubio.
03:04Marco, you're around here someplace?
03:07Where's Marco?
03:08Marco, thank you.
03:09A man who's doing a fantastic job,
03:13who understands the markets maybe better than anybody.
03:16Our Treasury Secretary Scott Besant.
03:19Scott, thank you very much.
03:24And somebody that you're dealing with,
03:27who you made a very good deal with,
03:29because you have very good negotiators,
03:31but he's pretty good too.
03:33Howard Lutnik, Secretary of Commerce.
03:36Thank you, Howard.
03:36U.S. Trade Representative Ambassador Jameson Greer.
03:42He's a fantastic person.
03:47And your careers,
03:48Minister of Trade, Industry, and Resources,
03:52Mr. Jung Kwon Kim,
03:54who's an incredible man, actually.
03:56My people say he's very tough, however.
03:59We wish we had somebody of a little bit lesser caliber,
04:02but they decided not to do that.
04:04And so many other distinguished guests are here.
04:06So I just want to thank you very much.
04:08It's an incredible room.
04:09It's a beautiful room, by the way.
04:10All those beautiful people up there, so high up.
04:15This place is packed.
04:17Look at that.
04:17We're waving.
04:18Thank you very much.
04:22But as you know,
04:24APEC unites Pacific nations around our growing economies
04:27and promoting our shared interests.
04:29And today I come with exciting news
04:31from one of the largest Pacific nations.
04:34We'll call ourselves a Pacific nation,
04:37but one of the largest of them all,
04:38the United States of America.
04:41I'm pleased to report to you
04:42that this afternoon,
04:43after four years of weakness,
04:46a disaster, really decline,
04:48America is back,
04:49and it's back stronger than ever before.
04:51We're doing numbers that nobody's ever seen before.
04:53We're the hottest country in the world, actually.
04:56And I say that with other countries, Representative,
04:59and they admit it.
05:00But I do say it very proudly.
05:02One year ago,
05:03our country was in very, very serious trouble.
05:06Some people thought our country was dead.
05:09Now we're literally the,
05:11sort of an inspiration to a lot of other countries.
05:14We are indeed.
05:15I use the term hottest country,
05:16but we're the hottest country anywhere in the world by far.
05:20The United States is blessed with the,
05:22right now,
05:23the strongest economy,
05:25the strongest borders.
05:26This all happened over the last nine months.
05:28The strongest military,
05:29the strongest friendships,
05:31and the strongest spirit of any nation
05:33on the face of the earth.
05:35This is a golden age.
05:37In a short period of time,
05:38I didn't,
05:38I knew we could do it.
05:39I didn't know we were going to do with this quickly.
05:41It's a little bit more than nine months.
05:44So in less than one year,
05:45we've secured commitments
05:46for over $18 trillion of new investments.
05:50As an example,
05:51the previous administration,
05:52in four years,
05:53they did less than a trillion.
05:55I think much less, actually,
05:57and hurt our country very badly.
05:59Who would have known?
06:01But we're going to be 18,
06:03so I figure that we'll probably be at 20 or 21,
06:06maybe even $22 trillion of investments
06:08coming into our country
06:10by the end of the first year of my second term.
06:14And, you know,
06:15we had a tremendously successful first term.
06:17We had the strongest economy in history
06:20for our country,
06:22strongest we ever had.
06:23But this is, I think, blowing it away.
06:26We have great policy.
06:28We have some very good things happening.
06:30The stock market, as you know,
06:31has set 45 all-time highs
06:35since in a period of,
06:37it's pretty good,
06:38in a period of nine months,
06:39breaking new records week after week,
06:41including one just yesterday.
06:43We set the record GDP growth
06:47in the second quarter.
06:48And that's with all of the things
06:50that we're doing.
06:52When they are built in a year,
06:54in two years,
06:56we're going to go through the roof.
06:57I mean, we're going to see numbers
06:58that I don't think
06:59I've ever been seen before.
07:01But even during this period
07:02of a little bit of a period of transition,
07:05you could go up,
07:05because I think we're
07:06in an economic revolution in America.
07:08We went at 3.8 percent.
07:11We're up 3.8 percent GDP,
07:13triple and even quadruple
07:15the rate that a lot of people thought we'd be.
07:18They thought that during this period
07:20that we'd be at a much lower rate.
07:23Some people predicted one,
07:24one and a half,
07:25and we're going to be very close to four.
07:27The next quarter,
07:28we're expected to be at about 4 percent growth.
07:31And after that, I mean,
07:33I can't even predict,
07:34because when all of these factories
07:36that are moving in,
07:37the car plants are moving in.
07:39Yesterday, I was with Mr. Toyota in Japan,
07:43and he's just announced
07:45he's going to spend,
07:46they are going to spend $10 billion,
07:50and they're going to build new car plants,
07:52and they're going to build them
07:53in numerous states,
07:55about six or seven different states.
07:57And we're bringing our car industry back.
07:59We're bringing AI.
08:00We're leading everybody in AI.
08:02We're leading every nation in AI,
08:04actually by a lot.
08:05In nine months,
08:07we've lifted over 600,000 Americans
08:09off food stamps.
