1 00:00:02,040 --> 00:00:05,400 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:05,480 --> 00:00:08,560 Speaker 1: dot com, the Radio plus mobile app, and on your radio. 3 00:00:08,840 --> 00:00:13,080 Speaker 1: This is a Bloomberg Business Flat from Bloomberg World Handquarters. 4 00:00:13,080 --> 00:00:16,319 Speaker 1: I'm Charlie Pellett. Stocks reflector fluctuating. We've got the dowin 5 00:00:16,480 --> 00:00:19,440 Speaker 1: SMP higher right now, nez Stack is lower. Minutes from 6 00:00:19,480 --> 00:00:23,159 Speaker 1: the latest Federal Reserve meeting showed officials were split on 7 00:00:23,280 --> 00:00:26,640 Speaker 1: whether an interest rate increase is warranted soon. The SMP 8 00:00:26,800 --> 00:00:29,320 Speaker 1: five hundred indecks up a point now at twenty one 9 00:00:29,480 --> 00:00:31,920 Speaker 1: seventy nine, a gain there of one tenth of one percent. 10 00:00:32,320 --> 00:00:35,800 Speaker 1: Down Industrials up seven little change thereof by less than 11 00:00:35,840 --> 00:00:38,960 Speaker 1: one tenth of one percent. Naz Stack down a point, 12 00:00:39,320 --> 00:00:41,760 Speaker 1: the tenure of four thirty seconds, the yield one point 13 00:00:41,800 --> 00:00:45,000 Speaker 1: five five percent, Gold down five twenty ounce the thirteen 14 00:00:45,040 --> 00:00:47,880 Speaker 1: forty seven, a drop there of four tenths of one percent, 15 00:00:48,240 --> 00:00:51,199 Speaker 1: and crude oil West Texas intermediate of six tents of 16 00:00:51,240 --> 00:00:53,600 Speaker 1: one percent of twenty seven cents of arrow right now 17 00:00:53,920 --> 00:00:57,440 Speaker 1: forty six dollars eighty five cents on w T I 18 00:00:57,440 --> 00:01:01,640 Speaker 1: I'm Charlie Pellett. That's a Bloomberg Business flat. You're listening 19 00:01:01,680 --> 00:01:05,240 Speaker 1: to taking stock with Bim Box and Kathleen Hayes on 20 00:01:05,319 --> 00:01:11,679 Speaker 1: Bloomberg Radio, titened greenhouse gas emission standards fuel economy standards 21 00:01:11,720 --> 00:01:14,199 Speaker 1: that are tighter as well. That's what medium and heavy 22 00:01:14,319 --> 00:01:19,400 Speaker 1: duty trucks are facing now according to new regulations released 23 00:01:19,800 --> 00:01:22,560 Speaker 1: on August sixteenth. It's one of the last major environmental 24 00:01:22,600 --> 00:01:27,200 Speaker 1: regulations under the Obama administration. Watching this very closely. UH 25 00:01:27,280 --> 00:01:31,279 Speaker 1: companies like Caterpillar, Cummins, Diamond Trucks North America, and Volvo 26 00:01:31,400 --> 00:01:34,280 Speaker 1: Group North America here to tell us about the regulation, 27 00:01:34,480 --> 00:01:36,320 Speaker 1: what it's going to do, and what it does mean 28 00:01:36,440 --> 00:01:39,560 Speaker 1: for the businesses that it impacts. As Anthony A. Dragna, 29 00:01:39,600 --> 00:01:44,279 Speaker 1: he's Capitol Hill environmental reporter for Bloomberg bi Na based 30 00:01:44,319 --> 00:01:47,319 Speaker 1: in Arlington, Virginia, and of course Bloomberg Bienna as a 31 00:01:47,319 --> 00:01:51,000 Speaker 1: Holy owned subsidiary Bloomberg, and it's a leading source of legal, 32 00:01:51,080 --> 00:01:55,200 Speaker 1: regulatory and business information for professionals. So Anthony, first of all, 33 00:01:55,280 --> 00:01:58,120 Speaker 1: what is this regulation? How much tighter are the emission 34 00:01:58,160 --> 00:02:02,120 Speaker 1: standards gonna get? So that's regulation builds on several similar 35 00:02:02,120 --> 00:02:04,800 Speaker 1: regulations on the A. Bomb administration, and it's actually a 36 00:02:04,800 --> 00:02:07,520 Speaker 1: bit tighter, about ten percent tighter. Than what was proposed 37 00:02:07,520 --> 00:02:10,120 Speaker 1: by the e p A in the Department of Transportation 38 00:02:10,280 --> 00:02:12,400 Speaker 1: just a year or so ago. So what we're gonna 39 