🇺🇸 Karoline Leavitt & Scott Bessent Face Hostile Media on Tax Day at White House Briefing [LIVE]

[0:00] How are you? Good to see you. We have a packed house and I have two very special guests with me [0:04] today. I will start with some scheduling announcements. Tomorrow afternoon, President [0:08] Trump will travel to Las Vegas, Nevada to hold a roundtable and deliver remarks on the working [0:14] family's tax cuts. On Friday, President Trump will travel to Phoenix, Arizona to deliver remarks at [0:20] a Turning Point USA event at Dream City Church. And I'm really honored to be standing here today [0:25] on tax day with two esteemed members of the president's cabinet and his excellent economic [0:31] team, Treasury Secretary Scott Besant and Small Business Administrator Kelly Loeffler. As we have [0:37] seen this tax season, President Trump's working family's tax cuts have put a historic amount of [0:42] money back into the pockets of the American people this year. On the campaign trail in 2024, President [0:49] Trump looked voters in the eye and promised them he would sign the largest tax cuts in the history [0:54] of our country. And on Independence Day last year, President Trump and Congressional Republicans [1:00] delivered passing the largest tax cut in history for working in middle class Americans, including [1:06] no tax on tips, overtime and Social Security. They also passed unprecedented tax relief for [1:13] small businesses, farmers, workers and families. With tax day officially here, the numbers prove [1:19] these tax cuts have been nothing short of extraordinary. More than 53 million filers claimed at [1:26] least one of President Trump's signature new tax cuts. The average refund this filing season [1:32] is more than $3,400. The Trump administration has issued more refunds in larger refunds than in any [1:40] year of the history of our country. And I will allow Secretary Besant to break down the numbers in greater [1:45] detail. President Trump and Republicans in Congress have always believed that the American people know [1:51] how to spend their money better than the government does. But what the American people must not forget [1:56] is that every single Democrat in Congress voted against these tax refunds. The media has largely omitted [2:03] this fact and other critical details in their stories covering the benefits of the Trump tax cuts. If the [2:09] Democrats in Congress had gotten their way and blocked President Trump's historic legislation, Americans would have [2:15] faced the largest tax hike in history, nearly $4 trillion. The average taxpayer would have seen a 22% [2:24] increase in their tax rates. Democrats in Congress have proven over and over again that they are the [2:30] affordability frauds who believe the government should keep more of the American people's hard-earned money. [2:36] This President and Republicans in Congress fundamentally believe that Americans deserve to keep more of their [2:41] hard-earned paychecks. It's a clear contrast for American families to keep in mind. So with that, I will turn it [2:48] over to our great Treasury Secretary, Scott Besant. And then he will turn it over to Kelly. Thank you. [2:54] Good. Thank you, Caroline. I'm here to tell you that it has been a fantastic tax season. It has gone smoothly. [3:01] It has gone efficiently from the point of view of the IRS. But most importantly, it's been a great tax season for the American people. [3:09] Thanks to promises made, promises kept, through the working families tax cuts, the President has delivered [3:16] the record refunds to the American people. More than 45% of the filers of the returns that we have seen [3:26] have had at least one of the four President's signature policies. No tax in tips, no tax in overtime, [3:33] the deductions for our great seniors, and the deductibility of interest on auto loans for [3:39] American-made cars. And I will tell you that the biggest, one of those that Americans have taken [3:47] is no tax in overtime. And it's the American way. If you want to work longer hours, you get to keep [3:52] more of your money. And with that, we are seeing, I want to encourage everyone out there watching today, [4:01] to change their withholding, if they haven't already done so. Because if you change your [4:06] withholding, then you will get an automatic real wage increase on a weekly or a monthly basis. [4:13] And you will be able to keep more of your money this calendar year. So with that, we have also seen, [4:20] with the Trump accounts, we have had 5 million families file for Trump accounts for their children. [4:27] 1.2 million of those are eligible for the $1,000 seed bonus. So we look forward to that picking up [4:37] more and more. For those of you who haven't done it, it's easy to remember, Form 4547. You can do it [4:43] while you're filing your taxes. You can do it at any point during the year. We think this is going to be [4:48] transformational in terms of financial literacy. This is Financial Literacy Month, and Treasury and all [4:56] over the administration. We are working with the American people, with American families, not only [5:02] to give them more