08:10Wages for workers are rising
08:12at the fastest pace in more than 60 years.
08:15And meanwhile, energy prices are down.
08:17Gasoline prices are down.
08:19Grocery prices are down.
08:21Mortgage rates are down,
08:22despite the fact that we have
08:23an incompetent head of the Fed.
08:25He's incompetent.
08:26I call him Jerome Too Late.
08:28He's always too late.
08:30Jerome Too Late Powell.
08:32But he's out of there
08:33in another couple of months.
08:34We'll be very happy about that.
08:36We'll appoint somebody
08:37that we all like
08:38because we should have
08:40the lowest interest rates
08:41of any country
08:41because without us,
08:42there are no other countries, really.
08:45I mean, the whole thing falls apart.
08:47You know, America always had
08:48the lowest interest rates,
08:51and now we don't do that.
08:52We're like number 28.
08:54It's ridiculous.
08:55And we're a much different country
08:57than we were two years ago
08:58or a year ago even.
09:00But you know what the crazy thing is
09:03in the old days,
09:03I call up the old days,
09:05I'm a little bit older.
09:06I'm looking at all these
09:07young, brilliant faces.
09:08I'm a slight, you know,
09:09a couple of years older than you.
09:10Just a couple of years.
09:12But you know, in the old days,
09:13when you announced good news,
09:16the stock market went up.
09:18You announced good news,
09:19the stock market would go up.
09:21Now when you announce good news,
09:23the stock market goes down
09:25because people say,
09:26oh, that's terrible.
09:28You're doing well.
09:28That's terrible.
09:30Interest rates will go up.
09:31So they think because of that,
09:32interest rates will go up
09:33because of that.
09:34It's inverse of what it should be.
09:36We're going to go back
09:37to the way it used to be.
09:39When we announce good news,
09:41the stock markets are going to go up.
09:43And that's the way it should be.
09:44And we're going to really
09:45ride that very hard.
09:47And when we announce good news,
09:49we're not going to have a Fed
09:50that's going to raise interest rates
09:52because they're worried about inflation
09:53in three years from now or something.
09:55When we announce good news,
09:57we want the stock market to go up,
09:59not to go.
10:00And the scourge of inflation,
10:02we inherited.
10:03You know, we inherited
10:03the worst inflation ever
10:06that we've ever had.
10:07I inherited from incompetent people.
10:10And now we're down
10:11to a very low rate of inflation,
10:132.7 percent.
10:15And it's going to be
10:15a little bit lower than that.
10:16It's almost a perfect number.
10:18Believe it or not,
10:19you don't want to have zero.
10:20You want to have like 1 percent to 2 percent.
10:22And we're very close to that number.
10:24But we had inflation,
10:26the worst in the history of our country.
10:29But factories are booming in the USA
10:31and manufacturing productivity is rising
10:33five times faster than it was
10:35just one year ago.
10:37Think of that.
10:38Steel production is way up
10:39by 155,000 tons a week.
10:42Oil production is through the roof
10:44by half a million barrels a day.
10:46And mining of clean, beautiful coal,
10:48I call it clean, beautiful coal
10:50is up by 2.6 million tons
10:52every single month.
10:53And we brought coal back into the picture.
10:56What you can do with coal today
10:57is incredible.
10:58So I call it clean, beautiful.
10:59I don't use the word coal.
11:00I say because it's got a little bit
11:02of a problem.
11:02Public relations wise, the word.
11:04So we call it clean, beautiful.
11:06My administration's not allowed
11:08to use the word coal.
11:09They have to say clean, beautiful coal.
11:13We've given it a new name.
11:14It's a three name.
11:15It's a three name deal.
11:17Even semiconductor manufacturing
11:19is rapidly returning
11:21to the United States.
11:22NVIDIA and TSMC have just produced
11:25the first state-of-the-art Blackwell chip
11:28that was 100% made in the USA.
11:31In fact, Jensen, who's an incredible guy,
11:34might be here.
11:35I don't even know.
11:36Is Jensen here?
11:37I think he's around.
11:37Somebody said he's here.
11:40How is he?
11:41Pretty good, right?
11:42Got a chip.
11:42Got a chip that's like 10 years advanced.
11:46But he's great.
11:47And they're all, you know, building now.
11:51They're building tremendous plants
11:52in the United States, Arizona, Texas, all over.
11:57We're going to have a big portion
11:58of the chip market
11:59just in a very short period of time.
12:01But these tremendous strides
12:02are also creating great jobs
12:04for our citizens.
12:051.9 million more American-born workers
12:08are employed today
12:09than when I took office nine months ago.
12:11Think of that.
12:12Almost 2 million people more American workers.
12:16Nobody's ever had numbers like that.
12:18And those numbers are going to get much bigger,
12:20much better than that
12:21when we open these plants
12:25that are being built all over,
12:26the AI plants.
12:27I've never seen plants this big.
12:29You know, I built shopping centers.
12:31I built a lot of things.
12:32But if you spend 250, 300 million,
12:35you can build a big shopping center.
12:37These people are spending $50 billion
12:39to build a building.
