In a major escalation of U.S. defense policy, President Donald Trump has ordered a quadrupling of America’s nuclear warhead production, sending a strong and unmistakable signal to rivals like China, Russia, and North Korea. The bold move, described by Trump as “very big,” marks a dramatic shift in global nuclear posture.
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NewsTranscript
00:00Well, thank you very much. We have a very big announcement today. It has to do with nuclear, energy and other things. And this is all nuclear. It's a hot industry. It's a brilliant industry. You have to do it right. It's become very safe and environmental. Yes, 100 percent.
00:18So I'm going to ask Doug Burgum to talk about it a little bit to start and maybe Will, you'll follow him up. Yes, sir. And we're going to have Pete Hanks speak from a military standpoint. But this is very all inclusive. We're signing tremendous executive orders today that really will make us the real power in this industry, which is a big industry. Doug, why don't you go ahead?
00:45Well, thank you, President Trump. This is a huge day for the nuclear industry. Mark this day on your calendar. This is going to turn the clock back on over 50 years of overregulation of an industry.
00:56America has always, American greatness has always come from innovation. And we were very innovative. We led post-World War II in all things nuclear. But then we've been stagnated. We've choked it with overregulation.
01:08Today, Will is going to walk us through a series of four executive orders. Each of these help attack separate issues that have held back this industry.
01:18And with us today, we've got a number of CEOs from the industry representing some of our largest nuclear providers, but also a big change.
01:25This is a time when capital and competition has finally come to this industry. We've got venture capital. We've got startups coming into all aspects of small, modular nuclear.
01:33And we've also got an EO that's talking about the importance of us having a secure supply chain of being able to get that fuel load here in the United States as opposed from foreign sources.
01:44This has impacts on national security, on our defense. And again, President Trump here today has committed to energy dominance.
01:53And part of that energy dominance is that we've got enough electricity to win the AI arms race with China.
01:59What we do in the next five years related to electricity is going to determine the next 50, because this is the first time in history where electricity can be translated into intelligence.
02:09And we need that intelligence for every aspect of our economy, but also for defense.
02:14Pete Higseth in the Department of Defense has been a key part of this, and this is going to help us make sure that we're providing the defense we need, where we need that AI, need the electricity, but also to secure our bases here at all and around the world.
02:28Secretary?
02:29Sure. I'll just add to that if we're going to Will.
02:32Energy security is national security.
02:34If we don't have reliable energy for our basing, for our troops, whether forward deployed or domestically, we're vulnerable.
02:44So by having small, modular nuclear capabilities, which are rapidly being fielded, that we can use on our bases here and around the world, we're creating an environment where if things happen elsewhere, the military can be relied upon.
02:57Also, we need, we're including artificial intelligence in everything we do.
03:02If we don't, we're not fast enough.
03:04We're not keeping up with adversaries.
03:05You need the energy to fuel it.
03:07Nuclear is a huge part of that, modular or otherwise.
03:10So we're going to have the lights on and AI operating when others do not, faster than everybody else because of nuclear capability.
03:18So this is a big game changer for us as well.
03:20And we're also talking about the big plants, the very, very big, the biggest.
03:24We're going to be doing them also, but we're going to start off a little bit.
03:29I think our focus today is the smaller module, but included in this group, we're also doing big plants where needed.
03:36They won't be needed too much, but they'll literally be able to do it in the entire state.
03:42And you've read a lot about cost overruns in a couple of states that were pretty significant, but we're not going to have cost overruns.
03:48And the technology has come a long way, both in safety and cost and everything else.
03:53Would a couple of you guys like to talk about your companies and you want to say anything?
03:58Joe, why don't you kick it off?
04:00Sure.
04:00My name is Joe Dominguez.
04:01I run Constellation Energy.
04:03We have about 25% of the nation's fleet.
04:06We're the largest publicly traded nuclear company in the world.
04:10We're in the middle of a merger with Calpine.
04:12And once completed, we will be the largest electric producing company in the world.
04:18About enough power to produce, to cover all of Mexico, actually.
04:22I didn't know that when we talked.
04:24You're so modest.
04:25I can't believe it.
04:26That's normally not said about me, Mr. President.
