WEBVTT - China Will Eventually Give In, Levy Says

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<v Speaker 1>Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Daily

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<v Speaker 1>we bring you insight from the best in economics, finance,

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<v Speaker 1>investment and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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<v Speaker 1>Bloomberg dot Com and of course on the Bloomberg. We

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<v Speaker 1>are approached to have with us this morning someone with

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<v Speaker 1>a substantial understanding and reading on our international economics and

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<v Speaker 1>politics with City Group, their chief global political analyst, Tina

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<v Speaker 1>Fordham in our London studios. An extraordinary day and history

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<v Speaker 1>being made. Your evil task is you have to sort

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<v Speaker 1>it out and write a memo. Get out front of

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<v Speaker 1>Katherine Mann and Villain Bowder. Give us a on how

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<v Speaker 1>you will write this up today for City Group London. Well,

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<v Speaker 1>it wouldn't surprise you for me to say that I'll

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<v Speaker 1>refer back to what I've been saying all along. Trump

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<v Speaker 1>wants to change the international order. And even before he

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<v Speaker 1>took office, of course, we were talking about pressures on

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<v Speaker 1>the postwar international system. Trump has accelerated that. Um, perhaps

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<v Speaker 1>you know the obituary for for NATO has been written

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<v Speaker 1>many times before, by the way, and NATO comes out

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<v Speaker 1>of this with a more robust budget. But One of

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<v Speaker 1>the most striking things about this for me is is

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<v Speaker 1>how much President Trump was telegraphing certain headlines back to

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<v Speaker 1>the domestic audience ahead of mid terms. And that was

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<v Speaker 1>I shook down everybody in that room. Everybody ended up

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<v Speaker 1>happy and and and the US is no longer paying

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<v Speaker 1>the freight for what we used to call um the

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<v Speaker 1>peace dividend here in Europe. Part of this is his

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<v Speaker 1>own style, and there's people that agree with his style.

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<v Speaker 1>He is really his ratings have been extremely good across America,

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<v Speaker 1>and part of it is his huge nostalgia for another

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<v Speaker 1>time and place, and yet his disdain for the sequential

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<v Speaker 1>presidents that we've had over the last number of years.

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<v Speaker 1>Is his nostalgia doable or is it just impossible to

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<v Speaker 1>go back to what he perceives as another time and place.

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<v Speaker 1>Political nostalgia is is something that's present everywhere, and of

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<v Speaker 1>course it also was manifested in the in the Brexit debate.

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<v Speaker 1>And and part of what I think it harkens back

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<v Speaker 1>to is actually a desire for much more simple times.

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<v Speaker 1>And when you heard the president's press conference today at

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<v Speaker 1>NATO in Brussels, he spoke in big, clear themes not

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<v Speaker 1>about the detail when he was asked about specifics. Um.

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<v Speaker 1>But he doesn't have nostalgia for the soul superpower moment,

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<v Speaker 1>that's quite clear. And he's been very consistent about saying

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<v Speaker 1>he thought that that that wasn't fair, wasn't fair burden sharing,

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<v Speaker 1>And a lot of Americans agree with him. The City

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<v Speaker 1>Group cares about Brexit obviously with the city and with

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<v Speaker 1>the financial commitment that Mr Corbatt and others have made.

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<v Speaker 1>Interpret for us this silly white paper that's coming out.

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<v Speaker 1>Will anyone read it, I guess is the first question?

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<v Speaker 1>But what's it mean for the city in the financial

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<v Speaker 1>sector in Are you a London optimist? Well, um, that's

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<v Speaker 1>a that's a mixed bag. I'm not sure a lot

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<v Speaker 1>of people will read the white paper, including members of

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<v Speaker 1>the cabinet. We we have, of course moving away from

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<v Speaker 1>expertise and fact based analysis. Um. I think we can

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<v Speaker 1>observe here in London though, that the so called hard

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<v Speaker 1>bregsit tears are really running against a brick wall in

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<v Speaker 1>terms of their optimism about realizing their vision and of

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<v Speaker 1>course hard bregsit means no access to the Custom Union

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<v Speaker 1>and everything else in terms of the City of London

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<v Speaker 1>and of course the companies that I talked to. I

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<v Speaker 1>spend a lot of time going and talking to CEOs

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<v Speaker 1>all around Europe, in particular. Um companies have been making

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<v Speaker 1>their plans for some time now. They're not going to

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<v Speaker 1>wait until a white paper is out, and we saw

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<v Speaker 1>an announcement from Arabis for example, with that end point.