12:41And I say,
12:42what's your product?
12:43Information.
12:44I said, well, good luck.
12:45That's a lot of information you're going to have to have.
12:49But, you know,
12:50they're the smartest people in the world.
12:53They're doing it.
12:53And they all think it's great.
12:56All I can do is make it easy for them.
12:57And what I've done,
12:58one of the things that I'm most proud of,
13:00because I thought of it,
13:01like every, you know, country,
13:03our electricity production,
13:06our energy production is,
13:08you know, it's not,
13:08nobody ever thought,
13:09nobody ever saw this kind of a revolution
13:11with the AI.
13:13And what they need more than anything
13:14is electricity.
13:16So if a country was able to do that,
13:19it would be, you know, pretty unusual.
13:21It would be very hard.
13:22Maybe you could say impossible.
13:24So I came up with a concept.
13:26When they build this massive plant,
13:28sometimes the size of Manhattan,
13:29think of that,
13:31the size of Manhattan,
13:32these plants are the biggest,
13:33I've never seen anything like it.
13:35Actually, nobody has.
13:36There's never been anything like it.
13:38But I let them build their own
13:39electricity generating plants with it.
13:43So they're building their own electric.
13:46They're sort of becoming a,
13:47an electric producing company
13:49in addition to all of the other things
13:51that they produce,
13:52including information.
13:53And what they're able to do
13:55is start immediately.
13:56We're giving them very fast permits.
13:57We're no longer having them
13:59wait for 10 years, 12 years,
14:0115 years prior to rejection.
14:03They'd go 15 years
14:04and then they'd get a vote.
14:06A rejection.
14:08And by that time,
14:08their concepts were old
14:09and obsolete anyway.
14:11So, you know, it's terrible.
14:12And we're getting it done rapidly,
14:14literally rapidly.
14:15And they're coming up with electric generating plants,
14:19the likes of which nobody has seen.
14:21The companies are standard companies
14:22that do electricity and create power.
14:25Power companies,
14:26they've never seen anything like it.
14:28Because we have a level of genius,
14:31a level of people that are designing things
14:34that nobody's ever seen before
14:36that produces vast amounts of electricity
14:39for their plant.
14:41And if they have extra electricity,
14:43they sell it back into the grid.
14:45So they really,
14:47I mean, it's really been amazing.
14:49And it allows people
14:50to start building immediately.
14:51And they can't blame the government.
14:53They won't blame me
14:53because I didn't produce enough
14:55out of the grid that's 200 years old.
14:57So we have more people now
14:59working than at any time
15:01in the history of our country.
15:02We've sort of just begun.
15:04It's hard to believe, actually,
15:05if you knew where we were two years ago.
15:07All of this is incredible news
15:09for Americans
15:10and for nations around the globe.
15:12And it is for South Korea
15:14because we're partners.
15:15We're serious partners.
15:17We're really, we're wedded.
15:19And we have a very special relationship,
15:21a special bond.
15:22In fact, we're working with you
15:23on shipbuilding
15:24where you're going to come in.
15:25We were the number one in the world
15:26during World War II.
15:28We produced a ship a day.
15:29Can you believe it?
15:30You know, tankers and freighters
15:31and this, a ship a day.
15:33And today we're not really building ships.
15:36And we're going to start
15:37and we're going to have
15:38a very thriving,
15:39very thriving shipbuilding industry.
15:42And we're working it
15:43with South Korea very much so.
15:45In fact, some of the people in this room,
15:48they bought the Philadelphia shipyard.
15:51I think it's going to be
15:51one of the most successful yards
15:53in the world, anywhere in the world.
15:55It's great.
15:55Known for incredible production years ago
15:59and sort of through bad management
16:02or bad thinking by people
16:04that were prior to me.
16:06I mean, you have to blame the president.
16:08You can give the president credit
16:09or blame the president.
16:11But I blame the president.
16:12They allowed the shipbuilding industry
16:13to go away, essentially, in our country.
16:16We're going to bring it back
16:17very, very powerfully.
16:19When America thrives,
16:20our partners thrive.
16:21And our alliances thrive
16:23with all of the countries.
16:26The Indo-Pacific thrives,
16:28and that's good for all of us.
16:29And the entire world becomes safer
16:31and wealthy and greater than ever before.
16:33We get along with a lot of countries.
16:36We solved a lot of wars
16:37and a lot of problems.
16:38And that's all good for all of us.
16:40The extraordinary American turnaround
16:42that I've just described
16:43has been achieved
16:44not by just continuing business
16:46as usual back in Washington.
16:48If I didn't win the election,
16:51and we won it in a landslide,
16:52we won by tremendous numbers.
16:56I had a whole thing too big,
16:59you have to say,
17:00too big to rig.
17:01We didn't want any rigging.
17:03We had these great polls going in.
17:05I said, don't believe the polls.
17:06Pretend we're one point down.
17:08Always assume we're one point down.
17:10And everybody voted.
17:11We won in a landslide.
17:12We won all seven swing states.
17:13You have to win the swing states.
17:15And we won all seven,
17:16which is something that rarely happens.
