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Speaker 1: Welcome to the Bloomberg P and L Podcast. I'm Pim Fox.

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Speaker 1: Along with my co host Lisa Abramowitz. Each day we

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Speaker 1: bring you the most important, noteworthy, and useful interviews for

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Speaker 1: you and your money, whether you're at the grocery store

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Speaker 1: or the trading floor. Find the Bloomberg P and L

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Speaker 1: Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com. Nafter

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Speaker 1: renegotiations with Mexico and Canada, how are those two countries

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Speaker 1: dealing with demands from the United States. Here to tell

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Speaker 1: us more is Gary Clyde Huffbauer, non Resident Senior Fellow

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Speaker 1: for the Peterson Institute for International Economics. Joining us from Washington.

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Speaker 1: Gary Huffbauer, What exactly are the sticking points between the

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Speaker 1: United States and Canada UH? There are three. First of all,

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Speaker 1: the United States President Trump wants Canada to dramatically increase

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Speaker 1: access for the US dairy farmers, and Canada has a

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Speaker 1: rather protected so called supply management system. Secondly, President Trump

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Speaker 1: wants to get rid of UH, an arbitration system for

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Speaker 1: handling or for reviewing anti dumping and countervating duty cases,

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Speaker 1: and that UH. Canadians have described that as a red

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Speaker 1: line and Thirdly, Uh, the agreement with Mexico provides for

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Speaker 1: a review in six years and possible termination in sixteen years,

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Speaker 1: and the Canadians strongly prefer an indefinite life of the

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Speaker 1: new agreement. So those are the three big sticking points. Dairy,

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Speaker 1: as a senior fellow at the Peterson Institute, you often

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Speaker 1: Peterson Institute is is often thought of as putting forward

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Speaker 1: a pro trade, pro free trade type of agenda, and

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Speaker 1: I'm curious on your perspective coming from that, given your

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Speaker 1: experience as a Deputy Assistant Secretary for International Trade and

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Speaker 1: Investment Policy at the U s. Trejury in the nineteen seventies. Uh,

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Speaker 1: I'm just wondering, is there a corollary to the time

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Speaker 1: that we're living in in terms of the anti free

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Speaker 1: trade sentiment in your in your experience. Oh, oh yes,

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Speaker 1: this is a very strong anti free trade mood after

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Speaker 1: about sixty years of progressive pre er trade by both

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Speaker 1: by the United States and other countries. But this particular

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Speaker 1: agreement is reading a backward step and a big backward

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Speaker 1: step in terms of of preer trade in three important

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Speaker 1: sectors autos. Firstly, um textiles to some extent, and then

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Speaker 1: steal and Alma because a side agreement here will put

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Speaker 1: quotas on imports of steel and aluminum from Mexico and

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Speaker 1: possibly from Canada as well. So those are those are

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Speaker 1: steps backwards. Guard do you believe the technology and innovation

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Speaker 1: will and I I guess it is a pun trump

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Speaker 1: the the the the sort of conflict that you just

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Speaker 1: described having to do with free trade. That the fact

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Speaker 1: that you can move money as well as material all

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Speaker 1: around the world with a click of a button, is

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Speaker 1: that going to make it much more difficult to kind

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Speaker 1: of enforce trade restrictions. It does, It does, And you

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Speaker 1: can also add the digital revolution note we're in, which

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Speaker 1: is really a big pathway to freer trade. But the

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Speaker 1: comp administration just to its best to plug, you know,

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Speaker 1: loopholes that might be created by technology. And in the

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Speaker 1: auto industry they've they've really put all out to well

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Speaker 1: to restrict and we haven't seen the end of it,

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Speaker 1: because after this agreement is reached, they will try to

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Speaker 1: reach agreements with Europe and Japan restricting US auto imports

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Speaker 1: from those two areas as well. So you know, you're right,

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Speaker 1: technology is liberalizing and then the uh, the administration is

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Speaker 1: trying to catch up with some more thumbs in the

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Speaker 1: in the dyke, Gary, do you think that this wave

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Speaker 1: of protection ism, an anti free trade sentiment stems from

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Speaker 1: a failure in free trade to accomplish certain things that

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Speaker 1: people were hoping for. Uh, well that's what they say,

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Speaker 1: but that's not in fact what's happening. What's happening, going

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Speaker 1: back to the technology point, is that technology is is

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Speaker 1: replacing labor and a lot of different sectors, a lot

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Speaker 1: of different labor activities, not only blue collar, but but

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Speaker 1: white collar as well. And uh, that's having an effect

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Speaker 1: on average weight grow. Politicians need something to blame that on.

