1 00:00:00,320 --> 00:00:03,040 Speaker 1: Five from our nation's camera. This budget thing is going 2 00:00:03,120 --> 00:00:05,560 Speaker 1: to do nothing. Space forts. I still think it's interesting 3 00:00:05,559 --> 00:00:09,639 Speaker 1: President Trump not playing his cards yet headlines Policy and Politics, 4 00:00:09,680 --> 00:00:14,400 Speaker 1: colliding to sound on with Kevin's really the insiders, the influencers, 5 00:00:14,600 --> 00:00:17,400 Speaker 1: the insides. I would rather see a congressional solution. It's 6 00:00:17,440 --> 00:00:20,400 Speaker 1: part of my DNA. The Senate map in looks a 7 00:00:20,400 --> 00:00:22,720 Speaker 1: lot different than it looked in. You really have a 8 00:00:22,720 --> 00:00:26,040 Speaker 1: divide within Team Trump. The president has to do exactly 9 00:00:26,079 --> 00:00:27,800 Speaker 1: what people seven here to do, which is to get 10 00:00:27,840 --> 00:00:32,280 Speaker 1: it done. He's sound on with Kevin Currelate on Bloomberg 11 00:00:33,159 --> 00:00:35,320 Speaker 1: one and one oh five point seven a m h 12 00:00:35,440 --> 00:00:40,320 Speaker 1: D two Baltimore, Happy Monday, Welcome back from a White 13 00:00:40,320 --> 00:00:43,519 Speaker 1: House correspondence dinner weekend. We're gonna get an update and 14 00:00:43,600 --> 00:00:47,480 Speaker 1: a recap on all of the weekend's festivities. But more importantly, 15 00:00:48,000 --> 00:00:51,800 Speaker 1: GOP Senator Chuck Grassley has a message to President Donald Trump. 16 00:00:52,159 --> 00:00:55,200 Speaker 1: He says that he's going to cancel the He would 17 00:00:55,320 --> 00:00:58,440 Speaker 1: that the President should cancel tariffs or lose the U 18 00:00:58,600 --> 00:01:01,480 Speaker 1: s m C A naptatio by no trade deal. What 19 00:01:01,480 --> 00:01:04,880 Speaker 1: does this mean as the high stakes trade talks continue? 20 00:01:04,959 --> 00:01:08,399 Speaker 1: Plus former Vice President Joe Biden ready to make a 21 00:01:08,440 --> 00:01:12,160 Speaker 1: pitch to russ Belt workers as a challenged Trump, but 22 00:01:12,280 --> 00:01:15,280 Speaker 1: can he get union workers on board. We have an 23 00:01:15,319 --> 00:01:18,360 Speaker 1: all star panel today, a gem Pact show. All of that, 24 00:01:18,520 --> 00:01:22,319 Speaker 1: plus greg from Gregory's Coffee. He's gonna tell us about 25 00:01:22,360 --> 00:01:27,240 Speaker 1: how the trade policies are impacting coffee beans. Plus need 26 00:01:27,319 --> 00:01:31,640 Speaker 1: Ellis joins us from the Hill newspaper. Uh. He covers 27 00:01:31,720 --> 00:01:36,160 Speaker 1: all things Washington and in particular the budget and Appropriations committees. 28 00:01:36,440 --> 00:01:40,200 Speaker 1: He's also a former reporter for the Jerusalem Post. Alex 29 00:01:40,200 --> 00:01:44,160 Speaker 1: Wayne's also here. He's Bloomberg News White House editor and 30 00:01:45,120 --> 00:01:49,680 Speaker 1: Katherine Chiffiletti managing editor at Washington Life magazine. Before we 31 00:01:49,680 --> 00:01:53,320 Speaker 1: get into all of that, though, busy, busy weekend for Washington, 32 00:01:53,480 --> 00:01:57,360 Speaker 1: still in congressional recess. But they're back now, this following 33 00:01:57,520 --> 00:02:02,680 Speaker 1: the festivities of what was a much smaller White House 34 00:02:02,720 --> 00:02:07,320 Speaker 1: Correspondence Dinner weekend. No, President Trump did not go. But 35 00:02:07,560 --> 00:02:11,280 Speaker 1: Ron Cher No, who's a historian. He actually wrote the 36 00:02:11,360 --> 00:02:16,400 Speaker 1: biography of former President Andrew Hamilton's that then became the play, 37 00:02:16,520 --> 00:02:20,640 Speaker 1: that Broadway play Hamilton's He spoke. I liked it. I 38 00:02:20,680 --> 00:02:22,399 Speaker 1: thought he hit the right notes. But we're gonna play 39 00:02:22,440 --> 00:02:24,680 Speaker 1: some of that for you coming up. Um. We're also 40 00:02:24,680 --> 00:02:27,640 Speaker 1: going to get a full recap from my good friend 41 00:02:27,720 --> 00:02:33,400 Speaker 1: Katherine Schiffeletti. She's managing editor at Washington Life Magazine. More importantly, policy, 42 00:02:33,520 --> 00:02:37,840 Speaker 1: forget the personality for a second. A big, big, big 43 00:02:37,880 --> 00:02:41,480 Speaker 1: headline this week or today, rather this morning, Republican Senator 44 00:02:41,560 --> 00:02:45,600 Speaker 1: Chuck Rassley says that President Trump needs to cancel tariffs 45 00:02:46,120 --> 00:02:48,880 Speaker 1: or lose U s m c A. And after two 46 00:02:48,960 --> 00:02:53,120 Speaker 1: point oh the Senate senior Republican issuing an ultimatum to 47 00:02:53,320 --> 00:02:57,320 Speaker 1: President Trump. And this, of course, as trade talks are 48 00:02:57,360 --> 00:03:03,440 Speaker 1: continuing in Beijing this week, as US Trade Representative Bob 49 00:03:03,560 --> 00:03:09,280 Speaker 1: Leightheizer and Treasury Secretary Stephen Manusian they're headed to continue 50 00:03:09,720 --> 00:03:14,679 Speaker 1: to negotiate on US China trade talks. Now, Senator Grassley, 51 00:03:14,760 --> 00:03:18,520 Speaker 1: who was chairman of the Finance Committee, is saying that 52 00:03:18,720 --> 00:03:24,360 Speaker 1: unless there are tariffs removed on stealing aluminum imports regarding 53 00:03:24,560 --> 00:03:28,120 Speaker 1: U s m c A, no deal, no deal. So, 54 00:03:28,160 --> 00:03:32,400 Speaker 1: while everybody was worried about whether or not Democrats would 55 00:03:32,440 --> 00:03:36,840 Speaker 1: rally behind this in the House of Representatives, some Dems 56 00:03:36,880 --> 00:03:39,560 Speaker 1: say that it's not progressive enough. Now the president has 57 00:03:40,000 --> 00:03:44,080 Speaker 1: trouble within his own party. Alex Wayne is the senior 58 00:03:44,240 --> 00:03:49,000 Speaker 1: White House editor for Bloomberg News. Nive Ellis covers all 59 00:03:49,040 --> 00:03:52,680 Speaker 1: things budget and appropriations for The Hill Newspaper. Alex, thanks 60 00:03:52,680 --> 00:03:55,600 Speaker 1: for being here, sure thing, So what do you make 61 00:03:55,640 --> 00:04:00,920 Speaker 1: of this now that Senate Chairman Grassley appy clout in 62 00:04:00,960 --> 00:04:03,680 Speaker 1: the Upper Chamber is saying, get rid of the stealing 63 00:04:03,680 --> 00:04:06,600 Speaker 1: aluminum tariffs or you're not getting what could be a 64 00:04:07,000 --> 00:04:10,440 Speaker 1: pretty hefty part of your of your legacy heading into 65 00:04:10,440 --> 00:04:14,040 Speaker 1: the reelect. This is Uh, this is kind of an 66 00:04:14,040 --> 00:04:16,799 Speaker 1: example of the tension that's always been there between Trump 67 00:04:16,839 --> 00:04:20,400 Speaker 1: and the Republican Party on on trade um rearing its 68 00:04:20,400 --> 00:04:23,359 Speaker 1: head again. The Republican Party was not a party of 69 00:04:23,400 --> 00:04:26,919 Speaker 1: tariffs until Trump came on the scene and won the 70 00:04:26,920 --> 00:04:30,440 Speaker 1: White House. Uh, grass Lely and everybody else in that party, 71 00:04:30,839 --> 00:04:35,240 Speaker 1: Uh in Congress have been free trade guys for decades now. Uh. 72 00:04:35,279 --> 00:04:38,039 Speaker 1: And so they were never wild about Trump's tariffs. He 73 00:04:38,080 --> 00:04:40,440 Speaker 1: didn't go to Congress and ask them to approve the 74 00:04:40,520 --> 00:04:44,039 Speaker 1: stealing room tariffs or the the trade war with China 75 00:04:44,200 --> 00:04:47,800 Speaker 1: before he embarked in those efforts. Uh. And so it's 76 00:04:47,880 --> 00:04:50,400 Speaker 1: it's it's not much