Treasury Secretary Reveals Trump’s Iran Deal Conditions, Economy Update & New Trump Accounts#usa

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[00:00:00]The US is the AI leader in the world.

[00:00:03]We're an AI superpower. China is second.

[00:00:05]They are trailing substantially. We want to make sure that we keep that lead. So, we are working on the exact calculus between innovation and safety, and we want to optimize for that. Pleasure to be here today. This is my warm-up for my Senate and House hearings next week. So, I don't want anyone yelling reclaim my time.

[00:00:28]So, let's start out with Trump accounts.

[00:00:31]Trump accounts, I believe, are the most important benefit for young people since the GI bill. Today, the app is now available on all major platforms, bringing the president's vision directly to American homes. Nearly 6 million American children have been signed up for Trump accounts, which will launch on July 4th, and I would encourage all of you to go to trumpaccount.gov to sign up. We had a historic tax filing season.

[00:00:58]We passed the largest tax cuts in American history. The average refund this filing season is nearly $3,300, an 11% increase from last year. And importantly, very importantly, 62 million returns, 44% claimed at least one of the president's signature tax cuts. No tax on tips, no tax on overtime. They reduced taxes on social security benefits. 85% of our seniors paid no taxes. And the auto deductibility on loans for American cars. And remind everyone, Democrats, every Democrat voted against those programs. We've had sustained and resilient GDP growth. Real GDP has risen 2.6% over the past four quarters. Atlanta Fed's GDP now predicts 3.8% for this quarter, second quarter.

[00:01:53]The US energy dominance, Uh of our resilience stems from our energy dominance. Natural gas is down, is my belief, and the futures market is showing us oil will be lower than pre-conflict levels. We are more resilient to energy price fluctuations due to President Trump's energy dominance and deregulatory agenda. The United States is now the world's largest energy exporter. The United States has never exported so much energy or produced so much energy.

[00:02:23]Main Street prosperity, the average 401(k) is up almost $30,000 since President Trump's inauguration.

[00:02:31]President Trump RX has already saved Americans over $600 million.

[00:02:35]I'm sure all of you will want to report on that. And the unemployment rate remains low at 4.3%.

[00:02:41]So, uh with that, I'm happy to ask the questions. Uh I will mention that 3 weeks ago, I got an honorary degree from the University of South Carolina. So, if you really want to get a question, you can call me Dr. Bussan.

[00:02:55]So.

[00:02:57]>> [laughter] >> Mr. Secretary Bussan, I want to start with these Trump accounts. You know, there's a lot of people, a lot of working-class Americans that maybe don't have the financial expertise when it comes to stock markets and investing in general.

[00:03:13]In what ways do you Are you guys simplifying this for all those Americans so that it's not just for one class of people, but all Americans can can have it?

[00:03:21]>> Well, that's a great question because 38% of Americans have no exposure to equities. They don't share in the great innovation, the machine that is the American economy or great capital markets that drives the our prosperity. So, uh if your child is born during President Trump's administration, Treasury puts in a thousand dollars as a seed investment.

[00:03:48]Uh we've also created six learning pods.

[00:03:51]So, you can go online to the app that went up today and learn. And I think that this is going to be I I've been a big proponent of financial literacy, and I think this is going to be one of the greatest real-time financial literacy educations in history because it won't be uh like there there's a street in New York called Wall Street. This is what I don't really understand what happens there.

[00:04:16]American family is going to be able to look on their phone every day and see.

[00:04:20]And you know, I think it's going to drive people to try to understand what they've got here. I think I think we're going to create a a generation of shareholders.

[00:04:29]>> Dr. Navarro >> so Ed >> Thank you, Mr. Secretary. Um I guess first well, we're starting to see this disruption of the oil supply into the Strait of Hormuz affect economic data.

[00:04:40]Um you know, first, is there a deal on the table uh for a 60-day ceasefire to continue that? And then second, um how fast could inflation then recede or retreat or is inflation sticky cuz the PCE was uh at 3-year high.

[00:04:55]>> Uh well, fir- first of all, PCE today month month over month was 0.2, which was we're we're looking at decimal points, but the estimate was 0.3. So, 1 month doesn't a trend make. And you know, what we've seen is actually oil prices are down about 10% in May. There almost 2,000 ships waiting to come out of the Gulf, and I think the oil market is going to be very well supplied on the other side of this and that we could see prices come down very quickly. We saw the UAE the leave OPEC. So, I I would expect on the other side of this that gasoline prices will follow.

