Press Secretary Karoline Leavitt, Scott Bessent, and Kelly Loeffler Brief Members of the Media

[0:04] good afternoon everybody how are you good to see you we have a packed house and i have two very [0:09] special guests with me today i will start with some scheduling announcements tomorrow afternoon [0:15] president trump will travel to las vegas nevada to hold a round table and deliver remarks on the [0:20] working families tax cuts on friday president trump will travel to phoenix arizona to deliver [0:26] remarks at a turning point usa event at dream city church and i'm really honored to be standing here [0:32] today on tax day with two esteemed members of the president's cabinet and his excellent economic [0:38] team treasury secretary scott besant and small business administrator kelly leffler as we have [0:44] seen this tax season president trump's working families tax cuts have put a historic amount of [0:49] money back into the pockets of the american people this year on the campaign trail in 2024 president [0:56] trump looked voters in the eye and promised them he would sign the largest tax cuts in the history of [1:01] our country and on independence day last year president trump and congressional republicans [1:07] delivered passing the largest tax cut in history for working in middle-class americans including no [1:13] tax on tips overtime and social security they also passed unprecedented tax relief for small businesses [1:21] farmers workers and families with tax day officially here the numbers prove these tax cuts have been [1:27] nothing short of extraordinary more than 53 million filers claimed at least one of president trump's [1:34] signature new tax cuts the average refund this filing season is more than 3400 the trump administration [1:43] has issued more refunds in larger refunds than in any year of the history of our country and i will [1:49] allow secretary besant to break down the numbers in greater detail president trump and republicans in congress [1:55] have always believed that the american people know how to spend their money better than the government [2:00] does but what the american people must not forget is that every single democrat in congress voted [2:06] against these tax refunds the media has largely omitted this fact and other critical details in their [2:12] stories covering the benefits of the trump tax cuts if the democrats in congress had gotten their way and [2:18] blocked president trump's historic legislation americans would have faced the largest tax hike in history [2:25] nearly four trillion dollars the average taxpayer would have seen a 22 percent increase in their tax rates [2:33] democrats in congress have proven over and over again that they are the affordability frauds [2:38] who believe the government should keep more of the american people's hard-earned money [2:42] this president and republicans in congress fundamentally believe that americans deserve to keep more of their hard-earned paychecks [2:50] it's a clear contrast for american families to keep in mind so with that i will turn it over to our great [2:55] treasury secretary scott besant and then he will turn it over to kelly thank you good thank you caroline [3:02] i'm here to tell you that it has been a fantastic tax season it has gone smoothly it has gone efficiently [3:10] from the point of view of the irs but most importantly it's been a great tax season for the american people [3:16] thanks to promises made promises kept the through the working families tax cuts the president has [3:22] delivered the record refunds to the american people more than 45 percent of the filers of the returns that [3:32] we have seen have had at least one of the four president's signature policies no tax and tips no tax [3:39] in overtime the deductions for our great seniors and the deductibility of interest on auto loans [3:46] for american made cars and i will tell you that the biggest the one of those that americans have [3:53] taken is no tax and overtime and it's the american way if you want to work longer hours you get to keep [3:59] more of your money and the with with that we are seeing i want to encourage everyone out there watching [4:07] today to change their withholding if they haven't already done so because if you change your withholding [4:14] then you will get an automatic real wage increase on a weekly or a monthly basis and you will be able [4:21] to keep more of your money this calendar year so with with that we have also seen with the trump [4:28] accounts we have had five million families file for trump accounts for their children 1.2 million of [4:35] those are eligible for the one thousand dollar seed bonus so we look forward to that picking up more [4:44] and more for those of you who haven't done it it's easy to remember form 4547 you can do it while you're [4:51] filing your taxes you can do it at any point during the year we think this is going to be [4:55] transformational in terms of financial literacy this is financial literacy month and at treasury and all [5:03] over the administration we are working with the american people with american families not only to [5:09] give them more of their