of their money, but to show them how to invest it in a safe, smart, and sound way. [5:08] So with that, I will turn it over to Kelly. Great. Thank you, Scott. And good afternoon, [5:16] everyone. Excited to be here on tax day. Important day for small business, because small business and [5:22] their employees have real relief thanks to President Trump's working family tax cuts. [5:28] As Administrator of the U.S. Small Business Administration, it is my great honor to serve [5:32] our great President as the Cabinet-level voice for America's 36 million small businesses. [5:38] President Trump is right. Small business is big business. Indeed, they are a massive economic engine [5:44] that creates two-thirds of all new jobs. They represent 99 percent of all businesses, [5:50] and they drive about half of our GDP. The working family tax cuts are putting money back into the [5:55] pockets of the hardest working Americans. That's why small business and their employees are benefiting [6:01] the most. President Trump and Congressional Republicans have saved Americans from a four trillion [6:08] dollar tax hike, including a staggering 20 percent tax increase on working families. [6:13] It would have destroyed millions of jobs. Now, I've traveled the country from Maine to Alaska, [6:19] and not a single worker, not a single small business asked to pay a dollar more in taxes, [6:25] yet every single Congressional Democrat voted to raise taxes, not just on small businesses, [6:32] on our workers, on our seniors, on hardworking families. Thankfully, Republicans united behind [6:39] common sense policy of letting Americans, not Washington bureaucrats or fraudsters, [6:45] keep more of what they earn. Now, so far, as you've just heard, 12 million small businesses have an [6:52] average tax saving of $7,000. The 20 percent small business pass-through deduction is now permanent, [7:00] offering them certainty to plan for the future and the rocket fuel to create one million new jobs. [7:06] Eric Williams at Prince Manufacturing in rural Georgia. He specializes in fabrication and machining. [7:13] This year, he's reinvesting his tax savings to hire 500 new employees. The provisions for 100 percent [7:20] expensing of equipment, expansion, and R&D are also growing production to help us reclaim [7:27] industrial dominance. At Blue Patriot Fab, which I visited this week in Omaha, the owners highlighted one of [7:34] their newest buildings, and they call it the Big Beautiful Building because the tax cuts help them [7:39] build it. Made in America is back, and that's why the America worker is winning too. No tax on tips and [7:47] overtime means that millions of employees are now rewarded, not punished, for working more. And it's [7:54] already benefited, as you just heard, 31 million taxpayers. In Baltimore, John and Tony Minidakis are proud [8:02] second-generation owners of Jimmy's Seafood. Now, with no tax on tips and overtime, their 200 employees [8:08] know that coming into work means going home with more pay. And Wade, a CNC machinist that I met at [8:15] Lehigh Valley Plastics in Pennsylvania, said he routinely takes on extra shifts, and now the tax cuts [8:22] reward his extra effort. And the benefits aren't just for tax season. As you've heard, the Trump accounts [8:29] are connecting young people from birth to the power of our free enterprise system. With 529 Savings [8:35] Accounts and Workforce Pell for trade schools, we're now training the next generation of skilled workers [8:42] to fill millions of open jobs at small businesses. So in closing, America is open for business again. [8:50] Yet every Democrat voted no on the very tax relief that is restoring Main Street, that is putting more [8:56] money back into the pockets of hardworking families. Small businesses are rebounding from years of [9:02] Bidenflation, decades of unfair trade, and massive regulatory overreach. But thanks to President Trump's [9:09] tax cuts, they now talk about expansion, hiring plans, and generational opportunity. This is America [9:17] first in action. Lower taxes, rising wages, and a thriving Main Street. Now millions of Americans are getting [9:24] their largest tax refund ever. And Main Street is getting historic tax relief to keep the American [9:30] dream alive. Thank you. Good. And before we take questions, I want to provide some numbers for you all. [9:38] So tax day statistics as of April 12th. Over 53 million filers, nearly 45 percent claim to one of President [9:49] Trump's signature tax cuts. The average tax cut for filers benefiting from one of President's tax [9:55] the new tax cuts is over $800. Over 6 million filers have claimed no tax on tips with an average [10:02] deduction of $7,100. Over 25 million filers have claimed no tax on overtime with an average deduction [10:09] of $3,100. Over 30 million seniors have claimed the enhanced deduction for seniors with an average [10:15] deduction of $7,500. And over 1 million filers have claimed no tax on car loan interest on American cars [10:23] for an average deduction of over $1,800. The average refund this filing season is over $3,400. Over 34 [10:31] million families have claimed