WEBVTT - A Special Sit Down With Former President Donald Trump 0:00:00.120 --> 0:00:06.800 Bloomberg Audio Studios, podcasts, radio news. 0:00:07.120 --> 0:00:11.040 Thank you, the Economic Club of Chicago. Thank you David particularly. 0:00:12.160 --> 0:00:14.400 I want to say two things at the beginning. The 0:00:14.440 --> 0:00:16.680 first is just for the record and for those people 0:00:17.320 --> 0:00:21.079 watching on television, the Economic Club of Chicago and Bloomberg 0:00:21.200 --> 0:00:25.720 both invited Vice President Harris to a similar interview about 0:00:25.720 --> 0:00:30.080 her economic plans that she has declined so far. And second, 0:00:30.200 --> 0:00:33.080 just to set some parameters about this interview, which I 0:00:33.080 --> 0:00:36.280 was just discussing with President Trump, We're going to focus 0:00:36.320 --> 0:00:39.880 on business and the economy. And that's partly because this 0:00:39.960 --> 0:00:43.760 is a business audience, but it's also because voters insist 0:00:43.920 --> 0:00:48.199 that the economy is the main issue that matters when 0:00:48.240 --> 0:00:52.879 they vote. So on that note, let me invite onto 0:00:52.920 --> 0:00:54.240 the stage President Trump. 0:01:02.720 --> 0:01:12.000 No, thanks, thank you very much. 0:01:13.000 --> 0:01:13.559 Have a see. 0:01:19.880 --> 0:01:21.479 I like that crowd. That's a name. 0:01:22.640 --> 0:01:32.520 Thank you, very standing ovation. Thank you, President Trump. Thank 0:01:32.520 --> 0:01:35.039 you for doing this, as we said, and you had 0:01:35.080 --> 0:01:38.399 the reception there. The business people of Chicago, like everywhere else, 0:01:38.480 --> 0:01:41.360 they like a lot of the things you want to 0:01:41.400 --> 0:01:43.360 do in terms of tax cuts and some of the 0:01:43.360 --> 0:01:47.039 spending proposals. But like many business people, what they're often 0:01:47.080 --> 0:01:50.080 worried about is the cost. And the Committee for a 0:01:50.080 --> 0:01:54.400 Responsible Federal Budget, which is a bipartisan outfit, put out 0:01:54.440 --> 0:01:56.280 some predictions the other day. If you add up all 0:01:56.280 --> 0:01:59.800 the promises you've made and your plans would add seven 0:02:00.240 --> 0:02:04.920 five trillion dollars to the debt. That's more than twice 0:02:05.000 --> 0:02:09.000 the total for Vice President Harris. You're on course to 0:02:09.040 --> 0:02:11.120 push up debts up to one hundred and fifty percent 0:02:11.240 --> 0:02:14.720 of GDP. This is a very business like audience. Yeah, 0:02:14.760 --> 0:02:16.000 why should they trust you with that? 0:02:16.480 --> 0:02:19.680 Because we're about growth. She's got no growth whatsoever, and 0:02:19.720 --> 0:02:22.679 we're all about growth. We're going to bring companies back 0:02:22.720 --> 0:02:25.680 to our country. You look at even today as I 0:02:25.720 --> 0:02:29.120 was driving over, I see these empty, old, beautiful like 0:02:29.200 --> 0:02:32.800 steel mills and factories that are empty and falling down. 0:02:33.800 --> 0:02:36.520 Some have been converted to senior citizens' homes. But that's 0:02:36.560 --> 0:02:38.480 not going to do the trick. And we're going to 0:02:38.480 --> 0:02:41.360 bring the companies back. We're going to lower taxes still 0:02:41.400 --> 0:02:44.359 further for companies that are going to make their product 0:02:44.680 --> 0:02:48.160 in the USA. We're going to protect those companies with 0:02:48.240 --> 0:02:51.640 strong tariffs. Because I'm a believer in tariffs. I'm not 0:02:51.680 --> 0:02:53.480 sure that you are. I don't think you are but 0:02:53.840 --> 0:02:58.320 I congratulate you in your career. But to me, the 0:02:58.639 --> 0:03:02.760 most beautiful word in thection areas tariff, and it's my 0:03:02.840 --> 0:03:08.600 favorite word. It needs a public relations firm just to 0:03:08.720 --> 0:03:10.760 help us, but it's to miss the most beautiful word 0:03:10.800 --> 0:03:11.560 in the tariffs. 