1 00:00:02,720 --> 00:00:07,200 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,200 --> 00:00:12,080 Speaker 2: Tonight, President Donald Trump will deliver his first State of 3 00:00:12,080 --> 00:00:14,600 Speaker 2: the Union of his second term to a joint session 4 00:00:14,600 --> 00:00:18,240 Speaker 2: of Congress. Members of the Supreme Court are also usually 5 00:00:18,239 --> 00:00:20,479 Speaker 2: in the audience, and that will give President Trump an 6 00:00:20,520 --> 00:00:23,959 Speaker 2: opportunity to speak to them directly, just days after the 7 00:00:24,000 --> 00:00:26,560 Speaker 2: High Court decided to strike down a big part of 8 00:00:26,600 --> 00:00:28,520 Speaker 2: the President's tariff policy. 9 00:00:28,840 --> 00:00:36,320 Speaker 3: The Supreme Court's ruling on tariffs is deeply disappointing, and 10 00:00:36,360 --> 00:00:40,599 Speaker 3: I'm ashamed of certain members of the court, absolutely ashamed 11 00:00:41,240 --> 00:00:43,519 Speaker 3: for not having the courage to do what's right for 12 00:00:43,840 --> 00:00:44,559 Speaker 3: our country. 13 00:00:45,040 --> 00:00:48,159 Speaker 2: That was Trump reacting to the ruling on Friday. His 14 00:00:48,280 --> 00:00:52,559 Speaker 2: response has evolved since then. Most recently, he's pledged sweeping 15 00:00:52,600 --> 00:00:58,080 Speaker 2: global tariffs of fifteen percent using other legal justifications. It 16 00:00:58,240 --> 00:01:01,120 Speaker 2: is the fallout from the Supreme Court decisions, Breads Bloomberg. 17 00:01:01,160 --> 00:01:04,480 Speaker 2: White House reporter Josh Wingrove tells me it's expected to 18 00:01:04,560 --> 00:01:05,800 Speaker 2: dominate Trump's speech. 19 00:01:06,160 --> 00:01:07,759 Speaker 1: I think we're going to hear a lot about it. 20 00:01:08,080 --> 00:01:10,399 Speaker 1: I think that's that's what I'll start with. I think 21 00:01:10,440 --> 00:01:13,600 Speaker 1: he will talk, no doubt about the investment pledges that 22 00:01:13,640 --> 00:01:17,000 Speaker 1: have come in in his term, that he says, are 23 00:01:17,040 --> 00:01:19,520 Speaker 1: driving this golden knaves. Sort of the flip side of 24 00:01:19,560 --> 00:01:21,880 Speaker 1: that is that some of those are tied to trade deals, 25 00:01:21,880 --> 00:01:23,720 Speaker 1: and I have a lot of uncertainty around them. 26 00:01:23,760 --> 00:01:26,640 Speaker 2: But of course tariffs are not the only issue Trump 27 00:01:26,680 --> 00:01:29,800 Speaker 2: is likely to address. Josh says there's a lot on 28 00:01:29,880 --> 00:01:30,760 Speaker 2: Americans minds. 29 00:01:31,240 --> 00:01:35,280 Speaker 1: Voters want right now action on prices and immigration, in 30 00:01:35,319 --> 00:01:37,880 Speaker 1: particular after the killing of Alex Preddi and Rene Good 31 00:01:37,920 --> 00:01:38,720 Speaker 1: in Minneapolis. 32 00:01:39,080 --> 00:01:42,080 Speaker 2: Josh says those are subjects Trump may steer away from. 33 00:01:42,120 --> 00:01:45,520 Speaker 1: Trump likes to tell habitually, he likes to tell positive stories, 34 00:01:45,560 --> 00:01:48,320 Speaker 1: does not like to admit defeat, you know, in any case. 35 00:01:48,880 --> 00:01:51,280 Speaker 1: But there are warning sides flashing heading into the midterm 36 00:01:51,280 --> 00:01:54,640 Speaker 1: cycle here. Trump himself is really anxious to hold the 37 00:01:54,640 --> 00:01:57,080 Speaker 1: House because he thinks he's going to get impeached if 38 00:01:57,120 --> 00:01:59,160 Speaker 1: they don't. And so that's why the stakes I think 39 00:01:59,160 --> 00:02:01,960 Speaker 1: are pretty high for him personally and politically. And