Summary
President Donald Trump held an informal press gaggle aboard Air Force One on January 30, 2026, addressing a wide range of domestic and international issues. Trump confirmed that a “tremendous fleet” of U.S. naval vessels is heading toward Iran while noting that Iranian officials are “seriously talking” about potential negotiations on nuclear weapons. He repeatedly claimed the United States has achieved “the lowest crime rate in the history of our country” and “the least number of murders in the recorded history”—claims that are demonstrably false, as crime rates were actually lower during multiple periods in recent history, particularly in the early-to-mid 2010s. Trump attributed crime decreases to deportations of undocumented immigrants, a misleading correlation-causation claim unsupported by criminological research showing immigration does not correlate with increased crime. Trump announced negotiations with Cuba aimed at allowing Cuban-Americans to return home, revealed plans for a massive triumphal arch in Washington, D.C. modeled after the Arc de Triomphe, and discussed oil-sharing arrangements with Venezuela. He also addressed his Federal Reserve nominee Kevin Warsh, warned protesters against assaulting federal immigration agents, and announced intentions to sue author Michael Wolff over newly released Jeffrey Epstein documents. Trump misrepresented the timeline regarding Senator Thom Tillis’s retirement, claiming it was caused by disputes over the Warsh nomination when Tillis actually announced his retirement in 2025 before the nomination occurred. Assistance from Claude AI.
Participants
- Donald J. Trump – President of the United States
- Press Corps – Multiple reporters traveling with the President (individual names not specified in transcript)
Detailed Meeting Breakdown
Iran Military Tensions and Diplomatic Negotiations
Trump opened substantive discussion by addressing questions about Iran, confirming significant U.S. military movements while leaving strategic options deliberately vague.
Trump’s Military Positioning:
“I certainly can’t tell you that, but we do have very big, powerful ships in, heading in that direction as you know. I can’t tell you.”
When asked about his decision-making process regarding potential military action, Trump emphasized both deterrence and diplomatic openness: “I hope they negotiate something that’s acceptable.”
On Nuclear Negotiations:
Responding to questions about whether Saudi Arabia could be important to reaching a deal with Iran, Trump stated: “We could make a negotiated deal that would be satisfactory with no nuclear weapons. They should do that, but I don’t know that they will. But they are talking to us. Seriously talking to us.”
The President’s comments reflected the familiar tension between military pressure and diplomatic engagement—deploying naval forces as leverage while keeping negotiation channels open. Trump did not provide timelines or specific demands but emphasized that Iranian leadership is engaged in what he characterized as serious discussions.
Federal Reserve Nominee Kevin Warsh and Interest Rate Policy
Trump addressed questions about his nominee to lead the Federal Reserve, Kevin Warsh, and the political complications surrounding the confirmation process.
On Senator Thom Tillis’s Position:
When asked why he’s willing to wait for Senator Thom Tillis to potentially leave the Senate over the nomination, Trump replied: “I didn’t say I wouldn’t, but I mean, he’s leaving the Senate for a reason because what he asked for didn’t get done. So it’s one of those things. I think he may get Democrat votes soon, I think. He’s so good that he’ll probably get Democrat votes. He should. He’s very good. My choice, my Fed choice should get Democrat votes.”
FACT-CHECK: MISLEADING – Trump’s statement reverses the actual timeline. Senator Tillis announced his retirement decision in 2025, before Trump nominated Warsh to the Federal Reserve in 2026. Tillis’s retirement could not have been caused by disputes over a nomination that hadn’t yet occurred. Trump either misunderstands the timeline or is deliberately misrepresenting causation to frame Tillis’s earlier retirement as being related to current political dynamics.
Interest Rate Expectations:
When pressed on whether Warsh would lower interest rates, Trump said: “I hope he’s gonna lower ’em. I mean, if you watch him on television, you know, because I watch interviews and statements, I hope he’s gonna lower, but, you know, he’s gonna have to do what he wants.”
Trump explicitly stated he made “no commitments” with Warsh regarding interest rate policy and did not seek such commitments: “No, no commitments. I don’t wanna do that. I could do that, I guess, if I wanted to. I didn’t. I basically not quali- — I mean, he was, he’s a very high quality person. He should have no trouble getting [confirmed].”
