1 00:00:00,080 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple, Cocklay and Android 4 00:00:17,160 --> 00:00:20,560 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:23,760 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,320 --> 00:00:27,360 Speaker 2: So a new member joining the Apple family, which I 7 00:00:27,360 --> 00:00:30,520 Speaker 2: guess is probably pretty extensive. We think about a lot 8 00:00:30,520 --> 00:00:32,600 Speaker 2: of things as families in the business and in the 9 00:00:32,600 --> 00:00:35,639 Speaker 2: political world, including for example, the House Republican conference, where 10 00:00:35,640 --> 00:00:38,480 Speaker 2: there's famously what five families that all have to try 11 00:00:38,520 --> 00:00:41,440 Speaker 2: to get their heads together and pursue the same policy. 12 00:00:41,479 --> 00:00:44,160 Speaker 2: And therein lies the challenge that is facing House Republicans 13 00:00:44,200 --> 00:00:46,000 Speaker 2: right now as they try to find a path forward 14 00:00:46,320 --> 00:00:50,680 Speaker 2: on budget reconciliation to achieve the legislative objectives of President Trump, 15 00:00:50,760 --> 00:00:54,080 Speaker 2: which includes steep tax cuts making permanent his twenty seventeen 16 00:00:54,120 --> 00:00:57,600 Speaker 2: tax cuts, specifically energy and border policy, which they're trying 17 00:00:57,640 --> 00:01:00,120 Speaker 2: in the House to roll all into one bill. We 18 00:01:00,160 --> 00:01:03,040 Speaker 2: got the budget outline yesterday's right. It seems things are 19 00:01:03,080 --> 00:01:05,319 Speaker 2: changing though as they mark things up, with the Budget 20 00:01:05,400 --> 00:01:08,240 Speaker 2: chair Jody Errington now saying if they can't reach two 21 00:01:08,280 --> 00:01:12,440 Speaker 2: trillion dollars in tax cuts the maximum allowed or two 22 00:01:12,440 --> 00:01:15,160 Speaker 2: tucks in spending cuts. Rather, the maximum allowed in tax 23 00:01:15,200 --> 00:01:18,280 Speaker 2: cuts would be four trillion dollars. The problem is just 24 00:01:18,319 --> 00:01:21,240 Speaker 2: renewing the twenty seventeen tax cuts is expected to cost 25 00:01:21,280 --> 00:01:22,960 Speaker 2: a bit more than that, So the math. 26 00:01:22,880 --> 00:01:26,720 Speaker 3: Is difficult here. And that's where Congressman Ralph Norman comes in. 27 00:01:26,760 --> 00:01:29,040 Speaker 3: I'm glad that we have the opportunity to bring in 28 00:01:29,080 --> 00:01:31,760 Speaker 3: a member of the aforementioned House Budget Committee representing South 29 00:01:31,800 --> 00:01:34,560 Speaker 3: Carolina's fifth district with his own point of view here. 30 00:01:34,600 --> 00:01:37,360 Speaker 3: And we're told, Congressman, welcome back to Bloomberg TV and Radio, 31 00:01:37,360 --> 00:01:40,880 Speaker 3: that you're one of two potential no's with the numbers 32 00:01:40,880 --> 00:01:43,319 Speaker 3: that we're hearing. So let's we'll update that. Let's say 33 00:01:43,319 --> 00:01:45,600 Speaker 3: it's at least two trillion in spending cuts, four and 34 00:01:45,640 --> 00:01:48,800 Speaker 3: a half trillion dollar cap on tax cuts, a four 35 00:01:48,880 --> 00:01:51,760 Speaker 3: trillion dollar extension of the debt limit. Would you vote 36 00:01:51,840 --> 00:01:52,800 Speaker 3: yes on a bill like that? 37 00:01:54,240 --> 00:01:57,560 Speaker 4: Well, first of all, what we started out with was 38 00:01:57,920 --> 00:02:01,280 Speaker 4: we could not continue to payath of unsustained spending. 39 00:02:01,640 --> 00:02:04,720 Speaker 5: Spending is a problem for inflation. Inflation. It's not income, 40 00:02:04,760 --> 00:02:05,440 Speaker 5: it's it's spending. 41 00:02:06,000 --> 00:02:09,639 Speaker 4: Uh, the base budget. I voted to get out of committee. 42 00:02:10,280 --> 00:02:12,799 Speaker 4: We had the timeline to meet, which is today for 43 00:02:12,880 --> 00:02:15,799 Speaker 4: the markup, which we're doing. To be honest, I'm confident 44 00:02:15,919 --> 00:02:18,919 Speaker 4: that we're going to have the amendments in place that 45 00:02:19,080 --> 00:02:22,000 Speaker 4: will get the job done. And as you mentioned, we've 46 00:02:22,040 --> 00:02:26,560 Speaker 4: got one point five trillion in baseline number with an 47 00:02:26,560 --> 00:02:30,440 Speaker 4: aspiration of two the tax cuts four tree in four 48 00:02:30,440 --> 00:02:33,000 Speaker 4: and a half, and then with three hundred three hundred 49 00:02:33,040 --> 00:02:38,839 Speaker 4: billion four defense and homeland security, and uh, I think 50 00:02:38,840 --> 00:02:40,840 Speaker 4: we're going to get there. I think it's important for 51 00:02:40,919 --> 00:02:42,720 Speaker 4: us to get our own version out. I know the 52 00:02:42,800 --> 00:02:47,400 Speaker 4: Senate is working on one, but you know, all the 53 00:02:47,600 --> 00:02:50,120 Speaker 4: House is responsible for the purse strains. 54 00:02:50,360 --> 00:02:51,840 Speaker 5: So I'm confident we'll get it out. 55 00:02:51,880 --> 00:02:55,079 Speaker 4: It's going to be a long day, but we expected 56 00:02:55,120 --> 00:02:57,560 Speaker 4: that a lot of amendments, a lot of Democrat amendments, 57 00:02:57,639 --> 00:02:59,880 Speaker 4: and uh, we'll have our own that I'm confident. 58 00:03:00,040 --> 00:03:01,680 Speaker 5: I add to the value. 59 00:03:02,280 --> 00:03:05,400 Speaker 2: Well, obviously, Congressman, getting it out of committee is one hurdle, 60 00:03:05,440 --> 00:03:07,760 Speaker 2: but getting a package that can actually pass on the 61 00:03:07,760 --> 00:03:10,480 Speaker 2: House floor with what is assumed to be zero Democratic 62 00:03:10,560 --> 00:03:13,960 Speaker 2: votes is another thing. Entirely with this structure, are you 63 00:03:14,040 --> 00:03:16,240 Speaker 2: confident the requisite votes would be there. 64 00:03:17,680 --> 00:03:18,919 Speaker 5: Here's what I'm confident of. 65 00:03:19,639 --> 00:03:22,880 Speaker 4: When it goes to the floor, there'll be a total 66 00:03:22,880 --> 00:03:26,359 Speaker 4: explanation of every cut every committee comes up with and 67 00:03:26,480 --> 00:03:27,480 Speaker 4: where it's coming from. 68 00:03:28,120 --> 00:03:29,919 Speaker 5: Is it going to be easy, No, it's not going 69 00:03:29,960 --> 00:03:30,200 Speaker 5: to be. 70 00:03:30,280 --> 00:03:32,960 Speaker 4: But every dollar in Congress that's spent has got an 71 00:03:33,040 --> 00:03:35,240 Speaker 4: advocate for it, and they're coming out in full force 72 00:03:36,040 --> 00:03:39,160 Speaker 4: as I speak to you right now, Kayley. But yeah, 73 00:03:39,200 --> 00:03:42,200 Speaker 4: I'm confident, and I'm confident because of this it will 74 00:03:42,200 --> 00:03:45,680 Speaker 4: make sense. Everybody agrees that we can't continue the path. 75 00:03:45,760 --> 00:03:49,320 Speaker 4: But I tell you what's got to happen. President Trump, 76 00:03:49,440 --> 00:03:53,000 Speaker 4: who's got a sixty five sixty nine percent approval rating, 77 00:03:53,120 --> 00:03:56,200 Speaker 4: is going to have to get involved. Anybody that at 78 00:03:56,200 --> 00:03:57,680 Speaker 4: the end of the day when he goes to the 79 00:03:57,680 --> 00:04:01,120 Speaker 4: floor that doesn't agree with it or has issues, I 80 00:04:01,120 --> 00:04:03,840 Speaker 4: think he will directly get involved, as he has, and 81 00:04:03,880 --> 00:04:06,400 Speaker 4: he's done a brilliant job of doing that and explaining 82 00:04:06,440 --> 00:04:08,960 Speaker 4: why the tax cuts. We've got to get this out 83 00:04:09,040 --> 00:04:10,920 Speaker 4: because it's going to be a tax it's going to 84 00:04:10,960 --> 00:04:15,000 Speaker 4: be a tax increase for over twenty eight to thirty. 85 00:04:14,760 --> 00:04:16,400 Speaker 5: Five percent for all Americans. 86 00:04:16,640 --> 00:04:19,920 Speaker 4: We can't let that happen. The prosperity that happened under 87 00:04:19,920 --> 00:04:22,400 Speaker 4: his reign. We've got to continue and I think at 88 00:04:22,400 --> 00:04:24,839 Speaker 4: the end of the day, I think we'll pass it. 89 00:04:24,920 --> 00:04:27,239 Speaker 3: Well, we know, Congressman, that President Trump is not above 90 00:04:27,279 --> 00:04:29,760 Speaker 3: picking up the phone when it's time to weigh in 91 00:04:29,800 --> 00:04:32,159 Speaker 3: on things. As I'm sure we all recall from the 92 00:04:32,160 --> 00:04:35,440 Speaker 3: most recent speakers vote. Are you hungry for the president 93 00:04:35,480 --> 00:04:36,279 Speaker 3: to weigh in here? 94 00:04:37,480 --> 00:04:41,719 Speaker 4: Absolutely, he's got away in because we can't afford to 95 00:04:41,720 --> 00:04:46,360 Speaker 4: stumble on this. I mean, you know, it's interesting every politician, 96 00:04:46,560 --> 00:04:49,040 Speaker 4: every four well five hundred and thirty five members of 97 00:04:49,080 --> 00:04:53,840 Speaker 4: Congress campaign on conservatism, cutting the depths that we know 98 00:04:53,920 --> 00:04:56,960 Speaker 4: it's not sustainable. Now when it actually comes down to it, 99 00:04:57,000 --> 00:04:59,600 Speaker 4: that's where he comes into the picture and does it 100 00:04:59,640 --> 00:05:03,800 Speaker 4: put Does it make sense to put work requirements on Medicaid? 