Administration of Donald J. Trump, 2026
August 31, 2026
The President. Thank you very much. This is, to me, a really big day, one of the biggest ever, because this announcement is as big as it gets, medically. I think it just can't get—certainly, when you talk about medical and dollars in the same sentences, this doesn't get bigger.
So I'm thrilled to announce a major expansion of one of our signature affordability initiatives, something that people have been trying to get for years, for decades. And, well, I'm not even sure that other Presidents tried. They didn't try because the chances of them getting it were very slim. They would never have been able to do it. And that's most favored nation drug pricing.
Biggest thing you'll hear. You know, if we would cut drugs for like one-eighth of a percent, it was like a big deal. We're cutting them numbers that—you'll hear in a second—are astronomical.
Nine new pharmaceutical companies are committing to deliver their lowest drug prices for American patients. They're largely standing behind me.
I want to thank the president of Astellas Pharma medical, Michael Petroutsas; CEO of BeOne Medicines, John Oyler; CEO of BridgeBio, Neil Kumar; senior vice president of CSL, Julie Schiffman; CEO of Sun Pharma, Rick Ashcroft; president of Kyowa Kirin, Steve Schaefer; executive vice president of Teva Pharmaceuticals U.S.A., Christine Fox; CEO of UCB, Dr. Jean-Christophe Tellier.
I think I they—got those names almost right. [Laughter] That's a group of very interesting names. We'll have to talk about that later.
But congratulations, because the job you're doing is amazing, and your companies are doing amazingly, and big contribution you're making to health.
Thanks as well to Secretary of Health and Human Services Robert F. Kennedy, Jr.; Secretary of Commerce Howard Lutnick; Administrator of the Centers for Medicine and Medicaid Services Dr. Mehmet Oz; Chief Counselor and nominee for Deputy Secretary of Health and Human Services Chris Klomp; and future FDA Commissioner Dr. Heidi Overton. Great people.
For decades, Americans paid the highest drug prices anywhere in the world by far. It wasn't even close. We were ripped off by the pharmaceutical companies, and we were ripped off, more than anything, by other countries throughout the world. And we never had a President that wanted to fight for us.
But under the most-favored-nation agreement that I negotiated at great length and at great—really, lost some friends over it—some very good friends. It wasn't easy. But under that most-favored-nation agreement, we now pay the lowest price paid by other countries anywhere in the world.
So we went from the highest price for pharmaceuticals, for drugs, to the lowest. We've slashed the cost of dozens of commonly used medications and, ultimately, everything, all drugs, by price differences of 400, 500, and even 600 percent. Drug prices have gone down and will go down 50, 60, 70, 80 percent.
There's never been an announcement like that. It won't get covered. If it were Democrats sitting here, it would be the biggest story in the last 20 years, but it won't get covered. But that's why I speak up. I have to speak up, and the people behind me speak up also. But it's the biggest thing to happen in medicine, I think.
This has a tremendous impact on health care because, as you know, pharmaceuticals—medicine is such a big part of health. So, when you're reducing it by numbers like we're talking about, it has a huge impact on health care.
Since launching our most-favored-nation initiative less than one year ago, my administration has forged agreements with the world's 17 top pharmaceutical companies—and some of them you've met at other meetings—to offer their medicines at these steep discounts.
And, with today's announcement, we now have 26 companies representing 90 percent of the domestic pharmaceutical market, and the other 10 percent are also coming in. They have no choice.
In total, these agreements are projected to save Americans more than $600 billion over a very short period of time. Think of that: Six hundred billion. That's savings to Americans.
Nobody else could have done it.
The United States represents less than 5 percent of the global population and only consumes 13 percent of all prescription drugs. So, when you think of that, it's a—it's pretty amazing. So it's 13 percent of all prescription drugs, yet, for years, pharmaceutical companies have taken 75 percent of their profits from the United States.
So, with a small percentage of the drugs, they make most of their money from the United States, meaning they're ripping us off, but not any longer. We're subsidizing, and we were subsidizing the entire world at our expense.
And I had to call the leaders of other countries and say, "You're going to have to raise your drug prices." And they laughed at me when I said it. And then, all of a sudden, they said it in a certain way, and they didn't laugh any longer. And they all agreed. You know, they had to agree.
Now other countries are paying more so that Americans can pay less. We had to get their prices up in order to get our prices down. And they went up very considerably, and we went down by much more because the world is a bigger place than us. So they went down proportionately much more.
For example, we have slashed the cost of the weight loss drugs like Ozempic by more than
$1,800 per year. IVF patients are seeing savings on fertility drugs of more than $6,000 per birth.
These savings are available to all Americans at TrumpRx.gov, which has turned out to be an amazing thing. That was named by Bobby and Oz. That was not named by me. They said, "We'd like to do it." I said: "Do what you want. But you sure it's going to work?"
Administrator of the Centers for Medicare and Medicaid Services Mehmet Oz. It works.
The President. It's more than worked. Actually, it's the hottest thing there is, which now has more than 800 drugs available to it at tremendous discounts, at discounts that nobody has ever even imagined before.
Our most-favored-nations discounts represent the largest reduction in prescription drug prices in the history of our country and in the history of medicine. It's the largest drug discounts, the largest price reductions in the history of medicine. I would say that's pretty big. And today we're taking a major step forward.
So, when you say we got the biggest drug reductions in the history of medicine, typically that would be a front-page story. It won't be. It's not even believable, but it won't be.
Our most-favored-nations discounts represent things that nobody could even imagine, including availability—not only the biggest price reductions but availability. These companies have agreed to offer all of their drugs to State Medicaid programs at most-favored-nations prices, which is a tremendous discount, which should bring down the cost of your care—your medical care by tremendous amounts.
They'll also offer all new medications to American consumers at the lowest cost anywhere in the world. Every drug now that you see—and almost 90 percent, and we're going to be at a hundred percent very shortly—will be the lowest prices available anywhere in the world.
Anybody that's lower than us, we therefore meet that price. So—and it's like a downward spiral, and nobody thought it was possible to get, and I understand why they thought that.
These new discounts apply to medicines used to treat many costly chronic and rare conditions, including Parkinson's, liver disease, and various other cancers—almost all other cancers, actually.
In addition, the companies are committing billions of dollars to research and development in the United States, where they're moving in from other countries.