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<v Speaker 1>Please tell us tomorrow when we interview you. You'll be

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<v Speaker 1>at Blenhem tonight for dinner. Absolutely, it's just a question

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<v Speaker 1>of which which diamonds time which. Thank you so much.

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<v Speaker 1>You've been a trooper today to be with us. The

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<v Speaker 1>extended comments of the President of the United States and

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<v Speaker 1>Brussels was Fortum is of course with City Group, their

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<v Speaker 1>chief global political analysts. Let's focus on what's going on

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<v Speaker 1>in the world economy. And what's great about is Mickey

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<v Speaker 1>Levy's seen every episode of Downton Nabby, so it works well.

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<v Speaker 1>And he's probably visited Jerome Avenue at one point. To

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<v Speaker 1>Mickey Levy is the chief market economist, is the chief

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<v Speaker 1>economist rather for the United States, America's and Asia for

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<v Speaker 1>Barrenburg Capital, and he joins us here in our eleven

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<v Speaker 1>three O studios. Mickey, thank you very much for being

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<v Speaker 1>with US UM. Now you know, I should just also

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<v Speaker 1>mention that you served as at Blenheim Capital Management, so

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<v Speaker 1>there's a kind of relationship there. What do you make

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<v Speaker 1>of what's happening in the world's economy. Do you think

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<v Speaker 1>that the United States is out of sync with what

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<v Speaker 1>is happening globally? Or is the United States leading? Uh

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<v Speaker 1>the trend in in economic performance. Last year, there was

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<v Speaker 1>extraordinary synchronization in global growth, particularly Europe, Japan, the US,

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<v Speaker 1>all of them were growing way faster than potential, and

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<v Speaker 1>emerging nations were doing well. This year, UH, Europe has

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<v Speaker 1>slowed down a bit but is still healthy on average.

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<v Speaker 1>Japan is still has slowed down but on average, and

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<v Speaker 1>the US has a lot of momentum okay, and emerging

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<v Speaker 1>nations are still doing well. So the global economies are

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<v Speaker 1>doing well. UM. But what's so extraordinary? I just watched

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<v Speaker 1>the President Trump at NATO and his questions and answers.

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<v Speaker 1>Is the dynamics going on in the world, both in economics, politics,

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<v Speaker 1>UM and and trade negotiations and NATO negotia. It's just extraordinary.

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<v Speaker 1>And when we when we think about what's what's going on? Yes,

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<v Speaker 1>the US is speaking from a position of strength um

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<v Speaker 1>within Europe. Despite everything okay on average, we all know

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<v Speaker 1>that that there are major problems in in Italy, we

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<v Speaker 1>know there's Brexit issues, we know Germany is very fragile politically,

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<v Speaker 1>UM one point I I and and and amid all this,

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<v Speaker 1>China continues to grow rapidly in China just wants to

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<v Speaker 1>keep everything, including all their trade and investment policies, just

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<v Speaker 1>the way they are and and so won't make it

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<v Speaker 1>happen that that's correct. So one of the insights I

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<v Speaker 1>get out of this, it confirms my view is that

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<v Speaker 1>President Trump is this very erratic, um and chaotic, but

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<v Speaker 1>very tough negotiator that likes to poke the eye of

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<v Speaker 1>the establishment. And you have all the NATO members just

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<v Speaker 1>basically saying, you know, everything's been okay, um, let's keep

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<v Speaker 1>things the way they are and and be nice to yea.