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Speaker 1: So hey, blame it on the foreigner. That's the simple politics. Um,

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Speaker 1: so it's not free trade, its technology, which is with

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Speaker 1: its uh you know, rough spots, which is causing having

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Speaker 1: most of his angst speak if you can about the

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Speaker 1: US Mexico agreement as you know it, what are some

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Speaker 1: of the good and what are some of the bad points.

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Speaker 1: The good points are lifted from the Transpacific Partnership Agreement, which,

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Speaker 1: as you know, President Trump rejected right on his first

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Speaker 1: day in office. So digital trade. Actually, they are very

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Speaker 1: pro liberalization and digital trade, and that's important to the

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Speaker 1: United States, which is a digital superpower. Intellectual property protections, uh,

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Speaker 1: and there are some good features there searting from the

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Speaker 1: standpoint of US companies. Biologic data gets protected for ten years, uh,

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Speaker 1: copyrights for life of creative plus seventy five years, and

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Speaker 1: a lot of strong stuff on enforcement. There will be

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Speaker 1: a chapter on state on enterprises. That's that's a modest

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Speaker 1: issue with Mexico. Obviously it's a big issue with China.

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Speaker 1: And this chapter meant to be a template. There will

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Speaker 1: be something on currency again, more a template for China

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Speaker 1: talks going forward in for Mexico today. So those are

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Speaker 1: all you know, those are all good things and uh,

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Speaker 1: the administration needs to be congratulated who are modernizing in

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Speaker 1: those respects. Gary, you were quoted in a recent article

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Speaker 1: in Axis saying that if Trump President Trump imposes fresh

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Speaker 1: TIFFs and two billion dollars in Chinese goods, uh, that

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Speaker 1: will trigger a trade war with huge financial repercussions because

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Speaker 1: China will not back down. One key question as we

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Speaker 1: look at markets, how long will it take for those

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Speaker 1: financial repercussions? How long will it take for those to

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Speaker 1: be felt in the United States once this trade work

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Speaker 1: gets going. Oh, the finance markets move ahead of the

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Speaker 1: real markets, and then it will happen, I think, very quickly.

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Speaker 1: And China is not Mexico. I mean, Mexico is is

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Speaker 1: in very difficult situation. It's a weak country compared to

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Speaker 1: the United States. China is not going to back down.

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Speaker 1: China is going to go with kit for tax. So

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Speaker 1: if Trump does two undred billion, will's another billion. They'll

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Speaker 1: start restricting US companies doing business in China. Caterpillar, uh mowing,

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Speaker 1: you name it, They'll restrict them. So I think the

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Speaker 1: financial repercussions from that will happen within you know, within

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Speaker 1: a week or two or even quicker and in a

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Speaker 1: few days. And it's because of those financial repercussions that

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Speaker 1: I remain skeptical. Even though Trump keeps saying it's gonna

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Speaker 1: go after the Chinese, that he will do it riar

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Speaker 1: to the November election, I just can't see this as

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Speaker 1: being good politics for the Republicans come November. Gary, thank

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Speaker 1: you so much for being with us today. Hey, thanks

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Speaker 1: a lot. Take care, Take care. Gary. Clyde Huffbauer is

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Speaker 1: nonresident Senior Fellow at the Peterson Institute for International Economics

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Speaker 1: in Washington, d C. He has a pretty deep knowledge

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Speaker 1: of all things having to do with trade. I mean,

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Speaker 1: I just want to give you some sense of what

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Speaker 1: this background is. He was the Deputy Assist and Secretary

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Speaker 1: of International Trade and Investment Policy at the US Treasury

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Speaker 1: and Director of the International Tax Staff at the U

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Speaker 1: S Treasury during the nineteen seventies. Talking of Ford, It's

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Speaker 1: created credit rating was lowered yesterday by Moody's Investors Service,

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Speaker 1: And I want to bring in Tad Ravelle, chief investment

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Speaker 1: officer for fixed income at TCW Group. Tad, You're the

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Speaker 1: perfect person to have on given the fact that Ford

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Speaker 1: was just downgraded one notch above the junk rating, the

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Speaker 1: highest junk rating, and Ford has a ton of debt.

