1 00:00:02,920 --> 00:00:10,600 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,640 --> 00:00:12,719 Speaker 1: Bloomberg Balance of Power podcast. 3 00:00:13,039 --> 00:00:16,960 Speaker 2: Catch Just Live weekdays at noon Eastern on Applecarplay. 4 00:00:16,200 --> 00:00:18,480 Speaker 3: And then Rouno with the Bloomberg Business App. 5 00:00:18,560 --> 00:00:21,680 Speaker 2: Listen on demand wherever you get your podcasts, or watch 6 00:00:21,800 --> 00:00:23,600 Speaker 2: us live on YouTube. 7 00:00:25,640 --> 00:00:29,160 Speaker 4: The President announcing the new tariffs on an additional eighteen 8 00:00:29,280 --> 00:00:33,120 Speaker 4: billion dollars of Chinese imports. The announcement from the Rose 9 00:00:33,120 --> 00:00:38,839 Speaker 4: Garden with evs in focus here the rate increasing fourfold, 10 00:00:38,960 --> 00:00:42,839 Speaker 4: as Bloomberg reported two days ago, twenty five percent to 11 00:00:42,880 --> 00:00:46,160 Speaker 4: one hundred. You've got lithium ion EV batteries on here, 12 00:00:46,280 --> 00:00:51,040 Speaker 4: solar panels doubling to fifty percent, Tariffs on semiconductors doubling 13 00:00:51,080 --> 00:00:55,120 Speaker 4: to fifty percent as well, all in effect by the 14 00:00:55,200 --> 00:00:59,760 Speaker 4: year twenty twenty five. We're lucky to have the in 15 00:01:00,080 --> 00:01:05,039 Speaker 4: site of Gene Sperling, senior economic advisor to the President, 16 00:01:05,080 --> 00:01:08,600 Speaker 4: who has advised many presidents on the economy, and he 17 00:01:08,680 --> 00:01:11,440 Speaker 4: joins us now live here on Bloomberg. Gene, it's great 18 00:01:11,480 --> 00:01:14,560 Speaker 4: to have you back. We just heard the president's remarks. 19 00:01:14,680 --> 00:01:17,400 Speaker 4: Our listeners and viewers had a chance to listen and 20 00:01:17,520 --> 00:01:21,679 Speaker 4: watch live. Is Joe Biden not a free markets guy anymore. 21 00:01:24,240 --> 00:01:29,120 Speaker 5: The President is a fair competition markets guy. That implies 22 00:01:29,160 --> 00:01:32,679 Speaker 5: to how he looks at domestic market competition. He wants 23 00:01:32,760 --> 00:01:38,800 Speaker 5: fair competition. That same principle applies internationally. We want nothing 24 00:01:38,880 --> 00:01:43,880 Speaker 5: more than for countries like China, particularly China, to be 25 00:01:44,040 --> 00:01:47,760 Speaker 5: a fair competitor where we are all playing by the 26 00:01:47,800 --> 00:01:51,120 Speaker 5: same rules. We all know what happens though, with China's 27 00:01:51,160 --> 00:01:55,160 Speaker 5: economic strategy. They decide that instead of dealing with their 28 00:01:55,240 --> 00:02:01,320 Speaker 5: own demand internally, that they're going to grow by exporting 29 00:02:01,680 --> 00:02:04,800 Speaker 5: at all costs. And what that really means is exporting 30 00:02:04,920 --> 00:02:11,760 Speaker 5: at unrealistically overly subsidized costs that help their export numbers 31 00:02:12,120 --> 00:02:17,160 Speaker 5: at the expense of American workers in American industry. And 32 00:02:17,200 --> 00:02:19,760 Speaker 5: we've seen this movie before. We don't want to see 33 00:02:19,760 --> 00:02:22,480 Speaker 5: it again now. The President is not coming at this 34 00:02:23,040 --> 00:02:26,320 Speaker 5: just with a tariff approach. From the campaign when he 35 00:02:26,360 --> 00:02:30,080 Speaker 5: had his Build Back Better strategy, there's been a focus 36 00:02:30,200 --> 00:02:35,720 Speaker 5: exactly on this, the strategic manufacturing, jobs and industries of 37 00:02:35,760 --> 00:02:39,440 Speaker 5: the future, ensuring that we both have a strategy to 38 00:02:40,320 --> 00:02:43,519 Speaker 5: encourage investment. And it is remarkable to see over eight 39 00:02:43,600 --> 00:02:47,680 Speaker 5: hundred billion of new private sector investment coming in in 40 00:02:47,720 --> 00:02:51,000 Speaker 5: these critical sectors, but we know what could throw that 41 00:02:51,160 --> 00:02:56,560 Speaker 5: off is to be flooded with Chinese imports on those 42 00:02:56,600 --> 00:03:01,360 Speaker 5: same areas. So this is a very strategic hip, but 43 00:03:01,480 --> 00:03:06,280 Speaker 5: it is one that is designed to ensure and encourage 44 00:03:06,400 --> 00:03:11,280 Speaker 5: and fair competition and make clear you're not going to 45 00:03:11,320 --> 00:03:15,360 Speaker 5: do this incredible over subsidization at times, trying to create 46 00:03:15,400 --> 00:03:18,960 Speaker 5: more products than exist than there is demand in the 47 00:03:19,000 --> 00:03:22,440 Speaker 5: whole world, and to do stuff that is so below 48 00:03:22,560 --> 00:03:26,480 Speaker 5: market costs that it is your effort to grow at 49 00:03:26,520 --> 00:03:27,360 Speaker 5: our expense. 50 00:03:29,320 --> 00:03:31,720 Speaker 4: Okay, you just said a lot there, Gene. I'm just 51 00:03:31,800 --> 00:03:35,520 Speaker 4: trying to get a sense of what's motivating the president here, 52 00:03:35,600 --> 00:03:39,760 Speaker 4: having seen the surgical approach on certain items as opposed 53 00:03:39,800 --> 00:03:42,120 Speaker 4: to the across the board approach that we saw from 54 00:03:42,160 --> 00:03:44,440 Speaker 4: the Trump administration, and I know that the administration has 55 00:03:44,480 --> 00:03:48,680 Speaker 4: been trying to highlight that difference, but we didn't see 56 00:03:48,680 --> 00:03:51,520 Speaker 4: anything go down, and having seen all of the Trump 57 00:03:51,520 --> 00:03:53,720 Speaker 4: tariffs remain in place, it sounds like he was on 58 00:03:53,760 --> 00:03:54,440 Speaker 4: the right track. 59 00:03:57,880 --> 00:04:00,720 Speaker 5: There just couldn't be a greater difference. And first of all, 60 00:04:00,800 --> 00:04:04,440 Speaker 5: let's even just look at the results. Our trade deficit 61 00:04:04,480 --> 00:04:08,720 Speaker 5: with China is right now, the lowest it's been in 62 00:04:08,760 --> 00:04:12,000 Speaker 5: a decade, lower than any of the four years under 63 00:04:12,280 --> 00:04:17,279 Speaker 5: the previous administration. There was no strategy on semi to 64 00:04:17,440 --> 00:04:21,960 Speaker 5: actually revive a semiconductor industry in the United States to 65 00:04:22,040 --> 00:04:26,880 Speaker 5: compete for electric vehicle jobs or electric batteries, no strategy 66 00:04:26,920 --> 00:04:29,520 Speaker 5: at all. Now what you've seen is the most aggressive 67 00:04:29,680 --> 00:04:34,240 Speaker 5: legislation that is widely praised by the US private sector 68 00:04:34,680 --> 00:04:39,400 Speaker 5: and labor as well for encouraging more jobs here. So 69 00:04:39,640 --> 00:04:43,000 Speaker 5: the President, as part of that integrated strategy that he 70 00:04:43,080 --> 00:04:46,040 Speaker 5: has been working on every day since he's been here, 71 00:04:46,279 --> 00:04:49,839 Speaker 5: is saying, we know what could disrupt our effort to 72 00:04:50,080 --> 00:04:53,880 Speaker 5: increase supply and to make sure our companies have a 73 00:04:53,960 --> 00:04:58,120 Speaker 5: chance to compete fairly and to sell our products domestically 74 00:04:58,320 --> 00:05:03,120 Speaker 5: and externally, is for to engage as they continue have 75 00:05:03,120 --> 00:05:09,600 Speaker 5: have in oversubsidization of key manufacturing sectors. This is not 76 00:05:09,720 --> 00:05:12,640 Speaker 5: just our opinion, This is Europe's opinion. It is the 77 00:05:12,720 --> 00:05:17,920 Speaker 5: opinion of even major other major of the bricks others, 78 00:05:19,400 --> 00:05:24,920 Speaker 5: well you know which ones that would that China is 79 00:05:24,960 --> 00:05:27,960 Speaker 5: not playing by the rules and that they are seeking 80 00:05:28,000 --> 00:05:32,960 Speaker 5: to export their way out of their challenges at the 81 00:05:33,000 --> 00:05:37,479 Speaker 5: expense of others. So this is really part of that strategy. Now, 82 00:05:38,000 --> 00:05:41,599 Speaker 5: going across the board in areas that are not essential, 83 00:05:41,600 --> 00:05:44,400 Speaker 5: where we're not trying to build supply where they could 84 00:05:44,440 --> 00:05:49,039 Speaker 5: actually hurt production here or hurt families is not part 85 00:05:49,080 --> 00:05:52,400 Speaker 5: of that kind of strategic approach. And if we had 86 00:05:52,400 --> 00:05:55,000 Speaker 5: done nothing till now, if there's been no Chips Act, 87 00:05:55,200 --> 00:05:58,480 Speaker 5: if there's been no Infrastructure bill, if there's been no 88 00:05:58,720 --> 00:06:03,599 Speaker 5: IRA bill to urge electric vehicles and green manufacturing here, 89 00:06:03,839 --> 00:06:06,200 Speaker 5: you could say, oh my god, this is just a 90 00:06:06,279 --> 00:06:10,600 Speaker 5: one part, you know, off the cuff trade strategy. 91 00:06:10,800 --> 00:06:11,200 Speaker 3: It's not. 92 00:06:11,360 --> 00:06:14,719 Speaker 5: This has been part of an integrated strategy that has 93 00:06:15,120 --> 00:06:19,360 Speaker 5: shown we can induce the private sector to create supply 94 00:06:19,839 --> 00:06:23,960 Speaker 5: and manufacturing here, and manufacturing, as we know, punches above 95 00:06:24,000 --> 00:06:26,440 Speaker 5: its weight in terms of private sector R and D 96 00:06:26,839 --> 00:06:33,360 Speaker 5: innovation patents and the spread of suppliers and strong supply 97 00:06:33,520 --> 00:06:36,279 Speaker 5: chain that we saw how much we were hurt by 98 00:06:36,320 --> 00:06:38,960 Speaker 5: not having during the pandemic. And we are not going 99 00:06:39,040 --> 00:06:42,719 Speaker 5: to let be disrupted with unfair trade practices from China. 100 00:06:42,839 --> 00:06:45,200 Speaker 5: If they want to play by the rules, bring it on, 101 00:06:45,560 --> 00:06:47,240 Speaker 5: let's compete. 102 00:06:47,400 --> 00:06:47,719 Speaker 2: Okay. 103 00:06:48,120 --> 00:06:51,560 Speaker 4: I want to talk about briefly our relationship with China 104 00:06:51,960 --> 00:06:54,840 Speaker 4: and the reaction. Gene Spurling, the President said just now 105 00:06:54,839 --> 00:06:57,680 Speaker 4: in the Rose Garden that China imports of US goods, 106 00:06:57,720 --> 00:07:02,080 Speaker 4: to your point on the trade balance barely budged under 107 00:07:02,360 --> 00:07:05,480 Speaker 4: the trade deal. But I see now the reaction from 108 00:07:05,520 --> 00:07:10,880 Speaker 4: Beijing resolutely opposes the president's decision, sees the move as 109 00:07:10,960 --> 00:07:15,360 Speaker 4: political manipulation. What's the drama for then, if we weren't 110 00:07:15,360 --> 00:07:18,080 Speaker 4: buying China evs to begin with, and what does this 111 00:07:18,160 --> 00:07:19,200 Speaker 4: mean for our relationship? 112 00:07:22,320 --> 00:07:27,360 Speaker 5: Well, I think it's very clear, and the President's been 113 00:07:27,480 --> 00:07:32,040 Speaker 5: very clear. We're not trying to provoke a trade war, 114 00:07:32,360 --> 00:07:35,560 Speaker 5: We're not trying to hurt relations We're trying to have 115 00:07:35,600 --> 00:07:43,160 Speaker 5: a sustainable, fair relationship where nobody seeks to strengthen their 116 00:07:43,360 --> 00:07:48,560 Speaker 5: economy through unfair trade practices at the expense of others. 