1 00:00:02,520 --> 00:00:10,160 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Bloomberg 2 00:00:10,240 --> 00:00:15,920 Speaker 1: This Weekend Podcast with David Gura, Christina Raffini, and Elisa Matteo. 3 00:00:17,680 --> 00:00:20,560 Speaker 2: Thanks for joining us for today's selection of conversations from 4 00:00:20,600 --> 00:00:20,959 Speaker 2: the show. 5 00:00:21,200 --> 00:00:23,479 Speaker 3: You can listen to our favorite discussions right here on 6 00:00:23,520 --> 00:00:25,800 Speaker 3: the podcast, but also make sure to join us live 7 00:00:25,960 --> 00:00:29,000 Speaker 3: every Saturday and Sunday morning, starting at seven am Eastern. 8 00:00:29,200 --> 00:00:32,760 Speaker 4: We're on Bloomberg Television, Radio and the Bloomberg Business App, 9 00:00:33,040 --> 00:00:37,600 Speaker 4: bringing you unique takes and in depth interviews on news, politics, 10 00:00:37,680 --> 00:00:39,120 Speaker 4: lifestyle and culture. 11 00:00:41,120 --> 00:00:43,400 Speaker 2: President Trump, as we mentioned, is waking up in Washington 12 00:00:43,440 --> 00:00:46,839 Speaker 2: this morning following that summit with Chinese Leadershi Jimping. He 13 00:00:46,880 --> 00:00:49,560 Speaker 2: talked to Fox News about the trip, calling Taiwan quote 14 00:00:49,560 --> 00:00:52,240 Speaker 2: the most important issue. But here's more of what he said. 15 00:00:52,520 --> 00:00:56,760 Speaker 5: Should the people of Taiwan feel more or less secure 16 00:00:56,920 --> 00:00:58,640 Speaker 5: after your meetings with President? 17 00:00:58,720 --> 00:00:59,000 Speaker 1: Sheet? 18 00:01:00,120 --> 00:01:00,880 Speaker 6: Neutral? 19 00:01:01,160 --> 00:01:01,520 Speaker 7: Neutral? 20 00:01:01,560 --> 00:01:03,200 Speaker 5: This is the policy changed at all? 21 00:01:03,320 --> 00:01:07,000 Speaker 7: No, nothing, no, nothing changed. I will say this. I'm 22 00:01:07,040 --> 00:01:10,200 Speaker 7: not looking to have somebody go independent, and you know 23 00:01:10,360 --> 00:01:14,199 Speaker 7: we're supposed to travel nine five hundred miles to fight 24 00:01:14,240 --> 00:01:17,280 Speaker 7: a war. I'm not looking for that. I want them 25 00:01:17,280 --> 00:01:19,720 Speaker 7: to cool down. I want China to cool down. 26 00:01:19,760 --> 00:01:22,880 Speaker 5: But you're waiting on approving billions of dollars of weapons 27 00:01:23,560 --> 00:01:25,639 Speaker 5: for Taiwan that I'm moving forward. 28 00:01:25,760 --> 00:01:27,960 Speaker 7: Well, I haven't approved it yet. We're going to see 29 00:01:27,959 --> 00:01:28,560 Speaker 7: what happens. 30 00:01:29,120 --> 00:01:29,600 Speaker 8: What do you look. 31 00:01:29,680 --> 00:01:31,039 Speaker 7: I may do it, I may not do it. 32 00:01:31,120 --> 00:01:32,679 Speaker 5: Yeah, what's your your hinge? 33 00:01:32,720 --> 00:01:34,440 Speaker 7: Well, I'm not going to say that, but I may 34 00:01:34,480 --> 00:01:36,280 Speaker 7: do it, I may not do it. But we're not 35 00:01:36,360 --> 00:01:38,840 Speaker 7: looking to have wars, and we're if you kept it 36 00:01:38,840 --> 00:01:41,320 Speaker 7: the way it is, I think China is going to 37 00:01:41,360 --> 00:01:43,800 Speaker 7: be okay with that. But we're not looking to have 38 00:01:43,920 --> 00:01:46,760 Speaker 7: somebody say let's go independent. Because the United States is 39 00:01:46,800 --> 00:01:47,400 Speaker 7: backing us. 40 00:01:48,320 --> 00:01:50,640 Speaker 3: No substantive agreements from that summit had been announced, yep. 41 00:01:50,640 --> 00:01:53,880 Speaker 3: At President Trump didn't vite President She to Washington in September. 42 00:01:53,960 --> 00:01:56,760 Speaker 3: Joining us now is Steven Engel, Bloomberg's chief North Asia correspondent. 43 00:01:56,800 --> 00:01:59,560 Speaker 3: He's in Beijing, and Bloomberg White House correspondent Courtney Supermaneing 44 00:01:59,640 --> 00:02:01,720 Speaker 3: is with us as well. Steven, let me start with 45 00:02:01,760 --> 00:02:03,040 Speaker 3: you and have you react to what we heard there 46 00:02:03,040 --> 00:02:05,240 Speaker 3: from the presson in that conversation with Brett Baer of 47 00:02:05,280 --> 00:02:08,400 Speaker 3: Fox News. This was a signal moment from that summit, 48 00:02:08,440 --> 00:02:11,080 Speaker 3: the remarks the president she made about Taiwan, indeed, it 49 00:02:11,120 --> 00:02:12,919 Speaker 3: resonated over the course of these two and a half 50 00:02:13,040 --> 00:02:16,639 Speaker 3: days in Beijing. Talk about how both sides here are 51 00:02:16,680 --> 00:02:20,200 Speaker 3: shaping that message as President Trump makes his way back 52 00:02:20,200 --> 00:02:22,560 Speaker 3: to Washington and we begin to sort of process what 53 00:02:22,600 --> 00:02:24,440 Speaker 3: indeed took place over the course of the summit. 54 00:02:25,200 --> 00:02:28,320 Speaker 9: Yeah, I think it's remarkable that the two presidents did 55 00:02:28,600 --> 00:02:31,240 Speaker 9: talk at length, at least according to Donald Trump, they 56 00:02:31,240 --> 00:02:34,160 Speaker 9: talked at length about Taiwan. And keep in mind, coming 57 00:02:34,200 --> 00:02:36,120 Speaker 9: into this summit, as we did a lot of previews, 58 00:02:36,120 --> 00:02:37,760 Speaker 9: we talked to a lot of people here in Beijing 59 00:02:38,080 --> 00:02:41,320 Speaker 9: about what do we think the Chinese side we really want? 60 00:02:41,400 --> 00:02:45,079 Speaker 9: What's there deliverable? We debated ad nauseum about what potentially 61 00:02:45,120 --> 00:02:48,920 Speaker 9: could be the US deliverables, especially with that huge seventeen 62 00:02:48,960 --> 00:02:52,800 Speaker 9: to eighteen executive entourage that came with Donald Trump, including 63 00:02:53,120 --> 00:02:55,880 Speaker 9: Jensen Huang and Elon Musk and Tim Cook and others. 64 00:02:56,160 --> 00:02:59,280 Speaker 9: But on the geopolitical front, what did China want? And 65 00:02:59,360 --> 00:03:02,640 Speaker 9: it was really well down to the three t's, trade 66 00:03:03,720 --> 00:03:09,240 Speaker 9: including tariffs, tech including those accelerators from Nvidia, and then Taiwan. Well, 67 00:03:09,360 --> 00:03:11,120 Speaker 9: the US courts kind of took care of a lot 68 00:03:11,160 --> 00:03:14,919 Speaker 9: of the hot button issues on the tariff side. Tech 69 00:03:15,280 --> 00:03:18,520 Speaker 9: it wasn't really discussed, according to Jamison Greer, the US 70 00:03:18,560 --> 00:03:21,280 Speaker 9: Trade representative and exclusive interview we had in this room. 71 00:03:21,320 --> 00:03:24,240 Speaker 9: In fact, just yesterday, he said it wasn't even discussed 72 00:03:24,280 --> 00:03:26,440 Speaker 9: during their two and a half hour talk in the 73 00:03:26,480 --> 00:03:29,280 Speaker 9: Great Hall of the People. So that really left Taiwan, 74 00:03:29,480 --> 00:03:35,280 Speaker 9: and clearly Chijen Ping issuing his most blunt warning, if 75 00:03:35,320 --> 00:03:38,360 Speaker 9: you will, to a US president about Taiwan that if 76 00:03:38,600 --> 00:03:40,760 Speaker 9: it is not handled well, it could lead to a 77 00:03:40,840 --> 00:03:44,120 Speaker 9: very dangerous situation. And clearly that is something that the 78 00:03:44,240 --> 00:03:47,280 Speaker 9: Chinese side wanted to get across from the get go, 79 00:03:47,400 --> 00:03:50,800 Speaker 9: because even before that two and a half hour bilateral 80 00:03:50,840 --> 00:03:53,200 Speaker 9: first meeting between those two gentlemen in the Great Hall 81 00:03:53,240 --> 00:03:56,560 Speaker 9: of the People, the Chinese state media put out Jen 82 00:03:56,640 --> 00:04:00,760 Speaker 9: Ping's statements, not even giving the US side the opportunity 83 00:04:00,880 --> 00:04:04,800 Speaker 9: to do any kind of reaction to that. And also 84 00:04:05,120 --> 00:04:08,440 Speaker 9: when Donald Trump was finally asked about it, he stayed 85 00:04:08,560 --> 00:04:13,960 Speaker 9: very uncharacter uncharacteristically quiet on the subject. So there was 86 00:04:14,000 --> 00:04:15,360 Speaker 9: a lot discussed, though. 