wisdom when it comes to these markets. you have been spot-on. thank you very much. we are near the highs of the session. we are building a little momentum. you would think perhaps that congress would come through with something. we may have 24 hours to go on this. liz claman, last week you told me this week was the moment of truth. maybe it all comes down to tomorrow. liz: yeah. you know what, and tomorrow, you just mentioned it, we obviously are waiting on the jobs report. that is going to be a big one, at least with the news heft of it. and we've got this breaking news. we are about to take you live to the whirlpool plant in ohio. this is the largest washing machine factory in the world. president trump, there he is, taking a tour right now on the ground in the buckeye state. what he's going to do after the tour is give a speech on the economy and in the latest shot at china in his years-long trade war, we do expect him to sign an executive order requiring the federal government to buy its essential drugs from u.s.

manufacturers, in an effort to less lessen dependency on foreign pharma. this visit ties directly to the start of the president's tariff wars back in january of 2018. that's when he imposed 30% to 50% tariffs on imported washing machines that were mostly coming from south korea appliance giants lg and samsung. since that time, whirlpool is up, just over 2%, while the s&p 500 has scaled gains of 19% over the same period of time. also, whirlpool has just announced some layoffs. we will take you straight back to ohio when the president speaks. but to the markets. just a second ago, the nasdaq touched a record high, 107 points to the upside. we are still up about 101 at the moment. 100 points above the 11,000 mark. right before the closing bell yesterday, the nasdaq actually kissed the 11,000 mark. we noted it, seconds since the

bell was closing. well, it closed one point below. will we see it close above 11,000, if it can hold on to its gains it will notch its fourth straight record close. dow jones industrials up 149, s&p up 17. helping to boost the markets, weekly first-time jobless claims. while 1.19 million americans did join the unemployment lines last week, that number is down from 1.4 million the week before and by the way, it's the lowest since march 14th, the start of the lockdowns. but you want really stunning data? the 30-year fixed mortgage rate hit its eighth record low this year, coming in at 2.88%. down 11 basis points from the week prior. check out this comparison. a full point lower than last year's average of 4.13%. as rates plumb never before seen depths, prospective buyers are

frothing at the mouth. enter rocket company, parent of quicken loans, the largest mortgage company in the country, ringing the opening bell ahead of its first trade as a public company. shares priced at $18 per share, that was below the expected range of $20 to $22 a share, but look at this. in the final hour, taking off like a rocket. rkt's stock at the moment has a pretty significant gain. to the floor show and the new york stock exchange, and we have corraled rocket company ceo jay farner. i know it's a very busy day for you but look at this gain. i would say it's not how ipos open, it's how they close. the stock is up 14% right now. in the morning, the word disappoint was everywhere. what does this price action tell you about the $18 starting point because right now, you're up 15% to $20.70 a share. >> yeah. we're very excited about what the stock is doing. i think we're more excited just about being here. you know, coming out with a $36 billion market cap and seeing it

rise like this, i think it reinforces the story we have been talking to investors about and the key for us was getting the right investors in early and now people are recognizing the value and but we're here for the long haul. stocks will go up, stocks will go down but our 20,000 team members in detroit doing the right thing. twha we are at 9% today, our goal over the long term is 25%. this is just one important day on that mission. liz: what do you make of this 30-year fixed rate of 2.88%? that leads me to the question, how does a company like rocket and quicken loans, you've got to tell us how your margins hold up with such incredibly low rates. >> yeah. our margins are strong. they have been strong for years. i think brands, client experience is really what most people are ebbing focused o whe talk about rates this low, the real question is capacity. we were doing about 50,000 mortgages a month closing the month, about four or five months ago. our scaleable platform has

allowed us to get to 100,000 closed loans this month. that's what we are focused on. how do we keep growing scale, keep adding capacity, because right now, there's something north of $10 trillion worth of mortgages in the money in our country and our mission is to help those clients refinance their homes and save money. liz: you know, mortgage origination may hit the highest levels since 2005. people obviously are trying to capitalize and grab these very low rates. catch that bottom. my question to you becomes we remember what happened in 2005. that was an inflating bubble and many mortgage lenders, they basically let their standards go down and you know, enter the subprime mortgage disaster. how are you holding on to keeping your standards high and yet serving all the customers who want to get a mortgage? >> yeah. i think there's a variety of things happening in the market today. for us, 90% plus of the loans that we do are fannie mae,

