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

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Karin, we begin with the latest sun efforts to end

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Speaker 2: the war in Ukraine. European leaders are seizing on President

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Speaker 2: Trump's support for a plan that would involve sending European

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Speaker 2: troops to Ukraine as part of a potential peace deal

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Speaker 2: with Russia. Those security guarantees could take shape as soon

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Speaker 2: as this week. White House Special ENVOYE. Steve Witcoff discussed

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Speaker 2: it on Fox News.

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Speaker 4: The Ukrainians actually can make a peace deal if they

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Speaker 4: want to. Now we're not suggesting that they have to

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Speaker 4: take it. The President has also said it's going to

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Speaker 4: be for President Zelenski to make that judgment call. And

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Speaker 4: I think that judgment call is all going to be.

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Speaker 4: It's going to begin with security guarantees.

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Speaker 2: That was White House ENVOYE. Steve Whitcoff speaking on Fox News.

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Speaker 2: We get more from Bloomberg opinion columnist Mark Champion.

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Speaker 5: Trump has said that he will support some kind of

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Speaker 5: security guarantees. The British and French had long been talking

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Speaker 5: about a coalition of the willing So what we're looking

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Speaker 5: at at the moment is in British and French and

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Speaker 5: some other troops on the ground, and then US support

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Speaker 5: for that, so intelligence, air, cover, logistics, etc. All the

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Speaker 5: things that the Americans have plenty of capacity for and

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Speaker 5: the Europeans don't.

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Speaker 2: Bloomberg Opinion columnist Mark Champion says European military officials plan

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Speaker 2: to meet with their US counterparts in coming days to

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Speaker 2: flesh out those security guarantees.

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Speaker 3: Now Nathan the latest on the trade war. Treasury Secretary

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Speaker 3: scoump Besson says the status quo is working when it

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Speaker 3: comes to the tariff set up with China. He discussed

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Speaker 3: it in an interview with Fox News.

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Speaker 6: China is right now the biggest revenue line in the

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Speaker 6: teriff income. So you know, if it's not broke, don't

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Speaker 6: fix it. We have had very good talks with China

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Speaker 6: and we'll be seeing them again before November.

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Speaker 3: Treasury Secretary scon Besson's comments indicate an opening for President

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Speaker 3: Trump to meet with Chinese President Xijin Ping. Still, the

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Speaker 3: trade dispute is causing some pain. President Trump is called

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Speaker 3: on China to massively step up soybean purchases. It has

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Speaker 3: yet to do so, and the Trump administration is set

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Speaker 3: to step up scrutiny of steel, copper, lithium, and other

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Speaker 3: imports from China to ensure they're not made with forced labor.

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Speaker 2: Well Karen, President Trump's pursuit of wealth while in office

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Speaker 2: has reached another level Bloomberg's John Tucker's here with more

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Speaker 2: of what are we talking about here?

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Speaker 6: John Well Nathan.

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Speaker 7: President Trump has bought hundreds of bonds since he returned

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Speaker 7: to office, including those sold by companies affected by changes

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Speaker 7: to federal policies that he's championed. According to some required disclosures,

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Speaker 7: there have been six hundred and ninety transactions worth at

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Speaker 7: least one hundred three point seven million dollars, the first

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Speaker 7: of which was made the day after the inauguration. Unlike

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Speaker 7: his predecessors, mister Trump and divest or move his assets

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Speaker 7: into a blind trust as business operates in several areas

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Speaker 7: that intersect with presidential policy. In addition to municipal bonds,

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Speaker 7: the president corporate det and Qualcom home Depot, T Mobile US,

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Speaker 7: and also debt from Facebook owner Meta Platforms. His net worth,

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Speaker 7: by the way, is panked at six point four billion

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Speaker 7: dollars by the Bloomberg Billionaires Index in New York. I'm

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Speaker 7: John Tucker, Bloomberg Radio.

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Speaker 3: All right, John, Thank you all. An ally of President

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Speaker 3: Trump is asking Attorney General Pam Bondi to look into

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Speaker 3: FED Governor Lisa Cooks and mortgages. And we get more

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Speaker 3: with Bloomberg's de Niset Pellegrini.