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<v Speaker 1>But Trump comes in and basically says, wait a second,

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<v Speaker 1>I'm gonna ruffle every everybody's feathers. And so one insight

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<v Speaker 1>from this is in Trump's mind, he does he thinks

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<v Speaker 1>about trade negotiations in the same breadth this thinking about Russia,

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<v Speaker 1>the pipeline, China, UH, NATO it's all intermingled and and

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<v Speaker 1>he but wouldn't that confirm the idea that that that

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<v Speaker 1>we are in some kind of global world where things

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<v Speaker 1>are interconnected and that one thing does affect another thing. Oh? Absolutely.

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<v Speaker 1>And another thing to keep in mind is that when

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<v Speaker 1>you look at the world from Europe's perspective, or Japan's,

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<v Speaker 1>or China's perspective, or the US, every country desperately needs

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<v Speaker 1>each other for trading. And so Trump is pushing the envelope,

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<v Speaker 1>but ultimately every country will ultimately be willing to negotiate.

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<v Speaker 1>And and so one insight I got from today is

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<v Speaker 1>just you know, Trump is going to um push China,

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<v Speaker 1>and China will eventually give in on some of their

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<v Speaker 1>unfair trade practices. And and there were several comments today

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<v Speaker 1>in the in the in the press conference about UM

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<v Speaker 1>Russia and Putin. Well, he's headed to and and I

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<v Speaker 1>think Putin has more He wants to meet with with

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<v Speaker 1>Trump more than Trump wants to meet with Putin, be

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<v Speaker 1>as they desperately need something. You know, the natural gas

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<v Speaker 1>issues critically important. Thank you very much. Mickey Levy is

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<v Speaker 1>chief economist for Barrenburg Capital for the United States, America's

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<v Speaker 1>and Asia Pim, why don't you bring in Dr Paraculis

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<v Speaker 1>with some really interesting perspective not only on the president

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<v Speaker 1>and an extensive press conference, but that European response as well. Well.

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<v Speaker 1>I just want to bring him in as the assistant

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<v Speaker 1>project director for the US Project at the Chatham House. UH.

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<v Speaker 1>Previously he worked for Action on Armed Violence, and he

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<v Speaker 1>is a native of Lewiston, Maine, so he's got the

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<v Speaker 1>perspective from both sides of the pond. Jacob, thank you

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<v Speaker 1>very much for being with us. What did you make

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<v Speaker 1>of the president's news conference today? It's been a fairly

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<v Speaker 1>chaotic twenty four hours. Um. It's hard to have one

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<v Speaker 1>sort of singular takeaway unless you look back and remember

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<v Speaker 1>that actually the President has been um critical of multilateral

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<v Speaker 1>institutions and of NATO and of NATO allies for well,

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<v Speaker 1>going back through his campaign and even before that. He

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<v Speaker 1>looks at what he sees as the balance sheet, and

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<v Speaker 1>it's important to draw the distinction before what he sees

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<v Speaker 1>of the balance sheet and what other American political observers

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<v Speaker 1>or the rest of US might see as the balance sheet. Um,

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<v Speaker 1>and just he's debt. So he comes into the the

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<v Speaker 1>NATO summit and demands that Europe pay more, and then

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<v Speaker 1>and then demands that they your pay even more than

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<v Speaker 1>anyone has really considered in the past. The target is

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<v Speaker 1>two percent of annual GDP, and that's a target for UM.

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<v Speaker 1>He then makes the claim that Europe should aim for

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<v Speaker 1>four percent, which not even the US bends. It's an

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<v Speaker 1>extraordinary increase and essentially an unmetable demand. UM. There were

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<v Speaker 1>then a storm of headlines this morning that he had

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<v Speaker 1>threatened to quote go his own way, which is an implicit,

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<v Speaker 1>if not explicit, threat to the US participation in NATO,

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<v Speaker 1>and then has a press conference where he more or

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<v Speaker 1>less walked back and says, well, now I think more

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<v Speaker 1>money has been coming in. UM. I deserve credit for this. UM.