money but to show them how to invest it in a safe smart and sound way so with [5:16] that i will turn it over to kelly great thank you scott and good afternoon everyone excited to be here [5:25] on tax day important day for small business because small business and their employees have real relief [5:31] thanks to president trump's working family tax cuts as administrator of the u.s small business [5:36] administration it is my great honor to serve our great president as the cabinet level voice for [5:42] america's 36 million small businesses president trump is right small business is big business indeed [5:49] they are a massive economic engine that creates two-thirds of all new jobs they represent 99 of all [5:55] businesses and they drive about half of our gdp the working family tax cuts are putting money back into [6:02] the pockets of the hardest working americans that's why small business and their employees are benefiting the [6:08] most president trump and congressional republicans have saved americans from a four trillion dollar tax [6:15] hike including a staggering 20 percent tax increase on working families it would have destroyed millions of [6:22] jobs now i've traveled the country from maine to alaska and not a single worker not a single small business [6:29] asked to pay a dollar more in taxes yet every single congressional democrat voted to raise taxes [6:37] not just on small businesses on our workers on our seniors on hard-working families thankfully republicans [6:45] united behind common sense policy of letting americans not washington bureaucrats or fraudsters [6:52] keep more of what they earn now so far as you've just heard 12 million small businesses have an [6:59] average tax saving of seven thousand dollars the 20 small business passenger deduction is now permanent [7:06] offering them certainty to plan for the future and the rocket fuel to create one million new jobs [7:13] eric williams at prince manufacturing in rural georgia he specializes in fabrication and machining [7:20] this year he's reinvesting his tax savings to hire 500 new employees the provisions for a hundred percent [7:27] expensing of equipment expansion and r d are also growing production to help us reclaim industrial dominance [7:36] at blue patriot fab which i visited this week in omaha the owners highlighted one of their newest buildings [7:42] and they call it the big beautiful building because the tax cuts helped them build it [7:47] made in america is back and that's why the america worker is winning too no tax on tips and overtime means [7:55] that millions of employees are now rewarded not punished for working more and it's already benefited as you [8:02] just heard 31 million taxpayers in baltimore john and tony minedakis are proud second generation owners of [8:10] jimmy's seafood now with no tax on tips and overtime there are 200 employees know that coming [8:16] into work means going home with more pay and wade a cnc machinist that i met at lehigh valley plastics [8:24] in pennsylvania said he routinely takes on extra shifts and now the tax cuts reward his extra effort [8:31] and the benefits aren't just for tax season as you've heard the trump accounts are connecting young [8:37] people from birth to the power of our free enterprise system with 529 savings accounts and workforce pell for [8:44] trade schools we're now training the next generation of skilled workers to fill millions of open jobs at [8:51] small businesses so in closing america is open for business again yet every democrat voted no on the [8:59] very tax relief that is restoring main street that is putting more money back into the pockets of hard [9:06] working families small businesses are rebounding from years of bite inflation decades of unfair trade and [9:13] massive regulatory overreach but thanks to president trump's tax cuts they now talk about expansion [9:19] hiring plans and generational opportunity this is america first in action lower taxes rising wages and [9:28] a thriving main street now millions of americans are getting their largest tax refund ever [9:33] and main street is getting historic tax relief to keep the american dream alive thank you good and before [9:42] we take questions i want to provide some numbers for you all so tax day statistics as of april 12th [9:50] over 53 million filers number 40 nearly 45 percent claim to one of president trump's signature tax cuts [9:58] the average tax cut for filers benefiting from one of president's tax the new tax cuts is over 800 [10:05] dollars over six million filers of claim no tax on tips with an average deduction of 7 100 dollars [10:11] over 25 million filers have claimed no tax and overtime with an average deduction of 3100 [10:18] over 30 million seniors have claimed the enhanced deduction for seniors with an average deduction of [10:23] 7 500 and over 1 million filers have claimed no tax on car loan interest on american cars for an average [10:30] deduction of over $1,800. The average refund this filing season is worth $3,400. Over 34 [10:38] million families have claimed Republicans enhanced child tax credit which is permanently doubled and [10:44] expanded by the working