87 00:04:15,640 --> 00:04:17,360 Speaker 2: Ye Courtney, I thought that was so interesting that the 88 00:04:17,440 --> 00:04:21,080 Speaker 2: Chinese put out that statement stating that they had issued 89 00:04:21,160 --> 00:04:24,200 Speaker 2: their stance on Taiwan before that meeting had even responded, 90 00:04:24,560 --> 00:04:27,360 Speaker 2: before the meeting had ended. Into Stephen's point, the US 91 00:04:27,440 --> 00:04:30,400 Speaker 2: didn't really push back. We didn't see a competing statement 92 00:04:30,400 --> 00:04:32,360 Speaker 2: come out right away from the White House. We also 93 00:04:32,400 --> 00:04:35,360 Speaker 2: in these interviews, President Trump seems to have received the 94 00:04:35,440 --> 00:04:39,200 Speaker 2: Chinese message. Is it clear that China received something similar 95 00:04:39,240 --> 00:04:42,240 Speaker 2: from the US, And what was America's message on this issue, 96 00:04:42,240 --> 00:04:45,400 Speaker 2: because it seems to me the response to that normally 97 00:04:45,440 --> 00:04:48,680 Speaker 2: would be to issue approval for that arms package. Taiwan 98 00:04:48,720 --> 00:04:51,120 Speaker 2: has been waiting for the President's signature on that still 99 00:04:51,160 --> 00:04:53,520 Speaker 2: hasn't happened. The President said in this interview that he's 100 00:04:53,560 --> 00:04:55,840 Speaker 2: going to hold it as kind of a bargaining chip 101 00:04:55,839 --> 00:04:57,440 Speaker 2: for all these other things he's trying to get out 102 00:04:57,440 --> 00:05:00,359 Speaker 2: of China. Why not just sign that deal, keep the 103 00:05:00,360 --> 00:05:02,480 Speaker 2: status quo if that's what the President says he wants. 104 00:05:04,000 --> 00:05:06,839 Speaker 10: Yeah, it's a good point. I mean, the US has 105 00:05:06,960 --> 00:05:10,839 Speaker 10: been insistent that, you know, the status quo remains in place, 106 00:05:11,000 --> 00:05:18,240 Speaker 10: nothing's changed in policy. But the president's comments were you know, remarkable. 107 00:05:18,360 --> 00:05:21,400 Speaker 10: Yesterday to Fox News, he as you mentioned, called it 108 00:05:21,480 --> 00:05:26,160 Speaker 10: a you know, a chip to be leveraged, and I 109 00:05:26,200 --> 00:05:29,240 Speaker 10: think you know that signal he may hold off on 110 00:05:29,279 --> 00:05:33,440 Speaker 10: approving that deal until she's visit in September, which in 111 00:05:33,480 --> 00:05:36,440 Speaker 10: itself would just be a win for Beijing. Right, this 112 00:05:36,600 --> 00:05:40,960 Speaker 10: is something that allows them to buy more time and 113 00:05:41,240 --> 00:05:46,039 Speaker 10: you know, the you know, and keep the US at bay. 114 00:05:46,240 --> 00:05:48,840 Speaker 10: And so again I think that is that is a 115 00:05:48,880 --> 00:05:53,120 Speaker 10: win for China. Walking away from the summit, Steve. 116 00:05:52,839 --> 00:05:53,919 Speaker 3: And I want to go back to sort of what 117 00:05:53,920 --> 00:05:56,279 Speaker 3: we're waiting for here. Again, it's shaping the message, shaping 118 00:05:56,279 --> 00:05:58,320 Speaker 3: the understanding of what unfolded at the summit, but also 119 00:05:58,320 --> 00:06:00,400 Speaker 3: waiting for any indications of what deals might have come 120 00:06:00,400 --> 00:06:01,800 Speaker 3: out of this. Just get us up to speed on 121 00:06:01,880 --> 00:06:04,280 Speaker 3: what we might see, what we're expecting. I think going 122 00:06:04,320 --> 00:06:05,960 Speaker 3: into the summit, as you've pointed out, there were these 123 00:06:06,000 --> 00:06:09,080 Speaker 3: expectations there might be announcements on tariffs and trade. We 124 00:06:09,120 --> 00:06:11,120 Speaker 3: saw the plane full of tech executives. Maybe that would 125 00:06:11,200 --> 00:06:15,080 Speaker 3: lead to some big announcements on some tech deals. There 126 00:06:15,080 --> 00:06:17,080 Speaker 3: has been whispering some sort of how big this Boeing 127 00:06:17,120 --> 00:06:18,640 Speaker 3: purchase plan is likely to be. 128 00:06:19,560 --> 00:06:20,720 Speaker 6: What are you waiting for? 129 00:06:20,760 --> 00:06:22,320 Speaker 3: What are the statements you're waiting to see land in 130 00:06:22,360 --> 00:06:24,000 Speaker 3: your inbox here in the next twenty four or forty 131 00:06:24,040 --> 00:06:24,719 Speaker 3: eight hours. 132 00:06:25,360 --> 00:06:28,800 Speaker 9: Well, the whole AI infrastructure and build out story is 133 00:06:28,880 --> 00:06:31,839 Speaker 9: a global story. So when Jensen Wong goes up to Anchorage, 134 00:06:31,880 --> 00:06:34,479 Speaker 9: Alaska and jumps on board Air Force one to come 135 00:06:34,520 --> 00:06:37,920 Speaker 9: to Beijing at the last minute after essentially saying that 136 00:06:37,920 --> 00:06:41,120 Speaker 9: he wasn't going on this trip, but that gave us 137 00:06:41,240 --> 00:06:44,360 Speaker 9: a lot of indication that perhaps there was something brewing 138 00:06:44,760 --> 00:06:47,080 Speaker 9: on the H two hundred or the H twenty, even 139 00:06:47,120 --> 00:06:51,000 Speaker 9: the water down accelerator that has already been approved for 140 00:06:51,080 --> 00:06:53,560 Speaker 9: sale to China. But it's China, especially on the H 141 00:06:53,600 --> 00:06:56,680 Speaker 9: two hundred, this has come out and said we don't 142 00:06:56,680 --> 00:06:58,720 Speaker 9: want our companies buying it right now. Of course, China 143 00:06:58,760 --> 00:07:01,640 Speaker 9: is really focusing on indigenous innovation of building out their 144 00:07:01,680 --> 00:07:05,200 Speaker 9: own chips and also their own technologies for their larger 145 00:07:05,279 --> 00:07:10,360 Speaker 9: language models. But again clearly the LM's here in China 146 00:07:10,560 --> 00:07:13,119 Speaker 9: would love to have the H two hundred or those 147 00:07:13,200 --> 00:07:17,000 Speaker 9: types of chips from China are from Nvidia. But again 148 00:07:17,280 --> 00:07:21,000 Speaker 9: nothing was announced, so maybe that's something that's going to 149 00:07:21,040 --> 00:07:24,040 Speaker 9: come down the pike later on. We thought maybe because 150 00:07:24,080 --> 00:07:26,360 Speaker 9: Elon Musk also made the trip, he's been pushing hard 151 00:07:26,400 --> 00:07:30,480 Speaker 9: for FSD full self driving in China technology. It has 152 00:07:30,520 --> 00:07:33,120 Speaker 9: not gotten over the regulatory hurdle there, even though they've 153 00:07:33,120 --> 00:07:36,400 Speaker 9: gotten signals that it's going to come eventually. He wants 154 00:07:36,480 --> 00:07:39,400 Speaker 9: robotaxis in China. Again, that is not something that came. 155 00:07:39,480 --> 00:07:41,960 Speaker 9: So where we got some deliverables, if you will. We're 156 00:07:42,000 --> 00:07:46,240 Speaker 9: on the agricultural front, probably as a result of Congressman 157 00:07:46,280 --> 00:07:50,640 Speaker 9: Steve Danes, who really representing the beef and soybean lobbies. 158 00:07:50,880 --> 00:07:53,880 Speaker 9: He's been here several times over the last year making 159 00:07:53,920 --> 00:07:57,320 Speaker 9: that case. So you know, there's soybean commitments, there's beef 160 00:07:57,400 --> 00:08:00,400 Speaker 9: that's going to be back on Chinese tables after about 161 00:08:00,400 --> 00:08:03,360 Speaker 9: a fourteen month pause because of that tariff barrage coming 162 00:08:03,400 --> 00:08:07,000 Speaker 9: from Washington, and maybe corn as well. So we're waiting 163 00:08:07,040 --> 00:08:10,080 Speaker 9: for a few more things. That Boeing debt order, according 164 00:08:10,120 --> 00:08:13,000 Speaker 9: to Boeing and Donald Trump, was about two hundred planes. 165 00:08:13,280 --> 00:08:15,520 Speaker 9: The market was expecting five hundred, so it sort of 166 00:08:15,520 --> 00:08:16,080 Speaker 9: fell short. 167 00:08:16,320 --> 00:08:19,160 Speaker 2: Yeah, we saw the market very unimpressed with that order yesterday. 