In remarks to the National Republican Congressional Committee Dinner, President Trump defended his tariff policy.
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Category
🗞
NewsTranscript
00:00pretty rough it's a rough business i will tell you but the shrill voices that you're hearing
00:05this week about tariffs are the same scoundrels and frauds who never thought twice about when
00:11the united states lost 90 000 factories and plants think of that 90 000 how do you do 90
00:19if you had a map a big map the size of that wall and you had a pin for each factory you
00:24wouldn't have enough room you think of it 90 000 factories since nafta the worst trade deal in
00:31history by the way and we had it uh terminated everybody said you'd never be able to had to be
00:37terminated by congress and it was not easy it was so bad you know the people have a lot of it's very
00:45interesting they have a lot of power they have a lot of political power it's hard to get even a bad
00:49deal terminated but we did do it and we got u.s mca and that's that's been really great but
00:55when they cheat it's not so good and they cheat they do cheat you know i respect mexico i respect
01:03canada but they cheat like hell you know canada charges for our dairy products 270 nobody knows
01:10that they charge you 2 for the first two cartons of milk and after that you go up to 270 and the
01:17presses they've only charged 2 no that's for the first two cartons so it's uh you know we can't
01:23have that and we have to be wise to it and get along with everybody but we have to call people out
01:29six million manufacturing jobs were lost since nafta when 21 million illegal aliens brought across our
01:36borders think of that many of whom were violent criminals murderers drug lords and the mentally
01:42insane insane asylums were closed they used to go crazy when i talk about hannibal
01:47lector the late great hannibal lector right silence of the lambs the fake news would say why does he
01:54talk about that he's a fictional character he's actually not we have many of them that came across
02:00the board it's actually not but when the people went to the voting booth and we understood why he
02:06talked about that because they voted for us they said we don't want hannibal lector in our country
02:11the great hannibal lector he was uh he was a very important force but uh the press would go
02:19absolutely crazy if i mentioned hannibal lector's name because they said he's a fictional character
02:25no but it was making a point and the point is they're emptying mental institutions and insane
02:31asylum not anymore they're not insane asylums into our country we had uh numbers the likes of which
02:39nobody's ever seen anything like it other countries i deal with other countries all the time i am right
02:43now on tariffs where they want to make a deal with us we don't necessarily want to make a deal with
02:48them we're happy the way we are taking our two billion dollars a day but they want to make a deal
02:54with us and they talk about it and they say we cannot believe that they had open borders these are
03:00countries they have you know they have borders and they don't let people into their country they can't
03:04understand how they did it because they're sick or they're crazy there's something really wrong with
03:11these people but the same people now telling me about how to deal with china are the ones who sold
03:17out america for decades to china for decades they gave up to china i'm the only one that you know how
03:24much china's paid almost 700 billion dollars in tariffs under me and then they say donald trump hasn't
03:31been tough on china they say trump hasn't been tough on russia okay here's the story nordstrom 2
03:37did anybody ever hear of it it's the biggest pipeline in the world i closed it russia had it
03:43i closed it putin told me that's the worst thing you're supposed to be friendly with me i'd hate to
03:49see you as my enemy i closed nordstrom 2 when biden got in he opened it up immediately it serviced all of
03:55europe going to germany it serviced all of europe we closed it and they say oh it wasn't tough on
04:01i was very tough with the sanctions and everything else and by the way just for your information we're
04:06trying like hell to get the fighting stopped between russia and ukraine a thing that never would
04:12have happened if the election wasn't rigged we had a rigged election and we can say it and say it loud
04:18and say it proud because the election was rigged and we can't let that stuff happen anymore
04:23go to paper ballots go to same day voting go to voter id go to citizenship you have to prove your
04:30citizenship a little piece of paper and you won't have it sort of disappointing because a lot of
04:37republican governors uh they could do that same day voting paper ballots very sophisticated paper
04:44actually it's all watermark you can't cheat very hard to cheat france went that way they were like us
04:50and they were you know having very bad elections very crooked elections they had 37 million people
04:56they voted they had a winner they had a loser they went home that was it 10 o'clock in the evening was
05:01over with us you ever see we have these machines that cost a fortune and they say we think we're
05:08going to have the final vote tally in two and a half weeks and wait a minute this is election day
05:13you ever see we're in california they were counting votes four weeks later
05:17and then they say and by the way all paper costs eight percent of the machines why is it that
05:27republican governors aren't going to it okay what's going on with our republican governors
05:31if nothing else you say even if it was just the same and it's not it's you know it's uh nothing's
05:37foolproof when it comes to voting but it's pretty close but it costs eight percent in other words you
05:43can have your election eight percent the cost of the machines and you get an accurate count so it's
05:49pretty amazing they gave us nafta mass illegal immigration the democrats did the fake paris climate
05:59accord and the china's entry into the world trade organization that was a wonderful day for us china
