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Howard Lutnick: “Fast forward to 20, 24, 26 trillion. The other way. They own…”

Featuring: Howard Lutnick, Secretary of Commerce | National

Howard Lutnick: How America Can Hit 6% GDP Growth in 2026

Published January 8, 2026 | Video Starts at 16:01

Their bonds, companies, stocks, everything, everything. We were net an investor of $148 billion. More of them than they owned of us. Fast forward to 20, 24, 26 trillion. The other way. They own 26 trillion of us. More. More than we own of them. What you're saying is we became effective employees of the people that were producing the things that we created. Right. So when we call. (16:01–16:12)

CLAIM

Asserts that by 2024, foreign entities own $26 trillion more of the U.S. than the U.S. owns of them.

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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Howard Lutnick

“We put GDP out on the blockchain.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 11:33-11:36
“In 1985, we had net ownership of the rest of the world. We were net an investor of $148 billion.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 15:37-15:58
“The tariffs are 500 billion a year now, and they will grow over time to a trillion a year.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 34:40-34:48
“These drug companies make 75% of their revenues in America and it's 100% of their profits.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 44:27-44:34
“The CHIPS Act had $52 billion because we make no chips in America.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:10:53-1:11:00
“America owns 10% of Intel.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:21:50-1:21:53
“They [China] dump them [electric cars] and they take the electric car, which cost them 30,000, and they sell it in Europe for 15,000.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 01:04-27:46
“We cut 20%. I walked in the door here with 52,000 people in this department, and now there's 40,000 people in this department.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 05:25-05:35
“We had programs that just were like, this program was started in 1978.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 05:49-05:55
“We had a department that was supporting advanced manufacturing set up in 1986.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 05:57-06:04
“There's two types of tariffs. There's general tariffs. That's in front of the Supreme Court.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 07:51-07:57
“Those that are specific, industry specific, are in this building.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 08:00-08:05
“We don't want to sell our best chips to our adversaries.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 08:16-08:21
“They also control the auto tariffs, the steel tariffs, pharmaceuticals.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 08:44-08:50
“It's been insanely successful driving down the price of pharmaceuticals in America.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 08:50-08:57
“We help companies sell things around the world.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 09:14-09:20
“We help states sort of bring in business to build and grow here.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 09:21-09:27
“We have the AI, the center for AI Advancement.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 10:23-10:30
“I have now the Office of Space Commerce, which I've taken out of NOAA and then put in my office.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 12:48-12:55
“The president, in his first term, he's been talking about tariffs and how the trade deficit of the United States of America is really a…”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 13:35-13:49
“The president on the campaign trail had two views...universal tariff or a specific country by country tariff.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 18:27-18:49
“We settled on a country specific model. Much more complex, much more difficult, but much more nuanced, much more clever and much tougher.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 18:59-19:12
“This administration came in with incredibly sharp people, me included, Jameson, Greer, Scott Bessen, who were on side, on board driving for…”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 19:36-19:51
“The Japanese market for cars, as an example, 94% of cars driven in Japan are Japanese.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 20:45-20:54
“The Japanese government subsidizes the machinery that went to small manufacturers.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 22:06-22:21
“We set steel and aluminum tariffs.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 23:24-23:27
“Chinese give their power to the steel producer free.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 23:29-23:38
“We start with 40 steel blast furnaces. Now we have 10.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 24:18-24:25
“Donald Trump says, we need steel, we need aluminum, we need copper, we need to make our own semiconductors, we need to make our own…”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 24:46-24:57
“The Chinese economy is one of overproduction.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 26:28-26:34
“China does not have oil and natural gas, so they have to build electric because they have coal.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 26:54-27:01
“If we blink, [China] will sell below cost in America and drive our domestic companies out of business.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 29:21-29:31
“If Europe doesn't make batteries and they say have all EV cars by 2030, then who are they going to buy the batteries from? They have to buy…”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 29:48-30:02
“What we came up with was $550 billion that this is not foreign direct investment. This is not Toyota building a factory in America. They…”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 31:44-32:06
“We want to build $100 billion of nuclear plants, they will pay for it.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 32:07-32:13
“The only bank the United States of America has, as far as like the Secretary of Commerce sees, is called Treasury.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 33:50-33:58
“All the tariff money goes into Treasury. All this money just goes into Treasury. So it reduces our deficit.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 34:01-34:09
