Q4 2024 eXp World Holdings Inc Earnings Call
Correct.
Hello.
And welcome.
Did the ESP World Holdings' fourth quarter, and full year 2024 earnings Fireside chat via live stream in our meta versus on the web frame.
Speaker Change: My name is Denise Garcia and I manage Investor Relations for E X P. A world Holdings today, we will begin our earnings Fireside chat with remarks from Glen Sanford founder Chairman and CEO of E X P World Holdings, Leo Pereira CEO of the XP Realty Spring Benson.
CEO of Utah life Real estate group when the four sites CMO of the XP royalty and Ken Cheng Principal financial Officer, and Chief Accounting Officer at E X P World Holdings. Following our prepared remarks, we will open the call to Q&A session with our speakers, but let's begin with a review of the forward looking statements.
Speaker Change: There'll be a number of forward looking statements made today that should be considered in conjunction with the cautionary statements contained in the company's SEC filings forward looking statements are subject to various risks and uncertainties that could cause actual our actual results to differ materially from these statements.
Speaker Change: Please see our filings with the SEC, including our most recently filed annual report on Form 10-K, and quarterly reports on Form 10-Q for a discussion on specific risks that may affect our business performance and financial condition.
Speaker Change: We assume no obligation to update or revise any forward looking statements or information as a reminder, today's call is being recorded and a replay will also be made available on ESP Road haulage.
Speaker Change: Now for a few logistics and we'll get started.
Speaker Change: First welcome to our meta versus on the web for those of you joining and frame today well welcome to zoom in on a specific screen you can click on that screen and then click zoom in if the content on the screen disappears or you lose audio simply refresh your page while in frame. If you need help just used to help button at the bottom right link.
Speaker Change: On the bottom right to link with Tech support.
Speaker Change: Should you wish to ask a question during our presentation you can enter your questions by scanning the QR code presented on the screen with your mobile phone or go to <unk> Dot com and type the event core E X pie from there you can submit a question or vote up an existing question by giving a thumbs up if you would also like that question to be asked this cream of wheat remain.
Speaker Change: On the right hand side of the stage.
Speaker Change: Now I'll turn the fireside chat over to our speakers before opening the call to questions.
Speaker Change: You may begin.
Speaker Change: Thanks, Denise and thanks, everyone for joining us here today.
Speaker Change: No.
Speaker Change: Four we review our fourth quarter and full year results I wanted to take a moment to discuss the big picture and the powerful platform.
Speaker Change: Built for <unk>, obviously, we have our <unk> North America and this really is the driving engine capital, allowing us to expand around the world. As you know when you do look at Kent pulls up the segment level reporting Youll see that North American Realty.
Speaker Change: Continues to be a profit center for the company and that allows us to really build this thing in a way that nobody else can build because.
Speaker Change: Because we are a sustainable profitable business.
Speaker Change: That more than 15 years building <unk> XP platform and this is made DXP. The only brokerage at scale that includes a full marketing suite for agents.
Speaker Change: Personal development services, we've got obviously health resources for agents first company in the World.
Speaker Change: The first company in the World provide meaningful Rev share in equity and then of course you see.
Speaker Change: Being a one of our innovations that we've invested in which is really the enterprise level <unk> platform called frame PR, which allows us to actually run this company our worldwide.
Speaker Change: So now I'll move on to some of the highlights from the fourth quarter.
Speaker Change: Where I focused a lot of my time and attention.
Speaker Change: It has been since July last year has been on the international side of the business.
Speaker Change: And it's really.
Speaker Change: Turned the corner in terms of what we've.
Speaker Change: <unk> been doing in fact last week.
Speaker Change: A number of members of our team went to Egypt, I actually also went to Dubai.
Speaker Change: We were there.
Speaker Change: Helping open.
Speaker Change: Dripped and also supporting the launch of the Egypt, MLS which is actually.
Speaker Change: With our business partner and also who is also partnered with the government on the on the <unk> front. So we're really excited about where that's going.
Speaker Change: We ended last year with the productive agents at an all time high in international in fact international revenues.
Speaker Change: Grew 63%.
Speaker Change: Over 2023 and fourth quarter.
Speaker Change: <unk> continued to accelerate and we actually grew at 72% in the fourth quarter. So youll see international playing a larger and larger role in ESP as we continued to grow at the same time international has been putting on phenomenal growth. That's also been getting.
Speaker Change: <unk>.
Speaker Change: Profitable as a as a standalone part of business.
Speaker Change: And that's because we become more and more efficient.
Speaker Change: <unk> on that as different countries get to scale.
Speaker Change: So we're also as I mentioned were also in the process of opening up some additional countries and this includes Turkey.
Speaker Change: Peru.
Speaker Change: In Egypt, and actually in and in June of last year, we expanded our agent referral platform globally.
Speaker Change: And in ESP now has presence in 22 going on really 'twenty six 'twenty seven countries with the addition of the three countries.
Speaker Change: Along with the global referral platform, which increases our business capabilities and network prospects for ESP agents worldwide. In fact, that's one of the things that we hear.
Speaker Change: Consistently around the world is our national presence our international presence is a significant advantage to agents.
Speaker Change: Brown the world because of the way that that consumers.
Speaker Change: We'll buy in multiple countries around the world and moving around the world.
Speaker Change: The referral opportunities going back and forth is getting more and more significant so.
Speaker Change: I continue to expect the international will be the largest driver of future growth for the company, obviously domestically still growing lots of opportunities as well.
Speaker Change: But just to put in perspective, theres likely somewhere around 10 times as many agents outside of North America.
Speaker Change: That are operating in the business real estate then there is actually in North America. So really excited about where that's going to go and with that I'll turn the call over to Leo who will walk you through some of the North American highlights wheel.
Leo Pereira: Thank you Glen and thanks for everyone, who is joining us here today I want to start off by talking about our NPS score as you know it is our north star. It is the heart of everything we do because agents and serving agents is the most critical thing of DXP. We measure this throughout our net promoter scores throughout the entire organization.
Leo Pereira: It's vastly accepted that anything over 50% is a great score and last year in 2024, we actually increased three points from 2023% to 76. This is a very important feat, especially in the environment. We've had with the amount of complexity and change we experienced last year.
Leo Pereira: I am extremely proud of the fact that we got very positive feedback from the transaction process, 88% of our agents would have rated their transactions and nine or 10, and giving the amount of turbulence our industry experienced last year. That's something we're extremely proud of we're also extremely proud of the feedback that our state broker teams our comp.
Leo Pereira: Italy.
Leo Pereira: Getting and so you can see some of the quotes here to improve the experience not only from.
Leo Pereira: In the transactions day to day, but also on boarding.
Leo Pereira: Programs that we've rolled out like a white glove onboarding process.
Leo Pereira: Moving onto the next slide I'm extremely excited and proud to say that we've received an award for the eighth consecutive year of being one of the best places to work by our employees.
Leo Pereira: This is a testament to the culture that we've built and being recognized for the innovative products and experiences that we create for agents every single day.
Leo Pereira: Moving on to the next slide.
Leo Pereira: What's driving the success. So it's a combination of lots of initiatives. One that's super important is the initiatives and incentives to attracting southern most productive people in the industry are fast track fast start attraction bonus paid out well over $8 million to 77.
Leo Pereira: <unk> 7000 agents in 2024 and in that same year, we revise our pioneer Rev share program.
Leo Pereira: To make sure that we are still as competitive as possible and in the top of our game.
Leo Pereira: We continue to really pour into our industry, leading education and training programs.
Leo Pereira: <unk> University saw a huge increase at a 111% increase from 2023 to 2024, and we hosted regional rallies in 20 different locations throughout the entire year of 2024 and going into 2025, Justin's spring alone will be doing 18 locations.
Leo Pereira: With the <unk> legislation being such a big topic, we provided agents with buyer representation toolkits seller representation toolkits and to support agent attraction. We also open source that in such a turbulent time in the industry to make it available to as many people as possible moving.
Leo Pereira: Moving onto the next slide.
Leo Pereira: One of the things that is core to our thesis is that we can't build all things ourselves some of our competitors out there believe their tech companies and it's very much in our core that we are a world class brokerage. That's tech enabled so part of our thesis is to go partner with the best in class <unk> collaborative.
Leo Pereira: Tools to make everything go faster stronger better.
Leo Pereira: <unk> assemblies to every single agent.
Leo Pereira: And that was a huge success in the first 30 days, we had over 68000 designs created and in the first 60 days that number climbed.
Leo Pereira: <unk> hundred 89000 designs.
Leo Pereira: We also partnered with <unk>, which is <unk>.
Leo Pereira: Industry, leading business tracking platform to increase productivity comprehensive project management for team leaders for recruiting Onboarding all of their team members and.
Leo Pereira: Last but not least our luxury group grew by 46% in 2024, we opened up our membership.
Leo Pereira: Locations to 22 countries and Puerto Rico in 2024 with over 8 billion listings.
Leo Pereira: Were promoted through our luxury platform in the year 2024.
Speaker Change: Now I mentioned earlier, there were very focused on creating best in class training and education Fast Cup is a program we launched in September and I couldnt be more excited.
Leo Pereira: Predicted this will be a very important piece of our.
Leo Pereira: Platform for educating agents. It is a six week agent intensive immersive program, where we walk agent step by step to a blueprint and how to build their business quickly and most importantly for no. Additional cost. This is very important with the C suite partnership we did because we gamify the process to have agents.
Having amazing result, when joining the company.
Leo Pereira: These results are unparalleled in most of the agents going through this program are brand new agents and the results are from the activity created during this six week immersive program so at scale.
Leo Pereira: <unk> for appointments turns into two signed agreements and agreements could be either a buyer agreement or a listing agreement.
Leo Pereira: For the folks that did the minimum standards suggest and of course those numbers jumped to almost seven appointments with three eight signed agreements so.
Leo Pereira: The program is in its early days, but the results.
Leo Pereira: And the feedback from both new agents and two.
Leo Pereira: A pleasant surprise seasoned agents, who wanted to refresh are through the roof move.
Leo Pereira: Moving on to the next slide.
Leo Pereira: And going into 2025, we are moving in with Super strong momentum. These are the kind of programs education and training that support and have helped drive our strong momentum in the fourth quarter with an increase of 12% in transaction count per ESP agent and a 23% increase in sales volume.
Leo Pereira: Her ESP agent I've also highlighted this is a very strong December for us with the top 10 teams in the United States closing, a combined $439 million in sales volume and that speaks to the talent, we've been able to attract in 'twenty four.
Leo Pereira: Okay.
Leo Pereira: In December we had Chris Cadwell out of Denver joined who was one of the top teams at compass bring over their entire team.
Leo Pereira: Zillow flex partner with over $200 million in volume, which is a testament to the type of talent we are attracting.
Leo Pereira: Yeah.
Leo Pereira: Next is generic Hershey, Hyder and Travis Mullen in Orange County, there are quite.
Leo Pereira: Famous from the real Housewives show in their launch video went viral.
Leo Pereira: Next slide.
Quinn: Quinn from New Jersey.
Quinn: Joining us after spending a decade at Keller Williams and being ranked as one of the top agents on the real trends in Wall Street Journal list.
Mcglaughlin: And just in Mcglaughlin came back after leaving us for epic for seven months and returned to ESP with 15 agents previously, leaving he was a three time icon winter, which is a testament to the platform and even for the folks who have chosen to go explore what potentially could be the grasses.
Greener, we're having a very high.
Mcglaughlin: Boomerang rate of returning back to the company.
Speaker Change: Now with that I want to actually bring up in agent who joined us in January.
Speaker Change: One of the biggest joiners, we've had join US $318 million in 2024 with 660 closed units.
Speaker Change: Spring Benson is here with us and I'm, just going to have a small chat with her about the decision making process.
Speaker Change: She was at a competitor.
Speaker Change: Not only their one of their top agents, but also one of the top attractors. So we thought it would be a interesting conversation to just have in front of.
Speaker Change: The wall Street audience, and our agents listening on the call and so spring. Thank you for joining us and welcome.
Speaker Change: We will keep it brief but I was just curious as you were making the decision and seeing the opportunity what what is what kind of got you into a conversation with us and ultimately decided to make the move yes, well. Thank you for having me Leo I'm grateful to be here.
Speaker Change: And I believe that DXP isn't as Keith pointed out here with over 80000 agents strong and the foundation you guys had a really solid foundation of operational excellence and your focus on agent production growth was very attractive to me.
Speaker Change: And as you mentioned you ran a large team out of Salt Lake City, Utah and production always comes first in my organization.
Speaker Change: <unk> emphasis.
Speaker Change: Being home of some of the highest producing teams in the industry as well as Europe, and there's a lot of opportunities to participate in local mass ninth advanced training opportunities and resources just to collaborate with top producers with really attractive do you need to be able to scale.
Speaker Change: Our retail production business.
Speaker Change: On top of that beyond production enhanced revenue share program played a major role in my decision.
Speaker Change: Unlocking level five for caffeine is a game changer and then also unlocking with you if youre an icon <unk> unlocking all standard levels.
Leo Pereira: Massive opportunity for myself and other agents for growth and scalability, it's really unmatched truly unmatched in the industry and really excited about that and then the other factor I would say Leo with what your stock equity program is back to <unk>.
Leo Pereira: <unk> participate and contribute up to 5% or 5% of their conditions and it's untapped.
Really creates a great opportunity for us to invest in the future of the company and in the future of our personal growth.
Leo Pereira: And having an ownership stake in <unk> something that truly sets the brokerage apart and it was one of the key factors why make the decision.
Speaker Change: Thank you so much spring for joining us and also sharing those comments with everybody.
Wendy: Wendy I will hand, it off to you.
Wendy: Thanks, Leo and thank spring.
Speaker Change: In 2024, we focused on aligning our E X P value stack to provide our agents with the best for services and support in the business. Our mission was to make our value stack such an integral part of their business that there is no way that they would want to go.
Speaker Change: Any other brokerage and that their partnership with ESPN would be sell valuable you can see on the graphic on the screen all of the tremendous elements that we have today as part of our E X P value stack.
Speaker Change: This realignment and reinvestment in our agents is having tremendous impact.
Speaker Change: We challenged our agents in our January kickoff event to make bold moves in 2025 ESP two point al will take our legacy of innovation disruption and vision to the next chapter and our agents are excited about that you can see the quote we have here from one of our agents.
Speaker Change: San Diego, Dan B are too.
Speaker Change: <unk> been re inspired by our tech stack, our value stack and everything that we're doing in the growth at his business.
Speaker Change: We know if we go to the next slide we know that our agents are superpower and this year. We will continue to tell our agents stories stories like share with our youngest icon agent in South Africa stories of success like David who joined US after a long career and has re.
Speaker Change: <unk> icon status four years in a row stories like Sunny from Vancouver, Canada, who joined us to build multiple income streams and his business and stories like Dana from St. Louis you brought her entire independent brokerage over to ESP because she wanted to empower.
Speaker Change: Our agent to expand their income to new levels.
Speaker Change: These success stories are what attract and retain agents here at DXP.
Speaker Change: We are very excited about the year ahead, and we invite you to join US at one of our marquee events in Montreal, Barcelona, or Miami, where the power and passion of our DXP community will be in full effect and with that and then pass the stage over to Ken to review our financial highlights.
I'd like to start by emphasizing that ESP, our financial success begins with our agents.
Speaker Change: Dedication and engagement are at the heart of our performance in Q4, our agent in that promotion.
Speaker Change: Motor score remained strong at 77, reflecting the.
Speaker Change: <unk> satisfaction and loyalty of our agent commodity disc.
Speaker Change: Despite a challenging macroeconomic environment, we deliver $4 $6 billion in revenue in 2024 up 7% from the prior year.
Speaker Change: This growth is a testament to the strength of our platform and resilience of our business model in.
Speaker Change: In Q4 real estate sales volume increased 17% driven by a 12% year over year improvement in agent productivity.
Speaker Change: Full year International revenue grew 63% in 2024.
Speaker Change: Star rating from 50% in Toronto. This week in Q4 alone International revenues surge, 72% year over year.
Speaker Change: From a profitability standpoint, we reported a net loss from continuing operation of <unk>.
Speaker Change: $8 million 474, however, when adjusting for the $34 million.
Speaker Change: Litigation contingency and $4 $9 million impairment charge net of test the.
Speaker Change: Full year adjusted net income was $12 2 million.
Speaker Change: An impressive 247% increase over the prior year.
Speaker Change: Additionally, we delivered adjusted EBITDA of $75 $5 million 474, representing a 16% increase year over year.
Speaker Change: Strong achievement, despite the significant market headwinds we face.
Speaker Change: On the next slide I will walk you through the key financial and operating metrics that drove our performance in fourth quarter.
Speaker Change: In the fourth quarter, we grew revenue by 12% year over year, our productive agents and agent teams were the key driver of this growth contributed to a 6% increase in real estate sales transaction.
Speaker Change: This translate to a 12% increase in transaction per agent referred to in the continuing importantly in agent productivity.
Speaker Change: We maintain a sustainable gross margin, which stood at 12% excluding revenue share and the stock based compensation.
Speaker Change: From a profitability standpoint, adjusted EBITDA grew 151% a result of our disciplined approach to operations and cost management, while continuing to invest in our agents as staff.
Speaker Change: Our cash position remains strong we ended the quarter with $113 $5 million in cash ensuring financial flexibility as we execute our strategy.
Speaker Change: Operationally, we closed the quarter and the year with total 82980 agents reinforce our position as the most agent centric brokerage in the industry.
Speaker Change: On the next slide I will highlight the financial operating metrics that drove our full year results.
Speaker Change: The full year trend is similar to Q4, our visit performance remained strong and consistent throughout the year, despite a challenging market condition.
Speaker Change: For the full year to 104, we grew revenue by 7% year over year, we maintain a solid gross margin of 12, 6% excluding revenue share on the stock based compensation adjusted EBITDA increased 16% to $75 $5 million from an operational standpoint, we successfully completed.
Speaker Change: Over 430000 real estate transactions, a 3% increase over the prior year sales volume reached 185 billion.
Speaker Change: 9% year over year, driven by 6% increase in transaction per agent.
And that's why I will breakdown the financial result by segment.
Speaker Change: Our North America royalty settlement remains the primary driver for both revenue and profit.
Speaker Change: For the company.
Speaker Change: Police fire challenged U S residential market.
Speaker Change: We deliver strong results revenue for the fourth quarter grew 11% year over year to $1 $68 million driven by higher home sales price and an improved agent productivity for the full year segment revenue increased 6% to close to full.
Speaker Change: $5 billion.
Speaker Change: Profitability also saw significant gains.
Speaker Change: Fourth quarter, adjusted EBITDA increased 63% year over year to $40 million, while full year, adjusted EBITDA search, 151% to $99 million as Glen described international.
Speaker Change: Turning to grow revenue, while getting more profitable improved adjusted EBITDA profitability by 31% year over year.
Speaker Change: Other affinity services, including frame success contribute modest revenue and adjusted EBITDA.
Speaker Change: I'd like to take a moment to highlight our equity program a unique and differentiated.
Speaker Change: Component to our agent compensation.
Speaker Change: In 2004, we issued one 8 million shares to our agents throughout the agent grow incentive program.
Speaker Change: And estimate total value of $22 million looking at a longer time horizon over the past six months six years, we have issue more than $13 3 million shares to agents for this program, representing an estimated total value of $227 million.
Speaker Change: Testament to our commitment to Asian ownership. In addition to issue shares we will remain committed to responsible capital allocation in 2004 alone we repurchased over $141 million of common stock representing more than 11 9 million shares.
Speaker Change: This helped us maintain our shareholder ownership stake in equity value with that I'd like to turn the presentation back to Denise who will facilitate our Q&A session. Thank you.
Speaker Change: Thanks, Ken Thanks, Denise and thanks, everyone for joining us here today.
Speaker Change: Thanks, Kent.
Speaker Change: I'll kick off with a question for everyone on the team before we open the call questions first I'll start with you Glenn how is international different than domestic U S and Canada.