117 00:07:48,760 --> 00:07:51,360 Speaker 5: But it really, you know, we're not talking about a 118 00:07:51,440 --> 00:07:57,160 Speaker 5: situation of little differences in small products. We're talking about 119 00:07:57,360 --> 00:08:02,960 Speaker 5: almost a global consensus that China still operates on a 120 00:08:03,080 --> 00:08:08,600 Speaker 5: model where they oversubsidize products to the extent sometimes where 121 00:08:08,600 --> 00:08:12,600 Speaker 5: they have more capacity than there is global demand. At 122 00:08:12,600 --> 00:08:17,360 Speaker 5: that point, you just have an organized strategic effort to 123 00:08:17,520 --> 00:08:21,480 Speaker 5: flood the market with cheap goods that undercut those who 124 00:08:21,560 --> 00:08:24,640 Speaker 5: are trying to play by the rules, who can't possibly 125 00:08:24,720 --> 00:08:29,560 Speaker 5: compete because their costs are so low, not because of innovation, 126 00:08:30,040 --> 00:08:33,319 Speaker 5: not because they actually have lower costs, but because of 127 00:08:34,120 --> 00:08:39,080 Speaker 5: excessive market subsidization. So the President is by having a 128 00:08:39,160 --> 00:08:42,960 Speaker 5: targeted strategy making clear this is not just an across 129 00:08:43,000 --> 00:08:46,079 Speaker 5: the board slap at your face that would also hurt 130 00:08:46,360 --> 00:08:50,360 Speaker 5: American consumers and raise their prices. We are looking at 131 00:08:50,400 --> 00:08:56,319 Speaker 5: the areas in electric vehicles, in semiconductors, in electric batteries, 132 00:08:56,640 --> 00:09:01,040 Speaker 5: where we have invested in strong apply and a strong 133 00:09:01,120 --> 00:09:04,080 Speaker 5: supply chain in the United States and are seeking to 134 00:09:04,160 --> 00:09:08,280 Speaker 5: have an industry that can compete long into the future, 135 00:09:09,280 --> 00:09:13,280 Speaker 5: where both sides are playing realistically with what their costs 136 00:09:13,320 --> 00:09:16,800 Speaker 5: are going forward. So I think it sends a strong message. 137 00:09:16,920 --> 00:09:20,320 Speaker 5: It lets them know the areas where they need to 138 00:09:20,880 --> 00:09:25,040 Speaker 5: play by the rules, or at least understand that we've 139 00:09:25,080 --> 00:09:28,960 Speaker 5: seen this movie before of them crushing American communities and 140 00:09:29,080 --> 00:09:32,800 Speaker 5: jobs with unfair subsidies, and we're not going to just 141 00:09:33,200 --> 00:09:36,080 Speaker 5: watch that movie again. You have a president who's going 142 00:09:36,160 --> 00:09:39,320 Speaker 5: to take strong action. This is part of a comprehensive 143 00:09:39,360 --> 00:09:44,440 Speaker 5: strategy he's had for American manufacturing revival. The private sector 144 00:09:44,440 --> 00:09:47,559 Speaker 5: has bought in, labor has bought in, the American public 145 00:09:47,559 --> 00:09:49,480 Speaker 5: has bought in. We're not going to sit by and 146 00:09:49,520 --> 00:09:52,000 Speaker 5: let it be disrupted by China if they want to 147 00:09:52,040 --> 00:09:55,440 Speaker 5: play by the rules and have fair competition. And what 148 00:09:55,520 --> 00:09:58,640 Speaker 5: the President is saying is bring it on. Let's have that. 149 00:10:00,040 --> 00:10:02,439 Speaker 4: Bring it on, says Gene Sperling. Gene, I'm glad you 150 00:10:02,480 --> 00:10:04,480 Speaker 4: could join us today, and I appreciate that having heard 151 00:10:04,520 --> 00:10:07,520 Speaker 4: from the President on tariffs and now his economic advisor 152 00:10:08,760 --> 00:10:11,719 Speaker 4: with the Griffith Observatory at his back, that's why you 153 00:10:11,760 --> 00:10:13,839 Speaker 4: should be on YouTube. Gene. Thank you. We're going to 154 00:10:13,880 --> 00:10:16,760 Speaker 4: play this to the panel next hour. We'll have Rick 155 00:10:16,840 --> 00:10:20,319 Speaker 4: Davis and Jeanie Shanzano with us. Also June Grasso from 156 00:10:20,360 --> 00:10:24,359 Speaker 4: Bloomberg Law and Congress from Brad Sherman, the Democrat from California, 157 00:10:24,360 --> 00:10:26,040 Speaker 4: will join with a lot more to talk about here 158 00:10:26,040 --> 00:10:28,480 Speaker 4: on the fastest show in politics, This is Bloomberg. 159 00:10:31,760 --> 00:10:35,120 Speaker 1: You're listening to the Bloomberg Balance of Power podcast kens 160 00:10:35,280 --> 00:10:38,480 Speaker 1: just live weekdays at noon Eastern on Applecarplay and then. 161 00:10:38,360 --> 00:10:40,360 Speaker 3: Rod Oro with the Bloomberg Business App. 162 00:10:40,440 --> 00:10:43,280 Speaker 2: You can also listen live on Amazon Alexa from our 163 00:10:43,280 --> 00:10:48,960 Speaker 2: flagship New York station. Just say Alexa play Bloomberg eleven thirty. 164 00:10:49,640 --> 00:10:52,679 Speaker 6: Really, it's where New York is the center of the action, 165 00:10:53,000 --> 00:10:55,280 Speaker 6: and it has been for the last almost month as 166 00:10:55,320 --> 00:10:57,840 Speaker 6: Donald Trump has been on criminal trial in this hush 167 00:10:57,840 --> 00:11:00,839 Speaker 6: money case that continues today. But we could be nearing 168 00:11:00,880 --> 00:11:03,520 Speaker 6: the endgame here is the prosecution's getting ready to finish 169 00:11:03,600 --> 00:11:06,920 Speaker 6: up it's questioning of Michael Cohene as former attorney and fixer. 170 00:11:07,040 --> 00:11:09,960 Speaker 4: Yeah, the cross will be the news is what we're 171 00:11:10,080 --> 00:11:12,280 Speaker 4: expecting here. Obviously he hasn't said anything yet that we 172 00:11:12,320 --> 00:11:15,199 Speaker 4: haven't really heard before. But yeah, to your point, I 173 00:11:15,200 --> 00:11:17,360 Speaker 4: thought lawmakers were coming back to town today. The Speaker 174 00:11:17,400 --> 00:11:19,800 Speaker 4: of the House is at the courthouse, along with several 175 00:11:19,880 --> 00:11:22,839 Speaker 4: contenders for vice president. We want to get into this 176 00:11:23,320 --> 00:11:26,240 Speaker 4: with June Grosso, of course, the host of Bloomberg Law, 177 00:11:26,240 --> 00:11:30,760 Speaker 4: who has a beautiful distillation every evening six pm Eastern 178 00:11:30,840 --> 00:11:33,240 Speaker 4: Time on Bloomberg Radio about everything that happened over the 179 00:11:33,320 --> 00:11:34,800 Speaker 4: course of the day. June, it's great to have you 180 00:11:34,880 --> 00:11:39,080 Speaker 4: back from world headquarters in New York. Is there any 181 00:11:39,080 --> 00:11:43,439 Speaker 4: component of potential witness intimidation here? I realize anybody can 182 00:11:43,440 --> 00:11:45,240 Speaker 4: come to the courthouse right but when you have some 183 00:11:45,280 --> 00:11:48,760 Speaker 4: of the highest ranking elected officials. We saw Senator Rick 184 00:11:48,800 --> 00:11:50,760 Speaker 4: Scott there today, the Speaker of the House. 185 00:11:51,120 --> 00:11:51,480 Speaker 7: What's the. 186 00:11:53,200 --> 00:11:56,959 Speaker 4: Testimony supposed to key off of here? What does Michael 187 00:11:57,000 --> 00:11:58,920 Speaker 4: Cohen think when he looks up and sees all these people. 188 00:11:58,960 --> 00:12:01,600 Speaker 8: Well, I'll tell you one that happened after the mid 189 00:12:01,600 --> 00:12:03,640 Speaker 8: morning break. By the way, the speaker was down there, 190 00:12:03,640 --> 00:12:06,640 Speaker 8: I think for about forty five minutes and left. But 191 00:12:07,440 --> 00:12:10,040 Speaker 8: Michael Cohen, after the mid morning break, was in the 192 00:12:10,080 --> 00:12:12,880 Speaker 8: middle of his testimony, and according to our reporters who 193 00:12:12,880 --> 00:12:18,600 Speaker 8: were there, a number of these Republican leaders walked into 194 00:12:18,640 --> 00:12:21,599 Speaker 8: the courtroom at the time when Michael Cohen was testifying 195 00:12:21,640 --> 00:12:24,160 Speaker 8: so late, and they walked right down the middle of 196 00:12:24,200 --> 00:12:28,040 Speaker 8: the court asle and went to their seat. You know, 197 00:12:28,120 --> 00:12:31,559 Speaker 8: it is a little bit intimidating, I think for witnesses 198 00:12:31,600 --> 00:12:33,640 Speaker 8: who are on the stand now. Michael Cohen may be 199 00:12:33,800 --> 00:12:36,520 Speaker 8: used to it, but other witnesses it would be intimidating. 200 00:12:36,520 --> 00:12:40,400 Speaker 8: For another interesting thing is the gag order. You know, 201 00:12:40,600 --> 00:12:44,520 Speaker 8: these lawmakers came because Donald Trump is looking to have 202 00:12:44,640 --> 00:12:47,520 Speaker 8: his family's not there. One of his sons is there 203 00:12:47,640 --> 00:12:50,280 Speaker 8: on and off, but he's looking to have this support 204 00:12:50,440 --> 00:12:54,000 Speaker 8: from his backers, But did he tell them anything? Did 205 00:12:54,040 --> 00:12:57,120 Speaker 8: he tell them anything about what to say about the witnesses? 206 00:12:57,240 --> 00:13:01,360 Speaker 8: If so, that's a violation of the gag order tech technically, So, 207 00:13:01,400 --> 00:13:04,320 Speaker 8: I mean there are a lot of It's very unusual, 208 00:13:04,440 --> 00:13:07,360 Speaker 8: and if the jurors know who they are, I wonder 209 00:13:07,440 --> 00:13:10,160 Speaker 8: how they view this, Maybe not in the way that 210 00:13:10,240 --> 00:13:12,680 Speaker 8: Donald Trump wants them to view it as oh, this 211 00:13:12,800 --> 00:13:16,120 Speaker 8: is support, but more as oh, this is intimidation, and 212 00:13:16,160 --> 00:13:18,760 Speaker 8: what's going on here? It's really unusual. 213 00:13:18,800 --> 00:13:22,040 Speaker 6: Well, it's an interesting point on the gag order, Jude, 214 00:13:22,040 --> 00:13:25,079 Speaker 6: because of course that Barstrump from speaking about certain witnesses, 215 00:13:25,160 --> 00:13:27,800 Speaker 6: including Michael Cohen, but also members of the judges family, 216 00:13:27,880 --> 00:13:31,320 Speaker 6: including his daughter and House speaker Mike Johnson specifically called 217 00:13:31,320 --> 00:13:34,920 Speaker 6: out Judge Murshawn's daughter and her TISA to Democratic fundraising today, 218 00:13:34,960 --> 00:13:37,160 Speaker 6: which I thought was interesting when it comes to the 219 00:13:37,200 --> 00:13:40,559 Speaker 6: actual testimony though that we are hearing from Michael Cohen 220 00:13:40,600 --> 00:13:43,200 Speaker 6: and the questions we have gotten from the prosecution to 221 00:13:43,240 --> 00:13:46,360 Speaker 6: what extent is their line of questioning today basically trying 222 00:13:46,400 --> 00:13:48,240 Speaker 6: to set up to hedge against what could come in 223 00:13:48,280 --> 00:13:50,560 Speaker 6: the cross examination when the defense gets its turn. 224 00:13:50,720 --> 00:13:54,320 Speaker 8: Well that's how they ended the direct examination. The last 225 00:13:54,320 --> 00:13:58,280 Speaker 8: thing they did was go through, you know, Michael Cohen's 226 00:13:58,440 --> 00:14:02,840 Speaker 8: various convictions and the lies that he told to Banks 227 00:14:02,880 --> 00:14:06,719 Speaker 8: and Congress, et cetera. And the final question was one 228 00:14:06,760 --> 00:14:09,480 Speaker 8: of those do you regret this? And he apparently his 229 00:14:09,600 --> 00:14:12,400 Speaker 8: voice choked up and he talked about regretting all he'd 230 00:14:12,400 --> 00:14:16,079 Speaker 8: done and he lost his moral compass, and they ended 231 00:14:16,080 --> 00:14:19,320 Speaker 8: on that. So they did try to sort of what 232 00:14:19,400 --> 00:14:21,840 Speaker 8: they call it, take the sting out of what's definitely 233 00:14:21,880 --> 00:14:25,040 Speaker 8: coming up on the cross examination. But you know, he 234 00:14:25,160 --> 00:14:32,160 Speaker 8: is a troublesome, really flawed star witness because he not 235 00:14:32,280 --> 00:14:35,400 Speaker 8: only is saying that you know, he lied about at 236 00:14:35,400 --> 00:14:38,080 Speaker 8: the times before Congress, but he's also on the stand 237 00:14:38,080 --> 00:14:41,040 Speaker 8: saying and they're asking him, what about this document? 