04:29I'm very impressed.
04:30Go ahead.
04:32So you think it's got a great future?
04:34Yeah.
04:34Well, absolutely we do.
04:36And the big change here is not only the technology has come around, but we have some of the largest
04:41companies in the world, the hyperscalers, who need this energy for AI, who are now working
04:47with us to fund the development and construction of the next generation nuclear.
04:52Nuclear is a 24-7 resource.
04:56These data centers run 24-7.
04:58Some of them will cost $200, $300 billion, and they want to run them all of the time.
05:04So we can't use intermittent resources.
05:06We need something that's always on 24-7, and nothing does that better than nuclear.
05:12The problem in the industry has historically been regulatory delay.
05:16Mr. President, you know this because you're the best at building big things.
05:21Delay in regulations and permitting will absolutely kill you, because if you can't get the plant
05:26on, you can't get revenue, and the interest costs are horrible.
05:30We're wasting too much time on permitting, and we're answering silly questions, not the
05:36important ones.
05:37For example, let me give you an example.
05:39In three places in this country, we're trying to license new reactors at sites that already
05:45have reactors.
05:47Yet, I have to spend $35 billion at each site just for the NRC to do an analysis that says
05:54this is a good place for nuclear.
05:57Well, guess what?
05:57We've been running nuclear in that community for four decades.
06:00Why are we even asking that question?
06:02I'd rather spend that $35 million, three times $105 million, perfecting the design, start
06:09building the foundation, and getting going.
06:12We need to do this for America.
06:14Are we doing something about the regulatory in here?
06:17Oh, yes, sir.
06:18You are, sir.
06:19Because that's going to be a big factor.
06:20Yes, sir.
06:21That issue I just described will be addressed in this EO, and many other issues that we don't
06:27have time with the president to cover.
06:30You say it's very, we've contemplated just about everything, right?
06:34Well, this, Mr. President, this Energy Dominance Council that you have created is something I
06:41haven't seen in 30 years.
06:42It brings together all the pieces of government in one place to expedite the process.
06:48Under Secretary Burgum's leadership, this has been an amazing, amazing thing.
06:53It used to be the case that I'd have to run to about five different places in Washington
06:58to get one answer.
06:59That's great.
07:00And now it's all together in one place.
07:02So all I know about Secretary Burgum and Secretary Wright is if we haven't gotten it right, we'll
07:07get it right shortly, and there'll be another order for you to sign.
07:09Thank you so much for your attention.
07:11Jesse, you want to say something?
07:13Well, I was just going to say commercial nuclear, a bit of an unsung hero.
07:16And I just want to thank you, Mr. President, Secretary Burgum, Secretary Wright, for bringing
07:21this attention to commercial nuclear.
07:23We have the largest and most safe fleet right here in the United States.
07:28And upon that, we have fantastic innovation that's being brought forward.
07:33And it's going to come in all shapes and sizes, and it's going to actually be coming through
07:38some of these companies that you see represented here.
07:40We're going to have great jobs.
07:42We're going to have wonderful energy.
07:44And we're going to be ready.
07:45So thank you, Mr. President, for leaning in.
07:47Appreciate it.
07:48Great job, you have your time, too.
07:49How about talking about your company and the job you're going to do?
07:52Yes, thank you, Mr. President.
07:53Well, first of all, a little MIT nuclear connection that goes back into a million for you.
07:57So yeah, we're working on small reactors.
07:59I'm Jacob DeWitt, CEO, co-founder at Oak Globe.
08:02Working on small next-generation reactors that take technology, America invented, developed,
08:06and pioneered, and bringing it to the market after it sat on the shelves of history for
08:09about 40 years.
08:10And it's because of the actions that you're doing today that are going to help unleash that.
08:13Changing the permitting dynamics is going to help things move faster.
08:17We're seeing private investment flow into this space like we've never seen before.
08:20We went public about a year ago.
08:23One of the most successful, actually, go public outcomes for a transaction like that
08:26for a small nuclear company because the market needs this and wants this.
08:29And under your leadership, creating the Dominance Council, I mean, it's hard to overstate the
08:34value of that.
08:35And nuclear is a manifestation of energy dominance.