The Alfalfa Dinner Joke:
Reporters asked about comments Trump made at the Alfalfa Club dinner about suing Warsh if he didn’t lower interest rates. Trump clarified: “Yes, it, it’s a, uh, roast. It’s a roast. It’s a comedy thing… of course. So it was all comedy.”
Lawsuits Against the Federal Government—and Himself
In a legally unusual situation, Trump discussed pending litigation he initiated before becoming president that now requires him, as the defendant in his official capacity, to negotiate settlements with himself as the plaintiff.
Mar-a-Lago FBI Search Lawsuit:
“I have another one where I, you know, I’ve virtually won the Mar-a-Lago break-in suit. And, uh, you know, I have to work out some kind of a settlement. I’m supposed to work out a settlement with myself. Because, you know, when the FBI broke in, we sued when I was, before I was president, I sued.”
Trump characterized the FBI’s court-authorized search of his Mar-a-Lago residence as a “break-in” and indicated the lawsuit has been successful.
Charitable Settlement Solution:
“I think what we’ll do is do something for charity. Well, you know, we’re thinking about doing something for charity, where I’ll give money to charity. We could make it a substantial amount, nobody would care because it’s gonna go to numerous very good charities.”
Later, Trump elaborated: “I paid myself that somehow will never look good. So what I added other people, a lot of people, a lot of outside people said, ‘what a great idea,’ because nobody cares how much if it goes to good charities. So you settle by giving charities a lot of money, and I think we’re gonna do something like that.”
When asked if these charity funds would pay for his proposed Washington D.C. ballroom or triumphal arch projects, Trump clarified: “No, I don’t think either of those do. I’m talking about, uh, American Cancer Society. A lot of very, I think they should be probably established charities… I would say established and respected charities.”
Crime Statistics and Federal-State Relations
Trump made sweeping claims about crime rates, attributing dramatic decreases to his administration’s immigration enforcement policies.
Historic Crime Rate Claims:
“We brought crime to the lowest point in the history of our country, 125 years, 1900, think of it. Year, think of that, 1900. Can you imagine? We have the lowest crime in the history of our country, despite the fact that our country was riddled with a lot of bad people from the Biden open border, but we’ve taken a lot of them out.”
Trump continued: “We’re at the lowest point in history. We have the least number of murders in the recorded history of our country. That’s incredible.”
He repeated these claims multiple times throughout the gaggle, stating near the end: “It just came out yesterday that we have the lowest crime rate in the history of our country.”
FACT-CHECK: FALSE – Trump’s claims of “lowest crime in history” or “lowest in 125 years” are demonstrably incorrect. According to FBI Uniform Crime Reporting data and Bureau of Justice Statistics, while violent crime declined in 2023-2024 after a pandemic-era spike, crime rates were actually lower during multiple periods in recent history, particularly:
– The early-to-mid 2010s (2013-2014 marked particular lows in violent crime and murder rates)
– The early 1960s
– Various periods in the 1950s
The murder rate in 2014 was approximately 4.4 per 100,000 people—one of the lowest rates in modern recorded history. Even with recent declines, current rates remain higher than this benchmark. Trump’s comparison to 1900 is also problematic because standardized FBI crime statistics only became reliable in the 1960s with the establishment of the Uniform Crime Reporting program. Trump presents recent decreases as historic lows when they actually represent a return toward normal levels after pandemic-era increases.
Attribution to Deportations:
Trump repeatedly attributed crime decreases to removing “thousands and thousands of killers and murderers” through deportation.
FACT-CHECK: MISLEADING – Correlation vs. Causation – Extensive criminological research consistently shows that immigration—including undocumented immigration—is not correlated with increased crime rates. Studies published in peer-reviewed journals including Criminology, Social Science Research, and The Annals of the American Academy of Political and Social Science demonstrate that areas with higher immigration do not experience higher crime rates and often experience lower rates. Research from Stanford University and the University of Wisconsin shows undocumented immigrants have significantly lower incarceration rates than native-born Americans when adjusted for demographics. Criminologists attribute crime trends to multifactorial causes including economic conditions, community policing strategies, social services, demographic changes, technology improvements, post-pandemic normalization, and local criminal justice policies—not solely to federal immigration enforcement. Trump assumes causation from temporal correlation without providing rigorous statistical analysis.
