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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: And Karen, that jump in oil this morning comes as

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Speaker 3: President Donald Trump is ramping up pressure on his Russian counterpart,

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Speaker 3: Vladimir Putin to negotiate an end to the war in Ukraine.

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Speaker 3: The US has announced sanctions on Russia's biggest oil producers,

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Speaker 3: state run Giant Rosneft and Luke Oil. The sanctions mark

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Speaker 3: a u turn for President Trump, who just last week

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Speaker 3: announced he wanted to meet with Putin in the coming weeks. Now,

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Speaker 3: he says he doesn't want a wasted meeting.

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Speaker 4: We canceled the meeting with President Putin. It just it

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Speaker 4: didn't feel right to me. It didn't feel like we

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Speaker 4: were going to get to the place we have to get.

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Speaker 4: So I canceled it. But we'll do it in the future.

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Speaker 5: Mister President, can you tell us a little bit about

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Speaker 5: why you're elevating sanctions against Russia right now?

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Speaker 4: I just felt it was time. We've waited a long time.

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Speaker 4: I thought that go long before the Middle East.

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Speaker 3: That was President Trump speaking of the White House, and

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Speaker 3: this morning the European Union has joined the US with

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Speaker 3: its own new sanctions package targeting Russia's energy infrastructure.

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Speaker 2: We have new developments, Nathan. This morning. On the trade front, China,

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Speaker 2: says Vice Premier Holly Fong plans to meet with US officials,

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Speaker 2: including Treasury Secretary Scott Bessant and Kuala Lumpur tomorrow for

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Speaker 2: the next round of talks the trade truce that's currently

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Speaker 2: in place. It's set to expire on November tenth. The

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Speaker 2: meeting comes as both sides have escalated retaliatory measures in

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Speaker 2: recent weeks. Talks are expected later this month between she

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Speaker 2: and President Donald Trump on the sidelines of the Asia

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Speaker 2: Pacific Economic Cooperation Leader Summit in South Korea.

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Speaker 3: Well back here in New York, Karen, The final debate

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Speaker 3: for mayor is in the books, and Bloomberg's John Tucker

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Speaker 3: joins us with the recap.

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Speaker 6: John, good morning, and good morning, Nathan.

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Speaker 7: Former Governor Andrew Cuomoles sought a cast front runner and

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Speaker 7: Democratic Socialists or on Bondati is inexperienced, an unprepared affordable

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Speaker 7: housing is just one issue on which they clashed.

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Speaker 4: I understand my friend doesn't really understand government.

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Speaker 8: The governor doesn't build housing in New York City.

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Speaker 6: Not if it's you.

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Speaker 9: No.

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Speaker 3: No, Legally, there are jurisdictions.

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Speaker 7: The Republican Curtis Sleewah was quick to remind everybody that

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Speaker 7: Cuomo left office under a cloud of sex harassment allegations.

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Speaker 6: Andrew, you didn't leave. You fled from being impeached by.

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Speaker 10: The Democrats from the state legislature.

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Speaker 6: You fled well.

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Speaker 7: Trailing in the polls, Sleewa is under pressure to drop

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Speaker 7: out and support Cuomo, a reason New York Post headline

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Speaker 7: read just walk away Beret, referring to Sleewa's signature red beret.

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Speaker 7: After the debate ended, political betting market Polymarket showed Mom

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Speaker 7: Donnie with a ninety three percent chance of becoming mayor

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Speaker 7: and Cuomo with a five point seven percent shot, little

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Speaker 7: change from the weeks prior. The early voting starts Saturday

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Speaker 7: in New Yorkcome John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you now. We want to get

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Speaker 2: the latest on the government shutdown. It's day twenty three

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Speaker 2: of the funding impass in Washington, and a divide may

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Speaker 2: be forming in the Republican Party on how to end it.

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Speaker 2: Members of the ultra conservative House Freedom Caucus are pushing

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Speaker 2: for a long term stop gap spending bill that could

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Speaker 2: run well into next year, but House Speaker Mike Johnson

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Speaker 2: has said he wants to negotiate individual spending bills for

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Speaker 2: the fiscal year that began this month that would probably

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Speaker 2: require another short term stop gap. House Ways and Means

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Speaker 2: Chairman Jason Smith says the longer term stop gap may

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Speaker 2: be the way to go.