Republicans enhanced child tax credit which is permanently doubled and [10:37] expanded by the working families tax cuts. Over 105 million filers have claimed the permanently doubled [10:44] standard deduction simplifying tax filing for millions across America. So as much as people do [10:50] not like to pay their taxes and we saw a survey today that 70 percent of Americans still believe [10:56] that they are overtaxed, this is a great day for the American people. Scott and Kelly, we'll now open [11:03] it up to questions. You're welcome to ask me questions or either of the great cabinet officials next to me. [11:09] And we'll start as always with our new media seat. Mr. Posobiec, why don't you kick us off? [11:13] Thank you Caroline. Secretary Bassan, if I may, there's been this media narrative out there that while [11:19] we see the data on tax refunds, that it's not good enough, that the tax season has been too soft. [11:26] What is your response to this media narrative regarding the tax refunds? Look, it's been an [11:32] incredible tax season. We have done more with less at the IRS, that we have moved over millions of [11:41] taxpayers to digital tax accounts. And that leaves us able to service more taxpayers in person and on [11:50] the phone. And as we can see, the economy was very strong. We are seeing growth across the board in [11:58] all areas. And as Kelly said, you know, small business, Main Street are really the big beneficiaries. [12:06] And this is what they don't want you to hear, that Wall Street always done great. This administration [12:13] is focused on parallel prosperity and bringing prosperity back to Main Street. And that starts [12:20] with people keeping more of their money. And one for Caroline, as well as the administration [12:25] in general, if I may. This past Saturday, I published a video of former, now former representative, [12:32] Eric Swalwell in bed. And as the president said in Las Vegas, well, Eric Swalwell was in Las Vegas in [12:39] this video, I'm told, according to geotagging, this scandal has erupted now. Accusers coming forward, [12:45] many others coming forward, as well as questions regarding his extremely close relationship with [12:50] Arizona Senator Ruben Gallego. And I want to know if the administration had any comment on the fact [12:57] that Senator Gallego seemed to be very vocal about wanting the release of the Epstein files. And yet, [13:02] when questions come to his own involvement with Eric Swalwell, he doesn't seem to want to provide [13:07] anything. Yeah, look, I think the accusations and allegations against former representative [13:12] Swalwell are despicable and disgusting. I think it's also quite plausible, as you point out, Jack, [13:19] that there were many other Democrats in this town on Capitol Hill who knew about his perhaps illegal [13:25] behavior, certainly his disgusting and inappropriate behavior. And why were they silent for so long? I think [13:31] those are questions that must be raised of these sitting representatives, including Mr. Gallego. [13:36] And I hope that the journalists in this room will do their jobs and the journalists on Capitol Hill [13:39] will do their jobs to ask Democrats in power how they knew about such despicable behavior from one of [13:45] their elected representatives for so long, but never said or did anything about it. So that's what we hope [13:50] to see as far as the White House and the president is concerned. Thank you. Peter. [13:54] Thank you. I have one for you and then one for Secretary Besson. Sure. [13:58] For you, Caroline, there are now 10 American scientists who have either gone missing or died [14:03] since mid-2024. They all reportedly had access to classified nuclear or aerospace material. Is [14:11] anybody investigating this to see if these things are connected? I've seen the report, Peter. I haven't [14:16] spoken to our relevant agencies about it. I will certainly do that and we'll get you an answer. If true, [14:22] of course, that's definitely something I think this government and administration would deem [14:26] worth looking into. So let me do that for you. Thank you. And Secretary Besson, [14:30] it doesn't sound like we're going to have $3 a gallon gas by summertime, which we had initially [14:35] been told by the energy secretary. He now says that it would be very aggressive if we're going to get [14:45] to the $3 a gallon gas by the summer. So when are we really going to get $3 a gallon gas? Well, [14:51] I think that's going to be up to how the negotiations go. President Trump said this [14:58] morning that he thinks we're nearing the end. The U.S. kept their side on the ceasefire. We've [15:06] stopped firing. The Straits or Vermouth have not been completely reopened. So we will see. And I'm [15:14] optimistic that during the summer, we will see gas with a three in front of it sooner rather than later. [15:20] I have it's bank week here in D.C. So I've been meeting with a lot of my Middle Eastern counterparts, [15:28] the finance ministers, and they all say that once the Straits are open, they can start pumping again [15:33] within one week. So not by summer, like Memorial