238 00:14:41,400 --> 00:14:42,080 Speaker 9: Is that false? 239 00:14:42,200 --> 00:14:43,600 Speaker 8: Yes? Did you lie about that? 240 00:14:43,800 --> 00:14:44,080 Speaker 9: Yes? 241 00:14:44,320 --> 00:14:47,960 Speaker 8: So his testimony itself is filled with I lied, I lied, 242 00:14:48,000 --> 00:14:50,960 Speaker 8: I lied, but now you believe me. And so the 243 00:14:51,000 --> 00:14:53,480 Speaker 8: prosecution is hoping that the backup that they have with 244 00:14:53,560 --> 00:14:57,160 Speaker 8: the documents is going to make the jury, you know, 245 00:14:57,400 --> 00:15:00,560 Speaker 8: comfortable believing him. I think one of the best documents 246 00:15:00,560 --> 00:15:04,880 Speaker 8: they've had so far was introduced yesterday afternoon, and it 247 00:15:05,000 --> 00:15:09,840 Speaker 8: was a slip from the bank saying that he had 248 00:15:09,920 --> 00:15:11,840 Speaker 8: paid the one hundred and thirty thousand dollars to the 249 00:15:11,920 --> 00:15:17,000 Speaker 8: Stormy Daniel's lawyer, and there was handwriting on it from Weiselberg, 250 00:15:17,200 --> 00:15:20,880 Speaker 8: the CFO, and it was the formula for how he 251 00:15:21,000 --> 00:15:23,840 Speaker 8: was going to be paid. And the interesting thing was 252 00:15:23,880 --> 00:15:26,600 Speaker 8: that it took account for the fact that this is 253 00:15:26,600 --> 00:15:28,880 Speaker 8: a little mathematical I'm not gonna get too mathematical, but 254 00:15:29,240 --> 00:15:32,720 Speaker 8: if this is a payment for his services, then it 255 00:15:32,720 --> 00:15:35,560 Speaker 8: would be taxed. If it was a payment reimbursement, it 256 00:15:35,600 --> 00:15:38,600 Speaker 8: wouldn't be taxed. So they figured out what the taxes 257 00:15:38,640 --> 00:15:41,800 Speaker 8: would be. They added another fifty percent onto it so 258 00:15:41,920 --> 00:15:45,040 Speaker 8: that the taxes would be taken care of, and they 259 00:15:45,040 --> 00:15:47,680 Speaker 8: sort of they say it they grossed it up, is 260 00:15:47,720 --> 00:15:50,080 Speaker 8: the term that they used. So that's sort of interesting, 261 00:15:50,160 --> 00:15:53,280 Speaker 8: and I think so very supportive of the fact that, 262 00:15:53,720 --> 00:15:57,400 Speaker 8: you know, Wesseelberg did the formula here. And we've heard 263 00:15:57,400 --> 00:16:00,280 Speaker 8: time and time again that Trump knew, you know, every 264 00:16:00,360 --> 00:16:03,400 Speaker 8: dime that went out in his company. So I thought 265 00:16:03,440 --> 00:16:08,560 Speaker 8: that was really good testimony. 266 00:16:06,640 --> 00:16:06,960 Speaker 7: All right. 267 00:16:07,040 --> 00:16:10,760 Speaker 6: June Grosso, the host of Bloomberg Law, breaking down another 268 00:16:10,880 --> 00:16:13,760 Speaker 6: day of dramatic testimony in the Trump hush money case 269 00:16:13,800 --> 00:16:15,920 Speaker 6: in New York, the trial that is, and of course 270 00:16:16,200 --> 00:16:18,320 Speaker 6: it's not yet over. They are just on lunch break 271 00:16:18,360 --> 00:16:20,360 Speaker 6: right now, June, thank you so much. And of course 272 00:16:20,440 --> 00:16:24,480 Speaker 6: Joe Well, Donald Trump, as he campaigns for the presidency, 273 00:16:24,560 --> 00:16:26,800 Speaker 6: wants to be elected in November, of course, has these 274 00:16:26,840 --> 00:16:30,640 Speaker 6: legal headaches to deal with. President Biden has many headaches 275 00:16:30,720 --> 00:16:32,840 Speaker 6: as well, not in the legal arena, but certainly in 276 00:16:32,920 --> 00:16:35,560 Speaker 6: terms of geopolitics, as he has faced a lot of 277 00:16:35,600 --> 00:16:38,800 Speaker 6: criticism over his handling of Israel and its conflict with 278 00:16:38,840 --> 00:16:42,040 Speaker 6: a Moss most recently the decision to withhold sending large 279 00:16:42,040 --> 00:16:44,680 Speaker 6: bombs to Israel because of concern over how they could 280 00:16:44,680 --> 00:16:45,440 Speaker 6: be used in RAFA. 281 00:16:45,680 --> 00:16:49,480 Speaker 4: Yeah, count the ways, I mean, from geopolitics to border 282 00:16:49,560 --> 00:16:53,440 Speaker 4: politics to the economy. This is a candidate and a 283 00:16:53,440 --> 00:16:55,160 Speaker 4: president spinning a lot of plates right now, as we 284 00:16:55,200 --> 00:16:57,360 Speaker 4: saw him try to employ the Rose Garden strategy earlier 285 00:16:57,400 --> 00:17:02,360 Speaker 4: announcing some new tariffs on China. But fascinating to see 286 00:17:02,400 --> 00:17:05,000 Speaker 4: they're spending so many plates that we forget some of 287 00:17:05,000 --> 00:17:07,640 Speaker 4: them sometimes. Kaylie is the Secretary of State touches down 288 00:17:08,000 --> 00:17:11,320 Speaker 4: in Kiev with all the shuttle diplomacy throughout the Middle East, 289 00:17:11,560 --> 00:17:14,200 Speaker 4: Ukraine is in the focus at the White House today. 290 00:17:14,560 --> 00:17:17,000 Speaker 6: Yeah, the first time we've seen the Secretary there since 291 00:17:17,640 --> 00:17:21,359 Speaker 6: the actual supplemental aid package passed Congress after months and 292 00:17:21,359 --> 00:17:24,439 Speaker 6: months of efforts, finally Ukraine getting more military assistance that 293 00:17:24,520 --> 00:17:26,919 Speaker 6: needed from the US. The question is how quickly does 294 00:17:26,920 --> 00:17:29,200 Speaker 6: it make a difference in that conflict, especially when we're 295 00:17:29,200 --> 00:17:32,119 Speaker 6: seeing another hot conflict in the Middle East as well. 296 00:17:32,280 --> 00:17:33,920 Speaker 6: And it's on that note we want to turn now 297 00:17:34,040 --> 00:17:37,000 Speaker 6: to Maara Rudman. She is the University of Virginia professor 298 00:17:37,040 --> 00:17:39,840 Speaker 6: at the Miller Center. She's also former State Department Deputy 299 00:17:39,880 --> 00:17:43,280 Speaker 6: Special Envoy for Middle East Peace and former Deputy National 300 00:17:43,320 --> 00:17:46,400 Speaker 6: Security Advisor. Professor, thank you so much for being here 301 00:17:46,440 --> 00:17:49,000 Speaker 6: on Bloomberg Television and Radio. If we could first begin 302 00:17:49,520 --> 00:17:51,960 Speaker 6: in the Middle East, as the Prime Minister of Cutter 303 00:17:52,080 --> 00:17:54,800 Speaker 6: was actually speaking at the Cutter Economic Forum that Bloomberg 304 00:17:54,880 --> 00:17:57,840 Speaker 6: is helping host earlier today, suggesting that right now cease 305 00:17:57,880 --> 00:18:01,920 Speaker 6: fire talks between Israel and AMMA are essentially at a 306 00:18:02,000 --> 00:18:06,080 Speaker 6: stale meat. If it doesn't happen in the near immediate future, 307 00:18:06,520 --> 00:18:07,560 Speaker 6: is it ever going to. 308 00:18:09,400 --> 00:18:13,080 Speaker 9: Well, Yes, the hope will continue and the work must 309 00:18:13,119 --> 00:18:17,119 Speaker 9: continue on getting to a pause in the fighting, in 310 00:18:17,160 --> 00:18:20,760 Speaker 9: getting to Israel to focus more strategically on their goals 311 00:18:20,800 --> 00:18:23,600 Speaker 9: and the best ability to defend themselves and getting hostages 312 00:18:23,640 --> 00:18:26,800 Speaker 9: out and humanitarian aid in These are all the reasons 313 00:18:26,800 --> 00:18:30,959 Speaker 9: why it's really critical to maximize pressure and focus on 314 00:18:31,000 --> 00:18:32,640 Speaker 9: getting to a cease fire agreement. 315 00:18:34,560 --> 00:18:38,360 Speaker 4: So, with that said, how much would a ceasefire depend 316 00:18:39,280 --> 00:18:45,040 Speaker 4: on hostages being released? Knowing that not everyone believes they 317 00:18:45,040 --> 00:18:48,480 Speaker 4: are all alive, and we keep hearing reports that Hamas 318 00:18:48,560 --> 00:18:52,520 Speaker 4: cannot identify the location of all of the hostages with 319 00:18:52,600 --> 00:18:56,040 Speaker 4: whom they are dealing, how does this play out in 320 00:18:56,080 --> 00:18:56,360 Speaker 4: the end. 321 00:18:58,000 --> 00:19:01,000 Speaker 9: So part of a ceasefire is very much dependent on 322 00:19:01,080 --> 00:19:04,480 Speaker 9: getting hostages out, and that is badly at this point, 323 00:19:04,520 --> 00:19:09,280 Speaker 9: whether it's bodies or whoever is remaining alive. The hostages 324 00:19:09,320 --> 00:19:14,679 Speaker 9: have obviously been held under horrific circumstances, were taken into 325 00:19:14,800 --> 00:19:20,480 Speaker 9: Gaza under even more horrific circumstances, and it is critical 326 00:19:21,119 --> 00:19:25,800 Speaker 9: that they be returned they or sadly their bodies in 327 00:19:25,920 --> 00:19:29,080 Speaker 9: terms of what Hamas knows or doesn't know about where 328 00:19:29,119 --> 00:19:32,639 Speaker 9: they are. That was certainly brought out early in the 329 00:19:32,680 --> 00:19:35,679 Speaker 9: immediate post effects of October seventh, given the number of 330 00:19:35,720 --> 00:19:40,000 Speaker 9: different groups associated with Hamas that had a role in 331 00:19:40,080 --> 00:19:44,040 Speaker 9: taking those hostages in. I think it has less credibility 332 00:19:44,080 --> 00:19:47,440 Speaker 9: at this point since it is so clear that Yahya Sinhoar, 333 00:19:48,000 --> 00:19:52,120 Speaker 9: who is the military commander of Hamas in Gaza, who 334 00:19:52,280 --> 00:19:57,639 Speaker 9: orchestrated this entire October seventh attack and the aftermath, is 335 00:19:57,680 --> 00:20:01,119 Speaker 9: a guy who is very much in control. So I 336 00:20:01,160 --> 00:20:04,080 Speaker 9: think it begs credibility at this point that they don't 337 00:20:04,119 --> 00:20:08,720 Speaker 9: know exactly where most, if not all, of the hostages are. 338 00:20:11,560 --> 00:20:14,399 Speaker 6: It's interesting and I wonder if any of them maybe 339 00:20:14,440 --> 00:20:17,240 Speaker 6: in Rafa, where more than a million Palestudians had sought 340 00:20:17,280 --> 00:20:21,000 Speaker 6: refuge and where the US policy is really coming to most, 341 00:20:21,080 --> 00:20:23,159 Speaker 6: or a conflict perhaps with what Israel would like to do, 342 00:20:23,240 --> 00:20:24,960 Speaker 6: as the US