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Speaker 5: I've been hearing this conversation from Senators, from House members

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Speaker 5: that a cr not just for a year, but to

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Speaker 5: December first of next year. This has been conversations that

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Speaker 5: I've been hearing in.

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Speaker 2: Washington, d C. House Ways and Means Chair Jason Smith

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Speaker 2: discussed the issue on Bloomberg's balance of power. The current

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Speaker 2: stop gap that the Senate has repeatedly failed to pass,

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Speaker 2: would expire on November twenty. First stay with Bloomberg, will

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Speaker 2: hear more from Democrats on the shutdown, and House Minority

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Speaker 2: Leader Hakim Jeffrey speaks with the Bloomberg's David Gera in Washington.

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Speaker 2: You can catch that conversation today at noon Wall Street

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Speaker 2: time on Bloomberg Radio and the Bloomberg podcast page on YouTube.

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Speaker 9: Well.

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Speaker 3: Meanwhile, the White House Karen President Trump's plans for a

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Speaker 3: massive ballroom at the Executive Mansion. I've gotten a lot

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Speaker 3: more extensive than he originally planned. The President now says

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Speaker 3: he will have to demolish the entire East Wing to

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Speaker 3: make way for the project.

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Speaker 4: We are using little sections of footings and various other things,

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Speaker 4: but that's sort of irrelevant. In order to do it properly,

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Speaker 4: we had to take down the existing structure.

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Speaker 3: And President Trump also says the cost is now up

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Speaker 3: to three hundred million dollars. Last summer he pegged did

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Speaker 3: at two hundred million, but he says it'll be paid

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Speaker 3: for by himself and private donors. The National Trust for

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Speaker 3: Historic Preservation is calling on the President to pause the

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Speaker 3: East Wing demolition so it can go through public review.

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Speaker 3: The group is also expressing concern that the size of

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Speaker 3: the ballroom will overwhelm the White House itself.

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Speaker 2: Nathan, let's turn out to the markets earnings and shares

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Speaker 2: of Tesla. They're down almost three percent in early trading.

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Speaker 2: Profit plunged as rising costs undercut a record quarter of

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Speaker 2: vehicle sales. CEO Elon Musk spent the end of Tesla's

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Speaker 2: earnings call pleading with investors to ratify his upcoming one

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Speaker 2: trillion dollar pay package. He also blasted these shareholder advisory

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Speaker 2: firms that have come out against the plan.

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Speaker 8: Like I said, I just don't feel comfortable building Robotomi

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Speaker 8: here and then you know, being ousted because of some

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Speaker 8: asline recommendations from Iss and Glasslewis who have no freaking clue.

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Speaker 8: I mean, those guys are corporate terrorists.

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Speaker 2: And shareholders will vote on Elon Musk's pay package at

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Speaker 2: Tesla's annual meeting on November sixth in Austin.

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Speaker 3: Well, it's a different stock story at Volvo this morning, Karen.

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Speaker 3: Those shares are zooming higher this morning by thirty three percent.

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Speaker 3: The Swedish automaker reported better than expected profit in the

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Speaker 3: third quarter, benefiting from its nearly two billion dollar cost

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Speaker 3: saving program.

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Speaker 2: All Street Nathan bonuses are expected to hit a record

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Speaker 2: this year, and Bloomberg's Lisa Matteo has the details from

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Speaker 2: New York. Lisa, Good morning, Good morning, Karen, So after

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Speaker 2: a long drought big banks, while they've been pulling in

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Speaker 2: profits from soaring stocks or return.

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Speaker 11: To more deal making. An annual report from New York

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Speaker 11: State Controller Thomas de Napoli will it shows profits at

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Speaker 11: the one hundred and thirty firms that belonged to the

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Speaker 11: New York Stock Exchange reached thirty point four billion dollars

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Speaker 11: in the first half of the year, and we'll hit

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Speaker 11: the highest level on record if that pace continues, which

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Speaker 11: means higher bonuses. Compensation expenses increased by almost ten percent

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Speaker 11: in the first half of twenty twenty five from the

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Speaker 11: prior year. Bonuses hit a record last year, with the

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Speaker 11: average reaching two hundred and forty four thousand, seven hundred dollars.

