President Donald Trump announced the creation of the U.S. Strategic Critical Minerals Reserve, the first-ever civilian stockpile of critical minerals, during an Oval Office signing ceremony on February 2, 2026. The initiative, dubbed “Project Vault,” combines $10 billion in Export-Import Bank financing with $2 billion in private sector funding and is designed to ensure American businesses never face critical mineral shortages during market disruptions. Trump claimed the American taxpayer would “make a profit” from interest on the loans—though this depends on loan repayment and economic conditions, not guaranteed returns. The event featured General Motors CEO Mary Barra, mining executive Robert Friedland, and multiple Cabinet secretaries who emphasized this represents the largest Export-Import Bank deal in history and aims to reduce dependence on foreign mineral supplies, particularly from China. Assistance from Claude AI.
Participants
- Donald Trump – President of the United States
- Mary Barra – Chairman and CEO, General Motors
- Robert Friedland – Founder and Executive Co-Chairman, Ivanhoe Mines
- Marco Rubio – Secretary of State
- Scott Bessent – Secretary of the Treasury
- Doug Burgum – Secretary of the Interior
- Howard Lutnick – Secretary of Commerce
- John Jovanovic – Chairman, Export-Import Bank of the United States
- Bernie Moreno – U.S. Senator
- French Hill – U.S. Representative
- Bruce Westerman – U.S. Representative
- Members of the press
Creation of U.S. Strategic Critical Minerals Reserve
President Trump opened the ceremony by announcing the establishment of the U.S. Strategic Critical Minerals Reserve, describing it as “the first ever stockpile of critical minerals” for civilian use during emergencies. He praised the assembled experts, calling them “the greatest experts on earth,” and specifically recognized GM CEO Mary Barra for “setting records” with her company operating “24 hours round the clock” and building “brand new factories.”
Trump thanked multiple Cabinet members in attendance, including Secretaries Marco Rubio, Scott Bessent, Doug Burgum, and Howard Lutnick, along with Export-Import Bank Chairman John Yovanovich (whom he called “Axiom Chairman” in his initial remarks). He also acknowledged Senator Bernie Moreno and Representatives French Hill and Bruce Westerman.
The President framed the initiative in historical context: “For years, American businesses have risked running out of critical minerals during market disruptions.” He positioned Project Vault as ensuring “American businesses and workers are never harmed by any shortage,” comparing it to the existing Strategic Petroleum Reserve and military mineral stockpiles but emphasizing this reserve serves American industry.
Financial Structure and Taxpayer Claims
Trump outlined the financial mechanics: “This historic initiative will combine $10 billion dollars in Export-Import Bank financing with $2 billion in private sector financing.” He claimed, “We even expect the American taxpayer to make a profit from the interest on the loan used to start the Project Vault.”
Trump’s claim that taxpayers will “make a profit” requires important context. While Export-Import Bank loans do earn interest, whether taxpayers profit depends on loan repayment rates, default risks, and whether interest exceeds administrative costs—factors that cannot be guaranteed in advance. The Export-Import Bank’s financial performance varies by year, and large-scale lending programs carry inherent risks.
The President contrasted his administration’s action with previous administrations: “They’ve been talking about it for years. Other presidents did a lot of talking, but they didn’t do anything.”
Mining Policy and Permitting Reform
Trump described his administration’s broader mining initiatives: “Over the past year, my administration has taken extraordinary steps to make sure the United States has all of the critical minerals and rare earths that we need. We’re investing in mining projects—really, uh, we’re expediting federal permitting.”
He praised EPA Administrator Lee Zeldin for work on permitting reform, calling it “such a big deal,” and noted his administration is “signing major critical mineral deals with countries from all over the world, and we’re getting along with all of them, every one of them.”
Export-Import Bank Chairman’s Presentation
Chairman John Jovanovic provided detailed background on the project’s development. He explained that Trump gave “a very clear directive” that was “much more of an order” to create a strategic critical minerals reserve for the “nonmilitary manufacturing complex” for the first time in American history.
Jovanovic outlined the President’s expectations: the solution needed to be “scalable,” “designed for long-term success,” help “revitalize our domestic mining industry,” and—”most importantly, most crucially”—”not be subsidized by American taxpayers.”
He described Project Vault as “a truly uniquely American solution” that “brings together our capital markets, which are the best and biggest in the world, with our manufacturers, our innovators, our miners, all pitching in to make this possible.”
Jovanovic credited the President’s “call to action” for bringing together “the best players in the market, sometimes the fiercest competitors, getting them to work together to come up with a creative solution.” He acknowledged his Export-Import Bank team—Brian Greely, Jeff Wilson, Sarah Whitten and others—along with participating CEOs including those from GM, Boeing, Clarios, Google, and Traxxas.
The Chairman emphasized: “The best part about it is that the American taxpayer will earn a return on financing the first ever strategic critical minerals reserve in history.”
When Trump asked whether the reserve covers “everything,” Jovanovic confirmed: “Everything on critical minerals.” When the President specifically asked about magnets, Jovanovic responded they’re “focused on the critical raw materials” and anticipated that, “led by our great manufacturers, will help breed even more solutions.”