101 00:05:04,240 --> 00:05:04,960 Speaker 5: I think it does. 102 00:05:05,080 --> 00:05:08,600 Speaker 4: Does it make sense to go down the line and 103 00:05:08,720 --> 00:05:11,520 Speaker 4: let block grants, let states handle some of that funding. 104 00:05:11,600 --> 00:05:15,600 Speaker 4: It's not a cut in medicaid as one example. But yeah, 105 00:05:15,680 --> 00:05:17,040 Speaker 4: I mean, I think he's going to have to get 106 00:05:17,040 --> 00:05:20,240 Speaker 4: involved and he will to pass what he considers this 107 00:05:20,320 --> 00:05:24,520 Speaker 4: is a lynch pin for his whole four years in office. 108 00:05:24,680 --> 00:05:26,760 Speaker 4: Is great to start it now look what he's done 109 00:05:26,800 --> 00:05:33,560 Speaker 4: on the Doe's Commission, and so I'm anxious and I 110 00:05:33,600 --> 00:05:36,039 Speaker 4: think he's going to pass and I'm optimistic. 111 00:05:37,760 --> 00:05:41,000 Speaker 2: Well, and with this structure, you already mentioned potential cuts 112 00:05:41,040 --> 00:05:44,560 Speaker 2: to medicate here. But essentially what this structure will mean 113 00:05:44,720 --> 00:05:47,440 Speaker 2: is that if the cost of Trump's tax cuts go higher, 114 00:05:47,440 --> 00:05:49,640 Speaker 2: if we're adding on things like no tax on tips 115 00:05:49,720 --> 00:05:52,960 Speaker 2: or overtime or social Security, lifting the salt cap, perhaps 116 00:05:53,080 --> 00:05:55,880 Speaker 2: more spending cuts have to come into place. So what 117 00:05:55,960 --> 00:05:58,159 Speaker 2: else is going to have to go on the chopping 118 00:05:58,360 --> 00:06:02,000 Speaker 2: block if Donald Trump the president is to get everything 119 00:06:02,080 --> 00:06:04,080 Speaker 2: he wants here, Well, first of. 120 00:06:04,080 --> 00:06:06,000 Speaker 5: All, it's not cut to medicaid. We're not doing that. 121 00:06:06,760 --> 00:06:10,200 Speaker 4: Is it a reallocation yes. Is it getting people off 122 00:06:10,200 --> 00:06:15,000 Speaker 4: the rows of a healthy Yes. And that's what he 123 00:06:15,080 --> 00:06:18,680 Speaker 4: can sell to anybody who is feeling a lot of pressure, 124 00:06:18,720 --> 00:06:19,760 Speaker 4: which I understand. 125 00:06:21,400 --> 00:06:23,599 Speaker 5: But and you've got to consider the growth rate. 126 00:06:23,839 --> 00:06:26,200 Speaker 4: I think we've got a two point five percent growth 127 00:06:27,120 --> 00:06:28,400 Speaker 4: in the economy of GDP. 128 00:06:28,640 --> 00:06:31,000 Speaker 5: I think that'll happen. That'll make some of the difference up. 129 00:06:31,240 --> 00:06:33,720 Speaker 5: But it's not going to be easy, but it never is. 130 00:06:34,200 --> 00:06:39,400 Speaker 4: But I think we'll get there. And the alternative of 131 00:06:39,480 --> 00:06:42,520 Speaker 4: letting the tax cuts his fire and give Americans that 132 00:06:42,600 --> 00:06:45,920 Speaker 4: kind of a tax increase is not a pretty picture. 133 00:06:45,640 --> 00:06:46,880 Speaker 5: And we're not going to let that happen. 134 00:06:48,160 --> 00:06:51,479 Speaker 3: I'm wondering where you are on the timeline here, Congressman, 135 00:06:51,520 --> 00:06:52,960 Speaker 3: and just how much time there is to work all 136 00:06:53,000 --> 00:06:55,080 Speaker 3: of this out. We've got a funding deadline twenty nine 137 00:06:55,160 --> 00:06:58,080 Speaker 3: days out. Would you support a continuing resolution to keep 138 00:06:58,120 --> 00:07:01,440 Speaker 3: the lights on if negotiations we're moving in the right direction. 139 00:07:03,400 --> 00:07:04,920 Speaker 5: Yeah, I don't like crs. 140 00:07:05,040 --> 00:07:08,159 Speaker 4: I think it needs to be a kind of a 141 00:07:08,200 --> 00:07:11,000 Speaker 4: modified CR as example, the ones that get hit the 142 00:07:11,040 --> 00:07:14,240 Speaker 4: most of the military. I think Pete Hexstath will weigh 143 00:07:14,280 --> 00:07:16,920 Speaker 4: in on what he needs. I think Tom Holman will 144 00:07:16,960 --> 00:07:19,200 Speaker 4: weigh in with what he needs. But yeah, I would 145 00:07:19,280 --> 00:07:22,760 Speaker 4: vote for a CR, depending on what the final conditions 146 00:07:22,760 --> 00:07:24,840 Speaker 4: are as part of it. But you've got to allow 147 00:07:24,920 --> 00:07:29,320 Speaker 4: the continuation of what particularly the military is doing in 148 00:07:29,440 --> 00:07:32,800 Speaker 4: every contract, every lease extension is affected by a CR 149 00:07:32,880 --> 00:07:35,400 Speaker 4: in a negative way. We will have to do some 150 00:07:35,440 --> 00:07:38,320 Speaker 4: carve outs and they will have to tell us what 151 00:07:38,400 --> 00:07:40,920 Speaker 4: they need. We finally got people in office that they 152 00:07:40,960 --> 00:07:43,880 Speaker 4: know it. Pete Hextath knows the military, he knows where 153 00:07:43,920 --> 00:07:46,520 Speaker 4: the money ought to go. The same thing with Tom Holman. 154 00:07:46,640 --> 00:07:50,720 Speaker 4: He's got this deportation down, but the agency is at 155 00:07:50,720 --> 00:07:53,840 Speaker 4: the end of the day, the appropriations are going to 156 00:07:53,920 --> 00:07:56,240 Speaker 4: have to come up with the money. And that's where 157 00:07:56,240 --> 00:07:58,800 Speaker 4: Donald Trump comes in to make the case. And I 158 00:07:58,840 --> 00:08:01,880 Speaker 4: think there's no one better they can do it, that 159 00:08:02,040 --> 00:08:04,280 Speaker 4: can present the case than he can. 160 00:08:05,680 --> 00:08:05,760 Speaker 3: Do. 161 00:08:05,920 --> 00:08:09,880 Speaker 2: Democrats come in somewhere, Congressman on this when we're talking 162 00:08:09,920 --> 00:08:15,840 Speaker 2: about just keeping the government funded beyond March specifically, they don't. 163 00:08:15,640 --> 00:08:19,240 Speaker 4: Come into the solution. I mean, we're not gonna have 164 00:08:19,280 --> 00:08:20,400 Speaker 4: to deal with them, hopefully. 165 00:08:20,480 --> 00:08:20,960 Speaker 5: I mean. 166 00:08:22,400 --> 00:08:24,400 Speaker 4: Some of the things that we've heard they're going to 167 00:08:24,480 --> 00:08:28,640 Speaker 4: ask for, like the elimination of Elon Musk, like the 168 00:08:28,800 --> 00:08:32,520 Speaker 4: end to deportation. It's ludicrous. People are excited about what 169 00:08:32,559 --> 00:08:35,120 Speaker 4: Elon Musk is doing, and if you have to deal 170 00:08:35,160 --> 00:08:38,800 Speaker 4: with them, they're so it's just two different universes with 171 00:08:38,840 --> 00:08:42,120 Speaker 4: them today. And I mean, look at the demonstrations they've 172 00:08:42,160 --> 00:08:45,960 Speaker 4: done on against what Elon Musk is doing. He's not 173 00:08:46,000 --> 00:08:49,200 Speaker 4: getting paid, he's an investigator. He's supplying the numbers that 174 00:08:49,240 --> 00:08:50,920 Speaker 4: we should have had years ago. 175 00:08:51,120 --> 00:08:53,920 Speaker 5: So no, I don't think we'll have to deal with them. 176 00:08:53,920 --> 00:08:55,719 Speaker 4: And I don't think we'll need their vote at the 177 00:08:55,800 --> 00:08:58,600 Speaker 4: end of the day, they're not going to vote with us. 178 00:08:58,600 --> 00:09:01,079 Speaker 4: When you watch watch the here in the budget committee, 179 00:09:01,080 --> 00:09:02,400 Speaker 4: I don't think any of them going to vote for 180 00:09:02,440 --> 00:09:02,959 Speaker 4: this budget. 181 00:09:03,000 --> 00:09:04,720 Speaker 5: And we've got a good budget and I think we'll 182 00:09:04,720 --> 00:09:05,079 Speaker 5: pass it. 183 00:09:06,200 --> 00:09:10,440 Speaker 3: Realizing you support the spirit of Elon Musk's mission here, Congressman, 184 00:09:10,520 --> 00:09:13,720 Speaker 3: as a lawmaker in the House of Representatives, do you 185 00:09:13,760 --> 00:09:16,720 Speaker 3: worry when we talk about xing out entire agencies without 186 00:09:16,720 --> 00:09:17,800 Speaker 3: the approval of Congress? 187 00:09:20,000 --> 00:09:24,520 Speaker 4: Absolutely not let the money flow, which has never been discovered. 188 00:09:24,800 --> 00:09:29,280 Speaker 4: People are asking, maybe why didn't Congress discover these abuses 189 00:09:29,360 --> 00:09:32,160 Speaker 4: of where our money goes? The reason is we couldn't 190 00:09:32,160 --> 00:09:34,680 Speaker 4: get to it. He's the only one that had the 191 00:09:34,720 --> 00:09:37,760 Speaker 4: brain power and the bandwidth to get to where to 192 00:09:37,800 --> 00:09:40,000 Speaker 4: follow the checks to where they actually ended up. 193 00:09:41,080 --> 00:09:43,359 Speaker 3: The money is one thing, though, but the actual existence 194 00:09:43,360 --> 00:09:46,440 Speaker 3: of the agency just just if they blow them out. 195 00:09:46,640 --> 00:09:48,360 Speaker 3: You don't think Congress should have a say in that. 196 00:09:50,040 --> 00:09:52,520 Speaker 4: I think when yeah, at the end of the day, 197 00:09:52,600 --> 00:09:55,559 Speaker 4: we'll have to vote on it. But through his executive 198 00:09:55,600 --> 00:09:59,040 Speaker 4: powers and through the Constitution, he can cut the funding off, 199 00:09:59,080 --> 00:10:01,440 Speaker 4: which he's doing. And you know, if let's say an 200 00:10:01,440 --> 00:10:06,480 Speaker 4: agency that has some good parts in it. President Trump 201 00:10:07,080 --> 00:10:12,080 Speaker 4: will recognize those that need to be continued. But the 202 00:10:12,320 --> 00:10:15,160 Speaker 4: money is where it all ends up showing whether an 203 00:10:15,400 --> 00:10:17,240 Speaker 4: agency should continue. 