Day, but maybe by Labor Day? Again, I'm optimistic [15:41] that sometime between June 20th and September 20th, that we can have $3 a gas again. And as I said this [15:49] morning too, we are going to be watching the gas stations because they raised prices very quickly [15:56] when the crude oil prices went up. We hope they'll bring them down just as quickly as crude oil prices [16:04] have come down, which they've come down substantially just in the past 10 days. [16:08] Sure. Thank you so much, Caroline. Can you give us an update on the president's thinking [16:15] on the next attorney general? A lot of names have been going around like Ron DeSantis, Rudy Giuliani, [16:19] Ed Martin. They're being floated as contenders. What qualities is the president looking for in a new [16:25] AG? And will there be accountability for what many have described as weaponization within [16:30] Biden's office when he was the president? Sure. Well, certainly ensuring that there's [16:35] accountability for the weaponization of justice that took place under the Biden administration [16:39] is a top priority for this president. With respect to names that are floated, there are always [16:45] names floated in the press. Sometimes I have a chuckle when I read some of the reports about [16:49] certain people floated for certain jobs. As far as the president is concerned right now, [16:53] Todd Blanche remains the acting attorney general. The president feels he's doing a good job, [16:58] and that's where it remains right now. I don't have any personnel updates for you today. Annie. [17:02] Thank you, Caroline. I have a question for you and also for the Treasury Secretary. [17:07] First of all, there was an interview that Dr. Mehmet Oz did recently where he described the president's [17:12] views on his own diet. He said that he argued that diet soda is good for him because it kills grass. [17:20] And if you pour it onto the grass, the grass is killed and it therefore must kill cancer cells. [17:25] I'm wondering if you can, was this sort of an accurate description of how the president sees? [17:30] Look, as we all know in this room, I think you know the president has a very good sense of humor. [17:34] It's one of his most underreported characteristics, I would say. I have heard him tell this joke before. [17:40] I think the Wall Street Journal should get a better sense of humor. [17:42] And then another one for you. Has the president filed his taxes and is he going to release them publicly? [17:48] It's actually a very good question. I have not inquired with the president directly about his own taxes, [17:53] but I'm happy to do so and we'll get you an answer on that. [17:55] Secretary Benson, I have filed my taxes. [18:02] So the president has publicly said that you are the reason that he has not fired Chairman Jay Powell. [18:09] Will you make that case again to him as he's recently said that he still wants to fire the chairman? [18:14] Look, I am confident that the process that we laid out in terms of Kevin Warsh becoming the next Fed chair, [18:22] he's going to have the hearing on the 21st of this month. He's a great candidate. We know that the [18:30] Republicans on the Senate Banking Committee are aligned in that and I am very optimistic [18:36] that the Kevin Warsh will be the chair of the Fed on time and that that will be a moot question. [18:42] Stephen, go ahead. [18:44] Secretary Vessant, you mentioned that the no tax on overtime is the biggest one that people are [18:48] claiming. You said 25 million people. Have you seen evidence that more companies are offering [18:53] overtime or that people are working more overtime and increasing their productivity? And the second [18:58] question, the health insurance industry is advertising heavily in DC, describing themselves as the [19:04] good guys in the whole health care system. President Trump has threatened to haul in their executives [19:09] and force them to lower prices. Do you provide any update on the administration's efforts? [19:12] Secretary Vessant, President of the United States, President of the United States, [19:13] So I'll take the second one last because that's not my area. I don't wear a lot of hats here, [19:19] but I am sure that the president makes his views known with corporate executives. And if that is true, [19:28] then they will be hold before him. And with overtime, as Kelly and I go out and talk to employers and [19:38] workers around the country, they all want more overtime. And there was this narrative that I think [19:46] over 2 million illegal aliens have either voluntarily deported or been deported and that there would be a [19:53] worker shortage. Well, what better way to fill that gap than with overtime for hardworking Americans and [19:59] for them to keep more of it? Yeah, I'll just I'll just add that a great example are the factories that [20:06] we see coming back. Thanks to 100 percent made in America, expensing Cousa Steel is a great example in [20:12] Rome, Georgia, where the owner was down to running one shift one day a week. He's up to two or three shifts, [20:19] five or six days a week. So thanks to reindustrializing this nation