families tax cuts. Over 105 million filers have claimed the permanently [10:50] doubled standard deduction simplifying tax filing for millions across America. So as much as people [10:57] do not like to pay their taxes and we saw a survey today that 70% of Americans still believe that they [11:03] are overtaxed, this is a great day for the American people. Scott and Kelly, we'll now open it up to [11:10] questions. You're welcome to ask me questions or either of the great cabinet officials next to me [11:16] and we'll start as always with our new media seat. Mr. Posobiec, why don't you kick us off? Thank you, [11:20] Caroline. Secretary Bessa-Anfame, there's been this media narrative out there that while we see the [11:27] the data on tax refunds, that it's not good enough, that the tax season has been too soft. What is your [11:34] response to this media narrative regarding the tax refunds? Look, it's been an incredible tax season. [11:41] We have done more with less at the IRS, that we have moved over millions of taxpayers to digital tax [11:51] accounts. And that leaves us able to service more taxpayers in person and on the phone. And as we can [11:58] see, the economy was very strong. We are seeing growth across the board in all areas. And as Kelly [12:08] said, you know, small business, Main Street are really the big beneficiaries. And this is what they [12:14] don't want you to hear. That Wall Street always done great. This administration is focused on [12:22] parallel prosperity and bringing prosperity back to Main Street. And that starts with people keeping [12:27] more of their money. And one for Caroline, as well as the administration in general, if I may. [12:34] This past Saturday, I published a video of former, now former representative, Eric Swalwell [12:40] in bed. And as the President said in Las Vegas, well, Eric Swalwell was in Las Vegas in this video, [12:46] I'm told, according to Geotagging, this scandal has erupted now. Accusers coming forward, many others [12:52] coming forward, as well as questions regarding his extremely close relationship with Arizona Senator [12:58] Ruben Gallego. And I want to know if the administration had any comment on the fact that Senator Gallego [13:05] seemed to be very vocal about wanting the release of the Epstein files. And yet, when questions come to [13:10] his own involvement with Eric Swalwell, he doesn't seem to want to provide anything? [13:15] Yeah, look, I think the accusations and allegations against former Representative Swalwell are despicable [13:21] and disgusting. I think it's also quite plausible, as you point out, Jack, that there were many other [13:27] Democrats in this town on Capitol Hill who knew about his perhaps illegal behavior, certainly his [13:34] disgusting and inappropriate behavior. And why were they silent for so long? I think those are questions [13:39] that must be raised of these sitting representatives, including Mr. Gallego. And I hope that the [13:43] journalists in this room will do their jobs, and the journalists on Capitol Hill will do their jobs [13:47] to ask Democrats in power how they knew about such despicable behavior from one of their elected [13:53] representatives for so long, but never said or did anything about it. So that's what we hope to see [13:57] as far as the White House and the President is concerned. Thank you. Peter. [14:01] Thank you. I have one for you and then one for Secretary Besson. [14:04] Sure. For you, Caroline, there are now 10 American scientists who have either gone missing [14:09] or died since mid-2024. They all reportedly had access to classified nuclear or aerospace [14:16] material. Is anybody investigating this to see if these things are connected? [14:21] I've seen the report, Peter. I haven't spoken to our relevant agencies about it. I will certainly do [14:26] that and we'll get you an answer. If true, of course, that's definitely something I think this [14:30] government and administration would deem worth looking into. So let me do that for you. [14:35] Thank you. And Secretary Besson, it doesn't sound like we're going to have $3 a gallon gas by [14:40] summertime, which we had initially been told by the energy secretary. He now says [14:48] that it would be very aggressive if we're going to get to the $3 a gallon gas by the summer. So when [14:55] are we really going to get $3 a gallon gas? Well, I think that's going to be [15:00] up to how the negotiations go. President Trump said this morning that he thinks we're nearing the [15:07] end. The U.S. kept their side on the ceasefire. We've stopped firing. The Straits of Vermouth have [15:16] not been completely reopened. So we will see. And I'm optimistic that during the summer we will see gas [15:24] with a three in front of it sooner rather than later. It's bank week here in D.C., so I've been [15:32] meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say that once [15:37] the Straits are open they can start pumping again within one week. So not by summer like Memorial Day, [15:43] but maybe by Labor Day? Again, I'm optimistic that sometime between June 20th and September 20th, [15:52] that we can have $3 gas again. And as