Speaker Change: Yes.
Speaker Change: For repeating myself there momentarily.
Speaker Change: So.
Speaker Change: I've had a chance now for about seven to eight months to be working really.
Speaker Change: In the trenches with the international team.
Speaker Change: I mentioned going to Egypt and to buy this last week, but one one of the interesting things I've noticed it.
Speaker Change: Last week was the launch of Egypt MLS that's being launched in conjunction with the government there.
Speaker Change: And what what's what's interesting is here in the U S. There's been this big debate.
Speaker Change: That has been created about private marketplaces and.
Speaker Change: Some of the data that's coming out and if it was one of the driving factors toward more.
Speaker Change: Ubiquitous marketplace. The Nevertheless provides is that sellers generally consult for a shorter period of time and for a higher dollars.
Speaker Change: Because of the MLS vector partner.
Speaker Change: It was actually a high producing agents in the U S.
Speaker Change: And from Egypt, originally and what.
Speaker Change: She had.
Speaker Change: <unk> found.
Speaker Change: Validate that with his middle Eastern counterpart, so it was pretty cool to kind of see some of this taking place but international is as well.
Speaker Change: Really where we'll say the U S and Canada was 30 40 years ago.
Speaker Change: And in fact, it's sort of like the web.
Speaker Change: Met real estate without the benefit of the MLS and so you've got all these disparate portals that are lobbying for advertising and promotions and charging agents significant dollars to get exposure, but they don't have any interest in data quality or a number of other factors. So.
Speaker Change: What we're seeing is <unk>.
Speaker Change: <unk> is bringing kind of are professionalizing influence and we're being recognized which is really really interesting we're being recognized as the company.
Speaker Change: This new way of working.
Speaker Change: Two other parts of the world. So I'm really proud of what we've done so far it's one of the reasons why you're seeing an accelerated growth.
Speaker Change: In international we're getting really clear on the messages that we think are important to consumers to agents to brokerages and.
Speaker Change: None of us really could've been learned effectively without having first operated as a successful Egypt and brokerage in the U S. Because we're really exploring the best of the best.
Speaker Change: To these international markets and how.
Speaker Change: Some of the stuff that we operate with and some of the customs that we've adopted over the years.
Speaker Change: Really provides significant benefits to the whole marketplace. So this is starting to really play out well. We're obviously, we've got three countries, where we're opening I think March we got Peru, we've.
Speaker Change: We've got Egypt as soon as we can get some of the legal documents are finalized which can take awhile turkeys pretty close as well we're thinking April will be the launch there and then we also have a couple of other countries that are incubating in the background. We're also doing.
Speaker Change: Making some changes relative to some of the some of the different countries and the leadership in creating.
Speaker Change: Ways to bring in the best the best another thing.
Speaker Change: Play with quite a bit is this idea that on international do you ever get a chance to go back and watch the movie Moneyball.
Speaker Change: We're bringing the concept of Moneyball and making sure that we've got the right people the best people.
Speaker Change: At the table with us, helping us grow the international side of the house. So just a few things on international but Super excited about where it's going and how it's starting to just start into that the hockey stick curve that we saw especially in the U S and 25th.
Speaker Change: 15, 16, 17, 18 were starting to see that curve start to kick in on the international side of the house.
Speaker Change: Alright. Thanks next question is for Leo.
Speaker Change: What's your strategy to help NXP agents win and 2025 things.
Denise Garcia: Thanks Denise.
Our strategy will be continuation of what we've been doing in 2020 for ESP Israeli carpets corner out is where the probes cutter growth. It's our unparalleled opportunities that we offer agents to grow their business I really describe the company as a platform that allows real estate entrepreneurs to build whatever size dream they won and so.
Denise Garcia: We're fortunate enough to partner with agents like spring months that you just met a little bit ago and also the agents that sell eight to 10 homes a year and you know our focus is on operational excellence, followed with World class technology partnerships and really continue to improve the value stack. So in 2025, we're just going to double down in.
Denise Garcia: Actually increase our investments in what's working for long term growth agent incentive programs have been working.
Denise Garcia: You saw our announcements of CCU in Canada and most.
Denise Garcia: Suddenly at the NASDAQ, we disclosed we're going to be switching to.
Denise Garcia: Slack pro so when you look at what companies that think their technology companies and say, they're going to build it all themselves. We're wanting to take the resources that.
Denise Garcia: We have to actually partner with a best in class Tech stack and actually hold them accountable. We can actually go to our vendor partners and say you know if youre if youre not the leading technology when your contract's up we're going to top grade and continue to improve and then finally, we're going to really focus.
Denise Garcia: On training I touched on in my presentation earlier with fast cap.
Denise Garcia: When <unk> started this vision 15 years ago. It was the only game in town.
Denise Garcia: We've all seen that most new companies will look more like us than our legacy competitors and so we have moved on from chapter one of just purely the model to doubling down on the entire value stack that can take an agent through their entire lifecycle. So zero to one one to 10 10 to $15 50 to $2 51 whenever their journey takes them on so.
Denise Garcia: As we look forward I'm not concentrated on this quarter. Even this year, we're trying to make sure that our platform will sustain decades ahead of us.
Leo Pereira: That's great. Thank you. Thank you Leo.
Denise Garcia: And now.
Speaker Change: Wendy one for you you identified many components within H <unk> agent value stack during the presentation, which ones are these are you seeing resonate most with agents more recently.
Wendy: Thanks, Denise, yes that value stack graphic is one of my favorite because it really does demonstrate how robust our offering is to support our agents throughout their entire day. So to answer your question I think it depends on the stage of the day most of our agents are in.
Wendy: So certainly from a marketing perspective can that has been a huge hit for our agents. We mentioned the number of almost $190000.
Wendy: <unk> designs being created in the first 60 days, Canada has allowed our agents to lean in and easily creating marketing tools for their business and Cc is another tool from our value stack that has allowed our agents to bring accounted.
Wendy: <unk> tracking into their business, which is an important part of increasing productivity.
Leo Pereira: Speaking of productivity fast cap Leo mentioned the numbers for cat bass cap that program has just been tremendous in helping agents start or restart those habits that are needed to grow production in their business.
Leo Pereira: And lastly, I'll mention just the overall support that our teams are able to get our agents are expert care desk handled over three 6 million tickets last year and was able to share those incoming calls within 37 seconds and <unk>.
Leo Pereira: Resolve the vast majority of those questions during that first interaction so far our agents that is tremendous when you need support you want to be able to get your questions answered immediately and we're able to do that.
Leo Pereira: For new agents, joining as we on boarded 94% of new agents within 24 hours less than 24 hours, which is tremendous for a new agent that is joining us.
Speaker Change: Last part of support that Al mentioned Theres sell Matt there's so much there but.
Speaker Change: Getting agents paid you know when we think of our value stack all of those other things around that graphics that I shared.
Speaker Change: Pivot to that day that you get paid that you get your commission checks and 90% of our transactions settled within 24 hours, meaning we get you your money in your hands, a SaaS and we know how important that is so all of those different elements at different times of the day mean different things.
Speaker Change: But they all add up to allowing you to do your business more effectively with us and Thats our goal.
Speaker Change: Great.
Speaker Change: Alright, Ken a question for you as you think about 2000 22025.
Speaker Change: Through the lens of the gross market as a growth mindset.
How are you thinking about building on the progress that was made in 2024.
Yes. Thank you for the question.
Speaker Change: Roughly about 105 profitability Ru poorly.
Speaker Change: <unk> on how the housing market play out over the course of 2025 as you can see why the interest rates still high in most 66, 9% on utility year mortgage rate that is an uncertainty in the market recently, we look at the Fannie Mae.
Speaker Change: Latest forecast by Fannie Mae still forecast U S.
Speaker Change: House market, we were down about 3% in Q1, and then see some mid single digit grow in second half. So that's more of the market condition and as you can see the performance in Q4 and last year with the mood of great job increase adjusted EBITDA will grow our revenue with Optum.
Speaker Change: Optimize our cost structure right to maximize productivity by identified many new agent centric grow incentive. So I think in 2025, we know we're going to continue to focus on.
Speaker Change: <unk> base initiative and investment that in our Pi lines, such as incentive technology improve our process to drive the long term grow as Leo just mentioned.
Speaker Change: Okay, Alright, Thank you Curt now I'll open up the call to our questions from analysts.
Denise Garcia: John Campbell from Stephens. If you have a question you can go ahead, yes. Thanks Denise.
John Campbell: Thanks for the time guys, but Leo this one's for you I mean, you've obviously been one of the.
Speaker Change: Kind of main public figures on the side of the other side of the CCD CCP debate from Compas I'm, hoping you can maybe provide a quick recap of your latest thoughts are where you think this ultimately shakes out and then to what extent you can without.
John Campbell: Obviously, showing your cards I'm assuming that.
John Campbell: If we assume that the industry listing landscape ends up being fragmented how you guys might look to respond I'm thinking househunters, maybe has a role somewhere in there, but where else might you be able to leverage your kind of scale and national.
Speaker Change: Thank you for the question and you're correct I've been not shy about my opinion on this.
John Campbell: No.
John Campbell: Our vantage point is from a being a global operator, North American real estate in my opinion is the most beautiful liquid accurate dataset that exists and we are the envy of the world and I can say that not only from sitting in this seat, but my previous company was a MLS technology company and I had countries, such as Australia, and Japan reach out to try to figure out.
John Campbell: How to replicate what we have because this is.
John Campbell: Such a better format to do what's best for consumers.
John Campbell: I I am being very direct in the answer that I think.
The other side of the argument is a selfish self.
John Campbell: Filling profit driven thing not the best thing for consumers.
John Campbell: So we will go as far as say I think they are inviting a class action lawsuit by sellers, who get hurt in this very concentrated effort and maybe a visit from the department of Justice.
John Campbell: If I were to sell my home I would listed on the MLS full stop best way, if I was giving you advice John I would do the same for yourself and your family with that said there is typically a reason for an exception once in a while for example, a.
John Campbell: Hey, tenant occupied residential property that can have access for <unk>.
John Campbell: 11 months remaining that actually can't be listening nameless per the <unk> guidelines, because you have to have available resources for showing a property.
John Campbell: Maybe a new construction property that is basically a hole in the ground and you don't want people showing up in <unk>.
John Campbell: Being unsafe.
John Campbell: And there are situations and there are legitimate situations that grip selling real estate in the D. C market. So we had prominent government fingers that didnt want their properties advertised anywhere.
John Campbell: Seen folks in the border parts of.
El Paso.
John Campbell: Also in Miami, where are where my technology operated where there was law enforcement concerns.
John Campbell: But that's one 2% of the of the transactions.
John Campbell: I truly think that the most exposure in the shortest amount of time is the next the next thing that's best for the seller.
John Campbell: That's the first part of the question down the second one is how would we respond in kind I have not been shy as well to both <unk> and anyone listening that if we go to a fragmented world.
John Campbell: Is bad for the consumer but if that's the cards that were dealt with were the single largest platform. The United States, we have more agents and we do more unit transactions than anybody else by a huge margin. So.
John Campbell: We are from a technology stack completely operational and can do this at scale again, we prefer to operate within the frame work that exists today, because we think it's the best thing for the consumer but if we kind of go backwards in time 50 years, how Glenn described with his opening comments and we look more like commercial real estate, we will have in <unk>.
John Campbell: <unk> advantage on everybody.
John Campbell: But again emphatically I don't think its the best thing for the consumer so I'm really hopeful that we can have.
Sound minds come to reasonable outcomes here John.
John Campbell: That's great feedback I appreciate that and then going back to the cost or the profit question for you can't.
John Campbell: You guys really have shown great cost discipline throughout the year and grown EBIT operating nicely. This year I'm, hoping we can maybe just to kind of do a quick spot check a refresher on the opex side first what's the mix between fixed and variable that you guys have now and then secondly.
Speaker Change: Looking out the rest of the year, Ken It sounds like that some of this will be contingent on U S housing but.
Speaker Change: Just broadly how you're thinking about fixed cost growth and you know how much of that is fully committed versus how much is going to be influenced by the broader market.
Speaker Change: That's a good question.
Speaker Change: I would say a lot of our costs right we can flex.
Speaker Change: Down right because from a sniff of PA cause his support for the Asian support complete their transaction. So I was a significant pop than can be flexed down based on volume. Another pies. We are investing in AI might eventually we're going to see some we're going to see pay off eventually.
Speaker Change: We have asked to also flex and <unk> and Lula lateral technology become more efficient.
Speaker Change: Makes sense thanks, guys.
Speaker Change: I would add just just to add.
Speaker Change: On the international side, we're definitely focused on opening up more countries and so that does add additional cost components to the overall mix, but that has its offsetting benefits you know two or three years out.
Speaker Change: <unk> of revenues, and then getting to scale et cetera. So.
Speaker Change: I'm focused or as an organization, we're focused on getting to as many markets as we can handle <unk>.
Speaker Change: A reasonable period of time and that obviously then has a cost factor that goes with it.
Speaker Change: That makes sense and then one more here I mean I've seen this in the chat box and I actually had the same question.
Speaker Change: You guys are now providing real estate transactions as opposed to total transactions, maybe talk about the rationale there and if we can get historical numbers to match up.
John Campbell: But John you said the Lille, Okay Mashona Seo question, we we provide real estate south for insertion correct. Okay.
Speaker Change: Yes, I think you provided total transactions so what you're what you've provided in the backlog year over year quarter is different than what you guys provided last year.
Speaker Change: No I mean, when we provide should be should be pretty comparable yeah. Okay.
Speaker Change: Okay. Okay.
Speaker Change: Maybe I can walk you through that offline if you need to look at a number yeah.
Speaker Change: Yeah.
Sean: Okay. Thanks, Thanks, Sean.
Speaker Change: Another question here from our analyst at William Blair, Matt <unk>, Matt you can go ahead. Thank.
Speaker Change: Thank you Denise Hey, everyone you have Matt <unk> on for Stephen Sheldon.
Matt: For taking my questions wanted to start with one on agent trends, how should we think about agent count trends in 2025 and can you also provide some context on how agent trends may look between domestic and international markets, especially since you just entered some new international markets and Theres clearly an increase.
Matt: <unk> focus on growing that part of the business.
Matt: Yeah, I'll I'll touch a little bit on it.
Matt: We've been obviously, our total agent count is down year over year.
Matt: One of the things that we were doing was some math on.
Matt: The number of agents that left us last year in aggregate, that's about 29000, including some some agent cleanup in the international side of the house.
Matt: And then when we sort of work out the math.
Matt: We.
Matt: We have added.
Matt: We now have more productive agent count than we did a year ago. So what what that number is it's it's.
Matt: My back of the Napkin says three four or 5000.
Matt: Productive agents that we have on the XP platform versus a year ago.
Matt: Right.
Matt: That's not.
Matt: Oh, that's a bit of a of a swag.
Matt: But it is what we're doing on the international side focused on on productive.
Matt: Agent count as being our are driving metric and we're certainly seeing that domestically because we did have so many people leave your XP and the industry with no production.
Matt: Last year domestically so.
Matt: On the international side.
Matt: We could we could add another.
Matt: Two or three or 4000 agents to the mix in the next 12 months I don't think that's anywhere out of the question maybe more than that.
Matt: Certainly.
Matt: Domestically, it's still there's still a lot of agents, who work selling that much that are still somewhat churning out but on a on a.
Matt: Best productive basis.
Matt: I think our numbers are continuing to trend trend up so we I don't know if you want to add any.
Matt: Other color to that.
Matt: So at our size and scale, it's not uncommon for us to be more reflective of the overall market when it comes to agent churn.
Matt: 30 year low in 2024 from historical average.
Matt: But what we've been focused on is really retaining and attracting the most productive agents. So.
All 90% of our churn sat between zero and seven transactions per year with more than half of them being it zero. So we've really focused on.
Matt: Maintaining and attracting the highest productive individuals as well as team leaders so to meet 2025 looks like a win.
Matt: <unk> focus is continued on productive agents.
Matt: Because as we continue and by the way I, you know I've been saying this quite a bit on media interviews. This is not a kind of a two quarter situation, we're going to be in.
Matt: I'm feeling that we're going to be in this low transaction count for the foreseeable future like couple of years 18 months 24 months 36 months, obviously, you can't have a crystal ball, but.
Matt: It's not a short term thing so as we look at how we last and survive and competes in a in a low inventory environment, It's really about making sure that we are partner with the best producers in all the markets that we operate in and continue to add to the value stack. So the agent count.
Matt: Is less important when we look at transaction count and making sure that we're in business with the folks to controlling the business in every market.
Speaker Change: Got it thank you Leo and Glenn that was helpful. And then on international can you just remind us how you are thinking about the timeline to getting these new countries profitable and then maybe just recap what countries. Currently are profitable I know there are a few just trying to gauge when international as a whole could reach profitability.
Matt: <unk> inflection point.
Matt: So on a whole it's going to be it will be awhile, and mainly because where we want to get too.
Matt: 60, plus countries in the next five years.
Matt: So that means theres a lot of infrastructure, there's a lot of test and learn at the local level.
Matt: There's a lot of mistakes yet to be made as we figure out what is the right way to do things each new country.
But we do have a number of countries who are there and strong positions UK was.
Matt: Strong market for us.
Matt: France South Africa.
Matt: And a few others also.
Matt: Have been and continue to be profitable. So we do have a number of markets there.
Matt: More mature I would say.
Matt: K is probably the most.
Matt: Mature as a market and it's.
Matt: Our solid over seven figures net last year to us so.
Matt: So we're definitely seeing these markets turned the corner but.
Matt: My goal is to invest and in international to get us to scale. So when we have these conversations youll five years from now.
Matt: It'll be the.
Matt: Hum.
Matt: The largest.
Matt: Profit center for the company, because we will be we'll have more than.
Matt: 50% of all agents will be in the international side of the house.
Got it. Thank you Glen and then a last one for me no. This is a smaller piece of the business, but noticed that your commercial brokerage part of the business recently partnered with Costar to give your brokers access to that platform and was just hoping that you could maybe quickly touch on that partnership along with the number of commercial brokers you.
Currently have and just your overall plans for growing that part of the business, Yes, I will take that one the Costar partnership is important as we look at competing in that segment.
Matt: When you look at the agent counts and what's important to them.
Matt: I can't correct me, if I'm wrong I'm not sure if we break that out so I don't want to make a forward disclosure statement here if I'm, if I can't say that number publicly but it was important that we had the best in class stack. So just just how we view our agent value proposition on the residential side and making sure that the value stack exists properly.
Matt: Commercial is no different we partner with Costar as well as build out for our best in class commercial CRM and we're.
Matt: We're continuing to explore different opportunities because within the Costar partnership it's not just the Costar Paul.
Matt: But it's also discounts on Loopnet biz buy sell for our folks that engagement and.
Matt: Business brokering.
Matt: So it's a myriad of things as we look to that space.
Matt: That one feels a lot like international in a sense, where theres a great opportunity. There is a lot of expansion there from a revenue standpoint.
Matt: And we're still early on in optimizing what that stack could look like Theres a couple of other products that we're looking at as well as kind of disciplines and services to add to the value stack. So I'll, let Kent save we've actually disclosed the breakdown publicly and he can answer that question. Yes, we have no breakdown the agent count between commercial and residential but what I can say.
As commercial agent count is still represent a very small small percentage of the total agent count.
Matt: Okay.
Matt: At a time.
Matt: Thanks, Matt.
Matt: Another question from Wyatt Swanson at D. A Davidson I know you are not on the stage, but if you want to open here, Mike I think you might be able to ask a question.
Matt: Hi, Yes can you hear me yes.
Matt: Yes.
Speaker Change: Great. Thanks, I'm on for Tom White, Thank you for taking our questions. So related to the earlier operating expenses question can you talk a bit about how you envision operating expense growth playing out in calendar year, 'twenty five and maybe comment on your willingness to cut investment in some of your longer term initiatives.
