Remarks transcript, Aug 31, 2026 (Donald Trump)

Please.

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.

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.

So did you ever think you'd see favored nations?

Most likely, no. What did—what do you think? You said already, "I don't think so." [ Laughter ]

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.

Thank you.

Thank you very much.

Thank you.

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——

Great job.

——for allowing us to do that.

Great job. Thank you very much.

Thank you, Mr. President.

And, Heidi, first of all, congratulations.

Thank you, Mr. 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.

Absolutely. Well, thank you.

Would you like to say something?

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.

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.

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?

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.

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.

Okay.

Bobby, are you okay?

I'm good, Mr. President. [ Laughter ]

Okay. Because I've spoken to Bobby about it. He understands it maybe better than anybody, and he feels the same way.

Please.

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——

It's very limited. Look, they're a failed nation.

in Jordan and U.A.E.?

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.

Mr. President, on this announcement. I do want to ask you about—a follow-up on Iran.

Yes.

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?

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.

On Iran. Who—I mean, you have the insider view on what is going on at—negotiations——

I do.

obviously have stopped. But who's in charge right now in the country?

Of them?

Yes. Of the Iranians.

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.

Mr. President, starting tomorrow—starting tomorrow, you're going to bring in import beef duty free——

Yes. Right.

in an effort to try and bring down prices.

Sure.

Shouldn't that concept apply to other consumer goods in the economy?

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——

Do less tariffs mean——

And I think—I think you're going to see some very big drops in a lot of different categories.

Yes, please.

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?

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.

Mr. President——

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——

Americans' release?

Nelson Wells, Jr. and Dawn Michelle Hunt, who have been held in China for well over a decade?

Who is it? Who?

One is Nelson Wells, Jr., and Dawn Michelle Hunt.

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.

Mr. President, last month DHS recorded a record number of deportations. What changed to make that possible?

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.

Sir, have you seen the reports that Secretary Hegseth is considering a 2028 run? And could you see yourself supporting him?

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.

Seems like he's talking about it, though, sir.

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——

Governor DeSantis, maybe?

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].

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?

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.

Should Venezuela leave OPEC now, given your announcement over the weekend?

Say it again?

Should Venezuela leave OPEC, given your announcement this weekend?

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.

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?

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.

Thank you, President Trump. On the Venezuela deal. Analysts——

Great job you're doing, by the way.