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Speaker 1: Is this a buying opportunity for you since prices on

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Speaker 1: the debt are falling, are falling or is it a

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Speaker 1: selling a sort of need to sell kind of moment. Well,

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Speaker 1: in our view, the market I think is beginning to

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Speaker 1: maybe more properly priced the risk associated with Ford. As

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Speaker 1: you point out, they have a lot of debt. I

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Speaker 1: believe Ford the company has about ninety billion in long

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Speaker 1: term debt and as you also pointed out, Moody's dropped

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Speaker 1: the rating to the lowest level of investment grade, the

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Speaker 1: b A A three, and they also indicated a negative outlook,

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Speaker 1: which means that officially, or according to the usual way

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Speaker 1: people look at these things, for it is a perspective

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Speaker 1: fallen angel it makes any additional missteps, that runs the

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Speaker 1: risk of being junked in terms of its rating by

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Speaker 1: by Moodies. There's about a hundred twenty basis points um

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Speaker 1: of spread currently in that Forward trades wider to General Motors. UH.

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Speaker 1: Given our inclination and our our belief about the relative

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Speaker 1: merits of the two businesses, we would rather express a

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Speaker 1: view in the autos in the General Motors name rather

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Speaker 1: than the Ford name. Hold on a second, have you

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Speaker 1: are you actively selling Forward in order to buy General

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Speaker 1: Motors or you just aren't buying any Ford and are

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Speaker 1: adding General Motors. We actually have we we have repositioned

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Speaker 1: ourselves to emphasize General Motors at the expense of Ford

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Speaker 1: in the portfolios. We we haven't done it so much reactively,

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Speaker 1: I think we we have held to the view that

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Speaker 1: General Motors has made some more difficult choices. It's made

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Speaker 1: it the tougher decisions, and as a result, it's in

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Speaker 1: a better position visa v. Ford. But of course it

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Speaker 1: should be pointed out that there tends to be a

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Speaker 1: significant amount of correlation in the way General Motors and

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Speaker 1: Ford trade with one another. That correlation has broken down

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Speaker 1: recently with the widening out in the Ford spreads, and

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Speaker 1: as I indicated, I think that that's that's that is

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Speaker 1: a fair market reaction. It is not, in our in

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Speaker 1: our view, a proper time to be adding for it exposure,

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Speaker 1: given its prospective risk profile and the potentiality of it

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Speaker 1: becoming a fallen angel. It would become a rather large

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Speaker 1: fallen angel. By the way, Ted Ravell speak about the

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Speaker 1: sales by corporate holders of bonds, and I'm thinking of

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Speaker 1: companies such as Apple and Oracle. They were big bond buyers.

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Speaker 1: Now they seem to be big bond sellers. What happens

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Speaker 1: when they sell well, we saw some of that happen

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Speaker 1: in the first quarter of this year. As you quite

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Speaker 1: rightly pointed out, the large cash piles that some of

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Speaker 1: these large tech franchises held, many of which were being

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Speaker 1: held in effect in overseas. Types of accounts were um

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Speaker 1: were largely or significant amounts of them were liquidated in

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Speaker 1: the first quarter this year. So what had been a

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Speaker 1: long accumulation process mostly of short term corporate debt, turned

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Speaker 1: into a buying opportunity actually in the first quarter of

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Speaker 1: this year as those positions that came into the marketplace.

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Speaker 1: I don't think that we've seen much activity over the

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Speaker 1: course of the last couple of quarters. However, as I said,

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Speaker 1: that was a really early two thou eighteen type of event.

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Speaker 1: But I think if we look at the more general

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Speaker 1: question about, uh, what is the direction the next direction

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Speaker 1: of the corporate bond market, in our view, it's a

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Speaker 1: it's going to a bad place that you're in a

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Speaker 1: late cycle type of environment. Yeah, you're in a late

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Speaker 1: cycle type of environment. There's a very high level of

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Speaker 1: leverage that exists in the corporate bond market. Generally. There

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Speaker 1: are other forms of market internals, if that's the word

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Speaker 1: for it, that are probably bear watching, and they have

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Speaker 1: been um they have been mentioned by a number of folk.