17:18But to win the popular vote by millions,
17:20we won everything you can win.
17:23The Electoral College
17:24by a tremendous amount.
17:25We won in counties.
17:27They have counties,
17:28thousands of counties.
17:30And we were 2,700
17:33compared to 500, 525 actually.
17:38So think of that.
17:39We were 2,750
17:41compared to 525.
17:46And that's why the red map shows all red.
17:49Red being Republican,
17:51not something else.
17:52Red being Republican.
17:53Only a few people understand that one.
17:57My administration has rejected the old model
18:00of incompetent government
18:02that punished success
18:03and rewarded failure
18:04and made building anything almost impossible.
18:07When you come into our country,
18:08and many of you are doing that,
18:10but when you come into America,
18:11you're going to get service
18:13like you've never seen before.
18:15Quick permits.
18:16And we want safety.
18:17We want great environmental.
18:19We want everything good,
18:20but it's going to go quickly.
18:21We're rewarding those who build and create
18:23and hire and invest in the USA.
18:25And we're making America the best place on earth to do business.
18:29And that's what it's become very quickly.
18:31We have some wonderful people.
18:32Lee Zeldin at Environmental.
18:34He's incredible.
18:35He gets the right result quickly,
18:37and he makes sure that people do the right thing.
18:39But we will have the best tax rates,
18:42the lowest energy costs.
18:43We have the lowest energy.
18:44We have tremendous amounts of energy,
18:45more than anybody else.
18:47We have the most oil and gas and coal,
18:49more than any other nation on earth.
18:52So that's a big advantage that we have over others.
18:55We have the lowest regulatory burden.
18:56In my first term,
18:58we cut more regulations
19:00than any other administration in history.
19:03And we're going to do about the same level right now,
19:05or more if we can,
19:06the most advanced technology
19:08and the fairest trade deals anywhere in the world.
19:11And for decades before I took office,
19:13our country was run by legions of bureaucrats
19:16who were always looking for a reason to say no.
19:19Why?
19:20How could we say no?
19:21They wanted to say no.
19:22They thought that was their job,
19:23and it's really just the opposite.
19:25We worked to say yes.
19:26So now we have a president in the White House
19:29who cuts through the red tape
19:30and excuses.
19:32We don't stand for excuses
19:33and says yes to big ideas
19:35and bold initiatives
19:37and grand ambitions
19:38so that America can have great industries,
19:41great dreams,
19:42and to be the greatest nation on earth,
19:44which is where we are now, actually,
19:47in a very short period of time.
19:49We're rebuilding things that are incredible.
19:53We have the strongest military in the world.
19:55We have the best equipment.
19:55But we have the best manufacturers of equipment.
19:58And a lot of our weapons, we make the best.
20:02We have the planes and just about everything other than ships.
20:06So we'll be there very shortly with ships, too.
20:08But the only reason it's not ships,
20:10because, I don't know,
20:11for some reason they stopped doing that.
20:13I guess they went on to other businesses.
20:14But there are some basics in life.
20:17And one of the things you need is ships.
20:19I always say you need steel.
20:21You need aluminum.
20:22You need this.
20:23There are things you don't need.
20:25A lot of things that are...
20:26A country doesn't need them.
20:28But things you need, you need steel.
20:30You've got to have steel.
20:31And we're redoing our steel.
20:34And some of the people in this room are very involved in that.
20:36We're redoing our industry.
20:38We're starting to produce large amounts of steel.
20:40Massive amounts of steel.
20:41We'll be right at the top in a very short period of time.
20:45Mills are opening again.
20:47And they're opening up big.
20:48And again, it's national security.
20:49And it's because of tariffs.
20:51We're reclaiming our heritage as a nation of builders and doers.
20:55And we're pioneers in a sense.
20:58But we're really doing it again.
20:59But we're doing it even better than we did the first time,
21:01which is the first couple of hundred years.
21:04And we're pursuing this vision with unrelenting drive
21:08and really unprecedented success.
21:12In July, I proudly sounded...
21:14Law, it was very important.
21:15I went into the archives.
21:18We looked at every possible thing you could look at.
21:20And I signed into law the largest tax cuts in American history.
21:25And as you remember, in my first term, we signed...
21:28We cut taxes from 39 percent down to 21 percent.
21:32And now we've done even better than that,
21:34putting more money in the pockets of American families
21:37that make up the largest consumer market on Earth
21:39for businesses and manufacturers like those in this room.
21:43Our tax law includes 100 percent expensing for all new factories,
21:48plants and equipment.
21:50So that means you can write everything off in the first year.
21:54So that's like we had in the first,
21:57except this goes for a period of 10 years,
21:59whereas the other was over a much shorter period of time.
22:02And I actually think that we had such tremendous success.
22:06I always said that was the single most important thing,
22:08the expensing, the one-year expensing.
22:11Upon taking office, I signed executive orders
22:14that require that for every one new regulation,
22:1710 old regulations have to be eliminated.
22:20I did that in the first term, too, and it worked.
22:23So if you want a new regulation, you have to get rid of 10.
22:26And already we're exceeding that limit, reaching closer to 30 to one.
