President Donald Trump, in a sweeping interview with NBC’s Kristen Welker at Mar-a-Lago, defended his embattled economic strategy and escalated his administration’s conflict with elite academic institutions, most notably Harvard University. As signs of economic strain emerge, Trump is urging Americans to endure short-term hardship in pursuit of what he promises will be a long-term economic revival.
In the wide-ranging conversation, Trump downplayed recent economic contraction — a 0.3% decline in GDP in the first quarter of 2025 — as part of a necessary “transition” period. “I think we’re going to do fantastically,” he said, adding, “This is a transition period. Everything’s OK.”
Amid concerns over inflation, Trump brushed aside consumer frustrations with rising prices. He defended his aggressive tariffs on Chinese goods, insisting they will ultimately benefit U.S. industries and reduce dependence on foreign imports. “We don’t need to feed the beast,” he said. “You don’t need to have 30 dolls. You can have three.”
The president also defended his administration’s crackdown on dissent, targeting universities and law firms he says have opposed his policies. Harvard, which resisted a recent directive on campus speech and antisemitism enforcement, is now under threat of losing its tax-exempt status. “They’re out of control,” Trump reportedly told aides, and has directed the IRS to explore revoking the university’s exemptions — an act many legal scholars say would be a breach of presidential authority.
On immigration, Trump touted a sharp decline in unauthorized border crossings since declaring a national emergency on day one of his term. “The big emergency right now is that we have thousands of people that we want to take out,” he said, confirming the emergency declaration will remain in effect.
Turning to foreign affairs, Trump reiterated a hard line on Iran, insisting on the “total dismantlement” of its nuclear program, while leaving room for civilian nuclear energy talks. He also acknowledged that his earlier vow to bring peace between Russia and Ukraine may be unrealistic, saying, “Maybe it’s not possible to do.”
The president also surprised many with his softened stance on TikTok, saying he has a “warm spot” for the app and hinting at further extensions for its Chinese owner to sell. “It’ll be very strongly protected,” he said.
As Trump pushes a sweeping budget plan through Congress that includes extending his 2017 tax cuts and trimming domestic spending, he promises no cuts to Social Security, Medicare, or Medicaid. “They’re looking at fraud, waste, and abuse,” he said. “But we’re not cutting benefits.”
Despite waning approval ratings and rising concerns over executive overreach, Trump expressed confidence in the future of his Make America Great Again movement and the economy. “We’re going to have the greatest economy in the history of our country,” he said.