WEBVTT - Trump pauses tariffs for some countries as he ramps up China trade war 0:00:04.680 --> 0:00:08.800 Yelda. I'm Chelsea Daniels and this is a bonus episode 0:00:08.920 --> 0:00:12.400 of The Front Page, a daily podcast presented by The 0:00:12.440 --> 0:00:19.160 New Zealand Herald. A week after announcing his Liberation Day 0:00:19.320 --> 0:00:23.400 tariffs and causing global market chaos, US President Donald Trump 0:00:23.480 --> 0:00:26.480 has done a one eighty. He has announced on social 0:00:26.520 --> 0:00:30.920 media that he has paused tariffs against seventy five countries 0:00:31.080 --> 0:00:34.920 for ninety days, but has doubled down on a trade 0:00:34.920 --> 0:00:38.480 wark with China, announcing a one hundred and twenty five 0:00:38.640 --> 0:00:43.519 percent tariff on goods from the country. US stocks rocketed 0:00:43.600 --> 0:00:46.680 higher after the declaration. The S and P five hundred 0:00:46.720 --> 0:00:49.479 posted its best day since two thousand and eight, the 0:00:49.600 --> 0:00:51.360 Nasdaq its best day. 0:00:51.280 --> 0:00:52.600 Since two thousand and one. 0:00:52.840 --> 0:00:56.560 So what's behind the sudden backtrack and what could all 0:00:56.600 --> 0:00:58.360 of this mean for New Zealand? 0:00:58.520 --> 0:00:58.800 Today? 0:00:58.840 --> 0:01:01.240 On the Front Page, Where's Your Waned once again by 0:01:01.400 --> 0:01:04.360 Nsitt Herald Business Editor at Large, Liam Dan. 0:01:10.480 --> 0:01:12.200 Liam, we only caught. 0:01:12.000 --> 0:01:14.959 Up with you a few days ago on tariffs, and 0:01:15.000 --> 0:01:17.400 here we are again. Did you expect there would be 0:01:17.400 --> 0:01:20.039 such a backtrack so quickly? And what do you think 0:01:20.360 --> 0:01:21.760 motivated this decision? 0:01:21.959 --> 0:01:25.959 Well, I've given up expecting or not expecting things out 0:01:26.000 --> 0:01:29.120 of the current scenario then the current US president, so 0:01:29.400 --> 0:01:32.679 anything was possible, and it was never clear to what 0:01:32.800 --> 0:01:36.200 extent these tariffs were a negotiating tactic. There was a 0:01:36.200 --> 0:01:38.200 lot of messaging from the White House that they were 0:01:38.200 --> 0:01:42.360 dead serious, but really what's happened is he's had to backtrack, 0:01:42.400 --> 0:01:45.479 except for China so far because of the financial market 0:01:45.560 --> 0:01:48.280 reaction and not so much just the share market sell off, 0:01:48.320 --> 0:01:50.600 which was bad enough, but what we've seen in bond 0:01:50.640 --> 0:01:53.080 markets in the last twenty four hours seems to be 0:01:53.160 --> 0:01:55.280 the real reason that they've backed down. 0:01:55.560 --> 0:01:58.160 Right, So when we're all looking at share markets and 0:01:58.200 --> 0:02:00.760 looking at the SMP and the NASDA and everything, what 0:02:00.800 --> 0:02:02.400 was happening with bonds. 0:02:02.080 --> 0:02:04.840 In the wake of the initial announcement. There was so 0:02:04.960 --> 0:02:08.200 much fear that we're heading into a recession and things 0:02:08.360 --> 0:02:11.160 that the bond yields actually fell that the standard model 0:02:11.320 --> 0:02:13.480 was that when we say bond yields, we're talking about 0:02:13.480 --> 0:02:17.079 effectively the interest rate on debt. So bonds are a 0:02:17.120 --> 0:02:20.480 product that is effectively sold, is that they're the debt market. 0:02:20.520 --> 0:02:22.560 The bond market is the debt market for the world. 