Transcript: President Trump Delivers Remarks with Technology Leaders

It’s been doing big, and nobody’s been able to break in. China would like to break in. They’re still trying, but they have not been able to. I signed a historic executive order banning any attempt to create a central bank digital currency.

We launched Project Crypto to modernize rules so that our financial markets can move into blockchain technology. I established the United States Strategic Bitcoin Reserve, making Bitcoin a permanent asset of the United States Treasury, which has turned out incredibly well. I also created the United States Digital Asset Stockpile to hold custody of all other digital assets, and that’s exactly what it’s done. It’s been amazing. One year ago, this summer, I signed landmark legislation known as the Genius Act.

I named it after myself. I didn’t want anyone to, I didn’t want to use my name, so I just called it the Genius Act, paving the way for widespread adoption of dollar-backed stablecoins. And that’s worked out very well. Every single American benefits enormously from our country’s status as the financial center of the world, and we want to keep it that way. We’re leading by leaps and bounds.

Economic Growth and Investment

We’ve gained so much in the last sixteen months like nobody can believe, actually. Not only that, but we have more money being invested in the United States than any country at any time in history. Money is coming in by the trillions. Our nation’s economic dominance drives trillions of dollars in investments, creates millions of jobs, and expands access to credit and capital so that every citizen has a chance to achieve what we now hear a lot about, the American dream. Young people are looking for the American dream.

They weren’t thinking about that two years ago. New financial technologies are extending this American dominance into the twenty-first century, and that’s why we’re focused on creating a clear regulatory framework for pioneers and builders like the people that are with me here so that they can do business with confidence on American soil. They don’t have to go to other countries to do their business. We’re ensuring that America remains the undisputed leader, not only in Bitcoin and crypto, but also technologies like prediction markets, artificial intelligence, and much more. And we’re leading in every single one.

And I will tell you, the AI, the artificial intelligence, we’re way ahead of number two. Number two is China. And I never want to underestimate China, but right now, we’re way ahead. President Xi is coming on September 24. We look forward to it.

We’ll probably be talking about AI and a lot of other things, but we’re doing tremendously well, largely because of people and some other friends of ours that are on the board, and they’ll be here in two weeks, I understand. In May, Chairman Selig authorized the first ever true Bitcoin perpetual futures contract on a CFTC-registered exchange, first time. I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. He’s working very hard on that. We would really like to see interest rates come down.

On Interest Rates and Inflation

You know, in the old days with interest rates, many of you are too young to know this, but when we announced good numbers, interest rates would go down. And the theory was because the asset value became so good, it became so prime. But now when we announce good numbers, which we’re doing all the time, they keep driving the interest rates up because they’re so afraid of inflation. And they shouldn’t be. They should allow interest rates to go down. When you announce good numbers, you shouldn’t drive them up.

They keep thinking that we’ll drive them up to stop inflation because success and growth does not cause inflation. Other things cause inflation. We inherited the number one inflation ever in the history of our country from Biden, and it lifted prices and everything else, we’re getting them all down. But interest rates should be allowed to fall with the success of our country, not rise because of the success. But we’re also at the very beginning of a revolution and, financial, you take a look at some of the things that are being done on a financial basis and the financial technology that has the potential to create more jobs, opportunity, and wealth for all Americans.

Stock Market and 401(k) Records

And that’s what it’s doing. It’s creating jobs and great wealth. And I think that can’t be better seen by the stock market. So we’ve had, in a short period of time, a year and a half, we’ve had eighty days where the stock market hit all-time highs. I haven’t looked today.

I don’t know. Maybe I shouldn’t look. I don’t want to look. But I think it’s, I hear it’s good. But we’ve had eighty days, Jeff, where the stock market has hit an all-time high, and nobody’s ever seen anything like that.

And I think bringing it down to another level, and maybe a higher level from the standpoint of importance, 401(k)s have hit record highs on almost 40% of the time that I’ve been president of the United States, and that affects tens of millions of people. The 401(k)s are at record numbers. So two years ago, our country was dead, and now our country is the hottest country anywhere in the world. There’s nobody close. No other country is close, and every country will admit it.

