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

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Speaker 2: This is the Bloomberg Day Bak you At podcast, available

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Speaker 2: every morning on Apple, Spotify or wherever you listen. It's Friday,

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Speaker 2: the sixth of June in London. I'm Caroline Hepka.

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Speaker 3: And I'm Stephen Carroll. Coming up today.

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Speaker 4: Elon Musk and Donald Trump trade insults and threats in

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Speaker 4: an extraordinary and very public war of words.

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Speaker 2: More than one hundred and fifty billion dollars is wiped

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Speaker 2: off Tessa's market value as investors fear retaliation.

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Speaker 4: Plus unraveling global trade. The Scottish tweed industry shows the

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Speaker 4: collateral damage that tariffs are causing around the world.

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Speaker 2: Let's start with a roundup of our top stories.

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Speaker 4: US President Donald Trump and Elon Musk have publicly traded

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Speaker 4: barbs and insults as the two men's formidable political relationship

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Speaker 4: disintegrated in a matter of hours. The rift has been

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Speaker 4: widening after Musk on Tuesday called Trump's signature tax and

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Speaker 4: spending bill a disgusting abomination. That was followed by these

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Speaker 4: comments yesterday from the US President.

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Speaker 5: I'm very disappointed in Elon. I've helped Elon a lot.

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Speaker 5: Elon and I had a great relationship. I don't know

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Speaker 5: if we will anymore. I was surprised because you were here.

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Speaker 5: Everybody in this room practically was here. As we had

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Speaker 5: a wonderful send off, he said wonderful things about me.

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Speaker 5: You couldn't have nicer, said the fascinate. He's worn the hat.

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Speaker 5: Trump was right about everything, and I am right about

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Speaker 5: the great, big, beautiful bill.

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Speaker 4: By mid afternoon, Musk was posting on his X platform

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Speaker 4: that Trump would never have won back the White House

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Speaker 4: without his help. Then, as simmering tensions boiled over, the

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Speaker 4: President called the billionaire crazy and threatened to cancel his

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Speaker 4: company's federal contracts. Musk shot back, pledging to decommission the

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Speaker 4: Dragon spacecraft that underpins flights to the International Space Station.

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Speaker 2: Now, the acrimonious back and forth between Musk and Trump

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Speaker 2: represents a remarkable falling out between two men who spent

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Speaker 2: months working together to reshape the US federal government. This

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Speaker 2: after the Tesla CEO poured hundreds of millions of dollars

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Speaker 2: into the President's election campaign. However, there are some signs

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Speaker 2: of relaxational conciliation of sorts. Elon Musk yesterday evening signaled

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Speaker 2: on social media that he was open to cooling tensions

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Speaker 2: with Trump, and Politico is now reporting that White House

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Speaker 2: aids have scheduled a call with Musk in an effort

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Speaker 2: to avoid further escalation.

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Speaker 4: That bickering wiped thirty four billion dollars from Elon Musk's

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Speaker 4: personal net worth in one day. Tesla shares fell by

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Speaker 4: fourteen percent yesterday, wiping roughly one hundred and fifty two

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Speaker 4: billion dollars off the value of the company. Russ Gerber,

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Speaker 4: president's and CEO of Gerbert Kowarski, said, one of Tesla's

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Speaker 4: earliest investors, explains why he was one of those selling

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Speaker 4: shares in Musk's car company.

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Speaker 3: This is a disaster for Mask.

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Speaker 6: I don't know if I can spin it in a

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Speaker 6: positive way because it's just so beyond any intelligent businessman's.

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Speaker 3: Behavior would be.

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Speaker 6: I can't imagine after putting Trump in there, that he

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Speaker 6: would then turn Trump into an enemy of all things

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Speaker 6: because he's still the president of the United States.

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Speaker 3: Gerbarada that he expected.

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Speaker 4: SpaceX, one of Musk's private ventures, had its evaluation cut

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Speaker 4: in half. The massive selloff marks the second largest loss

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Speaker 4: ever made by one person, the largest also being Elon Musk.

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Speaker 3: In twenty twenty one.

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Speaker 4: Mosque is still the world's richest person, with a vast

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Speaker 4: three hundred and thirty four point five billion dollar fortune,

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Speaker 4: and has endured any number of routes before well.