22:31Our people have done that, our great secretaries
22:34and other people in the administration.
22:36So we've been actually at a level where we sign in a new regulation.
22:40They get rid of 30 older.
22:41We're sort of cleaning up the books
22:43because many of these regulations are obsolete.
22:46They don't belong.
22:46And some were so horrible they were obsolete,
22:49but they really stopped projects from being built.
22:51And we're getting rid of all of them.
22:53We've pretty much done that.
22:54We have streamlined permitting for all new energy and mining projects.
22:58It used to take decades for an administration to get something approved.
23:03And now it's a process that will take, generally speaking, less than 28 days.
23:08In addition, across government,
23:10we're guaranteeing a rapid and expedited regulatory review
23:13for all new projects in the United States.
23:16And that's worth billions and billions of dollars to industry.
23:20You spent more money on trying to get something approved
23:23than you do in building the plant itself.
23:24You know, in Louisiana, my first term,
23:27there were two plants.
23:28And one was financed by a tremendous group of Japanese investors.
23:33And it was about $16 billion LNG plants.
23:37Another one was financed by people from South Korea and others.
23:40LNG, both of them, massive LNG.
23:42They were in the review process.
23:44One was 15 years.
23:46One was 16 or 17 years.
23:47And they were then told, forget it.
23:50We're not going to get it approved.
23:51So I came into government.
23:53I heard about it.
23:54And I love Louisiana.
23:55We did very well there.
23:56We did well in just about all the states.
23:58But we did really well in Louisiana.
24:00And so I got involved.
24:02The one plant that was in for almost 15 years,
24:05I got it approved in one day.
24:07One day.
24:08In fact, when we called the people to say that they got approved,
24:10they didn't know what the hell we were talking about.
24:12They said, you got it approved.
24:15We sort of gave up on it.
24:16They said, no, you don't have to give up.
24:17We got it approved.
24:18The other one took me a little bit longer.
24:20I didn't do as good a job.
24:21It took me one week.
24:23And they got approved and they got built.
24:24They're massive plants.
24:25And they're doing unbelievably.
24:27They're like setting records, LNG, big.
24:31It's like the Empire State Building lying on its side.
24:35And all I know is I looked at it.
24:37I said, what kind of a building is that?
24:39All it's got is pipes going back and forth.
24:41I never saw anything like it.
24:42But whatever it is, it works.
24:44And they've been very, very successful.
24:46But think of it, 14 and 15 years.
24:49And I got one approved in one day and one approved in one week.
24:53And they've been doing great.
24:54And they've been good for the environment.
24:55I've shrunk the size of government for the first time in many years since January.
25:01100,000 bureaucrats have left the federal payroll.
25:04You've probably seen that.
25:06So we're creating real jobs.
25:09We're getting rid of wasteful jobs.
25:11Government spending is down 2.5 percent this quarter compared to one year ago.
25:15It was going through the roof in the previous administration.
25:18And in stark contrast to four years ago, I mean, if you look, 100 percent of all new jobs created in America under my administration have been created by the private sector.
25:32Think of that.
25:33The government created no new jobs.
25:35The private sector created the record number of jobs that we're talking about.
25:39That's a country.
25:40That's really a success.
25:42It's easy to create government jobs.
25:43I could say, add a lot of people to your payrolls.
25:46I can fake up the numbers if I want.
25:49But that's the way that's not the way you build a great country.
25:52You don't do that here.
25:53And that's not the way.
25:54But it's a good way to show good numbers, I'll tell you.
25:57You just tell everybody, hire a lot of people.
25:59That's what they used to do under the Biden administration, under Barack Hussein Obama.
26:05You had, they'd say, hire a lot of people so we can make our numbers look good.
26:10I do the opposite.
26:12And we have real numbers.
26:14These are real numbers.
26:15There's truly no better time to invest in the USA.
26:20The results speak for themselves.
26:22Since the election, TSMC has pledged to invest $100 billion in the United States.
26:28So they're coming in from Taiwan.
26:30We have tremendous numbers of companies coming from Taiwan and building in the U.S.
26:36Apple, $600 billion investment.
26:39Hyundai, $26 billion.
26:41Micron, $200 billion.
26:43SoftBank, OpenAI and Oracle, over $500 billion.
26:47Amazon, $35 billion.
26:50Pfizer, $70 billion.
26:51Jera, $200 billion.
26:53Google, $25 billion.
26:55NVIDIA, $500 billion.
26:58Genentech, $50 billion.
26:59In Johnson & Johnson, 57, we're bringing back all of our pharmaceutical business.
27:04IBM, $150 billion.
27:07AstraZeneca, $50 billion, among many others.
27:11Many, many others.
27:12Too many to talk about.
27:14But one of the most significant factors in this remarkable surge of new investment has been my transformation of trade policy.
27:22Eight years ago, I came to this very summit.
27:24I was here.
27:25Does anybody remember?
27:26I don't know.
27:26I remember.
27:27Does anybody remember what I said?
27:29Yeah, there's a few hands up.
27:31It must have been a great speech.
27:32Three people.
27:34It's not too many people.