Secretary of Interior on Mining Achievements
Secretary Doug Burgum offered extensive praise for Trump’s mining record, stating the President has “done more in the last year for mining and minerals in our country perhaps than any president in history.” He coined the phrase paralleling the President’s energy slogan: “Just like drill, baby, drill, you said mine, baby, mine.”
Specific Mining Accomplishments
Burgum detailed several achievements:
Alaska Mining: “You unlocked Alaska with the Amber Road project. Uh, that opened up over 1,700 mining claims in Alaska.”
Coal and Critical Minerals: “On beautiful clean coal, we’ve got critical minerals that are co-located with that coal and we’ve unlocked that.” He contrasted this with the previous administration: “The Biden administration did zero coal leases during the last four years. You’ve done hundreds of millions of tons of coal leases. Uh, that’s going to help drive electric prices down in America.”
Permitting Reform: Burgum highlighted dramatic improvements in permitting timelines: “There was some permits that had lingered for 29 years. They got done in four months last year under your administration. And under your emergency authorities, some of these permits got done in as short as 12 days.”
International Coalition Building
Burgum described the creation of “a club of nations” to balance critical mineral markets, initially including Australia, Japan, Korea, Saudi Arabia, and Thailand. He announced: “This week, we’ll announce 11 more countries that are joining that club of nations as part of this global coalition. And behind that, in the pipeline, there’s 20 more nations that want to join under your leadership to allow for trade of critical minerals.”
The Secretary praised Cabinet collaboration from Marco Rubio, Scott Bessent, Howard Lutnick, Chris Wright “and many others,” along with Congressional leadership who “helped us find a way to do this without any appropriations.”
Burgum emphasized this is “the largest EXIM Bank deal in the history of the EXIM Bank by more than double,” concluding it would “help drive, uh, national security. It’s great for American manufacturers. It’s great for American workers.”
GM CEO on Supply Chain Resilience
GM Chairman and CEO Mary Barra thanked Trump “for your commitment to strengthening US manufacturing and supporting the auto industry,” along with his Cabinet and Congress “and the whole team here that made this possible today.”
Barra stressed the importance of supply chain security: “Having a resilient supply chain is critical for our nation and it’s critical for all industry, especially the auto industry.” She noted they “have been strengthened with many of the different policies that have been put in place over the last year.”
On GM’s business outlook, Barra reported: “Business is—is held very strong. We still see a strong consumer, so I’m excited about 2026.”
Trump responded optimistically: “I think it’s going to be a record with all of your new plants opening up and everything else in our country.”
Mining Executive on Industry Morale
Robert Friedland, founder and executive co-chairman of Ivanhoe Mines, offered a philosophical perspective on mining’s importance: “Everything we touch, we either grew it agriculturally and you’ve helped the farmers or we mined it. All these cameras you see in front of you, they were mined. Every time you pick up a handphone, it was mined.”
Friedland praised the initiative’s dual benefits: “We’re super excited that America is doing something for not only our national security, but for the re-industrialisation of the country, because you can’t re-industrialize Detroit with a lot of metal.”
He emphasized industry response: “On behalf of every miner, I know they’re elated at the breakthroughs that have been achieved here.” Friedland noted mining has declined to “one percent of the S&P 500” but stressed “everything you touch needs mining and this is the first administration, with your support, where we’ve got hope.”
Friedland mentioned his international work: “I last met you in Saudi Arabia with Mohammed bin Salman. We’re working in Chile. We want to bring these metals back to the United States and refine them and use them right here.”
He concluded: “The morale of the miners is sky high.”
Trump acknowledged Friedland’s recent honor: “Congratulations, you’re in the Hall of Fame. Is that the Rare Earth Hall of Fame or Minerals Hall of Fame?” Friedland humorously described it as “a bunch of pictures of dead guys that go back to Herbert Hoover who was a miner.”
Congressional Support
Representative French Hill spoke “on behalf of Congress,” noting Chairman Westerman “helped unleash the ability to mine through permitting reform” while he and Senator Moreno serve on the House Financial Services Committee and Senate Banking Committee.
Hill emphasized the public-private partnership model: “We’re blessed in this country when we take the private sector and we leverage it to unleash the directions that you’ve made.” He described their Export-Import Bank reauthorization work: “We leverage that recess—resource with private sector dollars to make this a success and it’s going to be a huge strategic change in America’s industrial capacity.”
Senator Moreno on Auto Industry Salvation
Senator Bernie Moreno offered dramatic framing: “Not to be hyperbolic, but if you hadn’t been elected, the auto industry in America would be over.”
Trump interjected: “The country would be over.”
Moreno continued: “The auto industry would have been gone first. Uh, the—what the Democrats had done with electric vehicles, the mandates, what you were able to accomplish last year, Secretary Lutnick, uh, what Secretary Bessent was able to do with your leadership, has transformed the auto industry. And I tell you, it’s never been better for people in the auto industry.”
He added a pointed observation: “The worst part is that the people that you really saved were the car dealers in California and New York and New Jersey, right?”