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Speaker 2: The fight played out on social media came as President

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Speaker 2: Trump and Chinese present Shijingping agreed to further trade talks

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Speaker 2: on a phone call. Trump acknowledged the relationship had gotten

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Speaker 2: quote a little off track on that call and said

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Speaker 2: that it was an honor to have Chinese students. White

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Speaker 2: House per Secutary Caroline Levitt told Fox News the conversation

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Speaker 2: focused on trade and rare earth minerals.

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Speaker 7: This was a good productive call and he has always

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Speaker 7: enjoyed a respectful relationship with China's president in China needs

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Speaker 7: the United States of America and our markets, and we

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Speaker 7: also have a strategic interest in China's economy in market

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Speaker 7: as well. And so that's why both leaders decided today

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Speaker 7: that their trade officials will continue to meet to discuss

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Speaker 7: this important bilateral relationship.

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Speaker 2: Luoite House Press Secretary Caroline Levett that is, speaking to

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Speaker 2: folks News. China's Foreign ministry says that the call was

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Speaker 2: initiated at President Trump's request. It comes just a day

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Speaker 2: after the US President lamented again on social media that

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Speaker 2: his counterpart was extremely hard to make a deal with.

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Speaker 4: Germany's Chancellor, Frederick Mertz successfully navigated a forty minute meeting

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Speaker 4: with Donald Trump and the Oval Office. The two diverged

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Speaker 4: on the issue of how to end the war in Ukraine,

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Speaker 4: with Mertz saying the West should look to stop it

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Speaker 4: very soon.

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Speaker 8: I told the President before we came in that he

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Speaker 8: is the key person in the world who can really

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Speaker 8: do that now by putting pressure on Russia. And we

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Speaker 8: will have this debate later on again how we can

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Speaker 8: proceed jointly between the Europeans and the Americans. And I

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Speaker 8: think we are all in that we are having the

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Speaker 8: duty to do something on that now to stop it.

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Speaker 3: After three and a half years.

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Speaker 4: Germany's Chancellor Frederick Mertz risked the trip to Washington, despital

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Speaker 4: of the world leaders, facing public humiliations in the Oval Office.

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Speaker 4: Yes President meanwhile compared the war in Ukraine to a

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Speaker 4: fight between two children, saying sometimes you let sometimes you

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Speaker 4: let them fight for a while before they can be

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Speaker 4: pulled apart.

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Speaker 2: Now from that to the ECB President Christine Legard has

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Speaker 2: unveiled an upbeat outlook for the Eurozone. Speaking after the

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Speaker 2: European Central Bank cut interest rates again under two percent

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Speaker 2: on Thursday, Laguard offered an optimistic assessment of the bloc's

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Speaker 2: growth prospects.

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Speaker 1: Higher tariffs and a stronger Euro are expected to make

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Speaker 1: it harder for firms to export. High uncertainty is expected

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Speaker 1: to weigh on investment, but at the same time, several

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Speaker 1: factors are keeping the economy resilient and should support the

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Speaker 1: growth over the medium term.

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Speaker 2: Christine Legarde added that she believes the central banks policy

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Speaker 2: is in a good position to navigate the uncertain conditions,

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Speaker 2: in her words, that are likely to come from global

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Speaker 2: trade and a jump in spending in Europe. The ECB

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Speaker 2: described inflation as currently around its two percent targets.

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Speaker 4: Zia Usaf has resigned as chairman of Reform UK, saying

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Speaker 4: he no longer believed working to get the party elected

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Speaker 4: was a good use of his time. His departure comes

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Speaker 4: a day after he criticized the party's newest MP for

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Speaker 4: asking if the Prime Minister planned to ban Berker's Reforms leader,

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Speaker 4: Nije Farashtolgibinis. Usuf was very talented and his resid nation

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Speaker 4: marks at last for public life.

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Speaker 9: He's brilliant when it comes to data, he's brilliant when

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Speaker 9: it comes to a technical side of things. You know,

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Speaker 9: he really is in a class of his own. And frankly,

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Speaker 9: I'm sad that he's going. I'm sad for the pasty

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Speaker 9: because he leaves a gap. I'm sad for him. Actually.