of a surprise that they Grassley 77 00:04:50,520 --> 00:04:52,440 Speaker 1: is is opposed to it. It is a little bit 78 00:04:52,440 --> 00:04:55,159 Speaker 1: of surprised that he would threaten to not vote for 79 00:04:55,200 --> 00:04:57,440 Speaker 1: a hold up U s m c A and U 80 00:04:57,520 --> 00:04:59,200 Speaker 1: s m c A. I mean, let's let's just go 81 00:04:59,279 --> 00:05:02,720 Speaker 1: through ni VL lists of reporter at the Hill newspaper, 82 00:05:02,800 --> 00:05:06,960 Speaker 1: all of the back story here. Iowa, the state in 83 00:05:07,040 --> 00:05:11,600 Speaker 1: which Chairman grass Lely represents so crucial to the President's 84 00:05:11,640 --> 00:05:15,880 Speaker 1: agricultural coalition, so crucial to the U s m c A, 85 00:05:15,960 --> 00:05:19,279 Speaker 1: or not to two point o'deal steal in aluminum commodities 86 00:05:19,320 --> 00:05:22,640 Speaker 1: in particular, the business community is Alex just pointed out, 87 00:05:22,920 --> 00:05:28,000 Speaker 1: has been rallying against these steal in aluminum UH tariffs 88 00:05:28,040 --> 00:05:31,120 Speaker 1: for for so long, and in fact, that's why Steve Bannon, 89 00:05:31,279 --> 00:05:34,440 Speaker 1: remember him, Steve Bannon last week in New York City 90 00:05:34,480 --> 00:05:37,360 Speaker 1: at the St. Regius Nice Hotel by the way, at 91 00:05:37,360 --> 00:05:40,600 Speaker 1: the St. Steve Bannon at the St. Regis saying that 92 00:05:40,680 --> 00:05:44,200 Speaker 1: the business community is doing the work of China by 93 00:05:44,240 --> 00:05:47,880 Speaker 1: going against these tariffs and advocating the President Trump not 94 00:05:48,040 --> 00:05:52,160 Speaker 1: listen to Treasury Secretary Manution, but Peter Navarro so as 95 00:05:52,279 --> 00:05:55,560 Speaker 1: U s m c A now dead. Nieve Ellis well, 96 00:05:55,600 --> 00:05:59,240 Speaker 1: this is the interesting thing about this whole situation is that, uh, 97 00:05:59,279 --> 00:06:02,520 Speaker 1: you know, the Republican Party really doesn't like tariffs. But 98 00:06:02,640 --> 00:06:04,720 Speaker 1: Chuck Grasty, in that same op ed in which he 99 00:06:04,760 --> 00:06:06,960 Speaker 1: was saying, you know, I'm not going to move this 100 00:06:07,000 --> 00:06:10,120 Speaker 1: deal forward, also kind of endorsed the tariffs that are 101 00:06:10,120 --> 00:06:12,320 Speaker 1: currently on China. He said, you know what, I'm glad 102 00:06:12,360 --> 00:06:15,480 Speaker 1: the tariffs sunshine are there because I've seen the light. 103 00:06:15,560 --> 00:06:17,600 Speaker 1: And I think that President Trump had a point that 104 00:06:17,640 --> 00:06:21,000 Speaker 1: it's pressuring them. What he's looking at with the Canada 105 00:06:21,120 --> 00:06:24,960 Speaker 1: and Mexico Trade Deal though the NAFTA version two point oh, 106 00:06:25,240 --> 00:06:28,919 Speaker 1: is that those tariffs, even in Trump's ideology of like, 107 00:06:29,040 --> 00:06:32,200 Speaker 1: let's pressure them with tariffs, what are they doing now? Right? 108 00:06:32,240 --> 00:06:36,280 Speaker 1: They already um signed the deal with Trump. Now it's 109 00:06:36,320 --> 00:06:39,120 Speaker 1: about all the country's passing them. And Grassy is feeling 110 00:06:39,120 --> 00:06:41,920 Speaker 1: this at home. He's HiT's He's from Iowa. It's an 111 00:06:41,960 --> 00:06:45,719 Speaker 1: agricultural state. Agricultural income is down because of the tariffs. 112 00:06:45,720 --> 00:06:48,560 Speaker 1: But they got that big they got that big allocation 113 00:06:48,720 --> 00:06:51,520 Speaker 1: from from from the government. They had a I don't 114 00:06:51,520 --> 00:06:52,800 Speaker 1: want to call it a hand out, but for lack 115 00:06:52,800 --> 00:06:54,960 Speaker 1: of a better word, it was a hand out. That's 116 00:06:54,960 --> 00:06:57,680 Speaker 1: exactly what it was. A big subsidy for agriculture. Subsidy 117 00:06:57,680 --> 00:07:01,120 Speaker 1: there it is. I'll go further in call welfare for farmers, 118 00:07:01,680 --> 00:07:03,720 Speaker 1: and that's what farmers are calling in too. You know, 119 00:07:03,760 --> 00:07:05,360 Speaker 1: there are all these people that are getting up and saying, 120 00:07:05,400 --> 00:07:06,919 Speaker 1: you know, we don't we don't want the government to 121 00:07:06,920 --> 00:07:09,760 Speaker 1: come and subsidize our industry this way, and we want 122 00:07:09,800 --> 00:07:13,040 Speaker 1: to be able to actually just sell our products. Um So, 123 00:07:13,040 --> 00:07:15,400 Speaker 1: so it's not nearly enough, it doesn't cover it, and 124 00:07:15,480 --> 00:07:18,400 Speaker 1: their incomes are down, um in the worst way for 125 00:07:18,680 --> 00:07:22,840 Speaker 1: since alex plain Is. Bloomberg News White House Editorneath Ellis 126 00:07:22,920 --> 00:07:25,760 Speaker 1: covers budget and appropriations for the Hill. White House Press 127 00:07:25,760 --> 00:07:29,960 Speaker 1: Secretary Sarah Sanders was asked about this particular issue and 128 00:07:30,000 --> 00:07:33,400 Speaker 1: the fate of us m c A at the White 129 00:07:33,440 --> 00:07:36,240 Speaker 1: House earlier today. Here she is, take a listen, this 130 00:07:36,320 --> 00:07:41,400 Speaker 1: is a historic trade deal that benefits Americans across the board, 131 00:07:41,480 --> 00:07:45,520 Speaker 1: particularly UH, those in our farming community and a number 132 00:07:45,520 --> 00:07:49,280 Speaker 1: of other industries. It would be absurd for Congress not 133 00:07:49,400 --> 00:07:53,080 Speaker 1: to push forward and pass UH this deal that really 134 00:07:53,120 --> 00:07:56,680 Speaker 1: benefits American workers um and certainly is much better than 135 00:07:56,720 --> 00:07:59,400 Speaker 1: the deal that we've had through NAFT. Over the last 136 00:07:59,400 --> 00:08:02,120 Speaker 1: several years. All Right, we talked about the policy and 137 00:08:02,160 --> 00:08:04,800 Speaker 1: in particular steal and aluminum and all of the various 138 00:08:04,840 --> 00:08:08,080 Speaker 1: business interests that are against these terrorists. But now let's 139 00:08:08,080 --> 00:08:10,520 Speaker 1: talk about the politics, because Alex, this is a political 140 00:08:10,960 --> 00:08:14,239 Speaker 1: disaster for this White House if if, if they don't 141 00:08:14,360 --> 00:08:17,760 Speaker 1: pass a nap to two point Oh. The President campaigned 142 00:08:18,080 --> 00:08:21,320 Speaker 1: in the heartland and fly over country by saying he 143 00:08:21,400 --> 00:08:23,720 Speaker 1: was going to get rid of NAFTA. And there are 144 00:08:23,760 --> 00:08:25,880 Speaker 1: even some within the party that say this is not 145 00:08:26,200 --> 00:08:28,840 Speaker 1: that that this is just naphta light. Uh. And then 146 00:08:28,880 --> 00:08:31,800 Speaker 1: on the flip side of that, this gives ammunition to Democrats, know, 147 00:08:32,000 --> 00:08:36,400 Speaker 1: who are especially people like Senators Warren and Sanders, who 148 00:08:36,400 --> 00:08:39,760 Speaker 1: are saying that this deal doesn't is nap to light 149 00:08:40,120 --> 00:08:43,000 Speaker 1: and that essentially this does not go nearly as progressive 150 00:08:43,400 --> 00:08:46,480 Speaker 1: as it should. So by not passing this when he 151 00:08:46,520 --> 00:08:51,840 Speaker 1: goes to those campaign rallies in Wisconsin and Michigan, this 152 00:08:51,920 --> 00:08:54,720 Speaker 1: could be a political risk. Yeah. And he's the president 153 00:08:54,760 --> 00:08:59,000 Speaker 1: is super focused right now on accomplishing campaign promises. Uh. 