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

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Speaker 2: President Donald Trump signing an executive order putting his trade

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Speaker 2: deal with Japan into place. The agreement will apply a

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Speaker 2: baseline fifteen percent off on nearly all Japanese imports entering

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Speaker 2: the US, including automobiles. The government of Japan has also

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Speaker 2: agreed to invest five hundred and fifty billion dollars in

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Speaker 2: the United States, joining US. Now, I'm very pleased to say,

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Speaker 2: is the United States Secretary of Commas, Howard Luttnet missed

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Speaker 2: the Secretary. Welcome to the program, Sir. I know you

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Speaker 2: wanted to talk about Japan, so let's do that. I

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Speaker 2: want you to share with us the terms of this

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Speaker 2: five hundred and fifty billion dollar investment fund, a core pillar,

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Speaker 2: of course, of the negotiations that you've been helping to

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Speaker 2: lead with the Japanese. Can you share with us the

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Speaker 2: details this morning, sir.

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Speaker 3: Sure.

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Speaker 4: So this is a completely different kind of trade deal

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Speaker 4: than anyone's ever seen before. So the idea is that

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Speaker 4: Japanese government will give five hundred and fifty billion dollars

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Speaker 4: two Dollarsald Trump to invest as the United States and

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Speaker 4: Donald Trump sees fit in America. So the Japanese will

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Speaker 4: get back their money and ninety percent of the profits

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Speaker 4: will go to the American citizens, the American taxpayer.

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Speaker 3: So Donald Trump, I'll give you an example.

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Speaker 4: We buy all of our antibiotics, generic antibiotics in China.

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Speaker 3: So Donald Trump can.

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Speaker 4: Say, let's go build generic pharmaceuticals in America. Let's build

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Speaker 4: those antibiotics in America. The Japanese will fund it, and

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Speaker 4: then we will have generic antibiotics in America, will no

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Speaker 4: longer be reliant on China.

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Speaker 3: So it's in his hands to invest.

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Speaker 4: This is not ordinary foreign companies investing. This is not

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Speaker 4: Midsubishi building a plant in America. This is five hundred

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Speaker 4: and fifty billion dollars buy the Japanese government put in

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Speaker 4: the hands of Donald Trump that he can then invest

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Speaker 4: in America. It's amazing. I mean, it's the thing. I

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Speaker 4: am proud of it. It's the most proud of ever

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Speaker 4: been on a business deal I've ever done.

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Speaker 2: So it sounds amazing. Do the Japanese think it's amazing?

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Speaker 2: And have they codified this agreement?

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Speaker 3: They have so yesterday it was all signed.

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Speaker 4: So the President signed the EO, I signed the MoU

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Speaker 4: with Minister Akazawa in the Commerce Department.

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Speaker 3: This is signed, it is written.

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Speaker 4: So what happens is Donald Trump can select the project

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Speaker 4: that he wants, We put a capitol call into the Japanese,

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Speaker 4: they send in the money, and we build the project

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Speaker 4: in America. So if you think about this, five hundred

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Speaker 4: and fifty billion dollars invested during Donald Trump's term is

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Speaker 4: a half a point of GDP given to the United

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Speaker 4: States of America's president by the Japanese government. I mean,

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Speaker 4: this is amazing in order to have a fifteen percent

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Speaker 4: tariff and so they can keep making their cars in Japan.

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Speaker 2: Let's just downd the details, mister secretary. So the timeline

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Speaker 2: you talked about, the sort of president's term is the

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Speaker 2: reclear timeline here? And what's the enforcement mechanism to make

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Speaker 2: sure it happens.

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Speaker 3: Well, two things.

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Speaker 4: Number one, they've committed that they will meet the capitol call.

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Speaker 3: So when we're building a.

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Speaker 4: Project, they will fund the project's building during the term.

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Speaker 4: This investment lasts through, meaning they will put out the money.

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Speaker 3: Through the rest of Donald Trump's term.

