I’m very friendly with the President, he’s a great guy. We have great chemistry, a great relationship but he’s for China and I’m for the good old USA. [CHEERS]

As an example, they send a car to us, we charge them a 2 percent tax. We send a car to them, they charge us a 25 percent tax. Somehow that doesn’t work too well. [LAUGHTER]. That’s not a great formula. But 25 most of the time you can’t get it [INAUDIBLE]. Even Japan, look, the prime minister is a great guy, Abe. He’s a warrior. Tough strong, smart. But I said, the trade isn’t so good with Japan. It’s so one-sided. They don’t take our product, we take their cars. The cars are 90 percent … they cars, they just go they need Mario Andretti to drive those cars off the boats. They come off the boats like 16 times [INAUDIBLE, LAUGHTER]. We send a car in Japan, they analyze it for four weeks before they decide to send it back becaue it is not environmentally friendly. It’s unbelievable. It’s actually, one of the drug companies actually had a car made and it was the most environmentally perfect car and it cost them a fortune. They spent a fortune. And they had everything the highest quality you can have. Everything was far better than any car they’ve ever sent to us. They spent three or four hundreds thousand dollars on a car that would sell for like $35,000, right? Not a good deal. But they wanted to see if they could get it in. They’re going crazy. Four days went by, then five days and we’re ready to approach them and they said no no we have to do one more test. It’s called the bowling ball test, do you know what that is? That’s where they take a bowling ball from 20 feet up in the air and drop it in the hood of the car. And if the hood dents, the car doesn’t qualify. Guess what, the hood dented a little bit and they say this car doesn’t qualify. It’s horrible. It’s horrible. It’s horrible. And then you hear about the free traders. ‘Cause I’m a free trader. But I’m like, I want to be a smart trader, I want to be a fair trader. It’s so unfair what’s happening to our country. And I don’t know the politicians have lost their way. In some cases like South Korea they’re making a fortune. We backed them many years ago. But when they became rich we never changed the deal. So we were backing backing backing and no politician ever changed the deal. Now we have a very big trade deficit with them and we protect them.

So we lose money in trade and we lose money in the military. We have right now 32,000 soldiers on the border between North and South Korea. Lets see what happens. We sort of did a good job with that one. Lets see what happens. People said all of this rhetoric is terrible. The rhetoric for the last 30 years hasn’t been so good. It was called appeasement. Please don’t do anything. Obama, let’s not talk about that. Meanwhile Kim Jong Un is making nuclear weapons. He had a test about a year ago and it registered as an 8.6 and you never heard of that on the richter scale. And they said man it was an earthquake, 8.6, someplace in Asia. Where was it, oh it was in North Korea. It was a nuclear test. And it shifted a mountain. This is a real mountain. This is not some 10-foot deal. It actually shifted, that was the power. They’re all saying his rhetoric is terrible, it’s so tough, little Rocket Man. It’s so terrible, the way … and he’s gonna get us into a war. Well you know what is gonna get us into a war is weakness. [APPLAUSE] We put massive sanctions on North Korea. Massive. Like nobody’s ever been sanctioned. And in all fairness, China has really helped at the border. It could help more, but they’ve done more for us than they’ve ever done for any President.

So here’s the funny part. Everyone’s saying, “‘oh, he’s gonna get us in trouble.” Then three weeks later you hear, we’d love to go to the Olympics and participate. Everyone goes “What? Where did that come?” So they participate in the Olympics. And then the delegation comes over from South Korea and they just left North Korea and they said Mr. President, Kim Jong Un would love to meet with you and he will not do any testing and he will not do any missile watches and he would love to meet with you. So I said really wow that’s good. [INAUDIBLE]. They go out to the press and the press is there and you never saw so many reporters. Because they heard it was a big announcement on North Korea. So the worst, like CNN fake news. Erin Burnett says “This will make him a great President.” [LAUGHTER AND APPLAUSE] She actually said, this could make him a great President. Even the worst of them, for two hours, three hours, they couldn’t believe, they’re looking at each other, they couldn’t believe, they said where did this come from? After 25-30 years where did this come from? And then it happened. A day later. “Obama could have done that too.” Obama could not have done that. [Crowd: “NO WAY”]. It’s really sad. It was almost, you have to smile, because it’s so out of control. But what I heard — I woke up the next morning and I said finally I’m getting stuff.