through our small manufacturing base, [20:25] which most manufacturers in America meet the small business definition, 98 percent of them. [20:29] We're seeing more shifts taking place, more opportunities for overtime and the more willingness of workers [20:36] to take on overtime shifts, because in the past they were penalized by the tax system for taking on overtime. [20:42] Elizabeth, go ahead. Thank you. This is for Administrator Law Flair. You talked about how the one big beautiful bill [20:48] benefits small businesses with small business optimism falling in March. Is the administration [20:53] planning on providing any additional tax relief or other resources to small businesses that have been [20:58] affected by high fuel cross high fuel prices during the Iran operation? Yeah, so one one data point is [21:05] not a trend make. And the long term trend under President Trump has been for small business optimism to [21:10] be above its 52 year average. Under Joe Biden, small business optimism fell below that average for 34 [21:17] consecutive months because small business was being crushed by regulation, massive red tape, [21:22] the threat of high taxes and all the burdens of the Green New Deal. So right now small businesses are [21:28] really in growth mode. They're planning to hire and the optimism is very strong. If you see in the [21:33] NAM survey, National Association of Manufacturers came out, their optimism is up five points. So [21:38] I think this is temporary and we'll get back on trend. [21:40] The Iran ceasefire parallel. Yes. So I saw some reporting again, bad reporting this morning that [21:49] we had formally requested an extension of the ceasefire. That is not true at this moment. We've [21:54] remained very much engaged in these negotiation in these talks. You heard from the vice president [21:59] directly and the president this week that these conversations are productive and ongoing. And that's [22:04] where we are right now. I've also seen some reporting about the potentiality for in-person discussions. [22:09] Again, those discussions are being had, but nothing is official until you hear it from us here at [22:15] the White House. But we feel good about the prospects of a deal. The president mentioned [22:19] that in his interview yesterday. And it's obviously in the best interest of Iran to meet the president's [22:24] demands. I think he's made his red lines in these negotiations very clear to the other side. And so [22:30] we are continuing to see how these conversations go. Would those talks be in Islamabad or where would they be [22:36] the next rally? They would very likely be in the same place as they were last time. Yes. [22:40] With the same, I would just want to make one point that's important to the president. The Pakistanis [22:46] have been incredible mediators throughout this process. And we really appreciate their friendship [22:50] and their efforts to bring this deal to a close. So they are the only mediator in this negotiation. [22:56] While there have been many countries around the world who want to offer their help, [23:00] the president feels it's important to continue to streamline this communication [23:04] through the Pakistanis. And so that's what continues to take place. Will. [23:08] Thank you, Caroline. How much room do you see [23:14] for additional sanctions being placed on Iran? And do you feel like the United States is getting [23:20] enough support from allies on that front? There was a letter that went to Oman and some other allies [23:26] to guess that maybe the sanctions weren't – this could be for Secretary Vestas as well – that the [23:31] sanctions basically weren't having the effect that the United States wanted. [23:33] I'll let the Treasury Secretary, who's in charge of sanctions, answer that question. [23:38] Yeah, I think that's not a correct characterization. Yesterday, we announced Operation Economic Fury. [23:46] And we – for over a year, we have had maximum pressure on the Iranians, both on blocking payments [23:53] into the Iranian state and going after the accounts of the IRGC. One of the what may prove to be fatal [24:03] mistakes that the Iranians made was bombing their GCC neighbors and who are now willing to be much more [24:11] transparent in terms of the funds or do a deeper dive in investigating the funds that are held within [24:18] their banking systems. So we have pushed out to them the request that we want to freeze more funds of [24:27] the leadership of the IRGC and any members of Iranian leadership. The other thing that we have done [24:34] is we have told companies, we have told countries that if you are buying Iranian oil, that if Iranian [24:41] money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very [24:48] stern measure. And the Iranians should know that this is going to be the financial equivalent of [24:54] what we saw in the kinetic activities. [24:56] Is this an example of expanding the war economically as opposed to militarily? [25:01] Is this another phase of that? [25:02] Exactly. [25:03] Secretary Kerry, what was the coordination? [25:05] Any update on the insurance program, the U.S. reinsurance