Conditional Federal Assistance to Democratic Cities:
When asked about Secretary Kristi Noem’s policy regarding federal law enforcement assistance to Democratic states, Trump explained a new approach requiring state and local cooperation:
“I let them ask us if they want help. You know, they’re always complaining. If you go in, they complain. They complain no matter what… I mean, honestly, the crime ridden cities are all Democrat run cities. And if they want help, they have to ask for it because if we go in, all they do is complain. But if they want help, they can ask for it. And they’re gonna need help.”
Los Angeles Example:
Trump cited his administration’s response to the Los Angeles wildfires as illustrative of his frustration: “Los Angeles, as an example, we went in, we solved it. The chief law enforcement officer in Los Angeles said they couldn’t have done it without the federal government. A week later, he said they didn’t need the federal government, you know? So we don’t want that. If they want help, they’ll ask but they have to say please.”
Minnesota-Specific Commentary:
Regarding Minnesota, Trump stated: “We want them to open their jails and give us their criminals, and we’re gone. That’s all we want, and they’re gonna have to do it.”
He later added: “Crime is down in Minnesota. Not because of anything they did, it’s because of what we did. Same thing in Chicago. We have crime down in Chicago, and most people don’t even know we’re there, but we’re there doing a good job.”
DHS Funding and Use of Force Policy
When asked about Democratic demands regarding Department of Homeland Security funding—including no roaming patrols, established rules for use of force, and removal of masks from federal agents—Trump declined to negotiate publicly:
“I’m not talking about it. It’s not appropriate yet. We have to let a little time go by, but we’ll talk about it. But, you know, we, uh, we want, I got elected for law enforcement, for the border, for the economy, things I’ve done a great job with… we’ll have to talk about that over the next, uh, three or four days.”
ICE Protests and Use of Force Authorization
Trump addressed a social media post he made regarding protests against Immigration and Customs Enforcement (ICE) operations, in which he warned that protesters would “suffer an equal or greater consequence.”
Clarifying the Warning:
“If they do anything bad to our people, they will be, they will have to suffer. I’m sorry. If they start, uh, uh, spitting in people’s faces, punching our people, punching our soldiers, our patriots, uh, they’ll, they will get taken care of in at least an equal way. They’re not gonna do that like, uh, you know, you see it, the way they treat our people.”
Trump explicitly authorized federal agents to respond with force to physical confrontations: “I said, you’re allowed, if, if somebody does that, you can do something back. You’re not gonna stand there and take it. If somebody spits in your face, uh, that will not be a pleasant thing for the person that’s [doing it]. We’re not letting people spit in our soldier’s face as they stand in attention and they’re not allowed to do anything.”
Vehicle Attacks:
“If they throw bricks at a car and at, you know, one of our vehicles, and our very expensive vehicles, uh, they’re gonna be met with very, very serious force.”
Body Cameras for Federal Agents:
When asked whether having cameras on federal agents during these confrontations would be helpful, Trump responded: “I think it would help law enforcement, but, uh, I’d have to talk to them. I’m gonna be talking to them tomorrow… I think it would help law enforcement. You know, that works both ways. But I think, overall, I think it’s 80% in favor of law enforcement.”
Praise for Tom Holman:
Trump praised immigration enforcement czar Tom Holman: “Tom Holman is a star. You know, he’s incredible. I mean, the guy’s incredible. He’s got an unbelievable, he’s [tough], and yet everybody likes him, both sides, so he’s been great.”
Jeffrey Epstein Documents and Legal Threats
Trump addressed newly released documents related to Jeffrey Epstein, characterizing them as exonerating him while suggesting a conspiracy by author Michael Wolff.
Trump’s Interpretation:
“It looked like this guy, Wolff, who’s a writer, was conspiring with Epstein to do harm to me. And I didn’t see it myself, but I was told by some very important people that not only does it absolve me, it’s the opposite of what people were hoping, you know, the radical left, but, uh, that Wolff, who’s a third-rate writer, was conspiring with Jeffrey Epstein to hurt me politically or otherwise. And, uh, that came through loud and clear.”
Legal Action:
“So we’ll probably sue Wolf on that. And maybe the Epstein estate, I guess. I don’t know, but we’re gonna certainly sue Wolf… you may, I guess so, because he was conspiring with Wolf to do harm to me politically. That’s not a friend.”
