WEBVTT - Governor of State of Virginia Glenn Allen Youngkin Talks Tariffs

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

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<v Speaker 2>Let's keep it on trade. President Trump's tariff policy said

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<v Speaker 2>to impact leadership at the state level. The Commonwealth of

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<v Speaker 2>Virginia exporting nearly twenty two billion dollars worth of goods

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<v Speaker 2>abroad last year, placing it in the top half of

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<v Speaker 2>states and accounting for tens of thousands of jobs according

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<v Speaker 2>to the US government data. Joining us now the Republican

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<v Speaker 2>Governor of Virginia, Glenn Youngkin Company. Young Kin.

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<v Speaker 3>Good to see you, so great to be with you.

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<v Speaker 3>Thanks for having me. It's super to be back in

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<v Speaker 3>studio with you. So I just appreciate you making time

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<v Speaker 3>for well.

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<v Speaker 2>Thanks for dropping by. Let's talk about how exposed you

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<v Speaker 2>might be to this tariff perse. You've got some very

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<v Speaker 2>large aerospace and defense companies in the state. How are

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<v Speaker 2>you helping those companies and individuals that might be affected

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<v Speaker 2>by some of this.

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<v Speaker 3>In the meantime, John, I think we have to step

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<v Speaker 3>back first and put the current moment in the tariff

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<v Speaker 3>evolution in context. From while he was running all the

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<v Speaker 3>way up until today, President Trump has been really consistent

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<v Speaker 3>on the elements of his economic plan. First, he's going

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<v Speaker 3>to use tariffs to to reset trade balances and decades

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<v Speaker 3>of bad deals. He's talked about. You've heard these words

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<v Speaker 3>out of his mouth over and over again. Second of all,

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<v Speaker 3>he's going to make sure that manufacturing is reshored and

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<v Speaker 3>that we reinflate or reinvigorate the hollowed out middle class. Third,

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<v Speaker 3>we're going to re establish fiscal responsibility in Washington. Fourth,

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<v Speaker 3>we're going to re establish energy dominance, and finally, through deregulation,

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<v Speaker 3>we're going to make it even better to do business

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<v Speaker 3>in America. And those elements are all in motion at

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<v Speaker 3>the same time. The trade moment for US, in the

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<v Speaker 3>tariff moment for US, is also this ninety day pause,

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<v Speaker 3>which is giving the opportunity for deals, and every Cabinet

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<v Speaker 3>member has repeated there's seventy five countries in motion right now,

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<v Speaker 3>and I would expect that there will be some significant

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<v Speaker 3>trade deals struck. I do think that there will be

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<v Speaker 3>a level of ongoing tariffs. And the ten percent number

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<v Speaker 3>wasn't one picked out of a hats and they call

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<v Speaker 3>that the base tariff. But I'm a governor watching. But

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<v Speaker 3>I do expect that there will be deals cut, and

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<v Speaker 3>those deals, importantly will be with some of our largest

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<v Speaker 3>trading partners India and Japan and Korea. And so this

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<v Speaker 3>is what's going to happen over the next many many months.

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<v Speaker 3>And most importantly, I think that will bring some confidence

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<v Speaker 3>to the market that this reset, which has to happen

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<v Speaker 3>and disruption is part of a reset, will will open

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<v Speaker 3>up long term opportunity. Now Virginia, Virginia we're going to

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<v Speaker 3>We're seeing that long term opportunity every day, and that's

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<v Speaker 3>through our economic development pipeline. We've had an incredibly robust

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<v Speaker 3>three years. We've had record investment or commitments from businesses

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<v Speaker 3>expanding in Virginia one hundred billion dollars in three years,

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<v Speaker 3>by far the largest amount. In that time period, We've

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<v Speaker 3>seen record job growth. Virginia went from bottom third in

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<v Speaker 3>job growth to top three five ten every year in

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<v Speaker 3>job growth, and that has allowed us to run surplus

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<v Speaker 3>after surplus after surplus. The net of that is that

