Have you seen the markets yet today, sir?
Tariff negotiations are going very well. We're dealing with many, many countries. They all want to be involved with America. Be careful, fellas. They all want to be involved with America and we have a lot of action going on. We're making a lot of money, this country. This country is not going to be losing money on trade anymore.
We were losing $2 trillion a year on trade, now we're going to be making money, a lot of money. So that's very good. Every country wants to partake, even countries that have ripped us off for many, many years. China is an example. But it's not just China, European Union, they ripped us off for many, many years and those days are over.
We're going to make a lot of money for our people. We'll be able to lower taxes substantially and we're going to be proud of ourselves. We're not going to be a laughing stock that got taken advantage of by virtually every country in the world.
We thought you said you were going up to [Inaudible] a flag. What was going on?
We're putting up a beautiful, almost 100-foot-tall American flag on this side and another one on the other side, two flags, top of the line. And they've needed flagpoles for 200 years. It was something I've often said. They don't have a flagpole, per se. So we're putting one right where you saw us and we're putting another one on the other side, on top of the mounds.
It's going to be two beautiful poles. Paid for by Trump. What?
When do the flags -- when do they --
They arrive in about a week or so.
On China, can you clarify, Mr. President, on China? Were you thinking about lowering their tariffs?
Yeah, we are going to have a fair deal with China. It's going to be fair.
Are you talking to them actively, now?
Actively, everything's active. Everybody wants to be a part of what we're doing. They know that they can't get away with it any longer, but they're still going to do fine and we're going to have a country that you can be proud of, not a laughingstock all over the world for many years. And 1913, they traded to the income tax system.
We used to be all tariff, and we had no income tax and we had the wealthiest country we've ever had, proportionately, from about 1870 to 1913. It was all tariffs and we had more money than anybody. They had committees, how to spend the money. They had so much money, they didn't know how to spend. Then some brilliant person said, let's go income tax.
Let's let the people pay. Now, we're going to be able to substantially lower taxes when this is finished. does Yeah, please, go ahead.
How does it look in the meantime? Are you considering lowering tariffs on China while you're negotiating?
It looks good. Yeah, no, it looks good. It looks good. We were losing anywhere from $3 billion to $5 billion a day. Think of it, were losing billions of dollars a day under Biden and other presidents, frankly. But under Biden, it got really worse. China got out of control. We're losing $1 trillion a year trillion, not a billion, not a million, a trillion.
And now we're going to be making money with everyone and everyone's going to be happy. But we're no longer going to be the country that's ripped off by every country in the world. Thank you very much.