0:02:22.680 --> 0:02:26.040 There's a something crazy like one hundred and thirty trillion 0:02:26.560 --> 0:02:29.919 US dollars of debt in the world. The world runs 0:02:29.960 --> 0:02:32.960 on debt, and these bond markets are widely considered to 0:02:33.000 --> 0:02:37.200 be the most powerful political force in the world. They're 0:02:37.240 --> 0:02:39.400 the thing that can stop presidents in their tracks. They 0:02:39.480 --> 0:02:42.880 effectively force the resignation of the UK Prime Minister is 0:02:42.919 --> 0:02:46.359 Trusts when she sort of unveiled some economic policies which 0:02:46.440 --> 0:02:50.560 didn't make sense to bond markets. So if you cop 0:02:50.639 --> 0:02:54.320 a serious reaction from bond markets, effectively a self a 0:02:54.400 --> 0:02:56.640 sell off of bonds, the price goes down, the yield 0:02:56.720 --> 0:02:59.240 goes up, and the cost of borrowing in your country 0:02:59.280 --> 0:03:01.959 starts to spy, and that is a big problem. You've 0:03:02.040 --> 0:03:04.760 reserved bank or your federal Reserve can come in and 0:03:04.960 --> 0:03:07.480 try and push back against that by cutting interest rates, 0:03:07.720 --> 0:03:10.680 cutting the official cash rate. But effectively, if markets are 0:03:10.880 --> 0:03:13.320 saying that at the pricing a higher cost of borrowing, 0:03:13.480 --> 0:03:16.160 it just means everything slows down in your economy because 0:03:16.600 --> 0:03:19.720 you know, people can't afford to borrow to do things. 0:03:19.840 --> 0:03:24.880 In a speech at the National Republican Congressional Committee President's dinner, 0:03:25.160 --> 0:03:29.560 Trump made some pretty scathing comments about his allies. 0:03:29.880 --> 0:03:33.160 I'm telling you, these countries are calling us up kissing 0:03:33.200 --> 0:03:33.960 my ass. 0:03:34.200 --> 0:03:37.040 They are dying to make it your. 0:03:37.080 --> 0:03:40.880 Please, please make it your I'll do anything. I'll do anything, sir, 0:03:41.240 --> 0:03:43.320 Do we have to kiss his ass? Slam? 0:03:43.680 --> 0:03:47.400 Well, there's two approaches. Some countries have decided that it's 0:03:47.400 --> 0:03:49.920 better to negotiat. I think New Zealand, having copped just 0:03:49.960 --> 0:03:53.160 the baseline ten percent tariff, as we're not retaliating, we're 0:03:53.200 --> 0:03:55.920 not really in that negotiating framework. I mean, we can 0:03:56.160 --> 0:03:58.600 talk about the ten percent, but that's going across all 0:03:58.600 --> 0:04:01.320 the countries, so it's not scific to New Zealand. We'll 0:04:01.680 --> 0:04:03.920 have our trade officials go and talk to them and say, hey, 0:04:03.920 --> 0:04:05.960 this is a bit weird and can we get some clarification. 0:04:06.040 --> 0:04:07.720 But I don't think we're trying to negotiate in the 0:04:07.720 --> 0:04:11.400 same way say Japan would be trying to negotiate right now. 0:04:11.720 --> 0:04:13.560 We just have to wait and see what happens to 0:04:14.080 --> 0:04:16.240 the whole thing. But then the other tactic, as we've seen, 0:04:16.320 --> 0:04:20.479 is China has absolutely retaliated and we've got this you know, 0:04:20.560 --> 0:04:22.360 standoff that's got to a sort of I guess a 0:04:22.480 --> 0:04:26.080 mutually assured self destruction, you know, like kind of it's 0:04:26.120 --> 0:04:29.320 like a nuclear level standoff. Now between China and the US, 0:04:29.440 --> 0:04:32.720 and I suspect that in that case, both sides are 0:04:32.760 --> 0:04:35.679 looking for a way to start talking. But both sides 0:04:35.760 --> 0:04:37.640 need to look like they're not backing down. So my 0:04:37.720 --> 0:04:40.200 hunch is that they're trying to find a way to 0:04:40.240 --> 0:04:42.600 get some talks going because it's not a sustainable position. 