freddie mac, va, agency loans with very very high standards. combo that up with our technology, grabbing data electronically from bank accounts, employer information, really results in some of the highest quality mortgages i think we have ever seen in the country. when we look at our loan performance compared to our competitors, almost double the performance in terms of quality. even on the forbearance side, really pleased with how we are performing. i think we have about 5% forbearance rate compared to an 8% or 9% in the industry so it's about quality, it's about technology, it's about doing the right thing which has been our culture now for 35 years. liz: i do have to push you on forbearance levels. to see them, yes, they have gone down week after week, but they are still 3.8 million loans in america are in forbearance plans which is when borrowers temporarily ask to either not pay because they don't have the cash or they pay a lower rate. have you modeled for a worst case scenario because we are

seeing the big banks, jpmorgan, wells fargo, this earnings season, they announced that they had increased their loan loss provisions, their cash pile, to be prepared for people to foreclose or completely walk away from the loans. >> yeah. we absolutely modeled for that but i will tell you right now, we are seeing just as many people who accepted forbearance, continued to make their payments and actually not utilized forbearance. i think taking time, explaining to clients what the forbearance means, make sure they understand all their options, our servicing team all onshore in detroit, picking up the phone, talking to clients, walking them through the situation, and in many cases, these folks are employed, continuing forward with their jobs and refinance is a better option. so i'm very confident that we are thoughtful about what's happening, we ensure that we have the capital in case we do see an increase for a short period of time but over the long haul, taking care of the clients always works out. one of the things my cfo points out is when we look at all the banks across the country and our balance sheet, we are better

capitalized than the vast majority of those banks. so it's not really about bank or non-bank. it's really more about good strong balance sheets and that's what we have been focused on at rocket companies. liz: well, you are squarely in the $21 a share eye right at this moment. for a stock that debuted at $18, you saw a lot of articles coming out they had to change the word disappoint to thrill because the stock on its first day of trade, up 17%. we would love to have you back. we really appreciate you coming on. it's a fascinating time when 30-year fixeds are 2.88%. good luck to you. >> absolutely. thanks for having me. liz: any time. jay farner of rocket companies on the debut day of the stock. rocket's not the only stock popping in this final hour. we want to get you a couple here. here's one that's jumping up off the barstool. penn national gaming, soaring on quarterly revenue beats plus its launch of the barstool sports book betting app is on track for

the third quarter. penn is up 12.8% right now. and its rival is also betting on positive moves here, up 3.33%. but we've got this fox business alert, folks. check the clock right now. we are 52 minutes away from the deadline for players in the nfl to opt out of the season due to covid-19. 4:00 p.m. eastern. less than an hour from now. we are checking parent of fox business, which airs sunday nfl games and cbs network parent via come cbs which is set to air super bowl 2021. both stocks completing passes at this hour. now, while live sports events have started, albeit with no fans, the ban of large gatherings is hammering concert stocks. live event promoters i-heart media and live nation are both lower right now with i-heart media down 5.25%. live nation down 1.8%.

even as live nation announced it has enough cash to last until next summer. folks, unable to watch sports or concerts, turn to gaming, providing quite the boost to activision blizzard. it is at the top of the nasdaq today. its game call of duty war zone has now reached 75 million players worldwide. it's up nearly 3% right now. company's killed it since the acquisition in february of 2016. remember this, king digital, the parent of mobile gaming favorite candy crush, since that purchase, activision is up 180%. all right. check the dow, up 157 right now. closing bell, we are exactly 50 minutes away. as apple and samsung ready their smartphones for the 5g revolution, coming up, the name that not only helps bring the next hyper-speed era to life but is powering up mobile hot spots for the work from home crowd.

that's next in a "countdown" exclusive. and we are awaiting comments from president trump as he tours the largest appliance plant in the world. whirlpool's ohio hub. we will bring you all the action. our cameras are there. we are waiting and we will bring him to you when "the claman countdown" comes right back. hike!