this one. 40 00:02:07,520 --> 00:02:09,359 Speaker 2: I'm David Gera, and this is the big take from 41 00:02:09,360 --> 00:02:12,520 Speaker 2: Bloomberg News Today on the show, how President Trump is 42 00:02:12,560 --> 00:02:15,160 Speaker 2: expected to use this state of the Union to rally 43 00:02:15,160 --> 00:02:18,280 Speaker 2: his party and what issues he's likely to address amid 44 00:02:18,320 --> 00:02:21,600 Speaker 2: lower approval numbers and tensions in the US and around 45 00:02:21,639 --> 00:02:31,600 Speaker 2: the world. President Trump was workshopping his State of the 46 00:02:31,680 --> 00:02:34,040 Speaker 2: Union last week in a speech he delivered at a 47 00:02:34,080 --> 00:02:35,800 Speaker 2: steel plant in Rome, Georgia. 48 00:02:36,080 --> 00:02:39,440 Speaker 3: We had record inflation. You don't have it anymore. I'm 49 00:02:39,440 --> 00:02:41,760 Speaker 3: going to make a State of the Union address on Tuesday. 50 00:02:41,760 --> 00:02:44,480 Speaker 3: I hope you're going to watch, and we're going to 51 00:02:44,480 --> 00:02:45,360 Speaker 3: be talking about it. 52 00:02:45,520 --> 00:02:48,320 Speaker 2: But Bloomberg's Josh Wingrove says the focus of the State 53 00:02:48,320 --> 00:02:51,200 Speaker 2: of the Union changed after the Supreme Court struck down 54 00:02:51,240 --> 00:02:53,799 Speaker 2: many of the tariffs President Trump had put in place. 55 00:02:54,080 --> 00:02:58,280 Speaker 1: Trump has been pressuring the court for months against this decision, 56 00:02:58,360 --> 00:03:00,440 Speaker 1: and he's sort of been tweeting through it, as we 57 00:03:00,480 --> 00:03:02,640 Speaker 1: all do, you know, from time to time in the 58 00:03:02,720 --> 00:03:05,640 Speaker 1: days since then, sort of riffing saying, oh, the court 59 00:03:05,680 --> 00:03:08,560 Speaker 1: actually gave me even more power than they intended in 60 00:03:08,639 --> 00:03:12,240 Speaker 1: other countries better not renege on their trade deals because 61 00:03:12,280 --> 00:03:14,839 Speaker 1: of this, or all go even bigger. But it's been 62 00:03:15,040 --> 00:03:18,400 Speaker 1: very chaotic. What that court ruling did was strike down 63 00:03:19,040 --> 00:03:22,040 Speaker 1: really the key leg of the stool of Trump's tariff policy, 64 00:03:22,080 --> 00:03:26,080 Speaker 1: the reciprocal tariffs on you know, basically every nation on Earth, 65 00:03:26,680 --> 00:03:28,920 Speaker 1: or at least many many, many of them, as well 66 00:03:28,960 --> 00:03:31,760 Speaker 1: as the fentanyl related tariffs on China, Canada and Mexico. 67 00:03:31,800 --> 00:03:34,040 Speaker 1: And Trump is trying to sort of rebuild Humpty Dumpy 68 00:03:34,080 --> 00:03:37,440 Speaker 1: through a different sort of series of authorities that you 69 00:03:37,440 --> 00:03:40,160 Speaker 1: know will take time, but it's been very ad hoc. 70 00:03:40,440 --> 00:03:43,480 Speaker 1: It's been unclear. Over the weekend, he announced that he 71 00:03:43,480 --> 00:03:46,080 Speaker 1: would increase a tariff from a level set not even 72 00:03:46,120 --> 00:03:49,040 Speaker 1: twenty four hours before, for instance, And so I think 73 00:03:49,080 --> 00:03:53,320 Speaker 1: we will hear him riff and probably rage about this ruling, 74 00:03:53,680 --> 00:03:56,840 Speaker 1: which he thinks really undercuts his authority. Of course, it 75 00:03:56,920 --> 00:03:59,320 Speaker 1: is a six to three conservative Supreme Court that ruled 76 00:03:59,320 --> 00:04:02,600 Speaker 1: six three against his interpretation of that, so he's wrong 77 00:04:02,720 --> 00:04:05,160 Speaker 1: in their eyes. But I think