[00:05:32]>> Is there a deal on the table?

[00:05:34]>> Sorry?

[00:05:34]>> Is there an agreement with Iran on the table?

[00:05:36]>> Uh the the teams have been going back and forth, and President Trump has made it very clear. He talked about it at the cabinet meeting that he he has several red lines and Iran has to turn over their highly enriched uranium. They cannot pursue a nuclear weapon and the Strait of Hormuz, back to your question on energy, has to free transit navigation of the seas has to be free and open as it was before.

[00:06:04]So, he's not going to take a bad deal.

[00:06:05]He's going to make a great deal for the American people.

[00:06:11]So, Peter >> Thank you, Dr. Ben >> Yep.

[00:06:14]>> Um How long until we see your signature next to President Trump's face on a $250 bill?

[00:06:24]>> Well, the again, as Treasury Secretary, I I have two mandates for US currency at present. The no living person can be on US currency and the currency must say "In God We Trust."

[00:06:38]So, right now there is proposed legislation that front of the house, in front of the Senate, to change the first requirement so that a living person, Donald J. Trump, could be on a $250 bill. So, it it it's all in the hands of the It's it's all in up on Capitol Hill. So, >> [laughter] >> at Treasury we prepare things in advance. So, we have prepared in advance that if the legislation is passed, but we will stick to the law.

[00:07:10]>> Something that came up yesterday also at the cabinet meeting, President Trump said, "Oman will behave just like everybody else or we will have to blow them up."

[00:07:20]Are you guys back there in the West Wing making plans for a new war with Oman?

[00:07:24]>> I I again, I think the President wanted to punctuate freedom of navigation in the strait. I had a call with the Omani ambassador this morning and he assured me that there were no plans for tolling the strait. As he said, our countries have had 200 years of good relations. wants to have another 200 more. And you know, I told him that this was a non-starter and he did not want to risk either the Omani individuals or Omani financial institutions they are getting sanctioned.

[00:07:58]>> [laughter] >> Thank you, Mr. Secretary. Is it in the US interest to wave some sanctions on Iran or to unfreeze some of their assets before Iran has made concrete promises about getting rid of their nuclear program?

[00:08:12]>> I I I again, I I'm not going to preview the deal, but I I would think that the things would go very slowly there in terms of that. So, you know, we'll we'll see.

[00:08:26]>> Just to follow up on that because it's our understanding that the US has committed to discussing the matter of sanctions relief during this negotiation period. So, just to be clear, is sanctions relief for Iran on the table?

[00:08:36]>> I I I again, it it is a multi-faceted agreement and uh nothing is going to be on the table until we see the Strait of Hormuz open and the Iranians agree that they they have to turn over the the highly enriched uranium and that they can't have a nuclear program. And and and and and and and and and and to be clear here, that this administration, President Trump, has done something that no other administration has been able to do.

[00:09:05]We have gotten the Iranians to talk about their nuclear program and to perhaps commit to not having one. That has never happened before. It had been off the table. So, I think, you know, when you look at the results of the kinetic action, of our economic pressure, it has worked to bring them to the table and have a discussion on this.

[00:09:24]>> Mr. Secretary, I I just want to follow up. You said that the teams have been going back and forth, but can you confirm whether or not a tentative agreement has been reached in these negotiations with Iran?

[00:09:35]>> I I Again, everything depends on what the president wants to do.

[00:09:41]And President Trump is not going to make a bad deal for the American people, for the the US, and he was very clear at the cabinet meeting on the uh yesterday what he wants.

[00:09:56]>> [laughter] >> Hey, Cara from Lindell TV. I'm sorry, did I steal this question? Cuz I'm not that person.

[00:10:02]>> That was you.

[00:10:02]>> Okay, thank you so much.

[00:10:03]>> [laughter] >> Thank you for taking my question. Cara from Lindell TV. Uh, I really wanted to get your thoughts on digital currency. A lot of our viewers are increasingly worried that digital currency could one day be used to track people's spending or limit personal freedom. What's your philosophy on that, and what if safeguards is the Treasury and this administration putting in place to make sure new digital payment systems protect Americans' privacy and freedoms in the future?