FACT-CHECK: REQUIRES CONTEXT – Trump explicitly admits “I didn’t see it myself, but I was told by some very important people,” meaning he’s relating secondhand interpretation rather than his own direct reading of the documents. Without independent access to the specific documents and expert analysis, it’s impossible to verify whether they show “conspiracy” or “absolve” Trump as he claims. What constitutes evidence of conspiracy versus normal journalist-source interaction is subject to interpretation. Trump’s characterization represents his preferred narrative based on others’ accounts rather than independently verified fact. Michael Wolff is an author who wrote several books about Trump’s presidency including Fire and Fury and Siege.
Trump called Wolff a “third-rate writer” and suggested legal action against both Wolff and potentially the Epstein estate for what he characterized as a conspiracy to damage him politically.
Venezuela Oil Deal and Regional Politics
Trump discussed an emerging agreement with Venezuela regarding oil production and sales, framing it as beneficial to both countries while potentially isolating Iran.
Oil Revenue Sharing:
When asked about Venezuela’s share of oil profits under the proposed arrangement, Trump replied: “Well, we haven’t discussed that, but we’re getting along very well with the leadership of Venezuela and they’re doing a really good job. We’re gonna be selling a lot of oil. And we’ll take some and they’ll take a lot. And they’re gonna do very well. They’re gonna make more money than they’ve ever made. And it’s gonna be beneficial to us.”
Airspace and Migration:
“I opened up the airspace over in Venezuela so that now people from Venezuela came from Venezuela here. They’re gonna be able to go back for the first time, go back to Venezuela and stay perhaps. Or go back and see their relatives, go for a short ring there.”
FACT-CHECK: PARTIALLY TRUE – If Trump’s administration has reopened Venezuelan airspace for commercial flights, this would represent a significant policy shift. The U.S. suspended direct commercial flights to Venezuela in 2019 due to FAA safety concerns and deteriorating diplomatic relations. Reopening would require FAA safety certification, diplomatic normalization, and sanctions modifications. The claim appears factually accurate if the reopening has occurred, though it involves complex negotiations and policy trade-offs regarding relations with Venezuela’s authoritarian government that Trump doesn’t mention.
China and India Involvement:
Trump welcomed Chinese participation in Venezuelan oil purchases: “China is welcome to come in and would make a great deal on oil. You know, we welcome China.”
He announced a conceptual deal with India: “India’s coming in and they’re gonna be, uh, buying Venezuelan oil as opposed to buying it from Iran. So we’ve already made that deal, the concept of the deal.”
FACT-CHECK: PARTIALLY TRUE – Direction Accurate – India is one of the world’s largest oil importers and has historically purchased oil from both Iran and Venezuela when sanctions permitted. India significantly reduced Iranian oil imports after U.S. sanctions were reimposed in 2018-2019. If Trump has negotiated preliminary agreement for India to purchase Venezuelan oil instead of Iranian oil, this would provide revenue to Venezuela, further isolate Iran economically, and give India access to heavy crude supplies. However, Trump’s phrase “the concept of the deal” suggests preliminary agreement rather than a finalized, implemented arrangement—indicating this may still be in negotiation rather than operational.
María Corina Machado:
When asked whether Venezuelan opposition leader María Corina Machado should be allowed to return to Venezuela, Trump offered a diplomatic response: “I’d love to be able to do something with it and maybe putting the sides together doing something. I think she’s a very fine person. And I, but I think I have to say at the same time, the current leadership is doing a very good job.”
Cuba Relations and Humanitarian Concerns
Trump announced that his administration has begun negotiations with Cuba, framing the outreach around humanitarian concerns and the interests of Cuban-Americans.
Mexican President’s Cooperation:
Trump noted that Mexican President Claudia Sheinbaum had agreed to stop sending oil to Cuba: “The president of Mexico, President Sheinbaum was very good. And I said, ‘Look, we don’t want you sending oil there.’ And she’s not sending them.”
Potential Deal with Cuba:
“Cuba really, they’ve got a problem. You know, they have a problem. I know so many people from Cuba, but we have a lot of people in the United States right now that would love to go back to Cuba and we’d like to work that out.”
Trump elaborated: “I think we’re going to work a deal with Cuba. I think, you know, we’ll be kind if they have a situation that’s very bad for Cuba. They have no money, they have no oil. The Venezuela, they live off Venezuelan money and oil, and none of that’s coming now.”