168 00:08:19,160 --> 00:08:21,360 Speaker 2: We're going to talk about that more a little bit later. Courtney, 169 00:08:21,440 --> 00:08:23,560 Speaker 2: I want to talk to you about Iran because our 170 00:08:23,600 --> 00:08:25,400 Speaker 2: White House team has a story on the term of 171 00:08:25,440 --> 00:08:28,880 Speaker 2: this morning saying Chinese Foreign Minister Wang Yi came out 172 00:08:28,880 --> 00:08:30,600 Speaker 2: with the statement that's a little bit stronger than we've 173 00:08:30,600 --> 00:08:33,240 Speaker 2: seen from the Iranians so far as saying the Strait 174 00:08:33,320 --> 00:08:36,360 Speaker 2: should be open to shipping as soon as possible. Now, 175 00:08:36,520 --> 00:08:38,040 Speaker 2: that's something I think a lot of the people in 176 00:08:38,040 --> 00:08:41,240 Speaker 2: the world are comfortable saying. It's not really taking a stance, 177 00:08:41,280 --> 00:08:43,960 Speaker 2: it's just saying it should be open. What did President 178 00:08:44,000 --> 00:08:46,199 Speaker 2: Trump want from China in the way of around. We've 179 00:08:46,200 --> 00:08:47,640 Speaker 2: got a bit of sound. I'm going to play from you, 180 00:08:47,640 --> 00:08:49,040 Speaker 2: and then I want you to talk about it. 181 00:08:49,480 --> 00:08:53,280 Speaker 7: Every time they make a deal the next day, it's 182 00:08:53,360 --> 00:08:57,680 Speaker 7: like we didn't have that conversation. And that's taken place 183 00:08:57,720 --> 00:09:01,040 Speaker 7: about five times. There's something wrong with him. Actually they're crazy. 184 00:09:01,280 --> 00:09:03,920 Speaker 7: And you know what, because of that, they cannot have 185 00:09:03,960 --> 00:09:06,600 Speaker 7: a nuclear weapon because the president of trying to agrees 186 00:09:06,640 --> 00:09:08,559 Speaker 7: with you on that, and he agrees with me on that. 187 00:09:08,960 --> 00:09:11,679 Speaker 7: He agrees with me that he wants to see it end. 188 00:09:11,679 --> 00:09:14,320 Speaker 7: He'd like to see it end. He would like to help. 189 00:09:14,360 --> 00:09:16,320 Speaker 7: If he wants to help, that's great, but we don't 190 00:09:16,360 --> 00:09:19,280 Speaker 7: need help. And you know the problem with help, when 191 00:09:19,280 --> 00:09:23,160 Speaker 7: somebody helps you, they always want something on the other side. 192 00:09:23,520 --> 00:09:25,719 Speaker 2: So this is very interesting because the President has been 193 00:09:25,760 --> 00:09:29,040 Speaker 2: really hard on European allies for not helping in the Strait. 194 00:09:29,440 --> 00:09:31,679 Speaker 2: Now he's saying to China, well, we don't really need 195 00:09:31,720 --> 00:09:34,160 Speaker 2: their help. Look, China probably doesn't want a nuclear ron 196 00:09:34,280 --> 00:09:36,680 Speaker 2: I think that's safe to say. But they seem reticent 197 00:09:36,760 --> 00:09:39,400 Speaker 2: to get involved. What did the White House want here? 198 00:09:39,480 --> 00:09:41,640 Speaker 2: What can it get out of China? And why is 199 00:09:41,760 --> 00:09:43,479 Speaker 2: China saying on the sidelines. 200 00:09:44,920 --> 00:09:47,240 Speaker 10: Yeah, I mean the president, you know, first of all, 201 00:09:47,320 --> 00:09:51,720 Speaker 10: he needs international support to help reopen the strait. That's 202 00:09:51,760 --> 00:09:55,680 Speaker 10: something that experts have been very clear about. He said 203 00:09:55,720 --> 00:09:59,680 Speaker 10: that she agreed with him that the Strait should be reopened, 204 00:09:59,679 --> 00:10:03,560 Speaker 10: but two made very little progress on any actual plans 205 00:10:03,600 --> 00:10:07,480 Speaker 10: to try and reopen that. He stopped short of leaning 206 00:10:07,520 --> 00:10:12,040 Speaker 10: on she to actually ask Ran but he seemed to 207 00:10:12,120 --> 00:10:16,600 Speaker 10: think that, you know, she would follow through on trying 208 00:10:16,640 --> 00:10:18,679 Speaker 10: to lean on Iran. He even went as far as 209 00:10:18,720 --> 00:10:22,520 Speaker 10: to suggest that the US may lift sanctions against Chinese 210 00:10:22,520 --> 00:10:26,760 Speaker 10: companies buying Irani and oil as a means to try 211 00:10:26,800 --> 00:10:29,880 Speaker 10: and move the ball a little bit on this. But again, 212 00:10:29,960 --> 00:10:32,880 Speaker 10: I mean, they walked away from this with you know, 213 00:10:33,200 --> 00:10:39,800 Speaker 10: little progress on on any you know, movement on moving 214 00:10:39,800 --> 00:10:43,840 Speaker 10: this you know, peace talks forward, and this ran largely 215 00:10:43,920 --> 00:10:46,520 Speaker 10: hung over the summit, he said. They talked a lot 216 00:10:46,600 --> 00:10:48,840 Speaker 10: about Iran. This was, of course supposed to be a 217 00:10:48,840 --> 00:10:54,840 Speaker 10: summit that you know, dealt with easing stabilizing economic relations 218 00:10:54,840 --> 00:10:57,719 Speaker 10: and helping him ease some of those inflationary and affordability 219 00:10:57,720 --> 00:11:01,800 Speaker 10: concerns at home. But it just went to show that 220 00:11:01,840 --> 00:11:06,760 Speaker 10: Iran has largely remained a distraction both for the president 221 00:11:07,160 --> 00:11:09,640 Speaker 10: in his relationship with China and on the world stage. 222 00:11:09,720 --> 00:11:13,560 Speaker 10: And you know, I think that he didn't really walk 223 00:11:13,559 --> 00:11:16,560 Speaker 10: away with any commitments from she on Iran. 224 00:11:17,160 --> 00:11:18,320 Speaker 6: Steven, let me have you pick up here. 225 00:11:18,360 --> 00:11:20,000 Speaker 3: We're gonna have a conversation a moment just about this 226 00:11:20,160 --> 00:11:24,480 Speaker 3: nuclear issue and the Russia Iran relationship, the China Iran relationship. 227 00:11:24,480 --> 00:11:25,319 Speaker 6: And as a. 228 00:11:25,240 --> 00:11:27,199 Speaker 3: Prelude to this summit, we saw the Foreign Minister of 229 00:11:27,320 --> 00:11:30,720 Speaker 3: China sitting down with Iran's foreign minister in Beijing. Help 230 00:11:30,800 --> 00:11:34,960 Speaker 3: us understand what China's perspective is on this conflict with 231 00:11:35,040 --> 00:11:37,679 Speaker 3: Christina pointed out, they'd like it to end, but in 232 00:11:37,720 --> 00:11:39,960 Speaker 3: real terms, what's the commitment they're prepared to make here 233 00:11:40,040 --> 00:11:43,200 Speaker 3: to accelerate that or to catalyze an end of the conflict. 234 00:11:46,000 --> 00:11:49,640 Speaker 9: Well, China, you know, has long as spouse their policy 235 00:11:49,679 --> 00:11:52,840 Speaker 9: of non interference in other people's affairs, and I clearly 236 00:11:53,280 --> 00:11:55,240 Speaker 9: saw that they didn't want to have anything to do 237 00:11:55,360 --> 00:11:58,440 Speaker 9: with this dialogue during this summit. This summit was about 238 00:11:58,440 --> 00:12:02,200 Speaker 9: getting the relationship and the US China ties back on 239 00:12:02,280 --> 00:12:05,040 Speaker 9: track after what has been a brutal year of tit 240 00:12:05,080 --> 00:12:07,680 Speaker 9: for tat retaliation tariffs upwards of one hundred and forty 241 00:12:07,679 --> 00:12:12,280 Speaker 9: five percent against China, China retaliating the levers of leverage, 242 00:12:12,280 --> 00:12:14,920 Speaker 9: if you will, with the rare earths and export controls. 243 00:12:14,960 --> 00:12:18,480 Speaker 9: There was lots of bad blood. So Sijen Ping did 244 00:12:18,520 --> 00:12:22,720 Speaker 9: want to have areas where they could find common ground, 245 00:12:23,080 --> 00:12:25,680 Speaker 9: but he kind of jumped the gun as far as 246 00:12:25,880 --> 00:12:28,560 Speaker 9: getting the narrative out there. That's why I think them 247 00:12:28,600 --> 00:12:34,120 Speaker 9: putting out that those headlines while on Taiwan really crafted 248 00:12:34,160 --> 00:12:36,800 Speaker 9: the narrative. And really it was very muted in their 249 00:12:36,840 --> 00:12:40,880 Speaker 9: readout anything about Iran, they basically mentioned the Middle East, 250 00:12:41,280 --> 00:12:43,400 Speaker 9: and even here the front page of the China Daily 251 00:12:43,440 --> 00:12:48,520 Speaker 9: here is basically muted commentary did not give any indication 252 00:12:49,120 --> 00:12:52,599 Speaker 9: that China would help even though Donald Trump says she 253 00:12:52,760 --> 00:12:56,080 Speaker 9: Jenping indicated his willingness to help where they can because 254 00:12:56,080 --> 00:12:57,320 Speaker 9: of their ear in Tehran. 