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Speaker 11: Lisa Mateo Bloomberg Radio.

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Speaker 2: Time Now for look at some of the other stories

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Speaker 2: making news in New York and around the world, and

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Speaker 2: for that we're joined by Bloomberg's Michael Barr. Michael, good morning,

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Speaker 2: Good morning, Karen.

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Speaker 9: The US military has launched its ninth stride against an

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Speaker 9: alleged drug carrying vessel, killing three people in the waters

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Speaker 9: off the Eastern Pacific Ocean. Defense Secretary Pete Hexath announced

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Speaker 9: the strike on social media last night. It further expands

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Speaker 9: the Trump Administration's campaign against drug trafficking in South America.

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Speaker 9: Wednesday strike followed a strike Tuesday night, also in the

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Speaker 9: Eastern Pacific that killed two people at the White House.

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Speaker 9: President Trump said the strikes could expand even more.

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Speaker 4: We will hit them very hard when they come in

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Speaker 4: by land, and they haven't experienced that yet, but now

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Speaker 4: we're totally prepared.

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Speaker 1: To do that.

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Speaker 3: We'll probably go back to.

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Speaker 4: Congress and explain exactly what we're doing when we come

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Speaker 4: to the land.

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Speaker 10: We don't have to do that.

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Speaker 9: The attacks were departures from the seven preview issue WES

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Speaker 9: strikes that had targeted vessels in the Caribbean. They bring

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Speaker 9: the death toll to at least thirty seven from attacks

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Speaker 9: that began last month. Vice President JD Vance is seeking

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Speaker 9: to ease concerns in Israel that the Trump administration is

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Speaker 9: dick tating terms to its closest ally in the Middle East.

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Speaker 9: He and other top US envoys are visiting Israel this

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Speaker 9: week to support the Gaza ceasefire agreement. Secretary of State

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Speaker 9: Marco Rubio will meet with Prime Minister Benjamin Netanyahu in

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Speaker 9: Israel on Friday. Rubio expressed optimism about the peace deal.

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Speaker 9: We feel good.

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Speaker 5: We have a real opportunity to confront and solve those

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Speaker 5: challenges and take advantage of the historic opportunities that this

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Speaker 5: peace deal presents.

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Speaker 9: The ceasefire that began on October tenth continues to hold

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Speaker 9: new clues in the search for the thieves who broke

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Speaker 9: into the Louver last weekend in Paris, stealing some of

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Speaker 9: the crown Jewels of France. Investigators in Paris say they

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Speaker 9: found traces of DNA on a helmet and glove left

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Speaker 9: behind by the thieves who made off with more than

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Speaker 9: one hundred million dollars in jewels from the Louver Sunday.

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Speaker 9: The DNA now being analyzed in the hopes of identifying

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Speaker 9: the suspects. Broadway musicians say if a settlement is not

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Speaker 9: reach during negotiations by some time this morning, they will

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Speaker 9: go on strike. They have been without a contract since

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Speaker 9: the end of August. Nearly twelve hundred musicians say they

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Speaker 9: have not gotten fair working editions as Broadway thrives global

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Speaker 9: news twenty four hours a day and whenever you want

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Speaker 9: it with the Bloomberg News. Now, I'm Michael Barr, and

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Speaker 9: this is Bloomberg Karen.

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Speaker 6: Thanks Michael.

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Speaker 2: Time now for our Bloomberg Sports update, and for that

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Speaker 2: we bring in John Stashauer.

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Speaker 10: Thanks. Garren, the new manager of the San Francisco Giants

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Speaker 10: has never worked in professional Baseball before forty seven year

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Speaker 10: old Tony Vattello gets the Giants job after being the

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Speaker 10: head coach at the University of Tennessee. He's the first

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Speaker 10: to go directly from a college job to the major Ladies.