would not like to see a major 343 00:20:25,000 --> 00:20:28,160 Speaker 6: ground invasion of Rafa, and yet Israel is already making 344 00:20:28,200 --> 00:20:31,240 Speaker 6: incremental moves in that city. In particular, the UN has 345 00:20:31,240 --> 00:20:33,600 Speaker 6: said within the last twenty four hours that some four 346 00:20:33,640 --> 00:20:37,080 Speaker 6: hundred and fifty thousand civilians have already fled Rafa in 347 00:20:37,119 --> 00:20:39,440 Speaker 6: the last week. Do they have anywhere safe to go? 348 00:20:39,520 --> 00:20:41,639 Speaker 6: For all of the administration saying we just want to 349 00:20:41,640 --> 00:20:43,439 Speaker 6: make sure there is a plan in place to protect 350 00:20:43,440 --> 00:20:46,960 Speaker 6: civilian life in Rafa, while Israel is trying to achieve 351 00:20:47,000 --> 00:20:51,520 Speaker 6: its objectives of eradicating Hamas, getting those last remaining battalions 352 00:20:51,520 --> 00:20:53,480 Speaker 6: they're taken care of. I just wonder if it really 353 00:20:53,520 --> 00:20:56,280 Speaker 6: is possible for Israel to do both. 354 00:20:57,600 --> 00:20:57,760 Speaker 10: Well. 355 00:20:57,840 --> 00:21:01,240 Speaker 9: Kayley. The question you raised is a question being raised, 356 00:21:01,960 --> 00:21:06,159 Speaker 9: and it has been continuously raised by the US administration 357 00:21:06,240 --> 00:21:10,520 Speaker 9: at the most senior levels, and also reportedly by Israel military, 358 00:21:10,600 --> 00:21:14,879 Speaker 9: Israel's military leaders who are increasingly coming out more publicly 359 00:21:15,320 --> 00:21:19,560 Speaker 9: and questioning the ways in which Prime Mister Neyahu has 360 00:21:19,600 --> 00:21:23,720 Speaker 9: been directing this effort. So there's a concern certainly about 361 00:21:23,760 --> 00:21:27,440 Speaker 9: where the hostages are. It is almost certain that they're 362 00:21:27,480 --> 00:21:30,840 Speaker 9: in tunnels that many, many, many tunnels that are deep 363 00:21:31,000 --> 00:21:34,399 Speaker 9: under Gaza, and so whether they're in Rafa or in communits, 364 00:21:34,440 --> 00:21:37,920 Speaker 9: they're almost certainly surrounding and being used as human shields 365 00:21:37,920 --> 00:21:41,920 Speaker 9: for Yaya Sinwar, the military commander of Hamas, and probably 366 00:21:41,960 --> 00:21:45,879 Speaker 9: for many other Hamas fighters. To be clear, much of 367 00:21:45,920 --> 00:21:50,119 Speaker 9: Hamas the military units are deep underground in these tunnels, 368 00:21:50,359 --> 00:21:54,280 Speaker 9: they do not. Hamas does not allow the many Palestinian 369 00:21:54,320 --> 00:21:58,920 Speaker 9: innocence that privilege. In other words, they are using Palestinian 370 00:21:58,960 --> 00:22:03,800 Speaker 9: innocence very much as fodder in a horrible way. And 371 00:22:03,840 --> 00:22:06,240 Speaker 9: those folks are all on the ground, and as you say, 372 00:22:06,320 --> 00:22:09,200 Speaker 9: there are no real safe places in Gaza at this point. 373 00:22:09,200 --> 00:22:12,439 Speaker 9: And that's part of the point that National Security Advisor 374 00:22:12,560 --> 00:22:15,720 Speaker 9: Jake Sullivan made really clearly just recently in saying that 375 00:22:16,240 --> 00:22:18,840 Speaker 9: the United States has yet to see any kind of 376 00:22:18,880 --> 00:22:23,080 Speaker 9: credible plan by Israel on how to protect Palestinians above 377 00:22:23,119 --> 00:22:25,440 Speaker 9: ground in Gaza. 378 00:22:25,680 --> 00:22:28,920 Speaker 4: Lur, I know you were in Ukraine just last month, 379 00:22:29,160 --> 00:22:33,359 Speaker 4: in Kiev where the Secretary of State is today, knowing 380 00:22:33,359 --> 00:22:35,080 Speaker 4: that the money has been passed, the weapons are on 381 00:22:35,119 --> 00:22:37,680 Speaker 4: the way. What was the purpose of this visit by 382 00:22:38,240 --> 00:22:42,159 Speaker 4: Anthony Blincoln if not only to send a message to 383 00:22:42,200 --> 00:22:43,040 Speaker 4: Vladimir Putin? 384 00:22:45,480 --> 00:22:48,240 Speaker 9: So in fact, I think that Secretary Blincoln was sending 385 00:22:48,240 --> 00:22:50,960 Speaker 9: a message both to Vladimir Putin and frankly to the 386 00:22:51,000 --> 00:22:55,440 Speaker 9: people of Ukraine as well. He and President Zelenski have 387 00:22:55,520 --> 00:22:59,320 Speaker 9: a very good and strong relationship. Ukrainians have been quite 388 00:22:59,359 --> 00:23:05,760 Speaker 9: concerned about the degree of US continued commitment to their 389 00:23:05,960 --> 00:23:09,000 Speaker 9: very real fight, to their struggle against Russia, given how 390 00:23:09,040 --> 00:23:11,879 Speaker 9: long it has taken the United States, frankly because of 391 00:23:12,359 --> 00:23:16,040 Speaker 9: skirmishes within the Republican Party in Congress how long it 392 00:23:16,080 --> 00:23:20,280 Speaker 9: had taken the United States to get that vitally needed 393 00:23:20,320 --> 00:23:24,199 Speaker 9: assistance to Ukraine. So I believe what Tony Blnkoln was 394 00:23:24,240 --> 00:23:28,800 Speaker 9: doing was spending a message was in a very real way, 395 00:23:29,160 --> 00:23:32,240 Speaker 9: showing the people of Ukraine as well as President Zelensky 396 00:23:32,320 --> 00:23:35,920 Speaker 9: the degree of US commitment and offering some reassurance, as 397 00:23:36,040 --> 00:23:38,800 Speaker 9: Jake Sullivan did on his visit back. I believe in 398 00:23:38,840 --> 00:23:43,880 Speaker 9: the end of March that usaid some of it has arrived, 399 00:23:44,080 --> 00:23:47,320 Speaker 9: more is coming, and it will very much help Ukraine 400 00:23:47,359 --> 00:23:54,440 Speaker 9: in the very significant challenges they are facing down from Russia. 401 00:23:52,520 --> 00:23:55,520 Speaker 6: And finally Mara. In our final minute with you, obviously, 402 00:23:55,560 --> 00:23:58,880 Speaker 6: while the US has provided aid to Ukraine, the US 403 00:23:58,920 --> 00:24:01,840 Speaker 6: also has put essentially limits on what it would like 404 00:24:01,920 --> 00:24:04,240 Speaker 6: Ukraine to do with that aid, including not doing anything 405 00:24:04,280 --> 00:24:07,960 Speaker 6: offensively into Russian territory for Ukraine to win this war. 406 00:24:08,040 --> 00:24:09,399 Speaker 6: Are we going to have to see a tweak on 407 00:24:09,400 --> 00:24:12,200 Speaker 6: the margin to administration policy on that front? 408 00:24:12,200 --> 00:24:15,399 Speaker 9: Two, Kayle, I think that's a very good way of 409 00:24:15,440 --> 00:24:17,920 Speaker 9: describing it in terms of the language you just used 410 00:24:17,960 --> 00:24:20,600 Speaker 9: about a tweak on the margins. I do think it's 411 00:24:20,640 --> 00:24:25,680 Speaker 9: important that the United States have the most expansive possible 412 00:24:25,800 --> 00:24:30,040 Speaker 9: view of allowing Ukraine to fight this fight. The United 413 00:24:30,080 --> 00:24:33,119 Speaker 9: States is quite fortunate that we are the United States 414 00:24:33,119 --> 00:24:36,760 Speaker 9: and Americans are not on the ground having to defend 415 00:24:36,800 --> 00:24:39,920 Speaker 9: against Russia. We need to make sure that Ukraine has 416 00:24:40,040 --> 00:24:43,960 Speaker 9: every ability to do so and to prevent the further 417 00:24:44,080 --> 00:24:46,719 Speaker 9: spread of Russian aggression in Europe. 418 00:24:49,000 --> 00:24:50,960 Speaker 4: Laura, it's great to have you and we appreciate the 419 00:24:51,000 --> 00:24:54,119 Speaker 4: time today on balance of power. MARAA Rudman, University of 420 00:24:54,200 --> 00:24:57,720 Speaker 4: Virginia professor, former State Department Deputy Special Envoy from Middle 421 00:24:57,760 --> 00:24:59,879 Speaker 4: East Peace, spends a good deal of time in the 422 00:25:00,080 --> 00:25:03,199 Speaker 4: National security space in your insights are important to us. 423 00:25:03,240 --> 00:25:06,359 Speaker 4: I'm Joe Matthew alongside Kaylee Lines in Washington. Kaylie, we 424 00:25:06,480 --> 00:25:08,120 Speaker 4: have to play this to the panel. We haven't heard 425 00:25:08,119 --> 00:25:09,600 Speaker 4: from Rick and Genie yet, and we have a lot 426 00:25:09,640 --> 00:25:13,040 Speaker 4: to cover today from both spheres and politics and both 427 00:25:13,080 --> 00:25:14,680 Speaker 4: ends of Pennsylvania Avenue. 428 00:25:14,400 --> 00:25:16,560 Speaker 6: Indeed, and up in New York where we're seeing the 429 00:25:16,640 --> 00:25:19,200 Speaker 6: veepsteaks take things on the road all the way to 430 00:25:19,240 --> 00:25:20,680 Speaker 6: New York City outside the courthouse. 431 00:25:20,720 --> 00:25:23,359 Speaker 4: The optics are amazing today and we'll have more on 432 00:25:23,400 --> 00:25:25,639 Speaker 4: all of this next with our signature panel on the 433 00:25:25,640 --> 00:25:27,680 Speaker 4: fastest show in politics, This is Bloomberg. 434 00:25:31,520 --> 00:25:35,080 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 435 00:25:35,119 --> 00:25:37,960 Speaker 1: us live weekdays at noon Eastern on Appo, car Play, 436 00:25:38,000 --> 00:25:40,280 Speaker 1: and then roud Otto with the Bloomberg Business app. 437 00:25:40,359 --> 00:25:43,520 Speaker 2: Listen on demand wherever you get your podcasts, or watch 438 00:25:43,600 --> 00:25:47,119 Speaker 2: us live on YouTube. 439 00:25:47,440 --> 00:25:50,440 Speaker 6: I'm Kaylee Lines alongside Joe Matthew here in Washington, where 440 00:25:50,440 --> 00:25:52,119 Speaker 6: we have had our eyes on New York on the 441 00:25:52,119 --> 00:25:55,840 Speaker 6: ongoing hush money trial of former President Donald Trump. But 442 00:25:55,880 --> 00:25:59,600 Speaker 6: we have another legal development that it impacts potentially the 443 00:25:59,640 --> 00:26:02,720 Speaker 6: current president, or at least his family, specifically his son 444 00:26:03,160 --> 00:26:06,440 Speaker 6: Hunter Biden. According to the Associated Press, a judge has 445 00:26:06,520 --> 00:26:10,080 Speaker 6: rejected Hunter Biden's bid to delay his federal gun trial. 446 00:26:10,520 --> 00:26:12,960 Speaker 6: That trial is now going to begin Joe next month 447 00:26:13,520 --> 00:26:15,720 Speaker 6: in Delaware. Again, this is the son of the president, 448 00:26:15,760 --> 00:26:17,879 Speaker 6: it's not the president himself, but still this could be 449 00:26:17,880 --> 00:26:20,880 Speaker 6: a headache for Joe Biden as to campaigns for reelection. 450 00:26:20,960 --> 00:26:23,760 Speaker 6: The legal issues certainly do not begin an end with 451 00:26:23,840 --> 00:26:25,440 Speaker 6: the Republican presumptive nominee. 452 00:26:25,480 --> 00:26:28,120 Speaker 4: Well, that's for sure, And obviously the president has had 453 00:26:28,160 --> 00:26:30,159 Speaker 4: to deal with this more than once although at the 454 00:26:30,200 --> 00:26:33,879 Speaker 4: same time, we've seen efforts in Congress to try to 455 00:26:33,960 --> 00:26:37,199 Speaker 4: vilify what they refer to as the Biden crime family 456 00:26:37,280 --> 00:26:39,200 Speaker 4: kind of fall flat to the point where it doesn't 457 00:26:39,240 --> 00:26:43,040 Speaker 4: really appear that the impeachment preceding or the impeachment inquiry 458 00:26:43,040 --> 00:26:45,120 Speaker 4: that could lead to a proceeding is underwan any longer. 