RUSH TRANSCRIPT Introducing axioms ░░░░░░░░ Mike Allen Thank you ░░░░░░░░ much I m Mike ░░░░░░░░ cofounder of CEOs think ░░░░░░░░ of you for coming ░░░░░░░░ this amazing room great ░░░░░░░░ in this room Thank ░░░░░░░░ to the axis events ░░░░░░░░ for points Together they ░░░░░░░░ worked months on this ░░░░░░░░ and we think exeter ░░░░░░░░ making these conversations possible ░░░░░░░░ next guest on building ░░░░░░░░ future is one of ░░░░░░░░ Trump s closest most ░░░░░░░░ most senior advisers Howard ░░░░░░░░ Nick is the forty ░░░░░░░░ secretary of commerce culture ░░░░░░░░ the Trump transition a ░░░░░░░░ power broker on Wall ░░░░░░░░ for 30 plus years ░░░░░░░░ times person of the ░░░░░░░░ in two thousand and ░░░░░░░░ for his resilience and ░░░░░░░░ the firm After nine ░░░░░░░░ secretary Rudnick welcome back ░░░░░░░░ Suddenly thank you for ░░░░░░░░ the actually a sage ░░░░░░░░ to see We appreciate ░░░░░░░░ so I saw you ░░░░░░░░ TV this morning on ░░░░░░░░ famous sofa in the ░░░░░░░░ Office the president on ░░░░░░░░ an hour and four ░░░░░░░░ with the south African ░░░░░░░░ bring ernie els into ░░░░░░░░ What did that moment ░░░░░░░░ s shocking fascinating exchange ░░░░░░░░ What does that tell ░░░░░░░░ about how the pile ░░░░░░░░ Trump thinks and works ░░░░░░░░ the president is willing ░░░░░░░░ call it out straight ░░░░░░░░ right to the president ░░░░░░░░ South Africa and say ░░░░░░░░ there s Genocide going ░░░░░░░░ For white farmers kill ░░░░░░░░ boar kill the white ░░░░░░░░ and that s you ░░░░░░░░ and he just took ░░░░░░░░ to lose out It ░░░░░░░░ t mind and uncomfortable ░░░░░░░░ Oh boy was it ░░░░░░░░ and you know I ░░░░░░░░ in and he s ░░░░░░░░ that video screen up ░░░░░░░░ I know what video ░░░░░░░░ going to play and ░░░░░░░░ m like worker Oklahoma ░░░░░░░░ is going to be ░░░░░░░░ of those and And ░░░░░░░░ really and then we ░░░░░░░░ privately and we had ░░░░░░░░ discussion and it s ░░░░░░░░ he s amazing that ░░░░░░░░ would do it straight ░░░░░░░░ right to it No ░░░░░░░░ let s bring it ░░░░░░░░ guys here Let s ░░░░░░░░ to fix it right ░░░░░░░░ this Is this guy ░░░░░░░░ friend or is he ░░░░░░░░ it s bring it ░░░░░░░░ Let s have the ░░░░░░░░ Let s understand that ░░░░░░░░ know it and that ░░░░░░░░ someone who s unafraid ░░░░░░░░ willing to do it ░░░░░░░░ was you know it ░░░░░░░░ that s why it ░░░░░░░░ amazing to be part ░░░░░░░░ his government sector You ░░░░░░░░ the Trump gold card ░░░░░░░░ makes it possible for ░░░░░░░░ a visa for five ░░░░░░░░ dollars I think you ░░░░░░░░ when you re out ░░░░░░░░ dinner Someone asked you ░░░░░░░░ 10 Keep the change ░░░░░░░░ is the Trump gold ░░░░░░░░ coming so they ll ░░░░░░░░ expect they ll be ░░░░░░░░ website up Call Trump ░░░░░░░░ dot gov And about ░░░░░░░░ week so this is ░░░░░░░░ oh yeah and then ░░░░░░░░ the details of that ░░░░░░░░ come soon after that ░░░░░░░░ can start to register ░░░░░░░░ all that will come ░░░░░░░░ matter of the next ░░░░░░░░ s not month