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Thank you very much. It's a great honor to be here. Incredible people, incredible country. I'm thrilled to be back with so many visionary innovators and titans of industry. The most brilliant in the world, actually. So many different locations, and they come from all over. But this is a very special country that I'm in. And the business leaders here at AIPAC are really fantastic. So many friends. And I want to thank our host at this important summit, President Lee of South Korea. He's a terrific person, and I'm going to be meeting with him this afternoon. And I look forward to that very much. The Republic of Korea is a cherished American friend and a close ally. And as we can see in this beautiful city, it's truly one of the most remarkable nations anywhere on Earth. Here in this peninsula, the people of South Korea have forged a miracle of economic development like you rarely see. An industrial and technological powerhouse, and above all, a free society and enduring democracy and a thriving civilization. And I want to congratulate you. Very few places like it. The entire world should be inspired by all that you have achieved. And they study you and they do so much to understand what you've done, but most of them don't get it. And that's probably good for you. Keep it this way. Most of them don't get it. They want to get it, but it doesn't quite work out for them the same way it works out for you. So that's a great tribute to you. We have some very special people with us today. And I want to thank for the great job he's done and also for being here. Secretary of State Marco Rubio. Marco, you're around here someplace. Where is Marco? Marco, thank you. A man who's doing a fantastic job, who understands the markets maybe better than anybody. Our Treasury Secretary, Scott Besant. Scott, thank you very much. And somebody that you're dealing with, who you made a very good deal with because you have very good negotiators. But he's pretty good, too. Howard Lutnick, Secretary of Commerce. Thank you, Howard. U.S. Trade Representative Ambassador Jameson Greer. He's a fantastic person. And your careers, Minister of Trade, Industry, and Resources, Mr. Jung Kwon Kim, who's an incredible man, actually. My people say he's very tough, however. We wish we had somebody of a little bit lesser caliber, but they decided not to do that. And so many other distinguished guests are here, so I just want to thank you very much. It's an incredible room. It's a beautiful room, by the way. All those beautiful people up there, so high up. This place is packed. Thank you. Look at that. We're waving. Thank you very much. But as you know, APEC unites Pacific nations around our growing economies and promoting our shared interests. And today, I come with exciting news from one of the largest Pacific nations. We'll call ourselves a Pacific nation, but one of the largest of them all, the United States of America. I'm pleased to report to you that this afternoon, after four years of weakness, disaster, really decline, America is back and it's back stronger than ever before. We're doing numbers that nobody has ever seen before. We're the hottest country in the world, actually. And I say that with other countries represented, and they admit it. But I do say it very proudly. One year ago, our country was in very, very serious trouble. Some people thought our country was dead. Now we're literally the sort of an inspiration to a lot of other countries. We are indeed. I use the term hottest country, but we're the hottest country anywhere in the world, by far. The United States is blessed with the, right now, the strongest economy, the strongest borders. This all happened over the last nine months. The strongest military, the strongest friendships, and the strongest spirit of any nation on the face of the Earth. This is a golden age. In a short period of time, I didn't — I knew we could do it. I didn't know we were going to do it this quickly. It's a little bit more than nine months. So, in less than one year, we've secured commitments for over $18 trillion of new investments. As an example, the previous administration, in four years, they did less than a trillion — I think much less, actually — and hurt our country very badly. Who would have known? But we're going to be 18, so I figure that we'll probably be at 20 or 21, maybe even $22 trillion of investments coming into our country by the end of the first year of my second term. And, you know, we had a tremendously successful first term. We had the strongest economy in history for our country. Strongest we ever had. But this is, I think, blowing it away. We have great policy. We have some very good things happening. The stock market, as you know, has set 45 all-time highs since — in a period of — that's pretty good — in a period of nine months. Breaking new records week after week, including one just yesterday. We set the record GDP growth in the second quarter. And that's with all of the things that we're doing. When they are built in a year, in two years, we're going to go through the roof. I mean, we're going to see numbers that I don't think have ever been seen before. But even during this period of — a little bit of a period of transition, you could call it, because I think we're in an economic revolution in America. We went at 3.8 percent — we're up 3.8 percent GDP — triple and even quadruple the rate that a lot of people thought we'd be. They thought that, during this period, that we'd be at a much lower rate. Some people predicted one, one and a half. And we're going to be very close to four. The next quarter, we're expected to be at about 4 percent growth. And after that, I mean, I can't even predict. Because when all of these factories that are moving in, the car plants are moving in — yesterday, I was with Mr. Toyota in Japan, and he's — he's just announced he's going to spend — they are going