“We should be able to reduce the tax burden from the bottom up.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 35:32-35:38
“Help Americans who make less than $150,000, who earn overtime, who earn tips.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 35:38-35:46
“That's 85% of America.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 35:49-35:52
“The richest country in the world should be able to give people retirement at 65.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 36:38-36:42
“President Trump does deals like a staircase. First stair gets the best deal.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 37:59-38:07
“We got Europe done, right? We did Japan, then I did Europe, then we did Korea, and we've done country after country after country.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 43:10-43:20
“We did Indonesia, the Philippines, Vietnam. We announced a whole bunch of deals.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 43:12-43:12
“These are durable, meaning these are deals that take care of the country's autos, pharmaceuticals, semiconductors, things that really…”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 43:21-43:35
“The tariffs have been incredibly effective. And you can use them to change the trade deficit, but you can also use them to change Behavior.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 43:36-43:48
“So everybody who studies pharmaceuticals learns that America is the client, is the consumer, is the payer. Worldwide.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 44:08-44:25
“Donald Trump says, I want to fix it and I want MFN price.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 45:29-45:36
“He writes a letter to 17 giant pharmaceutical companies, said, I want MFN.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 46:14-46:21
“I've got these 232 tariffs. I could smash these companies. Smash them, because they all make it overseas and then export it to us.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 46:56-47:05
“Ozempic and Mounjaro are on Medicaid and Medicare for $149 instead of not on it, and generally for sale for thousands.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 48:58-49:16
“Merck said, they're gonna just give us their number one drug in the world.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 49:35-49:39
“The trade deficit, which halved.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 51:57-52:01
“The fraud is probably a trillion dollars a year.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 53:40-53:45
“The average green card recipient made in the 40s [thousand dollars a year].”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 55:53-56:06
“We are bringing in the bottom quartile [of immigrants].”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 56:06-56:09
“Fixing the immigration system, not letting people come in by lottery.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 57:23-57:31
“People steal the history of America and they lie.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 58:02-58:09
“America was not designed with walls and barriers.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 58:51-58:57
“The president is the federal.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:01:39-1:01:41
“We have a dog in almost every hunt because they take the federal money.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:01:55-1:01:59
“No one has ever looked at, if you're getting Medicaid and Medicare, how much money do you make?”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:02:37-1:02:47
“We have $18 trillion of committed capital.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:03:59-1:04:02
“Fourth quarter GDP will be a point and a half lower than it otherwise would be for this oddity [government shutdown].”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:05:34-1:05:42
“We have a $30 trillion [economy].”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:06:45-1:06:47
“If we cut rates, you'll see sixes [6% GDP growth].”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:06:50-1:06:56
“Obama... got rid of shop class.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:09:06-1:09:14
“Six million Americans sitting on the sidelines cuz the jobs are not the right jobs for them.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:09:53-1:09:59
“They gave Intel $10 billion.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:11:54-1:11:57
“The Biden administration viewed [the] $50 billion as... I'll give you 10%.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:12:36-1:12:42
“Why would you give $6 billion to TSMC, which is Taiwan Semiconductor Manufacturing Corporation, when their stock is worth a trillion?”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:12:52-1:13:03
“So what we did is we said to TSMC, look, you signed the contract. There's 20 pages of DEI stuff.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:13:22-1:13:32
“They've never had a female [lithography engineer].”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:13:58-1:14:01
“Build another 100 billion. We can rip that stuff up, no problem.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:14:38-1:14:42
“You now have $165 billion plant going in.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:14:43-1:14:47
“They're more advanced than what China makes.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:15:31-1:15:34
“The President said, and you got to give me 25%.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:17:29-1:17:32
“We could charge it a tariff, regular 25% tariff.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:18:09-1:18:14
“The President's deal... he has to send the chips to America.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:18:26-1:18:26
“If we get rid of the fraud, that'll save the country a trillion dollars.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:22:10-1:22:16
“If you grow 6%, you're going to fix the deficit, you're going to fix taxes.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:23:10-1:23:15
“I had whatever company that did more than $10 billion of revenues a year made lots of money, and I don't have it anymore.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:26:21-1:26:31
“I used to joke that I was the only commerce secretary who had patents, but I have none because I had to divest all of them.”
Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 | Uploaded January 8, 2026 | 1:26:31-1:26:39