WEBVTT - Rep. French Hill (R) AK Talks New Proposed Tariffs 

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

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<v Speaker 2>So here's the lightsus this morning, President elec Donald Trump

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<v Speaker 2>vowing to impose a twenty five percent tariff on products

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<v Speaker 2>from Mexico and Canada and an additional ten percent terif

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<v Speaker 2>on goods from China, calling it necessary to clamp down

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<v Speaker 2>on the flow of migrants and illegal drugs crossing America's borders.

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<v Speaker 2>Let's loop in Congress right now we can speak to

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<v Speaker 2>the Republican Congressman Frendshill of Arkansas. Congressman here, welcome back

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<v Speaker 2>to the show, sir. It's always wonderful to hear your

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<v Speaker 2>perspective on things. We want your reaction to this. How

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<v Speaker 2>credible is this thread from President elect Donald Trump overnight?

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<v Speaker 3>Well, Jonathan, good morning, Happy Thanksgiving week to you and

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<v Speaker 3>everybody at Bloomberg. This is a critical threat by President

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<v Speaker 3>Trump because we have unprecedented border problems with particularly Mexico

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<v Speaker 3>on Fitnall and nearly nine million people that are cross

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<v Speaker 3>the border. We've not been able to secure the border

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<v Speaker 3>under the Biden hears at menas for This was a

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<v Speaker 3>main major campaign point for President Trump, and so I

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<v Speaker 3>believe that he's stepping up and making this statement about

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<v Speaker 3>tariffs to tell both Canada and Mexico we have got

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<v Speaker 3>to get our border security in the United States States

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<v Speaker 3>squared away. And then secondarily, I think he's very concerned

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<v Speaker 3>about imports from other countries that are going to try

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<v Speaker 3>to take advantage of the USMCA and bring in products

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<v Speaker 3>through manufacturing in Mexico that may skirt some of the

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<v Speaker 3>requirements of USMCA. So both those things I think are

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<v Speaker 3>on the table, border security and trying to strengthen the

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<v Speaker 3>parameters of usmcaa for some exports from outside manufacturing companies.

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<v Speaker 4>Congressman, So President like Trump sees immigration and legal immigration

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<v Speaker 4>as the problem in tariffs as the remedy. But you

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<v Speaker 4>just mentioned USMCA. If we have an executive order with

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<v Speaker 4>these tariffs that overrides USMCA, should President elect be getting

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<v Speaker 4>Congress on board members like yourself.

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<v Speaker 3>It's important to bring Congress into the discussion with the

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<v Speaker 3>President as soon as possible. But remember when he was president,

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<v Speaker 3>he worked very hard with Canada and Mexico to renegotiate

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<v Speaker 3>the North American Free Trade Agreement and create the USMCA.

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<v Speaker 3>During that time, he also had strong cooperation from Mexico

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<v Speaker 3>on his remain in Mexico policy, which was to say, look,

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<v Speaker 3>if you're seeking asylum in the United States, our loss,

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<v Speaker 3>as you had to do that from a third country.

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<v Speaker 3>President Biden has just waived that rule and allowed millions

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<v Speaker 3>of people to come into the US while they seek asylum.

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<v Speaker 3>Probably ninety percent will be required to be deported because

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<v Speaker 3>they're not eligible to seek asylum. So I believe President

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<v Speaker 3>Trump's also using this tariff threat to tell the new

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<v Speaker 3>government in Mexico City, let's get serious about the migrant

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<v Speaker 3>flows across Mexico's border and get back to our remain

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<v Speaker 3>in Mexico policy or remain in a third country policy.

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<v Speaker 4>So is it just that a threat or do you

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<v Speaker 4>think come January he's going to follow through with ten

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<v Speaker 4>percent on tariffs on China on top of others he

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<v Speaker 4>says in twenty five percent when it comes to imports

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<v Speaker 4>from Mexico and Canada.

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<v Speaker 3>Well, we know from his first term in office that

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<v Speaker 3>he's willing to deliver on his threats on tariffs to

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<v Speaker 3>bring other countries to the negotiating table, both on economic

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<v Speaker 3>and trade issues as well as other matters. And I

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<v Speaker 3>certainly consider border security a top issue coming out of

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<v Speaker 3>this election. People are sick and tired of the crime impact,

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<v Speaker 3>the ftanyl impact, the death in our communities, and the

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<v Speaker 3>overwhelming loss of control from Tijuana to Browns Bow of

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<v Speaker 3>the Mexican American border. So I believe that yes, he

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<v Speaker 3>would deliver on this, but he's also using it as

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<v Speaker 3>a lever to get serious conversations in Ottawa and Mexico

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<v Speaker 3>City with Washington. As we turn the page and have

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<v Speaker 3>a new presidential administration.

