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Speaker 2: It's official now, having been sworn in as the forty
Speaker 2: seventh President of the United States, Donald Trump delivering his
Speaker 2: second inaugural address, The.
Speaker 3: Golden Age of America begins right now. From this day forward,
Speaker 3: our country will flourish and be respected again.
Speaker 4: All over the world.
Speaker 3: We will be the envy of every nation, and we
Speaker 3: will not allow ourselves to be taken advantage of any longer.
Speaker 3: Every single day of the Trump administration, I will very
Speaker 3: simply put America first. Our sovereignty will be reclaimed, our
Speaker 3: safety will be restored.
Speaker 2: As we bring our signature panel back in Bloomberg Politics,
Speaker 2: contributors Rick Davis and Janie Schanzano have been with us
Speaker 2: for the duration today and great to have both of
Speaker 2: you with us here. Donald Trump says, the Golden Age
Speaker 2: of America begins right now.
Speaker 4: Rick, Is that true?
Speaker 5: Well, look, I mean we have a fantastic economy, We're
Speaker 5: respected around the world. Our military is second to none.
Speaker 5: Why wouldn't it be a golden age of America for now?
Speaker 5: I mean, American exceptionalism is adopted around the world. Everybody
Speaker 5: wishes they had what we have, and so I think
Speaker 5: if we could take that to the next level and look,
Speaker 5: if he can make good on his promise that our
Speaker 5: strength can create peace around the world, then that is
Speaker 5: a worthy task to try and accomplish.
Speaker 6: We want to go live now to Capitol Hill as
Speaker 6: Rick and Jeanie stay with us, and please to say
Speaker 6: Republican Senator Bill Haggerty of Tennessee is joining us now
Speaker 6: from the Russell Senate Building. Senator, thank you so much
Speaker 6: for being with us. Happy Inauguration day two. You, of
Speaker 6: course are quite close with now the forty seventh President
Speaker 6: of the United States, but he's going to need a
Speaker 6: team alongside him. What is your expectation about just how
Speaker 6: quickly you will be casting votes to confirm his cabinet nominees.
Speaker 7: It's actually going to be as soon as this evening.
Speaker 7: The Senate forig Relations Committee's going to meet later this afternoon,
Speaker 7: four thirty five o'clock. I expect Marco Rubio to be
Speaker 7: reported out unanimously from that committee. He's our next Secretary
Speaker 7: of State, and I hope that our Democrat colleagues will
Speaker 7: cooperate with us, go ahead and accelerate the process, and
Speaker 7: let's get him appointed tonight.
Speaker 4: We can do that.
Speaker 7: We have the authority to do that here in the
Speaker 7: Senate with Democrat cooperation. I think that's the possibility. I
Speaker 7: also think that John Ratcliffe could come out of the
Speaker 7: Intelligence Committee tonight. We could see the same thing this time.
Speaker 7: The pace, I think is absolutely necessary given the national
Speaker 7: security challenges that we face right now.
Speaker 4: These two gentlemen, Marco.
Speaker 7: Rubio, John Ratcliffe critical elements a President Trump's team, and
Speaker 7: I'm hopeful that we'll be able to move very rapidly.
Speaker 7: And similarly, just keep making this pace as rapid as
Speaker 7: possible through the course of this week and next and
Speaker 7: really put the core part of President.
Speaker 4: Trump's team around him as soon as possible.
Speaker 2: It's good to see you, Senator, thanks for joining us
Speaker 2: on a very busy day here in Washington. Of course,
Speaker 2: presidents push on a lot of paper today. When do
Speaker 2: mass deportations begin? And what should employers who are watching
Speaker 2: and listening right now prepare for So.
Speaker 7: I talked to Tom Homan just shortly after the inaugural speech.
Speaker 7: Tom is going to be the busiest man in America
Speaker 7: starting tomorrow.
Speaker 4: But I think we're going to see a lot of action. Fast.
Speaker 7: Executive orders will be coming into place this afternoon, and
Speaker 7: we're going to see a tremendous amount of movement because
Speaker 7: this mandate has been clear. So seventy five percent of
Speaker 7: Americans said this nation was on the wrong track before
Speaker 7: election day.
Speaker 4: The number one issue has been.
Speaker 7: Immigration, the crime in our cities, the fentanyl coming into
Speaker 7: towns across my home state of Tennessee. And we're going
Speaker 7: to also be passing the Lake and Riley Act here
Speaker 7: in the Senate. That may be the first piece of legislation.
Speaker 7: I believe it will be that President Trump will sign
Speaker 7: into law.