Call to Pass the CLARITY Act

So now we need Congress to take the next step by passing the CLARITY Act, a fair version of the CLARITY Act, and this landmark structure legislation. It is a very, very powerful structured legislation, which will keep us ahead of China, keep us ahead of everyone else, will open the door to the next wave of innovations and innovators. So I’d like to ask Chairman Selig to say a few words and a little bit of the details about what we’re doing, and then we’ll follow it up with Chairman Atkins and Coinbase CEO Brian Armstrong, Intercontinental Exchange CEO Jeff Sprecher, Robinhood CEO Vlad Tenev, and Kraken CEO Arjun Sethi. So we have that all set, and let’s get going. And you know what?

If you want to speak for a very short period of time, that’s okay too. Thank you.

Remarks by CFTC Chairman Mike Selig

CHAIRMAN SELIG: Thank you, Mr. President. It’s an honor to be here with you in this exceptional group of business leaders.

Thanks to your leadership, the era of political lawfare, debanking, and regulation by enforcement is over. Innovators like the people in this room are welcome to the White House, not railroaded to the Big House. And the new frontier of finance is being built right here in the United States of America. From day one, this president has been clear. America will not fall behind and allow other countries to take its place as the greatest country on earth to build a new technology, operate a business, and invest for the future.

The world will run on the backbone of American technology. Under President Trump’s leadership, we’ve codified the Genius Act, established a strategic Bitcoin reserve, drawn a clear line in the sand between crypto securities and commodities, launched the first US crypto perpetual, and protected the rights of software developers. We’ve exiled Gary Gensler, defeated the anti-crypto army, and made the United States the crypto capital of the world. I’m proud to be working with Secretary Lutnick and the Department of Commerce as well to make America the compute capital of the world. This may be the most important commodity of our day.

Some call it digital oil, and America needs to dominate these markets to win the AI race. We’ve also protected federally regulated prediction markets from rogue state attorneys general like Letitia James, who seek to nullify federal law and drive these markets offshore to unregulated and foreign venues. American dominance in the technologies that will define the future remains unmatched. We are truly in a golden age of American innovation. Now the United States has a choice.

We can either write the rules that define the next generation of financial markets, or we can let other countries write them for us. With Congress advancing the CLARITY Act towards the finish line, we stand ready to implement the bill once the president signs it. But we’ll use every tool available to move the president’s pro-innovation agenda forward in the meantime. Tomorrow at the inaugural meeting of the CFTC’s Innovation Advisory Committee, I look forward to sharing more details on our regulatory path forward. A path forward that provides greater certainty for innovators while reinforcing confidence in our markets for decades to come.

This president has assembled an extraordinary team of entrepreneurs, builders, investors, and business leaders advising in government like David Sacks, of course, and Patrick Witt. This real-world experience has already brought valuable perspectives into policymaking, and it will continue to pay dividends for the American people. Innovation depends on regulatory clarity. Clear rules create confidence. Confidence attracts investment, and investment creates jobs, strengthens our markets, and keeps the world’s best talent building here in America.

Mr. President, thank you again for your leadership and for making American innovation great again. The work we’re doing now to shape the future of our great nation will do measures for decades to come. Now I’m honored to introduce the most pro-innovation, pro-free market SEC chairman in America’s history, and it’s not Gary Gensler, of course. It’s Paul Atkins. So, Mr. Chairman, please.

Remarks by SEC Chairman Paul Atkins

CHAIRMAN ATKINS: Well, thank you, Mike, and thank you, Mr. President, for having us here today. From day one, you’ve made our nation’s financial dominance and innovation job one. We at the SEC are delivering on your agenda. We’re making IPOs great again, to continue on your theme, by cutting red tape that discourages companies from going public. Under your leadership, Mr. President, the IPO market is booming.

Since Inauguration Day, 583 companies have gone public, and that’s up 75% compared to the final year and a half of the Biden administration. And those companies have raised an impressive $208 billion, and that’s nearly four times the amount raised during the final year and a half of the previous administration. So that’s just not incremental progress, that is a turnaround. You’ve committed to making the United States the crypto capital of the world.

