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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at

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Speaker 1: noon Eastern on Applecarplay and then Rouno with the Bloomberg

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Speaker 1: Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube on Bloomberg.

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Speaker 2: I'm Jill, Matthew and Washington. Thanks for coming along. It's

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Speaker 2: the Tuesday edition here on Bloomberg Radio, on the satellite

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Speaker 2: and on YouTube. Search Bloomberg Business News Live to find

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Speaker 2: our live stream. As we prepare to hear the next

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Speaker 2: set of economic policy proposals from Donald Trump now that

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Speaker 2: is scheduled for about half an hour from now, we're

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Speaker 2: going to bring you his remarks from Savannah, Georgia when

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Speaker 2: he delivers them. As both campaigns and if you're with

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Speaker 2: us your day to day, you've been seeing these ideas

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Speaker 2: fleshed out kind of one bit at a time, and

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Speaker 2: we're going to be adding more to the picture here.

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Speaker 2: It seems, at least according to reports from the Trump campaign,

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Speaker 2: when it comes to manufacturing, incentivizing foreign companies to do

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Speaker 2: business here disincentivizing American companies to do business elsewhere. When

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Speaker 2: you put that together with some of the tax proposals

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Speaker 2: that we've heard from Donald Trump, the picture is starting

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Speaker 2: to fill out. And I'm glad to say we have

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Speaker 2: an opportunity to talk with an authority about this and

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Speaker 2: the campaign at large. Right now, back with us on

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Speaker 2: Bloomberg for the first time since the debate, Michael Wattley,

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Speaker 2: the chair of the Republican National Committee. Michael, thank you

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Speaker 2: so much for being here. I appreciate your time. I've

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Speaker 2: got a lot of questions for you that we'll try

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Speaker 2: to fit in in the balance of time that we have,

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Speaker 2: but I appreciate your giving us some insights today as

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Speaker 2: we look inside of these economic proposals. We've talked a

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Speaker 2: lot about the tax proposals, for instance, a lower corporate

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Speaker 2: tax rate, no tax on tips and so forth. When

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Speaker 2: it comes to manufacturing, what will be here that is

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Speaker 2: new today?

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Speaker 3: Well, I think that when you think about Donald Trump's

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Speaker 3: overall plan, it is lower taxes and lower costs. He

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Speaker 3: wants to make sure that on day one he's going

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Speaker 3: to end inflationary spending. He is going to make sure

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Speaker 3: that he unleashes American energy, which is going to bring

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Speaker 3: all the prices down for gas, for groceries for housing.

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Speaker 3: He also wants to make sure that he extends the

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Speaker 3: Trump tax credits tax cuts. He also wants to make

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Speaker 3: sure that there is no tax on tips, no tax

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Speaker 3: on overtime, no tax on Social Security. You flip over

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Speaker 3: to Kamala Harris's proposals. What she's going to do is

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Speaker 3: double down on every single one of the inflationary spending

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Speaker 3: proposals that she has defended and engaged in over the

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Speaker 3: course of the last four years. In fact, she was

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Speaker 3: the tie breaking vote for two point five trillion dollars

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Speaker 3: worth of inflationary spending. Even President Obama's own economic advisors

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Speaker 3: had said that this was going to cause inflation and

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Speaker 3: prices to go through the roof, which of course it did.

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Speaker 3: And on top of that, she is now proposing the

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Speaker 3: largest tax hikes in American history. So there's a pretty

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Speaker 3: wide divide in terms of the economic plans that these

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Speaker 3: two candidates are moving forward with.

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Speaker 2: Well, I know she proudly talks about casting that tie

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Speaker 2: breaking vote, and I think the hikes you're referring to

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Speaker 2: would be allowing the Trump Your tax cuts to expire.

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Speaker 2: But I'd love to hear specifically about what the Trump

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Speaker 2: campaign and the Republican Party you are bringing forth today

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Speaker 2: with reporting that is specific to manufacturing, that the campaign

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Speaker 2: will lay out its pitch for foreign companies for why

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Speaker 2: they should move their manufacturing operations here to the US.

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Speaker 2: In that world, would they be spared the tariffs that

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Speaker 2: Donald Trump has been proposing.

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Speaker 3: Well, certainly that has been a premise of Donald Trump's

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Speaker 3: tariff policies over the course of his four years in office,

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Speaker 3: in the campaign since then, is that he wants to

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Speaker 3: have policies that are going to encourage companies to manufacture

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Speaker 3: here in a mariaera.

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Speaker 2: So that will be something new today that we'll hear about.

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Speaker 3: I certainly think that you'll have a continuation of those

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Speaker 3: conversations about how we're going to get manufacturers to manufacture

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Speaker 3: here in the United States instead of offshoring those jobs.

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Speaker 2: Because I understand that he's also looking at American companies

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Speaker 2: and the subject that we've been hearing the last twenty

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Speaker 2: four hours. The example is John Deere. Michael, would American

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Speaker 2: companies face tariffs on their goods if they move jobs

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Speaker 2: or manufacturing outside of the US the way we're hearing

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Speaker 2: about John Deere.

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Speaker 3: I mean, certainly what the President mentioned last night, and again,

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Speaker 3: you just go back to the fundamentals of his approach

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Speaker 3: to tariffs and his approach to domestic manufacturing. What he

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Speaker 3: did over the course of his four years in office

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Speaker 3: was pull every single lever that he could to try

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Speaker 3: and incentivize manufacturing here in the United States, to create

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Speaker 3: those jobs here in America.

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Speaker 2: Yeah. I just in the case of a company like

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Speaker 2: Deer that already has operations in South America and in Europe,

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Speaker 2: would you just start tariffing them now?

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Speaker 3: I think we would have to wait and see how

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Speaker 3: that gets fleshed out. And we'll wait and see what

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Speaker 3: John Deere does well.

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Speaker 2: With the job market as tight as as it is.

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Speaker 2: I just I'm compelled by this idea of foreign companies

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Speaker 2: bringing manufacturing hubs here to the US. Would we have

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Speaker 2: to import workers? Would that be part of the conversation

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Speaker 2: to loosen the reins, for instance, on legal immigration to

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Speaker 2: fill those jobs.

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Speaker 3: I think that we have people here in America who

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Speaker 3: would like those higher paid manufacturing jobs. We've got a

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Speaker 3: number of people who have been laid off of jobs,

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Speaker 3: who have moved out of jobs, who are taking lower

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Speaker 3: paying jobs, people who are having to have two or

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Speaker 3: even three jobs to be able to get by. The manufacturing,

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Speaker 3: which was the bedrock of the American economy, is really

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Speaker 3: something that President Trump has worked very hard over the

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Speaker 3: course of his tenure to make sure that he's bringing

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Speaker 3: into the US, and I think that we would have

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Speaker 3: a workforce that would welcome those opportunities.

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Speaker 2: I want to ask you specifically about taxes as the

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Speaker 2: former president has proposed, as I mentioned, to cut the

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Speaker 2: corporate tax rate. We mentioned eliminating tax on tips. We

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Speaker 2: can add eliminating tax on overtime and social security, also

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Speaker 2: restoring the salt tax deduction. I think was the most

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Speaker 2: recent edition here. Now this is Michael R. I'm supposed

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Speaker 2: to ask you about these moves increasing the deficit and inflation,

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Speaker 2: and you've had this conversation. I'd rather ask you what

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Speaker 2: don't economists we're talking with here on Bloomberg are groups

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Speaker 2: like the Committee for Responsible Federal Budget understand What don't

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Speaker 2: they get about Donald Trump's approach to tariffs and the deficit.

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Speaker 3: What we can say is that during his tenure, his

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Speaker 3: first four years in office, that the economic policies that

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Speaker 3: he put in place drove the American economy into a

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Speaker 3: much stronger position we had more people in the workforce

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Speaker 3: than ever before. We had a lower unemployment rate for women,

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Speaker 3: for Blacks, for Hispanics, across every different sector. And we

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Speaker 3: had a very very strong economy. That is the Trump economy.

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Speaker 3: That's what we need to get back to.

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Speaker 2: Okay, So they're wrong though, right Michael. We hear about

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Speaker 2: them every day here on the air. It sounds like

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Speaker 2: you think they're wrong.

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Speaker 3: What we saw under Donald Trump's four years in office

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Speaker 3: was a very strong, robust policy that was built on

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Speaker 3: these bedrock principles.

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Speaker 2: I want to ask you about fundraising in this I

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Speaker 2: know is hits close to home for you as the

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Speaker 2: chair of the RNC. There's reporting today that Donald Trump

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Speaker 2: has yet to appear at a major fundraising event for

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Speaker 2: the NRCC. Punch Bowl reports that it's created an eight

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Speaker 2: figure hole in the committee's budget. You can tell me

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Speaker 2: if that's real or not, Michael. But well, the Republican

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Speaker 2: National Committee end up dedicating money to the NRCC in

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Speaker 2: this cycle.

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Speaker 3: What I will say is we work very closely with

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Speaker 3: our friends over at the NRCC as well as the NRSEC,

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Speaker 3: which is the Senate Committee, and we are going to

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Speaker 3: have enough resources in this campaign to make sure that

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Speaker 3: we get our message out to every American voter in

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Speaker 3: all of our battleground states. We are in a fantastic

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Speaker 3: position not only to win the election for the presidency,

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Speaker 3: but to expand our majority in the House and be

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Speaker 3: able to flip the Senate.

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Speaker 2: Early voting is underway, and I don't I'm sure you

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Speaker 2: don't need me to tell you in states like Pennsylvania.

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Speaker 2: Donald Trump talked about this at a rally just yesterday. Michael,

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Speaker 2: let's listen to what he said. We're here today because

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Speaker 2: early voting begins in Pennsylvania over the next two weeks,

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Speaker 2: and we need each and every one of you to

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Speaker 2: go out. Just don't take anything for granted. We have

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Speaker 2: to win Pennsylvania.

