JPMorgan CEO Announces $24M Investment to Strengthen U.S. Defense Industry at CNBC Interview | AC1N — Transcript

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1. 0:00Joining us right now is Senator Dave
2. 0:01McCormick of Pennsylvania who is in the
3. 0:03midst of hosting the second annual
4. 0:05defense and innovation summit in
5. 0:07Carlisle, Pennsylvania and JP Morgan
6. 0:09Chase CEO and Chairman Jamie Dimon who
7. 0:11joins us this morning from the Navy Yard
8. 0:13in Philadelphia with a very big
9. 0:16announcement. Good morning to both of
10. 0:17you gentlemen.
11. 0:19I'm going to start with you Jamie
12. 0:20because I know that you're about to
13. 0:22announce
14. 0:23well, it's your announcement so I'll
15. 0:25I'll let you do it.
16. 0:28>> Yeah. Well, first of all, welcome
17. 0:29everybody
18. 0:31CNBC viewers. Senator McCormick, thank
19. 0:33you for doing this. It's This is a great
20. 0:35American effort. You know,
21. 0:37I applaud the Senator. I'm going to join
22. 0:38him later in Carlisle. But but we're
23. 0:40sitting in the Philadelphia Navy Yard
24. 0:42where we build ships. They build ships
25. 0:44here that won the Revolutionary War.
26. 0:47That helped win World War
27. 0:49II. And so you now you have this the
28. 0:50arsenal of
29. 0:51the arsenal of democracy has been
30. 0:52reignited and shipbuilding people said
31. 0:54couldn't happen. But here you have
32. 0:56Hanwha Shipbuilding at the Philadelphia
33. 0:58Navy Yard which is going to be building
34. 1:00components for nuclear submarines and
35. 1:02major ships.
36. 1:04We're so we're just we're just aiding
37. 1:06here by doing some financing, you know,
38. 1:07special kind of financing for Hanwha
39. 1:10here. But very importantly, and this
40. 1:12people have to remember this is like one
41. 1:13big complex ecosystem. We're also
42. 1:15financing, you know, people we need
43. 1:18300,000 electricians, welders, etc. to
44. 1:20build ships in the next 5 or 10 years.
45. 1:22So we're helping finance people who
46. 1:24train people who will train people here.
47. 1:27There's 16,000 workers here. That number
48. 1:29may very well double over the next 5
49. 1:30years as it builds more ships and we
50. 1:32build a lot of shipbuilding back to the
51. 1:33United States. There's also a whole
52. 1:35ecosystem here. I'm going to meet with
53. 1:37Rose Industry later. You know, there's
54. 1:39probably 100 vendors who help supply all
55. 1:41the things that take place here. So
56. 1:43we're doing our part to help, you know,
57. 1:45protect the future of freedom and the
58. 1:46future of America.
59. 1:48>> Jamie, let me just follow up real quick.
60. 1:49So this is a My understanding is the $24
61. 1:51million investment includes an 18 $18
62. 1:53million in loans and investment and then
63. 1:55$6 million in philanthropic grants. How
64. 1:58do you think about this perhaps
65. 2:00differently than maybe a a traditional
66. 2:02loan that the bank might otherwise make?
67. 2:04And how does this work in the sort of
68. 2:06larger picture of of your new focus, I
69. 2:09think, on infrastructure and defense in
70. 2:11this country?
71. 2:14>> Yeah, so this this fits right into it.
72. 2:15So, we've always done things like this,
73. 2:17but
74. 2:18but we can you know and there's there's
75. 2:19a a tax credit financing of a new
76. 2:21submarine facility or new submarine bay
77. 2:23to help build some of those things and
78. 2:24the $6 million for training. We do that
79. 2:27around the country. In fact, we do that
80. 2:28around the world. And it fits kind of
81. 2:30what I we call the American dream,
82. 2:31getting kids skills or all workers
83. 2:34skills that they have jobs that could
84. 2:35pay 80, 90, $100,000 a year after, you
85. 2:38know, a year or two of training. So,
86. 2:40this you know, listen up to America. It
87. 2:41helps build the defense industry and we
88. 2:43didn't talk about it in this press
89. 2:45release, but around that we financed
90. 2:46Hanwha. We probably financed some of the
91. 2:49folks here. I'm sitting at Urban
92. 2:51Outfitters headquarters. We helped
93. 2:52finance Urban Outfitters. So, you know,
94. 2:54we get involved far beyond just those
95. 2:55grants you're talking about here. But
96. 2:57this is the Security Resilience
97. 2:58Initiative on the road, real time,
98. 3:01starting to build more ships in the
99. 3:02United States of America.
