WEBVTT - Bloomberg's Adragna on Emissions, Wayne on Trump Staff (Audio)

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<v Speaker 1>Global business news twenty four hours a day at Bloomberg

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<v Speaker 1>This is a Bloomberg Business Flat from Bloomberg World Handquarters.

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<v Speaker 1>I'm Charlie Pellett. Stocks reflector fluctuating. We've got the dowin

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<v Speaker 1>one percent of twenty seven cents of arrow right now

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<v Speaker 1>forty six dollars eighty five cents on w T I

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<v Speaker 1>I'm Charlie Pellett. That's a Bloomberg Business flat. You're listening

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<v Speaker 1>to taking stock with Bim Box and Kathleen Hayes on

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<v Speaker 1>Bloomberg Radio, titened greenhouse gas emission standards fuel economy standards

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<v Speaker 1>that are tighter as well. That's what medium and heavy

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<v Speaker 1>duty trucks are facing now according to new regulations released

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<v Speaker 1>on August sixteenth. It's one of the last major environmental

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<v Speaker 1>regulations under the Obama administration. Watching this very closely. UH

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<v Speaker 1>companies like Caterpillar, Cummins, Diamond Trucks North America, and Volvo

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<v Speaker 1>Group North America here to tell us about the regulation,

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<v Speaker 1>what it's going to do, and what it does mean

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<v Speaker 1>for the businesses that it impacts. As Anthony A. Dragna,

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<v Speaker 1>he's Capitol Hill environmental reporter for Bloomberg bi Na based

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<v Speaker 1>in Arlington, Virginia, and of course Bloomberg Bienna as a

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<v Speaker 1>Holy owned subsidiary Bloomberg, and it's a leading source of legal,

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<v Speaker 1>regulatory and business information for professionals. So Anthony, first of all,

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<v Speaker 1>what is this regulation? How much tighter are the emission

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<v Speaker 1>standards gonna get? So that's regulation builds on several similar

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<v Speaker 1>regulations on the A. Bomb administration, and it's actually a

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<v Speaker 1>bit tighter, about ten percent tighter. Than what was proposed

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<v Speaker 1>by the e p A in the Department of Transportation

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<v Speaker 1>just a year or so ago. So what we're gonna

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<v Speaker 1>see is the whole fleet of vehicles beginning in one

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<v Speaker 1>and through model year seven have to meet these tighter

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<v Speaker 1>emission standards and tighter fuel economy standards. How much is

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<v Speaker 1>this all gonna cost? Do we have any estimates? I

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<v Speaker 1>was looking at some that said that it might cost

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<v Speaker 1>as much as for a semi truck starting in the

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<v Speaker 1>model year. So it's what's interesting is that the trucking associations,

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<v Speaker 1>a lot of the trucking industry groups yesterday said they

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<v Speaker 1>were contiously optimistic, but this was a regulation they could

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<v Speaker 1>work with, they said. Obviously, implementation is going to be key. Now.

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<v Speaker 1>The government of the agencies yesterday said that they project

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<v Speaker 1>that there could be two thirty billion dollars in benefits

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<v Speaker 1>once this program has been fully implemented, and that most

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<v Speaker 1>truck owners could pay off their additional costs of this

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<v Speaker 1>new technologies within two years two to four years, depending

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<v Speaker 1>on the type of truck that they're purchasing. Is that

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<v Speaker 1>likely to happen? Well, I mean, is it? Like I mean,

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<v Speaker 1>you know, projecting future cost savings is one thing. Having

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<v Speaker 1>to shell out current dollars in order to change the

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<v Speaker 1>emissions of your truck or your semi is something else.

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<v Speaker 1>It's it's certainly something that that the agency has heard

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<v Speaker 1>in public comment periods, and they've include a lot of

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<v Speaker 1>flexibility in the proposal designed to adjust to the fact

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<v Speaker 1>that a lot of these manufacturers and companies or small businesses.