the question is what 78 00:04:05,320 --> 00:04:07,960 Speaker 1: is the follout of this? The European Union, for instance, 79 00:04:08,000 --> 00:04:10,200 Speaker 1: has moved to pause implementation of the trade deal as 80 00:04:10,280 --> 00:04:14,800 Speaker 1: this tariff chaos swirls. If you're the Canadians and Mexicans 81 00:04:14,840 --> 00:04:17,600 Speaker 1: waiting to renegotiate the USMCA trade deal, which is an 82 00:04:17,640 --> 00:04:21,119 Speaker 1: actual trade deal on the books in law, this probably 83 00:04:21,200 --> 00:04:24,040 Speaker 1: changes your calculus on it. If you are the Koreans 84 00:04:24,040 --> 00:04:25,760 Speaker 1: and Japanese who are on the hook for hundreds of 85 00:04:25,760 --> 00:04:28,560 Speaker 1: billions of dollars in financing and pledges. I think you 86 00:04:28,720 --> 00:04:31,599 Speaker 1: are looking at this landscape wondering whether you should change 87 00:04:31,640 --> 00:04:33,760 Speaker 1: tack a little bit or more than a little bit, 88 00:04:34,080 --> 00:04:36,560 Speaker 1: you know. So, I think Trump's sort of entire philosophy, 89 00:04:36,800 --> 00:04:40,599 Speaker 1: economic growth philosophy, is built on tariffs, both the sort 90 00:04:40,600 --> 00:04:43,320 Speaker 1: of leverage he gets from them and negotiations and the 91 00:04:43,400 --> 00:04:46,039 Speaker 1: domestic investment he believes that they drive. And so the 92 00:04:46,080 --> 00:04:47,800 Speaker 1: court ruling is going to hang over all of this, 93 00:04:47,920 --> 00:04:49,720 Speaker 1: so we will hear about it. Remember, Trump, of course, 94 00:04:49,760 --> 00:04:52,719 Speaker 1: often goes heavily offscript in speeches, and so that is 95 00:04:52,760 --> 00:04:55,839 Speaker 1: a real X factor hitting in to this evening is 96 00:04:55,839 --> 00:04:57,919 Speaker 1: how how much will we deviate from the prepared text. 97 00:04:57,920 --> 00:05:00,800 Speaker 1: You can almost always tell whether he doing it or not. 98 00:05:00,839 --> 00:05:02,640 Speaker 1: And I think when he goes off script, that's when 99 00:05:02,680 --> 00:05:04,200 Speaker 1: we're going to hear a lot about the tariffs. 100 00:05:04,400 --> 00:05:06,279 Speaker 2: So that'll be a big part of this. I imagine foreign 101 00:05:06,279 --> 00:05:08,320 Speaker 2: policy will be as well. And we have President Trump 102 00:05:08,720 --> 00:05:11,480 Speaker 2: at this moment of deciding whether or not to attack Iran. 103 00:05:12,440 --> 00:05:14,920 Speaker 2: What do we know at this point about what he's considering? 104 00:05:14,920 --> 00:05:15,880 Speaker 2: What the president's weighing. 105 00:05:16,320 --> 00:05:19,800 Speaker 1: Trump has acknowledged that these considering you know, a direct 106 00:05:19,800 --> 00:05:23,760 Speaker 1: intervention beyond where they've been before, in other words, more 107 00:05:23,800 --> 00:05:25,880 Speaker 1: than just sort of a one and done bombing run. 108 00:05:26,480 --> 00:05:28,480 Speaker 1: But it's hard to take what they're saying a face 109 00:05:28,600 --> 00:05:31,880 Speaker 1: value because since the previous strike, which of course Trump 110 00:05:31,920 --> 00:05:37,320 Speaker 1: insisted several different ways, completely decimated the Iranian nuclear capability, 111 00:05:37,320 --> 00:05:39,280 Speaker 1: of course, there are questions about whether that was actually 112 00:05:39,279 --> 00:05:43,520 Speaker 1: the case and whether Iran has the ability to sort 113 00:05:43,520 --> 00:05:46,039 Speaker 1: of restart things in a more quick way than President 114 00:05:46,040 --> 00:05:48,760 Speaker 1: Trump had stated after the last