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<v Speaker 3>we have open jobs in Virginia, two hundred and fifty

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<v Speaker 3>thousand open jobs for folks to take. But on top

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<v Speaker 3>of that, our economic development pipeline has been as full

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<v Speaker 3>as it's ever been, and we're seeing businesses, international companies

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<v Speaker 3>want to come to the United States. We're viewed as

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<v Speaker 3>the top state in America for business and they want

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<v Speaker 3>to come to Virginia. And so that's a really good

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<v Speaker 3>foundation for us. As there is a period of disruption,

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<v Speaker 3>but I think there's a long term opportunity and I

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<v Speaker 3>think Virginia will really do well.

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<v Speaker 2>We can talk about the long term opportunity in the

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<v Speaker 2>fuller policy platform. Do you just want to keep it

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<v Speaker 2>on trade just for a moment on trade? The methodology

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<v Speaker 2>it does feel like was pulled from a hat in

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<v Speaker 2>the last few weeks, and the criticism we hear around

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<v Speaker 2>this table quite a lot. They will acknowledge the problem,

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<v Speaker 2>and they will acknowledge that the President has articulated that

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<v Speaker 2>consistently and well over the period of decades, not just

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<v Speaker 2>weeks and months. It's the remedy to that problem. At

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<v Speaker 2>the moment, what we hear from the bank CEOs, from

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<v Speaker 2>investors is this economy is drifted into a wait and

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<v Speaker 2>see moment that they aren't going to make those big

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<v Speaker 2>CAMPEC decisions until they really know the rules of the game,

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<v Speaker 2>the rules of the road. Do you think we'll know

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<v Speaker 2>the answer to that within ninety days.

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<v Speaker 3>We'll see a lot of clarity over the course of

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<v Speaker 3>the next now eighty days, I guess, or eighty two days.

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<v Speaker 2>Amazing camp.

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<v Speaker 3>But the net of it is that President Trump was

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<v Speaker 3>clear he's continued to be clear that in resetting bad

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<v Speaker 3>trade deals over the last decades and re establishing reciprocal

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<v Speaker 3>trade opportunities. By the way, with nations that are our allies.

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<v Speaker 3>China's a whole different topic. But with nations that are

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<v Speaker 3>our allies, we just need fair trade and we haven't

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<v Speaker 3>had it. And so in to reset those trade in

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<v Speaker 3>those reset those trade imbalances, you see him do what

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<v Speaker 3>he does well, which just creates space for negotiating. And

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<v Speaker 3>I think that's exactly what's happening when the first weekend

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<v Speaker 3>after April second you read in every publication that seventy

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<v Speaker 3>five countries had called within a day to start the negotiations,

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<v Speaker 3>and you've already seen those negotiations at least reported in rumor.

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<v Speaker 3>I think this will be this oppportunity to take a

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<v Speaker 3>big step in resetting hold on it. And I think

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<v Speaker 3>that's what the market needs to see.

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<v Speaker 1>Part of the problem, I think, and you know this

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<v Speaker 1>very well, having invested heavily as a co CEO of

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<v Speaker 1>Carlisle and be investing in infrastructure, which takes a long time.

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<v Speaker 1>There's a maturity mismatch between when some of this negotiation

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<v Speaker 1>is happening, when these tariffs go on, and how long

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<v Speaker 1>it takes to bring that investment to the United States.

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<v Speaker 1>There is a lack of clarity about whether those policies

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<v Speaker 1>will be continued in perpetuity, and it's leading to paralysis

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<v Speaker 1>at so many companies. What do you tell the companies

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<v Speaker 1>in your jurisdiction who's come to you and say, how

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<v Speaker 1>can I plan? How can I hire? How can I invest?

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<v Speaker 2>When this could change?

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<v Speaker 1>I don't even understand the parameters we're talking about.