00:02:12,440 --> 00:02:15,359 Speaker 1: see is the whole fleet of vehicles beginning in one 40 00:02:15,360 --> 00:02:18,320 Speaker 1: and through model year seven have to meet these tighter 41 00:02:18,320 --> 00:02:21,639 Speaker 1: emission standards and tighter fuel economy standards. How much is 42 00:02:21,680 --> 00:02:24,040 Speaker 1: this all gonna cost? Do we have any estimates? I 43 00:02:24,120 --> 00:02:26,040 Speaker 1: was looking at some that said that it might cost 44 00:02:26,080 --> 00:02:29,959 Speaker 1: as much as for a semi truck starting in the 45 00:02:30,880 --> 00:02:34,680 Speaker 1: model year. So it's what's interesting is that the trucking associations, 46 00:02:34,680 --> 00:02:37,120 Speaker 1: a lot of the trucking industry groups yesterday said they 47 00:02:37,120 --> 00:02:39,480 Speaker 1: were contiously optimistic, but this was a regulation they could 48 00:02:39,480 --> 00:02:42,840 Speaker 1: work with, they said. Obviously, implementation is going to be key. Now. 49 00:02:42,880 --> 00:02:45,360 Speaker 1: The government of the agencies yesterday said that they project 50 00:02:45,480 --> 00:02:48,360 Speaker 1: that there could be two thirty billion dollars in benefits 51 00:02:48,400 --> 00:02:51,400 Speaker 1: once this program has been fully implemented, and that most 52 00:02:51,440 --> 00:02:54,160 Speaker 1: truck owners could pay off their additional costs of this 53 00:02:54,200 --> 00:02:57,239 Speaker 1: new technologies within two years two to four years, depending 54 00:02:57,280 --> 00:03:00,920 Speaker 1: on the type of truck that they're purchasing. Is that 55 00:03:01,040 --> 00:03:04,760 Speaker 1: likely to happen? Well, I mean, is it? Like I mean, 56 00:03:04,840 --> 00:03:08,239 Speaker 1: you know, projecting future cost savings is one thing. Having 57 00:03:08,320 --> 00:03:11,320 Speaker 1: to shell out current dollars in order to change the 58 00:03:11,360 --> 00:03:15,080 Speaker 1: emissions of your truck or your semi is something else. 59 00:03:15,680 --> 00:03:18,480 Speaker 1: It's it's certainly something that that the agency has heard 60 00:03:18,560 --> 00:03:21,079 Speaker 1: in public comment periods, and they've include a lot of 61 00:03:21,120 --> 00:03:24,239 Speaker 1: flexibility in the proposal designed to adjust to the fact 62 00:03:24,280 --> 00:03:27,560 Speaker 1: that a lot of these manufacturers and companies or small businesses. 63 00:03:27,560 --> 00:03:30,840 Speaker 1: So they're trying to uh find the proper sweet spot, 64 00:03:30,840 --> 00:03:33,880 Speaker 1: I guess between you know, making companies take on these 65 00:03:33,919 --> 00:03:37,160 Speaker 1: additional costs, but also giving them time to meet these 66 00:03:37,160 --> 00:03:41,880 Speaker 1: new tighter emission standards. Um, well, the uh, there's obviously 67 00:03:41,920 --> 00:03:44,600 Speaker 1: a little bit of pushback, but it it seems that 68 00:03:44,640 --> 00:03:48,440 Speaker 1: this is pretty much baked in the cake now. And 69 00:03:48,560 --> 00:03:51,600 Speaker 1: as your story notes, this is the final act like 70 00:03:51,720 --> 00:03:56,320 Speaker 1: this under the Obama administration. Anything pending in Congress. We 71 00:03:56,320 --> 00:03:58,920 Speaker 1: we don't expect a lot of action from Congress and 72 00:03:58,960 --> 00:04:00,760 Speaker 1: what's left of the year. Obviously they do have to 73 00:04:00,800 --> 00:04:03,000 Speaker 1: fund the government, so we'll see what happens there. But 74 00:04:03,120 --> 00:04:06,280 Speaker 1: this is, you know, the abdministration. They've talked spook and 75 00:04:06,320 --> 00:04:10,000 Speaker 1: often about running through the the end line in terms 76 00:04:10,000 --> 00:04:12,040 Speaker 1: of some of these regulatory actions that really these trucks 77 00:04:12,280 --> 00:04:14,720 Speaker 1: standards are one of the last