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Speaker 4: Go out and make a plan to vote early, vote absentee,

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Speaker 4: or vote in person on election day. Now we have

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Speaker 4: this stupid stuff where you can vote forty five days early.

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Speaker 2: I wonder what the hell happens during that forty five

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Speaker 2: Let's move the d's votes. You've got about aminion votes,

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Speaker 2: and then let's move them. We're fixing the air conditioner

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Speaker 2: in the room.

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Speaker 3: Right.

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Speaker 2: No, it's terrible. What happened the last time was disgraceful.

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Speaker 2: I heard the pitch, Michael, and I think both parties

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Speaker 2: agree that early voting has become a pretty important part

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Speaker 2: of the strategy. What's stupid about it?

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Speaker 3: Well, look, what I'll say is this, We're going to

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Speaker 3: have over half of the votes this cycle are going

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Speaker 3: to be cast before election day, and the Republican Party

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Speaker 3: we are working overtime right now to talk to every

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Speaker 3: single one of those voters make sure that they are

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Speaker 3: informed voters that are going into the polls. As the

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Speaker 3: President said, it is great if you want to vote early.

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Speaker 2: It's great.

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Speaker 3: If you want to vote by mail, it's great. If

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Speaker 3: you want to vote on election day. The key is

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Speaker 3: you've got to make a plan, you've got to execute

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Speaker 3: that plan, and you've got to deliver that.

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Speaker 2: Vote understood, so you don't think it's stupid.

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Speaker 3: What I would say is that right now we are

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Speaker 3: working with the laws in all fifty state. We're going

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Speaker 3: to take advantage of those laws, and we're going to

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Speaker 3: encourage every single voter to take advantage of them and

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Speaker 3: get their votes in.

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Speaker 2: I need to get your take on North Carolina as

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Speaker 2: the former state party chair there, Michael, I'm sure you've

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Speaker 2: been seeing the reports about Mark Robinson, and it's safe

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Speaker 2: to say here that he has not admitted to any

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Speaker 2: of this. In fact, he says that he's been hacked

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Speaker 2: with some of the reports of language that he used

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Speaker 2: on a porn site. In that case, we've got a

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Speaker 2: real problem here, And I wonder if you're going to

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Speaker 2: demand proof from Mark Robinson or Donald Trump needs to

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Speaker 2: see proof that he did not say these things to

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Speaker 2: maintain his endorsement and further the extent to which he

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Speaker 2: could damage Republicans' chances in North Carolina. Michael, how concerned

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Speaker 2: are you?

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Speaker 3: Well, certainly, what I would say is that those comments

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Speaker 3: are absolutely antithetical to Republican values. And if the Mark

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Speaker 3: Robinson's going to continue in this race, then yeah, I

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Speaker 3: do think that he is going to have to demonstrate

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Speaker 3: to the voters of North Carolina that those are not

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Speaker 3: his words, his actions, or his values. In terms of

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Speaker 3: other candidates, I think that, you know, every candidate is

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Speaker 3: going to have to go out and talk to North

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Speaker 3: Carolina about what the voters care about, which is the jobs,

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Speaker 3: which is the economy, which is safety, which is security.

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Speaker 3: You know, Donald Trump is winning North Carolina right now

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Speaker 3: because he is having a conversation with the voters about

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Speaker 3: how he's going to restore our economy, he's going to

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Speaker 3: rebuild our southern border, and how he's going to ensure

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Speaker 3: that we are strong enough to protect American interests at

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Speaker 3: home and abroad as well as those of our allies.

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Speaker 2: Don't be a stranger. It's good to see you, Michael Watley.

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Speaker 2: Thank you so much for the time today on Bloomberg.

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Speaker 2: He's chair of the Republican National Committee. Live here on

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Speaker 2: Bloomberg Radio, I'm Joe, Matthew and Washington. This is the

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Speaker 2: fastest show in politics. We'll play it to the panel next.

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Speaker 2: We've said a lot this half hour, and nice to

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Speaker 2: know we have Genie Schanzano and Rick Davis with us.

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Speaker 2: Our signature panel is on the way. Thanks for joining

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Speaker 2: here on the radio, on the satellite, and on YouTube,

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Speaker 2: where you can find us right now search Bloomberg Business

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Speaker 2: News Live and we'll see you on the other side.

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Speaker 2: On Bloomberg.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

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Speaker 1: Just Live weekdays at noon Eastern on Applecarplay and Enronoo

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Speaker 1: with the Bloomberg Business app. You can also listen live

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Speaker 1: on Amazon Alexa from our flagship New York station. Just

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Speaker 1: say Alexa, play Bloomberg eleven thirty.

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Speaker 2: On the fastest show in politics. Welcome to the Tuesday edition.

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Speaker 2: Yeah it's only Tuesday, that's how much has already happened

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Speaker 2: this week. With a vote set tomorrow in the House,

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Speaker 2: we'll keep tabs on this. No one's talking about a shutdown,

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Speaker 2: not for real, and so no countdown clocks at the moment.

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Speaker 2: With a three month cr on the table, suspension of

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Speaker 2: the rules, looks like this will pass. Nathan Dean told

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Speaker 2: us he is not expecting a shutdown. In fact, they

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Speaker 2: could get out of Dodge as early as Thursday if

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Speaker 2: they really want to. Just don't go anywhere near a

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Speaker 2: national airport on Thursday. Doesn't compare with the traffic in

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Speaker 2: New York, which I understand is the worst of all time.

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Speaker 2: But we're talking about the economy here on this on

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Speaker 2: good Day, and we're going to be hearing from Donald

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Speaker 2: Trump a little bit later on about twenty minutes from night.

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Speaker 2: Right now, is scheduled to speak from Savannah, Georgia. As

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Speaker 2: we were discussing with Michael Wattley, chair of the R

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Speaker 2: and C, adding to the pastiche of economic proposals, just

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Speaker 2: as both campaigns are doing right. It's been a little

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Speaker 2: bit of a slow drip when it comes to tax incentives,

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Speaker 2: tax cuts, housing incentives, in the case of today Donald Trump,

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Speaker 2: manufacturing incentives. Certainly when it comes to trying to lure

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Speaker 2: foreign companies to do business here and disincentivize American companies

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Speaker 2: doing business there. It's where we start our conversation with

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Speaker 2: our signature panel. Rick and Genie are back together today.

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Speaker 2: Rick Davis, partner at Stone Court Capital, Bloomberg Politics contributor

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Speaker 2: in Geenie Shanzo, political science professor at Ionia University, Senior

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Speaker 2: Democracy Fellow for the Center for the Study of the

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Speaker 2: Presidency in Congress. Great to see you both here. Genie,

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Speaker 2: I'm going to give you the first swing because we

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Speaker 2: just spent a good fifteen minutes with the chair of

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Speaker 2: the r NC who basically indicated that economists don't get

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Speaker 2: Donald Trump's approach to the economy. When you start mixing

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Speaker 2: tax cuts with tariffs, you're losing the traditional economic view.

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Speaker 2: Are we going to get schooled today by the former

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Speaker 2: president in Savannah?

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Speaker 5: You know?

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Speaker 6: I hope?

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Speaker 4: So you know.

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Speaker 6: The reality is is that I'm all excited because it's

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Speaker 6: policy week, We're supposed to hear these policy speeches, and

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Speaker 6: you know, I'm listening intently to Michael Watley, and I

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Speaker 6: still don't have a good sense of what Trump's manufacturing

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Speaker 6: policy is going to be. And the question that comes

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Speaker 6: up over and over for again is the one that

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Speaker 6: you posed to him about tariffs. Are you going to

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Speaker 6: exempt these companies manufacturing here from these tariffs? I didn't

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Speaker 6: hear a clear answer on that. We know, and we

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Speaker 6: should know more tomorrow. What Kamala Harris says, she's talking

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Speaker 6: about tax incentives, But what is Donald Trump's plan as

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Speaker 6: it pertains to manufacturing in the United States? And we

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Speaker 6: are still waiting. Now we may hear and I hope

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Speaker 6: we do details when it comes at one o'clock and

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Speaker 6: he is supposed to speak on this. But that is

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Speaker 6: an enormous sort of problem. All we've heard from Trump

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Speaker 6: so far is tariffs. So I'm going to increase tariffs.

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Speaker 6: I'm going to deregulate, and certainly we do need some deregulation,

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Speaker 6: and I am going to cut taxes in a variety

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Speaker 6: of ways. How does that benefit manufacturing in the United States?

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Speaker 6: We still don't know how that's going to be pieced together,

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Speaker 6: and so I'm waiting, baited breath, hoping to be schooled,

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Speaker 6: but I don't know if I.

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Speaker 2: Will be by one lot Rick, We've got a view

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Speaker 2: of the event in Savannah. The signage always tells you

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Speaker 2: where the campaign at least wants to go, and it's

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Speaker 2: pretty basic, made in the USA and fifteen percent corporate tax.

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Speaker 2: If you're with us on YouTube, you see them flanking

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Speaker 2: the podium, you get one on each side here. That's

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Speaker 2: a pretty cohesive message. Whether he delivers it or not

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Speaker 2: is another question. Whether we get into all the other

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Speaker 2: stuff here in Springfield, Ohio and the rest. He's calling

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Speaker 2: it New American industrialism, and I wonder, Rick, how you

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Speaker 2: think this is going to go over specifically when it

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Speaker 2: comes to the manufacturing idea here, that he will invite

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Speaker 2: foreign companies to do business in the US. Unclear if

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Speaker 2: they'd be exempt from tariffs based on our conversation with

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Speaker 2: Michael Waltley, but I think that's the direction we're going

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Speaker 2: in while bringing forth penalties for the likes of John

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Speaker 2: Deere for bringing manufacturing outside of the country. This stuff

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Speaker 2: rings true in states like Pennsylvania, Michigan, and Wisconsin.