459 00:26:45,119 --> 00:26:47,040 Speaker 4: It's a lot of gray there right now with James 460 00:26:47,119 --> 00:26:48,400 Speaker 4: Comber and his Oversight Committee. 461 00:26:48,520 --> 00:26:49,840 Speaker 6: Yeah, so I guess we'll have to wait and see 462 00:26:49,880 --> 00:26:51,920 Speaker 6: if we get developments out of Congress or any further 463 00:26:51,960 --> 00:26:55,960 Speaker 6: announcements in regarding impeachment from the House Speaker Mike Johnson. 464 00:26:56,000 --> 00:26:59,160 Speaker 6: But he wasn't actually even on Capitol Hill in Washington, 465 00:26:59,240 --> 00:27:01,200 Speaker 6: d C. This morning. He was up in New York 466 00:27:01,760 --> 00:27:04,959 Speaker 6: at the courthouse where Donald Trump is today. And this 467 00:27:05,080 --> 00:27:07,560 Speaker 6: is what the Speaker had to say outside. 468 00:27:08,400 --> 00:27:11,280 Speaker 11: I'm an attorney, I'm a former litigator myself. I am 469 00:27:11,320 --> 00:27:14,440 Speaker 11: disgusted by what is happening here, what is being done 470 00:27:14,520 --> 00:27:18,320 Speaker 11: here to our entire system of justice overall. The people 471 00:27:18,400 --> 00:27:21,960 Speaker 11: are losing faith right now in this country, in our institutions. 472 00:27:23,840 --> 00:27:26,000 Speaker 4: Let's get into it with our signature panel. Rick Davis 473 00:27:26,040 --> 00:27:29,439 Speaker 4: and Genie Shanzano join us on balance of power for 474 00:27:29,520 --> 00:27:31,920 Speaker 4: their take on this and a few other stories happening today. 475 00:27:31,920 --> 00:27:35,200 Speaker 4: Great to see both of you here, Rick. These are 476 00:27:35,240 --> 00:27:38,720 Speaker 4: politically motivated trials and they are a disgrace, said the 477 00:27:38,760 --> 00:27:41,239 Speaker 4: Speaker of the House. You can weigh in on the 478 00:27:41,320 --> 00:27:43,640 Speaker 4: value of this entourage, but I guess the point here 479 00:27:43,760 --> 00:27:46,399 Speaker 4: is he can say things Donald Trump cannot. Is this 480 00:27:46,480 --> 00:27:47,280 Speaker 4: a good strategy? 481 00:27:48,760 --> 00:27:51,640 Speaker 12: Well, it certainly improves upon the strategy. I mean, when 482 00:27:51,680 --> 00:27:54,320 Speaker 12: this trial got started, Donald Trump was basically alone in 483 00:27:54,320 --> 00:27:58,439 Speaker 12: that courtroom and very few people as family coming in 484 00:27:58,480 --> 00:28:00,760 Speaker 12: every now and then he started complaining about that, and 485 00:28:00,840 --> 00:28:03,720 Speaker 12: I think limited himself to what he was starting to 486 00:28:03,720 --> 00:28:07,120 Speaker 12: say about judges and what not to not trigger any 487 00:28:07,160 --> 00:28:12,000 Speaker 12: more fines for contempt. So yeah, now it seems like 488 00:28:12,080 --> 00:28:16,000 Speaker 12: this is all part of a choreograph campaign to interview 489 00:28:16,119 --> 00:28:21,800 Speaker 12: vice presidential candidates, to show party unity around Donald Trump, 490 00:28:21,840 --> 00:28:24,919 Speaker 12: and to undermine the legal process that's going on in 491 00:28:25,119 --> 00:28:27,240 Speaker 12: New York. I came up today to New York just 492 00:28:27,240 --> 00:28:28,639 Speaker 12: to see if I could get on the list of 493 00:28:28,720 --> 00:28:31,800 Speaker 12: VP candidates. I guess that's probably not going to happen, 494 00:28:31,880 --> 00:28:35,360 Speaker 12: But the reality is it's going to be crowded up here. 495 00:28:37,119 --> 00:28:39,720 Speaker 6: Indeed, well of the VP candidates who are at the 496 00:28:39,720 --> 00:28:43,160 Speaker 6: courthouse alongside Mike Johnson today. We're talking specifically about North 497 00:28:43,200 --> 00:28:47,880 Speaker 6: Dakota Governor Doug Burgham, the Vakramswami, former presidential candidate himself, 498 00:28:47,880 --> 00:28:50,000 Speaker 6: who was running against Trump at one point. In Florida 499 00:28:50,000 --> 00:28:53,440 Speaker 6: Congressman Byron Donalds, who it's also been floated. But Mike 500 00:28:53,520 --> 00:28:56,920 Speaker 6: Johnson has a genie. He's not in the running for VEEP. 501 00:28:57,080 --> 00:28:59,800 Speaker 6: Why did he feel the need to go? Brick was 502 00:28:59,840 --> 00:29:02,720 Speaker 6: just speaking to the strategy here for Donald Trump. What's 503 00:29:02,760 --> 00:29:04,080 Speaker 6: the strategy for Mike Johnson. 504 00:29:05,960 --> 00:29:08,560 Speaker 13: He's got to stay very close to Donald Trump because 505 00:29:08,560 --> 00:29:09,920 Speaker 13: that's why he has his job. 506 00:29:10,000 --> 00:29:10,520 Speaker 10: After all. 507 00:29:10,600 --> 00:29:13,800 Speaker 13: That's why Donald Trump decided not to support Marjorie Taylor 508 00:29:13,880 --> 00:29:17,400 Speaker 13: Green for the moment in her quest to vacate him. 509 00:29:17,440 --> 00:29:20,040 Speaker 13: But I have to tell you I find this all 510 00:29:20,160 --> 00:29:23,000 Speaker 13: a little depressing and sad for Donald Trump. I mean, 511 00:29:23,360 --> 00:29:25,880 Speaker 13: you can't get your family there to show you some 512 00:29:26,000 --> 00:29:28,600 Speaker 13: love when you're facing thirty four felon accounts, well except 513 00:29:28,640 --> 00:29:31,680 Speaker 13: for his son, and so you're getting what all of 514 00:29:31,680 --> 00:29:34,400 Speaker 13: these people who are only there because they want to 515 00:29:34,920 --> 00:29:39,680 Speaker 13: maintain their positions or get their positions. It's very very strange. 516 00:29:40,040 --> 00:29:42,640 Speaker 13: And you know, don't these people have anything else to 517 00:29:42,680 --> 00:29:44,720 Speaker 13: do besides sitting in a New York courtroom all day, 518 00:29:44,760 --> 00:29:48,160 Speaker 13: the Speaker of the House, sitting senators in the US. 519 00:29:48,800 --> 00:29:51,360 Speaker 13: And you know, I would think they might be a 520 00:29:51,360 --> 00:29:55,000 Speaker 13: little careful about calling out a young woman. We've heard 521 00:29:55,160 --> 00:29:59,920 Speaker 13: Mike Johnson, We've heard JD. Vance attacking the judge's daughter 522 00:30:00,240 --> 00:30:03,840 Speaker 13: because she has a job. I mean, folks, look back 523 00:30:03,880 --> 00:30:07,200 Speaker 13: at what happened to Rudy Giuliani and others when they 524 00:30:07,240 --> 00:30:10,720 Speaker 13: attacked Ruby Freeman and her daughter one hundred and forty 525 00:30:10,760 --> 00:30:14,000 Speaker 13: eight million dollars later, you think they'd be very careful 526 00:30:14,040 --> 00:30:16,520 Speaker 13: of this. But nothing can get between any of them 527 00:30:16,560 --> 00:30:18,160 Speaker 13: and Trump apparently at this point. 528 00:30:19,680 --> 00:30:22,680 Speaker 4: Well, while we're talking about the veepstakes here, I'm curious 529 00:30:22,720 --> 00:30:24,960 Speaker 4: to get both of your reaction to what we heard 530 00:30:25,040 --> 00:30:31,080 Speaker 4: from Ken Griffin Citadel, of course, talking about the weight 531 00:30:32,240 --> 00:30:35,080 Speaker 4: to see who wins the veepstakes, he was asked if 532 00:30:35,080 --> 00:30:36,880 Speaker 4: he had donated to the campaign. 533 00:30:37,240 --> 00:30:40,400 Speaker 2: Yet here's what he said, I have not, will you. 534 00:30:41,280 --> 00:30:42,719 Speaker 7: I'm going to wait to see who he picks as 535 00:30:42,720 --> 00:30:43,680 Speaker 7: his VP candidate. 536 00:30:45,200 --> 00:30:46,280 Speaker 1: Is there anyone whom you'd like. 537 00:30:46,320 --> 00:30:47,960 Speaker 7: To see him pick as his VP candidate. 538 00:30:48,080 --> 00:30:50,520 Speaker 1: I you know, I don't. This is again like poking 539 00:30:50,520 --> 00:30:50,880 Speaker 1: the bear. 540 00:30:51,640 --> 00:30:54,320 Speaker 7: Not sure which way my recommendation goes in terms of 541 00:30:54,360 --> 00:30:55,920 Speaker 7: helping that person's prospects. 542 00:30:57,480 --> 00:30:59,360 Speaker 4: So he doesn't want to thumb the scale on this one, 543 00:30:59,400 --> 00:31:03,720 Speaker 4: I guess, Rick. But in a serious world, I don't 544 00:31:03,760 --> 00:31:06,240 Speaker 4: mean to make you smirk here, but taking a look 545 00:31:06,280 --> 00:31:09,240 Speaker 4: at those folks who were actually at the courthouse and 546 00:31:09,280 --> 00:31:11,120 Speaker 4: some of the others who have been to fundraisers in 547 00:31:11,160 --> 00:31:14,440 Speaker 4: Palm Beach recently, do any of them appeal more to 548 00:31:14,480 --> 00:31:17,840 Speaker 4: the investment crowd, well, for sure. 549 00:31:18,640 --> 00:31:20,920 Speaker 12: And I think this is what I'm hearing within the 550 00:31:21,040 --> 00:31:25,600 Speaker 12: Republican donor community from people like King Griffin is I 551 00:31:25,640 --> 00:31:29,440 Speaker 12: can see toward supporting Donald Trump those who haven't so far, 552 00:31:29,520 --> 00:31:34,360 Speaker 12: and they're a lot if he picks the right vice president. Obviously, 553 00:31:34,480 --> 00:31:37,000 Speaker 12: Doug Burgham is a good example of that. To a 554 00:31:37,080 --> 00:31:42,320 Speaker 12: lesser extent, Jadie Vance, I've heard the Virginia Governor Youngkin 555 00:31:42,640 --> 00:31:45,840 Speaker 12: mentioned many times how much more comfortable we would be 556 00:31:46,640 --> 00:31:50,280 Speaker 12: if he had someone like Youngkin on and his VP selection. 557 00:31:50,440 --> 00:31:53,480 Speaker 12: So I do think those kinds of folks matter, and 558 00:31:53,520 --> 00:31:56,040 Speaker 12: I think that's an advantage for Tim Scott. You know, 559 00:31:56,120 --> 00:32:02,480 Speaker 12: he's a ranking on the Banking Committee in the United States Senate. 560 00:32:03,120 --> 00:32:05,440 Speaker 12: He's had a lot of support from Wall Street and 561 00:32:06,600 --> 00:32:10,280 Speaker 12: the investment community, and so I think these things are 562 00:32:10,320 --> 00:32:12,640 Speaker 12: going to matter to that group as to whether or 563 00:32:12,680 --> 00:32:14,600 Speaker 12: not they put their thumb on the scale. As you say, 564 00:32:15,120 --> 00:32:18,040 Speaker 12: and look, I mean, you know, somebody like Ken Griffin, 565 00:32:18,040 --> 00:32:21,880 Speaker 12: He's already given sixty million dollars this cycle. I mean 566 00:32:21,920 --> 00:32:25,000 Speaker 12: like he can really make a difference if they get 567 00:32:25,000 --> 00:32:26,560 Speaker 12: the right candidate on that picket. 568 00:32:28,400 --> 00:32:30,360 Speaker 6: Well, and where Ken Griffin is putting a lot of 569 00:32:30,360 --> 00:32:33,000 Speaker 6: his money after he initially had donated to Nicky Haley 570 00:32:33,360 --> 00:32:36,360 Speaker 6: obviously hasn't donated to Donald Trump yet, is down ballot 571 00:32:36,440 --> 00:32:38,840 Speaker 6: races Genie. In fact, that's where a lot of mega 572 00:32:38,840 --> 00:32:42,080 Speaker 6: donors have shifted their focus who have been reluctant to 573 00:32:42,120 --> 00:32:45,240 Speaker 6: support Donald Trump, including the Coke Network for example, which 574 00:32:45,280 --> 00:32:48,120 Speaker 6: was also back in Niki Haley now is looking down ballot. 