0:03:12.040 --> 0:03:13.760 Do you think that will bring in the revenues to 0:03:13.919 --> 0:03:16.959 use another bipartisan group, Yeah, piece and institute. They said, 0:03:17.000 --> 0:03:19.320 I only bring in two hundred billion dollars. That is 0:03:19.840 --> 0:03:22.440 only that's barely the cost of two of your promises. 0:03:22.680 --> 0:03:25.880 Yeah, but that's like for what company you're talking about. Okay, 0:03:26.120 --> 0:03:28.960 Look I brought in with tariffs and I was just 0:03:29.000 --> 0:03:32.519 getting started. Then COVID came and we had a which 0:03:32.600 --> 0:03:34.079 you know, because I tell you what, I did a 0:03:34.200 --> 0:03:36.120 very good job in COVID, nobody knew what the hell 0:03:36.160 --> 0:03:38.040 it was. I call it the China virus because I 0:03:38.120 --> 0:03:41.360 like being a little more accurate. But when that came, 0:03:41.400 --> 0:03:45.440 but we got hundreds of billions of dollars just from 0:03:45.520 --> 0:03:49.000 China alone, and I hadn't even started yet. But tariffs 0:03:49.040 --> 0:03:52.480 are too two things if you look at it. Number 0:03:52.520 --> 0:03:54.800 one is for protection of the companies that we have 0:03:55.360 --> 0:03:57.760 here and the new companies that will move in because 0:03:57.760 --> 0:04:01.120 we're going to have thousands of companies coming into this country. 0:04:01.120 --> 0:04:03.520 We're going to grow it like it's never grown before. 0:04:04.040 --> 0:04:05.880 And we're going to protect them when they come in 0:04:05.960 --> 0:04:09.080 because we're not going to have somebody undercut them. And 0:04:09.120 --> 0:04:11.480 I could give you an example of this if you want, 0:04:11.600 --> 0:04:14.160 would you like me to, because it just and I 0:04:14.200 --> 0:04:17.320 will come back. Just found out about it. So I've 0:04:17.360 --> 0:04:21.800 been talking about for the last year about Detroit and 0:04:21.839 --> 0:04:24.600 how horribly it has been. You know, it's just horrible 0:04:24.640 --> 0:04:27.039 because we've been talking about Detroit's coming back for forty 0:04:27.120 --> 0:04:30.640 years and it's never come back, and it's very dependent 0:04:30.680 --> 0:04:33.919 on the car industry. Well, they've lost sixty percent of 0:04:33.920 --> 0:04:36.719 the business over a long period of time. And what 0:04:36.920 --> 0:04:41.200 happened is I found out friend of mine builds auto plants. 0:04:41.200 --> 0:04:43.760 That's only does he builds autoplants. That's what he's good at. 0:04:44.120 --> 0:04:45.960 He doesn't want to build an apartment, only wants to 0:04:45.960 --> 0:04:48.880 build and he builds the biggest in the world. And 0:04:49.200 --> 0:04:51.400 for the last year and a half of anybody who's 0:04:51.400 --> 0:04:54.760 heard me speak, I was talking about Mexico is a 0:04:54.800 --> 0:04:58.880 tremendous challenge for us right now, tremendous China is building 0:04:58.960 --> 0:05:02.720 massive auto plants in Mexico, and they're going to build them, 0:05:02.760 --> 0:05:04.560 and they're going to take those cars and sell them 0:05:04.600 --> 0:05:07.120 into the United States. They're very near the border, and 0:05:07.160 --> 0:05:09.039 they're going to have all the advantages and none of 0:05:09.040 --> 0:05:12.000 the disadvantages. And that's going to be the end of Michigan. 0:05:12.040 --> 0:05:14.120 It's going to be the end of Frankly, South Carolina, 0:05:14.480 --> 0:05:16.720 going to be the end of everything. So I've been 0:05:16.760 --> 0:05:19.040 talking about this and I said to him about nine 0:05:19.040 --> 0:05:21.240 months ago, I said, you know what I want you 0:05:21.279 --> 0:05:23.320 to do me A favorite John, his name is John. 0:05:23.360 --> 0:05:24.960 I don't want to give his last name because he 0:05:25.040 --> 0:05:27.720 might not like it, but I said, I want to 0:05:27.760 --> 0:05:29.560 see an auto plant. I want to go and see 0:05:29.680 --> 0:05:31.120 one of these, you know, you press a button and 0:05:31.160 --> 0:05:33.920 everything works, right. I want to see one of the 0:05:33.920 --> 0:05:36.320 big ones. He said, all right, good. I said, where 0:05:36.320 --> 0:05:38.120 do we go? I'd like to go to Michigan. I'd 0:05:38.120 --> 0:05:40.240 like to go to some place in the United States. 