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Speaker 4: Now, yeah, for sure, and I would say too. The

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Speaker 4: one thing that Donald Trump has going for himself is

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Speaker 4: that he was a big supporter as president. He had

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Speaker 4: four years to actually do stuff, and his stuff he

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Speaker 4: did led to a lot of cheap prack gas that

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Speaker 4: went into building some manufacturing capability in the Midwest, as

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Speaker 4: you described, So there's less test for him in the

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Speaker 4: political world because he's actually done it before. Now it's

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Speaker 4: a different time, it's a different place. A lot of

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Speaker 4: those jobs went away during COVID, some of them have

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Speaker 4: come back, some of them haven't. So it does fit

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Speaker 4: into his overall view on energy, low cost US energy,

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Speaker 4: unleash the frackers. It does fit into his regime on tariffs,

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Speaker 4: penalize anybody who isn't inside packs USA for bringing in

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Speaker 4: their goods, make it more expensive, harder to compete. If

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Speaker 4: American manufacturers know that they can compete a lower basis

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Speaker 4: than foreign competitors, they'll invest in more production, so you know,

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Speaker 4: and then on top of that, a fifteen percent corporate

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Speaker 4: tax cut that just makes it cheaper to do business

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Speaker 4: here than virtually anywhere else in the world if your corporation.

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Speaker 4: So that's of course going to bring corporations here to

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Speaker 4: do this kind of work. So it's a pretty cohesive package.

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Speaker 4: It didn't take very much to really figure out. And

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Speaker 4: I don't think you need a lot of detail for

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Speaker 4: voters forty five days out from the election. This is

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Speaker 4: what Trump actually does well, is he's really good at

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Speaker 4: giving you the big picture.

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Speaker 2: There you go with the fine print becomes a little

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Speaker 2: bit more of a challenged genie. I was asking Michael

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Speaker 2: Walley about the inflationary impact of the tax and tariff

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Speaker 2: proposals inflationary and deficit increasing, and asked him if the

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Speaker 2: economists were simply wrong on this, I'm not an economist,

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Speaker 2: tell me they're wrong. He wouldn't do that, but he

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Speaker 2: did point back, as Rick suggests, to the first Trump

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Speaker 2: administration and the growth that was seen in those four years.

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Speaker 2: Is that a good enough answer?

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Speaker 6: No, I don't think so. I mean, let's just think

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Speaker 6: about the federal deficit. For instance. We've got almost every

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Speaker 6: economist saying, when they look at what Trump has said

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Speaker 6: so far, and again this doesn't include anything he may

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Speaker 6: announce today, he's going to add about three point five

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Speaker 6: to six point five trillion dollars to the federal deficit.

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Speaker 6: Kamala Harris too adds to the deficit. Although to a

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Speaker 6: far less degree. Some people don't think this is a

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Speaker 6: big problem. Many Americans do, and that is going to

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Speaker 6: be a challenge. And here is where I disagree slightly

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Speaker 6: that we don't need details on these things for voters.

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Speaker 6: That is true for voters who have already made up

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Speaker 6: their minds, but they are fighting for undecided voters. Now

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Speaker 6: we have undecided who may not vote, so we'll exclude them,

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Speaker 6: but undecided voters who are going to vote. For many

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Speaker 6: of them, it is not immigration or abortion at the

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Speaker 6: top of their list. It's the economy, plain and simple,

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Speaker 6: and they want to know what are you going to

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Speaker 6: do for me that makes my life better? And that's

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Speaker 6: why we see the campaigns today focusing, you know, in

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Speaker 6: these swing states on the economy, and so we do

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Speaker 6: need to hear details. Certainly, those voters need to hear details,

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Speaker 6: and I would say both campaigns have been less than detailed.

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Speaker 6: But that's why they're coming out today. And it is

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Speaker 6: a fair question to ask do your numbers add up?

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Speaker 6: And in many ways, neither of these plans add up.

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Speaker 6: But when you talk about the deficit, as an example,

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Speaker 6: Donald Trump clearly if he follows through, raises the deficit

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Speaker 6: a heck of a lot more, and you go back

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Speaker 6: to his previous time in office, he did the same.

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Speaker 6: Then spending in this country is out of control. Republicans

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Speaker 6: say that all the time. Where is is their concern

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Speaker 6: on either side about spending. One answer to that is taxation.

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Speaker 6: We've heard that from her. But he's saying he's going

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Speaker 6: to lower taxes and he is going to boost manufacturing.

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Speaker 6: How So some of this has to add up before

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Speaker 6: you jump on it and say, boyd, this is a

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Speaker 6: really good plan. Let's take me there.

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Speaker 2: Well, and he says, drill, baby, drill. That's simply lowering

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Speaker 2: energy prices, as he says, by fifty percent, will be

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Speaker 2: in across the board, salve to inflation. It'll lower the

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Speaker 2: cost of everything. But Rick, we need to admit here,

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Speaker 2: and I think this is kind of your point when

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Speaker 2: you talk big picture, that none of this matters correct.

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Speaker 2: Neither campaign has really detailed how they would avoid adding

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Speaker 2: to the deficit, never mind potentially increasing inflation. At the

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Speaker 2: same time, voters are not reading in on this stuff

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Speaker 2: and they are not going to make up their decisions

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Speaker 2: on this. Am I wrong?

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Speaker 4: Yeah, parks on both their houses. You're absolutely right. These

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Speaker 4: are the two biggest free spe as candidates in history

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Speaker 4: of American politics. They're just inventing ways of making it

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Speaker 4: appear that they have an unlimited checkbook that they can

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Speaker 4: just keep writing to benefit various groups that they need

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Speaker 4: to win the presidential election. And I really haven't seen

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Speaker 4: it done on this grand a scale as Genie says.

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Speaker 4: I mean, they're both you know, basically spending over for

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Speaker 4: trillion dollars above what the country can actually generate in revenue,

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Speaker 4: and they're being very disingenuous about it. But you know,

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Speaker 4: pok's onto voters too. I don't see anybody punishing these guys, right.

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Speaker 4: There used to be a punishment for overspending. There used

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Speaker 4: to be voters who said, well, I'm not going to

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Speaker 4: go for that, But they seem to be giving them

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Speaker 4: a break. And maybe Genie's right, Maybe there's a couple

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Speaker 4: of thousand in Michigan who are still not made up

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Speaker 4: their mind, who are like sitting there going wow, if

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Speaker 4: I had more details about the inflationary effects of you know,

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Speaker 4: of tariffs, I could make a more informed decision. But

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Speaker 4: they're not going to get it, So make your mind up.

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Speaker 4: Go vote early and up.

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Speaker 2: Wow, this is the most honest conversation you're going to

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Speaker 2: hear about this all day. I have to be honest

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Speaker 2: that the take from Erica Yorke at the Tax Foundation

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Speaker 2: set at all. Jeanie, this was out of the post,

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Speaker 2: the Washington Post this morning. Principles of sound tax policy economics.

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Speaker 2: That is no longer in the driver's seat. Politics is

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Speaker 2: in the driver's seat. That's why we're seeing carve outs

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Speaker 2: and things that sound good on the campaign trail. Is

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Speaker 2: that not true?

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Speaker 6: It's one thousand percent true. You know. It is the

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00:23:33,680 --> 00:23:37,040
Speaker 6: oporization of politics. You know, you get this, You get this,

437
00:23:37,160 --> 00:23:39,520
Speaker 6: you get this, don't worry about how we're going to

438
00:23:39,560 --> 00:23:41,840
Speaker 6: pay for that. Don't worry your pretty little head about that.

439
00:23:41,880 --> 00:23:44,879
Speaker 6: We'll take care of it later. But it is not enough,

440
00:23:45,000 --> 00:23:48,919
Speaker 6: at least from my perspective, for anyone to say that

441
00:23:49,320 --> 00:23:52,840
Speaker 6: this doesn't matter because voters don't think about it. If

442
00:23:52,920 --> 00:23:55,680
Speaker 6: they're not. To Rick's point, they should be. We all

443
00:23:55,720 --> 00:23:58,159
Speaker 6: should be, because our kids and our grandkids are going

444
00:23:58,240 --> 00:24:01,359
Speaker 6: to pay the price for this, and so we should,

445
00:24:01,359 --> 00:24:04,280
Speaker 6: as voters, demand more. That's why you were asking him

446
00:24:04,320 --> 00:24:07,800
Speaker 6: those tough questions, Joe, because you're demanding more, and I

447
00:24:07,840 --> 00:24:09,520
Speaker 6: am going to hold out hope we hear more from

448
00:24:09,520 --> 00:24:13,480
Speaker 6: Trump and Harris today, Trump tomorrow, Harris. You know, I

449
00:24:13,520 --> 00:24:16,280
Speaker 6: don't know if we will, but if we don't, that

450
00:24:16,480 --> 00:24:20,280
Speaker 6: is a problem for all of us because we have

451
00:24:20,560 --> 00:24:23,960
Speaker 6: a system in which spending is out of control and

452
00:24:24,080 --> 00:24:27,920
Speaker 6: we are not hearing solid plans to address that, and

453
00:24:27,960 --> 00:24:30,520
Speaker 6: that is something we should be ball demanding.

454
00:24:32,320 --> 00:24:35,879
Speaker 2: It's a great story on the terminal from Gregory Cordy,

455
00:24:36,040 --> 00:24:39,600
Speaker 2: Nancy Cook, and Darrell Dillard. Trump dangles so many tax

456
00:24:39,640 --> 00:24:43,600
Speaker 2: breaks even some advisors are confused. I only have a

457
00:24:43,600 --> 00:24:45,600
Speaker 2: minute left. Rick. There were a couple of moments when

458
00:24:45,600 --> 00:24:48,720
Speaker 2: Michael Watley was kind of waiting to hear from Donald

459
00:24:48,760 --> 00:24:51,800
Speaker 2: Trump on some of these issues, specifically involving tariffs and

460
00:24:51,920 --> 00:24:54,560
Speaker 2: manufacturing today. Does the campaign know exactly what he's going

461
00:24:54,640 --> 00:24:54,920
Speaker 2: to say?