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liz: all right. we just want to let you know, we are waiting on president trump. he is touring the washing machine factory in clyde, ohio for whirlpool. as he's talking about big appliances, we are talking about phones and the 5g revolution. it is under way and we're waiting to see when every piece of this comes together. based on big moves in the smartphone space it's really kind of starting to feel like the 5g future now is closer on the horizon but one big question still lingers. can the biggest names in telecom achieve coverage nationwide and if they can't, who fills the gaps for places that may not be first in line for the hyper connected future? inseego, the name behind the mifi, the hot spots, it has emerged as a work from home stock. it enables millions to stay connected via hot spots and despite being a billion dollar, you know, market cap, kind of on the small midcapsize, it's

contributing in a big way to the 5g tectonic shift. joining me in a fox business exclusive is inseego chairman and ceo, dan mondor. yesterday, we had all the new samsung phones but it's almost like a chicken and egg situation right now. i have yet to be having a phone in my hand that's 5g, apple's is supposed to come out in october, with the actual connectivity of a super-fast download opportunity that's promised with the 5g revolution. where do you fit into this? >> well, we are a fundamental part of the wireless ecosystem. as i tell everyone, we are all things wireless other than smartphones. our specialty is the mobile hot spots. we also produce 5g gateways that sit in the homes, sit on the business. so we keep everyone connected, safe and secure at home which is going on now in the work from home, but 5g's about to take off, the networks are being built up, working with operators

domestically and internationally, and it's top of the first inning but game on. liz: yeah. yeah. game on. you're positioned really well. let's talk about the mifi business and the hot spot opportunities that have really popped up for you guys during the work from home drama we have all, many of us have been faced with certainly with the lockdowns starting back in march. school and educating from home, work from home, many people might not go back to work this fall. what does that mean for you? >> well, firstly, we feel very fortunate to be in the position we're in. obviously under the circumstanc circumstances, we have the right solution frankly, plug and play for work from home, for school from home. we just heard chicago public schools announced it's going to be an online learning year. all this started in march,

massive surge in demand. it continues today. we just help people stay connected, safe and secure at home, providing a dedicated connection with our devices. liz: yeah. year over year, your stock has been an absolute crusher, up 175%. it is down today. you know, the only news that i see is that your cfo, stephen smith, is stepping down. craig foster is taking his place. you actually had a q2 net revenue of $80.7 million, up 44%. what do you think's happening on a day like this? >> well, i wish i knew. very strong quarter, outstanding quarter, over 40% sequentially. continued strong demand. so all the fundamentals are there. and we're just looking forward to getting 5g products deployed

in wide scale. so that's coming in the second half of this year and work from home, school from home, demand surge continues. you know, we like where we are. liz: do you like where the telecom guys are, verizons, t-mobiles of the world, at & ts? are they going to hold up to the promise that they are building out fast enough and will it really only be for the big urban developed areas like los angeles, new york, chicago, and does that leave the rural areas behind? >> no, i don't think so. i don't think so. it's really all about speed and coverage. there's different technologies to do that. some of the operators are starting at different parts of the strategy. they are all going to converge on universal nationwide 5g coverage. there's different technologies in there that give wider range coverage. we're doing all of those. it will end up being a seamless

network as it's built out over time. ultra-fast, ultra-wide coverage and all the good stuff that goes with that for video and home interaction and that sort of thing. so the networks will get there. they're on their way, starting different places but it's really going twice as fast frankly as we saw relative to what we saw in 4g, i should say. things marching along. liz: huh. that's news, definitely, twice as fast because everybody talks as if it's just taking forever. we're all in a hyper-speed mode now. we want it now. good to see you, dan. thank you very much. dan mondor, ceo of inseego. we have the closing bell ringing 40 minutes away. a new dance partner getting caught up in the tiktok tango. fastly. unable to find its footing after revealing the controversial social media app is its number one customer. is this guilt by association? shares of fastly tumbling on the

revelation, down 17.9%. despite the cloud service provider scoring a double beat in the second quarter, they also raised guidance. go figure. dow jones industrials up 182 points. tiktok's part, guess what, the sum of all of them, charlie will break the story on the bold move microsoft may be considering. in the m & a saga rocking the powerhouses. we'll be right back. introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today.