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<v Speaker 4>Well, when Congress turns the page, we're going to be

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<v Speaker 4>looking forward to hearing who is going to get the

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<v Speaker 4>top committee post, the chairmanships of these committees, And in

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<v Speaker 4>about two weeks time, we might know that. I know, Congressman,

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<v Speaker 4>you're up for potentially leading the Finance Committee. What's the

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<v Speaker 4>status of that.

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<v Speaker 3>Well, I'm making the case to my colleagues republic and

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<v Speaker 3>colleagues and serve on the House Steering Committee that I

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<v Speaker 3>believe that because of my long standing by Cameral communication

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<v Speaker 3>and collaboration capabilities with the Senate, my leadership in the

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<v Speaker 3>House over the last decade, and probably most importantly, the

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<v Speaker 3>fact that I was in the private sector for decades

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<v Speaker 3>and was regulated mightily by the federal government through both

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<v Speaker 3>the securities regulators and the banking regulators that that private

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<v Speaker 3>sector experience, My experience on Capitol Hill and communication and collaboration,

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<v Speaker 3>and also my work in the executive branch at the

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<v Speaker 3>Treasurer in the White House makes me an ideal candidate

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<v Speaker 3>to serve as the House Financial Services Committee. And Anne Marie,

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<v Speaker 3>what's amazing about this is based on my research, we're

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<v Speaker 3>this theory committee to select me for this important post.

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<v Speaker 3>I would be the first person with a banking and

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<v Speaker 3>finance background before I entered Congress to serve as chairman

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<v Speaker 3>since the Teddy Roosevelt administration, so it's a long time ago.

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<v Speaker 3>So I hope that my background, my resume will be

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<v Speaker 3>carry the day for leading the committee congressman.

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<v Speaker 1>Based on what we've heard from Donald Trump and some

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<v Speaker 1>of his priorities when it comes to the financial sector,

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<v Speaker 1>a lot of people are pointing to the potential for

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<v Speaker 1>crypto being the first and the agenda of any financial

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<v Speaker 1>chairman financial House Services Committee Chairman. Is that your take

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<v Speaker 1>on it as well?

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<v Speaker 3>Well? I think that's very important. If we don't get

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<v Speaker 3>our policies for digital assets market structure completed during the

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<v Speaker 3>lame duck, I think it will be a top issue

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<v Speaker 3>for the House Financial Services Committee and looking forward working

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<v Speaker 3>with a new Banking Committee Chairman Tim Scott of South Carolina,

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<v Speaker 3>we need a market structure bill that gives us the

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<v Speaker 3>framework for digital assets so that innovation, coding, company formation

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<v Speaker 3>can take place here in the United States and not

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<v Speaker 3>push that innovation off shore to other markets. And secondly,

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<v Speaker 3>we do need a dollar back stable coin as a

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<v Speaker 3>tokenized payment of the US dollar for use on a blockchain.

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<v Speaker 3>Both these innovations will help support the future of Web

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<v Speaker 3>three and continue to make the dollar of the strongest

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<v Speaker 3>currency in the world and America the leading technology and

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<v Speaker 3>innovation and capital of the world.

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<v Speaker 5>Is your background in finance an attribute or potentially not

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<v Speaker 5>really even weighing in on this race at a time

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<v Speaker 5>where a lot of people are pointing to simply past

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<v Speaker 5>allegiance to Donald Trump.

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<v Speaker 3>I think the chairmanship is an important issue and back

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<v Speaker 3>and talent, communication, collaboration are all top issues. I've worked

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<v Speaker 3>extensively with the Trump administration previously. In the previous term

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<v Speaker 3>in office, Jay Clayton at the SEC the Bank Supervisors

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<v Speaker 3>were a major source of collaboration for me in reforming

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<v Speaker 3>our regulatory system for both capital markets and the banking system,

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<v Speaker 3>and I believe that'll be the case in the second

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<v Speaker 3>term of Donald Trump. Will I will work very closely

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<v Speaker 3>with what I will presume to be excellent nominees from

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<v Speaker 3>the FDIC to the CFPB to the SEC, and we

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<v Speaker 3>will in fact make community banking great again through that

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<v Speaker 3>regulatory and legislative cooperation.

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<v Speaker 2>A Congressman, I'm not in the endellcement business. I don't

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<v Speaker 2>intend to stop, but it would be nice. I think

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<v Speaker 2>I could say this on the behalf of our audience.

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<v Speaker 2>It would be nice to have someone with financial services

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<v Speaker 2>experience run the House Financial Services Committee, and we appreciate it.

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<v Speaker 2>TIGN this morning, thank you, Congressman French hell there of

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<v Speaker 2>our consult