[00:10:27]>> Well, so this administration's been very clear there will be no central bank digital currency, which I think the uh is would be the first step toward tracking. So, we have taken that off the table. We passed stablecoin legislation with bipartisan. And the Clarity Act is now up on the hill, and I think it has bipartisan support. And the most important thing we can do is to make digital assets come into the United States, make the US the home, our regulation, our best practices are what will ensure good standards for these.

[00:11:02]When you look at digital assets, all the nonsense that happens, all the things you read read about, that's because it's the wild wild west offshore. So, we got to bring it onshore. So, I would encourage the House and the Senate to get clarity done.

[00:11:16]Jack.

[00:11:22]>> A lot of people talking about the IRS settlement, and uh which has been rolled over now into this weaponization fund over at DOJ. Wanted to get your comments on the decision process as much as you can tell how that settlement came to be, how it was rolled over to DOJ, and then the process for uh how for those funds now as it's played out.

[00:11:44]>> Good. So, thank you thank you for the question. Uh this is going to be the only question I'll take on this matter today. So, there's ongoing litigation, so it'd be inappropriate for me to comment. Uh President Trump is a great American who has endured more than 10 years 10 years of non-stop harassment and weaponization from the federal and state government actors. They a bad actor at the IRS leaked more than 400,000 tax returns including the Trump family, all the employees, and that's how we got here now. No American should be targeted for political reasons, and every citizen deserves fair treatment and full protection of the law. The Department of Justice represented Treasury and the IRS in this matter, and I'm going to have to refer any questions to Acting Attorney General Todd Blanche.

[00:12:32]So, as >> Yeah, thanks. So, uh President Trump has said that we can expect interest rates to come down very quickly a number of times today last week, but the market at the moment does probably does not expect any rate cuts this year. You know, JP Morgan said this, Morgan Stanley, and and so on. So, who is right, the President or the market?

[00:12:55]>> The Well, I I think I again, I I believe that we will get get through the the this challenging period now. They are on higher prices. On the other side of this, I've said publicly that I think we'll be back to substantial disinflation, but most importantly, I think we've got the Warsh Fed now. It's a new day at the Fed. Uh the Treasury Secretary and the Fed Chair uh have lunch or breakfast every week. I had my first breakfast with Chair Warsh this morning, and I believe that he will do the right thing to balance inflation and growth.

[00:13:35]Thank you.

[00:13:36]>> Thank you, Secretary Blinken.

[00:13:37]Uh I hope you're calling on me.

[00:13:39]>> Yes.

[00:13:40]>> So, I I'd like uh to ask you if you could provide a little more detail on what you're doing to shut down Iran's airlines and also on sanctions relief.

[00:13:48]Uh a senior administration official briefed reporters over the weekend that uh sanctions relief will be commensurate with the nuclear concessions. But at at some point if the enriched uranium is given up, should we expect pallets of cash to be flown to Iran? Can you describe how that looks?

[00:14:03]>> Well, I I uh couple of things. On the airlines, one one thing that we're not going to do is restrict movement for religious reasons.

[00:14:11]So, Iranians who want to make the pilgrimage the to Mecca or Medina will be allowed. We will also allow uh valid humanitarian reasons. But the the other thing we can do is that when these airlines fly, they have to be refueled.

[00:14:26]They sell tickets. They pay landing fees. Anyone who accepts those, we will sanction. So, they should be very clear that these state-owned Iranian airlines, they are outlaws and cannot do this.

[00:14:43]>> Mr. Secretary, since you are the White House briefer today, I know you've been asked this already, but I'm wondering if you can just confirm on the record that there is a tentative deal that has been agreed for a 60-day extension of the ceasefire and then a continuation of nuclear talks.

[00:14:58]>> I I I I again, it's always a mistake to get out ahead of the president. So, it is all going to be the president's decision. I think that we we can see that the president very clearly stated out stated his three the open the street, highly enriched uranium, no nuclear program. So, >> Are those things part of the the temporary deal right now, sir?

[00:15:26]Are those three aspects that you just outlined part of the temporary deal that has been agreed on?

[00:15:31]>> But if there can be no deal without those, why would there be a deal without those?

[00:15:37]>> Mr. Secretary, [laughter] thank you so much for taking the time.