204 00:10:17,480 --> 00:10:18,680 Speaker 5: It shouldn't go overseas. 205 00:10:18,800 --> 00:10:21,640 Speaker 4: It shouldn't go for Sesame Street books for the June 206 00:10:21,640 --> 00:10:24,319 Speaker 4: to twenty million, It shouldn't go on to sixteen million 207 00:10:24,600 --> 00:10:27,360 Speaker 4: to Vietnam for inclusion. 208 00:10:28,040 --> 00:10:28,839 Speaker 5: Things like that. 209 00:10:29,880 --> 00:10:31,600 Speaker 4: We the people are going to weigh in on, and 210 00:10:31,679 --> 00:10:34,920 Speaker 4: they already have. But some agencies will need to be modified. 211 00:10:35,280 --> 00:10:38,960 Speaker 4: Some agencies will need to be scaled down. Department of 212 00:10:39,040 --> 00:10:42,520 Speaker 4: Education is one of them. Social Security is another one. 213 00:10:42,679 --> 00:10:45,320 Speaker 4: When you find out from what I'm hearing, people are 214 00:10:45,360 --> 00:10:48,640 Speaker 4: getting four and five checks. He's investigating all that and 215 00:10:48,760 --> 00:10:51,880 Speaker 4: let the American people decide. It's not their money, it's 216 00:10:51,960 --> 00:10:54,760 Speaker 4: the facts payer's money. 217 00:10:55,000 --> 00:10:55,400 Speaker 3: All right. 218 00:10:55,640 --> 00:10:58,120 Speaker 2: Congressman, thanks very much for joining us live today from 219 00:10:58,160 --> 00:11:02,199 Speaker 2: Capitol Hill. That's Republican Congressman Norman of South Carolina, of course, 220 00:11:02,240 --> 00:11:04,760 Speaker 2: member of the House Budget Committee. As that markup is 221 00:11:04,840 --> 00:11:05,800 Speaker 2: still underway. 222 00:11:08,080 --> 00:11:11,560 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 223 00:11:11,640 --> 00:11:15,079 Speaker 1: us Live weekdays at noon and five pm Eastern on Apple, 224 00:11:15,120 --> 00:11:18,160 Speaker 1: Cocklay and Android Auto with the Bloomberg Business app. You 225 00:11:18,200 --> 00:11:21,679 Speaker 1: can also listen live on Amazon Alexa from our flagship 226 00:11:21,720 --> 00:11:26,280 Speaker 1: New York station, Just say Alexa play Bloomberg eleven thirty. 227 00:11:27,160 --> 00:11:28,840 Speaker 3: It's great to have you with us on the Thursday 228 00:11:28,960 --> 00:11:32,040 Speaker 3: edition here on Bloomberg Radio, on the satellite radio, and 229 00:11:32,080 --> 00:11:33,719 Speaker 3: on YouTube, where you can find us right now by 230 00:11:33,720 --> 00:11:36,839 Speaker 3: searching Bloomberg Business News Live. We're standing by to hear 231 00:11:37,040 --> 00:11:40,800 Speaker 3: news at least we're told on reciprocal tariffs today from 232 00:11:40,800 --> 00:11:42,120 Speaker 3: the White House. A little more than a half an 233 00:11:42,160 --> 00:11:44,240 Speaker 3: hour from now, President Trump will be back in the Oval. 234 00:11:44,640 --> 00:11:46,360 Speaker 3: This is like a daily thing, right. I mean, I 235 00:11:46,360 --> 00:11:47,880 Speaker 3: don't even need to tell you. They're going to bring 236 00:11:47,880 --> 00:11:49,520 Speaker 3: the press pool in the Oval office and he's going 237 00:11:49,600 --> 00:11:52,080 Speaker 3: to start talking when he feels like it. That'll be 238 00:11:52,200 --> 00:11:54,920 Speaker 3: sometime in the next hour. There's an executive action that's 239 00:11:54,920 --> 00:11:57,600 Speaker 3: supposed to be on the table that will involve reciprocal tariffs. 240 00:11:57,720 --> 00:12:01,319 Speaker 3: The President talking about it earlier, promising the big one, right, 241 00:12:01,360 --> 00:12:04,600 Speaker 3: he said, this is the big day. We'll see what 242 00:12:04,640 --> 00:12:06,760 Speaker 3: that involves. There's the tweet for you if you're with us, 243 00:12:06,880 --> 00:12:09,000 Speaker 3: or the truth right if you're with us on YouTube. 244 00:12:09,640 --> 00:12:12,199 Speaker 3: Three great weeks perhaps the best ever, but today is 245 00:12:12,240 --> 00:12:14,640 Speaker 3: the big one. He writes reciprocal tariffs. We'll find out. 246 00:12:14,640 --> 00:12:16,520 Speaker 3: We don't know. We've heard a lot of tariff threats. 247 00:12:17,040 --> 00:12:19,840 Speaker 3: Of course, he's already threatened twenty five percent tariffs against Canada, 248 00:12:19,840 --> 00:12:23,520 Speaker 3: and Mexico backed away from the line. There were some concessions. 249 00:12:23,520 --> 00:12:26,440 Speaker 3: As we discussed. You're involving troops on the border. He's 250 00:12:26,440 --> 00:12:29,720 Speaker 3: promised additional tariffs to go into effects soon on steel 251 00:12:29,760 --> 00:12:33,240 Speaker 3: and aluminum. And here's the news. Our trading partners are 252 00:12:33,240 --> 00:12:36,599 Speaker 3: not waiting around to find out. Enter the Premiere of Saskatchewan. 253 00:12:37,160 --> 00:12:38,600 Speaker 3: I told you he was coming to talk to us 254 00:12:38,600 --> 00:12:40,960 Speaker 3: here in person. Scott Mowe is one of thirteen premiers 255 00:12:41,000 --> 00:12:45,200 Speaker 3: down from our neighbor from the North to make the 256 00:12:45,240 --> 00:12:49,199 Speaker 3: case for ongoing trade partnerships here in North America. It's 257 00:12:49,200 --> 00:12:50,640 Speaker 3: great to have you with us at the table. Thank 258 00:12:50,679 --> 00:12:53,280 Speaker 3: you for making part of us, part of your day 259 00:12:53,280 --> 00:12:54,040 Speaker 3: here in Washington. 260 00:12:54,200 --> 00:12:55,000 Speaker 6: Thank you for making time. 261 00:12:55,160 --> 00:12:57,520 Speaker 3: You're meeting with a lot of stakeholders. You had spoken 262 00:12:57,559 --> 00:13:00,679 Speaker 3: before you left Canada about meeting with law Mamansker, senators, 263 00:13:00,679 --> 00:13:04,560 Speaker 3: maybe governors, but also and maybe most importantly, cabinet officials, 264 00:13:04,559 --> 00:13:06,920 Speaker 3: members of the administration was the White House accommodating. 265 00:13:07,280 --> 00:13:11,640 Speaker 6: Yeah, no, certainly, And again from Saskatchewan's perspective, these relationships 266 00:13:11,640 --> 00:13:15,720 Speaker 6: with policymakers, whether they be in Congress, in the Senate 267 00:13:16,080 --> 00:13:19,680 Speaker 6: or part of the administration. We've made it a priority 268 00:13:19,679 --> 00:13:22,080 Speaker 6: for the last decade and a half to be in 269 00:13:22,160 --> 00:13:24,160 Speaker 6: DC a number of times throughout the year and to 270 00:13:24,520 --> 00:13:27,079 Speaker 6: foster these relations because they're important to us, and I 271 00:13:27,080 --> 00:13:29,040 Speaker 6: think they're important really to what our goal is is 272 00:13:29,080 --> 00:13:32,400 Speaker 6: for Saskatchewan to be part of creating that continental energy, 273 00:13:32,400 --> 00:13:34,280 Speaker 6: food and manufacturing security system. 274 00:13:34,800 --> 00:13:36,760 Speaker 3: I want the whole elevator pitch. I want to hear 275 00:13:36,760 --> 00:13:39,640 Speaker 3: what you're telling people in these meetings. But first, what 276 00:13:39,679 --> 00:13:42,680 Speaker 3: does the administration want from you? You put ten thousand 277 00:13:42,720 --> 00:13:44,880 Speaker 3: troops on the border, You've made an agreement to crack 278 00:13:44,920 --> 00:13:47,920 Speaker 3: down on fentanel illegal border crossings. What else would remove 279 00:13:47,960 --> 00:13:49,280 Speaker 3: this threat from hanging over your head? 280 00:13:49,360 --> 00:13:52,120 Speaker 6: Well, I think when it comes to priorities that have 281 00:13:52,160 --> 00:13:54,320 Speaker 6: been raised by the President, when it whether it be 282 00:13:54,320 --> 00:13:57,440 Speaker 6: fentanyl or securing our border, whether it be our forty 283 00:13:57,520 --> 00:14:00,640 Speaker 6: ninth parallel or mutually our North American ports, we need 284 00:14:00,679 --> 00:14:02,800 Speaker 6: to always be looking to do better. And when it 285 00:14:02,840 --> 00:14:04,640 Speaker 6: comes to fentanyl. That's not a drug at all. It's 286 00:14:04,640 --> 00:14:07,600 Speaker 6: a poison. It's killing people north end south of the 287 00:14:07,600 --> 00:14:09,560 Speaker 6: forty ninth parallel, and we need to do our level 288 00:14:09,600 --> 00:14:12,560 Speaker 6: best to eradicate it from our communities and eradicate it 289 00:14:12,600 --> 00:14:15,760 Speaker 6: from the hands and pockets of friends and all too 290 00:14:15,800 --> 00:14:19,080 Speaker 6: often family members. And so we're committing to do that 291 00:14:19,120 --> 00:14:22,960 Speaker 6: in Saskatchewan and pushing our federal government and our the 292 00:14:23,000 --> 00:14:25,920 Speaker 6: provincial efforts. Were part of the ten thousand folks on 293 00:14:25,960 --> 00:14:27,920 Speaker 6: the board of the security officials on the border, and 294 00:14:27,920 --> 00:14:31,120 Speaker 6: so we're working together, not just because it's a priority 295 00:14:31,160 --> 00:14:32,920 Speaker 6: the president, but it's a priority of all of us 296 00:14:32,920 --> 00:14:33,800 Speaker 6: that live in North America. 