1 00:00:02,560 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,920 --> 00:00:10,520 Speaker 2: Just coming off that announcement from the President announcing a 3 00:00:10,680 --> 00:00:14,360 Speaker 2: baseline tariff around the United States as well as reciprocal 4 00:00:14,400 --> 00:00:17,800 Speaker 2: tariffs on certain trading partners. I'm joined by Treasury Secretary 5 00:00:17,840 --> 00:00:20,759 Speaker 2: Scott Bessett. Mister Bessett was Starcrati. Thank you so much 6 00:00:20,760 --> 00:00:23,799 Speaker 2: for joining Bloomberg TV. So we're going to have the 7 00:00:23,800 --> 00:00:27,280 Speaker 2: baseline tariffs come into effect perst first, then they're reciprocal 8 00:00:27,320 --> 00:00:29,080 Speaker 2: tariffs a little bit more of a different rate for 9 00:00:29,120 --> 00:00:33,320 Speaker 2: each individual trading partner. Are you preparing to negotiate with 10 00:00:33,360 --> 00:00:36,040 Speaker 2: some of these trading partners before that tariff freight comes 11 00:00:36,040 --> 00:00:37,240 Speaker 2: into effect on April ninth. 12 00:00:37,280 --> 00:00:39,199 Speaker 3: Well, I think there've been a lot of discussions, but 13 00:00:39,400 --> 00:00:40,839 Speaker 3: I think we're just going to have to wait and 14 00:00:40,880 --> 00:00:43,440 Speaker 3: see what would happen. What I would say and Marie 15 00:00:43,800 --> 00:00:46,919 Speaker 3: is I would advise none of the countries to panic. 16 00:00:47,680 --> 00:00:51,600 Speaker 3: I wouldn't try to retaliate, because as long as you 17 00:00:51,600 --> 00:00:54,800 Speaker 3: don't retaliate, this is the high end of the number, 18 00:00:55,200 --> 00:00:58,960 Speaker 3: and I think the market could have certainty that this 19 00:00:59,200 --> 00:01:02,480 Speaker 3: is the number barring retaliation. So we've got a ceiling 20 00:01:03,200 --> 00:01:06,919 Speaker 3: and then we can see if there's a different floor, So. 21 00:01:06,800 --> 00:01:09,399 Speaker 2: You sound like you're ready for a negotiation. A number 22 00:01:09,400 --> 00:01:13,280 Speaker 2: of these partners, has the European Union, has China? Has India? 23 00:01:13,319 --> 00:01:14,759 Speaker 2: Have these countries reached out? 24 00:01:15,040 --> 00:01:17,200 Speaker 3: Well, they've all reached out, But it's going to be 25 00:01:17,280 --> 00:01:19,880 Speaker 3: up to President Trump to see what he wants to do. 26 00:01:20,560 --> 00:01:23,520 Speaker 3: I think the mindset might be to let things settle 27 00:01:23,600 --> 00:01:27,600 Speaker 3: for a while. Their terrafts or non tariff barriers have 28 00:01:27,680 --> 00:01:29,800 Speaker 3: been on a long time, so we'll see where it 29 00:01:29,840 --> 00:01:30,479 Speaker 3: goes from here. 30 00:01:30,640 --> 00:01:32,959 Speaker 2: When it comes to China, they have a much higher 31 00:01:33,040 --> 00:01:35,920 Speaker 2: rate on this list. On top of that, there's still 32 00:01:35,959 --> 00:01:39,200 Speaker 2: that twenty percent fentanyl tariff rate. Is all of this 33 00:01:39,360 --> 00:01:41,679 Speaker 2: coming together to be more than a fifty percent tariff 34 00:01:41,760 --> 00:01:42,560 Speaker 2: rate for Beijing? 