0:00 Well, thank you very much, Larry.
0:02 It's great to be back in beautiful Davos, Switzerland,
0:07 and to address so many respected business leaders, so many friends, few enemies,
0:16 and all of the distinguished guests.
0:18 It's a who's who.
0:19 I will say that.
0:22 I've come to this year's World Economic Forum with truly phenomenal news from America.
0:28 Yesterday marked the one-year anniversary of my inauguration.
0:33 And today, after 12 months back in the White House, our economy is booming,
0:39 growth is exploding, productivity is surging, investment is soaring, incomes are rising,
0:48 inflation has been defeated.
0:49 Our previously open and dangerous border is closed and virtually impenetrable.
0:57 And the United States is in the midst of the fastest
1:01 and most dramatic economic turnaround in our country's history.
1:07 Under the Biden administration, America was plagued by the nightmare of stagflation,
1:13 meaning low growth and high inflation, a recipe for misery, failure, and decline.
1:19 But now, after just one year of my policies,
1:23 we are witnessing the exact opposite. virtually no inflation and extraordinarily high economic growth.
1:31 Growth like I believe you'll see very shortly our country has never seen before,
1:38 perhaps no country has ever seen before.
1:41 Over the past 3 months, core inflation has been just 1.6%.
1:46 Meanwhile, fourth quarter growth is projected to be 5.4% 4% far greater than anybody
1:53 other than myself and a few others had predicted.
1:57 Since the election, the stock market has set 52 all-time high records.
2:02 So that's in one year, 52 records,
2:06 adding $9 trillion in value to retirement accounts, 401ks, and people's savings.
2:14 People are doing very well.
2:15 They're very happy with me.
2:18 Since my inauguration, we've lifted more than 1.2 million people off of food stamps
2:24 and after four years in
2:26 which Biden secured less than $1 trillion of new investment in our country.
2:31 Think of that,1 trillion, substantially less than that.
2:35 In four years, we've secured commitments for a record-breaking $18 trillion.
2:40 And we think when the final numbers come out,
2:42 they'll be closer to 20 trillion of investment.
2:46 That's never been done by any country at any time.
2:49 Not even close.
2:51 Just over one year ago, under the radical left Democrats,
2:55 we were a dead country.
2:57 Now, we are the hottest country anywhere in the world.
3:03 In fact, the United States economy is on pace to grow at double the
3:08 rate that was projected by the IMF just last April.
3:13 And with my growth and tariff policies, it should be much higher.
3:17 I really believe we can be much higher than that.
3:20 And this is all great news.
3:22 And it's great for all nations.
3:24 The USA is the economic engine on the planet.
3:27 And when America booms, the entire world booms.
3:30 It's been the history.
3:32 When it goes bad, it goes bad.
3:34 The whole we all you all follow us down and you follow us up.
3:39 And we're at a point
3:40 that we've never I don't believe we've ever been I never thought we could
3:43 do it this quickly.
3:45 My biggest surprise is I thought it would take more than a year,
3:49 maybe like a year and one month, but it's happened very quickly.
3:55 This afternoon, I want to discuss how we have achieved this economic miracle,
4:00 how we intend to raise living standards for our citizens to levels never seen
4:04 before,
4:05 and perhaps how you too
4:07 and the places where you come from can do much better by following what
4:11 we're doing because certain places in Europe are not even recognizable,
4:16 frankly, anymore.
4:17 They're not recognizable.
4:19 And we can argue about it, but there's no argument.
4:23 Friends come back from different places.
4:25 I don't want to insult anybody
4:27 and say I don't recognize it
4:30 and that's not in a positive way.
4:32 That's in a very negative way.
4:34 And I love Europe and I want to see Europe go good.
4:38 But it's not heading in the right direction.
4:40 In recent decades, it became conventional wisdom in Washington
4:45 and European capitals that the only way to grow a modern western economy was
4:50 through everinccreasing government spending,
4:53 unchecked mass migration, and endless foreign imports.
4:57 The consensus was that so-called dirty jobs
4:59 and heavy industry should be sent elsewhere,
5:02 that affordable energy should be replaced by the Green New Scam
5:07 and that countries could be propped up by importing new
5:10 and entirely different populations from far away lands.
5:15 This was the path
5:16 that sleepy Joe Biden administration
5:18 and many other Western governments very foolishly followed,
5:23 turning their backs on everything that makes nations rich and powerful and strong.
5:29 And there's so much potential in so many nations.
5:33 The result was record budget
5:35 and trade deficits and a growing sovereign deficit driven by the largest wave of
5:41 mass migration in human history.
5:44 We've never seen anything like it.
5:46 Quite frankly, many parts of our world are being destroyed before our very eyes.
5:50 And the leaders don't even understand what's happening.
5:53 And the ones that do understand aren't doing anything about it.
5:57 Virtually all of the so-called experts predicted my plans to end this failed model
6:02 would trigger a global recession
6:04 and runaway inflation.
6:07 But we have proven them wrong.
6:08 It's actually just the opposite.
6:11 In one year, our agenda has produced a transformation like America has not seen
6:16 in over 100 years.
6:18 Instead of closing down energy plants, we're opening them up.
6:22 Instead of building ineffective money losing windmills,
6:26 we're taking them down and not approving any.
6:30 Instead of empowering bureaucrats,
6:33 we're firing them. and they're going out
6:35 and getting jobs in the private sector for two
6:39 and three times what they were making in government.
6:43 So, they started off hating me
6:45 when we fired them
6:46 and now they love me.
6:48 Instead of raising taxes on domestic producers,
6:52 we're lowering them and raising tariffs on foreign nations to pay for the damage
6:57 that they've caused.
6:59 In 12 months, we have removed over 270,000 bureaucrats from the federal payrolls.
7:06 The largest single-year reduction in government employment since the end of World War II.
7:12 Nobody thought that was coming,
7:14 but we had no choice to make a country great.
7:17 You can't have all federal jobs.
7:20 We've cut federal spending by $100 billion
7:23 and slashed the federal budget deficit by 27% in the single year.
7:29 It's going to go down quite a bit more from that.
7:31 Driving inflation way down from the record highs of the Biden administration.
7:37 Every month they went up and up and up.
7:41 I promised to cut 10 old regulations for every single new regulation.
7:48 But instead, I've cut actually till this point 129 regulations for every one new
7:54 regulation approved.
7:56 So every time they come in with a new regulation,
8:00 we do at least 10, but so far it's averaging out to 129,
8:04 if you can believe it.
8:05 In July, we passed the largest tax cuts in American history,
8:09 including no tax on tips, no tax on overtime,
8:12 no tax on social security for our great seniors.
8:16 We also provided 100% expensing.
8:19 That's the one they like.
8:21 And bonus depreciation for all new equipment
8:24 and capital investments to help companies expand
8:27 and shift production to America.
8:30 They are so in love with that they build a plant,
8:34 they're able to deduct it immediately,
8:36 the whole thing rather than waiting 38 to 41 years in the old days.
8:43 This is a miracle taking place.
8:47 Nobody thought it would ever be done by any country,
8:49 but it's done by us.
8:51 Was what made my first term the most successful four-year term
8:55 that we've ever had from a financial standpoint.
8:58 And now we've upped it.
9:00 This is a 10-year program, not a one-year program,
9:03 but you're allowed to deduct everything in one year.
9:06 Used to be 38 to 41 years.
9:09 With tariffs, we've radically reduced our ballooning trade deficit,
9:13 which was the largest in world history.
9:15 We were losing more than1 trillion dollars every single year.
9:19 And it was just wasted.
9:21 It was going to waste.
9:23 But in one year, I slashed our monthly trade deficit by a staggering 77%.
9:30 And all of this with no inflation, something everyone said could not be done.
9:36 There were a couple of brilliant people
9:39 that actually thought I was doing the right thing.
9:41 I thought I was doing the right thing.
9:43 Now they all think I'm doing the right thing
9:44 because they can't believe the numbers.
9:46 American exports are now up by more than 150 billion dollars.
9:51 Domestic steel production is up by 300,000 tons a month
9:56 and it's doubling over the next four months.
9:59 It's doubling and tripling.
10:01 And we have steel plants being built all over the country.
