[Bret Baier interviewed Donald Trump in Miami after a speech on November 5, 2025. Video courtesy and copyright Fox News.]
Mr. President, thanks for the time.
Thank you very much. Yes.
How do you read last night's election results?
Well, I watched very closely. These are three pretty Democrat states, assuming everything is fair and balanced, as you would say. I thought that New Jersey would do better. I didn't think that Virginia was going to do very well. I didn't think the candidate, well, you know, didn't really have my support.
My big support.
Is that why you didn't really endorse her?
Didn't endorse her. No, I didn't. I mean, my endorsement means a lot to me. So, I was a little disappointed in the fact that New Jersey, I thought New Jersey would do a little bit better than that. The Cuomo situation, it's just -- he had too many -- too many things against him. He had a lot of things against him.
And Curtis Sliwa tried very hard, but he was -- he's been there before. So, it was a -- it was pretty open shot that Mamdani had.
You said today, you kind of admitted that last night was not great for the party. You said that the shutdown and your name not being on the ballot were big factors. You're the head of the party, so obviously, the policies are run on in these states. Do you see that at all? Or how do you read it?
Well, I do. Because, you know, we've done so much, you know, energy is way down. Look at energy. We're going to have $2.00 gasoline. I did that. That brings everything else down. Groceries are way down, other than beef. Now, beef is going to come down. You know, we have to do that. You remember when I started, eggs were up by four times what they were previously.
You know, it was in two days in the office, and they told me about eggs. I solved that. Because the fact is, we have prices way down. We have prices down. Our country is doing well. The stock market is hitting record highs, like 48 times during my nine months. And just a couple of days ago, it hit another record high.
Like, really, record high. It's great. And that equates, it's not just rich people. That's 401-Ks. I mean, that equates to everybody, and the country is doing very well. But as Republicans, you have to talk about it, because if you don't talk about it. You know, I saw that they kept talking about affordability.
Well, Biden was a disaster with affordability. He had the highest inflation rate in the history of our country. But you have to talk about it. It's no good if we do a great job and you don't talk about it. And I don't think they talk about it enough, you know, they have this new word called affordability, and they don't talk about it enough.
The Democrats did, and the Democrats make it up because we took over a mess. You think of energy. Energy was so expensive, and now I have it down to half what it was.
You're right about --
As a Republican, you have to let people know that.
You're right about people feeling it. You know, when we talked about this interview happening, we had people reach out from around the country. Regina Foley messaged me, and she says she is retired in Greensboro, North Carolina. She is a registered Republican all her life. She voted for you three different times, but she is not happy about how her prices have not come down that she sees.
And she said this, "I want the Republicans to keep control of Congress in 2026 but something has to be done fast. I don't see the best economy right now. Wall Street numbers do not reflect my Main Street money. Please do something, President Trump." So, I guess, what do you say to Regina and people like her?
Well, I do say this, beef we have to get down. I think of groceries. You know, it's an old-fashioned word, but it's a beautiful word. Beef we have to get down, but we've got prices way down. And think of this, energy, she drives a car, probably, and her energy prices are way down. And energy is so all encompassing.
It's so big that when energy goes down, everything comes down. Everything follows it. And I have energy down to five, six year lows now,
Do you think prices are coming down from this?
Yes, I think they're coming down, but I think they're down already. I think the biggest problem is Republicans don't talk about it. They don't talk about the word affordability, and the Democrats lie about it. Look, when I took over and I said this, inflation was so bad under Biden, remember he had the Inflation Reduction Act.
Nine percent.
It was a scam. And he tried to lower inflation, but he caused the inflation. And he tried to lower the inflation, he took over my economy where inflation was at one percent which is perfect, one percent he drove it a nine or 10 times higher than that in a short period of time. When I took over, it was a -- it was a mess.
I have inflation way down. I have it down to a normal number right now. Lower than a normal number, in my opinion, I think. So, I do say to her -- first of all, I love her, because she voted for me three times, and I think she would vote for me again if I had that opportunity.
When you look at our exit polls in these states and you point out, they're traditionally Democratic states, but on the economy, the poll numbers are upside down. You are saying it's that Republicans don't talk about it. Do you think they are going to feel different come first quarter 26 et cetera?
Well, I hope so. You know, the Democrats lie about it. We have done a great job. We have $17 trillion of investment coming into our country. Biden had less than $1 trillion in four years. I have $17 trillion in nine months. That would mean $20 or $21 trillion. In the history of the world, there's never been a country with anything near that.
It's now, all these plants are being built. Car companies are coming back. A.I., we are leading China. You know, we are beating China. You know it. China knows it. In fact, President Xi congratulated me. He said, I want to congratulate you on turning that country around. I've never seen anything like it. And I congratulate him too.
We get along. You know, it's nice that I get along with him. But when I went to that meeting, we had a rare earth problem. When I left, we had a record purchase of soybeans. He is buying 25 billion tons of soybeans. Think of that. 25. This is numbers like nobody has ever seen before. Billions and billions of dollars on agriculture.
And I told the farmers, don't worry about it. Start thinking about buying a bigger tractor, right? I said, more land and a bigger tractor. And that's what they're doing.
Mr. President. Stand by, if you would. More with President Trump on the other side of this commercial break.
[Commercial break]
Welcome back to special report in Miami after President Trump delivered an economic speech here to the America Business Forum. Mr. President, thanks for being here. I want to talk to you about New York City real quick. You are a New Yorker. You famously, kind of had a fight with Ed Koch back in the 70s and 80s as he was a mayor.