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<v Speaker 1>So they're trying to uh find the proper sweet spot,

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<v Speaker 1>I guess between you know, making companies take on these

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<v Speaker 1>additional costs, but also giving them time to meet these

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<v Speaker 1>new tighter emission standards. Um, well, the uh, there's obviously

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<v Speaker 1>a little bit of pushback, but it it seems that

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<v Speaker 1>this is pretty much baked in the cake now. And

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<v Speaker 1>as your story notes, this is the final act like

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<v Speaker 1>this under the Obama administration. Anything pending in Congress. We

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<v Speaker 1>we don't expect a lot of action from Congress and

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<v Speaker 1>what's left of the year. Obviously they do have to

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<v Speaker 1>fund the government, so we'll see what happens there. But

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<v Speaker 1>this is, you know, the abdministration. They've talked spook and

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<v Speaker 1>often about running through the the end line in terms

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<v Speaker 1>of some of these regulatory actions that really these trucks

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<v Speaker 1>standards are one of the last pieces that we expect

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<v Speaker 1>from the President's climate legacy. A lot of the focus

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<v Speaker 1>as well is going to be in the courts and

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<v Speaker 1>defending actions like the Clean Power Plan UM and other

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<v Speaker 1>regulations UM that are being challenged by industry groups. All right,

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<v Speaker 1>I want to thank you very much for joining us,

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<v Speaker 1>Anthony A. Dragna. He is Capitol Hill environmental reporter for

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<v Speaker 1>Bloomberg b NA. Bloomberg b NA offers authoritative coverage and

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<v Speaker 1>spans a full range of legal practice areas including tax

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<v Speaker 1>and accounting, labor and employment, and a variety of other

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<v Speaker 1>business segments. Thank you very much, Anthony. Now let's turn

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<v Speaker 1>our attention to another segment of the economy, and this

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<v Speaker 1>is the political world. Because boy, this certainly spend a

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<v Speaker 1>lot of money on political advertising in this day and age.

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<v Speaker 1>Alex Wayne as White House sedator for Bloomberg joining us

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<v Speaker 1>from Washington, d C. Alex, spending money on advertising is

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<v Speaker 1>not something that the Republicans have been doing well. The

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<v Speaker 1>shake up in the Trump campaign change that we're promised

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<v Speaker 1>ads starting September one, I believe uh, and I think

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<v Speaker 1>you're gonna see him pop up probably in Florida. There

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<v Speaker 1>was an interesting analysis this morning showing that there's just

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<v Speaker 1>a ton of ad spending going on in Florida. It's

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<v Speaker 1>it's the key state in this campaign. So have you

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<v Speaker 1>heard anything about what the ads are going to be like,

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<v Speaker 1>what they're going to target, how they're going to cast Trump?

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<v Speaker 1>Only in the most general sense are our Trump reporter

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<v Speaker 1>Jennifer Jacobs give her a little shot out here? She tweeted,

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<v Speaker 1>the ads will will attack Clinton and boast on Trump. Souff,

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<v Speaker 1>that's pretty much standard campaign advertising. If you were going

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<v Speaker 1>to see an ad on the shakeup in the Trump campaign,

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<v Speaker 1>what would it look like? That's a great question. I

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<v Speaker 1>don't want to give the Clinton the Clinton campaign in

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<v Speaker 1>um too much advice, but I would think they would

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<v Speaker 1>probably highlight a few bright Bart headlines in that ad. Well,

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<v Speaker 1>go ahead, tell people about that. So, so the shake

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<v Speaker 1>up puts uh, the CEO of bright Bart News in

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<v Speaker 1>charge of Trump's campaign. Uh, Stephen b Stephen Banion, He's

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<v Speaker 1>going to be the CEO of the campaign. Now. Bright

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<v Speaker 1>Bart is pretty well known for some uh fairly inflammatory reporting.

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<v Speaker 1>Uh and uh the Danion is is not a guy

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<v Speaker 1>who's afraid of bombasts. So I think this is a

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<v Speaker 1>signal that Trump has no interest in toning toning down

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<v Speaker 1>his act. So would you say, when you see inflammatory reporting,

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<v Speaker 1>what do you mean? Do you mean false? Do you

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<v Speaker 1>mean aggressive? Do you mean very conservative? Which flies in

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<v Speaker 1>the face of you know what other factions want to hear?

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<v Speaker 1>Um always aggressive and in some cases false us an example,

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<v Speaker 1>please sure one of their infamous stories a few years back,

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<v Speaker 1>they published a story where they at an Agriculture Department

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<v Speaker 1>official who happened to be black for supposedly making racist

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<v Speaker 1>comments and a and a speech. They based that attack

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<v Speaker 1>on the video that was misleadingly edited, and when the

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<v Speaker 1>full video came out, it showed that she was actually

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<v Speaker 1>making the opposite point. Then. Uh then bright Bart contended, Uh,

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<v Speaker 1>pretty embarrassing episode for her or for extremety for them,

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<v Speaker 1>but they got her fired. So uh, you know, that's

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<v Speaker 1>a notable episode in their reforestry. I think can you

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<v Speaker 1>give us any detail about the role that Roger Ales,

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<v Speaker 1>former head of Fox News, will play. It's very curious, right. Uh.