462
00:24:56,960 --> 00:24:59,480
Speaker 4: You know, well, they know what's written in the speech,

463
00:24:59,680 --> 00:25:03,720
Speaker 4: so yes, the policy prescriptions are there in black and white.

464
00:25:04,280 --> 00:25:07,040
Speaker 4: And there's a reason they don't actually circulate his speeches

465
00:25:07,080 --> 00:25:08,959
Speaker 4: in advance because they actually don't know what he's going

466
00:25:09,000 --> 00:25:11,520
Speaker 4: to say. You may leave it all out and start

467
00:25:11,560 --> 00:25:15,520
Speaker 4: talking about, you know, no taxes on tips and things

468
00:25:15,600 --> 00:25:18,320
Speaker 4: like that that he kind of likes because he sounds good.

469
00:25:18,359 --> 00:25:20,800
Speaker 4: But yeah, I don't know if we know what's going

470
00:25:20,840 --> 00:25:23,359
Speaker 4: to come out of this, but it will be finance heavy,

471
00:25:23,840 --> 00:25:27,439
Speaker 4: less on strategic industries that need to be supported and

472
00:25:27,480 --> 00:25:31,679
Speaker 4: things like that. I think, less manufacturing, more beaten up

473
00:25:31,680 --> 00:25:32,160
Speaker 4: on the FED.

474
00:25:33,480 --> 00:25:36,640
Speaker 2: Okay, it's a schedule to start five minutes from now.

475
00:25:36,680 --> 00:25:39,480
Speaker 2: Of course, whenever it begins, we'll bring you just Savannah

476
00:25:39,520 --> 00:25:42,040
Speaker 2: Georgia to hear from Donald Trump, and we'll have analysis

477
00:25:42,080 --> 00:25:44,720
Speaker 2: from Rick Davis and Jeanie Shanzano on the other side.

478
00:25:44,800 --> 00:25:47,440
Speaker 2: That's just our first hour. We're just getting started. Kaylee

479
00:25:47,480 --> 00:25:50,320
Speaker 2: Lines will join the conversation as we welcome our global

480
00:25:50,359 --> 00:25:52,359
Speaker 2: TV audience. Next to Balance of Power.

481
00:25:52,560 --> 00:25:59,240
Speaker 1: Right here on Bloomberg, you're listening to the Bloomberg Balance

482
00:25:59,280 --> 00:26:02,360
Speaker 1: of Power podcast. Asked Catch Just Live weekdays at noon

483
00:26:02,359 --> 00:26:04,720
Speaker 1: Eastern on Appo, car Play and then Roud Otto with

484
00:26:04,800 --> 00:26:07,920
Speaker 1: the Bloomberg Business at Listen on demand wherever you get

485
00:26:07,960 --> 00:26:13,600
Speaker 1: your podcasts, or watch us live on YouTube.

486
00:26:13,680 --> 00:26:17,840
Speaker 7: Donald Trump still speaking in Savannah Georgia's speech about the

487
00:26:17,880 --> 00:26:21,280
Speaker 7: economy and manufacturing specifically, although clearly it has wandered into

488
00:26:21,320 --> 00:26:24,640
Speaker 7: some other subject areas. But the takeaway from President Trump.

489
00:26:24,720 --> 00:26:27,200
Speaker 7: He says that the US will have a manufacturing boom

490
00:26:27,240 --> 00:26:28,840
Speaker 7: and that a lot of that will be driven by

491
00:26:29,080 --> 00:26:34,000
Speaker 7: taxation policy and tariff policy. He outlined in part during

492
00:26:34,040 --> 00:26:37,399
Speaker 7: his remarks that companies that make their products in America

493
00:26:37,480 --> 00:26:39,840
Speaker 7: will have the lowest taxes, the lowest energy costs, in

494
00:26:39,880 --> 00:26:43,120
Speaker 7: the lowest regulatory burden, but only if they're made an America. Joe,

495
00:26:43,119 --> 00:26:45,879
Speaker 7: he said, you also have to hire American workers for

496
00:26:46,000 --> 00:26:48,720
Speaker 7: the job, and if you don't, you'll face tariffs. He

497
00:26:48,880 --> 00:26:52,080
Speaker 7: argued in part in these words here that they'll take

498
00:26:52,359 --> 00:26:54,639
Speaker 7: the Treasury will take in hundreds of billions of dollars

499
00:26:54,640 --> 00:26:57,520
Speaker 7: from tariffs, and he says it will not cause inflation,

500
00:26:57,600 --> 00:26:59,399
Speaker 7: though of course we know here on Bloomberg TV and

501
00:26:59,520 --> 00:27:02,800
Speaker 7: Radio that the majority of economists dispute that fact and

502
00:27:02,840 --> 00:27:05,440
Speaker 7: do think that higher tariffs will indeed be inflationary.

503
00:27:05,560 --> 00:27:07,960
Speaker 2: Yeah, we heard a couple of things as well about

504
00:27:08,040 --> 00:27:11,399
Speaker 2: US steal. Specifically, the former president said, under Kamala Harris,

505
00:27:11,480 --> 00:27:13,920
Speaker 2: US steel is now being sold to Japan. I will

506
00:27:13,920 --> 00:27:15,639
Speaker 2: stop it. We've got to do it fast. And of

507
00:27:15,680 --> 00:27:18,280
Speaker 2: course Kamala Harris has come out against that deal, and

508
00:27:18,400 --> 00:27:22,560
Speaker 2: Joe Biden is reportedly taking action to stop that deal.

509
00:27:23,000 --> 00:27:25,480
Speaker 2: He also said, as he continues to that we're leading

510
00:27:25,480 --> 00:27:27,240
Speaker 2: by a lot in the polls, Kayley, and it's hard

511
00:27:27,280 --> 00:27:28,919
Speaker 2: to find those polls. We did see a bit of

512
00:27:28,920 --> 00:27:31,040
Speaker 2: a break for him in Arizona in the New York Times,

513
00:27:31,080 --> 00:27:33,040
Speaker 2: Siana pol The fact of the matter is, and if

514
00:27:33,080 --> 00:27:35,920
Speaker 2: you're with us on the daily here on Balance and Power,

515
00:27:35,960 --> 00:27:39,080
Speaker 2: you know that this is statistically tied pretty much any

516
00:27:39,240 --> 00:27:41,440
Speaker 2: metric that we're following, certainly when it comes down to

517
00:27:41,480 --> 00:27:42,159
Speaker 2: the Swing states.

518
00:27:42,280 --> 00:27:45,040
Speaker 7: Yeah, and in Georgia specifically where he's speaking. He did

519
00:27:45,520 --> 00:27:48,280
Speaker 7: their talk to the city of Savannah, where he is

520
00:27:48,320 --> 00:27:51,240
Speaker 7: saying that he promises Savannah will be a premier export

521
00:27:51,320 --> 00:27:54,600
Speaker 7: hub if all of these policies go into place.

522
00:27:54,440 --> 00:27:58,120
Speaker 2: Would involve quadrupling I guess the traffic in the port

523
00:27:58,160 --> 00:28:02,119
Speaker 2: of Savannah, which he took credit for deepening. We wanted

524
00:28:02,160 --> 00:28:04,520
Speaker 2: to bring you in the room for this because there

525
00:28:04,600 --> 00:28:08,040
Speaker 2: were a few additional contours, specifically when it came to

526
00:28:08,119 --> 00:28:11,480
Speaker 2: dealing with foreign companies working here in the US and

527
00:28:11,520 --> 00:28:16,360
Speaker 2: American companies doing work overseas. Getting back again to Tariff's Kyley,

528
00:28:16,440 --> 00:28:19,119
Speaker 2: and tomorrow we're going to bring you likely an address

529
00:28:19,160 --> 00:28:20,560
Speaker 2: that is scheduled. We're not sure what time it will

530
00:28:20,560 --> 00:28:22,679
Speaker 2: happen yet by Kamala Harris as she rounds out her

531
00:28:22,720 --> 00:28:26,000
Speaker 2: economic proposals and a separate address in Pittsburgh. Will be

532
00:28:26,040 --> 00:28:29,440
Speaker 2: able to contrast these two with hopefully the likes of

533
00:28:30,240 --> 00:28:32,440
Speaker 2: someone like Kitty Richards, who is with us right now.

534
00:28:32,480 --> 00:28:34,320
Speaker 2: This is our opportunity to take a dive on what

535
00:28:34,359 --> 00:28:37,280
Speaker 2: we just heard with an expert, senior strategic advisor, the

536
00:28:37,320 --> 00:28:42,920
Speaker 2: groundwork collaborative economic policy advisor formerly to President Joe Biden. So, Kitty,

537
00:28:42,960 --> 00:28:44,959
Speaker 2: welcome back to the table. It's great to see you.

538
00:28:45,920 --> 00:28:47,840
Speaker 2: I'm sure that you can tell us what you would

539
00:28:47,880 --> 00:28:50,760
Speaker 2: like to hear from Kamala Harris tomorrow. What did you

540
00:28:50,760 --> 00:28:52,520
Speaker 2: think of what you heard from Donald Trump today?