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Speaker 4: So January twenty twenty nine and let's say halfway through,

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Speaker 4: and they've invested two hundred and fifty billion dollars. They

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Speaker 4: stop saying, I don't want to send you any more money.

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Speaker 4: The tariffs pack, you know, pop right back up, and

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Speaker 4: they no longer receive the cash flow from these projects.

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Speaker 4: They would all just stay with the United States of America.

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Speaker 4: So there is just no way they're going to not

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Speaker 4: fund these projects. And Donald Trump is going to deliver

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Speaker 4: to the American people.

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Speaker 3: And this deal is really it's.

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Speaker 4: Just, if you think about it, five hundred and fifty

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Speaker 4: billion million dollars of Japanese government's money in order to

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Speaker 4: buy down their tariff in Donald Trump's hands for his

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Speaker 4: availability to invest and build in America. Alaska pipeline scale

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Speaker 4: fifty billion, one hundred billion. Donald Trump wants to unleash

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Speaker 4: the Alaska pipelines. The Japanese will finance it, and it's

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Speaker 4: great for America.

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Speaker 2: It's fantastic, mister Secretary, you'll appreciate. We've got a number

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Speaker 2: of topics to get through with you in a short

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Speaker 2: amount of time, so I wanted to turn to other

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Speaker 2: issues in India. This came from the President this morning

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Speaker 2: on social media. It looks like we've lost India and

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Speaker 2: Russia for that matter, to deepest, darkest China may they

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Speaker 2: have a long and prosperous future together. This relationship between

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Speaker 2: the US and India has clearly soured. You your South

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Speaker 2: said earlier this year that India rubbed the US the

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Speaker 2: wrong way. There's an understandable tension that continues to build.

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Speaker 2: But they're not the only ones buying Russian energy. The

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Speaker 2: Chinese are buying Russian energy, and for that matter, of

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Speaker 2: the Europeans too. And I think there's a sense from

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Speaker 2: the Indian side, mister se that they feel singled down,

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Speaker 2: perhaps unfairly. What's your comment, your message for them this morning.

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Speaker 4: Well, remember before the Russian conflict, the Indians bought less

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Speaker 4: than two percent of their oil from Russia, less than

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Speaker 4: two percent, and now they're buying forty percent of their

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Speaker 4: oil from Russia. What they're doing is because the oil

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Speaker 4: is sanctioned, it's really really cheap, because the Russians are

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Speaker 4: trying to find people to buy it, and so the

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Speaker 4: Indians have just decided, ah, the heck with it, let's

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Speaker 4: buy it cheap and make a ton of money. But

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Speaker 4: you know what, that is just plain wrong. It's ridiculous,

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Speaker 4: and they either need to decide which side they want

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Speaker 4: to be on, you know, what's funny is remember the

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Speaker 4: Chinese sell the Chinese, Well.

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Speaker 3: We're always willing to talk.

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Speaker 4: The Chinese sell to us, the Indians sell to us.

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Speaker 4: To be able to sell to each other. We are

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Speaker 4: the consumer of the world. People have to remember it's

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Speaker 4: our thirty trillion dollar economy that is the consumer of

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Speaker 4: the world. So eventually they all have to come back

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Speaker 4: to the customer, because we all know, eventually the customer

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Speaker 4: is always right.

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Speaker 1: When you are talking with India, mister Secretary, I know

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Speaker 1: a lot of companies in the US have shifted manufacturing

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Speaker 1: to India from China, so there's a real interest in

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Speaker 1: this in terms of their costs. How much do you

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Speaker 1: feel like you've lost leverage as a result of the

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Speaker 1: court case that came out fairly recently.

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Speaker 4: We haven't lost any thing with respect to the court case.

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Speaker 4: If you look at the descent, right, it was seven

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Speaker 4: to four.

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Speaker 3: Read the descent.