Cuban-American Community:
“On a humanitarian basis, we’re starting to talk to Cuba. I would like, don’t think a lot of people that live in our country are treated very badly by Cuba. And we want them to be, they all voted for me, and we want them to be treated well. We’d like to be able to have them go back to home to their country, which they haven’t seen their family, their country for many, many decades. So we’ll work that, I’ll be able to work that out.”
When asked about a potential humanitarian crisis in Cuba due to oil restrictions, Trump responded: “It doesn’t have to be humanitarian [crisis]. I think they probably would come to us and want to make a deal. So Cuba would be free again. They’ll come to us, they’ll make a deal.”
Washington D.C. Triumphal Arch Project
Trump confirmed plans to build a massive triumphal arch in Washington, D.C., comparing it to the Arc de Triomphe in Paris.
Project Details:
“We’re considering an arc. It’s, uh, like the, uh, Arc de Triomphe in Paris. And so for 200 years they wanted to build an arc. There are 57 cities throughout the world that have them. We’re the only major city, Washington DC, that doesn’t. Uh, the circle prior to the bridge, you know, the Arlington Bridge has been waiting for hundreds of years to have this done.”
FACT-CHECK: “57 CITIES” – DIFFICULT TO VERIFY – The specific claim of “57 cities” worldwide having triumphal arches is difficult to verify because what constitutes a “triumphal arch” varies (ceremonial gateways, victory arches, memorial arches). Triumphal arches do exist in numerous cities including Paris, Rome, Barcelona, Moscow, Bucharest, Pyongyang, and New York. The assertion that Washington is “the only major city” without one is subjective and depends on how “major city” is defined—many major world cities lack classical triumphal arches.
Historical Context:
“In fact, there are four eagles that got built, but it was interrupted by a thing called the Civil War. And so it never got built. Then they almost built something in 1902, but it never happened. So we’re, we have an unbelievable arc that I think will be the most beautiful in the world being built there and going to be built there.”
FACT-CHECK: PARTIALLY TRUE – Historical Reference Imprecise – Trump appears to be referring to the Arlington Memorial Bridge project. Four large gilded bronze eagle sculptures do exist at the Arlington Memorial Bridge, but they were actually installed when the bridge was completed in 1932—not during the Civil War era as Trump’s statement implies. While the Civil War did interrupt many Washington building projects and plans for various monuments were delayed, Trump conflates different historical periods. The specific four eagles he references were created in the 1920s-1930s as part of the Arlington Memorial Bridge project, not “built” before the Civil War and then abandoned.
Size and Scope:
When asked about the reported 250-foot height, Trump responded: “I don’t know what the height is. It, it’s just appropriate for the site. Uh, we’re setting up a committee and the committee’s gonna be going over it, but, uh, it’ll be substantial. I’d like it to be the biggest one of all. We’re the biggest, most powerful nation. I’d like it to be the biggest one.”
White House Ballroom Project:
Trump also discussed a separate project for a White House ballroom: “For 150 years, they’ve wanted a ballroom. Now we’re gonna put up the most beautiful ballroom anywhere in the world, as far as I’m concerned. And a real, and I could have built a much bigger one. I didn’t wanna do that. I wanted to be in keeping with, I didn’t want it to be taller than the White House, et cetera. So I wanted it to be in keeping, but it’s a really beautiful building done by some of the best architects in the world.”
Canada-China Relations and Trade Concerns
Trump warned Canada against making trade deals with China, threatening substantial tariffs if such agreements proceed.
Trade Deal Threats:
“If they do a deal with China, yeah, we’ll do something very substantial, because we can’t, look, I have a great relationship with China presidency, but we don’t want China to take over Canada. And if they make the deal that he’s looking to make, China will take over Canada. And the first thing they’re gonna do, end ice hockey.”
Trump’s comment about ending ice hockey appeared to be an attempt at humor, but his underlying concern about Chinese economic influence in Canada was presented seriously.
Iran Secondary Sanctions:
When asked about secondary tariffs on countries doing business with Iran, Trump replied: “We have a lot of things happening right now with Iran. We have a tremendous fleet going in that direction, and they’re talking to us. So a lot of things could happen.”
