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Speaker 1: Live from our nation's came this budget thing is going

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Speaker 1: to do nothing space forts. I still think it's interesting

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Speaker 1: President Trump not playing his cards yet. Headlines Policy and

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Speaker 1: politics colliding. Sound on with Kevin's a relate the insiders,

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Speaker 1: the influencers, the insides. I would rather see a congressional solution.

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Speaker 1: It's part of my DNA. The Senate map in looks

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Speaker 1: a lot different than it looked in. You really have

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Speaker 1: a divide within Team Trump. The present has to do

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Speaker 1: exactly what people seven here to do, which is to

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Speaker 1: get it done. He's sound on with Kevin's related on

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Speaker 1: Bloomberg one and one oh five point seven f m

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Speaker 1: h D two Baltimore, Mueller, Reid Cappy Tuesday, Folks. I'm

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Speaker 1: Kevin Cirelli, Chief Washington correspondent for Bloomberg Television and Bloomberg Radio.

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Speaker 1: But what will the redacted version of the Mueller report find.

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Speaker 1: It's going to get released on Thursday, plus time to

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Speaker 1: talk about subpoena powers on the House Financial Services Committee

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Speaker 1: and House Financial Services Committee Chairwoman Maxine Water, as well

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Speaker 1: as the House Intelligence Committee, already issuing several subpoenas to

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Speaker 1: Deutsche Bank. Deutsche Bank JP Morgan than City Group. Why

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Speaker 1: to see precisely what if any financial dealings there have

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Speaker 1: been with the Trump organization and Trump World. Fresh reaction

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Speaker 1: today off of that New York Times exclusive report from

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Speaker 1: Eric Trump. I'll tell you what precisely Trump World is

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Speaker 1: saying about the latest rounds of subpoenas all of that

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Speaker 1: with an all star panel. Kaprika Faro, Executive in Residents

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Speaker 1: at American University. She is the former minority leader as

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Speaker 1: a Democrat in the Ohio State Senate. Saw Hill Copoor

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Speaker 1: Bloomberg News national political correspondent, grabbing him off of the

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Speaker 1: Democratic presidential primary campaign trail. And Josh wind Grove, Bloomberg

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Speaker 1: News Canada reporter, and he's about to join the White

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Speaker 1: House beat. What a beautiful day here in Washington, d C.

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Speaker 1: But gotta be honest, I was up on Capitol Hill

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Speaker 1: talking to some offers and the Republican and Democratic UH

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Speaker 1: parties and and all of the chatter behind the scenes.

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Speaker 1: This recess week is on Thursday, that Mueller Report, that

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Speaker 1: redacted version of the Mueller Report finally going to be

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Speaker 1: released not just to the House and Senate committees, but

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Speaker 1: also of course to the public, and everyone is going

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Speaker 1: to be racing to read through that redacted version and

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Speaker 1: maybe even squinting their eyes to see if they can

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Speaker 1: gleam any information as to what precisely will be in

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Speaker 1: that redacted version. Remember more than d subpoenas that were

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Speaker 1: issued during the Bob Mueller investigation twenty two months twenty

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Speaker 1: two month investigation, and of course you've got more than

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Speaker 1: four hundred pages, four hundred pages that is going to

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Speaker 1: be released. What percentage of that will be redacted? Subpoena

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Speaker 1: is likely going to have to be issued if Democrats

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Speaker 1: hope to get any even explanation over why this is redacted.

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Speaker 1: But subpoenas have already been issued, according to The New

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Speaker 1: York Times too large financial institutions, including Deutsche Bank. Deutsche

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Speaker 1: Bank the large financial institution that has had more than

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Speaker 1: two billion dollars reportedly of financial dealings with the Trump

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Speaker 1: organization and Trump World, and of course, in addition to

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Speaker 1: Deutsche Bank, also City Group and JP Morgan also wrapped

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Speaker 1: up in this look. I've interviewed House Financial Services Committee

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Speaker 1: Chairwoman Maxine Waters, Democrat from California, several times really since

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Speaker 1: she assumed the gavel, even honestly a couple of weeks

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Speaker 1: before she got the gavil and this was always in

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Speaker 1: the works, but now it's actually being applied in practice.

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Speaker 1: Kaprika Farro is an executive in residence at American University.

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Speaker 1: She's the former minority leader for the Ohio State Senate.

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Speaker 1: She's a Democrat. Sahil Kapoor Bloomberg News national political correspondent

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Speaker 1: and Josh Wynd Grove blue Bird News Canada reporter. And Josh,

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Speaker 1: you just got a promotion. Congrats You're moving to Washington

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Speaker 1: from Canada to join our White House team. Yeah, yeah, thanks, Kevin. Yeah,

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Speaker 1: we're looking forward to it. Anything going on these days,

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Speaker 1: And yet Rule Number one was talking to them. I

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Speaker 1: know it's okay, I'm here for you, buddy. I appreciate that. Alright.

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Speaker 1: So let's start with you. I mean, these investigations and

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Speaker 1: you know the Democrats better than anyone in the House

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Speaker 1: of Representatives. Now you've got subpoenas that are being issued.

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Speaker 1: Does this provide any legal threats to the administration anymore

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Speaker 1: so than the Mueller Because the sources that I talked

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Speaker 1: with at the White House say the Muller investigation, no

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Speaker 1: new indictments, no evidence of collusion. They're in the clear,

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Speaker 1: the Muller investigation has been the flavor of presidential investigations

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Speaker 1: for the last what is it, two years now, But

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Speaker 1: at some level, the Democrats had always been more intrigued

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Speaker 1: by the president's finances. They always kind of thought there

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Speaker 1: was a little more there. You know that he runs

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Speaker 1: a sprawling business empire across the world, has done business

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Speaker 1: and or at least attempted to do business in countries

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Speaker 1: in places like Azerbaijan and Indonesia, places with you know

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Speaker 1: where you have and Russia, but because where you have

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Speaker 1: to deal with some unsavory characters. Um, the fact that

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Speaker 1: he hasn't released his tax returns is only added to

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Speaker 1: that intrigue. So there has been a faction of Democrats

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Speaker 1: that always thought there was more to investigate, more to

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Speaker 1: explore more potential shadiness in his finances than them all