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<v Speaker 1>So it's it's it's this, this incredible storm of confusion,

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<v Speaker 1>which I think has drowned out any prospect of any

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<v Speaker 1>other foreign progress. The summit. Well, I'm just wondering, why

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<v Speaker 1>do you believe that it is an unmidable demand. I mean,

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<v Speaker 1>the United States the defense budget nearly you know, seven

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<v Speaker 1>billion dollars. The next largest spender in dollar terms is

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<v Speaker 1>the United Kingdom at fifty five billion, France at forty five,

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<v Speaker 1>Germany at forty five and based on fiscal year twenty nine,

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<v Speaker 1>forty billion is what we just spend on the Marine Corps. Well,

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<v Speaker 1>it's important to remember that the US has a completely

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<v Speaker 1>different conception and a completely different and vastly larger set

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<v Speaker 1>of global roles for its military than any European country.

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<v Speaker 1>What we're talking about NATO defense. Actually most of the

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<v Speaker 1>U s military is not engaged in the European theater.

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<v Speaker 1>It's a relatively small portion, so it's a little bit

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<v Speaker 1>I mean, you know, measuring military strength and military spending

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<v Speaker 1>is incredibly tricky. The two percent goal, I think is

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<v Speaker 1>not a particularly effective one. It's it's agreed upon because

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<v Speaker 1>it's a nice, easy sort of tagline. It. It goes

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<v Speaker 1>some way towards demonstrating commitment, but some capabilities are very expensive.

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<v Speaker 1>Others are perhaps more niche but incredibly effective and come

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<v Speaker 1>much more cheaply. Um, I think there needs to be

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<v Speaker 1>a better way of measuring it. But you have to

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<v Speaker 1>remember that the the US is a global military actor,

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<v Speaker 1>and no European country is or aspires to be. So

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<v Speaker 1>there's not really a political appetite in any European country

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<v Speaker 1>to have the kind even at a sort of the

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<v Speaker 1>same population based scale, the same kind of global role

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<v Speaker 1>of the U stuff. Did you hear the president's press conference,

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<v Speaker 1>Dr Parr, I I heard, I heard some of it.

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<v Speaker 1>I wasn't able to listen to the entire thing. But

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<v Speaker 1>I think the American media, whatever their persuasion, conservative, liberal, whatever,

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<v Speaker 1>well fact check this thing to death. For you. As

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<v Speaker 1>a grizzled military slash internet sational politics pro does that

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<v Speaker 1>press conference need fact checking? I think to some degree

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<v Speaker 1>the fact checking kind of misses the point because at

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<v Speaker 1>this point is pretty well established that the president plays

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<v Speaker 1>fast and loose with numbers. He talks about numbers which

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<v Speaker 1>are either exaggerated or not really the mass that anybody

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<v Speaker 1>else is using. Um, that's that's kind of established at

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<v Speaker 1>this point. Um. He didn't really say anything in that

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<v Speaker 1>press conference that we haven't heard him say many times before.

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<v Speaker 1>NATO was not meeting its obligations. They're beginning to meet

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<v Speaker 1>their obligations now thanks to me. Uh. They need to

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<v Speaker 1>do more. They need to do even more in the future. Uh.

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<v Speaker 1>Europe has been unfair to the US on trade. It's

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<v Speaker 1>sort of the greatest hits parade of Trump's complaints about

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<v Speaker 1>American allies in Europe um So in the sense that

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<v Speaker 1>a lot of that's either misleading or untrue. Yes, it

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<v Speaker 1>needs fact checking. But in terms of you know, did

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<v Speaker 1>he say, are there new claims that need fact checking,

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<v Speaker 1>they're not not, particularly Jacob. As far as defense spending

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<v Speaker 1>goes in Europe, do you believe that there will see

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<v Speaker 1>more defense contracts for US arms from European partners. Well,

0:15:19.400 --> 0:15:22.720
<v Speaker 1>here's the problem with Trump's negotiating strategy. I think it's

0:15:22.760 --> 0:15:26.880
<v Speaker 1>not unreasonable to expect that European companies on your European