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Speaker 10: Giants haven't made the playoffs the last four years in

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Speaker 10: the last nine. Vittella replaces Bob Melvine. World Series starts

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Speaker 10: tomorrow in Toronto. The Blue Jays have yet to name

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Speaker 10: their game one start of The Dodgers are going with

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Speaker 10: Blake Snell. Vikings and Chargers play tonight to start Week eight.

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Speaker 10: That's your Bloomberg Sports Update.

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Speaker 2: Stay with us more from Bloomberg day Break coming up after.

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Speaker 1: This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business Appum. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. It is a major new

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Speaker 3: bid to pressure Russia to end its war in Ukraine,

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Speaker 3: a major reversal for President Trump slapping sanctions on Russia's

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Speaker 3: two biggest oil producers, Rosneft and Luke Oil to try

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Speaker 3: to bring Vladimir Putin to the table. With Ukraine's Voladimir Selenski.

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Speaker 4: These are tremendous sanctions. He's a very big there against

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Speaker 4: their two big oil companies. And we hope that they

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Speaker 4: won't be on for long. We hope that the war

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Speaker 4: will be settled.

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Speaker 3: I was President Trump announcing the sanctions at the White House.

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Speaker 3: For more, we're joined this morning from Brussels by Bloomberg's

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Speaker 3: Richard Bravo. Richard, good morning. The President says, these sanctions

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Speaker 3: are big. How big are they? Walk us through what

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Speaker 3: the impact could be?

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Speaker 6: Hi, Yes, this is a big deal. And what we're

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Speaker 6: seeing now is a coordinated push by Western allies, the EU,

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Speaker 6: the US, and the UK to really tighten the screws

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Speaker 6: on Vladimir put Putin and try to bring him to

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Speaker 6: the negotiating table. In their eyes, they really want to

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Speaker 6: get a cease fire, something which Trump has been pushing

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Speaker 6: for but has not been able to attain yet. So

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Speaker 6: the fact that Trump for the very first time is

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Speaker 6: imposing sanctions directly on Russia, it's a very big deal.

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Speaker 6: And we're seeing this is a European Union summit today

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Speaker 6: in Brussels. The leaders are very happy that this is happening,

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Speaker 6: and they see this as potentially a big move in

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Speaker 6: trying to convince Moscow to change its course.

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Speaker 3: And in terms of that coordination, the European Union has

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Speaker 3: announced another round of sanctions of its own.

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Speaker 6: Right, that's exactly right. This is the nineteenth package of sanctions,

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Speaker 6: which were adopted a little bit earlier this morning, just

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Speaker 6: hours after Trump made his announcement. And this also is

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Speaker 6: a very big deal. The ban will ban LNG imports

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Speaker 6: from twenty twenty seven. It will add more than one

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Speaker 6: hundred shadow fleet vessels to the sanctions list, and interestingly,

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Speaker 6: it will also target third countries that are helping Russia

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Speaker 6: evade sanctions, including Chinese companies. So a really big push

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Speaker 6: to try and change Putin's mind about how he's waging

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Speaker 6: this war.

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Speaker 3: And we're seeing a big reaction in the oil market

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Speaker 3: as well, with both West sexis intermediate and brentcurtub about

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Speaker 3: five percent in the session just this morning. It's a

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Speaker 3: pretty big reversal from the previous stance of just capping

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Speaker 3: the price of Russian oil without trying to affect the flows.

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Speaker 3: Is this the kind of thing that could blow back

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Speaker 3: on Western economies.

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Speaker 6: Well, what we don't know is how much Washington coordinated

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Speaker 6: with Brussels and other European countries, and as you say,

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Speaker 6: it is a surprise because we've seen countries like Germany

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Speaker 6: really pushed back against this kind of move because they

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Speaker 6: don't want it to blow back against their industry. What

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Speaker 6: is not known right now is what degree of coordination

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Speaker 6: there was before Trump made his announcement and whether these

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Speaker 6: countries were included and if we do see any pushback,

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Speaker 6: but right now we haven't seen anything just yet.

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Speaker 3: This is the kind of thing as well that could

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Speaker 3: affect obviously buyers of Russian oil. President Trump has been

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Speaker 3: very critical, particularly of India and to some respects China

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Speaker 3: as well. What kind of impact could this have on

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Speaker 3: them and on the ongoing trade talks between the US

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Speaker 3: and those countries well.

