WEBVTT - Carlyle Group Co-Chairman David Rubenstein Talks Bessent, Tariffs

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

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<v Speaker 2>Carol Masterlow with Romain Bostik here at Milkin in Beverly Hills.

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<v Speaker 2>Right now, we've got David Rubinstein, Carlisle Group co chairman,

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<v Speaker 2>co founder and host, of course of The David Rubinstein

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<v Speaker 2>Show here to beer conversations, appearing on Bloomberg. He's also

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<v Speaker 2>a principal owner of Major League Baseball's Baltimore Orioles. We

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<v Speaker 2>always like to point that out.

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<v Speaker 1>It is so loud here. You know, we've been doing

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<v Speaker 1>this all day. You come up here right and you're

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<v Speaker 1>the only person we want to talk to. Kail is

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<v Speaker 1>about that, you know, in all serious and so David,

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<v Speaker 1>we want to know what you think about some of

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<v Speaker 1>the comments that we heard from Scott Bessett earlier today

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<v Speaker 1>and his message to investors. Did that message resonate with you?

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<v Speaker 3>I think he did a very good job. Yeah. Obviously

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<v Speaker 3>the business people have.

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<v Speaker 4>Been concerned about tariffs and not knowing where it's going

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<v Speaker 4>to go. He came out and basically more or less

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<v Speaker 4>repeated what he had said in the Wall Street Journal

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<v Speaker 4>article today, which is their three elements of the economic program.

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<v Speaker 3>One is tariffs, the other's tax cuts.

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<v Speaker 4>The other's deregulation, and I think he did a really

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<v Speaker 4>good job of explaining why all three meshed together. Now

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<v Speaker 4>they have to get these things done. But if they

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<v Speaker 4>can get the tax cut through, they can get the

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<v Speaker 4>deregulation they want through. I think the business community be

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<v Speaker 4>reasonably happy. The tariffs is still a bit of a

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<v Speaker 4>problem for the business comunitees. Theyn't fully understand what the

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<v Speaker 4>endgame is, but I think Scott Best did a pretty

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<v Speaker 4>good job.

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<v Speaker 1>Obviously, Carlisle has a huge presence in Washington. You know

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<v Speaker 1>how that city works. The business friendly administration that was

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<v Speaker 1>promised during the campaign. Is that still intact or is

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<v Speaker 1>that still going to show up.

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<v Speaker 4>I think the business community by and large is willing

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<v Speaker 4>to give the Trump administration the benefit of the doubt.

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<v Speaker 4>Because the business community could extent that business people tend

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<v Speaker 4>to be CEOs and not say investors and Republican Perhaps

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<v Speaker 4>they want to have this administration succeed.

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<v Speaker 3>They're a little bit confused.

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<v Speaker 4>About the tariffs, but I think they're willing to give

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<v Speaker 4>the benefit of doubt to the administration. Now, the tax

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<v Speaker 4>cut bill is what people are focused on, and I

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<v Speaker 4>will interview on a Bloomberg show soon. The chairman of

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<v Speaker 4>the of the House Ways and Means Committee, Jason Smith,

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<v Speaker 4>and they are starting them, getting ready to have hearings

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<v Speaker 4>and mark up that bill. And whether that bill goes

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<v Speaker 4>in the direction the Business Committee wants, we don't know,

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<v Speaker 4>but I think the tax cuts or what the administration

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<v Speaker 4>thinks is going to happen.

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<v Speaker 3>The question is can you really afford it?

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<v Speaker 2>Well, that's what I want to ask you, David. Can

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<v Speaker 2>we afford with the deficit?

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<v Speaker 3>You can afford it.

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<v Speaker 4>If you depends on how you mate massage the numbers.

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<v Speaker 4>There's a four trillion dollar number that they haven't figured

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<v Speaker 4>out how to deal with yet, which is to say

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<v Speaker 4>they want to make certain tax cuts permanent but not

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<v Speaker 4>count the four trillion dollars as part of the deficit.

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<v Speaker 4>That's an unusual thing to do. Maybe they can get

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<v Speaker 4>away with it.

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<v Speaker 3>I don't know.

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<v Speaker 1>Are the people you're talking to though, whether it's on

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<v Speaker 1>your shows on Bloomberg, whether it's privately with regards to

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<v Speaker 1>your business, are they still optimistic?

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<v Speaker 4>Business people by and large, tend to be optimistic by nature.

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<v Speaker 4>They don't think things are going to be better than

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<v Speaker 4>things are not going to be good.

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<v Speaker 3>So I think.

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<v Speaker 4>People are hoping that the administration could get the tax

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<v Speaker 4>cut bill through the deregulation through. They hope that somebody

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<v Speaker 4>can come along and get some of these tariffs agreements

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<v Speaker 4>agreed to. I think Scott Descent is a really smart guy.

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<v Speaker 4>I think he's done a pretty good job so far

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<v Speaker 4>representing the administration. I think he's their best voice on

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<v Speaker 4>the economy by far.

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<v Speaker 1>Has anyone approached you about being involved in this administration,

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<v Speaker 1>whether an informal or informal.

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<v Speaker 3>I think that's not likely.

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<v Speaker 4>This administration fired me from being chairman of the Chemnty Centers.

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<v Speaker 4>I think probably I'm not diverse choice, but no, I

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<v Speaker 4>think my days of being the government are probably behind us.

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<v Speaker 1>All right, David, really appreciate you top thanks a lot here, Dave, Okay,

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<v Speaker 1>you're a good sport.

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<v Speaker 3>Thank you, Thank you so much.

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<v Speaker 1>Carlisle Group co founder and co chairman. Also, of course,

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<v Speaker 1>the hosts of the show period A Peer Conversations right

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<v Speaker 1>here on boomber