297 00:14:33,880 --> 00:14:35,600 Speaker 3: I get that, and I also feel like it wouldn't 298 00:14:35,640 --> 00:14:36,880 Speaker 3: be that hard of a job for you. What I 299 00:14:37,000 --> 00:14:40,400 Speaker 3: understand was forty something pounds of fentanyl across the northern 300 00:14:40,400 --> 00:14:44,880 Speaker 3: border last year versus twenty one thousand through our southern border. 301 00:14:45,200 --> 00:14:46,120 Speaker 3: You can get your arms. 302 00:14:45,960 --> 00:14:47,880 Speaker 6: Around that can Yeah, well, all of those pounds are 303 00:14:47,880 --> 00:14:50,080 Speaker 6: problem or a problem. And so what I would say 304 00:14:50,280 --> 00:14:53,000 Speaker 6: is when you look at the you know, the fentanyl 305 00:14:53,040 --> 00:14:56,120 Speaker 6: deaths in Saskatchewan communities or Canadian communities, it's very similar 306 00:14:56,200 --> 00:14:58,120 Speaker 6: per capita to what we're seeing in the US, and 307 00:14:58,200 --> 00:15:01,200 Speaker 6: so we need to work together to get that drug 308 00:15:01,280 --> 00:15:04,480 Speaker 6: out of the hands of anyone that lives in North America. 309 00:15:04,920 --> 00:15:09,520 Speaker 3: Your biggest trading partner as a province is the United States. 310 00:15:10,280 --> 00:15:13,240 Speaker 3: The most important thing you sell the US is crude oil. 311 00:15:14,240 --> 00:15:16,880 Speaker 3: If these tariffs take effect, if we get into some 312 00:15:16,960 --> 00:15:18,960 Speaker 3: kind of a trade work, can you replace that business? 313 00:15:19,000 --> 00:15:20,400 Speaker 3: Can you sell that oil to someone else? 314 00:15:20,720 --> 00:15:22,880 Speaker 6: The crude oil is a little more difficult. We sell 315 00:15:22,920 --> 00:15:27,160 Speaker 6: crude oil, potash, uranium, agri food products, and our goal 316 00:15:27,200 --> 00:15:29,800 Speaker 6: is always to create that continental energy and food security. 317 00:15:29,840 --> 00:15:33,680 Speaker 6: From our province's perspective, it will those products will start 318 00:15:33,720 --> 00:15:36,360 Speaker 6: to float to other places around the world. But at 319 00:15:36,360 --> 00:15:38,360 Speaker 6: the end of the day, not only is the United 320 00:15:38,360 --> 00:15:41,520 Speaker 6: States of America our largest trading partner North and South. 321 00:15:42,200 --> 00:15:45,200 Speaker 6: There are most trusted and important ally as Canadians and 322 00:15:45,240 --> 00:15:48,000 Speaker 6: as fellow North Americans, and so our goal isn't to 323 00:15:48,000 --> 00:15:50,960 Speaker 6: sell those products somewhere else. Our goal is to continue 324 00:15:50,960 --> 00:15:54,560 Speaker 6: with the relationship with the United States because quite honestly, 325 00:15:54,920 --> 00:15:59,000 Speaker 6: that oil is coming to US refineries and it's creating 326 00:15:59,080 --> 00:16:03,880 Speaker 6: jobs in places like Ohio, Iowa, Illinois, down into Louisiana 327 00:16:03,880 --> 00:16:07,760 Speaker 6: and Texas. So the trade relationship is strong. We understand 328 00:16:07,840 --> 00:16:10,760 Speaker 6: there's some some discussion about you know what that's going 329 00:16:10,800 --> 00:16:12,600 Speaker 6: to look like moving forward, and that's why we're here. 330 00:16:12,680 --> 00:16:15,560 Speaker 3: You can mention potash. Yeah, you put out a tweet 331 00:16:15,720 --> 00:16:18,400 Speaker 3: that got our attention here with a nice shot of 332 00:16:18,440 --> 00:16:20,200 Speaker 3: a big mac on it. You must have gotten Donald 333 00:16:20,240 --> 00:16:22,480 Speaker 3: Trump's attention with this. From growing wheat, you say, for 334 00:16:22,560 --> 00:16:25,920 Speaker 3: the bun to corn, for the cattle. It turns out 335 00:16:25,960 --> 00:16:28,440 Speaker 3: the secret ingreding into the big mac is potash. A 336 00:16:28,520 --> 00:16:32,840 Speaker 3: tariff on Canadian potash is attacks on American's food. Is 337 00:16:32,840 --> 00:16:34,960 Speaker 3: that part of your argument when you sit down in 338 00:16:35,040 --> 00:16:35,560 Speaker 3: these meetings? 339 00:16:35,680 --> 00:16:36,280 Speaker 6: What's a fact? 340 00:16:36,880 --> 00:16:38,480 Speaker 3: You know how much he likes a big mac. You're 341 00:16:38,520 --> 00:16:39,960 Speaker 3: not going to raise the price on this, are you. 342 00:16:40,000 --> 00:16:41,840 Speaker 6: I think there's about nine Well we're not going to. 343 00:16:42,640 --> 00:16:44,600 Speaker 6: But there's about nine million tons of potash that come 344 00:16:44,640 --> 00:16:47,280 Speaker 6: down into the corn belt in the US. Ninety that 345 00:16:47,280 --> 00:16:50,120 Speaker 6: comes from Saskatchewan. Thirty five percent of the world's potash 346 00:16:50,200 --> 00:16:54,280 Speaker 6: comes from Saskatchewan. There really is no other market for 347 00:16:54,320 --> 00:16:57,960 Speaker 6: that product unless you want to start purchasing from Russia. 348 00:16:58,200 --> 00:17:01,040 Speaker 6: So you know, here in lies the importance of the 349 00:17:01,080 --> 00:17:04,159 Speaker 6: trading relationship we have we understand, you know that the 350 00:17:04,920 --> 00:17:08,959 Speaker 6: President has is making some efforts to reset trade relationships, 351 00:17:09,000 --> 00:17:11,000 Speaker 6: and it starts with Canada and Mexico, but likely going 352 00:17:11,040 --> 00:17:11,680 Speaker 6: to extend beyond. 353 00:17:11,800 --> 00:17:13,560 Speaker 3: So what do you get in the other direction when 354 00:17:13,560 --> 00:17:15,160 Speaker 3: you sit down on these meetings? Do you feel good? 355 00:17:15,160 --> 00:17:17,400 Speaker 3: Were you were you guys high fiving leaving the White House? 356 00:17:17,720 --> 00:17:21,480 Speaker 6: I don't know for high fiving, but certainly encouraged. And again, 357 00:17:21,520 --> 00:17:23,679 Speaker 6: this is building on relationships that are not new for 358 00:17:23,760 --> 00:17:26,640 Speaker 6: us from Saskatchewan. We've been down here for fifteen years. 359 00:17:26,680 --> 00:17:28,399 Speaker 3: It's roll of deecks. You're calling the same people you 360 00:17:28,440 --> 00:17:29,840 Speaker 3: were meeting a couple of months ago. 361 00:17:29,760 --> 00:17:32,960 Speaker 6: And more and more, and we've you know, we've we've 362 00:17:32,960 --> 00:17:35,359 Speaker 6: engaged throughout that decade and a half and so you know, 363 00:17:35,480 --> 00:17:37,960 Speaker 6: we feel positive on the relationship. Yeah, there's there's going 364 00:17:38,000 --> 00:17:40,240 Speaker 6: to be some you know, some words and some rhetoric 365 00:17:40,320 --> 00:17:42,720 Speaker 6: back and forth in the meantime, but at the end 366 00:17:42,760 --> 00:17:44,280 Speaker 6: of the day, we have a goal on this to 367 00:17:44,320 --> 00:17:46,480 Speaker 6: get back to that strong trading relationship and we feel 368 00:17:46,480 --> 00:17:46,919 Speaker 6: we can get there. 369 00:17:47,000 --> 00:17:48,960 Speaker 3: The words and the rhetoric of been something the fifty 370 00:17:49,040 --> 00:17:55,080 Speaker 3: first states. Governor Trudeau, where where are we in our relationship? Culturally, 371 00:17:55,480 --> 00:17:58,160 Speaker 3: teach me something about this. You hear the jokes right 372 00:17:58,240 --> 00:18:02,679 Speaker 3: the apartment upstairs above the part America's hat. What do 373 00:18:02,760 --> 00:18:07,000 Speaker 3: Americans need to understand about our most important trade partner. 