Commerce Secretary Howard Lutnick Opening Statement

Forbes Breaking News

Commerce Secretary Howard Lutnick delivers his opening statement to the Senate Appropriations Committee.

Transcript

00:00Thank you, and thank you all the members of this committee for having me here today.

00:05I very much appreciate coming to visit with you.

00:09Chairman Moran, Ranking Member Van Hollen, and members of the subcommittee,

00:14it's an honor for me to join you today.

00:18America is once again the most attractive destination for investment in the world.

00:25Under President Trump's leadership, the Department of Commerce is strengthening American industry

00:32from those that are the most popular to those industries that have been long ignored.

00:39We are focused on building in America and driving our economic growth.

00:44We will narrow the deficit of this country, both the trade deficit and our budget deficit,

00:50and we will deliver a new era of American innovation.

00:54Businesses are no longer looking overseas.

00:57They are choosing to invest in America first.

01:01Through the President's executive order establishing the investment accelerator,

01:06the Department of Commerce has already secured trillions, trillions of dollars in new commitments

01:12from world-class companies and sovereign wealth funds eager to build and invest here in the United States of America.

01:20This surge in investment paired with renewed commitment to fair and reciprocal trade is reigniting American manufacturing.

01:30We are bringing car manufacturing back to Michigan and Ohio.

01:34We are reopening steel mills in Pennsylvania.

01:37Just last month, I went out to Arizona and welcomed the largest semiconductor investment

01:43in the history of the United States of America, $165 billion, thanks to an investment of TSMC.

01:50With respect to CHIP's deals, we are improving those commitments to more than $300 billion,

01:58doubling the previous investment of those companies receiving CHIP Act awards

02:03without costing the United States taxpayer a single additional dollar.

02:10Our Commerce Department is driving substantial investments across America.

02:15Critically, the President's America First agenda goes beyond just economic growth and investment.

02:21The President is taking concrete actions to protect American workers and our national security.

02:28Under Section 232, the Commerce Department is conducting numerous investigations to protect,

02:35to reassure, and revive manufacturing capacity across our critical industries here in America.

02:43The Trump administration is imposing tariffs and ending loopholes.

02:47In April, we ended the de minimis loophole, which allowed foreign companies to avoid paying tariffs

02:54to ship small shipments into America, completely undercutting and undermining American small businesses.

03:02New export controls are protecting cutting-edge technologies,

03:06and finally, protecting critical industries and American innovation.

03:11In fact, the Bureau of Industry and Security, working with our partners in the Department of Justice,

03:17secured 22 criminal convictions, 32 arrests, 38 indictments, 231 detentions,

03:24We've seized goods of $185.5 million, and additional seizures of another $40 million.

03:33Under this administration, the U.S. Patent and Trademark Office is tackling a mountain

03:38of unexamined patent applications left by the Biden administration, over 800,000.

03:44And we're successfully reducing the backlog for the first time in four years.

03:49In the past four months alone, we've removed 50,000 fraudulent goods and services from the trademark register

03:57that blocks the legitimate use of American businesses.

04:01Many of these purported trademarks come from what they call a specimen farm,

04:06which is basically a fake website produced by AI, producing fake products that aren't really for sale.

04:13And we ended them.

04:15At NOAA, we are transforming how we track storms and forecast weather with cutting-edge technology.

04:21But remember, not cutting any instruments or data.

04:26We're adding.

04:26We're improving the understanding and prediction of how hurricanes intensify.

04:32This season, NOAA's research centers will deploy new small aircraft drone systems

04:38and additional underwater gliders.

04:40This year, the National Weather Service will be running experimental AI-based forecast systems,

04:46and all data will be publicly available.

04:48Together, this commitment to innovation means earlier warnings

04:51and increased accuracy for Americans, no matter where they live.

04:54For far too long, America has not protected its workers and its industry.

04:59Thanks to President Trump and this administration's efforts,

05:03we are reversing this trend.

05:05We are reshoring critical manufacturing.

05:07We are eliminating unfair trade barriers and practices.

05:10We are investing in our American workforce.

05:13And with your help, we will continue to deliver growth and prosperity to Americans.

05:18Thank you for that. I appreciate it.

05:20Mr. Secretary, thank you.

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