575 00:32:48,120 --> 00:32:49,920 Speaker 6: And on that note, we do have a pretty important 576 00:32:50,200 --> 00:32:53,680 Speaker 6: primary that could help decide the composition of the United 577 00:32:53,720 --> 00:32:57,479 Speaker 6: States Senate, potentially in Maryland. Larry Hogan, the very popular 578 00:32:57,560 --> 00:32:59,560 Speaker 6: former governor of Maryland, the Republican is going to be 579 00:32:59,640 --> 00:33:03,120 Speaker 6: up again either David Trone or Angela also Brooks, depending 580 00:33:03,120 --> 00:33:09,000 Speaker 6: on who wins that Democratic primary today, could potentially Genie 581 00:33:09,040 --> 00:33:12,600 Speaker 6: the Democrat decide whether or not Republicans flip that seat, 582 00:33:13,040 --> 00:33:15,640 Speaker 6: and Larry Hogan could get a seat from Maryland at 583 00:33:15,680 --> 00:33:17,960 Speaker 6: West Virginia to that the Senate's gone, right. 584 00:33:19,280 --> 00:33:23,080 Speaker 13: It absolutely is. And of course Larry Hogan incredibly popular 585 00:33:23,120 --> 00:33:27,840 Speaker 13: and interestingly not somebody who would probably be visiting the 586 00:33:28,080 --> 00:33:30,480 Speaker 13: trial with Donald Trump because he has been a big 587 00:33:30,520 --> 00:33:33,040 Speaker 13: Trump critic. But I think we are seeing in some 588 00:33:33,080 --> 00:33:36,080 Speaker 13: of these down ballot races, unlike in the last midterm, 589 00:33:36,280 --> 00:33:39,840 Speaker 13: Republicans are willing to go with and choose candidates who 590 00:33:39,840 --> 00:33:42,520 Speaker 13: have a better shot of winning, not just because of 591 00:33:42,520 --> 00:33:45,560 Speaker 13: their fealty to Donald Trump. And Larry Hogan's a perfect 592 00:33:45,640 --> 00:33:48,520 Speaker 13: example of that. You know, on the Democratic side, it's 593 00:33:48,560 --> 00:33:52,640 Speaker 13: a fascinating primary because also Brooks has the support of 594 00:33:52,960 --> 00:33:57,480 Speaker 13: basically the establishment in Maryland up and down the ballot. 595 00:33:57,520 --> 00:34:00,800 Speaker 13: But you know, Trone has spent so much money is 596 00:34:00,800 --> 00:34:03,840 Speaker 13: I'm sure you know Killy living in that area. You 597 00:34:03,880 --> 00:34:07,080 Speaker 13: can't go to the DC Virginia Maryland area and not 598 00:34:07,240 --> 00:34:10,080 Speaker 13: see his his ads, and so it's going to be 599 00:34:10,280 --> 00:34:13,279 Speaker 13: interesting to see where Democrats go on that does the 600 00:34:13,440 --> 00:34:16,800 Speaker 13: establishment win? You know, you've got you know, a woman 601 00:34:17,080 --> 00:34:19,279 Speaker 13: with a lot of support in that area, and you've 602 00:34:19,280 --> 00:34:22,200 Speaker 13: got somebody who can spend his own money and basically 603 00:34:22,239 --> 00:34:24,719 Speaker 13: making the case, do you want to be you know, 604 00:34:24,840 --> 00:34:28,400 Speaker 13: spend the party's money we needed elsewhere, Let me spend mine. 605 00:34:28,480 --> 00:34:30,400 Speaker 13: And so it's going to be fascinating to see what 606 00:34:30,480 --> 00:34:31,240 Speaker 13: happens tonight. 607 00:34:32,440 --> 00:34:35,160 Speaker 4: Well, so, Rick Davis, what is worth more the endorsements 608 00:34:35,200 --> 00:34:40,319 Speaker 4: of Wes Moore Senator Chris van holland Stannie Hoyer or 609 00:34:40,560 --> 00:34:43,840 Speaker 4: sixty dollars in your personal bank account. 610 00:34:45,080 --> 00:34:47,799 Speaker 12: We're going to find out tonight because that's exactly what 611 00:34:47,880 --> 00:34:51,080 Speaker 12: we're looking at in that Democratic primary. But I hate 612 00:34:51,120 --> 00:34:53,960 Speaker 12: to burst their bubble. All of that may be for 613 00:34:54,080 --> 00:34:58,280 Speaker 12: not because when I see the Kurt pulling, Larry Hogan 614 00:34:58,360 --> 00:35:01,719 Speaker 12: is crushing him almost a twenty race, and I know 615 00:35:01,880 --> 00:35:03,759 Speaker 12: that the popular thing is to say, oh, you know, 616 00:35:03,880 --> 00:35:07,000 Speaker 12: people vote differently for governor than they do for the Senate. 617 00:35:07,440 --> 00:35:09,960 Speaker 12: And generally speaking, I'd say that's probably the case, and 618 00:35:10,000 --> 00:35:12,759 Speaker 12: they'd have to be very different in this case. But 619 00:35:13,280 --> 00:35:16,240 Speaker 12: he left Larry Hogan left office with a seventy seven 620 00:35:16,320 --> 00:35:20,239 Speaker 12: percent approval rating. Let's not underestimate the fact that it 621 00:35:20,400 --> 00:35:23,960 Speaker 12: almost if you look at the polling today, is irrelevant 622 00:35:24,000 --> 00:35:27,000 Speaker 12: who wins this primary tonight. It's going to be a 623 00:35:27,120 --> 00:35:29,920 Speaker 12: very stiff undertaking for Democrats to hold that seat. 624 00:35:32,239 --> 00:35:32,600 Speaker 9: All right. 625 00:35:32,680 --> 00:35:36,920 Speaker 6: Rick Davis and Jeanie Shanzano are signature political panel joining 626 00:35:36,960 --> 00:35:39,680 Speaker 6: us on this primary day. Thank you so much, and 627 00:35:39,840 --> 00:35:42,840 Speaker 6: Joe again, we almost forget that they're still ongoing primaries 628 00:35:42,920 --> 00:35:46,160 Speaker 6: because we have a presumptive Republican and Democratic nominee for president. 629 00:35:46,480 --> 00:35:48,759 Speaker 6: But there still are a lot of important ones that 630 00:35:49,280 --> 00:35:51,120 Speaker 6: are for other races that we still. 631 00:35:50,960 --> 00:35:51,759 Speaker 9: Have to pay attention to. 632 00:35:51,920 --> 00:35:53,920 Speaker 4: This is a big one in Maryland, and to your point, 633 00:35:54,239 --> 00:35:56,480 Speaker 4: you get this in West Virginia behind you tonight. 634 00:35:56,200 --> 00:35:57,640 Speaker 14: And we could have this decided already. 635 00:35:57,640 --> 00:35:58,440 Speaker 4: We'll find out together. 636 00:35:58,680 --> 00:36:06,400 Speaker 7: Yeah, you're listening to the Bloomberg Balance of Power podcast 637 00:36:06,600 --> 00:36:10,520 Speaker 7: Ken just live weekdays at noon Eastern on Applecarplay. 638 00:36:09,719 --> 00:36:12,000 Speaker 3: And enroun Oo with the Bloomberg Business app. 639 00:36:12,080 --> 00:36:14,920 Speaker 2: You can also listen live on Amazon Alexa from our 640 00:36:14,960 --> 00:36:20,040 Speaker 2: flagship New York station, Just Say Alexa play Bloomberg eleven thirty. 641 00:36:21,520 --> 00:36:24,600 Speaker 4: Thanks for joining on the fastest show in politics alongside 642 00:36:24,800 --> 00:36:28,560 Speaker 4: Kaylee Lines I'm Joe Matthew. As we were just discussing, Kayley, 643 00:36:29,120 --> 00:36:33,520 Speaker 4: the political challenges that Israel policy has brought the Biden 644 00:36:33,640 --> 00:36:35,879 Speaker 4: campaign and the Biden White House for that matter. It's 645 00:36:35,920 --> 00:36:38,719 Speaker 4: been a problem for a lot of progressive Democrats, and 646 00:36:38,800 --> 00:36:42,279 Speaker 4: the withholding of at least one, maybe two shipments of 647 00:36:42,320 --> 00:36:46,120 Speaker 4: weapons upset a lot of Republicans on this matter, which 648 00:36:46,200 --> 00:36:49,880 Speaker 4: will point our listeners and viewers to House Resolution twelve nineteen, 649 00:36:50,719 --> 00:36:53,920 Speaker 4: a messaging bill, but an important one today, Kaylee that 650 00:36:54,000 --> 00:36:55,920 Speaker 4: we'll see a vote tomorrow looks like yep. 651 00:36:55,760 --> 00:36:57,840 Speaker 6: That is when the House is set to vote on this. 652 00:36:57,840 --> 00:37:00,440 Speaker 6: This is essentially a bill that would force President Biden 653 00:37:00,520 --> 00:37:06,960 Speaker 6: to send withheld weapons to Israel. Remember that this weapons 654 00:37:07,000 --> 00:37:10,360 Speaker 6: withholding that we've seen the administration take here is offensive 655 00:37:10,400 --> 00:37:13,319 Speaker 6: weapons large bombs that they have not yet sent, just 656 00:37:13,400 --> 00:37:15,520 Speaker 6: paused for now because of concern over how they could 657 00:37:15,520 --> 00:37:17,680 Speaker 6: be used in RAFA. Does not actually have anything to 658 00:37:17,680 --> 00:37:20,680 Speaker 6: do with the supplemental funding that Congress pass that was 659 00:37:20,719 --> 00:37:24,800 Speaker 6: mostly defensive weapons, including things that would restock the Iron 660 00:37:24,880 --> 00:37:27,759 Speaker 6: Dome missile defense system. But there has been a lot 661 00:37:27,800 --> 00:37:30,400 Speaker 6: of consternation about this decision from the administration, and now 662 00:37:30,400 --> 00:37:32,160 Speaker 6: there's going to be an attempt to put members of 663 00:37:32,200 --> 00:37:35,680 Speaker 6: the House on the record choosing a side on this. 664 00:37:35,880 --> 00:37:37,239 Speaker 6: One of them who is going to have to do 665 00:37:37,280 --> 00:37:40,719 Speaker 6: so is joining us now. Democratic Congressman Brad Sherman of 666 00:37:40,800 --> 00:37:43,800 Speaker 6: California is with us here on Bloomberg Television and Radio. Congressman, 667 00:37:43,840 --> 00:37:46,239 Speaker 6: welcome back. Thank you so much for joining us on 668 00:37:46,360 --> 00:37:48,839 Speaker 6: Balance of Power. Will you be voting yes to this 669 00:37:48,840 --> 00:37:49,520 Speaker 6: bill tomorrow? 670 00:37:50,440 --> 00:37:51,520 Speaker 14: I will probably vote no. 671 00:37:51,680 --> 00:37:54,319 Speaker 10: I wish the Republicans had worked with Democrats on a 672 00:37:54,360 --> 00:37:58,279 Speaker 10: bipartisan resolution that we could vote yes on, because we 673 00:37:58,320 --> 00:38:02,520 Speaker 10: should be shipping those weaponsons and more. Much more important 674 00:38:02,520 --> 00:38:05,239 Speaker 10: than the bombs that are getting on the discussion is 675 00:38:05,320 --> 00:38:08,520 Speaker 10: the jay dams. Those are kits that turn smart bombs 676 00:38:09,120 --> 00:38:12,799 Speaker 10: dumb bombs into smart bombs. And to criticize Israel for 677 00:38:12,920 --> 00:38:16,360 Speaker 10: not acting with precision while depriving them of the kits 678 00:38:16,400 --> 00:38:19,000 Speaker 10: that make the bombs act precisely. 679 00:38:19,000 --> 00:38:20,120 Speaker 14: Is just the wrong message. 680 00:38:20,160 --> 00:38:24,960 Speaker 10: The problem with the Republican resolution is that it not 681 00:38:25,080 --> 00:38:28,960 Speaker 10: only deals with these immediate concerns, but makes Israel permanently 682 00:38:29,080 --> 00:38:30,719 Speaker 10: exempt from. 683 00:38:30,640 --> 00:38:31,640 Speaker 14: The lay He review. 684 00:38:32,239 --> 00:38:35,600 Speaker 10: That's a review to see whether the country's receiving our 685 00:38:35,600 --> 00:38:39,040 Speaker 10: weapons or using them. According to international standards and our standards. 686 00:38:39,520 --> 00:38:41,200 Speaker 14: Israel passes that review. 