This is a RUSH transcript from "The O'Reilly Factor," March 31, 2011. This copy may not be in its final form and may be updated.
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BILL O'REILLY, HOST: Now for the top story tonight: Donald Trump for president. It looks like he might run. A new Harris Internet poll out today says 10 percent of Americans would vote for Mr. Trump, and that ties him with Mitt Romney in the lead for the Republican sweepstakes. But is Donald Trump really up to the job? Here we go.
O'REILLY: All right. Let's start with the big issue in the 2012 presidential race: jobs. Why haven't jobs come back as fast as many people thought they should?
DONALD TRUMP, REAL ESTATE MOGUL: Because they are going to China. China is taking our jobs. They are making our product, and we have to do something about it and we have to do something about it quickly. They are decimating our country, just as OPEC is decimating our country with their oil prices.
O'REILLY: But how you can compete with Chinese labor, which is much, much less than unionized American labor? I mean, what are you going to make a law that says you can't -- American companies can't manufacture in China? Are you going to make a law?
TRUMP: By getting China not to manipulate their currency. It's very tough for our companies to compete with Chinese countries -- companies because very simply they manipulate their currency. And when you manipulate a currency like they do -- they're professionals at it.
O'REILLY: Well, how are you going to do that? China's going to say we're going to do what we want.
TRUMP: Very simple, Bill: 25 percent tax on China unless they behave. That will do two things really and really three. People will start creating, will create jobs in this country, No. 1. No. 2, China is going to come to the table. It will never even come to that because they can't do it. We are rebuilding China.
O'REILLY: All right, but you're threatening China with a trade war.
TRUMP: I'm not threatening it, no.
O'REILLY: Twenty-five percent tariff, that's big.
TRUMP: Bill, they are threatening us. They are going to make a $300 billion -- let's call it profit -- this year on the United States. $300 billion. And more importantly, not only $300 billion, they are taking our jobs. We have to do something about China. We have to do something about OPEC. We cannot have oil at $105, which is going to go to $150 very soon. We have nobody to speak to these guys. They wouldn't be there except for us. They wouldn't be there.
O'REILLY: Well, what are you going to say to OPEC? You've got to keep your oil at a price that we, the United States want? Again, they're going to say no.
TRUMP: The messenger is the key. If you have the right messenger and they know how to deliver the message.
O'REILLY: What are you going to scare them?
TRUMP: You're going to scare them, absolutely.
O'REILLY: How are you going to scare the sheiks?
TRUMP: Bill, Bill, they wouldn't be there except for us…
O'REILLY: So what are you going to say?
TRUMP: …to protect them. We have soldiers in Saudi Arabia. They don't pay us for anything.
O'REILLY: But unintended consequences of you threatening the Chinese and OPEC. I mean, that's going to have a big blowback on the United States. Now it sounds good to be a tough guy. I'm a tough guy, you know that.
TRUMP: You're a tough guy. You're a tough guy.