And yesterday, the SEC, I’m proud to say, took another significant step to deliver on that. Our proposal, the Crypto Assets Rule, would provide crypto entrepreneurs like those here in this room and job creators the certainty to raise capital in the United States using digital assets. This action is consonant with our belief that the most important priority is for Congress to send the CLARITY Act to your desk for your signature. And the SEC is doing everything we can to support that work. So thank you again, Mr. President, for leading this nation to ensure that we continue to have the strongest markets in the world to reassure innovation and to welcome, yes, a whole new generation of investors through the Trump accounts. So under your leadership, we will make sure that the greatest advances of the technological frontier are right here in America.

Thank you very much.

Remarks by Patrick Witt

PATRICK WITT: Great. Well, this morning, was thinking back to the 2024 campaign where the president, I think, very astutely recognized there were millions of voters in the United States who felt disenfranchised by the prior administration. And he made a commitment at that time to make America the crypto capital of the world, and within weeks of taking office, delivered on that promise. And it started first with this executive order, which came out ordering the agencies and his administration to take steps in this direction.

He shortly thereafter appointed two of the most competent and pro-innovation regulators anywhere in the world, Chair Selig and Chair Atkins, and of course, fired Gary Gensler. There was that big applause line at the Bitcoin conference, which was powerful. And, of course, the Genius Act was another milestone just in the past year, along with the strategic Bitcoin reserve, etcetera. And just this week, I have to commend Chair Atkins for publishing this new rule that allows crypto projects to raise capital in the US for the first time. There’s clarity on that.

And Chair Selig, we’re excited to attend the advisory committee meeting tomorrow to make progress there. So an incredible amount of progress has been made, and I think what’s most important next, of course, is this September 15 vote that we have with the CLARITY Act. This would make all of the progress that this administration has made durable into the future so it could survive for decades and decades to come. And, you know, make no mistake, there are folks out there who would, they want to see this legislation not happen. Right?

Maybe some of the big banks don’t want the competition from crypto companies. Other banks are leaning in and have endorsed it, which I think is really powerful. And so if we all come together, I think we can get this bill over the finish line and hopefully get more than 60 votes come September 15. Thank you.

PRESIDENT TRUMP: And it’s very bipartisan, I would say.

PATRICK WITT: Very, would say that. Very much.

PRESIDENT TRUMP: That is true.

PATRICK WITT: A lot of Democrats support. There’s hundreds of pages of changes that have come in from the Democrat side as well.

It’s a true bipartisan compromise and, yeah, it’s a great piece of, it’s a great work product.

So up next, I think is Jeff Sprecher. That’s right.

Remarks by Jeff Sprecher, CEO of Intercontinental Exchange

JEFF SPRECHER: Thank you. Mr. President, I just wanted to tell you that your trade policies of fair trade to bring back jobs and businesses from overseas, your energy dominance policies to fuel the next generation of technology in the United States.

Your Big Beautiful Bill that created incentives for investments has led to the records that you’re hearing about in our stock markets, the record number of IPOs. And as you know from working with my wife, who works on private businesses, there’s a record number of business formations in this country right now. So we’re here to talk about how to evolve regulation so that we don’t impede that progress. But one of the things I can tell you about the New York Stock Exchange is that it was formed at the time of our country. And so, it, for two hundred and fifty years, has been subject to every single financial services regulation that has ever passed in the United States, bar none.

And so one of the things that I’m so thankful that you’ve done is put two really strong chairs in these seats and ask them to go through past legislation, regulation, and figure out what we can get rid of that no longer serves the interests of this country. And for that, I really appreciate that on behalf of the New York Stock Exchange. Thank you very much.

Thank you, Mr. President. Thank you.