Speaker 6: With all of the focus that he seems to want
Speaker 6: to put on the current US borders. Senator, and with
Speaker 6: your foreign policy expertise, having served as ambassador to Japan,
Speaker 6: what do you make of the kind of manifest destiny language,
Speaker 6: this notion of potentially expanding US borders in this administration.
Speaker 7: Well, he's made a very clear point that he's got
Speaker 7: America's interest. First, if you think about the conversations around
Speaker 7: Greenland critical minerals, I think these conversations are extremely healthy.
Speaker 7: The Panama Canal is something he's been focused on for
Speaker 7: some time. I've talked with him about this on numerous occasions.
Speaker 7: That should be an asset that is very favorably directed
Speaker 7: toward US interest and not in any way contradictory to
Speaker 7: those interests. And President Trump went through it today in
Speaker 7: terms of the way our navy is treated moving through there,
Speaker 7: the fact that we've got Chinese own shipyards on either
Speaker 7: end of the canal, these are serious national security concerns
Speaker 7: that he wants to address. He also talked about basically
Speaker 7: putting us in a position to go to Mars. I
Speaker 7: think that's incredibly exciting for young people.
Speaker 4: It's a great challenge.
Speaker 7: It's something I've talked with Elon Musk about the possibility
Speaker 7: of doing. Elon told me it's a six month voyage.
Speaker 7: I think we're on the cusp of being able to
Speaker 7: see that happen here in America, and President Trump can
Speaker 7: inspire that type of activity here in America. Were the
Speaker 7: only nation that could possibly do this, I believe, and
Speaker 7: I think we will.
Speaker 2: Senator Thank you so much. Bill Haggerty, Republican from Tennessee.
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
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Speaker 8: We have the.
Speaker 2: Voice of Democratic Congressman Brad Sherman of he is on
Speaker 2: Capitol Hill and joins us now live on Bloomberg. Congressman,
Speaker 2: it's good to see you. Before we get into some
Speaker 2: of the politics at play today, I just would like
Speaker 2: to start by asking you, with your district in California
Speaker 2: as part of the Los Angeles area, if your family
Speaker 2: are well, if you have any news on the containment
Speaker 2: of the wildfires, because we're going to start talking about
Speaker 2: a funding mechanism next. What's happening on the ground now.
Speaker 8: Well, the Palisades fire is virtually entirely in my district.
Speaker 8: So many people have lost their home, so many people
Speaker 8: don't have insurance or have very little insurance. My personal
Speaker 8: family is fine, But as to the fires, they're mostly
Speaker 8: contained and even the portion of the line where it's
Speaker 8: not officially contained hasn't grown in the last three days.
Speaker 8: So I'm confident that we can put this fire out,
Speaker 8: even though the winds are going to be gusting later today.
Speaker 8: What really was a gut punch, though, was listening to
Speaker 8: the President's inaugural speech where he says the Los Angeles
Speaker 8: we are watching the fires tragically burn from weeks ago,
Speaker 8: and then he says, without even a token defense. I
Speaker 8: was with so many firefighters.
Speaker 9: This is not a token defense. This is an incredible defense.
Speaker 4: These guys are brave.
Speaker 8: They are work in twelve and twenty four hour shifts.
Speaker 8: And for the President to use his inauguration to say
Speaker 8: it isn't even a token defense is just a stab
Speaker 8: in the guts of every one of the people that
Speaker 8: we rely on.
Speaker 9: It's simply outrageous.
Speaker 6: Well, Congressman, as they do that work fighting these blazes,
Speaker 6: even once they're contained entirely, there is going to be
Speaker 6: the question of rebuilding and recovery. Are you confident that
Speaker 6: that aid can come through, get through both the House
Speaker 6: and the Senate in Republican control, without conditions.
Speaker 9: Frankly, I'm not.
Speaker 8: Frankly, I think that Donald Trump's visit on Friday will
Speaker 8: be important. I think if he advocates for the AID,
Speaker 8: I think it will get through Congress. We have never
Speaker 8: conditioned aid, but this has been an enormously expensive event.
Speaker 8: So many people don't have insurance, and we're gonna need
Speaker 8: the help of Congress. Now. FEMA has enough money to
Speaker 8: do everything it's supposed to do for the next several months,
Speaker 8: So this isn't something like it's do or die in February,
Speaker 8: but we're going to need a major appropriation for the
Speaker 8: programs that will allow people to rebuild. It sounds like
Speaker 8: the same kind of aid that we provided for Hawaii,
Speaker 8: for Louisiana and other disasters as well.
Speaker 4: Well.