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Speaker 1: our investigations on the Russia stuff to begin with. Yeah,

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Speaker 1: there's no question about that. I mean, look, um, I

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Speaker 1: think that what the Democrats are trying to get at

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Speaker 1: is two things. Um. One, whether or not the Trump

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Speaker 1: organization is somehow benefited from Donald Trump being the leader

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Speaker 1: of the free world, and if they've benefited financially and

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Speaker 1: I think on the flip side, trying to put pieces

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Speaker 1: together on whether or not there were any pre existing

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Speaker 1: UH relationships and somehow trying to connect the dots between UH,

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Speaker 1: you know, individuals in Eastern Europe or the Russian Federation

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Speaker 1: or whatever, and these financial institutions that you know where

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Speaker 1: UM now President Trump has received I believe, over two

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Speaker 1: billion dollars and loans. One more thing about the tax

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Speaker 1: returns that I find that that I think needs to

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Speaker 1: be noted. I totally agree that one of the reasons

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Speaker 1: why UM Congress and the House in particular is focused

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Speaker 1: on the tax returns is to try to again illuminate

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Speaker 1: UM what President Trump's business dealings look like. But because

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Speaker 1: of the nature of commercial real estate, you're only going

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Speaker 1: to get so much out of that picture, because you know,

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Speaker 1: forty Wall Street and this and then Trump Tower and whatever.

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Speaker 1: You know, they all are going to paint a different pictures,

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Speaker 1: so as personal tax returns are only gonna tell you

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Speaker 1: so much. Kapreka Farro is an executive in residents at

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Speaker 1: American University. She is the former Democratic Minority leader in

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Speaker 1: the Ohio State Senate. She's got an opinion column up

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Speaker 1: on Fox news dot Com that says, quote, if Democrats

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Speaker 1: want to win in they should stop investigating Trump and

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Speaker 1: focus on healthcare, ignoring the health care policy debate for

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Speaker 1: a second. Why would you do that to me? I

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Speaker 1: know you're I know you're a health care but but

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Speaker 1: the argument of investigation fatigue, right, that's you as a

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Speaker 1: Democrat in a battleground state like Ohio. That's the case

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Speaker 1: that you're making. I really do believe that. Look, I

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Speaker 1: understand that, uh, you know, the House and the legislative

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Speaker 1: branch have a constitutional ability and obligation to have oversight

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Speaker 1: over you know, the executive branch, and they need to

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Speaker 1: do that, and they need to do it judiciously. They

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Speaker 1: should not be abusing it. We've seen Republicans do it.

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Speaker 1: Now we're seeing Democrats do it. And I think that

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Speaker 1: people are going to get sick of it because I

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Speaker 1: think it plays directly into the hand that Donald Trump

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Speaker 1: has been trying to point to to play, and that's

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Speaker 1: he's under attack and he's targeted. Right. So I spent

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Speaker 1: a lot of time on the campaign trail of the

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Speaker 1: last few weeks, um last couple of months, and I

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Speaker 1: was out a lot in towards the end before the

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Speaker 1: midterm elections, and there was almost no talk on the

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Speaker 1: Democratic side of the president and the Muller investigation. It

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Speaker 1: was not an issue that the entire Russia thing was

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Speaker 1: a side show. Healthcare was overwhelmingly above and beyond the

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Speaker 1: number one issue for Democrats and it worked very well

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Speaker 1: for them. These candidates in these forty or so house

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Speaker 1: districts um where Democrats made gains basically ignored the Russia

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Speaker 1: investigation entirely and focused on healthcare, and the results speak

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Speaker 1: for themselves. I'm looking at an exit poll from CNN

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Speaker 1: right now from that says healthcare was the number one

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Speaker 1: issue for voters in the election, and those voters who

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Speaker 1: cited healthcare preferred Democratic candidates over Republicans by a margin

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Speaker 1: of seventy five to twenty three. Coming up, we're gonna

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Speaker 1: have much more from saw Hill from Capri on the crowded,

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Speaker 1: crowded Democratic primary field, Plus Josh Wynd Grove gives us

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Speaker 1: his predictions on whether or not the U s m

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Speaker 1: c A will get in fact ratified. And just to

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Speaker 1: close out this uh topic, Eric Trump, Senior Vice president

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Speaker 1: of the Trump Executive Vices of the Trump Organization as

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Speaker 1: well as of course, a member of the First family

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Speaker 1: tweeting out a Justice afternoon regarding these new subpoenas into

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Speaker 1: Trump World through Deutsche Bank. Quote, when you can't legislate,

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Speaker 1: harass this nonsense is the exact reason why the American

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Speaker 1: people have such disdain for politicians, and the exact reason

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Speaker 1: that my father was elected president. Congress. People are sick

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Speaker 1: of your incompetence hashtag do your job and quote President

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Speaker 1: Trump for his part in the last twenty four hours

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Speaker 1: saying that there's going to be an investigation into the investigators.

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Speaker 1: I think at the end of the day, probably up

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Speaker 1: to Herman Kine if he wants to stay in that

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Speaker 1: process or not. As far as we're concerned, he's in

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Speaker 1: the process, and it's proceeding in an orderly way. Proceeding

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Speaker 1: in an orderly way. That was Larry Cudlow, the top

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Speaker 1: economic advisor to President Trump, speaking to reporters earlier today

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Speaker 1: about Herman Kine, who the President has nominated to the

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Speaker 1: FED Board, and a lot of Republicans is, including Senator

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Speaker 1: Mitt Romney, Republican from Utah, withdrawing their support for him,

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Speaker 1: and it has created quite the controversy within the Republican Party.

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Speaker 1: Up in the Senate. Lawmakers, of course, are in recess

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Speaker 1: this week, but economics driving the agenda, at least from

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Speaker 1: the White House's perspective. All that changes on Thursday, when

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Speaker 1: the redacted version of the Muller Report finally released to

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Speaker 1: the public. We were talking earlier about this New York

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Speaker 1: Times report that there have been subpoenas issued by Democratic

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Speaker 1: controlled committees in the House of Representatives, including the House

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Speaker 1: Financial Services Committee, to Deutsche Bank regarding the president and

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Speaker 1: the Trump organization's assets all around the world. But it

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Speaker 1: comes at a time and again which the administration wants

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Speaker 1: to be talking about the economy. They're also talking about

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Speaker 1: the economy and the crowded, crowded Democratic primary field. Sajo

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Speaker 1: Kapoor Bloomberg News national political correspondent. He's been out on

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Speaker 1: the trail covering the crowded Democratic primary field. Capri Cafarro,

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Speaker 1: executive and residents at American University, also an Ohio resident.