attack. Now, this is 115 00:05:48,760 --> 00:05:51,680 Speaker 1: one of the really sort of ongoing tensions in the 116 00:05:51,720 --> 00:05:55,920 Speaker 1: MAGA movement about whether you know, foreign interventions like this 117 00:05:56,080 --> 00:05:59,440 Speaker 1: are worth it. There is definitely an isolationist camp that 118 00:05:59,720 --> 00:06:02,160 Speaker 1: does not want to get bogged down in foreign complex 119 00:06:02,279 --> 00:06:04,679 Speaker 1: and Trump, on the flip side, often sort of quick 120 00:06:04,680 --> 00:06:07,159 Speaker 1: in and out type operations, as we of course saw 121 00:06:07,200 --> 00:06:10,000 Speaker 1: with Iran, but we saw with Venezuela as well. Now 122 00:06:10,000 --> 00:06:13,040 Speaker 1: Trump likes to sort of leave the dagger hanging a 123 00:06:13,080 --> 00:06:16,039 Speaker 1: little bit in these negotiations all the time, so it's 124 00:06:16,120 --> 00:06:19,080 Speaker 1: difficult to read one way or another. But right now 125 00:06:19,120 --> 00:06:22,360 Speaker 1: he's leaving a lot of options on the table, including 126 00:06:22,920 --> 00:06:25,240 Speaker 1: the direct American military involvement in Iran. 127 00:06:25,680 --> 00:06:28,000 Speaker 2: So that dagger is hanging, as you say, And then 128 00:06:28,000 --> 00:06:30,720 Speaker 2: you've got Steve Whitkoff, the President's close adviser, his son 129 00:06:30,760 --> 00:06:33,760 Speaker 2: in law, Jared Krishner, pursuing this diplomatic track as well. 130 00:06:33,960 --> 00:06:37,719 Speaker 2: Is it clear to you what the goals are on 131 00:06:37,760 --> 00:06:40,440 Speaker 2: that track, what those two men are trying to find 132 00:06:40,480 --> 00:06:43,479 Speaker 2: an agreement on, perhaps to forest all this military action. 133 00:06:43,800 --> 00:06:47,039 Speaker 1: I think Trump wants a deal of some kind. Beyond that, 134 00:06:47,120 --> 00:06:49,560 Speaker 1: it's not clear to me what they're willing to barter, 135 00:06:49,839 --> 00:06:53,719 Speaker 1: if anything, and what they're demanding, if anything. They've stopped 136 00:06:53,760 --> 00:06:57,680 Speaker 1: short of calling for outright regime change, or at least 137 00:06:57,720 --> 00:06:59,800 Speaker 1: Trump has and by the way, that is a back 138 00:06:59,800 --> 00:07:04,359 Speaker 1: to to the tariff discussion. As a backdrop to foreign affairs. 139 00:07:04,600 --> 00:07:08,760 Speaker 1: Trump thinks that he benefits from this chaos and from 140 00:07:08,800 --> 00:07:13,520 Speaker 1: this pique sort of will he or won't he uncertainty, 141 00:07:13,920 --> 00:07:16,480 Speaker 1: you know, that hangs over so much of his agenda. 142 00:07:17,360 --> 00:07:19,920 Speaker 2: This speech comes on the fourth anniversary of Russia's invasion 143 00:07:19,920 --> 00:07:22,560 Speaker 2: of Ukraine, and I'm curious what the White House is 144 00:07:22,560 --> 00:07:25,760 Speaker 2: indicated the President might say about that. Of course, that's 145 00:07:25,760 --> 00:07:28,240 Speaker 2: another diplomatic track that see Woodcoff is on right now, 146 00:07:28,320 --> 00:07:30,160 Speaker 2: trying to find some resolution to that conflict. 