Speaker Change: To cushion the bottomline impact of any protracted slowdown in the broader housing market just as the year progresses.
Speaker Change: So I guess, the where we are operating as Kent mentioned.
Speaker Change: Our expenses are pretty variable, it's been sort of designed from from from the ground up as being a.
Speaker Change: A business that can operate from a variable perspective.
Speaker Change: Which gave us and you got a chance to look at I think Wyatt even back in 2000.
Speaker Change: When we had to pivot hard during COVID-19.
Speaker Change: And we've we've pivoted a couple of times over the last five years.
Speaker Change: We have the benefit the most don't which is we have very little.
Speaker Change: Fixed cost expenses so.
If if we need to we have the ability to cut back but.
Speaker Change: To be to the overall mission and to the extent that we.
Speaker Change: We can get to a larger markets.
Overall.
Speaker Change: That's the that's the longer term goal because you know at the end of the day for us.
Speaker Change: We want to be.
Speaker Change: Most agent centric real estate brokers on the planet, but we also want to be all over the planet.
Speaker Change: As a company and we think that.
Speaker Change: We've proven that this model actually makes sense is all over the world and it's it's right now it's starting to get traction in multiple markets outside of just the U S and Canada. So for US we want to just continue to lean in on that especially as we get momentum on the last thing we'd want to do is to actually kill momentum by cutting back on.
Speaker Change: Growth.
Speaker Change: Got it that makes sense that's really helpful.
Speaker Change: And then maybe a higher level one how do you see a gen tick AI operators and similar technologies impacting your business and the brokerage industry over the coming years.
Speaker Change: Yeah, well fundamentally I think it's going to change everything that.
Speaker Change: That we're doing I mean, youre looking at what we've got with operator with open AI.
Speaker Change: Certainly project Mariner, that's coming out with the with Google.
Speaker Change: And a number of other other models that will allow for.
Speaker Change: Repetitive work that still takes some.
Speaker Change: Knowledge of what to do.
Speaker Change:
Speaker Change: You know a lot of that subsequent become.
Speaker Change: Significantly automated through AI.
Speaker Change: And we're working with various tool sets right now internally too.
Speaker Change: Speed up the processes of a lot of different things, including things like.
Speaker Change: The automation using AI of contract management, which is something we started investing in in 2021.
Speaker Change: And it's we're now at a point, where we've proven up that our document AI platform will start to actually help agents understand that they've got good paperwork sooner in the process it'll start to actually develop the <unk> start to do a lot of the pre work with the supervision of managing brokers.
Speaker Change: But a lot of this stuff is going to speed up and make the whole process a.
Speaker Change: A lot.
Speaker Change: Cleaner.
Speaker Change: My rallying cry to the organization is that we certainly don't expect to be the same size, but I would expect that five years from now if nothing else changed we were able to to run E X P. As it exists with approximately one third to one half of the current staff.
Speaker Change: We expect that.
Speaker Change: Those who are plugging in and using AI, and our citizen developers and helping us grow that.
Speaker Change: There won't be any any any challenges with them continuing to grow with the company because we are growing.
Speaker Change: But it will be a different landscape and a different cost structure because of <unk> AI and all other all the other AI technologies that are rapidly coming at us.
Speaker Change: Got it I really appreciate the color there could you provide maybe an update on agent Commission rates just it doesn't seem like the NAR settlement has had much of an impact but kind of curious as to what you're seeing with your business on this front.
Speaker Change: Jumping on this one.
Speaker Change: Right right. After the settlement there was a report put out by Mitel Preddy that took anonymised data from about 55000 transactions from abroad Mount of companies and in the subsequent 90 days. After the settlement. It was roughly 10 basis points, which if we look on a historical trend chart that could be seasonality.
Speaker Change: <unk>.
Speaker Change: Going into Q1.
Speaker Change: Which it's pretty.
Speaker Change: It looks similar to <unk>.
Speaker Change: How we have operated in past year. So.
I just did a call with associated press jumped before jumping on here and the question is how have the changes impacted.
Speaker Change: There was an educational hurdle there to cover.
Speaker Change: Like we let that quite well, we got a lot of coverage from <unk>.
Speaker Change: From several folks that way.
Speaker Change: From consumer Federation of America too.
Speaker Change: The tire months, an ear of the Buffalo.
Speaker Change: School of law so.
Speaker Change: The it was more of a procedural changes indicate.
Speaker Change: Indication of one, but we have not seen commissions move in any meaningful way up or down.
Speaker Change: Got it. Thank you both I appreciate it.
Speaker Change: Thank you and thanks, everyone for joining as always please stay connected by visiting DXP World Holdings' Dot com for the latest updates on ESP news results and events and.
Speaker Change: Youll find a recording of this call and our latest investor presentation on the investors section of the site. This concludes the ESP World Holdings' fourth quarter and full year 2024 earnings Fireside chat.
Speaker Change: Okay.
Speaker Change: Favorite annualized savings for all <unk>.
Hi.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Well. Thank you very much everybody, we have a lot of big signings. Good signings, one in particular, which will save for the end.
Speaker Change: And I'll ask wells will go over these individually and we can see how we do yes sir.
First for your review, we have 56 sub cabinet level appointments. This includes probably most notably seven ambassador appointments those would be the first ambassadors I believe transmitted to the Senate.
Speaker Change: And they are very good.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay. Thank you Sir.
Speaker Change: Second we have acting designations, where actually designating Doug Collins to be reacting leader of both the office of special Counsel and the office of government ethics.
Speaker Change: Yeah, Doug everybody today.
Speaker Change: Who is in charge of the fake impeachment hearings I remember that I won very conclusively take charges by the radical left Democrats.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Next are the.
Speaker Change: Federal Executive Institute is a program that was set up during the Johnson administration to train senior level of government bureaucrats as you've identified repeatedly in the last few years, the senior levels of our federal government or not adequately serving as stewards of taxpayer dollars. So we're recommending zeroing out that program.
Speaker Change: Okay.
Speaker Change: We're actually getting rid of a few programs that are.
Speaker Change: Just a waste.
Speaker Change: Australia was.
Speaker Change: Thank you Sir next we have.
Speaker Change: A an executive order related to the foreign corrupt practices Act.
Speaker Change: As you've repeatedly identified the way that this act has been enforced over the years has been devastating to American business opportunities and business competitiveness abroad.
Speaker Change: Essentially ordering the department of Justice to use its prosecutorial discretion in a way to ameliorate the negative effects of the foreign corrupt practices Act to allow Americans to do business abroad and to allow our foreign partners to do business with Americans without fearing unjust prosecution and for those of you that know this it turned out to be.
Speaker Change: It sounds good on paper, but in practicality ASO disaster.
Speaker Change: It means that if an American goes over to a foreign country in such doing business over there legally legitimately or otherwise.
Speaker Change: It's almost a guaranteed investigation indictment.
Speaker Change: And nobody wants to do business with the Americans because of that nobody wants to do business. They say look we can deal with China. They can do whatever they want we can deal with Russia, we can do with anybody and we have a normal life you deal with America. The F. B I guess over there they don't investigate deaths and murders on the Street in New York and Los Angeles.
Speaker Change: Oliver and investigate a business guy trying to do business. So it made it very very hard from a practical standpoint to make deals they want to deal with the Americas, but they don't Wanna be under investigation every time they speak to American every time at American makes a phone call to somebody in a different country.
Speaker Change: It's a disaster for this country and I.
Speaker Change: I guess it was a Jimmy Carter.
Speaker Change: Concept and.
Speaker Change: It sounds so good but it's so bad it hurts the country and many many deals are unable to be made because of it nobody wants to do business because they don't want to feel like every time, they pick up a phone and they're going to jail. So.
Speaker Change: So aside this and.
Speaker Change: It takes courage society, because you only get bad publicity when you said it sounds so nice to title is so lovely.
But it's an absolutely are a shell for America. So aside because thats, what we have to do to make it good.
Speaker Change: [laughter].
Speaker Change: Okay.
Speaker Change: Thank you it's an important one.
Speaker Change: I mean, a lot more business for America.
Okay. Thank you. Sir next this is an executive order relating to the use of paper straws as you've consistently identified nobody really likes paper's strong number one trend data.
Speaker Change: So we believe that the papers always number one trending for three days or something the environmental impact of plastic straws versus paper straws is entirely unclear. This has caused both the government and private industry and absolute ton of money and less consumers all over the country wildly dissatisfied with their straws. So we're asking.
Aspects of the federal government federal departments and agencies to look at their existing procurement processes and we're asking your domestic policy Council to look holistically at this issue to address it.
Speaker Change: And it really is something that affects ordinary Americans in their everyday lives, so going back to plastics or as these things don't work.
Speaker Change: I've had many times.
Speaker Change: On occasion they break.
Speaker Change: To explode, if something's hot they don't last very long like a matter of minutes, sometimes a matter of seconds. It said <unk>.
<unk> situation, so we're going back to a plastic straws I think it's.
Speaker Change: Okay.
Speaker Change: And I don't think that plastics is going to affect a shock it's very much as they're eating as they are marching their way through the ocean.
Speaker Change: Okay. Thank you Sir next we have a.
Speaker Change: Full and unconditional partner for former Governor of Rob <unk> of the state of Illinois.
Speaker Change: It's my honor to do it.
Speaker Change: Wachovia was set up by a lot of bad people. Some of the same people that I had to deal with it.
Speaker Change: It wasn't quite as successful, but he had somebody that saw what was going on and I didn't know whether that I believe it was on the apprentice for a little while.
Speaker Change: It was a.
Speaker Change: Just a very nice person, yes, fantastic wife, she felt like hell to get them out.
Speaker Change: Give it a sense of like 18 years.
Speaker Change: And.
Speaker Change: There was a.
Speaker Change: Sort of a terrible ingests. This they just were after him Hey go after a lot of people. These are bad people that the other side. So I think is a just a very fine person.
Speaker Change: This shouldn't have happened and it shouldnt have happened to him.
Speaker Change: Let them have a normal life and let them go out and do what he has to do.
Speaker Change: So I'm signing this is F O part Rod Lego Eric.
Speaker Change: As the president considering them ambassadors.
Speaker Change: <unk>.
Speaker Change: No, but I will.
Speaker Change: We have cleaner than anybody in this room.
Speaker Change: Todd and he is cleaner than anybody in the room.
Speaker Change: Okay. Thank you Sir.
Speaker Change: Next in 2018, you imposed odd valorem duties tariffs on imports of steel at a 25% rate since that time, a large number of exclusions and exceptions to that tariff rules have been implemented.
Speaker Change: Because of the damage to the United States steel industry that those exceptions and exclusions have imposed.
Speaker Change: We're now this order would re imposed that 25% AD valorem tariff rate on imports of steel.
Speaker Change: And it's presented for your signature now okay.
Speaker Change: Do you understand what that means.
Uh huh.
Speaker Change: It's a big deal.
Speaker Change: It's a big this is the beginning.
Speaker Change: Making America rich again.
Speaker Change: Yeah.
Speaker Change: Mr. Secretary do you have anything to say this.
Speaker Change: Howard as a secretary of Commerce is doing a fantastic job.
Speaker Change: And.
Speaker Change: What do you have to say about it so when you imposed.
Speaker Change: The tariffs the first time, you added 120000 jobs.
Speaker Change: Since that time, it's been picked away and nicked away and excluding it away and we've lost 107000 jobs I remember these aren't just general jobs. These are steel workers in America, and now youre going to bring them back you're going to bring those 120000 jobs back to America, you have the president who's standing up for the American still.
Speaker Change: Worker and I am just tremendously impressed and delighted to spend next year for this quarter.
Speaker Change: Let me just.
Speaker Change: Make a statement and essentially this is another way of saying, we're going at 25% tariff on steel and aluminum.
Speaker Change: So the sale of American trade policies.
Speaker Change: Have led our once incredible United States steel and aluminum industries. Once incredible that's one thing that right now, but they're they're not bad I saved them because of my firsthand totally saved him if I didnt do what I did I put massive <unk>.
Speaker Change: Tariffs at the highest level, but pretty pretty massive tariffs we got.
Speaker Change: We took out a lot of money and we took out a lot of jobs.
Speaker Change: But.
Speaker Change: We were being pummeled by both friend and foe alike. Our nation requires steel and aluminum to be made in America not in foreign lands, we need to create in order to protect our country's future resurgence of U S manufacturing and production the likes of which has not been seen for many decades.
Speaker Change: It's time for a great industry to come back to America, what are back to America. This is the first of many.
Speaker Change: I mean by that we're going to be doing others on other <unk>.
Speaker Change: Subjects topics protecting our steel and aluminum industries is a must and today are simplifying our tariffs on steel and aluminum so that everyone can understand exactly what it means is 25% without exceptions or exemptions and thats all countries no matter, where it comes from all countries have made in the United States.
Speaker Change: However.
Speaker Change: That is sales of America. There is no tariff is zero. So if it's made in the United States. There is no tariff all you have to do is make it in the United States with our NATO from another country.
Speaker Change: As an example, Canada.
Speaker Change: If we make it in that sense, we don't needed to be made and Canada loved the jobs Thats why Canada should be our 51st day, we'll bring back industries that will bring back our jobs that will make America industry, great again, so essentially we're putting on a 25% tariff without exception.
Speaker Change: Sure.
Speaker Change: Hello minimum at all steel.
Speaker Change: Maybe let somebody.
Speaker Change: You are afraid they're going to hurt themself or maybe you don't think fit anywhere do you feel like you.
Speaker Change: You just can't keep it together.
Speaker Change: Maybe it's just getting too high to go on.
Speaker Change: Maybe you should call 988, it's Virginia Zoo number for one on one emotional support it's completely confidential, it's free and you can talk to a real person who knows how to help you Virginia 988, maybe you should talk to us.
And it's going to mean a lot of businesses are going to be opening in the United States now we're going to be meeting over the next four week period.
Speaker Change: Maybe on a weekly basis, and maybe we'll do a couple of them.
Speaker Change: At different times that may be together.
Speaker Change: But well be talking about other subjects by cars.
Speaker Change: Talking about drugs and pharmaceuticals will.
Speaker Change: We will be discussing chips and.
Speaker Change: We're going to be.
Speaker Change: Doing some other things in addition to that.
Speaker Change: All of which will bring in a lot of jobs into our country cars is going to be a very big one.
Speaker Change: And a very important one.
Speaker Change: And America is going to be stronger than it ever was before.
Speaker Change: So are you finished with everything that we have aluminum still.
Speaker Change: So with respect to aluminum similarly to steel since 2018, a large number of exceptions and exemptions have been added into law. This eliminates all of those and also increases the <unk> tariff rate from 10% to 25%.
Speaker Change: Mostly the last part is the most important.
Brian: Brian we just totally off.
Brian: Basically this is aluminum and the same thing no exceptions no nothing.
Brian: It's got to bring our aluminum business back in May go I mean, frankly, it may go higher and we're going to also be talking about research, we're going to be talking about things over the next three weeks that I think will be.
Brian: Amazing for a country amazing for our jobs.
Brian: And we will bring us to a new level of prosperity.
Brian: Frankly, our.
Brian: Allies, and our enemies all over the world expected this stage.
Brian: Really expected for years, they really expected sometime during the bad debt administration, but they didn't do anything as you know I put.
Brian: Put tariffs on China, we took in hundreds of billions of dollars, where those tariffs by noise enable to get them out he tried to but it was too much money you can do it.
Brian: We're going to be doing a very concise.
Brian: Very very good and I don't think.
Brian: Done properly and we're going to try and do that we don't want it to her other countries, but they've been taken advantage of us for years and years and years.
Brian: And they've judge us tariffs most of them have judged us almost every one I would say almost without exception they've judge us we haven't charged salmon.
Brian: It's time to be reciprocal until very very youll see Harry that word a lot reciprocal if they charge us we charge them. If they're 25 were at 25, <unk> 10, and if they are much higher than 25, that's what we ought to so.
Brian: That's having to do with everything Thats, not just steel and aluminum, but we will be discussing that over the next couple of weeks, but we will be looking at.
Brian: Chips, and we will be looking at.
Brian: And we're going to be looking at pharmaceuticals, and there'll be a couple of other things also in addition.
Brian: That will be a recession.
Brian: Yes.
Brian: First half February support this node.
Brian: The American consumers, who are worried that prices that they do support this one.
Brian: The steelmakers.
Speaker Change: Firstly, because they want to save their businesses U S. Steel will now be a very valuable company anybody that makes tail is going to be great antibody that works and big steel is going to be very happy what do you say to consumers who are worried about prices.
Speaker Change: Thank you can I know you're going to ultimately have a price reduction because they're going to make their steel here theres not going to be any caf. These foreign companies will move to the United States will make their steel and aluminum in the United States.
Speaker Change: Ultimately it will be cheaper, but we'll also have jobs many many more jobs.
Speaker Change: Turning to the tariffs sorry, Joe.
Speaker Change: Looking at numbers that will be coming up with a number but.
Speaker Change: We have.
Speaker Change: We make some of the finest guys in the world.
Speaker Change: Southern company's prohibit us from selling those cars in their countries, but they sell plus cars. They sell cars to us. So we don't do that recharge nothing or doing a present.
Speaker Change: And there'll be charging a 100% that'll be charging much more than that if you look at some of them.
Speaker Change: So I think those days.
Speaker Change: But we'll be announcing on other things such as cars.
Speaker Change: We got some other things we'll be doing but the biggest thing is reciprocal we want tariffs be fair.
Josh: Hey, Josh.
Speaker Change: Just with you guys.
Speaker Change: The reciprocal therapy, we'll be doing a reciprocal over the next I would say today is that you that todays yes savi.
Speaker Change: So does the stadium Prime Minister has said that you are considering the exemptions on schedule in steel is that correct.
Speaker Change: I just spoke to him very fine man and he has a surplus.
Speaker Change: We have a surplus with Australia one of the few and the reason is they buy a lot of airplanes, they are rather far away and they need less of airplanes.
Speaker Change: We actually have a surplus is one of the only countries, which we do and I told him that.
Speaker Change: That's something that we will give greater consideration to which considered one of the UK as well, but we have a huge deficit with the UK big difference.
Speaker Change: With Argentina.
Speaker Change: Yes.
Speaker Change: Have.
Speaker Change: A deficit with our little deficit with Argenta anyway, almost with every country, but Australia because of the airplanes they buy a lot of airplanes.
Speaker Change: That's a little bit of a surplus.
Speaker Change: In other countries retaliate I don't know.
Speaker Change: What is your plan for that.
Speaker Change: Last year.
Speaker Change: The farmers are going to be helped to.
Speaker Change: The farmers are going to be helped greatly because.
Speaker Change: They're not going to be dumping everything into our country and this will be a great bill for farmers and in terms of retaliation, if they retaliate.
Speaker Change: As I said.
Reciprocal so.
Speaker Change: If they raise it a little bit then we raised it automatically so I don't think it helps for them to retaliate, but also remember this I can't really retaliate because with a piggyback where the piggy bank, but if we don't do this we won't be the piggy bank, along with bumpy much of our country.
Speaker Change: The reports are that homogenous population is where the positives and publisher I think I said look I looked at the US is just that came in.
Speaker Change: And there are emaciated.
Speaker Change: It looked like.
Speaker Change: Something out of the 19 thirties.
Speaker Change: It's an absolute disgrace.
Speaker Change: And I think I saw the way the world viewed it.
Speaker Change: And Theyre looking for a reason not to send more because they are all as you take a look at that it looks like it was it looked like it was a concentration camp, which has said essentially it was.
Speaker Change: It looks like it came out of the Holocaust.
Speaker Change: What I said thing one of them was.
Speaker Change: Young men.
Speaker Change: Looking guide a little bit.
Speaker Change: Bit heavier than perhaps it could have been and now it looks like is it.
Speaker Change: Not even recognizable not even recognized.
Speaker Change: Sure.
Speaker Change: Yes.
Speaker Change: I can tell you that.
Those people have been badly.