Remarks by Vlad Tenev, CEO of Robinhood

VLAD TENEV: Mr. President, thank you for bringing us together and for your work to ensure the next generation of Americans has a stake in the country’s economic success through the Trump accounts and many other things. Thank you also to Chair Selig, Chair Atkins, your administration for the work underway to strengthen American capital markets and expand opportunity for all Americans. If I had to sum up Robinhood in one word, it would be ownership. Broad ownership is essential to a free, stable, and prosperous society. That belief has shaped pretty much every product we’ve built, from commission-free investing to twenty-four-hour trading, and now, outside the United States, to tokenization, which we’re using to expand ownership of American assets to people in more than 120 countries.

Yet this innovation is reaching investors abroad before investors here back home, and the opportunity goes far beyond public markets. Tokenization will open up markets that have long been out of reach, including private companies. Today, too much economic value is being created before ordinary investors get a chance to participate. Expanding ownership also requires protecting investors. Innovation and investor protection aren’t opposing goals.

America became the world’s capital markets capital by doing both, and the chairs here understand that. American companies are building this technology. American markets are powering it. American assets are also at the center of it. American investors should not be the last to benefit.

We look forward to continuing to work together to expand ownership, build the next generation of capital markets, and ensure America leads the way. Thank you.

Arjun.

Remarks by Arjun Sethi, CEO of Kraken

ARJUN SETHI: Thank you. Hello, everyone. I was thinking about what I was going to say today. Most of the time, I don’t speak too much, but the first time I met the president, he said, “What does your company do?”

And I said, “We’re a startup. We move at warp speed.” And the first thing he said is, “Why not at Trump speed?” So we started acting that way. Look, our mission at Kraken isn’t about Kraken.

Brian created Coinbase, Vlad here, you have ICE, NASDAQ, they created the world markets. And all we’re trying to do is make sure that everyone in America has the ability to be able to succeed in the same way that we did. And that’s essentially how we think about it. So our motto at Kraken has been “fix money, fix the world.” Thank you, Mr. President.

PRESIDENT TRUMP: Thank you very much. And if you have any questions, or if anybody else, of this very distinguished, would somebody like to say something? My male models who happen to be genius. They’re brilliant and they look good. Right?

But, anybody, would you like to say something? Go ahead, please.

Additional Remarks from Industry Leaders

UNIDENTIFIED SPEAKER: Just want to thank you, Mr. President, for all of your leadership. America should lead in crypto and win in markets like prediction markets. And with your leadership and your administration, you’re helping America lead here and become the crypto capital of the world.

So thank you very much.

UNIDENTIFIED SPEAKER: I just want to thank you, Mr. President, as well as Chairman Atkins and Chairman Selig for the great work that they’re doing. Thank you.

UNIDENTIFIED SPEAKER: Yeah. I just want to say that what Chairman Selig and Chairman Atkins are doing and the President has enabled with his leadership is actually working.

So if you look at stablecoin usage and adoption, it’s increasing the usage and distribution of the US dollar at higher and higher levels than our industry has ever seen, specifically because of the Genius Act and the movement of more and more treasuries into stablecoins and therefore into more and more hands across the world. And now the tokenization of equities, thanks to Chairman Selig’s and Chairman Atkins’ great work and collaboration and actual, you know, work together rather than working against each other as before, is going to distribute US equities globally and increase the distribution of those. So, you know, we power a lot of these applications and companies, so we know what the numbers actually are, and they’re massively increasing because we have regulators and leadership that enables the success and distribution of these US-based assets. So there’s actually a very real and tangible outcome that’s really now benefiting the US.

And adoption of US-issued assets and the US dollar. So I just want to mention that it really is working and hitting all-time highs.

So thank you very much.

PRESIDENT TRUMP: Thank you. So if you have any questions, we have a meeting next week with the AI people. The top people are coming in, so we can talk about that. But we’re leading by a lot with AI.

We want to keep it that way. We want to regulate, but we want to have it in regulation where they can continue to lead, not regulation that’s going to stifle a very important industry. I think maybe bigger than the internet, bigger than anything anyone’s seen, and we’re helping in that regard, especially with regard to allowing them to produce their own electricity, which everyone thought was crazy that it would never be approved. We’re getting them fast two- and three-week approvals. They’re building some of the greatest electric plants anywhere in the world because our grid is old and tired and weak, and they’re actually giving the excess electricity into the grid.