These deals—one of the reasons is tariffs, I hate to say—we're doing really well. We have over almost $20 trillion, now, of money coming into the United States that we would never have had. We were losing money. Now we're setting records. No country has ever been even close to the $20 trillion of investment made in our country right now, as we speak.
These deals, along with my "America first" trade policy, have already generated $640 billion in new investments in the United States having to do with this subject.
And the pharmaceutical industry has been creating jobs like they've never done before: over 100,000 new jobs in this industry alone. We have every industry.
And right now there are more people working in the United States than ever before. We have never had as many people working as we have today, which I think is a great stat.
I especially want to thank UCB, Sun Pharma, Teva, and Astellas for contributing a combined 290 metric tons of active pharmaceutical ingredients to our strategic reserve. We have a strategic reserve that is amazing that a lot of people don't know about, but they've just built it up, topping it out.
These materials are critical for lifesaving medicines used to treat seizures, bacterial infections, high blood pressure, and organ failure—and especially in times of need. We have a stockpile, and it's an amazing thing. And by stockpiling such materials in vast quantities, we can ensure Americans are never left without them in the event of an emergency.
So, if we have an emergency, including wars and lots of other things, we are fully equipped to handle it. But nobody is going to attack us. You know why? Because they're smart.
For decades, politicians from both parties promised to make health care more affordable, but they all failed, every one of them. Drug prices went up. Every year, drug price—except for my fourth year in the first term, they went down one-eighth of 1 percent. And I had a news conference to announce this great—and now they're going down 50, 60, 70, 80 percent. Think of it, what we've done.
Under the Trump administration, for the first time ever, drug prices are coming down, and they are coming down very dramatically. This will be significantly—I mean, nobody has ever
seen anything like the significance and the amount—lower the cost of health care overall by substantial amounts. In other words, health care should now—because the drugs and the medicines, everything you need for health care, is approximately, they're saying, 50 percent. Well, if the drugs are coming down at numbers like we're talking about, health care should be following and, I think, very rapidly. I think Bobby and Oz will talk about that.
So now we need Congress to expand these agreements and codify them into permanent law.
We want to make it permanent. This is now under the Trump administration.
Now, I don't know if it's really that necessary to make it permanent because I can't imagine a person sitting here saying, "I want to double and triple and quadruple your drug prices." I don't see that happening. But I think it's a good thing to do. I just don't imagine that anybody would be brave enough to sit at this position and say: "We're going to—Trump reduced your prices by numbers that nobody has ever seen. We're going to raise them back up." So I don't see it. But it's still good to have it codified, have it approved by Congress.
And I just want to thank everybody behind me. These have been incredible people. These are brilliant people leading brilliant companies and doing absolutely incredible work. Some of the things that they're finding over the last 2 years have been incredible. Nobody can believe some of the medicines that are taking place—some of the diseases that are disastrous, that lead to death, where the people actually walk away in a week, in two weeks, and they're completely healed.
It's—it's really incredible.
So I want to thank you all for being here, and maybe I'll ask a couple of you to say a few words. We'll start, maybe—Oz and Bobby, do you want to say something, please?
Administrator Oz. Go ahead.
The President. And then we'll ask some of the CEOs to talk. Please.
Secretary of Health and Human Services Robert F. Kennedy, Jr. Thank you very much, President Trump, for your leadership. Today brings to the total of 26 companies that have now made agreements with us. These agreements cover 9 out of the 10 drug most —9 out of 10 drugs that are used by Americans. This could have a dramatic impact on medical pricing and on health—public health in our country.
Probably the biggest change in public health prior to this—and it's dwarfed by this announcement—was in 1962 when my uncle signed the Food—the amendment to the Food, Drug, and Cosmetics Act, and that signing was triggered by the thalidomide scandal.
But nothing changes the public health business like this. We are lowering prices dramatically so that Americans will be paying, instead of the highest prices in the world, the lowest prices of any developed nation in the world.
[At this point, Secretary Kennedy continued his remarks, concluding as follows.]
And this could not have happened under any other President except for this one. Everybody tried sincerely: both Bushes, President Biden, President Obama. They were unable to do it because of the inertia that is built into this system to prevent this reform from happening.
President Trump, as I've said before, called me and Oz at every hour of the day and made it very clear that our jobs were dependent on this getting through. [Laughter] And we pulled up—
—
The President. I didn't want to fire a Kennedy. [Laughter] I couldn't. The thought of firing this guy—I wasn't going to do that.
way.
Go ahead, Bobby.
Secretary Kennedy. It—they were very, very emotional conversations. Let me put it that
President Trump was able to attract to this administration an extraordinary caliber of people,
and one of those is Chris Klomp, who led the negotiations. And I don't think anybody else could have done this. Chris Klomp walked away—to join this administration, to join my agency—a billion-dollar company that he built. And he built that company, which was a platform for hospitals sharing their medical records, and it was completely built on his integrity. To get—to succeed at that company, a lot of people have to trust you. And he was able to bring that quality and that virtue into these negotiations.
[Secretary Kennedy continued his remarks, concluding as follows.]
And I want to thank the CEOs here today for their vision, for their commitment to something other than short-term profits, but a long-term commitment to our country through patriotic values and to human health.
Administrator Oz. If I can add one thing from the front lines. TrumpRx, which you asked about, is incredibly popular with pharmacists. And the most common thing that they're saying is it's good for them, for their business. And when they see the patients and they come back, for example, on GLP–1 medications, the usual thing they say is, "You look wonderful," because they've lost a lot of weight and they feel healthy and they're driving BEVs they couldn't have afforded.
Because of that, as an update, Medicare, 2 months ago offered at $50 a month—anyone listening right now, pay attention to this—$50 a month, if you're eligible, be able to get access to these GLP–1 medications that the president highlighted earlier were $1,200 or more. The so-called "fat shot," as you have called it, sir.
Could never have gotten those prices even close to that. Now we have—600,000 seniors already, just in 2 months, have signed up to get these medications. And we project we'll actually be able to save money for the taxpayer because the savings aren't only in dollars; they're in saved lives. Less hospitalization, less complications from high blood pressure, diabetes, and all the ravages of obesity because we got prices where they need to be.
And we can go on and on, but most favored nation pricing is on TrumpRx.gov. We're going to do a separate event just around that topic, but it is an incredibly big success story what has been achieved with that website.