100. 3:04And you know, if you look at America,
101. 3:06you know, and Andrew, I can't even
102. 3:08overemphasize this. If you want the
103. 3:09world to be safe and free for democracy,
104. 3:12it's predicated upon two things. Have
105. 3:14maintained America's preeminent military
106. 3:16strength and that's pre-ed pre- the the
107. 3:19foundation that has maintained America's
108. 3:21economic strength. And that's why we're
109. 3:23here. We give it our all. There are a
110. 3:24lot of other people helping, by the way.
111. 3:25JPMorgan is just one player in all that.
112. 3:29>> Senator McCormick, you're hosting a big
113. 3:30event. Jamie's on his way there in just
114. 3:33a little bit. This is now the second
115. 3:35event you've held in the state. In terms
116. 3:38of in terms of where this all goes, how
117. 3:41much of this is about attracting money
118. 3:43into the state that
119. 3:45from
120. 3:46legacy companies? How much of this is
121. 3:48about new companies? There's obviously a
122. 3:50whole sort of new defense tech space
123. 3:54that's opening up around the country.
124. 3:56>> Yeah.
125. 3:57Well, thanks for having me Andrew and um
126. 3:58great great to hear Jamie and really
127. 4:01appreciate his leadership really in the
128. 4:02country of talking about this is a is a
129. 4:05key responsibility not just of defense
130. 4:06companies but of of a big financial
131. 4:09institution like JP Morgan. What's
132. 4:11happening here today is is really
133. 4:13exciting. This is essentially the
134. 4:15answering the question of how you
135. 4:16achieve peace through strength. What
136. 4:18does it mean to retool our industrial
137. 4:20base? What does it mean to take
138. 4:22advantage of these new technologies to
139. 4:24make sure that we can protect those
140. 4:26young men and women abroad and keep
141. 4:28America safe and secure. So here over
142. 4:30the last two days, we have 1,300
143. 4:33participants. We have 500 organizations,
144. 4:37companies represented. We have 600
145. 4:39C-level executives and the focus is on
146. 4:42how do you expand the people at the
147. 4:44table and do things differently to make
148. 4:46sure that our defense industry can
149. 4:48evolve to make sure and ensure that we
150. 4:50are the the strongest military in the
151. 4:52world. And so today we're going to
152. 4:54announce
153. 4:55over $10 billion of
154. 4:57investments across 30 different
155. 5:00announcements that are going to support
156. 5:024,000 jobs. But it's it's much more than
157. 5:05that. It's getting everybody aligned on
158. 5:07on how we achieve this transformation
159. 5:09defense. We have
160. 5:11the president of the North American
161. 5:12building trades here. We have great
162. 5:14financiers like Jamie and John Gray. We
163. 5:16have all the CEOs of the of the
164. 5:19defense contractors. We have some of the
165. 5:21biggest investors in defense tech.
166. 5:24That's what it takes. It's a team sport
167. 5:26and we need to get all the people at the
168. 5:27table to make sure America's strong and
169. 5:30safe.
170. 5:31>> Senator, help me with this. When you
171. 5:32think about the defense budget, on one
172. 5:34end,
173. 5:35there's been a talk for a long time
174. 5:37about how do we frankly you know hold
175. 5:40the line, prevent the you know prevent
176. 5:42us from spending more money. There's
177. 5:44been a long talk about you know know,
178. 5:45technology uh be able to do that. Uh
179. 5:48this administration spent a lot of time
180. 5:49uh talking to Europe uh and some of our
181. 5:51allies about spending their own money so
182. 5:53that we're not spending more money and
183. 5:55yet we are now spending uh about a 44%
184. 5:58increase uh in terms of defense spending
185. 6:00in this country. What what do you think
186. 6:02is the the right number?
187. 6:07>> Well, you know, I you have to look at it
188. 6:08within the context. The one thing the
189. 6:09government is responsible for is keeping
190. 6:11America safe, kee- keeping our citizens
191. 6:14safe. And you have three big factors.