255 00:12:57,559 --> 00:12:59,560 Speaker 3: Steven Angel, thank you very much our college Steven Engelder 256 00:12:59,600 --> 00:13:01,920 Speaker 3: Invasion and Courtney SUPERMANI and joining us from Washington. She's 257 00:13:01,960 --> 00:13:03,679 Speaker 3: one of our White House correspondents. And I'll point out 258 00:13:03,679 --> 00:13:06,240 Speaker 3: here Christina President. She and President Trump scheduled to meet 259 00:13:06,760 --> 00:13:09,640 Speaker 3: Washington in September. We've got Apec in November and then 260 00:13:09,640 --> 00:13:11,520 Speaker 3: the G twenty in the US and the heels of that. 261 00:13:13,760 --> 00:13:16,200 Speaker 6: Stay with us for more on Bloomberg this weekend. 262 00:13:16,559 --> 00:13:31,120 Speaker 2: Right after this, North America's largest commuter rail system is 263 00:13:31,160 --> 00:13:34,400 Speaker 2: facing a major commuter disruption this weekend. Trains have come 264 00:13:34,440 --> 00:13:37,319 Speaker 2: to a standstill as the MTA and unions representing the 265 00:13:37,400 --> 00:13:41,040 Speaker 2: roughly thirty five hundred Long Island Railroad workers are trying 266 00:13:41,120 --> 00:13:43,520 Speaker 2: to reach a deal. But in the meantime, nearly three 267 00:13:43,600 --> 00:13:46,720 Speaker 2: hundred thousand daily writers waiting to see our thing, where 268 00:13:46,760 --> 00:13:48,560 Speaker 2: things are going to fall and just how long it's 269 00:13:48,600 --> 00:13:49,600 Speaker 2: going to take to resolve this. 270 00:13:49,880 --> 00:13:52,120 Speaker 3: Right now, we see workers picketing outside of Penn station 271 00:13:52,720 --> 00:13:53,560 Speaker 3: Bloomberg News report. 272 00:13:53,600 --> 00:13:55,880 Speaker 6: Michelle Caske joins US now. She's been following all of this. 273 00:13:56,240 --> 00:13:59,600 Speaker 3: Let's just start with what this disagreement principally is about. 274 00:13:59,640 --> 00:14:03,000 Speaker 3: You have workers for the LEDBR who wanted higher wages. 275 00:14:03,120 --> 00:14:06,120 Speaker 3: They say, what, in keeping with inflation, Essentially costs have 276 00:14:06,200 --> 00:14:08,520 Speaker 3: gone up. There's salaries of non that's right. 277 00:14:08,600 --> 00:14:11,920 Speaker 11: I mean they're experiencing the higher prices at the grocery 278 00:14:11,920 --> 00:14:15,480 Speaker 11: store and at the gas station, and they're saying, look, 279 00:14:15,520 --> 00:14:19,160 Speaker 11: to keep up with inflation, please give us. We really 280 00:14:19,200 --> 00:14:22,840 Speaker 11: want close to five percent, and that's down from their 281 00:14:22,920 --> 00:14:25,680 Speaker 11: original ask. So they have gone a little bit below 282 00:14:25,720 --> 00:14:29,560 Speaker 11: five percent. But the MPTA is saying, look, we can't 283 00:14:29,840 --> 00:14:32,880 Speaker 11: afford to give you that unless we do some drastic 284 00:14:32,920 --> 00:14:35,480 Speaker 11: things on the Long Island Railroad. 285 00:14:35,200 --> 00:14:36,960 Speaker 3: And can't afford to give you that because were they 286 00:14:36,960 --> 00:14:39,320 Speaker 3: to do it, they say prices would go up for 287 00:14:39,360 --> 00:14:40,880 Speaker 3: commuters absolutely. 288 00:14:41,320 --> 00:14:46,080 Speaker 11: The Metropolitan Transportation Authority, which oversees a Long Island railroad, 289 00:14:46,280 --> 00:14:48,600 Speaker 11: they're saying, look, we would need to raise fares a 290 00:14:48,640 --> 00:14:52,040 Speaker 11: lot more to be able to cover the wage increases 291 00:14:52,040 --> 00:14:54,440 Speaker 11: that you're asking for, or we would need to cut 292 00:14:54,480 --> 00:14:57,640 Speaker 11: back on service or maybe reduce head account something like that. 293 00:14:58,160 --> 00:14:59,920 Speaker 2: So when we were talking about this earlier this week 294 00:15:00,120 --> 00:15:02,000 Speaker 2: in our meetings I said, you know, this is a 295 00:15:02,000 --> 00:15:04,320 Speaker 2: New York story. We're a global broadcast. This is just 296 00:15:04,360 --> 00:15:06,280 Speaker 2: because you all take this train that you want to 297 00:15:06,280 --> 00:15:09,840 Speaker 2: hear this story. But I got argued down, I think successfully, 298 00:15:09,960 --> 00:15:12,760 Speaker 2: because why does this story matter across the country? To me, 299 00:15:12,840 --> 00:15:16,440 Speaker 2: it's so indicative of this kind of dispute you're having 300 00:15:16,480 --> 00:15:20,360 Speaker 2: in so many cities there's trying to sustain beleaguered transit programs. 301 00:15:20,360 --> 00:15:22,040 Speaker 2: I know there's a similar argument in DC with. 302 00:15:22,000 --> 00:15:23,840 Speaker 6: The Metro Health as well with the BART. 303 00:15:23,920 --> 00:15:26,320 Speaker 2: Yeah, why does this keep happening? 304 00:15:26,480 --> 00:15:29,720 Speaker 11: It's a huge issue. I mean, these systems, these transit systems, 305 00:15:29,880 --> 00:15:33,720 Speaker 11: they're very expensive to run, and they always rely on 306 00:15:33,840 --> 00:15:36,920 Speaker 11: outside help from the state or the local government, whether 307 00:15:36,960 --> 00:15:40,880 Speaker 11: it's sales tax revenue or something to help augment the 308 00:15:41,320 --> 00:15:44,320 Speaker 11: fairbox revenue that comes in, because the fairbox revenue alone 309 00:15:44,360 --> 00:15:49,160 Speaker 11: won't cover everything. So, and that's part of MT's and 310 00:15:49,240 --> 00:15:52,800 Speaker 11: Long Island Railroads argument here is, Look, if the wages 311 00:15:52,880 --> 00:15:55,240 Speaker 11: go up too much, what happens is and we have 312 00:15:55,280 --> 00:15:57,320 Speaker 11: to not just go back to the writers, but go 313 00:15:57,360 --> 00:16:01,240 Speaker 11: back to taxpayers and say, look, we need to raise 314 00:16:01,280 --> 00:16:05,800 Speaker 11: your taxes to help pay for some of these wage increases. 315 00:16:06,000 --> 00:16:09,400 Speaker 11: Now on the other hand, you know the unions, the workers, 316 00:16:09,640 --> 00:16:13,680 Speaker 11: they haven't had a raise in almost four years because 317 00:16:13,720 --> 00:16:18,040 Speaker 11: there has been these ongoing negotiations for several years now 318 00:16:18,120 --> 00:16:24,560 Speaker 11: about about changing the contract and amending the contract, so 319 00:16:25,720 --> 00:16:29,560 Speaker 11: you know they're they're feeling the higher prices as well. 320 00:16:30,280 --> 00:16:32,040 Speaker 6: Let's talk about what the consequences of this are going 321 00:16:32,080 --> 00:16:32,240 Speaker 6: to be. 322 00:16:32,240 --> 00:16:34,760 Speaker 3: So I think Tom Dnapli, the comptroller, said, we're looking 323 00:16:34,800 --> 00:16:37,320 Speaker 3: at what's sixty sixty one million dollars in lost economic 324 00:16:37,320 --> 00:16:40,160 Speaker 3: revenue each day that this drags on. Christina laying out 325 00:16:40,160 --> 00:16:42,400 Speaker 3: at the top the amount of people who rely on 326 00:16:42,400 --> 00:16:45,720 Speaker 3: the l DOUBR day in day out. What's Monday morning 327 00:16:46,440 --> 00:16:48,760 Speaker 3: going to look like? And what are the what's the 328 00:16:48,840 --> 00:16:51,600 Speaker 3: leadership of this transit agency saying about how they're going 329 00:16:51,600 --> 00:16:53,120 Speaker 3: to try to compensate so much as they can for 330 00:16:53,120 --> 00:16:54,840 Speaker 3: those who need to get to work or elsewhere. 