WEBVTT - Trump’s Economy, One (Second) Year In

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Tuesday marks the end of the first year of President

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<v Speaker 2>Trump's second term, and it's been busy well. Cutting down

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<v Speaker 2>the size of government. The Trump administration moved quickly and

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<v Speaker 2>decisively to reshape the US economy, and by extension, it's

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<v Speaker 2>reshaped the global economy.

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<v Speaker 3>President Donald Trump's trade wars bring uncertainty, drive up costs,

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<v Speaker 3>and disrupt global commerce.

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<v Speaker 2>So called one Big Beautiful Bill, American hiring plumbting the

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<v Speaker 2>cost of groceries there is a major source of stress.

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<v Speaker 2>Investigation of Fed shair Jerome Powell as sparking backlash.

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<v Speaker 1>I think that he and his team have come in

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<v Speaker 1>and really tried to juice the economy and sort of

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<v Speaker 1>take a bunch of guardrails off of it.

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<v Speaker 2>Nancy Cook is a political reporter for Bloomberg. I spoke

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<v Speaker 2>with her and Mark Nikatt, our colleague, who's beat is

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<v Speaker 2>the real economy.

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<v Speaker 3>The administration really looks at effects the economy and boosting

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<v Speaker 3>the economy is kind of a three legged stool. With

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<v Speaker 3>taxes and the tax cuts deregulation. Trump has talked about

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<v Speaker 3>eliminating ten rules for every new rules, and the third

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<v Speaker 3>leg of the stool would be trade and adjusting what

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<v Speaker 3>he sees as a trade in balance with other countries

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<v Speaker 3>to boost US manufacturing and production.

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<v Speaker 2>I'm David Gerrett, and this is the big take from

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<v Speaker 2>Bloomberg News today on the show. The deep and dramatic

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<v Speaker 2>changes the Trump administration has made and proposed and imposed,

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<v Speaker 2>and the effects they've had on the way the US

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<v Speaker 2>does business, which have had the biggest impact and which

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<v Speaker 2>are likely to last. So we're not going to get

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<v Speaker 2>through everything President Trump has done in twenty twenty five.

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<v Speaker 2>Our time is limited. So I asked Bloomberg's Nancy Cook

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<v Speaker 2>and Mark Niquette to help me make sense of some

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<v Speaker 2>of the administration's biggest initiatives related to business and the economy.

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<v Speaker 2>And we started with what's become the hallmark of his

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<v Speaker 2>second term so far. For more than half a century,

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<v Speaker 2>the US had been a huge supporter of free trade.

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<v Speaker 2>President Trump has certainly changed that over the last year.

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<v Speaker 2>He slapped these big, across the board tariffs on long

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<v Speaker 2>standing trading partners. Mark, What has the effect of that

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<v Speaker 2>been on the global economy? The president going down that.

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<v Speaker 3>Path, it's completely reordered global trade. One. Because of the

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<v Speaker 3>scope of these tariffs, you know, highest tariff rate now

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<v Speaker 3>since the nineteen thirties in the US, but also because

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<v Speaker 3>of the uncertainty that it caused for US businesses, particularly manufacturers,

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<v Speaker 3>because the tariffs kept going on coming off, Trump would

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<v Speaker 3>adjust the rates. Businesses just were not able to plan

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<v Speaker 3>because of the vacillating tariff rates. And we saw just

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<v Speaker 3>massive swings in trade because of the tariffs. We saw,

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<v Speaker 3>you know, companies rushing to import good so it's ahead

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<v Speaker 3>of tariffs, which affected the trade balance. And we just

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<v Speaker 3>saw a bunch of activity related to companies trying to

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<v Speaker 3>get ahead of or around Trump's tariffs.

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<v Speaker 1>You know, it hasn't shown up in economic data as

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<v Speaker 1>much as people thought it would, and I feel like

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<v Speaker 1>we're still waiting to see the effects of it. Partly

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<v Speaker 1>it's because Trump keeps changing his mind on the trade.

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<v Speaker 1>When there was those elections in November where Democrats won

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<v Speaker 1>the gubernatorial races in Virginia and New Jersey, and it

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<v Speaker 1>just sort of was revealed that Americans are really mad

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<v Speaker 1>about still high prices, you know, just a sense that

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<v Speaker 1>American life is unaffordable. I think the White House really

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<v Speaker 1>pivoted at that point and started to do even more

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<v Speaker 1>trade carve outs on things like coffee and bananas, you know,

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<v Speaker 1>really rolling back those tariffs. And so one of the

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<v Speaker 1>things with trade policy is it's just been a moving

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<v Speaker 1>target sort of every month. It looks completely different depending

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<v Speaker 1>on which CEOs went in and tried to make the

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<v Speaker 1>case of how there needed to be fewer tariffs on retailers.

