WEBVTT - The Mar-a-Lago accord: The real reason Trump wants tariffs 0:00:01.400 --> 0:00:10.600 From Schwartz Media. I'm Ruby Jones. This is seven am 0:00:10.680 --> 0:00:13.480 today in the Rose Garden at the White House, President 0:00:13.480 --> 0:00:15.960 Trump will unveil his next round of tariffs. 0:00:16.280 --> 0:00:18.319 The Cabinet will be here for the event. It'll be 0:00:18.320 --> 0:00:21.880 our first Rose Garden events of this administration. So are 0:00:21.920 --> 0:00:22.279 you old? 0:00:22.320 --> 0:00:24.000 He's calling it Liberation Day? 0:00:24.120 --> 0:00:27.480 The President will be announcing a tariff plan that will 0:00:27.760 --> 0:00:30.480 roll back the unfair treed practices that have been ripping 0:00:30.520 --> 0:00:31.720 off our country for decades. 0:00:31.760 --> 0:00:34.720 He's doing the first round of tariffs are already doing damage, 0:00:34.840 --> 0:00:37.720 and there's more pain to come as the President enacts 0:00:37.800 --> 0:00:42.680 his radical plan to reshape the entire global financial system. Today, 0:00:42.880 --> 0:00:45.879 managing editor of the Saturday Paper, Emily Barrett on the 0:00:45.920 --> 0:00:49.720 economic blueprint behind Trump's tariffs and the chaos to come. 0:00:54.880 --> 0:01:04.240 It's Wednesday, April two, So Emily, welcome back to seven am. 0:01:04.280 --> 0:01:05.680 Thanks Ruby. It's great to be here. 0:01:05.880 --> 0:01:09.839 Today is the second of April, or as Donald Trump 0:01:10.000 --> 0:01:11.680 likes to call it, Liberation Day. 0:01:12.480 --> 0:01:15.319 It's a pretty ominous term it is, so what does 0:01:15.319 --> 0:01:15.959 it actually mean? 0:01:16.560 --> 0:01:19.640 We are we have Liberation Day, as you know, on 0:01:20.040 --> 0:01:23.600 April second, because and I'm not referring to Canada, but 0:01:23.840 --> 0:01:26.920 many countries have taken advantage of US, the likes of 0:01:26.959 --> 0:01:29.840 which nobody even thought it was possible for many, many decades. 0:01:30.480 --> 0:01:34.240 Liberation Day, as he's called it, is supposedly when he's 0:01:34.280 --> 0:01:37.760 going to unveil the sweeping tariffs on countries that the 0:01:37.920 --> 0:01:41.760 administration thinks have an unfair advantage over the US in 0:01:41.800 --> 0:01:42.600 trade terms. 0:01:42.880 --> 0:01:45.679 I think most countries will are agreeing with me. They're 0:01:45.680 --> 0:01:49.520 actually many of them have actually apologized. They said, look, 0:01:50.120 --> 0:01:53.280 we have taken advantage, and I don't blame them as much. 0:01:53.520 --> 0:01:58.160 Just after his inauguration, Trump ordered his Commerce Department, along 0:01:58.240 --> 0:02:02.400 with the trade representatives offer YES, to compile a massive 0:02:02.440 --> 0:02:06.440 report on America's trade relationships around the world, and that's 0:02:06.480 --> 0:02:09.520 supposed to be the basis for setting tariffs country by 0:02:09.560 --> 0:02:13.680 country and by sectors based on where the US sees 0:02:13.720 --> 0:02:17.600 practices that are disadvantaging them. It's been kind of assumed 0:02:17.600 --> 0:02:21.040 that Trump would focus on countries with trade surpluses, that 0:02:21.280 --> 0:02:23.280 is that they sell more to the US than they 0:02:23.280 --> 0:02:26.280 buy from the US. But in this round, the administration 0:02:26.720 --> 0:02:29.679 is reportedly also going to be targeting countries that use 0:02:29.720 --> 0:02:33.360 any measures to protect their own industries. That's measures like 0:02:33.520 --> 0:02:38.360 regulations that buy US products or subsidies, and he's complained 0:02:38.360 --> 0:02:42.079 about the sales taxes that almost all countries levy, like OURGST. 