147 00:07:30,320 --> 00:07:32,280 Speaker 1: Yeah, Trump has been frustrated by the lack of a 148 00:07:32,320 --> 00:07:35,440 Speaker 1: resolution there, and occasionally sort of let slip that he 149 00:07:35,480 --> 00:07:38,280 Speaker 1: seems frustrated with Putin himself. Of course, Putin continues to 150 00:07:38,840 --> 00:07:41,560 Speaker 1: dangle the prospect or at least to Trump, dangle the 151 00:07:41,600 --> 00:07:44,800 Speaker 1: prospect of some kind of deal, well continuing and even 152 00:07:44,920 --> 00:07:48,240 Speaker 1: ramping up attacks both on the lines of battle in 153 00:07:48,440 --> 00:07:51,320 Speaker 1: Ukraine but also missile strikes on Ukrainian cities well behind 154 00:07:51,360 --> 00:07:54,440 Speaker 1: those lines. And so I think right now Trump has 155 00:07:54,440 --> 00:07:58,520 Speaker 1: been distancing himself from that conflict and distancing his political 156 00:07:58,560 --> 00:08:01,320 Speaker 1: sort of stake from whether there'll be a deal or 157 00:08:01,360 --> 00:08:03,880 Speaker 1: won't be a deal. And that's a big question mark 158 00:08:03,920 --> 00:08:08,640 Speaker 1: and concern for the Europeans broadly and Ukraine specifically as 159 00:08:08,680 --> 00:08:11,600 Speaker 1: to whether American arms shipments will continue at what level, 160 00:08:11,640 --> 00:08:15,520 Speaker 1: at what price, whether American pressure on Russia will continue 161 00:08:16,280 --> 00:08:19,160 Speaker 1: and with what fervor. And so if we hear mention 162 00:08:19,240 --> 00:08:21,280 Speaker 1: of it, I don't think we're going to hear a 163 00:08:21,280 --> 00:08:23,880 Speaker 1: fresh call. I've been wrong before, David, I expect to 164 00:08:23,920 --> 00:08:27,520 Speaker 1: be wrong, baby, But there's no sign that he's preparing 165 00:08:27,600 --> 00:08:30,600 Speaker 1: a fresh push. He seems to frankly on the flip side, 166 00:08:31,280 --> 00:08:34,480 Speaker 1: be tiring of the back and forth from it. Not 167 00:08:34,559 --> 00:08:37,360 Speaker 1: walking away entirely from trying to get a deal, but 168 00:08:37,840 --> 00:08:40,280 Speaker 1: more and more disinterested, he seems. In the to and fro. 169 00:08:42,400 --> 00:08:45,880 Speaker 2: Coming up, how Trump is expected to address affordability, the 170 00:08:45,920 --> 00:09:01,719 Speaker 2: latest economic data and the midterm elections. Josh, going back 171 00:09:01,720 --> 00:09:04,480 Speaker 2: to that speech the President gave in Rome, Georgia, he declared, 172 00:09:04,679 --> 00:09:06,160 Speaker 2: I've won affordability. 173 00:09:06,360 --> 00:09:10,640 Speaker 3: What word have you not heard over the last two weeks? Affordability? 174 00:09:11,320 --> 00:09:14,640 Speaker 3: Because I've won I've won affordability. 175 00:09:14,960 --> 00:09:17,000 Speaker 2: Is this the White House position now when it comes 176 00:09:17,000 --> 00:09:19,319 Speaker 2: to that issue of cost of living of affordability. 177 00:09:19,559 --> 00:09:22,040 Speaker 1: Yeah. So he's called affordability a hoax in the past, 178 00:09:22,040 --> 00:09:24,240 Speaker 1: and what he means by that is he thinks Democrats 179 00:09:24,280 --> 00:09:27,880 Speaker 1: are ginning it up as an issue beyond what voters feel. 180 00:09:27,960 --> 00:09:29,640 Speaker 1: I think there's a lot of evidence that, you know, 181 00:09:29,679 --> 00:09:33,360 Speaker 1: the truth is different, and that voters continue to feel 182 00:09:33,400 --> 00:09:37,920 Speaker 1: frustrated by not only ongoing price increases, but a lack 183 00:09:37,960 --> 00:09:42,000 Speaker 1: of disinflation and the decrease in prices that Trump had 184 00:09:42,040 --> 00:09:44,360 Speaker 1: sort of teased in particular on things like energy costs, 185 00:09:44,400 --> 00:09:46,280 Speaker 1: And so we will see him sort of take the 186 00:09:46,320 --> 00:09:50,640 Speaker 1: wins gasoline prices. Expect that to be discussed heavily throughout 187 00:09:50,800 --> 00:09:53,720 Speaker 1: this evening's speech. But I think, you know, he has 188 00:09:53,760 --> 00:09:57,520 Speaker 1: been trying to diffuse the