374 00:18:07,119 --> 00:18:09,240 Speaker 6: Well, I'd say a couple of things. First is Canada 375 00:18:09,240 --> 00:18:11,560 Speaker 6: isn't going to be the fifty first state. That's some 376 00:18:11,680 --> 00:18:14,000 Speaker 6: of the rhetoric that we hear back and forth. That 377 00:18:14,080 --> 00:18:17,720 Speaker 6: being said, Canada and the US are what I think 378 00:18:17,800 --> 00:18:21,359 Speaker 6: has had and will continue to have post this discussion, 379 00:18:21,720 --> 00:18:25,320 Speaker 6: the strongest economic trading relationship in the world, one that 380 00:18:25,400 --> 00:18:28,880 Speaker 6: keeps our continents secure. From time to time, you know, 381 00:18:29,440 --> 00:18:32,360 Speaker 6: the President is raising some topics, whether it be fentanyl, 382 00:18:32,400 --> 00:18:35,600 Speaker 6: whether it be our military commitments, where Canadians have to 383 00:18:35,640 --> 00:18:37,280 Speaker 6: have a look in the mirror and make sure that 384 00:18:37,320 --> 00:18:39,760 Speaker 6: we're doing what we say we were going to do 385 00:18:40,240 --> 00:18:43,080 Speaker 6: and make sure that we certainly are contributing as a 386 00:18:43,080 --> 00:18:46,440 Speaker 6: full partner into that relationship. And so we're doing that, 387 00:18:46,800 --> 00:18:48,600 Speaker 6: as you see, with ten thousand troops on the border, 388 00:18:48,600 --> 00:18:50,360 Speaker 6: We're going to secure that border. We're going to make 389 00:18:50,400 --> 00:18:53,800 Speaker 6: every effort to eradicate fentanyl out of our province. So 390 00:18:54,160 --> 00:18:56,920 Speaker 6: the discussion will go on, but I think our goals 391 00:18:56,920 --> 00:18:57,360 Speaker 6: are the same. 392 00:18:57,560 --> 00:18:59,280 Speaker 3: It's not only a question about what happens at the 393 00:18:59,359 --> 00:19:02,439 Speaker 3: end of this thirty A review however, that is going 394 00:19:02,520 --> 00:19:05,880 Speaker 3: to be rolled out right, but also a full renegotiation, 395 00:19:06,000 --> 00:19:09,360 Speaker 3: it seems of the us mc A. Are these negotiations, 396 00:19:09,359 --> 00:19:10,920 Speaker 3: these talks happening in tandem. 397 00:19:11,520 --> 00:19:13,920 Speaker 6: I wouldn't say they're happening in tandem. You know, we 398 00:19:14,240 --> 00:19:18,200 Speaker 6: have to you know, make decisions and have discussions as 399 00:19:18,480 --> 00:19:22,560 Speaker 6: as they come. Today there's no Secretary of Commerce for 400 00:19:22,680 --> 00:19:24,760 Speaker 6: Canada taxs and negotiate with US, so we have some 401 00:19:24,800 --> 00:19:27,879 Speaker 6: confirmations that have to happen. That being said, we've been 402 00:19:27,880 --> 00:19:30,640 Speaker 6: able to engage, you know, with folks that I've known 403 00:19:30,680 --> 00:19:33,600 Speaker 6: for years. You know, Secretary Burgham, for example, former governor 404 00:19:33,600 --> 00:19:36,040 Speaker 6: of North Dakota, our neighbor to the south, and have 405 00:19:36,119 --> 00:19:40,000 Speaker 6: worked closely with then governor now Secretary Burgham as well 406 00:19:40,000 --> 00:19:46,040 Speaker 6: as Secretary right the Secretary of Energy, important contact for US. 407 00:19:46,080 --> 00:19:48,720 Speaker 6: And you know, those are contacts that you know, we've 408 00:19:48,800 --> 00:19:51,320 Speaker 6: we've had for years and continue to have and and 409 00:19:51,480 --> 00:19:55,399 Speaker 6: we'll work closely with them. They represent obviously the administration's 410 00:19:55,440 --> 00:19:58,520 Speaker 6: interest will represent Saskatchewan and Canada's interests, and we'll find 411 00:19:58,520 --> 00:20:01,320 Speaker 6: our place to that to strong trading relationship. 412 00:20:01,320 --> 00:20:04,760 Speaker 3: Again, does this negotiation of this immediate term twenty five 413 00:20:04,800 --> 00:20:08,439 Speaker 3: percent tarot sun Canada inform whatever the final product is 414 00:20:08,480 --> 00:20:09,639 Speaker 3: for USMC. 415 00:20:09,359 --> 00:20:12,080 Speaker 6: Gang, Well, I think it informs you know where where 416 00:20:12,080 --> 00:20:15,240 Speaker 6: our respective positions are. And you know, let me say 417 00:20:15,240 --> 00:20:18,359 Speaker 6: this and bring us back to the Hamburger tweet or 418 00:20:18,359 --> 00:20:21,159 Speaker 6: the big back tweet if you will. You know, tariffs 419 00:20:21,200 --> 00:20:23,960 Speaker 6: of any kind are not helpful for that strong, effective, 420 00:20:23,960 --> 00:20:26,760 Speaker 6: efficient North American trading economy. They aren't helpful for us 421 00:20:26,840 --> 00:20:30,320 Speaker 6: in providing that continental energy food security that we aspire to. 422 00:20:30,960 --> 00:20:33,800 Speaker 6: Whether there tariffs that are put on by President Trump 423 00:20:33,880 --> 00:20:36,439 Speaker 6: and his administration, whether they're counter tariffs that might be 424 00:20:36,480 --> 00:20:41,399 Speaker 6: considered by Canada or even by Mexico for from that perspective, 425 00:20:41,720 --> 00:20:44,680 Speaker 6: they're not. They're not positive. They're not a positive place 426 00:20:44,680 --> 00:20:46,920 Speaker 6: for us to be heading. However, they may be used 427 00:20:47,080 --> 00:20:49,359 Speaker 6: in a short term to enhance a bargaining position or 428 00:20:49,400 --> 00:20:52,160 Speaker 6: something of that nature. Where we need to be at 429 00:20:52,200 --> 00:20:56,160 Speaker 6: the conclusion of the conversation is back to a very 430 00:20:56,240 --> 00:21:00,480 Speaker 6: robust trading environment providing North Americans, not just Canadians or 431 00:21:00,520 --> 00:21:04,200 Speaker 6: even just Americans, North Americans with the security of our continent. 432 00:21:04,720 --> 00:21:08,200 Speaker 6: The economic security that we aspire to, food, energy security, 433 00:21:08,240 --> 00:21:10,159 Speaker 6: all of those things you hear, you know, words like 434 00:21:10,320 --> 00:21:13,199 Speaker 6: energy dominance. Yes, sure, we can be part of that 435 00:21:13,480 --> 00:21:15,240 Speaker 6: and have been and will be part of that into 436 00:21:15,280 --> 00:21:18,280 Speaker 6: the future, whether it's electricity generation or oil and gas 437 00:21:18,280 --> 00:21:19,520 Speaker 6: which we produce in our area. 438 00:21:19,640 --> 00:21:21,439 Speaker 3: I am struck by how similar a lot of the 439 00:21:21,520 --> 00:21:23,359 Speaker 3: language that you use, a lot of the messaging that 440 00:21:23,359 --> 00:21:26,000 Speaker 3: you're delivering right now, how similar it is to what 441 00:21:26,000 --> 00:21:29,080 Speaker 3: we hear from the administration when it comes to energy dominance, 442 00:21:29,080 --> 00:21:31,840 Speaker 3: when it comes to our military partnership. You're very much 443 00:21:31,840 --> 00:21:33,200 Speaker 3: on the same page on a lot of these things, 444 00:21:33,240 --> 00:21:33,960 Speaker 3: aren't you sure? 445 00:21:34,000 --> 00:21:37,199 Speaker 6: And you know, sometimes in our families and in our 446 00:21:37,240 --> 00:21:40,440 Speaker 6: friends groups, we have some discussions on you know, where 447 00:21:40,440 --> 00:21:43,399 Speaker 6: everybody's going to when and where everybody's going to do 448 00:21:43,440 --> 00:21:46,320 Speaker 6: what probably having one of those discussions right now. In fairness, 449 00:21:46,359 --> 00:21:48,440 Speaker 6: we'll find our way through it. The goals are the same, 450 00:21:48,480 --> 00:21:51,120 Speaker 6: and I'm quite positive, in particular after the last few 451 00:21:51,160 --> 00:21:53,560 Speaker 6: days in Washington, DC, that we will get there, and 452 00:21:53,600 --> 00:21:55,040 Speaker 6: I just hope it's sooner rather than later. 453 00:21:55,080 --> 00:21:57,879 Speaker 3: What are you going to get pipelines for province to 454 00:21:57,920 --> 00:21:59,960 Speaker 3: province oil and gas? 455 00:22:00,160 --> 00:22:04,880 Speaker 6: You know herein lies a very significant discussion for Canada 456 00:22:05,359 --> 00:22:07,399 Speaker 6: moving forward, and we have always been a proponent that 457 00:22:07,440 --> 00:22:10,920 Speaker 6: those need to be built. Yeah, and I think in fairness, 458 00:22:10,920 --> 00:22:14,199 Speaker 6: by the last number of years us not being able to, 459 00:22:14,680 --> 00:22:16,800 Speaker 6: you know, build an East West pipeline in Canada, we 460 00:22:16,920 --> 00:22:22,520 Speaker 6: have diminished our economic opportunities as Canadians and thereby diminished 461 00:22:22,680 --> 00:22:26,000 Speaker 6: our economic economic opportunities as well as North Americans. Everything 462 00:22:26,000 --> 00:22:28,960 Speaker 6: that we do really is in the the guys or 463 00:22:29,040 --> 00:22:33,480 Speaker 6: the under the eye of We're stronger together as nations. 464 00:22:33,480 --> 00:22:35,720 Speaker 6: We live on the same content. Geographically, we're the same. 465 00:22:35,760 --> 00:22:38,960 Speaker 6: Culturally we're very similar. There are some differences. But when 466 00:22:39,080 --> 00:22:41,840 Speaker 6: Canada is doing well, US is doing well. When US 467 00:22:41,920 --> 00:22:44,399 Speaker 6: is doing well, Canada by extension will do well as well. 468 00:22:44,560 --> 00:22:46,679 Speaker 3: Just might not agree on hockey no matter what happens. 469 00:22:46,920 --> 00:22:48,920 Speaker 6: Yeah, well, we're always looking for the Edmonton Oilers to 470 00:22:48,960 --> 00:22:51,040 Speaker 6: come through. But a few Canadians down in New York 471 00:22:51,040 --> 00:22:53,399 Speaker 6: playing with the Rangers, young Braden Schneider. He's great and 472 00:22:53,440 --> 00:22:55,480 Speaker 6: I can talk about hockey all day, but I talk a. 473 00:22:55,520 --> 00:22:59,240 Speaker 3: Lot about French Canadian names. And Joe Matsiu, by the way, 474 00:22:59,280 --> 00:23:01,359 Speaker 3: if he ever needs a find me in the phone book. 475 00:23:02,280 --> 00:23:04,359 Speaker 3: Let us know how this goes in a couple of weeks. 476 00:23:04,480 --> 00:23:06,040 Speaker 3: Could you talk to us when you find out what 477 00:23:06,080 --> 00:23:07,399 Speaker 3: happens with this review. 