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White House Takes Questions From Reporters During Briefing; White House Says No Ceasefire Extension So Far With Iran, but Optimistic of a Deal; White House Unveils Plan for 250-feet Tall Triumphal Arch. Aired 1:30-2p ET

Aired April 15, 2026 - 13:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[13:30:00]

LT. GEN. S. CLINTON HINOTE, U.S. AIR FORCE (RET.), FORMER SENIOR AIR STRATEGIST IN THE MIDDLE EAST: But also by Russia and others, because as this ceasefire continues, it might give Iran some time to receive some weapons clandestinely, more than likely, and to be able to reconstitute and use those if the fighting breaks out. We, of course, don't want that. So we need to be watching it very closely.

BORIS SANCHEZ, CNN CO-ANCHOR OF "CNN NEWS CENTRAL": Gen. Clinton Hinote, thank you so much for joining us.

HINOTE: Boris, great to be with you.

SANCHEZ: Pleasure. So the White House briefing has just begun. We're standing by to hear reporters begin their questions. There you have the Treasury Secretary, Scott Bessent. The White House right now touting the tax policy on Tax Day, obviously April 15th. We'll be right back and bring you the briefing as soon as we can.

(COMMERCIAL BREAK)

[13:35:15]

JESSICA DEAN, CNN CO-ANCHOR OF "CNN NEWS CENTRAL": We're going to take you to the White House where Press Secretary, Karoline Leavitt is taking questions alongside the Treasury Secretary and Small Business Administrator. There's Scott Bessent there.

SCOTT BESSENT, UNITED STATES TREASURY SECRETARY: Once the Straits are open, they can start pumping again within one week.

UNIDENTIFIED MALE: So not by summer, like Memorial Day, but maybe by Labor Day?

BESSENT: Again, I'm optimistic that sometime between June 20th and September 20th that we can have $3 gas again. And as I said this morning, too, we are going to be watching the gas stations because they raised prices very quickly when the crude oil prices went up. We hope they'll bring them down just as quickly as crude oil prices have come down, which they've come down substantially just in the past 10 days. UNIDENTIFIED FEMALE: Thank you 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 Morgan. 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?

KAROLINE LEAVITT, WHITE HOUSE PRESS SECRETARY: 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 (ph)?

UNIDENTIFIED FEMALE: 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 sort of an accurate description of how the president sees --

LEAVITT: Look, as we all know in this room, I think you know 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 Journal should get a better sense of humor.

UNIDENTIFIED FEMALE: And then another one for you. Has the President filed his taxes, and is he going to release them publicly?

LEAVITT: It'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.

UNIDENTIFIED FEMALE: And to Secretary Bessent --

BESSENT: I have filed my taxes.

(LAUGH)

UNIDENTIFIED FEMALE: 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? BESSENT: Look, I am confident that the process that we have 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 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 move question.

LEAVITT: Stephen (ph), go ahead.

UNIDENTIFIED MALE: 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 D.C., 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?

BESSENT: OK, 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 two 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 hardworking Americans and for them to keep more of it?

KELLY LOEFFLER, ADMINISTRATOR, SMALL BUSINESS ADMINISTRATION: Yeah, I'll just add that a great example are the factories that we see coming back, thanks to 100 percent Made in America expensing.

[13:40:00]

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 re-industrializing this nation through our small manufacturing base, which most manufacturers in America meet the small business definition, 98 percent 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.

LEAVITT: Elizabeth, go ahead.

UNIDENTIFIED FEMALE: Thank you. Mrs. Ford (ph), 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 their run (ph) operation?

LOEFFLER: 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.

UNIDENTIFIED MALE: What's the status of extending the Iran ceasefire, Karoline?

LEAVITT: 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.

UNIDENTIFIED MALE: Would those talks be in Islamabad, or where would they be, the next round?

LEAVITT: They would very likely be in the same place as they were last time, yes. With the same -- I 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 (ph)?

UNIDENTIFIED MALE: Thank you, Karoline. How much room do you see for additional sanctions placed -- 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 that suggested maybe the sanctions weren't -- this could be for Secretary Bessent as well --

LEAVITT: Yeah.

UNIDENTIFIED MALE: -- that the sanctions basically weren't having the effect that the United States wanted.

LEAVITT: I'll let the Treasury Secretary, who's in charge of sanctions, answer that question.

BESSENT: Yeah, I think that's not a correct characterization. Yesterday, we announced Operation Economic Fury, and we -- 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 companies -- 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.

UNIDENTIFIED MALE: Is this an example of expanding the war economically as opposed to militarily? Is this another phase of the war?

BESSENT: Exactly.

[13:45:00]

UNIDENTIFIED MALE: Secretary Bessent, any update on the insurance program, the U.S. re-insurance program for ships and tankers sailing through the Strait of Hormuz? Any update on that, sir?

BESSENT: 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.

UNIDENTIFIED MALE: And what do you tell private shipping companies out there right now, nervous about this whole thing, wondering if they should even get near the Strait?

BESSENT: What's that?

