00:00If we can prove that there is Iranian money flowing through your accounts, then we are willing to put on
00:05secondary sanctions.
00:07For both of you, perhaps, are President Trump's threats of a 50% tariff against China still on the table
00:14now?
00:14Or is the letter exchange that you talked about now taking that off of it?
00:18Well, as you know, the president spoke about the letter with respect to he and the correspondence between he and
00:24President Xi.
00:25President Xi assured the president that they are not supplying Iran with weapons throughout this conflict.
00:31And that assurance was made to the president.
00:33It's obviously something the administration keeps close tabs on with respect to tariffs.
00:38Do you have any update on that, Mr. Secretary?
00:40I don't have an update on the tariffs, but I do have an update on sanctions.
00:44Iran is the or used to be the largest state sponsor of terrorism.
00:49China was purchasing more than 90% of their oil, which is about 8% of China's energy needs.
00:56We believe this blockade in the Straits.
01:00There will be a pause of Chinese buying.
01:03But I will tell you that two Chinese banks received letters from the U.S. Treasury.
01:09I'm not going to identify the banks.
01:11But we told them that if we can prove that there is Iranian money flowing through your accounts,
01:18then we are willing to put on secondary sanctions.
01:21And are you considering any more sanctions relief, Mr. Secretary, for countries that are suffering right now
01:33in order to get more oil to your allies?
01:37We will not be renewing the general license on Russian oil,
01:42and we will not be renewing the general license on Iranian oil.
01:46Because, again, that was oil that was on the water prior to March 11th.
01:51So all that has been used.
01:54Good. Thank you, Caroline.
01:57I'm here to tell you that it has been a fantastic tax season.
02:00It has gone smoothly. It has gone efficiently from the point of view of the IRS.
02:06But, most importantly, it's been a great tax season for the American people.
02:10Thanks to promises made, promises kept, through the working families tax cuts,
02:15the president has delivered the record refunds to the American people.
02:21More than 45% of the filers of the returns that we have seen
02:27have had at least one of the four president's signature policies.
02:32No tax and tips, no tax and overtime, the deductions for our great seniors,
02:37and the deductibility of interest on auto loans for American-made cars.
02:42And I will tell you that the biggest, one of those that Americans have taken is no tax and overtime.
02:49And it's the American way.
02:51If you want to work longer hours, you get to keep more of your money.
02:54And with that, we are seeing, I want to encourage everyone out there watching today
03:02to change their withholding if they haven't already done so.
03:06Because if you change your withholding, then you will get an automatic real wage increase
03:12on a weekly or a monthly basis, and you will be able to keep more of your money this calendar
03:17year.
03:17So, with that, we have also seen, with the Trump accounts,
03:23we have had 5 million families file for Trump accounts for their children.
03:281.2 million of those are eligible for the $1,000 seed bonus.
03:34So, we look forward to that picking up more and more.
03:39For those of you who haven't done it, it's easy to remember, Form 4547.
03:43You can do it while you're filing your taxes.
03:46You can do it at any point during the year.
03:48We think this is going to be transformational in terms of financial literacy.
03:53This is Financial Literacy Month.
03:56And at Treasury and all over the administration,
03:58we are working with the American people, with American families,
04:02not only to give them more of their money,
04:04but to show them how to invest it in a safe, smart, and sound way.
04:09So, subscribe to One India and never miss an update.
04:17Download the One India app now.
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