192. 6:15One is the world's a dangerous place and
193. 6:17getting more dangerous with the rise of
194. 6:19China. You have the face of war changing
195. 6:21dramatically with drones and AI and you
196. 6:23see that in the battlefields of Ukraine
197. 6:25and Iran. And frankly, you have a
198. 6:26defense
199. 6:27uh
200. 6:28uh industry that's been lethargic and
201. 6:29hasn't kept up. So, we do need to
202. 6:31increase the size of the pie and that's
203. 6:33why I've supported um President Trump's
204. 6:36budget proposal and voted for the NDAA
205. 6:38yesterday. Unfortunately, that didn't
206. 6:40pass because there were was opposition
207. 6:42from the Democrats. But, we also have to
208. 6:43reallocate how the dollars are spent
209. 6:46within that pie of money. And frankly,
210. 6:48we have to do things a lot differently.
211. 6:50Most of the companies here are our next
212. 6:53generation emerging technologies. Our
213. 6:55procurement process in defense
214. 6:57uh has been uh very slow and uh it's
215. 7:00been very difficult for a for new
216. 7:01entrants to get in. That's changing
217. 7:03under President Trump, but we need to
218. 7:04accelerate that change. Um so, we need
219. 7:06to do both. Spend more, but spend it
220. 7:08differently. And better.
221. 7:09>> Jamie, you Jamie, you've you've long
222. 7:11been uh warning that that some of these
223. 7:13uh skirmishes and wars and other things
224. 7:15could tip the balance in terms of the
225. 7:17global economy and yet the market has
226. 7:19remained uh I would argue shockingly
227. 7:22resilient. Uh we've gotten your
228. 7:24earnings, a lot of other bank earnings
229. 7:25have come out. Uh it looks like things
230. 7:28are are going quite well.
231. 7:30How do you think about the the risk then
232. 7:33in this moment uh given all the things
233. 7:35that are taking place around the around
234. 7:36the world?
235. 7:39>> Yeah. So, I look, I totally support what
236. 7:41the the just said. I mean, this
237. 7:42transcends the economy this year and
238. 7:44next year. I mean, national defense is
239. 7:47sine qua non. And obviously, you want to
240. 7:49spend it wisely, but when Ukraine got
241. 7:51invaded and then you had the terrorist
242. 7:52activity in the Middle East and
243. 7:54obviously, our war in Iran, you know,
244. 7:56look, the world learned again the
245. 7:57world's not a safe place. What makes the
246. 7:59world a safe place is a American
247. 8:01leadership and having the strongest
248. 8:03military in the world, which is the way
249. 8:05to prevent actual wars from getting
250. 8:07worse over time. And so, you know, the
251. 8:09senator mentioned is that the these are
252. 8:11huge geopolitical risks. We don't know
253. 8:12how they're going to affect the economy
254. 8:14or when they're going to affect the
255. 8:14economy. And yes, the economy seems more
256. 8:16resilient, but this is way beyond that.
257. 8:19This is about global security, American
258. 8:22security, American leadership, uh and
259. 8:24doing it right. And if sen- senator
260. 8:26mentioned something that's very
261. 8:27important to us, policy. We have to give
262. 8:29the military more ability to change how
263. 8:31they procure things, have more
264. 8:33multi-year budgeting. You know, we have
265. 8:35to prepare like we didn't have enough
266. 8:36productive capability to build all the
267. 8:38missiles we need. Well, obviously, we
268. 8:39should have productive capability to
269. 8:41turn on if we need to double, triple
270. 8:42productive missiles. That's going to
271. 8:44take a a change of budgeting and maybe
272. 8:45some legislation through Congress, but
273. 8:47these are things we have to do. And I
274. 8:49I'm just thrilled that people see it and
275. 8:50they're acting on it. And like I said, I
276. 8:52wouldn't look at this as a budgetary
277. 8:54item. Obviously, be efficient. I would
278. 8:56look at this as a sine qua non. This is
279. 8:57what you do to protect uh America and
280. 8:59keep it free and safe.
281. 9:01>> Jamie, when you think though about the
282. 9:02broader economy right now and the
283. 9:04markets, how much of that is being
284. 9:06buoyed, do you think, by AI? I mean, we
285. 9:08we talk about AI almost, you know,
286. 9:10incessantly. Um
287. 9:13and yet, we also talk about what's
288. 9:15happening in Iran, but
289. 9:16uh you know, typically during a
290. 9:18situation like that with oil prices up
291. 9:20and everything else, you think it'd have
292. 9:21a bigger impact, but it seems like the
293. 9:24the AI piece of it is is winning that
294. 9:26battle, if you will.