He obviously wasn't a Democratic socialist, as you call the mayor-elect Zohran Mamdani, a communist. But is there any part of you that looks at Mamdani and says, it is good for you politically to have a big foil there that you're going to talk about for the next three years?
You know, I'm so torn, because I would like to see the new mayor do well, because I love New York. I really love New York. When I left New York for Washington, New York was doing really well, but there were some bad signs. The bad sign was a guy named de Blasio. So, the signs of de Blasio, that was the beginning, and it was bad.
This one we're going to -- look, for thousand years, communism has not worked. It just -- communism, or the concept of communism has not worked. I tend to doubt it's going to work this time.
Did you see his victory speech?
[Crosstalk]
Which literally never worked? Yes, I thought it was a very angry speech, certainly angry toward me. And I think he should be very nice to me. You know, I'm the one that sort of has to approve a lot of things coming to him, so, he's off to a bad start.
At one point, he says, turn the volume up.
[Begin video clip]
[Video clip] So, hear me, President Trump, when I say this: To get to any of us, you will have to get through all of us.
[End video clip]
How do you respond to that? Does that -- does that affect anything you're going to do?
[Crosstalk]
-- very dangerous statement for him to make, actually. And you know, you talk about danger, I think it's a very dangerous statement for him to make. He has to be a little bit respectful of Washington, because if he is not, he doesn't have a chance of succeeding. And I want to make him succeed. I want to make the city succeed.
I don't want to make him succeed. I want to make the city succeed, and we'll see what happens.
Did you see reaching out to him?
I would say he should reach out to us. Really. I think he should reach out.
Al right.
I'm here. We'll see what happens. But I would think that it would be more appropriate for him to reach out to us.
So, speaking of reaching out, is there a deal that can be made to end this government shutdown, in your mind?
Well, I think the Democrats have become radicalized. I think, you know, this never happened before. They always extend. You know, an extension is very easy. It's done all the time. You extend, sometimes you extend four or five times. I mean, they just -- they become radical -- radicalized lunatics, actually, in a true sense.
They should automatically extend, and we will make a deal as soon as they do. As soon as they do, we'll make a deal.
There is a deal in the works that they are talking about, at least. Senator Susan Collins talked to the House said, if they pass the continuing resolution now, this Friday, they'll pass the military construction, the veterans bills, maybe even other bills, and that would get veterans their checks by Veterans Day, Monday.
Would you support that?
Well, would look at it? I mean, I'm going to look at it. Should -- they should just extend it and work on it, and we ought to work on health care together, because Obamacare has been a disaster. It's going to get a big increase, but Obamacare is not great health care, and it's very expensive, and I'd love to work with them to fix it.
This is obviously, appropriations bills, one at a time, but they lump sum in. Get a continuing resolution until December or January move forward.
Let's move forward. I'd like to move forward. I'd like to get it going, but it's really up to them, and we're here. If they say yes, it's done. Because we have already -- you know, we have voted just about unanimously, almost unanimously, to move forward. We are ready to do it.
Few more things. You said Republicans should get rid of the filibuster.
Yes.
Based on what you said this morning. You don't really think the Democrats could never win the Senate again, right?
No, no. I think that if we got rid of the filibuster, we would approve so many good things, common sense, things, wonderful things, that it would be hard to beat us. If we don't, it's always going to be a slog. So, I do say this, I would say absolutely without question. I have no doubt in my mind, get rid of it, and the Republicans should do it, but they have a number of Republicans that don't agree.
And you know what? It's a question. Do I want to -- do I want to lose my relationship with those Republicans that have been very good to me for a long period of time, that voted against the crooked Democrats on impeachment and everything else? Do I want to lose them over it? I think it's a very important point.
You ever have people that are wrong, but you can't convince them? So, do you destroy your whole relationship with them or not? I'd be close to losing it, but probably not.
How worried are you about the Supreme Court decision on your emergency power, on tariffs? The hearing today, a lot of people were trying to read through the tea leaves. What the justices were asking. Some were saying they were overly skeptical. You can't really do that in supreme court hearings. But how worried are you that they may unwind this thing?
Well, I heard the court case went well today, but I just heard that a little while ago, because, as you know, it was just two hours ago that they finished up. But I will say this, it would be devastating for our country if we lost that. Devastating. I think it's one of the most important, maybe the most, but one of the most important cases in the history of our country.
I think, taking tariffs away so that we can have national security. As an example, President Xi, he hit us with the rare earths, and I hit him with a tariff. A hundred percent tariff on top of all the other tariffs that you are paying. And they called in 10 minutes, and we made a deal.
And you are saying, you are happy with what you came out of.
If I didn't have tariffs, we wouldn't -- we would, right now, the entire world would be in a depression, because, you know, that wasn't a threat against us. That was a threat against the entire world. I did this for the world. But, yes, I would say that I, and I can guarantee you this, if I didn't put 100 percent tariff immediately on China, the entire world -- because of magnets, a special kind of rare earth, et cetera, right?
We'd be close up without the benefit of tariffs. We would not we had a very successful meeting with President Xi of China and others. And without tariffs, that would not have taken place.
Well, we appreciate the time. There is a lot going on all at once. I asked you about foreign policy, but I know you have to hit the road. So, thank you so much.
Thank you very much. Appreciate it.
Appreciate it.