35 00:01:43,040 --> 00:01:45,840 Speaker 3: Well, yes, I think it is, and I think it's 36 00:01:45,840 --> 00:01:50,360 Speaker 3: a combination of things. And again that I think China 37 00:01:50,440 --> 00:01:54,840 Speaker 3: said today that solving the fentanyl crisis depends on taking 38 00:01:54,840 --> 00:01:58,040 Speaker 3: off the fentanyl arraffs, and I'm pretty sure that's not 39 00:01:58,160 --> 00:01:59,360 Speaker 3: the way the sequencing is. 40 00:01:59,360 --> 00:01:59,840 Speaker 1: Going to work. 41 00:02:00,240 --> 00:02:05,760 Speaker 3: They're exporting the precursor chemicals and every day, every week, 42 00:02:05,800 --> 00:02:07,840 Speaker 3: every month, Americans are dying and it's going to. 43 00:02:07,800 --> 00:02:08,320 Speaker 1: Have to stop. 44 00:02:08,480 --> 00:02:10,640 Speaker 2: When it comes to places like China. The President has 45 00:02:10,760 --> 00:02:13,359 Speaker 2: mentioned he's willing to even look at things like TikTok 46 00:02:13,400 --> 00:02:17,079 Speaker 2: to potentially do a negotiation. Then, when it comes to tariffs, 47 00:02:17,120 --> 00:02:19,720 Speaker 2: I'm sure you're looking at things like the Yuwan. What's 48 00:02:19,760 --> 00:02:22,760 Speaker 2: on the table when it comes to this trade realignment 49 00:02:22,760 --> 00:02:23,600 Speaker 2: between Beijing and. 50 00:02:23,680 --> 00:02:27,600 Speaker 3: Washington, Well, we haven't started anything yet. We've been busy 51 00:02:27,160 --> 00:02:30,520 Speaker 3: with the tariffs. I've been busy, as we talked about earlier, 52 00:02:30,960 --> 00:02:32,799 Speaker 3: the tax bills going very well. 53 00:02:33,080 --> 00:02:34,079 Speaker 1: So I think that. 54 00:02:34,080 --> 00:02:40,200 Speaker 3: We will move toward the bilateral relationship with China now 55 00:02:40,240 --> 00:02:43,239 Speaker 3: that we've done the multilateral tariffs. 56 00:02:43,520 --> 00:02:48,320 Speaker 2: Plans for conversations or a trip to Beijing. Nothing eminent 57 00:02:49,000 --> 00:02:53,160 Speaker 2: when it comes to this negotiation. April ninth, these tariffs 58 00:02:53,200 --> 00:02:56,640 Speaker 2: come in place. Do you plan on having negotiations before 59 00:02:56,680 --> 00:02:57,200 Speaker 2: that date? 60 00:02:58,040 --> 00:03:03,200 Speaker 3: Again, I'm not part of the negotiation, so we'll see. 61 00:03:03,680 --> 00:03:05,120 Speaker 3: I am sure that they're going to be a lot 62 00:03:05,120 --> 00:03:07,120 Speaker 3: of calls. I just don't know if they're going to 63 00:03:07,120 --> 00:03:08,000 Speaker 3: be negotiations. 64 00:03:08,040 --> 00:03:10,600 Speaker 2: The President had this huge chart showing all of the 65 00:03:10,639 --> 00:03:14,960 Speaker 2: different rates. Canada and Mexico notably missing on that chart. 66 00:03:14,960 --> 00:03:17,160 Speaker 1: Why is that? I'm not sure that sure? 67 00:03:17,160 --> 00:03:19,200 Speaker 2: Okay, I imagine that has to do potentially because they're 68 00:03:19,240 --> 00:03:22,880 Speaker 2: ready in negotiations previously with the twenty five percent. I'm 69 00:03:22,880 --> 00:03:25,600 Speaker 2: not sure if you saw the initial market reaction. I haven't, 70 00:03:25,960 --> 00:03:29,640 Speaker 2: so equity futures slid on the news. You had talked 71 00:03:29,639 --> 00:03:32,440 Speaker 2: about how we're in a detox period. Do you feel 72 00:03:32,520 --> 00:03:35,000 Speaker 2: that we're still in that period or are you starting 73 00:03:35,000 --> 00:03:36,160 Speaker 2: to get a little bit concerned. 