issue that he of course 189 00:09:57,720 --> 00:10:01,000 Speaker 1: rode pretty heavily in the twenty twenty campaign of voter 190 00:10:01,080 --> 00:10:04,280 Speaker 1: outrage over price levels. So that continues to simmer. Poll 191 00:10:04,320 --> 00:10:07,160 Speaker 1: after poll shows it, and so I think that he 192 00:10:07,280 --> 00:10:10,200 Speaker 1: is trying to sort of argue his way out of 193 00:10:10,240 --> 00:10:12,480 Speaker 1: the box a little bit on it. But I think 194 00:10:12,480 --> 00:10:16,360 Speaker 1: we've just seen so much evidence that voters, including Republican voters, 195 00:10:16,400 --> 00:10:19,600 Speaker 1: continue to be pretty upset about this, and it of 196 00:10:19,640 --> 00:10:22,480 Speaker 1: course is difficult for the government to do much about it. 197 00:10:22,480 --> 00:10:24,240 Speaker 1: It's been a bit of deja vu for the White 198 00:10:24,280 --> 00:10:27,000 Speaker 1: House press corps watching Trump go after like the meat 199 00:10:27,040 --> 00:10:31,480 Speaker 1: packing conglomerates, for instance, because that is exactly what Joe 200 00:10:31,520 --> 00:10:33,560 Speaker 1: Biden tried to do when he was in exactly the 201 00:10:33,559 --> 00:10:36,800 Speaker 1: same position in his term and facing exactly the same 202 00:10:36,840 --> 00:10:40,040 Speaker 1: voter pressure of people being upset about it. So I 203 00:10:40,080 --> 00:10:42,880 Speaker 1: expect Trump to of course sweep a lot of that 204 00:10:42,960 --> 00:10:45,000 Speaker 1: under the Biden rugs, say this is a Biden problem, 205 00:10:45,000 --> 00:10:48,480 Speaker 1: We're fixing it, and just kind of go forward and 206 00:10:48,520 --> 00:10:52,160 Speaker 1: pray basically that the CPI prints continue to be not 207 00:10:52,280 --> 00:10:54,920 Speaker 1: that bad or even good. Dare I say and that 208 00:10:54,960 --> 00:10:57,800 Speaker 1: this will fade from voter's minds come November. But the 209 00:10:57,840 --> 00:11:01,480 Speaker 1: politics hanging over this are funny because Trump is really 210 00:11:02,040 --> 00:11:04,679 Speaker 1: pushing to cling to a majority because he thinks to 211 00:11:04,720 --> 00:11:07,360 Speaker 1: get impeached if he doesn't. But he's not really using 212 00:11:07,360 --> 00:11:09,120 Speaker 1: the majority he has right now for much, in part 213 00:11:09,120 --> 00:11:11,760 Speaker 1: because it's so small, in part because we're starting to 214 00:11:11,800 --> 00:11:16,720 Speaker 1: see Republican blowback on things like tariffs, and so he's 215 00:11:16,760 --> 00:11:17,240 Speaker 1: in a pickle. 216 00:11:18,080 --> 00:11:19,760 Speaker 2: Josh, let me ask you a bit more about how 217 00:11:19,760 --> 00:11:22,880 Speaker 2: he's approaching these midterms. So we've seen Democrats win some 218 00:11:22,920 --> 00:11:25,600 Speaker 2: seats in some key special elections in Texas and Louisiana. 219 00:11:26,480 --> 00:11:29,040 Speaker 2: I imagine those losses are leading to some nervousness among 220 00:11:29,080 --> 00:11:32,000 Speaker 2: among Republicans. What do we know about how President Trump 221 00:11:32,000 --> 00:11:35,920 Speaker 2: plans to support Republican candidates in these midterms, the kinds 222 00:11:35,960 --> 00:11:38,120 Speaker 2: of candidates he's setting out to support. 