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Speaker 1: But UH Moody's for instance, called out the percent of

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Speaker 1: issue ince in the the loan market that has now

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Speaker 1: become covenant light. This is obviously a new phenomenon or

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Speaker 1: a phenomenon that is representative only of this cycle, and

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Speaker 1: it means that the types of bank loans that are

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Speaker 1: widely syndicated and trading in the capital markets are particularly

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Speaker 1: risky the hold on but leverage loans are different than

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Speaker 1: fixing come debt. And I'm just wondering, I mean, have

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Speaker 1: you gotten rid of your leverage loan exposure almost entirely?

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Speaker 1: I would you see the same risk in the high

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Speaker 1: old bond market? Well? Um, right, So, technically speaking, what

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Speaker 1: you say is correct that leverage loans are not strictly

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Speaker 1: speaking bonds. Um. However, they are an alternative form of

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Speaker 1: financing that exists for leveraged companies. So leverage companies generally

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Speaker 1: speaking have a choice as to whether or not they

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Speaker 1: prefer to access the high old bond market or the

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Speaker 1: leverage loan market. In that sense, they are actually close

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Speaker 1: siblings of one another. Um. So, I guess what I

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Speaker 1: would put forward is that many of the dynamics as

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Speaker 1: underwriting standards have softened loosened in the leverage loan market.

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Speaker 1: Something comparable has also occurred in the high yield market.

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Speaker 1: The fact that credit is is so accessible and on

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Speaker 1: such poor terms from the point of view of a lender,

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Speaker 1: in our opinion, is a very significant red flag in

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Speaker 1: the context, as they mentioned, a moment ago of a

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Speaker 1: late cycle environment where leverage is already high and the

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Speaker 1: potentiality for a growth recession or a generalized slow down

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Speaker 1: definitionally is rising. Okay, so just twenty seconds, are you

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Speaker 1: buying emerging markets in the sell off? Not yet? Uh?

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Speaker 1: The If you look at the longer term spreads of

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Speaker 1: the emerging market asset class, while the spreads are wider,

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Speaker 1: it is still based upon the historical spread levels, still

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Speaker 1: fairly tight. And um, I think the dynamics that we've

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Speaker 1: seen over the course of the last several weeks should

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Speaker 1: give one quite a bit of pause in an environment

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Speaker 1: of quantitative tightening. What is seems to be occurring as

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Speaker 1: a the weaker borrowers are being revealed in the market.

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Speaker 1: So what we've seen so far, of course is Turkey,

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Speaker 1: Argentina and more recently Indonesia. There may be others. Thanks

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Speaker 1: very much for being whether US tad revels the Chief

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Speaker 1: Investment Officer for Fixed Income for TCW, helping to manage

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Speaker 1: more than a hundred and eighty billion dollars. How satisfied

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Speaker 1: are you with your job? Gad Levanon is the Conference

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Speaker 1: Board's Chief US economist, and he's here to discuss their

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Speaker 1: new survey just in time for Labor Day. It is

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Speaker 1: called the Labor Day Survey of US employees overall are

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Speaker 1: satisfied with their job. Gad, thanks very much for coming

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Speaker 1: into the studio. What are some of the big takeaways

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Speaker 1: from this report? Well, I think the main takeaway it's

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Speaker 1: seven years in a road that we're seeing an improvement

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Speaker 1: in jobs, in job satisfaction, and I think a lot

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Speaker 1: of it is related to the improving labor market. We're

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Speaker 1: seeing improvement in satisfaction, especially in components related to the

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Speaker 1: labor market like job security and wages, and so as

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Speaker 1: long as the labor market continues to improve, I think

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Speaker 1: we'll see stronger job satisfaction. It's interesting to me that

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Speaker 1: there's job satisfaction with wages when we look at the

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Speaker 1: real wages that haven't gone up at all in the

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Speaker 1: past year. In fact, by some measures have gone down

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Speaker 1: if you counter and inflation, So can you square these

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Speaker 1: two Well, there are a lot of wage measures, and

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Speaker 1: some of them tell different stories from others. But I

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Speaker 1: think it is true that the overall wages are not

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Speaker 1: accelerating as one would expect given how tied the labor market.