541
00:28:53,560 --> 00:28:55,840
Speaker 8: I think that we heard more of the same thing

542
00:28:55,880 --> 00:28:58,280
Speaker 8: that we've been hearing for five or six years now,

543
00:28:58,520 --> 00:29:02,000
Speaker 8: and luck we can roll back the tape and see

544
00:29:02,000 --> 00:29:05,920
Speaker 8: how things worked out. Some of these promises that Trump

545
00:29:06,000 --> 00:29:10,160
Speaker 8: is making our outlandish and very similar to promises that

546
00:29:10,200 --> 00:29:13,640
Speaker 8: were made about the twenty seventeen tax cuts. So if

547
00:29:13,680 --> 00:29:18,040
Speaker 8: you remember at that time, somehow a massive corporate tax

548
00:29:18,040 --> 00:29:20,320
Speaker 8: giveaway was going to trickle down to workers, in the

549
00:29:20,320 --> 00:29:23,560
Speaker 8: form of four thousand dollars a year in increased wages.

550
00:29:23,880 --> 00:29:26,320
Speaker 8: That was laughable at the time. Economists at the time

551
00:29:26,400 --> 00:29:29,000
Speaker 8: said it was laughable. It has not worn well. We

552
00:29:29,080 --> 00:29:32,560
Speaker 8: didn't see any of the increased investment that was promised,

553
00:29:32,840 --> 00:29:36,400
Speaker 8: We didn't see increases in wage growth, and what we

554
00:29:36,440 --> 00:29:40,360
Speaker 8: did see was really really massive giveaways to the very

555
00:29:40,360 --> 00:29:41,600
Speaker 8: wealthiest in corporation.

556
00:29:41,840 --> 00:29:44,000
Speaker 2: Trump campaign will tell you though, on Michael Watley said

557
00:29:44,000 --> 00:29:46,800
Speaker 2: to us earlier that we were growing, that it actually

558
00:29:46,840 --> 00:29:50,120
Speaker 2: created growth that helped us. Without COVID, we would have

559
00:29:50,160 --> 00:29:53,520
Speaker 2: grown out of this and actually seen revenue continue to

560
00:29:53,760 --> 00:29:58,240
Speaker 2: rise by cutting taxes. You're smiling and squinting. You don't agree.

561
00:29:58,720 --> 00:30:00,720
Speaker 8: I don't agree, and in fact, you know, I wish

562
00:30:00,760 --> 00:30:02,600
Speaker 8: that I had like a nice chart to show you

563
00:30:03,240 --> 00:30:05,960
Speaker 8: the economy was growing and had been growing throughout the

564
00:30:06,000 --> 00:30:08,280
Speaker 8: recovery to the Great Recession, and growth had picked up

565
00:30:08,400 --> 00:30:10,680
Speaker 8: near the end of the Obama administration, and if you

566
00:30:10,720 --> 00:30:14,200
Speaker 8: look at the line, it sort of just continued on

567
00:30:14,280 --> 00:30:17,719
Speaker 8: exactly the same path as it had been before. What

568
00:30:18,080 --> 00:30:21,520
Speaker 8: didn't continue on the same path was revenue growth. Revenues

569
00:30:21,680 --> 00:30:25,720
Speaker 8: bottomed out, and in fact, the revenue losses from the

570
00:30:25,760 --> 00:30:28,680
Speaker 8: Tax Cuts and Jobs Act have grown and grown and

571
00:30:28,720 --> 00:30:31,280
Speaker 8: grown year after year, and part of that is because

572
00:30:31,320 --> 00:30:35,520
Speaker 8: of the massive corporate tax giveaways, which included a huge

573
00:30:35,600 --> 00:30:40,600
Speaker 8: giveaway to corporations American multinationals that had been shifting their

574
00:30:40,640 --> 00:30:43,960
Speaker 8: profits overseas to avoid paying taxes and then got a

575
00:30:44,000 --> 00:30:47,520
Speaker 8: big tax break for all of those overseas profits. At

576
00:30:47,520 --> 00:30:49,840
Speaker 8: the beginning of the Trump tax cuts.

577
00:30:49,880 --> 00:30:52,560
Speaker 7: Well, as we heard him say, and not directly in

578
00:30:52,600 --> 00:30:55,360
Speaker 7: terms of numbers, but he did promise lower taxes on

579
00:30:55,400 --> 00:30:57,280
Speaker 7: companies that make their products in the US. There was

580
00:30:57,320 --> 00:31:00,600
Speaker 7: a big corporate tax rate fifteen percent sign behind him.

581
00:31:00,600 --> 00:31:03,480
Speaker 7: He has said previously that that fifteen percent rate would

582
00:31:03,480 --> 00:31:06,040
Speaker 7: apply to companies that make products in the US. If

583
00:31:06,080 --> 00:31:10,720
Speaker 7: it's not incentivizing American manufacturing through lower taxation for those companies,

584
00:31:10,720 --> 00:31:14,600
Speaker 7: what is the proper incentive to do that to shore

585
00:31:14,680 --> 00:31:18,240
Speaker 7: up the US manufacturing base without it potentially having detrimental

586
00:31:18,240 --> 00:31:19,120
Speaker 7: economic effects.

587
00:31:19,120 --> 00:31:22,320
Speaker 8: I think that's a great question. I think on corporate taxation,

588
00:31:22,560 --> 00:31:24,960
Speaker 8: what we can do is change the fact that right

589
00:31:25,000 --> 00:31:28,720
Speaker 8: now you pay a lower tax rate for profits earned

590
00:31:28,760 --> 00:31:33,240
Speaker 8: overseas than you do for profits here in the United States, which,

591
00:31:33,400 --> 00:31:36,240
Speaker 8: by the way, that was a cornerstone of the Trump

592
00:31:36,320 --> 00:31:40,920
Speaker 8: tax cuts in twenty seventeen. But I think that the

593
00:31:41,080 --> 00:31:46,000
Speaker 8: idea that you incentivize more economic activity in the US

594
00:31:46,120 --> 00:31:48,640
Speaker 8: that's going to be good for workers and families by

595
00:31:48,760 --> 00:31:52,479
Speaker 8: cutting taxes for corporations in the wealthy is an idea

596
00:31:52,680 --> 00:31:55,080
Speaker 8: that just has not stood the test of time.

597
00:31:55,200 --> 00:31:56,560
Speaker 7: So what idea has stood the test?

598
00:31:56,800 --> 00:31:59,040
Speaker 8: So I think that we're seeing now, we're seeing a

599
00:31:59,080 --> 00:32:04,360
Speaker 8: manufacturing and it's partly because we're seeing investments in manufacturing capacity,

600
00:32:04,720 --> 00:32:08,880
Speaker 8: really smart strategic industrial policy rather than just you know,

601
00:32:08,920 --> 00:32:12,680
Speaker 8: handing out tax cuts that frankly go directly into shareholders

602
00:32:12,680 --> 00:32:17,920
Speaker 8: products through buybacks, through capital gains appreciation. So you know,

603
00:32:17,960 --> 00:32:21,200
Speaker 8: we need to see investment in workers and communities that

604
00:32:21,320 --> 00:32:24,160
Speaker 8: will drive I mean, he talks about energy prices, but

605
00:32:24,880 --> 00:32:27,680
Speaker 8: what we really need is to transition as quickly as

606
00:32:27,720 --> 00:32:32,560
Speaker 8: possible to a clean, affordable energy future. And that can

607
00:32:32,600 --> 00:32:35,800
Speaker 8: be done through things like the Inflation Reduction Act, tax

608
00:32:35,840 --> 00:32:39,400
Speaker 8: credits for moving toward renewable energy, which will also over

609
00:32:39,440 --> 00:32:42,800
Speaker 8: time and even right now is becoming cheaper than relying

610
00:32:42,800 --> 00:32:45,920
Speaker 8: on fossil fuels, so you know, trying to roll that

611
00:32:46,120 --> 00:32:49,560
Speaker 8: back in order to then you know, Goose the profits

612
00:32:49,600 --> 00:32:54,200
Speaker 8: of oil companies is going to have exactly the opposite effect.

613
00:32:54,640 --> 00:32:58,200
Speaker 2: A terminal user named Adam asks, having listened to Donald

614
00:32:58,240 --> 00:33:02,200
Speaker 2: Trump and Savannah, so the economic policy going to be inflation,

615
00:33:03,200 --> 00:33:05,400
Speaker 2: and I wonder if we can ask the same question

616
00:33:05,560 --> 00:33:08,080
Speaker 2: to Kamala Harris. Neither have fleshed out how they're going

617
00:33:08,120 --> 00:33:11,880
Speaker 2: to pay for all of these ideas. You can talk

618
00:33:11,880 --> 00:33:14,320
Speaker 2: about who would be more inflationary than the other, but

619
00:33:14,480 --> 00:33:15,440
Speaker 2: is that the world we're in?

620
00:33:16,040 --> 00:33:19,400
Speaker 8: So the Harris plan actually has been evaluated by Moody's

621
00:33:19,440 --> 00:33:26,440
Speaker 8: analytics and they find that it will increase GDP, not

622
00:33:26,640 --> 00:33:30,920
Speaker 8: bring on inflation, keep the labor market strong. And you know,

623
00:33:31,120 --> 00:33:33,840
Speaker 8: part of that is the tax policy side of things.

624
00:33:33,920 --> 00:33:38,680
Speaker 8: That the Harris campaign has largely adopted the tax policies

625
00:33:38,760 --> 00:33:43,520
Speaker 8: of the Biden budgets, which are a pretty balanced approach

626
00:33:43,560 --> 00:33:46,360
Speaker 8: to trying to return to some level of revenue that

627
00:33:46,400 --> 00:33:50,680
Speaker 8: can sustainably fund a modern government. And it's you know,

628
00:33:50,840 --> 00:33:55,280
Speaker 8: mostly through increases on taxes on the very wealthiest and

629
00:33:56,320 --> 00:33:59,560
Speaker 8: undoing some of the corporate tax cuts from the Trump administration.