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as long as he or she accepts medicare patients. and three: these are the only medicare supplement plans endorsed by aarp. learn more about why you should choose an aarp medicare supplement plan. call today for a free guide. liz: breaking news. president trump is about to speak at the world's largest washing machine factory. it's the whirlpool factory in clyde, ohio. speaking right now, we have jim kepler, the vp of supply chain and quality and that of course is obviously a very interesting person, because it has been the global supply chain that

actually triggered president trump to impose what were very steep tariffs back in 2018 on all imported washing machines. most of them coming from competitors lg and of course, samsung. so since then, we've actually seen whirlpool's stock not do much, up about 2%. we'll be watching all of this and the minute president trump takes the podium, we shall go right back to it. in the meantime, the hands of time moving as president trump considers possibly banning short video platform tiktok. he's promised to do it by september 15th. if a u.s. company doesn't take control of it. okay. microsoft wants to acquire tiktok, apparently, but it may be another nation that stands in the way of the deal now. charlie gasparino. tell us what's happening. charlie: yeah. that would be china, because there's a lot of talk on wall street that china may at some point pull the deal, tell bytedance, the parent company, not to invest. as that's going on, the potential china threat to

killing this deal, we do know this. some of tiktok's investors, the investors that are in it now, want to be part of this deal with microsoft. the two major investors in tiktok are general atlantic partners and sequoia capital, both private equity funds. they are telling people they want to stay in this deal. they want to be partnered with microsoft. so microsoft is going to have probably other money if they can to buy tiktok and the u.s. operations are something like $40 billion, it could be more if you buy other parts, but from what we understand, microsoft is considering bringing those guys in. they want to stay in. microsoft is also considering outside partners, private equity, i keep hearing, is a possibility to join microsoft. so this thing is still working out. we should point out that the president has given microsoft to september 15th to come up with a deal and a deal that the government can accept, meaning no chinese fingerprints in this.

these private equity firms, they are going to have to prove they have no chinese finger prints, no chinese investors, no major investors. that's going to be a big thing if they're in the deal. lots going on right now in terms of microsoft and tiktok. it's also whether microsoft wants to buy all of tiktok. that is out there as well. i know there's a report in the "ft." we reported it yesterday, they are at least considering it. it's not a done deal they want to buy all of it. right now it's just the u.s. but there is talk inside microsoft about what could be a bigger deal. we should point out when we say china, china is basically annoyed that the trump administration is using this deal as some sort of way to bludgeon the country. here's where it gets really sticky, liz. you know, no one can tell what's going on. bytedance theoretically is a private company. the chinese government, it is majority owned by china. it does play a role.

if microsoft buys bytedance or buys tiktok, it's going to be buying technology that maybe the chinese government does not want to give up. remember, there's a lot of levers here that need to be pulled. this is the fifth or sixth inning of this saga. it's not the ninth. so this thing still needs the play out. we are going to be reporting about this, i believe, up until september 15th. which is the deadline donald trump gave to microsoft to come up with a deal plan and a way to make sure the chinese aren't involved. this is a fascinating story, involves geopolitics and technology, social media. it involves donald trump which is -- liz: guess what? it also involves my teenaged daughter who will be furious if tiktok goes away. hold on a second, charlie. we will just note that facebook's stock -- hold on, hold on -- facebook's stock is jumping 6% right now. we have breaking news on this. as we wait for the president,

we've got a dramatic reversal from the usual facebook hands-off approach. facebook is now planning to block ads from a pro-trump super pac. this on the heels of facebook blocking at least one video from the trump campaign over the last 24 hours that had some inconsistent covid information in it. to edward lawrence, who is now breaking this news. edward? reporter: yeah, this is the committee to defend the president. they were told by facebook that they would no longer have ad privileges because they are a repeat offender of misinformation. it starts on august 10th. they are no longer do ads on the platform for 90 days. that puts it right about november 1st, right before the election. a quick search finds that this group has some posts related to joe biden, former vice president, possibly being racist, another post saying he promised his party an african-american vice president and not a hispanic american vice

president. both fact checkers said that that was false. in facebook's guide it says if they are repeat offenders of misinformation by a third party fact checker, then this is the consequence you get. so it seems now a tide is turning and there's a little closer scrutiny on the facebook platform of conservative voices going forward here. back to you. liz: now president trump is taking the podium at the moment. a quick check of facebook's stock, it is holding on to 6.6% of gains. let's go to the president at the whirlpool plant in clyde, ohio. >> -- with the incredible men and women of whirlpool, the largest washing machine factory anywhere in the world. every day, 20,000 gleaming new machines coming rolling off that beautiful assembly line. i just got to see it and every single one is proudly inscribed with that glorious phrase, made in the usa. remember? made in the usa.