Speaker Change: Both mentally and physically.
Speaker Change: I'm talking about the young women they came out all sell previously.
Speaker Change: And I think one of the reasons, they're doing this is because they're probably sending the best what you see is probably the best.
Speaker Change: Because they want to.
Send people that look at least healthy.
Speaker Change: And that's not healthy and these people have been badly.
Speaker Change: Been interviewed by our representatives have been interviewed by Israeli Representatives.
Speaker Change: They are really hurting they are really hurting mentally and physically and I think Hamas is looking at that and say well, that's not going to get much better than that because they probably send out their best as a representative.
Speaker Change: And they've got more to send out and they.
Speaker Change: <unk> feel that they can do that because it's not going to make them look very good.
Speaker Change: The other person laid out should inspire.
Speaker Change: Who inspire them.
Speaker Change: I would say this and im going to let that because thats Israel's decision, but.
Speaker Change: As far as I'm concerned if all of the stages are returned by.
Speaker Change: Saturday at 12 o'clock I think it's an appropriate time.
Speaker Change: I would say.
Speaker Change: Cancel it and all of that so often.
Speaker Change: Hello breaker.
Speaker Change: They ought to be returned by 12 o'clock on Saturday and if they're not returned all of them not in drips and drabs that two in one and three and four until.
Uh huh.
Speaker Change: Saturday at 12 o'clock.
Speaker Change: After that I would say.
Speaker Change: Paul Hal is going to break out and I don't think I think a lot of them are dead I think a lot of the house is a dead I think.
Speaker Change: So Greg I.
I would say, Greg human tragedy, what's whatsapp and how people can be.
Speaker Change: That made to do it.
Speaker Change: One guy was laughing when.
Speaker Change: One of the hostages he thought as is.
Speaker Change: Family was alive.
Speaker Change: At the firm level is dead and they as catheter. So to speak is capture started laughing because he thought ourself on ahead of this.
Speaker Change: This is a different group of paper I would say Saturday at 12, we want them all back I'm speaking for myself, Israel can override it.
Speaker Change: From myself Saturday at 12 o'clock and of that.
Speaker Change: They're not here all Hal is going to break out.
Speaker Change: Correct.
Speaker Change: If we can extend our confidence would not be guaranteed the right to return to Gaza at the U S were to develop it but did you mean by that is under we've spoken to a lot of Palestinians They would love to leave Gaza. If they can find a place to be and ive spoken to various leaders of various countries and then not so.
Speaker Change: Distant area from where we're talking about the Gaza strip.
Speaker Change: And.
Speaker Change: I think they were very positive about providing land.
Speaker Change: And if we can build a nice place for people to live safely everybody in Gaza well, they've been persecuted they've been they've been spit or they've been treated like trash and they would love to get out of Gaza, but until now they've never had an alternative now they have an alternative.
As far as our masters concerned you're saying the rail Hamas now with us as well.
Speaker Change: Yes.
Speaker Change: The more you from where the largest growth area.
Dorian leader is telling you to see you.
Speaker Change: Boston, Ed Jordan that express Tomorrow's is taking in more volume.
Speaker Change: How do you run into this issue otherwise I think.
Speaker Change: And then I do think you'll take it I think other countries will take over.
Speaker Change: Good Hearts, I think that'll take but what about the balance in the future.
Speaker Change: We are going to move at all but when they have a place that's a federal alternative when they have a nice place that safe, they're all going to land.
Al right now.
Speaker Change: So shorter in the U S forces.
Speaker Change: Youre going to see that Theyre, all going to want to layer.
Speaker Change: Saturday.
Speaker Change: At American half issue.
Speaker Change: Any help on off right now.
Speaker Change: Who knows are they alive or theyre not alive, but I saw the condition when I saw the condition of the last ones that came out and the women to everybody.
Speaker Change: One woman at our hand blown off.
Speaker Change: Okay. She was trying to stop a bullet being fired at okay kind of a situation that said you saw.
Speaker Change: I just think it's time to either.
Speaker Change: Release everybody.
Speaker Change: And to be alive right now based on what I saw over the last two days.
Speaker Change: Im going to be a life of loan.
Speaker Change: Saturday at 12 o'clock.
Speaker Change: And after that.
Speaker Change: It's going to be a different ballgame.
Speaker Change: When you say all Hell is going to break lose are you speaking in.
Speaker Change: Retaliation, youll find out and they'll find out Hamas, we'll find out what I may Mr. President.
Speaker Change: Find out what I mean, there is a second April and they'll find out what our main Saturday of 12, but no involvement.
Speaker Change: It's from the West Bank are they going to be relocating too right.
Speaker Change: Right now right now they're there.
Speaker Change: I assume that I want to remind as separate there has never been like what we're talking about what the Gaza strip.
Speaker Change: No no no plans.
Speaker Change: Regarding the consumer financial Protection Bureau demographic, including Elizabeth Warren has said that by freezing it big banks of Geron Corporation to Green light.
Speaker Change: Pocahontas.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Yes that was set up to destroy paper to use that as a little.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Whether youre tinkering in your garage or tackling big projects. If you know the value of working with your hands.
Speaker Change: No harbor freight and.
Speaker Change: And you can be confident knowing that it hardware free you can get quality tools at prices that work just as hard as you do.
The only thing more satisfying than a job well done.
Speaker Change: Job well done.
Speaker Change: Well under budget.
Speaker Change: Whenever you do do it for less at Harbor freight.
Speaker Change: Personal agency to go around and destroy Fayetteville.
Speaker Change: And she's effect.
Speaker Change: Like she said she was in and then two is in and then Youll have more Indian blood and you then she is.
She went to college based on the fact that <unk> has and then Dan She got jobs based on the fact that she was at niches effect.
Speaker Change: That was just.
Speaker Change: Setup to destroy some very good people.
Speaker Change: And.
Speaker Change: I mean, it works a lot of a lot of great people.
Before I ever heard the term people would come up to me in the Midwest and areas I'd say, Sir I'm being destroyed by them. They use that to destroy painful she is a nasty woman.
Speaker Change: Nasty woman.
Speaker Change: Despite our <unk> commercial.
Speaker Change: Now we did the right things that was a very important thing to get around it.
Speaker Change: And it was also a ways number one it was a bad group of people running it but it was also a waste if you looked at what she really ran it wow that was a vicious scope of painful they really destroyed a lot of pain can you just confirm.
Speaker Change: Permits your goal is to have a totally eliminated I would just say, yes, because we were trying to get rid of waste fraud and abuse.
Speaker Change: What's next and then I hear that somebody made like $38 million or something running.
Speaker Change: And then the agency what was that.
Speaker Change: What was her name and what did she do are always what was that all about all the money that <unk> does anybody know.
Brian: Yes, Brian go ahead.
Speaker Change: The latest CBS has your approval ratings at an all time high. Despite all these controversial subjects and executive orders that Youre doing wanted to get your thoughts on that how you're really connected to mainstream America.
Brian: Yes, I have high approval ratings because.
Brian: Using common sense, whether it's getting men at a women's sports.
Brian: Have you seen what goes on with adoptions and with a weight lifters and with the swimmers and evidenced a ridiculous.
Brian: But I think I said, 90% issue.
Brian: And the Amazing thing the Democrats are still fighting for Rns Crazy I.
Brian: I think we should go to Congress also have that submitted an IND.
Brian: Make it available.
Brian: But we.
Brian: To me, it's all common sense, who wants an open border, where we're prisons are dumped into a country where prisoners of led into a country and many of them are murderous like many of them murdered far more than one person and then now rolling our country who wants it.
Brian: That's terrible Steve I'd like you to say a couple of words about it yes.
Steve: Yes, well as you know Mr. President since you issued your day, one executive orders border crossings are down approximately 95% you talked to agents in the line and their entire careers. They never seen crossing days as low as what theyre experiencing right now.
Speaker Change: The cartels in fact are enormously frustrated because they've never seen a clamp that like this before in American history. There are people who are working on border patrol back when it was in the 80 to 90 days they've never seen a day like this that's because you've mobilized the 10th Mountain Division and the Marines the entire U S military directing physical miles of barrier temporary and ultimately permanent.
Speaker Change: Every single day, you have all of your port ratios push at the frontline and not doing the humanitarian processing quote unquote, the bottomless Domingo doing law enforcement and national security, they're introducing weapons and drugs. They are interdicting violent high threat criminals.
Speaker Change: In the U S. Military is repatriating illegal immigrants at a pace and a scale that has never occurred before in American history, and those who are committing human trafficking and child trafficking are being prosecuted for felony offenses and they'll be doing hard time in jail Theres never been a lockdown like what you have implemented through your orders in vision. Since you took the oath of office with what's your thoughts on dose Wednesday.
And we're having our first subcommittee.
Speaker Change: On the broader but before I discuss that I, just want to add to what <unk> said and we want people to come into our country, but we want them to come in later than that go through a process.
Speaker Change: And we have to know that they haven't killed nine people have been killed like in one case five five people.
Speaker Change: And the router and the loose and we're all looking for that particular individual this was all leaded by buying in the group.
Speaker Change: Stupid people bad people and stupid people.
Speaker Change: Some of that some are stupid some of both but I'll tell you what what they've done to this country, but we're planning of that.
Speaker Change: Hard to believe I can say it will be better than ever before but we have a lot of bad people, we have to get at where searching out for a lot of them I think Tom Holman and Christy are doing an unbelievable job Kristen.
Speaker Change: They're doing an unbelievable job and taken out massive numbers of people.
And you'll notice every country is accepting those people back I remember, everyone said, Oh, they'll never accept them. They are all taken them back.
Speaker Change: They are all taken them back every single country has taken them back I don't know if they want them or not I don't imagine that Joe, but that's taken them back.
Speaker Change: Yes.
Speaker Change: Todd.
Speaker Change: It is about the billions of dollars.
Speaker Change: Okay.
Speaker Change: George.
Speaker Change: Would you all need to be.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Yeah, I mean, if they don't agree.
Speaker Change: If they don't agree.
Speaker Change: Could conceivably with all day.
Speaker Change: Are you kind of talked to a premise.
Speaker Change: Saturday deadline.
Speaker Change: Sure.
Speaker Change: Just my deadline, but they may.
Speaker Change: Change it but I think it's.
Speaker Change: I've seen too many people come out.
Speaker Change: They look like.
Speaker Change: <unk> that comes from.
Speaker Change: From many years ago.
Speaker Change: Never say they like it and then I think there is going to happen in this world. Today, you know, we think we have a civilized world assess several Lisa.
Speaker Change: As a bad people were dealing with so that would be my suggestion.
Speaker Change: And then he can open it up and now to open it up but that would be mined Kevin anything to say about e-commerce, but do you have a lot to say from the standpoint of yes.
Speaker Change: Faith in your religion.
Speaker Change: So it's amazing that for years.
Speaker Change: Nothing and then you come in and you immediately start to move the needle you have hostages coming out your sense, Steve were cough has done an amazing job for you.
Speaker Change: In the Middle East, you're supporting your ally, Israel and I for one can't be more impressed with the outcomes that you've driven and choosing this saturday the Saint People's lives or just be done with it seems like just the right choice, but I think it's time to come up with a date is totally we're going to do to keep every every week two people threep.
Speaker Change: April.
Speaker Change: No I don't think I can do that anymore.
Speaker Change: Very seriously.
Speaker Change: Endanger people. These are endangered painful I don't I don't think they're going to last very long.
Speaker Change: The people that came out yesterday, they wouldn't last forever, we rooting out any U S involvement in whatever happens after this deadline, let's see what happens, let's just see what you saw with Alaska.
Speaker Change: Yes, probably.
Speaker Change: He wants to make a deal let's say purchases.
Speaker Change: We're dealing with them.
Speaker Change: I think they both want to make a deal, but we will have to say it's got to be done.
Speaker Change: But it never happened develop president this would never have happened millions of people are dead.
Speaker Change: Leslie.
Speaker Change: We'll talk about that later.
Speaker Change: Our reaction to adjust today, continuing a pause on the buyout program for federal workers.
Speaker Change: I don't know how.
Speaker Change: It was a case like that we're talking about people everybody I've got elected making government better more efficient and smaller.
Speaker Change: And that's what we're doing and I think it was a very generous buy out actually.
Speaker Change: Also if people don't show up to work, we have a right to fire them.
Speaker Change: And they have an option they can show up to work or not if they don't want to show up to work and let them work. Because then the next step is have you worked before have you worked during this time that you're supposed to be working you'll find many of those people in my opinion.
Speaker Change: Even though they're collecting money from the federal government many of had in my opinion other jobs.
Speaker Change: Yes.
Speaker Change: If they did that's a big problem for buyouts of blocking core for you instead pursue layoffs and federal departments.
Speaker Change: They can do this as Frey well this is the buyout where people.
Speaker Change: They were offered a good deal of many people have taken that as you know but.
Speaker Change: But many of those people and we talk about.
Our reporting to work I happened to be a believer that you have to go to work I don't think you can work from home.
Speaker Change: Theres, a whole bank or you can work travel and nobody is going to work from home they're going to be.
Speaker Change: Going out and going to play tennis, they're going to play golf. They can do a lot of things they're not working.
Speaker Change: It's a rare person thats going to work you can buy where 10% of the time, maybe 20% I don't think you've got to work a lot more than that and.
Speaker Change: And I think they have an obligation to work and I don't have an obligation not to have a second job when they're supposed to be working for the federal government, you're going to find that a lot of these people have second jobs instead of working there'll be collecting a federal government, Jack and they'll be working two jobs and Thats thats big trouble for them.
Speaker Change: That's right.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Thank you.
Speaker Change: Yes.
Speaker Change: Well, we'll see what happens, but south Africa situations very very.
Speaker Change: Dangerous in very bad for a lot of people.
Speaker Change: There's tremendously bad things going on in <unk>.
Speaker Change: In Florida, the confiscation of property.
Speaker Change: Worse much worse than that you know what I'm talking about.
Speaker Change: We're not making any payment until we find out what's going on in South Africa, Yes. Please.
We don't feel ongoing to Ukraine. This weeks or so days Keith Kellogg General Kellogg is an excellent guy.
Speaker Change: And he is spending time doing various things we have numerous paperwork and a numerous different problems you know what I left office.
Speaker Change: Was it a lot of that a little more than four years ago. We had no wars. We had no. We didnt have problems now we've got the whole world is blowing up but we'll put out the fires had been talking to Atlanta.
Speaker Change: Are you trying to set up a meeting with them.
Speaker Change: Well I can't tell you what I'm talking about but we are talking as a group also.
Speaker Change: I think I'd like to make a deal but it takes two to tango.
Speaker Change: Can you give us any more clarity whether you personally have spoken so I don't want to talk about it no I don't want to talk about there is not going to help you to know.
Speaker Change: But we would like to get a deal done at Fosterville only because in my case.
Save lives.
Speaker Change: Oh I remember.
Speaker Change: We have an ocean separating.
Speaker Change: Europe should be paying what pack in Europe has done it more in the form of alone then with US. We just gave it biden gives him because he is a smart individually none of very smart individuals.
Speaker Change: We have people over there today, who are making a deal that as we give money we get minerals, we get oil and we get all sorts of things because why are we doing this.
Speaker Change: All of this money.
Speaker Change: Maybe 350 billion in Europe for 100 billion in Europe said really as a formal alone.
Speaker Change: In theory, they get that money back in theory, they get interest on that money is.
Speaker Change: A whole different ballgame and Biogen is the one that started doing this every time zelinski K Marion walked away with $60 billion to $100 billion. I think is one of the greatest salesman and whether whatever lift by the way could you discuss your intentions with the Kennedy Center, which are now yes.
So we took over the Kennedy Center, we didn't like what they were showing and various other things.
Speaker Change: I had a lot of the board members already as you know we have.
Speaker Change: Some that will be replaced.
Speaker Change: We have.
Speaker Change: I guess, a whole new group of people going at.
Speaker Change: Rick will now has got some experience in that world is going to be is very good going to be handling it on a temporary basis I think they'll do a great job.
Speaker Change: We're going to get some great professionals I'm going to be chairman of it and we're going to make sure that it's good and it's not going to be work.
Speaker Change: There's no more work in this country. This woke has caused us a fee.
Speaker Change: Fortune and costs us our reputation but their reputation is coming back very very rapidly. Thank you very much.
Speaker Change: Yes.
Speaker Change: So if any have you got.
Nevertheless.
Speaker Change: What about that.
Speaker Change: What about what about anything good luck.
Scott: Thank you Scott.
Scott: The pension cost there's government data.
Scott: Thank you very much.
Scott: Thank you.
Yes.
Speaker Change: Economic we have big deficit with as you know with all three of them.
Speaker Change: And in one case, they are sending massive amount of fentanyl, killing hundreds of thousands of people a year with event at all.
Speaker Change: And then the other two cases theyre, making it possible for this.
Speaker Change: And to get in number one and number two we have big deficits.
Speaker Change: It's something we're doing well.
Speaker Change: Possibly very substantially increase it or not we will see how it is but.
Speaker Change: It's a lot of money coming to the United States as you know we have about a 200 billion deficit with.
Speaker Change: With Canada, getting close to $200 million.
Speaker Change: They've treated us very fairly.
Speaker Change: And I say why should we be subsidizing candidate.
Speaker Change: Wonderful I have so many friends in Canada, it's a great place because there are concessions.
Speaker Change: No we're not looking for a concession.
Speaker Change: See what happens.
Speaker Change: Hey, what happened so with Mexico is the same thing we have.
Speaker Change: $250 billion deficit and we have a lot of people coming into the border and now when we have largely stopped that but we stopped that ourselves.
Speaker Change: I think they've done a fantastic to have you seen the numbers ended up to almost zero.
Speaker Change: But we've suffered under the past administration for years and years, we suffered with minions of criminals coming into our country criminals painful from jail from all over the world that come through Mexico, and they come through candidates in a lot of them come through Canada, and a lot of fentanyl comes through.
Speaker Change: And in China makes us ethanol, China makes defense and all gives into Mexico puts it through Canada puts into different different places, mostly Mexico, but also a lot through Canada.
Speaker Change: And so all three have been trained in this very well.
Speaker Change: Can I ask you about your meeting with Nvidia what did you talk about and do you think you need to band more of the chips that they are selling to China, great gentlemen, and I had met him the biggest in the world in terms of chips.
Speaker Change: And.
Speaker Change: I can't say, what's going to happen with it we had a meeting that was a good meeting.
Speaker Change: But eventually we're going to put tariffs on chips.
Speaker Change: We're going to put tariffs on oil and gas that will happen fairly soon I think around the 18th of February.
Speaker Change: And we're going to put.
Speaker Change: A lot of tariffs on steel.
Speaker Change: Already have tariffs on steel and we've saved is still an issue, but that was relatively small compared to what it'll be but we're going to be putting tariffs on steel and aluminum and ultimately copper.
Speaker Change: Copper will take a little bit longer.
Speaker Change: And that will happen pretty quickly.
Speaker Change: It'll be a great boost for our steel industry.
Speaker Change: Our steel industry is very strong.
Speaker Change: If I didn't point the tariffs on years ago in steel, which actually buying left because it was so much money that they couldnt do anything about it.
Speaker Change: And then we would have lost we wouldn't have won steel mill in this country. It led into we saved the steel industry.
Speaker Change: So it was an honor to do it in.
Speaker Change: The people that Love me most of the whole world of people that make steel.
Speaker Change: We're going to be putting.
Speaker Change: Sometime.
Speaker Change: This month next month, we're going to be putting tariffs on steel and aluminum.
Speaker Change: And we'll give you an announcement as to what the exact date is.
Speaker Change: It will be a tremendous amount of money for our country tremendous among these are big numbers and <unk>.
Speaker Change: In addition to that and you've seen the power of the tariff immunotherapies and nobody can compete with us because we have by far the biggest piggy bank.
Speaker Change: And so that will take place very quickly, but also will be doing pharmaceuticals.