I said this morning too, we are going to be watching the gas [15:58] stations because they raised prices very quickly when the crude oil prices went up. We hope they'll [16:08] bring them down just as quickly as crude oil prices have come down, which they've come down substantially [16:14] just in the past ten days. Sure. Thank you so much, Caroline. Can you give us an update on the [16:20] President's thinking on the next Attorney General? A lot of names have been going around like Ron [16:25] DeSantis, Rudy Giuliani, Ed Martin. They're being floated as contenders. What qualities is the [16:31] President looking for in a new AG? And will there be accountability for what many have described as [16:36] weaponization within Biden's office when he was the President? Sure. Well, certainly ensuring that there's [16:42] accountability for the weaponization of justice that took place under the Biden administration is [16:46] a top priority for this President. With respect to names that are floated, there are always names [16:52] floated in the press. Sometimes I have a chuckle when I read some of the reports about certain people [16:57] floated for certain jobs. As far as the President is concerned right now, Todd Blanche remains the acting [17:02] Attorney General. The President feels he's doing a good job. And that's where it remains right now. I don't [17:06] have any personnel updates for you today. Annie. Thank you, Caroline. I have a question for you and also for the [17:11] Treasury Secretary. First of all, there was an interview that Dr. Mehmet Oz did recently, [17:18] where he described the President's views on his own diet. He said that he argued that diet soda is [17:24] good for him because it kills grass. And if you pour it onto the grass, the grass is killed and it [17:30] therefore must kill cancer cells. I'm wondering if you can, was this sort of an accurate description of [17:35] how the President sees? Look, as we all know in this room, I think you know the President has a very [17:40] good sense of humor. It's one of his most underreported characteristics, I would say. I have heard [17:46] him tell this joke before. I think the Wall Street Journal should get a better sense of humor. [17:49] And then another one for you. Has the President filed his taxes and is he going to release them publicly? [17:54] It's actually a very good question. I have not inquired with the President directly about his own taxes, [18:00] but I'm happy to do so and we'll get you an answer on that. And Secretary Besson. I have filed my taxes. [18:04] So the President has publicly said that you are the reason that he has not fired Chairman Jay Powell. [18:16] Will you make that case again to him as he's recently said that he still wants to fire the Chairman? [18:20] Secretary Besson. Look, I am confident that the process that we have laid out in terms of Kevin [18:26] Warsh becoming the next Fed Chair, he's going to have the hearing on the 21st of this month. [18:32] He's a great candidate. We know that the Republicans on the Senate Finance or Senate Banking Committee [18:40] are aligned in that and I am very optimistic that the Kevin Warsh will be the Chair of the Fed on time [18:46] and that that will be a moot question. [18:48] Secretary Besson, you mentioned that the no tax on overtime is the biggest one that people are [18:55] claiming. You said 25 million people. Have you seen evidence that more companies are offering overtime [19:00] or that people are working more overtime and increasing their productivity? And the second [19:05] question, the health insurance industry is advertising heavily in D.C. describing themselves [19:11] as the good guys in the whole healthcare system. President Trump has threatened to haul in their [19:15] executives and force them to lower prices. Can you provide any update on the administration's efforts [19:19] there? Okay, so I'll take the second one last because that's not my area. I don't wear a lot of hats [19:25] here but I am sure that the President makes his views known with corporate executives and if that is true [19:35] then they will be hauled before him. And with overtime as Kelly and I go out and talk to employers and [19:45] workers around the country, they all want more overtime. And there was this narrative that I think over [19:53] two million illegal aliens have either voluntarily deported or been deported and that there would be [19:59] a worker shortage. Well, what better way to fill that gap than with overtime for hard-working Americans [20:06] and for them to keep more of it? Yeah, I'll just I'll just add that a great example are the factories [20:13] that we see coming back thanks to 100 percent Made in America expensing. Kusa Steel is a great example in [20:19] Rome, Georgia, where the owner was down to running one shift one day a week. He's up to two or three [20:25] shifts five or six days a week. So thanks to reindustrializing this nation through our small [20:31] manufacturing base, which most manufacturers in America meet the small business definition 98 percent [20:35] of them, we're seeing more shifts taking place, more opportunities for overtime, and the more [20:41] willingness of workers to take on overtime shifts because in the past they were penalized by the tax [20:46] system for taking on overtime. Elizabeth, go ahead, Helen. Thank you. This is for [20:52] Administrator Lockler. You talked about how the One Big Mutual Bill benefits small businesses. [20:56] With small business optimism falling in March, is the administration planning on providing any [21:01] additional tax relief or other resources to small businesses that have been affected by [21:06] high fuel prices during the Iran operation? Yeah, so one data point does not a trend make, [21:13] and the long-term trend under President Trump has been for small business optimism [21:17] to be above its 52-year average. Under Joe Biden, small business optimism fell below that average [21:23] for 34 consecutive months because small business was being crushed by regulation, massive red tape, [21:29] the threat of high taxes, and all the burdens of the Green New Deal. So right now small businesses are [21:35] really in growth mode. They're planning to hire, and the optimism is very strong. If you see in the [21:40] NAM survey, National Association of Manufacturers came out, their optimism is up five points. So I think this is [21:45] temporary and we'll get back on trend. What's the status of extending the Iran ceasefire in Carolina? [21:51] Yes, so I saw some reporting, again bad reporting this morning, that we had formally requested an [21:57] extension of the ceasefire. That is not true at this moment. We've remained very much engaged in these [22:03] negotiations, in these talks. You heard from the Vice President directly and the President this week [22:08] that these conversations are productive and ongoing, and that's where we are right now. I've also seen [22:13] some reporting about the potentiality for in-person discussions. Again, those discussions are being [22:19] had, but nothing is official until you hear it from us here at the White House. But we feel good about the [22:24] prospects of a deal. The President mentioned that in his interview yesterday, and it's obviously in the [22:28] best interest of Iran to meet the President's demands. I think he's made his red lines in these [22:33] negotiations very clear to the other side, and so we are continuing to see how these conversations go. [22:39] Would those talks be in Islamabad, or where would they be the next round? [22:44] They would very likely be in the same place as they were last time, yes. [22:47] With the same, I would just want to make one point that's important to the President. [22:52] The Pakistanis have been incredible mediators throughout this process, and we really appreciate [22:56] their friendship and their efforts to bring this deal to a close. So they are the only mediator in this [23:02] negotiation. While there have been many countries around the world who want to offer their help, [23:07] the President feels it's important to continue to streamline this communication [23:11] through the Pakistanis, and so that's what continues to take place. [23:14] The Press. Thank you, Caroline. [23:17] How much room do you see for additional sanctions being placed on Iran? And do you feel like the [23:26] United States is getting enough support from allies on that front? There was a letter that went to [23:31] Oman and some other allies that suggested that maybe the sanctions weren't, this could be for [23:36] Secretary Fessler as well, but the sanctions basically weren't having the effect that the United States wanted. [23:40] I'll let the Treasury Secretary, who's in charge of sanctions, answer that question. [23:45] Yeah, I think that's not a correct characterization. Yesterday we announced Operation Economic Fury, [23:52] and for over a year we have had maximum pressure on the Iranians, both on blocking payments into [24:01] the Iranian state and going after the accounts of the IRGC. One of the what may prove to be fatal mistakes [24:10] that the Iranians made was bombing their GCC neighbors, and who are now willing to be much more transparent in [24:19] terms of the funds or do a deeper dive in investigating the funds that are held within their banking systems. [24:26] So we have pushed out to them the request that we want to freeze more funds of the leadership [24:35] of the IRGC and any members of Iranian leadership. The other thing that we have done is we have told [24:42] company, we have told countries that if you are buying Iranian oil, that if Iranian money is sitting [24:49] in your banks, we are now willing to apply secondary sanctions, which is a very stern measure, and the [24:56] Iranians should know that this is going to be the financial equivalent of what we saw in the kinetic [25:02] activities. Is this an example of expanding the war economically as opposed to militarily? [25:07] Is this another phase? Exactly. [25:12] Any updates on the insurance program, the U.S. re-insurance program for ships and tankers sailing [25:18] through the Strait of War moves? Any updates on that, sir? [25:20] Well, it's now up to $40 billion. It's run through the DFC, and we are waiting for the ships to be [25:29] able to get some symbolism of normality, and