08:37In fact, a golf ball of uranium metal, which this is not, but it's a golf ball, has enough
08:43energy continent to power your entire life's energy dominance.
08:45I mean, it doesn't get any better than that.
08:47And to get back to building, nuclear uses the fewest materials, right?
08:51The least amount of concrete, of steel, of fuel for amount of energy it produces.
08:55So it should be the cheapest, the most scalable, the most sustainable, just like you mentioned,
08:59Mr. President, about the importance of doing that, right?
09:01The physics are on our side.
09:02And these things help unleash this innovation to actually realize that.
09:05So it's never been more exciting.
09:08Very exciting indeed.
09:09Go ahead, please.
09:10And I'm Scott Nolan, CEO of General Matter.
09:12We're an American enrichment company trying to bring back the U.S.'s lead in producing nuclear
09:18fuel.
09:18So just like car engines need fuel and nuclear reactors need fuel, right now the U.S. is completely
09:23dependent on other countries to make the key step of enrichment in this fuel.
09:27And these executive orders are going to pave the way for the U.S. to regain its lead.
09:31So we really appreciate it.
09:32Will you be doing the AI plans?
09:34Because we have a lot of them going up now, or soon going up, and they need tremendous
09:39electricity.
09:40Are you going to be involved in many of these?
09:41Yes.
09:42Will a lot of them be using nuclear?
09:45Some are using oil and gas.
09:47Some are using different things.
09:48Many of them will be, I think.
09:49It just makes a lot of sense.
09:51Nuclear is a perfect solution, and that's where most of them are interested.
09:54Good luck.
09:55That would be great.
09:57It's going to be, yes.
09:58Okay, Will, please.
09:59The first executive order we have for you relates to the issue that Secretary Hexit was
10:04speaking to, which is the need for incredible amounts of power at defense installations and
10:09also at AI-focused installations.
10:12What this executive order will do is speed up the approval and adoption process for specialized
10:17nuclear reactors at these sorts of sites.
10:20It also involves the Department of Energy making available the necessary fuel stock.
10:24It also creates a special envoy position and a strategy around nuclear technology export,
10:31the idea being that we can grow American industry on the back of foreign purchasers who are
10:35interested in this sort of technology as well.
10:38I'm just thinking, as you say, that I just said, what about auto pens?
10:43Could I use an auto pen?
10:44What did Biden do?
10:45Did he have an auto pen at the desk?
10:46Nuclear power.
10:47No, he didn't do events.
10:49He used nuclear power.
10:51You know, he didn't do events like this, I guess.
10:54So, otherwise, you know, you walk it to the other side of the room, have an auto pen sign
11:00in, right?
11:00Here it is.
11:01It's phase one.
11:03Very big phase.
11:04Very important phase.
11:05Sir, this next executive order is intended to reform the Nuclear Regulatory Commission.
11:18You heard a few of the people here speak about the complex regulatory processes that have
11:22really held the nuclear industry back.
11:25Before 1978, there were 133 reactors built in the United States.
11:30Since 1978, only two new commercial reactors have come online.
11:35That's because of over-regulation.
11:37And the goal of this executive order is bringing that regulatory process into line with the actual
11:43needs of the industry and public safety with an end goal of quadrupling the amount of nuclear
11:49power production in the next two and a half decades.
11:51It's fantastic.
11:53It's exciting, right?
12:00There you go.
12:03This next executive order relates to nuclear reactor testing, sir.
12:07The degree of over-regulation and governmental inaction in this space in particular has had
12:13the effect of throttling development of new, highly modernized nuclear reactors that could
12:17really revolutionize the field of nuclear power generation.
12:21So, this executive order, it orders a revised regulatory process to speed this whole process
12:28while preserving, obviously, core safety concerns.
12:31It also creates a new pilot program with an expectation that we will have three new experimental
12:36reactors online by July 4th next year.
12:39That's amazing.
12:41That's exciting.
12:47Okay, come on.
12:49Lastly, sir, we have an executive order on reinvigorating the nuclear industrial base.
12:54There are a number of core issues here, including the issue with fuel feedstock that one of the
13:00speakers mentioned before.