06:07entered the world trade they've done pretty good and you know they didn't do things exactly by the
06:14books and they were a developing nation they still are they say we are a developing nation we should be
06:20entitled to more and our people say oh that's right they're developing they're not developing we're
06:25developing look at some of our inner cities we got to develop them but uh we can't let the democrats
06:33get away with this stuff but we're developing more than they are the globalists have been wrong about
06:40everything and so i wear their attack on me because nobody has ever been attacked like a man named
06:46donald j trump in the history of our country nobody's ever but i wear it as a badge of honor
06:51nobody has ever been attacked i was under more investigations than the late great al capone
06:59he was the most violent criminal he was the most violent mob boss in history and i was under
07:06investigation far more than him it wasn't even close our opponents are not afraid that our america
07:14first policies will fail they're terrified that our strategy will succeed and we're going to get
07:19bigger and stronger and better as a party and that's what's happening and that is what's happening
07:23it's going to be something and i'm uh actually looking forward to the midterms i really are we're
07:29going to prove that all of their treasonous years of betrayal will not be forgotten because it's treason
07:36what they did is treason when they allowed millions of people to pour in through open borders from all over
07:43the world they came to me that's treason what they've done to our country is unthinkable
07:49the money we have to spend to take people out and then we have judges that say no let
07:55trend de araqua come back into our country the one they want them to come back in
07:59killers they cut off a man's fingers because did you cut off did you sir make a phone call to the police
08:07in colorado yes i did i did you've attacked you've attacked us and you've taken over our building
08:14they took over real estate all over colorado uh you did right give me your hand
08:19put the hand down boom cuts off his fingers and they want him back and how about the mix-up with
08:27the ms-13 where it wasn't a trend there ragwa it was an ms-13 killer and they said oh they got to
08:36mix up let's get them back into our country now we got to we need people that are going to love our
08:42country i'm proud to be the president for the workers not the outsourcers the president who stands up
08:48from main street not wall street who protects the middle class not the political class
08:53and who defends america not trade cheaters all over the globe they're trade cheaters they cheated on us
09:00they cheated with tariffs on us they stole our money they stole our jobs and now people are going
09:07around saying oh we're not treating them right now we're treating them very good actually they're lucky
09:12we're treating them so good and you know when i have uh tariffs and i say well we're going to charge
09:18what they did we're going to charge what they did and then i say i'm going to charge much less than
09:22they did believe me we're actually being nice about it but we're doing very well better than we've ever
09:28done before my job is not to maximize the profits of outsources and foreign car i mean these foreign
09:36corporations are horrible it's horrible what they're doing but we're catching them we're catching
09:42them by the dozens my job is defend the i have to defend the american dream and i have to defend the
09:49american citizens that's my job i have to defend that the american dream is never mentioned it was
09:55mentioned for four years and now it's being mentioned again but it was never mentioned when we had sleepy joe in
10:01office i used to have a big the hardest thing i had to do with joe biden is the nickname do i call him
10:08sleepy joe or crooked joe could we take a vote please who wants to call him crooked joe
10:14who wants to call him sleepy joe that's my problem it's like the same they're both work
10:25they both work beautifully joe had one ability that i didn't have you know he said he was a good
10:31golfer he's terrible somebody said the only time i got angry during a debate when he said he was a
10:38six handicap he's not a six he's not a 36 okay
10:41but he had one ability that i don't have he was able to go to a beach bathing suit in tow
10:50because it looked like it was actually falling off but he'd go had a hard time walking through
10:56the sand because you know sand is heavy on your feet carrying one of those six ounce chairs that
11:02are made out of aluminum that if you weigh a little bit too much it just cracks in the middle when you
11:06sit down and he could sit down in a beach with photographers on the beach you know he's the
11:13president so he had a minimum of photographers but he still had photographers and he could fall asleep
11:18who the hell could do that who could fall asleep
11:21and he turned around and drool would be coming out he didn't care his wife didn't
11:26it's an ability that i could never fall asleep under those circumstances i'd be very
11:32conscious of my body and what we look like
11:35i'd be sitting up like this
11:41and i'd say darling it's time to go let's get out of here
11:45well it wouldn't most people i mean this guy could go to the beach and he was out in seconds
11:51guys are shooting him he'd be in the papers the next day eyes closed mouth open the united
11:59states has been getting ripped off for 50 years and we're simply not going to take it anymore and
12:05that's what's happening right now
12:06in 1950 the united states dominated global auto production producing more than 75 percent of all
12:16of the cars on our think of that 75 percent and even higher before that
12:20today we produce 11 percent while china produces three times more than we do let me tell you something
12:26with the tariffs that we're doing as you know we have tariffs on automobiles
12:31aluminum steel separate from the other tariffs the baseline we call it
12:37companies are pouring back into our country with plants there's a run on sites there's a run on old
12:45plants most of them are being ripped down for new plants uh they stopped building in mexico