Trump responded with amusement: “Can you believe it? And they fought me all the way, Mary, right? They fought me all the way and now they’re saying thank you very much.”
Representative Westerman on Natural Resources
Representative Bruce Westerman praised the day’s announcement: “A great day and it couldn’t have happened without your leadership. And I think people will be talking about this for a long time, because we’re bringing back American mining and American manufacturing.”
Westerman emphasized America’s resource endowment: “God blessed our country with abundant resources.” He cited the Ambler Road example: “49 critical minerals that can be mined in sufficient quantities just in that one area.”
He continued: “From northern Minnesota, Arizona, my home state of Arkansas, we are blessed with all these minerals that are just in the ground. But when we get them out of the ground and not only mine them but refine them and process and manufacture with them, it’ll unleash great wealth for our country and that’ll just build on all the other successes.”
Treasury Secretary on Economic Security
Treasury Secretary Scott Bessent connected the initiative to national sovereignty: “As you always say, economic security is national security and a country does not have sovereignty if we don’t have control of our critical minerals, don’t have control of our steel production and our industrial base.”
Bessent credited Trump’s leadership: “Thanks to the work of everyone here through your leadership, uh, this was a public private partnership that only you could have assembled.” He emphasized the strategic benefit: “We are taking back our sovereignty and we are going to have this volt project, a strategic mineral reserve. And I can’t tell you how innovative and exciting this is and the level of security it is going to give us going forward is phenomenal.”
Federal Reserve Chairman Discussion
Trump asked Bessent about the “new and improved fed chairman,” referencing the recent appointment of Kevin Warsh to replace Jerome Powell. Bessent responded positively: “I’ll tell you, he’s off to a great start.”
Bessent explained Warsh’s advantages: “He had so much built in credibility and as the American people—smart people, like Representative Hill, the Senator Marino, they already knew him and as the American people get to know him, the important thing is that they will be able to trust the Federal Reserve to steer the economy for them.”
Commerce Secretary on Taking Back Industries
Commerce Secretary Howard Lutnick offered a sweeping critique of previous administrations: “Prior presidents took America for granted. They let our critical minerals, uh, only be controlled by China. They let our mining business go to hell by closing all the mines, closing our coal plants, while China opened them.”
Lutnick provided specific data on manufacturing decline: “We used to produce 75 percent of our cars in America. And when Biden left, it was below 50 percent. We were just letting all of these industries just be shredded from America.”
He framed the current approach as industrial restoration: “Thank goodness you are in this chair, changing it and taking it back. We are taking back critical minerals. We are taking back mining. We’re taking back the auto industry. You’re going to watch us take back pharmaceuticals. We’re going to take back semiconductors.”
Lutnick concluded: “None of this could possibly happen without your leadership. And it is the most fun to stand back here with your leadership, because we are changing America back and making it great again.”
Press Questions: Federal Reserve Renovation Investigation
A reporter asked whether Trump would like Attorney General Jeanine Pirro to drop her investigation into former Fed Chairman Powell given Senator Tillis’s opposition to confirming Kevin Warsh.
Trump firmly rejected this suggestion: “No, she’s going to take it to the end and see.” He explained his concerns about the Federal Reserve building renovation: “You’re doing a small renovation. And they’ve spent almost $4 billion doing a renovation. I’m doing buildings—I built a hotel, the Waldorf, it’s called. And, uh, I did it for around $200 million. It’s a much bigger job. They’re spending almost—it could be $4 billion.”
Trump’s claim about spending “almost $4 billion” on Federal Reserve building renovations appears significantly inflated. The actual Federal Reserve renovation project (the Eccles Building modernization) has been estimated at approximately $160-200 million, not $4 billion—a difference of roughly 20-25 times. The President appears to be either misinformed about the project’s scope or exaggerating for rhetorical effect.
Trump continued: “I don’t even see an end in sight. I feel badly for the new fed chairman because he may not have an office for four years. Uh, I don’t know what these people are doing. And so it’s either gross incompetence or it’s theft of some kind or kickbacks.”
He defended the investigation: “Jeanine Pirro is incredible and she’ll figure it out. But no, you want to take it and just find out what happened, because we can’t go around doing a renovation of a small, little complex, very small, a couple of little buildings and spend billions and billions of dollars on it. Something went wrong. We have to find out what it was.”
Press Questions: Kennedy Center Renovation
A reporter asked about Trump’s announced plans for the Kennedy Center, specifically whether he planned to tear it down and what the renovations would cost.
Trump estimated “probably around $200 million” and offered his philosophy on building projects: “You know, it’s funny in real estate and building, I’ve done so much of it, I’ve done so well with it. You want to sit with something for a little while before you decide on what you want to do. And you know, we sat with it, we ran it. It’s in very bad shape. It’s rundown. It’s dilapidated. It’s sort of dangerous. Things fall out, uh, fall out of ceilings.”
He described operational challenges with simultaneous use and construction: “You can’t do any work because people are coming in and out and you have the workmen. We have a marble man over there the other day he said, you know, every time I put down a piece of marble people are stepping on the marble. They don’t even have time to dry.”