Speaker 2: He made some references to North Carolina when he was
Speaker 2: speaking to the overflow crowd as well, suggesting that FEMA
Speaker 2: was unable to bring relief to that area. Congressman Donald
Speaker 2: Trump saying and doing a lot today, two hundred or
Speaker 2: so executive orders. We understand he focused on the border
Speaker 2: quite a bit.
Speaker 4: In his remarks earlier.
Speaker 2: Of course, you represent a border state, and I wonder
Speaker 2: if you can tell us what's coming next, what you
Speaker 2: know about mass deportations and whether they may start in
Speaker 2: a place like California.
Speaker 8: Look, we've got to get the border under control. That's
Speaker 8: what people voted for. What they didn't vote for is
Speaker 8: to come into my district and find people who have
Speaker 8: lived in the San Fernando Valley for ten twenty thirty years,
Speaker 8: who have children, sometimes grandchildren, who are American born, American citizens,
Speaker 8: and to yank them out of their homes or even
Speaker 8: make them afraid that that's what might happen. Law abiding
Speaker 8: long term residents of California need to be out from
Speaker 8: under this tremendous fear.
Speaker 6: Well, we know that in addition to executive orders, Congressman
Speaker 6: Donald Trump would like to see the issues of the
Speaker 6: border and immigration, as well as energy and tax policy
Speaker 6: addressed through the budget reconciliation process. He was joking with
Speaker 6: the Speaker of the House, Mike Johnson in Emancipation Hall
Speaker 6: about just how narrow the Republican majority is, with only
Speaker 6: really a vote that can afford to be lost. Will
Speaker 6: Democrats provide a single vote to any of that agenda.
Speaker 8: There are parts of Trump's rhetoric that we can endorse.
Speaker 8: We certainly want to keep the government open.
Speaker 9: We know that.
Speaker 8: Trump does not want to dishonor our debt by not
Speaker 8: dealing with the debt limit. So there are certain elements
Speaker 8: of keeping the federal government going that I think we
Speaker 8: can all unite behind. And I think the country's going
Speaker 8: to learn an awful lot about the very technical issues
Speaker 8: involved in reconciliation, because only things in one of the
Speaker 8: two reconciliation bills can get through the Senate without Democratic support.
Speaker 6: All right, Democratic Congressman Brad Sherman of California, thank you
Speaker 6: so much for your time today, sir.
Speaker 9: We appreciate it.
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Speaker 6: On energy, President Trump today announcing in his inaugural address
Speaker 6: plans to use executive power to lower energy prices.
Speaker 3: The inflation crisis was caused by massive overspending and escalating
Speaker 3: energy prices, and that is why today I will also
Speaker 3: declare a national energy emergency. We will drill, Baby, Drill.
Speaker 6: Joining us now for more on this here on Bloomberg
Speaker 6: TV and radio. As Dan Bourriette, former Secretary of Energy
Speaker 6: for the first Trump administration. Mister secretary, thank you for
Speaker 6: being here, he says. Drill, baby, drill or frame. We've
Speaker 6: heard often from now President Trump, how easy is it
Speaker 6: to make that drilling happen via executive order exclusively.
Speaker 10: Well, thank you for having me today. It's actually quite easy.
Speaker 10: If you think about what it takes in terms of
Speaker 10: regulation to get a permit today in the United States.
Speaker 10: If we can make that more efficient, we can make
Speaker 10: that more easily done. If you will shorten the timetables
Speaker 10: for achieving production type permits or infrastructure permits, then we
Speaker 10: can increase production here in the United States. And I
Speaker 10: think that's what the President wants to do. He's absolutely
Speaker 10: correct about the underlying cause of inflation.
Speaker 9: The rising of energy prices in early.
Speaker 10: Twenty twenty one and twenty two had a devastating effect
Speaker 10: on the US economy with regard to pricing here. So
Speaker 10: I think he's on the right track. I think he's
Speaker 10: going to be very effective in doing that. Each of
Speaker 10: those cabinet secretaries, each of those cabinet agencies are going
Speaker 10: to move very very quickly to streamline the regulatory processes.
Speaker 2: So that's the first step, or first couple of steps down.
Speaker 2: How easy will it be to keep producers pumping and
Speaker 2: drilling when oil prices inevitably start to fall.
Speaker 10: Only only start to fall if demand goes down. And
Speaker 10: what we're seeing here in the United States as well
Speaker 10: as around the world, is that demand continues to grow.
Speaker 10: And as we think about what technology is bringing to
Speaker 10: the US economy and to the demand curve, you.
Speaker 9: See a very steep upward curve.
Speaker 10: So as long as that demand continues, and I think
Speaker 10: it will, then we need more production.
Speaker 9: As we look today and were.
Speaker 2: Not expect lower oil prices, I thought Donald Trump promised
Speaker 2: to cut them by half.