The President. Thank you.
Administrator Oz. I want to just also thank John Brooks, who works closely with Chris. He runs all of Medicare. Inma Hernandez and Rujul Desai, they run the drug negotiations section.
To echo what the Secretary said, they would never have joined an administration normally.
These are the top-tier people in the country in these areas. And I think all the CEOs may comment on this. They went head-to-head with these very brave leaders who are willing to take a risk, but they also went head-to-head because they were equals on parity and could negotiate these deals.
Howard.
Secretary of Commerce Howard W. Lutnick. So the Commerce Department is involved because we want these companies to reshore, right? Because reshoring produces national security, right? We need our drugs made in America, and then that brings jobs and investment in America.
So the—just this group, $19.6 billion today—just today—taking us to $638 billion of all the deals that the president has made—$638 billion in just pharmaceuticals coming.
So not only do you have the jobs, but you have the driving down the cost of drugs in America, right?
We all talk about affordability. Drug costs are the number one cost, right? And you got to take care of your family, and the president is driving down those costs.
So driving down costs today from all these companies. You now have 90 percent of the drugs covered. You've got building—building and jobs. And you're also protecting national security. That's three of the most important things in America, all today.
And it's all thanks to you because nobody thought that this was possible. When you first brought this up, Bobby and I were talking with Oz——
Secretary Kennedy. No.
Secretary Lutnick. ——saying, "Oh, my God, this will never happen." And now you've covered 90 percent of America with your power of energy and your way of thinking innovatively and understanding where this country needs to go.
So thank you, Mr. President. You've done it.
The President. Thank you, Howard. And you know, just the enthusiasm. You know, you hear these three guys. I hear them all the time. And maybe they're more enthusiastic about this. Everybody—nobody can believe what's happening.
[The President held up a chart.]
Just take a look at this: $638 billion of new pharmaceutical investment in the country. Look at the chart. Going up like a rocket, and it's going up a lot higher than that.
And then, over here, they have another one: $600 billion in lower drug prices under Trump. Under Biden, a $550 billion higher. So you add that up, you're talking about numbers that nobody even imagined possible.
Could I ask some of the companies to say a couple of words, please?
Astellas Pharma U.S. President and Head Michael Petroutsas. I'll get started. First of all, thank you, President Trump. And I'd be remiss not to say what an honor it's been to work with you and your incredible team and making sure we stay focused on putting American patients first.
So today I'm representing Astellas, and I wanted to announce that our Medicaid prices will be matched with those in developing countries. And further, to your point——
The President. That's great.
Mr. Petroutsas. ——we're committed to ensure that our new drug pricing will be aligned with global markets.
And as you'd mentioned earlier, Astellas——
The President. Which were unbelievably low, right, compared to us? [Laughter]
Secretary Lutnick. Unbelievable.
The President. We were the highest in the world, and now we're the lowest in the world.
Amazing.
Please.
Mr. Petroutsas. So, no, furthermore, to your point earlier, we want to also announce that Astellas will be nota- —donating to the U.S. Government the active drug substance for tacrolimus, which is used post-transplantation, to ensure that we secure our supply.
The President. Great.
Mr. Petroutsas. And that's consistent with our focus on patients, along with our cutting-edge innovation in multiple manufacturing partnerships across this great country.
So thank you, Mr. President.
The President. Thank you very much. Appreciate it.
Mr. Petroutsas. Thank you. The President. Thank you. Please.
BeOne Medicines Cofounder, Chairman, and Chief Executive Officer John V. Oyler. Thank you. Thank you, Mr. President, for bringing us together to expand lifesaving medicines for American patients. Thank you to the team for making this happen too.
The fight against cancer is far from over. More than 2 million patients a year that are Americans are diagnosed with this terrible and horrific disease. And although in certain areas we've made tremendous progress, other areas like liver cancer and pancreatic cancer are very dire for patients and continue to take far too many lives.
That's why I founded BeOne Medicines. We're a company that is developing breakthrough cancer therapies, and we, from the beginning, have been trying to make them more accessible to patients.
Today we're advancing that goal by providing one of our oncology medicines to Medicaid at a deeply reduced price, and we're committing to pricing future medicines in the U.S. in line with other key developed markets.
We're also investing nearly $11 billion in U.S. research, development, and manufacturing through 2029. And this is helping to strengthen America's leadership in biopharmaceutical innovation.
I want to thank you very much, Mr. President.
The President. Thank you. Great job.
Mr. Oyler. Thank you.
The President. Great job. Thank you.
Mr. Oyler. Thank you.
The President. Please.
BridgeBio Pharma, Inc., Founder and Chief Executive Officer Neil Kumar. Well, thank you, Mr. President. Thanks to everyone in the administration who made today possible, including, critically, Mr. John Brooks for BridgeBio.
It's a privilege to be here on behalf of BridgeBio, but probably more importantly, the 30 million Americans suffering with rare genetic conditions. I'm grateful to the administration and you, Mr. President, that you've helped us come through on our commitment to provide most broadly and most accessibly the medicines that we make.
And I might say, alluding to your earlier point, that as an entrepreneur and founder in America, partnerships like today's partnership allow us to reinvest in technology and innovation on our shores to bring ever more medicines to the patients that deserve them.
So thank you.
The President. And tremendous progress has been made recently on cancer and, someday, the cure. But tremendous progress has been made, more than has been made in many, many years. So a lot of things—a lot of good forces at work.
Please.
CSL Senior Vice President for Market Access, Business Excellence, and Commercial Development Julie Schiffman. Mr. President, thank you so much for your leadership and for bringing industry together in support of American patients.
I'm Julie Schiffman. I'm so proud to represent CSL, a company driven to serve lives since 1916. We join our peers to support these agreements, which will lower prices for medicines and strengthen U.S. manufacturing.
As one of the world's largest plasma-derived biotechnology companies, CSL employs nearly 19,000 Americans across 44 States, and our planned $1.5 billion investment in Illinois will help onshore our end-to-end production of plasma-derived therapies, including immunoglobulins, which will allow us to reliably serve patients with serious and rare diseases for generations to come.
Thank you.
The President. Great. Great job. Thank you. Come here. [Laughter] Thank you very much.