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<v Speaker 2>You know.

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<v Speaker 1>And so it's just changed so much that it is

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<v Speaker 1>hard to get a real clear picture of what its

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<v Speaker 1>economic effect has been like in the first year, because

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<v Speaker 1>it's kind of this thing that's changing and morphine kind

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<v Speaker 1>of week after week.

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<v Speaker 2>And Nancy, it's the president who is moving that target.

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<v Speaker 2>And I want to ask you about the politics of

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<v Speaker 2>trade in the past. Historically it's been the providence of

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<v Speaker 2>Congress to determine trade policy. That is not the case anymore.

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<v Speaker 2>And I wonder how surprising it is to you that lawmakers,

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<v Speaker 2>Republican lawmakers have really taken a back seat here and

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<v Speaker 2>seeded a lot of that power to the president.

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<v Speaker 1>Well, I think it's been very surprising. You know, I

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<v Speaker 1>covered the first Trump White House, and so I've been

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<v Speaker 1>covering Trump for almost a decade now, and I think

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<v Speaker 1>one of the interesting things between the first term, and

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<v Speaker 1>the second term is that Republican lawmakers have ceded basically

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<v Speaker 1>all their power to the Trump White House. Trade is

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<v Speaker 1>totally in the authority of Congress. But Trump this time

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<v Speaker 1>came in trying to sort of use these different statues

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<v Speaker 1>or sections or different laws to give himself the authority

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<v Speaker 1>and has completely run over Republican lawmakers on this and

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<v Speaker 1>has really done so without a lot of protests. Now,

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<v Speaker 1>the one backstop that we're waiting to see what happens

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<v Speaker 1>with is the Supreme Court. We're expecting the Supreme Court

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<v Speaker 1>to rule on this one legal statue that Trump tried

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<v Speaker 1>to use to give himself authority to make rulings on trade,

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<v Speaker 1>and a lot of Trump advisors I talk to you

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<v Speaker 1>think that the Supreme Court, in a rare rebuke of Trump,

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<v Speaker 1>will not rule in his favor. I think what will

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<v Speaker 1>happen is that it won't pull back from the tariffs.

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<v Speaker 1>I think it just means that they will lean on

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<v Speaker 1>a different legal authority to pursue the same policies. Out

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<v Speaker 1>of all of Trump's economic policies, trade is the thing

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<v Speaker 1>that I would say he feels most deeply, So even

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<v Speaker 1>if the Supreme Court strikes it down. I think he'll

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<v Speaker 1>just continue to pursue it, but just with a different

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<v Speaker 1>explanation for why he's doing it.

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<v Speaker 2>Mark, we know that President Trump loves tariffs. He reaffirmed

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<v Speaker 2>that in a speech that he gave to the Economic

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<v Speaker 2>Club of Detroit not just a few days ago. Favorite words,

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<v Speaker 2>favorite word. Seeing him impose those tariffs for variety of reasons,

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<v Speaker 2>and a big one has been to encourage a kind

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<v Speaker 2>of manufacturing renaissance in the US. How's that working out?

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<v Speaker 3>It's not. And part of the problem is it might

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<v Speaker 3>be just too early because these kind of reassuring actions

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<v Speaker 3>that Trump is looking for and increase in manufacturing production

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<v Speaker 3>are in some cases years long investments and commitments by companies,

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<v Speaker 3>and they've been unwilling in a lot of cases to

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<v Speaker 3>make these kind of commitments because the tariff rates keep

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<v Speaker 3>changing and they don't know where the trade policy is

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<v Speaker 3>ultimately going to land. So the intent clearly is to,

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<v Speaker 3>as Trump says when he talks about tariffs, is that

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<v Speaker 3>if you make your goods or your products in the US,

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<v Speaker 3>you don't have to pay the tariff. That's the whole

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<v Speaker 3>intent behind it. But it's just not that simple because

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<v Speaker 3>in a lot of cases, companies need inputs that they

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<v Speaker 3>can't make in the US for production in the US,

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<v Speaker 3>and that's those inputs now the prices are higher because

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<v Speaker 3>of the tariffs. So I think the big picture is,

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<v Speaker 3>you know, we have yet to see sort of significant

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<v Speaker 3>reshoring activity because of the tariffs. You know, that might

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<v Speaker 3>still be calmly, but in the meantime, you know, we're

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<v Speaker 3>seeing manufacturers in particular struggle and we certainly seen a

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<v Speaker 3>decrease in manufacturing employment.