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<v Speaker 3>Yeah, I have to disagree with you on the long

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<v Speaker 3>term planning because we're seeing a pipeline of economic investment

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<v Speaker 3>that has been as full as it's ever been. And

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<v Speaker 3>these are long term investments. Fortune fifty companies wanting to

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<v Speaker 3>build in America and in Virginia hope if we can

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<v Speaker 3>recruit them there. And these are long term investments. And

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<v Speaker 3>you saw in Nvidia yesterday talk about five hundred billion dollars.

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<v Speaker 3>We've seen most of the big pharmaceutical companies commit to

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<v Speaker 3>building in the United States. We're seeing technology investments advanced

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<v Speaker 3>manufacturing all in the United States. These are long term investments.

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<v Speaker 3>I think the difference in a lot of people's understanding

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<v Speaker 3>is that during market ups and downs, well, yes, IPOs

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<v Speaker 3>get postponed, and yes, corporate deals get postponed. But these

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<v Speaker 3>long term commitments are actually coming in very large numbers.

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<v Speaker 3>And that's good for states like Virginia. I mean, listen,

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<v Speaker 3>we're in the sec of economic development. I compete every

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<v Speaker 3>day with Tennessee and North Carolina, South Carolina, Georgia, Florida, Texas,

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<v Speaker 3>and we've got to compete. And I think that much

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<v Speaker 3>of that investment will come to this region, and that

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<v Speaker 3>is a long term commitment. And so the uncertainty in

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<v Speaker 3>the near term, yes, I get it, I understand it.

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<v Speaker 3>But the long term expectation that America is going to

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<v Speaker 3>be the best place in the world to invest is

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<v Speaker 3>clear and real, and that's what we're seeing in our

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<v Speaker 3>economic development pipeline.

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<v Speaker 1>There's also an issue of staffing all of this up

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<v Speaker 1>and how we do this. Not only is there a

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<v Speaker 1>maturity mismatch, but also potentially a skills mismatch. And I

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<v Speaker 1>know that your state has been significantly affected by some

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<v Speaker 1>of the DOGE cuts and you've talked about that and

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<v Speaker 1>how you plan to provide for some of these workers.

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<v Speaker 1>But how do you reskill people to work for different

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<v Speaker 1>types of jobs given that they've worked in a very

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<v Speaker 1>specific field and there might not be jobs in that

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<v Speaker 1>field and what we're trying to build up hasn't been

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<v Speaker 1>there for a long time.

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<v Speaker 3>Well, first, you go to work and prepare an education

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<v Speaker 3>and training ecosystem to do exactly that. And we've been

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<v Speaker 3>doing this for the last three years in Virginia, which

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<v Speaker 3>is resetting the career pass and the education pass for

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<v Speaker 3>lots of Virginians with opportunity. And today we have an

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<v Speaker 3>incredibly high labor participation rate. It's bounced back from lows

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<v Speaker 3>during the pandemic and the previous administration to near one

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<v Speaker 3>of the national highs. We have one of the best

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<v Speaker 3>workforce training programs in America. We were just named for

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<v Speaker 3>the third year in a row of having the best

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<v Speaker 3>customized job training program in America. This is what you do.

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<v Speaker 3>You go to work. I do think that the expectation

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<v Speaker 3>that there will be job losses, particularly out of the

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<v Speaker 3>federal government, is real. We haven't seen them yet that

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<v Speaker 3>much in Virginia. I mean, our first time claims and

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<v Speaker 3>unemployment are still at historic lows. But listen, I do

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<v Speaker 3>think that the federal government downsizing is necessary. Listen, we're running.

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<v Speaker 3>We're at thirty seven and a half trillion dollars a debt,

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<v Speaker 3>two trillion dollars a year of incremental debt. We can't

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<v Speaker 3>do that, and so resizing the federal government and recognizing

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<v Speaker 3>fiscal responsibility is critical to the future of the country

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<v Speaker 3>is real. What does that mean in a state like Virginia.

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<v Speaker 3>We have a lot of federal workers a lot now.