I’ve done a lot of things. Taxes, a lot of stuff. Our military is stronger now and we just got $700 billion and we have to build it because it’s totally depleted. We don’t have our military we’re not gonna be here [APPLAUSE]. We’ll be walking into the doors. [INAUDIBLE]. We’ll make the greatest equipment in the world, right down the street with Boeing. Other places. It’s jobs. But we have no choice, But when i heard that, I wake up, I just heard the greatest statements from MSNBC, from CNN, from all the haters they couldn’t believe it. Reporters, professionals the ones you see hating all the time. I said this is the most incredible thing, we’ve never seen this. But by the time we woke up the next morning they had a new line. Anybody could have done that. Obama could have met. Bush could have met. Bush friends are here but Bush [INAUDIBLE AND LAUGHTER]. But they couldn’t have met. Because nobody would have done what I did to set the plan. And they are suffering. I don’t want them to suffer. But they’re suffering. Lack of food, lack of everything. Nobody would have done that. So you see the narrative changes. Now they are saying will take at least two months to be able to negotiate. So these are the people. They say it will take two months to be able to negotiate. He shouldn’t go there. And the greatest line is President Trump has agreed to meet. These are people that said I can’t believe it. Unbelievable This is great news. This is the biggest thing that has happened in forty years. The next day. President Trump has conceded a meeting with Kim Jong Un. Because has done that he has already given them a victory because he’s a great debater. I mean if media [LAUGHTER AND APPLAUSE]

The greatest is when you’re watching them and these are the people that are so afraid that it was all gonna be [INAUDIBLE] and they say it was incredible and then their [INAUDIBLE] told them what to say. They say, maybe he’s not the one to negotiate. He’s got very little knowledge of the Korean peninsula and maybe he’s not the one. Maybe we should send in the people that have been playing games and didn’t know what the hell they’re doing for 25 years. APPLAUSE. You’ll be fine. … [INAUDIBLE] It’s a beautiful young, a beautiful couple, and everyone thinks he’s a star and he is a star and I don’t know how the press treats you. [LAUGHTER, INAUDIBLE]

It was somewhat of a miracle, it’s far ahead of schedule. And then you hear that you know, we’re making a major concession by agreeing to the meeting. It’s the craziest thing. But go back a couple weeks earlier and listen to the [INAUDIBLE].

So we’re always a little bit of a disadvantage because of the media. You have it here, I know you have it here too. But the advantage we have is our people are really smart. They did it. When I did the tariffs, and what I’m really saying is it’s not so much tariffs, it’s really saying we can’t be taken advantage of anymore by these people that come in and dump everything in our country and destroy our mills and destroy our workers and destroy everything. When I did the tariffs,m ost people understand what I’m doing is fighting for them. I’m fighting for these companies that are being abandoned, and the jobs that have been abandoned. And that’s why we have a lot of companies moving back in. When you see happening and we look we’re renegotiating NAFTA right now. I don’t know that we can make a deal. I tell people openly. The best deal is to terminate it and then make a new deal. But I don’t know that we can make a deal because Mexico is so spoiled from this horrible deal. From our standpoint, horrible, from their standpoint. So think of it — Mexico makes more than $100 billion a year on the United States. How stupid is this? But you know sometimes something is so good but how do you negotiate? The best way, terminate. Let’s start all over again. Let’s start all over again. Some of the politicians are afraid to terminate, oh we don’t want to terminate NAFTA. Take a look at these empty mills all over the place that they turn into nursing homes, [INAUDIBLE] walls on the outside. But it’s it just can’t be. I really think we’re making the point, a lot of people are digging it, I will tell you the people that really count which is you, the workers, everybody, they’re really understanding what’s going on. Nobody’s done what I’m doing, it’s sort of really virgin territory. It’s absolutely virgin territory. It’s territory that, our country for 50 or 60 or 70 years has not wanted to go there. They just haven’t for whatever reason. And our wealth has been taken. Our jobs have been taken. Our companies have moved and now they’re starting to move back. So it’s a formula that it is absolute there’s disruption, there’s anger. And just remember our friends, that everyone says, our friends, our allies. I know our allies, but our allies care about themselves. They don’t care about us. You look at our trade deficits with these countries that are our allies. It’s unbelievable. And they understand it. I don’t blame them. I told Japan so we would lose $100 million a year with Japan. $100 million. So why are we taxing their cars when they come in? We would lose nothing. We might even make something. And you know what they’re gonna do? They’re gonna say, well we don’t want to pay that tax, so lets build plants in the United States. They already have some. But they’ll expand them and they’ll build [INAUDIBLE]. Because they don’t want to pay the tax. And I want them to pay the taxes. I want them to build new plants in the United States. Let them make United States cars.