Weeks ░░░░░░░░ many of you informally ░░░░░░░░ or pre cleared or ░░░░░░░░ are you think so ░░░░░░░░ m in I m ░░░░░░░░ the Middle East and ░░░░░░░░ one of these giant ░░░░░░░░ as four hundred people ░░░░░░░░ this giant dinner And ░░░░░░░░ s really respectful and ░░░░░░░░ have my phone out ░░░░░░░░ and so if someone ░░░░░░░░ so what are the ░░░░░░░░ leaders watched by because ░░░░░░░░ you have your phone ░░░░░░░░ a gum I m ░░░░░░░░ him cards For like ░░░░░░░░ so basically everyone I ░░░░░░░░ who s not an ░░░░░░░░ is going to want ░░░░░░░░ buy the card if ░░░░░░░░ have the fiscal capacity ░░░░░░░░ why wouldn t you ░░░░░░░░ to be able if ░░░░░░░░ something bad happens those ░░░░░░░░ t world can t ░░░░░░░░ s it right for ░░░░░░░░ who can afford to ░░░░░░░░ America pay off it ░░░░░░░░ debt right This is ░░░░░░░░ people who can help ░░░░░░░░ pay off it s ░░░░░░░░ Why wouldn t you ░░░░░░░░ to plan b That ░░░░░░░░ god forbid something bad ░░░░░░░░ You come to the ░░░░░░░░ in America and the ░░░░░░░░ in immigration says welcome ░░░░░░░░ right as opposed to ░░░░░░░░ the heck am I ░░░░░░░░ from the dance happening ░░░░░░░░ Country so we re ░░░░░░░░ to that everybody everybody ░░░░░░░░ going to be that ░░░░░░░░ right but these are ░░░░░░░░ to be great people ░░░░░░░░ were going to come ░░░░░░░░ bring businesses and opportunity ░░░░░░░░ America and they may ░░░░░░░░ million dollars of two ░░░░░░░░ thousand people Remember we ░░░░░░░░ towards and 80 thousand ░░░░░░░░ a year now For ░░░░░░░░ not counting the 20 ░░░░░░░░ people who broke into ░░░░░░░░ country for nothing under ░░░░░░░░ but two hundred thousand ░░░░░░░░ who pay that s ░░░░░░░░ trillion dollars that pays ░░░░░░░░ everything Everything and so ░░░░░░░░ want you to think ░░░░░░░░ that We give it ░░░░░░░░ for free and said ░░░░░░░░ true Can bring in ░░░░░░░░ trillion dollars for what ░░░░░░░░ to make America better ░░░░░░░░ it makes perfect sense ░░░░░░░░ me Thank you for ░░░░░░░░ that news on that ░░░░░░░░ stage tariffs a huge ░░░░░░░░ of your portfolio in ░░░░░░░░ 19 present from dialed ░░░░░░░░ tariffs against China because ░░░░░░░░ said he didn t ░░░░░░░░ to affect the Holidays ░░░░░░░░ there be become similar ░░░░░░░░ out coming for toys ░░░░░░░░ supplies kids close I ░░░░░░░░ say it this way ░░░░░░░░ is right now the ░░░░░░░░ tariff is 10 percent ░░░░░░░░ you should consider that ░░░░░░░░ baseline means there are ░░░░░░░░ countries who you saw ░░░░░░░░ April Second at higher ░░░░░░░░ those countries are negotiating ░░░░░░░░ us which means will ░░░░░░░░ give us opera community ░░░░░░░░ export to you They ░░░░░░░░ t take our beef ░░░░░░░░ don t take our ░░░░░░░░ they don t take ░░░░░░░░ corn they don t ░░░░░░░░ don t take our ░░░░░░░░ they don t take ░░░░░░░░ cars black on and ░░░░░░░░ and on and they ░░░░░░░░ take advantage of us ░░░░░░░░ what we would like ░░░░░░░░ we would like these ░░░░░░░░ countries open new markets ░░░░░░░░ us Because we ve ░░░░░░░░ our markets open in ░░░░░░░░ reason was after world ░░░░░░░░ two Right we re ░░░░░░░░ re all tariffs before ░░░░░░░░ war one and then ░░░░░░░░ world war One we ░░░░░░░░ come on everybody we ░░░░░░░░ got contribute to the ░░░░░░░░ effort we re going ░░░░░░░░ create something called because ░░░░░░░░ had no tax So ░░░░░░░░ created something called the ░░░░░░░░ Revenue Service member There ░░░░░░░░ no they been called ░░░░░░░░ income tax because we ░░░░░░░░ used to raise it ░░░░░░░░ our money externally So ░░░░░░░░ the Internal Revenue Service ░░░░░░░░ one ever thinks of ░░░░░░░░ s the name So ░░░░░░░░ world war two Right ░░░░░░░░ think you know what ░░░░░░░░ m going to Let ░░░░░░░░ countries raise their tariffs ░░░░░░░░ keep bars low and ░░░░░░░░ export the power of ░░░░░░░░ economy and will rebuild ░░░░░░░░ and we ll rebuild ░░░░░░░░ after world war Two ░░░░░░░░ then we ll rebuild ░░░░░░░░ after the korean war ░░░░░░░░ we ll rebuild Southeast ░░░░░░░░ over the vietnam war ░░░░░░░░ then when is this ░░░░░░░░ stop Why didn t ░░░░░░░░ stop in the eighties ░░░░░░░░ nineties or two thousand ░░░░░░░░ two thousand and 10 ░░░░░░░░ two thousand and 20 ░░░░░░░░ my god What are ░░░░░░░░ doing it Finally Donald ░░░░░░░░ says you know what ░░░░░░░░ s just unfair We ░░░░░░░░ low tariffs or no ░░░░░░░░ and they have huge ░░░░░░░░ and non tariff barriers ░░░░░░░░ you can t sell ░░░░░░░░ You can so that ░░░░░░░░ so Donald Trump s ░░░░░░░░ to make it if ░░░░░░░░ want to do business ░░░░░░░░ us Open your markets ░░░░░░░░ us And we ll ░░░░░░░░ will lower tariff and ░░░░░░░░ you don t want ░░░░░░░░ your markets to us ░░░░░░░░ We ll make it ░░░░░░░░ Finally someone fighting for ░░░░░░░░ so of the 18 ░░░░░░░░ trading partners This government ░░░░░░░░ has deals arrangements with ░░░░░░░░ U K and China ░░░░░░░░ many more the 16 ░░░░░░░░ see making deals with ░░░░░░░░ to wait Yes Most ░░░░░░░░ the sixty the a ░░░░░░░░ The poor some I ░░░░░░░░ look There are some ░░░░░░░░ that are impossible like ░░░░░░░░ European Union It s ░░░░░░░░ s just very difficult ░░░░░░░░ you know Germany would ░░░░░░░░ to big a deal ░░░░░░░░ they re not a ░░░░░░░░ some not a lot ░░░░░░░░ I think most countries ░░░░░░░░ have an idea of ░░░░░░░░ we want to do ░░░░░░░░ them and the president ░░░░░░░░ decide if they ve ░░░░░░░░ us and offer worthy ░░░░░░░░ modifying their tariff terms ░░░░░░░░ do it and if ░░░░░░░░ haven t made us ░░░░░░░░ offer that modifies it ░░░░░░░░ president will write them ░░░░░░░░ lot Tr saying dear ░░░░░░░░ a we deeply appreciate ░░░░░░░░ business with you here ░░░░░░░░ your tower of rape ░░░░░░░░ do you think that ░░░░░░░░ s add up when ░░░░░░░░ re challenged by those ░░░░░░░░ challenged how in like ░░░░░░░░ ball So actually challenge ░░░░░░░░ wasn t me so ░░░░░░░░ the president s if ░░░░░░░░ don t make a ░░░░░░░░ it s could be ░░░░░░░░ on them Yeah I ░░░░░░░░ look we do business ░░░░░░░░ India and they charge ░░░░░░░░ left right and center ░░░░░░░░ everything Some things one ░░░░░░░░ percent something fifty percent ░░░░░░░░ 30 percent something s ░░░░░░░░ percent They have this ░░░░░░░░ thousand different tariff rates ░░░░░░░░ this giant giant bucket ░░░░░░░░ it s like it ░░░░░░░░ like worse than the ░░░░░░░░ code If you could ░░░░░░░░ imagine that and then ░░░░░░░░ the question is will ░░░░░░░░ lower them enough if ░░░░░░░░ lower them enough We ░░░░░░░░ go down from our ░░░░░░░░ six percent rate which ░░░░░░░░ put out on April ░░░░░░░░ will go down if ░░░░░░░░ re gonna get out ░░░░░░░░ the new floor of ░░░░░░░░ or there would be ░░░░░░░░ that there will be ░░░░░░░░ floor below 10 ten ░░░░░░░░ our baseline know One ░░░░░░░░ going below 10 no ░░░░░░░░ s going below 10 ░░░░░░░░ a possible that there ░░░░░░░░ an exclusion for products ░░░░░░░░ really hurt where the ░░░░░░░░ really could hurt working ░░░░░░░░ like baby products while ░░░░░░░░ think I think the ░░░░░░░░ what a country can ░░░░░░░░ is a key Country ░░░░░░░░ say look we ve ░░░░░░░░ and unavailable natural resource ░░░░░░░░ we don t grow ░░░░░░░░ we don t grow ░░░░░░░░ coffee here So could ░░░░░░░░ country say look you ░░░░░░░░ t have that so ░░░░░░░░ ll make a deal ░░░░░░░░ you will open our ░░░░░░░░ and we d like ░░░░░░░░ send coffee into to ░░░░░░░░ without a tariff and ░░░░░░░░ think the answer is ░░░░░░░░ that happen I think ░░░░░░░░ answer is it s ░░░░░░░░ right if the country ░░░░░░░░ itself up it doesn ░░░░░░░░ that will pay whatever ░░░░░░░░ going rate is for ░░░░░░░░ country But if they ░░░░░░░░ to do it in ░░░░░░░░ they really willing to ░░░░░░░░ themselves up then of ░░░░░░░░ for unavailable natural resources ░░░░░░░░ would be something that ░░░░░░░░ can do but baby ░░░░░░░░ and things like that ░░░░░░░░ think the answer is ░░░░░░░░ s probably a 10 ░░░░░░░░ tariff but you have ░░░░░░░░ realize we have a ░░░░░░░░ percent tariff on everything ░░░░░░░░ the world right now ░░░░░░░░ now today and how ░░░░░░░░ inflation is there right ░░░░░░░░ everything in the world ░░░░░░░░ got 10 percent You ░░░░░░░░ to the store Now ░░░░░░░░ feel in the pain ░░░░░░░░ Why not Because there ░░░░░░░░ no pain because what ░░░░░░░░ is the sellers the ░░░░░░░░ the sellers and the ░░░░░░░░ s change and the ░░░░░░░░ effectively mostly goes away ░░░░░░░░ m not what s ░░░░░░░░ rate them America to ░░░░░░░░ okay two percent but ░░░░░░░░ for the month of ░░░░░░░░ or every product in ░░░░░░░░ world s get 10 ░░░░░░░░ on right now with ░░░░░░░░ exceptions no exclusions this ░░░░░░░░ we have 20 five ░░░░░░░░ on cars and that ░░░░░░░░ coming in from out ░░░░░░░░ any of you feel ░░░░░░░░ thing because I want ░░░░░░░░ to understand In the ░░░░░░░░ of may the United ░░░░░░░░ of America is going ░░░░░░░░ take in 30 five ░░░░░░░░ dollars towards our deficit ░░░░░░░░ tariff revenue in the ░░░░░░░░ of may and consumers ░░░░░░░░ feel that well But ░░░░░░░░ said it s already ░░░░░░░░ this is on since ░░░░░░░░ So but when it ░░░░░░░░ not that the tariff ░░░░░░░░ coming it s on ░░░░░░░░ any of you felt ░░░░░░░░ of it serious Excellent ░░░░░░░░ now I m going ░░░░░░░░ ask the question again ░░░░░░░░ a second the Chinese ░░░░░░░░ were brutal and they ░░░░░░░░ a lot of things ░░░░░░░░ they are over They ░░░░░░░░ over and you will ░░░░░░░░ all those prices go ░░░░░░░░ You will see them ░░░░░░░░ go away The Chinese ░░░░░░░░ workshop and that s ░░░░░░░░ going to go away ░░░░░░░░ and remember He put ░░░░░░░░ five percent tax on ░░░░░░░░ last time right and ░░░░░░░░ was no inflation from ░░░░░░░░ in fact 20 nine ░░░░░░░░ inflation rate that the ░░░░░░░░ States a rat So ░░░░░░░░ will see I agree ░░░░░░░░ you The Chinese tariffs ░░░░░░░░ pain last month I ░░░░░░░░ and I feel horrible ░░░░░░░░ in the present felt ░░░░░░░░ about it but we ░░░░░░░░ to fight the fight ░░░░░░░░ The president has to ░░░░░░░░ strong and you can ░░░░░░░░ fix things in a ░░░░░░░░ okay and that s ░░░░░░░░ going but I would ░░░░░░░░ that prices in America ░░░░░░░░ be unaffected So prices ░░░░░░░░ America will stay The ░░░░░░░░ will not go up ░░░░░░░░ these tariffs in the ░░░░░░░░ so there now right ░░░░░░░░ So in the months ░░░░░░░░ this summer this Christmas ░░░░░░░░ don t expect higher ░░░░░░░░ prices because of terms ░░░░░░░░ do not the president ░░░░░░░░ made a series of ░░░░░░░░ deals in the Middle ░░░░░░░░ including with the group ░░░░░░░░ do you see that ░░░░░░░░ a deal as a ░░░░░░░░ for the future I ░░░░░░░░ you a deal it ░░░░░░░░ interesting what the idea ░░░░░░░░ is we will sell ░░░░░░░░ best ships to our ░░░░░░░░ provided the couple of ░░░░░░░░ number one that the ░░░░░░░░ center is operated by ░░░░░░░░ approved American company like ░░░░░░░░ hyper scale or something ░░░░░░░░ Google or Microsoft or ░░░░░░░░ or apple or or ░░░░░░░░ ws or any of ░░░░░░░░ great American companies and ░░░░░░░░ cloud that touches that ░░░░░░░░ center has to be ░░░░░░░░ by a great American ░░░░░░░░ So both of those ░░░░░░░░ great American companies and ░░░░░░░░ we ll sell a ░░░░░░░░ reasonable amount from chip ░░░░░░░░ to our allies so ░░░░░░░░ our allies can rely ░░░░░░░░ participate in the a ░░░░░░░░ future Not go look ░░░░░░░░ China for that so ░░░░░░░░ way we bring our ░░░░░░░░ onto our side of ░░░░░░░░ equation What can the ░░░░░░░░ department do to promote ░░░░░░░░ resilience of the semiconductor ░░░░░░░░ chain Well the the ░░░░░░░░ we have in in ░░░░░░░░ world is 90 plus ░░░░░░░░ of semiconductors so semiconductors ░░░░░░░░ that you push a ░░░░░░░░ works guy So think ░░░░░░░░ this hundreds of them ░░░░░░░░ your car Right because ░░░░░░░░ have a button free ░░░░░░░░ conditioned you have your ░░░░░░░░ for the seek to ░░░░░░░░ and you have a ░░░░░░░░ to start the car ░░░░░░░░ all those buttons or ░░░░░░░░ semiconductor gay Some there ░░░░░░░░ all the apple newest ░░░░░░░░ nanometer Some are the ░░░░░░░░ ones that are 