478 00:23:07,520 --> 00:23:09,119 Speaker 6: I'll come right back here. We're down here in a 479 00:23:09,119 --> 00:23:11,840 Speaker 6: couple of weeks. Again, myself will be back in this 480 00:23:11,880 --> 00:23:13,680 Speaker 6: market a couple weeks. I think there's a few premiers 481 00:23:13,720 --> 00:23:14,600 Speaker 6: here next week as well. 482 00:23:14,640 --> 00:23:16,560 Speaker 3: You're one of thirteen in Washington now. 483 00:23:16,560 --> 00:23:19,600 Speaker 6: Is thirteen this week? Two or three coming back next 484 00:23:19,640 --> 00:23:20,880 Speaker 6: week and I'll be back the week after. 485 00:23:20,920 --> 00:23:22,640 Speaker 3: All right, we'll be watching your Twitter feed as well. 486 00:23:22,640 --> 00:23:24,159 Speaker 3: We need to get some big max for the control 487 00:23:24,240 --> 00:23:26,160 Speaker 3: room producer, James, I'm sure you can work that out 488 00:23:26,200 --> 00:23:28,960 Speaker 3: for us. Forty piece nugget. We'll share it wide. Thank 489 00:23:29,000 --> 00:23:30,679 Speaker 3: you so much, premiere. It's great to meet you and 490 00:23:30,800 --> 00:23:34,199 Speaker 3: appreciate your messaging today here in Washington, d C. Just 491 00:23:34,240 --> 00:23:36,840 Speaker 3: a taste of the conversation that we're talking about. Little 492 00:23:36,880 --> 00:23:39,560 Speaker 3: context you're not going to hear anywhere else as we 493 00:23:39,600 --> 00:23:43,160 Speaker 3: talk reciprocal tariffts, the threat of additional tariffs coming from 494 00:23:43,160 --> 00:23:45,119 Speaker 3: President Trump. That'll be about a half an hour from now. 495 00:23:45,119 --> 00:23:46,439 Speaker 3: As a matter of fact, we'll bring you into the 496 00:23:46,440 --> 00:23:49,320 Speaker 3: Oval Office when we learn more. I'm Joe Matthew and 497 00:23:49,400 --> 00:23:52,240 Speaker 3: Washington will assemble our panel next on the fastest show 498 00:23:52,240 --> 00:23:54,200 Speaker 3: in politics, This is Bloomberg. 499 00:23:57,560 --> 00:24:01,040 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 500 00:24:01,119 --> 00:24:04,560 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, 501 00:24:04,600 --> 00:24:07,520 Speaker 1: Cocklay and Android Otto with the Blue Burk Business app. 502 00:24:07,680 --> 00:24:10,960 Speaker 1: Listen on demand wherever you get your podcasts, or watch 503 00:24:11,000 --> 00:24:13,480 Speaker 1: us live on YouTube. 504 00:24:13,760 --> 00:24:16,359 Speaker 3: We wait to hear from President Trump on reciprocal teriffs. 505 00:24:16,359 --> 00:24:19,080 Speaker 3: This could be market moving and we will find out 506 00:24:19,119 --> 00:24:21,520 Speaker 3: at some point after one pm exactly what he has 507 00:24:21,560 --> 00:24:26,320 Speaker 3: in mind, having promised the big one today reciprocal tariffs 508 00:24:26,359 --> 00:24:29,239 Speaker 3: against our trading partners. Just as the Prime Minister of 509 00:24:29,320 --> 00:24:34,080 Speaker 3: India arrives for a state visit, someone Donald Trump has 510 00:24:34,119 --> 00:24:38,640 Speaker 3: previously called the King of tariffs, and there is some expectation, 511 00:24:38,880 --> 00:24:42,280 Speaker 3: some reporting around the idea of maybe mister Mody shows 512 00:24:42,359 --> 00:24:46,320 Speaker 3: up with a big breaking news gift of lower tariffs 513 00:24:46,320 --> 00:24:48,480 Speaker 3: against the US. We'll see where this goes here. They're 514 00:24:48,520 --> 00:24:51,040 Speaker 3: going to, by the way, be doing a bilateral news 515 00:24:51,040 --> 00:24:52,560 Speaker 3: conference later on in the day. Are we in a 516 00:24:52,600 --> 00:24:55,280 Speaker 3: world here where we get three news conferences with Donald Trump? 517 00:24:55,320 --> 00:24:58,520 Speaker 3: It might actually happen, not all live. I will say 518 00:24:58,520 --> 00:25:00,640 Speaker 3: they're going to have the press pool join the President 519 00:25:00,840 --> 00:25:04,040 Speaker 3: in the Oval office next hour, so we'll have some 520 00:25:04,119 --> 00:25:06,639 Speaker 3: playback on that, but we'll, you know, because we're Bloomberg 521 00:25:06,720 --> 00:25:11,399 Speaker 3: have live headlines for you. This is something right this 522 00:25:11,480 --> 00:25:14,120 Speaker 3: news cycle that we're in here, it's really difficult sometimes 523 00:25:14,119 --> 00:25:16,760 Speaker 3: to know what to pay attention to, and that is 524 00:25:16,760 --> 00:25:19,639 Speaker 3: why we have this program for you every day, a 525 00:25:19,640 --> 00:25:22,240 Speaker 3: beacon in the fog of Washington, where the flashlight in 526 00:25:22,280 --> 00:25:27,080 Speaker 3: the dark of your doom scroll with real news coming 527 00:25:27,080 --> 00:25:31,159 Speaker 3: from Capitol Hill. Today, RFK Junior is going to be 528 00:25:31,200 --> 00:25:34,320 Speaker 3: the nation's new Health Secretary. Once he's sworn in, he's 529 00:25:34,320 --> 00:25:37,880 Speaker 3: got the votes. It all happened earlier today, fifty two 530 00:25:37,920 --> 00:25:42,280 Speaker 3: to forty eight Health and Human Services Secretary, the resistance 531 00:25:43,160 --> 00:25:47,040 Speaker 3: represented by Mitch McConnell and every Democrat. When did you 532 00:25:47,119 --> 00:25:50,200 Speaker 3: think you'd ever hear that the lone Republican joining Democrats 533 00:25:50,200 --> 00:25:52,000 Speaker 3: and opposing the nominee. And that should not be a 534 00:25:52,040 --> 00:25:55,320 Speaker 3: surprise if you have been following along here. It's where 535 00:25:55,359 --> 00:25:57,840 Speaker 3: we start our conversation today with our political panel. Rick 536 00:25:57,920 --> 00:26:00,359 Speaker 3: Davis is with us. Of course, Bloomberg Politics can tribute 537 00:26:00,359 --> 00:26:03,920 Speaker 3: to Republican strategist and partner at Stone Court Capital. Janey 538 00:26:03,920 --> 00:26:07,679 Speaker 3: Wortel is back as well, democratic strategist partner at Art Initiatives. 539 00:26:07,920 --> 00:26:10,560 Speaker 3: Really great to see both of you. Rick, you saw 540 00:26:10,600 --> 00:26:12,640 Speaker 3: this coming and you told us a long time ago 541 00:26:13,280 --> 00:26:18,200 Speaker 3: about this idea of blue Maga having a particular urgency 542 00:26:18,720 --> 00:26:23,040 Speaker 3: within Donald Trump's sphere. Getting former Democrats like Tulsea Gabbard 543 00:26:23,080 --> 00:26:26,200 Speaker 3: and now RFK Junior means what for this administration. 544 00:26:27,320 --> 00:26:30,439 Speaker 7: Well, it was a huge lift to his campaign strategy 545 00:26:30,600 --> 00:26:34,880 Speaker 7: of trying to communicate with disaffected Democrats to come over. 546 00:26:34,960 --> 00:26:39,320 Speaker 7: And I think there's plenty of electoral evidence that that worked. 547 00:26:39,359 --> 00:26:42,879 Speaker 7: And part of those components, and not an insignificant amount, 548 00:26:43,119 --> 00:26:50,719 Speaker 7: was recruiting RFK and Tulca Gabbard over to disaffected Democrats 549 00:26:50,720 --> 00:26:53,720 Speaker 7: who were able to echo, you know, sort of the 550 00:26:53,760 --> 00:26:57,000 Speaker 7: Trump sentiment that you know, Democrats have been left behind. 551 00:26:57,080 --> 00:27:03,040 Speaker 7: And the evidence is overwhelming former Democrats from rural counties, 552 00:27:03,160 --> 00:27:06,760 Speaker 7: especially white men, coming over and voting for Donald Trump, 553 00:27:07,400 --> 00:27:11,320 Speaker 7: and not least of which also include sort of urban 554 00:27:11,800 --> 00:27:15,520 Speaker 7: and suburban African American and Hispanic men under the age 555 00:27:15,560 --> 00:27:19,760 Speaker 7: of forty. So, I mean, whatever the plan was, it worked, 556 00:27:20,080 --> 00:27:25,080 Speaker 7: and that has become sort of the rallying cry around 557 00:27:25,160 --> 00:27:30,199 Speaker 7: Blue Maga and mostly represented within MAGA by RFK and 558 00:27:30,240 --> 00:27:33,680 Speaker 7: Tulca Gabber. So this was a big win for Donald 559 00:27:33,720 --> 00:27:36,360 Speaker 7: Trump because I would say if there was a betting 560 00:27:36,480 --> 00:27:41,480 Speaker 7: pool around cabinet members this last month, and of course 561 00:27:41,520 --> 00:27:45,320 Speaker 7: that would never happen in Washington, I would say RFK 562 00:27:45,440 --> 00:27:50,359 Speaker 7: would be considered probably the single most vulnerable, second only 563 00:27:50,400 --> 00:27:52,560 Speaker 7: to Tulsa Gaber, both of whom are up. You know, 564 00:27:52,600 --> 00:27:54,720 Speaker 7: one got confirmed and the other on the glidepath to go. 565 00:27:56,119 --> 00:27:58,880 Speaker 3: That's something and true enough. Jenney, what do you make 566 00:27:58,880 --> 00:28:03,600 Speaker 3: of that idea of Blue Maga playing a special role 567 00:28:03,600 --> 00:28:05,879 Speaker 3: in this administration? And how worried are you as a 568 00:28:05,920 --> 00:28:08,600 Speaker 3: Democrat we heard this would be the end of vaccines 569 00:28:08,640 --> 00:28:09,679 Speaker 