331 00:16:55,280 --> 00:16:57,920 Speaker 11: Definitely, I mean you mentioned the sixty one million, that's 332 00:16:58,440 --> 00:17:01,040 Speaker 11: an estimate of per day. You know, there's a lot 333 00:17:01,040 --> 00:17:06,359 Speaker 11: of small businesses that'll be affected by this. We're just 334 00:17:06,440 --> 00:17:09,960 Speaker 11: a week away from Memorial Day weekend, that is the 335 00:17:10,000 --> 00:17:13,240 Speaker 11: start of the summer season out on Long Island. A 336 00:17:13,280 --> 00:17:15,159 Speaker 11: lot of people in the city head out there for 337 00:17:15,240 --> 00:17:17,359 Speaker 11: the beaches, They go to the Hamptons, they have a 338 00:17:17,359 --> 00:17:21,879 Speaker 11: lot of fun. That is really if this strike continues, 339 00:17:22,280 --> 00:17:26,560 Speaker 11: that's going to affect that summer tourism season that the 340 00:17:26,600 --> 00:17:29,600 Speaker 11: island and the local economy there rely on so much. 341 00:17:30,640 --> 00:17:34,439 Speaker 11: And again you were talking about the alternative service on 342 00:17:34,520 --> 00:17:38,960 Speaker 11: Monday morning. Yeah, Monday morning, it looks pretty rough. This 343 00:17:39,119 --> 00:17:44,120 Speaker 11: is shuttle buses. It looks pretty rough. But for MTA 344 00:17:44,359 --> 00:17:47,120 Speaker 11: transit officials, they are encouraging people to work from home 345 00:17:47,200 --> 00:17:50,240 Speaker 11: if they can. But we know there's also a lot 346 00:17:50,280 --> 00:17:52,320 Speaker 11: of people that's not an option. You know, if you're 347 00:17:52,359 --> 00:17:55,280 Speaker 11: working at a hospital, if you're you know, providing an 348 00:17:55,359 --> 00:17:59,399 Speaker 11: essential service, you've got to get to work and you 349 00:17:59,480 --> 00:18:02,359 Speaker 11: have to be there in person. So the roads are 350 00:18:02,400 --> 00:18:04,800 Speaker 11: there's gonna be more cars on the road, which is 351 00:18:04,800 --> 00:18:06,679 Speaker 11: not good. Long Island already has a lot of. 352 00:18:06,680 --> 00:18:08,800 Speaker 6: Tracks to get around in the car. 353 00:18:09,240 --> 00:18:11,879 Speaker 11: And then what is happening is starting Monday morning, for 354 00:18:11,920 --> 00:18:16,639 Speaker 11: the peak AM and PM rush hours, MTA is providing 355 00:18:17,080 --> 00:18:22,119 Speaker 11: shuttle services. Shuttle buses at six different locations in Long Island. 356 00:18:22,119 --> 00:18:27,040 Speaker 11: On Long Island that'll take you to to subway stop. 357 00:18:27,200 --> 00:18:30,280 Speaker 11: Subway stations in Queens as. 358 00:18:30,160 --> 00:18:32,679 Speaker 2: A long time once. I'm metro writer in DC. I 359 00:18:32,680 --> 00:18:36,280 Speaker 2: am very familiar with the subway to bus to subway situation. 360 00:18:36,480 --> 00:18:38,720 Speaker 2: It makes no one in a good room. Are they 361 00:18:38,760 --> 00:18:40,520 Speaker 2: any closer to reaching a deal? Do you think this 362 00:18:40,560 --> 00:18:41,879 Speaker 2: could be resolved by Monday? 363 00:18:42,080 --> 00:18:46,360 Speaker 11: We're trying to find out if there's another meeting scheduled 364 00:18:46,440 --> 00:18:51,520 Speaker 11: for today. It was pretty heated yesterday. It went all 365 00:18:51,560 --> 00:18:57,720 Speaker 11: the way to midnight. Some words, I'm sure we're shared 366 00:18:57,800 --> 00:19:02,000 Speaker 11: across the table, so they might need a little bit 367 00:19:02,040 --> 00:19:04,440 Speaker 11: of a breather. But we're hoping that they get back 368 00:19:04,440 --> 00:19:07,920 Speaker 11: together at the table again today and continue talking so 369 00:19:08,320 --> 00:19:10,000 Speaker 11: this can get wrapped up as soon as possible. 370 00:19:10,040 --> 00:19:11,640 Speaker 3: You quote in your piece Kevin Sex and the national 371 00:19:11,720 --> 00:19:14,240 Speaker 3: vice president the Brotherhood of Locomotive Engineers and Trainment. We 372 00:19:14,320 --> 00:19:16,840 Speaker 3: do not know the duration of the strike at this time, 373 00:19:16,960 --> 00:19:21,040 Speaker 3: so a bit ominous. How illustrative is the strike that 374 00:19:21,080 --> 00:19:23,880 Speaker 3: we saw last year? I guess it was in New Jersey. 375 00:19:23,920 --> 00:19:27,240 Speaker 3: We saw the New Jersey strike there last what three days? 376 00:19:27,320 --> 00:19:28,119 Speaker 3: Three in total? 377 00:19:28,680 --> 00:19:29,679 Speaker 6: What can we learn from that? 378 00:19:29,760 --> 00:19:32,960 Speaker 3: And there may be some curiosity among commuters could the 379 00:19:33,000 --> 00:19:35,040 Speaker 3: federal government step in here? Could the federal government do 380 00:19:35,040 --> 00:19:37,159 Speaker 3: anything to keep this from happening or keep this from 381 00:19:37,200 --> 00:19:37,760 Speaker 3: happening together. 382 00:19:37,800 --> 00:19:41,120 Speaker 11: On Monday, they did in Congress, and the federal government 383 00:19:41,160 --> 00:19:45,399 Speaker 11: didn't step in with New Jersey Transit. So and so 384 00:19:45,480 --> 00:19:49,040 Speaker 11: far we haven't seen that yet here. But again, if 385 00:19:49,080 --> 00:19:53,680 Speaker 11: this strike is prolonged, I would imagine at the federal level, 386 00:19:53,680 --> 00:19:56,080 Speaker 11: there is going to be a lot of incentive to 387 00:19:56,200 --> 00:20:00,440 Speaker 11: help the MTA Long Island Railroad and the U unions 388 00:20:00,960 --> 00:20:04,040 Speaker 11: really come together and really get to that point where 389 00:20:04,040 --> 00:20:06,399 Speaker 11: they can reach agreement on a wage increase. 390 00:20:06,040 --> 00:20:09,360 Speaker 2: For this year. Why does commuter rail and public transport 391 00:20:09,760 --> 00:20:12,679 Speaker 2: struggle to gain traction and funding in this country in 392 00:20:12,720 --> 00:20:15,200 Speaker 2: ways that it just doesn't other places. I mean, I 393 00:20:15,240 --> 00:20:17,160 Speaker 2: feel like we were sort of maybe doing a little 394 00:20:17,160 --> 00:20:19,639 Speaker 2: bit better and then I know COVID really took it 395 00:20:19,640 --> 00:20:21,800 Speaker 2: took a real big hit during COVID, both in ridership 396 00:20:21,800 --> 00:20:24,160 Speaker 2: and confidence, people not wanting to just share that space 397 00:20:24,200 --> 00:20:26,760 Speaker 2: with people. Has it gotten any better or is? Why 398 00:20:26,800 --> 00:20:28,720 Speaker 2: is it struggling so much in so many major US 399 00:20:28,760 --> 00:20:31,440 Speaker 2: cities that really could use the infrastructure in the help. 400 00:20:31,600 --> 00:20:35,960 Speaker 11: They definitely could. It's we are very much a car culture, 401 00:20:36,600 --> 00:20:38,959 Speaker 11: and you know, I grew up in the Midwest, and 402 00:20:39,000 --> 00:20:42,639 Speaker 11: it's just it's not in for most Americans. It just 403 00:20:42,920 --> 00:20:45,680 Speaker 11: isn't common to get on a train, a commuter train 404 00:20:45,840 --> 00:20:50,760 Speaker 11: or subway to go to work, and so it's a 405 00:20:50,760 --> 00:20:54,080 Speaker 11: different mindset. If you're used to driving, it's just what 406 00:20:54,160 --> 00:20:59,320 Speaker 11: you do. It's different here in New York City. It's 407 00:20:59,400 --> 00:21:03,440 Speaker 11: really part of our culture, and the city depends so much, 408 00:21:03,520 --> 00:21:05,760 Speaker 11: not only on the subways and the buses, but the 409 00:21:05,800 --> 00:21:06,920 Speaker 11: commuter rails as well. 410 00:21:07,400 --> 00:21:09,160 Speaker 3: Michelle, Cassie, thank you very much. Going to be tracking 411 00:21:09,160 --> 00:21:10,600 Speaker 3: all of this here over the next twenty four hours. 412 00:21:10,600 --> 00:21:12,680 Speaker 3: We'll see what happens again looking at a very busy 413 00:21:12,720 --> 00:21:13,960 Speaker 3: commute on Monday morning. 