Speaker Change: To bring our industry back we want to bring pharmaceuticals back to the country and the way you bring it back to the country is by.
Speaker Change: Putting up a wall on the wall as a tariff war.
Speaker Change: The richest country in the World, we were at our riches from 18% to 70% to $19 13, that's when we had we were.
Speaker Change: Tariff country.
Speaker Change: And then they went to an income tax concept.
Speaker Change: How does that work at sign in minutes Okay.
Speaker Change: Would have been very much better so we'll be doing pharmaceuticals importantly in drugs medicines et cetera, all forms of medics medicine in pharmaceuticals and <unk>.
Speaker Change: We'll be doing very importantly steel.
Speaker Change: And we'll also be doing chips and things associated with chips.
Speaker Change: We plan on talking with the Japanese Prime Minister about next Friday, when you're on mute.
Speaker Change: Well he is coming in next.
Speaker Change: Next week.
Speaker Change: I don't know he is for meeting and I have great respect for Japan, I'd like Japan.
Speaker Change: Prime Minister Abe using very close friend of mine, who happened to them with so said another set of states.
Speaker Change: But as they are coming in to speak to me I look forward to it Mr. President crash do you have any concerns that your commentary about things you have described guest common sense for your observation could in any way interfere with a thorough investigation of the crash no I think they will do an investigation will probably come out the way I said I'd like to.
Speaker Change: To put it upfront I'm, so tired of listening to things happen to our country and then people say well do an investigation and three years later they come out with a report that nobody looks at.
Speaker Change: Especially not in all cases can you do that but in this case.
Speaker Change: Yes, a helicopter that was the Blackhawk was too high.
Speaker Change: It was above the 211 by double.
And they've been there and there were some other mistakes made to and I pointed them out also and I was right on all of it but they will still do an investigation just to check it out, but I think that's an easier and cheaper to get all concerned.
Speaker Change: Mining about the army and the conduct of that aircraft when you our commander in Chief and these are the people that report to know.
Speaker Change: The investigation on the vessel.
Speaker Change: All caused by bad rules regulations and other things bye bye.
Speaker Change: By the by the administration and when you look at the way they ran things affect if you look we hired.
Speaker Change: One of the first things I told him to do is get talented people in those and those beautiful towers overlooking runways.
You better get in their fast because we don't have people that are qualified and you knew that because planes will landing very very late and we're settling all over the place. We had people that didn't know what the hell. They were doing it sooner if you looked in the ECS or anywhere and.
Speaker Change: There are other questions.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: We have to have the best people the smartest people to show up as people.
Speaker Change: As a control tower experts.
Speaker Change: What they have been asked to be experts and they have to be very smart and we didnt have our best and if you read the quote that I read yesterday at the news conference and talked about people psychologically in June were okay and people that had lesser problems were okay. Edwin it again.
Speaker Change: If you'd like me to but I don't think after waste your time Sir.
Speaker Change: I will start with planes in the air all around the country people relying on that and safety are you.
Speaker Change: Testing.
Speaker Change: No I think there's very little risk, but I think that we have to make sure that this never happens again very very little risk and we're taking actions that this can't happen again.
Speaker Change: Helicopters.
Speaker Change: Out of zone.
Speaker Change: The <unk> zone.
Speaker Change: At the same height as the airplane.
Speaker Change: Airplane was coming down on its track it was perfect. It was in perfect shape coming down and something was in its way and can't let that happen.
Speaker Change: And it won't be happening again, and this was all because of weak rules in the by the administration.
Speaker Change: And.
Speaker Change: We're just not going to let that kind of thing happen again.
Speaker Change: I can wait and I think given reported two years like they always do.
Speaker Change: Sometimes it's obvious in this case it was very obvious and I think I've been proven.
Speaker Change: Hi, I'm regional commercial like your Neil Patrick Harris, I Love Coffee I Love, starting my day with it and more importantly, I look good drinking it.
Speaker Change: Hello, Dan.
Speaker Change: I just don't love the genders, that's why I drink rise mushroom coffee. Most people think mushrooms are just sticks with hats on but there's so much more in fact, they're little nutrient bumps that blow regular coffee out of the water.
Speaker Change: Yes lessons.
Speaker Change: Thanks.
Speaker Change: With rise you get improved focus sustained energy and it's easy on the stomach that's because we use only the best organic mushrooms like stumpy warthog and found a hair in my soup, yes, which sounds like made up names.
Speaker Change: Because they are and you're guaranteed to be surrounded by an aura of goodness with every cup.
Speaker Change: Hmm rise mushroom coffee, you can drink it cold or hot like me.
Yes.
Speaker Change: Oh right.
Speaker Change: Most of them coffee drinking cold or hot like Neil.
Speaker Change: Knowledge.
Speaker Change: Is put to the test.
Speaker Change: Every GMC Sierra.
Speaker Change: Zero percent APR 2020, <unk> hundred models, that's over 5600 and average financing.
Speaker Change: It's proven to be very correct.
Speaker Change: Yes.
Speaker Change: Danielle.
I expect a lot of good things.
Speaker Change: From all meetings I expect that things.
Speaker Change: Marco Rubio as you know is going to make the tour.
Speaker Change: Most countries in South America.
Speaker Change: He is going to be meeting in Panama, where Panama treated us very badly they gave him rather them rather foolishly.
Speaker Change: Think of the Panama Canal. The most expensive project. We haven't built if you look at today's numbers most expensive ever built we lost 38000 men.
Speaker Change: In that case, all men just about all of them.
Speaker Change: 38000 to the mosquito to malaria and various other.
Speaker Change: And you get some jungles it was tremendously costly event.
Speaker Change: We built the Panama Canal, a 110 years ago think of as the most expensive development, we ever did and.
Speaker Change: Really one of the wonders of the world.
Speaker Change: As of the World.
Speaker Change: We didn't give it to China, we gave it to Panama.
Speaker Change: In Panama has been ramping down all the China language signs they've been.
Speaker Change: Working like Mad to Joy, but about 70% of the sides were up and they were.
Speaker Change: Written in Chinese.
Speaker Change: That's the deal.
Speaker Change: So we're going to take it back they've already often to do many things, but we think it's appropriate that we take it back they are totally violated agreement we have an agreement they violated the agreement and Marco Rubio is going over there to talk to the.
Speaker Change: To the gentleman this George.
Speaker Change: Thank you.
Speaker Change: They need for Jonathan in Egypt to be ticking Palestinian when they reject the IV and the patients who are living now.
Speaker Change: And we will take people people from Gaza.
Speaker Change: And I think Egypt will take them also I heard somebody said, they're not going to but I think they will I feel confident they will.
Speaker Change: What tomorrow. If you include the oil.
Speaker Change: But look tomorrow tariff fee included inclusive of Canadian crude.
Speaker Change: <unk> reduced the tariff a little bit on that I think we're going to bring it down to 10% on the oil <unk>.
Speaker Change: 25%.
Speaker Change: Canada.
Speaker Change: Stacking on top of already.
Speaker Change: On top of whatever may be existing.
Speaker Change: Just a question on Venezuela recur now as seen on the PVC and Smith President Maduro is there any concern that that might lend legitimacy to the.
Speaker Change: Registration no we want to do something with Venezuela, we've been I've been a very big component of Venezuela in Madeira.
Speaker Change: They've created is not so good but they've created and more importantly, the Venezuelan people very badly we have tremendous Venezuela and population I got 92% of the vote the Venezuela.
Speaker Change: Now we want to see what we can do to get people back in their homeland safe and free.
Speaker Change: <unk>.
Speaker Change: He is meeting with a lot of different people.
Speaker Change: But where we are for the people of Venezuela were for the <unk>.
Venezuela and Americans, if you look at it.
Speaker Change: Have them all in Florida, right around the Doral area, that's where that's really thank all at little Venezuela.
Speaker Change: And <unk>.
Speaker Change: I voted for him it close to a 100%. So we'll see what we can do this right now the situation in Venezuela, Venezuela is.
Speaker Change: And it's been very unfortunate I was very surprised when I saw that button.
Speaker Change: Agreed to buy a lot of oil from Venezuela, because Venezuela is just about finished.
Speaker Change: The dictator.
Speaker Change: And when that happened.
Speaker Change: What I'm back to life Biden went out in a day.
Speaker Change: Bye.
Speaker Change: The barrels of oil.
Speaker Change: Hey, what's that all about so we're not going to let that stupid stuff happens and so we'll see what happens we're not happy with Venezuela, we don't like the.
Speaker Change: The way they've treated.
The Venezuela.
Speaker Change: At all.
Speaker Change: Warnings or messages that government websites will be shut down this evening to scrub <unk> content can you confirm that assessment yet.
Speaker Change: Got it.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Thanks.
Speaker Change: I don't know it doesn't sound like a bad idea to me.
Speaker Change: This would have ruined our country and now it's dead.
Speaker Change: I think the AI is dead. So then what is scrubbed the website, that's okay with me but.
Speaker Change: I can't tell you I guess, probably certain people handle it in certain ways, but a tenant who is very happy about it the military the real leaders the real generals and the military they are very happy about it.
Speaker Change: Doug is very happy about and he's got a big big.
Speaker Change: A group of people that are going to be working for them are really starting to weigh that just got signed up.
Speaker Change: They're very happy about it he had <unk>.
Speaker Change: Everybody did but he has not been a fan it would've really it was really hurting our country badly it's costing a lot of money to see the kind of money, we're talking about hundreds of millions of dollars for nonsense.
Speaker Change: We have a we have a country back down our country is back.
Speaker Change: It's a nice thing to say I've never seen such love I've never had anything like it I've never seen anything like it people are coming up Sir Thank you for bringing our country back we were losing our country.
Speaker Change: <unk>.
Speaker Change: I think we are stronger now than we've been in.
Speaker Change: Many many decades.
Speaker Change: On your call with Blackberry.
Speaker Change: Well, we'll be we'll be speaking we've been will be speaking and I think we will.
Speaker Change: Perhaps to something that it'll be significant we want to end that war that would've never sort of obvious precedent and we want to end up more than it was a horrible or millions of young people are being killed mostly on the lines now mostly soldiers.
Speaker Change: But the city has had been largely destroyed many of them.
Speaker Change: Demolition sites.
Speaker Change: The soldiers are just shooting at each other here, that's a very flat land centre Sos very very flat land the only place that.
Speaker Change: Our bullets stops us when it hits a person.
Speaker Change: And adding a lot of people that I think allowed us soldiers, but on both sides.
Speaker Change: I think Russia would probably say close to 800000, Ukraine 600 700000.
Speaker Change: And so it's.
Speaker Change: It's just a <unk>.
Speaker Change: So our situation and it's got to stop so whatever I can do to stop it and we are having discussions is ongoing already scheduled and ongoing already talking so you've already spoken Vladimir I don't want to say that we are having very serious discussion about one two.
Speaker Change: Just don't want to say that we are having very serious discussions about that we're trying to get it ended with Russia.
Speaker Change: With Russia, and the department of Justice and the FBI. There are a number of high level people, who are being asked to resign or are being told they are going to be fire did you specifically request any actions at the bureau, or Doj with respect to those employees no, but we have some very bad people over there was weaponized at.
Speaker Change: A level that nobody's ever seen before they came after a lot of people like me, but they came after a lot of people know I wasn't involved in it.
Speaker Change: Let's see what is exactly going on after this is finished but if they fired some people over there. That's a good thing because they were very bad they were very corrupt painful.
Speaker Change: And they hurt our country very badly with the Weaponisation can they.
Speaker Change: Used.
Speaker Change: They use the Justice department to go after their political opponent, which in itself is illegal.
Speaker Change: And obviously it didn't work.
Okay.
Speaker Change: Got it.
What does that mean.
Speaker Change: Sorry.
Speaker Change: Your opinion.
Speaker Change: Well, you're asking me a question.
Speaker Change: Period in here.
Speaker Change: Am I going to impose tariffs on the European Union he.
Speaker Change: We want the truthful answer or should I give you a political ads.
Speaker Change: Absolutely.
Speaker Change: Okay.
Speaker Change: The European Union, Australia, So terribly you promised Americans to try to reduce costs and so many of the product would be tariffs when they come into the country. The ongoing company is not paying the tariff.
Speaker Change: Buyers in the United States pay that and then.
Speaker Change: It is passed onto consumers.
Speaker Change: Sometimes.
Speaker Change: How would you expect to have prices come down if you have such a broad plan for tariffs and what do you say to the voters who want to see reduced everyday costs well, let me just tell you that.
Speaker Change: Got elected for a lot of reasons number one was the border number two is inflation as I had almost no inflation.
Speaker Change: And yet I charged hundreds of millions of dollars of tariffs to countries and I think of it I had almost no inflation and tuck in.
Speaker Change: $600 million.
Speaker Change: Money from other countries.
Speaker Change: And.
Tariffs and cost inflation that success.
Speaker Change: <unk> Big success, so great success, there could be some temporary short term disruption and people will understand that I had that one and negotiated some of the good deals for the farmers and unfortunately those deals have been.
Speaker Change: The latest re buy button is painful because they didn't enforce the deals we have a deal with China, which is phenomenal for the farmers, but there was nobody to enforce it in the Bud administration, they let them get away with murder. So thats. Another thing were going to be bringing a day committed women they committed to buying $50 million worth of farm product and they did it.
When I was president and as soon as that they stopped doing that because there was nobody inviting to enforce it but the tariffs are going to make us very rich and very strong and.
Speaker Change: We're going to treat other countries very fairly.
Speaker Change #100: But if you think about it other countries Joe just tariffs, we don't judge them tariffs and it's about time that that changes.
Speaker Change: The market reaction around tariffs the.
Speaker Change #100: Tariffs word tariff is very misunderstood.
Speaker Change: You've heard me say I say kiddingly, but.
Speaker Change #100: Sure.
Speaker Change #100: It's one of the most beautiful words.
Speaker Change #100: In the dictionary.
Speaker Change #100: He is.
Speaker Change #100: We've been taken advantage of it because others have judged as debt as an example in the European Union judges is 20% plus plus plus a VAT tax called the VAT tax very similar.
Speaker Change #100: Cause us perhaps.
Speaker Change #100: And we have treated so badly they don't take our cars.
Speaker Change #101: I don't think our fog products essentially they don't take almost anything and we have a tremendous deficit with the European Union. So we will be doing something very substantial with the European Union, we are going to bring the level up to where it should be and if you think of the European Union and then you go to NATO, it's largely the same.
Group of countries until I came along.
Speaker Change #101: We were paying almost 100% of NATO only to get bad trade deals.
Speaker Change #101: And now.
Speaker Change #101: It's been evened out, but very unfair having to do it wasn't even that pretty good actually I did a good job they paid.
Speaker Change #101: 400.
Speaker Change #102: Liberty Mutual is I'll, let you talk to that sense with Dave Congrats by bundling, our home and auto insurance.
Speaker Change #102: Pronounced in Peberdy Liberty.
Speaker Change #101: Liberty.
Speaker Change #101: Nice try.
Speaker Change #101: Only pay for what you need.
Speaker Change #101: Okay.
Speaker Change #101: Thank you.
Speaker Change #101: Third DIY.
Speaker Change #101: And Theyre doing it yourself.
Speaker Change #101: It's the difference between being creative.
Speaker Change #101: And being a creator.
Speaker Change #101: Between our homemade recipe.
Speaker Change #101: In a household name.
Speaker Change #101: Between a daydream.
Speaker Change #101: And the dream job.
Speaker Change #101: Your hard work.
Speaker Change #101: Do it yourself create your web site.
Speaker Change #104: So if you look at the Secretary General report and he was here recently and he said that he said one of the most amazing things I've ever seen is what president Trump was able to do with these countries of Europe of which he was in charge of them, but he couldn't get them to pay.
Speaker Change #104: I said you got to pay maybe you don't pay it we're not going to protect him is very simple.
Speaker Change #104: But.
Speaker Change #104: Very adverse with Ukraine, because we're in for $300 million plus.
And probably for $100 million as a $200 million difference.
They need it more than we do we have a notion in between data.
Speaker Change #104: So theyre going to have to step it up a little bit.
Speaker Change #104: With efforts to reduce the federal workforce, whether it's offering.
Speaker Change #104: We've called the buyout packages or other efforts do you have any concerns that there will be employee broadly across the federal government, who might take that up and there are part of the many different ways to agencies protect the public from food inspections water sales.
I know everybody is replaceable and we'll get very good people to replace them. If it turns out to be more than we thought it could be a lot of it could be a little we don't know, but we'd love to have them leave we're trying to remember this we want them to go into the private sector.
Speaker Change #104: Our dream to have everybody almost working enterprise.
Speaker Change #106: Public sector.
Speaker Change #104: We have many people very few people came to work.
Started more or less with COVID-19, but actually even before COVID-19.
Speaker Change #104: But it started with with the Covid they didn't come back.
Speaker Change #104: And by and let them get away with murder and.
Speaker Change #104: We had federal workforce like 4% coming into the office.
Speaker Change #104: And then just as it work people can say it does but it doesn't work you have to be unified group in the office. It test. It was crazy you don't know what they're doing and then at some point we may ask.
Speaker Change #104: Certify that they didn't have two jobs, meaning where they really getting a check from us the government and then where they also work in a second job and a third job.
Speaker Change #104: On government time.
And many of them will say that they did.
Speaker Change #104: Which is which is not legal but it's a problem.
Speaker Change #104: We want to get that we wanted to clean and that people have been trying to reduce federal government now for.
Speaker Change #104: 40 years 45 years.
Speaker Change #104: <unk> been able to do it and this is a way of doing it I think very nicely and sort of a buy out too.
I think we are training people very good but the piece.
Speaker Change #104: People don't come to the office and they won't have a job starting on that very special days. So we'll see how that works out I mean, nobody knows how that's going to turn out everybody might show up to the office.
Speaker Change #104: Maybe a large number won't show up but if they don't show up we've accomplished a very serious go and we're trying to reduce government does Mr moskow or any of those associated with your dilution.
Speaker Change #104: If they have any direct access through the government systems to how money is dispersed no nothing no.
Speaker Change #104: This has nothing to do also with the federal cutting with this federal cutting. This is very separate this is if you don't show up.
Speaker Change #104: You get paid.
Speaker Change #104: But I think great progress has been made with talking about cutting.
Speaker Change #104: Over a trillion dollars of waste, we're talking about waste without talking about we are going to love and cherish social security Medicare Medicaid, we're not going to do anything with that other than if we can find some abuse of waste will do something but the people won't be affected.
Speaker Change #104: It will only be more effective and better.
Speaker Change #104: And our country as a country gets richer.
Speaker Change #104: On social security Medicare Medicaid those people are going to be more secure and <unk> gotten elected social security was going to fail because the country was failing who is going to fail the country is going to fail.
Speaker Change #104: And therefore, their social security Medicare Medicaid and all of the other things that you may get would not be able to be paid.
Our country is getting very strong and you see it I think more progress has been made in the list.
Speaker Change #104: Three weeks and has been made in the last four years I think not only is more progress was made in the last four years.
Speaker Change #104: D progress, we went way backwards as a country in so many different ways from work to all of the other things that took place that were so bad you look at Afghanistan, how embarrassing that was I think Afghanistan really started the problem with Russia, and Ukraine, when potent Oleg, California, Soho and confidently that was handled.
Speaker Change #104: Always getting out, but I was going to keep Barbara right now China is Barbara.
Speaker Change #104: One of the biggest airbases NOL they left it.
Speaker Change #104: Other than background I was going to get at that wasn't keeping Barbara for Afghanistan, I was keeping it for China, because it's one hour away from where China makes sense nuclear weapons and keeping itself. We have a lot of great things happening in our country and we appreciate that you hear and I'm really thrilled about Doug and I'm really thrilled about his friend Chris.
Speaker Change #104: <unk> is a legend in the oil business right. They keep telling me Catherine is like a legend that he's a legend too and a lot of businesses and we have an amazing group of people working with US as a man behind me, who became a tremendous success was that or was that a wealthy man it inside of a wealthy man and he ended up.