10:04 Nobody thought they'd see that.
10:06 Factory construction is up by 41%.
10:10 And that number is really going to skyrocket right now
10:12 because that's during a process
10:14 that they're putting in to get their approvals.
10:17 And we've given very, very quick, fast approvals.
10:21 In the process, we've made historic trade deals with partners covering 40% of all
10:26 US trade.
10:28 Some of the greatest companies and countries in the world.
10:31 We have countries as our partner too. the European nations, Japan, South Korea,
10:38 they're our partners.
10:39 They've gone into massive deals with us, especially on oil and gas.
10:44 And these agreements raise growth and cause stock markets to boom,
10:48 not only in the US,
10:49 but virtually every country that came to make a deal because, as you've learned,
10:54 when the United States goes up, you follow.
11:00 It's really become a staple in America.
11:03 I've stopped the nation wrecking energy policies
11:06 that drive up prices
11:07 while sending jobs and factories to the world's worst polluters.
11:13 They are indeed polluters under sleepy Joe Biden.
11:19 New domestic oil and gas leases fell by 95%.
11:22 Think of that.
11:24 And they wonder why was gasoline going up so fast.
11:27 The gasoline actually topped $5 a gallon and some places $7 a gallon.
11:32 And more than 100 major power plants were violently shut down by incompetent people
11:39 that had no idea what the hell they were doing.
11:43 Under my leadership, US natural gas production is at an all-time high by far.
11:50 US oil production is up by 730,000 barrels a day.
11:55 And last week, we picked up 50 million barrels from Venezuela alone.
12:02 Venezuela has been an amazing place for so many years,
12:07 but then they went bad with their policies. 20 years ago was a great
12:10 country,
12:11 and now it's got problems.
12:13 But we're helping them.
12:15 And those 50 million barrels,
12:18 we're going to be splitting up with them.
12:21 and they'll be making more money
12:24 that they've made it a long time.
12:25 Venezuela is going to do fantastically well.
12:28 We appreciate all of the cooperation.
12:30 We've been giving We've been given great cooperation.
12:34 Once the attack ended, the attack ended and they said, "Let's make a deal.
12:40 More people should do that."
12:43 But Venezuela is going to make more money in the next 6 months than
12:47 they've made in the last 20 years.
12:50 Every major oil company is coming in with us.
12:52 It's amazing.
12:53 It's a beautiful thing to see.
12:56 The leadership of the country has been uh very good.
13:00 They've been very very smart.
13:02 The price of gasoline is now below $2.50 a gallon in many states,
13:09 $230 a gallon in most states,
13:13 and we'll soon be averaging less than $2 a gallon.
13:17 In many places, it's already down even lower, $1.95 a gallon.
13:23 Numerous states are at $1.99 cents.
13:26 Numbers that nobody has heard for years.
13:29 Actually, since my last administration, we got it down to around those numbers.
13:34 I've signed an order directing an approval of many new nuclear reactors.
13:39 We're going heavy into nuclear.
13:42 I was not a big fan because I didn't like the risk, the danger,
13:46 but they have the what the progress they've made with nuclear is unbelievable.
13:50 And the safety progress they've made is incredible.
13:53 We're very much into the world of nuclear energy.
13:58 And we can have it now at good prices and very very safe.
14:02 And we're leading the world in AI by a lot.
14:06 We're leading China by a lot.
14:08 I think President Xi respects what we've done in part
14:11 because I've allowed these big companies building these massive buildings to build their own
14:17 electric capacity.
14:18 They're building their own power plants
14:20 which when added up is more than any country anywhere in the world is
14:25 doing.
14:25 I read recently an article in the Wall Street Journal
14:28 that China's creating so much energy
14:30 and they are got to hand it to them.
14:32 But we're creating as much or more and we're letting them do that.
14:37 I'm very proud of it.
14:38 It was my idea.
14:40 I said, "You can't create this much energy.
14:42 We needed more than double the energy currently in the country just to take
14:46 care of the AI plants."
14:48 And I said, "We can't do that.
14:49 We have an old grid system."
14:51 And I came up with the idea, you know, you people are brilliant.
14:55 You have a lot of money.
14:56 Let's see what you can do.
14:57 You can build your own electric generating plants.
15:01 And they looked at me.
15:02 They didn't believe me. all of the names
15:04 that are really I think in the room right now
15:07 if you want to know the truth.
15:08 They didn't believe it.
15:10 And I said, "No, no, you can't."
15:11 They came back two weeks and they didn't have the plant.
15:13 They said, "We thought you were kidding."
15:15 I said, "No, not only am I not kidding,
15:17 you're going to have your approvals within two weeks."
15:20 I always say, "Nuclear will nuclear will take three weeks."
15:25 But most aren't going that, they're going oil and gas.
15:28 They're even going coal in some cases.
15:31 Because of my landslide election victory,
15:33 the United States avoided the catastrophic energy collapse
15:37 which befell every European nation
15:40 that pursued the Green New Scam.
15:43 Perhaps the greatest hoax in history.
15:46 The Green New Scam.
15:47 Windmills all over the place.
15:48 Destroy your land.
15:50 Destroy your land.
15:52 Every time that goes around, you lose $1,000.
15:56 You're supposed to make money with energy, not lose money.
16:00 Here in Europe, we've seen the fate
16:03 that the radical left tried to impose on America.
16:06 They tried very hard.
16:09 Germany now generates 22% less electricity than it did in 2017.
16:14 And it's not the current chancellor's fault.
16:19 He's solving the problem.
16:20 He's going to do a great job.
16:22 But what they did before he got there,
16:24 I guess that's why he got there.
16:27 And electricity prices are 64% higher.
16:32 The United Kingdom produces just onethird of the total energy from all sources
16:37 that it did in 1999.
16:39 Think of that one/ird.
16:41 And they're sitting on top of the North Sea,
16:44 one of the greatest reserves anywhere in the world.
16:47 But they don't use it.
16:49 And that's one reason why their energy has reached catastrophically low levels with equally
16:55 high prices.
16:56 High prices, very low levels.
16:58 Think of that one-third and you're sitting on top of the North Sea.
17:02 And they like to say, well, you know, that's depleted.
17:04 It's not depleted.
17:05 It's got 500 years.
17:06 They haven't even found the oil.
17:07 The North Sea is incredible.
17:10 They don't let anybody drill.
17:12 Environmentally, they don't let them drill.
17:14 They make it impossible for the oil companies to go.
17:17 They take 92% of the revenues.
17:21 So the old company said we can't do it.
17:24 They came to see me.
17:25 Is there anything you can do?
17:26 I want I want Europe to do great.
17:28 I want UK to do great.
17:31 Sitting on one of the greatest energy sources in the world
17:33 and they don't use it.
17:36 In fact, their electricity prices have soared 139%.
17:44 There are windmills all over Europe.
17:47 There are windmills all over the place and they are losers.
17:53 One thing I've noticed is that the more windmills a country has,
17:57 the more money that country loses and the worse that country is doing.
18:02 China makes almost all of the windmills.
18:05 And yet I haven't been able to find any wind farms in China.
18:08 Did you ever think of that?
18:09 It's a good way of looking at they're smart.
18:11 China is very smart.
18:12 They make them.
18:13 They sell them for a fortune.
18:15 They sell them to the stupid people that buy them,
18:18 but they don't use them themselves.
18:21 They put up a couple of big wind farms, but they don't use them.
18:25 They just put them up to show people what they could look like.
18:28 They don't spin.
18:29 They don't do anything.
18:31 They use a thing called coal mostly.
18:34 But China goes with the coal.
18:37 They go with oil and gas.
18:40 They're starting to look at nuclear a little bit and they're doing just fine.
18:45 They make a fortune selling the windmills.
18:47 So, and I think really that's one
18:50 that they wouldn't be surprised
18:51 if it stopped.
18:52 They would they are shocked that it continues to go.
18:55 They're more very friendly with me.
18:57 They're shocked that people continue to buy those damn things.
19:00 They killed the birds.
19:01 They ruin your landscapes.
19:03 Other than that, I think they're fabulous.
19:04 By the way, stupid people buy them.