414 00:21:15,960 --> 00:21:18,520 Speaker 2: Stay with us for more on Bloomberg this weekend right 415 00:21:18,560 --> 00:21:19,000 Speaker 2: after this. 416 00:21:32,119 --> 00:21:35,960 Speaker 8: Piper's mother, Tiffany Smith, is the momager. She took these 417 00:21:36,080 --> 00:21:44,080 Speaker 8: kids to massive viral fame. It seemed so innocent, but 418 00:21:44,359 --> 00:21:45,400 Speaker 8: it wasn't innocent at all. 419 00:21:46,160 --> 00:21:48,560 Speaker 3: Smeck trips there from the show Bad influenced the dark 420 00:21:48,600 --> 00:21:51,800 Speaker 3: Side of influencing that gained millions of views last year 421 00:21:51,840 --> 00:21:55,280 Speaker 3: on Netflix. A new book titled Like Follow, Subscribe, Influencer 422 00:21:55,440 --> 00:21:58,080 Speaker 3: Kids and the Cost of a Childhood Online looks at 423 00:21:58,080 --> 00:22:01,560 Speaker 3: the life of kids online and the evolution of family influencing. 424 00:22:01,600 --> 00:22:03,560 Speaker 3: The author of that book, for Tesla Latifi, joins us. 425 00:22:03,560 --> 00:22:04,640 Speaker 6: Now, great to have. 426 00:22:04,640 --> 00:22:07,600 Speaker 3: You with us, and let's start from an economic vantage 427 00:22:07,600 --> 00:22:11,119 Speaker 3: if we can. I gather that the the global influencer 428 00:22:11,200 --> 00:22:15,120 Speaker 3: market is a thirty two point five billion dollar market. 429 00:22:15,280 --> 00:22:19,400 Speaker 3: How much is this a focus on the lives of children? Yes, 430 00:22:19,440 --> 00:22:22,040 Speaker 3: in America, but around the world a component of that. 431 00:22:22,080 --> 00:22:24,639 Speaker 3: What kind of business is this? 432 00:22:24,640 --> 00:22:27,720 Speaker 12: This is a massive business. Like you said, influencing is 433 00:22:27,760 --> 00:22:31,240 Speaker 12: a multi billion dollar industry, and the top strata of 434 00:22:31,320 --> 00:22:35,120 Speaker 12: mom influencers and family vloggers can make millions or multi 435 00:22:35,560 --> 00:22:37,080 Speaker 12: millions of dollars a year. 436 00:22:37,920 --> 00:22:40,159 Speaker 2: I mean, that's so crazy to me because there's so 437 00:22:40,359 --> 00:22:42,840 Speaker 2: different sides of this approach. I have friends who literally 438 00:22:42,880 --> 00:22:45,520 Speaker 2: won't put their baby's face on the internet. 439 00:22:45,560 --> 00:22:49,080 Speaker 6: The star, the star over their Infanta the baby. 440 00:22:49,240 --> 00:22:50,840 Speaker 2: I love all your children, but I feel like it's 441 00:22:50,880 --> 00:22:52,480 Speaker 2: two weeks old. They all kind of look the same. 442 00:22:52,560 --> 00:22:55,359 Speaker 13: Okay, but you know, so you've got friends who won't 443 00:22:55,440 --> 00:22:57,720 Speaker 13: at least is laughing from behind us. We've got friends 444 00:22:57,720 --> 00:22:59,720 Speaker 13: who won't put any images of their children online. And 445 00:22:59,760 --> 00:23:02,119 Speaker 13: then you've got other people who are putting every moment 446 00:23:02,200 --> 00:23:04,080 Speaker 13: of their child online, but like. 447 00:23:04,560 --> 00:23:06,640 Speaker 2: Yeah, it seems like it's really really streme. Are there 448 00:23:06,680 --> 00:23:09,280 Speaker 2: any rules or laws about how much you can put 449 00:23:09,320 --> 00:23:12,040 Speaker 2: of your child online and how much money you make 450 00:23:12,040 --> 00:23:12,760 Speaker 2: from their likeness? 451 00:23:13,640 --> 00:23:16,600 Speaker 12: So there are a few states now that have laws 452 00:23:16,680 --> 00:23:20,600 Speaker 12: related to child influencers, but the laws are more related 453 00:23:20,640 --> 00:23:23,119 Speaker 12: to the profits of the kids. So it's more like, 454 00:23:23,200 --> 00:23:26,240 Speaker 12: if you make this percentage of money off of the kids, 455 00:23:26,240 --> 00:23:28,280 Speaker 12: then you have to save this percentage for a trust 456 00:23:28,280 --> 00:23:30,520 Speaker 12: fund for them for when they turn eighteen. But there's 457 00:23:30,520 --> 00:23:33,320 Speaker 12: nothing about what you can share and what you cannot share, 458 00:23:33,400 --> 00:23:35,640 Speaker 12: so there aren't privacy protections per se. 459 00:23:36,320 --> 00:23:40,159 Speaker 2: The other part about even that is how do you 460 00:23:40,200 --> 00:23:44,119 Speaker 2: divvy that up? Because if you're a monfluencer, a family influencer, 461 00:23:44,119 --> 00:23:46,480 Speaker 2: couldn't you make the argument, well, the post is really 462 00:23:46,480 --> 00:23:48,560 Speaker 2: about me. My kid just happens to be in it, 463 00:23:48,680 --> 00:23:50,840 Speaker 2: so I don't need to save that money out for them. 464 00:23:51,440 --> 00:23:51,880 Speaker 1: Totally. 465 00:23:51,920 --> 00:23:55,480 Speaker 12: It's really complicated to legislate this industry just because of 466 00:23:55,520 --> 00:23:58,080 Speaker 12: the inherent nature of it, and it also happens within 467 00:23:58,160 --> 00:24:01,080 Speaker 12: the home, so it's like when you talk of kid actors, 468 00:24:01,119 --> 00:24:03,720 Speaker 12: they're going to set so it's very clear the delineation 469 00:24:03,880 --> 00:24:07,000 Speaker 12: between their work and their home. But for child influencers, 470 00:24:07,160 --> 00:24:09,160 Speaker 12: a parent could say, is this really work for them? 471 00:24:09,200 --> 00:24:11,600 Speaker 12: I'm just filming them as they go about their daily life. 472 00:24:11,600 --> 00:24:12,879 Speaker 12: How does that count as work? 473 00:24:13,440 --> 00:24:16,439 Speaker 3: As you talk to folks who do this, I'm curious 474 00:24:16,480 --> 00:24:19,000 Speaker 3: sort of how they start out. You mentioned some of 475 00:24:19,000 --> 00:24:22,760 Speaker 3: them can make millions or multimillions of dollars. How many 476 00:24:22,760 --> 00:24:24,440 Speaker 3: of them are actually making that? So I guess there's 477 00:24:24,440 --> 00:24:26,239 Speaker 3: probably a degree of aspiration here that you can make 478 00:24:26,240 --> 00:24:28,399 Speaker 3: a ton of money off of your kid, But how 479 00:24:28,480 --> 00:24:29,440 Speaker 3: often does that come to pass? 480 00:24:29,440 --> 00:24:30,680 Speaker 6: How do people get into doing this? 481 00:24:31,880 --> 00:24:35,040 Speaker 12: Yeah, So honestly, it's kind of just how we are 482 00:24:35,080 --> 00:24:37,840 Speaker 12: all playing the viral lottery every day. It feels like 483 00:24:37,880 --> 00:24:41,000 Speaker 12: in America, where you're putting up some content. If it hits, 484 00:24:41,119 --> 00:24:43,720 Speaker 12: then you kind of chase that high and keep trying 485 00:24:43,760 --> 00:24:48,720 Speaker 12: to accomplish that again. But it does. It is pretty 486 00:24:48,840 --> 00:24:51,679 Speaker 12: rare to get up into that top strata. But I 487 00:24:51,720 --> 00:24:56,240 Speaker 12: think it feels pretty democratic in a way where let's say, 488 00:24:56,280 --> 00:24:59,000 Speaker 12: like in the past, if you wanted to do something 489 00:24:59,080 --> 00:25:02,360 Speaker 12: like be a reality star, you had to get cast, right, 490 00:25:02,520 --> 00:25:04,840 Speaker 12: you had to go through all these different things, or 491 00:25:04,840 --> 00:25:06,640 Speaker 12: if you had to be a child actor, you had 492 00:25:06,640 --> 00:25:08,960 Speaker 12: to go audition first. But this is like if you 493 00:25:09,040 --> 00:25:10,399 Speaker 12: have a phone, you have a shot. 494 00:25:11,920 --> 00:25:16,000 Speaker 2: I mean, that's gratifying and also terrifying, I think. But 495 00:25:16,160 --> 00:25:18,040 Speaker 2: you know, we talk about kid fluincers, and I think 496 00:25:18,080 --> 00:25:20,760 Speaker 2: the assumption for a lot of us is that their followers, 497 00:25:20,840 --> 00:25:23,639 Speaker 2: especially if it's a solo kid, dedicated account less so 498 00:25:23,720 --> 00:25:26,080 Speaker 2: the family ones, their followers are going to be other kids. 499 00:25:26,520 --> 00:25:30,080 Speaker 2: But that's largely, it seems untrue. Investigations by the New 500 00:25:30,160 --> 00:25:32,600 Speaker 2: York Times and the Wall Street Journal into the followers 501 00:25:32,600 --> 00:25:35,760 Speaker 2: of kid flincers, they found that their followers are overwhelmingly 502 00:25:35,880 --> 00:25:38,919 Speaker 2: adults and mostly adult men. The Wall Street Journal followed 503 00:25:38,960 --> 00:25:41,400 Speaker 2: one young teenage girl who started out just posting kind 504 00:25:41,400 --> 00:25:43,639 Speaker 2: of dance pictures and then to your point, when a 505 00:25:43,680 --> 00:25:45,960 Speaker 2: little viral and became a de facto influencer, and her 506 00:25:46,000 --> 00:25:50,159 Speaker 2: followers were ninety two percent adult men. So what is 507 00:25:50,200 --> 00:25:54,080 Speaker 2: the risk here for exploitations? Do these parents care and 508 00:25:54,240 --> 00:25:56,959 Speaker 2: do they care enough? In your opinion about the risks 509 00:25:57,160 --> 00:25:58,000 Speaker 2: involved in doing this? 510 00:25:58,960 --> 00:26:01,880 Speaker 12: There's a real can we know that? Because of such 511 00:26:01,880 --> 00:26:04,680 Speaker 12: incredible reporting and harrowing reporting by the New York Times 512 00:26:04,720 --> 00:26:07,600 Speaker 12: in the Wall Street Journal of predators watching this content. 