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<v Speaker 2>Maybe you could walk us through sort of the way

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<v Speaker 2>that the President and broad Strokes has kind of reshaped

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<v Speaker 2>the regulatory landscape here in the last year.

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<v Speaker 1>Sure, well, I think, you know, like a lot of

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<v Speaker 1>Republican presidents, he just has thought that there has been

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<v Speaker 1>too many rules, and so he has like really undone

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<v Speaker 1>a lot of you know, regulations out of EPA and

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<v Speaker 1>a lot of energy regulations, both to encourage a lot

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<v Speaker 1>more oil drilling and exploration, but also just roll back

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<v Speaker 1>things like rules on pesticides or different things like that.

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<v Speaker 1>They have really rolled back some bank regulations about you know,

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<v Speaker 1>how much money banks need to have, like things that

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<v Speaker 1>were put in place after the financial crisis, and so

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<v Speaker 1>they've rolled that back to be more bank friendly.

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<v Speaker 2>Immigration, mark trade a big policy party for the president.

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<v Speaker 2>Immigration is another one, and you scour the data as

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<v Speaker 2>it comes out. What do we know about how President

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<v Speaker 2>Trump's immigration policy is impacting the economy.

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<v Speaker 3>There's no question that, you know, his immigration policy has

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<v Speaker 3>has had an impact on the economy, if nothing else,

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<v Speaker 3>because you know, we've essentially shut down the southern border.

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<v Speaker 3>I mean, he succeeded in his promise in the campaign

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<v Speaker 3>to close the border. You know, we've seen almost no

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<v Speaker 3>immigration from the southern border lease statistics would suggest that.

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<v Speaker 3>But we've also seen Trump, you know, go after legal immigration.

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<v Speaker 3>You know, there's a big fight right now over Trump's

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<v Speaker 3>proposal to charge one hundred thousand dollars fee for H

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<v Speaker 3>one B visas, which are the sort of the work

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<v Speaker 3>visas that tech companies in particular use to hire skilled

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<v Speaker 3>foreign workers that they believe they need. The US Chamber

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<v Speaker 3>has sued to stop that and it's in the courts

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<v Speaker 3>right now. But we've just seen a broad sort of

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<v Speaker 3>reaction two companies that depend on migrant labor. I'm thinking

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<v Speaker 3>like construction, agricultural sectors, and a real concern that you know,

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<v Speaker 3>there'll be a shortage of workers in these industries because

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<v Speaker 3>of the curtailing of both legal and illegal immigration.

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<v Speaker 2>Certainly, the relationship between the president and the Federal Reserve

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<v Speaker 2>is one that stands out. And there have been presidents

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<v Speaker 2>in the past who've disagreed with FED chairpersons and their decisions,

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<v Speaker 2>but this is something unique. The level of public criticism

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<v Speaker 2>that we've seen, denigration both of the FED chair and

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<v Speaker 2>the institution itself, intimidation through the courts. How far are

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<v Speaker 2>we mark from what that relationship between the White House

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<v Speaker 2>and the FED was like under previous administrations.

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<v Speaker 3>I mean, it's been sort of NonStop, you know, attacks

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<v Speaker 3>on Jerome Poal in particular for you know, not lowering

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<v Speaker 3>interest rates fast enough for the president's view, and it's

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<v Speaker 3>completely upended, you know, the relationship that we've come used

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<v Speaker 3>to between a presidential administration and the Federal Reserve and

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<v Speaker 3>sort of this long held idea, particularly since you know

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<v Speaker 3>Richard Nixon, that you know, the FED, which should have independence,

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<v Speaker 3>and that the US economy benefits when the FED is

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<v Speaker 3>allowed to make decisions about interest rates and monetary policy

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<v Speaker 3>separate from an independent from executive actions and executives' authorities

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<v Speaker 3>that are more interested in maybe the political outcomes than

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<v Speaker 3>the economic impacts.