0:04:42.760 --> 0:04:46.800 It's disastrous for the US economy to have tariffs of 0:04:46.839 --> 0:04:48.680 whatever it is, one hundred and twenty five percent on 0:04:49.040 --> 0:04:51.400 Chinese goods, but it's also going to be a big 0:04:51.440 --> 0:04:54.440 problem for China. I would imagine something's going to have 0:04:54.480 --> 0:04:56.040 to move in the next few days. 0:04:56.160 --> 0:05:01.039 Trump's top trade official, Jamieson Grea, was testifying before Congress 0:05:01.080 --> 0:05:04.360 when the ninety day pause was announced, and it doesn't 0:05:04.400 --> 0:05:06.039 seem like he knew about it. 0:05:06.160 --> 0:05:08.400 When asked about it, he said, well, I understood the 0:05:08.440 --> 0:05:09.920 decision was made a few minutes ago. 0:05:10.160 --> 0:05:13.400 Now this just confirms to us that these decisions seem 0:05:13.440 --> 0:05:14.919 to be made on the fly, doesn't it. 0:05:14.960 --> 0:05:16.280 How dangerous is that? 0:05:16.520 --> 0:05:19.320 It's very dangerous. I mean, Trump's playing a really high 0:05:19.320 --> 0:05:23.080 stakes game of poker with really the very notion of 0:05:23.440 --> 0:05:27.000 the US economy being that the primary or dominant economy 0:05:27.040 --> 0:05:29.479 in the world. So trust in the US economy is 0:05:29.520 --> 0:05:33.240 fundamental to their dollar being the primary currency for trading 0:05:33.240 --> 0:05:35.240 in the world, and to come back to them again 0:05:35.560 --> 0:05:38.680 to the bond market. So when you have a big 0:05:38.720 --> 0:05:40.720 sell off of equities around the world, or if something 0:05:40.760 --> 0:05:44.479 bad happens COVID, you know whatever, US bonds are seen 0:05:44.480 --> 0:05:46.480 as the safe place you go there where you put 0:05:46.520 --> 0:05:48.839 your money to stay safe. Now, what's happened in the 0:05:48.880 --> 0:05:52.760 past couple of days is that we've seen US bonds 0:05:52.839 --> 0:05:57.080 sold off quite significantly, so that the bond yields have 0:05:57.160 --> 0:05:59.080 gone up. So it's just important to remember that there's 0:05:59.120 --> 0:06:01.960 this inverse relation between the bond price and the bond 0:06:02.040 --> 0:06:04.160 yield or the interest rate on the bond. So I 0:06:04.240 --> 0:06:06.240 always think it's a bit like trying to back a trailer. 0:06:06.240 --> 0:06:08.360 I always have to stop and just get it right 0:06:08.400 --> 0:06:10.560 in my head each time, because it's not as straightforward 0:06:11.080 --> 0:06:14.000 an equation as it is for equity markets. But around 0:06:14.000 --> 0:06:16.359 the world countries have either been selling off bonds or 0:06:16.400 --> 0:06:18.440 just stopped buying them. There's a lot of talk about 0:06:18.440 --> 0:06:20.560 the fact that this could be done as a deliberate 0:06:20.680 --> 0:06:26.160 retaliatory tactic. So China holds about a trillion dollars of 0:06:26.240 --> 0:06:30.000 American bonds, and if they were to start selling them rapidly, 0:06:30.080 --> 0:06:32.520 that would have a significant impact on the market. Now 0:06:32.600 --> 0:06:36.600 it's not clear whether they were, or maybe they are 0:06:36.680 --> 0:06:39.279 at some level, but there's probably a wider sell off 0:06:39.279 --> 0:06:41.840 going on. And the pace at which the yield was 0:06:41.880 --> 0:06:43.880 going up. It wasn't taking yields up to the highest 0:06:43.880 --> 0:06:46.040 we've seen them in the past year or two, but 0:06:47.040 --> 0:06:51.039 the pace at which the yield was rising was spooking 0:06:51.200 --> 0:06:53.840 people in the US. There's a famous quote. It was 0:06:53.880 --> 0:06:57.440 Bill Clinton's economic advisor, James Claville. He was the guy 0:06:57.480 --> 0:07:00.400 who said it's the economy stupid, and they coined that phrase. 