when i was campaigning, i said let's go, made in the usa, put it on your machines, put it on everything we make. i'm grateful to everyone at whirlpool for welcoming us today, including mark mincer, thank you, jim kepler and sarah bogam. thank you very much. where's sarah? thank you. thank you very much. also with us today, secretary of labor gene scalia and a warrior, i'm sure you never heard of him, he's a warrior, a great great wrestling champion and a great guy, jim jordan. jim. he is a warrior. thanks, jim. he's tough. i'm not going to wrestle him ever, i promise. and another warrior, great fellow who has been right at our side, he works with jim and i so much and so hard, bob latta.

bob, thank you very much. thank you, bob. also, lieutenant governor john husted. thank you, john. thank you, john. thank you. state senate president, larry, thank you very much. thank you, larry. thank you, larry. clyde mayor scott black and many other distinguished guests. great people. great representatives. thank you, fellows. thank you very much. as we celebrate whirlpool's 109-year legacy of american manufacturing excellence, today i want to lay out my vision to bring millions and millions more jobs and thousands more factories back to american shores, where they belong. we've been doing it long and hard. one of the reasons you're successful today happens to be a meeting i had probably four

years ago with a very good representative of your company, seeing what they were doing to you and how badly you were being treated by other countries. and you know what i did. and here we are today, the most successful plant. we've done this in a lot of places. the duty of a president is to put this nation's own citizens first. that's why my administration swears by two simple but crucial rules. buy american and hire american. no one knows better than the workers of whirlpool the high cost of past administrations' economic blunders and surrender. on the question of foreign trade, previous leaders were guided by a shameful policy of capitulation, submission and retreat. for decades, you watched as politicians let foreign nations steal our jobs, loot our

factories and plunder the crown jewels of the u.s. economy and the word plunder is capitalized. washington stood idly by as other countries engaged in unfair trade practices such as massive subsidies, currency manipulation and in the case of your industry and your company, the wholesale dumping of foreign-made products sold below cost for the sole purpose of driving you out of business so they could give us product at double, triple and quadruple the price. but we didn't let that happen, did we. for eight years, whirlpool begged the obama/biden administration who did nothing to protect american workers from the flagrant dumping of foreign washers, dryers, into america. but your cries for help fell on deaf ears.

you didn't see any action. they didn't act. they didn't care. and they never will. for eight long years, under obama/biden administration, american factory workers received nothing but broken promises and brazen sellouts and lost jobs. the last administration tied america up in one globalist debacle after another. they catered to the special interests while allowing foreign nations to siphon off our wealth, our dignity, our dreams, our money. the suffering of our workers was met with nothing but cruel betrayal and callous indifference. in 2013, the u.s. international trade commission found your competitors from korea and other countries guilty of dumping washers into the u.s. market and ordered them to pay anti-dumping duties as high as 79%, but

rather than pay these very high tariffs, lg and samsung relocated production to another country, a country called china. have you ever heard of it? and the last administration did nothing as they kept on dumping washers into the u.s. market with impunity. the obama/biden administration was laughed at. they were a joke and they were perfectly happy to let china n win, your jobs disappear and your factory to close and you know what it was like. i came through today and everybody was out there, tremendous crowds, waving and cheering. i said i must have done it right. because you had people that were really, really something. four or five years ago, this place was a disaster. in 2017, whirlpool won relief from the itc once again, once

more your foreign competitors moved their factories to prevent a level playing field and to avoid liability, shifting production to thailand and to vietnam. thailand and vietnam, two places that i like their leaders very much, they're very nice to us. do they take advantage of the united states. not so much anymore. but this time, there was one big difference. instead of an administration that sold out american workers and sold your company out, and couldn't have cared less for you, you finally had a president who stood up for the american worker. on january 23rd, 2018 in my desk in the oval office, i proudly signed the order to impose a 50% tariff on all foreign-made washing machines.