Speaker 9: No, I think you will.
Speaker 10: If you make that production more efficient, if you make
Speaker 10: it less costly, then consumers will be the benefit of that.
Speaker 9: That's one of the things that we've seen.
Speaker 10: Over the course of the last four years, our oil
Speaker 10: and gas production has gone up. We have indeed set
Speaker 10: new records from the twenty nineteen to twenty twenty period.
Speaker 10: We've exceeded those numbers roughly thirteen million barrels per day
Speaker 10: here in the United States. But the challenge is that
Speaker 10: consumers are not seeing the benefit of that increase supply
Speaker 10: in the marketplace because we've made it more expensive to produce.
Speaker 10: So if we can shorten the timetables, if we can
Speaker 10: reduce the gation or the you know, the judiciary burdens
Speaker 10: that producers now face, then we can pass those consumers
Speaker 10: or pass those costs or lower cost onto consumers and
Speaker 10: they'll be the beneficiary. And I think that's the president's
Speaker 10: focus today.
Speaker 6: Well, and we're obviously talking about traditional oil and gas
Speaker 6: and fossil fuels here, Dan bo He also has made
Speaker 6: a number of proclamations or at least saying he intends
Speaker 6: to do things like and wind farms and offshore wind farms,
Speaker 6: specifically pull back the ev mandate, as he calls it,
Speaker 6: elements of the Green New Deal. When we consider the
Speaker 6: wider energy composition in the United States, what do you
Speaker 6: ultimately see as the appropriate balance for cleaner fuels versus
Speaker 6: the traditional ones.
Speaker 10: Well, I think you're going to see increased production from
Speaker 10: wind and from solar as well. I think, you know,
Speaker 10: the record gets a bit skewed if you look back
Speaker 10: at the record. Twenty nineteen was actually the high high
Speaker 10: water mark for the installation of both solar and wind capacity.
Speaker 10: Here in the United States, and that was under the
Speaker 10: first Trump term. So you know, this notion that Donald
Speaker 10: Trump just flat out opposes renewable power, I don't think
Speaker 10: is a correct one. I think he understands full well
Speaker 10: that all of the above means, in fact, all of
Speaker 10: the above. Now, should we be giving preferences to certain
Speaker 10: types of fuel in the marketplace? I think you'll see
Speaker 10: the President say no to that, And what he wants
Speaker 10: to do is to eliminate those distortions in the marketplace
Speaker 10: that are created by either legislation or by yet sometimes
Speaker 10: you know, regulation as well.
Speaker 9: So I think you'll see a very in depth look
Speaker 9: at that.
Speaker 2: Do you expect the executive orders that the President will
Speaker 2: be signing throughout the day to day, we understand we
Speaker 2: could have as many as two hundred, maybe even more.
Speaker 2: DAN will actually address some of these matters first before
Speaker 2: we actually see legislation writing. And I wonder specifically if
Speaker 2: that will include a lifting of the ban on LNG exports.
Speaker 4: Oh.
Speaker 10: I almost certainly think that's going to be the case.
Speaker 10: There's no question about that, and there's a number of
Speaker 10: different reasons for it. One, our allies are crying for
Speaker 10: us LNG all around the world. I just met with
Speaker 10: the Japanese ministers of energy and they were very, very
Speaker 10: concerned about the announcement by the Biden administration that we
Speaker 10: were going to pause lergy exports for a period of time,
Speaker 10: or at least the export authorizations for a period of time.
Speaker 10: Same thing for the Europeans. They're facing the same types
Speaker 10: of demand curves that we are here in the United States,
Speaker 10: and that energy is absolutely critical to their meeting not
Speaker 10: only their economic goals, but their environmental goals as well,
Speaker 10: because in many cases, this lerg is displacing heavier hydrocarbons
Speaker 10: like coal or dung in certain places if you're in
Speaker 10: a developing country. So the demand for energy is going
Speaker 10: to continue to rise, and I think you'll see the
Speaker 10: Trump administration move very quickly to lift that pause.
Speaker 6: So that's what we'll be exporting. But I do wonder
Speaker 6: about the energy we do still import, as he's throwed
Speaker 6: the idea of twenty five percent tariffs on every coming
Speaker 6: from Canada, which exports a lot in terms of energy
Speaker 6: to the United States, or what would the actual immediate
Speaker 6: impact be if that were to be implemented.
Speaker 10: Well, I'm not quite sure what the President has in
Speaker 10: mind in terms of specifics on a tariff or whether
Speaker 10: or not it would apply to Canadian crude oil. But
Speaker 10: the president's mission here is to increase our independence, our
Speaker 10: energy independent's not our dependents. And when we think about
Speaker 10: trade and we think about imports and exports and what
Speaker 10: we do with various countries, there's an enormous difference between
Speaker 10: depending upon a certain product in our marketplace and simply
Speaker 10: trading for that product.