0:05:40.279 --> 0:05:42.400 He said, no, we can't do that. Why we're not 0:05:42.440 --> 0:05:44.680 building anything big in the United States. That's not what 0:05:44.880 --> 0:05:47.000 we don't build the big ones here. I said, where 0:05:47.000 --> 0:05:49.880 are you building the biggest ones? He said, in Mexico. 0:05:50.320 --> 0:05:53.240 We're building giant plants, the biggest plants anywhere in the 0:05:53.279 --> 0:05:56.840 world in Mexico. I said, so, you mean they're going 0:05:56.839 --> 0:06:00.400 to make cars cheaply, they have advantages over labor and 0:06:00.440 --> 0:06:02.520 other things, and they're going to sell them into the 0:06:02.600 --> 0:06:05.719 United States and they're going to put Michigan out of business? 0:06:05.760 --> 0:06:08.160 Is that? What? I don't know anything about that. All 0:06:08.200 --> 0:06:09.680 I do is build the plants. If you want to 0:06:09.680 --> 0:06:11.440 see a plant, we'll go to Mexico. I'll show you 0:06:11.440 --> 0:06:14.960 the biggest plant in the world. That was nine months ago. 0:06:15.600 --> 0:06:17.320 I saw him, and I talked about it all the 0:06:17.360 --> 0:06:19.760 time because I think it's a serious threat to our 0:06:19.800 --> 0:06:22.600 country because not only outos but other things. So then 0:06:22.640 --> 0:06:25.440 I see him two days ago. I was talking at 0:06:25.480 --> 0:06:29.240 another club, very nice club, and like this, except I 0:06:29.279 --> 0:06:32.120 don't know. I think you people are probably even wealthier. Okay. 0:06:32.360 --> 0:06:37.200 This was in Detroit, Okay, which was appropriate, and I 0:06:37.320 --> 0:06:39.559 was talking. I was showing them all sorts of charts 0:06:39.560 --> 0:06:41.400 about how they are called. You know, it's just gotten down. 0:06:41.440 --> 0:06:45.600 It's like terrible. And I saw him and I said, oh, 0:06:45.640 --> 0:06:47.600 how are you doing? How have you been? I said, 0:06:48.560 --> 0:06:51.520 could I ask you how are those plants that you mentioned? 0:06:51.560 --> 0:06:55.040 Those giant plants that you're building in Mexico. How's that 0:06:55.080 --> 0:06:58.960 coming along? Have you finished them? No, sir, they abandoned 0:06:58.960 --> 0:07:03.120 the project when they heard you're running. They abandoned the 0:07:03.160 --> 0:07:06.760 project when they saw that you were winning and doing well. 0:07:07.560 --> 0:07:12.360 I said, well, I don't do it well. The thing 0:07:12.360 --> 0:07:15.480 if I told them, I told them, and I said 0:07:15.480 --> 0:07:18.920 it publicly, They're not going to sell one car into 0:07:18.920 --> 0:07:22.240 the United States. I said, if I run this country, 0:07:22.280 --> 0:07:24.160 if I'm going to be president of this country, I'm 0:07:24.200 --> 0:07:27.160 going to put a one hundred, two hundred, two thousand 0:07:27.200 --> 0:07:30.240 percent tariff. They're not going to sell one car into 0:07:30.320 --> 0:07:33.520 the United States because We're not going to destroy our 0:07:33.560 --> 0:07:37.240 country by so because I know you're an anti tariff guy, 0:07:37.280 --> 0:07:41.520 but I'm the exact opposite. If I had there is 0:07:41.560 --> 0:07:43.680 no other way I could have stopped them, other than 0:07:43.880 --> 0:07:46.160 what am I going to do negotiating with Mexico with China. 0:07:46.200 --> 0:07:48.760 You're not going to get anything from that. I said, 0:07:48.760 --> 0:07:50.720 I'm going to put a one hundred, two hundred or 0:07:50.760 --> 0:07:53.320 three hundred. I'm going to put the highest tariff in history, 0:07:53.400 --> 0:07:55.840 meaning I'm going to stop them from ever selling a 0:07:55.840 --> 0:07:57.920 car into the United States. So I just see the 0:07:57.960 --> 0:08:01.840 guy by accident. I see him. He says, sir, they've abandoned. 