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Speaker 1: She's the former minority leader in the Ohio Senate, a Democrat,

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Speaker 1: she knows a thing or two about the battleground politics

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Speaker 1: in the Hawkeye state. And Josh wyn Grove Bloomberg News

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Speaker 1: Canadian reporter I guess you need Canada for the U.

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Speaker 1: S m c A. You do. He's gonna be moving

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Speaker 1: to Washington, Moving to Washington, Josh Wynd Grove, everybody moving

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Speaker 1: to Washington, d C. To join the White House team.

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Speaker 1: How do you even prepare? No offense to uh the Canadians.

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Speaker 1: But our political system is a little bit more dramatic.

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Speaker 1: Should I say? You guys said that Mayor once? Well, yeah,

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Speaker 1: his brother's premier now up there in Ontario. Yea, yeah, yeah,

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Speaker 1: that's right, it's right. You know you've never been to Canada?

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Speaker 1: What what? Never been to Canada? Come on, come on,

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Speaker 1: we'll have you up. We'll show you like you can

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Speaker 1: eat poutine or whatever the heck you want. I see

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Speaker 1: you say you hear poutine. I hear putin. Okay, So

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Speaker 1: what about in terms of where this goes with U.

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Speaker 1: S m c A. Do you think this thing is

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Speaker 1: finally gonna get ratified? It is not moving quickly. I

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Speaker 1: think that the Democrats want a lot of changes right

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Speaker 1: now that are going to be problematic. Mexico is going

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Speaker 1: to resist adding new teeth to labor provisions, or at

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Speaker 1: least they've signaled they will. Canada doesn't want to make

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Speaker 1: any changes. They say, Hey, the deal is done, we

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Speaker 1: don't need to reopen this thing. Meanwhile, the clock's taking

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Speaker 1: Canada has an election in October. If they want to

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Speaker 1: pass it, they've got to move in both countries. Mexico

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Speaker 1: and Canada want the U. S to lift steel and

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Speaker 1: aluminum tariffs to sort of grease the wheels to get U.

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Speaker 1: S m c A through. So you add all that up.

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Speaker 1: President doesn't hasn't talked about quitting NAFTA in a while,

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Speaker 1: so to suggest that we're gonna be having NAFTA for

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Speaker 1: quite some time before they can sort out their differences

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Speaker 1: on this. Okay, Clock's taking josh Win Groff, soon to

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Speaker 1: be White House reporter from Bloomberg News. Clocks also taking Sajokpor,

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Speaker 1: national political correspondent for Bloomberg. In terms of the elections here,

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Speaker 1: when you're out on the trail, I would imagine that

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Speaker 1: you're hearing from voters that trade is an issue for

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Speaker 1: Democrats and the primary do they like U. S m

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Speaker 1: c A. It is a major issue for voters in

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Speaker 1: the election, as it was a major issue for voters

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Speaker 1: in the election. Now. I was out over the weekend

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Speaker 1: um with Senator Bernie Sanders, the front running Democratic candidate

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Speaker 1: in the field at the moment, and I met a

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Speaker 1: number of voters in Michigan where he was along with

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Speaker 1: Pennsylvania and Wisconsin, who cited trade. One of them told me,

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Speaker 1: I'm just going to quote this here. I think I

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Speaker 1: have this up. NAFTA killed us. NAFTA absolutely killed us,

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Speaker 1: and we've been getting the same old song and dance. Unquote.

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Speaker 1: This is Roger Jablonsky of Royal Oak, Michigan. He said

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Speaker 1: he didn't support Trump, but he said he's not surprised

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Speaker 1: Michigan voted for Trump because he said they just wanted

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Speaker 1: to change, and he was the only change agent in

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Speaker 1: the field. So this is so fascinating because I think

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Speaker 1: so many times in the current political discourse we just

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Speaker 1: here left versus right. No, that's not where I grew up.

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Speaker 1: I I know, Capri, I know that's not where you

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Speaker 1: grew up either. People were deciding between Senator Sanders and

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Speaker 1: and private citizen at the time, Donald Trump, and that's

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Speaker 1: really where this election was decided. It was decided in

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Speaker 1: factory towns, it was decided in Philadelphia's suburbs in western Pennsylvania.

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Speaker 1: The first time that Pennsylvania went for Republicans in it

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Speaker 1: was decided in Youngstown, Ohio, where now Tim Ryan has

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Speaker 1: thrown hisself into the race. And you mentioned Bernie Sanders

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Speaker 1: talking about NAFTA two point oh talking about trade that

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Speaker 1: you were on the trail covering. Were you with him

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Speaker 1: in Pittsburgh, So we have a bite from when he

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Speaker 1: was on Sunday in Pittsburgh. I want to play for

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Speaker 1: it now and then, Kaprie, I want to get your

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Speaker 1: take on this. Here's Democratic presidential candidate Bernie Sanders in

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Speaker 1: Pittsburgh on Sunday. Go back to the drawing board on NAFTA.

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Speaker 1: Do not send this treaty the Congress unless it includes

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Speaker 1: strong and swift enforcement mechanisms to raise the rages of

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Speaker 1: workers and to prevent cooperations from shutting down in America

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Speaker 1: and going abroad. K executive in residence American University, former

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Speaker 1: minority leader and the Democrat as a Democrat in the

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Speaker 1: Ohio Senate. He's saying, go back to the drawing board.

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Speaker 1: I guess who else is saying go back to the

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Speaker 1: drawing board. The A F l C I O UM,

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Speaker 1: I just got you know, one of these mass uh

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Speaker 1: mobilization emails from the A F L C I Oh,

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Speaker 1: basically saying, you know, we're glad to see that, um,

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Speaker 1: we finally are getting some movement. But um, you know,

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Speaker 1: tell your members that you know, don't support U S

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Speaker 1: m c A unless it has some improvements and its provisions.

