The IMF will allocate 5 billion dollars to Ukraine to support the economy.

Vice President JD Vance discussed the economy and the work of the Department of Government Efficiency (DOGE) in a wide-ranging interview for 'Fox & Friends' on Thursday.

The Vice President sat down with 'Fox & Friends' host Lawrence Jones on Thursday morning, the day after President Donald Trump announced a 10% tariff on imported goods from abroad and 'individualized corresponding higher' tariffs on some countries, marking the latest tariffs the President seeks since taking office in January.

In an interview for 'Fox & Friends', Vance expressed skepticism about strengthening America in a 'globalist economy' and said the President 'is giving this economy another direction' when asked about the administration's tariffs.

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He told Jones that 'amassing huge debt to buy things that other countries make is not a recipe for economic prosperity.'

'For 40 years we have been going down this path. We have seen factory closures, we have seen rising inflation. We have seen home prices so high that most Americans can no longer afford to buy a home,' he said. - 'President Trump is giving this economy another direction.'

Vance stated that the Trump administration's policy is a 'dramatic change', but insisted that the US 'cannot continue down the path of globalists Joe Biden, when we have $2 trillion in peacetime debt and deficits.'

Jones asked the Vice President about Americans living paycheck to paycheck, who may feel rising prices, to which the Vice President said that the Trump administration is 'fighting very hard' to reduce them and 'intends to implement the largest deregulation' in the country’s history.

'What I would like people to appreciate is that we will not fix everything immediately,' Vance said, arguing that the Biden administration left Trump with his 'largest peacetime national debt and deficit in the history of the United States' and very high interest rates.

He said that the Trump administration believes that 'proper deregulation' will help Americans financially and make their jobs safer, as foreign countries 'will no longer be able to take advantage of us.'

Vance also countered claims that the tax cuts the Trump administration intends to implement are 'part of one policy' along with tariffs, rather than a means of offsetting them.

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Since coming to power, Trump and Vance's administration has not only actively reviewed the country's trade policy but has also significantly reduced spending and improved efficiency in the federal government through DOGE, which has been led by Tesla CEO Elon Musk.

According to Politico, citing anonymous sources, on Wednesday, Trump informed his cabinet and close associates that Musk will leave DOGE soon, with the Tesla group planning to move to a more supportive role.

Vance called such reports 'absolute lies.'

'Elon came in, and we said: 'We need you to make the government more efficient. We need you to reduce the incredible, large bureaucracy that impedes the freedom of the American people and also costs too much money.' And we said this would take about six months, and Elon agreed,' the Vice President told Jones.

The tech billionaire has served in DOGE as a 'special government employee'. Special government employees are allowed to work in the government for up to 130 days a year.

Vance said that the Tesla CEO will continue to work in an advisory role, adding that the work of DOGE and Musk's 'is far from over.'

'DOGE has a lot of work to do, and yes, this work will continue after Elon leaves, but fundamentally, Elon will remain a friend and advisor to both me and the President, and he has done a lot of good,' Vance said.

Vance said that DOGE 'has begun to streamline' the government's bureaucracy, but 'there is still a lot of work to be done.'

'This will not happen within six months,' he said. - 'It will take sustained and systemic effort.'

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DOGE aims to reduce federal spending by $2 trillion. On its website, it stated that there is a total savings estimate of $140 billion as of Thursday.

Musk said in an interview last week with Fox News host Bret Baier that he believes DOGE 'will accomplish most of the work required to reduce the deficit by a trillion dollars' during his term as a special government employee.

According to an executive order that Trump signed to establish DOGE, the group is to complete its cost-cutting efforts by the beginning of July next year.