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Speaker 4: Nigel Ferrau speaking there in the latest high profile exit

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Speaker 4: for a Forum, which currently tops opinion polls in Britain.

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Speaker 4: Former Reform MP Rupert Lowe was astident in March over

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Speaker 4: allegations that he made verbal threats against Yusef And.

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Speaker 2: Those were a few of our top stories and for

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Speaker 2: you this morning. So in terms of the markets, then

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Speaker 2: the Nasdaq yesterday closed down by one percent, Tesla's share

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Speaker 2: price top fourteen point three percent on the feud between

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Speaker 2: Musk and Trump. S and P five hundred EMII futures

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Speaker 2: and aws that future this morning are pointing high. European

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Speaker 2: stock features though are lower European stock So yesterday we're

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Speaker 2: actually mostly driven by the ECB and Christine Legarde saying

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Speaker 2: that basically the bank may be nearing the end of

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Speaker 2: the rate cutting cycle, basically closing up before the real

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Speaker 2: spat took off in the US, Asian stocks this morning

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Speaker 2: had been fluctuating. We've got another major data point to

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Speaker 2: think about today, the US job support non fan paybles

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Speaker 2: expected to see hundred and twenty six thousand jobs added

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Speaker 2: in the US. This as Japan's long yields continuing to ease.

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Speaker 2: WHI crude futures pretty quiet this morning. Sixty three dollars

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Speaker 2: seventeen the bow and gold is up by seven tenths

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Speaker 2: of one percent. Also the dollar little change. So those

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Speaker 2: are the markets.

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Speaker 3: In a moment.

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Speaker 4: More on the social media blow up, betunity, Eilon Musk

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Speaker 4: and Donald Trump, and the US President's conversations with the

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Speaker 4: leaders of China and Germany. But in case your blood

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Speaker 4: pressure wasn't high enough scrolling social media. In the last

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Speaker 4: twenty four hours, our finance reporter Laura Noonan's been writing

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Speaker 4: about another high pressure event in Frankfurt. It's the JP

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Speaker 4: Morgan Corporate Challenge, which she says is our be the

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Speaker 4: biggest social mixer in finance. Fifty thousand people taking part

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Speaker 4: in a three and a half mile run through the

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Speaker 4: German financial capital. Now Laura, who's the keen runner herself,

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Speaker 4: actually rights that this could be dismissed as a low

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Speaker 4: stress amble. Lots of people actually walk or jog the course,

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Speaker 4: but the global financial community seems it as blood sport.

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Speaker 4: In her words, but some banks rumored to hire athletes

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Speaker 4: to improve their chances.

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Speaker 3: No, She points to one example.

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Speaker 4: One, Yeah, the Italian Olympic triathletes hired by JP Morgan

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Speaker 4: in February. Now his bosses and says he was not

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Speaker 4: hired for this reason, but he did finish fifth in

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Speaker 4: the race.

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Speaker 3: It's an evo.

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Speaker 4: Actually, the dates back to nineteen seventy seven to a

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Speaker 4: run in Central Park in New York, which is why

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Speaker 4: it's three and a half miles, which is bit of

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Speaker 4: an odd distance as well.

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Speaker 2: Even I might be able to manage that, but having

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Speaker 2: to be amazingly good at your job and also some

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Speaker 2: other field may be running or music or whatever it

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Speaker 2: might be that you can do. I think it's just

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Speaker 2: amazing because he have to have that second string to

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Speaker 2: your boat.

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Speaker 4: I mean, you're a runner, yeah, but I don't think

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Speaker 4: I fancy fifty thousand people.

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Speaker 3: No, thanks, anyway, there's some great stories in there.

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Speaker 4: You can read Lauras full report and the Business Week

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Speaker 4: Daily newsletter You can sign up for it at bloomberg dot

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Speaker 4: com Slash Newslatters.

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Speaker 2: Well, let's get into the very public escalation of the

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Speaker 2: row between the President of the United States and the

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Speaker 2: world's richest man. Is Donald Trump and Elon Musk traded

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Speaker 2: blows and threats on social media. Our senior US Government

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Speaker 2: editor Derek Willbank towards this now for more. Good morning, Derek,

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Speaker 2: bring us up to speed. What has happened between Elon

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Speaker 2: Musk and Donald Trump.