27:35But there's no reason to, because you saw whatever I said I did.
27:40And for the first time, I laid out the principle that economic security is national security.
27:46Economic security.
27:47That's for South Korea.
27:48That's for any country.
27:49But economic security is, in fact, national security.
27:52I made the case that the global trading system was broken and in urgent need of reform had to be fixed.
28:00The system had been exploited by countries that broke the rules at the expense of countries that followed the rules to a T.
28:07And I asked the nations of APEC to be our partners in making the system fair and more sustainable for all of us.
28:16And we all work together, the APEC nations.
28:18Eight years later, as I'm back here in Asia, and I'm pleased to say that the positive vision for revolutionary reform I laid out, it seems like a long time ago, is now a reality.
28:31What really seems amazing is that we did all these things.
28:34We stopped a lot of wars.
28:36We did so many different things.
28:38Made our country strong.
28:46And the campaign seemed like so long ago.
28:48And I was reading something today in one of the journals.
28:54And they said, can you believe it?
28:56One year ago, I was campaigning to win.
28:59Think of that.
28:59It was about a week in a week.
29:03It'll be November 5th.
29:06And November 5th was the election.
29:08I said, can you imagine that?
29:09Here I am, President.
29:10We've done so many different things economically, militarily, peace-wise, you know, peace through strength.
29:17And yet, one year ago, it's not long ago, I was campaigning.
29:21I was campaigning.
29:22We didn't win.
29:23We were campaigning.
29:24And then we had the election, and we had a great election.
29:26And the spirit in our country is, like, incredible, if you compare that.
29:33We lost a lot of spirit in our country.
29:35Our country is depressed.
29:37And they had a right to be.
29:39But around the world, we're signing one trade deal after another to balance our relationships on the basis of reciprocity.
29:46Very important word.
29:48On this trip alone, I've signed groundbreaking agreements with Malaysia, Cambodia, Japan.
29:53And our deal with the Republic of Korea will be finalized very soon, like moments or very shortly thereafter.
30:01These agreements will be incredible victories for all of us because everyone is better off when we have stable partnerships, not plagued by chronic problems and imbalances.
30:10As you know, probably, you know, that the presidency of China is coming tomorrow here.
30:15And we're going to be, I hope, making a deal.
30:17I think we're going to have a deal.
30:18I think it'll be a good deal for both.
30:21And that's really a great result.
30:23You know, that's better than fighting and going through all sorts of problems and, you know, no reason for it.
30:30I think it's going to be a great deal for both.
30:32So I'll be meeting him tomorrow.
30:33A lot of people are interested.
30:35They're also interested in what we're doing, but they're interested in that.
30:38I can tell you a lot.
30:39The world is watching, and I think we'll have something that's very exciting for everybody.
30:44And that's also good for South Korea.
30:46That's good for all nations.
30:49We're ending gaping trade deficits, unfair trade barriers to market access, insecure supply chains, weak, pathetic supply chains, and much, much more.
30:59We had such bad supply chains under the last administration.
31:03It was embarrassing.
31:04And we're entering a new era of trade that truly works for both sides.
31:08We've got to work for everybody.
31:09You know, deals have to be good for everybody.
31:12I've heard that all the time.
31:13And I never really believed it, I'll be honest.
31:15I said, oh, you make a great deal.
31:17The best deals are deals that work for everybody, especially when you're talking about nations.
31:22You know, when you're talking about nations, it really is a little bit different than you're doing a business deal and you want to just rip their hearts out, right?
31:29These guys know what I mean.
31:31They've ripped out so many hearts.
31:33But when you have nations, it's a little bit different.
31:37You know, it's got to, you got to all balance out a little bit.
31:41When I announced reciprocal tariffs last April, some people thought it was wonderful and others really weren't so sure.
31:49They weren't sure.
31:50They didn't understand tariffs because tariffs were used against us.
31:53We didn't use tariffs, stupidly.
31:55And we do now, national security.
31:58This week, we proved once and for all that few critics, you know, few critics, there were no critics left.
32:04People, the only critics are people that took advantage of us for many years.
32:09And now they're not able to do that.
32:11The deals we're signing with our friends and partners are making our alliances closer and stronger than ever before.
32:17And they respect us because it was so foolish.
32:20The people that ran our country were so foolish.
32:23With these agreements, our nations will extend our vital security alliances into the realm of economic security for the first time ever.
32:31We're forging new partnerships on strategically important industries like shipbuilding, energy, semiconductors, critical minerals, minerals.
32:40And, you know, very important pharmaceuticals.
32:42We learned that during COVID.
32:43We had to rely on other countries to give us pharmaceuticals.
32:47You can't do that.
32:48You have to certain industries you want to have there.
32:51You want to have your medicines made, ideally, in your own country.
32:55Many of our agreements also include deepening collaboration of industries of the future,
33:02such as nuclear, quantum, artificial intelligence, where America is number one by a lot.
33:09Actually, we're really number one by a lot.
33:11We're number one in military and military consequence.
33:16We're number one in military and the quality of the weapons.
33:20That's why everyone wants to buy for us.