630
00:34:00,360 --> 00:34:03,000
Speaker 7: So as we heard Donald Trump say, tax policy is

631
00:34:03,000 --> 00:34:05,160
Speaker 7: one part of it. The other policy is effectively a

632
00:34:05,240 --> 00:34:07,960
Speaker 7: tax on importers, I guess, although he may argue that

633
00:34:07,960 --> 00:34:10,480
Speaker 7: it's actually attacks on on the countries that are exporting,

634
00:34:10,480 --> 00:34:14,320
Speaker 7: but tariffs specifically. Kamala Harris has painted his tariff proposals

635
00:34:14,360 --> 00:34:17,440
Speaker 7: as a sales tax on the American consumer. He's obviously

636
00:34:17,480 --> 00:34:19,799
Speaker 7: talking about some pretty high levels here. We heard him

637
00:34:20,160 --> 00:34:22,320
Speaker 7: in his remarks just moments ago talk about one hundred

638
00:34:22,320 --> 00:34:24,719
Speaker 7: percent tariffs on all cards coming out of Mexico. He

639
00:34:24,760 --> 00:34:28,520
Speaker 7: floated two hundred percent on deer products made in Mexico yesterday.

640
00:34:28,920 --> 00:34:32,120
Speaker 7: Is there a set tariff level, knowing that this administration

641
00:34:32,160 --> 00:34:35,080
Speaker 7: has left intact many of the tariffs on Chinese goods

642
00:34:35,080 --> 00:34:37,600
Speaker 7: specifically that went in place during the first Trump administration,

643
00:34:38,080 --> 00:34:40,480
Speaker 7: is there a level that is in fact not inflationary,

644
00:34:40,520 --> 00:34:44,680
Speaker 7: that doesn't necessarily have to have negative consequences at home

645
00:34:44,719 --> 00:34:47,320
Speaker 7: and in the result of passing on those costs to

646
00:34:47,360 --> 00:34:48,240
Speaker 7: American consumers.

647
00:34:48,320 --> 00:34:51,359
Speaker 8: So I think this is another place where it's not

648
00:34:51,440 --> 00:34:51,719
Speaker 8: just a.

649
00:34:51,719 --> 00:34:53,160
Speaker 2: Tariff as a tariff as a tariff.

650
00:34:53,320 --> 00:34:57,600
Speaker 8: Right, the tariffs that the Biden administration has left in

651
00:34:57,640 --> 00:35:00,400
Speaker 8: place or in some place in some you know, sectors

652
00:35:00,400 --> 00:35:04,399
Speaker 8: of the economy put in place are largely very strategic.

653
00:35:04,760 --> 00:35:08,440
Speaker 8: They are complements to other kinds of industrial policy that

654
00:35:08,560 --> 00:35:13,000
Speaker 8: are designed to re onshore supply chains for really critical inputs.

655
00:35:13,800 --> 00:35:17,240
Speaker 8: You know, take the Chips and Science Act and thinking

656
00:35:17,280 --> 00:35:19,880
Speaker 8: about how to make sure that we can build a

657
00:35:20,120 --> 00:35:26,080
Speaker 8: robust battery manufacturing sector as we do transition to clean

658
00:35:26,200 --> 00:35:29,719
Speaker 8: energy economy, and how we think about getting the most

659
00:35:29,719 --> 00:35:32,640
Speaker 8: electric vehicles on the road as we can, while also

660
00:35:32,920 --> 00:35:36,879
Speaker 8: avoiding a situation where we have no capacity to build

661
00:35:36,880 --> 00:35:39,680
Speaker 8: those electric vehicles here in the United States. Those are

662
00:35:39,880 --> 00:35:43,759
Speaker 8: places where, as part of a larger policy, tariffs can

663
00:35:43,960 --> 00:35:48,120
Speaker 8: make a lot of sense. Putting a massive across the

664
00:35:48,160 --> 00:35:51,960
Speaker 8: board tariffs on everything that flows across the border is

665
00:35:52,080 --> 00:35:55,640
Speaker 8: going to increase prices for American consumers. It's also going

666
00:35:55,680 --> 00:36:00,440
Speaker 8: to increase prices for American manufacturers who want to use

667
00:36:00,480 --> 00:36:04,160
Speaker 8: inputs from other countries to build things that they will

668
00:36:04,160 --> 00:36:08,480
Speaker 8: then sell in the United States, including manufacturers that might

669
00:36:08,520 --> 00:36:10,760
Speaker 8: want to relocate to the United States to be closer

670
00:36:10,800 --> 00:36:15,280
Speaker 8: to customers and employe US workers to do final builds,

671
00:36:15,840 --> 00:36:17,759
Speaker 8: but might not want to do that if they're going

672
00:36:17,800 --> 00:36:19,480
Speaker 8: to have to pay a massive tariff on all of

673
00:36:19,520 --> 00:36:22,239
Speaker 8: their intermediate inputs before they come into the country. So

674
00:36:22,640 --> 00:36:26,360
Speaker 8: I think it's silly to think that these tariffs will

675
00:36:26,600 --> 00:36:28,600
Speaker 8: have the kinds of effects that Donald Trump is claiming.

676
00:36:28,680 --> 00:36:31,960
Speaker 8: And again, I feel like we spend a lot of

677
00:36:31,960 --> 00:36:35,840
Speaker 8: time rebutting wild claims made by Donald Trump, and just

678
00:36:36,000 --> 00:36:38,320
Speaker 8: like I spent a lot of time in twenty seventeen

679
00:36:38,400 --> 00:36:41,200
Speaker 8: talking about how corporate tax cuts were not going to

680
00:36:41,280 --> 00:36:45,160
Speaker 8: raise worker wages by four thousand dollars, and these claims

681
00:36:45,200 --> 00:36:47,960
Speaker 8: are the same as those claims, just with a slightly

682
00:36:48,000 --> 00:36:48,720
Speaker 8: different flavor.

683
00:36:48,920 --> 00:36:51,120
Speaker 7: All right, Kitty, great to have you here in our Washington,

684
00:36:51,200 --> 00:36:54,000
Speaker 7: d C. Studio. That's Kitty Richer, senior strategic advisor at

685
00:36:54,000 --> 00:36:58,040
Speaker 7: the Groundwork Collaborative and former economic policy advisor to then

686
00:36:58,320 --> 00:36:59,960
Speaker 7: Vice President Joe Biden.

687
00:37:03,719 --> 00:37:07,239
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

688
00:37:07,320 --> 00:37:10,359
Speaker 1: Just Live weekdays at noon Eastern on Apocarplay and then

689
00:37:10,480 --> 00:37:13,880
Speaker 1: Rounto with the Bloomberg Business app. Listen on demand wherever

690
00:37:13,960 --> 00:37:19,279
Speaker 1: you get your podcasts, or watch us live on YouTube.

691
00:37:19,800 --> 00:37:22,239
Speaker 2: Price is a crude oil and fairly well restrained. We've

692
00:37:22,239 --> 00:37:23,920
Speaker 2: seen a bit of an upstick recently here, but the

693
00:37:23,960 --> 00:37:25,880
Speaker 2: fact is people in many cases are paying less than

694
00:37:25,920 --> 00:37:29,120
Speaker 2: three dollars a gallon for gas in this country right now, Kaylee.

695
00:37:29,280 --> 00:37:32,840
Speaker 2: Joe Biden, of course, talked at the United Nations General

696
00:37:32,880 --> 00:37:37,280
Speaker 2: Assembly about the situation not only in the Middle East, Kayley,

697
00:37:37,360 --> 00:37:40,000
Speaker 2: but the dangerous world that surrounds us. This is his

698
00:37:40,160 --> 00:37:42,920
Speaker 2: last address before angle. Let's get a taste of what

699
00:37:42,960 --> 00:37:43,760
Speaker 2: the President said.

700
00:37:45,680 --> 00:37:48,840
Speaker 5: Many look at the world today and see difficulties and

701
00:37:48,920 --> 00:37:49,840
Speaker 5: react with despair.

702
00:37:50,760 --> 00:37:51,400
Speaker 4: But I do not.

703
00:37:52,480 --> 00:37:56,920
Speaker 5: I won't. As leaders, we don't have the luxury. I

704
00:37:57,000 --> 00:38:07,400
Speaker 5: recognize the challenges from Ukraine to Gods that and beyond war, hunger, terrorism, brutality, record,

705
00:38:07,440 --> 00:38:12,400
Speaker 5: displacement of people, a climate crisis, democracy at risk.

706
00:38:14,440 --> 00:38:18,160
Speaker 2: Let's bringing Michael Allen, Managing director of Beacon Global Strategies,

707
00:38:18,200 --> 00:38:21,440
Speaker 2: former Special assistant to President George W. Bush in the

708
00:38:21,520 --> 00:38:24,680
Speaker 2: national security sector. Always great to see Michael, Thanks for

709
00:38:24,760 --> 00:38:27,680
Speaker 2: joining us today. Thank you, of course. The situation in

710
00:38:27,760 --> 00:38:32,000
Speaker 2: Israel with Gaza now as well with Hesbelah and Lebanon,

711
00:38:32,239 --> 00:38:36,320
Speaker 2: is a major story here at this United Nations Assembly.

712
00:38:36,360 --> 00:38:39,080
Speaker 2: The President referring to Gaza there in that address that

713
00:38:39,120 --> 00:38:42,640
Speaker 2: we heard, We've been in touch with you since October seventh,

714
00:38:42,840 --> 00:38:46,160
Speaker 2: and we've seen the temperature rise consistently since then, and

715
00:38:46,200 --> 00:38:48,920
Speaker 2: as Israel looks to the north. Now there are questions

716
00:38:48,960 --> 00:38:51,640
Speaker 2: about whether this is a war, if we can call

717
00:38:51,680 --> 00:38:54,120
Speaker 2: it that with Hesbelah, or whether this could escalate more.

