Bessent, Loeffler and Leavitt take questions

So not by summer, like Memorial Day, but maybe by Labor Day? Again, I'm optimistic that sometime between June 20 and September 20 that we can have $3.00 gas again. And as I said this morning, too, we are going to be watching the gas stations because they raise prices very quickly when the stated-- when the crude oil prices went up. We hope they'll bring them down just as quickly as crude oil prices have will come down. They've come down substantially just in the past 10 days.

Karoline. Sure.

Thanks so much, Karoline. Can you give us an update on the president's thinking on the next attorney general? A lot of names have been going around, like Ron DeSantis, Rudy Giuliani, Ed Martin. They're being floated as contenders. What qualities is the president looking for in a new AG? And will there be accountability for what many have described as weaponization within Biden's office when he was the president? Sure. Well, certainly ensuring that there's accountability for the weaponization of justice that took place under the Biden administration is a top priority for this president. With respect to names that are floated, there are always names floated in the press. Sometimes, I have a chuckle when I read some of the reports about certain people floated for certain jobs. As far as the president is concerned right now, Todd Blanche remains the acting attorney general. The president feels he's doing a good job, and that's where it remains right now. I don't have any personnel updates for you today. Annie.

Thank you, Karoline. I have a question for you and also for the Treasury secretary. First of all, there was an interview that Dr. Mehmet Oz did recently where he described the president's views on his own diet. He said that he argued that diet soda is good for him because it kills grass. And if you pour it onto the grass, the grass is killed, and it therefore must kill cancer cells. I'm wondering if you can-- was this an accurate description of how the president sees? As we know in this room, I think the president has a very good sense of humor. It's one of his most underreported characteristics, I would say. I have heard him tell this joke before. I think The Wall Street Journalshould get a better sense of humor.

And then another one for you. Has the president filed his taxes, and is he going to release them publicly? That's actually a very good question. I have not inquired with the president directly about his own taxes, but I'm happy to do so, and we'll get you an answer on that. Secretary Bessent-- I have filed my taxes. [LAUGHING]

So the president has publicly said that you are the reason that he has not fired Chairman Jay Powell. Will you make that case again to him, as he's recently said, that he still wants to fire the chairman? Look, I am confident that the process that we laid out in terms of Kevin Warsh becoming the next Fed Chair, he's going to have the hearing on the 21st of this month. He's a great candidate. We know that the Republicans on the Senate Finance or Senate Banking Committee are aligned in that. And I am very optimistic that Kevin Warsh will be the chair of the Fed on time. And that will be a moot question.

Steven, go ahead.

Thank you, Karoline. Secretary Bessent, you mentioned that the no tax on overtime is the biggest one that people are claiming. You said 25 million people. Have you seen evidence that more companies are offering overtime or that people are working more overtime and increasing their productivity? And the second question, the health insurance industry is advertising heavily in DC, describing themselves as the good guys in the whole healthcare system. President Trump has threatened to haul in their executives and force them to lower prices. Can you provide any update on the administration's efforts there? So I'll take the second one last, because that's not my area. I don't wear a lot of hats here, but I am sure that the president makes his views known with corporate executives. And if that is true, then they will be hauled before him. And with overtime, as Kelly and I go out and talk to employers and workers around the country, they all want more overtime. And there was this narrative that I think over 2 million illegal aliens have either voluntarily deported or been deported, and that there would be a worker shortage. Well, what better way to fill that gap than with overtime for hard-working Americans and for them to keep more of it. I don't know if you want to. Yeah, I'll just add that a great example are the factories that we see coming back thanks to 100% made-in-America expensing. Coosa Steel is a great example, in Rome, Georgia, where the owner was down to running one shift one day a week. He's up to two or three shifts, five or six days a week. So thanks to industrializing this nation through our small manufacturing base, which most manufacturers in America meet the small business definition-- 98% of them-- we're seeing more shifts taking place, more opportunities for overtime, and then more willingness of workers to take on overtime shifts. Because in the past, they were penalized by the tax system for taking on overtime.

Elizabeth, go ahead.

Thank you. This is for Administrator Loeffler. You talked about how the One Big Beautiful Bill benefits small businesses. With small business optimism falling in March, is the administration planning on providing any additional tax relief or other resources to small businesses that have been affected by high fuel prices during the Iran operation? Yeah. So one data point does not a trend make. And the long-term trend under President Trump has been for small business optimism to be above its 52-year average. Under Joe Biden, small business optimism fell below that average for 34 consecutive months because small business was being crushed by regulation, massive red tape, the threat of high taxes, and all the burdens of the Green New Deal. So right now, small businesses are really in growth mode. They're planning to hire. And the optimism is very strong. If you see in the NAM survey-- National Association of Manufacturers-- came out. Their optimism is up five points. So I think this is temporary, and we'll get back on trend.