then they can come to the DFC and our private sector [25:36] partners and request the insurance. And what do you tell private shipping companies out there [25:42] right now, nervous about this whole thing, you know, wondering if they should even get near the [25:46] Strait? What's that? What do you tell to encourage shipping companies to do business through the [25:52] Strait? Well, I think we're going to have to wait and see when they are permanently open, [25:56] because this is a mechanism. When we declare that it is safe, they also have to have insurance. Lloyds of [26:02] London had skyrocketing insurance during the time. The rates are still very high. So we want to [26:10] provide, the U.S. government will make a profit on this, but we want to provide a more normalized level [26:16] and an economically sound basis for ships to move in and out of the Gulf as they did before the start [26:22] of the conflict. Thanks, Caroline. Thanks, Caroline. I appreciate it. So I want to cover two topics, [26:30] if I could, the Tax Day, but also the confirmation. So the confirmation hearing is set for next week [26:34] for Kevin Warsh, but Tom Tillis, Senator Tom Tillis is still a no, and he's holding firm on that. How are [26:39] you going to win over Senator Tillis to get this confirmation out of committee? Well, I'm sure Senator [26:44] Tillis wants to do the best thing for the Federal Reserve for the American people. He has publicly said that [26:50] Kevin Warsh is a great candidate for the chair. So let's get to the hearings and see where we are then. [26:56] I want to ask you about Tax Day, if I could. So the tax gains that you've talked about through [27:01] the One Big Beautiful Bill, is that going to offset the consternation from Americans, [27:07] for lack of a better term, over the $4 gallon of gas? Well, again, as I said, no one's ever objected [27:13] to more money in their pocket. So the Americans have more money. They can decide how they want to spend it. [27:19] And I did want to come back to the overtime question, because I was up in Westchester County [27:24] last Friday, and I met with several of the first responders and police unions. And those, [27:33] whether it's our great policemen, our firemen, our ambulance drivers, they all now want more overtime. [27:42] And, you know, how great it is to have them to be able to be engaged and keep more of their money. [27:50] Thank you, Caroline. For both of you, perhaps, are President Trump's threats of a 50 percent tariff [27:57] against China still on the table now? Or is the letter exchange that you talked about now taking that off? [28:03] Well, as you know, the President spoke about the letter with respect to he and the correspondence [28:08] between he and President Xi. President Xi assured the President that they are not supplying Iran [28:14] with weapons throughout this conflict. And that assurance was made to the President. It's obviously [28:18] something the administration keeps close tabs on with respect to tariff. Do you have any update on that, [28:24] Mr. Secretary? I don't have an update on the tariffs, but I do have an update on sanctions. [28:29] Iran used to be the largest state sponsor of terrorism. China was purchasing more than 90 percent [28:37] of their oil, which is about 8 percent of China's energy needs. We believe this blockade in the [28:44] Straits. There will be a pause of Chinese buying, but I will tell you that two Chinese banks received [28:53] letters from the U.S. Treasury. I'm not going to identify the banks, but we told them that if we can [28:59] prove that there is Iranian money flowing through your accounts, then we are willing to put on [29:04] secondary sanctions. [29:05] And are you considering any more sanctions relief, Mr. Secretary, for countries that are suffering right [29:17] now in order to give more oil to your allies? [29:21] Mr. We will not be renewing the general license on Russian oil, [29:27] and we will not be renewing the general license on Iranian oil. Because, again, that was oil that [29:33] was on the water prior to March 11th. So all that has been used. [29:38] Thank you, Jeremy. [29:38] Mr. Nick, go ahead. [29:39] I have a question for the Treasury Secretary. As you both noted, 53 million Americans [29:44] have used one of these new tax exemptions the President enacted. Can you speak to not only [29:50] the relief that that's bringing specifically working-class Americans like waiters, bartenders, [29:55] overtime workers, but also the impact this is going to have on the economy? [30:00] Mr. Well, a couple of things there. I can tell you, I think Kelly is very popular, [30:05] but I think with service workers, I may be the most popular Cabinet Secretary in D.C. [30:09] because when I show up, a doorman, not so much bartenders, but waiters, waitresses, [30:17] they all say, thank you for no tax and tips. Again, I was in a diner up in Westchester County, [30:22] and this is a home run in terms of what's happening with these folks. And what we can't tell you yet, [30:32] and we will be able to provide data at a later date, that 52 million is how many have used at least [30:40] one of those. So we