74 00:03:36,240 --> 00:03:38,920 Speaker 3: Well, the detox period has nothing to do with the terrorists. 75 00:03:38,960 --> 00:03:43,520 Speaker 3: The detox period is off this incredible level of government 76 00:03:43,600 --> 00:03:49,280 Speaker 3: spending that we've had an unsustainable amount of fiscal stimulus 77 00:03:49,360 --> 00:03:51,440 Speaker 3: and looks that's got to stop. 78 00:03:51,640 --> 00:03:52,760 Speaker 1: That's got to stop. 79 00:03:52,920 --> 00:03:56,960 Speaker 3: So, yeah, can we continue weaning ourselves off of that? 80 00:03:57,200 --> 00:04:02,080 Speaker 3: And as we see private or public sector borrowing go down, 81 00:04:02,120 --> 00:04:05,760 Speaker 3: private sector borrowing go up, public sector jobs come down, 82 00:04:05,880 --> 00:04:08,880 Speaker 3: private sector jobs go up? Is it going to be 83 00:04:08,920 --> 00:04:12,360 Speaker 3: perfectly symmetrical? Note, but we did see an increase of 84 00:04:12,440 --> 00:04:15,280 Speaker 3: ten thousand manufacturing jobs last month, So it. 85 00:04:15,200 --> 00:04:18,200 Speaker 2: Doesn't concern you today that during the tariff announcement, equity 86 00:04:18,240 --> 00:04:21,320 Speaker 2: futures sold off when initially they were rallying when the 87 00:04:21,360 --> 00:04:24,640 Speaker 2: President only announced a ten percent tariff base, and then 88 00:04:24,640 --> 00:04:27,120 Speaker 2: they fell when he announced the higher rates for things 89 00:04:27,120 --> 00:04:28,520 Speaker 2: like the European Union in China. 90 00:04:28,800 --> 00:04:32,560 Speaker 3: Yeah, and Marie, I've learned not to look what goes 91 00:04:32,600 --> 00:04:34,200 Speaker 3: on in after hours markets. 92 00:04:34,560 --> 00:04:39,120 Speaker 2: Okay, but since the peaks in February, stocks are down 93 00:04:39,200 --> 00:04:41,640 Speaker 2: eight percent. I think the NASDAC from it's high most 94 00:04:41,640 --> 00:04:45,520 Speaker 2: recently is down twelve percent so far. Though these kind 95 00:04:45,600 --> 00:04:49,480 Speaker 2: of this kind of market downdraft so far this year 96 00:04:49,800 --> 00:04:50,640 Speaker 2: is not concerning you. 97 00:04:50,880 --> 00:04:54,360 Speaker 3: Well, look in my old business, I was very concerned 98 00:04:54,400 --> 00:04:57,800 Speaker 3: about market movements, and I'm trying to be Secretary of Treasury, 99 00:04:57,880 --> 00:05:01,080 Speaker 3: not a market commentator. What I would point out is 100 00:05:01,200 --> 00:05:05,680 Speaker 3: that especially the NA NASDEK peaked on deep Seak day. 101 00:05:06,880 --> 00:05:09,720 Speaker 3: So that's a mag seven problem, not a MAGA problem. 102 00:05:10,560 --> 00:05:12,719 Speaker 2: Okay, So let's talk about what else you've been spending 103 00:05:12,720 --> 00:05:15,080 Speaker 2: a lot of your time doing. You have been up 104 00:05:15,160 --> 00:05:18,760 Speaker 2: on Capitol Hill constantly. You are really working on trying 105 00:05:18,839 --> 00:05:22,200 Speaker 2: to make sure that this administration can extend the Tax 106 00:05:22,240 --> 00:05:25,920 Speaker 2: cuts and Jobs Act on top of that more tax cuts. 107 00:05:26,279 --> 00:05:28,919 Speaker 2: Right now, How are the conversations going in Congress? 