program for ships and tankers sailing through [25:11] the State Department? Was any update on that, sir? [25:13] Well, it's now up to 40 billion. It's run through the DFC. And we are waiting for the ships to be able [25:22] to get some symbols of normality. And then they can come to the DFC and our private sector partners and [25:30] request the insurance. [25:33] And what do you tell private shipping companies out there right now, nervous about this whole thing, [25:36] saying, you know, wondering if they should even get near the stream? [25:39] What's that? [25:40] What do you tell to encourage shipping companies to do business through the strait? [25:46] Well, I think we're going to have to wait and see when they are permanently open, [25:50] because this is a mechanism. When we declare that it is safe, they also have to have insurance. [25:55] Lloyd's of London had skyrocketing insurance during the time. The rates are still very high. [26:03] So we want to provide, the U.S. government will make a profit on this, but we want to provide a more [26:08] normalized level and an economically sound basis for ships to move in and out of the Gulf as they [26:14] did before the start of the conflict. [26:18] Thanks, Caroline. [26:20] Thanks, Caroline. I appreciate it. [26:21] So I want to cover two topics, if I could, the tax day, but also the confirmation. [26:25] So the confirmation hearing is set for next week for Kevin Warsh. [26:29] But Tom Tillis, Senator Tom Tillis, is still a no, and he's holding firm on that. [26:32] How are you going to win over Senator Tillis to get this confirmation out of committee? [26:36] Well, I'm sure Senator Tillis wants to do the best thing for the Federal Reserve for the American [26:41] people. He has publicly said that Kevin Warsh is a great candidate for the chair. So let's get to [26:47] the hearings and see where we are then. I want to ask you about tax day, if I could. So the tax gains [26:53] that you've talked about through the One Big Beautiful Bill, is that going to offset the consternation [26:59] from Americans, for lack of a better term, over the $4 gallon of gas? [27:04] Well, again, as I said, no one's ever objected to more money in their pocket. [27:08] So the Americans have more money. They can decide how they want to spend it. [27:12] And I did want to come back to the overtime question because I was up in Westchester County [27:17] last Friday, and I met with several of the first responders and police unions. And those, whether it's [27:27] our great policemen, our firemen, our ambulance drivers, they all now want more overtime. [27:35] And, you know, how great it is to have them to be able to be engaged and keep more of their money. [27:45] For both of you, perhaps, are President Trump's threats of a 50% tariff against China still on the [27:51] table now? Or is the letter exchange that we talked about now taking that off? [27:56] Well, as you know, the President spoke about the letter with respect to he and the correspondence [28:02] between he and President Xi. President Xi assured the President that they are not supplying Iran [28:07] with weapons throughout this conflict. And that assurance was made to the President. It's obviously [28:12] something the administration keeps close tabs on with respect to tariffs. Do you have any update on [28:17] that, Mr. Secretary? I don't have an update on the tariffs, but I do have an update on sanctions. [28:23] Iran is the – or used to be the largest state sponsor of terrorism. China was purchasing more [28:29] than 90% of their oil, which is about 8% of China's energy needs. We believe this blockade in the [28:37] Straits. There will be a pause of Chinese buying. But I will tell you that two Chinese banks received [28:46] letters from the U.S. Treasury. I'm not going to identify the banks. But we told them that if we can prove [28:53] that there is Iranian money flowing through your accounts, then we are willing to put on secondary [28:58] sanctions. Are you considering any more sanctions relief, Mr. Secretary, for countries that are [29:10] suffering right now in order to give more oil to your allies? We will not be renewing the general [29:18] license on Russian oil, and we will not be renewing the general license on Iranian oil. [29:25] Again, that was oil that was on the water prior to March 11th. So all that has been used. [29:32] Nick, go ahead. [29:33] Treasury Secretary, as you both noted, 53 million Americans have used one of these new taxes [29:39] exemptions the President enacted. Can you speak to not only the relief that that's bringing specifically [29:45] working class Americans like waiters, bartenders, overtime workers, but also the impact this is [29:51] going to have on the economy? Well, a couple of things there is I can tell you, I think Kelly is [29:57] very popular. But I think with service workers, I may be the most popular cabinet secretary in D.C. [30:02] Because when I show up, a doorman, not so much bartenders, but waiters, waitresses, they all say, [30:10] thank you for no tax and tips. Again, I was in a diner up in Westchester County. And this is a home run [30:19] in terms of what's happening