295. 9:29>> Yeah, look, the American economy is
296. 9:31hugely complex. I mean, we I think we
297. 9:32spend 4 trillion in cap backs. You know,
298. 9:34AI is 750 billion. It was probably
299. 9:37driving it, but know, when you travel
300. 9:38around the world, you know, Andrew, I
301. 9:40mean, our innovation here is everywhere.
302. 9:42It's in manufacturing, it's in
303. 9:44agriculture, it's in AI. Some of that's
304. 9:46being driven by AI, it's in the medical
305. 9:48profession, it's it's everywhere. You
306. 9:50know, AI itself, when you The American
307. 9:51Post said, "It's going to cure cancers.
308. 9:54It's going to reduce deaths on the road,
309. 9:56and deaths in hospitals. It's going to
310. 9:58invent new composite materials. It's
311. 10:00going to be an unbelievable thing." And
312. 10:01like any new technology, there are
313. 10:03downsides. You know, planes were
314. 10:04misused, drugs were misused.
315. 10:06Uh so, we we want to do is get the best
316. 10:08out of AI, and you know, now you have AI
317. 10:10for the first time, you're starting to
318. 10:11see it is it being deployed deeply in
319. 10:14research, medical science, the physical
320. 10:16world, the physics world itself. And so,
321. 10:19there's a lot more to come in AI, and
322. 10:20you know, we'll see how it plays out,
323. 10:21but yes, the world is more resilient. It
324. 10:23does not mean, and again, this is very
325. 10:25important, that there's not a tipping
326. 10:26point. It just may be a lot harder to
327. 10:28get there. And And uh so, we just, you
328. 10:30know, we should always be cautious about
329. 10:31that. But like I said, this this
330. 10:32transcends AI, and it transcends
331. 10:35anything else. Whether you had AI or
332. 10:37not, we should be having this initiative
333. 10:38today.
334. 10:39This is what This is what's important
335. 10:41for the future of America.
336. 10:43>> Jamie, whenever you are
337. 10:44>> If I If I could add to If I could add to
338. 10:46that, Andy.
339. 10:47>> Okay, go ahead, go ahead, Senator. Then
340. 10:48I'll I'll
341. 10:49>> Yeah, if I could just Yeah, if I could
342. 10:51just add to that, that when when we're
343. 10:53here at this Defense and Innovation
344. 10:54Summit, AI is underpinning all of this
345. 10:57dramatic change. So, when you think
346. 10:59about the the compute power that's
347. 11:01needed in the data centers, you think
348. 11:02about energy security, you think about
349. 11:04drone warfare, or robots on the
350. 11:06battlefield, all of that's underwritten
351. 11:09and underpinned by AI. So, this
352. 11:11convergence of military technology and
353. 11:13commercial technology is more important
354. 11:16now than it's ever been, and that's part
355. 11:17of the reason we need dramatic reform
356. 11:20and innovation, and that's what we're
357. 11:21trying to do here today.
358. 11:23>> Yeah,
359. 11:24okay, Jamie. Here we go. It was Davos a
360. 11:27couple of years ago, I don't I remember
361. 11:28what. And I know you remember the quote,
362. 11:30"I'm just barely a Democrat." So, now
363. 11:32that's what you said
364. 11:34anymore. Now you got the Look what's
365. 11:36happening. I mean, look around you.
366. 11:38Think about this. Think about the center
367. 11:40that of the Democratic Party right now.
368. 11:43Would you like to go all the way now?
369. 11:45And then think about someone like
370. 11:46McCormick who is a Republican. If
371. 11:49there's someone from Pennsylvania that's
372. 11:50going to be president, don't you think
373. 11:52it should probably be be this guy at 60
374. 11:55years old or whatever it is? Will you
375. 11:57Will you give me that? Will you give me
376. 11:59a nod on on those two fact? Have you
377. 12:01made the Have you made the total switch?
378. 12:03You made the total switch yet? Have you
379. 12:05jumped in? The water's fine. Come on in.
380. 12:08>> Yeah, I'm not I'm not I'm not doing any
381. 12:10of that for you, but I will tell you
382. 12:11David McCormick will be a great
383. 12:12president, very capable. I love the fact
384. 12:15that him and Senator Fetterman talked
385. 12:16together. That is democracy. You kind of
386. 12:19work things out. The democracy by its
387. 12:21nature is compromised. It isn't like one
388. 12:23part of the thing just jamming what they
389. 12:25believe in the other part. And so I
390. 12:27applaud what they're doing. I think it's
391. 12:28excellent. And and Joe, when I go to DC,
392. 12:31you know, we always complain about the
393. 12:32people on the you know, the far left and
394. 12:34the far right. But when you go to DC,
395. 12:35there are a lot of people you know, in
396. 12:37the middle. They want to do the right
397. 12:38stuff. They want to get policy right.