19:08 The consequences of such destructive policies have been stark, including lower economic growth,
19:14 lower standards of living, lower birth rates, more socially disruptive migration,
19:19 more vulnerability to hostile foreign adversaries, and much, much smaller militaries.
19:28 The United States cares greatly about the people of Europe.
19:31 We really do.
19:32 I mean, look, I I am derived from Europe.
19:36 Scotland and Germany, 100% Scotland, my mother.
19:45 100% German, my father.
19:46 And we believe deeply in the bonds we share with Europe as a civilization.
19:52 I want to see it do great.
19:54 That's why issues like energy, trade, immigration,
19:57 and economic growth must be central concerns to anyone who wants to see a
20:02 strong and united West
20:05 because Europe and those countries have to do their thing.
20:08 They have to get out of the culture
20:11 that they've created over the last 10 years.
20:13 It's horrible what they're doing to themselves.
20:15 They're destroying themselves.
20:16 These beautiful, beautiful places.
20:19 We want strong allies, not seriously weakened ones.
20:22 We want Europe to be strong.
20:25 Ultimately, these are matters of national security
20:28 and perhaps no current issue makes the uh situation more clear than what's currently
20:38 going on with Greenland.
20:41 Would you like me to say a few words of Greenland?
20:46 I was going to leave it out of the speech,
20:47 but I thought I think I would have been reviewed very negatively.
20:54 I have tremendous respect for both the people of Greenland
20:57 and the people of Denmark.
20:59 Tremendous respect.
21:01 But every NATO ally has an obligation to be able to defend their own
21:05 territory.
21:06 And the fact is,
21:07 no nation or group of nations is in any position to be able to
21:12 secure Greenland other than the United States.
21:16 We're a great power, much greater than people even understand.
21:19 I think they found that out two weeks ago in Venezuela.
21:24 We saw this in World War II
21:27 when Denmark fell to Germany after just six hours of fighting
21:32 and was totally unable to defend either itself
21:35 or Greenland.
21:37 So the United States was then compelled, we did it,
21:40 we felt an obligation to do it,
21:43 to send our own forces to hold the Greenland territory.
21:48 And hold it we did at great cost and expense.
21:51 They didn't have a chance of getting on it and they tried.
21:56 Denmark knows that.
21:58 We literally set up bases on Greenland for Denmark.
22:03 We fought for Denmark.
22:04 We weren't fighting for anyone else.
22:06 We were fighting to save it for Denmark.
22:10 Big beautiful piece of ice.
22:12 It's hard to call it land.
22:13 It's our big piece of ice.
22:16 But we saved Greenland
22:18 and successfully prevented our enemies from gaining a foothold in our hemisphere.
22:23 So we did it for ourselves also.
22:26 And then after the war, which we won, we won it big.
22:30 Without us right now, you'd all be speaking German and a little Japanese perhaps.
22:38 After the war, we gave Greenland back to Denmark.
22:43 How stupid were we to do that?
22:46 But we did it.
22:48 But we gave it back.
22:49 But how ungrateful are they now?
22:53 So now our country
22:55 and the world face much greater risks than it did ever before
22:59 because of missiles,
23:02 because of nuclear, because of weapons of warfare that I can't even talk about.
23:07 Two weeks ago, they saw weapons that nobody ever heard of.
23:10 They weren't able to fire one shot at us.
23:13 They said, "What happened?"
23:14 Everything was discombobulated.
23:16 They said, "We've got them in our sights.
23:18 Press the trigger."
23:19 And nothing happened.
23:21 No anti-aircraft missiles went up.
23:26 There was one that went up about 30 ft
23:29 and crashed down right next to the people
23:30 that sent it.
23:31 They said, "What the hell is going on?"
23:36 Those those defensive systems were made by Russia and by China.
23:41 So, they're going to go back to the drawing boards.
23:42 I guess Greenland is a vast, almost entirely uninhabited and undeveloped territory,
23:51 sitting undefended in a key strategic location between the United States, Russia, and China.
23:58 That's exactly where it is, right smack in the middle.
24:02 Wasn't important nearly when we gave it back.
24:05 You know, when we gave it back, wasn't the same as it is now.
24:08 It's not important for any other reason, you know,
24:10 to everyone talks about the minerals.
24:12 There's so many play there's no rare earth.
24:15 No such thing as rare earth.
24:17 There's rare processing, but there's
24:20 so much rare earth
24:22 and this to get to this rare earth,
24:24 you got to go through hundreds of feet of ice.
24:28 That's not the reason we need it.
24:30 We need it for strategic national security and international security.
24:37 This enormous unsecured island is actually part of North America on the northern frontier
24:43 of the Western Hemisphere.
24:44 That's our territory.
24:47 It is therefore a core national security interest of the United States of America.
24:52 And in fact, it's been our policy for hundreds of years to prevent outside
24:56 threats from entering our hemisphere.
25:00 And we've done it very successfully.
25:01 We've never been stronger than we are now.
25:04 That's why American presidents have sought to purchase Greenland for nearly two centuries.
25:10 You know, for two centuries, they've been trying to do it.
25:13 They should have kept it after World War II,
25:16 but they had a different president.
25:18 That's all right.
25:18 People think differently.
25:21 Much more necessary now than it was at that time, however.
25:25 In 2019, Denmark said
25:26 that they would spend over $200 million to strengthen Greenland's defenses.
25:33 But as you know, they spent less than 1% of that amount.
25:36 1%.
25:37 There's no sign of Denmark there.
25:40 And I say that with great respect for Denmark, who whose people I love,
25:44 whose leaders are very good.
25:47 It's the United States alone that can protect this giant mass of land,
25:52 this giant piece of ice, develop it,
25:55 and improve it and make it
25:57 so that it's good for Europe
25:58 and safe for Europe
25:59 and good for us.
26:01 And that's the reason I'm seeking immediate negotiations to once again discuss the acquisition
26:06 of Greenland by the United States just
26:09 as we have acquired many other territories throughout our history
26:13 as many of the European nations have.
26:15 They've acquired there's nothing wrong with it.
26:18 Many of them some went in reverse actually
26:20 if you look some had great vast wealth great vast lands all over the
26:26 world.
26:27 They went in reverse.
26:28 They stuck back where they started.
26:30 That happens, too.
26:32 But some grow.
26:34 But this would not be a threat to NATO.
26:37 This would greatly enhance the security of the entire alliance.
26:42 The NATO alliance.
26:43 The United States is treated very unfairly by NATO.
26:47 I want to tell you that.
26:49 And when you think about it, nobody can dispute it.
26:52 We give so much and we get so little in return.
26:57 And I've been a critic of NATO for many years.
27:00 And yet I've done more to help NATO than any other president by far,
27:04 than any other person.
27:05 You wouldn't have NATO if I didn't get involved in my first term.
27:10 The war with Ukraine is an example.
27:13 We are thousands of miles away, separated by a giant ocean.
27:19 It's a war that should have never started,
27:21 and it wouldn't have started if the 2020 US presidential election weren't rigged.
27:26 It was a rigged election.
27:27 Everybody now knows that they found out.
27:31 People will soon be prosecuted for what they did.
27:35 It's probably breaking news, but it should be.
27:38 It was a rigged election.
27:39 Can't have rigged elections.
27:41 You need strong borders, strong elections, and ideally a good press.
27:45 I always say it.
27:46 Strong borders, strong elections, free, fair elections, and a fair media.
27:52 The media is terrible.
27:53 It's very crooked.
27:56 It's very biased, terrible, but someday it'll straighten out because it's losing all credibility.
28:01 Think of it.
28:02 When I win in a landslide, a giant landslide, won all seven swing states,
28:07 won the popular vote, won everything.
28:09 And they only get negative press.
28:12 That means that it has no credibility.
28:15 And if they're going to get credibility, they're going to have to be fair.
28:18 So, you need a fair press, but you also need those other elements.
28:24 And uh I inherited a terrible, terrible situation.
28:30 If you look, the border was open.
28:32 The inflation was raging.
28:34 Everything was bad with the United States when I came into office.
28:38 But I also inherited a mess with Ukraine and Russia.
28:40 Something that would have never happened.
28:42 And I know Putin very well.
28:43 He and I would discuss Ukraine.