as a result, whirlpool's nine factories across the united states were soon thriving like never before. investing in new products, new infrastructure and hundreds of new american jobs and i just took a tour and i actually wanted a couple of those machines for myself. but i just didn't know it was going to be appropriate to ask. they are beautiful. that includes thousands of new jobs across the ohio supply chain from right here in clyde, findlay, ottawa, greenville and marion. all over. your company became a shining example from really a company that was down and out, it became a shining example of what tough trade policies and smart tariffs can bring to jobs and prosperity, to communities like this one all over ohio,

michigan, wisconsin, pennsylvania and plenty of other states. they're all doing well. they were doing great, then the plague came in and now they're doing great again. we closed it up, we saved millions of lives but now we're opening and it looks like i was right about the v because you're seeing the kind of numbers that are coming in. they're coming in strong. they're coming in strong. should have never happened. should have never happened. china should have never let it happen. in defending your jobs here at whirlpool, i was doing exactly what i promised in june 2016. as a candidate for president, i stood before an audience of hard-working patriots at a metals processing facility outside of pittsburgh, pennsylvania to outline my plan for a new america first trade policy. and it was even a better job than i told you. i'm one politician that says i'm going to do this and then we do

better. we produced more than i promised and by the way, the wall is being built. it's going to be finished very soon. in my speech, i warned that our politicians have aggressively pursued a policy of globalization, moving our jobs, our wealth and our factories overseas. i explained that globalization, these are the globalists, i'm not liking globalists too much. they don't like me too much either. globalization is made, the financial elites who donate to politicians very wealthy but it's left millions and millions of our workers with nothing but poverty and heartache and our towns and cities with empty factories and plants. for years, later, we have made extraordinary progress in reversing the dangerous tide of globalism. over a period of four to five years this took place. think of it.

four to five years, what we've done is a miracle and now it's getting even better because we've taken additional steps and you know, when you do these steps, you have to go through statutory procedures. it's not like boom, i'm going to just sign it. has to go out for 90 days of review, then 120 days of review, then more and we did it as quick as we can. we're doing it right now with the fda. we're getting vaccines approved in days that nobody thought possible. it would take years and years and we're doing it in months. we're doing very well. under my administration, we're fighting for main street, not wall street. we have rejected globalism and embraced patriotism. in my speech in pittsburgh in june of 2016, i made seven big promises to american workers. many politicians before me promised change on the campaign trail, only to back down in the face of corporate and international pressure.

like jerusalem. they all promised, jerusalem, didn't they? for years and years. i did it. they didn't do it. they didn't do it. i did it. moved the embassy to jerusalem. making jerusalem the capital of israel. they all talked about it. they talked and talked and talked and then they got into office and they didn't do it. and i understand why. the pressure was enormous. on me, too. i just didn't take the phone calls. that's true. leaders would call up from other countries, i'd say i know what they're calling about, i'll call them back in a few days. then i just signed all the papers, got it done. then i called them back. they said i was calling about israel and jerusalem. but you've already done it. i said that's right. and they said oh, okay. i said hey, i wish you got me a little bit earlier. but i didn't back down from my promises and i've kept every

single one. first i promised to withdraw the united states from the last administration's disastrous assault on u.s. workers, the trans-pacific partnership. would have been a disaster. would have been a disaster. especially for the automobile industry. would have put it out of business. my first week in office, i kept that promise and canceled that job-killing catastrophe. second, i pledged to appoint the toughest and smartest trade negotiators to defend american jobs and i did with bob lighthizer and all of his people. they have been fantastic. third, i said i would use every legal tool at my disposal to fight back against unfair trade and i did and i found some that nobody even knew about. some of them were very old. they had a lot of dust on them. hadn't been used for decades and decades but i found them. things you could never get passed today. fourth, i promised to label

china a currency manipulator and i did. fifth, i said we would bring trade cases against china to crack down on its economic aggression. sixth, i committed to impose tariffs on goods to protect american jobs and stop china and many other countries' abuses under section 232 of the trade expansion act of 1962, and section 301 of the trade act of 1974. as your president, i have kept every single one of these pledges to the american people and to the american worker without exception. every one has been done. seventh, one of my biggest promises in that speech was to replace the disaster known as nafta. one of the worst trade deals ever made by any country let

alone ours. ohio lost almost 40% of its manufacturing jobs after nafta was signed. half of all of the auto making jobs across the state were wiped out. earlier this year, i finally ended the nafta nightmare and signed the brand new usmca agreement. that's united states and mexico and canada and all of those bad things that you had to suffer with, you're not suffering anymore because now people and companies have an incentive to stay. they're not going to be leaving so fast. that was the biggest point i made. i want to make sure that these companies aren't leaving and the managers walk up and they say i'm sorry, our company's leaving, going to mexico or canada, but going primarily in that case to mexico. canada takes advantage of us with dairy.