[00:15:41]President Trump at cabinet meeting said he thought that reducing fraud would help to balance the budget.

[00:15:46]You put out the the goal of getting the deficit to 3% of GDP. What's your timeline for achieving that? And how do you think the What can you say to make the markets, given where rates are, like kind of process kind of what your plan and agenda is?

[00:16:01]>> Well, the the GAO number is not my numbers. I believe that there's about 500 billion a year of fraud. So, could we very quickly get 250 billion billion of that? The budget deficit is approximately 1.8 trillion.

[00:16:17]So, that would reduce the the deficit substantially. If we could get that 500 billion number, you know, I think it would engender confidence. You'd probably also go into a virtue virtuous cycle. As the budget deficit narrowed, interest rates would go down. No one reports it, but last year we actually had a fiscal contraction. Just to remind everyone, we inherited the worst budget deficit in history in history when we were not in a recession or not at war, 6.7%.

[00:16:49]We brought that down to about 5.5 or 5.4% this year. I think we stay on a good trajectory.

[00:16:59]>> Mr. Secretary, without an executive order, does the US government have adequate defenses in place to address the risk created by Anthropic's new AI models?

[00:17:10]>> We we have great collaboration between all all of the labs that have a large language models, but between the US government and the and the labs. So >> Thank you, Mr. Secretary. Is it me?

[00:17:23]Okay. Thank you, Mr. Secretary.

[00:17:25]Appreciate it. Um First, did you speak with the president uh before this briefing? Did he show any willingness to this 60-day ceasefire extension?

[00:17:34]>> I I I haven't seen the president today.

[00:17:36]>> And then I just want to follow up. When can Americans, the average American, and can the US economy work for the average American without a deal with Iran?

[00:17:45]>> Uh again, I I believe we've already seen oil prices come down substantially.

[00:17:52]We are pumping more oil than what we've ever seen before. And I as I said, these are short-term challenges that we will get over and I think we'll move forward.

[00:18:04]So in the light >> Mr. Secretary, just to follow up there.

[00:18:07]>> No, no, in in the light.

[00:18:08]>> Oh, thank you, Mr. Secretary. I appreciate it. Given how much this upcoming midterm election will hinge on the economy, what did you think about President Trump's comments in the cabinet meeting yesterday saying he didn't care about the midterms?

[00:18:22]>> I So you're calling President Trump a statesman?

[00:18:26]You're You're You're saying that he has taken a statesman-like position, that he has a a a core belief and he he believes that the most important thing is for Iran never to have a nuclear weapon. So I I believe both things can be true, that we can do well in the midterms, that we perhaps have the makings of a deal here.

[00:18:51]And I believe that And look, the economy that it is it is challenging now, uh but unemployment is still low, uh tax refunds were high, and consumer spending is still quite high. So in my private business over the years, I always looked at what were consumers doing, not what they were saying. And I'm in constant contact with the banks and every income quintile is still doing well.

[00:19:23]>> [laughter] >> Thank you, Mr. Secretary. On the $250 On the $250 bill, Mr. Secretary, you said the legalities of it are up on Capitol Hill, but I just wonder what your opinion is personally. Do you think it's a good idea for the president to put his face on American >> I I again, the president doesn't do it.

[00:19:40]The House and the Senate have to do it.

[00:19:47]>> Yeah, Secretary Pesto, what are the remaining assurances that President Trump needs to see in order for him to sign off on the agreement with Iran?

[00:19:57]I I I I I I don't think it could be clearer.

[00:20:03]>> You were you're following in the footsteps at the podium there of Secretary Rubio and Vice President Pence. There's been quite a lot of talk about their president possible presidential ambitions.

[00:20:14]Does your presence here today indicate that we might see you running in 2020?

[00:20:18]>> No, I I I think it just means they ran out of things on the food chain.

[00:20:24]>> There has been some back and forth over the last several days and also with the US attacking Iranian drones yesterday.

[00:20:31]This morning CENTCOM put out a statement that Iran had launched a ballistic missile toward Kuwait calling it an egregious ceasefire violation. How can the administration still argue that a ceasefire is in effect?

[00:20:42]>> I again, with the Iranian with the Iranian government, we did not have regime change, but we changed the regime. As President Trump said at the cabinet meeting as we've said other times, the the first layer of leadership they was eliminated, the second layer, and we're now at the third layer. And the way to think about it is the Iranian government such as it is, they is three pillars. It is the elected government, it is the IRGC, and it is the clerics.