0:02:42.760 --> 0:02:46.680 The administration has also complained about our pharmaceutical benefits scheme. 0:02:47.200 --> 0:02:51.839 American medical giants are slamming the Albanese government for its 0:02:51.919 --> 0:02:56.320 eighteen billion dollar PBS medicine scheme. They're blaming the Australian 0:02:56.360 --> 0:03:00.960 policy for cutting prices and blocking American exporter US. 0:03:00.960 --> 0:03:03.680 That's a scheme in which our government agrees prices with 0:03:03.840 --> 0:03:07.520 US suppliers and pays those prices so it can keep 0:03:07.680 --> 0:03:12.120 prices low for consumers here. Our local content quotas for 0:03:12.400 --> 0:03:16.239 Australian broadcasters have also come under scrutiny, apparently in the US, 0:03:16.840 --> 0:03:19.639 and as has the News media Bargaining Code, which is 0:03:19.680 --> 0:03:22.720 what would get companies like Matter and Google to pay 0:03:22.760 --> 0:03:26.000 for news. He also said that he's considering levies on 0:03:26.080 --> 0:03:29.200 things like copper and lumber and meat. That's when Australia 0:03:29.240 --> 0:03:31.400 started talking to him about the risks of the price 0:03:31.440 --> 0:03:34.240 of Big Max. He said that there will be secondary 0:03:34.280 --> 0:03:36.720 tariffs as well, and this is new on all countries 0:03:36.720 --> 0:03:40.720 that buy exports from supposedly unfair players, and that's things 0:03:40.760 --> 0:03:43.960 like oil and gas from Venezuela, and most recently on 0:03:44.080 --> 0:03:46.880 Russia because apparently he's annoyed about Russia's stance on a 0:03:46.920 --> 0:03:50.560 ceasefire with Ukraine. It's reported by Politico that people within 0:03:50.600 --> 0:03:53.200 the administration even don't have the full picture of what's 0:03:53.240 --> 0:03:55.600 going on. But what we do know is that the 0:03:55.760 --> 0:03:59.400 uncertainty and the threats and the putting on tariffs and 0:03:59.440 --> 0:04:03.560 backing off them kept speculation mounting, and that fits Trump's 0:04:03.600 --> 0:04:05.040 sense of drama. 0:04:05.120 --> 0:04:07.800 Okay, So while we're waiting then to hear about the 0:04:07.840 --> 0:04:11.120 next round of tariffs expected today, can we talk about 0:04:11.320 --> 0:04:13.640 what has happened so far with the tariffs that have 0:04:13.720 --> 0:04:18.599 already been enacted on Canada, on Mexico, China, Australia. What 0:04:18.680 --> 0:04:19.520 has the impact been. 0:04:20.200 --> 0:04:23.680 Well, so far, we've sort of seen a lot already imposed. 0:04:23.720 --> 0:04:26.920 This started with twenty five percent tariffs for Canada and Mexico, 0:04:27.360 --> 0:04:29.760 which were then delayed and then stalled, and then after 0:04:29.800 --> 0:04:33.440 some talks they're going to be reimposed. Apparently China was 0:04:33.440 --> 0:04:35.640 also hit with ten percent, and that was then up 0:04:35.760 --> 0:04:38.799 to twenty percent, with the threat that they'll continue to rise. 0:04:39.320 --> 0:04:41.880 And all these accumulative by the way, so some countries 0:04:41.880 --> 0:04:44.080 will be really racking up the levels of tariffs they're 0:04:44.080 --> 0:04:46.640 having to pay. And all of this, by the way, 0:04:46.680 --> 0:04:49.279 is helping to drive up the price of oil. So 0:04:49.560 --> 0:04:52.440 what's happened Aside from oil prices rising, We've seen stock 0:04:52.480 --> 0:04:55.440 markets around the world have driven sharply lower, and that's 0:04:55.480 --> 0:04:57.920 including in the US. So the S and P five 0:04:58.000 --> 0:05:00.000 hundred has just marked its worst quarter in three years. 