Like China makes them…[INAUDIBLE] We have a company. They want to build planes, Boeing is being forced to build plants. I don’t like that. I don’t like it. And I’m not saying China’s wrong. When I was with President Xi I was with a big group of people and I was saying how China is ripping off the United States. And he was like woo, this is so uncomfortable. [LAUGHTER]. 700 press. I’m saying China is ripping off … but I don’t blame you. I said it’s great you were able to do it for yourselves. I blame the people that represented our country. Because they were not doing their jobs they were delinquent in allowing this to happen to us. So we owe $21 trillion, we lose $800 billion a year. Josh will say I don’t think I’m gonna run. [LAUGHTER, INAUDIBLE]. He might say, forget about it I’m gonna run. Think of it Josh. We lose $800 billion a year on trade. Who made these deals? Who made these deals? Then you have certain people that think it’s ok to lose $800. You know, these worldly people. You know why they’re worldly people because they have stuff on the other side. [LAUGHTER, INAUDIBLE] There can’t be another reason. But we lose $800 billion a year on trade. We lose our jobs we lose everything and it’s not happening anymore because it’s starting to come back.

But over the next few months you are going to find it even much more interesting. Because things are really, you know we have such an [INAUDIBLE] you have to do this this this, wait 90 days, wait 6 months, you can’t do it, you’re not allowed to legally. We have agreements that are so bad, we don’t want an agreement with the trade. [INAUDIBLE]. I said does that agreement terminate it’s terrible. Sir. There is no termination. I said what do you mean? We don’t have the right to term — I said, look. OK. 10 years, 20 years. No sir. There is no right. I said what the hell, you know what I do, I just terminate it [APPLAUSE AND CHEERS]

[INAUDIBLE.]

We’ll call it unconstitutional, these deals are so one-sided. I’ll give another example, Mexico. I have this great deal. The day it was signed it was a bad deal. Because they have a 16 percent VAT tax. And we don’t. So they were already up 16% before the deal and nobody saw that. And by the time they realized it, the deal was done. But instead of adjusting the deal, what was it, thirty years ago, when it was first signed. Instead of adjusting the deal, we lived with it. What the hell difference does it make? So they have a 16% step up [INAUDIBLE] and they have for many years. And Mexico and Canada. And by the way, Canada? They negotiate tougher than Mexico. Trudeau came to see me, he’s a good man, he said we have no trade deficit with you, we have none. Donald, please. Nice guy, good looking guy. Comes in. Donald we have no trade deficit. He’s very tough. Everyone else, getting killed or whatever. But he’s tough. I said, well Justin, you do. I didn’t even know. Josh, I had no idea. I just said you’re wrong. You’re wrong. It was so stupid. [LAUGHTER]. I thought it was fine. I said, you’re wrong Justin. He said, nope we have no trade deficit. I said, well in that case I feel differently. I said but I don’t believe it. I sent one of our guys out. His guy, my guy. They said check because I can’t believe it. Well, sir you’re actually right, we have no deficit but that doesn’t include energy and timber. [LAUGHTER]. Well you don’t have timber, and when you do we’ll lost $17 billion. It’s incredible.