to spend $10 billion, and they're going to build new car plants. And they're going to build them in numerous states — about six or seven different states. And we're bringing our car industry back. We're bringing AI. We're leading everybody in AI. We're leading every nation in AI by — actually, by a lot. In nine months, we've lifted over 600,000 Americans off food stamps. Wages for workers are rising at the fastest pace in more than 60 years. And meanwhile, energy prices are down. Gasoline prices are down. Grocery prices are down. Mortgage rates are down, despite the fact that we have an incompetent head of the Fed. He's incompetent. I call him Jerome Too Late. He's always too late. Jerome Too Late Powell. But he's out of there in another couple of months. We'll be very happy about that. We'll appoint somebody that we all like, because we should have the lowest interest rates of any country. Because without us, there are no other countries, really. I mean, the whole thing falls apart. You know, America always had the lowest interest rates, and now we don't do that. We — you know, we're, like, number 28. It's ridiculous. And we have a — we're a much different country than we were two years ago, or a year ago, even. But you know what the crazy thing is? In the old days — I call it the old days — I'm a little bit older. I'm looking at all these young, brilliant faces. I'm a slight — you know, a couple of years older than you. Just a couple of years. But, you know, in the old days, when you announced good news, the stock market went up. You announced good news, the stock market would go up. Now, when you announce good news, the stock market goes down because think — people say, oh, that's terrible. You're doing well. That's terrible. Interest rates will go up. So they think because of that, interest rates will go up because that — it's inverse to what it should be. We're going to go back to the way it used to be. When we announce good news, the stock markets are going to go up. And that's the way it should be. And we're going to really ride that very hard. And when we announce good news — we're not going to have a Fed that's going to raise interest rates because they're worried about inflation in three years from now or something. When we announce good news, we want the stock market to go up, not to go down. And the scourge of inflation we inherited. You know, we inherited the worst inflation ever that we've ever had. I inherited from incompetent people. And now we're down to a very low rate of inflation — 2.7 percent. And it's going to be a little bit lower than that. It's almost a perfect number. Believe it or not, you don't want to have zero. You want to have, like, 1 percent to 2 percent. And we're very close to that number. But we had inflation the worst in the history of our country. But factories are booming in the USA, and manufacturing productivity is rising five times faster than it was just one year ago. Think of that. Steel production is way up by 155,000 tons a week. Oil production is through the roof by half a million barrels a day. And mining of clean, beautiful coal — I call it clean, beautiful coal — is up by 2.6 million tons every single month. And we brought coal back into the picture. What you can do with coal today is incredible. So I call it clean, beautiful — I don't use the word coal, I'd say, because it's got a little bit of a problem, public relations-wise, the word. So we call it clean, beautiful. My administration is not allowed to use the word coal. They have to say clean, beautiful coal. We've given it a new name. It's a three-name. It's a three-name deal. Even semiconductor manufacturing is rapidly returning to the United States. NVIDIA and TSMC have just produced the first state-of-the-art Blackwell chip that was 100 percent made in the USA. In fact, Jensen, who's an incredible guy — he might be here. I don't even know. Is Jensen here? I think he's around. Somebody said he's here. He's — how is he? Pretty good, right? Got a chip — got a chip that's, like, 10 years advanced, but he's great. And they're all, you know, building now. They're building tremendous plants in the United States, Arizona, Texas, all over. We're going to have a big portion of the chip market just in a very short period of time. But these tremendous strides are also creating great jobs for our citizens. 1.9 million more American-born workers are employed today than when I took office nine months ago. Think of that. Almost 2 million people more American workers. Nobody has ever had numbers like that. And those numbers are going to get much bigger, much better than that when we — when we open these plants that are being built all over — the AI plants. I've never seen plants this big. You know, I built shopping centers. I built a lot of things. But if you spend $250-300 million, you can build a big shopping center. These people are spending $50 billion to build a building. And I say, what's your product? Information. I said, well, good luck. That's a lot of — that's a lot of information you can have to have. But, you know, they're the smartest people in the world. They're doing it, and they all think it's great. All I can do is make it easy for them. And what I've done — one of the things that I'm most proud of, because I thought of it — like every, you know, country, our electricity production, our energy production is — you know, it's not — nobody ever thought — nobody ever saw this kind of a revolution with the AI. And what they need more than anything is electricity. So if a country was able to do that, it would be, you know, pretty unusual. It would be very hard, and maybe you could say impossible. So I came up with a concept when they build this massive plant — sometimes the size of Manhattan. Think of that — the size of Manhattan. These plants are the biggest. I've never seen anything like it. Actually, nobody has. There's never been anything like it. But I let