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<v Speaker 3>A disproportionate amount of those are in the defense and

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<v Speaker 3>in the intelligence and national security area, and we're seeing

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<v Speaker 3>more money go into those areas. But I still expect

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<v Speaker 3>that there will be real disruption for some folks in Virginia.

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<v Speaker 3>My dad lost his job twice when I was growing up,

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<v Speaker 3>seen this in families my own, and it is really hard.

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<v Speaker 3>And that's why a pathway to a new career is

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<v Speaker 3>so important. Because of our economic growth, we have two

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<v Speaker 3>hundred and fifty thousand open but unfilled jobs in Virginia,

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<v Speaker 3>and over one hundred thousand of those require a bachelor's degree.

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<v Speaker 3>These are good jobs, but there are also jobs that

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<v Speaker 3>pay well, and so opening up that pathway to folks

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<v Speaker 3>who find themselves with job loss is really really important,

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<v Speaker 3>and so we launched something called Virginia has Jobs and

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<v Speaker 3>it's for folks to get jobs in Virginia from all

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<v Speaker 3>over the country, but at a time when we're seeing

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<v Speaker 3>this dislocation from the federal government. It's a real opportunity

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<v Speaker 3>pathway two hundred and fifty thousand jobs, pathways for training, coaching,

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<v Speaker 3>resume writing, but also for making sure folks on how

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<v Speaker 3>to file for unemployment and keep their health care. This

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<v Speaker 3>is a pathway that I'm really hoping that people who

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<v Speaker 3>do have job disruption can find a way to a

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<v Speaker 3>great career in Virginia because Virginia has lots and lots

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<v Speaker 3>of jobs, and people can go to Virginia has Jobs

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<v Speaker 3>dot com and actually find one. And that's part of

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<v Speaker 3>I think this movement of really public sector employment to

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<v Speaker 3>private sector employment, and we've seen it in Virginia. We've

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<v Speaker 3>had great job growth over the last three years. It's

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<v Speaker 3>led to record surplus after surplus after surplus, which has

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<v Speaker 3>allowed us to reduce taxes. It's allowed us to invest

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<v Speaker 3>in education and law enforcement, and by the way, in

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<v Speaker 3>economic development and job training. But it's also I think

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<v Speaker 3>changed people's view of long term In Virginia. We used

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<v Speaker 3>to have for ten years we had more people move

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<v Speaker 3>away from the Commonwealth of Virginia than move into from

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<v Speaker 3>the other forty United States. And last year we became

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<v Speaker 3>one of the top importers of talent in America. So

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<v Speaker 3>this works, and at a time when President Trump again

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<v Speaker 3>is trying to run a very very full policy agenda

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<v Speaker 3>resetting trade, balancing the federal budget, of making America dominant

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<v Speaker 3>again and energy, restoring manufacturing, and restoring this middle class

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<v Speaker 3>what has been what's been eviscerated over the last twenty years,

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<v Speaker 3>and doing all of that while deregulating to make America

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<v Speaker 3>even a better place for a business. I think we

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<v Speaker 3>can look at Virginia and say, hey, we've seen at

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<v Speaker 3>least a little microcosm of that, and it works.

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<v Speaker 2>Governor, the stakes are high, and please you mentioned your

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<v Speaker 2>experience growing gup. You like me, we were professional dishwashers.

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<v Speaker 2>You went on to have a fantastic career leading Carlisle,

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<v Speaker 2>and now you're dedicating yourself to public service. There are

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<v Speaker 2>now people much younger than us who believe that dream

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<v Speaker 2>is not available to them. The upward mobility is no

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<v Speaker 2>longer something available in the United States, and at the moment,

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<v Speaker 2>as you know, filling stadiums around this country, as left

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<v Speaker 2>wing people like Congresswoman Ocasio Cortez Senator Bernie Sanders. If

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<v Speaker 2>this administration gets this wrong, we could see a swing

0:11:43.880 --> 0:11:45.720
<v Speaker 2>in the pendulum all the way to the far left.