Renovation Plans and Timeline
Trump explained his decision to close the facility for renovation: “We’re going to close it and we’re going to make it unbelievable, far better than it ever was and we’ll be able to do it properly. I was thinking maybe there’s a way of doing it simultaneously, but there really isn’t.”
He clarified the scope: “I’m not ripping it down. I’ll be using the steel. So we’re using the structure. We’re using some of the marble and some of the marble comes down, but when it’s open, it’ll be brand new and really beautiful. It’ll be at the highest level.”
Trump announced the closure timeline: “We’ll be closing it sometime around July 4th. It’s like we’ll close it on July 4th, in order to do something great for America.”
He described the planned upgrades: “We’re using the highest grade marbles, the highest grade everything and it’ll be brand new, tremendous carriers putting in the air conditioning or I guess they’re a bidder, but they’re probably going to get it, carrier. We’re going to have all brand new air conditioning, heating. The steel will all be checked out because it will be fully exposed.”
Press Questions: Colombia Meeting and Drug Trafficking
Asked about his upcoming meeting with Colombian President Gustavo Petro, Trump noted the relationship had improved: “He’s been very nice over the last month or two. He was certainly critical before that. But somehow after the Venezuelan raid, he became very nice. He changed his attitude very much.”
Trump outlined the meeting’s focus: “I look forward to seeing him. He’s coming in, we’re going to be talking about drugs, because tremendous amounts of drugs come out of his country.”
The President appeared to reference Venezuela’s Nicolás Maduro when discussing the “Venezuelan raid,” though the context suggests this may have been a U.S. military or law enforcement operation rather than a Colombian action.
Press Questions: Iran Negotiations
A reporter asked about Steve Witkoff’s scheduled Friday meeting with the Iranian foreign minister and what Trump hoped to achieve.
Trump provided a broad overview of diplomatic efforts: “A lot of things are happening. You have Iran and you have Russia, Ukraine and you have the Middle East. We have a lot of things going. A lot of problems were here for a long time before I got here. We settled eight wars and I think we’re going to—I think we’re doing very well with Ukraine and Russia.”
He noted progress on the Russia-Ukraine conflict: “For the first time, I’m saying that. You know, we’re doing—I think we’re going to maybe have some good news.”
Ukraine Casualty Claims and NATO Financing
Trump emphasized the human cost: “We’re losing—25,000 people a month are being killed in that war, ridiculous war, 25,000. It was 31,000 last month. Think of it, young, beautiful kids. You know, kids of parents, their parents.”
Trump’s casualty figures of “25,000 people a month” being killed in the Ukraine war, with 31,000 last month, lack reliable verification. Neither Ukraine nor Russia publishes comprehensive monthly casualty figures, making precise verification impossible. Western intelligence estimates suggest total casualties (killed and wounded on both sides) range from several hundred thousand to potentially over one million since the war began, but monthly death tolls of 25,000-31,000 would be extraordinarily high and inconsistent with most military analysis. The President may be conflating total casualties with deaths or referring to unverified claims.
He contrasted his approach to military aid with the previous administration: “We’re not spending money like Biden did. He gave $350 billion away. I make everyone pay.”
Trump’s claim that Biden “gave $350 billion away” to Ukraine is significantly inflated. As of early 2025, total U.S. assistance to Ukraine since the Russian invasion in February 2022 was approximately $175-180 billion (including military, economic, and humanitarian aid), not $350 billion. This represents roughly double the actual amount.
Trump described current financing arrangements: “The countries of Europe are paying us for the weapons. So we have NATO paying—we send missiles over there, they pay us in full. It doesn’t cost us $0.10. And we make money I guess, but I don’t even want to talk about that because what I really want to do is save those people.”
He reiterated: “25,000 to 30,000 people a month. That’s like a stadium full of people every single month.”
Putin and Zelenskyy Relationship
Trump reflected on the diplomatic challenge: “I was blessed with something where I can get these things done, got eight of them done. I thought all eight were going to be more difficult than this one. I thought my relationship with President Putin would give us a, you know, much easier road, but there’s tremendous hatred between Zelenskyy and Putin, tremendous hatred. I mean, it’s a shame, but it’s taken longer than we thought.”
Temporary Ceasefire Announcement
Trump announced a significant development: “I did call up President Putin and he’s agreed. He’s put it out to—they have the same cold wave that we do maybe different because it’s pretty far away, but it’s the equivalent. And Ukraine’s a very cold country, it’s much colder than us. It’s colder than—they say, on average, it’s Canada or colder.”
He revealed: “I asked him if he wouldn’t shoot for a period of one week, no missiles going into Kyiv or any other towns and he’s agreed to do it. So it’s something.”
Iran Military Posture
Asked about Iran’s nuclear program and the threshold for military action, Trump described current military positioning: “We have a tremendous force going there, just like we did in Venezuela, even bigger. And they’ll be there soon and I’d like to see a deal negotiated.”
He declined to specify military plans: “I don’t know that that’s going to happen, but I mean if I knew, I wouldn’t be able to—I wouldn’t tell you. I’d be very foolish if I would tell you, but, uh, right now, we’re talking to them. We’re talking to Iran. And if we could work something out, that’d be great. And if we can’t, probably bad things would happen.”