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Speaker 6: As is always the case with sanctions, it really comes

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Speaker 6: down to enforcement and if the US and its Western

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Speaker 6: allies do enforce these sanctions, and they do really go

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Speaker 6: after imposing secondary sanctions as you mentioned, on countries like

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Speaker 6: India and China, and this could have a very massive

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Speaker 6: effect and obviously that will trickle into any kind of

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Speaker 6: political discussions being had over things like trade. This is

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Speaker 6: a very big step and in terms of the EU sanctions.

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Speaker 6: We've seen China already push back against them, saying that

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Speaker 6: these are illegal moves, so we can definitely expect a

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Speaker 6: lot more on that front, is that they unfold.

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Speaker 3: So you're raising the question about enforcement. Does that raise

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Speaker 3: a question for you about the seriousness of these sanctions

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Speaker 3: whether they will indeed be enforced not just by the

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Speaker 3: US but by the European Union.

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Speaker 6: Well, that really remains to be seen, but all indications

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Speaker 6: are that they really want to tighten the screws, and

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Speaker 6: the US didn't need to do this, So it would

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Speaker 6: stand to reason that this is a move to try

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Speaker 6: and actually bring Putin to the table in a way

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Speaker 6: that he hasn't come before. So I think everyone is

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Speaker 6: expecting that this time things are a little bit different

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Speaker 6: than they really are tightening up measures.

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Speaker 3: Well, that is the ultimate question, isn't it. Because we've

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Speaker 3: seen so many sanctions package is levied against Russia over

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Speaker 3: the last nearly four years now of this war, and

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Speaker 3: the Russian economy, as battered as it's been, has still

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Speaker 3: managed to work its way through the punishments that have

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Speaker 3: been put out there all this time. What's the likelihood

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Speaker 3: that Russia could sort of wiggle its way out from

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Speaker 3: under this latest round of sanctions.

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Speaker 6: Well, that really is a million dollar question. And as

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Speaker 6: you mentioned, Putin is very good at evading sanctions. But

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Speaker 6: what does feel different this time is the US is

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Speaker 6: not sanctioned. Rose napped in Luke oil before, and these

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Speaker 6: are Russia's two largest oil producers. So the potential impact

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Speaker 6: is very, very big. But it does remain to be

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Speaker 6: seen what happens on the enforcement side.

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Speaker 3: As far as the reaction that we're hearing from the

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Speaker 3: rest of the world. What are we hearing from Ukraine,

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Speaker 3: What are we hearing from some of the oil producers.

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Speaker 3: Have we gotten some of that response at this point.

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Speaker 6: I've not seen reactions from the oil producers yet. But

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Speaker 6: Zelenski is attending the European summit in Brussels today and

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Speaker 6: on his way into the meeting, he seemed very pleased

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Speaker 6: with the moves and he applauded the joint effort to

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Speaker 6: bring Putin to task, and he said the American sanctions

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Speaker 6: are very important and that it's a good signal to

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Speaker 6: other countries around the world that they also need to

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Speaker 6: join this joint effort.

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Speaker 3: And of course this is coming after the Ukrainian leader

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Speaker 3: was left sort of empty handed on the question of

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Speaker 3: getting tomahawk missiles from the US and his last meetings

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Speaker 3: with President Trump. In our last minute here, what does

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Speaker 3: that mean for the war going forward? It's still seems

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Speaker 3: like it could be a pretty complicated dance here.

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Speaker 6: Well, negotiating with Donald Trump is always complicated, and he

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Speaker 6: seems to swing back and forth in terms of his

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Speaker 6: support for Ukraine and then battering Zelenski. So the EU

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Speaker 6: is really putting forward a concerted effort to try and

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Speaker 6: just keep pressing, pressing Trump and trying to bring him

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Speaker 6: on board, and it seems to work sometimes and then

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Speaker 6: he sort of swings back to the other side of

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Speaker 6: the pendulum. But right now Zelenski seems happy, the EU

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Speaker 6: leaders seem happy, So we'll have to see if it

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Speaker 6: sticks for a little bit longer this time.

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