513 00:26:07,640 --> 00:26:10,760 Speaker 12: And when I talk to parents, they not only acknowledge 514 00:26:10,760 --> 00:26:13,080 Speaker 12: the risk, but they know that it's a reality because 515 00:26:13,080 --> 00:26:16,520 Speaker 12: they're getting messages, they're getting comments, they're getting emails. Sometimes 516 00:26:16,560 --> 00:26:19,200 Speaker 12: they're getting letters in the mail about you know, with 517 00:26:19,320 --> 00:26:24,560 Speaker 12: this kind of pedophilic predatory intent. Yes, they're thinking about it. 518 00:26:24,600 --> 00:26:27,560 Speaker 12: Do I think that it's changing their behavior in the 519 00:26:27,600 --> 00:26:30,359 Speaker 12: way that it should know? So I will never forget this. 520 00:26:30,359 --> 00:26:33,280 Speaker 12: One conversation I had with a mom influencer who had 521 00:26:33,720 --> 00:26:37,040 Speaker 12: a seven year old daughter who was in dance competitions, 522 00:26:37,040 --> 00:26:39,560 Speaker 12: and she said that she realized that she got more 523 00:26:39,600 --> 00:26:43,119 Speaker 12: of these messages and her videos got more saves and 524 00:26:43,200 --> 00:26:45,439 Speaker 12: more shares when her daughter was in these kind of 525 00:26:46,400 --> 00:26:49,159 Speaker 12: revealing dance outfits. And so I asked her what she 526 00:26:49,280 --> 00:26:52,040 Speaker 12: did with that knowledge, and she said, oh, I only 527 00:26:52,080 --> 00:26:56,240 Speaker 12: shared a few times a year now. So that kind 528 00:26:56,240 --> 00:26:59,119 Speaker 12: of was difficult for me to understand as a parent, 529 00:26:59,160 --> 00:27:01,600 Speaker 12: if you know people are looking at your child with 530 00:27:01,720 --> 00:27:05,080 Speaker 12: predatory intent, that your answer isn't Okay, I'm not going 531 00:27:05,160 --> 00:27:07,600 Speaker 12: to share this anymore, but I'll just do it a 532 00:27:07,600 --> 00:27:08,280 Speaker 12: few times a year. 533 00:27:08,359 --> 00:27:08,679 Speaker 2: I'll do it. 534 00:27:08,760 --> 00:27:10,440 Speaker 3: Last protest, we haven't been a left but let me 535 00:27:10,440 --> 00:27:11,800 Speaker 3: ask about the moment that we're in. So you talked 536 00:27:11,800 --> 00:27:14,240 Speaker 3: about the difficulty of regulating this in a legislative level. 537 00:27:14,240 --> 00:27:18,560 Speaker 3: We've seen these social media trials in California and elsewhere. 538 00:27:19,520 --> 00:27:22,159 Speaker 3: Is that likely to change what parents are allowed to do, 539 00:27:22,200 --> 00:27:23,600 Speaker 3: what's allowed to be posted on these apps. 540 00:27:24,760 --> 00:27:27,679 Speaker 12: I don't think so, because I think in the United 541 00:27:27,680 --> 00:27:31,560 Speaker 12: States we sow prize parental rights almost above anything else, 542 00:27:32,080 --> 00:27:34,800 Speaker 12: and it's really difficult to go into someone's home and 543 00:27:34,840 --> 00:27:37,280 Speaker 12: say this is not something you can do with your child. 544 00:27:38,520 --> 00:27:41,480 Speaker 12: And you know, parents consent to all kinds of things 545 00:27:41,520 --> 00:27:43,840 Speaker 12: that children can't consent to, and this is kind of 546 00:27:43,880 --> 00:27:46,720 Speaker 12: just an outgrowth of that, the inherent nature of the 547 00:27:46,760 --> 00:27:48,000 Speaker 12: parent child relationship. 548 00:27:48,240 --> 00:27:50,400 Speaker 3: Protesda, thanks for the time on this Saturday. Appreciate that's 549 00:27:50,400 --> 00:27:52,199 Speaker 3: for Tesla Tifi. She's the author of the book Like 550 00:27:52,280 --> 00:27:55,320 Speaker 3: Follow Subscribe, Influence Your Kids and the Cost of a 551 00:27:55,400 --> 00:27:59,240 Speaker 3: Childhood Online. Fascinating look at this industry, and I think 552 00:27:59,240 --> 00:28:00,680 Speaker 3: we have to call it that given the size and 553 00:28:00,680 --> 00:28:02,840 Speaker 3: the amount of money that's poured into it, but also, 554 00:28:02,880 --> 00:28:05,280 Speaker 3: as you pointed out, Christina, the kind of very startling 555 00:28:05,280 --> 00:28:07,080 Speaker 3: and sobering aspects of what's happenings. 556 00:28:09,359 --> 00:28:13,040 Speaker 4: Stay with us for more on Bloomberg this weekend. Right 557 00:28:13,080 --> 00:28:13,720 Speaker 4: after this. 558 00:28:25,560 --> 00:28:28,520 Speaker 3: From my regular weekly dose of embarrassment here weekends pointed 559 00:28:28,640 --> 00:28:32,760 Speaker 3: News quiz, Lisa Mateo prepared what three questions for us? 560 00:28:32,760 --> 00:28:33,760 Speaker 6: Maybe a bonus as well? 561 00:28:33,880 --> 00:28:35,960 Speaker 4: Yes, right, we have a special guest. 562 00:28:36,040 --> 00:28:37,240 Speaker 6: We have a special guest at the table. 563 00:28:37,240 --> 00:28:37,320 Speaker 4: One. 564 00:28:37,400 --> 00:28:40,560 Speaker 3: Dave Merritt, Senior executivetter for Bloomberg News, wanted to stick around. 565 00:28:41,440 --> 00:28:44,560 Speaker 4: Are you heard you voluntarily subjected your I hear You're 566 00:28:44,600 --> 00:28:51,600 Speaker 4: really good at this game though, Yeah, well really. 567 00:28:49,360 --> 00:28:51,360 Speaker 13: The difference is, as we every week, if you play 568 00:28:51,360 --> 00:28:56,920 Speaker 13: it online, you get multiple choice, much multiple choice for 569 00:28:57,040 --> 00:28:57,880 Speaker 13: you this time. 570 00:28:57,960 --> 00:28:58,800 Speaker 6: All right, we believe in you. 571 00:28:58,840 --> 00:29:00,480 Speaker 4: All right, So this is how we play it on 572 00:29:00,600 --> 00:29:03,080 Speaker 4: bt W version. Okay, so you have the chips in 573 00:29:03,080 --> 00:29:05,280 Speaker 4: front of you have thirty chips. We have three categories. 574 00:29:05,320 --> 00:29:05,600 Speaker 9: Okay. 575 00:29:05,600 --> 00:29:08,080 Speaker 4: For each category, you figure out how confident you are. 576 00:29:08,080 --> 00:29:10,080 Speaker 4: If you like the first category, you can keep you know, 577 00:29:10,120 --> 00:29:11,840 Speaker 4: your ten chips, or maybe you want to double up. 578 00:29:11,880 --> 00:29:13,440 Speaker 4: It's up to you. But I'm going to give you 579 00:29:13,480 --> 00:29:15,240 Speaker 4: the three categories and then the questions. 580 00:29:15,280 --> 00:29:15,520 Speaker 9: Okay. 581 00:29:15,640 --> 00:29:20,680 Speaker 4: The categories are number one Sports, number two Media Sport 582 00:29:20,800 --> 00:29:26,600 Speaker 4: for Dave, and number three is inflation. So based on that, 583 00:29:27,080 --> 00:29:28,440 Speaker 4: how do you want to place your bets? Are you 584 00:29:28,480 --> 00:29:30,040 Speaker 4: doing inflation? 585 00:29:30,560 --> 00:29:33,600 Speaker 6: Okay, you want to go, I'm going to go. No 586 00:29:33,680 --> 00:29:40,120 Speaker 6: sports for you, all right, I'm going to go. I'm 587 00:29:40,160 --> 00:29:47,680 Speaker 6: doubling up on media. Wow, here we go. 588 00:29:47,760 --> 00:29:49,680 Speaker 4: Okay, So here is your sports question? 