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Donald Trump: “We're going to cut spending and right size the budget back…”

Featuring: Donald Trump, Republican | President of the United States | National

President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence

Published April 2, 2025 | Video Starts at 1:10:24

The senators and the congressmen, many of whom are here today, will be very proud of themselves. I really believe that it's going to set us on a whole new prosperous path. We're going to cut spending and right size the budget back to where it should be. We're going to do that very strongly. Thank you, Rick. Thank you, John. Thank you. Oh, look, look at all of our senators over there. Oh boy, that's a nice group of people. (1:10:24–1:10:29)

CLAIM

Asserts that the administration plans to cut spending and adjust the budget.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Donald Trump

“Canada imposes a 250 to 300% tariff on many of our dairy products.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 35:44-35:52
“South Korea charges 50% to 513% [tariffs on American rice].”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 37:34-37:43
“Japan charges us 700% [tariffs on American rice].”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 37:34-37:43
“Our trade deficit reached a record $1.2 trillion, which is unheard of since the beginning of NAFTA.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 41:52-42:02
“Since the very beginning of NAFTA, our country lost 90,000 factories.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 42:17-42:23
“5 million manufacturing jobs were lost while racking up trade deficits of $19 trillion.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 42:36-42:45
“Foreign nations now own $26 trillion more of American assets than [Americans own of foreign assets].”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 42:49-42:55
“The United States can no longer produce enough antibiotics to treat our sick.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 43:01-43:08
“A single shipyard in China now produces more ships every year than all of the American shipyards combined.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 43:25-43:33
“April 2, 2025, will forever be remembered as the day American industry was reborn.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 26:15-26:23
“Our country and its taxpayers have been ripped off for more than 50 years.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 27:16-27:22
“In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 27:30-27:40
“This is one of the most important days, in my opinion, in American history.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 27:50-27:56
“It's our declaration of Economic Independence.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 27:56-28:00
“We will pry open foreign markets and break down foreign trade barriers.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 28:44-28:50
“The United States charges other countries only a 2.4 tariff on motorcycles.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 31:27-31:35
“Thailand and others are charging much higher prices like 60% [on motorcycles].”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 31:36-31:42
“India charges 70% [on motorcycles].”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 31:41-31:44
“India charges 70% [on foreign made automobiles].”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 31:41-31:44
“India... they charged us 52%... we charge them almost nothing for years.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 31:41-47:43
“Vietnam charges 75% [on motorcycles].”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 31:43-31:46
“Vietnam... they charge us 90%... we're going to charge them 46% tariff.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 31:43-46:25
“The United States has for decades charged a 2.5 tariff on foreign made automobiles.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 31:48-31:56
“The European Union charges us more than 10% tariffs and they have 20% VATs.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 32:00-32:08
“European Union... 39% [tariffs charged to the USA]... we're going to charge them 20%.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 32:00-46:13
“Japan... 46% [tariffs charged to the USA]... we're charging them 24%.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 32:15-46:15
“Effective at midnight, we will impose a 25% tariff on all foreign made automobiles.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 33:11-33:19
“Through non tariff barriers, the European Union bans imports of most American poultry.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 36:54-37:00
“Australia bans American beef.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 36:54-37:00
“China charges American rice farmers an overquoter it's called a tariff rate of 65%.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 37:34-37:41
“From 1789 to 1913, we were a tariff backed nation. And the United States was proportionately the wealthiest it has ever been.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 38:50-39:02
“In sleepy Joe Biden's last year in office, the United States hemorrhaged 100,000 manufacturing jobs.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 41:40-41:48
“We import virtually all of our computers, phones, televisions and electronics.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 43:15-43:21
“Starting tomorrow, the United States will implement reciprocal tariffs on other nations.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 43:51-43:58
“China, 67% [tariffs charged to the USA]... we're going to be charging a discounted reciprocal tariff of 34%.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 45:13-45:46
“Taiwan... 64% [tariffs charged to the USA]... we're going to charge them 32%.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 46:25-46:59
“Switzerland, 61% to 31%.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 48:53-48:56