13:02This executive order, among other actions, includes an invocation of the Defense Production Act
13:08in order to spur a closer collaboration with private industry to ensure that we have the fuel
13:13supplies we need for a modernized nuclear energy sector.
13:18In addition to that, it includes crucial provisions relating to the development of a nuclear energy
13:24sector workforce and a number of other key building blocks to the overall nuclear industry that
13:30we're trying to spur here.
13:31We have one more for you here, sir.
13:43This doesn't directly relate to nuclear energy, but it's on a similar subject.
13:49This executive order is entitled Restoring Gold Standard Science.
13:53One of the issues that we've had in recent decades is that government policy has been made on the
13:59back of junk science, scientific studies and findings that have included conflicts of interest
14:05or scientific misconduct.
14:06The purpose of this executive order is to recenter policymaking around gold standard science,
14:12scientific efforts that have followed, appropriate scientific methods that don't include those
14:17sorts of conflicts of interest, and to ensure that when departments and agencies are relying
14:22on scientific studies to promulgate rules, to promulgate regulations, that the science that
14:27they're relying on is highly, highly reliable and available to the public.
14:33He did a very good job.
14:34He did.
14:35He did.
14:35How many people here could have done that?
14:37I don't know.
14:38I think a lot.
14:41Good job, Will.
14:42Thank you, Mr.
14:49Is that it?
14:50That's all we have for you now.
14:52That's it.
14:57Do you have any questions for these brilliant people?
15:00They are brilliant people, aren't you?
15:01Do you have a question for you?
15:03Mr. President.
15:03Mr. President, I'm here, sir.
15:05A lot of the concern over the years has helped the New Yorkers react to not seem.
15:10Are you satisfied to proceed?
15:11Yeah, we are.
15:12It's become a very safe, actually it's become very safe, and tremendous work's been done on
15:17that more than anything else, and it's really the automatic shutoffs.
15:21There's so many different things that they have now that they would have never had.
15:24You know, my uncle was a great nuclear person years ago, and that was a different, if you
15:31would have asked that question probably, it would have been a much different answer.
15:34But they have tremendous shutoff power and other powers, and very redundant, as I understand, at a level that nobody's ever seen before.
15:44So it's safe.
15:45And we're going to do a lot of the small ones, and we're going to do some of the big ones.
15:49But yeah, very safe, safe and clean.
15:53Let's keep it on this for a little while.
15:56Let's keep it on the nuclear end, and if you want to ask something else, which you might,
16:00we'll do that.
16:01I'm nuclear, Mr. President.
16:02Yeah, please.
16:02Yeah, we're going to get it very fast, and we're going to get it very safe, and we're
16:13going to get the people in and out, and they're going to do plants.
16:17In many cases, they'll do three or four smaller ones and put them together.
16:20That's what France has done.
16:22France has done a good job of this for years.
16:24And they, as I understand it, they had basically one plan.
16:29And if they needed more, they'd do three or four or five of them.
16:32I don't know.
16:32We have to go that far.
16:33But, you know, there's something about building one big one.
16:36But we'll build the big ones, too.
16:38We're going to have, I think we'll be, I would say we'll be second to none, because
16:42we're starting very strong.
16:44But we, it's time.
16:46It's time for nuclear, and we're going to do it very big.
16:49Yeah, please.
16:49Mr. President, what about the European Union?
16:51You said that negotiations are going nowhere.
16:54Where are the kind of points where they're moving?
16:57I've been saying to everybody, they've treated us very badly over the years.
17:01It was formed in order to hurt the United States, in order to take advantage of the
17:06United States.
17:07And they've done that.
17:08We have a big deficit with them.
17:10They sell millions and millions of cars, as you know, Mercedes and BMW and Volkswagen and
17:16many others.
17:17And we, we were restricted from, essentially restricted from selling cars into the European
17:23Union, which is not nice.
17:25And I just said, it's time that we play the game the way I know how to play the game.
17:31You know, nobody, they've taken advantage of other people representing this country, and
17:36they're not going to do that any longer.
17:37Yeah.
17:37Mr. President, if you are a deal maker, deal breaker, what are you hoping to achieve with
17:43a 50 percent terrorism?
17:45Well, I think this is, there's no, there is no terror, because what they'll do is they'll
17:49send their companies into the U.S. and build their plant.