0:07:00.480 --> 0:07:03.600 But he once said, after a sort of probably much 0:07:03.640 --> 0:07:05.880 more mild crisis, that he used to think if he 0:07:06.000 --> 0:07:08.479 was reincarnated, he'd want to come back as a president 0:07:08.560 --> 0:07:11.440 or a pope to be powerful, But now he'd just 0:07:11.560 --> 0:07:13.560 rather come back as the bond market, because that's the 0:07:13.600 --> 0:07:16.760 most powerful thing there is out there. They're not well understood, 0:07:16.760 --> 0:07:19.920 they're not a popular topic in the just the general 0:07:19.960 --> 0:07:22.880 world of the public, but underpinning everything, it's that debt 0:07:22.960 --> 0:07:26.120 and the price of debt that keeps our economy functioning 0:07:26.160 --> 0:07:28.360 and flowing and so to sort of blow up the 0:07:28.600 --> 0:07:32.680 established world order on that is a very high stakes game. 0:07:32.720 --> 0:07:46.600 Indeed, and you mentioned Liz Trust before as well. Is 0:07:46.640 --> 0:07:50.800 it true that so the bond market it can't lie right? 0:07:50.960 --> 0:07:53.800 So you look back in twenty twenty one when Liz 0:07:53.840 --> 0:07:58.080 Trust's tax cut policy tanked the markets and she had 0:07:58.080 --> 0:08:01.480 to backtrack and eventually resign ultimately the markets in the 0:08:01.480 --> 0:08:05.360 bond market in particular, does that make or break these policies? 0:08:05.640 --> 0:08:09.560 Yeah, look at will do. I mean, sheer markets possibly could. 0:08:09.560 --> 0:08:11.400 But you can sort of wear a shear market crash 0:08:11.440 --> 0:08:13.760 because you know, you can say, oh, well it's paper money. 0:08:13.800 --> 0:08:15.920 You know, we've we've lost so many trillion, but it 0:08:16.000 --> 0:08:18.800 might come back next month. With the bond yields rising 0:08:18.840 --> 0:08:20.960 to a certain point, there's a real world effect of 0:08:21.360 --> 0:08:23.960 seizing up financial markets like we saw in the GFC. 0:08:24.040 --> 0:08:26.840 You know, you just if the overnight borrowing rates go 0:08:26.960 --> 0:08:29.480 through the roof, that the whole system can seize up. 0:08:29.560 --> 0:08:31.520 Come it's less forgiving, Yeah. 0:08:31.320 --> 0:08:33.920 Because companies that thought they had an okay amount of 0:08:33.960 --> 0:08:36.920 debt to carry on suddenly find out that the amount 0:08:36.960 --> 0:08:39.400 of debt they've got is too big. With these new 0:08:39.520 --> 0:08:42.040 higher interest rates, and you know, in the GFC that 0:08:42.160 --> 0:08:45.080 meant that some banks, big banks started falling over, so 0:08:45.240 --> 0:08:47.680 you know, and then you've got a global financial crisis. 0:08:47.720 --> 0:08:49.400 So I guess what we're saying is that there's a 0:08:49.480 --> 0:08:52.040 risk if this all spirals, that you get another global 0:08:52.080 --> 0:08:55.600 financial crisis. And I don't think even Donald Trump has 0:08:55.640 --> 0:08:58.240 the stomach for that. And that's probably what's forced this 0:08:58.720 --> 0:09:01.680 partial back down and hopefully some sort of resolution in 0:09:01.720 --> 0:09:03.480 the near future with the China standof. 0:09:03.520 --> 0:09:04.920 And is that why we should be looking at the 0:09:04.920 --> 0:09:07.760 bond markets not the share markets, because there have been 0:09:07.800 --> 0:09:11.360 some record days for the share markets and people would 0:09:11.400 --> 0:09:14.360 be looking at that thinking that's surely a good sign, right, Yeah. 0:09:14.400 --> 0:09:17.400 I mean it's very reactive the share market, so it 0:09:17.480 --> 0:09:20.120 came off a lot. People don't have clear signals, you know, 0:09:20.160 --> 0:09:22.680 you can't predict what's going to happen, what's going to 0:09:22.679 --> 0:09:24.440 come out of the White House. So the share markets 0:09:24.600 --> 0:09:27.720 are very erratic, very volatile. They have bounced a lot 0:09:27.800 --> 0:09:31.440 this morning that there's still in correction territory. They've bounced 0:09:31.520 --> 0:09:34.800 back from around twenty percent losses this year to sort 0:09:34.840 --> 0:09:37.800 of being I don't know, probably still down about ten 0:09:37.880 --> 0:09:39.880 or twelve percent a lot of the share markets this year, 0:09:39.920 --> 0:09:41.880 so it's still not been a great run. I guess 0:09:42.080 --> 0:09:44.880 share market investors are hoping that we're back from the brink. 