expect that there are probably multiple filers who are filers who have used at [30:48] least more than one of those four signature things. And look, again, this is the America first, [30:56] Americans, hardworking Americans keeping more of their money, just like with our small businesses. [31:02] You know, if we go back and look, when you hear the left talk about this was a tax cut for millionaires [31:10] and billionaires, you know, they wanted to raise the tax rate for everyone making more than $500,000, [31:17] that is a small business killer. [31:24] I have one question for the Secretary and then the Administrator. [31:27] Mr. Secretary, since we're on the topic of China a few minutes ago, we are a little over a year past [31:32] Liberation Day, the tariffs. The goods trade deficit with China has dropped sharply. Are those gains [31:38] sustainable? And are you worried about any retaliatory actions that could go against those gains? [31:45] I actually think we're going to be building on those gains in terms of the trade deficit dropping [31:51] with China. Since last summer, there's been great stability in the relationship. And really, [31:57] the keystone to the relationship is the strong respect that the two leaders have between each other. [32:03] My experience has been when the communication is at the top, then we follow that directive [32:12] and those wishes. We had the meeting in Busan, Korea in October. We will be having the state visit in [32:20] Beijing. And so I expect great stability in the relationship. But that doesn't mean that our trade [32:27] deficit can't continue dropping. Go ahead. For the Administrator, I know that there are orders and [32:35] shipments of factory equipment. They are at record highs. How many small businesses has the SBA assisted [32:42] with loans and supports, with loans to support them? Well, the SBA set an all-time lending record [32:48] last year, $45 billion under President Trump, because small businesses now have access to the capital [32:55] that they need to build in America. Again, we are becoming a nation of builders. And we see that on the [33:00] ground, factories expanding. As a result, we have record PMI, which is Purchasing Managers Index, [33:08] manufacturing expansion, two consecutive months in a row of export records. And so when you look at where [33:14] our nation has come in terms of export-import imbalance, it's been unfair to the American worker and to [33:22] American industry. And we're reshoring whole industries because of this tax bill. [33:26] Libby. Libby, go ahead. [33:29] I have two questions for you. The first one is about Iran. The second one is actually about United [33:34] Airlines that I want to ask you about. So on Iran, is there a timeline for how long this blockade is [33:40] going to remain in place in the strength of hormones by the United States that President Trump has voiced [33:45] to you or that you've heard among officials? Sure. I will never set timelines on behalf of the [33:51] President of the United States. But with respect to the blockade, as you know, it has been fully [33:55] implemented and it's being enforced against vessels of all nations entering or departing Iranian ports. [34:02] I want to make that point clear. I've seen some misreporting on that as well. This includes [34:06] all Iranian ports on the Arabian Gulf and the Gulf of Oman. And our U.S. forces in the region are [34:12] supporting the freedom of navigation for vessels that are transiting the strait to and from non-Iranian [34:17] ports. So I know some in the press were confused about that. We are supporting the freedom of [34:22] navigation, just not with respect to any tanker or vessel that would benefit the economy of Iran [34:28] as these negotiations continue. So there was reports that the CEO of United proposed a merger [34:36] with American Airlines. This would affect tens of millions of Americans. That was proposed in a [34:41] meeting with President Trump. Was that a merger that he has proposed to any kind of support of? [34:45] It's not anything that we have a position on or anything we're commenting on. I know it's an [34:49] idea that has been proposed by private industry, but it's not something the President or the White [34:53] House have an opinion on or are weighing in on at this time. John. John, go ahead. [34:58] Thanks a lot, Caroline. This is First Secretary Bessett. On Monday of next week, [35:03] importers can start requesting claims for tariff refunds. And my understanding is $127 million [35:11] eligible for refunds. What's that process look like? How can a porter and an importer request such [35:19] a refund going forward? That's not being run out of Treasury. We would just be the paymaster. So [35:24] that's running, being run out of CPB. And so explain that process. I understand you're not running. [35:30] How does that process actually work? If you're an importer, you pay these tariffs. The Supreme Court [35:36] found that those tariffs were illegal. What's the process for them to get back that money? [35:41] Well, they would be in touch with the CPB. And I think the number you're quoting is the [35:47] so that's the amount