28:46 It was the apple of his eye.
28:47 But he wasn't going to do anything.
28:49 I said, "Vladimir, you're not doing it."
28:51 He would never have done it.
28:53 It was terrible what happened.
28:54 I could see it happening, too.
28:55 After I left, I could see it happening.
28:58 Biden had given Ukraine and NATO $350 billion, a staggering sum. $350 billion.
29:06 I came in and just like the southern border, just like inflation,
29:12 just like our economy, I said, "Wow, this place is in trouble."
29:18 Meaning our country.
29:19 All of these things were out of control.
29:23 But the border was out of control.
29:25 We fixed it with the strongest border anywhere in the world.
29:28 And I've now been working on this war for one year during
29:32 which time I settled eight other wars.
29:35 India, Pakistan.
29:36 I mean, I settled other wars that were Vladimir Putin called me, Armenia, Abber,
29:43 Baan.
29:45 He said, "I can't believe you settled that one.
29:47 They were going on for 35 years.
29:49 I settled it in one day.
29:51 Then President Putin called me.
29:54 He said, 'You know,
29:56 I can't believe I've worked on
29:57 that war for 10 years trying to settle it.
29:59 I couldn't do it.
29:59 I said, ' Do me a favor.
30:00 Focus on settling your war.
30:02 Don't worry about that one.
30:04 What does the United States get out of all of this work,
30:07 all of this money other than death, destruction,
30:12 and massive amounts of cash going to people who don't appreciate what we do?
30:18 They don't appreciate what we do. talking about NATO.
30:22 I'm talking about Europe.
30:25 They have to work on Ukraine.
30:28 We don't.
30:29 The United States is very far away.
30:30 We have a a big beautiful ocean separating us.
30:33 We have nothing to do with it.
30:35 Until I came along, NATO was only supposed to pay 2% of GDP.
30:40 But they weren't paying.
30:42 Most of the countries weren't paying anything.
30:44 The United States was paying for virtually 100% of NATO.
30:50 And I got that stopped.
30:51 I said that's not fair.
30:54 But then more importantly,
30:55 I got NATO to pay 5%
30:57 and now they were paying
30:58 and now they are paying.
31:00 So something nobody said was possible.
31:02 They said we will never go up higher than 2%.
31:06 But they went to 5% and now they're paying the five.
31:09 They didn't pay the two
31:09 and now they're paying the five
31:11 and they're stronger for it.
31:13 And they have an excellent, by the way,
31:14 secretary general who's possibly in the room.
31:18 Mark, are you here?
31:21 Yes, he's here.
31:22 Hello, Mark.
31:24 We never asked for anything and we never got anything.
31:29 We probably won't get anything unless I decide to use excessive strength
31:33 and force where we would be frankly unstoppable.
31:38 But I won't do that.
31:42 Okay, now everyone's saying, "Oh, good."
31:45 That's probably the biggest statement I made because people thought I would use force.
31:49 I don't have to use force.
31:50 I don't want to use force.
31:51 I won't use force.
31:53 All the United States is asking for is a place called Greenland where we
31:58 already had it as a trustee,
32:01 but respectfully returned it back to Denmark not long ago after we defeated the
32:07 Germans,
32:08 the Japanese, the Italians, and others in World War II.
32:11 We gave it back to them.
32:14 We were a powerful force then,
32:15 but we are a much more powerful force now.
32:18 After I rebuilt the military in my first term
32:20 and continue to do
32:22 so today,
32:23 we have a budget of $1.5 trillion.
32:26 We're bringing back battleships.
32:30 The battleship is 100 times more powerful than the great battleships you saw in
32:35 World War II. those great big gorgeous ships,
32:39 the Missouri, the Iowa, the Alabama,
32:42 cuz I thought maybe we could take them out of North Balls.
32:45 They said, "No, sir.
32:46 These ships are 100, think of that,
32:51 100 times more powerful than those big big magnificent pieces of art
32:58 that you saw so many times ago
33:01 that you still see on television.
33:02 You say, "Wow, what a force." 100 times each ship 100 times more powerful
33:08 than the big battleships of the past.
33:11 So that was the end of the mothball story.
33:15 So what we have gotten out of NATO is nothing except to protect Europe
33:24 from the Soviet Union
33:25 and now Russia.
33:26 I mean we've helped them for so many years.
33:27 We've never gotten anything except we pay for NATO
33:31 and we paid for many years until I came along.
33:34 We paid for, in my opinion,
33:36 100% of NATO because they weren't paying their bills.
33:40 And all we're asking for is to get Greenland including right title
33:46 and ownership because you need the ownership to defend it.
33:50 You can't defend it on a lease.
33:52 Number one, legally it's not defensible that way. totally.
33:58 And number two, psychologically,
34:00 who the hell wants to defend a license agreement or a lease,
34:06 which is a large piece of ice in the middle of the ocean where
34:10 if there is a war,
34:12 much of the action will take place on that piece of ice.
34:15 Think of it.
34:16 Those missiles would be flying right over the center of that piece of ice.
34:21 All we want from Denmark for national
34:25 and international security and to keep our very energetic
34:29 and dangerous potential enemies at bay is this land on
34:33 which we're going to build the greatest golden dome ever built.
34:37 We're building a golden dome that's going to just by its very nature uh
34:43 going to be defending Canada.
34:46 Canada gets a lot of freebies from us by the way.
34:49 They should be grateful also, but they're not.
34:51 I watched your prime minister yesterday.
34:53 He wasn't so grateful.
34:55 But they should be grateful to us.
34:57 Canada, Canada lives because of the United States.
35:01 Remember that, Mark, the next time you make your statements.
35:06 What we did for Israel was amazing.
35:09 But that's nothing compared to what we have planned for the United States, Canada,
35:13 and the rest of the world.
35:14 We are going to build a dome like no other.
35:18 We did it.
35:19 We did it for Israel.
35:20 And by the way, I told BB BB, "Stop taking credit for the dome.
35:24 That's our technology.
35:25 That's our stuff."
35:27 But they had a lot of courage
35:28 and they were good fighters
35:29 and they did a good job.
35:30 And we wiped out the Iran nuclear threat like nobody can believe.
35:35 Nobody's ever seen anything like it.
35:37 That Venezuela taking down Salamani wiping out Alb Baghdaddy
35:44 when he tried to reinstitute ISIS.
35:47 We did a lot.
35:48 I did a lot a lot of big things.
35:51 All perfectly executed.
35:52 Everyone was perfectly executed.
35:54 Somebody told me that a military expert told me, "Sir,
35:57 everything you've done has been perfectly executed."
36:00 I said, "I know."
36:03 So other presidents have spent, whether foolishly or not,
36:06 trillions and trillions of dollars on NATO and gotten absolutely nothing in return.
36:11 We've never asked for anything.
36:13 It's always a one-way street.
36:15 Now they want us to help them with Ukraine.
36:18 And we say we're going to I'm really helping.
36:20 Not even them.
36:21 I want to see last week.
36:23 If you saw it was 10,000 soldiers,
36:26 but last month it was 31,000 soldiers died.
36:31 31,000.
36:32 That's this room times the number of people in this room times 30.
36:39 Think of it. 30,000 soldiers died in one month.
36:44 The month before it was 27,000.
36:46 The month before that it was 28,000.
36:48 The month before that it was 25,000.
36:50 It's a bloodbath over there.
36:55 And that's what I want to stop.
36:56 Doesn't help the United States.
36:59 But these are souls.
37:00 These are young young people look like you look like some of you right
37:07 in the front row.
37:08 They go to war.
37:09 Their parents are so proud.
37:10 Oh, there he goes.
37:11 Comes back.
37:12 Two weeks later, they get a call.
37:14 Your son's head's been blown off.
37:17 I want to stop it.
37:18 It's a horrible war.
37:19 It's the worst since World War II.
37:23 They keep going.
37:23 They'll exceed World War II.
37:25 The numbers are staggering how many people they've lost.
37:27 They don't want to talk about it.
37:29 Ukraine and Russia lost just tremendous amounts.
37:34 And I'm dealing with President Putin and he wants to make a deal.
37:37 I believe I I'm dealing with President Zalinsky
37:41 and I think he wants to make a deal.