0:08:02.040 --> 0:08:04.600 And by the way they built foundations, they were really 0:08:04.720 --> 0:08:06.960 rocket They were going to do it. They thought that 0:08:07.120 --> 0:08:09.520 I was going to win, or maybe they're just hold 0:08:09.560 --> 0:08:12.040 them off. I tell you this, if I don't win, 0:08:12.480 --> 0:08:14.840 those factories are going to wipe out this country. They're 0:08:14.840 --> 0:08:17.520 the biggest factories ever built for cars. They're going to 0:08:17.600 --> 0:08:20.280 wipe out our country. If she wins, and she wanted, 0:08:20.280 --> 0:08:22.320 if she doesn't know what the hell she's doing. If 0:08:22.320 --> 0:08:25.120 she wins, she's and she's not going to be thinking 0:08:25.160 --> 0:08:29.040 about I couldn't every speech I made having to do 0:08:29.120 --> 0:08:31.040 with cars, but every speech I made having to do 0:08:31.080 --> 0:08:34.680 with tariffs, I'd mentioned that our country is being threatened 0:08:34.720 --> 0:08:38.160 by Mexico. Now all of those things, beyond even the 0:08:38.160 --> 0:08:41.480 car companies, all of those things are now dead. They're dead. 0:08:41.679 --> 0:08:44.600 I asked them, Will they start Probably not their dead 0:08:44.640 --> 0:08:48.160 as a door nail. If she gets in, it'll start 0:08:48.240 --> 0:08:48.560 up again. 0:08:48.880 --> 0:08:51.480 Trump. I let you give your example. You talked a 0:08:51.520 --> 0:08:54.440 lot about tariffs. You look at the American economy. Forty 0:08:54.480 --> 0:08:57.680 million jobs rely on trade. It counts for twenty seven 0:08:57.720 --> 0:09:01.360 percent of GDP Okay that off. That's also going to 0:09:01.400 --> 0:09:04.880 effect on many many business people here. Tariffs also have 0:09:04.920 --> 0:09:08.200 another side. Isn't that something that you have to acknowledge. 0:09:08.280 --> 0:09:10.839 You could be plunging America into the biggest trade war 0:09:11.400 --> 0:09:14.440 since Smoothall you're going to stop, You're going to there 0:09:14.480 --> 0:09:15.559 are tariffs already. 0:09:15.360 --> 0:09:16.880 There are no tariffs. All you have to do is 0:09:16.880 --> 0:09:18.960 build your plant in the United States and you don't 0:09:19.000 --> 0:09:19.840 have any tariffs. 0:09:20.520 --> 0:09:23.000 People, there's a lot of places, a lot of places 0:09:23.040 --> 0:09:24.960 like this, they rely there are a lot of jobs 0:09:25.000 --> 0:09:27.480 that rely on foreigners coming here. You're going to basically 0:09:27.600 --> 0:09:32.400 stop trade with China. You're talking about sixty that sixty 0:09:32.400 --> 0:09:34.720 plent tariffs on that. You're talking, as you said, one hundred, 0:09:34.760 --> 0:09:37.640 two hundred percent on things you don't really like. You're 0:09:37.679 --> 0:09:40.439 also talking about twenty ten, twenty percent tariffs on the 0:09:40.480 --> 0:09:42.360 rest of the world. That is going to have a 0:09:42.400 --> 0:09:45.000 serious effect on the overall economy. And yes, you're going 0:09:45.040 --> 0:09:48.160 to find some people who were gained from individual tariffs. 0:09:48.480 --> 0:09:50.680 The overall effect could be massive. 0:09:51.600 --> 0:09:55.120 I agree, it's going to have a massive effect. Positive effect. 0:09:55.360 --> 0:09:58.560 It's going to be a positive Let me just no no, 0:09:58.679 --> 0:10:00.800 let me give a committed You are to this, and 0:10:01.200 --> 0:10:02.920 it must be hard for you to, you know, spend 0:10:02.920 --> 0:10:05.320 twenty five years talking about tariffs has been negative, and 0:10:05.320 --> 0:10:08.160 then have somebody explained to you that you're totally wrong. 0:10:08.559 --> 0:10:13.480 It'll have a negative, it will have other if you 0:10:13.520 --> 0:10:18.000 don't forty million jobs, there's a lot of jobs to 0:10:18.040 --> 0:10:21.080 rely on. They're all coming back foot million jobs. There 0:10:21.080 --> 0:10:24.560 are forty million jobs in America that rely on trade. 