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Speaker 4: The current Chief Justice sided with President Trump, the former

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Speaker 4: Chief Justice sided with President Trump, and the incoming Chief

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Speaker 4: Justice sided with President Trump. And the smartest guy on

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Speaker 4: the band, which is well known who this water's ky

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Speaker 4: on the bench is he sided with Donald Trump. So

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Speaker 4: I think you are going to see the Supreme Court

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Speaker 4: side with Donald Trump, and I don't think we've lost leverage.

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Speaker 4: What we've lost is that India doesn't yet want to

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Speaker 4: open their market. Stop buying Russian oil, right, and stop

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Speaker 4: being a part of bricks. Right, they're the vowel between

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Speaker 4: Russia and China. If that's who you want to be,

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Speaker 4: go be it. But either support the dollar, support the

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Speaker 4: United States of America, support your biggest client, who is

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Speaker 4: the American consumer, Or I guess you're gonna pay a

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Speaker 4: fifty percent tariff and let's see how long this lasts.

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Speaker 1: It seems like there's been a hardening of the line,

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Speaker 1: both with President Trump as well as Mody, and a

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Speaker 1: sense that there isn't really a coming together. In fact,

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Speaker 1: that meeting with Jujen Pang and Vladimir Putin and frim

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Speaker 1: mister Mody seem to indicate a coalescing of the bricks.

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Speaker 1: Do you see anywhere in the next month two months

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Speaker 1: any type of deal or backing down to a lower

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Speaker 1: rate with India, I.

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Speaker 3: Would expect like you saw it in Canada. Right.

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Speaker 4: The Carney got elected with this term elbows up, meaning

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Speaker 4: let's fight with America.

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Speaker 3: They put on retaliatory tariffs. They were all bravado, and

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Speaker 3: what happened?

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Speaker 4: Their GDP negative one point six percent, unemployment rocketing towards

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Speaker 4: eight percent, and what did Carney just do?

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Speaker 3: He just finally finally dropped his retaliatory tariffs.

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Speaker 4: So I think what happens is it's all bravado because

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Speaker 4: you think it feels good to fight with the biggest

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Speaker 4: client in the world. But eventually your businesses are going

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Speaker 4: to say, you've got to stop this and go make

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Speaker 4: your deal with America. So I think yes, in a

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Speaker 4: month or two months, I think India is going to

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Speaker 4: be at the table and they're going to say they're sorry,

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Speaker 4: and they're going to try to make a deal with

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Speaker 4: Donald Trump. And it will be on Donald Trump's desk

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Speaker 4: how he wants to deal with Mody, and we leave

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Speaker 4: that to him. That's why he's the.

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Speaker 2: President, speaking of making a deal. I understand the Swiss

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Speaker 2: are in town, just tearing that the Swiss Vice president

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Speaker 2: has turned up in the United Stice again. Is the

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Speaker 2: a meeting on the agenda for today going into the weekend.

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Speaker 4: Yes, So I'm going to meet with the Swiss delegation.

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Speaker 4: They're coming in to make a new proposal and the

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Speaker 4: Trump administration is always willing to listen. But you have

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Speaker 4: to remember, you know, the Swiss like to say they're

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Speaker 4: a small country of only nine million people, a small

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Speaker 4: rich country, and how do they become so rich? They

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Speaker 4: sell us pharmaceuticals like it's going out of style, all right.

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Speaker 4: They make so much money off of America. That's why

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Speaker 4: they're rich. So let's hear what they have to say.

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Speaker 4: We'll discuss it with the president. You know, I'm not optimistic,

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Speaker 4: but I'm always willing to listen, and Donald Trump is

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Speaker 4: always why are you not optimistic?

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Speaker 2: Traditionally there's been a decent relationship. Then the president's first

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Speaker 2: term reliant on the Swiss a lot when it came

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Speaker 2: to foreign policy and developments in places like Iran. What's

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Speaker 2: happened this time?

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Speaker 4: Well, you just consider trade, right, you know, the European Union, Right,

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Speaker 4: they open their market four hundred and fifty million people,

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Speaker 4: twenty trillion dollar economy, and they say, well, take our

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Speaker 4: tariffs down to zero. You the American exporters can sell

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Speaker 4: us everything. I mean, how fantastic is that? And they

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Speaker 4: say we'll pay you fifteen percent and you pay us nothing.