0:15:26.880 --> 0:15:31.200
<v Speaker 1>countries rather are looking at areas where they could procure

0:15:31.320 --> 0:15:34.800
<v Speaker 1>from American companies by way of demonstrating commitment in the

0:15:34.840 --> 0:15:37.280
<v Speaker 1>way that Trump likes to see. The problem with making

0:15:37.560 --> 0:15:41.680
<v Speaker 1>a an unprecedented ask like a four percent defense spend

0:15:42.040 --> 0:15:44.680
<v Speaker 1>is it's going to convince those coun countries that there's

0:15:44.680 --> 0:15:46.920
<v Speaker 1>no point in trying to play at him, that no

0:15:47.040 --> 0:15:52.720
<v Speaker 1>amount of buying Rocky planes or uh Cult rifles or

0:15:52.760 --> 0:15:57.720
<v Speaker 1>any other American product is going to fundamentally change the

0:15:57.840 --> 0:16:02.040
<v Speaker 1>nature of the President's belief and essentially, either an alternative

0:16:02.080 --> 0:16:05.040
<v Speaker 1>arrangement has to be made or they have to figure

0:16:05.080 --> 0:16:09.320
<v Speaker 1>out of back up plans. Um So I think if

0:16:09.320 --> 0:16:11.400
<v Speaker 1>you'd made if he touched his demands a little bit

0:16:11.480 --> 0:16:14.960
<v Speaker 1>more reasonable, there might be more uh more there there.

0:16:15.000 --> 0:16:17.080
<v Speaker 1>But I think there's a sense in which he's kind

0:16:17.080 --> 0:16:21.600
<v Speaker 1>of pushed too far and actually harmed the negotiating position. Well,

0:16:21.640 --> 0:16:23.360
<v Speaker 1>we have run out of time, but we will do

0:16:23.440 --> 0:16:27.000
<v Speaker 1>this again. Thank you so much. Jacob Pericles is with

0:16:27.120 --> 0:16:31.080
<v Speaker 1>Chadow Mouse out of the London School of Economics and

0:16:31.360 --> 0:16:48.080
<v Speaker 1>wonderful to speak to him today on these many issues. Um,

0:16:48.160 --> 0:16:51.680
<v Speaker 1>let's pay attention now to Brexit, and I want to

0:16:51.720 --> 0:16:56.440
<v Speaker 1>bring in Victoria Houston, who is International Senior Council for

0:16:56.520 --> 0:17:00.040
<v Speaker 1>International Trade in the Competition Unit for the Institute of

0:17:00.360 --> 0:17:05.520
<v Speaker 1>Economic Affairs. Victoria, I'm just wondering, based on what you

0:17:05.560 --> 0:17:10.639
<v Speaker 1>know about the plan for Brexit, what exactly do you

0:17:10.720 --> 0:17:15.720
<v Speaker 1>believe Britain is prepared to do right now other than

0:17:15.760 --> 0:17:18.880
<v Speaker 1>put out a white paper? Are they prepared to leave

0:17:19.200 --> 0:17:25.199
<v Speaker 1>the European Union. Well, this has been one of the

0:17:25.200 --> 0:17:29.879
<v Speaker 1>great bones of contention that the Brexit supporting members of

0:17:29.920 --> 0:17:33.360
<v Speaker 1>the government have had, which is that effectively there's been

0:17:34.280 --> 0:17:39.600
<v Speaker 1>very little to no preparation for leaving the Customs Union

0:17:39.600 --> 0:17:43.199
<v Speaker 1>and the Single Market actually done in operational terms and

0:17:43.240 --> 0:17:45.080
<v Speaker 1>the concern is that that had left us in a

0:17:45.240 --> 0:17:49.399
<v Speaker 1>very weak position in terms of negotiations with the European Union,

0:17:49.480 --> 0:17:52.719
<v Speaker 1>because they know that we're not really in a position

0:17:52.760 --> 0:17:55.200
<v Speaker 1>to be able to walk away with no deal. Therefore

0:17:55.280 --> 0:17:58.000
<v Speaker 1>we will have to accept whatever it is they're willing

0:17:58.080 --> 0:18:01.600
<v Speaker 1>to give us. That's a UM certainly not something that

0:18:02.200 --> 0:18:05.520
<v Speaker 1>UM the Prime Minister and the Treasury would accept. That.