UNIDENTIFIED MALE: What do you tell to encourage shipping companies to do business through the Strait? BESSENT: 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. Lloyds of London had skyrocketing insurance during the time. The rates are still very high.

So we want to provide, the U.S. 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.

(CROSSTALK)

UNIDENTIFIED MALE: 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 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?

BESSENT: 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.

UNIDENTIFIED MALE: 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 gas, gallon of gas?

BESSENT: Well, again, as I said, no one's 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 and police unions.

And those, whether it's our great policemen, our firemen, our ambulance drivers, they all now want more overtime. And, you know, how great it is to have them to be able to be engaged and keep more of their money.

UNIDENTIFIED MALE: Thank you, Karoline. For both of you, perhaps, are President Trump's threats of a 50 percent tariff against China still on the table now, or is the letter exchange that you talked about now taking that off?

LEAVITT: Well, as you know, 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.

Do you have any update on that, Mr. Secretary?

BESSENT: I don't have an update on the tariffs, but I do have an update on sanctions. Iran used to be the largest state sponsor of terrorism. China was purchasing more than 90 percent of their oil, which is about eight percent of China's energy needs. We believe this blockade in the Straits, there will be a pause of Chinese buying, but I will tell you that two Chinese banks received letters from the U.S. 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.

LEAVITT: Nick (ph), go ahead.

UNIDENTIFIED FEMALE: Thank you, Karoline.

LEAVITT: Go ahead, Nick.

UNIDENTIFIED MALE: Just a quick follow-up. 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?

BESSENT: We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil. Again, that was oil that was on the water prior to March 11th.

LEAVITT: Right.

BESSENT: So all that has been used.

LEAVITT: Nick (ph), go ahead. I have question is for the Treasury Secretary. As you both noted, 53 million Americans have used one of these new tax exemptions the president enacted. Can you speak to not only the relief that that's bringing to specifically working-class Americans, like waiters, bartenders, overtime workers, but also the impact this is going to have on the economy?

BESSENT: Well, a couple of things there. I can tell you, I think Kelly is very popular, but I think with service workers, I may be the most popular Cabinet Secretary in D.C. because when I show up, a doorman, not so much bartenders but waiters, waitresses, they all say, thank me for no tax on tips.

[13:50:00]

Again, I was in a diner up in Westchester County and this is a homerun. The -- 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, Americans -- 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.

UNIDENTIFIED FEMALE: Thank you. 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?

BESSENT: 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 that 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.

UNIDENTIFIED FEMALE: To 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 to support them?

LOEFFLER: 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 re-shoring whole industries because of this tax bill.

LEAVITT: Libby (ph), go ahead.

UNIDENTIFIED FEMALE: Thank you, Karoline. 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?

LEAVITT: Sure, I will never set timelines on behalf of the president of the United States, but with respect to the blockade, as 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 U.S. 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.

UNIDENTIFIED FEMALE: 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 proposed any kind of support of?

LEAVITT: 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.

John (ph), go ahead.

UNIDENTIFIED MALE: 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.

[13:55:00]

What does that process look like? How can a porter and an importer request such a refund going forward (ph)?

BESSENT: That's not being run out of treasury. We would just be the pay master. So that's running -- being run out of CPB. Yep.

UNIDENTIFIED MALE: So explain that process. I understand you're not running it. 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?

BESSENT: 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 shoot. And we'll see what the timeline is for that.

UNIDENTIFIED MALE: Will that affect the U.S. economy, all of those refunds coming out of the U.S. Treasury?

BESSENT: 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 U.S. economy? I don't know.

LEAVITT: Danny (ph), go ahead.

UNIDENTIFIED MALE: Secretary, you were quoted 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 that ahead of the midterm, to see that it's worth the economic pain? BESSENT: Well, the message is the short-term volatility for long-term gain.

LEAVITT: And Danny (ph), if I could add to that, you know, the president has been very clear. Again, as the Secretary just said, this is 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 (ph)?

UNIDENTIFIED FEMALE: 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 --

BESSENT: 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. That we pushed them to our allies. We helped stabilize the oil price.

And as you can see, there were doomsday scenarios. Oil is going to $150. It's going to $200. It's going to $250. West Texas crude for the front month (ph) delivery is about $92 or $93 now.

(CROSSTALK)

LEAVITT: Thank you, everybody. I know we have two very busy cabinet secretaries with us here today. Before we do depart, just one final announcement.

As you know, 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, D.C. This is a rendering of the arch for you. Thank you, Peter (ph).

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, a man-made island in the Potomac River, managed by the National Park Service. The United States Triumphal Arch will be outfitted with beautiful artwork and depictions celebrating the success of the American people over our 250-year history and the enduring triumph of the American spirit.

Long after everyone in this room is gone, our children and grandchildren will remain inspired by this national monument. Beginning construction this year on the architectural arch is a fitting way to commemorate the 250th anniversary of American independence. Great nations build beautiful structures that cultivate national pride and love of country, and this Triumphal Arch should be a project that all Americans of all political persuasions can support because it's a --