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<v Speaker 1>The New York Times reported that he's advising Trump. Trump

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<v Speaker 1>campaign denies it. Uh. We we reported this morning that

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<v Speaker 1>that Trump had pushed or urged excuse me that Ales

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<v Speaker 1>had urged for for for Donald Trump to make these

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<v Speaker 1>changes in the campaign. So his role is awfully unclear.

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<v Speaker 1>It certainly is. Uh. One of the comments I read

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<v Speaker 1>in our story had something them saying something along the

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<v Speaker 1>lines or one of Roger's confidence saying, well, of course

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<v Speaker 1>they've been friends for a long time. He's talking to

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<v Speaker 1>Donald Trump, but he's not formally advising him. Alex, for

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<v Speaker 1>all the years you've covered these kinds of campaigns. If

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<v Speaker 1>whatever role Roger Ales may have, and obviously we know

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<v Speaker 1>the Trump campaign denied it is, and he's still how

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<v Speaker 1>would you expect that to affect the campaign? Because one

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<v Speaker 1>thing you can say for Roger Ailes is in many

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<v Speaker 1>ways he's been very effective at the projects he takes on. Yeah,

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<v Speaker 1>he's a great storyteller. He's you know, he turned Fox

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<v Speaker 1>News into the dominant news organization that it is on

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<v Speaker 1>cable news at least because he knows how to how

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<v Speaker 1>to craft a narrative. Um, I would think that the

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<v Speaker 1>Trump campaign would want to keep some at least plausible

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<v Speaker 1>deniability that he has an official role, because I don't

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<v Speaker 1>think he is an appealing figure to women voters. Tell

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<v Speaker 1>us about Paul Manafort and his connection with the Pro

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<v Speaker 1>Russian party in the Ukraine. Yeah, that's that's a that's

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<v Speaker 1>a really funky story. The New York Times report at

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<v Speaker 1>the beginning of the week that they had seen a

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<v Speaker 1>handwritten ledger obtained or produced by UH, a Ukrainian anti

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<v Speaker 1>corruption agency, showing payments to Paul Manafort in the amount

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<v Speaker 1>of twelve point seven million dollars that apparently he had

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<v Speaker 1>not reported. Um. He denies that those payments ever took place. UM.

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<v Speaker 1>So it's it's it's not it's not clear what was

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<v Speaker 1>going on there. UM and the New York Times story,

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<v Speaker 1>it was a great story, but the lead was interesting.

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<v Speaker 1>They didn't lead by saying Paul Manafort was paid twelve

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<v Speaker 1>point seven million dollars by by the Ukrainian government. They

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<v Speaker 1>kind of backed into the news a little bit. So

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<v Speaker 1>it was, you know, there was they left some question

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<v Speaker 1>there about about what had really happened, because I don't

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<v Speaker 1>think they were absolutely sure themselves. Now there's a story

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<v Speaker 1>today from the Associated Press that UM groups associated with

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<v Speaker 1>Manafort routed about two million dollars and lobbying money from

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<v Speaker 1>Ukraine to a couple of Washington public affairs firms, and

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<v Speaker 1>that the people involved never reported themselves as foreign agents

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<v Speaker 1>working on behalf of the Ukrainian government. Um that could

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<v Speaker 1>be illegal, Uh, it could it could be perfectly legal.

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<v Speaker 1>It's again not clear, but there are there are definitely

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<v Speaker 1>some um some interesting connections between Manaphort and the Ukrainian

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<v Speaker 1>government and by extension, the Russian government. And I can

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<v Speaker 1>only assume that maybe some of Flury Clinton's new ads

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<v Speaker 1>will touch on some of these issues. We shall see.

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<v Speaker 1>Alex Wayne, thank you so very much. Fascinating conversation. He's

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<v Speaker 1>White House editor for Bloomberg, talking to us about the

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<v Speaker 1>staff shake up that Donald Trump's campaign and more. I'm caffeine.

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<v Speaker 1>He's along with him Fox. We're going to be looking

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<v Speaker 1>at Dave Wilson's chart of the day. He's our stock seditor.

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<v Speaker 1>This is taking Stock. We're also going to be talking

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<v Speaker 1>about the f form C minutes. This is Bloomberg.