0:18:05.560 --> 0:18:07.480
<v Speaker 1>They would probably argue that there's been a lot of

0:18:07.680 --> 0:18:10.240
<v Speaker 1>preparation going on behind the scenes. It's not all visible.

0:18:10.560 --> 0:18:13.320
<v Speaker 1>But unfortunately that seems to be the perception that UM,

0:18:13.480 --> 0:18:16.320
<v Speaker 1>that a lot of people have in this country. Well, Victoria,

0:18:16.320 --> 0:18:19.080
<v Speaker 1>I wonder if you could just offer one example of

0:18:19.600 --> 0:18:22.440
<v Speaker 1>let's say the ferry business, you know, the shipping companies,

0:18:22.840 --> 0:18:26.440
<v Speaker 1>and what steps they are taking, if any, in order

0:18:26.480 --> 0:18:32.480
<v Speaker 1>to prepare for what might happen after March that's the

0:18:32.600 --> 0:18:37.240
<v Speaker 1>Brexit deadline. Yeah, that's a great example actually, because there's

0:18:37.280 --> 0:18:41.280
<v Speaker 1>there's a bit of a split here between the ferry

0:18:41.320 --> 0:18:44.760
<v Speaker 1>operators and ports who operate on the short crossing between

0:18:45.119 --> 0:18:49.040
<v Speaker 1>England and France, the DOVIDs Calais route, and that's actually

0:18:49.040 --> 0:18:53.679
<v Speaker 1>where the vast majority of UK to EU trade routes

0:18:54.040 --> 0:18:58.960
<v Speaker 1>through and that's really a very friction list. Lori's drive

0:18:59.000 --> 0:19:03.440
<v Speaker 1>onto the ferry at Dover, or drive onto the Eurotunnel

0:19:03.720 --> 0:19:06.080
<v Speaker 1>and then drive off the other side, and and that's

0:19:06.160 --> 0:19:09.760
<v Speaker 1>the that's the transit. It's finished now. For them, it's

0:19:09.760 --> 0:19:12.880
<v Speaker 1>a very it's a very big deal if you're introducing

0:19:12.920 --> 0:19:15.840
<v Speaker 1>new frictions to that process, so they're very worried. On

0:19:15.880 --> 0:19:19.320
<v Speaker 1>the other hand, the other ports, for example on the

0:19:19.359 --> 0:19:24.240
<v Speaker 1>east coast of England Um, which are much bigger ports

0:19:24.280 --> 0:19:27.439
<v Speaker 1>that deal with containerized shipping, they're quite excited about this

0:19:27.520 --> 0:19:30.040
<v Speaker 1>because this is a huge opportunity for them to win

0:19:30.119 --> 0:19:33.120
<v Speaker 1>back some of that business from the short crossing. However,

0:19:33.280 --> 0:19:36.199
<v Speaker 1>both sets of businesses need to know what exactly it

0:19:36.200 --> 0:19:38.000
<v Speaker 1>is they're preparing for in order to be able to

0:19:38.040 --> 0:19:40.720
<v Speaker 1>make the investments, to to really make the most of

0:19:40.760 --> 0:19:43.920
<v Speaker 1>it in the one case, or to to mistigate the

0:19:45.000 --> 0:19:49.520
<v Speaker 1>difficulties on the other hand. Victoria's you brilliantly describe just

0:19:49.640 --> 0:19:54.439
<v Speaker 1>one example of the micro analysis of how logistics and

0:19:54.520 --> 0:19:59.160
<v Speaker 1>all will work. I'm sorry it reeks. Richard Neville, sixteenth

0:19:59.240 --> 0:20:03.000
<v Speaker 1>Earl of war Work Warwick rather and the Wars of

0:20:03.040 --> 0:20:05.640
<v Speaker 1>the Roses. I mean, it's like history is just still there.

