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00:00Renovation, Powell actually corrects or tries to correct Trump on the exact cost of the budget overruns that Trump has suggested could be grounds for firing Powell.
00:12But what was interesting is coming out of that, Trump was actually said, you know, I don't think this really warrants terminating him and seemed to kind of slam the door on it.
00:20Of course, Powell's term as chairman ends in May of 2026.
00:25So it seems like Trump is just going to try to run out the clock.
00:30And thank you to our Fox 5 DC team for that coverage as you are taking a live look right here at the U.S. Capitol.
00:39And we were hearing just moments ago from our Fox 5 DC team on the Hill regarding the exchange between President Trump and Fed Chair Jerome Powell as President Trump was touring the Federal Reserve Building's construction project.
00:57I did want to play out just a very brief part of that exchange.
01:01If you were not able to watch it, there's some tension there between the president and Powell.
01:07Well, thank you very much.
01:35We're looking at the construction and we're with the chairman, as you know.
01:40Chairman, come on over.
01:42And we're just taking a look at what's happening.
01:44You know, it's a tough construction job.
01:47They're building basements where they didn't exist or expanding them and a lot of very expensive work.
01:52There's no question about it.
01:53And Tim has been with me for a long time.
01:58And you're in charge of the committee.
01:59Indeed.
01:59One of the reasons I wanted to see it was the overruns of the expenses.
02:03We wanted to figure out why.
02:06So we're taking a look.
02:08And it looks like it's about $3.1 billion.
02:11It went up a little bit or a lot.
02:13So the 2.7 is now 3.1.
02:17I'm not aware of that.
02:18Yeah, it just came out.
02:20Yeah, I haven't heard that from anybody at the Fed.
02:24Yeah, it just came out.
02:28Our notes said it about 3.1 as well.
02:313.1.
02:313.2.
02:32This came from us?
02:33Yes.
02:34I don't know who does that.
02:36You're including the Martin renovation.
02:40You just added in a third building is what that is.
02:44That's a third building.
02:45It's a building that's being built.
02:47No, it was built five years ago.
02:50We finished Martin five years ago.
02:51It's part of the overall work.
02:54So we're going to take a look.
02:58We're going to see what's happening.
03:00And it's got a long way.
03:02Do you expect any more additional cross-overlines?
03:05Don't expect them.
03:06We're ready for them.
03:08But we have a little bit of a reserve that we may use.
03:11But no, we don't.
03:12Expect to be finished in 2027.
03:15We're well along, as you can see.
03:18Nice to take these off every once in a while when we're not under too much danger.
03:23So any questions?
03:25Mr. President, as a real estate developer, what would you do with a project manager who would be over budget?
03:32Uh, generally speaking, what would I do?
03:36I'd fire him.
03:36Do you think this issue, Mr. President, gives you co-ops to do that?
03:40Well, I'm here just really with the chairman.
03:43He's showing us around, showing us the work.
03:45And so I don't want to get that.
03:46I don't want to be personal.
03:47I just would like to see it get finished.
03:50And in many ways, it's too bad it started.
03:53But it did start.
03:54And it's been under construction for a long time.
03:59It's going to be a real long time.
04:01Because it looks like it's got a long way to go.
04:03Yes, sir.
04:03So, Mr. President, are there things the chairman can say to you today that would make you back off some of the earlier criticism?
04:10Well, I'd love him to lower interest rates.
04:13Other than that, what can I tell you?
04:15The country is doing really well.
04:17I just briefed the chairman on the deal we've made with Japan.
04:19Japan is putting up $550 billion in order to lower their tariffs a little bit.
04:25That way they have a little bit lower tariff.
04:27And they also opened their country to free trade, which nobody thought was even a possibility.
04:33And we get a zero tariff in the free trade.
04:38We don't pay tariffs.
04:39And they're going to pay 15% on everything they send into our country.
04:43So it's great.
04:44But they put up, as you could call it, seed money.
04:48Let's call it seed money.
04:49You could call it anything you want.
04:50But it's a total of $550 billion.
04:55So nobody thought any of that was possible.
04:58And it's wonderful.
04:59And we're doing pretty well with the European Union, likewise.
05:03And we have some others.
05:04They're all really big.
05:05And our country is going to make a lot of money.
05:07We would be helped if interest rates would come down.
05:09But we're going to see how the board rules on that soon.
05:12I'd love to see them come down a lot.
05:15But we have a country that's thriving.
05:17We had a dead country one year ago.
05:20Today we have the hottest country anywhere in the world.
05:23And we'll get this one finished.
05:24Mr. President, do you speak to Jerome Powell?
05:27We did want to play out the latest exchange between President Trump and Federal Reserve Chair Jerome Powell, as President Trump did characterize their discussion as one of being good.
05:42And he did say that at this point in time, he does not anticipate firing Jerome Powell, although there had been discussions on that.
05:51We are going to take an opportunity to step away for a brief break.
05:54But before we do so, I did want to share this live look with you, as we are anticipating Israeli Prime Minister Benjamin Netanyahu to deliver remarks at the Together as One event.
06:06He will be joined by Pastor Paula White, who is a staunch supporter and ally of President Trump, being part of his faith team right there.
06:17This is at the Waldorf Astoria Hotel in Jerusalem.
06:21And you can see that there is a microphone check right there.
06:25So we are expecting some remarks from Israeli Prime Minister Netanyahu at this Together as One event.
06:33Meanwhile, this is a live look right here.
06:35And it is a little hard to see, as it is incredibly hazy.
06:39But this is the border between Israel and Gaza.
06:43And there have been plumes of smoke rising from the distance.
06:47A little unclear as to exactly what this is.
06:50But this does come as Israel has now paused some fighting in certain areas of Gaza amid aid drops.
06:58And just a short time ago, we were bringing you live remarks from President Trump, as he is in Scotland, to discuss trade.
07:05But one of the issues he also talked about was Gaza and the ongoing conflict.
07:09He did say that the United States will be ramping up their aid efforts into Gaza.
07:15And he will also be encouraging European countries to do the same.
07:20So we did want to share this live look with you at the border between Israel and Gaza,
07:26as we are just awaiting Israeli Prime Minister Benjamin Netanyahu to be delivering some remarks right here at this Together as One event in Jerusalem.
07:38This is going to be hosted by Pastor Apollo White, who is on President Trump's faith team.
07:46And we are expecting to hear from her as well.
07:50But before this gets underway, we're just going to step away for a brief moment.