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Speaker 1: And what Bernie Sanders has said apparently in Pittsburgh, which

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Speaker 1: he may must have gone to after he was in

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Speaker 1: my hometown area in Lordstown, Ohio on Sunday as well,

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Speaker 1: is what a lot of people think in the industrial

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Speaker 1: Midwest that um, it's important to have a trade agreement

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Speaker 1: that lifts up the other nations that do not have

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Speaker 1: UM high wages, worker protections and strong environmental standards. Canada

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Speaker 1: eas with all this, I would add, but you know

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Speaker 1: the Democrats are going to have a be pushing for this.

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Speaker 1: They are pushing for this. What's unclear is how they

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Speaker 1: want to do that. Do they want to reopen the

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Speaker 1: deal or theyre going to do some kind of side

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Speaker 1: deal because some of the paint is already dry on

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Speaker 1: this thing when they signed it. They signed side letters,

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Speaker 1: which is trade speak for it kicks in now. And

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Speaker 1: so some of the protections, for instance on auto tariffs

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Speaker 1: are already in effects that they could do something like that.

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Speaker 1: That maybe solves things. Remember, Lopez Obrador, the president in Mexico,

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Speaker 1: is sort of a leftist populist. He might actually back

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Speaker 1: stronger labor provisions. But it remains totally up in the air.

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Speaker 1: It's not new, though, for US presidents or president's candidates

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Speaker 1: campaign against NAFTA. Barack Obama did it. A bunch of

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Speaker 1: people have done it. So in the Democratic primary, though,

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Speaker 1: I mean in a general election, rather, President Trump, whoever

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Speaker 1: he's campaigning against, will say if Democrats block this, he's

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Speaker 1: gonna say, I tried to renegotiate NAFTA, and and and

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Speaker 1: you know Democrats stood in the way, they obstructed and whatnot. Now,

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Speaker 1: so does the argument that Senator Sanders is making that

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Speaker 1: other progressives Extendator Warren or making, which is this is

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Speaker 1: not progressive enough. Does that work in a general Well,

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Speaker 1: this is a bit of a pickle for the president

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Speaker 1: because the campaign as someone who would express I've heard

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Speaker 1: that so long. So a bit of a pickle, a

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Speaker 1: bit of a NAFTA pickle. Sorry, go ahead, I'll stop talking. No, no, So,

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Speaker 1: because he campaigned as someone who would deliver, not someone

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Speaker 1: who would have political fights and you know, wage battle

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Speaker 1: over NAFTA in the political arena. If he can't do it,

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Speaker 1: then on some level he has to respond to that. Now,

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Speaker 1: what Bernie Sanders is doing is trying to put a

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Speaker 1: stake in the ground and saying I am the real

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Speaker 1: candidate of opposing free trade deals. The Trump, you know,

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Speaker 1: the Trump was campaigning as the fake Bernie senders and

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Speaker 1: the words of Sanders campaign manager who interviewed over the weekend,

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Speaker 1: and that the way to defeat him is for Democrats

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Speaker 1: to nominate real Bernie center to see more thing. But

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Speaker 1: this is how he's campaigning as as you know, someone

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Speaker 1: who is going to take on a president who, in

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Speaker 1: his view, did not deliver on his trade promises. You said,

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Speaker 1: you mentioned that that this this is more progressive. I

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Speaker 1: don't think that people in Ohio, Wisconsin, Michigan, in Pennsylvania see, um,

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Speaker 1: what Bernie Sanders is saying as a progressive message on trade.

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Speaker 1: I think that is a bread and butter, mainline view

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Speaker 1: on what fair trade means to a lot of people

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Speaker 1: that voted. You know that what you may can uh

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Speaker 1: say as Reagan Democrats are crossed over for Trump. So

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Speaker 1: I think that at least. I don't know if it's

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Speaker 1: a total mischaracterization that it's it's more progressive um, but

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Speaker 1: I don't think that it would be perceived as a

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Speaker 1: progressive policy by those Midwestern Democrats. More point coming up,

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Speaker 1: we have much more on the Democratic presidential field. If

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Speaker 1: you two doesn't put you in again, Mood, I don't

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Speaker 1: know what will especially on a nice Washington spring day,

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Speaker 1: and it's recess. It's recess. We finally have recess. I

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Speaker 1: was up on Capitol Hill earlier today talking to some staffers,

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Speaker 1: and the only thing on their mind is Thursday. What

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Speaker 1: is going to be in the redacted version of that

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Speaker 1: Mueller report. We're finally gonna get it, and lawmakers aren't

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Speaker 1: even in town. I don't know. That could be a

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Speaker 1: good thing, it could be a bad thing, and who knows,

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Speaker 1: we'll find out. On Thursday. We were talking about trade

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Speaker 1: policy and whether or not U S m c A

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Speaker 1: Is going to get ratified. We're talking about the impacts

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Speaker 1: from Mexico and Canada, but also on the Feld trade

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Speaker 1: such a dominant issue, casting a shadow over the next

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Speaker 1: year and a half here and inside of Washington and

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Speaker 1: around the country. You've got trade disputes trade wars on

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Speaker 1: multiple fronts US and Europe, US and Japan. By the way,

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Speaker 1: the Japanese economic minister in town this week negotiating on

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Speaker 1: US Japanese trade talks. President Trump wants to see that

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Speaker 1: sixty billion dollar trade deficit with Japan next or at

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Speaker 1: least slashed, and they also want to get introards for

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Speaker 1: agricultural sector in the Japanese region, and the Japanese, like

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Speaker 1: the Europeans, are terrified having auto tariffs. And then of

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Speaker 1: course US and China, which we always talk about as well.