Speaker 9: Canadian crud is obviously different than US crewed.
Speaker 10: It's heavier, it's called sour crude, and refiners are set
Speaker 10: up in the United States, certain refiners are to accept
Speaker 10: that type of crude. The United States produces light or
Speaker 10: sweet crude, and that's a good export product. So to
Speaker 10: the extent that we can trade rather than be dependent
Speaker 10: is I think the president's goal, as you've heard them
Speaker 10: say many many times in the past, energy security is
Speaker 10: national security. He wants balance in the economics, he wants
Speaker 10: balance in the trade policies all around the world.
Speaker 2: Dan Briat, former Secretary of Energy in the first Trump administration. Dan,
Speaker 2: thank you so much for the insights. We appreciate that
Speaker 2: as part of our special coverage.
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
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Speaker 2: We're joined live in Washington by Lindsay Trevinsky, presidential historian
Speaker 2: and executive director of the George Washington Presidential Library. She
Speaker 2: joins us from Mount Vernon up here in the District
Speaker 2: of Columbia. And it's great to have you back, just
Speaker 2: the voice we wanted on not just this day, but
Speaker 2: at this moment talk to us about the importance of
Speaker 2: this stage of the ceremony.
Speaker 11: Well, thank you for having me back. I'm struck by
Speaker 11: these images. You know what caught my eye is that
Speaker 11: former Vice President Harris said a few words to now
Speaker 11: President Trump, and she did not do that at Carter's
Speaker 11: funeral the last time I spoke with you all, and
Speaker 11: I would dearly love to know what they were saying
Speaker 11: to one another. But you know, it is an important
Speaker 11: moment because this is sort of the final capstone and
Speaker 11: the peaceful transfer of power, which is the bedrock of
Speaker 11: what it means to be a republic. If you have
Speaker 11: a different type of transfer, it's a different type of government.
Speaker 6: Well, and it is a start contrast to what we
Speaker 6: experienced just four years ago when Donald Trump did not
Speaker 6: attend the inauguration of Joe Biden. And of course remarkable
Speaker 6: as we see the Bidens making their way toward Marine one.
Speaker 6: Now to consider that Trump and Biden rode over to
Speaker 6: the Capitol together today after having tea at the White House,
Speaker 6: a relationship between the two of them that has been
Speaker 6: adversarial to say the least, and that's perhaps a kind
Speaker 6: way of describing it, Lindsay, But to see them doing
Speaker 6: this now, as you say, a pillar of the American Republic,
Speaker 6: Donald Trump escorting Joe Biden physically to the helicopter. Just so,
Speaker 6: how far we've come in the last four years.
Speaker 9: Yeah, I think it does.
Speaker 11: You know, what you said is important is they don't
Speaker 11: have to like each other, they don't have to get along,
Speaker 11: they don't even have to necessarily enjoy the experience. But
Speaker 11: it is a part of the process. And notably, we
Speaker 11: didn't have this image from four years ago because Trump
Speaker 11: didn't attend, and instead we had a split screen where
Speaker 11: he was leaving to go directly to Florida. And so
Speaker 11: you know, for all that we might feel about this moment,
Speaker 11: I think it is worth noting and is admirable that
Speaker 11: the Bidens are there because no one likes losing.
Speaker 2: This is a remarkable moment that we're witnessing here as
Speaker 2: Jill Biden just gave a hug to Malania Trump and
Speaker 2: Donald Trump was yelling over the wind to try to
Speaker 2: say something to Joe Biden. I can only imagine what
Speaker 2: that message was. The current President and First Lady are
Speaker 2: now walking away from the helicopter where the Bidens have boarded,
Speaker 2: will now prepare for them to fly away, Kaylee. The
Speaker 2: official end of his presidency career in Washington, Donald Trump
Speaker 2: has quite a bit ahead of him, still signing executive orders. First,
Speaker 2: he'll likely be addressing the crowd in that overflow room
Speaker 2: as you described it, where almost two thousand of his
Speaker 2: supporters are waiting.
Speaker 6: As we consider now that he is president for a
Speaker 6: second time, only the second in history to serve non
Speaker 6: consecutive terms, and Lindsay, he described it himself during his
Speaker 6: inaugural address as something of a comeback, talking about how
Speaker 6: he saw himself as having been politically persecuted over the
Speaker 6: last several years, and yet he has returned to this
Speaker 6: highest office in the country. Just talk about that turnaround
Speaker 6: of the political fate of Donald Trump, that he once
Speaker 6: again finds himself here.