37:42 I'm meeting him today.
37:44 He might be in the audience right now.
37:47 But uh they got to get
37:48 that war stopped because too many people are dying needlessly dying.
37:54 Too many souls are being lost.
37:56 It's the only reason I'm interested in doing it.
37:59 But in doing it, I'm helping Europe.
38:02 I'm helping NATO.
38:02 When I and I've until the last few days
38:05 when I told them about Iceland,
38:07 they loved me.
38:09 They called me daddy right last time.
38:13 Very smart man said, "He's our daddy.
38:15 He's running it."
38:16 I was like running it.
38:17 I went from running it to being a terrible human being.
38:21 And now what I'm asking for is a piece of ice,
38:26 cold and poorly located
38:28 that can play a vital role in world peace
38:32 and world protection.
38:34 It's a very small ask compared to what we have given them for many,
38:41 many decades.
38:44 But the problem with NATO is that we'll be there for them 100%.
38:50 But I'm not sure
38:51 that they'd be there for us
38:53 if we gave them the call.
38:56 Gentlemen, we are being attacked.
38:58 We're under attack by such and such a nation.
39:02 I know them all very well.
39:04 I'm not sure that they'd be there.
39:05 I know we'd be there for them.
39:07 I don't know that they'd be there for us.
39:09 So, with all of the money we expend, with all of the blood, sweat,
39:13 and tears, I don't know that they'd be there for us.
39:16 They're not there for us on Iceland.
39:19 That I can tell you.
39:20 I mean, our stock market took the first dip yesterday because of Iceland.
39:25 So, Iceland's already cost us a lot of money.
39:28 But that dip is peanuts compared to what it's gone up.
39:31 And we have an unbelievable future in that stock.
39:34 That stock market is going to be doubled.
39:36 We're going to hit 50,000.
39:38 And that stock market's going to double in a relatively short period of time
39:43 because of everything that's happening.
39:45 But this is a good example.
39:47 After giving NATO and European nations trillions and trillions of dollars in defense,
39:54 they buy our weapons.
39:55 We make the greatest weapons in the world.
39:57 But now we're going to make them faster, much faster.
39:59 You saw that.
40:00 I put a cap on the salaries.
40:03 Then I put no buybacks, no stock buybacks,
40:07 no various other things that they were doing.
40:11 I mean, they were making $50 million,
40:13 but it would take him three years to give you a Patriot missile.
40:17 I said, "That's not good.
40:18 You, my chauffeer can do a better job than that."
40:21 And he makes slightly less than 50.
40:24 They make big salaries.
40:25 If they're going to make those big salaries,
40:26 they're going to have to produce a lot faster.
40:28 The good news is we have the greatest equipment in the world.
40:30 Now, we're going to start making it a lot faster.
40:32 They're going to build additional plants.
40:35 And all of the money
40:36 that goes into stock buybacks is going to go into building plants.
40:40 We're not allowing stock buybacks by defense companies any longer.
40:43 They're going to build new plants to make tomahawks, Patriots.
40:47 We have the best equipment.
40:51 F-35s, F-47, the new one just coming out.
40:53 They say it's the most devastating plane fighter jet ever.
40:56 Who knows?
40:57 They called it 47.
40:59 If I don't like it, I'm going to take the 47 off it.
41:01 I wonder why they called it 47.
41:03 We'll have to think about that.
41:05 But if I don't like it, I'm going to take that 47 off.
41:08 But it's supposed to be the stage six.
41:10 It's supposed to be the first stage six plane.
41:13 Undetectable.
41:14 Like our B2 bombers were undetectable.
41:16 They flew right over Iran.
41:18 They were undetectable and they did their job
41:21 and they got the hell out of there.
41:24 So, we want a piece of ice for world protection
41:28 and they won't give it.
41:29 We've never asked for anything else
41:31 and we could have kept
41:35 that piece of land
41:36 and we didn't.
41:37 So they have a choice.
41:39 You can say yes
41:41 and we will be very appreciative
41:44 or you can say no
41:46 and we will remember.
41:50 A strong and secure America means a strong NATO.
41:55 And that's one reason why I'm working every day to ensure our military is
41:59 very powerful.
42:00 Our borders are very strong.
42:02 And above all, our economy is strong
42:04 because national security requires economic security
42:08 and economic prosperity.
42:09 And we have the greatest that we've ever had.
42:13 Biden and his allies destroyed our economy
42:16 and gave us perhaps the worst inflation in American history.
42:19 They say 48 years.
42:21 I say forever, but I think 48 years is the equivalent to forever.
42:26 Whether it's 48 years or ever, it's terrible.
42:32 Costing the typical family $33,000.
42:36 What they did to this country should never ever be forgotten.
42:42 It's early, but he has to be rated
42:44 as the worst president we've ever had by far.
42:48 The autopen did many of the much of the damage.
42:52 The auto pen, he was the autopen president
42:55 because I don't believe a sane president would have ever signed the kind of
42:58 things that he signed.
43:00 But now grocery prices, energy prices, airfares, mortgage rates,
43:04 rent and car payments are all coming down and they're coming down fast.
43:08 We inherited a mess.
43:11 But we've done a hell of a job in 12 months.
43:15 Under my most favorite nation policy for drug prices,
43:18 the cost of prescription drugs is coming down by up to 90% depending on
43:24 the way you calculate.
43:25 You could also say 5 6 7 800%.
43:28 There are two ways of figuring that.
43:32 But we have a favored nations policy that every president wanted.
43:37 No president was able to get.
43:39 I got it and other nations approved it.
43:41 And I had to use tariffs in order to get it
43:43 because they said no way.
43:45 In other words, a pill that cost 10% in London cost $130.
43:52 Think it cost $10 in London cost $130 in New York
43:59 or in Los Angeles.
44:01 And I'd say, "Boy, that's bad."
44:03 Friends of mine would say, you know, we go to London,
44:06 you can buy the stuff for nothing. we go all over the world.
44:08 We could buy it for nothing
44:10 because basically America was subsidizing every nation in the world
44:14 because presidents allowed them to get away with it.
44:17 It became very tough.
44:18 So when I called up Emmanuel Mcronone,
44:22 I watched him yesterday with those beautiful sunglasses.
44:26 What the hell happened?
44:32 But I watched him sort of be tough,
44:38 but he was at $10 for a pill.
44:41 And I said, "Emmanuel,"
44:42 and I have the all the big pharmaceutical companies are in total agreement.
44:47 It wasn't easy, by the way.
44:48 They're tough, smart.
44:50 They've been getting away with the scam for a long time.
44:53 But they they gave it up.
44:55 But they said, "You'll never get the countries to approve it."
44:57 I said, "Why is that?"
44:58 Because they won't.
44:59 They always said, "We're not paying anymore.
45:01 Get the rest for the United States."
45:03 So over the years, they stayed the same.
45:04 We just went up up up.
45:06 And I mean, we would pay 13, 14,
45:08 15 times more than some certain countries would.
45:11 So I said, "No, they'll approve it 100%."
45:14 Sir, you'll never get them to approve it.
45:16 I said, "I guarantee you."
45:16 But I actually started with Emmanuel, who probably is in the room, too.
45:20 And I like him.
45:21 I actually like him.
45:22 Hard to believe, isn't it?
45:24 And I said, "Emmanuel,
45:27 you're going to have to lift the price of that pill to $20,
45:32 maybe $30.
45:33 Think of that.
45:34 That's that means it's a doubling.
45:37 A doubling of prescription drugs.
45:41 Might be a tripling, might be a quadrupling.
45:43 It's not easy."
45:44 "No, no, no, Donald.
45:45 I will not do that."
45:47 I said, "Yes, you will 100%."
45:50 He said, "No, no, no. you're asking me to double.
45:54 I said, Emmanuel, you've been taking advantage of the United States for 30 years
45:59 with prescription drugs.
46:01 You really should do it.
46:03 And you will do it.
46:04 I have no doubt.
46:05 In fact, I am 100% sure you're going to No, no, no,
46:08 I will not do it because yes, in all fairness,
46:10 he has to double
46:12 or triple because the world being a bigger place in the United States,
46:16 it's not that you meet in the middle.