33:21I'll tell you what.
33:22We have a long lead on as submarines, nuclear submarines.
33:25We are so far advanced that by perhaps 20, 25 years, we're 25 years ahead of any competition.
33:33And not only are the tariffs strengthening our alliances, they're also bringing peace to the world.
33:39On Sunday in Malaysia, we signed the Kuala Lumpur Peace Accords, ending forever the war between Cambodia and Thailand.
33:50You know, it's interesting.
33:55We were making trade deals with Cambodia and with Thailand, and I sort of watch what I do.
34:02I don't go to the beach and sleep all day.
34:04I like to watch.
34:06And I see Cambodia, Thailand, among many other nations.
34:09And this is true for numerous other deals, too.
34:12But I see Cambodia, Thailand, and I read a front-page story about the fact that there were thousands of dead people along the border.
34:20And they fought for a long time.
34:22And I said, wait a minute, we're making deals?
34:24And they're starting a war?
34:26They were just starting.
34:27And it was vicious.
34:28Thousands of people were killed along the border.
34:31There are two borders.
34:33And I said, let's call the head.
34:35I didn't know the heads of either one.
34:37I called them.
34:38They were both great people and sort of reasonable.
34:42I said, listen, you want a trade deal?
34:45We're not going to make a deal with you if you're going to be in war.
34:47But then I called Cambodia, I called Thailand, I called Cambodia, back and forth.
34:52And after about two days, we ended up with the help of Malaysia.
34:56Malaysia was like a mediator.
34:59We used a beautiful facility in Malaysia because it was too hot.
35:04And I don't mean hot weather-wise.
35:06I mean it was hot.
35:08It was too hot with bullets flying all over the place.
35:12And Malaysia was fantastic.
35:14And they helped implement it.
35:15The prime minister was great.
35:16Great guy.
35:17Just left him.
35:18And within two days, we signed the deal.
35:21And the two people came in.
35:23They were like best friends.
35:25It was a beautiful thing to see.
35:27We saved, you know, probably millions of lives.
35:30They've had a tempestuous relationship for, I said, for how many years?
35:34Five hundred years.
35:35I said, that's a long time.
35:37That's a long time.
35:39But we think this is going to be, hopefully, you know, I used the word everlasting.
35:43Same thing in the Middle East.
35:44We hope it's going to be everlasting peace.
35:46They never had peace.
35:47They've 3,000 years and we signed in the Middle East.
35:51But I've ended eight wars in eight months.
35:53And in many instances, trade has played a big part in getting those wars ended.
36:00And on top of it, all tariffs now projected to reduce our deficit by $4 trillion over the
36:06next 10 years.
36:08And I think actually much more than that.
36:10That's national security because you can't have deficits and you can't have debt all over
36:15the place.
36:16And it stops inflation and strengthening the dollar and ultimately balancing our federal
36:20budget, which I think we're going to do very quickly, only because of our policy of
36:25fair tariffs.
36:25And for any company that does not wish to pay the tariff, I say, you know, you could build
36:31your factory in America.
36:33If you build your factory in America, there is zero, zero tariffs.
36:37But, you know, again, going back to the wars, it's so important.
36:42If you look at India and Pakistan, so I'm doing a trade deal with India and I have great
36:48respect and love, as you know, for Prime Minister Modi.
36:52We have a great relationship.
36:53Likewise, the Prime Minister of Pakistan is a great guy and the field marshal.
36:58They have a field marshal.
36:59You know why he's a field marshal?
37:00He's a great fighter.
37:01He really is.
37:02He's a great guy, too.
37:04And so I know them all.
37:06And I'm reading that seven planes were shot down.
37:09They're going at it and they're really starting to go.
37:11And it's a big thing.
37:12These are two nuclear nations and they're really going at it.
37:16And I called Prime Minister Modi.
37:19I said, we can't make a trade deal with you.
37:21No, no, we must make a trade deal.
37:23I said, no, we can't.
37:23You're starting a war with Pakistan.
37:25We're not going to do it.
37:26And then I called Pakistan.
37:27I said, we're not going to do trade with you because you're you're fighting with India.
37:32And, you know, two nuclear nations and they said, no, no, no, you should let us fight.
37:38They both said that, you know, they're warring.
37:40They're strong people.
37:41I'll tell you what.
37:43Prime Minister Modi is the nicest looking guy.
37:46He says, oh, and he looks like you'd like to have your father like he's a killer.
37:51He's tough as hell.
37:52No, we will fight.
37:54I said, whoa, this is the same man that I know.
37:58But after a little while and they're good people.
38:02And after literally two days, they called up and they said, we understand.
38:07And they stopped fighting.
38:07How is that?
38:08Isn't that amazing?
38:09Now, you think Biden would have done that?
38:11I don't think so.
38:13Most people wouldn't have thought of it.
38:15But, you know, they wouldn't have thought of it.
38:18No, but here we are.
38:19We're doing deals.
38:20So you add an extra sentence and you say you have to stop shooting at each other.
38:25Seven planes were shot down.
38:27You have to stop the war.
38:29And they stopped the war.