0:10:24.600 --> 0:10:28.839 Ready. John Deere, great company. They announced about a year 0:10:28.880 --> 0:10:31.839 ago they're going to build big plants outside of the 0:10:31.960 --> 0:10:34.240 United States. Right, They're going to build them in Mexican. 0:10:34.360 --> 0:10:36.720 You threaten they're all in a building. They still that's right. 0:10:36.920 --> 0:10:39.360 I said, if John Deere builds those plants and not 0:10:39.480 --> 0:10:43.040 selling anything into the United States. They just announced yesterday 0:10:43.040 --> 0:10:45.560 they're probably not going to build the plants. Okay. I 0:10:45.640 --> 0:10:48.560 kept the jobs here, and I'll keep them. John Dee 0:10:48.640 --> 0:10:50.960 will stay here, and I'll tell John Deere if you 0:10:51.040 --> 0:10:53.640 do build outside of the United States, you can if 0:10:53.640 --> 0:10:56.640 you want. For instance, India is a very tough country. 0:10:56.679 --> 0:10:59.600 It's not only China, you know, China is is the 0:11:00.640 --> 0:11:03.160 I would say probably the toughest, but there are a 0:11:03.200 --> 0:11:06.240 lot of tough you know, it's very tough European Union. 0:11:06.440 --> 0:11:09.959 Our beautiful European country is wonderful, wonderful. If you add 0:11:10.000 --> 0:11:13.200 them up, they're almost the size of us. They treat 0:11:13.280 --> 0:11:16.280 us so badly. We have a deficit. I said to 0:11:16.320 --> 0:11:19.000 Angela Merkel when she was there. She's not there anymore. 0:11:19.000 --> 0:11:22.160 I wonder why. But when she was there, I said 0:11:22.160 --> 0:11:26.520 to Angola, how many Chevrolets do we have in Berlin? Why? Donald, 0:11:26.880 --> 0:11:29.600 you have none? He said, that's right. How many Fords 0:11:29.600 --> 0:11:34.520 do we have in Frankfurt? I don't know none. I said, 0:11:34.520 --> 0:11:37.800 that's right. You know how many cars we have, Mercedes, Benz, 0:11:38.040 --> 0:11:42.600 BMW and all of the different VOLKSWAG and millions and millions, 0:11:42.679 --> 0:11:45.120 of course. And then I said, farm products. You know, 0:11:45.160 --> 0:11:47.400 they don't want our farm They don't want anything from us. 0:11:48.240 --> 0:11:51.360 We have deficits that are crazy. We're not going to 0:11:51.400 --> 0:11:54.440 have anymore. We're going to put tariffs on them, and 0:11:54.480 --> 0:11:56.400 they're going to do and you know what they can do. 0:11:56.880 --> 0:11:59.760 The Mercedes Bends will start building in the United States, 0:12:00.080 --> 0:12:01.920 have a little bit, but you know what they really 0:12:01.960 --> 0:12:05.600 are assembled like in South Carolina. But they build everything 0:12:05.600 --> 0:12:08.160 in Germany and then they assemble it here. They get 0:12:08.200 --> 0:12:10.720 away with murder because they say, oh, yes, we're building. 0:12:10.920 --> 0:12:12.840 They don't build it. They take them out of a 0:12:12.920 --> 0:12:15.200 box and they assemble them. We could have our child. 0:12:15.320 --> 0:12:18.200 Don can we come back, Let's come Let's come back 0:12:18.200 --> 0:12:21.600 to the Europeans. In the second what about consumers people 0:12:21.600 --> 0:12:24.520 out there, they're going to be the biggest TAXI critics say, 0:12:24.559 --> 0:12:26.920 your tariffs will end up being like a national sales 0:12:26.960 --> 0:12:30.560 tax because the country add if you have America the 0:12:30.559 --> 0:12:33.720 moment has three trillion dollars worth of imputs. You're going 0:12:33.800 --> 0:12:35.600 to add tariffs to every single one of them. That 0:12:35.720 --> 0:12:37.800 is going to push up the cost for all those 0:12:37.800 --> 0:12:41.520 people who want to buy foreign goods. Is just simple mathematics, 0:12:41.520 --> 0:12:42.280 President Trump. 