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Speaker 1: All Star, All Star Panel with me, Josh Wing Grove,

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Speaker 1: Bloomberg News Canada reporter, an incoming White House reporter for Bloomberg. Sahpoor,

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Speaker 1: Bloomberg News national political correspondent. He's been all over and

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Speaker 1: Kaprek far Oh Friend of the program, executive in Residents,

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Speaker 1: an American university, former minority leader as a Democrat in

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Speaker 1: the Ohio State Senate. Capri You're everywhere these days. You're

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Speaker 1: back and forth from Ohio, You're going to l A,

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Speaker 1: You're always on Fox. But I you you're going to

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Speaker 1: be cooking tomorrow on one of the local stations. I

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Speaker 1: am this is this is I guess I pretty well

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Speaker 1: known secret at this point. I enjoy cooking, especially baking. UM,

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Speaker 1: and I'm putting together a bipartisan cookbook called Sitting the

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Speaker 1: Table for Compromise, which we're hoping will be released at

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Speaker 1: the end of the year. Um. This is my second

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Speaker 1: bipartisan UH segment. My first one that we did was

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Speaker 1: with Michael Steele. You never bring food for when you

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Speaker 1: come into Bloomberg. I will rectify that, I promise. So

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Speaker 1: tomorrow I will be cooking AM on w j L

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Speaker 1: a UM on their morning show here in the Washington,

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Speaker 1: d C. Area, So tune in if you want to

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Speaker 1: see some good Italian Easter well as fifty percent Italian.

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Speaker 1: I love Italian food, but my sister just secually made

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Speaker 1: Eastern bread. The thing about Capria is when she was

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Speaker 1: in the Ohio State Senate, she would bake pies for

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Speaker 1: Republicans to try to get their votes. Sometimes it worked,

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Speaker 1: sometimes it didn't. You know, That's not how it was.

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Speaker 1: It was actually when I would bake pies and we

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Speaker 1: would actually pass bills on a bipartisan manner, so I

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Speaker 1: wasn't trying to get votes. Okay, sorry, I know, very

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Speaker 1: very like spokeling a politician. It was not a bride,

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Speaker 1: okay exactly Back to trade talk, but from your perspective

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Speaker 1: in terms of all of the different trade talks that

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Speaker 1: are going on. And we talked earlier about how NAFTA

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Speaker 1: and U S m c A is going to play.

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Speaker 1: But take us into Youngstown, take us into these these

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Speaker 1: UH into the auto industry sector where the GM plants

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Speaker 1: has closed down. How do these other trade disputes play

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Speaker 1: in a state like Ohio. I think that you know, China,

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Speaker 1: particularly currency manipulation and how currency manipulation ties into all

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Speaker 1: of this is something that um, you know, folks in

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Speaker 1: Ohio and again the Industrial Midwest, including Tim Ryan, who

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Speaker 1: is the member of Congress that represents UH Youngstown, has

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Speaker 1: talked about incessantly the implications of currency manipulation. So I

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Speaker 1: think that when you're talking to and trying to connect

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Speaker 1: with voters in the Industrial Midwest, this issue that an

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Speaker 1: imbalance in a trade agreement, not necessarily just a trade

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Speaker 1: and balance as we know it on Bloomberg, but and

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Speaker 1: in balance at a trade agreement where things are not fair. Um,

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Speaker 1: you know, it has been something that is pervasive all

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Speaker 1: the way back to when the steel industry collapsed in

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Speaker 1: the late nineteen seventies. So this is part of the

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Speaker 1: cultural fabric of many of these quote unquote rust belt communities,

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Speaker 1: and it's why it's interesting to see Senator Sanders espouse

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Speaker 1: this rhetoric, these policies saw Hill Kapoor, especially when I

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Speaker 1: would make the case that he has has understands that

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Speaker 1: fabric that Capri is talking about and understands why something

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Speaker 1: like the Green New Deal doesn't necessarily the always mesh

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Speaker 1: with these the type of populist rhetoric that we see

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Speaker 1: from from the Senator Sanders. You've spent time with Senator

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Speaker 1: Kamala Harris as well as former Congressman Beeto o Rourke.

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Speaker 1: How are they going to convince in a more centrist lane.

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Speaker 1: How is former Vice President Biden in a more centrist

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Speaker 1: way going to say, hey, wait a minute, this is

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Speaker 1: just a new economy. That's not always a hopeful message.

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Speaker 1: So here's how I categorized that in the moment, Biden,

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Speaker 1: if he runs, will will be firmly in the centrist lane.

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Speaker 1: Bernie Sanders is firmly in the progressive lane. The similarity

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Speaker 1: between Kamala Harris and Beta O Rourke is they're kind

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Speaker 1: of trying to straddle both of those. They are trying

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Speaker 1: to appeal to insurgent progressives while also maintaining an appeal

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00:23:41,960 --> 00:23:44,920
Speaker 1: to mainstream establishment centrist Democrats. Call it what you want,

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00:23:45,440 --> 00:23:47,240
Speaker 1: and they're kind of doing it in different ways. Now,

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00:23:47,240 --> 00:23:48,879
Speaker 1: the spectrum a lot of people will pay attention to

432
00:23:49,080 --> 00:23:52,280
Speaker 1: in in Washington especially is left versus right. The more

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00:23:52,359 --> 00:23:55,520
Speaker 1: important spectrum is insider versus outsider. And this is something

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00:23:55,600 --> 00:23:59,040
Speaker 1: Trump understood very well. This is something Bernie Sanders understands

435
00:23:59,160 --> 00:24:02,480
Speaker 1: very well. Such an appropriate song, Beautuo is beautiful day

436
00:24:02,520 --> 00:24:05,520
Speaker 1: on a beautiful day here in Washington, d C. A

437
00:24:05,560 --> 00:24:11,240
Speaker 1: congressional recess day in Washington, d C. An amazing, amazing day.

438
00:24:11,240 --> 00:24:15,800
Speaker 1: We're talking all things politics and policy and especially how

439
00:24:15,840 --> 00:24:20,440
Speaker 1: economics is going to play out in the crowded democratic field.

440
00:24:20,440 --> 00:24:22,760
Speaker 1: And I've we've got the best panel to walk us

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00:24:22,760 --> 00:24:25,840
Speaker 1: through this. Josh Wing Grove is Bloomberg News Canada reporter

442
00:24:25,960 --> 00:24:29,399
Speaker 1: covering all things from the Canadians perspective on U S

443
00:24:29,520 --> 00:24:31,879
Speaker 1: m c A, and he's actually moving to Washington, d C.