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Speaker 10: Well, there was a major explosion in their relationship, I

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Speaker 10: don't know any real other way to put it, which

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Speaker 10: denigrated all the way down to accusations of familiarity with

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Speaker 10: Jeffrey Epstein and all sorts of other things. It got

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Speaker 10: very personal, very quickly. Trump meanwhile smashing back that maybe

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Speaker 10: the best way to cut the deficit would be to

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Speaker 10: end all of the contracts with Elon Musk's many companies.

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Speaker 10: This is gone from in eleven months, from Musk endorsing

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Speaker 10: Trump to Musk putting in nearly three hundred million dollars

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Speaker 10: of his own money to elect Trump and Republicans up

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Speaker 10: and down the ballot, winning universal control of Washington, then

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Speaker 10: becoming the face of Trump's efforts to slash the federal bureaucracy.

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Speaker 10: Both men cything through the federal government together, and then

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Speaker 10: it just sort of ending, not necessarily in a way

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Speaker 10: that either probably would have wanted, but certainly in a

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Speaker 10: way that imperils both of their big flagship projects right now.

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Speaker 10: Certainly Musk, you mentioned the the damage to Tesla's shares

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Speaker 10: and thus Musk's net wealth. At the same time, Musk

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Speaker 10: is the principal opponent of on the right anyway, of

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Speaker 10: Trump's Big Beautiful Bill, which is the centerpiece of his

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Speaker 10: legislative agenda. So there's a lot at stake for both

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Speaker 10: of those And indeed we have seen I'm sitting in

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Speaker 10: Singapore in my day so far, some efforts to try

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Speaker 10: and I guess, contain this blast, find ways to de escalate,

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Speaker 10: find some off ramps for both of these guys so

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Speaker 10: that they can kind of limit the damage and keep

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Speaker 10: going on there. Musk did pull back a little bit

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Speaker 10: from his threat to cancel the Dragon Shuttle program that

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Speaker 10: NASA uses on to uses to ferry astronauts to and

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Speaker 10: from the Space station. He did pull back from that

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Speaker 10: threat to cancel there. We're waiting to hear from the

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Speaker 10: President there, and we've seen a report that White House

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Speaker 10: AIDS are trying to schedule a call with Musk for tomorrow.

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Speaker 10: So lots to play here. Lots may still happen, But

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Speaker 10: a pretty remarkable explosion in American politics yesterday.

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Speaker 4: Yeah, it's certainly, and it looks like it's not over

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Speaker 4: by those latest reports. More ensuing perhaps later on in

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Speaker 4: the coming hours. You talked a bit about the effect

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Speaker 4: on the businesses as well. We saw that big move

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Speaker 4: in share prices too. But from a political point of view,

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Speaker 4: the budget debate still continuing in Washington. Is the tax

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Speaker 4: and spending bill in danger? In more danger than.

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Speaker 3: It was yesterday?

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Speaker 10: Well, it's certainly not in better shape than it was yesterday.

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Speaker 10: What I would say is that the math on that

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Speaker 10: remains the same. Senate lawmakers, several of them want to

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Speaker 10: cut a lot more than they're cutting right now in

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Speaker 10: the bill. Musk had mentioned on that the deficit impacts

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Speaker 10: of this legislation, about two point four trillion dollar increase

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Speaker 10: in US deficits over ten years it's projected to be,

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Speaker 10: would more than dwarf all of the most optimistic readings

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Speaker 10: of the savings that Dog had been able to do

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Speaker 10: at as Musk said, great personal cost to him. So

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Speaker 10: there had been some spending hawks on the right who

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Speaker 10: were saying, look, we want to have this score better.

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Speaker 10: It needs to not increase the deficit so much or

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Speaker 10: even at all. At the same time, House Republicans are

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Speaker 10: very cognizant of the fact that they barely pass this

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Speaker 10: legislation in the first place. Right House Speaker Mike Johnson

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Speaker 10: compared this to his party whip strategy to tightroping across

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Speaker 10: the Grand Canyon on a piece of dental floss. He

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Speaker 10: doesn't have much margin, and there are people in his

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Speaker 10: conference who do not want to cut anymore, as well

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Speaker 10: as others in his conference who want to cut a

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Speaker 10: lot more, and you've got to find a balance point there.