0:12:42.080 --> 0:12:44.440 It's not. Yeah, it is, but not the way you've 0:12:44.480 --> 0:12:47.040 figured that was always very good in mathematics. Let me 0:12:47.040 --> 0:12:50.360 tell you. You're saying three trilia's. 0:12:49.600 --> 0:12:51.720 Trillion dollars worth of it and they don't have to pay. 0:12:51.840 --> 0:12:55.720 And the higher the tariff, the more likely it is 0:12:55.960 --> 0:12:57.720 to have them come into. 0:12:57.559 --> 0:12:59.240 Higher the tariff, the more you're going to put on 0:12:59.320 --> 0:13:02.240 the value of that those goods, the higher people are 0:13:02.240 --> 0:13:03.480 going to pay in shops. 0:13:04.679 --> 0:13:08.160 Ready, the higher the tariff, the more likely it is 0:13:08.200 --> 0:13:10.760 that the company will come into the United States and 0:13:10.880 --> 0:13:13.160 build a factory in the United States so it doesn't 0:13:13.200 --> 0:13:15.280 have to pay the tariff that will. 0:13:15.160 --> 0:13:17.400 Take That will take many many as you know, that 0:13:17.440 --> 0:13:18.600 will take many years. 0:13:18.920 --> 0:13:21.840 In fact, I'll tell you know. There's another theory is 0:13:21.880 --> 0:13:26.560 that the tariff, you make it so high, so horrible, 0:13:26.640 --> 0:13:29.800 so obnoxious, that they'll come right away. When I do 0:13:29.880 --> 0:13:33.559 the ten percent ten percent is really first of all, 0:13:33.640 --> 0:13:37.800 ten percent when you collect it is hundreds of billions 0:13:37.840 --> 0:13:42.120 of numbers that you're talking all reducing our deficit. But 0:13:42.280 --> 0:13:44.440 really so, there's two ways of looking at a tariff. 0:13:44.800 --> 0:13:48.079 You can do it as a money making instrument, or 0:13:48.120 --> 0:13:51.360 you can do it as something to get the companies. Now, 0:13:51.440 --> 0:13:53.760 if you want the companies to come in, the traff 0:13:53.800 --> 0:13:55.840 has to be a lot higher than ten percent, because 0:13:55.880 --> 0:13:58.439 ten percent is not enough. They're not going to do 0:13:58.480 --> 0:14:01.360 it for ten But you make fifty percent tariff, they're 0:14:01.360 --> 0:14:03.280 going to come in. Let me tell you the other 0:14:03.320 --> 0:14:06.520 thing about tariffs that's great are steel companies. As you know, 0:14:06.640 --> 0:14:08.240 three four years ago, they were all gone. When I 0:14:08.320 --> 0:14:11.360 was in office, I saw a man from a big 0:14:11.400 --> 0:14:13.719 steel company and he was devastated. I knew him for 0:14:13.760 --> 0:14:16.600 a long time, and it's been a tough business. It 0:14:16.640 --> 0:14:18.880 was a great business many years ago. And I would 0:14:18.960 --> 0:14:21.520 not let you are steel be sold to Japanese by 0:14:21.560 --> 0:14:24.440 the way, it just psychologically I think it. 0:14:24.440 --> 0:14:27.680 Was steel as you Yeah, I wouldn't. 0:14:27.400 --> 0:14:29.320 Let Yeah, I would have let it be sold, but 0:14:29.640 --> 0:14:33.160 I would if I would stop it if it hasn't 0:14:33.200 --> 0:14:36.000 been completed by the time I'm president, because I think 0:14:36.040 --> 0:14:38.560 it's such a horrible tone. But I had a lot 0:14:38.600 --> 0:14:40.080 to do with steel. We were going to lose all 0:14:40.120 --> 0:14:42.960 our steel companies because China, as you remember, was dumping 0:14:43.000 --> 0:14:46.480 steel at levels that nobody's ever seen before. And I 0:14:46.520 --> 0:14:50.840 put a fifty percent tax on that and tariff on 0:14:50.920 --> 0:14:53.480 that all dumped steel. And it was also bad steal. 