The President. Chris, are you going to say a couple of words, please? Because you are a star.
Administrator of the Centers for Medicare and Medicaid Services Deputy Administrator and Director of Medicare Christopher Klomp. Thanks, Mr. President.
The President. And we have to do—and then we're going to get back to the companies.
Deputy Administrator Klomp. I appreciate it. You know, today is fundamentally about affordability. You've heard that loud and clear. You've heard some big numbers. Council of Economic Advisers projecting $600 billion of savings for Americans in aggregate over a 10-year period.
Two things stand out to me. Number one, this has been a matter of months since we stood here and made the first announcement. These savings are things you would expect over a multiyear period, legislatively and otherwise. It's been less than 1 year—months. That's incredible.
And number two, one number: over a billion dollars of out-of-pocket savings to consumers just in the last handful of months since we launched TrumpRx——
The President. Right.
Deputy Administrator Klomp. ——since we launched GLP–1s. That's a billion dollars of savings not to insurers, not to drug companies or anyone else, to everyday Americans in their pocket. That's extraordinary.
And we talk about these big numbers. We talk about these things in aggregate, but the privilege is mine to get to hear from individual patients and beneficiaries every week. And they
tell stories about how they were paying a thousand dollars for a drug. They now pay $50 for a GLP–1. They were trying to conceive, and it was out of reach, and now they can actually have lifesaving medications. They can have reproductive medicines.
These are real impacts for everyday Americans in their pockets. It's affordability. It's the President fighting for affordability. It's the President honoring a promise to fight for affordability and doing it in one of the most conspicuous places possible, which is at the pharmacy counter.
So thank you, Mr. President.
The President. Thank you.
Deputy Administrator Klomp. It's been an absolute privilege. We're so grateful.
The President. Thank you very much. Great job you're doing too.
By the way, affordability—so prices are coming down. We inherited, a year and a half ago, the highest prices and the worst inflation in the history of our country, and we brought them down a lot.
But what's happening now with prescription drugs and drugs is something that nobody thought was possible.
Okay, please.
Kyowa Kirin North American President Steve Schaefer. Yes. Mr. President, thank you. It's a pleasure to be here. I'm Steve Schaefer on behalf of Kyowa Kirin. We specialize in making rare and—and intractable cures for patients that have extremely rare diseases. There are 30,000 rare diseases in the world—in the world, and there are only 10 percent of those diseases have treatments. That's what we do.
We appreciate partnering with you and your administration to bring low—drug prices down for the American patients. And like the other companies that are here, we stand ready and willing; we are bringing our manufacturing onshore, so much so that by the next 2 years—right now 5 percent of our drugs that are manufactured in the U.S. are for American patients. In the next 2 years, over 95 percent of drugs that are manufactured in the United States will be for American patients.
Secretary Lutnick. Wow.
Mr. Schaefer. The other thing we continue to do——
The President. Great.
Mr. Schaefer. ——is continue to innovate in the U.S., and we—our commitment to innovation in the U.S. and creating a world-leading global infrastructure that is led by the United States is unwavering.
So we thank you, Mr. President. We look forward to working with you and your administration, and we appreciate the opportunity.
The President. So you say there are 30,000 rare diseases?
Mr. Schaefer. Yes, sir.
The President. That's one I never heard of. That's a lot of disease. And you're on it, right?
Mr. Schaefer. Yes, sir. We hope to be.
The President. That's a full-time job. [Laughter] That's pretty—that's not easy.
Congratulations.
Mr. Schaefer. Thank you, sir.
The President. I heard you're doing fantastic.
Mr. Schaefer. Thank you.
The President. Please.
Sun Pharma Chief Executive Officer for North America Richard Ashcroft. Thank you, Mr. President. And thank you to the teams at Health and Commerce for their collaboration in this effort.
I'm pleased to represent Sun Pharma and the patients we serve. For over 40 years, our mission has been to reach patients and touch lives, and these agreements allow us to further that mission.
We're incredibly proud of the work we do to be able to meet patients wherever they are in their journey. As a result, we have products in consumer health care, generics, and innovative medicines. We're extremely proud of our commitment and investments in the United States, where we have commercial operations, we run our global research and development, and we have manufacturing sites.
These agreements are further acknowledgement of that commitment and that investment.
Thank you, Mr. President.
The President. Great job. Thank you very much. Thank you.
Teva Pharmaceuticals Executive Vice President for U.S. Commercial and Head of Innovative Franchise Christine Fox. Good afternoon. Thank you so much for the invitation today, and probably more importantly, thank you so much for the collaboration. We've really established a great back-and-forth and really appreciate the insights and the thinking.
I'm Chris Fox, and I represent Teva Pharmaceuticals and all the amazing employees that we have across the globe. One of the things we're most proud of is that eight patients every single second in the U.S. alone gets a Teva prescription. And so we take that as a huge responsibility, and it's why this mission that we all share in this room is to enhance and ensure access, affordability, and, most of all, high-quality medicines for patients that need them.
And so we've just begun this journey, and we're really excited to get started. We've got lots of work to do, but we're delighted to be part of the team.
The President. So did you ever think you'd see favored nations?
Ms. Fox. Most likely, no. What did—what do you think? You said already, "I don't think so." [Laughter]
The President. I don't know. Most people said it was impossible, but we got it. We got it done. We got it done.
Great group of people we have. Please.
Thank you very much.
Ms. Fox. Thank you.
The President. Thank you very much.
Ms. Fox. Thank you.
UCB Chief Executive Officer Jean-Christophe Tellier. Thank you. Thank you, Mr. President and members of the administration. UCB has always been guided by one mission, which is helping people suffering from chronic disease to live the best life possible.
Mr. President, you have been clear about the necessity to invest into innovation, and we share this commitment. And it's very important to think that the breakthrough of tomorrow will need and depend on the investment that we are making today. And today we are making the largest manufacturing investment that our companies have done, with a $2 billion facility in Georgia.
And, on top of that, we are also strengthening American supply in times of emergency, as we are donating Keppra, an essential antiseizure medicine, into the national stockpile, as you mentioned it.
So UCB is proud to continue to invest in science, in manufacturing, and in people and talent in order to improve patient life for the generations to come. So big thank you——
The President. Great job.
Mr. Tellier. ——for allowing us to do that.
The President. Great job. Thank you very much.