398. 12:40They need to have
399. 12:41They need government. They need
400. 12:42collaboration.
401. 12:43Uh So
402. 12:45Say it again.
403. 12:46>> Center left. Still Still a Democrat.
404. 12:51>> I'm I'm nothing at this point.
405. 12:53>> [laughter]
406. 12:54>> You're so much. You're so You're so And
407. 12:56we love having you on.
408. 12:57>> Let me ask you a different question
409. 12:58which is we had Alex Karp from Palantir
410. 13:01on the broadcast. Obviously plays a huge
411. 13:03role in the defense space and sector.
412. 13:07I hope maybe you guys had an opportunity
413. 13:08to see parts of that interview because
414. 13:10it appeared to go viral. He made a
415. 13:13couple of really provocative comments
416. 13:15both about how he felt that a lot of the
417. 13:17AI LLM companies, large language model
418. 13:20companies, effectively were both
419. 13:22overcharging their customers to the
420. 13:24point that lot of corporate clients may
421. 13:27not be getting the sort of ROI return on
422. 13:30investment that they would hope for but
423. 13:32also worries about IP itself in terms of
424. 13:36whether some of the these large language
425. 13:38model makers are effectively collecting
426. 13:41prompts from companies and then going
427. 13:45into their businesses and I'm thinking
428. 13:47Jamie I wanted to get your sort of take
429. 13:49on that he seemed to suggest if we
430. 13:52called a bunch of CEOs at least
431. 13:53privately they would they would express
432. 13:55that view. So I wanted to ask you but I
433. 13:57also wanted to ask Devin McCormick how
434. 13:59he thinks about that in the in the
435. 14:02defense space itself in terms of
436. 14:04thinking about the role of government.
437. 14:06Jamie?
438. 14:09>> Yeah so look I I didn't see that I I did
439. 14:11hear about it but I love Alex Karp's
440. 14:13unabashed patriotism.
441. 14:15And I I feel the exact same way and
442. 14:16anyone who doesn't understand that this
443. 14:18country what this country stands for
444. 14:20should really read the history books all
445. 14:21over again and stuff like that. So I
446. 14:23don't know exactly what his comments
447. 14:24were. Obviously companies are going to
448. 14:26be looking at how they spend their money
449. 14:28and looking for ROIs and there's going
450. 14:30to be a lot of token management and I've
451. 14:32already seen tons of systems you know
452. 14:33how people are going to send you know
453. 14:35queries to the cheapest token and the
454. 14:37cheapest thing that's already happening.
455. 14:39And that's going to happen with power
456. 14:40it's going to happen with data centers
457. 14:41going to happen with everything we do
458. 14:43that of course you got to have a return
459. 14:44on over time. So I would expect the LMM
460. 14:46players know that and they have to
461. 14:48navigate as they could be negotiating
462. 14:50with these big companies and we are very
463. 14:51protective of our data and our IP. And
464. 14:54so you know and we and I know there are
465. 14:55issues about how it gets distilled out
466. 14:57in the marketplace. You know you you
467. 14:58should assume that JP Morgan will do
468. 15:00everything it can to protect its own
469. 15:01data its own IP to protect our
470. 15:03customers.
471. 15:05>> But but are you hearing from other CEOs
472. 15:07who are saying we're not we're not
473. 15:07getting the ROI yet on this
474. 15:10and either thinking about you know how
475. 15:12how to
476. 15:13I
477. 15:15I think you're at very early stages so
478. 15:17you know obviously a lot of CEOs are
479. 15:18talking about what is the return AI how
480. 15:20do you look at the MPV? Should you even
481. 15:22look at MPVs? There's sometimes, you
482. 15:25know, you're doing some as table stakes.
483. 15:26You You want to do a better job for your
484. 15:28customer. You can't look at an MPV or
485. 15:29something like that, but everyone's
486. 15:31using it. They're going to get better at
487. 15:33it. They're all going to navigate it.
488. 15:34They all see the cost going up rapidly.