unbelievable advantage. but not anymore. but mexico took a lot of jobs. i said i don't want companies moving and if they do move, remember, havyou've heard it, i they do move, when they make that product they got to pay a big price to sell it back into our country so they have no more incentive to move. the usmca contains powerful new protections for american manufacturers, auto makers, farmers, dairy producers and workers all across ohio and all of our states. those were key promises i made to american workers in 2016. i kept every single one of them. the fake news media back there, they hate to report this. they hate it. why do they hate it? because they're fake. today the defio define our pathd i'm making our incredible workers six more promises that i will keep over the next four

years and i'm very proud to make them at your plant and in the state of ohio. first and foremost, we will defeat the china virus. we are working very very hard. we call it the china virus. we call it the invisible enemy. we call it many different names. got many different names. but it's bad and we have made tremendous strides. we are attacking the virus from every angle and through this aggressive strategy, we will win the war and it will happen sooner than people think. we're developing a bounty of therapies such as remdesivir, dexamethasone, antibody treatments, the antibody treatments are really working out well, really well, and many more that have allowed us to reduce mortality by 85% since april. under operation warp speed, vaccines are already in the final stage of clinical trials and we'll have a vaccine very soon, i hope long before the end

of the year. we've dramatically increased our domestic production of personal protective equipment such as n95 respirators, gowns and gloves. we've got factories now all over the united states making these products and we've developed the most advanced testing system on earth to produce our most -- this is what we have to do, we have to produce not only clea e cleanliness and perfection in every way but we have to protect our most vulnerable citizens against this horrible virus and that's generally speaking the elderly, especially the elderly with problems with the heart, problems with the heart and diabetes, in particular those two are a basic disaster. our strategy shelters those at highest risk while allowing those at lower risk to get safely back to work and to school, instead of a never-ending blanket lockdown

causing severe long-term public health consequences, we've targeted and looked at data driven approaches and that's what we're doing. again, when you close down and we had to do it initially because it came and hit us big, hard and nobody knew what it was and we saved millions of lives, but today, you just pinpointed, we know what to do and we know who to protect. as an example, very young children are incredibly powerful, they are much stronger than all of us when it comes to the immune system. it's an incredible thing to see. but we know who to protect and we know what to do and let me tell you, lockdowns have big consequences. in terms of drugs, in terms of family, in terms of depression and suicide, in terms of so many other problems that are caused and not good for the kids. and they don't learn the same at a computer as they do when

they're in a classroom. so there are big, big problems with lockdowns. but we cannot defeat the virus by fighting against each other. just can't. and there are a lot of different theories, a lot of different ways, but if you look at some of the results, you'll see some of the states, governor run, some of the states that are open and very smart are doing very well and in fact, better than strong lockdown states. now is the time to come together as americans and to unite against the plague inflicted upon us by china. together we will prevail. my second promise to you is this. we will rise from the current adversity of this horrible invisible enemy and we will be more prosperous and resilient than ever before. we have done things that we never knew we could do. we are building factories now, we are building plants.

you'll see what's going to be happening with the job numbers very soon. we had two of the best months ever in the history of our country and we are going to have many, many very very successful years unless somebody comes along and destroys it by doubling, tripling and quadrupling your taxes. and quadrupling something else called regulations. it will be ended, it will be depression time. one of the key lessons we've learned in this battle against the china virus is that the mighty american economy has a fantastic ability to adapt and repurpose its factories. today, using the defense production act which we have used often, remember they would always say oh, use the defense production act, we used it a lot. more than some companies would like to know. we are engaged in the most rapid industrial mobilization by far since world war ii. over the last six months, we have witnessed one manufacturing

miracle after another. we have seen general motors repurpose an auto parts facility in kokomo, indiana. great state. and thereby stand up a ventilator. we have a ventilator factory literally in a matter of days and we're now producing thousands and thousands of ventilators a week. general motors has now built and delivered more than 20,000 ventilators. by next week, our strategic national stockpile will be equipped to deploy more than 100,000 ventilators. they're very expensive to build, they're very complex, very very complex machines, and they make -- and i said we are now supplying ventilators to many countries of the world. everybody in our country has it. not one person, and we had no ventilators, who knew about ventilators, we had very few, but not one person who needed a ventilator, think of this, who