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Speaker 10: So Elon Musk standing on the side firebombing this on

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Speaker 10: social media is not very helpful, especially when he's speaking

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Speaker 10: into the lead that Democrats have said, which is that

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Speaker 10: this thing is going to exp bload the deficits. So

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Speaker 10: if you care about debt, if you care about deficits,

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Speaker 10: as a lot of Republicans and the bond market seem to,

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Speaker 10: then this bill is a problem. All of that is

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Speaker 10: bad for Trump, and all of that is why a

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Speaker 10: lot of aids to both of these guys are trying

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Speaker 10: to find ways that they can kind of back up

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Speaker 10: from the ledge, take the temperature down a little bit,

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Speaker 10: and have these two very proud billionaires find a way

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Speaker 10: to get back along again.

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Speaker 2: Derek, thank you so much for being with us this morning,

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Speaker 2: our senior US Government editor, Derek Wallback. I mean, I'll

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Speaker 2: add to that our chief economists for Bluemberg Economics, Tom Orlick,

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Speaker 2: saying the fight under scores the potential vulnerabilities that follow

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Speaker 2: from concentrating industrial and government power in one person, I e.

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Speaker 2: Elon Musk, So, yeah, lots could potentially come from this.

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Speaker 4: Well, while those exchanges we're playing out with Elon Musk yesterday,

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Speaker 4: Donald Trump was also holding high level diplomatic conver stations.

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Speaker 4: He spoke to Chinese President Cheatingping for the first time

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Speaker 4: since it's inauguration, and met Germany's Chancellor at Friedrich Merritz

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Speaker 4: in the Oval Office as well. Our EMEA and news

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Speaker 4: director Rosalad Mathson is with us for more so ras

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Speaker 4: Trump finally speaking to Cheatingping, did it produce any turning

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Speaker 4: point in those relations that have become fraud yet again?

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Speaker 11: Well, yeah, because yet yet again, it seems the thing

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Speaker 11: that has broken the ice with US and China is

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Speaker 11: a direct conversation between Donald Trump and Cgping, which was

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Speaker 11: a hallmark also of Donald Trump's first term as president,

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Speaker 11: is those two get on the phone or they meet

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Speaker 11: for dinner somewhere around the world, and they managed to

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Speaker 11: get at least a temporary truce. Often it didn't last,

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Speaker 11: but at least it did cool things for a bit.

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Speaker 11: And as we saw with this phone call yesterday, they've

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Speaker 11: agreed to have further trade talks. They're going to have

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Speaker 11: high level representatives from either side meet and talk about trade.

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Speaker 11: They seem to have put a little bit of a

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Speaker 11: stopper on the tensions over minerals, which was really the

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Speaker 11: key thing from the US perspective, and it sounds like

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Speaker 11: they have at least created a pathway for further talks,

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Speaker 11: which is the biggest thing of all is to have

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Speaker 11: those conversations going and to get into some of the

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Speaker 11: detail in these further conversations. So you can see from

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Speaker 11: the market reaction there was certainly a sense that this

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Speaker 11: has been a little bit of a breakthrough between the

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Speaker 11: two countries. Again, very complex issues though to deal with

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Speaker 11: on the trade side, but also on the security side,

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Speaker 11: on the tech side, and there's a lot of issues there.

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Speaker 11: So will this last, It's very hard to know, but

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Speaker 11: the fact that they've created a pathway for talks is

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Speaker 11: quite significant.

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Speaker 2: So we bounce from then China and the US to

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Speaker 2: the US and Germany. And what was such an enormously

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Speaker 2: busy day, wasn't it? In terms of the White House.

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Speaker 2: Friedrich Mertz, for his part, does seem to have gotten

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Speaker 2: off lightly with his encounter with President Chomp. It didn't

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Speaker 2: seem to produce any progress on efforts to end the

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Speaker 2: war Crane.