0:14:53.480 --> 0:14:55.280 It was dirty what they call dirty steel was a 0:14:55.280 --> 0:14:59.600 good steal, which is a bad thing for structural components 0:14:59.600 --> 0:15:02.320 of building and planes and things like that. They were 0:15:02.360 --> 0:15:06.080 dumping crap into our country. And I put a fifty 0:15:06.120 --> 0:15:08.480 percent tariff. I started at twenty five. I raised it 0:15:08.520 --> 0:15:10.680 to fifty because the twenty five didn't quite do it. 0:15:11.000 --> 0:15:13.000 I raised it to fifty and that did it. They 0:15:13.080 --> 0:15:18.000 stopped dumping steel, and I saved our steels by having that, 0:15:18.040 --> 0:15:21.600 we saved it. We saved our steel. Now what was 0:15:21.680 --> 0:15:24.400 left because we've lost so much. But there are certain 0:15:24.480 --> 0:15:26.400 companies you have to have. There are certain things you 0:15:26.400 --> 0:15:28.880 have to have. Steel you have to have if you 0:15:28.960 --> 0:15:31.760 go to war. You know there's a possibility you go 0:15:31.800 --> 0:15:33.880 to war. I kept us out of where I was 0:15:33.920 --> 0:15:36.560 the only president in eighty two years that kept you 0:15:36.600 --> 0:15:38.560 out of a war except I defeated Isis. But I 0:15:38.640 --> 0:15:42.520 inherited that one. I mean, no wars. And by the way, 0:15:42.960 --> 0:15:45.320 by the way, and I think it's very important you 0:15:45.360 --> 0:15:46.960 can go. You know, I caught the weave. You can 0:15:47.000 --> 0:15:49.640 call it. You have the weave as long as you 0:15:49.720 --> 0:15:51.600 end up in the right location at the end. But 0:15:52.400 --> 0:15:55.000 while we're talking about it, we have never been so 0:15:55.120 --> 0:15:57.400 close to World War three as we have are right 0:15:57.440 --> 0:16:00.600 now with what's going on in Ukraine, in Russia, in 0:16:00.600 --> 0:16:04.200 the Middle East. Well, let's no wars in the whole world, 0:16:04.760 --> 0:16:07.000 think of it. And I talked about a wars. I 0:16:07.000 --> 0:16:09.440 talk plenty of countries at a wars. I had the 0:16:09.520 --> 0:16:13.960 whole world other than Isis, which I inherited and I 0:16:14.040 --> 0:16:16.520 knocked out Isis. And a matter of wiks, it was 0:16:16.520 --> 0:16:18.520 supposed to take four to five years. I did it 0:16:18.560 --> 0:16:20.520 in a matter of weeks. And we actually have a 0:16:20.520 --> 0:16:22.400 great military. We don't know how to use it. 0:16:22.480 --> 0:16:25.440 You present Joun with great respect. I was asking about tariffs. 0:16:25.440 --> 0:16:27.480 You've gone off by that. Seeing you've brought up tariffs 0:16:27.480 --> 0:16:30.840 and foreign policy, many people would say the biggest problem 0:16:31.200 --> 0:16:34.960 with your tariffs is actually geopolitics. You in your first term, 0:16:35.200 --> 0:16:38.000 you got some credit for effectively saying that there was 0:16:38.760 --> 0:16:41.360 a Cold War against China. That's what America was in 0:16:42.200 --> 0:16:44.840 You look at the last Cold War against the Soviet Union. 0:16:45.280 --> 0:16:48.360 America won it in part because it rallied allies to it. 0:16:48.800 --> 0:16:54.440 You're talking about slamming allies with thirty tariffs. Isn't this 0:16:54.520 --> 0:16:56.280 time you're going to end up trying to rally the 0:16:56.320 --> 0:16:59.160 West and you're dividing it instead. Isn't that the real 0:16:59.200 --> 0:17:02.800 problem with tariff, even beyond all the problems to the economy, 0:17:02.800 --> 0:17:05.480 where you you keep on bringing out these individual examples, 0:17:05.760 --> 0:17:09.560 but the overall effect is going to be dramatic. Answer 0:17:09.600 --> 0:17:10.880 first about foreign policies. 0:17:11.040 --> 0:17:11.600 I'll do that. 0:17:11.640 --> 0:17:13.959 How does it help you take on China? Turning all 0:17:14.000 --> 0:17:14.960 your allies. 0:17:14.600 --> 0:17:19.000 Again tremendously because China things were a stupid country, a 0:17:19.160 --> 0:17:22.720 very stupid country. They can't believe that somebody finally got 0:17:22.760 --> 0:17:29.280 wise to them. Not one president Bush Obama, Barack Husein Obama. 0:17:29.320 --> 0:17:32.960 Have you heard of him? Not one president, not think 0:17:33.000 --> 0:17:37.880 of it. Not one president charge China anything. They said, Oh, 0:17:38.000 --> 0:17:40.760 they are third world nation, they are developing. Well, we're 0:17:40.800 --> 0:17:43.680 a developing nation too. Take a look at Detroit. Take 0:17:43.720 --> 0:17:46.360 a look at our cities. We're a developing nation. We 0:17:46.359 --> 0:17:49.080 we have to develop more than they do. We're way 0:17:49.119 --> 0:17:50.960 behind them. You take a look at what's happened to 0:17:51.000 --> 0:17:51.600 our cities. 