Speaker 11: Yeah, you've never seen anything like it. I mean, we
Speaker 11: have had one president lose and then come back, and
Speaker 11: that was Grover Cleveland in the nineteenth century, of course,
Speaker 11: but he had not been indicted, he had not played
Speaker 11: a role in inciting a violent elect a violent insurrection,
Speaker 11: and those are very different political circumstances, and so to
Speaker 11: see this type of comeback is really unusual. It is surprising.
Speaker 11: I don't think anyone would have predicted it four years ago,
Speaker 11: and I think the ramifications of it on our political
Speaker 11: system are going to take a long time to actually unfold.
Speaker 2: The Trump's advances waving goodbye to the bidens. Now the
Speaker 2: stairs have been lifted, the doors closed on the helicopter,
Speaker 2: and the Trump Party is heading back indoors into the Capitol.
Speaker 2: I'm curious, as a point of inauguration trivia, we watched
Speaker 2: the swearing in very closely. I don't know if you noticed.
Speaker 2: We didn't see Donald Trump put his hand on the Bible,
Speaker 2: and I'm brought back to two thousand and nine when
Speaker 2: Barack Obama decided to do it all over again with
Speaker 2: the Chief Justice after flubbing out an abundance of caution.
Speaker 2: As he said at the time, some of the language
Speaker 2: in the oath. Are we going to see another swearing in,
Speaker 2: potentially of Donald Trump.
Speaker 11: I don't think we will, because they're actually not required
Speaker 11: to take the oath on a Bible. John Quincy Adams
Speaker 11: took it on a book of laws and copy of
Speaker 11: the Constitution. So the oath is actually not based on
Speaker 11: a religious foundation. It's based on a commitment to the
Speaker 11: Constitution and to the American people.
Speaker 2: This is why we have you here to answer questions
Speaker 2: like these. As the voters turn on the helicopter, Kaylee,
Speaker 2: Joe Biden will soon.
Speaker 6: Be taking off yep, making his way, of course, from
Speaker 6: the Capitol Grounds to Joint Base Andrews, while another departure
Speaker 6: ceremony will be taking places. We say goodbye not to
Speaker 6: just Joe Biden's four years as president, but more than
Speaker 6: half a century of service in public office. A career politician,
Speaker 6: Frankly lindsay, in contrast to the man who is now
Speaker 6: succeeding him, and who preceded him, Donald Trump, who was
Speaker 6: not that when he was first elected. Now he of
Speaker 6: course is far and away seen as the leader of
Speaker 6: the Republican Party, having not had as warm of a
Speaker 6: reception to the political world back in twenty seventeen. But
Speaker 6: he's walking into that Capitol building with both chambers of
Speaker 6: Congress behind him. How much power does that give him
Speaker 6: as an executive authority, which he's planning to exercise today
Speaker 6: through a series of executive orders, But knowing he has
Speaker 6: basically the whole of government, including a conservative Supreme Court, at.
Speaker 11: His back, Well, normally I would say that a second
Speaker 11: term president, with the limitation of the twenty second Amendment,
Speaker 11: would not necessarily have that much power. Usually in the
Speaker 11: second term, a president focuses more on executive orders and
Speaker 11: foreign policy because they are a bit of a lame
Speaker 11: duck and so their ability to shape domestic politics is limited.
Speaker 11: And yet, as you said, Trump has really remade the
Speaker 11: party in his image. We saw this week with the
Speaker 11: Cabinet Secretary hearings that many of the people were willing
Speaker 11: to do whatever he wanted, even if they disagreed on
Speaker 11: certain policies and so I don't know how much pushback
Speaker 11: they're actually really going to give. Now that being said,
Speaker 11: no president achieves everything they want. It's just kind of
Speaker 11: a political rule that I think is probably going to
Speaker 11: stand here, regardless of how much support.
Speaker 9: He does have.
Speaker 2: The presidential helicopter many know as Marine One is now
Speaker 2: wheels up in Washington, d C. On a frigid twentieth
Speaker 2: of January. The inaugural ceremonies largely complete for Donald Trump.
Speaker 2: Now Joe Biden and Joe Biden will get their life
Speaker 2: last view of the capital Kayley as they hover over
Speaker 2: Capitol Hill, will likely fly past the White House before
Speaker 2: making their way to join.