What's the status of extending the Iran ceasefire, Karoline? Yes, so I saw some reporting, again bad reporting, this morning that we had formally requested an extension of the ceasefire. That is not true at this moment. We remain very much engaged in these negotiations, in these talks. You heard from the vice president directly and the president this week that these conversations are productive and ongoing, and that's where we are right now. I've also seen some reporting about the potentiality for in-person discussions again. Those discussions are being had, but nothing is official until you hear it from us here at the White House. But we feel good about the prospects of a deal. The president mentioned that in his interview yesterday. And it's obviously in the best interest of Iran to meet the president's demands. I think he's made his red lines in these negotiations very clear to the other side. And so we are continuing to see how these conversations go.

Would those talks be in Islamabad or where would they be the next round? They would very likely be in the same place as they were last time. Yes. With the same-- I would just want to make one point that's important to the president. The Pakistanis have been incredible mediators throughout this process, and we really appreciate their friendship and their efforts to bring this deal to a close. So they are the only mediator in this negotiation. While there have been many countries around the world who want to offer their help, the president feels it's important to continue to streamline this communication through the Pakistanis. And so that's what continues to take place. Will.

Thank you, Karoline. How much room do you see for additional sanctions being placed on Iran? And do you feel like the United States is getting enough support from allies on that front? There was a letter that went to Oman and some other allies to suggest that maybe the sanctions weren't-- this could be for Secretary Bessent, but that the sanctions basically weren't having the effect that the United States wanted. I'll let the Treasury secretary, who's in charge of sanctions, answer that question. Yeah, I think that's not a correct characterization. Yesterday, we announced Operation Economic Fury, and for over a year, we have had maximum pressure on the Iranians, both on blocking payments into the Iranian state and going after the accounts of the IRGC. One of the, what may prove to be, fatal mistakes that the Iranians made was bombing their GCC neighbors, and who are now willing to be much more transparent in terms of the funds or do a deeper dive in investigating the funds that are held within their banking systems. So we have pushed out to them the request that we want to freeze more funds of the leadership of the IRGC and any members of Iranian leadership. The other thing that we have done is we have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure. And the Iranians should know that this is going to be the financial equivalent of what we saw in the kinetic activities.

Is this an example of expanding economically as opposed to militarily? Is this another? Exactly.

Mr. Secretary, what was the coordination?

Any update on the insurance program, the US reinsurance program for ships and tankers sailing through the Strait of Hormuz. Any update on that, sir? Well, it's now up to $40 billion. It's run through the DFC, and we are waiting for the ships to be able to get some semblance of normality, and then they can come to the DFC and our private sector partners and request the insurance. What do tell private shipping companies out there right now nervous about this whole thing, wondering if they should even get near the strait? What's that? What do you tell to encourage shipping companies to do business through the strait? Well, I think we're going to have to wait and see when they are permanently open, because this is a mechanism. When we declare that it is safe, they also have to have insurance. Lloyd's of London had skyrocketing insurance during the time. The rates are still very high. So we want to provide-- the US government will make a profit on this, but we want to provide a more normalized level and an economically sound basis for ships to move in and out of the Gulf, as they did before the start of the conflict. [OVERLAPPING VOICES]

Karoline, I appreciate. Thanks, Karoline. Yeah, thanks, Karoline. I appreciate it. So I want to cover two topics, if I could-- the Tax Day, but also the confirmation. So the confirmation hearing is set for next week for Kevin Warsh. But Thom Tillis-- Senator Thom Tillis is still a no, and he's holding firm on that. How are you going to win over Senator Tillis to get this confirmation out of committee? Well, I'm sure, Senator Tillis wants to do the best thing for the Federal Reserve, for the American people. He has publicly said that Kevin Warsh is a great candidate for the chair. So let's get to the hearings and see where we are then.

I want to ask you about Tax Day, if I could. So the tax gains that you've talked about through the One Big Beautiful Bill, is that going to offset the consternation from Americans, for lack of a better term, over the $4 gallon of gas? Well, again, as I said, no one has ever objected to more money in their pocket. So the Americans have more money. They can decide how they want to spend it. And I did want to come back to the overtime question, because I was up in Westchester County last Friday, and I met with several of the first responders, the fire and police unions, and those, whether it's our great policemen or firemen, our ambulance drivers, they all now want more overtime. And how great it is to have them to be able to be engaged and keep more of their money.

