25:45 THE STEEL INDUSTRY

Earlier today President Trump hosted a small business roundtable at the White House with various business owners to discuss the economy and the removal of regulatory hurdles. [Video and Transcript Below]

THE VICE PRESIDENT: Mr. President?

THE PRESIDENT: Yes?

THE VICE PRESIDENT: If I may, just based on what you just said, Dana Weber is in the steel industry —

THE PRESIDENT: Okay. Let’s go. I hope you back me up.

THE VICE PRESIDENT: — and had a few things she wanted to share before —

THE PRESIDENT: I hope I get backed up here. (Laughter.)

MS. WEBER: I am absolutely going to back you up.

THE PRESIDENT: Good.

MS. WEBER: I’m going to tell you that — first of all, you’re the first President in the 40 years plus I’ve been in this business that’s actually stood up for manufacturing. And I want to say thank you.

The tariffs and the trade policies that you have, have made a huge difference for us and a big difference. We are investing at record levels — we have over the last three years. We are paying profit-sharing bonuses and wage increases at record levels over the last years. And we are having companies, customers come out of the woodwork that we didn’t even know existed — coming to us because — to inquire and to buy steel from us. We made specialty steel tubing.

So you have made a tremendous difference.

THE PRESIDENT: Great, Dana. That’s great.

MS. WEBER: And that’s on top of all the tax relief and the regulatory burdens that I just want to — as I said earlier, please keep doing what you’re doing for at least five more years. (Laughter.)

THE PRESIDENT: Good. We love the word, “at least,” — the words. (Laughter.) They like to hear that. Thank you, Dana.

No, it’s been a big difference in the steel indus- — and many industries. But the steel industry, in particular, was — we weren’t going to have a steel industry. And that’s so unacceptable, even from a defense standpoint. I mean, can you imagine if we have to — if we need — if we need steel and we have to go to another country to get steel? And that was what was happening. Everything was closing down — and very unfairly and done with purpose. I mean, these people were coming in with a purpose — a negative purpose.

So they’re not too happy, but our people are very happy. And the industry is doing fantastically well. It will soon be at numbers that will be almost like the old days and maybe like the old days.

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