444
00:24:32,600 --> 00:24:35,199
Speaker 1: For Bloomberg in the next couple of weeks. He's going

445
00:24:35,240 --> 00:24:38,679
Speaker 1: to be joining our all star White House Team, Josh

446
00:24:38,840 --> 00:24:41,840
Speaker 1: making his first appearance on sound on Thanks for Me

447
00:24:41,880 --> 00:24:44,840
Speaker 1: and here Josh Pleasure. And I've already learned something from Josh,

448
00:24:44,880 --> 00:24:48,760
Speaker 1: because now I know that poutine putine is like it's

449
00:24:48,800 --> 00:24:51,200
Speaker 1: fries with cheese, curds and gravy. I'm here to Canada's

450
00:24:51,200 --> 00:24:54,840
Speaker 1: playing Kevin but not but not Italian gravy like actual

451
00:24:54,880 --> 00:24:57,920
Speaker 1: turkey gravy. Italian gravy is not gross. But we're gonna

452
00:24:57,960 --> 00:24:59,600
Speaker 1: leave that there because you're a friend of the program.

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00:24:59,600 --> 00:25:02,960
Speaker 1: A call Kaka far O chiming In. She's an executive

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00:25:03,000 --> 00:25:06,840
Speaker 1: in residence at American University, a Democrat, former minority leader

455
00:25:06,840 --> 00:25:09,119
Speaker 1: in the Ohio State Senate. Knows the thing or two

456
00:25:09,160 --> 00:25:11,399
Speaker 1: about good cooking, if I do say so myself. And

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00:25:11,440 --> 00:25:14,280
Speaker 1: the fact that it's sauce and not gravy. I grew

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00:25:14,320 --> 00:25:18,360
Speaker 1: up in a and that's a regional thing. It's not

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00:25:18,520 --> 00:25:21,439
Speaker 1: an Italian thing. It's a regional Italian thing, which is

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00:25:21,960 --> 00:25:24,400
Speaker 1: that's how you know you're really getting into the nuance,

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00:25:25,000 --> 00:25:27,080
Speaker 1: which we do here. That's what we do here. And

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00:25:27,119 --> 00:25:30,680
Speaker 1: of course saw Hikapor Bloomberg News national political correspondent. You

463
00:25:30,680 --> 00:25:33,240
Speaker 1: see him all the time on CNN and also out

464
00:25:33,280 --> 00:25:36,640
Speaker 1: on the campaign trail, and it was tax day on Monday,

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00:25:37,040 --> 00:25:40,080
Speaker 1: or two taxing on April fifteenth. All the day's played together.

466
00:25:40,160 --> 00:25:45,160
Speaker 1: Yesterday was tax day. Uh. And Bernie Sanders Democratic presidential candidate,

467
00:25:45,440 --> 00:25:49,359
Speaker 1: Democratic Socialist releasing his tax returns and he's a millionaire.

468
00:25:49,720 --> 00:25:52,040
Speaker 1: He is a millionaire, Kevin. He actually admitted this a

469
00:25:52,080 --> 00:25:54,600
Speaker 1: few days before the tax returns to kind of soften

470
00:25:54,680 --> 00:25:57,080
Speaker 1: the he had to admit that he was a million like,

471
00:25:57,400 --> 00:26:01,080
Speaker 1: go ahead, right, well, this this is this is a

472
00:26:01,160 --> 00:26:03,000
Speaker 1: longer story, but let me give you the top lines

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00:26:03,000 --> 00:26:05,879
Speaker 1: of his tax returns. He's been in Congress, by the way,

474
00:26:05,880 --> 00:26:08,359
Speaker 1: since nineteen He's been around for three decades, and somehow

475
00:26:08,359 --> 00:26:11,080
Speaker 1: manages to maintain the perception of an outsider. By the way,

476
00:26:11,119 --> 00:26:14,159
Speaker 1: it's pretty remarkable. He made two hundred and six thousand.

477
00:26:14,160 --> 00:26:17,439
Speaker 1: He and his wife he made two forty one thousand.

478
00:26:19,240 --> 00:26:21,719
Speaker 1: His book comes out, his income shoots up to one

479
00:26:21,760 --> 00:26:25,440
Speaker 1: million dollars seen one one million dollars again book sales.

480
00:26:26,160 --> 00:26:28,000
Speaker 1: That comes down to about half a million again from

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00:26:28,000 --> 00:26:29,720
Speaker 1: book sales. Okay, is he going to hurt him that

482
00:26:29,720 --> 00:26:31,600
Speaker 1: he's a millionaire? No, I don't think it will. And

483
00:26:31,600 --> 00:26:34,840
Speaker 1: this is where people badly misunderstand his message and his profile.

484
00:26:35,119 --> 00:26:37,520
Speaker 1: He's not saying that it's bad to be a millionaire.

485
00:26:37,520 --> 00:26:40,120
Speaker 1: He's saying the system does not force does not make

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00:26:40,160 --> 00:26:43,080
Speaker 1: them pay enough taxes into the system. And what he's

487
00:26:43,080 --> 00:26:44,960
Speaker 1: saying is, I'm going to raise the taxes of everyone

488
00:26:45,000 --> 00:26:48,040
Speaker 1: who's making above X amount of money that includes himself.

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00:26:48,240 --> 00:26:50,120
Speaker 1: In other words, he's happy to pay those extra taxes.

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00:26:50,160 --> 00:26:51,480
Speaker 1: I don't think any of A supporters are going to

491
00:26:51,560 --> 00:26:53,600
Speaker 1: look at him and say he made some money off

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00:26:53,600 --> 00:26:55,919
Speaker 1: of best selling book. Therefore I no longer trust him

493
00:26:55,920 --> 00:26:59,679
Speaker 1: on what's up to I don't know. The answer to

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00:26:59,720 --> 00:27:02,040
Speaker 1: that isn't she been sounds like most of the vast

495
00:27:02,040 --> 00:27:05,000
Speaker 1: majority of this income uh looks to be from his.

496
00:27:05,320 --> 00:27:07,840
Speaker 1: But she had, if I'm if I'm recalling correctly, she

497
00:27:08,000 --> 00:27:11,360
Speaker 1: was under some type of investigation with being the chance

498
00:27:12,000 --> 00:27:16,359
Speaker 1: college the college, right, I mean, I remember there was

499
00:27:16,400 --> 00:27:18,840
Speaker 1: some chatter about this in twenty sixteen. He was pressured

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00:27:18,880 --> 00:27:21,800
Speaker 1: to release his tax returns. He did not do that.