Thank you, Karoline. For both of you, perhaps. Are President Trump's threats of a 50% tariff against China still on the table now, or is the letter exchange that you talked about now taking that off the table? Well, the president spoke about the letter with respect to the correspondence between he and President Xi. President Xi assured the president that they are not supplying Iran with weapons throughout this conflict. And that assurance was made to the president. It's obviously something the administration keeps close tabs on. With respect to tariff, you have any update on that, Mr. Secretary? I don't have an update on the tariffs, but I do have an update on sanctions. Iran is the or used to be the largest state sponsor of terrorism. China was purchasing more than 90% of their oil, which is about 8% of China's energy needs. We believe this blockade in the strait, there will be a pause of Chinese buying. But I will tell you that two Chinese banks received letters from the US Treasury. I'm not going to identify the banks, but we told them that if we can prove that there is Iranian money flowing through your accounts, then we are willing to put on secondary sanctions.

And are you-- Nick, go ahead.

Thank you, Karoline. Go ahead, Nick.

Thank you, Karoline. So my question is, are you considering any more sanctions relief, Mr. Secretary, for countries that are suffering right now, in order to give more oil to your allies? We will not be renewing the general license on Russian oil. And we will not be renewing the general license on Iranian oil. Because again, that was oil that was on the water prior to March 11, so all that has been used.

Thank you. Nick, go ahead.

My question's for the Treasury Secretary. As you both noted, 53 million Americans have used one of these new taxes exemptions the president enacted. Can you speak to not only the relief that that's bringing specifically working-class Americans, like waiters, bartenders, overtime workers, but also the impact this is going to have on the economy? Well, a couple of things there is, I can tell you, I think, Kelly, very popular. But I think with service workers, I may be the most popular cabinet secretary in DC. Because when I show up, a doorman, not so much bartenders, but waiters, waitresses, they all say thank you for no tax on tips. Again, I was in a diner up in Westchester County and this is a home run, in terms of what's happening with these folks. And what we can't tell you yet, and we will be able to provide data at a later date, that 52 million is how many have used at least one of those. So we expect that there are probably multiple filers or filers who have used at least more than one of those four signature things. And look, again, this is the America First, hardworking Americans keeping more of their money. Just like with our small businesses. If we go back and look, when you hear the left talk about this was a tax cut for millionaires and billionaires, they wanted to raise the tax rate for everyone making more than $500,000. That is a small business killer. [OVERLAPPING VOICES] Go ahead.

Thank you so much. I have one question for the secretary and the administrator. Mr. Secretary, since we're on the topic of China a few minutes ago. We are a little over a year past Liberation Day, the tariffs. The goods trade deficit with China has dropped sharply. Are those gains sustainable, and are you worried about any retaliatory actions that could go against those gains? I actually think we're going to be building on those gains in terms of the trade deficit dropping with China. Since last summer, there's been great stability in the relationship. And really the keystone to the relationship is the strong respect to the two leaders have between each other. My experience has been when the communication is at the top, then we follow that directive and those wishes. We had the meeting in Busan, Korea, in October. We will be having the state visit in Beijing, and so I expect great stability in the relationship. But that doesn't mean that our trade deficit can't continue dropping.

Go ahead.

For the administrator, I know that there are orders and shipments of factory equipment. They are at record highs. How many small businesses has the SBA assisted with loans and supports-- with loans to support that? Well, the SBA set an all-time lending record last year of $45 billion under President Trump, because small businesses now have access to the capital that they need to build in America. Again, we are becoming a nation of builders, and we see that on the ground. Factories expanding. As a result, we have record PMI, which is Purchasing Managers Index, manufacturing expansion, two consecutive months in a row of export records. And so when you look at where our nation has come in terms of export-import imbalance, it's been unfair to the American worker and to American industry. And we're reshoring whole industries because of this tax bill.

Libbey. Libbey, go ahead.

Thank you, Karoline. Go ahead.