When pressed specifically about Iran’s nuclear program, Trump confirmed: “We have ships heading to Iran right now, big ones, biggest and the best. And we have, uh, talks going on with Iran. We’ll see how it all works out.”
Press Questions: European Defense and NATO
A reporter from Lithuania asked about the National Defense Strategy’s reference to “critical but only limited support for European defense.”
Trump emphasized his NATO funding achievements: “We get along very well with Europe. I do, because you know, don’t forget I got the GDP lifted from 2 percent to 5 percent. Nobody thought that could be possible. And they’re giving us a lot of that money. We have the best military equipment. We’re selling it to NATO.”
He issued warnings about Europe’s challenges: “Europe has to be careful because, you know, there are those that say it’s no longer recognizable between immigration and energy.”
UK Energy Policy Criticism
Trump specifically criticized United Kingdom energy policy: “In UK, you know, you have the North Sea oil and they basically closed it down and then they buy energy from Norway, which is the North Sea oil. So you figure that one. And Norway’s got trillions of dollars.”
He advised: “They have to be careful. You need energy and you can’t do the windmills because the windmills—you’re supposed to make money with energy, not lose money.”
Trump concluded with a broader warning: “I’m very disappointed. Look, I love Europe. I love the people of Europe. And they have to be very careful. They’re at a tipping point. You have tremendous immigration problems and you have tremendous energy problems. It’s a bad combination.”
Press Questions: Body Cameras and Border Security
Asked about Secretary Kristi Noem’s announcement of body camera deployment to Minneapolis, Trump deferred to her judgment: “It wasn’t my decision. I would have—you know, I leave it to her. Uh, they generally tend to be good for law enforcement because people can’t lie about what’s happening. So it’s, generally speaking, I think 80 percent good for law enforcement.”
Border Security Claims
Trump pivoted to border achievements: “We closed the border. We had a—I got elected on a disastrous border and we have nobody coming in through our border anymore. We had 25 million people coming in for years through our border.”
Trump’s claim of “25 million people coming in for years” is substantially inflated. U.S. Customs and Border Protection data shows approximately 8-10 million border encounters (not unique individuals) during the Biden administration from January 2021 through January 2025, not 25 million. The President appears to be exaggerating by roughly 2.5 times.
He described the previous flow: “Many of them were murderers and drug dealers and mentally—those are mentally insane from mental institutions and insane asylums.”
Trump made a striking claim: “For nine months now—I mean they actually report zero. We have zero people coming in, which I find hard to believe, but the Democrats do that report. They tend to be left-leaning, they do that report. So I assume it’s true and if it’s not, it’s a very tiny amount of people. But we basically have a tremendously perfect, strong border.”
Trump’s claim of “zero people coming in” through the border “for nine months now” contradicts publicly available data. U.S. Customs and Border Protection continues to report border encounters, though numbers have decreased significantly from peak levels. “Zero” border crossings would be unprecedented and unrealistic given the volume of legal crossings, asylum seekers, and enforcement encounters. The President appears to be using hyperbole rather than citing actual enforcement statistics.
Crime Statistics Claims
Trump claimed: “Crime levels are at the lowest point they’ve been in 125 years. Since 1900, we have the best numbers, and that’s despite the fact that we had a lot of criminals and murderers. 11,888 murderers came in.”
Trump’s claim that crime is at “the lowest point they’ve been in 125 years” and “since 1900, we have the best numbers” requires significant context. FBI preliminary data for 2024 showed continued decreases in violent crime, with murder rates down approximately 12-15% from 2023 levels. However, claiming the “lowest point since 1900” is not supported by comprehensive crime data. The FBI’s Uniform Crime Reporting system began in 1930, making pre-1930 comparisons unreliable. Additionally, crime rates in the early 1960s were lower than current levels, and methodological changes in crime reporting over 125 years make such long-term comparisons problematic.
The specific figure of “11,888 murderers came in” appears to reference Immigration and Customs Enforcement data on individuals with homicide convictions in the non-detained docket, but this number represents individuals with convictions over many decades of immigration history, not recent arrivals under any single administration.
Press Questions: DC Crime and National Guard
Asked about DC’s first homicide-free January, Trump took credit for crime reduction: “We haven’t had one in a long time. And DC has become a very safe—there was an in-house homicide. It was in-house. It was a—it was a dispute within a family. Uh, we have had virtually no crime in DC. DC is now considered a very safe place and it should be, it’s our nation’s capital.”
He explained the approach: “We sent in the soldiers. I read the Washington Post this weekend, it was incredible. They were trying to determine, how come—How did we get so low numbers, the low numbers in DC because we have very little crime, if any. And they talked about everything except for the fact that we put our National Guard and great soldiers inside our city.”
Trump criticized the coverage: “They didn’t want to mention that. It’s—how dishonest. Because if we didn’t do that, you’d have tremendous crime in DC.”
He shared anecdotal feedback: “I get thanked every single day by people that work in the White House, people, young ladies, men, they come up, thank you, sir, for making DC so safe. They walk to work now. A year and a half ago, they wouldn’t have walked to work. They would have been killed or mugged or something would have happened to them.”
