Pool Reports of March 10, 2025

in-town report #1 - checking in

Good afternoon from the White House. Just a quick check-in note. There have been, so far, no changes to the daily guidance. If that changes for any of the below events, I will let you know soonest. More TK.

2:00 PM THE PRESIDENT holds a Roundtable with Technology CEO Council
Roosevelt Room
Closed Press

3:00 PM THE PRESIDENT signs Executive Orders
Oval Office
Closed Press

5:00 PM THE PRESIDENT holds a Ceremonial Swearing-In for the Director of the United States Secret Service
Oval Office
Closed Press

in-town report #2 — Noem quote/no schedule changes

DHS Secretary Kristi Noem declined to come to the driveway microphones following a TV hit, but she did reply, "Yes," when asked if DHS employees are continuing to be polygraphed. As she walked back into the West Wing, she did not respond to a shouted question about whether the administration had a response to the day's stock markets' tumble.

As she headed out for the TV interview, she told Beatriz Pascual Macias of Agencia EFE about the Palestinian graduate student and activist who was arrested at Columbia: "We are going to continue to identify other students that may have been involved in these protests as well and take the same action."

For those wondering, the presidential events on the daily guidance remain closed press. More TK.

in-town report #3 — WH on stock markets

Asked about the day's stock markets downturn, a White House official responded with this statement:

"Want to emphasize that we’re seeing a strong divergence between animal spirits of the stock market and what we’re actually seeing unfold from businesses and business leaders, and the latter is obviously more meaningful than the former on what’s in store for the economy in the medium to long term."

in-town report #4 — econ info & 'animal spirits' definition

For those not familiar with the term "animal spirits," like some of us here, our friends at Merriam-Webster provide this helpful definition: "the nervous energy that is the source of physical sensation and movement"

Link: https://www.merriam-webster.com/dictionary/animal%20spirits

Also, the White House passes along this economic background information:

• From the Conference Board Measure of CEO Confidence, CEO confidence in Q1 2025 jumped to its highest level in three years, "from cautious optimism to confident optimism," according to 134 CEOs surveyed after Inauguration Day.
  
  • "The share of CEOs planning to raise wages by 3% or more over the year climbed to 71%, up from 63% in Q4. A majority of CEOs—60%—plan wage increases in the 3.0–3.9% range, up from 48%."
  • "44% of CEOs said economic conditions were better than six months ago, up from just 20% last quarter."
  • "56% of CEOs expected economic conditions to improve over the next six months, up from 33% in Q4."
  • "52% of CEOs expected conditions in their own industry to improve over the next six months, up from 31% in Q4."
• Small business optimism: Small business optimism rose by the most in a single month ever recorded in November following President Trump's election. Today it remains far higher than it ever was during the previous administration's 4 years.
• Manufacturing sentiment: Manufacturing activity, as measured by the ISM's Purchasing Manager's Index (PMI), surged into expansion territory in January after over two years in contraction. This includes sharp increases in employment, new orders, and production activities.
• In February, S&P Global's own manufacturing survey surged above expectations rising to its highest level in over two years (since June 2022).
• President Trump's pro-growth economic approach has already resulted in nearly $3 trillion in investments and trade commitments in the U.S.:

· President Trump secured $500 billion in private sector investment for the largest AI infrastructure project in history – Stargate – with Softbank CEO Masayoshi Son, Oracle co-founder Larry Ellison and OpenAI CEO Sam Altman all stating that it would not have been possible if not for President Trump's election victory and leadership.

· President Trump secured $20 billion from DAMAC Properties to build new data centers in the U.S., with the potential to double to $40 billion.

· In a phone call with Saudi Arabia's Crown Prince Mohammed bin Salman, President Trump secured a pledge from the kingdom to invest $600 billion in the U.S.

· Apple announced it will spend more than $500 billion and hire roughly 20,000 workers in the U.S. over the next four years following POTUS's 10% additional tariff on China.

· Drug maker Eli Lilly announced an investment of $27 billion to build four new manufacturing plants in the U.S.

· Indian Prime Minister Narendra Modi raised target of mutual trade between U.S. and India to $500 billion, more than double the $190 billion in trade between the two countries in 2023.

· Japan announced plans to open new auto plants in the US, reduce the US-Japan trade deficit, and begin importing "historic" quantities of US liquefied natural gas (LNG) from the long-anticipated "Alaska LNG Project, a strategic initiative aimed at expanding American energy exports to Asia." Japan also agreed to invest in US Steel as part of the $1 trillion investment in the US economy Japan plans to make.

· Taiwan Semiconductor (TSMC) announced it will invest $100 billion in new capital in the US over the next 4 years, bringing total new investment under POTUS to nearly $2 trillion.

· Shipping giant CMA CGM announced a $20 billion investment in US shipping and logistics in a move that is expected to create 10,000 new American jobs.

· Venture Global announced an $18 billion expansion of its Louisiana LNG plant, bringing its total investment in both current and planned projects in Louisiana to over $75 billion.

· Technology conglomerate Siemens announced a $285 million investment in US electrical product manufacturing, with the investment projected to create more than 900 skilled manufacturing jobs.

· Honda announced it would produce its next-generation civic in Indiana rather than Mexico as a result of tariffs.

· Energy storage company Clarios announced a $6 billion American manufacturing strategy.

· Automaker Stellantis pledged to build more cars in the United States.

· Technology conglomerate Siemens announced a $285 million investment in US electrical product manufacturing, with the investment projected to create more than 900 skilled manufacturing jobs

in-town report #5 - on the record statement (stocks)

Your print representative had asked for a statement reacting to the stock markets downturn and shared via a pool report under the long-standing "pool comes first" approach. Here is an on-the-record statement on the day's economic news that was just shared with your print representative by the White House press office:

"Since President Trump was elected, industry leaders have responded to President Trump's America First economic agenda of tariffs, deregulation, and the unleashing of American energy with trillions in investment commitments that will create thousands of new jobs. President Trump delivered historic job, wage, and investment growth in his first term, and is set to do so again in his second term." – WH Spokesman Kush Desai

in-town report #6 — lid

The White House called a travel/photo lid at 6:30 p.m. Have a nice evening, folks.