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<v Speaker 2>These concerns about the fed's independents have caused the dollar

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<v Speaker 2>to weaken, raising questions about its role as the world's

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<v Speaker 2>reserve currency. And another relationship Trump has changed is the

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<v Speaker 2>one between the US government and private companies. It's taken

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<v Speaker 2>an equity stake in Intel and made a revenue sharing

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<v Speaker 2>agreement with Nvidia. Nancy, I'm sure that you have spoken

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<v Speaker 2>to traditional Republicans as I have, who just express astonishment

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<v Speaker 2>that this is the direction the Republican Party is going.

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<v Speaker 2>And now I mean suffice to say, this is a

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<v Speaker 2>sea change when it comes to Republican Party politics.

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<v Speaker 1>It has been a remarkable moment sort of seeing the

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<v Speaker 1>US government take stake and Intel, for instance. But Trump,

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<v Speaker 1>the thing about him is he always wants a deal

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<v Speaker 1>on the economy, and so what has happened is the

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<v Speaker 1>CEOs have gone in and you know, he's managed to

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<v Speaker 1>take stakes in the companies. Now, the argument that many

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<v Speaker 1>people in his administration make is he's taking stakes in

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<v Speaker 1>companies that are critical to national security, so like critical

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<v Speaker 1>minerals or you know, chip makers. But it is just

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<v Speaker 1>so interesting because it's also really this democratic idea of

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<v Speaker 1>you know, the government should be more involved in controlling things,

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<v Speaker 1>And it's really not something that traditional Republicans have thought of,

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<v Speaker 1>and so but it has become a really key part

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<v Speaker 1>of the Trump agenda. And I'm really curious just to

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<v Speaker 1>see what that looks like at the end of three years,

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<v Speaker 1>Like what companies does the US government partially own at

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<v Speaker 1>the end of the four year Trump term And is

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<v Speaker 1>that something that sticks beyond him If it's President j. D.

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<v Speaker 1>Vance or Marco Rubio is running for president, what do

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<v Speaker 1>they say about that? Is that really part of the

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<v Speaker 1>Republican idea at this point for the economy?

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<v Speaker 2>We dig into that question after the break. Presidents all

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<v Speaker 2>leave their mark on the country, some more than others.

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<v Speaker 2>A new president may try to undo the signature policies

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<v Speaker 2>of his predecessor or not. President Bind for example, did

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<v Speaker 2>not reverse the tariffs on China that President Trump put

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<v Speaker 2>in place during his first term. So to understand the

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<v Speaker 2>potential staying power of the big economic changes Trump pursued

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<v Speaker 2>last year, I asked Bloomberg's Nancy Cook and Marketquette how

0:12:34.559 --> 0:12:38.560
<v Speaker 2>difficult it might be for future administrations to reverse them. Think,

0:12:38.640 --> 0:12:42.000
<v Speaker 2>for example, the tax cuts in Trump's one Big Beautiful bill,

0:12:42.280 --> 0:12:43.880
<v Speaker 2>that big tax and spending bill.

0:12:44.559 --> 0:12:49.680
<v Speaker 3>The Trump administration is really counting on big economic boost

0:12:49.760 --> 0:12:53.520
<v Speaker 3>from that bill in twenty twenty six, from both the

0:12:53.600 --> 0:12:56.760
<v Speaker 3>continuation of the tax cuts that were enacted in his

0:12:56.880 --> 0:13:00.679
<v Speaker 3>first term and Congress didn't change in the interim. Also

0:13:00.720 --> 0:13:02.560
<v Speaker 3>those were augmented, you know, we had the no tax

0:13:02.600 --> 0:13:05.600
<v Speaker 3>on tips and no tax on overtime, and the administrations

0:13:05.600 --> 0:13:07.920
<v Speaker 3>counting on you know, a big boost from that. We've

0:13:07.920 --> 0:13:11.280
<v Speaker 3>seen estimates of thirty billion to one hundred billion dollars

0:13:11.360 --> 0:13:14.920
<v Speaker 3>in additional refunds for consumers as a result of these

0:13:14.960 --> 0:13:18.240
<v Speaker 3>tax cuts. But also there's business tax provisions in that

0:13:18.280 --> 0:13:21.360
<v Speaker 3>one Big Beautiful Bill, you know, allowing businesses to fully

0:13:21.400 --> 0:13:25.559
<v Speaker 3>expense capital investments, for example, and the expectation is that

0:13:25.640 --> 0:13:29.360
<v Speaker 3>we're going to see a big jump in capital expenditures

0:13:29.360 --> 0:13:32.319
<v Speaker 3>from companies as a result of these provisions in twenty

0:13:32.360 --> 0:13:36.400
<v Speaker 3>twenty six. So the combination of the consumer tax breaks

0:13:36.440 --> 0:13:39.520
<v Speaker 3>and the business tax breaks and the One Big Beautiful Bill,

0:13:39.840 --> 0:13:41.680
<v Speaker 3>I think we're going to see play out in twenty

0:13:41.760 --> 0:13:43.760
<v Speaker 3>twenty six, and that probably will go a long way

0:13:43.760 --> 0:13:47.200
<v Speaker 3>toward determining, you know, whether these breaks stay in effect.