223 00:11:39,000 --> 00:11:41,960 Speaker 1: He said he's going to travel, but he hasn't really 224 00:11:41,960 --> 00:11:44,679 Speaker 1: followed through in it so much. And of course there 225 00:11:44,679 --> 00:11:47,480 Speaker 1: are some races where the party would love for him 226 00:11:47,480 --> 00:11:50,680 Speaker 1: to get involved. Texas jumps to mind on that where 227 00:11:50,720 --> 00:11:53,440 Speaker 1: there's a pretty duke it out primary going on for 228 00:11:53,520 --> 00:11:56,440 Speaker 1: the Senate race there that could help determine whether that 229 00:11:56,520 --> 00:11:59,400 Speaker 1: seat is more in play than it otherwise might be. 230 00:12:00,080 --> 00:12:02,800 Speaker 1: And so, you know, he continues to sort of demand 231 00:12:02,880 --> 00:12:08,800 Speaker 1: purity tests of Republican candidates, and if he doesn't get 232 00:12:08,800 --> 00:12:12,400 Speaker 1: what he wants, such as votes on tariffs, he is 233 00:12:12,679 --> 00:12:15,520 Speaker 1: very comfortable supporting a primary against a sitting lawmaker, even 234 00:12:15,559 --> 00:12:18,120 Speaker 1: if it raises the chance that Democrats flip that seat. 235 00:12:18,480 --> 00:12:20,480 Speaker 1: And so what is he going to do? Well, he 236 00:12:20,559 --> 00:12:22,640 Speaker 1: thinks that he's going to sort of put himself on 237 00:12:22,679 --> 00:12:24,680 Speaker 1: the ballot. That is what we've heard. Susie Wiles an 238 00:12:24,679 --> 00:12:28,960 Speaker 1: other signal publicly that Trump getting involved will help make 239 00:12:28,960 --> 00:12:30,680 Speaker 1: sure that Trump voters who tend to only go to 240 00:12:30,720 --> 00:12:34,079 Speaker 1: the polls for Trump bother to in a midterm when 241 00:12:34,080 --> 00:12:36,640 Speaker 1: he himself is not necessarily on the ballot. But Trump 242 00:12:36,679 --> 00:12:40,040 Speaker 1: getting involved, of course, has a two pronged effect, activating 243 00:12:40,080 --> 00:12:43,280 Speaker 1: both his biggest supporters and those people that either don't 244 00:12:43,280 --> 00:12:45,600 Speaker 1: like him or retiring of him. And so whether this 245 00:12:45,679 --> 00:12:48,600 Speaker 1: all works, and you know, we'll see, but you can 246 00:12:48,640 --> 00:12:50,480 Speaker 1: start to see some states lining up on the Senate 247 00:12:50,520 --> 00:12:53,960 Speaker 1: side where things can get Thorny in a hurry, and 248 00:12:54,000 --> 00:12:56,400 Speaker 1: you can start seeing how Democrats are feeling pretty confident 249 00:12:56,559 --> 00:12:58,720 Speaker 1: when they just need a handful of seats to flip 250 00:12:58,720 --> 00:13:00,080 Speaker 1: and they already take the majority. 251 00:12:59,760 --> 00:13:04,280 Speaker 2: In the Jeff, you've talked about economic policy and foreign policy. 252 00:13:04,280 --> 00:13:06,080 Speaker 2: You said one goal here for the president is not 253 00:13:06,120 --> 00:13:08,480 Speaker 2: to be impeached if he loses the majorities in the 254 00:13:08,520 --> 00:13:11,959 Speaker 2: House and Senate. Beyond that, what are the president's other 255 00:13:12,000 --> 00:13:14,040 Speaker 2: priorities here at this point in his second term. I 256 00:13:14,080 --> 00:13:16,520 Speaker 2: look at that Project twenty twenty five document from the 257 00:13:16,520 --> 00:13:19,439 Speaker 2: Heritage Foundation what it's called for, and it seems like 258 00:13:19,520 --> 00:13:22,400 Speaker 2: the president's done roughly half of what's in there. Do 259 00:13:22,440 --> 00:13:24,200 Speaker 2: we have a good sense of what's next on his 260 00:13:24,440 --> 00:13:25,440 Speaker 2: policy agenda? 