them build their own electricity-generating plants with it. So they're building their own electric. They're sort of becoming a — an electric-producing company, in addition to all of the other things that they produce, including information. And what they're able to do is start immediately. We're giving them very fast permits. We're no longer having them wait for 10 years, 12 years, 15 years prior to rejection. They'd go 15 years, and then they'd get a vote — a rejection. And by that time, their concepts were old and obsolete anyway. So, you know, it's terrible. And we're getting it done rapidly — literally, rapidly. And they're coming up with electric-generating plants, the likes of which nobody has seen. The companies are standard companies that do electricity and create power. Power companies — they've never seen anything like it because we have a level of genius, a level of people that are designing things that nobody has ever seen before that produces vast amounts of electricity for their plant. And if they have extra electricity, they sell it back into the grid. So they really — I mean, it's really been amazing. And it allows people to start building immediately. And they can't blame the government. They won't blame me because I didn't produce enough out of the grid that's 200 years old. And for decades, before I took office, our country was run by legions of bureaucrats who were always looking for a reason to say no. Why? How could we say no? They wanted to say no. They thought that was their job, and it's really just the opposite. We work to say yes. So now we have a President of the White House who cuts through the red tape and excuses — we don't stand for excuses — and says yes to big ideas and bold initiatives and grand ambitions so that America can have great industries, great dreams, and to be the greatest nation on Earth, which is where we are now, actually, in a very short period of time. We're rebuilding things that are incredible. We have the strongest military in the world. We have the best equipment. We have the best manufacturers of equipment. And South Korea is buying a lot of our weapons. We make the best. We have the planes and just about everything other than ships. And we'll be there very shortly with ships, too. But the only reason it's not ships — because, I don't know, for some reason they stopped doing that. I guess they went on to other businesses. But there are some basics in life. And one of the things you need is ships. I always say you need steel. You need aluminum. You need this. You have certain — there are things you don't need. A lot of things that are — a country doesn't need them. But things you need — you need steel. Got to have steel. And we're — we're redoing our steel. And some of the people in this room are very involved in that. We're redoing our industry. We're starting to produce large amounts of steel. Massive amounts of steel. We'll be right at the top in a very short period of time. The mills are opening again, and they're opening up big. And again, it's national security, and it's because of tariffs. We're reclaiming our heritage as a nation of builders and doers. And we're pioneers, in a sense, but we're really doing it again. But we're doing it even better than we did the first time, which is the first couple of hundred years. And we're pursuing this vision with unrelenting drive and unprecedented — really, unprecedented success. In July, I proudly sounded law. It was very important. I went into the archives. We looked at every possible thing you could look at. And I signed into law the largest tax cuts in American history. And as you remember, in my first term, we signed — we cut taxes from 39 percent down to 21 percent. And now we've done even better than that, putting more money in the pockets of American families that make up the largest consumer market on Earth for businesses and manufacturers like those in this room. Our tax law includes 100 percent expensing for all new factories, plants, and equipment. So that means you can write everything off in the first year. So that's like we had in the first, except this goes for a period of 10 years, whereas the other was over a much shorter period of time. And I actually think that we had such tremendous success. I always said that was the single most important thing — the expensing, the one-year expensing. Upon taking office, I signed executive orders that require that, for every one new regulation, 10 old regulations have to be eliminated. I did that in the first term, too, and it worked. So if you want a new regulation, you have to get rid of 10. And already, we're exceeding that limit, reaching closer to 30 to 1. Our people have done that — our great secretaries and other people in the administration. So we've been actually at a level where we sign in a new regulation. They get rid of 30 older. We're sort of cleaning up the books, because many of these regulations are obsolete. They don't belong. And some were so horrible, they were obsolete, but they really stopped projects from being built. And we're getting rid of all of them. We've pretty much done that. We have streamlined permitting for all new energy and mining projects. It used to take decades for an administration to get something approved, and now it's a process that will take, generally speaking, less than 28 days. In addition, across government, we're guaranteeing a rapid and expedited regulatory review for all new projects in the United States. And that's worth billions and billions of dollars to industry. You spent more money on trying to get something approved than you do in building the plant itself. You know, in Louisiana, my first term, there were two plants, and one was financed by a tremendous group of Japanese investors. And it was about $16 billion. LNG plants. Another one was financed by people from South Korea and others. LNG. Both of them. Massive LNG. They were in the review process. One