0:13:47.440 --> 0:13:51.000
<v Speaker 3>You know, with the next administrations or if there's any

0:13:51.080 --> 0:13:53.079
<v Speaker 3>kind of adjustments made as a result.

0:13:53.280 --> 0:13:55.800
<v Speaker 1>You know, the Republican lawmakers I have would say on

0:13:55.880 --> 0:14:00.320
<v Speaker 1>most economic issues really haven't protested. It was in interesting

0:14:00.400 --> 0:14:02.640
<v Speaker 1>covering the tax bill and that moving through the Hill,

0:14:02.679 --> 0:14:05.760
<v Speaker 1>because there was Trump did have one idea at one

0:14:05.760 --> 0:14:08.160
<v Speaker 1>point where he wanted to raise taxes on millionaires. It

0:14:08.200 --> 0:14:11.840
<v Speaker 1>was a populist idea, and Republican lawmakers really put their

0:14:11.880 --> 0:14:14.160
<v Speaker 1>foot down there and that's one of the only instances

0:14:14.240 --> 0:14:16.680
<v Speaker 1>I can think of where they really told him. Now,

0:14:17.120 --> 0:14:19.720
<v Speaker 1>not publicly, but privately. There was a lot of discussion

0:14:19.720 --> 0:14:20.960
<v Speaker 1>between the Hill and the White House.

0:14:23.240 --> 0:14:26.360
<v Speaker 2>Market's all wrapped up in this issue of affordability, which

0:14:26.400 --> 0:14:28.000
<v Speaker 2>is something the President talked a lot about on the

0:14:28.000 --> 0:14:31.040
<v Speaker 2>campaign trail and has been more reluctant to talk about

0:14:31.080 --> 0:14:33.040
<v Speaker 2>in recent speeches. He claims he's made a lot of

0:14:33.080 --> 0:14:35.760
<v Speaker 2>inroads when it comes to affordability. As you survey the

0:14:35.800 --> 0:14:37.480
<v Speaker 2>economic landscape, has he.

0:14:38.720 --> 0:14:42.200
<v Speaker 3>I think you can point more to things that he's

0:14:42.240 --> 0:14:47.200
<v Speaker 3>done that have added costs to products or even inflation,

0:14:47.720 --> 0:14:51.480
<v Speaker 3>particularly with trade, than you can to things that he's

0:14:51.560 --> 0:14:54.680
<v Speaker 3>done to lower costs. I mean, I think that's one

0:14:54.720 --> 0:14:57.440
<v Speaker 3>of the reasons you're seeing President Trump roll out these

0:14:57.480 --> 0:15:02.760
<v Speaker 3>proposals like banning corporate ownership of single family homes or

0:15:03.200 --> 0:15:06.760
<v Speaker 3>capping credit card fees at ten percent a year. I

0:15:06.760 --> 0:15:09.600
<v Speaker 3>think it's sort of an acknowledgment that at least he

0:15:09.680 --> 0:15:13.040
<v Speaker 3>needs to be seen as doing more to address affordability.

0:15:13.360 --> 0:15:16.640
<v Speaker 3>But you know, we continue to see high prices for groceries,

0:15:16.760 --> 0:15:20.520
<v Speaker 3>beef and other products that I think is what's really driving,

0:15:20.880 --> 0:15:24.400
<v Speaker 3>you know, the depressed consumer sentiment surveys we're saying, where

0:15:24.640 --> 0:15:26.680
<v Speaker 3>you know, folks just don't feel good about the cost

0:15:26.720 --> 0:15:28.600
<v Speaker 3>of living or the direction of the economy.