108 00:05:28,960 --> 00:05:33,320 Speaker 3: Well, I actually think the most underreported story in Washington, 109 00:05:33,400 --> 00:05:36,960 Speaker 3: not by Bloomberg of course, is the incredible union enemy 110 00:05:38,080 --> 00:05:42,560 Speaker 3: unity amongst Republicans. And I think it's President Trump's leadership. 111 00:05:42,880 --> 00:05:48,960 Speaker 3: But Mike Johnson, with a very narrow margin, issued the 112 00:05:49,000 --> 00:05:56,040 Speaker 3: reconciliation instructions and then he also passed a clean continuing resolution. 113 00:05:56,920 --> 00:06:01,080 Speaker 3: On the Senate side, they are variant, attentive, and I 114 00:06:01,120 --> 00:06:03,479 Speaker 3: think they may have something done by this Saturday. 115 00:06:03,960 --> 00:06:06,680 Speaker 2: This Saturday, Okay, that's the start of it, though, that's 116 00:06:06,680 --> 00:06:09,719 Speaker 2: the start. You recently talked about how you think it's 117 00:06:09,760 --> 00:06:11,839 Speaker 2: not just going to be tax on tips that gets 118 00:06:12,000 --> 00:06:14,039 Speaker 2: no tax on tips that gets added to this bill. 119 00:06:14,279 --> 00:06:17,440 Speaker 2: You think reconciliation can include a plethora of what the 120 00:06:17,440 --> 00:06:20,000 Speaker 2: President has talked about, no tax on tips, no tax 121 00:06:20,040 --> 00:06:24,039 Speaker 2: on Social Security. Also recently talking about rebates if you 122 00:06:24,080 --> 00:06:27,200 Speaker 2: buy an American car, how do you get all of 123 00:06:27,240 --> 00:06:27,640 Speaker 2: this done? 124 00:06:27,880 --> 00:06:31,640 Speaker 3: Deductibility of interest if you buy an American car, which 125 00:06:31,920 --> 00:06:33,920 Speaker 3: I'm older than you are, but when I bought my 126 00:06:34,000 --> 00:06:38,240 Speaker 3: first car, the interest was deductible, but now it's got 127 00:06:38,279 --> 00:06:39,800 Speaker 3: to be only on American cars. 128 00:06:40,000 --> 00:06:42,479 Speaker 2: So how do you do all this at the same 129 00:06:42,560 --> 00:06:48,720 Speaker 2: time that market participants, budget fiscal hawks, budget hawks in 130 00:06:48,800 --> 00:06:51,080 Speaker 2: Congress are concerned about the deficit. How are you going 131 00:06:51,120 --> 00:06:53,080 Speaker 2: to have this big reconciliation package? 132 00:06:53,200 --> 00:06:55,039 Speaker 3: Well, I think as we've seen there's a lot of 133 00:06:55,080 --> 00:06:59,000 Speaker 3: room to cut spending. So I think again where Republicans 134 00:06:59,040 --> 00:07:03,600 Speaker 3: have incredible unity is on the spending cuts as we're seeing. 135 00:07:04,240 --> 00:07:06,279 Speaker 2: So when it comes to the timeline of all of this, 136 00:07:06,600 --> 00:07:09,359 Speaker 2: I do notice that now reconciliation, it seems to be 137 00:07:09,360 --> 00:07:11,560 Speaker 2: an agreement between the House and the Senate that they're 138 00:07:11,600 --> 00:07:16,560 Speaker 2: willing to consider about raising the debt ceiling. So do 139 00:07:16,600 --> 00:07:19,400 Speaker 2: you plan on getting this bill done before the X state, 140 00:07:19,560 --> 00:07:21,600 Speaker 2: which the CBO is saying could be the middle of 141 00:07:21,600 --> 00:07:22,720 Speaker 2: the summer or September. 