pieces that we expect 78 00:04:14,760 --> 00:04:17,159 Speaker 1: from the President's climate legacy. A lot of the focus 79 00:04:17,160 --> 00:04:18,440 Speaker 1: as well is going to be in the courts and 80 00:04:18,440 --> 00:04:21,800 Speaker 1: defending actions like the Clean Power Plan UM and other 81 00:04:21,839 --> 00:04:25,440 Speaker 1: regulations UM that are being challenged by industry groups. All right, 82 00:04:25,440 --> 00:04:27,280 Speaker 1: I want to thank you very much for joining us, 83 00:04:27,320 --> 00:04:31,080 Speaker 1: Anthony A. Dragna. He is Capitol Hill environmental reporter for 84 00:04:31,200 --> 00:04:35,680 Speaker 1: Bloomberg b NA. Bloomberg b NA offers authoritative coverage and 85 00:04:35,720 --> 00:04:38,919 Speaker 1: spans a full range of legal practice areas including tax 86 00:04:38,960 --> 00:04:42,440 Speaker 1: and accounting, labor and employment, and a variety of other 87 00:04:43,000 --> 00:04:46,760 Speaker 1: business segments. Thank you very much, Anthony. Now let's turn 88 00:04:46,760 --> 00:04:49,800 Speaker 1: our attention to another segment of the economy, and this 89 00:04:49,920 --> 00:04:53,479 Speaker 1: is the political world. Because boy, this certainly spend a 90 00:04:53,480 --> 00:04:56,440 Speaker 1: lot of money on political advertising in this day and age. 91 00:04:56,480 --> 00:05:00,160 Speaker 1: Alex Wayne as White House sedator for Bloomberg joining us 92 00:05:00,200 --> 00:05:05,560 Speaker 1: from Washington, d C. Alex, spending money on advertising is 93 00:05:05,600 --> 00:05:08,440 Speaker 1: not something that the Republicans have been doing well. The 94 00:05:08,520 --> 00:05:12,760 Speaker 1: shake up in the Trump campaign change that we're promised 95 00:05:12,880 --> 00:05:17,640 Speaker 1: ads starting September one, I believe uh, and I think 96 00:05:17,640 --> 00:05:19,880 Speaker 1: you're gonna see him pop up probably in Florida. There 97 00:05:20,000 --> 00:05:23,560 Speaker 1: was an interesting analysis this morning showing that there's just 98 00:05:23,839 --> 00:05:26,080 Speaker 1: a ton of ad spending going on in Florida. It's 99 00:05:26,080 --> 00:05:29,039 Speaker 1: it's the key state in this campaign. So have you 100 00:05:29,040 --> 00:05:31,719 Speaker 1: heard anything about what the ads are going to be like, 101 00:05:31,839 --> 00:05:34,720 Speaker 1: what they're going to target, how they're going to cast Trump? 102 00:05:35,320 --> 00:05:38,080 Speaker 1: Only in the most general sense are our Trump reporter 103 00:05:38,720 --> 00:05:42,040 Speaker 1: Jennifer Jacobs give her a little shot out here? She tweeted, 104 00:05:42,120 --> 00:05:47,640 Speaker 1: the ads will will attack Clinton and boast on Trump. Souff, 105 00:05:47,720 --> 00:05:51,400 Speaker 1: that's pretty much standard campaign advertising. If you were going 106 00:05:51,440 --> 00:05:54,159 Speaker 1: to see an ad on the shakeup in the Trump campaign, 107 00:05:54,200 --> 00:05:57,920 Speaker 1: what would it look like? That's a great question. I 108 00:05:57,960 --> 00:06:00,080 Speaker 1: don't want to give the Clinton the Clinton campaign in 109 00:06:00,320 --> 00:06:03,200 Speaker 1: um too much advice, but I would think they would 110 00:06:03,240 --> 00:06:06,720 Speaker 1: probably highlight a few bright Bart headlines in that ad. Well, 111 00:06:06,720 --> 00:06:10,160 Speaker 1: go ahead, tell people about that. So, so the shake 112 00:06:10,279 --> 00:06:14,880 Speaker 1: up puts uh, the CEO of bright Bart News in 113 00:06:15,000 --> 00:06:19,080 Speaker 1: charge of Trump's campaign. Uh, Stephen b Stephen Banion, He's 114 00:06:19,080 --> 00:06:22,120 Speaker 1: going to be the CEO of the campaign. Now. Bright 115 00:06:22,200 --> 00:06:26,440 Speaker 1: Bart is pretty well known for some uh fairly inflammatory reporting. 