But they’re building power plants that nobody’s ever seen anything like it. We’re not using the power from the grid. We’re using brand new power. So it’s a great thing because that misconception has been out there that we’re taking electricity. We’re actually creating electricity, and that’s something I was proud of because that was my idea.

Nobody believed it. Actually, it went along for two, three weeks. I said, “How come these guys aren’t submitting?” Well, they thought they were, that you were just kidding, because that’s the way it’s been in this country. Nobody would ever say a thing like that.

But, no, they’re building power plants the likes of which, all different fueled all different ways, but the likes of which we’ve never seen, the people that are in the power business, and we’re seeing things that we’ve never seen before because a very high level of intelligence is doing it. So it’s been great. Okay. Any questions?

Yeah, please.

REPORTER QUESTION: Mr. President, does the administration have any plans to accumulate sizable amounts of Bitcoin or other crypto?

PRESIDENT TRUMP: Well, it’s been talked about. I think I’d probably rely on Paul and the whole group for that. He’ll make a decision. You guys will make a decision, and you’ll let me know.

But, certainly, it’s been talked about. It’s taken a lot of pressure off the dollar. It’s been very, very good for the dollar. And I think if you came in with recommendations, two of you, if you came in with some recommendations, I would certainly listen. It seems to be a pretty big subject.

Yes. Please.

REPORTER QUESTION: Hi, President Trump. I have two quick questions.

PRESIDENT TRUMP: Go ahead.

REPORTER QUESTION: Jumped around here much. So my first question is, we’re talking about AI and crypto a lot.

PRESIDENT TRUMP: Right.

REPORTER QUESTION: You won overwhelmingly with working class Americans in 2024. Tens of millions of working class Americans. Many of them say, “We love President Trump, but we’re still cautious about AI.” So what do you say to those who are still reticent to embrace this?

PRESIDENT TRUMP: So I think it’s a great question, and I think it’s going to create a lot of jobs. It’s going to create success.

It’s going to create tremendous innovation medically. I mean, they’re coming up with, already amazingly, they came out with something today that I looked at, having to do, I won’t go into the details, but having to do with a pretty unstoppable disease, and all of a sudden, they’re coming up with answers that they never thought were possible and things that they never even would have thought about. So I think it’s really creating jobs. And I can tell you one thing, if you look at our construction jobs right now, because we’re building more plants, factories, things that really have something to do with the AI, but also car factories, car plants. They’re moving into our country.

Honda just announced, Toyota just announced they’re moving their operations from Mexico, from Canada, from other places. We, by the way, probably have a deal with Canada. You probably saw that. Very major tariffs were going on to Canada today. We delayed it for three days because I think we have a deal with the prime minister, and good deal for everybody.

So that’s good. But the construction jobs are enormous. We’re building the biggest plants anywhere in the world. And I can say if I were the mayor of a town or the governor of a state and I had a chance to get a big plant in, an AI plant or a data center, I would absolutely want it, because the jobs are enormous and the money paid, the taxes paid are just enormous. And if you don’t take it, you’re going to be left behind because there are plenty of places that want it.

So I would say that maybe it can use a little public relations help. But if I were a governor or mayor, I would want that plant in my community. And many of them are designed in a very beautiful way. It’s really very positive. Okay?

Thank you.

REPORTER QUESTION: A little off topic. So you mentioned Joe Biden and some of the past leadership, and it’s been about sixty-nine days since we’ve seen Mitch McConnell. Sometimes when you look at Congress, it looks like the cast of Zoom. But I read a Cindy Adams column in the New York Post recently, and she talked about how we need term limits, and someone needs to hold Congress accountable.

Maybe you should be the person to do it. Would you support term limits for Congress, or some type of cognitive testing? Because maybe if we had that the last four years—

PRESIDENT TRUMP: Yeah.

REPORTER QUESTION: —we wouldn’t have ended up in some of these matters.

PRESIDENT TRUMP: So term limits are very popular with the public.