Speaker Change #104: <unk> been and that's a great talent and he's willing to.
Speaker Change #104: Sacrificed so much and to put it to work for our country and watched the job he doesn't.
Speaker Change #107: The interior.
Speaker Change #107: In particular on really making our country very very wealthy by utilizing it properly and at the same time environmentally does it very it is very much an environmentalist and do it very carefully and very painstakingly. Good but you just watch what happens in working with the department of energy where he.
Speaker Change #107: His compatriot his friend and also consider the most talented band in the oil business is the head of the department of energy and they worked together, it's almost like a partnership it really is a partnership.
Speaker Change #107: And what that does for our country and it'll be a fantastic thing to say, thank you very much everybody.
Speaker Change #107: Okay.
Speaker Change #107: Yes.
Speaker Change #107: Yes.
Speaker Change #107: Yes.
Speaker Change #107: Thank you.
Speaker Change #107: Yes.
Speaker Change #107: Okay.
Speaker Change #107: Okay.
Speaker Change #107: We are going.
Speaker Change #107: Yes.
Speaker Change #107: From one doctor to the next.
Speaker Change #107: Does it have to be like that.
Speaker Change #108: And Kaiser Permanente, we have a different kind of health care. So how did you like thats, where all of US work together for all of that is you first planet fitness clubs are open 24 hours. So you can work out whenever it comes.
Speaker Change #107: In early stage.
Speaker Change #109: Whatever works for you say $28 or more when you joined for just one dollar down $15 a month cancel anytime dealing February 28th.
Speaker Change #109: Okay.
Speaker Change #109: Sure.
Speaker Change #109: Yes.
Speaker Change #109: Yes.
Speaker Change #109: Yes.
Speaker Change #109: Sure.
Speaker Change #109: Okay.
Speaker Change #109: Yes.
Speaker Change #109: Okay.
Speaker Change #109: Sure.
Speaker Change #109: Okay.
Yes.
Speaker Change #109: Okay.
Speaker Change #109: Sure.
Speaker Change #109: Yes.
Speaker Change #109: Okay.
Speaker Change #109: Sure.
Speaker Change #109: Yes.
Speaker Change #109: Yes.
Speaker Change #109: Okay.
Speaker Change #109: Yes.
Speaker Change #109: Yes.
Speaker Change #109: Yes.
Speaker Change #109: Alright.
Speaker Change #109: Alright.
Speaker Change #109: Yes.
Speaker Change #109: Sure.
Speaker Change #109: Sure.
Speaker Change #109: Sure.
Speaker Change #109: Hello.
Speaker Change #109: Good afternoon, everybody I brought some heavy hitters in here with me today.
Speaker Change #110: Today marks one month of President Trump's returned to the Oval office and there is no denying that the administration is off to a historic starts. The president has already signed 73 executive orders that is more than double the number of signed by Joe Biden and more than quadruple the number signed by Barack Obama.
Speaker Change #110: Over the same period. These executive orders have ended burdensome regulations sealed the border unleashed, our domestic energy sector eliminated devices from.
Our federal government stopped the weaponized nation of government cut waste fraud, and abuse Reinstituted America first trade and foreign policies and ultimately restored common sense. The President also signed the Lake and Riley Act into law, which ensures ice will detain illegal aliens arrested or charged with theft.
Speaker Change #110: Or violence.
Speaker Change #110: As of today. The Senate has already confirmed 18 cabinet level nominees, which is more than at this point under the Obama administration in 2009 and more than double the pace of the buyback administration in 2021 and today, we expect cash to tell to be confirmed as the next director of the FBI, we are proud to announce that.
Speaker Change #110: But the president will host its first official cabinet meeting here at the White House next Wednesday February 26.
Speaker Change #110: In just four weeks President Trump has already hosted the leaders of Israel, Japan, Jordan and India and next Monday, the President will host Francis President Emmanuel Macron and on Thursday, The U K Prime Minister Keir Starmer, well visits the white house as well.
Speaker Change #110: As you all know over the past month, the president has taking questions from the press all of you nearly every single day, sometimes on multiple different occasions, and the same day on any topic any of you wish to talk about president Tom set the tone on this approach immediately when he took more than 12 times the questions in this first.
Speaker Change #110: You hours and office as Joe Biden did in his entire first week, yes.
Speaker Change #110: Yesterday, we hosted a local media row here at the White house with TV and radio stations from across the country that that reached up to 60 million viewers and listeners.
Speaker Change #111: And our ongoing pursuit of transparency on this one month's celebration I am thrilled to bring three of my colleagues and our policy experts here at the White House. So further recap. This incredible first month of accomplishments in greater detail, we have deputy chief of staff for policy and Homeland Security adviser Stephen Miller, the director of the National Economic Council.
Speaker Change #112: Kevin <unk> and our National Security adviser, Mike Watts, I will hand, it over to them. They will deliver brief remarks on the accomplishments of this administration and the first month and then we will open it up to Q&A. When we open up the Q&A portion I do ask for the sake of efficiency in this room that you direct your question to the principle you seek an answer from and I will call on.
Speaker Change #113: And that's around but first I will let them roll through their remarks, and first up I'll turn it over to Stephen though.
Speaker Change #114: One zero transfer fee and great rates in Jamaica, and your first online money transfer with Moneygram, the fast and easy way to send money.
Speaker Change #113: It's not having access to $1 million industrial grade products. So.
Speaker Change #113: It's the feeling knowing you'll find that one unique grainger for the ones who get it done.
Speaker Change #113: Thank you, it's great to be back.
Speaker Change #115: And I wanted to thank you all for joining today are one month's celebration of the most historic opening to a presidency in American history.
No President comes close to what Donald Trump has achieved over just the last 30 days.
Speaker Change #115: He is packed eight years of transformative.
<unk> action restoring this nation, we're storing our laws were storing fairness restoring economic opportunity restoring national security in just one month no. One in this country has ever seen anything like it and when you look at the cost sequentially reality and the significance and the transformative nature of the actions he is taking it.
Speaker Change #115: Truly defies description for example in just one area. This nation has been plagued and crippled by illegal discrimination diversity equity and inclusion policies is strangled our economy. It is undermined public safety. It is made every aspect of life more difficult more painful and less safe.
Speaker Change #115: He has ended.
Speaker Change #115: Paul dei across the federal government. He has terminated all federal workers involved in promulgating. This unlawful policies. He has ended diversity equity and inclusion in all federal contracting. He has restored merit as the cornerstone of all federal policy were stored the full fair impartial enforcement of our.
Speaker Change #115: Federal Civil rights laws for the first time in generations and he has cracked down on individuals' across this government and nonprofits who are engaged in illegal racial discrimination against the American people. This includes making clear to every educational institutions in this country that ending diversity.
Speaker Change #115: Equity and inclusion ending unlawful race discrimination is a precondition of receiving federal funds.
Speaker Change #115: He is also saved women's sports by ending the participation of men and women's sports. He has ended radical agenda ideology across the entire federal government and he has pressured the private sector to also add and combat radical gender ideology is reestablished the scientific and biological truth that there are only two.
<unk> in this country male and female and those are biologically based determinations theyre not base and can never be based on gender identity that includes rooting out of the department of defense All dei policies. All critical race theory, all gender madness and once again, having a military that is focused solely in <unk>.
Speaker Change #115: Lucidly on readiness preparedness and Lasalle.
Speaker Change #116: I'm sure Kevin will talk about more of course, he has undertaken a historic cost cutting effort across the federal government launched the first ever department of government efficiency.
Speaker Change #116: Covering corruption on a scale that we never thought imaginable terminating every single federal worker that we are that we are found to be engaged in the corruption and theft and the waste of taxpayer dollars and already savings $50 billion in a single year, which over a 10 year period will be $500 billion just.
Speaker Change #116: Okay about how vast and enormous that sum is of course as you. All know he has renamed the Gulf of Mexico to is correct and proper name the Gulf of America use rename at Denali into Mount Mckinley part of our historic effort to restore patriotism and national Pride all across this land. He has ended the weaponisation in our federal government work.
Speaker Change #116: Stored the department of Justice to its true mission.
Combating threats in this nation and keeping the American people say he has ended all federal censorship of free speech. This has been one of the greatest crisis that has plagued destination.
Speaker Change #116: Years and years and years in the federal government violating the first amendment to takeaway Americans right of free speech President Trump has ended that and he has demanded that all federal workers all law enforcement cease any effort to intimidate the rights of Americans or to police their speech.
Speaker Change #116: He is also restored the death penalty at the department of Justice, including for illegal aliens would commit murder, including for those who murder cops and including for all of those who threaten Americans with heinous acts of violence. The death penalty is back law and order is back the streets are being made.
Speaker Change #116: Once again on the public health front.
Speaker Change #116: He has launched the nation's first ever commissioned the Mohawk Commission make America healthy again, following the historic confirmation of RFK Junior.
Speaker Change #116: Finally on cover the true root causes of the public health crisis in this country the childhood disease epidemic in this country, the spiraling rates of pediatric cancer.
Speaker Change #116: Devastating childhood sickness.
Speaker Change #116: Finally created a situation where the federal health agencies in this country will be focused on preventing disease on keeping children from getting sick in the first place not sending them to a lifetime in and out of hospitals suffering needlessly. When we can find ways to prevent this epidemic of illness that of course.
Speaker Change #116: On homeland security today. It is officially the law of the land.
Speaker Change #116: At the conclusion of the congressional notification process.
Speaker Change #117: Six Mexican cartels, and two transnational gangs trend day, Rockwell or TDA and Mr. Tang.
Speaker Change #117: So eight organizations in total are now formally designated as foreign terrorist organizations, which means that every single member of those organizations who operates on U S. Soil is now as a legal matter a terrorist and they will be treated as tariffs. This is a sea change in U S policy and this means the department of.
Speaker Change #117: Justice and the department of Homeland Security, along with the rest of U S law enforcement and the Department of Defense are now operating in a legal reality, where these cartels are recognized as tariffs and there'll be a whole of government effort to remove these tariffs from our soil and seed the great durability to threaten our undermine any.
Speaker Change #118: American security our sovereignty interests border crossings since the day. He took office are down 95% I think it's almost impossible to even describe the scale and scope of that achievement President Trump.
Within days of taking office cut border crossings, 95%.
Speaker Change #118: And those few who have dared to cros are being either prosecuted or deported they are either facing significant jail time for trafficking smuggling harboring aiding impeding.
Speaker Change #118: Theyre being immediately removed from our soil either way at the end of the process. They are going how he is re implemented remain in Mexico and he has obtained historic cooperation from foreign countries all around the world and accepting their deportees back and he has used the United States military to fully seal the southern border with a historic.
Speaker Change #118: Both active duty and National Guard troops resumed the building of infrastructure is opened up Guantanamo Bay and he's using military aircraft to carry out deportations all across this country and ice is joining with ATF DEA and FBI to carry out the largest deportation operation in American history. The criminals are go.
Speaker Change #118: Home the border is sealed shut America's safe sovereign proud and free we are a nation that every one of the world understands all across this planet you do not come here illegally you will not get in you will go to jail. You will go home you will not succeed. This is the biggest and most successful change in any area of law enforcement.
Speaker Change #118: That this nation has ever seen and he did it in under one month. Thank you.
Speaker Change #118: Thank you.
Speaker Change #118: You'll be back.
Speaker Change #118: Okay, and how people got them I can say with Liberty mutual.
Speaker Change #118: Doug.
Speaker Change #118: They only pay for what you need.
Speaker Change #118: Okay.
Speaker Change #118: Thank you Caroline Thank you Steven.
Speaker Change #118: One thing that President Trump cares most about as job creation and it was about seven years ago I had the honor of joining you and there's room for the first time and it looks like we've created a lot more jobs for the last months look at how many people here I estimate there's about 180, but I didnt count. So thank you, it's really an honor to be back here I think I just wanted to go over it.
Speaker Change #119: Few things and then hand, it off to Mike. The first thing is that the president has told us to prioritize fighting inflation and he had to do that because as you know president Biden, let in place and get completely out of control.
Speaker Change #119: And he did it with policies. So it made no sense it made no sense.
Speaker Change #120: Type C people say to us our friends at <unk> why are you doing that.
Speaker Change #120: But I like to think why did they do that why did they spent so much money and then the fed put so much money. So that we had in place. It is high as we've ever seen seems to be Carter. So why did they do that so we're addressing in places we didn't have to address it in the first quarter because it was always in the one's almost always but we're going to get it back there and how are we doing it we're doing it with a plan.
Speaker Change #120: Can that president Trump and I and others have talked about in the oval. The involves like every level side to get placement first the macroeconomic level, we're cutting spending where cutting spending in negotiations with people on the hill, we're cutting spending with the advice of our consultant Elon musk.
Speaker Change #120: And then we're also looking into supply side takes like restoring trumps tax cuts, maybe even expensing new factories. So there is an explosion of supply. If you have an explosion of supply at a reduction in government demand.
Speaker Change #120: Placement goes way down and then one of the things that you want to say as well what are you going to see it well the first thing that youll see when the market's belief that we're going to get inflation under control is that the 10 year Treasury rate goes down because that's how they think about future expected to place and so we're still going to see some memory of guidance in place. So it's not going to go away at them.
Speaker Change #120: Month, but the 10 year Treasury before the last consumer price index had dropped about 40 basis points 40 basis points because markets were optimistic about our ability to fight inflation 40 basis points is kind of not a fun thing to say kind of his talk that way I apologize, but the way to think about it is for a typical mortgage if that affects the mortgage rate then it's going to save a typical family.
Speaker Change #120: Our house about 1000 Bucks a year.
Speaker Change #120: And that's just our first month, okay. The second thing. We've done is we've had a lot of trade talks and in fact I was just meeting administer from Mexico with Howard Lutnick, just a couple of hours ago, and we're talking about reciprocal trade and we're also talking about the federal crisis and so reciprocal trade is about our government treating other governments the way.
Speaker Change #120: They treat us.
Speaker Change #120: We want to trade to be fair. It turns out that Americans have been disadvantaged by foreign governments over and over and President Trump wants it to stop as the fact that struck me as most noticeable when I started to look at what President Trump was asking us to do it.
Speaker Change #120: Is that last year last year, we have data.
Speaker Change #120: The company has paid $370 billion in taxes to foreign governments 370 billion.
Speaker Change #120: Last year foreign multinationals paid us $57 billion in taxes, we have one quarter of world GDP. They have three quarters of world GDP and we're paying 370. They are paying 57. This is not reciprocal we're going to try or we're going to fix it the only thing that we've done as we've had in all of the above energy.
Speaker Change #120: Approach.
Speaker Change #120: By Doug Bergen and Chris.
Speaker Change #120: Really large team EPA.
And we've already made so many actions that are going to affect the price of energy and lower inflation. We've opened up 625 million acres to energy exploration, we've cut 50 years of Red tape.
Speaker Change #120: It makes it so you can't have permits and.
Speaker Change #120: And we've even made it so that when you go home if you get a new one that you can take a shower or flush a toilet or read under alike.
Speaker Change #120: We're doing that too.
Speaker Change #120: So finally.
Speaker Change #120: Let's just think about like the facts.
Speaker Change #120: We can see right now that we think are awesome.
Speaker Change #120: So guess what small business optimism has gone up by the most ever.
Speaker Change #121: Since President Trump tenure.
Speaker Change #120: <unk>, which is the measure of what's going on in manufacturing.
Speaker Change #121: It's expanding again for.
Speaker Change #121: For the first time in years.
Speaker Change #121: CEO confidence is the highest it's been in years.
The reason the reason people are thinking of this is that our policies give people cause for optimism and then I want to reiterate what Steven Miller said, because it is so important and it's so important for financial markets to start to digest this that yes.
Speaker Change #121: The Treasury secretary or the any cabinet secretary with Elon Musk is able to find some savings say $100 billion.
Speaker Change #121: Well in CDL land, that's actually like about 10 times that or maybe 12 types that over a 10 year window and so when you're thinking about the negotiations right now over reconciliation thinking about well Fortunately in five period well those numbers in terms of the savings are going to end up being small because of all the ways that we're finding and so we're.
Mike Watts: Got a be optimistic about the future of inflation and the future of our economy and we are optimistic because were making so much progress so far and we already see it in market prices and with that I'll hand, it off to Mike.
Speaker Change #122: Thanks, Kevin.
Mike Watts: Well good afternoon.
Speaker Change #122: Yes.
Speaker Change #122: What am I.
Speaker Change #122: And what is the change in our in our foreign policy. In addition to what we're doing on the border and restoring American sovereignty. In addition to what we're doing and our economy and the job creation in the inflation reduction we are bringing the world back to where it was at the end of President Trump's first term, which is a worry.
Speaker Change #122: <unk> a peace prosperity.
Speaker Change #122: Looking forward in getting us out of the chaos that we've just seen over the last four years so over the last month.
Speaker Change #122: Just to name a few.
Speaker Change #124: I had the honor of sitting in the Oval office as President Trump spoke with President Putin and then immediately spoke with President Zalenski.
Speaker Change #125: And both of them said only president Trump could bring both sides of the table and only president Trump could stop the horrific fighting that has been going on now.
Speaker Change #125: For the better part of four years and that only president Trump could drive the world back to piece both of those leaders said that and back to back calls and of course, we just had our historic talks.
Speaker Change #125: Mediated by art are good friends and partners, Saudi Arabia, we give great. Thanks to Crown Prince Mohammed bin salmon for hosting and shut down for the first time in years.
Speaker Change #125: With the Russians and talked about a path forward with piece on top of that and one of the things that led to that was a tremendous.
Speaker Change #125: Confidence building measure that we have with the release of Mark photo I'll remind everyone. The last time that we had an American released.
Speaker Change #125: The Russians.
Speaker Change #125: Either we gave up a deadly spy pressured our allies to give up a lethal Taylor or we released under the by the administration.
Speaker Change #125: The world's most notorious arms dealer Victor boot, who by the way had one of his main clients for arms the cartels.
Speaker Change #125: And Mexico, and Central America, we gave up none of that.
Speaker Change #125: It was released as a confidence building measure of working with our great Middle East envoy, Steve wet cough, and our secretary of state.
Speaker Change #125: As a first step towards opening these talks and then.
Speaker Change #125: Moving forward towards piece on top of that we've secured Justin a month the return of a dozen 12 American hostages from Russia from Bulgaria from Venezuela, the Taliban and Hammas excuse me Thats from Belarus, Bulgaria, We also had a.
Speaker Change #125: For the first time in quite some time, we took out a senior leader of Isis and international financier in recruiter.
Speaker Change #125: That the military had been trying to take out for quite some time.
Speaker Change #126: And wasn't able to do so frankly because of the bureaucratic approval process President Trump said take them out and that Isis financier and leader is no longer on this earth.
Speaker Change #125: We've also.
Speaker Change #125: <unk> taken action to eliminate other terrorist organizations in the middle East we drove before the precedent was even in office. He started talking consequences for people that would hold Americans here before theres been nothing but upside you've taken American you get some better deal you take another one maybe you could get a better deal no more.
Speaker Change #125: There is now nothing but downside for taking Americans illegally either as hostages are illegal detainees and when president Trump sent a very clear message across the middle east by particularly to Hamas that there would be all hell to pay we suddenly saw a breakthrough.
Speaker Change #125: And now we just saw the release of yet another group of hostages there have been dozens now including two Americans that we've seen once again reunited with their families as part of the talks with King Abdullah.
Speaker Change #125: He offered and.
Speaker Change #125: Thank the entire world has graciously accepted to take 2000 sick children cancer patients and others out of Gaza as a humanitarian.
Speaker Change #125: As a humanitarian gesture 2000, gazans will come out of that Hell hole.
Speaker Change #125: It is that wasteland that Gaza is right now with unexploded ordinance.
Speaker Change #125: Debris everywhere with no sewage with no water.
Speaker Change #127: And President Trump has put forward a plan to deal with the practical reality.