0:05:00.960 --> 0:05:06.200 US consumer confidence has fallen, and long term inflation expectations 0:05:06.279 --> 0:05:12.000 have risen pretty sharply. Despite this clear negative reaction, Trump 0:05:12.040 --> 0:05:15.640 hasn't backed off so far. In his first administration, he 0:05:15.760 --> 0:05:19.000 loved to equate the gains in stocks with the success 0:05:19.000 --> 0:05:22.880 of his presidency, so people sort of expected that this 0:05:22.920 --> 0:05:25.640 time around there would be what's called a Trump put, 0:05:26.040 --> 0:05:29.160 meaning that if stocks fell, he'd back off to sort 0:05:29.200 --> 0:05:32.240 of spare everyone further losses. The fact that he's not 0:05:32.320 --> 0:05:36.120 done this so far is an unwelcome surprise for a 0:05:36.120 --> 0:05:36.800 lot of people. 0:05:37.200 --> 0:05:37.360 Right. 0:05:37.400 --> 0:05:40.719 So, as a result of these initial tariffs, stock markets 0:05:40.800 --> 0:05:43.919 have dropped, oil prices or up. Consumers in the US 0:05:44.080 --> 0:05:48.040 are very worried, but regardless, Trump is pushing ahead. So 0:05:48.160 --> 0:05:49.640 why do you think that is, Emily? 0:05:50.040 --> 0:05:52.320 All we know is that at this point, as the 0:05:52.320 --> 0:05:56.400 wheels are starting to fall off, is that the administration 0:05:56.520 --> 0:05:59.599 and a lot of people around the administration are trying 0:05:59.640 --> 0:06:06.359 to make this look deliberate and considered. It's become a 0:06:06.400 --> 0:06:09.800 bit of a parlor game actually for economic experts, you know, 0:06:09.880 --> 0:06:12.440 to try and apply some kind of rationale to what 0:06:12.480 --> 0:06:13.320 Trump is doing. 0:06:14.160 --> 0:06:16.560 First, he wants to use it as a tool to 0:06:16.600 --> 0:06:19.000 get other countries to do what he wants them to 0:06:19.040 --> 0:06:20.039 do right. 0:06:20.320 --> 0:06:22.920 Secondly, he thinks of it as a tool to raise 0:06:22.960 --> 0:06:23.800 lots of revenue. 0:06:23.880 --> 0:06:25.800 Yes, it's as if he wants to cause this period 0:06:25.839 --> 0:06:28.000 of disruption because he thinks there'll be some promise land 0:06:28.040 --> 0:06:30.800 on the other side. Now that may work out, or 0:06:30.880 --> 0:06:33.760 he makes shooting himself in the third what we've seen from. 0:06:33.720 --> 0:06:34.880 History is the periods. 0:06:34.920 --> 0:06:39.080 It's not a trade work. We are going to reset trade. 0:06:38.760 --> 0:06:39.960 Policy on April. 0:06:40.040 --> 0:06:43.600 Second. You've got China's got huge tariffs on us. 0:06:43.960 --> 0:06:47.400 It's kind of like an intellectual exercise that the top 0:06:47.400 --> 0:06:50.440 flight economists have joined in on around the world. But 0:06:50.480 --> 0:06:54.720 it's also raised some hackles among progressive economists, particularly who 0:06:54.760 --> 0:06:58.000 say that this is sane washing, you know, like greenwashing, 0:06:58.040 --> 0:07:01.440 where companies make a dirty climate practice look clean. This 0:07:01.600 --> 0:07:06.680 is making a completely bonker's idea look logical or even bold. 0:07:08.360 --> 0:07:11.400 