12:50four or five plants and they come they're all coming into the united states i know what the hell i'm doing
12:56i know what i'm doing and you know what i'm doing too that's why you vote for me
13:01and the chip makers are coming in they're all coming in we've never had anything like this
13:10we have investment they think of about seven think of this seven trillion dollars and that's been in
13:17a month and a half think of that for the first like you got to give me a little time to get warmed up
13:23with that so let's take the first couple of weeks off for about a month and a half we got seven almost
13:29seven trillion dollars spoken for trillion we've never had that i don't know if we've ever had it
13:36anytime but if you go back and look at biden and these other campaigns any of them uh they had they
13:43didn't have those numbers for the year these are the biggest chip makers in the world the biggest
13:49auto manufacturers in the world seven trillion dollars of investment and that means jobs i look
13:55at differently not investment i look at it as jobs and they're coming in at levels that we've never
14:00seen before and it is true that mexico they've stopped building plants and those plants are now
14:05going to be built in the united states of america so it's pretty exciting all because of two things they
14:13say they want to be nice to me they say sir because of november 5th the election and because
14:19of tariffs i said in that order and the smart ones say yes sir first was that you got elected
14:24and second was tariffs and i'll i'll accept that you know but i will tell you because of tariffs but
14:30i'm the only one that would have done the tariffs because everybody was afraid they were afraid of being
14:35criticized because the globalists will go after you for seven decades american ships have patrolled the
14:41seas american troops have kept the pace and peace and american wealth has enriched the globe but
14:48despite all we have given to them you will not find an american car in berlin and tokyo in seoul
14:55and shanghai not a car i used to say to angela merkel angela how many chevrolets do we have in berlin why
15:02none donald none that's right angela you got it how many chevrolets do you think we have in munich
15:09angela none donald i said you sent us seven million cars last year so we're going to start
15:18buying american made cars or cars that are manufactured in america and
15:24if you can do it not part of what i was going to say but one of the best things that i think i've come
15:32up with is interest deductions if you buy a car that's made in america you get an interest deduction
15:37on the money you borrow and i love it i hope you can do it mike i hope you can do it because i
15:42haven't bugged you about that i've been talking about no tax on tips no tax on social security
15:47no tax on overtime and i haven't really been as strong on this one but it's only because it gets
15:52a little bit long you know uh but if you think of it you buy a car you borrow money and you get a
16:00deduction on that money if the car is made in america i think that that will not cost you 10
16:06cents you'll make money with that one i think you'll make money actually in a certain way with
16:11the other three also i think they're very important and they were part of our campaign i was going to
16:15say before that in nevada that when i came up with the no tax on tips i think that's why we won by
16:22a massive amount and interestingly they came up about a month and a half later she was making one of her
16:28few speeches she didn't speak too much for a reason good reason she's making a speech and the
16:36middle she said oh and by the way we will have everyone's falling asleep we will have no tax on
16:43tips that place booed the hell out of it they said you're a little later that one because i was worried
16:48they'd copy me you know it was so good you know how it actually happened maybe i should tell the story
16:53quickly i was in my building in las vegas we have a great restaurant there and this young
16:58beautiful waitress and you're not allowed to say beautiful because that's the end of your
17:02political career if you called a if you call a young woman beautiful that's the end of your career
17:06but what the hell she was beautiful so she came up to me and she said hello sir it's so nice to have
17:14you at the hotel i said thank you i had a group of people some political people actually it's very
17:19interesting and i said how's everything going she said oh it's so tough they're after my tips who's
17:26after the government they're after my tips constantly after my tips they're after all of
17:30us for the tips she said sir we should have no tax on tips i said said again what we should have no
17:38tax she said it this was my consultant waitress from my hotel most people go out spend millions
17:45of dollars to come up with an idea i said she just said no tax on tips that's the coolest thing i've
17:51ever heard so i went outside there were a lot of we finished our wonderful meal steak went outside
17:57and there were a lot of cameras as there always are unfortunately i say ladies and gentlemen
18:03i'm gonna have a new policy all over the country but specifically in nevada there will be no tax on tips
18:11right and the cameras went wild click click click click click and we won the state by a lot so i don't
18:18i have to find that waitress and thank her she was my consultant except i didn't pay her two million
18:25dollars like the other consultants that we all get screwed by
18:29even worse than the tariffs other countries impose are the non-monetary barriers that's a non-monetary
18:39these are not financial these are other things what they do so that you can't get your product in that
18:44country and china as you know is one of the bigger offenders it's and it's not all china look i get
18:51along with president xi i have over the years but you know you just uh when covet came that was the end
18:58that was it that was called the bridge too far but i've always had a good relationship with a very smart
19:04guy loves his country i love our country so you know we love our country he loves his i tell that to
