LIVE: Trump Announces 25% Tariffs on Foreign-made Cars

Looking for mostly sites. They don't want to take the old buildings that are empty and falling down. They want to build new. And there's tremendous action. There is likewise for other companies and countries like the chip making process. Your chip bill is a disaster done by Biden. All he does is give tremendous amounts of billions of dollars to chip companies that will do nothing with the money. They're not going to use the money here. They're going to just keep it. They have plenty of money. The one thing they have is they have a lot of money. In our case, all we're doing is saying you can't come in unless you build here. And the largest chip company by far is manufactured from Taiwan is building here. And it'll give us almost 40 percent of the chip market just with that. They're spending almost 200 billion dollars in the United States to build a plant. And they've almost started. They'll be doing much of the work in Arizona. So we have a lot of exciting things. But to me, this is one of the most exciting now outside of one specific day. And that's Liberation Day. That's the real Liberation Day of America. That's going to be in April 2nd. And I look forward to it. We'll have a little news conference. We'll talk about it. But this is very exciting. So we're signing a executive order today that's going to lead to tremendous growth in the automobile industry. As you know, the electric mandate that we did allows you to buy a car now of electric or gasoline powered or hybrid. You can buy any car you want. We had it so that within a short period of time, you had to buy all electric. And the country could never get they could never provide the the money necessary to build all of those power plants that you would need all over the country. As you know, in the Middle West, they built eight power stations. That's like the size of this desk or smaller. And they ended up spending nine billion dollars on eight. And of the eight, four of them didn't work. And we're not doing that. So you can buy electric or you can buy gasoline, or you can buy hybrid or you can buy whatever you want to buy. And that's the way it should be. The market's going to determine that. And you're going to see prices going down, but it's going to go down specifically because they're going to buy what we're doing, incentivizing companies to and even countries, but companies to come into America and build. And we're already setting records for new plants. I think the new plant number, the tally is just within a period of a few weeks. It's it's very large. I want to be accurate. It's very large. And I'd like to ask Will just to come and give some of the basics and then I'll sign it and it's off to the races. I think our automobile business will flourish like it's never flourished before. Yes, please. Will. Thank you, sir. As you stated, we've prepared for your attention a proclamation imposing a 25 percent tariff on foreign made cars and light trucks. This is in addition to tariffs that are already in place on those goods. In addition to, as you said, spurring increased domestic manufacture of cars and trucks. We expect that these tariffs will result in over 100 billion dollars of new annual revenue to the United States of America in tariff revenue. I think ultimately we could probably anywhere from 600 billion to a trillion dollars will be taken in over the relatively short term period, meaning a year from now. But starting right away, starting right away, I think we'll go from 600 to a trillion within two years. And I think we'll be very I mean, right from the beginning, we're going to be at a very high number right from the beginning and right from the beginning, you're going to have a lot of construction jobs, but you're also going to have a lot of automobile jobs. So this is very exciting. But it's also exciting because of what's happening with other aspects. We're going to be doing tariffs on pharmaceuticals in order to bring our pharmaceutical industry back. We don't make anything here for in terms of drugs, medical drugs, different types of drugs that you need medicines. It's in other countries, largely made in China, a lot of it made in Ireland. Ireland was very smart. We love Ireland. But we're going to have that we're going to have lumber, we're going to free up some of our land, and you'll be able to meet a lot of other standards like fire cuts. If Los Angeles had fire cuts, which they didn't have, that's a gap of half a football field between areas, you wouldn't have had the fires, they would have been contained. But you have fire cuts. And by the way, you sell that wood for a lot of money, a lot of a lot of profit is made from that. But we're going to be doing lumber, we're freeing up our land so that people can so that we don't have to use outside sources of lumber. Energy we're doing fantastically well at, you know, the energy prices have been coming down rapidly. As we increase supply, and we've already done that we have Chris and Doug are doing a fantastic job and that that's Department of Energy and Department of Interior. And they're working together hand in hand because interior has the land and energy has the ability to do the drilling and do what they have to do. Our coal areas are going to be opened up for clean, beautiful coal. Germany's opening up many coal plants now. You know, they tried the wind and it didn't work. They almost went out of business. They almost went bankrupt. They tried wind, which is a disaster because it's too expensive and it doesn't look good. It kills all the birds, a lot of problems. But Germany is now building a lot of coal plants. China is building one a