142 00:07:22,760 --> 00:07:24,600 Speaker 3: Well, and Marie, I think you just answered the question 143 00:07:24,680 --> 00:07:30,760 Speaker 3: for yourself, because if debt ceiling is solved via reconciliation, 144 00:07:31,160 --> 00:07:33,240 Speaker 3: then it has to be done before we hit the 145 00:07:33,360 --> 00:07:36,960 Speaker 3: X state, and we're going to go onto the warning 146 00:07:37,040 --> 00:07:39,320 Speaker 3: track sometime in May or June. 147 00:07:39,680 --> 00:07:42,480 Speaker 2: So that's when you plan to get this tax bill done. 148 00:07:43,360 --> 00:07:43,920 Speaker 1: That's a goal. 149 00:07:44,480 --> 00:07:47,080 Speaker 2: So if we could put all both these stories together. Today, 150 00:07:47,120 --> 00:07:49,840 Speaker 2: the Presidence comes out with tariffs you're working on the 151 00:07:49,920 --> 00:07:54,160 Speaker 2: tax plan. He talks about tariffs being revenue raisers to 152 00:07:54,320 --> 00:07:57,600 Speaker 2: offset the tax bill you're working on. At the same time, 153 00:07:58,040 --> 00:08:00,440 Speaker 2: you and the President also talk about a negotiation you're 154 00:08:00,440 --> 00:08:02,720 Speaker 2: willing to do to get recied Prossy becomes to other 155 00:08:02,720 --> 00:08:05,800 Speaker 2: trading partners. How can it be both revenue raising and 156 00:08:05,840 --> 00:08:06,600 Speaker 2: a negotiation. 157 00:08:07,160 --> 00:08:11,320 Speaker 3: Well, to the extent that the tariffs are higher than 158 00:08:11,320 --> 00:08:14,280 Speaker 3: what we had, it will raise revenues. And you know, 159 00:08:14,360 --> 00:08:18,240 Speaker 3: as far as the negotiations will see and I could 160 00:08:18,240 --> 00:08:20,600 Speaker 3: tell you though, it's not going to be possible to 161 00:08:20,640 --> 00:08:23,800 Speaker 3: include the terriffs in the CBO scoring, So that will 162 00:08:23,840 --> 00:08:27,440 Speaker 3: be something running in the background. And as the President said, 163 00:08:27,440 --> 00:08:31,120 Speaker 3: we've taken in several hundred billion dollars on the China tariffs, 164 00:08:31,320 --> 00:08:33,360 Speaker 3: but those those don't get scored. 165 00:08:33,800 --> 00:08:36,199 Speaker 2: Do you feel that you need to have enough revenue 166 00:08:36,559 --> 00:08:41,760 Speaker 2: raised from these arffs before this reconciliation package comes to 167 00:08:41,800 --> 00:08:42,640 Speaker 2: play in Congress? 168 00:08:42,800 --> 00:08:45,760 Speaker 3: Well, I don't think we have to have the revenue raise. 169 00:08:46,200 --> 00:08:48,640 Speaker 3: And look, you know we're doing two things. Tariffs are 170 00:08:48,640 --> 00:08:53,600 Speaker 3: going to raise revenues and then we're also the stamping 171 00:08:53,600 --> 00:08:56,320 Speaker 3: out waste for an abuse in the government and bringing 172 00:08:56,440 --> 00:09:00,560 Speaker 3: down the expenses and spending. And we're not going to 173 00:09:00,559 --> 00:09:03,600 Speaker 3: get credit for either of those with the CBO scoring. 174 00:09:03,800 --> 00:09:07,800 Speaker 3: So when your audience, when American people see these CBO scores, 175 00:09:08,640 --> 00:09:13,200 Speaker 3: there could be the large but there is a substantial 176 00:09:13,200 --> 00:09:16,920 Speaker 3: amount of tariff income, there's a substantial amount of savings. 