I have two questions for you. The first one is about Iran. The second one is actually about United Airlines that I want to ask you about. So on Iran, is there a timeline for how long this blockade is going to remain in place in the Strait of Hormuz by the United States that President Trump has voiced to you or that you've heard among officials? Sure. I will never set timelines on behalf of the president of the United States. But with respect to the blockade, you know, it has been fully implemented, and it's being enforced against vessels of all nations entering or departing Iranian ports. I want to make that point clear. I've seen some misreporting on that, as well. This includes all Iranian ports on the Arabian Gulf and the Gulf of Oman. And our US forces in the region are supporting the freedom of navigation for vessels that are transiting the strait to and from non-Iranian ports. So I know some in the press were confused about that. We are supporting the freedom of navigation, just not with respect to any tanker or vessel that would benefit the economy of Iran as these negotiations continue.

So there was reports that the CEO of United proposed a merger with American Airlines. This would affect tens of millions of Americans. That was proposed in a meeting with President Trump. Was that a merger that he has voiced in any support of? It's not anything that we have a position on or anything we're commenting on. I know it's an idea that has been proposed by private industry, but it's not something the president or the White House have an opinion on or are weighing in on at this time. Jon. Jon, go ahead.

Thanks a lot, Karoline. This is for Secretary Bessent. On Monday of next week, importers can start requesting claims for tariff refunds. And my understanding is $127 billion eligible for refunds. What's that process look like? How can an importer request such a refund going forward? That's not being run out of Treasury. We will just be the paymaster. So that's being run out of CPB. Yep.

So explain that process. I understand you're not running. How does that process actually work? If you're an importer, you pay these tariffs. The Supreme Court found that those tariffs were illegal. What's the process for them to get back that money? Well, they would be in touch with the CPB. And I think the number you're quoting is the-- so that's the amount who have already requested refunds. So they are already in the chute. And we'll see what the timeline is for that.

Will that affect the US economy, all of those refunds coming out of the US Treasury? Again, we'll have to see what comes out, and we'll have to see what the companies do with them. Just to be clear, just to be clear, thanks to the Supreme Court, some of this money is going back to China. So is that going to affect the US economy? I don't know. Danny. [OVERLAPPING SPEECH]

A question for Secretary Bessent. Danny, go ahead.

Mr. Secretary, you were quoted as saying in an interview earlier this week that it was worth a bit of economic pain for international security. Is that this administration's message to American voters, with high gas prices, ahead of the midterms this year, that it's worth the economic pain? Well, the message is short-term volatility for long-term gain. That's right. [OVERLAPPING SPEECH] And, Danny, if I could add to that, the president's been very clear. Again, as the secretary just said, this is a short-term disruption for the long-term strategic goal of the United States, to ensure that the world's leading state sponsor of terror cannot obtain a nuclear weapon. That's a good thing for the American people. That's a good thing for people all over the world. And as the president and his economic and energy team have repeatedly stated, as soon as the operation and now the negotiations with Iran conclude and the strait is reopened, we do expect gas prices to decrease. And thank goodness, we have a president and an administration that believes in American energy dominance, in bringing down prices at the pump. Look at how gas prices decreased over the past year since this president was in office. It's a stark contrast to the previous administration and Democrats in this city who believe in hampering our domestic energy industry, who believe in importing our most precious resources, who believe in implementing policies that created the worst inflation crisis in history. So President Trump has built the greatest economy in the world before. He is doing it again. Of course, we have this short-term disruption. But again, it's for the long-term strategic goal of ensuring that these terrorists cannot possess a nuclear bomb. Jennifer. Jennifer.

For Secretary Bessent. On the Russian oil, I know the sanctions waivers have expired, but how much money did Russia benefit from that temporary sanctions relief? You initially said about $2 billion. Is that? It could have been $2 billion. We don't know. But again, let's think of a different world, where oil spiked to $150, and they would have made a lot more. By doing that, by pushing the Russian barrels that were already on the water-- they were going to be sold. They were going to China no matter what. We pushed them to our allies. We helped stabilize the oil price. And as you can see, there were doomsday scenarios. Oil going to $150. It's going to $200. It's going to $250. West Texas crude, they have for the front month deliveries, about $92 or $93 now. Thanks, everybody. I know we have two very busy cabinet secretaries with us here today. Before we do depart, just one final announcement. This year, we celebrate America's 250th birthday. In honor of this historic occasion, President Trump and the Department of Interior will submit plans for the United States Triumphal Arch, which will be an architectural masterpiece to celebrate our history right here in Washington, DC. This is a rendering of the arch for you-- thank you, Peter. It's quite beautiful, as you can see. And this monumental arch will beam at 250 feet tall in honor of 250 years, and stand on ground that is currently empty green space in Memorial Circle on Columbia Island.