0:11:45.720 --> 0:11:48.199
<v Speaker 2>It's not unthinkable. You can see that taking place. How

0:11:48.280 --> 0:11:52.200
<v Speaker 2>high are the stakes. What happens if this administration screws

0:11:52.240 --> 0:11:53.640
<v Speaker 2>it up, well.

0:11:53.800 --> 0:11:57.400
<v Speaker 3>First and foremost don't believe they will. And therefore I

0:11:57.400 --> 0:11:59.480
<v Speaker 3>think what people will see over the course of this

0:11:59.520 --> 0:12:04.040
<v Speaker 3>administry is the realization of this long term opportunity. And

0:12:04.080 --> 0:12:07.000
<v Speaker 3>that's why all of the elements that in play are critical.

0:12:07.280 --> 0:12:09.760
<v Speaker 3>You know, there are so many people in government who

0:12:09.840 --> 0:12:12.920
<v Speaker 3>believe there's one policy solution, this magic wand that will

0:12:12.960 --> 0:12:18.240
<v Speaker 3>fix everything. This is an incredibly complex economic transition model,

0:12:18.600 --> 0:12:21.000
<v Speaker 3>and that's why having all of the elements in play

0:12:21.040 --> 0:12:25.200
<v Speaker 3>at one time, while complicating, is critical because they're each

0:12:25.240 --> 0:12:28.280
<v Speaker 3>going to contribute for the long term success. And if

0:12:28.280 --> 0:12:32.000
<v Speaker 3>you peel out one energy dominance, listen, getting energy prices

0:12:32.040 --> 0:12:35.080
<v Speaker 3>to a place where they're sustainably affordable at the gas

0:12:35.160 --> 0:12:38.960
<v Speaker 3>pump and in the supply chains. Critical America should basically

0:12:39.000 --> 0:12:41.720
<v Speaker 3>dominate the world of power and energy. Making sure we

0:12:41.800 --> 0:12:45.040
<v Speaker 3>have a balanced fiscal moment, not running two trillion dollar

0:12:45.120 --> 0:12:50.800
<v Speaker 3>deficits critical for the long term success of America. Reshoring, manufacturing,

0:12:50.800 --> 0:12:53.520
<v Speaker 3>and think about what's happened over the last decades where

0:12:53.600 --> 0:12:57.800
<v Speaker 3>we watched critical, very high paying jobs move around the

0:12:57.840 --> 0:13:00.800
<v Speaker 3>world away from America and hollow out our middle class.

0:13:01.080 --> 0:13:04.360
<v Speaker 3>That's the opportunity that has really been missing because we've

0:13:04.400 --> 0:13:08.400
<v Speaker 3>seen literally the middle class not participate in the economic

0:13:09.480 --> 0:13:12.080
<v Speaker 3>growth of America over the past few decades. This is

0:13:12.120 --> 0:13:14.840
<v Speaker 3>what is this opportunity is all about. And I've said

0:13:14.880 --> 0:13:16.640
<v Speaker 3>many times, I think the number one job we have

0:13:16.679 --> 0:13:19.880
<v Speaker 3>as Americans is to help this administration be successful and

0:13:20.160 --> 0:13:23.680
<v Speaker 3>that success will translate into an even better America than

0:13:23.720 --> 0:13:24.120
<v Speaker 3>we have today.

0:13:24.240 --> 0:13:26.480
<v Speaker 2>We said it around this Tyito. We hope they are

0:13:26.760 --> 0:13:29.680
<v Speaker 2>just the final question, what's the future of company? Young kid?

0:13:29.800 --> 0:13:30.760
<v Speaker 2>What you want to do next?