And this is where the Mari Lago accord comes in. 0:07:11.480 --> 0:07:15.160 This plan that goes some way to explaining Trump's thinking 0:07:15.200 --> 0:07:17.680 about tariffs. So tell me about that. 0:07:18.040 --> 0:07:21.800 It's written by one of Trump's top economic advisors. Let's 0:07:21.800 --> 0:07:24.600 say it's kind of like Project twenty twenty five for 0:07:24.680 --> 0:07:28.880 the American budget. It's basically a pitch to reshape international 0:07:28.920 --> 0:07:33.360 trade and really to reshape the entire global financial system 0:07:33.440 --> 0:07:34.160 that it's based on. 0:07:35.400 --> 0:07:37.440 I mean, as soon as you say the words reshape 0:07:37.480 --> 0:07:42.760 the global financial system, my conspiratorial hackles go up. So 0:07:43.200 --> 0:07:45.960 I mean, is this a real plan? Emily, how seriously 0:07:45.960 --> 0:07:48.160 should we be taking it? 0:07:48.160 --> 0:07:53.880 It's definitely a rationale. It's an offering. I would say 0:07:53.920 --> 0:07:58.360 that if it is a real plan, it's very scary. 0:07:58.520 --> 0:08:02.600 I think that it's important to take it seriously, but 0:08:02.680 --> 0:08:04.880 not literally, as so many people say about Trump. 0:08:06.600 --> 0:08:09.720 Coming up after the break, What exactly is Trump's plan 0:08:09.840 --> 0:08:12.080 to reshape the global financial system? 0:08:14.120 --> 0:08:17.680 Hi, I'm Daniel James seven Am tells stories that need 0:08:17.720 --> 0:08:21.400 to be told. Our journalism is founded on trust and independence, 0:08:22.000 --> 0:08:25.760 and now we're increasing our coverage every Saturday until the 0:08:25.800 --> 0:08:28.600 election will bring you an extra episode to break down 0:08:28.600 --> 0:08:31.400 the biggest political moments of the week. If you enjoy 0:08:31.520 --> 0:08:33.640 seven Am, the best way you can support us is 0:08:33.640 --> 0:08:37.360 by making a contribution at seven am podcast dot com 0:08:37.480 --> 0:08:44.520 dou slash support. Thanks for listening and supporting our work, Emily. 0:08:44.520 --> 0:08:47.000 There is a document, a blueprint if you like, that 0:08:47.160 --> 0:08:50.800 might help explain the thinking behind Donald Trump's trade wars. 0:08:51.120 --> 0:08:54.200 Tell me more about what it is exactly and why 0:08:54.320 --> 0:08:56.079 people are paying attention to it right now. 0:08:56.200 --> 0:08:59.360 So this is a paper written by Stephen Murraan. He 0:08:59.440 --> 0:09:02.160 was recently pointed the chair of the US Council of 0:09:02.200 --> 0:09:05.600 Economic Advisors. Those are the president's top economic advisors. 0:09:05.880 --> 0:09:08.920 Stephen, you are one of the top economists at the 0:09:08.920 --> 0:09:12.360 White House right now. Welcome to Bloomberg. You're serving in 0:09:12.400 --> 0:09:15.600 this role at a tenuous moment for the economy. We 0:09:15.640 --> 0:09:17.280 saw last week the federal reserves. 0:09:17.320 --> 0:09:20.480 So a week after Trump's election win in November, he 0:09:20.559 --> 0:09:23.400 published this forty page paper that was called a User's 0:09:23.400 --> 0:09:25.760 Guide to Restructuring the Global Trading System. 0:09:26.200 --> 0:09:30.920 You talk about some unorthodox policies like revaluing US gold stocks, 0:09:31.000 --> 0:09:34.240 applying a user fee to treasuries and a new global 0:09:34.280 --> 0:09:36.760 currency accord. Can you tell me how much of this 0:09:36.800 --> 0:09:37.800 is in the works now? 0:09:38.240 --> 0:09:40.160 Yeah, So I'm glad you brought that up, because this 0:09:40.200 --> 0:09:42.160 paper seems to have taken on a life of its 0:09:42.160 --> 0:09:45.520 own against all my intents. Look, I'm pretty clear in 0:09:45.559 --> 0:09:48.319 that paper that it's a catalog of available options. 