3: and healthcare as we know it. 570 00:28:12,160 --> 00:28:14,400 Speaker 8: Well, I think that you know, we always knew that 571 00:28:14,600 --> 00:28:16,680 Speaker 8: these votes were going to be along party lines, right, 572 00:28:16,720 --> 00:28:20,600 Speaker 8: So these confirmations don't come as a huge surprise. When 573 00:28:20,640 --> 00:28:25,840 Speaker 8: we look at the previous Cabinet secretary confirmations, the votes 574 00:28:25,880 --> 00:28:28,119 Speaker 8: in the Senate fell along party lines, And so I 575 00:28:28,160 --> 00:28:31,119 Speaker 8: think what you see here is kind of this reality 576 00:28:31,200 --> 00:28:34,560 Speaker 8: planning out that many suspected. Right, And when we talk 577 00:28:34,600 --> 00:28:38,160 Speaker 8: about Tilsey Gabbard. When we talk about RFK Junior, we're 578 00:28:38,200 --> 00:28:42,400 Speaker 8: talking about folks who have dangerous ideas, dangerous policies that 579 00:28:42,440 --> 00:28:47,480 Speaker 8: they've been very forthcoming and forthright about, especially as they've 580 00:28:47,520 --> 00:28:49,959 Speaker 8: been interviewed in the media in the weeks leading up 581 00:28:49,960 --> 00:28:52,680 Speaker 8: to these confirmation hearings. And so this is playing out 582 00:28:53,280 --> 00:28:57,320 Speaker 8: much as many Democrats expected, much as many feared. But 583 00:28:57,360 --> 00:29:00,480 Speaker 8: certainly some of these policies that they're proposing, some of 584 00:29:00,520 --> 00:29:05,480 Speaker 8: these ideologies that they've been really forthcoming about and that 585 00:29:05,560 --> 00:29:08,960 Speaker 8: Republicans have rubber stamped, are going to have a really 586 00:29:09,000 --> 00:29:13,520 Speaker 8: harmful effects on the future of his country. 587 00:29:13,640 --> 00:29:16,480 Speaker 3: We just added one to the schedule, Rick, This happens 588 00:29:16,760 --> 00:29:20,240 Speaker 3: every day two pm. Now. We've got the executive Orders 589 00:29:20,280 --> 00:29:22,720 Speaker 3: coming up at one pm Eastern, that's about fifteen minutes away. 590 00:29:22,760 --> 00:29:25,640 Speaker 3: OURFK Junior, who we're talking about right now, is going 591 00:29:25,680 --> 00:29:28,200 Speaker 3: to join the President in the Oval Office for a 592 00:29:28,280 --> 00:29:33,120 Speaker 3: swearing in ceremony at two pm Eastern time. These have 593 00:29:33,200 --> 00:29:35,920 Speaker 3: turned into kind of impromptu news conferences. They put the 594 00:29:35,960 --> 00:29:39,520 Speaker 3: podium right there next to the resolute desk. Rick, what 595 00:29:39,560 --> 00:29:42,800 Speaker 3: do you think we hear from Donald Trump as OURFK 596 00:29:43,000 --> 00:29:47,480 Speaker 3: Junior is sworn in? He in particular asked OURFK Junior, 597 00:29:47,480 --> 00:29:51,320 Speaker 3: for instance, to focus on food and not go after pharmaceuticals. 598 00:29:51,560 --> 00:29:53,920 Speaker 3: Will Washington be able to keep its GLP ones? 599 00:29:55,280 --> 00:29:58,200 Speaker 7: Yeah, you know, I think that Donald Trump has used 600 00:29:58,200 --> 00:30:01,480 Speaker 7: these forums really to go off message. And what I 601 00:30:01,520 --> 00:30:03,320 Speaker 7: mean by that is he's got other things he. 602 00:30:03,240 --> 00:30:04,080 Speaker 3: Wants to talk about. 603 00:30:04,680 --> 00:30:09,160 Speaker 7: It's it's not like, uh, these things are finally scripted, 604 00:30:09,200 --> 00:30:12,080 Speaker 7: and so yeah, I suspect what he's going to talk 605 00:30:12,120 --> 00:30:16,520 Speaker 7: about is, you know, all the fraud and abuse that 606 00:30:16,520 --> 00:30:19,360 Speaker 7: that he's been talking about with Elon Musk and the 607 00:30:19,400 --> 00:30:22,040 Speaker 7: Doge crew. Uh, and that we've got to cut to 608 00:30:22,120 --> 00:30:25,040 Speaker 7: the bone at HHS and and and that you know, 609 00:30:25,080 --> 00:30:27,720 Speaker 7: that'll be one of the jobs, because that seems to 610 00:30:27,760 --> 00:30:29,600 Speaker 7: be a common thread now that's running through all his 611 00:30:29,680 --> 00:30:33,200 Speaker 7: press conferences. But it wouldn't surprise me that he goes 612 00:30:33,240 --> 00:30:36,440 Speaker 7: into Middle East peace, talks a little bit about hostages 613 00:30:36,520 --> 00:30:39,440 Speaker 7: getting released on time. I mean, like it, I think 614 00:30:39,480 --> 00:30:43,360 Speaker 7: you can expect the unexpected. But just think about this 615 00:30:43,440 --> 00:30:47,600 Speaker 7: day Mody, which would normally be a major press day 616 00:30:47,720 --> 00:30:50,520 Speaker 7: around a meeting like this, but on top of that, 617 00:30:50,560 --> 00:30:54,040 Speaker 7: he's announcing these trade sanctions, and then on top of that, 618 00:30:54,360 --> 00:30:56,000 Speaker 7: he's going to have, you know, one of his key 619 00:30:56,040 --> 00:30:58,640 Speaker 7: cabinet members swearing and all in the Oval Office. 620 00:30:58,680 --> 00:31:02,560 Speaker 3: Basically, Juday, what do you think about this? I mean, 621 00:31:02,560 --> 00:31:04,720 Speaker 3: we're beyond flooding the zone. This is like a Saturday 622 00:31:04,760 --> 00:31:07,000 Speaker 3: Night Live see every single hour. I'm looking at the schedule. 623 00:31:07,000 --> 00:31:10,360 Speaker 3: He's got four news conferences scheduled for today, and it's 624 00:31:10,360 --> 00:31:12,400 Speaker 3: on the day of a state visit. We've got the 625 00:31:12,400 --> 00:31:15,320 Speaker 3: Prime Minister of India rolling into the White House. Later on, 626 00:31:15,360 --> 00:31:17,200 Speaker 3: there's going to be a bilateral news conference, are going 627 00:31:17,240 --> 00:31:18,760 Speaker 3: to meet in the Oval Office, They've got a dinner, 628 00:31:18,800 --> 00:31:23,200 Speaker 3: and he continues to add events. Is this pace having 629 00:31:23,240 --> 00:31:24,160 Speaker 3: the desired effect? 630 00:31:25,640 --> 00:31:28,040 Speaker 8: I mean, it's a bit of an avalanche, really, right. 631 00:31:28,280 --> 00:31:31,320 Speaker 8: It's kind of non stop, it's unrelenting. I mean, the press, 632 00:31:31,360 --> 00:31:35,640 Speaker 8: I'm sure are exhausted. I'm sure the American people are 633 00:31:35,680 --> 00:31:37,920 Speaker 8: exhausted watching this play out. But look, I think this 634 00:31:38,000 --> 00:31:43,280 Speaker 8: has always been the Trump administration's plan, really just to 635 00:31:43,360 --> 00:31:45,920 Speaker 8: flood the zone, to kind of overwhelm folks with news 636 00:31:45,920 --> 00:31:50,160 Speaker 8: alerts and confirmations and state dinners. Oh my, right, And 637 00:31:50,200 --> 00:31:52,200 Speaker 8: so I think that a lot of this is really 638 00:31:52,280 --> 00:31:55,760 Speaker 8: to ram and kind of force the agenda, but also 639 00:31:56,120 --> 00:31:59,160 Speaker 8: to give folks like so many inflection points around what 640 00:31:59,200 --> 00:32:03,080 Speaker 8: this administration doing. It's really hard for critics, pundits and 641 00:32:03,120 --> 00:32:05,400 Speaker 8: folks to really keep up and have singular lines of 642 00:32:05,440 --> 00:32:08,680 Speaker 8: criticism or pushback because there's just so much happening at once, 643 00:32:09,000 --> 00:32:12,840 Speaker 8: so kind of exhausting the immediate and exhausting the American 644 00:32:12,880 --> 00:32:15,960 Speaker 8: people is kind of the approach that this administration is. 645 00:32:15,880 --> 00:32:21,160 Speaker 3: Really taken exhausting. It is. Rick, you're a communications expert, 646 00:32:21,240 --> 00:32:25,400 Speaker 3: You've spent a career helping elected officials hone their messages 647 00:32:25,840 --> 00:32:29,600 Speaker 3: and deliver them effectively. What do you make of this? 648 00:32:31,560 --> 00:32:33,920 Speaker 7: Well, you know, I don't know if you can use 649 00:32:33,960 --> 00:32:37,880 Speaker 7: the term over exposure because that may be an underestimation. 650 00:32:38,720 --> 00:32:43,320 Speaker 7: But he's getting plenty of airtime. Frankly, he's much busier 651 00:32:43,320 --> 00:32:45,240 Speaker 7: than he was during the campaign to try and become 652 00:32:45,360 --> 00:32:48,160 Speaker 7: president of the United States, And so the question is 653 00:32:48,160 --> 00:32:52,120 Speaker 7: how sustainable is this. Clearly he's taken the initiative and 654 00:32:52,200 --> 00:32:57,440 Speaker 7: it's very hard for his opponents, to either Democrats or 655 00:32:57,440 --> 00:33:00,840 Speaker 7: Republicans who oppose his agenda, to catch up to where 656 00:33:00,880 --> 00:33:04,360 Speaker 7: he is. And he's got an entire administration machine working 657 00:33:04,600 --> 00:33:08,960 Speaker 7: relatively flawlessly. Supporting that. So I think you're going to 658 00:33:09,000 --> 00:33:11,200 Speaker 7: see this for quite some time, and we'll see whether 659 00:33:11,320 --> 00:33:14,920 Speaker 7: or not the public tires of it, you know, or 660 00:33:15,040 --> 00:33:17,040 Speaker 7: whether they feel the pain of some of these cuts 661 00:33:17,080 --> 00:33:20,720 Speaker 7: that are coming down to Pikes. But right now, I 662 00:33:20,720 --> 00:33:22,920 Speaker 7: would say it's very hard to keep up with him, 663 00:33:22,920 --> 00:33:26,080 Speaker 7: and as evidenced by also other world leaders who have 664 00:33:26,400 --> 00:33:28,760 Speaker 7: yet to be able to really react to some of 665 00:33:28,800 --> 00:33:32,320 Speaker 7: his moves on a global stage. And so I would 666 00:33:32,360 --> 00:33:36,920 Speaker 7: say flooding the zone may be the nicest way to 667 00:33:36,960 --> 00:33:40,000 Speaker 7: talk about this avalanche. I thought was a very good term. 668 00:33:41,080 --> 00:33:44,720 Speaker 3: All right, we're sticking with that, Jenny. And here's the thing, Janet, 669 00:33:44,720 --> 00:33:48,240 Speaker 3: there's actually real stuff happening today. I already mentioned RFK Junior. 