Speaker Change #127: That is 1.8 million gazans now now truly suffering.
Speaker Change #127: And then just to bring it back to our own hemisphere, we've seen literally in the last months after years of National security experts that generals in charge and others testifying in ringing the alarm bells about.
Speaker Change #127: About the Chinese communist parties presence in our own hemisphere.
Particularly in the Panama Canal, we're seeing the leadership of Panama.
Speaker Change #127: Step away from the belt and road program move away from China and back towards the United States and even enter into talks and other negotiations about addressing the ports on either side of the canal and then finally last but not least we've had for world leaders.
Speaker Change #127: In the White House and the Oval office, we've had the prime Minister of Japan, The Prime Minister of India. The King.
Speaker Change #127: <unk> of Jordan and of course, the Prime Minister of Israel, just in the last four weeks and next week, we will have the prime Minister.
Speaker Change #127: Neither kingdom and we'll have the president of France.
Speaker Change #128: Colin So president Trump is on what we call Trump work speed.
Speaker Change #127: We are all.
Speaker Change #127: We are all honored to be really starving under under his leadership and his vision and.
Speaker Change #127: And truly when.
Speaker Change #127: When we all stay and the President himself say says he has a president of peace. He is our president focused on restoring stability I think the entire world saw.
Speaker Change #129: What the World will look like without strong American leadership in the last four years and it's truly been an honor to get us back to where we were and back on track under President Trump's leadership.
Mike Watts: Thank you Mike Thank.
Speaker Change #127: Thank you thank.
Speaker Change #130: Thank you everybody Im sure Youre very eager to ask questions of these very smart people working very hard on behalf of the president and we do have somebody in our new media today, we have John Stoll, who is the head of news at X. As you all know you're all on exit home to hundreds of millions of users a large contingent of independent journalist.
Speaker Change #127: News organizations across geographies and political spectrum.
Speaker Change #127: And at the same time X remains the go to platform for many legacy news outlets and I know as I mentioned many of the reporters in his room use acts to attract eyeballs skew your work prior to joining <unk>. John spent two decades in journalism, including several years as an editor at the Wall Street Journal, we are excited to have them into breathing room today, John I'll, let you pick.
Speaker Change #127: It off and as I said at the top please direct your question to the individual up here, who you would like an answer from John why don't you begin alright. Thank you very much.
Speaker Change #131: Im sitting in for a thriving ecosystem of journalists independent and emerging news organizations.
Speaker Change #127: And on X.
Speaker Change #127: For publicity.
Speaker Change #127: For our business model and so I look forward to seeing many of them and let's see.
Speaker Change #132: In some years to come I also thank you Carolina for opening that up to the media.
Speaker Change #127: Yes.
Speaker Change #132: He is a testament not only to you or.
Speaker Change #127: Our open mindedness, but also innovation that you would actually think about.
Speaker Change #127: Folks that are not particularly thankful for the industry to be in this room in not only had a question, but also to witness this is a very important intersection.
Speaker Change #127: Power and a free press.
Speaker Change #127: And so the ability to witness and be part of it brings everybody stay months. So thank you for that I think this is for Mike.
Speaker Change #134: My question is about Ukraine.
Speaker Change #135: For more than 10 years of investigators.
Speaker Change #134: With what's going on.
Speaker Change #135: In Northern Europe.
Speaker Change #135: We're working out the Baltics when premier was annex.
Speaker Change #135: And a lot of this came on Twitter.
Platform used to be known as clear.
Speaker Change #135: A lot of European leaders.
Speaker Change #135: We'll talk about their disappointment in solidarity with Ukraine, but when it came to actually doing something it felt like there were testing a hot potato and send it over to Atlanta.
Speaker Change #135: Yes.
Speaker Change #135: I wonder how much of what we're seeing right now of the administration of President Trump is a call to Europe and European leaders and the allies that we traditionally had to pick up that hot potato and start doing something a little bit more concrete to win and preserve the piece in Ukraine.
Speaker Change #135: The question I have is.
Speaker Change #135: It's related is there has been some.
Speaker Change #135: A lot of speculation that.
President Trump administration might be manipulated.
Speaker Change #135: Latin America I Wonder if you can just talk a little bit about the.
Speaker Change #135: Administrations posture and your confidence in the competence of this administration does it go towards our flywheel.
Speaker Change #135: Well if there is any I'll take the second question first if there's anybody.
Speaker Change #135: In this world that can go toe to toe with Putin that could go toe to toe with sheet that could go toe to toe with Kim Jong hoon.
Speaker Change #136: And we can keep going down the list, it's Donald J Trump he has the dealmaker in sheet. There is no question that he is the commander in chief.
Speaker Change #136: And I for one and I think all Americans and around the world should have no doubt about his ability to not only handle pollutants like to handle the complexity of driving this war to an end.
Speaker Change #137: And then on your first piece on Europe, I'll take you back to 2014 Youre right. There was a lot of hand wringing in Europe, and not a lot of action and there's also a lot of hand, wringing inherent Washington under the Obama administration and not a lot of action they literally through blankets at the problem and so I'll remind everyone that Putin.
Speaker Change #137: Add some type of conflict invasion issue with their neighbor under President Bush with Georgia under President Obama with Ukraine in 2014, not under President Trump 45, and again with President Biden and 2022 the war should've been deterred the war should've never happened and I have no doubt it would not have happened.
Speaker Change #137: Under President Trump and will stop under President <unk>.
Speaker Change #137: Trump again, but I just want to push back on this notion of our European allies, not being consulted as we've.
Speaker Change #137: Entered into this process I already mentioned the immediate phone call President Trump made two presidents Lenski. He has talked to president My Crown in France repeatedly last week, President Mccrone convened European leaders and then is coming here on Monday Prime Minister Starmer is coming.
Speaker Change #137: Next Thursday, we've also I've talked to every one of my National Security.
Speaker Change #137: National security adviser counterparts across across.
Speaker Change #137: Across the spectrum and Europe, I've talked to Secretary General router.
Speaker Change #137: The leader of NATO, The Secretary General of NATO, we have repeatedly oh by the way we had half our cabinet seven cabinet officials, including the Vice President at the Munich Security Conference all engaging all listening and all making sure our allies are hurt however.
Speaker Change #137: We've also made it clear for years.
Speaker Change #137: Even.
Speaker Change #137: That it is unacceptable that the United States in the United States taxpayer continues to bear the burden not only of the cost of the war in Ukraine, but of the defensive of Europe, we fully support our NATO allies, we fully support the article five.
Speaker Change #137: But it's time for our European allies to step up and one of the things that Secretary General Ruta said on our call was this last couple of weeks have been a real wake up call and I asked them. What have you been missing the last couple of years. The fact that we are going to enter into a NATO summit. This June with a third of our NATO allies still.
Speaker Change #137: Not meeting the 2% minimum.
Speaker Change #137: Commitment they made a decade ago.
Speaker Change #137: Literally a decade ago with a war on their doorstep, the largest war that theyre all extremely concerned about but yet it's while somebody else needs to pay we've got other domestic priorities. That's unacceptable president Trump's made that clear and the minimum needs to be met we need to be at 100% in this June at the NATO summit.
Speaker Change #137: And then let's talk about exceeding it which is what president Trump has been talking about with 5% of GDP Europe needs to step up for their own defense as a partner and we can be friends and allies and have those tough conversations.
Speaker Change #138: Thank you Caroline Greg one anecdote is one who can talk does.
Speaker Change #137: Okay.
Speaker Change #139: So Stephen we're hearing about these dose dividend checks that would be 20% back to taxpayers, 20% to pay down the debt, 60% is left to get that.
Speaker Change #139: Well the way that it works is when you achieve savings you can either return to the taxpayers you can return it to our debtors or it can be cycled into next year's budget and then it just lowers the overall baseline for next year. So in other words just transfer into the next fiscal window, and then lower the overall spending level and that means that you can achieve.
Speaker Change #139: A permanent savings that way and that reduces the deficit and when is it that people might see those checks was all going to be worked on through the reconciliation process with Congress, that's going underway right now as you've seen the centers moving to build a house or moving a bill the president has great confidence in both chambers to deliver on his priorities I'll just take this opportunity to note.
Speaker Change #140: President Trump has made a historic commitment to the working class of this country to fight for a major tax relief and major price relief and cutting spending is <unk> doing in cutting taxes is the key to delivering on both of those promises and president Trump is resolutely committed to doing both thank you and on Ukraine. I guess this is for Mike sure.
Speaker Change #139: The President's close untruth, social yesterday need to know.
Speaker Change #141: Who does he think it's more responsible for the Russian in basin Crane.
Speaker Change #139: <unk>.
Speaker Change #139: But his his goal here is to bring this war tune it period.
Speaker Change #139: And there has been ongoing fighting on both sides. It is world War, one style trench warfare his frustration with present, so Wednesday is.
Speaker Change #139: That <unk> heard is multi fold one there.
Speaker Change #142: There needs to be a deep appreciation for what the American people, what the American taxpayer, what President Trump did and his first term and what we've done so some of the rhetoric coming out of key frankly and insults to President Trump were unacceptable number one number two our own secretary.
Speaker Change #142: Treasury personally made the trip to offer Ukraine, and what is can only be described as a historic opportunity that is for America to co invest with Ukraine, and our minerals and their resources to truly grow the pie. So case in point there is a foundry that processors <unk>.
Speaker Change #142: Imminent and Ukraine, it's been damage is not in its current capacity if that is restored it would account for Americas and tire imports of aluminum for an entire year that one foundry there are tremendous resources. There not only is that long term security for Ukraine, not only do we help them grow.
Speaker Change #142: ROE the pie with investments.
Speaker Change #142: But we do have an obligation to the American taxpayer and helping them recoup the hundreds of billions.
Speaker Change #142: That have occurred so rather than enter enter into some constructive conversations about what that deal should be going forward.
Speaker Change #143: Got a lot of rhetoric in the media that was that was incredibly unfortunate and I can just tell you Peter.
Speaker Change #142: As a veteran of somebody who's been in combat.
Speaker Change #142: This war is horrific and I think we've lost sight of that of the literally thousands of people that are dying at day families that are going without the next generation and I find it kind of yes.
Speaker Change #142: Frankly ridiculous so many people and Washington that were just demanding pounding the table for a ceasefire in Gaza are suddenly a guest that the president would demand one and both sides come to the table.
Speaker Change #142: When it talks to when it comes to Ukraine.
Speaker Change #142: That has been arguably.
Speaker Change #142: Far greater than and scope and scale and far more dangerous in terms of global escalation to the U S Securities and I do have one for Carolina.
Does president Trump.
Speaker Change #142: Bet with crude oil about this USA, Canada Tonight.
Speaker Change #142: There is a big hockey game on.
Speaker Change #142: President watching for the goals or for the fight.
Speaker Change #142: Probably both I think he's watching for the United States to win Tonight, I know he talked to the USA hockey team. This morning, you talked to the players after their morning practice around 10 o'clock and I also spoke to some folks from that team. After they were jubilant over president Trump's comments to the team I believe theyre going to put out a video of that call.
Speaker Change #142: So he looks forward to watching the game Tonight, and we look forward to the United States feeding our soon to be safety first state Canada.
Speaker Change #142: Go ahead.
Speaker Change #142: Michael.
Speaker Change #142: Right.
Speaker Change #142: Perfect.
Speaker Change #142: Thank you.
Speaker Change #142: Okay.
Speaker Change #142: Feel about the rare earth.
Speaker Change #142: Where does that sound well.
Speaker Change #142: Well, we're going to continue to have he needs to come back to the table and we're going to continue to have discussions about where that deal is going again, we have an obligation to the taxpayer I think this is an opportunity. The president thinks this is an opportunity for Ukraine going forward there can be an.
Speaker Change #142: In my view nothing better.
Speaker Change #142: For Ukraine's future and for their security then.
Speaker Change #142: And then to have the United States invested and their prosperity long term and then a key piece of this is also been security guarantees.
Speaker Change #142: The reality that we're talking about here is is it in Ukraine's interest is it in Europe centrist it certainly isn't in Russias interest or in the American People's interest for this war to grind on forever and ever and ever So a key part of his conversation was hell.
Speaker Change #142: <unk> present sequentially understand this war needs to come to an end. This kind of open ended mantra that we've had under the by the administration.
Speaker Change #142: That's over and I think a lot of people are having a hard time accepting that and then the other piece is there has been discussions from Prime Minister Starmer.
Speaker Change #142: And also president Mccrone about European led security guarantees we welcome that we've been asking Europe to step up and secure its own prosperity safety and security. So we certainly welcome that and we certainly welcome more European assistance as I told my counterparts come to the table with more.
Speaker Change #142: If you want a bigger seat at the table and we've been asking for that for quite some time.
Speaker Change #144: Thanks, Anthony are costly and if you can talk with international partners and allies essentially rolling back thanks, guys.
Speaker Change #142: Solutions those talks with.
Speaker Change #145: With our Russian counterparts, both with my counterpart, the National Security adviser Secretary Rubios cow.
Speaker Change #142: Counterpart, the foreign Minister of Foreign Minister Lavrov.
Speaker Change #145: It really.
Speaker Change #145: It was quite broad.
Speaker Change #145: <unk> focused on what is the goal for our broader relationship.
Speaker Change #145: But very clear that the fighting has to stop to get to any of those brighter goals and as a first step we're just going to do some common sense things like restore the ability of both of our embassies to function.
Speaker Change #145: And again.
Speaker Change #145: This is this is common sense and foreign policy world They call it shuttle diplomacy.
Speaker Change #145: We have to talk to both sides in order to get to both sides of the table and both sides have said only president Trump could do that.
Speaker Change #145: Yes.
Speaker Change #146: My question is for Michael Alright.
Speaker Change #146: The president has called the a dictator does here.
Speaker Change #146: And as a dictator.
Speaker Change #146: Does he want in Valencia out of power I know you've called for <unk>.
Speaker Change #146: And then thirdly, the head of the Defense Committee in Ukraine Parliament.
Speaker Change #146: <unk> claims that the U S has stopped selling weapons to Ukraine is that true.
Speaker Change #146: While most of our weapons that have gone to Ukraine have been part of a drawdown authority, where we have literally taken them out of our stocks and then eventually through appropriations started buying them again to refill our stocks.
Speaker Change #146: Yes, I would just state that there has been a lag and a lot of that process. So many of our stocks as we look at.
Speaker Change #146: At our operations around the world are becoming more depleted that's one of the reasons. Many people have had a lot of concern about when does this and how much is it going to take how many lives will be loss how much will we.
Speaker Change #146: How much will we spend as a member of Congress, we repeatedly asked for by the administration those questions and we never got.
A satisfactory answer.
Speaker Change #147: Trump is obviously very frustrated right now with present Zalenski the fact that.
Speaker Change #148: He hasn't come to the table that he hasn't been willing to take this opportunity that we have offered I think eventually we'll get to that point and I hope so very quickly by President Trump is as we made clear to our Russian counterparts, and I want to make clear today. He is focused on stopping the fighting.
Speaker Change #148: And moving forward and we can argue all day long about what's happened in the past.
Speaker Change #148: Yes.
Speaker Change #148: What about <unk>.
Speaker Change #148: I just called on rate as they can go ahead.
Mike Watts: A question for Mike.
Speaker Change #148: Sure.
Speaker Change #148: Thank you.
Speaker Change #148: I'm happy with the rating agencies.
One is the higher pregnant with the ratings.
Speaker Change #148: Thank you.
Speaker Change #148: Yes.
Speaker Change #149: Well first of all we all appreciate the encouragement from the media to support as many illegal aliens as humanly possible. So thank you and I will promise you that before.
Speaker Change #149: Before Mike of the Department of Homeland Security and the Department of Justice. The Department of Defense and every element as an instrument of national power will be used to remove with speed all criminal illegal from the soil of the United States of America to enforce final removal orders and to ensure that this country is for <unk>.
Speaker Change #149: And citizens and those who legally belong in this country. We inherited an ice that was completely shuttered, we inherited a department of homeland security, whose sole mission was to resettle illegal aliens within the United States of America in 30 days, the President's sealed the border shop declared the cartels to be terrorist organizations.
Speaker Change #149: As increased IC partaken as to levels not seen in decades, and we are shortly on the verge of achieving a pace and speed of deportations. This country has never before seen thank you.
Speaker Change #149: There were reports that there.
Speaker Change #149: Ground proposition to Trump set for under Secretary of Defense and policy Elbridge Colby.
Speaker Change #149: Have you or anyone can be administrations and personally marketing senators to.
Speaker Change #149: For conference calls.
Speaker Change #150: Look I've worked with bridge Coke Colby in the past.
Speaker Change #149: He has the president's full support to.
Speaker Change #151: To be the under secretary of policy, which will be a critical policy arm for secretary Hegseth going forward that will implement a lot of these policies.
Speaker Change #151: And really that's that's been at the extent of it I think theres been a lot of kind of.
Speaker Change #151: Breathless.
Speaker Change #151: Sure.
Speaker Change #152: Back and forth in the press, but we're full speed ahead to get the President's team in place that we can implement as America first policy.
Speaker Change #152: Mike has spoken pretty extensively does anybody have a question for Stephen or for Mr. Hassett Nobody wanted us.
Speaker Change #152: Sure.
Speaker Change #153: IRS. Okay go ahead.
Speaker Change #152: I just wanted to be.
Speaker Change #154: We reported several other outlet has reported that about 3500 controllers.
Speaker Change #152: Yes.
Speaker Change #152: We would have been down to the IRS.
Speaker Change #152: Youll be spending cuts across the federal government has been to reduce the gap.
Speaker Change #152: And of course, some of the deepest cuts we've seen so far at the agency responsible for raising revenues from federal government well I think our objective is to make sure that the employees that we pay are being productive and effective.
Speaker Change #152: There are many many.
Speaker Change #152: More than 100000 people working to collect taxes and not all of them are fully occupied and the Treasury Secretary is studying the matter and feels like a 3500 is a small number and probably you can get bigger, especially as we improve the I T.
Speaker Change #152: The IRS, so I think that it's absolutely something that is off the table for good reasons at the point this.
Speaker Change #155: So just talk about the IRS talk about all of the government that there are so many places I live in D. C. You, maybe liberty see where you'd never theres nobody nobody's going to buildings people are commuting because nobody's doing their job, we look back and we see that there are all these people doing two jobs, while they're going to get government payroll on the payroll. So the point is we're fixing that and the IRS is a small part of that picture.
Speaker Change #152: Thanks, everybody.
Speaker Change #155: <unk> was doing a bad job I'm, saying that.
Speaker Change #155: Studying every agency of deciding who to let go and why and we're doing some very rapidly with a lot of support from analysis.
Speaker Change #155: We'll buy a lot of people who had been let go and other agencies that they were told they were being dismissed because of poor performance when in some cases, they haven't even higher performance with yet.
Speaker Change #155: We've been on the job a couple of months I've never see the person who was laid up for poor performance, let's say they were performing poorly.
Speaker Change #155: Secondly, I have a question.
Speaker Change #155: Thank you for being here.
Speaker Change #155: First of all on the potential tax that you might have some dose is there a concern as you are thinking through this that they can be inflationary.
Speaker Change #155: Oh, absolutely not because imagine if we don't spend government money and we get it back to the people.
Speaker Change #155: And if they spend at all that youre, even but they're probably going to save a lot of it in which case, you're reducing it places and also with the government spends a lot. That's what creates in places we learned that from <unk> and so if we reduce government spending but that's.
Speaker Change #155: Reduces in place at the end if you give people money, then theyre going to save a bunch of it and when they say that that also reduces demand reduces in place. Okay. So you're not worried about it.
Speaker Change #155: To follow up on Peter's question, you wrote an op Ed in the fall of 2020.
Speaker Change #155: Mr. Blaine certainly like Al-qaeda was to blame for 911 do you still feel that way now or do you share. The President's assessment says Ukrainian <unk> started this war quite certain surprising you that I share the President's assessment on all kinds of issues. What I wrote as a member of Congress was a former member of Congress look what I share the.