501
00:27:21,920 --> 00:27:24,960
Speaker 1: I think a lot of Democrats, a lot of Democrats

502
00:27:25,000 --> 00:27:27,960
Speaker 1: who have been skeptical or if not outright opposed to Sanders,

503
00:27:28,040 --> 00:27:30,280
Speaker 1: thought there would be something fishy in there. I have

504
00:27:30,400 --> 00:27:32,480
Speaker 1: not read every line of the ten years of tax

505
00:27:32,520 --> 00:27:36,720
Speaker 1: returns that he is released, but I don't believe that

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00:27:36,880 --> 00:27:38,919
Speaker 1: any any such evidence of that has been found. Do

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00:27:38,960 --> 00:27:44,240
Speaker 1: you think, Capri Cafarro that in a general election, when

508
00:27:44,280 --> 00:27:47,359
Speaker 1: Republicans are gonna say they're going to simplify the debate

509
00:27:47,440 --> 00:27:50,640
Speaker 1: right that we've seen play out for decades. Republicans want

510
00:27:50,640 --> 00:27:53,280
Speaker 1: to cut your taxes. Democrats want to raise them. In

511
00:27:53,359 --> 00:27:56,560
Speaker 1: the seventy thousand voters that switched from Obama to Trump

512
00:27:56,680 --> 00:28:02,280
Speaker 1: in in Michigan, Ohio, Wisconsin, in Pennsylvania, are they going

513
00:28:02,320 --> 00:28:05,160
Speaker 1: to buy that? Are they gonna want to go back?

514
00:28:05,200 --> 00:28:09,600
Speaker 1: What is your pulling and your in your backyard in Youngstown, Ohio?

515
00:28:09,880 --> 00:28:13,320
Speaker 1: What are you hearing? You know? I think that it's

516
00:28:13,400 --> 00:28:17,000
Speaker 1: not People are not hating on Trump as much as

517
00:28:17,040 --> 00:28:21,800
Speaker 1: maybe folks inside the Beltway are assuming. UM. I think that,

518
00:28:22,000 --> 00:28:24,960
Speaker 1: you know, there's a lot of latitude still given to

519
00:28:25,359 --> 00:28:29,000
Speaker 1: now President Trump um by those that did vote for him,

520
00:28:29,200 --> 00:28:32,560
Speaker 1: because I think that they feel as if they knew

521
00:28:32,600 --> 00:28:35,000
Speaker 1: what they signed up for. So all of the hair

522
00:28:35,080 --> 00:28:37,359
Speaker 1: on fire stuff that that you know has talked about

523
00:28:37,400 --> 00:28:40,400
Speaker 1: so frequently on twenty five cable news and inside the

524
00:28:40,440 --> 00:28:43,920
Speaker 1: belt way of you know, whether it's Stormy Daniels or

525
00:28:44,160 --> 00:28:47,719
Speaker 1: the emoluments clause, or he's not releasing his tax returns,

526
00:28:47,800 --> 00:28:50,880
Speaker 1: people say, we knew that about him and we didn't care.

527
00:28:51,520 --> 00:28:54,200
Speaker 1: I will say, Kevin, the tax issue has lost a

528
00:28:54,240 --> 00:28:56,840
Speaker 1: lot of its political luster. I think for several decades,

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00:28:56,920 --> 00:29:00,800
Speaker 1: for most of the Reagan era, you know words through

530
00:29:00,800 --> 00:29:03,960
Speaker 1: the Obama presidency, the idea of tax cuts was a

531
00:29:04,240 --> 00:29:07,800
Speaker 1: known and accepted political winner. We saw the Republicans cut

532
00:29:07,840 --> 00:29:12,360
Speaker 1: taxes in seventeen. That law did not work well for them.

533
00:29:12,400 --> 00:29:14,880
Speaker 1: Just one fifth of the American public, according to polls,

534
00:29:14,960 --> 00:29:16,760
Speaker 1: believe they got a tax cut, when two thirds of

535
00:29:16,760 --> 00:29:19,200
Speaker 1: them did in reality. So how much you know, how

536
00:29:19,280 --> 00:29:21,360
Speaker 1: much is there left to cut in people's taxes? Do

537
00:29:21,440 --> 00:29:23,440
Speaker 1: people really believe that it's going to help them? And

538
00:29:23,480 --> 00:29:26,720
Speaker 1: have Democrats? And it's disproportionate too. Amongst the blue states

539
00:29:26,800 --> 00:29:30,520
Speaker 1: versus red states, and the places with the middle income

540
00:29:30,560 --> 00:29:33,080
Speaker 1: earners got a tax cut off an average of twenty

541
00:29:33,120 --> 00:29:36,280
Speaker 1: dollars per week, and the withholdings changed significantly to the

542
00:29:36,320 --> 00:29:38,520
Speaker 1: point where they ended up paying larger reef you know,

543
00:29:38,800 --> 00:29:42,360
Speaker 1: larger amounts on tax day this season or getting smaller refunds,

544
00:29:42,440 --> 00:29:43,800
Speaker 1: and that annoyed a lot of people. And the last

545
00:29:43,800 --> 00:29:45,600
Speaker 1: thing I'll say about this is that Democrats have convinced

546
00:29:45,680 --> 00:29:49,200
Speaker 1: many of them that tax cuts mean a threat to

547
00:29:49,200 --> 00:29:51,360
Speaker 1: social Security and Medicare because they blow up the deficit

548
00:29:51,400 --> 00:29:53,360
Speaker 1: and put pressure to reduce those Do people care about

549
00:29:53,360 --> 00:29:56,000
Speaker 1: the deficit anymore? Like the deficity is you know, the

550
00:29:56,040 --> 00:30:01,360
Speaker 1: deficit is exploding. But two things I think Canadian Canadian

551
00:30:01,440 --> 00:30:07,600
Speaker 1: trolling going on. Yeah, yeah, so two things. I think.

