00:00What's your reaction to how they've done?
00:01Yeah, well, look, anything that happens within a 24-hour period is noise.
00:07And, you know, I think that once the market understands that we are focusing on fiscal consolidation
00:13and that we are trying to bring the market back into equilibrium in a thinly traded market,
00:22I think, you know, I'm confident that bonds will continue declining.
00:26We've got a spike in oil prices today that I don't really understand.
00:31You know, our announcement is for economic action,
00:36and I think that the economic action will mean that oil prices will come down sooner.
00:42Secretary, I've got a moment.
00:44I'll take a couple of questions.
00:45Sir, what's this?
00:46Quick question.
00:48Mr. Secretary, all bonds have erased gains after your action yesterday.
00:52Do you have further actions planned, and what's your reaction to how they've done?
00:56Yeah, well, look, anything that happens within a 24-hour period is noise.
01:01And, you know, I think that once the market understands that we are focusing on fiscal consolidation
01:07and that we are trying to bring the market back into equilibrium in a thinly traded market,
01:16I think, you know, I'm confident that bonds will continue declining.
01:21We've got a spike in oil prices today that I don't really understand.
01:26You know, our announcement is for economic action,
01:30and I think that the economic action will mean that oil prices will come down sooner.
01:36Secretary, if you could answer facing the cameras.
01:42But the $40 trillion mark that we passed for the national debt, would you comment on that, and how do
01:47we reverse that?
01:48Yeah, look, the $40 trillion is a big number.
01:51It is smaller when we look at the publicly traded amount because our Social Security funds
01:57and other government entities hold a substantial amount.
02:01And what we're going to do, we're going to have to grow our way out of this.
02:05And as I talked about, at G20 in Asheville, we are going to talk about the U.S. growth strategy
02:12and encourage the rest of the world to come along with us.
02:15We are also, you know, I announced that Director Russ Vogt and I have been tasked with looking at fiscal
02:23consolidation.
02:24I think the numbers have, are not the actual numbers now.
02:28We've had to do substantial tariff refunds due to the court ruling.
02:33But with the Section 301 tariffs, I am confident that we will be back to the same level,
02:40if not higher, of tariff income for last year.
02:43And that is most of the increase in the deficit.
02:46And remember, we did not get here in a day that we were left with a mess.
02:51The Biden administration had the highest deficit to GDP in history
02:56when we weren't at war or weren't in a recession.
02:59For 2025, we brought it down by more than a percent.
03:03Secretary, President Trump announced that President Trump sanctioned.
03:08Secretary, wait, wait.
03:10What happened here to other presidents?
03:12Neil McCabe.
03:13Mr. Secretary, Target received a $1 billion refund for tariffs.
03:19What does that say about the size, besides the fact that it was done so quickly and efficiently, the refund?
03:26But what does it say about the amount of Chinese-made goods and foreign-made goods
03:31that our retailers are still selling in the United States?
03:34Yeah, well, what it says is that the Democratic attorney generals,
03:38who filed a ridiculous lawsuit against this administration,
03:41wanted the money to go back to the payer of record.
03:45So that is corporate welfare.
03:48The American people had that money.
03:50And if I hear another Democratic legislator make the inane remark,
03:55the American people should get the money,
03:57the American people had the money in the U.S. Treasury,
04:00and we were forced to give it back.
04:02But using the 301s, which have survived more than 5,000 suits,
04:08that we will get that tariff income back.
04:10But what you are seeing is that we don't know the discount
04:14that Target got from the Chinese suppliers.
04:18So, you know, this is a corporate bonanza,
04:22which I said it would be at the time.
04:24Secretary, Secretary.
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