670 00:33:48,280 --> 00:33:50,000 Speaker 3: I guess he'll get his own news conference. But the 671 00:33:50,040 --> 00:33:55,440 Speaker 3: purge begins today Elon Musk and the doge initiating sweeping 672 00:33:55,680 --> 00:33:59,040 Speaker 3: layoffs of federal employees because not enough of them took 673 00:33:59,080 --> 00:34:02,040 Speaker 3: the buyout. Is the White House stepping on its own 674 00:34:02,040 --> 00:34:05,000 Speaker 3: message because that would play well with the base, or 675 00:34:05,040 --> 00:34:08,400 Speaker 3: intentionally keeping the weave and the swirl going here, So 676 00:34:08,440 --> 00:34:10,120 Speaker 3: we don't pay attention to stuff like this. 677 00:34:12,160 --> 00:34:15,319 Speaker 8: Well, I think I mean this story of doge and 678 00:34:15,400 --> 00:34:18,839 Speaker 8: kind of this purge has been something that's been kind 679 00:34:18,840 --> 00:34:21,640 Speaker 8: of foreshadowed and forecasted for quite some time now, right, 680 00:34:22,280 --> 00:34:24,680 Speaker 8: this idea that folks needed to take this buy out, 681 00:34:24,719 --> 00:34:26,600 Speaker 8: there's been a lot of chatter about that, so it's 682 00:34:26,640 --> 00:34:30,000 Speaker 8: been a bit of a protracted narrative conversation that we've 683 00:34:30,040 --> 00:34:32,600 Speaker 8: been having around this. But I do think that there 684 00:34:32,760 --> 00:34:36,839 Speaker 8: is to the point, there is an effort to have 685 00:34:37,000 --> 00:34:39,759 Speaker 8: all of these other things happening that the media is 686 00:34:39,800 --> 00:34:42,320 Speaker 8: needed to cover that there needs to be attention drawn 687 00:34:42,360 --> 00:34:44,640 Speaker 8: to so that people aren't focused on this. But the 688 00:34:44,680 --> 00:34:47,640 Speaker 8: reality of it is this is affecting thousands and thousands 689 00:34:47,719 --> 00:34:50,280 Speaker 8: of folks. So this is not going to be something 690 00:34:50,320 --> 00:34:54,279 Speaker 8: that's going to fade quietly behind other headlines. This is 691 00:34:54,320 --> 00:34:58,200 Speaker 8: something that is going to resurge as these as these 692 00:34:58,280 --> 00:35:01,759 Speaker 8: layoffs are happening. And think that there's a longer conversation 693 00:35:01,840 --> 00:35:05,000 Speaker 8: that we're going to have given the tremendous impact that 694 00:35:05,040 --> 00:35:06,840 Speaker 8: it's going to have to the federal workforce. 695 00:35:08,040 --> 00:35:10,800 Speaker 3: What do you make of that? Rick, is the point 696 00:35:10,840 --> 00:35:13,399 Speaker 3: to keep us from focusing on any given story? I mean, 697 00:35:13,440 --> 00:35:16,520 Speaker 3: what exactly is the strategy they've got the news media? 698 00:35:17,200 --> 00:35:20,319 Speaker 3: You know, running breathlessly, and I get that part of it, 699 00:35:20,360 --> 00:35:22,360 Speaker 3: but if you're somebody who's sitting at home trying to 700 00:35:22,400 --> 00:35:26,840 Speaker 3: follow along here, it's pretty difficult to understand what's important 701 00:35:26,880 --> 00:35:30,080 Speaker 3: and what's worth paying attention to. Yeah. 702 00:35:30,120 --> 00:35:32,120 Speaker 7: Look, I think that is part of the strategy, is 703 00:35:32,200 --> 00:35:36,680 Speaker 7: just overwhelming force and keep everybody sort of scrambled, and 704 00:35:37,080 --> 00:35:40,480 Speaker 7: when it's time to have somebody focus, it's the President 705 00:35:40,600 --> 00:35:43,120 Speaker 7: himself who comes out and says, this is what I 706 00:35:43,160 --> 00:35:46,040 Speaker 7: want you to think about today. So you'll notice, I 707 00:35:46,040 --> 00:35:48,719 Speaker 7: mean right, nothing on his schedule that we're aware of 708 00:35:49,560 --> 00:35:52,879 Speaker 7: that would indicate a discussion on doge leg. They had, 709 00:35:53,320 --> 00:35:55,319 Speaker 7: you know, with Elon Musk in the Oval office the 710 00:35:55,320 --> 00:35:58,720 Speaker 7: other day. So he dictates the pace and he dictates 711 00:35:58,760 --> 00:36:03,120 Speaker 7: the messaging. I'll notice none of these other cabinet members 712 00:36:03,160 --> 00:36:06,040 Speaker 7: are doing much publicly. I mean they're sort of hunkered down, 713 00:36:06,560 --> 00:36:09,160 Speaker 7: you know, getting confirmed and focusing on what they're doing. 714 00:36:09,280 --> 00:36:12,239 Speaker 7: The only one really making any news this week is 715 00:36:12,840 --> 00:36:15,319 Speaker 7: Pete Hegsett, the Secretary of Defense, who's out sort of 716 00:36:15,360 --> 00:36:19,600 Speaker 7: fronting on some of the discussions related to a peace 717 00:36:19,680 --> 00:36:23,080 Speaker 7: negotiation between Russia and Ukraine, which. 718 00:36:22,920 --> 00:36:24,359 Speaker 3: By the way, you would have thought would have been 719 00:36:24,360 --> 00:36:25,160 Speaker 3: the news. 720 00:36:24,840 --> 00:36:28,319 Speaker 7: Of the week talking to both leaders yesterday, and now 721 00:36:28,360 --> 00:36:31,279 Speaker 7: it's overshadowed by the other six or seven things. So look, 722 00:36:31,360 --> 00:36:34,920 Speaker 7: I mean, I think that the messages were doing a lot. 723 00:36:35,080 --> 00:36:37,200 Speaker 7: They know they have a short period of time to 724 00:36:37,239 --> 00:36:40,080 Speaker 7: get a lot done before you know, the honeymoon is over. 725 00:36:40,320 --> 00:36:42,759 Speaker 7: And I think that's that's all been part of the 726 00:36:42,760 --> 00:36:44,880 Speaker 7: construct of his first one hundred days. 727 00:36:45,560 --> 00:36:48,240 Speaker 3: Producer James and I started the day just by counting 728 00:36:48,280 --> 00:36:51,000 Speaker 3: the top stories. Believe it was five five top stories 729 00:36:51,360 --> 00:36:54,319 Speaker 3: that we're covering in one program here, all of which 730 00:36:54,360 --> 00:36:58,000 Speaker 3: could have been their own program in any normal world. 731 00:36:58,120 --> 00:37:00,680 Speaker 3: As I look back here, yeah, four we have four 732 00:37:00,680 --> 00:37:04,719 Speaker 3: news conferences in one day. Jina, I've only got a 733 00:37:04,760 --> 00:37:06,719 Speaker 3: minute or so left here. But nobody's going to take 734 00:37:06,719 --> 00:37:09,360 Speaker 3: the ozempic away from Capitol Hill, right, you take ozempic 735 00:37:09,400 --> 00:37:12,560 Speaker 3: away from lawmakers, and this whole deal is off. Pharmaceutical 736 00:37:12,600 --> 00:37:16,160 Speaker 3: stocks are all rising on the day that RFK Junior 737 00:37:16,880 --> 00:37:20,000 Speaker 3: is sworn in. What do you think, Well, I. 738 00:37:20,000 --> 00:37:23,040 Speaker 8: Think the reality is listened. The pharmaceutical industry is a 739 00:37:23,120 --> 00:37:26,320 Speaker 8: very powerful run, right, It's a business in and of itself, 740 00:37:26,360 --> 00:37:28,640 Speaker 8: and so I think you've you've got folks who are 741 00:37:28,920 --> 00:37:31,280 Speaker 8: leaned into what this is going to mean for business 742 00:37:31,320 --> 00:37:35,759 Speaker 8: and the potential lack of regulation. I think people are 743 00:37:35,760 --> 00:37:38,080 Speaker 8: going to lean into that and say, is this a 744 00:37:38,120 --> 00:37:39,759 Speaker 8: place where we can make a little bit more money? 745 00:37:39,760 --> 00:37:41,240 Speaker 8: And I think the answer is probably a guess. 746 00:37:41,360 --> 00:37:43,440 Speaker 3: Yeah. Well, we'll see if we hear from him a 747 00:37:43,440 --> 00:37:46,240 Speaker 3: little bit later on. Of course, we'll bring those remarks 748 00:37:46,280 --> 00:37:48,400 Speaker 3: to you when President Trump speaks, when r FK is 749 00:37:48,440 --> 00:37:52,000 Speaker 3: sworn in, Jay and Jay's up, Phizer's up, Maderna's up. 750 00:37:52,120 --> 00:37:56,879 Speaker 3: What do you know, Let's order some big Max. Thanks 751 00:37:56,920 --> 00:38:00,680 Speaker 3: for listening to the Balance of Power podcast. To subscribe 752 00:38:00,760 --> 00:38:03,440 Speaker 3: if you haven't already, at Apple, Spotify, or wherever you 753 00:38:03,480 --> 00:38:06,279 Speaker 3: get your podcasts, and you can find us live every 754 00:38:06,280 --> 00:38:10,520 Speaker 3: weekday from Washington, DC at Noontimeeastern at Bloomberg dot com.