week. Think of that. And they're using coal, which is very powerful. Coal is a very powerful energy. And we're opening up our coal mines again. And we're going to do I call it beautiful, clean coal. The technology is so good now that coal can give you tremendous power. At the same time, it can be very clean. But we're also obviously doing oil and gas and various other things. You can do pretty much whatever you want. We don't like the wind because we think it ruins the landscapes, the plains, ruins them. And it's got a lot of problems. It's also the most by far the most expensive energy. It looks horrible in the oceans. It's dangerous in the oceans in terms of navigation. And if you look at what's happening with whales, you know, in one area they lost two whales like in 20 years washed ashore. And this year they had 17 washed ashore. So there's something happened out there. There's something driving the whales a little bit loco, but they lost two in 20 years. And now they lost 17 in a short period of time. So it's something wrong out there. So this is very exciting. This is going to lead to the construction of a lot of a lot of plants and a lot, in this case, auto plants. And you're going to have you're going to see numbers like you haven't seen, both in terms of employment. It takes a little while. You're going to have great construction numbers initially, and then you're going to have ultimately going to have a lot of people making a lot of cars. And one other thing we are trying, we have the speaker of the house with us, who's doing a fantastic job. And where's Mike? And we're trying to get approved, Mike, thank you very much for being here. We're trying to get approved if we can. If you borrow money to buy a car, you're allowed to deduct interest payments for purposes of income tax, but only if the car is made in America. So if the car is made in America, you get a loan, you can deduct the interest. That's a big saving. A lot of people in that part of the world, in terms of buying cars, a lot of them don't think in terms of deductions. People that think in terms of deductions are very wealthy people. But people are going to start understanding what a good deduction is all about. So when you get a loan to to buy a car, and I think it's going to pay for itself, I don't think there's any cost. I think that's going to you're going to have so many cars built. But you're only going to get that deduction of interest if the car is made in the United States of America. So I'm going to sign this and Mike, I hope you can get that because I think it's going to be amazing in terms of the number of cars that are made be made because of it. And I want to thank Howard Ludnick, our fabulous commerce chairman. That's what he is. He's a chairman. He's a very successful guy, a great guy. And we have a big day, Howard, coming up next week. It's going to be this Liberation Day. That's going to be on the second. And that's going to be reciprocal. And I think people will be impressed. We're going to be we're going to be very fair. We're going to be very nice, actually. We have not been treated nicely by other countries, but we're going to be nice. So I think people will be pleasantly surprised. But it's going to make our country very rich because we're the piggy bank everybody steals from. And they've been doing it for many years, for decades. So we're not going to let it happen. So but we're going to treat people very nicely. We're going to treat other countries very, very nicely. And I think it's going to have a very positive effect on everybody, including those other countries. So I'll sign this and we will see you again on April the second. In terms of this, it's going to be another round. And it's about making America great again, making it strong and prosperous again. Thank you very much. So, Mr. President, on tariffs, can I ask you about tariffs, Mr. President, on the car tariffs, how do you assure that a car from either the country is fully built? Could an automaker in Germany say, leave the tires of a car? Yeah, we're going to have very strong policing and it's pretty easy to do. If parts are made in America and a car isn't, those parts are not going to be taxed or tariffed. And we'll have very strong policing as far as that's concerned. For the most part, I think it's going to lead cars to be made in one location. Right now, a car would be made here, sent to Canada, sent to Mexico, sent all over the place. It's ridiculous. So this is a very simple system. And the beauty of the 25, it's one number. It's not up or down, depending on the cost of the car, it's one number. And that number is going to be used to reduce debt greatly in the United States and to build things, reduce taxes. I mean, basically, I view it as reducing taxes and also reducing debt. And within a fairly short period of time, I think we're going to have a balance sheet that's going to be outstanding. Are you sure Americans, then, that this will not cause a long term increase in prices? Well, look, I think we're going to have a market the likes of which nobody's ever seen before. Not in this country. You know, we had the best market ever in my first term. It was the strongest market ever, the best economy ever. And I think you're going to, I think this blows it away. But this is something that people have wanted to do. Presidents have wanted to do for a long time. A lot of them didn't understand it. It wasn't a priority for them. But foreign countries understood it very well. And they've really ripped us off at levels that nobody's seen before. But that's not going to happen. Mr. President, is this for today or April 2nd, the auto tariffs, sir? Say it. Do these auto tariffs