who have already requested refunds. So they are already in the shoot. And [35:55] we'll see what the timeline is for that. Will that affect the U.S. economy, [35:59] all of those refunds coming out of the U.S. Treasury? [36:01] Mr. Again, we'll have to see what comes out. And we'll have to see what the companies do with [36:09] them. Just to be clear, just to be clear, thanks to the Supreme Court, some of this money is going [36:13] back to China. So is that going to affect the U.S. economy? I don't know. [36:17] The Press Press Secretary, you were quoted saying in an interview earlier this week that it was worth a [36:28] bit of economic pain for international security. Is that this administration's message to American [36:34] voters with high gas prices ahead of the midterms this year that it's worth the economic pain? [36:38] Mr. Well, the message is the short-term volatility for long-term gain. [36:44] That's right. And, Danny, if I could add to that, [36:50] you know, the President has been very clear, again, as the Secretary just said, [36:53] this is short-term disruption for the long-term strategic [36:57] goal of the United States to ensure that the world's leading state sponsor of terror [37:02] cannot obtain a nuclear weapon. That's a good thing for the American people. That's a good thing [37:07] for people all over the world. And as the President and his economic and energy team have repeatedly [37:12] stated, as soon as the operation and now the negotiations with Iran conclude and the strait is [37:19] reopened, we do expect gas prices to decrease. And thank goodness we have a President in an [37:25] administration that believes in American energy dominance in bringing down prices at the pump. [37:29] Look at how gas prices decreased over the past year since this President was in office. It's a [37:34] stark contrast to the previous administration and Democrats in this city who believe in [37:39] hampering our domestic energy industry, who believe in importing our most precious resources, [37:44] who believe in implementing policies that create created the worst inflation crisis in history. [37:50] So President Trump has built the greatest economy in the world before. He is doing it again. Of [37:56] course, we have this short-term disruption. But again, it's for the long-term strategic goal [38:00] of ensuring that these terrorists cannot possess a nuclear bomb. Jennifer. Jennifer. [38:04] First, Secretary Besant, on the Russian oil, I know the sanctions waivers have expired, [38:10] but how much money did Russia benefit from that temporary sanctions? You initially said about 2 billion. Is that [38:16] it could have been 2 billion? We don't know. But again, it's let's think of a different world where [38:23] oil spiked to 150, and they would have made a lot more. By doing that, by pushing the Russian barrels [38:31] that were already on the water, they were going to be sold, they were going to China no matter what, [38:36] that we pushed them to our allies, we helped stabilize the oil price. And as you can see, [38:41] there were doomsday scenarios. Oil is going to 150, it's going to 200, it's going to 250 dollars. [38:47] West Texas crude, for the front month delivery, is about 92 or 93 dollars now. [38:56] Thank you, everybody. I know we have two very busy cabinet secretaries with us here today. Before we [39:01] do depart, just one final announcement. As you know, this year we celebrate America's 250th birthday. [39:07] In honor of this historic occasion, President Trump and the Department of Interior will submit plans [39:13] for the United States Triumphal Arc, which will be an architectural masterpiece to celebrate our [39:18] history right here in Washington, D.C. This is a rendering of the arc for you. Thank you, Peter. [39:27] It's quite beautiful, as you can see. And this monumental arc will beam at 250 feet tall, [39:33] in honor of 250 years, and stand on ground that is currently empty green space in Memorial Circle [39:39] on Columbia Island, a man-made island in the Potomac River managed by the National Park Service. [39:45] The United States Triumphal Arc will be outfitted with beautiful artwork and depictions celebrating [39:50] the success of the American people over our 250-year history and the enduring triumph of the American [39:57] spirit. Long after everyone in this room is gone, our children and grandchildren will remain [40:02] inspired by this national monument. Beginning construction this year on the architectural [40:07] arc is a fitting way to commemorate the 250th anniversary of American independence. [40:12] Great nations build beautiful structures that cultivate national pride and love of country, [40:17] and this triumphal arc should be a project that all Americans of all political persuasions can support, [40:23] because it's a monument for every American to celebrate 250 years of our nation's proud history. [40:28] And again, the plans for this will be submitted tomorrow, and we'll have many more announcements [40:32] with respect to our 250th anniversary in the coming months, as we look forward to the 4th of July. [40:38] Thank you very much, everyone. Have a great day.