00:00Even on my part to welcome everyone, Howard Lutnick, America's Commerce Secretary, Rachel Rees, UK Treasury Minister, Sean Pagno of Canada, Brian Moynihan of Bank of America, and Janet Truncali of EY.
00:16So we have an extraordinary blend.
00:17With respect to interest rates in America, there's been a classic policy that when the U.S. economy does well, raise rates and put brakes on it.
00:29When the U.S. economy is doing poorly, cut rates and add gas to it.
00:34But basically define mediocrity one way or the other.
00:38And President Trump thinks quite differently.
00:40We are the best credit in the world.
00:43Why are we paying a higher rate than all the other credits of the world?
00:47It makes no sense.
00:48Our rates are too high.
00:51It's just binary.
00:52Our rates should be much lower so that our economy can finally flourish.
00:57I think we're going to grow more than 5% GDP this quarter.
01:02And that's for the $30 trillion U.S. economy.
01:05And if rates were lower, you would see us hit 6%.
01:08What is holding us back is ourselves.
01:11We are going to align our economy and our industrial policy with growth and success.
01:21And we hope to export that.
01:22I hope the U.K. follows our energy policy, follows our digital policy, so that our great tech companies can invest in the U.K., can invest in Canada, can invest in Europe.
01:35But they can't if they have the Digital Services Act, the Digital Services Act, the Digital Markets Act, the Digital This, the Digital That.
01:44Europe has taxed our companies with fines and regulatory attacks more than they've earned in taxes on their own technology companies.
01:57It is said that President Trump rather likes and admires shows of strength.
02:03I think with respect to the tariff policy, the president uses tariff policy to make sure people are talking and paying attention and not just acting.
02:14You have seen him use tariff policy again and again to have outcomes that are reasonable and appropriate.
02:21So the fact that he doesn't want things to be done without discussion and without consideration is a way for him to say, hey, you know, you need to talk to us.
02:32If you're our great ally, you need to talk to us.
02:35Do I think the trade deals that we've set with Europe, with the U.K., are they durable?
02:41I absolutely do.
02:43Well, then we'll be back to a tit for tat, which is how we began, and it will end in a very positive conversation between Donald Trump and Ursula von der Leyen, which is what happened last time.
02:57So you can start with a kerfuffle, but in the end, right, the United States and Europe are great allies.
03:04The United States and the U.K. are great allies.
03:07These are great allies, right?
03:09We are great allies with Canada.
03:10We are great allies.
03:11It doesn't mean you don't have an argument.
03:15It doesn't mean you don't disagree, but it doesn't change the fundamentals of the United States knows who our allies are.
03:23And if we're going to have a kerfuffle, so be it.
03:26But we know where it's going to end.
03:27It's going to end in a reasonable manner that in our view, prior to Donald Trump taking the helm of the United States of America, the world was taking the piss out of us.
03:40And we were exporting the power of our economy to the rest of the world.
03:44In one year of change, I just said my expectation is GDP of the United States of America is over 5% in the first quarter of 2026.
03:55That's just my opinion.
03:56But so far in the first quarter, if you saw what I said, I said I thought the United States would grow 4%.
04:02And the whole world said, you've got to be kidding me, 4.3% in the third quarter.
04:07You're going to see plus 5% from the United States of America, the $30 trillion economy winning.
04:13And that's good for the world.
04:15Bring you back to Greenland.
04:17No.
04:18The Western Hemisphere is vital for the United States of America.
04:23Our national security people are on it and they care about it.
04:26And I'm going to leave it to them to address with our allies, with our friends and with everyone how they work it out.
04:30But the Western Hemisphere matters to the United States of America and the United States of America, as I've just articulated, really, really matters to the world.
04:39When America shines, the world shines because they all need to make sure America is strong and powerful to take care of them.
04:47God forbid.
04:49Globalization has failed the West and the United States of America.
04:55It's a failed policy.
04:57It is what the WEF has stood for, which is export, offshore, far shore, find the cheapest labor in the world, and the world is a better place for it.
05:10The fact is, it has left America behind.
05:13It has left the American workers behind.
05:16And what we are here to say is that America first is a different model, one that we encourage other countries to consider,
05:25which is that our workers come first.
05:29We can have policies that impact our workers.
05:34Sovereignty is your borders.
05:37You're entitled to have borders.
05:38You shouldn't offshore your medicine.
05:41You shouldn't offshore your semiconductors.
05:43You shouldn't offshore your entire industrial base and have it be hollowed out beneath you.
05:48You should not be dependent for that which is fundamental to your sovereignty on any other nation.
05:56And if you're going to be dependent on someone, it darn well better be your best allies.
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