00:00Josh.
00:01The Fed says the President met with the Fed Chair earlier today.
00:04I'm wondering if you can give us any readout of that meeting.
00:07The Fed also says that they discussed the economy.
00:09I imagine the President might have shared views on rates as well.
00:13But what can you share with us?
00:15Sure.
00:16I can share with you that we saw, the President and I both saw the statement that the Fed put out after the meeting.
00:20That statement is correct.
00:22However, the President did say that he believes the Fed Chair is making a mistake by not lowering interest rates,
00:28which is putting us at an economic disadvantage to China and other countries.
00:32And the President has been very vocal about that, both publicly and now I can reveal privately as well.
00:37Did he speak at all about his plans for that position, but whether he would seek to move Jay Powell out of that position or keep him in until his term ends?
00:46No.
00:47Okay.
00:48Now, very quickly on the tariff question, you mentioned Section 232 earlier.
00:51Are you suggesting that you might sort of speed up some of the existing 232 investigations?
00:55No.
00:56Are you talking potentially using 232 as a replacement power if this ruling doesn't go your way?
01:02Of course, you hope it does.
01:03I'm not suggesting that.
01:04I'm just simply stating the fact that the President has other legal authorities he can use to implement tariffs,
01:09and the administration is willing to use those.
01:11As you know, we already have applied Section 232 tariffs on specific industries.
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