Trump reiterated his critique of media coverage: “You got to read the story in the Washington Post. They do it, crime is way down in DC. Now what’s the reason for it? The reason for it is we have very big, strong, good-looking soldiers standing around. And I think they make the place look better. But this is our capital and we have a very safe capital. We had a very dangerous capital before.”
Press Questions: Cuba Relations
Asked about reaching an agreement with Cuba, Trump described the current situation: “It’s a failed nation now and they’re not getting any money from Venezuela and they’re not getting any money from anywhere. It’s a failed nation. Mexico is going to cease sending them oil.”
He explained his humanitarian motivation: “I’d like to take care of the people that are here from—you know, we have many people that came from Cuba, that were thrown out of Cuba or that fled Cuba. They came over in rafts. They went through shark-infested waters. I don’t know how they did it. And it was many years ago.”
Trump indicated progress: “Many would like to go back. Many would like to at least visit their relatives and I think we’re at a pretty close—but we are dealing with the Cuban leaders right now.”
Press Questions: Cryptocurrency Investments
A reporter asked about the Wall Street Journal report that the Abu Dhabi royal family invested hundreds of millions in Trump’s World Liberty Financial cryptocurrency venture.
Trump claimed limited knowledge: “I don’t know about it. I know that crypto is a big thing and they like it. A lot of people like it. The people behind me like it. Uh, my sons are handling that. My family is handling it. And uh, I guess they got investments from different people, but I’m not—I have—all I can handle right now with Iran and with Russia and Ukraine and with all the things we’re doing.”
He defended cryptocurrency generally: “I’m a big crypto person. I’m the one that probably helped crypto more than anybody because I believe in it. And the reason I believe in it is because if we don’t do it, Scott, I think we can say then China is going to do it. Right?”
Treasury Secretary Bessent confirmed: “Yes, sir. You’ve made America the digital asset capital of the world. We did the Genius Act for stablecoin. Many of the people standing up here are working on the clarity bill.”
Trump pressed the strategic argument: “Do you agree that if we didn’t do it, China and others would, but China would?”
Bessent agreed: “Oh, China would have had the lead and then others around the world in terrible jurisdictions would have been doing it.”
Press Questions: Government Shutdown
Asked about government shutdown prospects, Trump expressed optimism: “I spoke with Speaker Johnson. I spoke with Leader Thune. And I think they’re pretty close to a resolution.”
He described the economic impact: “We were at 5.6 percent GDP and we lost a point and a half because of the 42-day shutdown. Think of that, we would have been at seven. Nobody ever saw a number like seven.”
Trump’s claim that the U.S. “would have been at seven” percent GDP growth without the shutdown is highly speculative. U.S. GDP growth rarely reaches 7% in modern times—the last sustained 7%+ annual growth occurred in the 1980s. While government shutdowns do impact economic growth, claiming a 1.5 percentage point reduction from a 42-day shutdown would represent an extraordinarily severe economic impact that most economists would find implausible.
Commerce Secretary Lutnick confirmed: “Point and a half for the shutdown. Exactly right.”
Trump acknowledged bipartisan concern: “It’s very bad for our country, but despite that we have the highest numbers we’ve ever had. You know, we’re doing well. We’re—we’re going right through it. But I will say that I spoke with Senator Schumer numerous times and I don’t think they want to see a shutdown either.”
Press Questions: Trevor Noah and Jeffrey Epstein
Asked about potential legal action against comedian Trevor Noah following his Grammys hosting performance, Trump expressed strong criticism: “He said that I spent time on Jeffrey’s—Jeffrey Epstein’s island. I didn’t—I mean, he’s a lightweight, this guy. He’s a terrible—I think he’s terrible. I thought he did a terrible job at the Grammys. I thought the whole Grammys was terrible. I watched part of it. It’s not watchable. But he was a lousy host. I’d say not as bad as Jimmy Kimmel, but pretty close.”
DOJ Document Release
Trump addressed the Department of Justice’s release of Epstein-related documents: “He made a statement about me and Jeffrey Epstein’s. I have nothing to do with that. I have nothing to do with Jeffrey Epstein. And in fact, if you look at the DOJ, they announced, you know, they released three million pages. It’s like this is all they’re supposed to be doing. And frankly, the DOJ, I think, should just say we have other things to do because that whole thing has turned out—I mean, other than Bill Clinton and you know, Bill Gates and lots of people that have—there are a lot of questions about it, but nothing on me.”
He described what the documents revealed: “It was even sort of better than that because they found that Jeffrey Epstein and the sleazebag writer named Michael Wolff were conspiring against Donald Trump to lose the election. So Epstein was conspiring with a writer for me to lose the election. So right there, you know that I had nothing to do with this guy.”
Trump criticized the investigation’s scope: “It’s a terrible thing. The amount of time that’s being wasted—you know, when Epstein was alive, like 10 years ago, nobody cared about him, but they’re only doing it—but now it’s really hitting back on them because Bill Clinton is such a big part of it.”