<unk> assessment on is that the war has to end.
Speaker Change #155: And what comes with that what comes with that should be at some point elections, what comes with that should be piece. What comes with that is prosperity that we just offered and this natural resources and economic partnership arrangement and end to the killing.
Speaker Change #156: And European Security and security for the World the precedents not only determined to do that in Europe. He is determined to do it in the middle East and.
Speaker Change #155: And just a few months ago, we have an administration that had tried for 15 months.
Speaker Change #155: Week after week sitting with you here and couldn't get us to a ceasefire couldn't get our hostages out now we're at that point, we're back from a maximum pressure on Iran.
Speaker Change #155: And we will we have just begun and we will drive towards Ashish fire and all of those other steps I'm not going to pre negotiate or get ahead of the sequencing.
Speaker Change #155: All of all of that it's a very delicate situation, but this is a precedent of peace and who here would argue against piece okay.
Speaker Change #155: In 2017 that import anytime I'll go ahead Tony.
Speaker Change #155: Two questions.
Speaker Change #157: Mr Sullivan.
Speaker Change #155: Good morning, Michael.
Speaker Change #155: Mr Hassett.
Speaker Change #155: You were speaking about tariff revenue and you also address the question about the IRS President Trump has spoken about replacing income tax with tariff revenue, especially with all this waste fraud and abuse that we're seeing is that a possibility.
Speaker Change #155: And in fact, if you think about the China tariff revenue.
Speaker Change #155: We're estimating is coming in from the 10% that we just added plus the de Minimis.
Speaker Change #155: That it's between $500 billion trillion dollars over 10 years is our estimate and that's something that is outside of the reductions that market's received through the negotiations about the hill and so we expect the tariff revenue is actually going to make it much easier for Republicans to pass a bill and that was the President's plan all along.
Speaker Change #155: A quick question.
Speaker Change #155: Sure.
Speaker Change #155: So you spoke about those you said roughly $50 billion because in a year.
Speaker Change #158: Waste fraud and abuse by Ottawa. The bureaucrats. We're hearing this ironic narrative from the President's critics and welcoming media that you are more skus, an unelected bureaucrats is doing over several stock isn't one of doses objectives too.
Speaker Change #158: Get rid of the federal bureaucracy, the deep state and also who was running the white house when Dubai was in office, because I don't know a single person who believe turbines attempt.
Speaker Change #158: Attempt to me to say.
Speaker Change #158: So very harsh things about some of our media friends.
Speaker Change #158: Yes. It is true that many of the people in this room for four years failed to cover the fact that Joe Barton was mentally incompetent and was not running the country. It is also true that many people in this room, who have used us talking point that Ivan has not elected sale to understand how government works some graph in the upper.
Speaker Change #158: <unk> for a brief civics lesson, our president is elected by the whole American people is the only official in the entire government.
Speaker Change #158: That is elected by the entire nation.
Speaker Change #158: Judges are appointed members of Congress are elected at the district or state level, just one man in the Constitution article two has the clause known as the best in class and it says the executive power shall be tested in a president singular pull.
Speaker Change #158: Whole will of democracy is imbued into the elected President that President then appoint staff to then impose that democratic will onto the government the threat to democracy. Indeed, the existential threat to democracy is the unelected bureaucracy of lifetime tenured civil servants, who builds.
Speaker Change #158: The answer to no one who believe they can do whatever they want without consequence, who believes they can set their own agenda no matter what Americans vote for so Americans vote for radical FBI reform and F. The IH, let's say they don't want to change or Americans vote for radical format, our energy policies that EPA bureaucrat say, they don't want to change or Americans vote.
Speaker Change #158: And dei racist dei policies and lawyers the department of Justice say, they don't want to change what President Trump is doing is he is removing federal bureaucrats, who are defined democracy by failing to implement his law for orders, which are the will of the whole.
Speaker Change #158: Merit people. Thank you.
Speaker Change #159: Thank you very much everybody I'm looking at the clock, we've almost had an hour of time I know a couple of these individuals have a meeting to get to that two P. M. So you're welcome to follow up with my team for further questions and we're going to let these guys get back to running the United States government and we will see you. All later President Trump will be speaking at three o'clock at the Black history month reception. So.
Speaker Change #158: Good to see you will see you in a bit.
Speaker Change #158: Thank you for your question.
Speaker Change #159: Hello.
Speaker Change #159: So we expect to divest.
Speaker Change #159: As part of our results.
Speaker Change #159: Just to follow up with him.
Thank you.
Speaker Change #159: Okay.
Speaker Change #159: Okay.
Speaker Change #159: True.
Speaker Change #159: Okay.
Speaker Change #159: Right.
Speaker Change #159: Yes.
Speaker Change #159: Yes.
Speaker Change #159: So, let's say you are overwhelmed.
Speaker Change #159: Or maybe you feel like things are completely helpless what can you do when things get bad.
Speaker Change #159: You can talk to somebody who knows how to help you with our phone number is 988, if you call 988, Youll talk one on one with a real human beings to figure out what's coming on and what you need to do it's free confidential and 24 seven for emotional support Com 90 day, Virginia is here to help.
Speaker Change #160: Good morning.
Speaker Change #159: Yes.
Speaker Change #159: Sure.
Speaker Change #159: Yes.
Speaker Change #159: Right.
Speaker Change #159: Okay.
Speaker Change #159: Okay.
Speaker Change #159: Yes.
Speaker Change #159: Okay.
Speaker Change #159: Yes.
Speaker Change #159: Sure.
Speaker Change #159: Yeah.
Speaker Change #159: Good afternoon everybody.
Speaker Change #161: Great to see all of you on this very new the day to say the least I have a couple of updates for you. This morning or this afternoon. As you know this morning, the president spoke to President Putin of Russia. They spoke at length and the President released a statement following that conversation in great detail I can also confirm.
Speaker Change #162: I am the President just recently got off the phone with President Dolinski of Ukraine. His truth is as follows I just spoke to president Balinsky of Ukraine. The conversation went very well he like President Putin wants to make peace, we discussed a variety of topics having to do with the war, but mostly the meeting that is being set.
Speaker Change #162: On Friday in Munich, where vice President J D Vance and Secretary of Secretary of State Marco Rubio will lead the delegation I am hopeful that the results of that meeting will be positive. It is time to stop this ridiculous war, where there has been massive and totally unnecessary death and destruction God bless the people of rush.
And Ukraine I myself, just spoke to the president about these calls and he told me to tell all of you. They were very good calls they were very positive and the administration is wholeheartedly committed to a peace deal to you and once and for all the Russia Ukraine War.
Speaker Change #162: More on that later I'm sure you'll have more questions to ask.
Speaker Change #163: This week the President has continued to deliver on his promises to the American people. According to new polling that was released at the beginning of this week by CBS News and overwhelming 70% of Americans said that President Trump is following through on what he pledged to do during his historic campaign. The Paul also revealed that Americans.
Speaker Change #163: President Trump as a tough energetic focused and effective leader fighting hard to improve their lives and our country and yesterday in particular was a truly special day for the United States of America.
Speaker Change #163: Thanks to the great leadership of President Trump and the strong and tough leadership of President Trump Mark Vogel and American teacher detained by Russia was returned to American soil and met with the President here at the White House last night.
Speaker Change #163: Special envoy, Steve wet cough, and the rest of President Trump's incredible National security team helped to negotiate the exchange that secured mark levels release. This event shows a good faith effort from Russia and its a sign as I just said that we are moving in the right direction to end this brutal war.
Speaker Change #164: <unk> Fogel marks the 95 year old mother was understandably very worried that you would never see her son again after his arrest in 2021 net disposal was actually slated to join President Trump onstage at the July 13th Butler, Pennsylvania rally to speak out for Mark and then the infinite.
Speaker Change #164: SaaS and Asian attempt against President Trump took place, but that day before the rally President Trump promised Mark smother that when he returned to the White house he would bring her son com.
Speaker Change #164: God save President lifestyle, President Trump's life on that day in Butler, Pennsylvania, and now Mark Saville as back home safely with his family as a result got is good.
Speaker Change #165: <unk> also continues to bring back common sense to our government. This week signed an EEO to end the procurement and forced the use of paper straws taxpayer dollars were wasted on these nonfunctional massively unpopular products for no. Other reason than it made radical actavis feel good about themselves and on trade President Trump continues to take bold.
Action to protect America's critical steel and aluminum industries much like you did in his first term and the president signed proclamations to close existing loopholes and exemptions to restore a true 25% tariff on steel and elevate the tariff on aluminum to 25% as well. This administration believes these tariffs well.
Speaker Change #166: Our national Security and put American workers first and in the Oval office yesterday with Elon Musk President Trump took further action to make our federal government more efficient and effective he assigned to neo implementing the Doge workforce optimization initiative now agency heads will coordinate and consult with dose to significantly shrink.
Speaker Change #166: The size of the federal workforce and limit hiring two essential positions only the unaccountable bureaucracy will finally be reined in on another important matter. This morning Senate Republicans continued to confirm president Trump's exceptionally qualified nominees. Most recently director of National Intelligence Telsey gathered and will.
Speaker Change #166: I'll be joining us later at the White house for her swearing in ceremony it.
Speaker Change #166: It is imperative that the remainder of the President's cabinet nominees are confirmed as quickly as possible on another important matter. This week illegal alien criminals continue to be arrested and sent home as part of the ongoing mass deportation effort of the Trump administration. Just this week two planes with 190 Venezuelan <unk>.
Speaker Change #167: Legal aliens arrived in the Venezuelan capital from Fort Bliss, Texas here are some of the criminal illegal aliens, who are arrested in the country. This past week I said Atlanta arrest of the citizen of Nigeria, who had been convicted of money laundering ice San Antonio arrest of the citizen of Mexico, who had been convicted of assault.
Speaker Change #167: Denver arrested a citizen of Mexico, who had been convicted of aggravated assault.
Speaker Change #167: Houston arrest of the citizen of Mexico, who had been convicted of aggravated assault.
Speaker Change #168: Now before I take questions I would like to address an extremely dishonest narrative that we've seen emerging over the past few days many outlets in this room have been fear mongering to the American people into believing there is a constitutional crisis, taking place here at the White House I've been hearing those words, a lot lately, but in fact, the real constitutional.
Speaker Change #168: Crisis is taking place within our judicial branch, where district court judges and liberal districts across the country are abusing their power to unilaterally block President Trump basic Executive authority. We believe these judges are acting as judicial actavis, rather than honest arbiters of the law and they have.
Speaker Change #168: Issued at least 12 injunction against this administration and the past 14 days, often without citing any evidence or grounds for their lofty.
Speaker Change #168: This is part of a larger concerted effort by Democrat Actavis and nothing more than the continuation of the weaponized version of Justice against President Trump.
Speaker Change #168: Quick news Flash studies Liberal judges, who are supporting their obstructionist efforts 77 million Americans voted to elect this president and each injunction is an abuse of the rule of law in an attempt to thwart the will of the people as the President clearly stated in the Oval office yesterday, we will comply with the law and the courts.
Speaker Change #168: But we will also continue to seek every legal remedy to ultimately overturn these radical injunctions and ensure president Trump's policies can be enacted.
Speaker Change #169: So here in our new media today, we have Chris Pawlowski, and entrepreneur, who has a strong passion for protecting freedom of speech, Chris started the video sharing platform Rumble in 2013 with a mission of protecting a free and open internet from censorship by Big Tech and governments around the globe. The platform has always been a <unk>.
Speaker Change #169: For independent creators to share their authentic opinions and that is I have always included president Trump in contrast to the way he was censored by other platforms in years past since its founding Rumble has grown exponentially recently, marking 67 million monthly active users. So a lot of users if you're watching right now in <unk>.
Speaker Change #170: And sitting in the seat you can apply whitehouse dot Gov Slash new media media with that I will take your questions and Chris why don't you kick us off on this very busy news day Carolyn.
Carolyn: Carolyn Thank you very much.
Speaker Change #172: And the President Trump, it's an honor to be sitting here in the new media for the Whitehouse <unk> bank and to be able to demonstrate why freedom of expression is so important.
Speaker Change #172: Rommel was the victim of censorship at the hands of multiple foreign government. It's clear there are still many countries who oppose free speech, even target American company can you describe what the administration will do to protect the USA interests and values worldwide.
Speaker Change #172: Sure well thanks for the very important question and I think that our free speech and ending censorship and both here at home and also abroad is an important part of President Trump's agenda. I think first President Trump has led by example on this front as the leader of the free World The President of the United States with his.
Show of access and transparency on a daily basis, and the President takes questions from all of you.
Speaker Change #172: Most every single day.
Speaker Change #173: And really reveals what he's thinking and feeling and I think that serves as a great example to the rest of the world and as for tangible actions that the President has signed it did signed an executive order I believe on day, one certainly within the first week of this administration to restore free speech and stock government sponsor censorship here at home and the Eo made it very.
Speaker Change #173: And that federal employees are not allowed to engage in any activity that would infringe upon the American People's right of free expression. So I think the president has led a quite strongly on this and I would just add this is part of the reason we have a new media to invite new voices into this room again, we're going to need to expanded term because so many people are interested and were very.
Speaker Change #173: Excited about that it's a privilege to cover the flight house, but we want to be Hertz. So thanks for being us with here, Chris and I Hope you enjoyed the briefing sure Jordan. Thanks, Caroline data out. This morning show that consumer prices were up across a variety of goods and just before that our portfolio of president Trump's colour for lower interest rates the fed said.
Speaker Change #173: <unk> holding rates steady to try and tamped down further inflation, so how would lowering rates.
Speaker Change #173: Keep inflation in check and the American people short well first of all on the inflation point, we did receive those numbers and they were worse than expected, which tells us that the bite administration, indeed locked us with a mess to deal with its far worse than I think anybody anticipated because unfortunately, the previous administration was not transparent in where the economy truly was.
Speaker Change #173: Now people at those very podiums toward the American people that inflation was transitory.
Speaker Change #173: And that it would go away that was not the case and now the last report of the bite administration as revealed today shows that inflation is still about four 5% higher over the past three months. This is an indictment on the bite administrations mismanagement of the inflation crisis and their lack of transparency and addressing it as for tackling inflation and interest.
Speaker Change #173: The President has made his is our position on this very clear he wants to interest rates to be lower he wants inflation to be lower and he believes that the whole of government economic approach that this administration is taking will result in lower inflation I have said that from this podium many times the president had record low interest rates and inflation rates.
Speaker Change #173: His first term he believes that the economy can handle it and withstand it.
Speaker Change #173: And we're doing a lot to tackle the inflation effort on this front, it's a whole of government economic approach and I've talked about what we're doing to tackle inflation quite a few times that's totally fair.
Speaker Change #173: Tariffs, that's going to come before Prime Minister Modi starts tomorrow I do believe it will come before the Prime Minister's visit Tomorrow, and I will let the president to discuss the detailed on the reciprocal tariff front, but this is something he believes strongly in.
Speaker Change #174: And it's very simple logic as to why the president wants to impose or simple tariff, it's the Golden rule, which we all learned when we were growing up in school treat others. The way you want to be treated and far too. Many nations around the world have been ripping off the United States of America for far too long and that's why the President believes this will be a great policy that will benefit American workers and improve our national.
Speaker Change #173: Security JJ.
Speaker Change #173: <unk> and the fraud claim Elon musk and the overall yesterday.
Speaker Change #175: Give us some information on that we're just wondering if there is some improved evidenced as the white house willing to share evidence of those fraud claims or can even must come to the briefing room and share material evidence of what he's talking about sure I would love for you unless you come to the briefing room. That's why we had them go to the Oval office yesterday, where I think you provided great answers he was speaking.
Speaker Change #175: In layman's terms speaking common sense to all of you in the media, but also to Americans at home, but I would say, especially to all of you in the media because I think it's a real policy that theres. This alleged lack of transparency when it comes to Doge press.
Speaker Change #175: President Trump and Elon Musk has been incredibly transparent on what Dow just doing there is an ex account with the Doge handle they are tweeting out what they are doing on a daily basis. They have a website, where there are posting the receipts of the contracts that they are reviewing and the payments that they have stopped from going out the door for the secretary of our departments have stopped from <unk>.
Speaker Change #175: Out the door and I would also say that before it was elon musk, making our government efficient and accountable. It was some unnamed bureaucrats that none of you knew I E. One mask is.
Speaker Change #175: The richest man in the World. He is also now one of the most highly scrutinized man in the World alongside President Trump because of what he is doing and the access that he is allowing so theres great transparency as for the actual receipts, we are happy to provide them and I actually brought them today, because all of you know I love to bring their receipts, we have contracts upon contracts that we.
Speaker Change #175: And then provide this information to you let me be very clear we are not trying to hide anything we have been incredibly transparent and we will continue to be these are screenshots of contracts that those found across our government. This is a D. I contract $36000 for U S citizenship and immigration services that is against the President's policies and as Amir.
Speaker Change #175: First agenda. This is a $3 $4 million contract accounts sulfur inclusive innovation and at the U S patent and trademark office Department of Commerce. Another dei contract that dose identified I can continue to go through.
Speaker Change #175: This $1 57000 bucks or climate change in Sri Lanka. What is this doing to continue the interests of the American people absolutely. Nothing. These are the line items across the federal government that Dow just identifying daily Theyre moving very fast there is a lot of paper that we can show you, but we're happy to do it this.
Speaker Change #175: <unk> has been more than transparent and about what Dow just doing and here's one of there tweaks that they posted about the mine I believe this is in Pennsylvania, where the federal employee retirement system is being processed did anybody notice was even happening in our country before it you want to ask talked about it in the oval office yesterday, a lot of Americans Didnt. So we are providing.
Speaker Change #175: <unk> transparency and accessibility on a daily basis when it comes to <unk> and I also have a dose daily report if anybody would like it on all of the things that they are identifying and finding we're happy to provide this information to you were talking about it every single day are all of those things you just mentioned fraud or are they waste or are they just contrary to the purchase power.
Speaker Change #176: I would argue that all of these things are fraudulent they are wasteful and they are an abuse of the American taxpayers dollar. This is not what the government should be spending money on it.
Speaker Change #176: Contrary to the President's priorities and agenda and again, we can continue to provide you that receipts for all of the fraud waste and abuse and if anybody in here wants to argue that the federal government is not fraudulent and some capacity be my guess because I think the American people watching at home with back to defer.
Mary.
Speaker Change #177: More on the judges.
Yes.
Speaker Change #176: The court has the authority to issue these nationwide injunction.
Speaker Change #176: Believe that the injunction that had been issued by these judges.
Speaker Change #176: Have no basis in the law and have no grounds and we will again as the President said very clearly yesterday comply with these orders, but it is the administration's position that we will also ultimately be vindicated in the President's executive actions you took were completely within the law. They were constitutional and we look forward to the day, where he can continue to implement.
Speaker Change #176: Gender and I would just add it's our view that this is the continuation of the Weaponisation of Justice that we have seen against President John He thought it for two years on the campaign trail it won't stop him now Brian.
Speaker Change #178: I want to go back to Dow just for a second earlier the subcommittee headed by Chairman margins you have a green currently her staff discovered two seven trillion dollars in improper payments to Medicare Medicaid oversees the people who should not have got some of this room out of Mr. <unk>.
Speaker Change #178: <unk> conference can you elaborate on what the president.
Speaker Change #178: At this point well again Thats. Another example, and there is a very long list of the fraud waste and abuse that Dodgers identifying on a daily basis Elon Musk also talked about yesterday about social security payments that are going out the door for people who are no longer with us. Unfortunately, I would say that is certainly a fraud. There's also a lot of contract they've identified.
Speaker Change #178: And just as a hypothetical example, or a million bucks, but only 500000 went out the door. So where's the rest of that cash and so that's the thing those are the things that <unk> working on every single day and I would just remind everybody in this room. This is what president Trump campaigned on doing he is delivering on our promise that 77 million people.