0:09:45.040 --> 0:09:47.680 I mean, addedly, it's just a ninety day pause, so 0:09:47.720 --> 0:09:50.480 it doesn't make the uncertainty go away. Perhaps you could 0:09:50.559 --> 0:09:52.680 argue that this is all a softening, you know, to 0:09:52.760 --> 0:09:55.200 get to where Trump wants to be with a new 0:09:55.200 --> 0:09:58.400 world Order of tariffs. You go through this turmoil and 0:09:58.559 --> 0:10:01.560 wherever we land is a bit soft and slowly the 0:10:01.559 --> 0:10:03.880 will gets used to the idea of what's coming, and 0:10:04.000 --> 0:10:07.040 markets priced in, and he lands somewhere that's not quite 0:10:07.120 --> 0:10:09.480 so terrifying. But yeah, I think it is the bond 0:10:09.520 --> 0:10:11.760 market that's really going to decide it, and that's where 0:10:11.800 --> 0:10:12.520 we should be looking. 0:10:12.760 --> 0:10:17.120 China, of course, remains Trump's main target. He said that 0:10:17.200 --> 0:10:20.880 the increased tariffs there are because of a lack. 0:10:20.720 --> 0:10:23.440 Of respect Beijing has shown. 0:10:23.760 --> 0:10:27.280 Will the measures against China have a trickle down effect 0:10:27.400 --> 0:10:28.680 for New Zealand and others? 0:10:28.720 --> 0:10:29.960 How will that affect us? 0:10:30.360 --> 0:10:33.960 Yeah? So if this really does play out, if these 0:10:34.120 --> 0:10:37.080 tariffs stay in place, it's going to be bad news 0:10:37.160 --> 0:10:40.720 for the Chinese economy. It's going to cost them as well, 0:10:40.760 --> 0:10:43.000 so that will affect growth. Now you get into a 0:10:43.040 --> 0:10:45.800 game of who can take the most pain and who's 0:10:45.800 --> 0:10:48.440 got the most ability to sort of maybe stimulate their 0:10:48.480 --> 0:10:52.040 economy through that, you could have you know, central banks 0:10:52.080 --> 0:10:54.559 on both sides sort of unleashing stimulus like they did 0:10:54.600 --> 0:10:57.800 during COVID. That's not great long term, but in the 0:10:57.840 --> 0:11:00.640 short term. Yeah, the expectation is that it's quite serious 0:11:00.640 --> 0:11:03.480 for the global economy and probably quite serious then for 0:11:03.520 --> 0:11:07.440 New Zealand's recovery. It's a headwind. It slows that. I 0:11:07.480 --> 0:11:10.839 think the Finance Minister's called it a significant event. She's 0:11:10.880 --> 0:11:13.520 obviously weary of calling it a crisis at this point. 0:11:13.679 --> 0:11:16.360 Yesterday we had the Reserve Bank cutting the official cash 0:11:16.440 --> 0:11:19.000 rate by the sort of two twenty five basis points, 0:11:19.200 --> 0:11:22.320 which was what was already planned, but the tone was 0:11:22.400 --> 0:11:24.920 that they could go further and they'd be ready to 0:11:24.960 --> 0:11:27.880 go further if things go bad for the economy. So 0:11:28.000 --> 0:11:30.520 that could mean that we see the official cash rate 0:11:30.559 --> 0:11:33.600 go lower than expected. Here, I mean's lower mortgage rates 0:11:33.600 --> 0:11:36.199 to try and try and offset the downside. And then 0:11:36.440 --> 0:11:39.960 you know, the other part of any stimulus or help 0:11:40.000 --> 0:11:41.680 that you could get for the New Zealand economy would 0:11:41.679 --> 0:11:43.840 be the government part, and that's where the Finance Minister 0:11:43.960 --> 0:11:46.439 has so far tried to say, look, no, we're holding 0:11:46.480 --> 0:11:48.480 the course. The budget's the same, we're still trying to 0:11:48.480 --> 0:11:51.360 get out of deficit, get the books into surplus on 0:11:51.440 --> 0:11:54.319 the same pathway, but also saying she's not prepared to 0:11:54.440 --> 0:11:56.679 do more cuts. But if the numbers don't add up, 0:11:56.679 --> 0:11:59.319 if the New Zealand economy, if the growth is slower, 0:11:59.520 --> 0:12:01.760 the tax and you will be lower and the government 0:12:01.800 --> 0:12:04.360 could face some hard choices. So it may be that 0:12:04.559 --> 0:12:08.679 if this spirals and the budget's sort of almost written now, 0:12:08.720 --> 0:12:11.400 but there could be some emergency revisions to the budget, 0:12:11.440 --> 0:12:14.600 they may have to relax their fiscal constraints and allow 0:12:14.640 --> 0:12:17.280 a bit more government money into the economy. It's not 0:12:17.400 --> 0:12:21.480 certain yet, but if things keep turning in a negative fashion, 0:12:21.559 --> 0:12:23.560 then that is an option for the government as well. 0:12:23.559 --> 0:12:26.319 I mean, they're wary of borrowing more to do that. 0:12:26.600 --> 0:12:27.920 But then you'd have to look at it in the 0:12:27.960 --> 0:12:30.920 context of a world where probably governments around the world 0:12:31.080 --> 0:12:32.320 are having to do this sort of thing. 0:12:32.520 --> 0:12:35.480 And Trump has said China wants to make a deal, 0:12:35.640 --> 0:12:38.560 they just don't know how quite to go about it. 0:12:38.679 --> 0:12:41.920 What could he mean here? And what deal could China 0:12:42.080 --> 0:12:44.160 possibly bargain? Do they need to? 0:12:44.400 --> 0:12:46.400 Well, this is what I mean about. I think there's 0:12:46.440 --> 0:12:49.360 a lot of saving face here on both sides. Trump 0:12:49.360 --> 0:12:51.640 says it as if it's just China's issue, but I 0:12:51.679 --> 0:12:54.439 think America is quite quite keen to make a deal too, 0:12:54.600 --> 0:12:57.160 was hoping that they would make a deal. And China's 0:12:57.160 --> 0:13:00.600 the second biggest economy in the world. It sees what 0:13:00.760 --> 0:13:03.680 these you know, sees this tariff policy as an attack 0:13:03.760 --> 0:13:08.440 on itself, and so it's standing up and yeah, look, 0:13:08.760 --> 0:13:11.360 it is a bit like a sort of a Cold 0:13:11.440 --> 0:13:14.240 war nuclear moment. You take it to the brink, and 0:13:14.280 --> 0:13:16.640 then at some point, you know, you just hope that 0:13:16.679 --> 0:13:19.040 there is going to be a way there. You know, 0:13:19.120 --> 0:13:21.560 both both leaders and both countries will say, oh no, 0:13:21.640 --> 0:13:23.839 we've got the other sides back down, But there has 0:13:23.880 --> 0:13:25.800 to be a way for them to both save face 0:13:26.280 --> 0:13:29.880 with their own public and get to the negotiation table 0:13:30.080 --> 0:13:33.559 and dial it back to something that is manageable, because 0:13:34.240 --> 0:13:36.400 you know, at the moment, you know, those kind of 0:13:36.400 --> 0:13:39.599 tariffs when you consider the complexity of the trading relationships 0:13:39.679 --> 0:13:44.240 and the manufacturing relationships on everything from iPhones to cars 0:13:44.320 --> 0:13:47.240 and just all the goods that are connected between China 0:13:47.240 --> 0:13:50.400 and the US. It would be a disaster and really 0:13:50.440 --> 0:13:52.600 inflationary for both economies. 0:13:52.640 --> 0:13:54.560 Thanks for joining us, Liam, Yeah, thank you. 0:13:58.400 --> 0:14:01.480 That's it for this episode of the Front Page. You 0:14:01.520 --> 0:14:05.320 can read more about today's stories and extensive news coverage 0:14:05.360 --> 0:14:07.800 at enzedherld dot co dot enz. 0:14:08.559 --> 0:14:10.840 The Front Page is produced by Ethan. 0:14:10.640 --> 0:14:14.439 Sills and Richard Martin, who is also a sound engineer. 0:14:14.880 --> 0:14:16.400 I'm Chelsea Daniels. 0:14:17.000 --> 0:14:20.120 Subscribe to the Front Page on iHeartRadio or wherever you 0:14:20.160 --> 0:14:23.960 get your podcasts, and tune in tomorrow for another look 0:14:24.040 --> 0:14:25.320 behind the headlines.