0:15:28.840 --> 0:15:30.960
<v Speaker 2>The Trump administration is engaged in this kind of bold

0:15:31.000 --> 0:15:34.000
<v Speaker 2>experiment to change the global economy, change America's place in

0:15:34.040 --> 0:15:37.840
<v Speaker 2>the world. We've seen global supply chain shift, relationships change

0:15:38.120 --> 0:15:41.120
<v Speaker 2>that times has been in conflict with President Trump's desire

0:15:41.160 --> 0:15:44.520
<v Speaker 2>to tackle inflation and affordability concerns. What do folks you

0:15:44.560 --> 0:15:47.480
<v Speaker 2>talk to say about how long this is likely to

0:15:47.520 --> 0:15:51.000
<v Speaker 2>stay in place? Yes, during this administration, but after President

0:15:51.000 --> 0:15:51.680
<v Speaker 2>Trump leaves.

0:15:51.560 --> 0:15:54.600
<v Speaker 1>Office, I mean, I think that's just an open question.

0:15:55.000 --> 0:15:58.080
<v Speaker 1>One of the interesting things that I see happening in

0:15:58.160 --> 0:16:00.600
<v Speaker 1>the beginning of Trump's second year is that he is

0:16:01.800 --> 0:16:06.840
<v Speaker 1>really willing to break Republican orthodoxy and go after populist

0:16:06.920 --> 0:16:10.680
<v Speaker 1>economic ideas. He called Elizabeth Warren earlier this.

0:16:10.600 --> 0:16:12.320
<v Speaker 2>Week contexted with may or Mum Donnie.

0:16:12.760 --> 0:16:15.200
<v Speaker 1>Yeah, he didn't do it, but he thought about raising

0:16:15.240 --> 0:16:18.600
<v Speaker 1>taxes on millionaires. He has thought about sort of capping

0:16:18.600 --> 0:16:22.000
<v Speaker 1>credit card interest payments. And so the thing that I

0:16:22.040 --> 0:16:24.800
<v Speaker 1>am looking for for the next three years is Trump

0:16:24.880 --> 0:16:29.200
<v Speaker 1>already really changed Republican's approach to trade, let's say, and

0:16:29.240 --> 0:16:32.880
<v Speaker 1>now they think about trade totally differently, and Democrats left

0:16:32.920 --> 0:16:35.760
<v Speaker 1>some of those policies in place. And so how much

0:16:35.880 --> 0:16:40.120
<v Speaker 1>does Trump's populist agenda, which is sometimes populist and sometimes

0:16:40.120 --> 0:16:43.120
<v Speaker 1>actually not, how much does that sort of end up

0:16:43.200 --> 0:16:47.400
<v Speaker 1>changing the whole conversation about economic policy. Because when I

0:16:47.440 --> 0:16:50.720
<v Speaker 1>first came to Washington in twenty eleven, you know, people

0:16:51.160 --> 0:16:53.680
<v Speaker 1>of both parties were concerned about, you know, taxes, but

0:16:53.680 --> 0:16:55.960
<v Speaker 1>they were also really concerned about the deficit. And now

0:16:56.040 --> 0:16:59.720
<v Speaker 1>it's like the things that the real policy issues that

0:16:59.760 --> 0:17:03.360
<v Speaker 1>I see in Washington as being really the kind of

0:17:03.400 --> 0:17:06.280
<v Speaker 1>anchors of an economic agenda are the cost of housing.

0:17:06.760 --> 0:17:09.640
<v Speaker 1>What's going to happen with AI, What's going to happen

0:17:09.720 --> 0:17:12.600
<v Speaker 1>with electricity bills. You know, things shift based on what

0:17:12.640 --> 0:17:15.439
<v Speaker 1>people are concerned about, and so for me, I'm just

0:17:15.560 --> 0:17:19.080
<v Speaker 1>really curious to see how Republicans take sort of some

0:17:19.200 --> 0:17:22.000
<v Speaker 1>of these populous threads that Trump appears really open to.

0:17:22.600 --> 0:17:25.200
<v Speaker 1>How do they deal with them moving forward. Republicans are

0:17:25.240 --> 0:17:28.960
<v Speaker 1>not really the party of lower taxes and less regulation anymore.

0:17:28.960 --> 0:17:31.320
<v Speaker 1>They still like those things, but there's a lot of

0:17:31.359 --> 0:17:33.760
<v Speaker 1>different things in the mix, and it's unclear to me

0:17:34.640 --> 0:17:37.760
<v Speaker 1>what the party will take as their platform moving forward,

0:17:37.800 --> 0:17:39.000
<v Speaker 1>and I think that's going to be one of the

0:17:39.000 --> 0:17:41.080
<v Speaker 1>most interesting things to watch over the next three years.