Mr. Tellier. Thank you, Mr. President.
The President. And, Heidi, first of all, congratulations.
Domestic Policy Council Deputy Director Heidi Overton. Thank you, Mr. President.
The President. It's big stuff. And you're going to do a phenomenal job. They all know exactly what I'm talking about. And there's—there can be no bigger job. So, good luck with it.
Deputy Director Overton. Absolutely. Well, thank you.
The President. Would you like to say something?
Deputy Director Overton. Yes. Well, today is first and foremost about affordability, and it is a huge achievement. I was with you in term one when we had those small achievements, and to see what you and Secretary Kennedy have unleashed here is incredible, and it's a huge day for Americans.
It's also a huge day for national security. And to see those numbers, the amount that you all are investing here in America and the primacy of American innovation, it is the top priority. Your direction is to go fast but also to bring back and to preserve American innovation. That is the goal.
So we're so thankful to the companies. We can't do it alone. But we do have real problems with other countries eclipsing us in where early-stage clinical research is happening, so there's a lot more happening in your administration to not only bring the manufacturing home, but we want to bring the clinical trials home. We want every part of clinical research, clinical trials done here in America to both protect our national security and to make it more affordable.
And under your leadership, we can do both. We don't have to do one or the other. We can do both.
So thank you, Mr. President.
The President. Good. And we're really dominating the world in terms of everything that we're talking about.
And I want to thank Eli Lilly and Pfizer, Merck, and all of the big companies. They're all a part of this. They've been here. They've spoken very—very well, very beautifully about what they're doing. But they're all—everyone is involved. We have a small group that isn't, but they will be very shortly, and their names will be—their companies will be announced.
But this is fantastic. And Bobby and Oz and Chris and everybody, I want to just commend you on the job you've done. And Howard was fantastic, especially in a couple of instances that were really some problems that he was able to get done.
So, with that, we'll take a few questions. Maybe you can keep it on this. This is, to me, such a big event that I think we should try and focus on what's just taken place, because nobody can even believe it.
Yes, please.
Prescription Drug Costs/Single-Payer Health Care
Q. Yes, Mr. President. Thank you so much for doing this. So, first of all, on health care affordability, which is a big issue for voters, the main—one of the main proposals from the Democratic Socialists of America is Medicare for all, paid by the government by taxing the higher earners. How do you contrast that approach with what you are highlighting today, which is bringing more of these private companies on board to lower costs for Americans?
The President. Well, this is much bigger, much better, much less expensive, and it's something that works. The other doesn't work. And you know, when you talk Medicaid for—usually, that's the entire budget of the whole country, so you'd have to quadruple taxes.
The other thing, as I understand it, you'll lose—if you have private health care, if you have private something—something where, really, a lot of people are very, very happy with what they have privately, they lose all of that. They lose everything they've had. And there's—there'd be a tremendous backup.
But it's actually, in many cases, bigger than the budget. And remember, they tried it in Vermont, and they tried it in a few places. They went into it, and they realized it costs more money than the entire amount of money taken in. And this was by a liberal Governor, very liberal, who wanted to do it.
And I'm all for anything, but what we've done today is brought down prices, and you get the level of—a level of prescription drugs and care—ultimately, care—that you could never get the other way.
It just haven't worked. And I'd like to ask Bobby or Oz because it is a very good question. I'd like you to address that for a second, the difference. And you know, you hear it sounds so good, but in the end, it's horrible health care.
Administrator Oz. It doesn't work, and we know that for two reasons. One, you censor and ultimately limit access to care. We see that, for example, in other countries that are remarking how effective this most-favored-nation drug pricing has been, because they actually just don't give their patients who have, for example, a cancer, who's older, the medication. They just let them pass.
We also know, without any question, that those programs ultimately get more and more expensive until they devour the system, so they end up with a two-tiered system. So you have affluent people who get better quality care at private clinics, and you have the average American who would have to go to wherever they're allowed to go.
And if you notice, when we talked about the program with GLP–1 medications in Medicare, the most common place that GLP–1 medications are sold now in America—what used to be—the Upper East Side of Manhattan, one of the richest places in this—in the country, and they're using the drug to look a little better when they go to the Hamptons this weekend. But now we're giving it to all Americans, if they desire, who are eligible at $50 a month, which means most Americans can now afford that.
That's a democratization of health care, and we believe that that is part of what America has always been. You own a piece of the rock; you own your health care—to get on the playing field. To compete in commerce or anywhere else, you have to be on the field. You need your health to be able to do that.
And I'll leave you one last big issue. The president has said this many times. If we could just get the average American to feel so healthy, so with it, so vibrant that they want to work just one extra year, that's worth $1 trillion to our GDP every year.
So investing in cutting-edge technologies, giving the best access that we can afford to every American everywhere they want it actually builds the value of our Nation because we're a working country. That's what's always made America special.
The President. Okay. Bobby, are you okay?
Secretary Kennedy. I'm good, Mr. President. [Laughter]
The President. Okay. Because I've spoken to Bobby about it. He understands it maybe better than anybody, and he feels the same way.
Please.
U.S. Military Operations in Iran/Commercial Transit Through the Strait of Hormuz
Q. Thank you, President Trump. Is the resumption of strikes in Iran part of a limited campaign or a return to full-scale war? And how will you respond to the Iranian strikes——
The President. It's very limited. Look, they're a failed nation.
Q. ——in Jordan and U.A.E.?
The President. Yes, they're a failed nation. They've got 350-percent inflation. They have no currency. They're not paying their soldiers. Their leaders are largely dead. Their navy is gone.
Their air force is gone. Their surveillance equipment is almost entirely gone.
That doesn't mean we won't smack them. We'll see what happens.
But we have the Strait of Hormuz in extremely good shape. You know, we're taking over. Many, many ships got through last night, as you know, with the Navy's assistance. And we've been averaging 30 ships a night. That's a lot. And a lot of oil is coming out. That's why you haven't seen the price of oil go like they thought it might have to go.
And the main thing—when I say it all, I could go on for an hour about what a great job we've done. We've done a great job with Venezuela. We've done a great job with Iran.
Iran will never have a nuclear weapon. See, that's what it's all about. It's not about any of the other things. It's about we, as a country and as—for the world, Iran cannot have a nuclear weapon.
