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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: Line from New York City for our audience worldwide on

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Speaker 2: Bloomberg TV and on Bloomberg Radio. I'm Jonathan Ferrow and

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Speaker 2: joining us now. I'm very pleased to say is the

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Speaker 2: US Labor Secretary, Laurie Chevesdrema, the Madam Secretary. Welcome to

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Speaker 2: the program, and first of all, congratulations on your confirmation. Secondly,

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Speaker 2: the jobs report a blowout jobs report, an upside surprise.

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Speaker 2: There can be no debate about how solid this job

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Speaker 2: report is this morning. Where there is debate on Wall Street,

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Speaker 2: as I'm sure you know, is whether this will be

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Speaker 2: the last solid jobs report for the remainder of twenty

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Speaker 2: twenty five. There is a lot of worry about policy

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Speaker 2: volatil isy. What gives you the faith the hope that

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Speaker 2: we will see more of the same?

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Speaker 3: Yan for having me and listen. This is a great

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Speaker 3: day for America. This is a great day for the

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Speaker 3: American worker, and this is a great day for President Trump.

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Speaker 3: I can tell you this, I don't expect that this

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Speaker 3: will be the last positive job report. We're going to

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Speaker 3: be on the ground, We're going to be working together,

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Speaker 3: We're going to be focused on the American worker.

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Speaker 1: We blew it out of the water.

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Speaker 3: Today and again, as I said, this is a great

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Speaker 3: day for America.

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Speaker 2: With Stokes down two point five percent, for Wall Street,

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Speaker 2: they'll struggle to say the same thing we heard from

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Speaker 2: JP Morgan in the last twenty four as you said,

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Speaker 2: there will be blood, no dutta for an Incelance macrob

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Speaker 2: another Wold non strategist on Wall Street, said it's obliteration day,

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Speaker 2: not liberation day. Where are we going to get the

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Speaker 2: confidence to hire in America with sentiments so beaten up

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Speaker 2: over the past month.

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Speaker 3: Well, again, I don't believe that that's a sentiment across

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Speaker 3: America when you're talking to the workforce.

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Speaker 1: If we grow this economy, if.

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Speaker 3: We have positive job growth, people will start to keep

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Speaker 3: more of their hard earned dollars. They'll start to invest,

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Speaker 3: they'll start to save, and I think you'll see those

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Speaker 3: markets respond again. The President, you know, went around during

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Speaker 3: the campaign, and he's keeping his promises to the American worker.

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Speaker 3: He is the president of the American worker. We align

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Speaker 3: on that. I'm going to be on the ground starting

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Speaker 3: this weekend in Pennsylvania talking to the American worker. I

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Speaker 3: want to know what they're doing what they care about,

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Speaker 3: and our report and advise the President on the positivity there,

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Speaker 3: and we're going to start to grow this economy as

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Speaker 3: we build the workforce here in America, and we're going

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Speaker 3: to see these numbers continue to rise.

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Speaker 2: We don't hear that same positivity in a recent consumer

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Speaker 2: sentiments survey. In fact, two thirds expected unemployments of worsen

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Speaker 2: through the remainder of the year, the highest reading going

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Speaker 2: back to two thousand and nine. These are people who

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Speaker 2: are anxious about their jobs, anxious about the labor market.

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Speaker 2: You want to see a massive transformation, You want to

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Speaker 2: see a huge shift, a reshuring of manufacturing. There are

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Speaker 2: things a lot of people want to see. At the

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Speaker 2: same time, we hear repeatedly that people are just sitting

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Speaker 2: on their hands and waiting. Who's going to do the hiring.

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Speaker 3: Well, I can tell you this, the labor market is

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Speaker 3: holding steady and we're growing. Unemployment is holding steady, the

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Speaker 3: labor demand is growing.

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Speaker 1: We're seeing that in our companies.

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Speaker 3: We're seeing the investments by major companies tens of billions,

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Speaker 3: hundreds of billions of dollars. The workforce, the American workforce

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Speaker 3: is going to grow, that is going to be the

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Speaker 3: key for the President. It's going to be the key

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Speaker 3: for me as the Department of Labor to protect these

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Speaker 3: American workers first and grow this economy. That's what we're

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Speaker 3: seeing across the board. So yes, we will be hiring.

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Speaker 3: We have to get out there and make sure that

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Speaker 3: our workforce is skilled and trained.

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Speaker 1: That's what I'll be focused on.

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Speaker 3: You know, John as a former mayor, as somebody on

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Speaker 3: the ground that matters most in all of these communities

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Speaker 3: where they are urban, suburban, or rule, and we want

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Speaker 3: to make sure that we're our supporting President Trump and

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Speaker 3: his agenda and that we're growing that workforce each and

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Speaker 3: every day.