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Speaker 1: But if you look at wages for blue color versus

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Speaker 1: white color workers, you do see an interesting gap. Dere's

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Speaker 1: In blue color and low paid services occupations you see

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Speaker 1: already a significant acceleration in wages, but in white color

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Speaker 1: the hiring hyping professionals and management positions there you don't

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Speaker 1: see as much wage growth. Yet this is fascinating to

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Speaker 1: me because a lot of people think of it as

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Speaker 1: being the other way around, right, that the wealth gap

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Speaker 1: between rich and poor has been widening. That you can

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Speaker 1: see this with respect to what's been going on with

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Speaker 1: those who can invest in stocks who who can't um

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Speaker 1: But what you're saying is from a wage perspective, that

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Speaker 1: is not the case in the last two or three years.

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Speaker 1: That's not the case. And I know it is contrary

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Speaker 1: to to what a lot of people you know and

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Speaker 1: and what was the case for many decades. But now

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Speaker 1: there are several factors that are really tightened in labor

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Speaker 1: markets for blue color and low paid services occupations. One

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Speaker 1: of them is the fact that the US labor force

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Speaker 1: is becoming more and more educated, and fewer people are

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Speaker 1: willing to take those blue color low paying services jobs.

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Speaker 1: Yet they're sharing. Employment is continuing to go up or

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Speaker 1: continuing to remain the same, so fewer people are interested

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Speaker 1: in those jobs even though they're growing rapidly. That's one thing.

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Speaker 1: The second is the disability and developments in the United States.

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Speaker 1: There have been a huge increase in the share of

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Speaker 1: people who are saying that they are not in the

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Speaker 1: labor force because of disability, and almost all of them

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Speaker 1: are concentrated in the less educated population, so people with

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Speaker 1: no high school degree. But even with high school degree

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Speaker 1: and some college it's almost no none of that is

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Speaker 1: happening in the population with a college degree. God. There

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Speaker 1: are twenty three survey components what people say about their

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Speaker 1: commute to and from their place of work. So as

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Speaker 1: a New Yorker, you will probably be surprised that this

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Speaker 1: is one of the top ranking elements. So most people

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Speaker 1: are more satisfied with their commute than other parts of

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Speaker 1: their job. It's probably not people in the New York area,

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Speaker 1: but in other parts of the country people are pretty

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Speaker 1: satisfied with their commute. How do you get to work?

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Speaker 1: How do you get to work? I walk mostly and

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Speaker 1: take one stop subway or a tramp from Roosevelt Island

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Speaker 1: so for me, I can't complain about my compunity. He's

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Speaker 1: one of those three. I would never complain. I want

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Speaker 1: to know about job disappointment. What's the greatest disappointment that

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Speaker 1: people are expressing in the survey? People don't like their bones.

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Speaker 1: They don't like a promotion policy because you know, I

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Speaker 1: think part of it is that more than fifty percent

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Speaker 1: of people think that they are above average, so they

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Speaker 1: think they can do better. But you can only promote

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Speaker 1: so many people, and so that's something that people are

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Speaker 1: unhappy about. They're unhappy with their training opportunity, is with

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Speaker 1: the performance review process. Those are some of the things

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Speaker 1: that people are unhappy. But when we talk about training programs,

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Speaker 1: because there's been a lot of focus on that recently,

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Speaker 1: how to retrain employees who might have outdated skills to

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Speaker 1: make them more compatible with what's needed today. What types

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Speaker 1: of training are we talking about? I mean, is it

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Speaker 1: with computer software? Is it with understanding the assembly of

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Speaker 1: new components? I mean, what what? What training are we

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Speaker 1: talking here? I mean the question is just general training.

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Speaker 1: But I suspect there aren't a good statistics about training.

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Speaker 1: But kind of common knowledge is that companies are over

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Speaker 1: time spending less on training because they don't want to

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Speaker 1: commit resources to workers who may live in a year

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Speaker 1: or two. So that's um. I think it's across the board.