needed a ventilator didn't get it. every person that needed a ventilator got it. who would have thought that was possible. you remember at the very beginning when you first heard about this whole horrible situation with the china virus, ventilators, they weren't around and now we make them by the thousands. working with gm and almost a dozen other companies, great companies, my administration has turned america into the ventilator king of the world. the ventilator king. we make them great. they're very good. highest quality. we're now exporting ventilators to friends and allies and they're really thankful. they're calling, can i have ventilators for our country, sir. how many do you need. could you send 1,000. i said it's a lot. the answer is yes. what we're doing is incredible. we're helping other -- we're doing more good will with ventilators because other things you can make, gowns and swabs

and things, you can make. we're making them, too. but ventilators are tough. ventilators are just one part of our historic manufacturing ramp-up. within seven days of new york city officials asking for assistance last spring, we helped ship a million yards of fabric from north carolina to new york city for masks and gowns. we're making them all over the place. a great company, honeywell, has opened up n95 respirator factories in rhode island and arizona in record time and they're now churning out tens of millions of masks for our strategic national stockpile. these include manufacturing achievements and these are incredible. they'll be the foundation of an even brighter future for american industry. what we've been able to do in a short period of time is frankly incredible. i'm not talking about me. i'm talking including the military and some of the generals and admirals,

the job they have done. my third promise is to build on these gains to turn america into the premier medical manufacturing, pharmacy and drugstore of the world. [applause] as we have seen in this pan dem the united states must produce essential equipment and supplies and pharmaceuticals for ourselves. we cannot rely on china and other nations across the globe that could one day deny us products in a time of need. we can't do it. we can't do it. we have to be smart. speaking of pharmaceuticals we instituted four moves, rebates, favored nations and other things, buying from other nations where they have the product, the same exact pill, identical, made in the same factory, for a fraction, just a small fraction of the cost.

we buy from other countries as opposed to buying through this ridiculous quagmire of political scam that we've been going through for many years and what i've done in terms of favored nations, ifs as an example, germany has a pill for 10 cents and we have a pill for two dollars, we institute favored nations of the drug company, we get the pill for the same amount as the lowest pill anywhere in the world, anywhere in the world. [applause] and that could drop your price of pharmaceuticals, of drugs, prescription drugs, could drop your price 50, 60, 70%, maybe more than that. this is something, i have to tell you, i have never seen so many bad commercials the about me the last three days since i did this. will you remember, when you see this horrible commercial that i'm a socialist, i was called a socialist for the first time in

my entire life. actually, what i am doing i'm using socialist countries buying our product far less than we're allowed to, i'm saying if you will sell it to this country, might be socialist, for a lower price, we're going to get that same price. so you know, but i have been called everything in the book and he say, i said the other day, whenever you see a drug company advertising that donald trump's a bad guy, remember, your drug prices must be coming down very big. very big. [applause] so please remember that. please remember that. because i don't want to get all those negative votes and then biden wins and, first month, he will say i dropped drug prices 78% and he won't even know what the hell he is saying. i don't want to be watching that from some beautiful resort someplace in the world. i could, i had such a beautiful life i did this, but that's

okay. because we're doing a great job. and makes me very happy to see people being properly represented for a change. [applause] but during the course of the next four years we will bring our pharmaceutical and medical supply chains home. we're going to bring them home where they belong. we'll end reliance on china just like we did with the washers and dryers. just like we did with many other things, we'll be making our product here, safely, beautifully, inexpensively. we're reasserting american economic independence i'm been doing that from first day i came into office. to this end a short time ago i signed a new executive order to insure that when it comes to essential medicines we buy american. [applause] the executive order will require that u.s. government agencies

purchase all essential med sense that we need from american sources. the executive order will also sweep away unnecessary regulatory barriers to domestic pharmaceutical production and supported a advanced manufacturing processes that will keep our drug prices low and allow american companies to compete on the world stage. we'll be able to compete on the world stage, but we'll now have the lowest prices as to opposed to by far highest prices. i have people that i know they go to canada, go to canada to buy drugs, prescription drugs. they go there, because the price is so much lower than the united states yet it is made by the same company, often in the same plant. it is a disgrace. the politicians allowed this to happen for many, many decades. you have people called middlemen. i don't know who the middlemen are. i don't know.