go into effect today or on April 2nd? They go into effect on April 2nd. We're signing today. It goes into effect April 2nd. We start collecting on April 3rd. Are there any more sectoral tariffs that are coming in on April 2nd? What does that mean? Any more tariffs on any other sectors on April 2nd, for example, chips or pharmacies? Not then. But we will be putting a tariff on lumber. We, as you know, have a tariff already on steel and on aluminum of 25 percent. And we're taking in tremendous amounts of dollars. More importantly, our steel factories and aluminum factories are roaring. They're starting to roar. They're building new ones. I just heard from Nucor, which is a big company, a very big steel company, and they're building a massive, a massive plant for steel that they wouldn't build without this. You're going to see, you're going to see things that are going to be actually amazing. And I think you already have. You know, we've had some news conferences where I can't, I can't have enough. They want to do news conferences where they announce they're going to spend 20, 30, 40 billion dollars. But Apple, as an example, is spending 500 billion dollars. Okay. Hold on one second. No, we're going to make it all countries and we're going to make it very lenient. I think people are going to be very surprised. It'll be, in many cases, less than the tariff that they've been charging us for decades. So I think people are going to be very, very surprised. I think, I think they'll be pleasantly surprised. I think we're trying to keep it somewhat conservative. Is that today? Today? I didn't say that. I want to see the jobs. I want to see that. It'll all take care of itself. That could take care of itself in one day, two days, or one week. Oh, this is permanent. Yeah, 100 percent, yeah. No, because he may have a conflict. So we don't talk. I've never talked to him. Elon's amazing. He's never asked me for a favor in business whatsoever. I'm actually a little surprised by it. I might do it. I might not do it. I do what's right. And he'd want me to do what's right. No, he's a patriot. He has never, you know, these are big deals we're talking about. This is probably nothing like this. And I've never had Elon come and say, would you do me a favor with the mandate or the electric mandate or anything? He's never asked me for anything. Sir, also, what's your response to Republican lawmakers who have said today that your administration should take more accountability and not downplay what's happened with the signal that we've seen in these messages today? Well, I don't know about downplaying. The press upplays it. I think it's all a witch hunt. That's all. I think it's a witch hunt. I wasn't involved with it. I don't. I wasn't there. But I can tell you, the result is unbelievable because the Houthis are looking to do something. They want to know, how do we stop? How do we stop? How can we have peace? The Houthis want peace because they're getting the hell knocked out of them. It's been very, very strong. The Houthis are dying for peace. They don't want this. And they're bad. Look, they were knocking ships out of the ocean. You know, we had in the Suez Canal, they only have about 20 percent of the ships going through. They have to go through a different way, which takes weeks of travel. And that really affects commerce. But the Houthis have been hit hard and they want to negotiate peace. But I don't think they're quite. Do you still believe nothing classified was shared? Say it? Do you still believe nothing classified was shared? Well, that's what I've heard. I don't know. I'm not sure. You'll have to ask the various people involved. I really don't know. I can only tell you this, you know, you don't want to talk about it. The Houthis have been horrible to the world. What they've done killed a lot of people and knocked down a lot of ships and planes and anything else. You know, it's not just the ships. And they have been hit. They have been hit harder than they've ever been hit. And they want us to stop so badly. And they've got to stop. They've got to say no mas. But I can only say that the attacks, you know, it's attacks every day, every night. It's not just the one you're talking about, one. The attacks have been very successful, even beyond our wildest expectations. We've hit it very hard, very successfully. And we're going to do it for a long time. We're going to keep it going for a long time. Senator Republicans have said that they would formally ask the administration for an inspector general report on the signal issue. Will you agree to that? It doesn't bother me. I don't know. You know, I want to find if there's any mistake or if a signal doesn't work. It could be the signal is not very good. You know, it's a company and maybe it's not very good. I think we'd rather know about it now. There was no harm done because the attack was unbelievably successful that night. And it has been unbelievably successful every single night for the last four or five nights. So that's the thing that you should be talking about. This is something that should have been done by sleepy Joe Biden. But he was asleep at the wheel, other than when it came to stealing money, of course. Joe Biden should have done this attack on Yemen, which is basically a certain group within Yemen, the Houthis. And this should have been done by Joe Biden. And it wasn't. And that's caused this this world a lot of damage and a lot of problems. He's responsible. But he's also overseeing the investigation to find out what went wrong. Who's responsible? Mike Walsh says that he's responsible. Well, yeah, Mike Walsh, I guess he said he claimed responsibility. I would imagine had