I’ve seen it both ways. I’ve seen where people go in and they get termed out and they’re very talented and they’re at the height of their career, you know, politicians, and you end up with total rookies in there, nothing gets done. And I’ve seen it the other way, where people are there too long. We see that all the time. I see both.

On both sides. I always like to say that a term limit is an election. You know, the public’s pretty smart. You see that last night. We had some great success last night.

The Republican Party had tremendous success last night. But I like to say that term limits should be elections, but I’m okay with term limits. Remember, the people that have to pass term limits are the people that are going to be voting on them to get out of office. So it’s a little bit tough. That’s not the easiest vote to get, is it?

But I’m okay with it one way or the other. I do think elections really term people out.

REPORTER QUESTION: Mr. President, Mr. President, I want to ask you about Canada, but first, the treasury secretary says that we could see the most impactful sanctions on Iran this week. When will they come, and what else could be sanctioned on Iran?

PRESIDENT TRUMP: Well, we have things that we could sanction.

We have very draconian sanctions, and we’ll see what happens. Right now, the strait is open. A lot of boats are coming through. People aren’t reporting that, and that may slow down a little bit at some point. But right now, a lot of boats are coming through.

The naval blockade has been extremely effective. Zero, I mean, literally, while it’s up, and that’s been for quite a while, you know, except for a couple of little pauses where we opened it purposely with a deal, but the deal didn’t terminate, you know, the deal didn’t turn out to be what they said, you know, when they tell us one thing and they do another. But the blockade has been 100% successful. No boats have gotten into Iran, but they are getting in for other places. But we’ll see.

We’re going to see what happens. It’ll either be extremely good and oil prices are going to drop like a rock, or we’ll continue to do exactly what we’re doing. You know, they were talking about $350 a barrel, and it’s today $84.85. And we are getting a lot of oil out. But the other thing that’s happened is people have found other alternatives, which they never thought about.

Texas, Alaska, Louisiana, and other places. In addition, a lot of pipelines, record numbers of pipelines are being built. So I think the Hormuz rate is not going to be quite as important as it was in the past.

REPORTER QUESTION: Now on Canada, if I could ask you, you said that there’s a deal and agreement in place. Are you willing to lower tariffs on steel and aluminum?

PRESIDENT TRUMP: Well, we’re looking at that. We’re getting zero for our farmers. You know, farmers have been hurt very badly by Canada, and they won’t be paying any tariffs anymore.

And we may bring some of the tariffs down to a level where other countries are, because Canada was paying a higher tariff. Canada was paying us a higher tariff. So we have a very nice relationship with leadership right now, and we’ll see, but we did a three-day pause. It was supposed to be a 50% straight across-the-board tariff that was going into effect at 7:00 this morning, and I delayed it at the request of Canada for three days so we can iron out the details. But it’s going to be a wonderful deal.

Hopefully, a wonderful deal for everybody.

REPORTER QUESTION: Expanding their nuclear program, is your goal in re-trying to reengage with Chairman Kim still denuclearization? And what makes you think you could be successful now when you weren’t?

PRESIDENT TRUMP: Well, I don’t want to talk about that, but I do have a good relationship with Kim Jong Un, as you know, you’ve seen. He didn’t like Biden.

He didn’t like Obama. He didn’t like anybody, but he likes me, and I like, you know, I just got along with him very good. We had great meetings. We speak, and I think our nation, and I think other nations, frankly, whether it’s Japan or South Korea, they’re a lot safer if I’m president than if somebody else is president. Now, I didn’t like the fact that we’re doing these massive military exercises really against North Korea.

It was, you know, an exercise against North Korea. When I’m friendly with him, when we have, I don’t see anything happening for certainly two and a half years. It’s not going to happen with me, but I don’t see anything happening. And I was not happy when South Korea said no, they’re not interested in helping us with the Hormuz Strait, and yet they get 60% of the royalty from the Hormuz Strait. I said, “Would you like to help us?”

He said, “No.” I said, “That’s nice.” Thank you.

PRESIDENT TRUMP: He made us a lot of money. I didn’t like that. So I felt that to do a massive, we were doing a massive war exercise, I thought that was very insulting to somebody that, frankly, has been, during my term at least, very well behaved.