687 00:38:41,600 --> 00:38:45,200 Speaker 10: Israel is doing a better job, and it's a very 688 00:38:45,200 --> 00:38:48,400 Speaker 10: difficult job, but a better job than any other military 689 00:38:48,800 --> 00:38:53,880 Speaker 10: in waging urban warfare with that while seeking to minimize 690 00:38:54,040 --> 00:38:56,200 Speaker 10: civilian casualties. Now, it's a very hard thing to do, 691 00:38:56,239 --> 00:38:59,960 Speaker 10: and there have been civilian casualties. But to exempt his 692 00:39:00,120 --> 00:39:03,080 Speaker 10: real permanently from the standard is like me going to 693 00:39:04,120 --> 00:39:07,239 Speaker 10: the high school and telling them, don't make my kids 694 00:39:07,320 --> 00:39:10,239 Speaker 10: take the test. No, my kids are smart. I want 695 00:39:10,280 --> 00:39:12,239 Speaker 10: them to take the test, and I know they're going 696 00:39:12,320 --> 00:39:17,960 Speaker 10: to pass. And what we should do is have this 697 00:39:18,080 --> 00:39:22,120 Speaker 10: standard apply and show that Israel is in fact complying 698 00:39:22,160 --> 00:39:24,279 Speaker 10: with international law and our own standards. 699 00:39:24,520 --> 00:39:25,680 Speaker 14: To exempt them. 700 00:39:27,080 --> 00:39:32,640 Speaker 10: Feeds into this worldwide narrative that Israel is not seeking 701 00:39:32,680 --> 00:39:38,000 Speaker 10: to minimize civilian casualties. Now, given that Hamas their whole 702 00:39:38,000 --> 00:39:41,120 Speaker 10: strategy is to surround themselves with as many women and 703 00:39:41,200 --> 00:39:45,239 Speaker 10: children as possible while firing rockets at Israel, that makes 704 00:39:45,239 --> 00:39:48,040 Speaker 10: it difficult on Israel, but that is part of the 705 00:39:48,080 --> 00:39:50,839 Speaker 10: standard that you used to review, and Israel should not 706 00:39:50,880 --> 00:39:51,400 Speaker 10: be exempt. 707 00:39:51,840 --> 00:39:55,520 Speaker 14: Israel, though, however, passes the standards. 708 00:39:56,960 --> 00:39:59,799 Speaker 4: The report by the State Department, Congressman, thanks for being 709 00:39:59,840 --> 00:40:04,520 Speaker 4: with us today. That Anthony Blinken submitted last week does 710 00:40:04,560 --> 00:40:10,120 Speaker 4: bring some concerns accusing Israeli forces of potentially violating international 711 00:40:10,560 --> 00:40:14,080 Speaker 4: humanitarian law. Have you told the President how you feel 712 00:40:14,120 --> 00:40:14,480 Speaker 4: about this? 713 00:40:16,239 --> 00:40:19,439 Speaker 10: I have told the State Department that I don't think 714 00:40:19,480 --> 00:40:22,440 Speaker 10: that they phrased things correctly in that report. But the 715 00:40:22,520 --> 00:40:33,320 Speaker 10: fact is that potentially violate everybody potentially might have violated. 716 00:40:33,440 --> 00:40:36,719 Speaker 10: What the hell does that mean? But the fact is 717 00:40:37,480 --> 00:40:41,160 Speaker 10: that Israel not only complies with the standards, but they 718 00:40:41,160 --> 00:40:44,960 Speaker 10: have a system for reviewing their own military. Look in Vietnam, 719 00:40:45,360 --> 00:40:48,520 Speaker 10: we didn't comply with all the standards, but Lieutenant Kelly 720 00:40:48,960 --> 00:40:53,080 Speaker 10: went to prison because we identify and we had a 721 00:40:53,160 --> 00:40:54,399 Speaker 10: system for. 722 00:40:54,400 --> 00:40:56,560 Speaker 14: Reviewing the actions of our individual soldiers. 723 00:40:56,640 --> 00:41:00,440 Speaker 10: Israel has that as well. They're conducting a number of 724 00:41:00,440 --> 00:41:04,680 Speaker 10: of investigations. So according to Israel, it is possible that 725 00:41:04,840 --> 00:41:08,800 Speaker 10: some of their soldiers acted wrongful, And according to America, 726 00:41:08,920 --> 00:41:11,760 Speaker 10: it is possible that some Israeli soldiers have acted wrongful, 727 00:41:12,120 --> 00:41:12,560 Speaker 10: But that. 728 00:41:13,120 --> 00:41:16,160 Speaker 14: The Leahy standard isn't. 729 00:41:17,640 --> 00:41:20,680 Speaker 10: That you cut off weapons to an ally because some 730 00:41:20,800 --> 00:41:25,880 Speaker 10: soldiers may have acted wrongful, you inspect, you want to 731 00:41:25,920 --> 00:41:32,520 Speaker 10: see the top echelons of any allied government implementing standards 732 00:41:32,520 --> 00:41:36,160 Speaker 10: to hold their soldiers accountable. Israel does that, and that's 733 00:41:36,280 --> 00:41:40,480 Speaker 10: why the ratio of civilian to mill it to terrorist 734 00:41:40,600 --> 00:41:44,719 Speaker 10: deaths in Gaza is actually considerably better. 735 00:41:44,680 --> 00:41:48,560 Speaker 14: Than what we saw in Moses and Fallujah. And we've got. 736 00:41:48,320 --> 00:41:54,239 Speaker 10: A very moral and very capable on military force and 737 00:41:54,280 --> 00:41:54,759 Speaker 10: that's what we. 738 00:41:54,840 --> 00:41:55,560 Speaker 14: Used in a wrap. 739 00:41:57,400 --> 00:42:00,480 Speaker 6: Well, Congressman, it's great to hear your perspective on issue 740 00:42:00,480 --> 00:42:02,760 Speaker 6: of Israel's ongoing war with a mosque. Given your seat 741 00:42:02,800 --> 00:42:04,920 Speaker 6: on the House Foreign Affairs Committee, but you also have 742 00:42:05,400 --> 00:42:07,920 Speaker 6: a seat on another committee, which we'll be focusing on 743 00:42:07,960 --> 00:42:10,719 Speaker 6: here at Bloomberg Tomorrow. House Financial Services will have the 744 00:42:10,719 --> 00:42:14,640 Speaker 6: prudential regulators in front of you and your colleagues in 745 00:42:14,719 --> 00:42:17,160 Speaker 6: a hearing. I'm sure there will be some questions for 746 00:42:17,239 --> 00:42:19,920 Speaker 6: Michael Barr of the FED over the Basil three endgame 747 00:42:20,320 --> 00:42:22,920 Speaker 6: and what that's looking like. But I'm imagining, especially your 748 00:42:22,920 --> 00:42:25,680 Speaker 6: Republican colleagues, will have some very tough questions from Marty 749 00:42:25,719 --> 00:42:28,840 Speaker 6: Grunberg of the FDIC. After that scathing third party report 750 00:42:28,880 --> 00:42:32,480 Speaker 6: came out about the workplace culture at the FDIC, there 751 00:42:32,480 --> 00:42:34,200 Speaker 6: have been a lot of calls serve for the chair 752 00:42:34,719 --> 00:42:37,680 Speaker 6: to resign, would that at least go some distance to 753 00:42:37,880 --> 00:42:41,320 Speaker 6: solving what is described as a deep rooted problem. 754 00:42:41,840 --> 00:42:45,800 Speaker 10: I think we have to deal with the atmosphere at FDIC. 755 00:42:46,200 --> 00:42:49,880 Speaker 10: They have over six thousand employees and they deserve a 756 00:42:49,960 --> 00:42:54,720 Speaker 10: better atmosphere. But as important as those six thousand employees are, 757 00:42:55,200 --> 00:42:59,080 Speaker 10: every American has a state and whether of these BOSL 758 00:42:59,120 --> 00:43:01,200 Speaker 10: three regulations. 759 00:43:02,480 --> 00:43:03,480 Speaker 14: Serve our economy. 760 00:43:03,520 --> 00:43:07,279 Speaker 10: Well, if we go too far one way, banks won't 761 00:43:08,000 --> 00:43:11,080 Speaker 10: have the sufficient capital and we'll see a press a 762 00:43:11,120 --> 00:43:13,200 Speaker 10: need or at least a claim need. 763 00:43:13,239 --> 00:43:14,480 Speaker 14: For bailouts in the future. 764 00:43:14,719 --> 00:43:16,960 Speaker 10: But if we go too far the other way, banks 765 00:43:17,000 --> 00:43:21,160 Speaker 10: won't lend, particularly to small business. They'll just invest in 766 00:43:21,239 --> 00:43:25,720 Speaker 10: treasury bills, and that will leave a small business without 767 00:43:25,719 --> 00:43:30,040 Speaker 10: a way to get the funds that they need. In addition, 768 00:43:30,080 --> 00:43:35,920 Speaker 10: there are individual problems with the proposed regulations, provisions that 769 00:43:36,280 --> 00:43:43,160 Speaker 10: don't treat appropriately energy efficiency standards and clean energy clean 770 00:43:43,280 --> 00:43:46,640 Speaker 10: energy tax credits, which are an asset that banks should 771 00:43:46,640 --> 00:43:52,439 Speaker 10: get credit for. There is a language in Basel three 772 00:43:52,520 --> 00:43:57,120 Speaker 10: that will not give credit for mortgage insurance, so banks 773 00:43:57,160 --> 00:43:59,520 Speaker 10: will be reluctant to lend the first time home buyers, 774 00:43:59,560 --> 00:44:03,120 Speaker 10: even if they have mortgage insurance as a practical matter, 775 00:44:03,400 --> 00:44:04,759 Speaker 10: insulates the bank from risk. 776 00:44:05,560 --> 00:44:06,799 Speaker 14: We've got a host. 777 00:44:06,520 --> 00:44:10,880 Speaker 10: Of other problems where these regulations seem to push the 778 00:44:10,920 --> 00:44:15,120 Speaker 10: bank stared investing in bonds on Wall Street and push. 779 00:44:15,000 --> 00:44:17,880 Speaker 14: Them away from making loans to local. 780 00:44:17,640 --> 00:44:20,719 Speaker 10: Businesses on Main Street. That's the exact opposite of what 781 00:44:20,840 --> 00:44:25,520 Speaker 10: we need. It's local businesses that need the capital. Wall 782 00:44:25,520 --> 00:44:29,200 Speaker 10: Street's doon a fine job providing money to publicly traded corporation. 783 00:44:30,880 --> 00:44:32,960 Speaker 4: Congress, and it's great to have you back, Brad Sherman, 784 00:44:33,000 --> 00:44:35,799 Speaker 4: the Democrat from California, walking us through a couple of 785 00:44:35,840 --> 00:44:39,200 Speaker 4: issues today. Thanks for joining us today on Bloomberg. I'm 786 00:44:39,280 --> 00:44:42,640 Speaker 4: Joe Matthew alongside Kaylie Liones here on Bloomberg TV and Radio. 787 00:44:42,680 --> 00:44:44,520 Speaker 4: And thanks for joining us on Balance of Power. We 788 00:44:44,560 --> 00:44:47,040 Speaker 4: heard from the President a short time ago addressing the 789 00:44:47,120 --> 00:44:50,640 Speaker 4: nation from the Rose Garden, where he made good on 790 00:44:50,800 --> 00:44:57,120 Speaker 4: expectations to raise tariffs on certain China imports. If you've 791 00:44:57,120 --> 00:44:59,680 Speaker 4: been with us here on Bloomberg TV and Radio or 792 00:44:59,719 --> 00:45:04,960 Speaker 4: on its terminally, you saw this coming. Evs, solar panels, batteries, 793 00:45:05,440 --> 00:45:10,040 Speaker 4: semiconductors all on the list. Kaylee, this is market moving 794 00:45:10,120 --> 00:45:12,400 Speaker 4: stuff coming from the White House today, and I guess 795 00:45:12,719 --> 00:45:15,440 Speaker 4: the President's trying to encroach on one of Donald Trump's 796 00:45:15,480 --> 00:45:16,040 Speaker 4: lanes here. 797 00:45:16,239 --> 00:45:16,479 Speaker 2: Yeah. 798 00:45:16,520 --> 00:45:19,880 Speaker 6: Donald Trump, of course, has proposed something much more sweeping, 799 00:45:19,920 --> 00:45:23,640 Speaker 6: sixty percent blanket tariffs on every import coming from China, 800 00:45:23,680 --> 00:45:27,600 Speaker 6: whereas the administration here is perhaps being more targeted. The question, Joe, 801 00:45:28,040 --> 00:45:30,120 Speaker 6: is to what extent are the symbolic and to what 802 00:45:30,160 --> 00:45:33,440 Speaker 6: extent will they actually have an impact considering existing tariffs 803 00:45:33,440 --> 00:45:35,320 Speaker 6: are already in place for a number of these goods, 804 00:45:35,400 --> 00:45:38,319 Speaker 6: essentially boxing Chinese products out of the US market. 