was 15 years, one was 16 or 17 years. And they were then told, Forget it. We're not going to get it approved. So I came into government. I heard about it. And I love Louisiana. We did very well there. We did well in just about all the states, but we did really well in Louisiana. And so I got involved. The one plant that was in for almost 15 years, I got it approved in one day. One day. In fact, when we called the people to say that they got approved, they didn't know what the hell we were talking about. They said, We got it approved. We sort of gave up on it. I said, No, you don't have to give up. We got it approved. The other one took me a little bit longer. I didn't do as good a job. It took me one week. And they got approved and they got built. They're massive plants, and they're doing unbelievably. They're like setting records. LNG. A big — it's like the Empire State Building light and lying on its side. And all I know is I looked at it. I said, What kind of a building is that? All it's got is pipes going back and forth. I never saw anything like it. But whatever it is, it works. And they've been very, very successful. But think of it 14 and 15 years, and I got one approved in one day and one approved in one week. And they've been doing great and they've been good for the environment. I've shrunk the size of government for the first time in many years since January. One hundred thousand bureaucrats have left the federal payroll. You've probably seen that. So we're creating real jobs. We're getting rid of wasteful jobs. Government spending is down 2.5 percent this quarter compared to one year ago. It was going through the roof in the previous administration. And in stark contrast to four years ago — I mean, if you look, 100 percent of all new jobs created in America under my administration have been created by the private sector. Think of that. The government created no new jobs. The private sector created the record number of jobs that we're talking about. That's a country. That's really a success. It's easy to create government jobs. I could say, add a lot of people to your payrolls. I can fake up the numbers if I want, but that's the way — that's not the way you build a great country. You don't do that here, and that's not the way. But it's a good way to show good numbers, I'll tell you. You just tell everybody, hire a lot of people. That's what they used to do under the Biden administration, under Barack Hussein Obama. You had — they'd say, hire a lot of people so we can make our numbers look good. I do the opposite. And we have real numbers. These are real numbers. There's truly no better time to invest in the USA. The results speak for themselves. Since the election, TSMC has pledged to invest $100 billion in the United States. So they're coming in from Taiwan. We have tremendous numbers of companies coming from Taiwan and building in the U.S. Apple, $600 billion investment. Hyundai, $26 billion. Micron, $200 billion. SoftBank, open AI. And Oracle, over $500 billion. Amazon, $35 billion. Pfizer, $70 billion. Jira, $200 billion. Google, $25 billion. NVIDIA, $500 billion. Genentech, $50 billion. Johnson & Johnson, $57. We're bringing back all of our pharmaceutical business. IBM, $150 billion. AstraZeneca, $50 billion, among many others — many, many others. Too many to talk about. But one of the most significant factors in this remarkable surge of new investment has been my transformation of trade policy. Eight years ago, I came to this very summit. I was here. Does anybody remember? I don't know. I remember. Does anybody remember what I said? Yeah, there's a few hands up there. It must have been a great speech. Three people. It's not too many people. But there's no reason to, because you saw whatever I said I did. And for the first time, I laid out the principle that economic security is national security. Economic security — that's for South Korea, that's for any country. But economic security is, in fact, national security. I made the case that the global trading system was broken and in urgent need of reform. Had to be fixed. The system had been exploited by countries that broke the rules at the expense of countries that followed the rules to a T, and asked the nations of APEC to be our partners in making the system fair and more sustainable for all of us. And we all worked together, the APEC nations. Together, we're solving the challenges that no one before us has ever been able to solve. And we're forging a free and open Indo-Pacific. And for all of the people, we're creating a future of dignity and security, prosperity and pride. From the rolling hills of San Francisco to the gleaming streets of Seoul, from the bustling factories of Toledo — Toledo, Ohio — to the bright lights of Tokyo, from Pittsburgh to Palawan, from Boston to Bangkok, from Detroit to Da Nang, and from Cleveland to right here in Gwangju. Nice place. Did I do good with that one? Did I do okay? Gwangju. Good, beautiful place, by the way. We're strengthening old friendships, forging new bonds, building new factories, pioneering new industries, and creating a dramatically better world for our children and for generations to come. Together, we will build a future of strong, independent nations on both sides of the vast ocean, joined by our common interests, united by common values, and reaching constantly toward a richer, safer, and more peaceful Pacific with fairness, persistence, and common sense. That's such an important two words. We will build together. We will trade together. We will prosper together. We will thrive together. And above all, we will win, win, win together like never before. We're going to have an incredible relationship together for generations to come. And I just want to thank everybody in the room. I know so many of you. You're incredible people. God bless you. God bless the nations of this great region. And God bless America. Thank you very much, everybody.