154 00:08:59,520 --> 00:09:02,760 Speaker 1: That's what the shut down over the wall is all about. So, uh, 155 00:09:03,120 --> 00:09:05,600 Speaker 1: repealing NAFTA was a promise he hasn't done it. He's 156 00:09:05,640 --> 00:09:08,520 Speaker 1: got to convince House Democrats to vote for this thing, 157 00:09:08,920 --> 00:09:11,200 Speaker 1: UH to to get it to get it past UH 158 00:09:11,240 --> 00:09:14,439 Speaker 1: and House Democrats are seemed to be poised to extract 159 00:09:14,440 --> 00:09:17,320 Speaker 1: a price, and now he's got to convince UH. Senate 160 00:09:17,320 --> 00:09:20,920 Speaker 1: Finance Committee Chairman Chuck Grassley. Panel stays much more on 161 00:09:21,000 --> 00:09:23,840 Speaker 1: the politics and policy, plus what it all means for 162 00:09:23,840 --> 00:09:28,280 Speaker 1: the presidential alex Wayne nevellis I'm Kevin Cerilli. You can 163 00:09:28,320 --> 00:09:32,160 Speaker 1: download the Sound on podcast on Apple iTunes, at Bloomberg 164 00:09:32,240 --> 00:09:35,320 Speaker 1: dot com, or by downloading the Bloomberg Business app. You 165 00:09:35,320 --> 00:09:38,439 Speaker 1: can also find us on Radio dot com, I Heart 166 00:09:38,520 --> 00:09:49,480 Speaker 1: Radio and Spotify. You're listening to Bloomberg. This is Sound 167 00:09:49,559 --> 00:09:53,920 Speaker 1: On with Kevin's Really on Bloomberg one and one oh 168 00:09:53,960 --> 00:09:58,080 Speaker 1: five point seven of m h D two Baltimore. This 169 00:09:58,240 --> 00:10:00,599 Speaker 1: is as good as time as that it takes. And 170 00:10:00,760 --> 00:10:04,960 Speaker 1: we dedicate yourself to the highest standards of journalistic integrity 171 00:10:05,080 --> 00:10:08,640 Speaker 1: and accuracy. Donald dre Trump is not the first and 172 00:10:08,720 --> 00:10:11,720 Speaker 1: mun't be the last American president to create jitters about 173 00:10:11,720 --> 00:10:16,560 Speaker 1: the First Amendment. So be humble, be skeptical, and beware 174 00:10:16,559 --> 00:10:19,600 Speaker 1: of being infected by the very things you're fighting against. 175 00:10:21,400 --> 00:10:26,200 Speaker 1: That was Ron Chernow at the Washington UH Core at 176 00:10:26,200 --> 00:10:29,440 Speaker 1: the White House Correspondence dinner on Saturday night at the 177 00:10:29,440 --> 00:10:32,839 Speaker 1: Washington Hilton. He of course is the famed historian and 178 00:10:32,960 --> 00:10:37,560 Speaker 1: his message be humble, Be Humble. He wrote UH many 179 00:10:37,600 --> 00:10:43,240 Speaker 1: great historical works, including a biography on former President Hamilton's 180 00:10:43,320 --> 00:10:46,800 Speaker 1: which ended up becoming a Broadway play. I liked it. 181 00:10:46,880 --> 00:10:49,360 Speaker 1: I thought it was funny. I thought he took some 182 00:10:49,760 --> 00:10:53,200 Speaker 1: you know, some jabs at the president, also took some 183 00:10:53,280 --> 00:10:56,800 Speaker 1: jobs at the media and really captured I think the 184 00:10:56,960 --> 00:11:03,120 Speaker 1: moment of discourse here in the United States. It played 185 00:11:03,120 --> 00:11:05,520 Speaker 1: well in the room that I will say last year 186 00:11:05,600 --> 00:11:07,880 Speaker 1: was a bit more. How do I put this uncomfortable? 187 00:11:07,920 --> 00:11:11,400 Speaker 1: Alex Wayne is Bloomberg News White House Editor. He's with 188 00:11:11,440 --> 00:11:14,440 Speaker 1: me UH for the hour. As his knee Ellis, he 189 00:11:14,559 --> 00:11:18,880 Speaker 1: covers all things budget and appropriations for the Hill. Alex, 190 00:11:18,880 --> 00:11:21,240 Speaker 1: you were at the dinner. What did you think of 191 00:11:21,240 --> 00:11:24,680 Speaker 1: of the speech and the festivities? I thought, I thought 192 00:11:24,679 --> 00:11:27,800 Speaker 1: turn now and UH and the White House Correspondence Association 193 00:11:27,800 --> 00:11:30,920 Speaker 1: President Olivia Knox both did really well. They both delivered 194 00:11:31,720 --> 00:11:34,880 Speaker 1: nice speeches that made the points that they should have made. Yeah, 195 00:11:34,920 --> 00:11:36,680 Speaker 1: I thought, I thought, and you know. The thing about 196 00:11:36,920 --> 00:11:38,800 Speaker 1: it was funny. It was like it was like having 197 00:11:38,840 --> 00:11:43,160 Speaker 1: a comedian there who was um also smart and taught 198 00:11:43,160 --> 00:11:45,600 Speaker 1: you stuff flight and I was like, gosh, I wish 199 00:11:45,600 --> 00:11:47,640 Speaker 1: my history teachers when I was a kid were this good, 200 00:11:47,679 --> 00:11:49,760 Speaker 1: you know, but it was good. It was good. He 201 00:11:49,800 --> 00:11:51,720 Speaker 1: actually you know. He also talked about all the different 202 00:11:51,720 --> 00:11:58,640 Speaker 1: presidents relationships with the media and how they all brought 203 00:11:58,679 --> 00:12:02,400 Speaker 1: their personalities, uh to to it, and I thought this 204 00:12:02,440 --> 00:12:06,719 Speaker 1: was interesting. Eleanor Roosevelt, the former First Lady, helding uh 205 00:12:06,880 --> 00:12:11,679 Speaker 1: panel discussions with all female journalists UH and that forced 206 00:12:11,679 --> 00:12:14,679 Speaker 1: a lot of of of newspapers at the time to 207 00:12:14,800 --> 00:12:17,560 Speaker 1: hire female journalists because she was giving access and a 208 00:12:17,600 --> 00:12:22,360 Speaker 1: new a new window into into government. Kathin triple Letty 209 00:12:22,400 --> 00:12:25,640 Speaker 1: had a big weekend. She joins us on the Bloomberg 210 00:12:26,800 --> 00:12:31,520 Speaker 1: telephone line. She is managing editor at Washington Life magazine. Katherine, 211 00:12:31,559 --> 00:12:33,520 Speaker 1: I've bumped into you a couple of times over the weekend. 212 00:12:33,559 --> 00:12:37,720 Speaker 1: I mean, you are everywhere I try. I try. It's 213 00:12:37,840 --> 00:12:44,280 Speaker 1: challenging to bounce around town, but successful weekend all and all, 214 00:12:46,440 --> 00:12:49,800 Speaker 1: but you're surviving. You're surviving and thriving. Recap the weekend 215 00:12:49,800 --> 00:12:52,240 Speaker 1: for us, What did you notice this year that was 216 00:12:52,320 --> 00:12:55,480 Speaker 1: different from years past? And what were the spotted Who 217 00:12:55,480 --> 00:12:58,720 Speaker 1: did you see? Who did you run into? Well, of course, 218 00:12:58,960 --> 00:13:01,040 Speaker 1: you know, every year seems to be getting a little 219 00:13:01,040 --> 00:13:04,600 Speaker 1: more low wattah, but I think that to be expected, 220 00:13:04,640 --> 00:13:06,480 Speaker 1: and I think, you know, based on the climate that 221 00:13:06,559 --> 00:13:09,640 Speaker 1: we're in, it might be for the best. Um. Olivia 222 00:13:09,760 --> 00:13:11,599 Speaker 1: Knox I had a chance to talk to him on 223 00:13:12,000 --> 00:13:15,000 Speaker 1: Thursday night and he really drove home the point that 224 00:13:15,640 --> 00:13:19,160 Speaker 1: this is about journalists and now more than ever we 225 00:13:19,200 --> 00:13:23,320 Speaker 1: need to support them. And you know, with having celebrities 226 00:13:23,840 --> 00:13:25,840 Speaker 1: in and out and the buzz being about them, it 227 00:13:25,880 --> 00:13:28,720 Speaker 1: does distract a little bit from what is the main 228 00:13:28,760 --> 00:13:33,360 Speaker 1: point of the dinner. So um, you know that being said, 229 00:13:33,400 --> 00:13:36,200 Speaker 1: there were definitely less celebrities than last year and in 230 00:13:36,320 --> 00:13:39,240 Speaker 1: the past when we had the Obama administration just trying 231 