46:18 You just have to go up some and we come down a lot.
46:21 They go up a little, we come down a lot.
46:23 So, we're at $130.
46:25 They're at 10.
46:26 So, they may have to go to 20 or 30.
46:29 No more than that.
46:31 I said, Emanuel, you're going to be doubling or tripling.
46:34 No, no, no.
46:35 I said, here's the story, Emanuel.
46:37 The answer is you're going to do it.
46:38 You're going to do it fast.
46:40 Then, if you don't,
46:40 I'm putting a 25% tariff on everything
46:43 that you sell into the United States
46:45 and a 100% tariff on your wines
46:47 and champagnes.
46:49 And that's about 10 times more than what I'm requesting.
46:53 And you're going to do it.
46:54 I don't want to go public with it,
46:56 but you may make me do that.
46:58 No, no, Donald, I will do it.
47:00 I will do it.
47:03 It took me on average 3 minutes a country.
47:08 Saying the same thing, you will do it.
47:09 They all said, no, no, no, I will not do it.
47:13 You're asking me to double the cost of prescription.
47:15 I said, "That's right because you've been screwing us for 30 years."
47:24 And they said, "We will not do it."
47:25 I said, "That's all right.
47:27 On Monday morning, we're putting a 25, 30, 50."
47:31 I gave different numbers for different countries.
47:37 This is also national security we're talking about.
47:39 Can't not fair.
47:40 We're not going to subsidize the whole world.
47:43 And every one of those countries have agreed to do it.
47:47 So one of the biggest things
47:48 that I've done is the fact
47:49 that we have now most favored nation.
47:51 We will pay whatever the lowest price is in the entire world.
47:56 So our drug prices are going to be coming down by staggering 90%.
48:02 Again, you could say a,000% 2,000%. depends on the way you want to figure
48:06 it.
48:07 But we'll go with the way the fake news likes it better
48:09 because it sounds,
48:10 can you imagine a 90% reduction?
48:12 Sounds much worse.
48:14 But drug prices are going to be coming down tremendously in all the nations.
48:18 And I appreciate them doing it, but they did it.
48:21 In all fairness, without tariffs, I wouldn't have been able to get it done.
48:25 After declining $3,000 under Biden,
48:31 real incomes are up in the United States by 2,000, 3,000,
48:35 and even $5,000 and more.
48:39 Homeownership has always been a symbol of health and vigor of American society.
48:44 But that goal fell out of reach for millions
48:48 and millions of people in the Biden era
48:50 because interest rates went up
48:51 so high.
48:52 Today, I'm taking action to bring back this bedrock of the American dream.
48:57 In recent years, Wall Street giants and institutional investment firms,
49:01 many of you are here, many of you are good friends of mine,
49:04 many of you are supporters.
49:05 Sorry to do this.
49:06 I'm so sorry.
49:08 But you've driven up housing prices by purchasing hundreds of thousands of single family
49:12 homes.
49:13 And it's been a great investment for them.
49:15 Often as much as 10% of houses on the market.
49:19 You know, the crazy thing is a person can't get depreciation on a house,
49:23 but when a corporation buys it, they get depreciation.
49:26 Okay, that's something we're going to have to think about, too.
49:28 I don't know if too many people think about that.
49:30 You buy a corporation, they buy 500 houses, they buy hundreds of thousands,
49:36 they buy 500 houses, they can take depreciation.
49:39 A person sweats and works and buys one house, they can't.
49:44 But homes are built for people, not for corporations.
49:47 And America will not become a nation of renters.
49:50 We're not going to do that.
49:52 That's why I have signed an executive order banning large institutional investors from buying
49:57 single family homes.
49:58 It's just not fair to the public.
50:00 They're not they're not able to buy a house.
50:04 And I'm calling on Congress to pass that ban into permanent law.
50:07 And I think they will.
50:09 One of the biggest barriers to saving for a down payment has been surging
50:13 credit card debt.
50:15 The profit margin for credit card companies now exceeds 50%, one of the biggest.
50:21 And they charge Americans interest rates of 28% 30%, 31%, 32%.
50:28 What have happened to usery?
50:32 So to help our citizens recover from the Biden disaster all caused by this
50:38 horrible just horrible president,
50:42 I'm asking Congress to cap credit card interest rates at 10% for one year.
50:50 And this will help millions of Americans save for a home.
50:54 They have no idea they're paying 28%.
50:56 They go out, they're a little late in their payment
50:58 and they end up losing their house.
51:01 It's terrible.
51:03 To unleash innovation and savings and financing,
51:06 I'm also working to ensure America remains the crypto capital of the world.
51:11 And to that end, last year I signed a landmark Genius Act into law.
51:15 Now, Congress is working very hard on crypto market structure legislation, Bitcoin,
51:22 all of them, which I hope to sign very soon,
51:25 unlocking new pathways for Americans to reach financial freedom.
51:29 And I did it for two reasons.
51:30 Number one, I thought it was politically good and it was.
51:32 I got tremendous political report support.
51:35 But more importantly, China wanted that market, too.
51:39 It's just like they want the AI and we've got that market, I think,
51:42 pretty well locked up.
51:43 If I didn't do it, you know,
51:44 Biden was totally against it until before the election when they realized that,
51:49 you know, there were millions of people voting against him over crypto
51:53 and all of a sudden they loved it very much,
51:55 but it was too late.
51:56 They blew it.
51:58 But it is politically popular, but it's it's much more importantly,
52:02 we have to make it so that China doesn't get the hold of it.
52:05 And once they have that hold,
52:06 we're not going to be able to get it back.
52:09 So, I'm honored to have done it.
52:10 Finally, I've instructed governmentbacked institutions to purchase up to $200 billion in mortgage bonds
52:16 to bring down interest rates.
52:19 And I'll be announcing a new Fed chairman in the not too distant future.
52:23 I think he'll do a very good job.
52:25 See, I gave away some of it.
52:26 He did give that away.
52:29 So, we have something got something.
52:32 But somebody that's very respected.
52:34 They're all respected.
52:36 They're they're all great.
52:37 Everyone that I interviewed is great.
52:38 Everyone could do, I think, a fantastic job.
52:41 Problem is, they change once they get the job.
52:43 They do, you know, they're saying everything I want to hear.
52:46 And then they get the job, they're locked in for six years.
52:49 They get the job and all of a sudden,
52:52 let's raise rates a little bit.
52:53 I call them, sir.
52:54 We'd rather not talk about this.
52:56 It's amazing how people change once they have the job, but it's too bad.
53:01 Sort of disloyalty, but they got to do what they think is right.
53:04 We have a terrible chairman right now.
53:07 Jerome, too late.
53:08 Powell, he's always too late.
53:11 And uh he's very late with interest rates except before the election.
53:15 He was just fine for the other side.
53:17 So, we uh we're going to have somebody that's great,
53:21 and we hope he does the right job.
53:23 Last week, the average 30-year mortgage rate dropped below 6% for the first time
53:28 in many years.
53:29 Another major factor in driving up housing costs was the mass invasion of our
53:35 borders.
53:35 And and I have to say one thing about housing
53:37 because nobody ever says this.
53:39 Um I am very protective of people that already own a house,
53:46 of which we have millions and millions and millions.
53:49 And because we have had a such a good run,
53:53 the house values have gone up tremendously.
53:57 And these people have become wealthy.
54:00 They weren't wealthy.
54:01 They become wealthy because of their house.
54:05 And every time you make it more
54:08 and more and more affordable for somebody to buy a house cheaply,
54:10 you're actually hurting the value of those houses obviously
54:14 because the one thing works in tandem with the other.
54:18 And I don't want to do anything that's going to hurt the value of
54:21 people that own a house who for the first time in their lives are
54:25 walking around the streets of whatever city they're in very proud
54:30 that their house is worth $500,600 700,000.
54:36 Now, if I want to really crush the housing market,
54:38 I could do that so fast and people could buy houses,
54:41 but you would destroy a lot of people that already have houses.
54:46 In some cases, they've mortgaged their house
54:48 and the mortgage would be very low
54:51 and all of a sudden the mortgage without any changes becomes very high
54:54 and they end up losing the house.
54:56 I'm not going to hurt.