REPORTER QUESTION: Yeah. On the bond market, has the administration done enough to stabilize the bond market after you get—

PRESIDENT TRUMP: Well, I think it is, but I mean, it’s very sad. Every time we do great, we announce great numbers, the interest rates go up. And they go up because they want to stop inflation. They should go down because the country’s strong. You see countries like Switzerland where they’re the number one lowest interest rates, a half a percent, and we pay three and a half percent.

And yet, if we stop doing business, for instance, I have the absolute right to cut off all business with a country like Switzerland, like anything. So why are they prime if I can cut off the business and they are no longer functional? And yet they’re considered to be like an elite country. And I don’t want to single them out because there’s 60 countries like that. They live off the United States.

So why are we paying higher interest rates than them? You know, in the old days, we used to pay the lowest interest rate no matter how we were doing because we sort of generate for the whole world. And I want to see it where interest rate, and I have to tell you, we have a wonderful chairman. I think he’s doing a great job. The problem is he has a board, and it’s a political board.

People put in by Obama, Biden, and me. And there are quite a few members still left, as you understand. And so they vote to raise interest rates. I don’t know if they’re doing it because they think they’re doing a good thing or because they like the politics of it. But my point is, years ago, twenty-five years ago, when the country announced good numbers, interest rates went down because we had a stronger country.

Now when we announce good numbers, the better they are, the worse it is for interest rates. So we could have a GDP of ten times. You know, they say, “Oh, it’s going to be three times or 4.1.” We could have a GDP of ten, twelve, fifteen times if they just leave us alone. Let the rates go down.

We should pay the lowest interest rates. You know, every point of interest is $600 billion. Think of that. Every point of interest is $600 billion. Two points means we make a fortune, but we keep driving it up.

It’s a very unfair system, and I’ve said it now for a long time. When our country does well, interest rates should go down. I mean, every time I hear our country is doing well, I say, “Oh, it’s too bad,” because they’ve left up interest rates. They should drop interest rates because it means we have a strong country, and it’s all based on credit, meaning good credit, and we have the best credit. And we’d pay off the debt very easily, very quickly.

But if somebody’s paying half a point, we should be paying half a point, not somebody else. So right now, I think it’s Switzerland at the lowest. Again, I don’t want to single them out, but if you take our business away from Switzerland, they have problems. So why are they paying half a point and we’re paying much more than that? Does that make sense to anybody?

It seems pretty simple to me, but it’s a killer. You know, I almost like to hear bad numbers. I’m saying, I hope we have bad numbers today. Interest rates will go, it doesn’t make sense. When our business is good, we should lower interest rates.

And then you want to build America? You’re going to see a building like you’ve never seen. We’re doing great even despite the fact of what’s happening with interest rates.

REPORTER QUESTION: Should Americans be concerned about this volatility in the bond market?

PRESIDENT TRUMP: No.

I don’t think so. Because, like I said, our country is doing so well despite interest rates. We have interest rates that are, they’re actually artificially high. They raise them for no reason. And you can’t go out to the market when you have a Fed that’s raising interest.

You can’t say, “I want to pay three points less than what the Fed says you’re supposed to be paying.” So, no, I don’t think so at all. I think we have a very powerful country, and we’re powering through these ridiculous interest rates. They’re ridiculous. Look, when our country is strong, interest rates should go down.

When our country is weak, frankly, they should go up. But this country is strong. There’s never been in history the kind of money coming into a country as we have right now. Trillions and trillions of dollars are being invested in plants, factories, everything. Everything you can think of.

We’re the hottest country in the world. We are, by far, and I’ve said it a hundred times, the King of Saudi Arabia, many, many people, they said two years ago, three years ago, your country was dead. Now you have the hottest country in the world. That’s what we have. We have the hottest country in the world, and these people are helping us a lot.

Thank you very much, everybody. Come on to the Oval Office. We’re going to take them into the Oval, we’re going to show them a real office. Okay? Their offices are nice, but this is nice.

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