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Speaker 11: Though, yes it didn't, although for Merse it was probably

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Speaker 11: just a matter of trying to survive that meeting, given

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Speaker 11: that other leaders have really fallen a foul of those

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Speaker 11: moments in the White House, and that was perhaps the

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Speaker 11: tactic was to let Donald Trump do most of the talking,

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Speaker 11: to praise him and not to say too much and

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Speaker 11: not to draw his eye in any way. But as

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Speaker 11: you said, they did disagree a little bit on Ukraine.

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Speaker 11: Donald Trump really talking about Ukraine in a way like

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Speaker 11: a sporting match, that he thinks that the two sides

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Speaker 11: might need to fight it out for a little while longer,

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Speaker 11: sort of alluding to a hockey game, whereas Fridrick Morse

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Speaker 11: came in and said, well, very clearly, this is Vadimir

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Speaker 11: Putin who started this war. But they didn't really talk

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Speaker 11: about next steps. They didn't talk about where the conversations

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Speaker 11: might be going between Russia and Ukraine towards the cease fire.

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Speaker 11: They didn't talk about where the US would stand in

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Speaker 11: all of that. I mean, Donald Trump has really been

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Speaker 11: in a way washing his hands of it to some

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Speaker 11: extent and saying that he thinks that Russia and Ukraine

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Speaker 11: need to sort it out directly. So there was no

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Speaker 11: real progress on that front, but neither was there any

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Speaker 11: blow up. That was probably to some extent a result

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Speaker 11: for Frederick Morse.

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Speaker 4: But on the trade front, actually the segmals seemed relatively

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Speaker 4: positive compared to what Donald Trump is indicated towards trade

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Speaker 4: with the EU in the past.

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Speaker 11: Well, that's right, and in fact there were some fairly

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Speaker 11: warm words from Donald Trump on the trade side with

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Speaker 11: Europe and with Germany. And that comes as the mud

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Speaker 11: music has been improving a little bit. In general, we've

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Speaker 11: seen the retric from both European officials and the US

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Speaker 11: in recent days talking about things going in a better direction,

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Speaker 11: talking about momentum in a way, despite the fact that

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Speaker 11: we've got these new US levees on steel and aluminum,

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Speaker 11: which obviously have not resonated particularly well with the EU.

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Speaker 3: So there's a lot of.

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Speaker 11: Positive rhetoric going around and meetings that have been happening,

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Speaker 11: including with the US trade representative Jamison Korea the EU

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Speaker 11: representative Eskovich. But the question is is that actually leading

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Speaker 11: to anything tangible? Are we seeing progress on a whole

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Speaker 11: bunch of complex issues in the relationships and we're not

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Speaker 11: actually seeing signs of that so far, because the red

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Speaker 11: lines for either side are pretty clear and they remain.

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Speaker 11: So we're seeing better rhetoric, but we're not actually seeing

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Speaker 11: signs of how that's going to lead to a breakthrough

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Speaker 11: in any kind of progress towards a trade framework. So

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Speaker 11: at least a better environment again for the conversation, but

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Speaker 11: we kind of need to see the tangible start to

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Speaker 11: emerge here.

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Speaker 2: Okay, Rolls, thank you so much for being with us

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Speaker 2: this morning and for your thoughts then on those important

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Speaker 2: meetings at President Trump with she on the phone and

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Speaker 2: with the German Charles of Fredrich mert so that is

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Speaker 2: our EMEA News directorro Waslyn Matheson.

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Speaker 3: Well to another aspect of the trade story.

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Speaker 4: Now, Donald Trump is famously fond of Scotland, where his

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Speaker 4: mother was born. It was ten percent global tariff. It's

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Speaker 4: nonetheless ripping through the niche business of making Harris tweet,

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Speaker 4: one of the distinctive fabrics of Scotland. Ore UK economy

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Speaker 4: reporter Arena Angel has been reporting on this with a

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Speaker 4: story that reaches as far as the far from Hebrides

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Speaker 4: as well or in a good morning how are the

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Speaker 4: tariffs affecting these specialist businesses in Scotland.

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Speaker 12: Specialist is the word Harris Stweett is sort of the

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Speaker 12: Champagne of woolen fabrics if you want, because it can

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Speaker 12: only be made on the remote Scottish Hebridean islands and

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Speaker 12: it has to be woven at home by one of

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Speaker 12: the just one hundred and fifty weavers or so on

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Speaker 12: the Isle of Lewis, which is the largest of these islands,

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Speaker 12: and many of these weavers have been doing this four generations.