17:53You know, we have, I guess, over $12 trillion practically committed.
17:57You look at other presidents, they haven't had a trillion dollars for, for a year, for
18:02two years, for three years.
18:04We have numbers.
18:05Nobody's ever seen numbers like we have.
18:06And if they build their plant here, then they have no tariff at all.
18:10Are you looking for a deal in nine days?
18:13Will you be able to do this?
18:15I'm not looking for a deal.
18:16I mean, we've set the deal.
18:18It's at 50 percent.
18:19But again, there is no tariff if they build their plant here.
18:23Now, if somebody comes in and wants to build a plant here, I can talk to them about a little
18:27bit of a delay.
18:28But, you know, while they're building their plant, which is something I think that would
18:31be appropriate, maybe, we'll determine that.
18:35Is there anything the EU can do?
18:37I don't know.
18:37We're going to see what happens.
18:38But right now, it's going on on June 1st.
18:42And that's the way it is.
18:43No, they haven't treated us properly.
18:45They haven't treated our country properly.
18:47They banded together to take advantage of us.
18:50And the people behind me know, because they had some of that with their industry.
18:55But generally, you know, we signed a great deal with the United Kingdom.
19:01We have numerous other deals that are ready to be signed.
19:04We have we've signed a deal with China.
19:07We have some really amazing deals.
19:10But the European Union, I mean, the sole purpose was really to not to hurt us, but to
19:16take advantage of us.
19:17And we're not going to be taking advantage.
19:20So then, Mr. President, on Apple, you said this morning that if they don't make their
19:25iPhones in the U.S., they're going to hit them with a 25% tariff.
19:29Right.
19:29Do you have the power to tariff one single company?
19:32And why would you want to hurt an American company in that way?
19:35It would be more.
19:36It would be also Samsung and anybody that makes that product.
19:39Otherwise, it wouldn't be fair.
19:40So anybody that makes that product and that'll start on, I guess, the end of June, it'll come
19:46out.
19:46I think we have that appropriately done by the end of June.
19:49And so if they make that product now, again, when they build their plant here, there's
19:56no tariff.
19:57So they're going to be building plants here.
19:59But I had an understanding with him that he wouldn't be doing this.
20:02He said he's going to India to build plants.
20:04I said, that's OK to go to India, but you're not going to sell India without tariffs.
20:07And that's the way it is.
20:10What makes you confidence are that Apple can build in the United States at a price in
20:17America?
20:18Oh, they can.
20:18No, they can.
20:19A lot of it's so computerized now.
20:22These plants are amazing if you look at them, but they can do that.
20:25And actually, as you know, Apple's coming in with $500 billion.
20:31So are the chip companies.
20:32We have all of the chip companies coming in.
20:34The biggest $500 billion, $200 billion, $250 billion they're spending.
20:40But we're talking about the iPhone now.
20:42And, you know, the iPhone, if they're going to sell it in America, I want it to be built
20:47in the United States.
20:48They're able to do that.
20:49When you say that Walmart should keep the cost of the tariffs, is that an acknowledgment
20:53that it is West companies that bear the front of tariffs, not foreign companies?
20:58Sometimes the country will eat it.
21:00Sometimes Walmart will eat it.
21:02And sometimes there'll be something to pay, something extra.
21:05I've always been a fan and I've always believed.
21:08And if you look, take a look at what I did four years ago.
21:12We had the greatest economy and we had no inflation.
21:15Remember that.
21:16We had no inflation.
21:17And yet we had hundreds of billions of dollars of tariffs that I put on China.
21:23Yet we had no inflation.
21:24We had no big cost differential.
21:27Oftentimes, and I don't like it when a department's doing it because they'll do a lot of business.
21:33But, you know, they announce record profits and everything else.
21:36They have to take out some of their profits.
21:37They'll make a little bit less money.
21:39But I don't want the consumer to pay.
21:42But why do you post tariffs that you know are hurting American businesses?
21:46They're not hurting.
21:47They're helping because they're creating jobs in America.
21:50We're creating tremendous amounts of jobs in America like you've never seen.
21:53We're having investment in America.
21:55We're not getting ripped off by every country in the world.