Speaker 6: Bass Andrews incredible as we consider that Joe Biden wanted,
Speaker 6: at least up until roughly seven months ago, to serve
Speaker 6: a second term as president. He was hoping it would
Speaker 6: be his inauguration today, not that of another Democrat or
Speaker 6: of Donald Trump, but instead him, and reporting does suggest
Speaker 6: that he is leaving this office having still believed that
Speaker 6: he could have won this election in November. And it
Speaker 6: does make you wonder what must be going through the
Speaker 6: head of the now former first couple as they leave
Speaker 6: Washington behind me.
Speaker 2: That right, the man he replaced has now replaced him,
Speaker 2: and you can speak to what's happening on the other
Speaker 2: end of Pennsylvania Avenue as they prepare for the Trump's arrival.
Speaker 11: Yes, so in just a couple of hours, the White
Speaker 11: House undergoes a complete shift. So usually there's some staff
Speaker 11: that stays, but there's also new staff that comes in.
Speaker 11: There's a whole team of volunteers that will pack up
Speaker 11: all the Biden's belongings, including photographs and personal mementos. They
Speaker 11: will take out a lot of the choices that the
Speaker 11: Bidens made in terms of art and decor, especially in
Speaker 11: the Oval office, and then all new selections will come in.
Speaker 11: Sometimes that's rugs, sometimes that's drapery, sometimes it's art and furniture.
Speaker 11: And they will complete that entire process in just a
Speaker 11: couple of hours.
Speaker 6: It's incredible to consider. And also just in the next
Speaker 6: couple of hours, we do expect Trump could sign dozens,
Speaker 6: if not upward of one hundred executive orders. Have we
Speaker 6: ever seen as potentially active a first day of a
Speaker 6: presidency is what we could see today, Lindsay.
Speaker 4: We have.
Speaker 11: Actually recent history has been quite intense in terms of
Speaker 11: executive orders. The overall number of them are not actually
Speaker 11: as high as Franklin D. Roosevelt, which was the peak
Speaker 11: of executive orders in the presidency, but the number on
Speaker 11: the first day does tend to have that concentration. And
Speaker 11: usually we saw this four years ago. It's a president
Speaker 11: undoing the things that their predecessor did through executive order
Speaker 11: because they didn't do it through legislation. Biden also swore
Speaker 11: and I think thousands of political appointees that were at
Speaker 11: the lower level on his first day four years ago.
Speaker 11: So I think that it's pretty common at this point
Speaker 11: to see that type of activity. Now, the scope and
Speaker 11: breadth and the type of executive order that might be
Speaker 11: a little bit different. I don't think that Biden or
Speaker 11: Obama attempted to rename a body of water.
Speaker 12: All right.
Speaker 6: Lindsay Tchervinsky, presidential historian and executive director of the George
Speaker 6: Washington Presidential Library at Mount Vernon.
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
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Speaker 6: We're learning from the White House that he will be
Speaker 6: ending leasing to massive wind farms, bringing federal employees back
Speaker 6: to in person work as part of the suite of
Speaker 6: executive orders, and also the White House saying Trump will
Speaker 6: announce the America First trade policy, though our reporting here
Speaker 6: at Bloomberg today does suggest he's not going to immediately
Speaker 6: impost tariffs or additional tariffs on Chinese goods. And it's
Speaker 6: on the conversation around the economic and geopolitical relationship with
Speaker 6: China that we turned to our next guest, Shirley Marty
Speaker 6: hargas non Resident Fellow at the Atlanta Council's Global China Hub,
Speaker 6: is joining us now. Thank you for being here on Bloomberg, Shirley,
Speaker 6: as we consider just the broad threat of tariffs being
Speaker 6: placed not on specific Chinese goods, but potentially all of
Speaker 6: them that they export to the United States. Just how
Speaker 6: braced for what is coming is China right now as
Speaker 6: they watch Donald Trump take the oath of office today.
Speaker 12: Thank you, Joe and Kayley's lovely to see the both
Speaker 12: of you again.
Speaker 13: I was just that some of the events for the
Speaker 13: now Trump administration last night, and there's been ample much
Speaker 13: discussion around this topic.
Speaker 12: I think that with the reinstatement of TikTok.
Speaker 13: Just in the last I believe fourteen hours this was reinstated,
Speaker 13: and now we're seeing Sia Hongshu the redin app that
Speaker 13: everybody it's it's, it's Americans and Chinese are able to
Speaker 13: Chinese citizens are able to interface with one another. I
Speaker 13: think these pieces also factor into how China's bracing itself.
Speaker 13: I think Chairman, she has had a discussion already with
Speaker 13: President Trump, and we see that, yes, he declined the
Speaker 13: invite to the inauguration, which I think was wise on
Speaker 13: his part, but he made a good faith effort and
Speaker 13: brought in his vice President Han Jung, And so there
Speaker 13: is clearly a it appears that there will be a
Speaker 13: prc US interaction of some sort of mutual benefit on
Speaker 13: the front end.