0:09:48.440 --> 0:09:51.960 So what they think America should be doing is slashing 0:09:52.000 --> 0:09:55.560 government spending and borrowing, repare the trade deficit by attracting 0:09:55.600 --> 0:09:58.679 more investment and sell more to the rest of the world, 0:09:59.360 --> 0:10:03.600 and with that rebuild the manufacturing sector. The focus on 0:10:03.679 --> 0:10:08.240 America's poor finances is entirely reasonable. America's debt, just to 0:10:08.240 --> 0:10:10.320 sort of put this in perspective, is one hundred and 0:10:10.320 --> 0:10:14.120 twenty three percent of its total GDP. Australia is, by comparison, 0:10:14.160 --> 0:10:17.000 is less than fifty percent. And this debt pile for 0:10:17.040 --> 0:10:20.000 the US is growing many times faster than its economy 0:10:20.040 --> 0:10:23.439 is growing. So debt service costs are the second largest 0:10:23.440 --> 0:10:26.199 line item in the federal budget. It's borrowing to pay 0:10:26.240 --> 0:10:31.240 its own debt, and Stephen Myron is aligning with Trump's 0:10:31.280 --> 0:10:35.760 idea that the US is not getting enough out of 0:10:35.800 --> 0:10:39.920 world dominance. Basically, the main plank of the solution, as 0:10:40.000 --> 0:10:42.320 they see it, is to weaken the dollar, and that 0:10:42.360 --> 0:10:46.760 would make US exports more competitive and imports more expensive, 0:10:47.800 --> 0:10:49.720 so it's supposed to sort of head off this flood 0:10:49.720 --> 0:10:53.080 of cheaper offshore products. The thing is, you can't just 0:10:53.160 --> 0:10:56.600 weaken the dollar because this is a market that in 0:10:56.800 --> 0:10:59.959 daily trade is worth sort of seven trillion in trans 0:11:00.040 --> 0:11:04.040 actions each day. So you can't do this alone. You 0:11:04.080 --> 0:11:06.600 have to have an agreement, a multilateral agreement with other 0:11:06.640 --> 0:11:09.520 countries all involved in it. And the US has done 0:11:09.520 --> 0:11:11.320 this in the past. So in the nineteen eighty five 0:11:11.520 --> 0:11:15.120 there was the Plaza Accord. This was with Japan, France, 0:11:15.160 --> 0:11:18.440 West Germany, and Britain, and it was supposed to reduce 0:11:18.480 --> 0:11:21.440 the US deficit and pull the country out of recession. 0:11:22.040 --> 0:11:22.640 So this was a. 0:11:22.640 --> 0:11:27.480 Huge deal for the US and it worked. Failing an accord, though, 0:11:27.880 --> 0:11:31.080 tariffs are supposed to be the stick that is supposed 0:11:31.120 --> 0:11:34.800 to encourage countries to work with the US. But Myron's 0:11:34.840 --> 0:11:38.080 blueprint has got other measures. The first one is cutting 0:11:38.080 --> 0:11:41.280 federal spending, and that's what DOJE is supposed to be 0:11:41.280 --> 0:11:45.480 all about. The really difficult bit that's also laid out 0:11:45.520 --> 0:11:49.240 in Myron's blueprint is lowering borrowing costs for the US. 0:11:49.520 --> 0:11:52.920 So that's interest rates, it's tied to the massive amount 0:11:52.960 --> 0:11:55.880 of US debt that we've talked about. His suggestion to 0:11:55.920 --> 0:11:59.800 cut debt service costs is to force other countries that 0:11:59.840 --> 0:12:03.160 have government