00:13:39,520 --> 00:13:42,640 Speaker 1: huge names. We did get to get a chance to 232 00:13:42,720 --> 00:13:49,360 Speaker 1: d J Lenno, which is always fun, right exactly at 233 00:13:49,360 --> 00:13:52,320 Speaker 1: the garden brunch and um, he made a funny little 234 00:13:52,400 --> 00:13:56,720 Speaker 1: joke about how you know, the the planners might have 235 00:13:56,720 --> 00:13:59,120 Speaker 1: been scraping at the bottom of the barrel when they 236 00:13:59,160 --> 00:14:03,440 Speaker 1: asked him be there. But uh, you know, the elephant 237 00:14:03,440 --> 00:14:05,680 Speaker 1: in the room, but it's always good to see him, 238 00:14:05,800 --> 00:14:09,400 Speaker 1: and uh, you know, a lot of funny little appearances, 239 00:14:09,480 --> 00:14:13,520 Speaker 1: like I don't know if anyone saw water Girl. I did. Wait, 240 00:14:13,559 --> 00:14:16,240 Speaker 1: this is kind of funny, Katherine. So here it was. First, 241 00:14:16,320 --> 00:14:18,160 Speaker 1: let's let's start with j because that was really though 242 00:14:18,480 --> 00:14:20,520 Speaker 1: highlight of the weekend. And he gave away a car 243 00:14:21,120 --> 00:14:23,880 Speaker 1: at the Garden Brunch, which is this big brunch here 244 00:14:23,880 --> 00:14:26,960 Speaker 1: in Washington, d C. And so he gave away a 245 00:14:26,960 --> 00:14:29,360 Speaker 1: car to a veteran and I thought that was amazing. 246 00:14:29,400 --> 00:14:32,240 Speaker 1: I mean, it really was a magnificent moment to see 247 00:14:32,520 --> 00:14:35,160 Speaker 1: him honor a veteran. And and and really, I think, 248 00:14:35,280 --> 00:14:37,240 Speaker 1: as you alluded to, so much of the pomp and 249 00:14:37,280 --> 00:14:41,360 Speaker 1: circumstance and the back and forth that takes away from 250 00:14:41,560 --> 00:14:45,240 Speaker 1: the best that our industry as journalists has to offer 251 00:14:46,040 --> 00:14:48,000 Speaker 1: gets lost. But it didn't get lost in that moment. 252 00:14:48,000 --> 00:14:50,240 Speaker 1: It didn't get lost at that brunch. And then I'm 253 00:14:50,280 --> 00:14:52,560 Speaker 1: at the CBS pre party and you were there. I 254 00:14:52,600 --> 00:14:54,760 Speaker 1: see you, and all of a sudden, I'm like, that's 255 00:14:54,800 --> 00:14:57,520 Speaker 1: the Fiji water Girl And there she was, and it 256 00:14:57,560 --> 00:15:02,880 Speaker 1: was kind of random. It was random, but refreshing just 257 00:15:02,960 --> 00:15:05,960 Speaker 1: because good works. It was. It created a little buzz 258 00:15:06,880 --> 00:15:09,520 Speaker 1: um that was, you know, unlike years past. So I 259 00:15:09,520 --> 00:15:11,920 Speaker 1: thought that was a funny edition. Okay, before I let 260 00:15:11,960 --> 00:15:14,240 Speaker 1: you go, I know you're busy, but uh, I thought 261 00:15:14,240 --> 00:15:17,480 Speaker 1: this was interesting in the sense that the administration, the 262 00:15:17,520 --> 00:15:20,360 Speaker 1: Trump administration, had said no one's allowed to go to 263 00:15:20,440 --> 00:15:24,320 Speaker 1: any of the parties. I saw Rudy Giuliani at the 264 00:15:24,640 --> 00:15:27,600 Speaker 1: Hill pre party. I also saw him at the Garden runch. 265 00:15:27,640 --> 00:15:30,360 Speaker 1: I saw I bumped into Kelly and Conway. I saw 266 00:15:30,400 --> 00:15:32,920 Speaker 1: Sean Spicer, though he's not prevo. He's left the administration. 267 00:15:33,080 --> 00:15:36,480 Speaker 1: So there were some Trump administration folks spotting around town. 268 00:15:36,520 --> 00:15:40,760 Speaker 1: No agreed they were out and about, which makes me 269 00:15:40,840 --> 00:15:44,000 Speaker 1: think there had to have been some sort of conversation 270 00:15:44,160 --> 00:15:47,680 Speaker 1: about that. But Kelly An generally is super social, you know, 271 00:15:47,760 --> 00:15:51,320 Speaker 1: we see her at cherity events and um small dinners 272 00:15:51,360 --> 00:15:54,240 Speaker 1: around the city all the time, so that didn't surprise me. 273 00:15:54,280 --> 00:15:57,200 Speaker 1: I can't speak to Rudy Giuliani though, that was That 274 00:15:57,320 --> 00:15:59,840 Speaker 1: was me for me and Rod Rosenstein, So that's not 275 00:16:00,040 --> 00:16:03,080 Speaker 1: good about him. Forget about I can't forget about. He 276 00:16:03,120 --> 00:16:05,760 Speaker 1: was also spotted all right. Katain trifle Letty. She is 277 00:16:05,800 --> 00:16:09,800 Speaker 1: the managing editor at Washington Life magazine. She knows everyone 278 00:16:10,400 --> 00:16:13,240 Speaker 1: in town and can put it all into context for us. 279 00:16:13,280 --> 00:16:19,000 Speaker 1: Thank you so much for problem issue. We'll have pretty 280 00:16:19,080 --> 00:16:22,720 Speaker 1: robust coverage of the weekend and follow them on social 281 00:16:22,720 --> 00:16:26,280 Speaker 1: media as well as on their website. That's Katherine, Katherine 282 00:16:26,320 --> 00:16:29,360 Speaker 1: trifle Letty, everybody. We appreciate that. Coming up back to 283 00:16:29,600 --> 00:16:34,040 Speaker 1: politics and in particular the presidential race will have much 284 00:16:34,040 --> 00:16:36,520 Speaker 1: more of that. You can download the sound on podcast 285 00:16:36,560 --> 00:16:39,800 Speaker 1: on Apple iTunes, at Bloomberg dot com, or by downloading 286 00:16:39,800 --> 00:16:42,160 Speaker 1: the Bloomberg Business app. You can also check us out 287 00:16:42,200 --> 00:16:45,800 Speaker 1: on radio dot com, I Heart Radio, and Spotify. I'm 288 00:16:45,880 --> 00:16:53,080 Speaker 1: Kevin Surreally. You are listening to Bloomberg. You're listening to 289 00:16:53,360 --> 00:16:57,920 Speaker 1: Sound On with Kevin Surreally on Bloomberg one and one 290 00:16:58,480 --> 00:17:01,800 Speaker 1: point seven f M HD two of him all. We're 291 00:17:01,800 --> 00:17:06,040 Speaker 1: still behind him and he's going through the process vetting, 292 00:17:06,080 --> 00:17:08,480 Speaker 1: and we'll see what happens through that process, and then 293 00:17:08,560 --> 00:17:10,879 Speaker 1: hopefully we'll go up to Senate Banking Committee. No, no 294 00:17:11,040 --> 00:17:15,320 Speaker 1: change in our position. That was the President's senior economic 295 00:17:15,359 --> 00:17:19,639 Speaker 1: advisor Larry Cudlow speaking earlier today at the White House 296 00:17:20,119 --> 00:17:24,680 Speaker 1: and a gaggle of reporters. As it's known about Stephen Moore. 297 00:17:25,160 --> 00:17:29,359 Speaker 1: Stephen Moore, who is nominated to the President's or to 298 00:17:29,400 --> 00:17:33,000 Speaker 1: the Federal Reserve Board, been nominated by President Trump. Of course, 299 00:17:33,040 --> 00:17:37,320 Speaker 1: Herman Kine having now he's out, he was also a nomination. 300 00:17:37,359 --> 00:17:40,480 Speaker 1: He's out. But Larry Cudlow laying out the politics of 301 00:17:40,520 --> 00:17:44,200 Speaker 1: the Senate Banking Committee, Republican controlled Senate Banking Committee, and 302 00:17:44,200 --> 00:17:47,840 Speaker 1: they've got a lot of questions for for Mr Moore. 303 00:17:48,720 --> 00:17:51,800 Speaker 1: Congress is back in session and in fact they have 304 00:17:51,840 --> 00:17:55,080 Speaker 1: a culture vote in the Senate about now. And meanwhile, 305 00:17:55,160 --> 00:17:58,359 Speaker 1: breaking news headlines crossing the Bloomberg terminal as we speak. 306 00:17:58,480 --> 00:18:03,320 Speaker 1: Rod Rosenstein his resignation will be effective May eleventh. That 307 00:18:03,480 --> 00:18:11,040 Speaker 1: is May eleventh, Rod Rosenstein his his his resignation becomes effective. 