38:32And if it weren't for the tariffs, I said I was going to put 250 percent tariffs on each
38:37country, which means that you'll never do business.
38:40In other words, there's nothing you can sell for 250 percent.
38:43That means that's a nice way of saying we don't want to do business with you.
38:46You don't have to say that because that's a nasty.
38:48We don't want to do business.
38:49No, you say we're going to put 250 percent tariffs if you don't stop the war.
38:54And they understood that.
38:56And within 48 hours, we had no war, no people killed.
39:00I mean, it's makes me feel so good.
39:03It's we save millions and millions of lives with all of them.
39:07If you look at if you look at it, just take a look at that one.
39:15That was going on for, I think, 38 years.
39:18Right.
39:19And President Putin called me.
39:20He said, it's amazing.
39:21It's amazing.
39:23We couldn't get that war stopped.
39:2538 years it went on.
39:27Millions of people killed.
39:29And we got it done.
39:31And the two countries came in and they they were in the White House and they started off here.
39:37And they got closer, closer, closer, closer.
39:39After an hour, they were hugging each other in peace.
39:42It was amazing, actually.
39:43It was beautiful to see two very good countries, two very good leaders.
39:46One was there for 22 years.
39:48One was there for seven.
39:50And they both said, my entire political life, all I did was shoot people on the other side.
39:55And we got it.
39:56We got it close up.
39:58And we did that eight times.
40:00The only one I didn't do is Russia, Ukraine.
40:02But that'll get done, too.
40:03That'll get done.
40:04I thought that was going to be an easy one because of my relationship with President Putin.
40:09He turned out to be a little different.
40:10But I think it'll get done.
40:12It's would have never started if I were president.
40:15That war would have never, ever started.
40:17So we've used trade to create peace in a lot of different locations.
40:23We also solved the war in Africa, Congo, Republic of Congo and Rwanda.
40:29That was much smaller to do with trade, more to do with common sense.
40:34They were fighting for years.
40:36Ten million people were dead.
40:38And we got that one done, too.
40:39So we did a lot of them.
40:40Eight.
40:41We did eight in eight months.
40:43And I think the other one's going to come along.
40:46I really think so.
40:47I thought that would have been one of the easier.
40:48Who would have thought we created peace in the Middle East but didn't get Russia and Ukraine?
40:52Because peace in the Middle East was undoable.
40:54They're looking.
40:55They're shaking their heads.
40:56It was undoable.
40:57We got it done.
40:58Three thousand years.
41:00Okay?
41:00They never had peace.
41:01They never had anything like it.
41:03And we have all countries signed up.
41:05And the level of spirit and everything.
41:07It's going to – I think it's going to hold for a long time, hopefully forever.
41:10Hopefully that's an everlasting one, too.
41:13So in conclusion, at some point in your careers, every great business person and CEO in this
41:19room today has faced critics who said reform, innovation, and bold action would only lead
41:25to a total disaster.
41:26But none of us would be here if we had listened to the small minds with no vision.
41:32These are small minds with no vision.
41:34They had no understanding of success.
41:36They had no understanding of life and death.
41:39True success comes from having the confidence and the courage to prove the doubters wrong.
41:45And oftentimes, you'll go the opposite way of almost everybody, and you'll be the one
41:49that's right, and the others will be the one that's wrong.
41:52And that's where you have your greatest successes.
41:54And that's what America and our Indo-Pacific partners really are doing this week, and what
41:59our businesses and entrepreneurs do each and every day.
42:02That's what you do, the most successful people in the world.
42:05Together, we're solving the challenges that no one before us has ever been able to solve.
42:11And we're forging a free and open Indo-Pacific.
42:14And for all of the people, we're creating a future of dignity and security, prosperity,
42:20and pride.
42:21From the rolling hills of San Francisco to the gleaming streets of Seoul, from the bustling
42:27factories of Toledo, Toledo, Ohio, to the bright lights of Tokyo, from Pittsburgh to Palawan,
42:35from Boston to Bangkok, from Detroit to Da Nang, and from Cleveland to right here in Kung
42:44Ju.
42:44Nice place.
42:45Did I do good with that one?
42:47Did I do okay?
42:50Kung Ju.
42:51Good, beautiful place, by the way.
42:54We're strengthening old friendships, forging new bonds, building new factories, pioneering
42:58new industries, and creating a dramatically better world for our children and for generations
43:04to come.
43:05Together, we will build a future of strong, independent nations on both sides of the vast
43:10ocean, joined by our common interests, united by common values, and reaching constantly toward
43:16a richer, safer, and more peaceful Pacific with fairness, persistence, and common sense
43:23is such an important two words.
43:26We will build together.
43:27We will trade together.
43:29We will prosper together.
43:30We will thrive together.
43:31And above all, we will win, win, win together like never before.
43:36We're going to have an incredible relationship together for generations to come.
43:40And I just want to thank everybody in the room.
43:43I know so many of you.
43:44You're incredible people.
43:45God bless you.
43:46God bless the nations of this great region.
43:49And God bless America.
43:50Thank you very much, everybody.
44:15God bless you.
44:23God bless you.
44:27Amen.
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