with these folks. And what we can't tell you yet, and we will be able [30:26] to provide data at a later date, that 52 million is how many have used at least one of those. So we [30:34] expect that there are probably multiple filers who have used at least more than one of those four [30:44] signature things. And look, again, this is the America first Americans, hardworking Americans, [30:52] keeping more of their money, just like with our small businesses. You know, if we go back and look, [30:57] when you hear the left talk about this was a tax cut for millionaires and billionaires, [31:04] you know, they wanted to raise the tax rate for everyone making more than $500,000, [31:10] that is a small business killer. [31:17] I have one question for the secretary and then the administrator. Mr. Secretary, since we're on the [31:22] topic of China a few minutes ago, we are a little over a year past Liberation Day, the tariffs, [31:27] the goods trade deficit with China has dropped sharply. Are those gains sustainable? And are you [31:33] worried about any retaliatory actions that could go against those gains? [31:38] I actually think we're going to be building on those gains in terms of the trade deficit dropping [31:44] with China. Since last summer, there's been great stability in the relationship. And really, [31:50] the keystone to the relationship is the strong respect that the two leaders have [31:56] between each other. My experience has been when the communication is at the top, [32:02] then we follow that directive and those wishes. We had the meeting in Busan, Korea. In October, [32:11] we will be having the state visit in Beijing. And so I expect great stability in the relationship, [32:18] but that doesn't mean that our trade deficit can't continue dropping. [32:22] I know that there are orders and shipments of factory equipment. They are at record highs. [32:31] How many small businesses has the SBA assisted with loans and supports, with loans to support? [32:39] Well, the SBA set an all-time lending record last year of $45 billion under President Trump, [32:45] because small businesses now have access to the capital that they need to build in America. Again, [32:50] we are becoming a nation of builders. And we see that on the ground, factories expanding. As a result, [32:56] we have record PMI, which is purchasing managers index, manufacturing expansion, two consecutive [33:03] months in a row of export records. And so when you look at where our nation has come in terms of export, [33:11] import imbalance, it's been unfair to the American worker and to American industry. And we're [33:17] reshoring whole industries because of this tax bill. [33:23] I have two questions for you. The first one is about Iran. The second one's actually about United [33:27] Airlines that I want to ask you about. So on Iran, is there a timeline for how long this blockade is [33:33] going to remain in place in the strength of the United States that President Trump has voiced to you [33:38] or that you've heard among officials? Sure. I will never set timelines on behalf of the President of [33:44] the United States. But with respect to the blockade, as you know, it has been fully implemented [33:50] and it's being enforced against vessels of all nations entering or departing Iranian ports. I want [33:55] to make that point clear. I've seen some misreporting on that as well. This includes all Iranian ports on [34:01] the Arabian Gulf and the Gulf of Oman. And our U.S. forces in the region are supporting the freedom [34:06] of navigation for vessels that are transiting the strait to and from non-Iranian ports. So I know some in [34:12] the press were confused about that. We are supporting the freedom of navigation, just not [34:16] with respect to any tanker or vessel that would benefit the economy of Iran as these negotiations [34:23] continue. So there was reports that the CEO of United proposed a merger with American Airlines. [34:30] This would affect tens of millions of Americans. That was proposed in a meeting with President Trump. [34:35] Was that a merger that he is in support of? It's not anything that we have a position on or [34:41] anything we're commenting on. I know it's an idea that has been proposed by private industry, [34:45] but it's not something the President or the White House have an opinion on or are weighing in on at [34:48] this time. John. John, go ahead. Thanks a lot, Caroline. This is for Secretary Bessett. [34:55] On Monday of next week, importers can start requesting claims for tariff refunds. And my understanding is [35:03] $127 million eligible for refunds. What's that process look like? How can a porter and an [35:10] importer request such a refund going forward? That's not being run out of treasury. We would [35:16] just be the paymaster. So that's being run out of CPB. And so explain that process. I understand [35:23] you're not running. How does that process actually work? If you're an importer, you pay these tariffs, [35:28] the Supreme Court found that those tariffs were illegal. What's the process for them to get back [35:33] that money? Well, they would be in touch with the CPB. And I