nothing to do with anyone else. It was Mike, I guess. I don't know. I always thought it was Mike. But again, the attacks were unbelievably successful. And that's ultimately what you should be talking about. I think Mike Mike did. He took responsibility for it. Say it. Should Secretary Hanks consider his position over the signal? Hanks is doing a great job. He had nothing to do with this. And how do you bring Hanks into it? He had nothing to do. Look, look, it's all a witch hunt. Here we are talking about some of the greatest business deals ever made. The greatest companies in the world are moving into the United States. And you want to ask about whether or not signal works. I don't know that signal works. I think signal could be defective, to be honest with you. And I think that's what we have to because you use signal and we use signal and everybody uses signal. But it could be a defective platform. And we're going to have to find that out. Have you been briefed about the soldiers in Lithuania who are missing? No, I haven't. Have you spoken, sir, with the big three automakers about these tariffs? What was their reaction? It depends on whether or not they have factories here. I can tell you if if they have factories here, they're thrilled. If you don't have factories here, they're going to have to get going and build them because otherwise they have to pay tariffs. Very simple. And most of those have pretty big factories here, like General Motors has big factories here. They're going to move their parts divisions back to the United States because some of them were made in Canada and some of them were made in Mexico and other places. They'll be moving their parts division back to the United States in factories where they may be at 60 percent capacity. So they don't even really have to build too much of a factory. But generally speaking, if they have factories here, plants here where they make their cars and equipment, but they make their cars here. They are thrilled. Same thing with the steel industry. Steel industry is now paying a 25 percent tariff, as you know, I put it on last week. And the business is roaring in the United States. And we can't because of military. We can't lose the steel industry. If I didn't put the initial tariffs on steel in my first term, you wouldn't be able to have a military because we wouldn't have every steel company, every steel company would be bankrupt in the United States and every plant would be closed. But now they're booming. And putting this tariff on this additional tariff for steel and aluminum, it's it's making them thrive. And it's already happened. Will you extend that deadline if you don't have a deal? Do you support? Well, we will have a form of a deal. Ticktock is very popular, very successful, very good. We're going to have a form of a deal. But if it's not finished, it's not a big deal. We'll just extend it. I have the right to have the deal and to extend it if I want. So we'll see whether or not we have a deal. We have a lot of interest in Ticktock. Is there a way for a U.S. company to operate it and buy dance to still have a share of the algorithm? Well, it'll be there are numerous ways you can buy Ticktock and we will find the one that's best, best for the country, for our country. I'm worried about our country more than anything else with respect to Ticktock. And China is going to have to play a role in that, possibly in the form of an approval. Maybe. And I think they'll do that. Maybe I'll give them a little reduction in tariffs or something to get it done. You know, because every point in tariffs is worth more money than Ticktock. If you think every point tariff is a much bigger world and Ticktock is big, but every point in tariffs is worth more than Ticktock. So in order to get China to do, maybe I'd give them a reduction in tariffs, as an example. Sounds like it sounds like something I do good for who? Well, he makes he is a fantastic Tesla. Will tariffs be good? I think they may. It could be a net neutral or they may be good. He has a big plant in Texas. He has a big plant in California. And anybody that has plants in the United States, it's going to be good for my opinion. Mr. President, if you want to return education control to the states, how would you handle it if a state like California were to put in place education? You know, I haven't seen a mask in so long. You're wearing a mask. So nice of you. I haven't seen anybody wearing a mask in a long time. It's good. You feel more comfortable, right? Good. That's good. So go ahead. You said you want to return education control to the states. How would you handle it if a state like California were to put in place education policies you disagree with? Well, I think that California is going to be tougher because they are they're doing badly on everything they do. You know, everything they touch turns bad. So a place like California would be tougher for education. But what I would see with California is you'd have a Los Angeles department and you'd have Riverside. You'd have you know, you'd go to various places. And I think you'd have some great areas in California and you'd have some like everything else. It doesn't work so well. But ultimately, I think it would be very successful. I think in New York, as an example, you'd go to Long Island, Westchester. You may have Nassau County, Queens. You break it up in certain ways. So they'd have maybe five departments because of the size that have five departments instead of one. A state like Iowa, you'd have one. And I mean, they're just chopping at the bit to get going. So many states are chopping at the bit to get education, and it's going to happen fast to get the education.