[00:21:13]And they are having trouble communicating. So, we are being patient. We do not have unlimited patience. President Trump always prefers a peace deal. So, everything we have done thus far has been defensive, and at present, that is what we will continue doing. But if President Trump doesn't think he can get a peace deal, then kinetic is back >> Mr. Secretary, are you hopeful that the oil prices will go down once this conflict is over, given the fact that the Strait of Hormuz remain closed, and by the time these oil gets to the major markets, could be two or three months?

[00:21:54]>> Again, they we we see that the market, I believe, is very well supplied right now. The market seems to be going in the balance they have for itself. So, you know, I think that as the Strait opens up, we we're going to see this burst of ships come out. So, you know, we we may actually see how quickly can it be refined? How quickly can it gets to get to its destination?

[00:22:19]>> Mach Shirazi from the Daily Mail. You wrote "resilience" on your cabinet note meetings. Several times the photographers zoomed into it. Are you trying to keep the president calm? Are you trying to keep yourself calm? Why did you write all those notes?

[00:22:32]>> So people could look over my shoulder, photograph >> I think they got a scoop.

[00:22:36]>> [laughter] >> Is the United States considering a reconstruction program for Iran if a deal is signed?

[00:22:46]>> Again, I I think we we got to get to the deal before we get to the other side.

[00:22:52]>> [laughter] >> Before we get to the to the you you in the pink.

[00:22:56]No, in the pink.

[00:22:57]>> In the pink, thank you. Kristina from Telemundo [clears throat] Network. Mr. Secretary, uh how effective do you believe the current Treasury restrictions have been in pressuring the Cuban government? And also, if you're in the room when those talks are being held, are there any plans to either tighten the the sanctions or to ease the sanctions against the Cuban government to get some type of change?

[00:23:20]>> again, that's going to be up to that's going to be up to the Cuban government. That they can go up, they can go down. That we've tried to get humanitarian aid in and the the regime the they rejected it. So, because they they wanted to go through their corrupt system. So, I am they could go up, they could go down.

[00:23:40]It's carrot and carrot and stick.

[00:23:41]Secretary Rubio doing a fantastic job of managing this process and we we at Treasury are working with him. So, >> [laughter] >> in the red?

[00:23:52]>> Thank you.

[00:23:53]Breccan Loss with the Daily Caller. I want to ask you about Antifa. In October, the Treasury Department started working with the FBI to investigate who's funding Antifa. Can you give us an update [clears throat] on that investigation? How close are you guys finding out who's funding Antifa?

[00:24:08]>> it it is ongoing. We made substantial progress and I think in the weeks and months ahead, we're going to have a lot to report. Uh one thing that did go the underreported that I point out to all of you is the IRS is now giving guidance on the form 990, which nonprofits they have to file. And we are going to encourage or demand that nonprofits know their grant recipients. So, if a grant recipient is violent, they if they are suppressing people's rights, then you are responsible for that. And I think that's a very good first step.

[00:24:50]>> [laughter] >> Yep.

[00:24:53]>> There's new government data that shows that Americans are now saving a smaller share of their incomes than at any time over the past 4 years. Are you seeing signs that American households are dipping into their savings to pay for the higher cost of things like gas and groceries, and does data like that concern you right now?

[00:25:09]>> Well, so a lower lower academic literature would tell you a lower savings rate can mean one of two things.

[00:25:15]The the kind of the the doomer view that you took, or that people have more confidence, or it it could be you know something else because you know, for instance, uh stock market gains or 401k gains might not show up in savings, so they're looking at that, think that they can draw down their household savings.

[00:25:38]>> Um you're obviously concerned about the risks posed by advanced AI models like deep those two critical infrastructure.

[00:25:44]The financial sector is concerned as well. What types of What types of changes are being considered to the AI executive order so we can pass? And do you believe that an AI executive order needs to include the pre public access for government?

[00:25:59]>> I I again, we're working very closely there with the the large language uh labs. They've been [snorts] excellent partners, and we are going to get a solution that solves for the maximum calculus. What we want to do, uh the US is the AI leader in the world. We're an AI superpower. China is second. They are trailing substantially. We want to make sure that we keep that lead. So we are working on the exact calculus between innovation and safety, and we want to optimize for that.