21:57We've been ripped off by every country in the world.
22:00They're making their product.
22:01They sell it.
22:02They don't give our people the jobs.
22:04They make them with other countries' jobs.
22:05And we will have something that nobody will ever see again, I think.
22:11I think we have a potential to do numbers that we never envisioned in the wild this year.
22:17Look at what's happening.
22:18$10 to $12 trillion in literally a couple of months.
22:24It's not nothing like that's ever happened.
22:27It's a very special.
22:28We're doing a very special thing.
22:30We want if they're going to sell it here, generally speaking, not for all products.
22:33There's some products we don't want to make.
22:35And frankly, we're much better off getting them elsewhere.
22:38But for certain products, we want cars.
22:40We want to make cars.
22:41We don't want to have, and I like Canada very much,
22:44but we don't want to have Canada making our cars.
22:46We want to make our cars.
22:47Oh, it's a phone call.
22:48Do you mind?
22:49Hello?
22:51Okay, it's only a congressman.
22:57I'd let you know.
22:58Mr. President, are you considering stopping other universities from taking foreign students?
23:03It's a different congressman.
23:07They're all congratulating us.
23:12Yeah, it's lucky it is.
23:13Okay, let's go.
23:15Are you considering stopping other universities besides Harvard from accepting foreign students?
23:19Well, we're taking a look at a lot of things.
23:21And as you know, billions of dollars has been paid to Harvard.
23:25How ridiculous is that?
23:27Billions.
23:28And they have $52 billion as an endowment.
23:31They have $52 billion.
23:33And this country is paying billions and billions of dollars and then gives student loans,
23:39and they have to pay back the loans.
23:40So Harvard's going to have to change its ways.
23:43And so are some others.
23:46On that note, a lot of CEOs in the United States, big companies, are for it.
23:53What is that going to do?
23:55I'm fine with that.
23:56I'm fine with that.
23:57No, we want to do that.
23:59We're actually going to be doing something in the near future that's going to make it possible
24:04for people to come into this country and come in and, you know, have a road toward citizenship.
24:09And I think it'll be very exciting, but it's too soon to speak.
24:11You don't think that any students want the best and brightest from around the world to come to Harvard?
24:16I do.
24:16I do.
24:17But a lot of the people need remedial math.
24:21Did you see that?
24:22Where the students can't add two and two and they go to Harvard.
24:26They want remedial math, and they're going to teach remedial math at Harvard.
24:32Now, wait a minute.
24:32So why would they get in?
24:34How can somebody that can't add or has very basic skills, how do they get into Harvard?
24:40Why are they there?
24:41And then you see those same people picketing and screaming at the United States and screaming
24:45at, you know, they're anti-Semitic or they're something.
24:49We don't want troublemakers here.
24:52But how do people that can't, when Harvard comes out with a statement that they're going
24:55to teach some of their students remedial math, that's basic math, that's not the deal.
25:01Okay, and anybody?
25:03Is it bad?
25:05Are there other countries you're considering shortening the 90-day pause on carrots for?
25:11And then are there specific steps you're looking for to eat?
25:13We have a lot of requests and, you know, you don't have the people to handle it, frankly.
25:18Everybody wants to make a deal.
25:20I'm sure now the European Union wants to make a deal very badly, but they just, they don't
25:26do it right.
25:27They don't go about it right.
25:28The other thing they do is they sue our companies all the time.
25:31You know, they have suits where their judges, I don't know if they're appointed by them,
25:36but they're definitely Europe-centric, and we're not going to stand for it.
25:42They won a $17 billion lawsuit for Apple, and I read that case, and that's not a case
25:48that should have been won.
25:50They're suing other of our companies.
25:51They use this as a weapon, but they use it really to raise funds for what they do.
25:56It's almost like a fundraising mechanism, so we add that to the fact that they do the
26:01non-monetary tariffs and lots of other trading, you would call them trading barriers.
26:07They don't take our cars.
26:08They don't take our agriculture.
26:10They don't take anything, but we take their cars by the millions, and therefore they have
26:15the jobs, they get the money, and we get closed plans.
26:18It's not going to happen that way anymore.
26:19Thank you very much, everybody.