debt from the US to switch those out 0:12:03.200 --> 0:12:07.079 for bonds that essentially don't pay. Instead, they will extend 0:12:07.120 --> 0:12:10.520 out to own these very long dated bonds that eventually 0:12:10.559 --> 0:12:12.959 sort of in fifty two hundred years, they'll get their 0:12:12.960 --> 0:12:16.880 money back. And that terrible to heal is supposed to 0:12:16.880 --> 0:12:19.720 be in exchange for military protection for all of the 0:12:19.760 --> 0:12:22.360 benefits of having the US answer a call when you're 0:12:22.400 --> 0:12:27.120 in trouble. The problem with that is that most US 0:12:27.240 --> 0:12:30.840 government debt is actually held by American banks and by funds, 0:12:30.880 --> 0:12:33.280 like the vast majority of it. If you do a 0:12:33.360 --> 0:12:36.200 deal like that, then you're ruining the credit of the 0:12:36.280 --> 0:12:40.480 US government and those bonds are instantly devalued. And not 0:12:40.520 --> 0:12:43.080 only that, it would crash the US financial system. 0:12:43.840 --> 0:12:46.800 Okay, so they have this plan which is to weaken 0:12:46.960 --> 0:12:49.600 the American dollar. The idea being that if you do, 0:12:49.920 --> 0:12:53.640 you'll bring back manufacturing and bring back jobs. But as 0:12:53.640 --> 0:12:58.080 you've outlined, it could also have these significant consequences for 0:12:58.120 --> 0:13:01.920 the American financial system. So, Emily, what impact do you 0:13:01.960 --> 0:13:04.600 think this will have on the American people? 0:13:05.360 --> 0:13:08.199 So we're already starting to see this play out in 0:13:08.320 --> 0:13:12.040 unfortunate ways for Americans. We've got to ask, really, all 0:13:12.080 --> 0:13:14.559 of this for what kind of chance of success. Even 0:13:14.640 --> 0:13:16.880 Stephen Myron and his piece says that it's a pretty 0:13:16.960 --> 0:13:20.640 narrow path to success. Right the stated aim of bringing 0:13:20.679 --> 0:13:23.720 back well paid jobs, it's not going to put the 0:13:23.720 --> 0:13:26.120 manufacturing sector where it was back in its peak in 0:13:26.200 --> 0:13:29.839 nineteen seventy nine. You know, that's when the most manufacturing 0:13:29.920 --> 0:13:32.560 jobs were seen in the US. The thing is that 0:13:32.600 --> 0:13:35.240 the tariff part of the planet they've outlined, even if 0:13:35.240 --> 0:13:37.839 you assume it can be implemented, is no kind of 0:13:37.920 --> 0:13:40.960 quick fix. In the meantime, we've got inflation is a 0:13:41.000 --> 0:13:45.000 real risk. Most companies that have higher import or production 0:13:45.160 --> 0:13:49.160 costs because of tariffs will simply pass those costs onto consumers. 0:13:49.720 --> 0:13:53.360 One thing that Myron points out in his paper is 0:13:53.400 --> 0:13:57.200 that these tariffs must be applied carefully so that there 0:13:57.280 --> 0:14:00.800 is no retaliation, because if you get reached retaliation, you 0:14:00.880 --> 0:14:03.559 get a trade war that can go on ad infinitum. 0:14:04.040 --> 0:14:08.120 But we've already seen retaliation from Europe, from China, from Canada, 0:14:08.640 --> 0:14:12.440 We've seen those rates on tariffs pushing up higher. Stephen 0:14:12.480 --> 0:14:15.720 Myron also said that once you get above twenty percent tariffs, 0:14:16.000 --> 0:14:19.840 you start to see them becoming counterproductive. That's when you 0:14:19.880 --> 0:14:23.960 start to see the economic impacts coming back and biting Americans. 