0:17:51.880 --> 0:17:55.359 So my question is about your allies, not about China. 0:17:55.440 --> 0:17:59.200 You aren't going to annoy the allies behind you. 0:17:59.240 --> 0:18:03.360 But our allies have taken advantage of us more so 0:18:03.480 --> 0:18:07.600 than our enemies. Our allies are the European Union. We 0:18:07.680 --> 0:18:10.399 have a trade deficit of three hundred billion dollars with 0:18:10.480 --> 0:18:14.600 the European Union. Our allies are Japan. You know, Abby 0:18:14.720 --> 0:18:16.280 was a very good friend of mine. He was a 0:18:16.320 --> 0:18:19.159 great guy, great and I said to him in Japan 0:18:19.320 --> 0:18:22.760 he was assassinated and he was a great man, he 0:18:22.880 --> 0:18:26.439 really was. I didn't see too many like him, and 0:18:26.520 --> 0:18:28.199 he was. He got very sick and he had to 0:18:28.240 --> 0:18:30.959 take off, and then he was actually making a comeback. 0:18:31.000 --> 0:18:32.560 He was going to make a comeback and he would 0:18:32.560 --> 0:18:35.720 have won easily. But he was a great gentleman, handsome, 0:18:35.880 --> 0:18:42.120 wonderful man, respected by everybody. And I went to him 0:18:42.600 --> 0:18:47.640 and I said, Chinzo, we have to talk what trade 0:18:48.280 --> 0:18:52.280 and he goes, I'll never forget it, I know. I said, 0:18:52.280 --> 0:18:54.560 what do you know? I knew you'd come to me. 0:18:55.320 --> 0:18:58.960 Why do you say that, because I can't believe I 0:18:59.000 --> 0:19:03.080 wouldn't tell the survey was alive. Actually said, I can't 0:19:03.080 --> 0:19:06.360 believe how many years it's been that nobody even negotiated 0:19:06.440 --> 0:19:09.359 with us in America. I said, Shinzo, you have to 0:19:09.400 --> 0:19:11.959 pay for your cars. You're sending millions of cars. You 0:19:12.000 --> 0:19:14.680 don't accept the car from US. You don't have one 0:19:14.760 --> 0:19:17.840 car that you accept, and yet we're selling three million, 0:19:17.920 --> 0:19:22.520 four million of your cars. I said, Shinzo on agriculture, 0:19:23.000 --> 0:19:26.320 you won't even accept our agriculture. And I renegotiated a 0:19:26.320 --> 0:19:29.200 whole trade deal from a little disadvantage because I was 0:19:29.240 --> 0:19:32.159 stuck with a bad deal. I mean, I got we 0:19:32.240 --> 0:19:34.920 have trade deals that were so bad that I said, 0:19:34.920 --> 0:19:36.880 who are the people that are doing it? They're either 0:19:37.000 --> 0:19:39.720 very stupid or are they getting paid off? Okay, it's 0:19:39.760 --> 0:19:42.240 one or the other. It's very simple. We have the 0:19:42.280 --> 0:19:46.479 worst trade deals all over the world. South Korea. I 0:19:46.520 --> 0:19:49.960 love South Korea. They're wonderful people, extremely ambitious. They have 0:19:50.040 --> 0:19:53.600 a money machine. We protect them from North Korea and 0:19:53.720 --> 0:19:57.119 other people. North Korea is very nuclear. I got along 0:19:57.160 --> 0:20:01.040 with him very well, Kim Jong. But wait, they don't 0:20:01.080 --> 0:20:05.439 pass anything. And I said, this is crazy. If I 0:20:05.520 --> 0:20:11.200 didn't put tariffs on you know, the the car companies, 0:20:11.359 --> 0:20:14.399 they make most of their money at small trucks. I 0:20:14.480 --> 0:20:18.160 put tariffs on China, but I put twenty seven point 0:20:18.160 --> 0:20:22.359 five percent. Otherwise we'd be flooded with Chinese cars and 0:20:23.000 --> 0:20:25.240 all of our factories were clothes, would have no jobs 0:20:25.320 --> 0:20:27.960 at all in the auto industry that goes for electric 0:20:28.000 --> 0:20:30.520 by the way, which is a killer, which I've explained 0:20:30.560 --> 0:20:32.120