308 00:18:11,080 --> 00:18:14,320 Speaker 1: Of course, he's the Deputy Attorney General. He's submitted his 309 00:18:14,440 --> 00:18:18,200 Speaker 1: letter of resignation to President Trump and he will have 310 00:18:18,320 --> 00:18:22,919 Speaker 1: that resignation be effective on May eleventh. As we mentioned earlier, 311 00:18:23,000 --> 00:18:25,600 Speaker 1: he was spotting around town this weekend, so I'll be 312 00:18:25,600 --> 00:18:30,560 Speaker 1: interesting to see where he ultimately ends up. Joining us 313 00:18:30,680 --> 00:18:33,840 Speaker 1: for the Hour. Alex Wayne he is Bloomberg News White 314 00:18:33,840 --> 00:18:37,520 Speaker 1: House Editor, and Neve ellis first time on the program 315 00:18:37,520 --> 00:18:41,000 Speaker 1: for NAVE he's Budget and Appropriations reporter for the Hill. 316 00:18:41,920 --> 00:18:45,080 Speaker 1: We were talking to the break. I really want to 317 00:18:45,080 --> 00:18:46,680 Speaker 1: be a fly on the wal tomorrow at the White 318 00:18:46,680 --> 00:18:51,680 Speaker 1: House for Speaker Pelosi and President Trump. I mean, think 319 00:18:51,720 --> 00:18:55,400 Speaker 1: about it. Last week, Speaker Pelosi has this conference call 320 00:18:55,440 --> 00:18:59,080 Speaker 1: where she's trying she's a political referee between her members, 321 00:18:59,119 --> 00:19:02,639 Speaker 1: some of whom want President Trump impeached, and then tomorrow 322 00:19:02,760 --> 00:19:06,280 Speaker 1: she heads to the White House to talk about infrastructure. 323 00:19:06,760 --> 00:19:13,320 Speaker 1: Is there any chance, Alex that infrastructure actually gets through? Really? Yeah, 324 00:19:13,320 --> 00:19:16,000 Speaker 1: I mean that's not you know, I know, but but 325 00:19:16,000 --> 00:19:17,480 Speaker 1: I'll go ahead and call it right now. This isn't 326 00:19:17,480 --> 00:19:19,960 Speaker 1: gonna This isn't gonna happen. This is not gonna happen 327 00:19:20,680 --> 00:19:27,680 Speaker 1: before um if Trump is reelected and Democrats keep the House, 328 00:19:27,960 --> 00:19:31,040 Speaker 1: which would be a weird confluence of events, I think, uh, 329 00:19:31,520 --> 00:19:34,159 Speaker 1: then maybe we'll have something to talk about one. But 330 00:19:34,160 --> 00:19:36,400 Speaker 1: this isn't happening for the next years. Yeah. And if 331 00:19:36,440 --> 00:19:38,440 Speaker 1: you're hoping to be flying the wall, maybe you'll get 332 00:19:38,480 --> 00:19:40,200 Speaker 1: lucky because the last couple of times that they had 333 00:19:40,200 --> 00:19:42,600 Speaker 1: meetings like this, Trump just invited the cameras right in 334 00:19:42,680 --> 00:19:45,119 Speaker 1: and had some of the most explosive interactions It's like 335 00:19:45,160 --> 00:19:48,760 Speaker 1: watching a political episode of Game of Thrones, exactly exactly 336 00:19:48,760 --> 00:19:49,920 Speaker 1: to the talk of the town, the talk of the 337 00:19:50,000 --> 00:19:54,080 Speaker 1: nation's is she going to clap back against Trump? Is 338 00:19:54,080 --> 00:19:58,040 Speaker 1: she gonna say something you know, excite oriented very much so? 339 00:19:58,240 --> 00:20:00,960 Speaker 1: But on policy, what matters, well, you know, they're all 340 00:20:01,040 --> 00:20:03,440 Speaker 1: saying that they want these very big investments. Trump's White 341 00:20:03,480 --> 00:20:08,200 Speaker 1: House is proposed leveraging two hundred million dollars billion dollars 342 00:20:08,200 --> 00:20:10,679 Speaker 1: into a trillion, and the Democrats say that's not realistic. 343 00:20:10,760 --> 00:20:12,960 Speaker 1: They're like, they don't an numbers. Yeah, they got They're saying, 344 00:20:12,960 --> 00:20:14,359 Speaker 1: you need to put down real money, you need to 345 00:20:14,359 --> 00:20:16,639 Speaker 1: show how it's paid for, and not only that, we 346 00:20:16,760 --> 00:20:19,840 Speaker 1: care about the environmental impact, and we care about making 347 00:20:19,840 --> 00:20:22,240 Speaker 1: sure there's minority representation, making sure that all of this 348 00:20:22,280 --> 00:20:25,480 Speaker 1: stuff happens. So they're not really on the same page 349 00:20:25,480 --> 00:20:27,320 Speaker 1: in terms of how to do this, although I think 350 00:20:27,359 --> 00:20:30,600 Speaker 1: maybe Democrats and President Trump could be on the same page. 351 00:20:30,680 --> 00:20:32,119 Speaker 1: It's the rest of the White House that's not in 352 00:20:32,160 --> 00:20:34,439 Speaker 1: the same There's always that tension between Trump and the 353 00:20:34,440 --> 00:20:37,919 Speaker 1: rest of the good reporting Access today about how Trump 354 00:20:38,000 --> 00:20:41,320 Speaker 1: secretly wants to spend two trillion dollars on infrastructure and 355 00:20:42,000 --> 00:20:45,960 Speaker 1: he calls the two million dollar plan Gary's plan, referring 356 00:20:46,000 --> 00:20:49,359 Speaker 1: to to to Gary Cohen is former National Economic Director. Yeah, 357 00:20:49,359 --> 00:20:50,960 Speaker 1: maybe they'll turn around and Trump will just say, you 358 00:20:51,040 --> 00:20:54,040 Speaker 1: know what, Chuck, Nancy, you got it. That's a trillion 359 00:20:54,080 --> 00:20:56,520 Speaker 1: on the way. Don't tell, don't sell the Freedom Caucus, 360 00:20:56,520 --> 00:20:59,960 Speaker 1: all right. Larry Cublo was actually asked about infrastructure in particular. 361 00:21:00,240 --> 00:21:02,680 Speaker 1: And this is where to both of your points, where 362 00:21:02,720 --> 00:21:07,520 Speaker 1: President Trump's New York Republicanism background is really on full 363 00:21:07,560 --> 00:21:10,600 Speaker 1: display to some extent, to some extent, but here's Larry 364 00:21:10,600 --> 00:21:13,880 Speaker 1: Cublow on infrastructure. Here is it will be a good 365 00:21:13,880 --> 00:21:16,879 Speaker 1: sit down, It'll be a good discussion. There are a 366 00:21:16,920 --> 00:21:21,400 Speaker 1: lot of thoughts out there, and we want to hear 367 00:21:21,440 --> 00:21:24,600 Speaker 1: what they have to say about it. And um will 368 00:21:24,640 --> 00:21:27,120 Speaker 1: react to that. But no, we're not we're not coming 369 00:21:27,119 --> 00:21:30,000 Speaker 1: in with a blueprint. So in terms of they're going 370 00:21:30,080 --> 00:21:32,080 Speaker 1: they're having a meeting with no blueprint. They're having a 371 00:21:32,119 --> 00:21:35,199 Speaker 1: meeting where the president right after the midterm elections, the 372 00:21:35,200 --> 00:21:37,399 Speaker 1: President said, if you're going to talk about impeachment, then 373 00:21:37,440 --> 00:21:39,760 Speaker 1: we're not gonna to do this. And they are very 374 00:21:39,840 --> 00:21:43,360 Speaker 1: much talking about impeachment. Though likely that that doesn't really 375 00:21:43,400 --> 00:21:46,520 Speaker 1: stand a chance, but the conversation is being had. And 376 00:21:47,000 --> 00:21:52,000 Speaker 1: even beyond that, why would Speaker Pelosi alex want to 377 00:21:52,200 --> 00:21:56,720 Speaker 1: even broker a deal when every twenty all of the 378 00:21:56,720 --> 00:22:00,240 Speaker 1: twenty candidates on the presidential primary on the Demick crat 379 00:22:00,320 --> 00:22:04,120 Speaker 1: side all one infrastructure. Yeah, you know, I think they're 380 00:22:04,280 --> 00:22:07,560 Speaker 1: sort of each side is kind of humoring the other here. 381 00:22:08,600 --> 00:22:14,200 Speaker 1: Infrastructure was one of Trump's campaign promises. Democrats recognized that 382 00:22:14,200 --> 00:22:16,240 Speaker 1: the country has infrastructure problems. You don't have to go 383 