If Iran had a nuclear weapon, Israel would have been wiped out. You would have no Israel right now, and you'd probably have no Middle East. And they'd be hitting our cities at some point, because they're sick people. And Iran will never have a nuclear weapon.
Health Care Costs
Q. Mr. President, on this announcement. I do want to ask you about—a follow-up on Iran.
The President. Yes.
Q. But, on this announcement, it comes right before the midterms. In your opinion, do you think that health care prices or gas prices right now are more important for American voters as they head to the polls?
The President. I think they're both. I think everything is important. I would say health care is, to me, very important. You're talking about life. It's very big. It's very important.
Iran/U.S. Diplomatic Engagement
Q. On Iran. Who—I mean, you have the insider view on what is going on at—negotiations—
—
The President. I do.
Q. ——obviously have stopped. But who's in charge right now in the country?
The President. Of them?
Q. Yes. Of the Iranians.
The President. They don't really know. They don't really know. In my opinion, they don't
know who the leader is. You have the radicals, but they've been wiped out from the standpoint of the military, because their military is just a fraction of what it was. I don't really think they know who their leader is.
[Several reporters began asking questions at once.]
Consumer Prices
Q. Mr. President, starting tomorrow—starting tomorrow, you're going to bring in import beef duty free——
The President. Yes. Right.
Q. ——in an effort to try and bring down prices.
The President. Sure.
Q. Shouldn't that concept apply to other consumer goods in the economy?
The President. Well, it could, but we're doing very well in so many different things.
And you remember, you know, affordability. I inherited that from the Biden administration. We had very high prices. We had eggs that were selling at four times what they are now. We had all sorts of product that was just tremendously out of control.
We had health care that was through the roof. This is going to bring down health care numbers that nobody has ever even envisioned before. Nobody—if I would have told you a year ago that we were going to pull off drug prices that would be down 50, 60, 70 percent, you would have said, "That's impossible." So just the way it is. And——
Q. Do less tariffs mean——
The President. And I think—I think you're going to see some very big drops in a lot of different categories.
Yes, please.
[Several reporters spoke at once.]
Interest Rates/National Economy
Q. Mr. President, Fed Chairman Kevin Warsh signaled Friday that he might consider raising rates. Are you opposed to this? And have you spoken to him about it?
The President. No, I have a lot of respect for him, and he'll do what he has to do.
I think we—our interest rates are too high. I think that we're the leading country in the world.
We're now an economic force like—like we've never been before because of what's happened. We have the greatest investment ever made in any country by many times. Again, we're over now
$20 trillion of investment coming in. No country has ever been there.
And we're number one. We should have the lowest interest rates in the world, because if we wanted to—you know, a lot of countries that—are paying less interest rate only because of us, because they do business with us. If we wanted to put tariffs or stop doing—we have the right to stop doing business with them—they would go from a so-called elite country to a poverty-stricken country.
So we should pay, in my opinion, the lowest interest rates anywhere in the world by far. And someday, I think maybe we'll be able to convince people of that. It's very easy.
Again, you take certain countries—I don't want to mention any—but countries that you consider great, and they're paying a half a point. All right? A half a point. But they make $40 billion a year with the United States. If they don't make the $40 billion—and we don't need their product. Doesn't have to—we really don't need their product. So, if we cut off trade with that country, we just made $40 billion. And you do a few countries like that, and we become a big money machine.
We should have the lowest interest rates anywhere in the world. We should be lower than any country. It used to be that way 30 years ago. We had the lowest—even if we weren't doing well, we had the lowest interest rates.
And the other thing—and I say it a lot, but you know, someday it's going to get through. In the old days, meaning you go back 25 years ago, if we announced good numbers, interest rates went down. Now, if you announce good numbers, interest rates go up because they're so afraid of inflation.
But what they're doing is, they're really saying you can never do—you can never really step on the gas. We could have a GDP of 14, 15, 16, and 20. But every time you do well—we just announced great numbers, and so now they're talking about raising interest rates. It's ridiculous. Because success and growth does not cause inflation. Inflation is caused for other reasons. And I'm not a fan of inflation, but inflation is caused for other reasons.
When we do well, they shouldn't have to raise interest rates. They should, in many cases, lower. Because you know why? We become a better credit. When we're doing well, we become a better credit. When you become a better credit, you're supposed to cut rates, not raise rates.
Yes.
Q. Mr. President——
President Xi Jinping of China/Iran
Q. Mr. President, next—or, actually, at the end of the month—Xi Jinping's upcoming visit. You've already been successful with Pastor Ezra Jin Mingri's release from China. Will you be talking to him about other Americans' release, including——
The President. Americans' release?
Q. ——Nelson Wells, Jr. and Dawn Michelle Hunt, who have been held in China for well over a decade?
The President. Who is it? Who?
Q. One is Nelson Wells, Jr., and Dawn Michelle Hunt.
The President. Well, I'll speak to him about a lot. Look, he's coming in a couple of weeks.
He looks forward to it. I look forward to having him. We've had a very good relationship.
As you can see, even with the Strait of Hormuz, he's relatively inactive. He's been relatively inactive by comparison to what he could have been.
He's a man I have a lot of respect for. I think he respects me, and I think he respects our country again. He didn't respect our country 2 years ago. He laughed at our country. He thought our country was run by fools, and he was right. He was right.
No, we have the hottest country in the world. Right now we have the hottest country in the world. Two years ago, we had a laughingstock. We were a laughingstock all over the world.
Right now, we have the hottest country anywhere in the world. Nobody close.
Yes, please.
Immigration Enforcement Actions
Q. Mr. President, last month DHS recorded a record number of deportations. What changed to make that possible?
The President. Nothing. Just—we just were able to break the court system a little bit. We had judges that were very hostile. I mean, look, in New York, the Governor of New York, Kathy Hochul, just announced that she's letting 7,000 people go into—criminals—go right back onto the streets of New York. What's wrong with her? What's wrong with her? How can she do that?
So we're able to get people easier, and they're bad people. We want to get bad ones out of here and get them out of here fast, and that's what we're doing, in record numbers.
Secretary of War Peter B. Hegseth/2028 Presidential Election
Q. Sir, have you seen the reports that Secretary Hegseth is considering a 2028 run? And could you see yourself supporting him?
The President. Well, I think he's doing a fantastic job, but it's very early to talk about that.