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Speaker 8: Federal Housing Financial Agency Director Bill Poulties suggests Cook may

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Speaker 8: have committed a criminal offense by falsifying bank documents and

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Speaker 8: property records to acquire more favorable loan terms. In a

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Speaker 8: letter seen by Bloomberg, he alleges Cook signed a mortgage

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Speaker 8: agreement for a property in Michigan, claiming it would be

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Speaker 8: her primary residence for at least a year, and then

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Speaker 8: two weeks later claimed the same thing on a residence

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Speaker 8: in Georgia. Pulty's effort comes as President Trump and Paulty

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Speaker 8: press the FED to lower interest rates and FED chair J.

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Speaker 8: Powell to resign before his term as chair expires.

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Speaker 9: In May.

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Speaker 8: Cook was nominated by President Biden. She became the first

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Speaker 8: black woman to serve on the Board of Governors. Her

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Speaker 8: term expires in twenty thirty eight. Denise Pelgritty Bloomberg Radio, all.

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Speaker 2: Right, Denise, Thank you. The countdown is underway for this

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Speaker 2: week's big economic event that Kansas City Fed's Annual Economic

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Speaker 2: Policy Symposium kicks off tomorrow and Jackson Hole, Wyoming FED

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Speaker 2: Chair J Powell speaks on Friday. Tom Keane will be

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Speaker 2: in Jackson Hole covering it all for Bloomberg.

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Speaker 9: I really think Jackson Hole is going to be extraordinary

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Speaker 9: this year. It's going to be one of the two

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Speaker 9: or three great meetings going back to the crash of

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Speaker 9: two thousand and seven, what we saw into eight and nine,

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Speaker 9: but this year with the twist of the politics of

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Speaker 9: Donald Trump and the whole battle of central bank independence.

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Speaker 9: Michael McKee leading our coverage. He's been there already talking

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Speaker 9: to Michelle Bowman. There'll be some other key conversations, but

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Speaker 9: the immediate idea here is not so much will they

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Speaker 9: cut rates, but why they would cut rates? Looking at

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Speaker 9: the inflation dynamic and the jobs dynamic as well. It's

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Speaker 9: going to be an eventful Friday.

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Speaker 2: Indeed, and Tom Keen is going to be a key

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Speaker 2: part of Bloomberg's Jackson Hole coverage. It all finishes up

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Speaker 2: with a special edition of Bloomberg's Surveillance on Friday nine

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Speaker 2: Am Eastern with Tom, Mike McKee, and Lisa Bromowitz. Plus

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Speaker 2: watch for special episodes of the Odd Lots podcast. Joe

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Speaker 2: Wisenthal and Tracy Alloway will be taping several conversations from

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Speaker 2: the event as well.

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Speaker 3: Well. Nathan Tom mentioned Mike McKee's interview with Michelle Bowman,

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Speaker 3: the FED Vice Chair, so she's focused on her current

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Speaker 3: role overseeing bank regulation, even as she's reported to be

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Speaker 3: under consideration by President Trump to lead the Central Bank.

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Speaker 3: Bowman says she's pushing ahead with plans to rewrite capital

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Speaker 3: rules for large banks and crack down on d banking.

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Speaker 10: It's important to understand that the President issued in executive

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Speaker 10: order because it is a problem in the banking system.

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Speaker 10: And one of the first things that I did in

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Speaker 10: assuming role was to resend all of our guidance and

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Speaker 10: to change our supervisory materials that referenced reputational risks so

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Speaker 10: that we could ensure that the Federal Reserve is no

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Speaker 10: longer including that in our examinations or in our supervisory activities.

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Speaker 3: And FED Vice Chair Michelle Bowman was one of two

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Speaker 3: FED members who descended against the decision to again hold

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Speaker 3: rates steady last month.

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Speaker 2: In Europe Karen, UK inflation has surged to an eighteen

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Speaker 2: month high. Let's go to London and get the details

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Speaker 2: with Bloomberg's Ewen parts Ewen.

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Speaker 11: Nathan and Karen. Consumer prices here in the UK were

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Speaker 11: three point eight percent higher in July than a year ago,

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Speaker 11: with the rate of increase picking up from June's reading

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Speaker 11: of three point six percent. Surging food, fuel and transport

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Speaker 11: prices were to blame, and the Bank of England also

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Speaker 11: be casting a wary eye over hot services inflation, with

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Speaker 11: that reading coming in at five percent year on year.

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Speaker 11: Policymakers will be hoping the latest price pressures are transitory,

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Speaker 11: but for now traders are betting the UK Central Bank

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Speaker 11: is done with white cuts for twenty twenty five. In London,

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Speaker 11: I'm you and pots Sploomberg Radio.