00:22:16,359 --> 00:22:19,199 Speaker 1: very far down the highway or to an airport to 384 00:22:19,240 --> 00:22:22,919 Speaker 1: realize that. Uh so there's there's demand for new infrastructure 385 00:22:22,920 --> 00:22:25,600 Speaker 1: in the country. Um, but I don't think either side 386 00:22:25,640 --> 00:22:29,480 Speaker 1: really wants to do something with the other until until later. Alright, 387 00:22:29,560 --> 00:22:31,879 Speaker 1: coming up, we have coffee talk and in fact, the 388 00:22:31,920 --> 00:22:38,239 Speaker 1: policy behind Gregory's Coffee, Gregory Greg's Coffee, Gregory's Amphotus of 389 00:22:38,440 --> 00:22:42,280 Speaker 1: Gregory of Greg's Coffee, Oh my gosh of Greg's Coffee 390 00:22:42,320 --> 00:22:44,800 Speaker 1: joins us live in studio and we're talking all things 391 00:22:44,840 --> 00:22:49,760 Speaker 1: about how the trade policy is impacting businesses all around 392 00:22:49,800 --> 00:22:52,479 Speaker 1: the country. Plus, uh the new CBD trend, how our 393 00:22:52,560 --> 00:22:57,520 Speaker 1: CBD regulations trickling down into small Businesses panel stays much 394 00:22:57,520 --> 00:23:01,159 Speaker 1: more on policy and politics. Download this Ound on podcast 395 00:23:01,200 --> 00:23:04,240 Speaker 1: on Apple iTunes, at Bloomberg dot com, or by downloading 396 00:23:04,240 --> 00:23:06,439 Speaker 1: the Bloomberg Business app. You can also find us on 397 00:23:06,560 --> 00:23:10,760 Speaker 1: Radio dot com, I Heart Radio and Spotify. I'm Kevin Sarelli. 398 00:23:10,920 --> 00:23:19,040 Speaker 1: You're listening to Bloomberg. This is Sound On with Kevin's 399 00:23:19,200 --> 00:23:24,720 Speaker 1: related on Bloomberg and f m h D two boltom Over. 400 00:23:25,600 --> 00:23:28,080 Speaker 1: Anybody going to the Nats game tonight? I was gonna go, 401 00:23:28,160 --> 00:23:31,520 Speaker 1: but I'm not gonna lie. The weather. The weather not 402 00:23:31,560 --> 00:23:34,160 Speaker 1: looking too uh too good. It was a busy weekend. 403 00:23:34,160 --> 00:23:39,119 Speaker 1: White House Correspondence, dinner, Congresses, and recess. They're back tomorrow. 404 00:23:39,200 --> 00:23:43,800 Speaker 1: President Trump meets with House Speaker Nancy Pelosi at the 405 00:23:43,840 --> 00:23:48,040 Speaker 1: White House. They're talking infrastructure. Treasury Secretary Stephen Manu Shan 406 00:23:48,119 --> 00:23:51,360 Speaker 1: as well as US Trade Representative Bob Lighteizer. They're going 407 00:23:51,400 --> 00:23:56,520 Speaker 1: to Beijing, Beijing to continue the US China trade talks. 408 00:23:56,840 --> 00:24:01,240 Speaker 1: And really it's interesting because Secretary Manu gave an interview 409 00:24:01,280 --> 00:24:04,560 Speaker 1: to The New York Times. Isn't that the New York Times? 410 00:24:04,640 --> 00:24:06,919 Speaker 1: The Secretary giving an interview to the New York Times 411 00:24:06,960 --> 00:24:09,920 Speaker 1: over the weekend and saying that they're on their final lap, 412 00:24:10,119 --> 00:24:14,000 Speaker 1: the final lap in the US China Trade talks. We're 413 00:24:14,000 --> 00:24:17,000 Speaker 1: talking about the policy and the politics of it, but 414 00:24:17,080 --> 00:24:19,720 Speaker 1: how does it impact small businesses? Let's go there. We've 415 00:24:19,760 --> 00:24:22,440 Speaker 1: got Alex Wayne he's Bloomberg News White House editor. He's 416 00:24:22,480 --> 00:24:25,639 Speaker 1: with us in studio. Neive Ellis covers budget and appropriations 417 00:24:25,920 --> 00:24:28,600 Speaker 1: for The Hill newspaper. He's also a former reporter for 418 00:24:28,680 --> 00:24:33,840 Speaker 1: the Jerusalem Post. And Gregory Zamphotus remember his name. He's 419 00:24:33,880 --> 00:24:37,520 Speaker 1: the founder and CEO of Gregory's Coffee. You've seen their 420 00:24:37,520 --> 00:24:41,120 Speaker 1: coffee all over Washington, d C. Greg thanks so much 421 00:24:41,119 --> 00:24:43,160 Speaker 1: for being here, Thanks for having me. And you're based 422 00:24:43,240 --> 00:24:46,359 Speaker 1: your headquartered in New York, but d C now is 423 00:24:46,440 --> 00:24:50,240 Speaker 1: your second headquarters. Yeah, hqu two. I don't know Amazon 424 00:24:50,800 --> 00:24:53,879 Speaker 1: coin that you know. I got here I think a 425 00:24:53,960 --> 00:24:56,520 Speaker 1: little bit before they made their announcement. So yeah, we're 426 00:24:56,600 --> 00:24:58,359 Speaker 1: we're super psyched to be down here. So you and 427 00:24:58,400 --> 00:25:01,200 Speaker 1: I were talking in the break about out the US 428 00:25:01,320 --> 00:25:03,879 Speaker 1: China Trade talks. We when we talk about it for 429 00:25:03,960 --> 00:25:05,879 Speaker 1: our audience, it's so top line view. How is it 430 00:25:05,960 --> 00:25:08,960 Speaker 1: impacting Wall Street and whatnot? But it impacts the cup, 431 00:25:09,560 --> 00:25:13,080 Speaker 1: the paper which you use to make cups and it's impact. 432 00:25:13,119 --> 00:25:16,000 Speaker 1: Did your business tell us about that? Yeah, that was 433 00:25:16,040 --> 00:25:18,320 Speaker 1: a fun call when I was speaking with my my 434 00:25:18,359 --> 00:25:21,520 Speaker 1: paper vendor. We do a lot of business and all 435 00:25:21,560 --> 00:25:24,119 Speaker 1: the big production for a lot of folks like me. 436 00:25:24,200 --> 00:25:27,960 Speaker 1: We get our product from China, and um, we were 437 00:25:28,000 --> 00:25:29,879 Speaker 1: talking with him actually about trying to go see some 438 00:25:29,920 --> 00:25:32,280 Speaker 1: price decreases for the next year because we've been just 439 00:25:32,280 --> 00:25:35,840 Speaker 1: seeing so many mounting price uh cost increase for all 440 00:25:35,840 --> 00:25:38,480 Speaker 1: our other vendors. Um, and we're working on something. And 441 00:25:38,480 --> 00:25:41,160 Speaker 1: then he said, Greg, I'm sorry, but starting in November, 442 00:25:41,200 --> 00:25:43,680 Speaker 1: any product that leaves China is going to be much 443 00:25:43,720 --> 00:25:45,480 Speaker 1: more expensive for you. Like, what do you mean? He's like, 444 00:25:45,480 --> 00:25:48,359 Speaker 1: overall it's gonna be something like ten percent for me, 445 00:25:48,520 --> 00:25:52,960 Speaker 1: which you know, it's one of my main costs milk, coffee, paper, 446 00:25:53,320 --> 00:25:55,479 Speaker 1: you know, so one of the big three for me. 447 00:25:55,520 --> 00:25:58,000 Speaker 1: It kind of was not a fun um not a 448 00:25:58,000 --> 00:26:00,240 Speaker 1: fun experience. So we had a deal absorbed that you know, 449 00:26:00,320 --> 00:26:03,680 Speaker 1: hopefully the tariff goes away at some point or something 450 00:26:03,760 --> 00:26:06,119 Speaker 1: is is negotiated so my prices can get back to 451 00:26:06,119 --> 00:26:08,240 Speaker 1: where they should be. But um, yeah, it was it 452 00:26:08,320 --> 00:26:10,480 Speaker 1: was a tough what's what's that meant? For the price 453 00:26:10,480 --> 00:26:13,320 Speaker 1: of a cup of coffee. It's it's hard to say. 454 00:26:13,359 --> 00:26:17,120 Speaker 1: I've had, you know, between some labor increases, rent goes 455 00:26:17,200 --> 00:26:19,560 Speaker 1: up every year, UM, paper goes up. But it kind 456 00:26:19,560 --> 00:26:21,399 Speaker 1: of all kind of gets mixed and together. And I 457 00:26:21,440 --> 00:26:25,719 Speaker 1: did UM like about a two percent price increase UM 458 00:26:25,840 --> 00:26:29,000 Speaker 1: towards the end of last year to help combat some 459 00:26:29,040 --> 00:26:31,439 Speaker 1: of these rising cost pressures that I've been facing