You have been watching a White House press briefing. First of all, the White House Press Secretary Karoline Leavitt talking about many issues. Now, she's talking about what will be a big spend, the Triumphal Arch in Washington, DC. She then brought in Treasury Secretary Scott Bessent to talk about the intersection of the war in Iran and what you pay for various items. Lindsey Reiser picks up reporting next on CBS News 24/7. Continue. To commemorate the 250th anniversary of American independence. Great nations build beautiful structures. [AUDIO OUT] Triumphal Arch should be a project that all Americans of all political persuasions can support, because it's a monument for every American to celebrate 250 years of our nation's proud history. And again, the plans for this will be submitted tomorrow. And we'll have many more announcements with respect to our 250th anniversary in the coming months as we look forward to the 4th of July. Thank you very much, everyone. Have a great day.

Good afternoon, I'm Lindsey Reiser. We've been listening to the White House Press Secretary Karoline Leavitt speak with reporters at today's briefing. She was joined by Treasury Secretary Scott Bessent and Small Business Administrator Kelly Loeffler. They ended by talking about the planned Triumphal Arch, as it's called in Arlington, Virginia, to celebrate America's 250th anniversary. CBS News has reported that taxpayers will be footing that bill. Spending plan approved by the OMB. $2 million in special initiative funds and $13 million in matching funds are reserved for the arch. Let's now go to CBS News political reporter Zak Hudak for more. Before we get to the arch, if you have anything to add on that, let's go ahead and talk about what they were discussing about the war. Now, they were there to talk about the fact that it's Tax Day, to essentially tout Americans, as they said, getting back more than they've ever gotten. Of course, Americans are getting bigger refunds in 2026. The typical refund up about 11% compared with year earlier, according to IRS data. But most people, according to the Pew Research Center, feel like they are paying more than their fair share, Zak. Lindsey, that's right. And this is all happening on the backdrop of the war in Iran, which has, of course, raised inflation and has been something that the administration has been working tirelessly to try to combat the messaging on, particularly going into a midterm cycle here. We heard Karoline Leavitt say repeatedly in that briefing that the war is essentially done. That's the same kind of messaging we've gotten from the president. And the reason I bring that up is because as I said, it's directly tied to the cost of, frankly, almost everything in this country. So that's why, despite this really being an economic press conference, economic briefing, it was focused for a good portion of it on the conflict in Iran. One piece of news I do want to highlight from that was the press secretary pointed out when talks resume with Iran, they are likely to continue in Islamabad, as they did this past weekend. I think that's particularly notable because the Pakistanis have been very useful to the US here and a really integral ally in even continuing these talks, at times when Iran's leadership has wanted to, essentially, sever communications with the US. So I think that was a piece of news, that we can expect when those talks happen, it will be another round in Pakistan.

And I heard over and over again, short-term disruption for long-term gain, that they believe that most of the American people understand that these higher prices are temporary, and are going to help contribute to the ultimate goal-- the ultimate American goal of preventing Iran from ever having a nuclear weapon. Of course, we can put public polling aside on whether people agree on whether they support the war or whether the objective so far are being met. But I did hear, and I believe it was from a Fox reporter asking, Secretary Bessent, are we ever going to see or when are we going to see $3 a gallon gas again? Did we hear any more from the secretary about when some of these prices may come down or how much longer do they think this conflict is going to last? We keep hearing that it is nearing an end, that it's effectively over even, which clearly is not entirely the case as troops continue to move to the region. But I think that it's important to point out, Lindsey, that prices have been rising for quite a bit in the US, in large part because of President Trump's tariffs last year. They brought up the prices of many of the goods that we import. So this is really a messaging difficulty that this administration has had for nearly a year now. And it's become more and more difficult as the war in Iran has developed. So they have a stake in continuing to say, it's a matter of time, any minute things are going to turn around, because I think people at home are getting uneasy as they continue to see their pocketbooks empty for the things that they've been buying in previous years for less money.

And, Zak, when you say that administrators are likely sort of saying that this is over and claiming victory, saying that we won, are your sources and analysts there in Washington of the ilk that this war, in fact, will not end until the strait is open and vessels are moving freely? I think that's an accurate assessment, Lindsey. I think that at this point, our main purpose in the region is to keep the strait flowing or get the strait flowing again, I should say. There's no question that we still have this key focus of not allowing Iran to work on nuclear enrichment. That is still a prime objective here. But day-to-day, the strait has become really a key element and something that we can't leave until we've fixed it. It's kind of a problem that the United States' actions have led to. So I think that most of Europe would be pretty upset with us if we left before straightening things out there. All right. Zak Hudak, thank you.