He concluded: “The Democrats are pushing it and the problem is that it’s turning out to be the Democrats that were with and conspired with Epstein. So I think you’re probably going to see a little pullback from them. But—but think of it, they were working together to try and help me lose the election. But this is the Oval Office, so I guess that didn’t work out too well.”
Press Questions: U.S. Troop Levels in Europe
Asked about potential force reductions in Europe, Trump emphasized military recruitment success: “We have a great relationship with Europe. We have a great relationship with our troops. You know, the greatest—one of the best things that I can say is that when I—if you go back a year and a half ago, so I’m running for election, uh, they had the worst recruitment numbers in the history of our country. Nobody wanted to join the military, or nobody wanted to join the police. Nobody wanted to join the fire departments.”
He described the turnaround: “We couldn’t get anybody to be a proud member of our country. And now, Doug, as I told you before, now we have the best recruiting numbers that we’ve ever had in our military, Army, Navy, Air Force, Marines, Space Force, we love, and Coast Guard. Uh, I love the Space Force. It’s doing great. But now we have waiting lists on—every—everybody wants to join.”
Trump explained the change: “You know why? Because people are proud of our country because our country is doing great.”
He drew a parallel to the private sector, turning to Mary Barra: “I think Mary can say the same thing. You had lots of people not working so well and now you—I mean, you just wish you could get them in faster. I know that it’s hard to get them.”
Barra confirmed: “Yeah, we continue to bring people in and have training programs. We’re investing in the US workforce.”
Trump concluded: “Two years ago you didn’t see anything like this. It’s amazing what’s happened. So we have the number one—in the history of our country, we’ve never had more people that want to join our armed forces than we do right now. And a year and a half ago, nobody wanted to join. They were embarrassed by our country. They were embarrassed by our leadership. And now they’re proud of our country and they’re very proud of our leadership. And a lot of the leadership is right behind me.”
Citation
“Remarks: Donald Trump Signs Bills in an Oval Office Ceremony – February 2, 2026.” Factbase, Roll Call, 2 Feb. 2026, factba.se.
Fact-Check: Trump Oval Office Remarks on Critical Minerals Reserve (February 2, 2026)
Federal Reserve Building Renovation Costs
Trump’s Claim: “They’ve spent almost $4 billion doing a renovation” of the Federal Reserve building.
Verdict: FALSE
The actual cost of the Federal Reserve headquarters renovation is $2.5 billion, not “almost $4 billion.” According to multiple sources including Fortune, Engineering News-Record, and official Federal Reserve statements, the project cost rose from an initial $1.9 billion estimate in 2021 to $2.5 billion—representing a $600 million increase, but nowhere near $4 billion. Trump’s figure is inflated by approximately 60% or $1.5 billion above the actual cost.
The renovation of the Marriner S. Eccles Building and 1951 Constitution Avenue Building has faced cost increases due to pandemic-era inflation, unexpected environmental challenges (asbestos, lead, water table issues from DC’s swampy soil), historic preservation requirements, and enhanced security specifications including blast-resistant windows.
U.S. Assistance to Ukraine
Trump’s Claim: “He [Biden] gave $350 billion away” to Ukraine.
Verdict: FALSE
Total U.S. assistance to Ukraine under the Biden administration was approximately $175-183 billion in allocated funding since February 2022, with about $66-67 billion in military assistance actually delivered. Trump’s figure of $350 billion is roughly double the actual amount—inflated by approximately 90-100%.
According to the Committee for a Responsible Federal Budget, Congress approved $175 billion in emergency support for Ukraine since 2022. The State Department confirmed $66.9 billion in military assistance since Russia’s February 2022 invasion. While some sources cite up to $182.8 billion in allocated funds (including non-military economic and humanitarian aid), no credible source approaches Trump’s $350 billion claim.
Ukraine War Casualty Figures
Trump’s Claim: “We’re losing—25,000 people a month are being killed in that war, ridiculous war, 25,000. It was 31,000 last month.”
Verdict: UNVERIFIABLE / HIGHLY QUESTIONABLE
Trump’s claim that 25,000-31,000 people are being killed per month in Ukraine lacks reliable verification and appears significantly inflated. Neither Ukraine nor Russia publishes comprehensive monthly death tolls, making precise verification impossible.
Available evidence suggests:
- Zelenskyy (February 2025) stated over 46,000 Ukrainian soldiers killed and 380,000 wounded since February 2022—approximately 1,500 killed per month on average over nearly three years
- CSIS analysis (January 2026) estimated Ukrainian forces suffered 500,000-600,000 total casualties (killed, wounded, missing) with 100,000-140,000 fatalities between February 2022 and December 2025
- Russian casualties are estimated significantly higher, with Western intelligence suggesting 1.1-1.2 million total Russian casualties including 200,000+ killed
- UN civilian casualties for 2025 were 2,514 killed and 12,142 injured for the entire year
Trump’s figures of 25,000-31,000 deaths per month would total 300,000-372,000 deaths annually—far exceeding any credible estimates for military or civilian deaths on both sides combined. He may be conflating total casualties (killed and wounded combined on both sides) with deaths, or citing unverified Russian propaganda claims.