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Speaker 3: All right you and thanks well. Futures are lower once

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Speaker 3: again following yesterday's tech field sell off on Wall Street.

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Speaker 3: The NASDAK dropped one and a half percent. Bloomberg Market's

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Speaker 3: reporter Valerie title says the decline's gone many by surprise.

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Speaker 12: There really was frankly no catalyst in the market yesterday,

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Speaker 12: which is leading many to believe that this is just

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Speaker 12: positioned squaring ahead of a big risk event on Friday

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Speaker 12: with Jerome Powells Jackson Hole speech. But it was quite

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Speaker 12: a tumultuous session across tech. Navidia had its worst session

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Speaker 12: since April, down three and a half percent, and take

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Speaker 12: a look at Pallenteer it was down almost ten percent.

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Speaker 12: So a lot of these recent AI darlings came under

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Speaker 12: a bit of pressure.

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Speaker 3: Bloomber's Valerie title says stretched valuations are parently to blame

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Speaker 3: for the sell off. The Nasdaq one hundred is trading

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Speaker 3: at twenty seven times expected profits in the next twelve months.

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Speaker 2: Well, one tech stock that buck the trend karen was Intel.

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Speaker 2: Those shares surged seven percent yesterday. In fact, the struggling

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Speaker 2: chip makers rallied twenty eight percent this month, adding about

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Speaker 2: twenty four billion dollars to Intel's market value. The gains

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Speaker 2: come on reports of the US governments and talks for a

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Speaker 2: potential equity stake, as well as plans for a two

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Speaker 2: billion dollar investment from Japan's SoftBank Group. Intel now trades

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Speaker 2: at fifty three times profits projected over the next twelve months.

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Speaker 2: That's the highest sense the dot com era more than

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Speaker 2: two decades. Ago Well Nathan.

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Speaker 3: Retail earnings continue this morning with the latest quarterly numbers

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Speaker 3: from Target, and we get a preview with Bloomberg's Tom Busby.

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Speaker 13: Target stores have seen lower sales for the last few

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Speaker 13: quarters because of weaker discretionary spending, calls for a boycott

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Speaker 13: of the chain for ditching his DEI initiatives, worries about

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Speaker 13: tariff related price hikes, and after it lost its cheap

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Speaker 13: sheet cachet, so investors are eager eager to hear about

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Speaker 13: the chain's turnaround efforts and getting back to its roots

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Speaker 13: of stylish products at affordable prices. Bloomberg and sends us

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Speaker 13: though calls for another three percent drop in cop sales,

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Speaker 13: with net revenues of twenty four point nine three billion

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Speaker 13: and as earnings per share of two dollars two cents.

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Speaker 2: Tom buzzby Bloomberg Radio. All right, Tom, thank you could

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Speaker 2: be rough along the shore. The beaches in New York

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Speaker 2: City are closed to swimmers today and tomorrow, and expanding

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Speaker 2: Hurricane Aaron is poised to bring rough surf and life

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Speaker 2: threatening currents to a large swath of the East Coast.

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Speaker 2: Let's get the update from Bloomberg meteorologist Craig Allen.

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Speaker 14: From the Maryland eastern shore through Delaware, the Jersey Shore,

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Speaker 14: all of Long Island's south shore, and it goes on

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Speaker 14: up into eastern sections of New England. There are various

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Speaker 14: marine alerts in effect from now till the end of

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Speaker 14: the week. Rip current statements, beach hazard statements are in effect,

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Speaker 14: a high surf advisories in effect from the Jersey Shore

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Speaker 14: across Long Island, and there is a coastal floodwatch in effect.

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Speaker 2: And Bloomberg Media religist Craig Allen says farther north, the

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Speaker 2: waves are expected to crest up to thirteen feet on

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Speaker 2: south facing beaches in Nantucket and Martha's Vineyard in Massachusetts,

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Speaker 2: with rough surf for Cape Cod as well.

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Speaker 3: Time now for a look at some of the other

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Speaker 3: stories making news in New York and around the world,

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Speaker 3: and for that were joined by Bloomberg's Michael Barr Michael,

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Speaker 3: Good Morning.