0:13:31.120 --> 0:13:34.319
<v Speaker 3>Well, I finish up next January, and I just want

0:13:34.360 --> 0:13:38.280
<v Speaker 3>to begin by saying this has been the most purposeful

0:13:38.360 --> 0:13:41.040
<v Speaker 3>moment in my entire professional career, and I've loved it,

0:13:41.720 --> 0:13:44.400
<v Speaker 3>and I want to make sure this last year is

0:13:44.640 --> 0:13:48.360
<v Speaker 3>incredibly productive for Virginia. Listen, you only get four years

0:13:48.480 --> 0:13:50.760
<v Speaker 3>in a governor's job in Virginia, and I've got one

0:13:50.840 --> 0:13:52.319
<v Speaker 3>year left, and I got to get four years of

0:13:52.360 --> 0:13:54.280
<v Speaker 3>work done in this year because we've had a great

0:13:54.320 --> 0:13:55.920
<v Speaker 3>first three years, and I want to get a second

0:13:56.000 --> 0:14:00.480
<v Speaker 3>term jammed into this last year. But I also wreckonognize

0:14:00.720 --> 0:14:04.000
<v Speaker 3>that there are a lot of folks who spend all

0:14:04.000 --> 0:14:05.959
<v Speaker 3>their time planning for their next job. I'm not one

0:14:05.960 --> 0:14:08.160
<v Speaker 3>of those folks. I'm going to spend one hundred percent,

0:14:08.200 --> 0:14:10.000
<v Speaker 3>if not one hundred and fifty percent, of my effort

0:14:10.360 --> 0:14:13.120
<v Speaker 3>making sure that Virginia continues to thrive. We've got a

0:14:13.120 --> 0:14:16.160
<v Speaker 3>really important election this year. Our lieutenant governor wins some

0:14:16.200 --> 0:14:19.200
<v Speaker 3>Earl Sears has been a great partner for me through

0:14:19.240 --> 0:14:21.680
<v Speaker 3>this entire economic revival in Virginia, and I want to

0:14:21.680 --> 0:14:24.560
<v Speaker 3>make sure that she gets the baton. I think voters

0:14:24.600 --> 0:14:26.760
<v Speaker 3>will trust us and trust her and want to elect

0:14:26.800 --> 0:14:29.080
<v Speaker 3>her the next governor of Virginia. And then we'll decide

0:14:29.080 --> 0:14:31.760
<v Speaker 3>what I do. After I've watched her be inaugurated.

0:14:31.320 --> 0:14:33.480
<v Speaker 2>Young convents twenty eight, I'll watch.

0:14:33.520 --> 0:14:36.960
<v Speaker 3>I'll decide when I after I'm done in January twenty twenty.

0:14:37.080 --> 0:14:38.440
<v Speaker 2>That's its trank, Goven. It's good to see it.

0:14:38.560 --> 0:14:40.240
<v Speaker 3>I will, I will, I will repeat, though, the most

0:14:40.240 --> 0:14:42.560
<v Speaker 3>important thing that we need to be doing right now

0:14:42.720 --> 0:14:46.400
<v Speaker 3>is to be helping this administration be successful, and I

0:14:46.440 --> 0:14:49.560
<v Speaker 3>think the elements are in place. It is a complicated

0:14:49.600 --> 0:14:51.880
<v Speaker 3>set of movements in order to reset so many things

0:14:51.920 --> 0:14:54.720
<v Speaker 3>at one time, but I have great faith that the

0:14:54.760 --> 0:14:57.160
<v Speaker 3>long term opportunities really are going to be great, and

0:14:57.200 --> 0:14:59.280
<v Speaker 3>we're seeing that in companies who are investing all across

0:14:59.320 --> 0:15:00.320
<v Speaker 3>Virginia and America.

0:15:00.160 --> 0:15:01.560
<v Speaker 2>For the good of this country. I think a lot

0:15:01.600 --> 0:15:03.880
<v Speaker 2>of people agree with you. They hope, we hope you're right.

0:15:03.960 --> 0:15:05.800
<v Speaker 2>Thank you, Governor. I appreciate your time. Thank you, sir,

0:15:06.360 --> 0:15:09.040
<v Speaker 2>the Virginia Governor Glenn Younkin there, thank you very much.