489. 15:36So, of course, they're all going to be
490. 15:37rational about it, like any other
491. 15:38resource we use. And you know, we we we
492. 15:41negotiate with vendors all the time
493. 15:43about, you know, what what the value to
494. 15:45us and why we want it. And uh so, you
495. 15:46know, that's kind of a normal state of
496. 15:48affairs between uh companies and and uh
497. 15:50their vendors.
498. 15:51>> Jamie, you're you're almost a
499. 15:53trillion-dollar company.
500. 15:54First time, I think. Are you Are you
501. 15:57following that at all? Do you
502. 15:59Were you aware?
503. 16:01>> Of course, I'm aware, Joe. You don't
504. 16:03think I pay pay attention to the
505. 16:04marketplace? Yeah, no, I I'm aware of
506. 16:06that. I'm I'm looking at I'm looking at
507. 16:08the company.
508. 16:08>> time, we're going to be
509. 16:09expecting a big party at the spanking
510. 16:11new headquarters if you're still
511. 16:13[laughter] here at You're still here in
512. 16:15New York City and and don't get the hell
513. 16:16out of here alive.
514. 16:17>> I will invite
515. 16:19And I'll invite you, Becky, and Andrew,
516. 16:21okay?
517. 16:22>> We will We will do And business is good,
518. 16:24I mean, the overall backdrop is good,
519. 16:26isn't it? And And I mean, the market The
520. 16:28stock market, people say, "Oh, that's
521. 16:30the market. It has nothing to do with
522. 16:32the real economy." The stock market is
523. 16:33the ultimate barometer of of of how
524. 16:36we're doing, don't you think?
525. 16:39>> Not always, Joe, cuz the stock market
526. 16:41sometimes has been dead wrong if you
527. 16:43look at '72 to '74. So, but but I But I
528. 16:46do think
529. 16:47>> years for that, Jamie.
530. 16:48>> Things are very good right now.
531. 16:50Companies are growing. Earnings are up.
532. 16:52Uh uh
533. 16:54Employment is unemployment is low, so
534. 16:56for now, you know, it's pretty good.
535. 16:59>> Uh I'm going to leave it uh give it give
536. 17:00the last word to the senator, Senator
537. 17:02McCormick. Uh just weigh in on the AI
538. 17:04piece of this because the other
539. 17:05component part is, you know, you're
540. 17:07trying to create more and more jobs in
541. 17:08your state and at the same time, I think
542. 17:10there's a big question about whether AI
543. 17:12is going to help or ultimately hurt with
544. 17:13that. Where do you land?
545. 17:16>> Well, first of all, Freedom's Forge in
546. 17:18World War II was always about it. Always
547. 17:20has been about the private sector and
548. 17:22the government working hand-in-hand to
549. 17:24make sure America's strong. So, that's
550. 17:26absolutely essential. Listen, this AI
551. 17:28revolution is this pace of innovation is
552. 17:30unlike anything we've ever seen in our
553. 17:32lifetimes, maybe in human history. It's
554. 17:35essential we win this battle,
555. 17:38uh that we maintain supremacy in AI as
556. 17:41we um as we think about it the dangerous
557. 17:43world. We can't have China uh leading
558. 17:45the charge on AI leadership. So, uh the
559. 17:48compute power, the energy
560. 17:49infrastructure, uh it's all critical. In
561. 17:52Pennsylvania, we have not seen any uh
562. 17:55job loss in the skilled skilled trades.
563. 17:58In fact, as Jamie said earlier, we have
564. 18:00huge demand. If you're a if you're a
565. 18:02experienced welder, electrician, we
566. 18:04can't get enough of you. We have to have
567. 18:05workforce that meets this incredible
568. 18:08demand. I'm sure it'll create some um
569. 18:10some disruption uh in the workforce over
570. 18:13time, but I think it probably creates a
571. 18:15lot more opportunity. And uh you know,
572. 18:17as I said earlier, we have the trades
573. 18:19here with us today because we can't be
574. 18:21we can't meet the needs for our changing
575. 18:24defense industry and our defense
576. 18:26industrial base without these people who
577. 18:28can build things. So, uh we're building
578. 18:29things again in America. We're building
579. 18:31things again in Pennsylvania, whether
580. 18:32it's US Steel or Hanwha or Eli Lilly's
581. 18:35new plant in the Lehigh Valley. Uh
582. 18:37that's a large part due to the
583. 18:38president's policies, and it's due to
584. 18:40industry and government coming together
585. 18:42and say, "How can we make sure America
586. 18:44wins?" America can always win if we're
587. 18:46uh working as a team on these things.