19:10other leaders you gotta fight for your country it's uh you're not gonna fight for us but we can't
19:16fight for you we're fighting for other countries we're trying to make them great without making us
19:20great but those days are over they steal our intellectual property they rob our trade secrets they manipulate
19:28their currency to levels that have never been seen before today it was announced that china is
19:35reducing its currency did you see that big big in other words they're going to make up for it they
19:41got every trick on the book i'll tell you they are great you got to hand it to them you got to hand
19:46it to them they're manipulating their currency today as an offset against the tariffs not supposed to do
19:53that the game isn't supposed to be played that way makes it very hard for us but uh in the end it
19:58it's not good because they have to buy oil see we don't need oil we don't need oil and gas we are more
20:04than any other country they have to buy it that's where it hurts them when they do that it costs them
20:07twice as much and they ship their products through every one of our trading partners running up our
20:15deficits with these countries they sell a lot you know when you put a tariff on them they sell it like
20:22with steel they were dumping tremendous amounts of steel into our country during my term i saved every
20:28steel mill every we only have steel mills because of what i did i put a high tariff on them
20:3425 and then 50 percent and it stopped it stopped they were dumping so much steel we would have lost
20:42every single steel mill the people that like me best are the people in the steel business but i think
20:47the auto business is going to be right there i think chips are going to be there i think
20:50pharmaceuticals are going to be there because you know we don't make our own pharmaceuticals drugs and
20:58other things to get better they're made in other countries and you pay a number i mean the same
21:06package in our country compared to like london and other places is sometimes 10 times more
21:1510 times more something that sells for 88 dollars in london sells for 1300 dollars here made in the same
21:25factory by the same company and that's over i told them all that's over they put all of their
21:33research and develop money they put everything but what they don't tell you is that these other
21:37countries are smart they say you can't charge more than 88 dollars otherwise you can't sell your product
21:42and uh the drug companies listen to them but we're going to do something that we have to do
21:50we're going to put we're going to tariff our pharmaceuticals and once we do that they're going
21:54to come rushing back into our country because we're the big market the advantage we have over
21:59everybody is that we're the big market so we're going to be announcing very shortly a major tariff
22:04on pharmaceuticals and when you and when they hear that they will leave china they will leave other
22:13places because they have to sell most of their product is sold here and they're going to be opening up
22:18their plants all over the place in our country we're going to be announcing that so that's breaking
22:22news ladies and gentlemen we have breaking news that's what's going to happen what other presidents
22:28allow china to get away with is absolutely criminal but i'm not like the other presidents and
22:33it's not going to happen under president trump it's just not going to happen after all of the abuses
22:39they've perpetrated china's attempting to impose additional unjustified tariffs just so you
22:46understand they all got rich because of tariffs you know now when we do it all it's so terrible
22:50what trump is doing it's so terrible they got rich and not only china many countries i mean you look
22:56at vietnam you look at so many i could name 50 right now biden couldn't do that he couldn't name any
23:04name one country name any country what's the name of our country he doesn't know
23:09that's why additional tariffs on chinese goods are in place effective midnight tonight
23:14at 104 percent until they make a deal with us that's what it's going to be i think they'll make
23:21a deal at some point china will they want to make a deal they really do they want to make a deal they
23:27just don't know how to get it started because they're proud people china will now pay
23:32a big number to our treasury this is all taxes and don't let them keep telling you that this is a
23:41tax on our people i hate that you know they say it's a tax no often much of it is paid and and hey
23:47look what happened during my first term we had no inflation and yet i took in hundreds of billions
23:53of dollars in tariffs and taxes from china no other president got 10 cents in tariffs or taxes
24:02from china i got hundreds of billions of dollars hundreds of billions of dollars and i still got
24:08along with them because they understood what they were doing was wrong they understood it uh it's uh
24:15when you explain it they sit up they say i've had numerous leaders tell me you're right sir i was
24:22waiting for you to bring this up because some of the trade deals that were made by predecessors
24:28as president were so bad you almost wonder who did these deals they were either crooked or stupid
24:34they could be nothing else they were either stupid or crooked it's uh terrible but it's all being
24:39changed i changed a lot of it in the first four years but it's all being changed you know in the
24:43first four years we're the most successful country in history in terms of economics we had 88 percent
24:48increase in the stock markets we had an 88 percent increase there's never been any
24:53president that had an 88 percent increase we had 88 percent and uh a lot of happy people and i think
25:02we're going to do much better than that this time because this time i'm doing what i want to do with
25:06respect to the tariffs i think we're going to do much better and just remember the numbers when you
25:11get up to two billion a day two billion a day they're saying sir can't be that can it i said yeah i can
25:17it's the biggest the biggest transaction ever made this is bigger than any deal you got