Read Norah O’Donnell’s Full Interview Transcript with President Trump Here
On October 31, 2025, President Donald J. Trump sat down for an interview with Norah O’Donnell at Mar-a-Lago in Palm Beach, Florida. The discussion primarily revolved around U.S.-China relations, trade agreements, and national security. Here are key highlights from their conversation.
Trump on U.S.-China Relations and Trade Deals
During the interview, Trump emphasized the strength of his relationship with Chinese President Xi Jinping. He stated, “We get along great, and we always have,” underscoring the importance of maintaining strong ties between the two nations.
Trump highlighted his administration’s successful negotiation of trade agreements, particularly addressing tariffs on Chinese goods. He claimed, “We have tremendous amounts of dollars pouring in due to almost 50% tariffs,” which he argued have contributed to significant U.S. revenue and national security.
Impact of Tariffs on the Economy
In terms of economic benefits, the former president noted that tariffs have led to significant financial inflow, claiming billions were benefiting the U.S. economy. He expressed confidence that tariffs provided vital national security, stating: “Without tariffs, we would not have had that privilege.” Trump also pointed to increased investments, asserting that his administration had secured over $17 trillion in investments to be realized in the country.
Challenges with China: Rare Earth Elements and Semiconductors
The conversation addressed China’s control over rare earth elements, with 90% of these resources currently sourced from China. Trump expressed optimism, stating that the U.S. would become self-sufficient within 1-2 years by forming partnerships with allies like Japan and Australia.
On the topic of advanced semiconductors, Trump firmly stated he would not allow NVIDIA or any chipmaker to sell top-tier chips to China, which he believes would grant China an advantage in artificial intelligence.
Threat Assessment: China and Other Nations
O’Donnell brought up concerns regarding Chinese infiltration of U.S. systems and the stealing of intellectual property. Trump responded by asserting, “We’re always watching them, and they’re always watching us,” noting mutual competition for global dominance.
Domestic Issues and the Economy
The interview also tackled domestic challenges, including the current government shutdown affecting millions. Trump attributed the shutdown to Democrats and maintained that the responsibility to resolve it lay with them. He asserted, “We need just five votes,” expressing confidence that an agreement would eventually be reached.
Discussions also touched on the economy and rising inflation, with Trump claiming that inflation had dramatically decreased compared to his predecessor’s term. He expressed a desire to improve healthcare, criticizing the Affordable Care Act as a flawed system.
Foreign Policy: Venezuela and the Military
On matters regarding Venezuela, Trump indicated that while he doubts the U.S. will go to war, he holds the country accountable for its actions that affect U.S. interests. He expressed a firm stance that military options remain on the table if necessary.
Conclusion
As the interview concluded, Trump reiterated his administration’s achievements, claiming to have addressed eight out of nine wars globally. He expressed a strong vision for America’s future, projecting confidence in his leadership and the resilience of the country.
The full interview offers insights into Trump’s perspectives on foreign relations, trade, and domestic policy, reflecting his administration’s significant focus on tariffs and national security as crucial components for economic success.