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Speaker 15: Good morning, Karen. Israel's military is set to start the

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Speaker 15: call up of around sixty thousand reserve soldiers for a

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Speaker 15: stepped up offensive in Gaza against Amas. Prime Minister Benjamin

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Speaker 15: at Yahoo recently authorized to take over by ground troops

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Speaker 15: of Gaza city in a bit, he says, to destroy

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Speaker 15: Hamas's remaining strongholds. Amas has agreed to a new ceasefire

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Speaker 15: plan put forward by Egypt and Cutter, but Israel has

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Speaker 15: yet to respond. Today, the Texas House is set to

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Speaker 15: vote on redistricting maps, ones which had prompted some Democrats

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Speaker 15: to leave the state in an effort to delay the vote.

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Speaker 15: While Democratic representatives have returned, a number of them have

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Speaker 15: been spending the night at the Capitol building. Democratic lawmakers

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Speaker 15: say they were forced to accept police escorts by the

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Speaker 15: Texas Department of Public Safety so they wouldn't leave the

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Speaker 15: state again. Those who refused could not leave the Legislative building.

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Speaker 15: State Representative Redda Andrews Bauers says some of her colleagues

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Speaker 15: are staging a sleep in.

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Speaker 16: We are being subjected to extreme and unnecessary measures. Taxare

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Speaker 16: dollars should not be wasted following elected officials around like criminals.

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Speaker 15: Fellow Texas Democrats joined the Representative Nicole Collier, who initially

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Speaker 15: refused to agree to the escort and stayed overnight on

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Speaker 15: the House floor. Homeland Security Secretary Christy Nomes said President

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Speaker 15: Trump ordered the entire southern border wall to be painted

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Speaker 15: black Nomes says it's to stop migrants from crossing because

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Speaker 15: it will be too hot to touch. A dangerous heat

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Speaker 15: wave has descended on much of California and the US Southwest,

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Speaker 15: with triple digit temperatures expected along with the higher risk

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Speaker 15: of wildfires. Dr Ario Cohen with the National Weather Service.

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Speaker 17: Temperatures this warm will be capable of creating an environment

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Speaker 17: where it stream. Heat related illnesses and even fatalities are

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Speaker 17: a possibility.

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Speaker 15: Doctor Cohen said there could be a significant fire risk

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Speaker 15: in the mountains and foothills north of the Greater Los

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Speaker 15: Angeles area. Global News twenty four hours a day and

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Speaker 15: whenever you wanted with the Bloomberg News. Now, I'm Michael Barr,

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Speaker 15: and this is Bloomberg Karen.

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Speaker 3: Michael Barr, thank you, time down for the Bloomberg Sports Update.

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Speaker 3: Here's John Stashaer John, Good morning.

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Speaker 15: Gim morning Karen.

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Speaker 18: Back in late March, second game of a Yankee season,

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Speaker 18: they did something they had never done before. They hit

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Speaker 18: nine home runs last night at Tampa Bay. They had

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Speaker 18: hit eight when Jose Caballero, the anxious acquired from the Rays,

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Speaker 18: was at the plate.

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Speaker 19: One two high, fly ball deep left Deal Simpson back

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Speaker 19: track wall See Ya the nine home run for the Yankees.

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Speaker 19: They've tied the most that they have ever hit in

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Speaker 19: a game in team history, and the Yankees were lucky thirteen.

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Speaker 19: They're up thirteen to three.

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Speaker 18: Yes Networks second home run for Cabaero. John Carlos Stanton

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Speaker 18: hit two, so did Cody Bellinger throw in Jazz Shizzhelm

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Speaker 18: Ben Rice in the fortieth of the season for Aaron Judge.

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Speaker 18: Yanks of the first team in MLB history to have

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Speaker 18: two nine home run games in the same season. Thirteen

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Speaker 18: to three was the final overt Tampa Bay, the Yanks

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Speaker 18: fourth win in a row, third straight win for the Mets.

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Speaker 18: Had three different stadiums and eight to one round in Washington.

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Speaker 18: The Mets hit four homers, Mark Biento's Brett Beady, won

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Speaker 18: Soto and Jeff McNeil. David Peterson struck aft ten. He's

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Speaker 18: thrown twenty five consecutive scoreless Indians. Against the Nationals at Fenway,

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Speaker 18: Red Sox got a game tying two run homer of

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Speaker 18: the ninth inn from their new pickup Nathaniel lob with

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Speaker 18: Baltimore one four to three in eleven. American League Division

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Speaker 18: leaders met in Detroit Tigers on a Glavered Torres hit

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Speaker 18: in the tenth inn. He beat Houston one to nothing.