718
00:38:54,200 --> 00:38:54,839
Speaker 2: What do you think?

719
00:38:55,280 --> 00:38:59,480
Speaker 9: I think it's slowly and steadily escalating into something like

720
00:38:59,520 --> 00:39:02,600
Speaker 9: a war. The question will be ultimately does it turned

721
00:39:02,680 --> 00:39:05,200
Speaker 9: into a ground war? But when you line up all

722
00:39:05,200 --> 00:39:07,480
Speaker 9: the things that have happened in recent weeks, from the

723
00:39:07,480 --> 00:39:11,400
Speaker 9: commando raid to blow up a drone factory embedded in

724
00:39:11,440 --> 00:39:16,319
Speaker 9: a mountain in Syria which has operated, plus you take

725
00:39:16,360 --> 00:39:22,040
Speaker 9: the pager attacks, the walkie talkie attacks, the essentially decapitation

726
00:39:22,239 --> 00:39:27,480
Speaker 9: of the Radwan force, and now more aggressive bombing across

727
00:39:27,640 --> 00:39:30,520
Speaker 9: Lebanon in order to take out the very rockets and

728
00:39:30,560 --> 00:39:34,319
Speaker 9: missiles that Hesba likes to aim at Israel. I think

729
00:39:34,400 --> 00:39:38,200
Speaker 9: this is all gearing up for something much more substantial

730
00:39:38,239 --> 00:39:39,160
Speaker 9: than we're seeing now.

731
00:39:39,440 --> 00:39:42,440
Speaker 7: Well, and then if that is the case, when do

732
00:39:42,520 --> 00:39:46,000
Speaker 7: we cross the line to a more substantive conflict. How

733
00:39:46,000 --> 00:39:48,040
Speaker 7: do we know when it's time to call it a war?

734
00:39:48,440 --> 00:39:52,799
Speaker 9: Well, it's probably, in my estimation, already very close to

735
00:39:52,840 --> 00:39:55,919
Speaker 9: being a war. There's certainly trading blows and left and right.

736
00:39:56,000 --> 00:39:59,640
Speaker 9: But if there's a tank raid into Lebanon. I think

737
00:39:59,680 --> 00:40:02,759
Speaker 9: that will be a new significant moment. They of course

738
00:40:02,800 --> 00:40:04,920
Speaker 9: did that in nineteen eighty two and again in two

739
00:40:04,960 --> 00:40:08,879
Speaker 9: thousand and six without great results. But if you want

740
00:40:08,880 --> 00:40:12,840
Speaker 9: to be optimistic about it, this is Israel trying to

741
00:40:12,920 --> 00:40:16,560
Speaker 9: create new facts on the ground so that maybe diplomacy

742
00:40:16,600 --> 00:40:19,880
Speaker 9: would work, that they would implement the old United Nations

743
00:40:19,920 --> 00:40:22,960
Speaker 9: Security Council resolution from two thousand and six and get

744
00:40:22,960 --> 00:40:26,760
Speaker 9: Hesbela pushed back northwards that they can't range their rockets.

745
00:40:26,360 --> 00:40:27,440
Speaker 2: Into northern Israel.

746
00:40:27,920 --> 00:40:32,280
Speaker 9: Or this is just a more extreme, more aggressive version

747
00:40:32,320 --> 00:40:34,800
Speaker 9: of what we hear these Raelis are up to about

748
00:40:35,160 --> 00:40:38,360
Speaker 9: mowing the grass here. I think it's more root and

749
00:40:38,560 --> 00:40:43,200
Speaker 9: branch destruction of Hesbola, because after October seventh, I don't

750
00:40:43,239 --> 00:40:46,200
Speaker 9: think they can continue to live with another genocidal terrorist

751
00:40:46,280 --> 00:40:48,120
Speaker 9: organization on one of their borders.

752
00:40:47,880 --> 00:40:50,520
Speaker 2: Root and branch. All the while the US is arming

753
00:40:50,560 --> 00:40:54,360
Speaker 2: up in the region, sending additional troops. We're told, with

754
00:40:54,480 --> 00:40:57,719
Speaker 2: the idea you mentioned ground war in our minds, what

755
00:40:57,840 --> 00:40:59,319
Speaker 2: exactly are we prepared to do?

756
00:40:59,560 --> 00:41:02,480
Speaker 9: So certainly would not go in on the ground, and

757
00:41:02,560 --> 00:41:04,800
Speaker 9: the Israelis are proud of the fact that they don't

758
00:41:04,840 --> 00:41:07,560
Speaker 9: want us it would be to that ask. They wouldn't

759
00:41:07,600 --> 00:41:10,640
Speaker 9: make that ask of US if we have more troops

760
00:41:10,640 --> 00:41:13,879
Speaker 9: in the region. I think they're largely talking about grayholed

761
00:41:13,960 --> 00:41:18,720
Speaker 9: naval ships. Maybe there's some military advisors in Israel proper

762
00:41:18,760 --> 00:41:21,239
Speaker 9: to help with the command and control if there were

763
00:41:21,280 --> 00:41:26,600
Speaker 9: another like in April attacked by Iran. But by and large,

764
00:41:26,640 --> 00:41:29,839
Speaker 9: I think the US is trying to keep its involvement

765
00:41:30,040 --> 00:41:30,960
Speaker 9: as low as.

766
00:41:30,960 --> 00:41:33,520
Speaker 2: Twenty two as we park there though are for a

767
00:41:33,560 --> 00:41:35,160
Speaker 2: real reason. We saw them employed in.

768
00:41:35,120 --> 00:41:38,880
Speaker 9: That absolutely from Iran to take out drones from Iran,

769
00:41:39,320 --> 00:41:41,840
Speaker 9: cruise missiles and the rest. And also it has a

770
00:41:41,840 --> 00:41:44,319
Speaker 9: big deterrent value. I mean, the real question is what's

771
00:41:44,320 --> 00:41:47,920
Speaker 9: Iran gonna do next? Does Iran feel like my god,

772
00:41:48,080 --> 00:41:53,600
Speaker 9: our most prized proxy, the all power for Hesbola, which

773
00:41:53,680 --> 00:41:59,200
Speaker 9: we use as a deterrent against Israel attacking Iran's nuclear program?

774
00:41:59,440 --> 00:42:03,600
Speaker 9: Does Iran si I can't stomach the complete degradation of

775
00:42:03,600 --> 00:42:05,759
Speaker 9: this force, and I have to do something.

776
00:42:05,440 --> 00:42:09,040
Speaker 7: But what, well, I guess The question that then follows

777
00:42:09,120 --> 00:42:11,040
Speaker 7: is how much, say, does Iran really have in the

778
00:42:11,080 --> 00:42:13,840
Speaker 7: actions of Hesbela. Hesbla feels it needs to retaliate for

779
00:42:13,920 --> 00:42:17,600
Speaker 7: these various attacks conducted by Israel. Would they do that

780
00:42:17,640 --> 00:42:18,640
Speaker 7: without the go ahead from.

781
00:42:18,560 --> 00:42:24,120
Speaker 9: Toront I think they're definitely in consultation. They're very very tight, Andzrala,

782
00:42:24,280 --> 00:42:27,120
Speaker 9: who is the head of Hesbela, is always i'm told,

783
00:42:27,440 --> 00:42:29,960
Speaker 9: very close with the Supreme Leader. So they're at a

784
00:42:30,000 --> 00:42:33,560
Speaker 9: minimum coordinating very closely. I think Iran knows that Hesbol

785
00:42:33,600 --> 00:42:36,560
Speaker 9: has got to hit back somehow, but I think they're

786
00:42:36,640 --> 00:42:39,759
Speaker 9: probably on pins and needles trying to figure out does

787
00:42:39,800 --> 00:42:42,879
Speaker 9: Iran get involved in this, How do I keep Hesbeala

788
00:42:42,880 --> 00:42:46,240
Speaker 9: in the fight? How do I put pressure on Israel

789
00:42:46,400 --> 00:42:49,719
Speaker 9: in another front or in another theater so that maybe

790
00:42:49,800 --> 00:42:52,920
Speaker 9: they have to pull back on Lebanon.

791
00:42:52,719 --> 00:42:56,000
Speaker 2: From Unga Today, in New York NBC News reporting, the

792
00:42:56,000 --> 00:42:59,320
Speaker 2: Iranian president says he does not want war with Israel.

793
00:42:59,360 --> 00:43:01,879
Speaker 2: You believe I do.

794
00:43:02,040 --> 00:43:04,840
Speaker 9: I don't think it's really in his interest because he

795
00:43:04,880 --> 00:43:07,799
Speaker 9: would lose in a conventional usual interest, right, I think

796
00:43:07,840 --> 00:43:10,480
Speaker 9: it is. We're still marching down this road together. Yeah,

797
00:43:10,520 --> 00:43:14,080
Speaker 9: I think that Israel doesn't want war per se. Everyone

798
00:43:14,120 --> 00:43:16,800
Speaker 9: wants to take care of the nuclear program if they can,

799
00:43:17,040 --> 00:43:21,400
Speaker 9: if that's even militarily possible at this point, and certainly

800
00:43:21,600 --> 00:43:24,640
Speaker 9: Iran wants to continue using their proxies because they're getting

801
00:43:24,640 --> 00:43:27,600
Speaker 9: the best at both worlds. They have terrorist organizations that

802
00:43:27,719 --> 00:43:31,200
Speaker 9: hit Israel all the time, and while there are sanctions

803
00:43:31,280 --> 00:43:34,400
Speaker 9: up against them, they're not always enforced, and they would

804
00:43:34,440 --> 00:43:37,080
Speaker 9: lose a conventional exchange with Israel.