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Speaker 2: I think out of Secretary, a lot of people would

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Speaker 2: have sympathy with the idea that a lot of manufacturing

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Speaker 2: in America has been hollowed out over the past few

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Speaker 2: decades because of globalization. They will certainly have sympathy with that.

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Speaker 2: Where they will struggle is with the strategy for this week.

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Speaker 2: When you see tariffs like forty six percent on Vietnam,

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Speaker 2: when you see retailers get absolutely hammered, you can take

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Speaker 2: a step back and just acknowledge that the way differential

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Speaker 2: between what you can earn in Vietnam and what you

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Speaker 2: can and in the United States is just too large

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Speaker 2: that those companies will have to accept the tariff, won't

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Speaker 2: be able to move manufacturing back to the United States,

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Speaker 2: and they'll have to do something about costs, which will

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Speaker 2: damage the retailer on the ground on main street in America.

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Speaker 2: It's the rollout of this strategy that people are really

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Speaker 2: struggling with. Madame Secretary, how can you guarantee that these

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Speaker 2: retailers won't just be laying people off and putting up prices.

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Speaker 2: In what world are they going to move manufacturing from

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Speaker 2: Vietnam and start making sneakers in the United States.

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Speaker 1: Well, I can tell you this.

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Speaker 3: What we saw at the Rose Garden just two days

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Speaker 3: ago was the President talking to the American worker.

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Speaker 1: We saw who was in the audience. We saw the.

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Speaker 3: American worker there supporting President Trump. That's who he campaigned to,

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Speaker 3: That's who he believes and that's who I believe in.

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Speaker 3: These companies are going to repatriot, they are going to

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Speaker 3: onshore back to the United States. We want fair trade

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Speaker 3: agreements for our American businesses here as well.

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Speaker 1: That's what the President does best.

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Speaker 3: I can tell you this, he is a master negotiator,

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Speaker 3: and he can teach a masterclass in that. I I

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Speaker 3: can tell you the people who were in that audience

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Speaker 3: were excited, they were cheering him on, and they are

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Speaker 3: supportive of that.

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Speaker 1: I will continue that effort.

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Speaker 3: I will be on the ground across this country to

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Speaker 3: make sure that the President knows what's happening on the

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Speaker 3: ground and we can continue to have positive growth for

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Speaker 3: those business owners who are on the ground, because I

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Speaker 3: do understand that they put their blood, sweat and tears

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Speaker 3: into the businesses that they have, and the American worker

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Speaker 3: as well.

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Speaker 1: We're going to protect all of them.

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Speaker 2: They put their blood, sweat and tears into the ground

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Speaker 2: as well. The American farm has got to confront this

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Speaker 2: headline this morning that China's announcing an extra thirty four

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Speaker 2: percent tariff on US goods. What's your message to.

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Speaker 3: Them, Well, our farmers and ranchers and producers deserve our

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Speaker 3: attention as well. I'll be working with the AG Secretary

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Speaker 3: along with President Trump to make sure that they have

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Speaker 3: the necessary things that they need to make sure that

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Speaker 3: we are competitive on the world stage. America is number one,

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Speaker 3: it will continue to be number one, and I'll do

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Speaker 3: everything I can to support those farmers and ranchers and

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Speaker 3: producers with the American workers and the workforce that they

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Speaker 3: need to get the job done.

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Speaker 2: So we've got some key dates. April fifth. Baseline tariffs

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Speaker 2: go in April ninth. The bigger tariss go on the

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Speaker 2: day after China threatens to retaliate. You're the face of

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Speaker 2: the administration today. Are there any negotiations taking place this

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Speaker 2: weekend at a high level between China and the United States.

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Speaker 3: Well, I would imagine the President is on listen. President

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Speaker 3: Trump works NonStop. That is why he built a formidable

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Speaker 3: team like myself and the rest of the secretaries to

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Speaker 3: do our job and support him.

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Speaker 1: We will continue to do so.

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Speaker 3: I would imagine that the President is continuing to have

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Speaker 3: these conversations because he wants to protect the American worker

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Speaker 3: and the American business. We're going to make America wealthy again.

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Speaker 3: You heard him say it, and I'm going to help

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Speaker 3: him do it.

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Speaker 2: I hope you're right there are down some Wall Street

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Speaker 2: this morning, and you and I will talk again in

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Speaker 2: the future, I'm sure for an update, Madam Secretary, thank

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Speaker 2: you for your time. The Labor Secretary, Violet Laurie Chaves

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Speaker 2: de Rema Madam Secretary, thank you,