0:14:25.400 --> 0:14:28.320 Okay, and you said that the peak of American manufacturing 0:14:28.480 --> 0:14:31.640 was in nineteen seventy nine, So how much of this 0:14:31.800 --> 0:14:36.360 plan is really about imagining a more traditional past. What 0:14:36.400 --> 0:14:40.080 does this document tell you about the type of America 0:14:40.120 --> 0:14:43.040 that Trump is working towards in the social sense as 0:14:43.040 --> 0:14:46.040 well as the economic. If we start off by looking 0:14:46.080 --> 0:14:48.840 at it in policy terms, this is revenge politics, as 0:14:48.920 --> 0:14:52.400 Jillian Tet has said at the Financial Times, and that's 0:14:52.520 --> 0:14:55.400 arguably what drove all of the economic pain that led 0:14:55.440 --> 0:14:56.640 to the last World War. 0:14:58.440 --> 0:15:01.360 And in social terms, it's really to know what kind 0:15:01.360 --> 0:15:04.240 of nostalgia Trump has in mind when he's thinking about 0:15:04.280 --> 0:15:07.800 making America great again. There's a lot about this platform 0:15:08.320 --> 0:15:11.720 that would take the country back to perhaps his early 0:15:11.760 --> 0:15:15.760 adult years in the seventies, when America was the manufacturing giant. 0:15:16.640 --> 0:15:20.480 Maybe he's romanticizing about those well paid jobs when men 0:15:20.560 --> 0:15:23.880 worked and women stayed at home. But I'd suggest that 0:15:23.920 --> 0:15:28.880 the world that Trump really has in mind, it's imperialist. 0:15:28.920 --> 0:15:33.200 It's imposing itself on every other country's decision making. And 0:15:33.320 --> 0:15:35.840 if we kind of halt that sane washing cycle for 0:15:35.880 --> 0:15:39.440 a second, this is the world that allows him to 0:15:39.520 --> 0:15:44.080 continue performing and to seize the world's attention. He's gathering 0:15:44.120 --> 0:15:47.000 power to himself and he's capitalizing on it, and that's 0:15:47.120 --> 0:15:47.640 just for him. 0:15:47.720 --> 0:15:52.800 The US President, Emily, thank you so much for your time. 0:15:53.040 --> 0:15:53.760 Thank you so much. 0:15:53.840 --> 0:15:54.080 Ruby. 0:16:03.080 --> 0:16:05.680 Also in the news today, the ABBA has left the 0:16:05.720 --> 0:16:09.360 cash rate unchanged at four point one, as expected. In 0:16:09.400 --> 0:16:13.040 a statement accompanying the decision yesterday, the board said inflation 0:16:13.240 --> 0:16:16.720 has fallen substantially since the peak in twenty twenty two 0:16:16.880 --> 0:16:19.960 as a result of higher interest rates. The Board is 0:16:20.000 --> 0:16:22.560 now expected to cut rates at the next meeting in May, 0:16:22.680 --> 0:16:27.760 according to analysts, and former Prime Minister Malcolm Turnbull has 0:16:27.800 --> 0:16:30.480 told politicians to get off their knees and stand up 0:16:30.520 --> 0:16:33.840 to President Trump. In an address at the Press Club yesterday, 0:16:33.840 --> 0:16:37.200 mister Turnbull mimicked the US President and said both Anthony 0:16:37.240 --> 0:16:40.160 Abeneze and Peter Dutton have failed to properly respond to 0:16:40.200 --> 0:16:44.560 the changed reality of American foreign policy. He also suggested 0:16:44.600 --> 0:16:47.960 Australia withdraw a recently announced three billion dollar payment to 0:16:48.000 --> 0:16:52.280 prop up America's submarine building capability, and consider withdrawing American 0:16:52.320 --> 0:16:56.680 access to Australian naval bases. I'm Ruby Jones. This is 0:16:56.720 --> 0:17:04.800 seven am. See you tomorrow.