[00:26:34]You you you in the glasses. Yeah.

[00:26:37]You in the glasses.

[00:26:41]No, in No, you don't have glasses on.

[00:26:43]You You in the glasses.

[00:26:44]>> Mr. Secretary, thank you for taking my question. Um there was a report this morning that Justice Alito's son is working in your department. Can you confirm that that's the case and if so, do you believe that that means that he should be that the justice should recuse himself from cases that involve your department?

[00:27:00]>> I am sure that Mr. Alito follows all legal and ethical guidelines and I can assure you that at Treasury we follow all the legal and ethical guidelines.

[00:27:12]>> Thank you Mr. Secretary. I have two questions for you but just to follow what you said about the >> Well, you didn't call me doctor so you get one.

[00:27:17]>> Well, I'll shoot for two.

[00:27:20]>> Okay.

[00:27:20]>> Uh you said that it's up to Congress the president's face is on a $250 bill but it is actually the Washington Post that's reporting two political appointees from the Treasury Department who have asked agencies to be ready to to do that. Do you think politically it's a good idea to put his face on a $250 bill when people are struggling to afford >> you know, I I don't really understand this Washington Post article that who who works for the post?

[00:27:43]Yep. Terribly written, terribly edited.

[00:27:45]Cuz basically what what it says is that trea- Treasury is following the law and that we've created the bill and that it's up to Congress but that we follow the bill and it's up to I didn't really understand what the story was.

[00:27:57]>> So Mr. Secretary two appointees aren't involved in that two of your political appointees?

[00:28:02]>> Yep, of course but we we prepare for everything if it gets passed. Ju- just like we we were ready six months in advance for the one big beautiful bill for tax guidance.

[00:28:11]That so we have to prepare in advance.

[00:28:13]You you you can't draw something up the day before.

[00:28:16]>> Politically do you think it's a good idea though if people are struggling to afford gas and groceries?

[00:28:20]>> Look, I think it has I I think that it's bifurcated. That do you think we should have a 250th anniversary the celebration?

[00:28:29]>> Well, that's happening anyway but putting the president's face on a $50 >> no no no no but Kevin, it's not happening anyway. It's happening because it's being funded via by private citizens, by the federal government, by state governments, by municipal governments to celebrate our country and I I don't think that the uh anything untoward about having the President of the United States that the person who was President of the United States on the 250th anniversary bill.

[00:28:55]>> [laughter] >> I will not be taking any other questions. I will not be taking any other questions.

[00:29:17]So, >> the scale of the assault from Russia on Kyiv in recent days and the fact that diplomacy seems to have settled down, there is no diplomatic talks happening right now between Russia, Ukraine, or the US. What about sanctions is the US considering sanctions on Russia at this time?

[00:29:36]>> Well, the the US this administration has put the the hardest sanctions on Russia of any country. So, so let's let's review Let's let's review what how the sanctions regime has gone since the Russian action the on Ukraine.

[00:29:55]Uh Biden administration put on very the what I would call mild mild sanctions because they were worried about gasoline prices going up into an election. It would be the an unstatesmanlike sanctions. The probably the worst national security advisor in the history of the country, Jake Sullivan, in an act of bravery on his way out the door in January, the raised the sanction level the on behalf of the Trump administration. The we let those institute the when we took office. The uh fast forward to October and President Trump instructed me to sanction the two largest Russian oil companies, Lukoil and Rosneft, which we did. No other government has done that. So, no one has done more sanctions than the Trump administration on Russian oil.

[00:30:52]Yeah.

[00:30:53]Yeah. Yeah.

[00:30:55]So, yeah. No, no, no.

[00:30:57]No.

[00:30:59]No, here here Who wants to own this?

[00:31:00]Gray hair.

[00:31:01]>> [laughter] >> No, gray hair.

[00:31:03]No, you don't have gray hair.

[00:31:05]Well, may- maybe you do.

[00:31:08]>> [laughter] >> Yeah.

[00:31:11]>> Yeah, when you had breakfast this morning with Fed Chair, uh did you request that the Fed lower interest rates?

[00:31:17]>> I I had breakfast with Chair Powell 41 times, and I never did that.

[00:31:24]So, okay. The la- la- la- last question.