at 460 00:26:31,440 --> 00:26:34,080 Speaker 1: the store. If Tariff's went away, do you think you 461 00:26:34,119 --> 00:26:39,320 Speaker 1: could cut prices for customers? Um. We There's been a 462 00:26:39,359 --> 00:26:41,840 Speaker 1: few times where we have done that. We bounced back 463 00:26:41,880 --> 00:26:45,160 Speaker 1: with some items. We're able to reduce prices after after 464 00:26:45,200 --> 00:26:47,280 Speaker 1: the fact when we've kind of raised them because of 465 00:26:47,320 --> 00:26:50,439 Speaker 1: something specific. UM, we probably do a bigger look at 466 00:26:50,560 --> 00:26:53,240 Speaker 1: what's going on and other because it's just a constant 467 00:26:53,600 --> 00:26:56,360 Speaker 1: thing that happens with us is more and more UM 468 00:26:56,560 --> 00:26:58,640 Speaker 1: cost increase and we always have to balance that out. 469 00:26:58,680 --> 00:27:01,160 Speaker 1: So I would have I would valuated if it made sense, 470 00:27:01,200 --> 00:27:03,200 Speaker 1: I would UM. But that being said, I'd have to 471 00:27:03,240 --> 00:27:06,080 Speaker 1: see what winds up happening that Even my vendors don't 472 00:27:06,080 --> 00:27:08,480 Speaker 1: always love the prices go up, and then you know, 473 00:27:08,520 --> 00:27:10,520 Speaker 1: they love to say it's all about the tariff and 474 00:27:12,040 --> 00:27:14,960 Speaker 1: you don't like their their prices don't always bounce back 475 00:27:15,000 --> 00:27:16,240 Speaker 1: down the way I would hope to either. So I 476 00:27:16,240 --> 00:27:18,760 Speaker 1: would have to see how that Gregory's and Fotus is 477 00:27:18,800 --> 00:27:21,439 Speaker 1: founder and CEO of Gregory's Coffee. They're all over New 478 00:27:21,520 --> 00:27:25,320 Speaker 1: York now increasingly in Washington, d C. We were talking 479 00:27:25,320 --> 00:27:30,199 Speaker 1: about commodities and when you look at the coffee, the 480 00:27:30,240 --> 00:27:34,680 Speaker 1: commodity of coffee, there's been overproduction in Brazil's So how 481 00:27:34,720 --> 00:27:39,040 Speaker 1: has that impacted what's going on here in your market 482 00:27:39,119 --> 00:27:41,800 Speaker 1: and from a business perspective, but how the geopolitics in 483 00:27:41,840 --> 00:27:44,760 Speaker 1: Brazil really played a role in the coffee industry. Everybody 484 00:27:44,800 --> 00:27:49,040 Speaker 1: drinks coffee, Yeah, I mean Brazil is a really interesting place. Um, 485 00:27:49,119 --> 00:27:52,240 Speaker 1: so they produce I mean most specially coffee companies like 486 00:27:52,320 --> 00:27:55,240 Speaker 1: myself for most coffee that you're drinking these days? Is 487 00:27:55,400 --> 00:27:58,880 Speaker 1: uh the a Rabbic type of coffee? Right? Does that mean? 488 00:27:59,080 --> 00:28:02,280 Speaker 1: So there's there's different types of trees um that grow 489 00:28:02,560 --> 00:28:05,560 Speaker 1: a cherry that the seed of that cherry is your 490 00:28:05,600 --> 00:28:08,960 Speaker 1: coffee being right, uh? And that there's different families of 491 00:28:09,040 --> 00:28:12,240 Speaker 1: the plant and there's like a robusta version variety and 492 00:28:12,240 --> 00:28:16,200 Speaker 1: then there's Arabica as well. So Arabica is typically associated 493 00:28:16,240 --> 00:28:18,800 Speaker 1: with more high quality robusta is more like what you 494 00:28:18,840 --> 00:28:23,120 Speaker 1: would find a folders or actual house. UM. And so 495 00:28:23,560 --> 00:28:26,680 Speaker 1: the leading producer of Arabicas Brazil, They produce more than 496 00:28:26,680 --> 00:28:29,920 Speaker 1: like the next three or four countries combined UM. And 497 00:28:30,160 --> 00:28:32,919 Speaker 1: you know it's heavily funded by the support by the 498 00:28:32,960 --> 00:28:35,480 Speaker 1: government down there. So and it also just happens to 499 00:28:35,520 --> 00:28:40,640 Speaker 1: be vast easily farmed, and tons of money between helping 500 00:28:40,680 --> 00:28:44,800 Speaker 1: them develop better, better technology too to produce this coffee. 501 00:28:45,120 --> 00:28:48,080 Speaker 1: So you're seeing just crazy amounts of production. As you know, 502 00:28:48,280 --> 00:28:50,680 Speaker 1: people are trying to combat the changing in the climate 503 00:28:50,760 --> 00:28:53,080 Speaker 1: and they're worried about what's gonna how is that gonna 504 00:28:53,120 --> 00:28:56,280 Speaker 1: affect um production of the coffee will Brazil just keeps 505 00:28:56,280 --> 00:28:58,960 Speaker 1: throwing more and more money at this and they overproduced 506 00:28:58,960 --> 00:29:02,520 Speaker 1: by something like fourmula lillion bags of coffee. Each each 507 00:29:02,560 --> 00:29:04,680 Speaker 1: bag is like over two hundred pounds. You're talking like 508 00:29:04,960 --> 00:29:08,160 Speaker 1: a crazy amount of overproduction. So it's just flooding the 509 00:29:08,200 --> 00:29:12,120 Speaker 1: market with this coffee. UM. And yeah, the market just 510 00:29:12,160 --> 00:29:14,400 Speaker 1: reacts in this way where it's at historic lows right now. 511 00:29:14,960 --> 00:29:16,800 Speaker 1: But I mean it bounces up and down I mean 512 00:29:16,800 --> 00:29:18,960 Speaker 1: a couple of years ago it was it was almost 513 00:29:19,120 --> 00:29:21,320 Speaker 1: two bucks. Now it's below a dollar, and you can 514 00:29:21,360 --> 00:29:23,560 Speaker 1: see all that on the Bloomberg terminal. I mean, seriously, focus, 515 00:29:23,640 --> 00:29:25,440 Speaker 1: This is not not even I mean listen, not not 516 00:29:25,440 --> 00:29:27,600 Speaker 1: not even trying to get advertising here. I mean you 517 00:29:27,600 --> 00:29:30,600 Speaker 1: can literally track in real time these how these commodities 518 00:29:30,600 --> 00:29:33,880 Speaker 1: are being traded, not just on the overproduction value, but 519 00:29:33,960 --> 00:29:37,080 Speaker 1: also on the notion of these trade headlines. We always 520 00:29:37,080 --> 00:29:40,320 Speaker 1: talk about soybeans, alex in particular, and how the agricultural 521 00:29:40,360 --> 00:29:43,400 Speaker 1: sector has really impacted the soybean market, but look look 522 00:29:43,400 --> 00:29:46,280 Speaker 1: at the coffee means. Speaking of coffee, the strongest coffee 523 00:29:46,320 --> 00:29:48,520 Speaker 1: I ever had was in Vietnam with Alex Wayne. When 524 00:29:48,840 --> 00:29:52,080 Speaker 1: when uh when President Trump walked out of that meeting 525 00:29:52,080 --> 00:29:55,960 Speaker 1: with North Korea leader Kim Joan oh neive Ellis covers 526 00:29:56,000 --> 00:29:59,680 Speaker 1: all things budget and appropriations. We're talking with Gregory zamp 527 00:29:59,680 --> 00:30:05,880 Speaker 1: Photo about the impact of trade policy on UH small businesses, 528 00:30:05,920 --> 00:30:09,400 Speaker 1: mid sized businesses, and and expansion and whatnot from your 529 00:30:09,400 --> 00:30:12,360 Speaker 1: reporting up on Capitol Hill. Earlier in the show, we 530 00:30:12,360 --> 00:30:17,120 Speaker 1: were talking about how the president's chances on redrafting and 531 00:30:17,160 --> 00:30:19,240 Speaker 1: getting through U S m C A and apt to 532 00:30:19,320 --> 00:30:21,720 Speaker 1: two point oh, could be hindered with some withdrawal of 533 00:30:21,760 --> 00:30:24,680 Speaker 1: Republicans support. But when you hear from a business owner 534 00:30:24,720 --> 00:30:27,360 Speaker 1: like Gregory z and Potus about the impact this is having, 535 00:30:28,080 --> 00:30:30,520 Speaker 1: I mean, this is real this and and Democrats and 536 00:30:30,560 --> 00:30:33,040 