54:57 And I speak with Scott who's doing a fantastic job
55:00 and Howard who's doing a fantastic job
55:03 and all of my people
55:05 and I always say,
55:06 look, you know, I can crush the hell out of the market.
55:08 We can drop interest rates to a level
55:10 and that's one thing we do want to do.
55:12 That's natural.
55:13 That's good for everybody. you know, the dropping of the interest rates,
55:16 we should be paying a much lower interest rate than we are.
55:19 We should we should be paying the lowest interest rate of any country in
55:23 the world because without the United States,
55:25 you don't have a country.
55:27 I mean, I had a case with Switzerland.
55:29 We happened to be in Switzerland.
55:31 Maybe I'll give you a quick story, but they were paying nothing.
55:34 They make beautiful watches, great watches, Rolex, all of them.
55:38 They were paying nothing to the United States when they sent their product in.
55:42 And we had a $ 41 billion deficit. 41 billion with this beautiful place.
55:50 Flew over it.
55:51 Isn't it nice?
55:53 So I said, "Let's put a 30% tariff on them
55:56 so that we get back some of it.
55:58 Not all of it at all.
55:59 We still have a deficit.
56:01 Big deficit.
56:01 We had 40 41 million.
56:04 That's a big deficit."
56:05 And I said, uh, let's put a tariff on different tariffs, different places.
56:11 You're all party to them.
56:14 Some cases victims to them.
56:15 But in the end, it's a fair thing.
56:16 And most of you realize that.
56:19 But we put a 30% tariff on Switzerland and all hell broke loose.
56:28 They were calling.
56:30 I mean, like you wouldn't believe.
56:32 And I know so many people from Switzerland. incredible place, incredible, brilliant place.
56:38 But I then realized that we're they're only good because of us.
56:42 And there's so many other examples.
56:44 I mean, us probably other places,
56:46 but a majority of the money they make is
56:48 because of us cuz we never charged them anything.
56:52 So they come in, they sell their watches, no tariffs, no nothing.
56:56 They walk away, they make 41 billion dollars on just us.
57:03 So I said, "No, we can't do that."
57:05 So I'm going to bring it up.
57:06 I still would have a deficit pretty substantial,
57:09 but I brought it up to 30%.
57:12 And the I guess prime minister, I don't think president,
57:17 I think prime minister called a woman and she was very repetitive.
57:24 She said, "No, no, no.
57:25 You cannot do that."
57:26 30%.
57:27 You cannot do that.
57:28 We are a small, small country.
57:31 I said, 'Yeah, but you have a big big deficit.
57:34 You may be small, but you have a bigger deficit than big countries.
57:37 I said, 'No, no, no, please.
57:38 You cannot do it.
57:39 Kept saying the same thing over and over.
57:41 We are a small country.
57:43 He said, but you're a big country in terms of
57:46 and she just rubbed me the wrong way.
57:48 I'll be honest with you.
57:50 And I said, all right, thank you, ma'am.
57:53 Appreciate it.
57:54 Do not do this.
57:55 Thank you very much, ma'am.
57:57 And I made it 39%.
57:59 And then all hell really broke out and I was paid visits by everybody.
58:05 Rolex came to see me.
58:06 They all came to see me.
58:08 But I realized and I reduced it because I don't want to hurt people.
58:13 I don't want to hurt them.
58:15 And we brought it down to a, you know, lower level.
58:19 Doesn't mean it's not going up,
58:21 but we brought it down to a lower level.
58:24 But they pay now tariff.
58:27 But but I realize
58:29 that we have many places like
58:33 that where they're making a fortune
58:34 because of the United States.
58:36 Without the United States, they wouldn't be making anything.
58:41 Think of it, Switzerland made $41 billion on us.
58:46 And as she said, it's a small place.
58:49 And I realized with
58:51 that I don't know I was
58:52 so because she was
58:53 so aggressive and I realized in
58:57 that conversation that the United States is keeping the whole world afloat.
59:03 Many places I could give you six,
59:06 seven places just in the people in this little area.
59:08 I know every one of them.
59:09 They're sort of they're looking down.
59:12 They don't want to see me
59:13 and they don't want to stare me in the eyes.
59:15 But they're taking advantage of everybody took advantage of the United States.
59:20 But I've been very fair
59:21 and I I gave them a tariff
59:23 and it was fine.
59:25 But I realized that without us, it's not Switzerland anymore.
59:31 Without us, it's not any of the countries that are represented here.
59:35 And we want to work with the countries.
59:37 We want to work with them.
59:38 We're not looking to destroy them.
59:39 I could have said 39 40%.
59:41 I could have I could have said I want a 70% tariff.
59:44 and we make money with Switzerland.
59:46 But Switzerland would have been probably destroyed, financially destroyed.
59:51 I don't want to do that.
59:52 But we should be paying the lowest interest rate of everybody.
59:55 I hope Scott's listening to this
59:57 because we should be paying the lowest interest rate of everybody.
60:01 Without us, without us, most of the countries don't even work.
60:07 And then you have the protection factor.
60:08 Without our military, which is the greatest in the world by far,
60:12 without our military, you have threats that you would never you wouldn't believe.
60:18 You wouldn't believe.
60:19 You don't have threats because of us.
60:22 And that's because of NATO.
60:23 One other thing, and I have to say it so importantly,
60:27 in the old days,
60:27 and I'm I used to say I'm the youngest in the room.
60:30 Now I'm among the older.
60:32 I hate to say it.
60:34 I don't feel old, but I'm among the older.
60:37 But I remember not long ago, 20, 25 years ago,
60:42 when good news came out about, let's say, the United States,
60:46 the United States had a great quarter, the United States had a great month,
60:51 all the stocks went up, and that's the way it's supposed to be.
60:55 Now, when they say the United States had a record quarter,
60:59 it's unbelievable how well it's doing.
61:03 All the stocks crash because they say, "Oh no, inflation.
61:08 Inflation.
61:09 They're going to raise interest rates."
61:10 And they do.
61:11 These some of these stupid people like Powell, they raise interest rates.
61:16 And what they do is they stop you from being successful.
61:19 It used to be when we had a great quarter, a great month,
61:23 great earnings, great anything, any good news, the stock market went up.
61:28 That's the way it's going to be.
61:29 We got to do that again because that's the way it should be.
61:32 Now, when we have a great month, they want to kill it.
61:36 Like, we did over 5%, where people were surprised.
61:40 We should do 20%, we could do 25%.
61:43 When we announce good numbers, and the reason is they're so petrified of inflation.
61:48 And growth doesn't mean inflation.
61:50 We've had tremendous growth with very low inflation.
61:54 In fact, growth can fight inflation, proper growth.
61:58 So, we want to get back to the days
62:00 when we announce great numbers
62:02 because we're going to be announcing phenomenal.
62:04 You know, all these factories
62:05 that are being built at record thousands of businesses are being built right now.
62:09 Remember, $18 trillion is invested.
62:14 I think the the second number is three
62:18 and that was China many years ago.
62:20 Investments in the country from outside 18 trillion never nobody's ever seen.
62:26 That's money coming in and building things, factories, thousands of businesses are being built.
62:32 Thousands, hundreds of big factories, car plants are moving back to the United States.
62:37 They're coming in from Canada.
62:38 They're coming in from Mexico, from Japan.
62:40 Japan's coming in and building plants here in order to avoid tariffs.
62:45 They're coming in from China.
62:46 They're coming in from all over the world.
62:48 We have more plants being built now, car plants than we've ever had built,
62:52 even in the heyday from the 1940s and 50s.
62:55 And they're bigger.
62:56 They don't use renovations anymore where they take an old plant,
62:59 they rip it down, they build a brand new plant, super modern plant,
63:03 but it's happening at levels that nobody's ever seen.
63:06 In 2024, the US built less than 2 million new homes,
63:11 but Biden admitted more than 8 million new migrants.
63:16 And those days are over.
63:18 In 2025, for the first time in 50 years,
63:21 the United States had reverse migration.
63:25 Boy, that was nice.
63:27 And these were criminals
63:28 that were being taken out of our country
63:30 because they allowed people to come into our country from jails,
63:34 from gangs, drug dealers, murderers. 11,888 murderers.