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Speaker 1: Are there any spots that are less bright than with

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Speaker 1: the seems which is a unabashedly positive rosy report. Well,

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Speaker 1: I think if you compare the results now too when

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Speaker 1: we began doing the survey in the mid eighties, and

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Speaker 1: you see that it's a level difference in the last

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Speaker 1: decade or even more. Job satisfaction is much lower than

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Speaker 1: it used to be in the eighties, for example, and

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Speaker 1: I think that that's probably not We're not going to

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Speaker 1: go back to the eighties. I think that the kind

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Speaker 1: of fundamental relationship between employees and employers changed significantly during

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Speaker 1: that time. And for example, if in the past you

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Speaker 1: didn't lay off people unless there was a crisis in

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Speaker 1: the company, now layoffs are part of the regular toolbox

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Speaker 1: of companies, so there is much less loyalty from the

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Speaker 1: employer side and from the employee side, and that I

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Speaker 1: think reduces job satisfaction. God love and and thank you

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Speaker 1: so much for being with us chief Economist for North

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Speaker 1: America for the conference Board in New York. Him. I

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Speaker 1: am really interested in the idea that blue collar workers

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Speaker 1: are seeing much faster wage gains than white color workers.

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Speaker 1: I feel like that is not something we hear a lot,

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Speaker 1: and I feel like it is an important thing to

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Speaker 1: recognize fry finding an electrician or a slumber. Well, this

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Speaker 1: is what it goes to. Very interesting. Well, yesterday Bloomberg

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Speaker 1: got a chance to sit down with the President Donald

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Speaker 1: Trump in the Oval Office, our own Margaret Tulla, Jennifer Jacobs,

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Speaker 1: and John Michael Thwaite interviewing President Donald Trump. Here to

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Speaker 1: tell us more about that and the president's Labor Day

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Speaker 1: weekend perhaps is to Larudipa. He is our Bloomberg White

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Speaker 1: House correspondent. To lou what do you think the biggest

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Speaker 1: takeaway from the interview was? Wow? That It's a hard question.

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Speaker 1: This was a great interview by my colleagues Jennifer Jacobs,

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Speaker 1: Margaret Talive and our editor in chief John Michele the

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Speaker 1: and they covered so much ground in about an hour.

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Speaker 1: It's hard to know what the biggest takeaway might be.

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Speaker 1: I think his remarks on the w t O, the

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Speaker 1: President basically saying that if the w t O, the

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Speaker 1: World Trade Organization does not shape up that he would

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Speaker 1: be willing to move the U s out of the

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Speaker 1: w t O. If you were actually to follow up

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Speaker 1: on that, that would be a pretty major bombshell in

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Speaker 1: US trade policy and US foreign policy. He also commented

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Speaker 1: about Europe and the European Union, saying that the Europeans

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Speaker 1: are just as bad as China on trade and that

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Speaker 1: he is willing to potentially put car tariffs on the

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Speaker 1: Europeans if they do not accede to his various requests.

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Speaker 1: So uh, there were so much groundcovered, but the trade

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Speaker 1: comments were pretty remarkable, and it shows that the President

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Speaker 1: is moving full speed ahead in this trade war. Just

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Speaker 1: to sort of give some context to that, auto stocks

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Speaker 1: in Europe are down one and a half percent today

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Speaker 1: following those comments. There was a little bit of optimism

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Speaker 1: yesterday sort of baked into these share that perhaps there

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Speaker 1: would be some kind of agreement between the US and

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Speaker 1: Europe after Europe offered to drop all tariffs of the

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Speaker 1: US did the same, President Trump rebuffing that in our interview.

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Speaker 1: So definitely moving markets to this morning. One thing that

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Speaker 1: I'm wondering is about the capital gains aspect of the interview.