We have to get through the midterms first.
Q. Seems like he's talking about it, though, sir.
The President. And I think he's a very good guy. But I'll bet there's a lot of people considering it that you don't know about. You know, you probably have——
Q. Governor DeSantis, maybe?
The President. You have a lot of people, but he's done a great job. And right now all he loves is—and all he cares about is the military and taking care of the military.
And we went into Venezuela; we won. We went into Iran, and we're beating the hell out of them and doing a good job.
Yes, please. Daniel [Daniel Baldwin, One America News Network].
Prescription Drug Costs/Trade Policy
Q. On most favored nations, sir. Secretary Kennedy talked about why some predecessors failed, and he talked about the inertia in the industry. That hasn't bothered you. You've delivered voluntary deal after voluntary deal. What have you recognized about the industry, about dealmaking, about the problem that has led you to deliver on this when past administrations have failed?
The President. So I think the reason we were successful: We were able to talk to drug companies. You needed two elements. The drug companies had to agree—some of the people right back here. And we treated them with great dignity and respect, but we said we have to do it because it was very unfair. They couldn't justify that. Why were we paying 10 times more for a certain medicine than they were paying in Great Britain, than they were paying in Düsseldorf?
Okay? You go New York City versus Düsseldorf versus Munich versus Paris versus London.
Why were we paying 10 times sometimes? Sometimes less. We'd pay for a pill $10 in London. You go to London as a tourist, you'd buy a pill for $10, and in New York, it costs you
$130. Why was that?
And I'd say that to the drug companies, and I think I made the point. It was very tough, but I think I made the point. So I felt I had them. The hard part and one of the reasons they agreed—and by the way, their stocks went up, not down, which is something that is pretty—your stock, I'll bet, has all gone up. [Laughter] It's gone up because it's been more of a free enterprise thing. It's not a rent-regulated, like we're—they have rent control in New York, where everything is regulated. You end up paying far more.
A very big thing, though, was the countries. Everybody said it would be impossible for France to agree to double and triple their drug prices, but they agreed to do it. And they agreed to do it because I said if you don't do it, I'm going to put tariffs on everything coming into the United States, and that is far bigger, dollar-wise, than the money we're talking about.
Without the use of trade—not only tariffs, doing business. We don't have to do business with the country. We have the right to cut off all business with the country, and I threatened that also. And without the power of tariffs or the power of not doing any business at all, whether cutting them off from the United States, I would have never been able to have gotten them to agree to double, triple, and quadruple.
Now, because it's—you know, it's not as bad as it sounds for them. They'd have a $10 pill, and it would go to $20, or they'd have a—a $40, and they'd raised it from $40 to $60. But they weren't raising it from $40 to $120. But we were bringing it down because the world is a bigger place. We're bringing it down from $200 to $40, not to $10. They go up, and we go down. But we went down much more than they went up.
And so you're seeing numbers that nobody has ever seen before. There's never been anything like it. Certainly, in this country, but even in the world, there's never been anything like it.
Steve [Steve A. Holland, Reuters], please.
Venezuela/Oil Supply and Refining
Q. Should Venezuela leave OPEC now, given your announcement over the weekend?
The President. Say it again?
Q. Should Venezuela leave OPEC, given your announcement this weekend?
The President. Well, I don't know. That's up to them. I mean, that's going to be up to them.
We have a great relationship with Venezuela.
It's—you know, it's a team, in a sense. And we're taking out millions and millions of barrels of oil. It's going to Houston, going to Louisiana, going to lots of different places in the United States and all over the world. And we're doing—we're making a fortune, and they're making a fortune.
They're starting to make real money. And we have Exxon going in. We have Chevron going in. We have our big oil companies going in. And everybody is bidding. And it's, you know—you know, there are those that say it was the greatest deal ever made. Let's see what happens.
But you know, I have to stress: It was also a very good deal for Venezuela because you have the most powerful, the richest companies in the world going into Venezuela, where before it was just a—it was this unbelievable value that was sitting dormant.
But we're going to be taking all of that. We're going to be taking that oil out. It's all coming to the U.S. for refineries. It's all—you know, our plants, our refineries are specifically meant for Venezuelan heavy oil. Heavy oil is a good thing, not a bad thing. It's good for other things.
You know what that heavy oil is good for? Asphalt, roadways, all of that.
So, you know, we do a lot of things. Here's a deal that—nobody has ever heard of a deal like that. May be the greatest deal ever made. Who knows? But it's millions and millions—already, we've paid for the war. The cost of the war has been paid for many, many times before.
Where have you heard that before? You didn't hear that with Afghanistan. You didn't hear that with Vietnam. And by people that ran it a lot differently than I run it.
Yes, please.
[Several reporters spoke at once.]
Consumer Prices/Iran
Q. Mr. President, on Venezuela, on this massive oil deal that you just announced. How do you expect that to impact the lives of everyday Americans, both in the short and the long term? And also, what's your message to the oil executives that you're planning to meet with this week?
The President. Well, I think it's going to be—have a tremendous impact. It's going to—ultimately, prices are going to get—come down.
Now, will it before—will it happen before the election? I can't tell you that.
But I think people are very smart. They know we had to go into Iran. It only went up because of Iran. We had to go into Iran. We had to make sure they don't have a nuclear weapon.
You know, when—sometimes, somebody will take the other side, say, "Well, did you have to do it?" I said, "Let me ask you one question." And I've never had a different answer. "Let me ask you one question: Can Iran, the number-one state sponsor of terrorist—terror in the world—number one of terror in the world—can Iran have a nuclear weapon?" They always say, "No, they cannot." I say, "Well, then we have nothing else to talk about."
I had to do it. If I didn't do it, they'd be taking shots at our cities. They would have wiped out Israel. They would have wiped out the Middle East, because that's their inclination. They were called the bully of the Middle East for a reason. They're not the bully anymore.
Q. Thank you, President Trump. On the Venezuela deal. Analysts——
The President. Great job you're doing, by the way.
Q. Thank you. And thanks for taking questions.
The President. Good.
Venezuela
Q. On the Venezuela deal, analysts predict it could take several years before the Venezuela oil actually brings down gas prices.
The President. Could be a little bit, but it's going to go fast. Going to go fast.