116 00:06:27,080 --> 00:06:30,720 Speaker 1: Uh and uh the Danion is is not a guy 117 00:06:30,760 --> 00:06:34,279 Speaker 1: who's afraid of bombasts. So I think this is a 118 00:06:34,320 --> 00:06:38,520 Speaker 1: signal that Trump has no interest in toning toning down 119 00:06:38,520 --> 00:06:41,239 Speaker 1: his act. So would you say, when you see inflammatory reporting, 120 00:06:41,240 --> 00:06:42,920 Speaker 1: what do you mean? Do you mean false? Do you 121 00:06:42,960 --> 00:06:46,120 Speaker 1: mean aggressive? Do you mean very conservative? Which flies in 122 00:06:46,160 --> 00:06:49,800 Speaker 1: the face of you know what other factions want to hear? 123 00:06:50,520 --> 00:06:53,920 Speaker 1: Um always aggressive and in some cases false us an example, 124 00:06:53,960 --> 00:06:56,920 Speaker 1: please sure one of their infamous stories a few years back, 125 00:06:57,000 --> 00:07:02,000 Speaker 1: they published a story where they at an Agriculture Department 126 00:07:02,000 --> 00:07:06,560 Speaker 1: official who happened to be black for supposedly making racist 127 00:07:06,640 --> 00:07:10,120 Speaker 1: comments and a and a speech. They based that attack 128 00:07:10,320 --> 00:07:13,960 Speaker 1: on the video that was misleadingly edited, and when the 129 00:07:14,000 --> 00:07:17,160 Speaker 1: full video came out, it showed that she was actually 130 00:07:17,200 --> 00:07:21,440 Speaker 1: making the opposite point. Then. Uh then bright Bart contended, Uh, 131 00:07:21,520 --> 00:07:24,440 Speaker 1: pretty embarrassing episode for her or for extremety for them, 132 00:07:24,600 --> 00:07:28,320 Speaker 1: but they got her fired. So uh, you know, that's 133 00:07:28,440 --> 00:07:31,240 Speaker 1: a notable episode in their reforestry. I think can you 134 00:07:31,280 --> 00:07:34,480 Speaker 1: give us any detail about the role that Roger Ales, 135 00:07:34,920 --> 00:07:40,000 Speaker 1: former head of Fox News, will play. It's very curious, right. Uh. 136 00:07:40,280 --> 00:07:43,000 Speaker 1: The New York Times reported that he's advising Trump. Trump 137 00:07:43,080 --> 00:07:48,080 Speaker 1: campaign denies it. Uh. We we reported this morning that 138 00:07:48,080 --> 00:07:52,400 Speaker 1: that Trump had pushed or urged excuse me that Ales 139 00:07:52,440 --> 00:07:55,160 Speaker 1: had urged for for for Donald Trump to make these 140 00:07:55,240 --> 00:07:59,160 Speaker 1: changes in the campaign. So his role is awfully unclear. 141 00:08:00,080 --> 00:08:03,040 Speaker 1: It certainly is. Uh. One of the comments I read 142 00:08:03,040 --> 00:08:05,240 Speaker 1: in our story had something them saying something along the 143 00:08:05,240 --> 00:08:08,200 Speaker 1: lines or one of Roger's confidence saying, well, of course 144 00:08:08,200 --> 00:08:09,920 Speaker 1: they've been friends for a long time. He's talking to 145 00:08:09,960 --> 00:08:13,640 Speaker 1: Donald Trump, but he's not formally advising him. Alex, for 146 00:08:13,640 --> 00:08:16,360 Speaker 1: all the years you've covered these kinds of campaigns. If 147 00:08:16,760 --> 00:08:20,360 Speaker 1: whatever role Roger Ales may have, and obviously we know 148 00:08:20,440 --> 00:08:22,920 Speaker 1: the Trump campaign denied it is, and he's still how 149 00:08:22,960 --> 00:08:26,160 Speaker 1: would you expect that to affect the campaign? Because one 150 00:08:26,160 --> 00:08:28,560 Speaker 1: thing you can say for Roger Ailes is in many 151 00:08:28,560 --> 00:08:32,840 Speaker 1: ways he's been very effective at the projects he takes on. Yeah, 152 00:08:33,040 --> 00:08:37,920 Speaker 1: he's a great storyteller. He's you know, he turned Fox 153 00:08:37,960 --> 00:08:41,040 Speaker 1: News into the dominant news organization that it is on 154 00:08:41,400 --> 00:08:44,520 Speaker 1: cable news at least because he knows how to how 155 00:08:44,559 --> 00:08:47,800 Speaker 1: to craft a narrative. Um, I