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Speaker 18: Daniel Jones spent six seasons with the Giants, had some

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Speaker 18: good moments, plenty of bad ones, a lot of injuries,

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Speaker 18: and last year the Giants gave up on him. Indianapolis

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Speaker 18: just named Jones it's starting quarterback. He beat out Anthony Richardson,

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Speaker 18: who the Colts took with the fourth pick of the

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Speaker 18: draft two years ago. A lot of mixed doubles played

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Speaker 18: at the US Open. It became clear success in singles

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Speaker 18: doesn't always mean doubles as well. Carlos ALKAAZ lost his

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Speaker 18: first match SOT to Novak Djokovic. Four teams won two matches.

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Speaker 18: We'll be back at Ash Stadium tonight for the semis

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Speaker 18: and final. John Stanshaward Bloomberg Sports Kerry.

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Speaker 3: Stay with us more from Bloomberg Daybreak coming up after this.

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

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

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Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.

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Speaker 8: Good morning.

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Speaker 2: I'm Nathan Hager's security guarantees. They are quickly becoming more

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Speaker 2: part of the conversation. As President Donald Trump tries to

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Speaker 2: broke her a peace deal between Russia and Ukraine, a

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Speaker 2: plan to provide European troops could take shape as soon

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Speaker 2: as this week, and White House Press Secretary Caroline Levitt

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Speaker 2: says the US supports it with some limit tations.

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Speaker 20: US boots will not be on the ground in Ukraine,

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Speaker 20: but we can certainly help in the coordination and perhaps

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Speaker 20: provide other means of security guarantees to our European allies.

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Speaker 20: The President understands security guarantees are crucially important to ensure

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Speaker 20: a lasting piece.

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Speaker 2: I was White House spokeswoman Caroline Levit for more. We're

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Speaker 2: joined by Bloomberg opinion columnist Mark Champion. Market morning. Of course,

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Speaker 2: all this is coming after that extraordinary summit at the

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Speaker 2: White House with President Zelensky and several other European leaders.

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Speaker 2: How could we see security guarantees take shape in the

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Speaker 2: coming days? Good morning, Good morning, Well, I mean, what

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Speaker 2: seems to be happening is that we've long had this

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Speaker 2: proposal from the British and the French to form a

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Speaker 2: coalition of the winning and to to settle troops into

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Speaker 2: Ukraine as part of any ceasefive deal, peace settlement and

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Speaker 2: the idea. You know, it's been a very problematic question. A.

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Speaker 2: These countries don't have a lot of you know, combat

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Speaker 2: troops available. B, they don't really have a lot of

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Speaker 2: the logistics and other things that would be necessary to

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Speaker 2: have a sustained force there of a size that would

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Speaker 2: really matter. And then finally, they don't have the heft

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Speaker 2: as a deterrent force. It might almost be an invitation

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Speaker 2: for Russia to have a shot at them if the

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Speaker 2: US didn't stand behind them as a threat that if

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Speaker 2: you attack these, then we compile in with air power, etc.

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Speaker 5: And make problems for you. So that's always been quite

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Speaker 5: a difficult question. And what they're really doing now is

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Speaker 5: they've got a green light from the Americans, who had

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Speaker 5: not before said that they would get involved and provide

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Speaker 5: what's called a backstop. Now they have that after the

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Speaker 5: meeting in Washington, so they're able to sort of move forward.

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Speaker 5: But it's really important to remember that this is what's

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Speaker 5: required to make a settlement possible for the Ukrainians. That's

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Speaker 5: what they need. It's not necessarily what Russia wants or

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Speaker 5: you know, will help to get them to a ceasefire,

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Speaker 5: So you know, this is a you know, it's very

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Speaker 5: important to keep this in perspective as to whether it's

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Speaker 5: bringing us closer to a settlement or whether we're just

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Speaker 5: sort of arranging the chairs for the moment when Russia

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Speaker 5: actually wants one.

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Speaker 2: Does this imply that this could further inflame the situation

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Speaker 2: If Russia doesn't accept something like.

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Speaker 5: This, well, I don't think it inflames it any further.

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Speaker 5: It just means that it won't happen. So in other words,

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Speaker 5: you'll have organized a system in principle that you would

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Speaker 5: like to put there. The Russian has already said they

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Speaker 5: don't want any native member troops in Ukraine and that

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Speaker 5: that's a non start up for them. So if these

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Speaker 5: troops were going to go and either you need them

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Speaker 5: to change their mind, or they will go in as

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Speaker 5: a hostile force and they will have to be ready

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Speaker 5: for combat, So it changes the whole texture of that.