63:40 We've gotten most of them out.
63:42 And then ICE gets beat up by stupid people from leadership in Minnesota.
63:50 We actually are helping Minnesota so much, but they don't appreciate it.
63:53 Most places do.
63:54 You know, Washington DC is the safest place now in the United States.
63:58 It was a very dangerous place to walk.
64:01 And now you can walk with your wife,
64:02 your kids right through the middle of the city.
64:04 Right now, Washington DC is as safe as it gets.
64:08 It was one of the most unsafe.
64:09 If I had to admit, we sent in the military, the National Guard.
64:13 Within 2 months, it was great.
64:15 Within 3 months, it's like it's like a really great place
64:19 and a safe place
64:20 and a beautiful place.
64:21 It's even been cleaned up.
64:22 The graffiti is gone.
64:24 Fences are gone.
64:25 We don't have to worry about fences anymore.
64:28 All of the places,
64:29 the grasses are cut and replaced with new grass in many cases.
64:33 All it's all going to happen in the spring.
64:35 But Washington and DC is beautiful again, and it's safe.
64:38 New restaurants are opening up.
64:40 They're all closing now.
64:41 You can't get into a restaurant.
64:43 Restaurants in Washington DC are all opening.
64:47 Memphis, also Memphis, Tennessee, New Orleans, Louisiana.
64:52 We're there for 3 weeks.
64:53 It's cut.
64:54 We've cut the crime down to by 64%.
64:57 Within another month, we have virtually no crime there.
65:00 We can do that all over.
65:03 We're going to help the people in California.
65:06 We want to have no crime.
65:07 I know Gavin was here.
65:08 I used to get along so great with Gavin when I was president.
65:11 Gavin's a good guy and we're going to if he needed it,
65:15 I would do it in a heartbeat.
65:17 I'd love to see we did help them a lot in Los Angeles a
65:20 lot with the early early in my term
65:23 when they had some problems.
65:25 But we would love to do it.
65:26 I will say this, if I were a Democrat governor or whatever,
65:30 I would call up Trump.
65:31 I say, "Come on in.
65:32 Make us look good because we're cutting crime down to nothing."
65:36 And we're taking people out, career criminals,
65:39 who are only going to do bad things,
65:41 and we're bringing them back to their countries.
65:43 But where we've done it has been amazing.
65:46 And we have a capacity to do it at much greater levels.
65:51 We're cutting illegal aliens off welfare and other government benefits.
65:54 And I have directed that starting immediately,
65:58 there will be no more payments to sanctuary cities
66:01 because they are really just sanctuaries for criminals.
66:03 They're really protecting criminals.
66:05 And those are the ones we have to get out of the country.
66:07 Murderers, drug dealers, the mentally insane.
66:12 They emptied their mental institutions into the United States.
66:16 And despite that, we have the lowest crime numbers
66:18 that we've ever had in the history of the country.
66:21 Just came out.
66:22 But equally importantly, we're cracking down on more than $19 billion in fraud
66:28 that was stolen by Somalian bandits.
66:32 Can you believe that Somalia?
66:33 They turned out to be higher IQ than we thought.
66:36 I always say, "These are low IQ people.
66:38 How do they go into Minnesota and steal all that money?"
66:42 And we have, you know, they're pirates.
66:43 They're good pirates, right?
66:44 But we shoot them out of the water just like we shoot the drug
66:47 boats out.
66:48 They're not pirating too many boats lately.
66:49 Do you notice when they go out into those boats,
66:53 they want to take over a billion half dollar tanker loaded up with oil
66:58 and they say,
66:58 "We're going to blow up your boat.
67:00 They have powerful weapons.
67:01 You hit the side of the boat, you blow the whole thing up.
67:04 The insurance companies are petrified, so they say, "Just give them the boat.
67:07 We'll give them money instead."
67:10 And I don't do that.
67:12 We blow them right the hell out of the water.
67:13 We see them going out, we blow them out of the water.
67:16 We don't have any pirates so much anymore.
67:18 We do, they won't be there long.
67:21 We've cut down with the hitting of the boats
67:25 that are loaded up with drugs,
67:26 including submarines.
67:27 Can you believe they actually buy small they call mini subs very fast.
67:31 They're meant for drugs.
67:33 We've knocked out two of them.
67:34 The Democrats say they were fishing.
67:36 You have ruined somebody's fishing weekend.
67:40 I would say a submarine is not a fishing boat.
67:43 You don't fish.
67:44 But we've uh knocked down drugs by water, the oceans,
67:50 the sea by 97.2%.
67:53 Think of that.
67:54 And I actually say, "Who the hell are the 3%?"
67:58 Because I would not want to be piloting one of those boats.
68:00 We knocked them down and now we're going to start on land.
68:03 We're going to knock it all out.
68:05 The land is the easy part.
68:06 That what we did on sea is incredible.
68:08 And that's our great military.
68:10 The situation in Minnesota reminds us
68:14 that the West cannot massimp import foreign cultures
68:17 which have failed to ever build a successful society of their own.
68:21 I mean, we're taking people from Somalia, and Somalia is a failed.
68:27 It's not a nation.
68:29 Got no government, got no police, got no mil, got no nothing.
68:33 And then we have this fake congressperson who they just reported is worth $30
68:39 million.
68:40 You believe this?
68:40 Elon Omar talking about the Constitution.
68:44 It provides me.
68:45 She comes from a country that's not a country.
68:48 And she's telling us how to run America. not going to get away with
68:51 it much longer.
68:52 Let me tell you,
68:53 the explosion of prosperity
68:56 and conclusion and progress
68:59 that built the West did not come from our tax codes.
69:03 It ultimately came from our very special culture.
69:07 This is the precious inheritance that America and Europe have in common.
69:11 We share it.
69:13 We share it.
69:14 But we have to keep it strong.
69:16 We have to become stronger, more successful, and more prosperous than ever.
69:21 We have to defend
69:22 that culture and rediscover the spirit
69:24 that lifted the West from the depths of the dark ages to the pinnacle
69:28 of human achievement.
69:31 We live in a incredible changing period.
69:36 It's an unbelievable time,
69:38 but we have to take advantage of the time that we're in.
69:43 In our hands are technologies that our ancestors could scarily have.
69:47 I mean, they couldn't have even dreamt some of the things
69:50 that we see today.
69:52 And so rapidly they're produced.
69:54 I mean, AI two years ago, nobody ever heard of the term.
69:57 And now everybody's talking about it.
69:59 And it can have some very good purpose.
70:01 It could also have some dangerous purpose.
70:03 And for that, we have to watch out.
70:05 But some tremendous things are happening because of it.
70:08 And we're leading by so much.
70:10 We're doing so well.
70:12 But opportunities that are bigger
70:13 and grander than ever before in human history are right before us.
70:18 It is the pioneers in this room.
70:21 Many of you in this room are true pioneers.
70:23 You're two truly brilliant, brilliant people.
70:27 Just your ability to get a ticket is brilliant
70:30 because you have about 50 people for every seat.
70:34 I don't know what that's Larry.
70:36 Everything Larry touches turns to gold.
70:38 He made this very successful.
70:41 But you're in this room
70:42 and some of you are the greatest leaders anywhere in the world.
70:45 You're the greatest brains anywhere in the world.
70:49 And the future is unlimited.
70:51 And to a large part
70:52 because of you and we have to protect you
70:55 and we have to cherish you.
70:57 I always say we have to cherish our brilliant people
71:00 because there aren't many of them.
71:03 So together with confidence, boldness and persistence, let us lift up our people,
71:08 grow our economies, defend our shared destiny,
71:12 and build a future for our citizens that is more ambitious, more exciting,
71:16 more inspiring, and greater than the world has ever seen.
71:21 We're in a position to do things
71:22 that nobody else has ever even thought of before.
71:26 And many of the people in this room are the ones
71:28 that are doing it.
71:29 And I want to congratulate you.
71:30 And I'm with you all the way. you can do things
71:33 that nobody else can even think about.
71:35 So, I congratulate you on your tremendous success
71:39 and uh the United States is back bigger,
71:43 stronger, better than ever before and I'll see you around.
71:48 Thank you all very much.
71:49 Thank you very much.
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