15 ░░░░░░░░ You know the ones ░░░░░░░░ were in the apple ░░░░░░░░ right but all of ░░░░░░░░ Are made in Taiwan ░░░░░░░░ Taiwan is 90 miles ░░░░░░░░ China and China said ░░░░░░░░ want to take Taiwan ░░░░░░░░ they would take our ░░░░░░░░ We must produce semi ░░░░░░░░ in America so that ░░░░░░░░ Act under Biden administration ░░░░░░░░ tsn say that Taiwan ░░░░░░░░ manufacturing corporation whose the ░░░░░░░░ in the world they ░░░░░░░░ agreed to build sixty ░░░░░░░░ billion worth of plants ░░░░░░░░ And then I got ░░░░░░░░ and we renegotiate the ░░░░░░░░ and they agreed to ░░░░░░░░ a hundred and sixty ░░░░░░░░ billion dollars here and ░░░░░░░░ ll some of that ░░░░░░░░ Tips money still be ░░░░░░░░ out the door yeah ░░░░░░░░ instead of being six ░░░░░░░░ dollars for sixty billion ░░░░░░░░ factory it s six ░░░░░░░░ dollars Four hundred and ░░░░░░░░ five billion that back ░░░░░░░░ money and those commitments ░░░░░░░░ oldham Only be fulfilled ░░░░░░░░ for for the people ░░░░░░░░ go up meaning if ░░░░░░░░ s more like three ░░░░░░░░ four percent the Biden ░░░░░░░░ gave between 10 and ░░░░░░░░ percent and the Trump ░░░░░░░░ thinks it should be ░░░░░░░░ like three percent maybe ░░░░░░░░ percent maximum I m ░░░░░░░░ for the people who ░░░░░░░░ up from that means ░░░░░░░░ you want the money ░░░░░░░░ will have to make ░░░░░░░░ bigger commitment To America ░░░░░░░░ so if you re ░░░░░░░░ committed 20 five billion ░░░░░░░░ billion grant Now you ░░░░░░░░ sixty billion for you ░░░░░░░░ an f grant and ░░░░░░░░ happens is all those ░░░░░░░░ get built in America ░░░░░░░░ s so the ts ░░░░░░░░ see for example for ░░░░░░░░ going up to one ░░░░░░░░ and sixty five billion ░░░░░░░░ s forty thousand construction ░░░░░░░░ and when they re ░░░░░░░░ Making the construction it ░░░░░░░░ 20 five thousand jobs ░░░░░░░░ the foreseeable future we ░░░░░░░░ getting of the hook ░░░░░░░░ smart brevity one fun ░░░░░░░░ Mr secular During the ░░░░░░░░ you broke a record ░░░░░░░░ bought bread and amy ░░░░░░░░ villa in box all ░░░░░░░░ in D C 20 ░░░░░░░░ million in cash most ░░░░░░░░ residential sale in history ░░░░░░░░ s the place I ░░░░░░░░ really happy for amy ░░░░░░░░ She did a great ░░░░░░░░ Doesn t need all ░░░░░░░░ work now it s ░░░░░░░░ it s a great ░░░░░░░░ but that the super ░░░░░░░░ houses in Washington or ░░░░░░░░ Alexandria Virginia but this ░░░░░░░░ s close by but ░░░░░░░░ s it like to ░░░░░░░░ a washingtonian I think ░░░░░░░░ s really fun I ░░░░░░░░ it s it s ░░░░░░░░ fun Look I m ░░░░░░░░ every second of every ░░░░░░░░ of every day of ░░░░░░░░ sold everything I own ░░░░░░░░ I have no outside ░░░░░░░░ Everything was sold on ░░░░░░░░ past so I have ░░░░░░░░ outside interests I m ░░░░░░░░ working I told my ░░░░░░░░ if I ever sold ░░░░░░░░ businesses and have all ░░░░░░░░ money and free time ░░░░░░░░ have all my money ░░░░░░░░ actually no freedom Secular ░░░░░░░░ thank you for a ░░░░░░░░ conversation thanks for joining ░░░░░░░░ pretty.