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Speaker 5: The British and French, you know, clearly have said that

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Speaker 5: they intend this not as a hostile force but as

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Speaker 5: a peacekeeping force. So it remains an extremely complicated problem

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Speaker 5: to solve, and we're only at the in the kind

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Speaker 5: of foothills of doing so.

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Speaker 2: Of course, this is coming after the Europeans got something

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Speaker 2: of support from President Trump for this plan at the

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Speaker 2: White House this week. Is there a sense on the

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Speaker 2: European side that that support is firm, that that green

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Speaker 2: light is going to stay green.

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Speaker 5: I think they're just massively relieved that they got, you know,

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Speaker 5: buy in from the US. After Alaska, there had been

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Speaker 5: a real concern that President Trump had once again flipped

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Speaker 5: to accept the Russian narrative and was going to treat

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Speaker 5: Ukraine as the problem that the impediment to a settlement.

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Speaker 5: He didn't do that. He didn't have a major bus

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Speaker 5: stop in the White House, you know, and he allowed

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Speaker 5: the Europeans to come and put their case. So you know,

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Speaker 5: that was a it's a low bar if you like,

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Speaker 5: but they were expectations were very low and very fearful,

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Speaker 5: and it went much better than they thought.

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Speaker 2: So where is the bar then when it comes to

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Speaker 2: the backstop that europe is hoping the US will provide.

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Speaker 2: We heard the Press Secretary at the White House, Caroline Levet,

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Speaker 2: say that boots on the ground from the US won't

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Speaker 2: be part of the equation. That's something that's been ruled

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Speaker 2: out for quite some time. What is Europe looking for

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Speaker 2: from the US to further support for their troop plan?

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Speaker 5: Yes, well, I mean essentially what they want is logistical support,

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Speaker 5: you know, so they don't need so much airlift in

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Speaker 5: this case, but that's something they're very little of. They

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Speaker 5: want ammunition and weapons supplies. They'll need you know, protection,

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Speaker 5: air defense protection, and they will I think most of all,

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Speaker 5: want the deployment of the US Air Force so that

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Speaker 5: if there is a problem, the US can credibly say,

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Speaker 5: you know, we're ready to come in defend these troops

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Speaker 5: to you know, do harm to any you know, Russian

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Speaker 5: missiles and the air defenses protecting that missile system. We're

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Speaker 5: ready to deal with that. So that's really what they

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Speaker 5: are looking for. They never expected US boots nderground. That's

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Speaker 5: what this Coalition of the willing, you know, that was

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Speaker 5: the premise for creating it, that it was going to

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Speaker 5: have to be a European force.

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Speaker 2: And of course President Trump is very hopeful that all

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Speaker 2: this is going to lead to bilateral discussions between the

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Speaker 2: Russian president Putin and you Treinian president Zelensky. Does this

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Speaker 2: get those two sides closer to sitting at a table

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Speaker 2: with each other, Well, I think again, what.

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Speaker 5: It does is to is, you know, to sort of

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Speaker 5: open the question that hadn't really been open before. So

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Speaker 5: you know, the Russians are now having to respond to that,

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Speaker 5: to deal with it. It doesn't mean they're going to

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Speaker 5: do it. So for example, you know the Foreign Minister

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Speaker 5: segay Lavrov, he just said recently in response to this,

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Speaker 5: he said, well, you know we're going to have to

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Speaker 5: We are open to this, but you know, first it

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Speaker 5: will require a number of meetings by technical groups. Then

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Speaker 5: gradually we'll move up and do all the preparation that

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Speaker 5: you'd normally have. So you know, it's a way of saying, well, yes,

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Speaker 5: but you know when whenever we're ready, and that could

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Speaker 5: be you know, a long time from now, it could

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Speaker 5: be never. And I think what's really important to do

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Speaker 5: is a step back a minute and say, you know,

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Speaker 5: how how did all this happen? Well, you had the

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Speaker 5: US threatening sanctions on Russia if it didn't agree to

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Speaker 5: a cease fire. You had the President's envoy, Steve Whitcoff,

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Speaker 5: going to Moscow, you know, days before the deadline when

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Speaker 5: these sanctions are going to be imposed, and instead of

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Speaker 5: that happening, you got the Alaska Summit. Which and the

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Speaker 5: result now is.

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Speaker 12: Dabray