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Speaker 4: I mean, that is really really attractive. Now you go

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Speaker 4: to Switzerland nine million people. I mean, what are they

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Speaker 4: going to offer the American exporter as compared to the

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Speaker 4: size and scale by which they export and earn money

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Speaker 4: off of us. So the idea is we need balanced

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Speaker 4: in fair trade, and that's a difficult thing. Now you

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Speaker 4: saw the Japanese. They decided to take a completely different path,

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Speaker 4: and what they said is we will we will give

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Speaker 4: Donald Trump the power to invest five hundred and fifty

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Speaker 4: billion dollars as he at his direction, for the benefit

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Speaker 4: of America. Now that's a different way of thinking. Now,

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Speaker 4: if the Swiss come out of the box with a

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Speaker 4: whole new way of thinking, I'm open minded. But if

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Speaker 4: they just say, our rich companies are going to buy

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Speaker 4: more of America.

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Speaker 3: I mean, that's what Donald Trump is complaining about.

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Speaker 4: You realize, in nineteen eighty five, we America owned more

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Speaker 4: of the rest of the world. We owned one hundred

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Speaker 4: and just about one hundred and fifty billion of the

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Speaker 4: rest of the world. And you know in twenty twenty five,

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Speaker 4: when Donald Trump takes office, the rest of the world

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Speaker 4: owns twenty six trillion more of us because they just

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Speaker 4: use all the money they make off of us to

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Speaker 4: buy us, and sooner or later, they're just going to

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Speaker 4: own us. And Donald Trump has said enough of this.

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Speaker 4: We are going to own ourselves going forward.

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Speaker 2: Mister Secretary, I know you're your own bus on your

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Speaker 2: own time, but your team is telling us we've got

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Speaker 2: to go shortly. So I'm going to squeeze out a

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Speaker 2: few more minutes if I can. At eight thirty Eastern time,

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Speaker 2: we're meant to get a job's number. This is what

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Speaker 2: we heard from the BLS just moments ago that the

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Speaker 2: Bureau of Labors TOSTIC says it's experiencing a technical problem

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Speaker 2: and data retrieval tools are currently not available on the website. Sir,

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Speaker 2: are we going to see a number in ten minutes time?

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Speaker 4: I don't know if we're going to see a number,

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Speaker 4: but I tell you it makes it crystal clear you

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Speaker 4: should have fired the person who was running that group

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Speaker 4: right Because it didn't fire them two weeks ago.

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Speaker 3: You sure heck would be firing them today. So they

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Speaker 3: need new.

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Speaker 4: Leadership in BLS, that's for sure. They need new tech

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Speaker 4: and BLS, that's for sure. And Donald Trump needs to

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Speaker 4: rely upon the numbers. America needs to rely upon the numbers.

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Speaker 4: You can't have these bent former administration people who have

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Speaker 4: a view and who.

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Speaker 3: Want to harm the president.

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Speaker 4: We need accurate numbers coming from BLS and finally, we'll

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Speaker 4: have new leadership to deliver it.

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Speaker 1: Mister secretary, you're also going to promise new resources for

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Speaker 1: them to increase their collection and increase some of their

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Speaker 1: staff to go out and make this data accurate.

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Speaker 3: Yeah.

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Speaker 4: Can you imagine they had people calling around. I mean,

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Speaker 4: come on, computers, computers, Wow, it's twenty twenty five and

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Speaker 4: a half. Computers, new resources, new technology, wildly better information.

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Speaker 4: That's what America demands. That's what Donald Trump's going to

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Speaker 4: give them. And you just need to change leadership every

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Speaker 4: once in a while and make sure we get it right.

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Speaker 4: I'm excited about what's coming. Of course, you fire the person,

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Speaker 4: what do you learn? You learn that their technology is

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Speaker 4: just a bully. But we'll fix it. We'll fix it.