177 00:09:17,480 --> 00:09:21,040 Speaker 2: While all this is happening, consumer sentiment has definitely taken 178 00:09:21,080 --> 00:09:23,960 Speaker 2: a bit of a dive. Expectations for inflation have gone up. 179 00:09:24,320 --> 00:09:28,079 Speaker 2: Banks like Goldman are cutting their GDP forecast saying potentially 180 00:09:28,120 --> 00:09:30,080 Speaker 2: the Fed is going to have to cut rates, not 181 00:09:30,200 --> 00:09:32,120 Speaker 2: the good kind of cuts, the kind of cuts because 182 00:09:32,120 --> 00:09:36,400 Speaker 2: they're nervous about growth. How concerned are you that the 183 00:09:36,480 --> 00:09:39,280 Speaker 2: timing of all this is going to be incredibly challenging 184 00:09:39,880 --> 00:09:44,160 Speaker 2: because of how the American consumer, how corporate America is 185 00:09:44,200 --> 00:09:45,280 Speaker 2: feeling at this moment. 186 00:09:45,440 --> 00:09:46,760 Speaker 1: Well, it tells me a couple of things. 187 00:09:46,760 --> 00:09:48,880 Speaker 3: One, we got to get the tax build done quickly, 188 00:09:49,360 --> 00:09:53,640 Speaker 3: so because that's a componence builder. And two, we're seeing 189 00:09:53,960 --> 00:09:57,440 Speaker 3: ciniment surveys from the American people, but we haven't actually 190 00:09:57,440 --> 00:09:58,440 Speaker 3: seen them take action. 191 00:09:59,000 --> 00:10:01,600 Speaker 1: If the households actually thought that. 192 00:10:01,559 --> 00:10:04,800 Speaker 3: There were going to be employee if their real inflation 193 00:10:04,960 --> 00:10:08,160 Speaker 3: expectations had increased, what would they be doing. They'd be 194 00:10:08,240 --> 00:10:11,960 Speaker 3: hoarding goods and they would be demanding wage increases, and 195 00:10:12,120 --> 00:10:13,600 Speaker 3: neither one of those has happened yet. 196 00:10:13,800 --> 00:10:15,760 Speaker 2: So at the moment, you're not concerned about some of 197 00:10:15,760 --> 00:10:17,360 Speaker 2: the soft data we're seeing. 198 00:10:17,600 --> 00:10:19,080 Speaker 1: No, I see nothing. 199 00:10:19,200 --> 00:10:22,559 Speaker 3: And one of the great things, many great things about 200 00:10:22,559 --> 00:10:25,160 Speaker 3: being a Treasury is we have lots of business people 201 00:10:25,280 --> 00:10:29,920 Speaker 3: come through and everything we're seeing in the economy is 202 00:10:29,960 --> 00:10:30,760 Speaker 3: still very. 203 00:10:30,600 --> 00:10:35,280 Speaker 2: Solid, and executives haven't voiced any of these concerns onto you. 204 00:10:35,320 --> 00:10:40,520 Speaker 3: No, there's some idiosyncratic things, but in terms of the 205 00:10:40,600 --> 00:10:44,319 Speaker 3: expectations actually turning into hard data, none of them. 206 00:10:44,320 --> 00:10:45,000 Speaker 1: Messina jet. 207 00:10:45,360 --> 00:10:47,720 Speaker 2: Now that you're working on the tax bill, and of 208 00:10:47,760 --> 00:10:49,640 Speaker 2: course tariffs at the moment are out of the way. 209 00:10:49,800 --> 00:10:51,640 Speaker 2: What else is on the agenda for you for the rest. 210 00:10:51,520 --> 00:10:51,920 Speaker 1: Of the year. 211 00:10:52,160 --> 00:10:56,719 Speaker 3: Well, that we have the Ukraine deal that's coming up. 212 00:10:56,960 --> 00:11:00,760 Speaker 3: We've gone to maximum pressure on Iran. A big part 213 00:11:00,920 --> 00:11:04,880 Speaker 3: of Treasury is national security, and then we are doing 214 00:11:05,240 --> 00:11:08,840 Speaker 3: a big push on deregulating in a smart, safe and 215 00:11:08,920 --> 00:11:12,760 Speaker 3: sound way the regulated financial institutions, which is going to 216 00:11:12,800 --> 00:11:16,680 Speaker 3: allow for the private sector, not the government sector, to grow. 217 00:11:17,360 --> 00:11:20,760 Speaker 2: When it comes to international where are you with a 218 00:11:21,679 --> 00:11:23,320 Speaker 2: Ukraine and the mineral deal. 219 00:11:24,360 --> 00:11:25,280 Speaker 1: I believe we. 220 00:11:25,280 --> 00:11:28,360 Speaker 3: May have a team from Ukraine coming over as soon 221 00:11:28,520 --> 00:11:31,440 Speaker 3: as the end of this week or the beginning of 222 00:11:31,520 --> 00:11:35,800 Speaker 3: next week. Ukrainians have I believe that they've hired council, 223 00:11:36,240 --> 00:11:40,640 Speaker 3: And what we did was after the incident in the 224 00:11:40,679 --> 00:11:43,440 Speaker 3: White House on I believe it was February twenty eighth, 225 00:11:43,480 --> 00:11:46,599 Speaker 3: we're going to sign a four page deal that with 226 00:11:46,720 --> 00:11:51,240 Speaker 3: parameters of understanding, and at Treasury we took the opportunity 227 00:11:51,280 --> 00:11:53,120 Speaker 3: to move forward to. 228 00:11:53,240 --> 00:11:53,880 Speaker 1: The big deal. 229 00:11:54,160 --> 00:11:56,320 Speaker 3: So this is the exact same deal that would have 230 00:11:56,360 --> 00:12:00,720 Speaker 3: resulted from the four page signature signature deal. 231 00:12:01,040 --> 00:12:03,800 Speaker 1: So we've just fast forwarded. 232 00:12:03,520 --> 00:12:05,480 Speaker 3: And we didn't want to lose any time because we 233 00:12:05,559 --> 00:12:08,040 Speaker 3: believe this deal is so important for the American people, 234 00:12:08,080 --> 00:12:10,880 Speaker 3: for the Ukrainian people, and for the peace process. 235 00:12:11,000 --> 00:12:12,439 Speaker 2: So it sounds like in the next two weeks you're 236 00:12:12,480 --> 00:12:14,240 Speaker 2: going to have this deal over the finish line. 237 00:12:15,240 --> 00:12:16,520 Speaker 1: It's ready on our side. 238 00:12:16,760 --> 00:12:19,199 Speaker 2: When it comes to Iran, since you mentioned that, and 239 00:12:19,240 --> 00:12:20,480 Speaker 2: I know you're going to be focused a lot on 240 00:12:20,520 --> 00:12:24,440 Speaker 2: international aspects now the tariffs are done and you have 241 00:12:24,960 --> 00:12:28,280 Speaker 2: the tax deals underway. When it comes to Iran, do 242 00:12:28,320 --> 00:12:31,959 Speaker 2: you think we could see secondary tariff secondary sanctions, Well. 243 00:12:31,760 --> 00:12:37,480 Speaker 3: We've already seen sanctions. For the first time. US Treasury 244 00:12:37,760 --> 00:12:41,120 Speaker 3: sanctioned a so called teapot refinery, which is a private 245 00:12:41,160 --> 00:12:45,280 Speaker 3: sector refinery in China and they are the buyers of 246 00:12:45,320 --> 00:12:48,800 Speaker 3: the Iranian oil and we could see more of that. Wow. 247 00:12:49,040 --> 00:12:52,440 Speaker 2: Interesting Church of Secretary Scotts Bessett. You've been very generous 248 00:12:52,480 --> 00:12:54,280 Speaker 2: at your time today. We really appreciate it here at 249 00:12:54,280 --> 00:12:56,880 Speaker 2: Bloomberg TV. Thank you so much. Good to see you.