“Cambodia, 97%... we're going to bring it down to 49.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 48:59-49:04
“At the same time, we will establish a minimum baseline tariff of 10%.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 50:31-50:37
“Foreign nations will finally be asked to pay for the privilege of access to our market.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 51:16-51:22
“Work's already begun on plants all around the country.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 53:33-53:37
“Apple is going to spend $500 billion dollars.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 54:36-54:42
“SoftBank, OpenAI and Oracle, great, great companies are investing $500 billion almost immediately.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 54:46-54:57
“Nvidia, a hot company, is investing hundreds of billions of dollars.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 54:56-55:01
“tsmc, the biggest, most important company in the world of chips, from Taiwan with no investment from us, is investing 200 billion.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 55:01-55:12
“Johnson and Johnson, great company, $55 billion.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 55:40-55:45
“Eli Lilly, 27 billion.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 55:44-55:48
“Meta is investing $500 billion.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 55:47-55:52
“DMACC is investing 20 billion.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 55:53-55:57
“CMA, CGM, $20 billion.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 55:56-56:00
“Merck and Clarios, Stellantis, General Motors, ge, Aerospace, Honda, Nissan, Hyundai are all putting in billions and billions of dollars.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 56:00-56:11
“We're going to have about $6 trillion of investments.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 57:37-57:41
“Companies are pouring into our country at levels never seen before, with jobs and money to follow.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 58:31-58:38
“Every prediction our opponents made about trade for the last 30 years has been proven totally wrong.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 58:49-58:55
“They were wrong about NAFTA, they were wrong about China, they were wrong about the Trans Pacific Partnership.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 58:56-59:01
“In my first term, they said tariffs would crash the economy. Instead, we built the greatest economy in the history of the world.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 59:20-59:28
“From the day of my election, the stock market went up in my first term, 88%, with Nasdaq going up 155%.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:00:01-1:00:12
“If you look at China, I took in hundreds of billions of dollars in my term.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:02:01-1:02:08
“In February, core inflation dropped to the lowest rate in four years.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:03:29-1:03:34
“The price of eggs dropped now 59% and they're going down more and the availability is fantastic.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:04:10-1:04:17
“Energy costs now are down. Groceries are down. Gasoline is way under $3.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:04:44-1:04:50
“We created 10,000 already in a few weeks. New manufacturing jobs.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:04:55-1:05:01
“We had virtually no inflation under my term. We had virtually no inflation for four years.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:05:05-1:05:12
“After transitioning over to Sleepy Joe, it went from almost nonexistent to the highest in the history of our country.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:05:11-1:05:20
“We now have a border that's the best border that we've ever had, even better than it was my first term.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:06:27-1:06:36
“We're going to pass the largest tax cuts in American history.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:07:20-1:07:26
“We will not cut Social Security, Medicare or Medicaid benefits and the Democrats will.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:07:29-1:07:37
“We're asking for an interest deduction on a loan. So if you build the car, only in America we do it.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:08:32-1:08:39
“We have to get the debt extension passed.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:09:16-1:09:19
“We need to get our shared priorities done, including certain permanent tax cuts.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:09:32-1:09:38
“The Senate plan is my complete and total support and the House plan likewise is very similar.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:10:50-1:10:57
“We need to pass this bill immediately, get it done. Including debt extension.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:11:19-1:11:26
“We're going to produce the cars and ships, chips, airplanes, minerals and medicines that we need right here in America.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:11:32-1:11:41
“The pharmaceutical companies are going to become roaring back.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:11:40-1:11:45
“They're losing 2,000, on average 2,500 people today. Young people, soldiers, Russian.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:12:40-1:12:48
“It's a senseless war that would have never happened if I was president.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:13:15-1:13:19
“We have to get it stopped. It's humanity. It's humanity.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:13:28-1:13:32
“It's going to be Liberation Day in America.”
President Trump's Liberation Day Speech on Reciprocal Tariffs and Economic Independence | Uploaded April 2, 2025 | 1:13:43-1:13:47