Speaker 1: Republicans are hearing about this now absolutely, And I think 537 00:30:33,120 --> 00:30:35,440 Speaker 1: that that's why this China trade deal is really a 538 00:30:35,520 --> 00:30:39,200 Speaker 1: make or break thing for Donald Trump because stealing aluminum 539 00:30:39,200 --> 00:30:43,120 Speaker 1: tariffs are significant, but two hundred and fifty billion dollars 540 00:30:43,120 --> 00:30:49,640 Speaker 1: worth of import tariffs are huge from our biggest trading partner, 541 00:30:49,720 --> 00:30:52,080 Speaker 1: you know, or one of our biggest trading partners when 542 00:30:52,080 --> 00:30:54,720 Speaker 1: it comes to goods. So that affects so many people 543 00:30:54,960 --> 00:30:58,160 Speaker 1: just like greg you know, in in the economy, um, 544 00:30:58,240 --> 00:31:01,200 Speaker 1: who are just running a business and a thing here, 545 00:31:01,240 --> 00:31:03,920 Speaker 1: a thing there that it affects. So if he manages 546 00:31:03,960 --> 00:31:06,200 Speaker 1: to get a deal and get it through, you'll see 547 00:31:06,240 --> 00:31:08,840 Speaker 1: not only like are people going to be doing better 548 00:31:08,840 --> 00:31:11,240 Speaker 1: and small business is doing better because there's a better 549 00:31:11,280 --> 00:31:13,360 Speaker 1: deal in place, but also all these tariffs are coming 550 00:31:13,400 --> 00:31:15,200 Speaker 1: down and that could really pave the way for the 551 00:31:15,280 --> 00:31:18,959 Speaker 1: economic environment he wants for his reelection. Over the weekend, 552 00:31:19,080 --> 00:31:20,880 Speaker 1: we were at the White House Correspondence Center, and one 553 00:31:20,880 --> 00:31:23,800 Speaker 1: of the guests for Bloomberg was Congressman Denver Riggleman. He's 554 00:31:23,800 --> 00:31:25,840 Speaker 1: a friend of the program. He's been on several times. He's, 555 00:31:25,880 --> 00:31:28,840 Speaker 1: of course a Republican from Virginia and alex you were 556 00:31:28,840 --> 00:31:32,960 Speaker 1: talking to him about he he also his family owns 557 00:31:33,000 --> 00:31:37,120 Speaker 1: a distillery and how how the tariffs impact. I mean, 558 00:31:37,160 --> 00:31:42,400 Speaker 1: he knows firsthand how how the agricultural uh things, and 559 00:31:42,400 --> 00:31:45,440 Speaker 1: he's talked about this on this program. So he said 560 00:31:45,480 --> 00:31:47,400 Speaker 1: that on the record where he has said about how 561 00:31:47,440 --> 00:31:49,440 Speaker 1: these trade things, and he's come out against these tariffs 562 00:31:49,480 --> 00:31:52,120 Speaker 1: as a result because he has that that family perspective. 563 00:31:52,160 --> 00:31:53,600 Speaker 1: Who are wrapping it back into the beginning of the 564 00:31:53,640 --> 00:31:56,880 Speaker 1: show man, It's yeah, I mean there's there's there's hardly 565 00:31:56,920 --> 00:32:00,320 Speaker 1: any Republicans outside of the White House who who want 566 00:32:00,320 --> 00:32:03,920 Speaker 1: to impose tariffs on our trade partners, especially Canada, Mexico. 567 00:32:04,400 --> 00:32:05,960 Speaker 1: You know, I think there there's some support for what's 568 00:32:06,000 --> 00:32:08,280 Speaker 1: going on with China because I think a lot of 569 00:32:08,360 --> 00:32:12,160 Speaker 1: a lot of lawmakers agreed that that relationship has been unfair. 570 00:32:12,200 --> 00:32:15,480 Speaker 1: But yeah, it's you know, the the Trump is Trump 571 00:32:15,520 --> 00:32:17,320 Speaker 1: is acting alone on a lot of his trade policies. 572 00:32:17,480 --> 00:32:21,280 Speaker 1: Gregory's and Fetus founder and CEO of Gregory's Coffee. They've expanded. 573 00:32:21,600 --> 00:32:24,760 Speaker 1: Gregory's Coffee has expanded into h Q two. No, we're 574 00:32:24,760 --> 00:32:27,760 Speaker 1: not talking about Amazon. We're talking about HQ two for 575 00:32:27,800 --> 00:32:31,040 Speaker 1: Gregory's Coffee here in Washington, d C. Okay. So I 576 00:32:31,120 --> 00:32:33,840 Speaker 1: walk into Greg's Coffee the other week and I'm looking 577 00:32:33,880 --> 00:32:36,479 Speaker 1: at the menu and I'm like, oh my gosh, this 578 00:32:36,560 --> 00:32:39,120 Speaker 1: is real healthy. They've got some healthy stuff. You've got 579 00:32:39,160 --> 00:32:42,760 Speaker 1: like chia seeds and like gluten free and quite a 580 00:32:42,760 --> 00:32:46,000 Speaker 1: few cheese, lots of chia seeds. And then I look 581 00:32:46,080 --> 00:32:48,760 Speaker 1: up at the menu and I'm like, there's a cb 582 00:32:48,920 --> 00:32:51,640 Speaker 1: D latte a seeb D. So okay, So what is 583 00:32:51,640 --> 00:32:55,440 Speaker 1: cb D and why is it in a latte? And 584 00:32:55,480 --> 00:32:59,240 Speaker 1: how has the CBD market just boomed as a result 585 00:32:59,240 --> 00:33:03,720 Speaker 1: of the deregular Tory policies on CBD in the past 586 00:33:04,000 --> 00:33:05,760 Speaker 1: couple of years. I'll ask you a lot of questions. 587 00:33:06,240 --> 00:33:08,560 Speaker 1: I'll try and sift through that. Yeah, so, um, we 588 00:33:08,680 --> 00:33:13,640 Speaker 1: do offer CBD as an additive into our products. We 589 00:33:13,680 --> 00:33:16,480 Speaker 1: have a product we call the hashtag CBD that we sell. 590 00:33:16,480 --> 00:33:18,960 Speaker 1: It's a latte that comes as a with CBD. Is 591 00:33:18,960 --> 00:33:21,480 Speaker 1: one of the ingredients, and CBD really is an extract 592 00:33:21,520 --> 00:33:24,280 Speaker 1: from the hemp hemp plant. Uh and the way that 593 00:33:24,320 --> 00:33:28,960 Speaker 1: they're able to manufacture this product. Um. The thing that 594 00:33:28,960 --> 00:33:31,680 Speaker 1: people worry about when they have either marijuan or hemp 595 00:33:31,680 --> 00:33:34,440 Speaker 1: in certain instances is this th HC, which is what 596 00:33:34,520 --> 00:33:37,440 Speaker 1: causes Are You're gonna be high in the work, right, Well, 597 00:33:37,440 --> 00:33:39,760 Speaker 1: that's that's what that's what That's what people think, right. 598 00:33:39,840 --> 00:33:43,240 Speaker 1: But the level of th HC is so low that 599 00:33:43,320 --> 00:33:45,960 Speaker 1: it does not give you any of the psychosomatic or 600 00:33:46,000 --> 00:33:48,040 Speaker 1: any of those side effects that you would normally associate 601 00:33:48,080 --> 00:33:50,200 Speaker 1: with those products. But you get all the benefits that 602 00:33:50,200 --> 00:33:52,920 Speaker 1: people associate with with hemp or or marijuana. All right, 603 00:33:52,920 --> 00:33:55,800 Speaker 1: I want to continue this conversation on the sound on 604 00:33:55,960 --> 00:33:58,680 Speaker 1: Extra podcast. You can find it on iTunes on the 605 00:33:58,760 --> 00:34:01,920 Speaker 1: sound on page. We're to talk all about CBDD regulation 606 00:34:02,000 --> 00:34:05,880 Speaker 1: and how it's impacted businesses like Gregory's Coffee. Gregory's Mphotus 607 00:34:05,960 --> 00:34:08,879 Speaker 1: founder and CEO of Gregory's Coffee. Want to thank him 608 00:34:08,880 --> 00:34:11,680 Speaker 1: as well as Nie Ellis. He covers all things budget 609 00:34:11,680 --> 00:34:14,319 Speaker 1: and appropriations for The Hill. Reada's reporting at the Hill 610 00:34:14,360 --> 00:34:17,280 Speaker 1: dot com and of course Alex Wayne the Boss alex 611 00:34:17,320 --> 00:34:20,560 Speaker 1: Wayne Bloomberg News White House Editor, as well as a 612 00:34:20,600 --> 00:34:24,160 Speaker 1: special thanks to Katherine trifle Letty, managing editor at Washington 613 00:34:24,280 --> 00:34:27,200 Speaker 1: Life Magazine. I'm Kevin SURRELLI you're listening to Bloomberg