552
00:30:07,920 --> 00:30:11,200
Speaker 1: I don't think Bernie Sanders a face blowback for being

553
00:30:11,240 --> 00:30:14,200
Speaker 1: too rich to preach what he's preaching. I think he is,

554
00:30:14,640 --> 00:30:17,320
Speaker 1: in somebody's gets more streecret. I think on the flip side,

555
00:30:17,320 --> 00:30:20,000
Speaker 1: part of the motivation by President Trump to not release

556
00:30:20,560 --> 00:30:23,040
Speaker 1: his tact returns might have might have something to do

557
00:30:23,080 --> 00:30:25,760
Speaker 1: with the fact that he might not be as wealthy

558
00:30:25,840 --> 00:30:27,760
Speaker 1: as people think. So in some ways there's a bit

559
00:30:27,760 --> 00:30:31,280
Speaker 1: of expectations management going on, I think on both sides.

560
00:30:31,320 --> 00:30:34,200
Speaker 1: But the transparency that I think, I think you're right,

561
00:30:34,200 --> 00:30:37,800
Speaker 1: absolutely so. I think the transparency that's being demanded is evolving.

562
00:30:38,080 --> 00:30:40,680
Speaker 1: People just don't care about this is as much anymore.

563
00:30:40,840 --> 00:30:43,200
Speaker 1: You know what, most people care about the issues. Shocker

564
00:30:43,280 --> 00:30:45,160
Speaker 1: I don't think the left care is that how rich

565
00:30:45,200 --> 00:30:47,760
Speaker 1: Bernie is, and I don't think Republican base cares of Trump.

566
00:30:47,840 --> 00:30:50,600
Speaker 1: President Trump releases his tax returns. Bringing it back to

567
00:30:51,040 --> 00:30:52,680
Speaker 1: this week, we've got a couple of minutes left. What's

568
00:30:52,680 --> 00:30:56,760
Speaker 1: on your radar, Prefaro, besides Mueller Thursday? What's on your radar? Yeah?

569
00:30:56,760 --> 00:30:59,440
Speaker 1: And I'm gonna be on TV on Miller Day. So

570
00:30:59,440 --> 00:31:03,000
Speaker 1: I just can't wait, uh, you know, frankly for this

571
00:31:03,160 --> 00:31:04,960
Speaker 1: and no, you know what, I'll say this. I think

572
00:31:04,960 --> 00:31:06,720
Speaker 1: that all of us need to take a deep breath

573
00:31:06,760 --> 00:31:10,080
Speaker 1: and recognize that it's you know, it's Holy week, it's Easter,

574
00:31:10,320 --> 00:31:13,560
Speaker 1: it's pass Over, and let's chill for a minute and

575
00:31:14,040 --> 00:31:16,600
Speaker 1: not freak out over the Miller Report. Everybody's gonna be

576
00:31:16,680 --> 00:31:19,840
Speaker 1: doing that. You know you're a Democrat? Wow, seriously, Well,

577
00:31:19,840 --> 00:31:21,360
Speaker 1: I mean, what's on your radar for this week? Though?

578
00:31:22,200 --> 00:31:26,040
Speaker 1: That's really that's really what's on your ar? Congress is

579
00:31:26,080 --> 00:31:28,800
Speaker 1: on recess. What else I'm gonna you know, I mean

580
00:31:29,120 --> 00:31:33,400
Speaker 1: Bedos in town ish, he's in Virginia, Josh Wingrave, how

581
00:31:33,400 --> 00:31:36,560
Speaker 1: are you preparing to move to Washington and go into

582
00:31:36,560 --> 00:31:38,520
Speaker 1: the Brady briefing room? So I'm not going to make

583
00:31:38,560 --> 00:31:40,440
Speaker 1: fun of the depths in anymore. Kevin, though it seems

584
00:31:40,440 --> 00:31:42,120
Speaker 1: to get under your skin, a little bit doesn't get

585
00:31:42,160 --> 00:31:44,520
Speaker 1: under my skin. Listen, I don't know. I don't have

586
00:31:44,520 --> 00:31:46,200
Speaker 1: a dog in the I mean listen, I'm just host.

587
00:31:46,240 --> 00:31:48,000
Speaker 1: I'm just an anchor. I'm just a reporter. It's a

588
00:31:48,040 --> 00:31:53,080
Speaker 1: completely valid point. Is losing its mind over point seven?

589
00:31:53,120 --> 00:31:55,360
Speaker 1: How are you preparing to cover the White seven? How

590
00:31:55,400 --> 00:31:58,480
Speaker 1: are you preparing to join the White House Brady Briefing Room? Well,

591
00:31:58,600 --> 00:32:02,720
Speaker 1: talking with things with with with fine folks such as yourself.

592
00:32:02,760 --> 00:32:06,080
Speaker 1: I mean, look, the president is fighting a battle, you know,

593
00:32:06,160 --> 00:32:09,920
Speaker 1: increasingly on international front. I think his trade policies is

594
00:32:10,000 --> 00:32:12,800
Speaker 1: having some difficulty. Pretty much no country thinks they can

595
00:32:13,080 --> 00:32:15,920
Speaker 1: uh stick to a deal with them. So you know,

596
00:32:15,960 --> 00:32:17,240
Speaker 1: there's a lot to les. Yeah, but like what are

597
00:32:17,240 --> 00:32:21,560
Speaker 1: you personally doing? Uh? Wow? Reading? Man, there's a lot

598
00:32:21,600 --> 00:32:24,160
Speaker 1: to read about this president. All you need is Twitter.

599
00:32:24,160 --> 00:32:26,720
Speaker 1: We're gonna have to leave it there. Josh wing Grove,

600
00:32:26,760 --> 00:32:30,040
Speaker 1: Bloomberg News, Canadian reporter. He's moving to Washington. Mr wing

601
00:32:30,080 --> 00:32:33,200
Speaker 1: Grove comes to Washington to join our White House team.

602
00:32:33,280 --> 00:32:36,720
Speaker 1: Shop good friend on the Bloomberg National Political correspondent and

603
00:32:36,800 --> 00:32:40,240
Speaker 1: Capri cafar Oh. I'm Kevin CURRELLI you're listening to Bloomberg

604
00:32:41,440 --> 00:32:41,640
Speaker 1: one