Q. When you say "fast," when?
The President. Well, because analysts predicted that a thing like this could never happen too.
Nobody ever thought it was possible.
Remember, Russia was there. China was there. They're not there anymore, are they? You know who's there? U.S.A. is there.
It will go fast. Much faster than what the analysts—and they say 2 years, 3 years. But if it was 2 years, that's a, you know, short period of time.
It's hundreds of billions of dollars. It's actually trillions of dollars we're talking about.
Trillions. And it will come out as fast as possible.
One of the things I want to do with all of that oil that we now have: I want to fill up these strategic reserves, and we'll get that done fairly quickly.
Iran/Ukraine/U.S. Security Assistance
Q. And back on Iran, several military leaders have reportedly told Secretary Hegseth that a prolonged, large-scale operation there weakens our ability to confront threats elsewhere, including the homeland. Have you heard those warnings?
The President. Well, number one, we have nothing else in mind. Number two, we're very respected. Nobody else would be crazy enough to do it. Number three, we have so much ammunition and munitions, as they like to call it, all over the world that we can always take from if we want.
And this is a relatively little war for us. This is not a big war. You know where the money went—was Ukraine. The money was really taken out—the ammunition, if you talk about low. We have tremendous amounts, unlimited amounts of mid-grade and older stuff that's also very powerful. Unlimited amounts.
We're only talking about what we call the elite—the elite stuff. And even that, we're in very good shape. But we can always take from other sources. But I don't think we're going to need it because nobody is going to mess with us. Nobody.
Q. Have you ruled out——
Q. Mr. President——
Q. Have you ruled out using——
The President. A lot of the—I just want to finish.
They say we used it in Iran. We used very little in Iran by comparison. Joe Biden gave Ukraine over 300 billion dollars' worth of stuff free. Now, I also help Ukraine, but they have to pay for it. So Europe is paying for it. It goes to the European nations. It goes to NATO. They pay us for it, and we help them out. But he gave away 300 billion dollars' worth of ammunition.
That's—can't do that.
U.S. Military Operations in Iran
Q. I do have a question for you about Flock cameras. But first, on Iran, have you ruled out using a nuclear weapon against Iran?
The President. Well, I would never say that, but the answer is yes. I ruled out—I rule out nuclear—use—there's no reason for it.
Q. And has that been——
The President. What—what a stupid question that is, actually.
Q. Well, on——
The President. Here they are, they're totally defeated militarily. So now I defeat them, and now I should use a nuclear weapon on top of them? What a stupid question.
Okay. Thank you very much, everybody. Thank you.
Senate Confirmation of Deputy Director Overton as Commissioner of Food and Drugs
Q. Mr. President, should the Senate vote to confirm Dr. Overton before November?
The President. I hope so.
Q. You hope so?
The President. I hope so. She's fantastic.
Q. You want them to prioritize that, then, the confirmation?
The President. I would like her to be prioritized.
Q. All right. Thank you.
The President. If I didn't like her, I would say no. But I would like it. Bobby wants it fast, so we'll put Bobby on it.
Let's go.
Falkland Islands/United Kingdom
Q. Are you reviewing the Falkland Islands, sir?
The President. Excuse me?
Q. Are you reviewing the U.S. position on the Falkland Islands?
The President. I always review it. Every position. That's just one of many. Steve.
Q. What was——
Q. Do you want the U.K. to——
The President. Steve, go ahead.
Q. ——cut its—or increase its - percent spending on military?
The President. The U.K. has got some problems, but they'll get solved.
Russia
Q. What was the thinking behind inviting the Russians to the G–20 meeting in Asheville? There's—the Europeans are criticizing——
The President. Well, we're going to see what happens, but we like getting along with everybody.
Q. Sure.
The President. One of the reasons that I'm so successful: I get along with everybody. Thank you, Steve. Thank you.
[Several reporters spoke at once.] Thank you very much, everybody.
NOTE: The President spoke at 3:06 p.m. in the Oval Office at the White House. In his remarks, he referred to former Gov. Peter E. Shumlin of Vermont. Administrator Oz referred to John Brooks, Deputy Administrator and Chief Policy and Regulatory Officer, Inmaculada "Inma" Hernandez, Senior Advisor to the Administrator for Drug Prices, and Rujul Desai, Senior Counselor to the Administrator, Centers for Medicare and Medicaid Services. Reporters referred to Ezra Jin Mingri, pastor, Beijing Zion Church in Beijing, China; Chicago, IL, resident Dawn Michelle Hunt, and New Orleans, LA, resident Nelson Wells, Jr., who were convicted by Chinese authorities on drug charges in 2014; and Gov. Ronald D. DeSantis of Florida.
Categories: Addresses and Remarks : Prescription drug prices, reduction efforts; Interviews With the News Media : Exchanges with reporters, White House.
Locations: Washington, DC.
Names: Ashcroft, Richard; Biden, Joseph R., Jr.; Fox, Christine; Hegseth, Peter B.; Hochul, Kathleen C.; Kennedy, Robert F., Jr.; Klomp, Christopher; Kumar, Neil; Lutnick, Howard L.; Overton, Heidi; Oyler, John V.; Oz, Mehmet; Petroutsas, Michael; Schaefer, Steve; Schiffman, Julie; Shumlin, Peter E.; Tellier, Jean-Christophe; Warsh, Kevin M.; Xi Jinping.
Subjects: Centers for Medicine and Medicaid Services; China, President; Consumer prices; Falkland Islands, political status with respect to United Kingdom; Federal Reserve System; Food and Drug Administration; Foreign nations, investment and business ventures in U.S.; Group of Twenty (G–20) nations; Inflation; Interest rates; Iran, commercial transit through Strait of Hormuz; Iran, nuclear weapons development; Iran, regional involvement; Iran, U.S. military operations; Medicare and Medicaid programs; New York, Governor; Prescription drug costs, reduction efforts; Secretary of Commerce; Secretary of Health and Human Services; Secretary of War; Senate confirmation process; Strategic Petroleum Reserve; Tariffs; U.S. military readiness, improvement efforts; Ukraine, U.S. assistance; United Kingdom, Falkland Islands, political status; Venezuela, oil supply and refining; Venezuela, relations with U.S.; Venezuela, U.S. military capture and exfiltration of President Maduro.
DCPD Number: DCPD202600568.