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Speaker 1: The idea that President Trump is entertaining allowing people to

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Speaker 1: pay taxes on inflation adjusted returns for their equity portfolios. Basically,

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Speaker 1: this would amount to what would most likely be a

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Speaker 1: tax cut for the wealthier individuals in the country. What

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Speaker 1: kind of attraction is that getting today as you speak

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Speaker 1: to other representatives and other people around the White House. Yeah,

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Speaker 1: it's still very much in a holding pattern as the

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Speaker 1: research is done by the administration. They're looking at whether

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Speaker 1: or not they can do this unilaterally and not go

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Speaker 1: through Congress. President Trump and the interview said that he

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Speaker 1: is looking at this very strongly and he views it

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Speaker 1: as a stimulus for the economy. So he talked about

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Speaker 1: it in the very positive terms. But he did say

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Speaker 1: that he's gonna wait. He's gonna see if his administration

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Speaker 1: can look into it and do some research and report

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Speaker 1: back to him about both whether he can do it

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Speaker 1: unilaterally and secondly, whether it would be a good idea. Obviously,

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Speaker 1: there's a budget crunch with tax cuts that went into

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Speaker 1: place last year, so this would reduce the amount of

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Speaker 1: revenue coming into the US treasury, but it is another

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Speaker 1: tax cut that he could offer to his supporters and say,

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Speaker 1: you know, I continued cutting taxes even without Congress after

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Speaker 1: passing a major tax cut last year. So it's something

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Speaker 1: that he's looking at. Uh, the administration is looking at

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Speaker 1: whether or not he can do this. Congress hasn't really

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Speaker 1: weighed in very much. They are in support of tax

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Speaker 1: cuts generally, but generally they like them to be done

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Speaker 1: through the legislative branch and not through the executive branch.

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Speaker 1: And there's could be some a little bit of a

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Speaker 1: battle over the power of the purse, which Congress believes

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Speaker 1: that it it has. This has never been done through regulation before,

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Speaker 1: so there might be some consternation in Congress about if

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Speaker 1: the President were to do this through executive order, it

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Speaker 1: could be un on through regulations by the next president. So, Lou,

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Speaker 1: we're currently monitoring comments by Canada's Foreign Minister, Christopher Freeland.

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Speaker 1: She's speaking with reporters in Washington currently saying that Canada

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Speaker 1: is looking for a good trade deal, not just any

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Speaker 1: trade deal. Have you heard anything from any of your

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Speaker 1: sources about the tone of those meetings which are continuing. Yeah,

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Speaker 1: it's very much touch and go. I mean, one hour

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Speaker 1: you might hear that they're getting close to a deal.

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Speaker 1: Like the President said in the interview yesterday, he thinks

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Speaker 1: they're close, and then the next hour you hear that

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Speaker 1: the negotiations have been very tense. We actually have heard

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Speaker 1: that the negotiations in the last twelve the twenty four

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Speaker 1: hours have been pretty tense. They're getting down to the

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Speaker 1: nitty gritty, and it really could go either way. The

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Speaker 1: Canadians are not going to accept what they would say

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Speaker 1: might be a bad deal, even though the President believes

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Speaker 1: that that he has all the cards and he has

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Speaker 1: the upper hand in this negotiates, and the Canadians they

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Speaker 1: are saying they're going to drive a hard bargain and

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Speaker 1: they are not just going to walk away with any deal.

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Speaker 1: Even though the President believes that today is the deadline.

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Speaker 1: They are going to continue negotiating as as long as

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Speaker 1: they can to get as many concessions as they can.

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Speaker 1: But there are some pretty pretty hard sticking points that

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Speaker 1: will be difficult for the US and the Canadians to

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Speaker 1: to agree on in such a short period of time,

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Speaker 1: and how they can spin it for their constituents saying

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Speaker 1: that they got the best deal possible. To Lou Alaronapa,

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Speaker 1: thank you so much for being with us. To Lou Alaronopos,

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Speaker 1: White House Correspondent, for Bloomberg News, which had an exclusive

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Speaker 1: interview yesterday with President Trump, a wide ranging interview. There

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Speaker 1: are a number of stories on the Bloomberg terminal and

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Speaker 1: on Bloomberg dot com. Check them out. Thanks for listening

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Speaker 1: to the Bloomberg P and L podcast. You can subscribe

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Speaker 1: and listen to interviews at Apple Podcasts, SoundCloud, or whatever

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Speaker 1: podcast platform you prefer. I'm pim Fox. I'm on Twitter

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Speaker 1: at pim Fox. I'm on Twitter at Lisa Abramo. It's

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Speaker 1: one before the podcast. You can always catch us worldwide

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Speaker 1: on Blueberg Radio.