805
00:43:37,920 --> 00:43:40,759
Speaker 7: Israel has maintained that its goal here is just for

806
00:43:41,040 --> 00:43:43,560
Speaker 7: Israelis to be able to return to their homes in

807
00:43:43,640 --> 00:43:45,960
Speaker 7: the north. Hesbla has said, if you want to be

808
00:43:46,000 --> 00:43:48,000
Speaker 7: able to do that, just end the war in Gaza

809
00:43:48,160 --> 00:43:50,760
Speaker 7: and then the conflict between the two of us will stop.

810
00:43:51,239 --> 00:43:53,440
Speaker 7: Is that not the solution here? Is there's a push

811
00:43:53,520 --> 00:43:57,080
Speaker 7: still by the Biden administration to reach a ceasefire deal.

812
00:43:57,080 --> 00:43:59,800
Speaker 7: Why not focus the energy and effort on that versus

813
00:44:00,840 --> 00:44:02,480
Speaker 7: this action across the northern border.

814
00:44:02,640 --> 00:44:05,839
Speaker 9: So they're definitely linked. Hesbula says, We're going to keep

815
00:44:05,880 --> 00:44:10,120
Speaker 9: sending rockets your way until the Gazza ceasefire occurs. But

816
00:44:10,200 --> 00:44:12,759
Speaker 9: I think even and we've seen reports of this that

817
00:44:12,840 --> 00:44:15,200
Speaker 9: I know you've seen, that the United States is more

818
00:44:15,280 --> 00:44:17,120
Speaker 9: or less given up on the prospects of the sea.

819
00:44:17,200 --> 00:44:18,920
Speaker 7: Certainly not openly optimistic.

820
00:44:18,960 --> 00:44:22,640
Speaker 9: They're not optimistic at all, and I don't blame them whatsoever.

821
00:44:22,880 --> 00:44:24,600
Speaker 9: First of all, we don't know if sen War's dead.

822
00:44:24,680 --> 00:44:27,319
Speaker 9: He might be dead. That's what some press reports have

823
00:44:27,400 --> 00:44:30,720
Speaker 9: indicated of late. They're trying to figure that out. But also,

824
00:44:31,239 --> 00:44:35,560
Speaker 9: just as Gaza has slown down because there are fewer targets,

825
00:44:35,760 --> 00:44:38,160
Speaker 9: Israel feels freer to go northward.

826
00:44:38,680 --> 00:44:41,160
Speaker 2: So are we then given up on the hostages.

827
00:44:41,920 --> 00:44:44,720
Speaker 9: I hate to say it like that, but I don't

828
00:44:44,840 --> 00:44:47,879
Speaker 9: ever really think NETANYAHUO had it at the very top

829
00:44:47,920 --> 00:44:50,239
Speaker 9: of his list. I feel like after October seventh he

830
00:44:50,239 --> 00:44:53,080
Speaker 9: felt like he needed to increase to Torence and increase

831
00:44:53,120 --> 00:44:55,240
Speaker 9: the security of Israel in the region.

832
00:44:55,800 --> 00:44:57,560
Speaker 2: But it looks decrease.

833
00:44:57,640 --> 00:45:01,080
Speaker 9: It looks increasingly unlikely that there is going to be

834
00:45:01,120 --> 00:45:02,320
Speaker 9: a deal in the offing.

835
00:45:02,719 --> 00:45:05,000
Speaker 2: But as to what we've seen from the IDF, that

836
00:45:05,160 --> 00:45:07,600
Speaker 2: I have to be a deal, right these these rescue

837
00:45:07,680 --> 00:45:10,480
Speaker 2: operations have been largely unsuccessful.

838
00:45:10,480 --> 00:45:14,320
Speaker 9: They've been largely unsuccessful. There's too many miles of tunnels

839
00:45:14,320 --> 00:45:18,160
Speaker 9: and Goza. Now listen, if Sinhwar is killed, there are

840
00:45:18,280 --> 00:45:21,359
Speaker 9: reports that the other people around him are not quite

841
00:45:21,440 --> 00:45:25,480
Speaker 9: as hardcore as he was, so it's not inconceivable that

842
00:45:25,640 --> 00:45:28,480
Speaker 9: some hostages could come out if there was some sort

843
00:45:28,480 --> 00:45:32,200
Speaker 9: of deal. But let's see with Sinwar pokes his head

844
00:45:32,200 --> 00:45:33,759
Speaker 9: back up sometime soon.

845
00:45:34,080 --> 00:45:37,000
Speaker 7: So obviously this is one active area of conflict that

846
00:45:37,040 --> 00:45:39,560
Speaker 7: is dominating conversation at the United Nations, but it is

847
00:45:39,640 --> 00:45:42,879
Speaker 7: unfortunately not the only one. The ward Ukraine is also

848
00:45:43,000 --> 00:45:44,640
Speaker 7: on the agenda, and that was the focus of many

849
00:45:44,640 --> 00:45:48,000
Speaker 7: of President Biden's remarks before the General Assembly today, this

850
00:45:48,080 --> 00:45:50,720
Speaker 7: idea that Alliance is supporting Ukraine need to stick together.

851
00:45:50,880 --> 00:45:53,680
Speaker 7: The Associated Press is now reporting that the US on Wednesday,

852
00:45:53,760 --> 00:45:56,640
Speaker 7: so tomorrow, will be announcing a new aid package three

853
00:45:56,719 --> 00:45:59,640
Speaker 7: hundred and seventy five million dollars in military aid to

854
00:46:00,239 --> 00:46:03,680
Speaker 7: But we also understand, Michael that on Thursday Zelensky, when

855
00:46:03,680 --> 00:46:05,320
Speaker 7: he meets with Biden, the White House is going to

856
00:46:05,360 --> 00:46:08,320
Speaker 7: be pushing a plan to end the war with Russia.

857
00:46:08,360 --> 00:46:11,040
Speaker 7: Do you think it's realistically time for those conversations or

858
00:46:11,120 --> 00:46:12,480
Speaker 7: is the aid going to have to keep flowing for

859
00:46:12,560 --> 00:46:13,120
Speaker 7: quite some time.

860
00:46:13,200 --> 00:46:15,080
Speaker 2: Well, the aid has got to keep flowing.

861
00:46:15,360 --> 00:46:19,200
Speaker 9: The Ukrainians are honestly on their back foot for the

862
00:46:19,239 --> 00:46:22,520
Speaker 9: first time. It looks like they're losing more than incremental

863
00:46:22,520 --> 00:46:26,520
Speaker 9: amounts of territory. But I like this Zelensky initiative. It's

864
00:46:26,520 --> 00:46:29,440
Speaker 9: because there's an election coming. It's because Donald Trump and JD.

865
00:46:29,640 --> 00:46:33,120
Speaker 9: Vance say that they are either going to, in Vance's mind,

866
00:46:33,640 --> 00:46:37,439
Speaker 9: do nothing for Ukraine, or, in Trump's mind, immediately try

867
00:46:37,480 --> 00:46:41,000
Speaker 9: and settle the conflict. I think this is Zelensky's way

868
00:46:41,040 --> 00:46:43,200
Speaker 9: of saying, I hear you, President Trump, I hear you

869
00:46:43,280 --> 00:46:46,080
Speaker 9: Vice President Harris. Understand the politics is changing in the

870
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Speaker 9: United States. But here's what we think should be a

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Speaker 9: reasonable resolution to this conflict. And I think it's fine

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Speaker 9: because you can't beat something with nothing. He's got to

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Speaker 9: come to something with something to the table.

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Speaker 2: Yeah. What is what of Zelenski's conversation with Donald Trump?

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Speaker 2: Like Donald Trump wouldn't even say in the debate that

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Speaker 2: he wanted Ukraine to win the war. Yeah, to be

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Speaker 2: a fly on the wall. Considering the history that these

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Speaker 2: two have had. What's Donald Trump's message to Zelensky.

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Speaker 9: I think it's well, Trump will say to Zelensky, we

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Speaker 9: have to wrap this up soon. If you see anything

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Speaker 9: from Trump, I do believe it's a sincere belief born

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Speaker 9: from stress about endless wars, that he wants the fighting

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Speaker 9: to stop in the Middle East and definitely in Ukraine.

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Speaker 2: I think to give up something I think.

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Speaker 9: Zelensky has to say, if you want a lasting piece

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Speaker 9: and you want to be credited for that, I need

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Speaker 9: more time and I need more military and economic assistance

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Speaker 9: to condition Vladimir Putin to where he might agree to

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Speaker 9: a ceasefire.

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Speaker 2: If you do it.

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Speaker 9: Along the lines as they exist today, that's trouble and

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Speaker 9: a recipe for Russia to come back into Ukraine and

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Speaker 9: a situation where Ukraine feels insecure.

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Speaker 7: All right, Michael Allen, always great to have you here

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Speaker 7: in our Washington, d C. Studio view Courses, Managing director

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Speaker 7: Beacon Global Strategies, former Special Assistant to President George W.

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00:48:12,400 --> 00:48:15,799
Speaker 7: Bush in National Security, here with us on Bloomberg TV

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Speaker 7: and Radio, and of course, as Michael helps us to

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Speaker 7: analyze some of the commentary we're getting out of the

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Speaker 7: un specifically what we've already heard from President Biden and

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Speaker 7: his first speech of the day. We will be hearing

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Speaker 7: another speech from Biden later on today four to forty

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Speaker 7: five pm Eastern Time, roughly when it's scheduled at an

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Speaker 7: event Bloomberg is hosting The New York.

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Speaker 2: Thanks for listening to the Balance of Power podcast. Make

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Speaker 2: sure to subscribe if you haven't already. At Apple, Spotify,

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Speaker 2: or wherever you get your podcasts, and you can find

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00:48:45,600 --> 00:48:48,840
Speaker 2: us live every weekday from Washington, DC at noontime Eastern

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Speaker 2: at Bloomberg dot com