261 00:13:25,559 --> 00:13:28,640 Speaker 1: I think the sense is fading because new battles are 262 00:13:28,679 --> 00:13:30,960 Speaker 1: cropping up. I'm thinking here, in particular of his recent 263 00:13:31,000 --> 00:13:34,760 Speaker 1: criticism of Leonard Leo and the broad sort of Republican 264 00:13:35,120 --> 00:13:39,360 Speaker 1: judicial establishment that has been so core to his confirmation 265 00:13:39,400 --> 00:13:42,240 Speaker 1: of three Supreme Court justices. He made a comment in 266 00:13:42,280 --> 00:13:44,160 Speaker 1: the last week or so that sort of acknowledge that 267 00:13:44,160 --> 00:13:46,280 Speaker 1: he doesn't expect more of that. By the way, that 268 00:13:46,400 --> 00:13:50,320 Speaker 1: neither Alido nor Thomas will retire in his term. You know, 269 00:13:50,320 --> 00:13:54,080 Speaker 1: it's difficult to continue enacting the agenda if the feuds 270 00:13:54,120 --> 00:13:57,440 Speaker 1: within your movement are starting to rise and Trump going 271 00:13:57,480 --> 00:14:01,439 Speaker 1: to battle with like the hardcore sort of legal establishment. 272 00:14:02,200 --> 00:14:04,360 Speaker 1: And it's not clear necessarily that he will fully do that, 273 00:14:04,440 --> 00:14:05,840 Speaker 1: but you know that is that is sort of a 274 00:14:05,840 --> 00:14:08,600 Speaker 1: warning sign that unity might be faded covering him. It 275 00:14:08,640 --> 00:14:12,360 Speaker 1: does seem like the sort of pre cooked meals that 276 00:14:12,400 --> 00:14:14,600 Speaker 1: were stacked in the freezer for day one or are 277 00:14:14,640 --> 00:14:17,160 Speaker 1: pretty empty now. They're sort of dealing with crises as 278 00:14:17,200 --> 00:14:19,440 Speaker 1: they come up. So I think he will continue to 279 00:14:19,480 --> 00:14:22,920 Speaker 1: try to do tariffs by executive action. He will continue 280 00:14:22,960 --> 00:14:26,400 Speaker 1: to try to codify things without Congress, and we'll see 281 00:14:26,480 --> 00:14:29,920 Speaker 1: him go abroad and try to strike deals, chiefly of course, 282 00:14:30,120 --> 00:14:33,480 Speaker 1: with that trip to China in April, where you know, 283 00:14:33,520 --> 00:14:35,120 Speaker 1: a lot of eyes will be on whether the Chinese 284 00:14:35,120 --> 00:14:38,280 Speaker 1: and Americans will extend the current sort of rolling deal 285 00:14:38,720 --> 00:14:41,080 Speaker 1: that they have right now, in particular because the Supreme 286 00:14:41,120 --> 00:14:43,440 Speaker 1: Court struck down a pretty big part of Trump's tariffs 287 00:14:43,480 --> 00:14:46,120 Speaker 1: on China. And so you know, he'll do what American 288 00:14:46,160 --> 00:14:49,880 Speaker 1: presidents do when they are approaching lame duck status, which 289 00:14:49,920 --> 00:14:54,040 Speaker 1: is use the tools you have, but the purity test 290 00:14:54,040 --> 00:14:56,680 Speaker 1: stuff and what he does with the money is a 291 00:14:56,680 --> 00:14:59,440 Speaker 1: big factor hanging over the entire Republican Party in particular 292 00:14:59,480 --> 00:15:01,240 Speaker 1: as they begin to move to the question of who 293 00:15:01,240 --> 00:15:03,800 Speaker 1: will be our flag bear in twenty twenty eight for 294 00:15:03,880 --> 00:15:06,480 Speaker 1: the Republican Party. 295 00:15:10,560 --> 00:15:13,160 Speaker 2: This is the Big Take from Bloomberg News. I'm David Gurat. 296 00:15:13,360 --> 00:15:15,640 Speaker 2: To get more from The Big Take and unlimited access 297 00:15:15,640 --> 00:15:18,640 Speaker 2: to all of Bloomberg dot Com, subscribe today at Bloomberg 298 00:15:18,680 --> 00:15:22,120 Speaker 2: dot com slash podcast offer. If you liked this episode, 299 00:15:22,280 --> 00:15:24,320 Speaker 2: make sure to follow and review The Big Take wherever 300 00:15:24,320 --> 00:15:26,720 Speaker 2: you listen to podcasts. It helps people find the show. 301 00:15:27,160 --> 00:15:29,120 Speaker 2: Thanks for listening. We'll be back tomorrow.