would think that the 156 00:08:47,840 --> 00:08:52,200 Speaker 1: Trump campaign would want to keep some at least plausible 157 00:08:52,240 --> 00:08:56,720 Speaker 1: deniability that he has an official role, because I don't 158 00:08:56,760 --> 00:09:01,120 Speaker 1: think he is an appealing figure to women voters. Tell 159 00:09:01,200 --> 00:09:06,840 Speaker 1: us about Paul Manafort and his connection with the Pro 160 00:09:06,960 --> 00:09:11,440 Speaker 1: Russian party in the Ukraine. Yeah, that's that's a that's 161 00:09:11,440 --> 00:09:13,880 Speaker 1: a really funky story. The New York Times report at 162 00:09:13,880 --> 00:09:16,120 Speaker 1: the beginning of the week that they had seen a 163 00:09:16,320 --> 00:09:22,280 Speaker 1: handwritten ledger obtained or produced by UH, a Ukrainian anti 164 00:09:22,320 --> 00:09:26,839 Speaker 1: corruption agency, showing payments to Paul Manafort in the amount 165 00:09:26,840 --> 00:09:29,200 Speaker 1: of twelve point seven million dollars that apparently he had 166 00:09:29,240 --> 00:09:34,040 Speaker 1: not reported. Um. He denies that those payments ever took place. UM. 167 00:09:34,080 --> 00:09:36,880 Speaker 1: So it's it's it's not it's not clear what was 168 00:09:36,920 --> 00:09:40,520 Speaker 1: going on there. UM and the New York Times story, 169 00:09:40,559 --> 00:09:43,880 Speaker 1: it was a great story, but the lead was interesting. 170 00:09:43,920 --> 00:09:47,240 Speaker 1: They didn't lead by saying Paul Manafort was paid twelve 171 00:09:47,240 --> 00:09:49,720 Speaker 1: point seven million dollars by by the Ukrainian government. They 172 00:09:49,800 --> 00:09:52,040 Speaker 1: kind of backed into the news a little bit. So 173 00:09:52,080 --> 00:09:55,200 Speaker 1: it was, you know, there was they left some question 174 00:09:55,280 --> 00:09:57,840 Speaker 1: there about about what had really happened, because I don't 175 00:09:57,840 --> 00:10:01,319 Speaker 1: think they were absolutely sure themselves. Now there's a story 176 00:10:01,360 --> 00:10:06,360 Speaker 1: today from the Associated Press that UM groups associated with 177 00:10:06,400 --> 00:10:10,880 Speaker 1: Manafort routed about two million dollars and lobbying money from 178 00:10:11,000 --> 00:10:14,920 Speaker 1: Ukraine to a couple of Washington public affairs firms, and 179 00:10:14,960 --> 00:10:18,679 Speaker 1: that the people involved never reported themselves as foreign agents 180 00:10:18,800 --> 00:10:22,240 Speaker 1: working on behalf of the Ukrainian government. Um that could 181 00:10:22,320 --> 00:10:26,040 Speaker 1: be illegal, Uh, it could it could be perfectly legal. 182 00:10:26,120 --> 00:10:29,240 Speaker 1: It's again not clear, but there are there are definitely 183 00:10:29,280 --> 00:10:34,280 Speaker 1: some um some interesting connections between Manaphort and the Ukrainian 184 00:10:34,280 --> 00:10:38,199 Speaker 1: government and by extension, the Russian government. And I can 185 00:10:38,240 --> 00:10:41,360 Speaker 1: only assume that maybe some of Flury Clinton's new ads 186 00:10:41,360 --> 00:10:43,600 Speaker 1: will touch on some of these issues. We shall see. 187 00:10:43,720 --> 00:10:46,640 Speaker 1: Alex Wayne, thank you so very much. Fascinating conversation. He's 188 00:10:46,880 --> 00:10:50,800 Speaker 1: White House editor for Bloomberg, talking to us about the 189 00:10:50,880 --> 00:10:56,480 Speaker 1: staff shake up that Donald Trump's campaign and more. I'm caffeine. 190 00:10:56,480 --> 00:10:59,560 Speaker 1: He's along with him Fox. We're going to be looking 191 00:10:59,760 --> 00:11:03,720 Speaker 1: at Dave Wilson's chart of the day. He's our stock seditor. 192 00:11:03,920 --> 00:11:06,000 Speaker 1: This is taking Stock. We're also going to be talking 193 00:11:06,040 --> 00:11:09,000 Speaker 1: about the f form C minutes. This is Bloomberg.