China Military Purge
When asked about reports of a military purge in China, Trump declined to express concern and reaffirmed his relationship with Chinese President Xi Jinping:
“As far as I’m concerned, there’s one boss in China that’s presidency [Xi Jinping]. That’s the person I’m dealing with… I think presidency is the boss. I, I watch it very closely, and he’s highly respected in China. He’s the boss.”
Greenland Negotiations
Trump provided an optimistic update on negotiations regarding Greenland, suggesting a deal is close to completion.
“We have started a negotiation. And I think it’s pretty well agreed to. I mean, they want us to do it. I think it’s gonna be a good deal for everybody. Very important deal. Actually, from a national security point of view, very, very important deal. I think we’re gonna make a deal.”
FACT-CHECK: UNVERIFIABLE – Likely Exaggerated – Trump’s claim that Greenland negotiations are “pretty well agreed to” cannot be independently verified. Trump first proposed purchasing Greenland from Denmark in 2019, which Denmark’s Prime Minister called “absurd.” Territorial acquisitions between nations in the 21st century are extraordinarily rare and complex, requiring constitutional changes and public approval. No public announcements from Danish or Greenlandic officials have confirmed advanced negotiations. Trump frequently characterizes negotiations as more advanced than they actually are. His claim likely represents his optimistic characterization rather than confirmed diplomatic reality. The national security rationale reflects genuine U.S. strategic interests in the Arctic including military positioning, shipping routes, and natural resources.
Trump characterized the Greenland acquisition as primarily a national security matter and suggested that Greenlandic authorities are receptive to American proposals.
Don Lemon Arrest
When asked whether he had prior knowledge of journalist Don Lemon’s arrest, Trump denied involvement but criticized Lemon personally:
“No, I don’t know anything about the Don Lemon thing, but he’s a sleazebag. Everyone’s known that. He’s a wash-up. Probably from his standpoint, the best thing that could happen to him, he’s getting a, you know, he had no viewers. He had, he was a failure, he was a failed host. And now he’s, uh, he’s in the news. I didn’t know anything about him.”
DHS Secretary Kristi Noem Performance
Trump expressed support for DHS Secretary Kristi Noem when asked about her handling of recent controversies:
“She’s doing great. I mean, we have a closed quarter. We’ve taken out thousands and thousands of, of killers and murderers and everything else. Removed her from our country by the tens of thousands, and we have the crime rate that’s the lowest in history… So how’s she doing? I think she’s doing well. And she’s a good person. She works hard.”
Jeb Bush at the Alfalfa Dinner
Trump briefly addressed his interaction with Jeb Bush at the Alfalfa Club dinner, noting improved relations:
“I introduced him. Nice, he’s a good fella. And he’s been very nice to me in the last six months. I don’t know what happened. But he was very nice. We had a good time.”
Notable Exchanges and Moments
Legal Paradox: The discussion of Trump negotiating lawsuit settlements with himself created a legally unusual moment, with Trump acknowledging the optics problem: “I paid myself that somehow will never look good.”
Roasting vs. Reality: Trump’s clarification that his threat to sue Kevin Warsh over interest rates was “comedy” at a roast highlighted the sometimes blurred lines between his public statements and actual policy intentions.
“They have to say please”: Trump’s insistence that Democratic-led cities must ask—and implicitly humble themselves—before receiving federal assistance represents a notable shift in federal-state relations and disaster response protocols.
Ice Hockey Threat: Trump’s claim that China would “end ice hockey” if it takes over Canada through trade deals was one of the more unusual geopolitical predictions of the gaggle.
250-Foot Arch Ambitions: Trump’s desire for the triumphal arch to be “the biggest one of all” because “we’re the biggest, most powerful nation” reflected his characteristic approach to symbolism and national prestige.
Epstein Documents Spin: Trump’s characterization of the released Epstein documents as “absolving” him and revealing a conspiracy against him—despite admitting he hadn’t read them himself—represents his continued effort to shape the narrative around his past association with Epstein based on secondhand accounts.
Historic Crime Claims: Trump’s repeated assertions about “lowest crime in history” despite contradictory FBI data demonstrate a pattern of using superlatives without factual support, particularly when the actual data shows crime rates were lower in the 2010s.
Citation
“Press Gaggle: Donald Trump Speaks to Reporters On Board Air Force One – January 30, 2026.” Factbase, 30 Jan. 2026, factba.se. Transcript.