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Speaker 12: Of course, Trump's mother, Maryann McLoyd, used to be one

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Speaker 12: of the islanders, so she grew up on Lewis before

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Speaker 12: emigrating age seventeen to New York in nineteen thirty. But

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Speaker 12: now her Son's tariff's risk appending really the livelihoods of

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Speaker 12: islanders and the local economy. So the tweet industry is

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Speaker 12: a huge source of employment on this island where there

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Speaker 12: are only nine people per square kilometer. It helps bring

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Speaker 12: in lots of tourists on cruise ships who then spend

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Speaker 12: being in restaurants and shops. But it's also ultimately a

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Speaker 12: way of life that dates back to the eighteenth century.

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Speaker 12: And all of that is part of the collateral damage

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Speaker 12: of Trump's trade war because tweed is tiny as exports

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Speaker 12: of the US compared to the total exports, but it's

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Speaker 12: still subject to the same ten percent tariffs.

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Speaker 2: What an interesting business to be getting a grip on

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Speaker 2: in terms of other markets. Then, for Harris, tweed can

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Speaker 2: these Islanders look for other markets elsewhere and try to

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Speaker 2: avoid the tariffs that way, As you said, it's very

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Speaker 2: few people, and yet it's foundational so important to their

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Speaker 2: way of life.

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Speaker 12: Yeah, it's very few people. And you know, Americans are

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Speaker 12: the top buyers of tweed, and the concern is that

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Speaker 12: American brands will sort of stop buying tweed or will

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Speaker 12: buy less of it because of higher costs and just

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Speaker 12: greater uncertainty. And you know that might mean less work

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Speaker 12: for weavers and rural communities, so those people might you know,

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Speaker 12: choose to leave the island to work in oil and

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Speaker 12: gas or constructions like many others before them. So to

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Speaker 12: counter this, the mills, especially Harrow Stweet Hebrides which is

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Speaker 12: the main mill, is now trying to strengthen links with

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Speaker 12: places like South Korea, which is as fastest growing market,

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Speaker 12: or Japan, so they will visit Japan later this year

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Speaker 12: as part of a trade delegation. However, quickly pivoting to

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Speaker 12: new markets, it's really not easy for a business where

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Speaker 12: completing an order can take up the three months. They

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Speaker 12: will also have to put an extra efforts to crack

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Speaker 12: down on counterfeits and just raise brand awareness in these

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Speaker 12: newer markets like China, because what is special about the

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Speaker 12: US is that Harrow Sweet really has history with the US.

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Speaker 12: Getting a tailored tweet suit was a rite of passage

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Speaker 12: for young men in the post war era, and you

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Speaker 12: know the Kennedys loved it. Ralph Lauren made it part

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Speaker 12: of his iconic preppy American look and that's really hard

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Speaker 12: to replicate.

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Speaker 4: It's a fascinating story and that history is so important

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00:23:58,920 --> 00:24:01,719
Speaker 4: as well. But I wonder when you spoke to people

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Speaker 4: on your trip to the Hebrides for the story, they

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Speaker 4: were quite critical of Donald Trump.

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Speaker 12: Well that's that's very true. So Trump is not liked

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Speaker 12: at all on these islands. One of the first things

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Speaker 12: I saw when I visited was this anti Trump banner

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Speaker 12: saying shame on you, Donald John And then a taxi

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Speaker 12: driver told me how embarrassed she was when she was

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Speaker 12: asked to drive a group of Trump supporters, you know,

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Speaker 12: with Maga T shirts, to Trump's mother's ancestral home and

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Speaker 12: take a photo of them in front of it. So,

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Speaker 12: you know, despite boasting about his golf courses and his

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Speaker 12: Scottish heritage, Trump spent less than three hours on the

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Speaker 12: island on his last visit in twenty eighteen I think

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Speaker 12: it was eight, sorry, and really the islanders did not

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Speaker 12: like that. These are very proud people. So you know,

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Speaker 12: if Trump visits, sure he will be welcomed, but he

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Speaker 12: will have to work extra hard to win them over.

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