0:20:05.720 --> 0:20:10.359
<v Speaker 1>There's this island, there's a channel, and there's Europe and

0:20:10.440 --> 0:20:14.480
<v Speaker 1>they have these there's tensions that are always out there

0:20:14.520 --> 0:20:18.800
<v Speaker 1>in the modern age. Bring you know the Earl of Work,

0:20:18.840 --> 0:20:23.679
<v Speaker 1>the Earl of Salisbury over the Heathrow. How does Heathrow operate?

0:20:24.480 --> 0:20:32.159
<v Speaker 1>Is you see the new Brexit? So again the realities

0:20:32.200 --> 0:20:35.520
<v Speaker 1>of international trade in in in the modern era um

0:20:35.600 --> 0:20:37.760
<v Speaker 1>fast forwarding a little bit from the from the Wars

0:20:37.760 --> 0:20:40.159
<v Speaker 1>of the Roses um is that as long as you

0:20:40.200 --> 0:20:42.600
<v Speaker 1>have the systems and processes in place, it can be

0:20:42.680 --> 0:20:46.440
<v Speaker 1>very low friction. So the vast majority of trade coming

0:20:46.440 --> 0:20:50.000
<v Speaker 1>into the United Kingdom from outside the Customers Union is

0:20:50.080 --> 0:20:54.360
<v Speaker 1>cleared within minutes or hours wrong win days, and it's

0:20:54.359 --> 0:20:58.000
<v Speaker 1>all then the vast vast majority isn't subject to any

0:20:58.119 --> 0:21:01.320
<v Speaker 1>physical inspection at all. It's all then by means of

0:21:01.400 --> 0:21:05.840
<v Speaker 1>electronic pre clearance and risk assessment. So as long as

0:21:05.840 --> 0:21:08.359
<v Speaker 1>you have the systems and protos in place to do it,

0:21:08.760 --> 0:21:14.199
<v Speaker 1>you can actually have very fact effective blue friction trade

0:21:14.400 --> 0:21:17.000
<v Speaker 1>from outside Customs Union. In fact, I think you can

0:21:17.040 --> 0:21:21.040
<v Speaker 1>probably recognize that in the case of the acting Canada,

0:21:21.440 --> 0:21:26.320
<v Speaker 1>you have a very effective fast border where automotive pie

0:21:26.400 --> 0:21:29.960
<v Speaker 1>chains on the side of that border. But even Victoria,

0:21:30.080 --> 0:21:31.800
<v Speaker 1>we've got to leave it there. We're out of time.

0:21:31.880 --> 0:21:36.399
<v Speaker 1>Victoria Houston, thank you so much, Senior Council UH International

0:21:36.400 --> 0:21:39.440
<v Speaker 1>Trading Competition Unit for i EA. This was really really

0:21:39.720 --> 0:21:42.480
<v Speaker 1>if my love how, thank you so much. Victoria here,

0:21:42.560 --> 0:21:45.680
<v Speaker 1>my love how we try once in a while to

0:21:45.760 --> 0:21:49.120
<v Speaker 1>talk to people that are like worried about Okay, when

0:21:49.119 --> 0:21:52.040
<v Speaker 1>this is all done, can the cows go from point

0:21:52.040 --> 0:22:00.200
<v Speaker 1>A to point be in Ireland? Thanks for listening to

0:22:00.280 --> 0:22:04.800
<v Speaker 1>the Bloomberg Surveillance podcast. Subscribe and listen to interviews on

0:22:04.880 --> 0:22:10.720
<v Speaker 1>Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. I'm

0:22:10.760 --> 0:22:14.040
<v Speaker 1>on Twitter at Tom Keane before the podcast. You can

0:22:14.080 --> 0:22:17.240
<v Speaker 1>always catch us worldwide. I'm Bloomberg Radio.