Border Crossing Numbers
Trump’s Claim: “For nine months now—I mean they actually report zero. We have zero people coming in” through the border.
Verdict: FALSE
While border crossings have declined dramatically under Trump’s second term, the claim of “zero people coming in” is factually incorrect hyperbole. U.S. Customs and Border Protection statistics show:
- November 2025: 30,375 total encounters nationwide, 7,350 Border Patrol apprehensions on southwest border
- December 2025: 30,698 total encounters nationwide, 6,478 Border Patrol apprehensions on southwest border
- Fiscal Year 2026 (Oct-Dec 2025): 91,603 total encounters
What Trump likely refers to is zero releases—Border Patrol has released zero apprehended individuals into the U.S. for eight consecutive months (through December 2025), processing everyone “according to law” through detention and removal. But encounters/apprehensions continue at historically low but non-zero levels averaging around 10,000 per month.
Trump’s additional claim: “We had 25 million people coming in for years through our border.”
Verdict: FALSE
This is substantially inflated. U.S. Customs and Border Protection data shows approximately 8-10 million border encounters (not unique individuals) during the Biden administration from January 2021 through January 2025—not 25 million. Trump’s figure exaggerates by roughly 2.5 times.
Crime Statistics
Trump’s Claim: “Crime levels are at the lowest point they’ve been in 125 years. Since 1900, we have the best numbers.”
Verdict: PARTIALLY TRUE with important caveats
Trump’s claim has a kernel of truth but requires significant context. According to the Council on Criminal Justice analysis:
- Homicide rates in 2025 are projected to reach approximately 4.0 per 100,000 residents—which would indeed be the lowest since 1900 when the FBI releases final 2025 data
- Homicides fell 21% from 2024 to 2025, the largest single-year decline on record
- Overall violent crime in 2025 was at or below 2019 levels
However:
- Attribution is questionable: The decline began in 2023 under Biden (13% drop), continued in 2024 (15% drop), and accelerated in 2025. Experts attribute the trend to multiple factors including post-pandemic recovery, American Rescue Plan funding for violence prevention programs, and improved community policing—not solely Trump administration policies
- Data limitations: The FBI’s Uniform Crime Reporting system began in 1930, making pre-1930 comparisons problematic. Crime data before 1930 relied on death certificates and is less reliable
- Not all crime at 125-year lows: The claim applies primarily to homicide rates. Other crime categories have different baselines
- Early 1960s had lower rates: Some crime metrics were lower in the early 1960s than current levels
Trump’s claim about “11,888 murderers came in”
This figure appears to reference ICE data on individuals with homicide convictions in the non-detained docket, but represents convictions accumulated over many decades of immigration history across multiple administrations, not recent arrivals under any single president.
Government Shutdown GDP Impact
Trump’s Claim: “We were at 5.6 percent GDP and we lost a point and a half because of the 42-day shutdown. Think of that, we would have been at seven.”
Verdict: HIGHLY SPECULATIVE / IMPLAUSIBLE
Trump’s claim that a government shutdown cost 1.5 percentage points of GDP growth, preventing the U.S. from reaching 7% GDP growth, is highly speculative and economically implausible:
- 7% annual GDP growth is extraordinarily rare in modern U.S. history—last sustained above 7% in the 1980s
- A 1.5 percentage point reduction from a 42-day shutdown would represent an extraordinarily severe economic impact most economists would consider implausible
- Government shutdowns typically have modest GDP impacts (usually 0.1-0.2 percentage points per week)
While Commerce Secretary Lutnick confirmed “point and a half for the shutdown,” this represents the administration’s internal assessment rather than independent economic analysis.
Summary Verdict Table
| Claim | Verdict | Actual Figure |
|---|---|---|
| Fed renovation: $4 billion | FALSE | $2.5 billion (60% inflated) |
| Ukraine aid: $350 billion | FALSE | $175-183 billion (90-100% inflated) |
| Ukraine deaths: 25,000-31,000/month | UNVERIFIABLE / HIGHLY QUESTIONABLE | Credible estimates suggest 1,500-5,000/month |
| Border crossings: Zero for 9 months | FALSE | 10,000-30,000 encounters/month; zero releases |
| Biden-era border: 25 million | FALSE | 8-10 million encounters (150% inflated) |
| Crime lowest since 1900 | PARTIALLY TRUE | True for homicides with caveats; decline began 2023 |
| Shutdown cost 1.5% GDP | HIGHLY SPECULATIVE | Implausible magnitude; lacks independent verification |
Methodology
This fact-check examined verifiable factual claims from Trump’s February 2, 2026 Oval Office remarks. Sources consulted included: U.S. government agencies (Federal Reserve, State Department, Customs and Border Protection, FBI), Congressional Budget Office reports, Council on Foreign Relations, Committee for a Responsible Federal Budget, Council on Criminal Justice, United Nations human rights monitors, multiple news organizations, and academic research institutions.
Note: This fact-check focused on objectively verifiable claims involving specific numbers, dates, and documented facts. Policy opinions, political characterizations, and subjective assessments were not evaluated.