805 00:45:38,360 --> 00:45:40,040 Speaker 4: All Right, this is the type of thing we need 806 00:45:40,120 --> 00:45:42,640 Speaker 4: Jenny Welch to help us with. That's why she's at 807 00:45:42,640 --> 00:45:47,319 Speaker 4: Bloomberg of course, economist geoeconomists in our geopolitical division at 808 00:45:47,320 --> 00:45:51,000 Speaker 4: Bloomberg Economics. It's great to see Jenny welcome back. This 809 00:45:51,239 --> 00:45:53,880 Speaker 4: is something that does smack of Donald Trump. But the 810 00:45:53,920 --> 00:45:56,840 Speaker 4: President also said in the Rose Garden that we weren't 811 00:45:56,840 --> 00:45:59,560 Speaker 4: really getting any imports from China out of our trade 812 00:45:59,600 --> 00:46:01,400 Speaker 4: deals anyway. Does this change anything? 813 00:46:01,880 --> 00:46:02,040 Speaker 12: So? 814 00:46:02,080 --> 00:46:04,319 Speaker 15: I think what this will change is it's particularly the 815 00:46:04,800 --> 00:46:07,800 Speaker 15: specific sectors. As you noted, this is a very targeted 816 00:46:07,880 --> 00:46:10,920 Speaker 15: move to target the industries that President Biden has made 817 00:46:10,960 --> 00:46:13,480 Speaker 15: a lot of investments in and protect those investments so 818 00:46:13,520 --> 00:46:15,480 Speaker 15: that they can be the industries of the future, as 819 00:46:15,480 --> 00:46:18,640 Speaker 15: he calls them. In terms of the macro impact on 820 00:46:18,760 --> 00:46:21,319 Speaker 15: US China trade, it's pretty small. The macro impact on 821 00:46:21,400 --> 00:46:24,440 Speaker 15: China's economy is also small, But the signal it sends 822 00:46:24,440 --> 00:46:28,160 Speaker 15: about Washington's interests and commitment to competing in these industries 823 00:46:28,560 --> 00:46:29,640 Speaker 15: is major for Beijing. 824 00:46:30,040 --> 00:46:33,880 Speaker 6: Well, so what signal will Beijing send in response? Already, 825 00:46:34,040 --> 00:46:37,839 Speaker 6: their Ministry of Commerce has essentially said that they are 826 00:46:37,880 --> 00:46:39,920 Speaker 6: not in favor of this, They view it as a 827 00:46:40,160 --> 00:46:44,840 Speaker 6: political move. Should we expect retaliatory TIET tariffs on US 828 00:46:45,120 --> 00:46:47,120 Speaker 6: goods going to China in response? 829 00:46:47,239 --> 00:46:50,000 Speaker 15: Our expectation is that Beijing's response is likely to be 830 00:46:50,080 --> 00:46:53,240 Speaker 15: more in the symbolic category of things for a few reasons. One, again, 831 00:46:53,280 --> 00:46:55,960 Speaker 15: the impact on China's economy and on US China trade 832 00:46:56,320 --> 00:47:00,760 Speaker 15: is relatively targeted. It's relatively modest. Second, China is probably 833 00:47:00,800 --> 00:47:03,000 Speaker 15: where the fact that the EU is watching all of 834 00:47:03,000 --> 00:47:05,600 Speaker 15: this very closely, and it could factor into the EU's 835 00:47:05,640 --> 00:47:09,000 Speaker 15: own pending decisions about how it approaches Chinese goods like evs, 836 00:47:09,520 --> 00:47:12,960 Speaker 15: And Third, retaliation bears some risk and harm to China 837 00:47:13,000 --> 00:47:15,839 Speaker 15: and China's economy. We saw during the original trade war 838 00:47:16,239 --> 00:47:19,480 Speaker 15: that China actually downshifted some of its retaliatory tariffs to 839 00:47:19,520 --> 00:47:22,560 Speaker 15: avoid further harm to China's economy, which is now facing 840 00:47:22,560 --> 00:47:24,440 Speaker 15: even greater headwinds than it was back then. 841 00:47:24,880 --> 00:47:28,839 Speaker 4: Political manipulation, I think, is how Beijing described this when 842 00:47:28,880 --> 00:47:32,279 Speaker 4: it was at least anticipated. Jenny, then what's the end 843 00:47:32,320 --> 00:47:36,560 Speaker 4: results with our relationship? Having just seen Anthony Blinkn and 844 00:47:36,640 --> 00:47:38,399 Speaker 4: Janet Yellen in Beijing. 845 00:47:38,480 --> 00:47:41,560 Speaker 15: Well, on those trips, both Secretary Yellen and Secretary Blinkin 846 00:47:41,680 --> 00:47:44,640 Speaker 15: pretty clearly signaled that the United States was concerned about 847 00:47:44,680 --> 00:47:46,760 Speaker 15: overcapacity in several of these sectors. 848 00:47:46,840 --> 00:47:47,040 Speaker 9: Right. 849 00:47:47,320 --> 00:47:49,319 Speaker 15: I think this has been a pretty well telegraphed move 850 00:47:49,360 --> 00:47:51,160 Speaker 15: that Beijing has been expecting. 851 00:47:51,400 --> 00:47:55,719 Speaker 6: Well telegraphed indeed, and symbolic, as we've discussed in large part, 852 00:47:55,760 --> 00:47:59,200 Speaker 6: at least for some of these industries like electric vehicles, 853 00:47:59,200 --> 00:48:01,440 Speaker 6: for example, you can't really buy a lot of Chinese 854 00:48:01,440 --> 00:48:03,960 Speaker 6: made evs in the US as it is for some 855 00:48:04,000 --> 00:48:06,120 Speaker 6: of the other sectors though, in which we've seen the 856 00:48:06,120 --> 00:48:08,760 Speaker 6: tariffs go into place, including a twenty five percent tariff 857 00:48:08,800 --> 00:48:12,479 Speaker 6: now on critical minerals, things like batteries and the things 858 00:48:12,560 --> 00:48:14,959 Speaker 6: the stuff that goes into them. The US needs these 859 00:48:15,040 --> 00:48:18,600 Speaker 6: right to power a greener energy future, and we're still 860 00:48:18,640 --> 00:48:21,200 Speaker 6: heavily reliant on China for those things. Is this going 861 00:48:21,239 --> 00:48:22,880 Speaker 6: to backfire to some extent? 862 00:48:23,000 --> 00:48:24,960 Speaker 15: So I think that's the exact reason that Bide administration 863 00:48:25,000 --> 00:48:27,600 Speaker 15: took these steps, as they're concerned about China's dominance of 864 00:48:27,640 --> 00:48:30,400 Speaker 15: these supply chains and US reliance on them. In particular, 865 00:48:30,400 --> 00:48:32,759 Speaker 15: as you mentioned critical minerials batteries, we also get the 866 00:48:32,840 --> 00:48:35,480 Speaker 15: vast majority of our lithium ion batteries, which are critical 867 00:48:35,520 --> 00:48:39,399 Speaker 15: to evs and other clean energy products from China. That's 868 00:48:39,440 --> 00:48:41,520 Speaker 15: part of the reason why the administration is phasing some 869 00:48:41,560 --> 00:48:43,800 Speaker 15: of these terraces in. Some of them will come into play, 870 00:48:43,840 --> 00:48:47,319 Speaker 15: like EV's this year after the initial comment period, but 871 00:48:47,400 --> 00:48:49,920 Speaker 15: several are for twenty twenty five twenty twenty six to 872 00:48:49,920 --> 00:48:52,280 Speaker 15: allow the market to adjust them, and is to create 873 00:48:52,320 --> 00:48:56,800 Speaker 15: that space for more resilient, sort of diversified supply chains 874 00:48:56,840 --> 00:48:57,640 Speaker 15: in these sectors. 875 00:48:57,800 --> 00:49:00,200 Speaker 4: The idea of this as a tacit endorsement of the 876 00:49:00,239 --> 00:49:03,480 Speaker 4: Trump tariffs is something I brought to Gene Sperling, who 877 00:49:03,520 --> 00:49:05,840 Speaker 4: joined US earlier in the broadcast one of the President's 878 00:49:06,120 --> 00:49:08,680 Speaker 4: economic advisors, and he wasn't having any part of that. 879 00:49:08,920 --> 00:49:11,960 Speaker 4: We do need to acknowledge all the Trump tariffs have 880 00:49:12,040 --> 00:49:14,200 Speaker 4: stayed in place. They didn't bring down any of them. 881 00:49:14,600 --> 00:49:17,000 Speaker 15: Yes, no, that's absolutely right. And this is a process 882 00:49:17,040 --> 00:49:20,160 Speaker 15: that folks should know began several years ago. It took 883 00:49:20,200 --> 00:49:22,640 Speaker 15: a long time for it to come to culmination. It's 884 00:49:22,640 --> 00:49:25,560 Speaker 15: an opportunity for Biden to put his personal stamp on 885 00:49:25,600 --> 00:49:28,040 Speaker 15: the US trade approach to China and underscore what his 886 00:49:28,120 --> 00:49:31,320 Speaker 15: priorities are and protect his investments. But yes, it reflects 887 00:49:31,600 --> 00:49:35,040 Speaker 15: continuity in terms of concerns about the US China trade 888 00:49:35,040 --> 00:49:38,480 Speaker 15: imbalance that former President Trump also shares well. 889 00:49:38,320 --> 00:49:41,760 Speaker 6: And that President Biden called out the Trump administration policy 890 00:49:41,800 --> 00:49:43,799 Speaker 6: when he was actually in the Oval office, as well 891 00:49:43,840 --> 00:49:45,759 Speaker 6: as the policy that Trump said he would pursue if 892 00:49:45,760 --> 00:49:47,960 Speaker 6: he gets to go back there again as president. This 893 00:49:48,040 --> 00:49:50,560 Speaker 6: idea of sixty percent blanket tariffs. He said that that 894 00:49:50,600 --> 00:49:54,160 Speaker 6: would raise costs by a certain dollar amount for American consumers, 895 00:49:54,320 --> 00:49:57,520 Speaker 6: essentially be inflationary. Will these tariffs that announced today also 896 00:49:57,560 --> 00:50:00,319 Speaker 6: be inflationary or are we likely not to really feel 897 00:50:00,360 --> 00:50:01,320 Speaker 6: the economic impact? 898 00:50:01,400 --> 00:50:03,200 Speaker 15: I think for these terrorists. Now it's a more modest 899 00:50:03,200 --> 00:50:05,600 Speaker 15: impact for many of these goods. Again, with the exception 900 00:50:05,680 --> 00:50:08,120 Speaker 15: of batteries and critical minter rules, where we do import 901 00:50:08,120 --> 00:50:10,480 Speaker 15: a lot from China, we're actually not getting very much 902 00:50:10,520 --> 00:50:13,719 Speaker 15: from them this space. But yes, if former President Trump 903 00:50:13,800 --> 00:50:15,759 Speaker 15: were to be re elected and follow through on this 904 00:50:15,840 --> 00:50:18,640 Speaker 15: pledge to enact sixty percent terrafts on all Chinese goods, 905 00:50:18,920 --> 00:50:21,400 Speaker 15: that would have a significant impact on US China trade, 906 00:50:21,440 --> 00:50:23,960 Speaker 15: bring it down to olmost zero. Depending on the timeline 907 00:50:23,960 --> 00:50:26,560 Speaker 15: in which he does, that could be quite inflationary, all right. 908 00:50:26,480 --> 00:50:30,680 Speaker 6: Jennifer Welsh, Bloomberg Economics, Chief geoeconomics analysts. This is the 909 00:50:30,760 --> 00:50:34,080 Speaker 6: very definition of geoeconomics. Thank you so much for joining 910 00:50:34,160 --> 00:50:35,280 Speaker 6: us here in Washington. 911 00:50:38,480 --> 00:50:41,680 Speaker 4: Thanks for listening to the Balance of Power podcast. Make 912 00:50:41,680 --> 00:50:44,640 Speaker 4: sure to subscribe if you haven't already, at Apple, Spotify, 913 00:50:44,760 --> 00:50:47,319 Speaker 4: or wherever you get your podcasts, and you can find 914 00:50:47,400 --> 00:50:50,600 Speaker 4: us live every weekday from Washington, DC at noontime Eastern 915 00:50:50,920 --> 00:50:52,320 Speaker 4: at Bloomberg dot com.