00:00up to your action yesterday. Do you have further actions planned and what's your reaction to how
00:04they've done? Yeah, well, look, anything that happens within a 24-hour period is noise. And,
00:11you know, I think that once the market understands that we are focusing on fiscal
00:15consolidation and that we are trying to bring the market back into equilibrium in a thinly
00:24traded market, I think, you know, I'm confident that bonds will continue declining. We've got
00:30a spike in oil prices today that I don't really understand. You know, our announcement is for
00:38economic action, and I think that the economic action will mean that oil prices will come down
00:44sooner. Secretary? Yeah, if you could answer facing the cameras. But the $40 trillion mark that we
00:53passed for the national debt. Would you comment on that, and how do we reverse that?
00:57Yeah, look, the $40 trillion is a big number. It is smaller when we look at the publicly traded
01:04amount because our Social Security funds and other government entities hold a substantial amount.
01:10And what we're going to do, we're going to have to grow our way out of this. And, you know,
01:15as I
01:15talked about, at G20 in Asheville, we are going to talk about the U.S. growth strategy and encourage
01:22the rest of the world to come along with us. We are also, you know, I announced that Director Russ
01:28Vogt and I have been tasked with looking at fiscal consolidation. I think the numbers have,
01:35are not the actual numbers now. We've had to do substantial tariff refunds due to the court ruling.
01:41But with the Section 301 tariffs, I am confident that we will be back to
01:47the same level, if not higher, of tariff income for last year. And that is most of the increase
01:54in the deficit. And remember, we did not get here in a day that we were left with a mess.
02:00The Biden
02:01administration had the highest deficit to GDP in history when we weren't at war or weren't in a
02:07recession. For 2025, we brought it down by more than a percent.
02:20Neil McCabe.
02:22Secretary, Target received a $1 billion refund for tariffs. What does that say about the side,
02:31besides the fact that it was done so quickly and efficiently, the refund? What does it say about the
02:36amount of Chinese-made goods and foreign-made goods that our retailers are still selling in the United
02:42States? Yeah, well, what it says is that the Democratic Attorney Generals, who filed a ridiculous lawsuit
02:48against this administration, wanted the money to go back to the payer of record. So that is corporate
02:56welfare. The American people had that money. And if I hear another Democratic legislator say,
03:03make the inane remark, the American people should get the money. The American people had the money
03:08in the U.S. Treasury, and we were forced to give it back. But using the 301s, which have survived
03:14more
03:14than 5,000 suits, that we will get that tariff income back. But what you are seeing is that we
03:22don't
03:22know the discount that Target got from the Chinese suppliers. So, you know, this is a corporate bonanza,
03:31which I said it would be at the time.
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