Speaker 12: And so I think that matters.
Speaker 13: I think that matters fundamentally when we're discussing we're speaking
Speaker 13: about how China's bracing itself for the.
Speaker 2: Tariffs, Well, so aren't we talking out of both sides
Speaker 2: of our mouths here a little bit? Surely that all
Speaker 2: the tough talk, bipartisan tough talk against China, this is
Speaker 2: the one thing Democrats and Republicans have agreed on the
Speaker 2: last couple of years, and Donald Trump was pretty tough
Speaker 2: on China every time he mentioned these issues, promising tariffs
Speaker 2: on a lot more than that over the course of
Speaker 2: the presidential campaign. But to your point, you've got the
Speaker 2: Vice President of China in attendance show too. The CEO
Speaker 2: of TikTok was not only at the inaugural he was
Speaker 2: in the US capital rotunda today, one of the most
Speaker 2: precious tickets in town. What does that tell us about
Speaker 2: the approach that this administration will actually take, not the
Speaker 2: rhetoric but the action.
Speaker 12: When it comes to the action itself.
Speaker 13: I think that what Trump understands, especially as a businessman,
Speaker 13: you have to I believe it was a couple of
Speaker 13: weeks ago when he was announced as a couple weeks
Speaker 13: ago he may have announced.
Speaker 12: I believe on his true social that how much TikTok.
Speaker 13: Was significant to his winning the presidential election cross board.
Speaker 13: I do think though, that he is recognizing that that
Speaker 13: period where shall Hong Shu, the red note app was
Speaker 13: interfacing Americans and Chinese were interfacing with one another.
Speaker 6: Yeah, that's a.
Speaker 12: National security challenge right there.
Speaker 13: And this is happening as Americans across the country are
Speaker 13: upset with their TikTok being taken away.
Speaker 6: And as we see the movement through the capital. Here
Speaker 6: we want to turn back to Shirley Marty Hargus, non
Speaker 6: Resident Fellow at the Atlantic Council's Global China Hub. Shirley,
Speaker 6: thank you for your patients and apologies for the interruption
Speaker 6: as we track the events of this important day. It's
Speaker 6: noteworthy in the remarks that Donald Trump has given, aside
Speaker 6: from suggesting that America might be expanding its borders and
Speaker 6: that he does not want to see the US involved
Speaker 6: in further wards, there was a noteworthy absence of mention
Speaker 6: of some geopolitical relationships or conflicts, whether it be the
Speaker 6: war in Ukraine, the relationship with China, even Taiwan, and
Speaker 6: I wonder on the Taiwan front specifically, what your expectation
Speaker 6: is as to what is going to happen with Taiwan's
Speaker 6: defense supported by the US and China's responsiveness to whatever
Speaker 6: decisions the US makes regarding Taiwan will be.
Speaker 13: When it comes to Taiwan, we can pretty much expect
Speaker 13: she to react. He has to, especially with FDI so
Speaker 13: low and especially with challenges domestically with his populace, with
Speaker 13: the economy in general, and I think that when it
Speaker 13: comes to Taiwan, we will continue to support Taiwan. Ninety
Speaker 13: percent of our semiconductors come semiconductors and chips come from
Speaker 13: the island. Eighty five percent of global economic output regarding
Speaker 13: their founderies are four of those larger founderies. Largest foundaries
Speaker 13: are on that island, and so we have significant investment
Speaker 13: in the island. I think that I think that President
Speaker 13: Trump has this in his mind as he's.
Speaker 12: Engaging, as he's getting engaging. Excuse me, Chairman She. And
Speaker 12: if we cycle back to TikTok.
Speaker 13: His his pulling back of the of the band on TikTok,
Speaker 13: maybe because he wants to reset the stage for his
Speaker 13: relations with with with Chairman She.
Speaker 2: Surely, what does David Purdue, Donald Trump's pick to be
Speaker 2: the next ambassador to China bring to the table?
Speaker 12: Business background?
Speaker 13: Business background is substantial, and I think, I think again,
Speaker 13: I think what's significant about having folks from the business
Speaker 13: community come into the room when it comes especially dealing
Speaker 13: with a China business Folks know that to do business
Speaker 13: successfully in any country, you have to understand the cultural
Speaker 13: you have to have the cultural comptancies of the country.
Speaker 13: You have to understand how to interact and engage the country.
Speaker 13: And this is a skill set that can be leveraged
Speaker 13: significantly in times of tension, in times of rivalry, and
Speaker 13: I think that the strategic choice of Purdue as ambassador
Speaker 13: to China is very much steeped in that.
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