think the number you're quoting is [35:41] so that's the amount who have already requested refunds. So they are already in the chute. And [35:48] we'll see what the timeline is for that. Will the U.S. economy, all of those refunds coming [35:53] out of the U.S. Treasury? Again, we'll have to see what comes out. And we'll have to see what the [36:01] companies do with them. Just to be clear, just to be clear, thanks to the Supreme Court, some of this [36:06] money is going back to China. So is that going to affect the U.S. economy? I don't know. [36:10] Daniel, go ahead. [36:15] Secretary, you quoted a saying in an interview earlier this week that it was worth a bit of [36:22] economic pain for international security. Is that this administration's message to American [36:27] voters with high gas prices ahead of the midterms this year, that it's worth the economic pain? [36:31] Well, the message is the short-term volatility for long-term gain. [36:37] That's right. [36:40] Danny, if I could add to that, you know, the president's been very clear. Again, [36:45] as the secretary just said, this is a short-term disruption for the long-term strategic [36:50] goal of the United States to ensure that the world's leading state sponsor of terror cannot [36:56] obtain a nuclear weapon. That's a good thing for the American people. That's a good thing for people [37:01] all over the world. And as the president and his economic and energy team have repeatedly stated, [37:06] as soon as the operation and now the negotiations with Iran conclude and the strait is reopened, [37:13] we do expect gas prices to decrease. And thank goodness we have a president in an administration [37:18] that believes in American energy dominance in bringing down prices at the pump. Look at how gas [37:23] prices decreased over the past year since this president was in office. It's a stark contrast to the [37:28] previous administration and Democrats in this city who believe in hampering our domestic energy [37:34] industry, who believe in importing our most precious resources, who believe in implementing [37:39] policies that created the worst inflation crisis in history. So President Trump has built the greatest [37:46] economy in the world before. He is doing it again. Of course, we have this short-term disruption, [37:51] but again, it's for the long-term strategic goal of ensuring that these terrorists cannot possess a [37:55] nuclear bomb. Jennifer. For Secretary Besant, on the Russian oil, I know the sanctions waivers have [38:02] expired, but how much money did Russia benefit from that temporary sanctions? You initially said about [38:08] 2 billion? Is that — It could have been 2 billion. We don't know. But again, it's — let's think of a [38:15] different world where oil spiked to 150, and they would have made a lot more by doing that, by pushing the [38:23] Russian barrels that were already on the water. They were going to be sold. They were going to China, [38:27] no matter what. We pushed them to our allies. We helped stabilize the oil price. And as you can see, [38:34] there were doomsday scenarios. Oil's going to 150. It's going to 200. It's going to 250 dollars. [38:40] West Texas crude, for the front-month delivery, is about 92 or 93 dollars now. [38:45] Thank you, everybody. I know we have two very busy Cabinet Secretaries with us here today. Before we do [38:54] depart, just one final announcement. As you know, this year, we celebrate America's 250th birthday [39:01] in honor of this historic occasion. President Trump and the Department of Interior will submit plans for [39:06] the United States Triumphal Arc, which will be an architectural masterpiece to celebrate our history [39:12] right here in Washington, D.C. This is a rendering of the arc for you. Thank you, Peter. It's quite [39:20] beautiful, as you can see, and this monumental arc will beam at 250 feet tall in honor of 250 years [39:28] and stand on ground that is currently empty green space in Memorial Circle on Columbia Island, a man-made [39:35] island in the Potomac River managed by the National Park Service. The United States Triumphal Arc will be [39:40] outfitted with beautiful artwork and depictions celebrating the success of the American people [39:46] over our 250-year history and the enduring triumph of the American spirit. Long after everyone in this [39:52] room is gone, our children and grandchildren will remain inspired by this national monument. [39:57] Beginning construction this year on the architectural arc is a fitting way to commemorate the 250th [40:03] anniversary of American independence. Great nations build beautiful structures that cultivate national [40:09] pride and love of country and this triumphal arc should be a project that all Americans of all [40:14] political persuasions can support because it's a monument for every American to celebrate 250 years [40:20] of our nation's proud history. And again, the plans for this will be submitted tomorrow. We'll have many [40:24] more announcements with respect to our 250th anniversary in the coming months as we look forward [40:30] to the 4th of July. Thank you very much, everyone. Have a great day.