00:00Again, if we look back to President Trump's first term, hourly workers did better than supervisory workers.
00:09The bottom 50% of households had their net worth increase faster than the top 10%.
00:16And as I said, I believe that the households that you're describing there will be receiving substantial tax refunds.
00:25And again, as you said, many people have said to me, oh, so what's $1,000?
00:31That, as you said, to these households, $1,000 is a substantial fill-up.
00:37They can put it toward savings or they could pay it on debt.
00:42As I said, the Biden administration torched the financial standing of these households.
00:48The average CPI, PCE increase was 22% or 23%.
00:52But for these households, which have a different bundle of goods and services than the indices, their costs, whether it's groceries, autos, rent, went up between 35% and 37%.
01:05And we are working every day to get those costs down.
01:09Q-line.
01:10So do you think there is a Q-line like this in the U.S.?
01:13Using the Q-line for people that have, that's meeting a huge expense that's made from middle class to financial rule exists in U.S.?
01:30Sorry, I don't understand the question.
01:34I'm not sure you do either.
01:35Guys, just so we know, we're at a five-minute warning, so we've got to keep moving.
01:38We have time for one or two more questions.
01:40Right behind the gentleman with the blazer with his hand up, please.
01:44Thank you for the floor.
01:45Raphael Zwellen with the Swiss News Agency.
01:47I have a question on trade with Switzerland.
01:49Do you plan to start a negotiation for an agreement this week?
01:53And do you have meeting plans with Swiss officials?
01:57Yes, I'm meeting President Parmalat, who I've had a very good relationship with since he's vice president.
02:02I think he is a very seasoned trade hand.
02:06I think he's very experienced on finance.
02:10And the Swiss-U.S. trade agreement is well along the road and progressing very well.
02:16Great.
02:17And this is going to be our last question today, guys.
02:18Remember, there is a press briefing tomorrow for those who don't get one in.
02:21I'll take one from the back, ma'am, in the blazer.
02:23Thank you very much.
02:25Hi.
02:25Thank you for taking my questions.
02:27I'm Marlon from the Swedish business newspaper, Dagens Industry.
02:29I just wonder, do you consider Europe to be an ally of the United States?
02:35And if so, I mean, how much economic pain are you prepared to inflict on Europeans and Americans alike
02:41in order for the United States to get their hands on the territory of an ally?
02:45Again, I think that that question is amiss of the false alternative.
02:49You are once again going to the farthest point, a maximalist position.
02:55That we are in the middle of the President Trump's policies.
03:02And, of course, Europe is an ally.
03:06The U.S.'s NATO membership is unquestioned.
03:09We are partners in trying to stop this tragic war between Russia and Ukraine.
03:16But that does not mean that we cannot have disagreements on the future of Greenland.
03:23Yeah, but if there's a protracted trade war between the U.S. and Europe...
03:27But again, you say, if there's a protracted trade war, why are we jumping there?
03:33Why are you taking it to the worst case?
03:35Calm down the hysteria.
03:37Take a deep breath.
03:38This is where we were last year.
03:40I'm sure you would have asked me the same question if we were here on April 2nd.
03:45And you know what?
03:46It all worked out.
03:48The economies are fine.
03:49We have a very good trade agreement.
03:51And I think our relations have never been closer.
03:55If anyone in this room, anyone in this room,
03:58wants to go back and study history, has anyone done that?
04:02What happened in post-World War II?
04:06It was not a straight line.
04:08Conrad Aidenauer did not always agree with the U.S. presidents.
04:13Charles de Gaulle certainly did not agree with the U.S. positions.
04:18But that did not mean that we were not strong allies against the Soviet Union.
04:22Did it?
04:23You want to answer that?
04:24Did it?
04:24So what's your message to European business leaders then
04:27who are now hesitating about the financial relation they have with the U.S.?
04:31It's been 48 hours.
04:34As I said, sit back, sit back, relax.
04:40I am confident that the leaders will not escalate and that this will work out in a manner that ends up in a very good place for all,
04:49for national security, for the U.S. and for Europe.
04:53Thanks.
04:54Thanks, everybody.
04:55That's going to be the last question for today.
04:56We have to restage this room.
04:58Thank you, Mr. Secretary.
04:59What I will again remind you all, there is another press briefing.
05:02Everyone who is here today is invited tomorrow.
05:04I would project...
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