589 00:29:49,680 --> 00:29:51,800 Speaker 2: Are you ready for what I'm doing? 590 00:29:52,000 --> 00:29:53,240 Speaker 4: Which you have this? 591 00:29:53,320 --> 00:29:53,680 Speaker 9: You have this? 592 00:29:54,000 --> 00:29:57,160 Speaker 4: Which restaurant will put its name on the Chicago Fires 593 00:29:57,280 --> 00:30:03,160 Speaker 4: soccer teams stadium located in the company's home town. What 594 00:30:03,440 --> 00:30:08,680 Speaker 4: is the name of that restaurant? 595 00:30:07,360 --> 00:30:10,400 Speaker 6: The country days, Their. 596 00:30:10,280 --> 00:30:14,680 Speaker 4: Name will be all over the Chicago Fire soccer. 597 00:30:14,360 --> 00:30:17,800 Speaker 3: Team in lights and on the jersey. 598 00:30:18,280 --> 00:30:19,800 Speaker 6: Oh man, that's a food question. 599 00:30:19,920 --> 00:30:21,000 Speaker 3: List that sports question? 600 00:30:21,040 --> 00:30:24,000 Speaker 4: All right, all right, the sports Okay, let's flip it. 601 00:30:24,480 --> 00:30:35,760 Speaker 4: McDonald's where McDonald's is, right, Okay, it is a field. 602 00:30:36,120 --> 00:30:39,760 Speaker 4: I thought it was gonna be like a local Chicago restaurant. 603 00:30:39,400 --> 00:30:41,000 Speaker 6: You are you going to hang and wait? 604 00:30:42,080 --> 00:30:42,360 Speaker 7: Sorry? 605 00:30:42,440 --> 00:30:45,080 Speaker 2: Did you went to a David gir gleefully took my chips. 606 00:30:47,720 --> 00:30:49,080 Speaker 4: On sports? 607 00:30:49,480 --> 00:30:50,640 Speaker 6: David? 608 00:30:53,120 --> 00:30:55,520 Speaker 2: Sorry, what's our next? 609 00:30:55,600 --> 00:30:55,840 Speaker 10: Media? 610 00:30:55,920 --> 00:30:56,080 Speaker 13: Right? 611 00:30:56,440 --> 00:30:57,160 Speaker 6: Okay? Media? 612 00:30:57,400 --> 00:30:58,360 Speaker 4: So you doubled up on this? 613 00:30:59,320 --> 00:30:59,640 Speaker 6: All right? 614 00:30:59,640 --> 00:31:03,120 Speaker 4: Here we go out The comedian Byron Allen is paying 615 00:31:03,280 --> 00:31:05,880 Speaker 4: one d and twenty million dollars for a fifty two 616 00:31:05,880 --> 00:31:09,720 Speaker 4: percent steak in which online media company? 617 00:31:10,400 --> 00:31:11,280 Speaker 6: Can we still call it that? 618 00:31:15,120 --> 00:31:17,800 Speaker 2: You very fast? I'm getting murdered today. 619 00:31:17,840 --> 00:31:21,960 Speaker 6: I have absolutely this is here. Yeah, maybe I have 620 00:31:22,000 --> 00:31:22,960 Speaker 6: a competent stop. 621 00:31:23,560 --> 00:31:26,120 Speaker 4: All right, let's see your answer is limit BuzzFeed Feed, 622 00:31:26,520 --> 00:31:30,240 Speaker 4: BuzzFeed hot one, buzz is the one you are correct case. 623 00:31:31,680 --> 00:31:34,920 Speaker 4: So Byron he's going to replace the CEO he found 624 00:31:35,040 --> 00:31:39,000 Speaker 4: who's founded the company. Okay, so you guys them hold 625 00:31:39,560 --> 00:31:40,320 Speaker 4: you and I are tied. 626 00:31:40,680 --> 00:31:44,160 Speaker 3: Christina is deep trop and unable to climb out. So 627 00:31:44,800 --> 00:31:45,880 Speaker 3: this is like your best day ever. 628 00:31:46,040 --> 00:31:48,800 Speaker 6: It's a great day, usually shining. 629 00:31:50,280 --> 00:31:51,680 Speaker 10: All right, let's go to inflation. 630 00:31:51,920 --> 00:31:53,840 Speaker 6: Okay, ready for that has a quick question? What's the 631 00:31:53,880 --> 00:31:56,360 Speaker 6: worth of BuzzFeed today? I wanted to put you on 632 00:31:56,400 --> 00:31:58,360 Speaker 6: the spot. You can all it's not one hundred twenty 633 00:31:59,200 --> 00:32:04,640 Speaker 6: yeah anyways canstical? Yeah that's why I didn't. I mean 634 00:32:04,640 --> 00:32:07,520 Speaker 6: I thought that's why it was struck me that story. Wow, 635 00:32:07,840 --> 00:32:08,320 Speaker 6: take a quiz. 636 00:32:08,640 --> 00:32:10,240 Speaker 4: Well, Alan wants to turn it into this free TV 637 00:32:10,360 --> 00:32:17,360 Speaker 4: super app, so we'll seeperience. Okay, inflation, Okay, ready, which 638 00:32:17,680 --> 00:32:21,680 Speaker 4: cottage pie ingredient topped seven dollars a pound for the 639 00:32:21,720 --> 00:32:22,280 Speaker 4: first time. 640 00:32:22,400 --> 00:32:23,160 Speaker 6: Cottage pie. 641 00:32:23,320 --> 00:32:27,200 Speaker 4: Cottage pie is actually like a cotta. It is a 642 00:32:27,240 --> 00:32:30,000 Speaker 4: traditional British and Irish asserrole. 643 00:32:32,520 --> 00:32:38,440 Speaker 6: I know how to make. Said how much? Did you say? 644 00:32:38,480 --> 00:32:41,400 Speaker 4: Seven dollars a pounded top the ingredient inside of it? 645 00:32:41,760 --> 00:32:43,120 Speaker 6: Seven dollars? 646 00:32:43,440 --> 00:32:44,680 Speaker 4: Yes, what is that ingredient? 647 00:32:44,800 --> 00:32:45,640 Speaker 6: Okay? 648 00:32:46,360 --> 00:32:47,360 Speaker 10: Oh, I think I got it wrong. 649 00:32:47,400 --> 00:32:54,400 Speaker 6: I wrote large, I wrote butter butter around me wings 650 00:32:54,600 --> 00:32:55,240 Speaker 6: about c P? 651 00:32:55,400 --> 00:32:59,080 Speaker 4: I right, well, grocery prices, beef, a lot of things. 652 00:32:58,800 --> 00:33:02,960 Speaker 6: Coffee, mind speed that was I even got the American price? 653 00:33:03,200 --> 00:33:03,800 Speaker 10: Do you make it? 654 00:33:04,600 --> 00:33:09,400 Speaker 6: I have made? Do I make it? He's not known 655 00:33:09,480 --> 00:33:11,560 Speaker 6: for it's not one of his go to. 656 00:33:11,840 --> 00:33:13,960 Speaker 1: That was a clear suck up to the bottom. 657 00:33:14,320 --> 00:33:15,760 Speaker 2: We're going to talk about this later. 658 00:33:16,680 --> 00:33:19,000 Speaker 4: There is there is a bonus, a tough one. I 659 00:33:19,000 --> 00:33:21,400 Speaker 4: don't know if anyone's going to get here. 660 00:33:21,440 --> 00:33:21,640 Speaker 6: We go. 661 00:33:21,840 --> 00:33:22,360 Speaker 2: I think you've won. 662 00:33:22,440 --> 00:33:25,120 Speaker 6: Unfortunately it's for more bragging rights. 663 00:33:25,200 --> 00:33:30,080 Speaker 3: Yet this is another niche British cultural category. 664 00:33:30,400 --> 00:33:34,920 Speaker 4: No, no, not even close. Okay, because it is trump 665 00:33:34,960 --> 00:33:36,240 Speaker 4: g that is a category. 666 00:33:36,400 --> 00:33:36,720 Speaker 3: Okay. 667 00:33:36,880 --> 00:33:38,920 Speaker 6: The summit that was Jesu. 668 00:33:38,760 --> 00:33:42,560 Speaker 4: Ping said the US and China could transcend the trap 669 00:33:43,000 --> 00:33:43,560 Speaker 4: named for. 670 00:33:45,440 --> 00:33:53,200 Speaker 6: To spell it right. You have correctly the spelling all right. 671 00:33:54,720 --> 00:33:58,560 Speaker 3: With the to the great, to the great grand Alison 672 00:33:58,880 --> 00:33:59,440 Speaker 3: to City. 673 00:34:01,920 --> 00:34:06,920 Speaker 6: What a wonderful moment, s y D I d E S. 674 00:34:07,040 --> 00:34:08,440 Speaker 6: It's better you said it than I did. 675 00:34:09,960 --> 00:34:14,000 Speaker 4: Random knowledge there, so we've yeah. 676 00:34:13,920 --> 00:34:21,040 Speaker 3: I think Dave one congratulations. You can test your knowledge 677 00:34:21,080 --> 00:34:22,799 Speaker 3: on all ten questions, I should say, take the point 678 00:34:22,800 --> 00:34:25,200 Speaker 3: of news schools at Blomberg dot com, slash pointed. 679 00:34:25,239 --> 00:34:26,960 Speaker 6: Thanks, it's multiple. It is multile. 680 00:34:27,320 --> 00:34:32,200 Speaker 2: It is slightly easier and less public and embarrassing. Thanks 681 00:34:32,239 --> 00:34:35,280 Speaker 2: for joining us on today's Bloomberg This Weekend podcast. Don't 682 00:34:35,280 --> 00:34:37,720 Speaker 2: forget to tune in live for the show every Saturday 683 00:34:37,760 --> 00:34:39,960 Speaker 2: and Sunday morning, starting at seven am Eastern. 684 00:34:40,040 --> 00:34:43,000 Speaker 3: We're on Bloomberg Television Radio and the Bloomberg Business App, 685 00:34:43,160 --> 00:34:46,640 Speaker 3: bringing you unique takes and in depth interviews on news, politics, 686 00:34:46,719 --> 00:34:47,920 Speaker 3: lifestyle and culture.