WEBVTT - Commodities in Flux After US Captures Venezuela’s Maduro

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we begin with the latest on the situation in Venezuela,

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<v Speaker 3>following an extraordinary weekend of air strikes in and around

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<v Speaker 3>Caracas and the capture of President Nicolas Maduro. With questions

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<v Speaker 3>swirling about what comes next. President Trump says the US

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<v Speaker 3>needs total access to Venezuela.

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<v Speaker 4>We're going to run everything. We're going to run it,

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<v Speaker 4>fix it. We'll have elections at the right time. But

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<v Speaker 4>the main thing you have to fix it is a

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<v Speaker 4>broken country.

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<v Speaker 3>President Trump spoke aboard Air Force One on his way

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<v Speaker 3>back to Washington from mar A Lago, where he oversaw

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<v Speaker 3>the weekend strike. The President says the US will work

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<v Speaker 3>with acting Venezuelan President Delsea Rodriguez, though he says he

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<v Speaker 3>has not spoken to her. Rodriguez put out a statement

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<v Speaker 3>last night inviting the US to work with her on

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<v Speaker 3>a cooperation agenda. It's a contrast to her initial reaction

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<v Speaker 3>calling for Maduro's return.

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<v Speaker 5>As we hear from Bloomberg's Jill.

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<v Speaker 6>Deesis definitely a change in tone from her initial statements

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<v Speaker 6>which we're denouncing the actions of the US and calling

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<v Speaker 6>for Maduro's return. But I think the really important thing

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<v Speaker 6>to remember here is that, I mean, Trump seems them know,

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<v Speaker 6>certainly content with leaving her in charge, So you know,

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<v Speaker 6>it kind of points to that as being potentially a

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<v Speaker 6>factor there in her now talking about cooperation.

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<v Speaker 5>It's Bloomberg's Jill Deesis.

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<v Speaker 3>As for Maduro, he is due to appear in Manhattan

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<v Speaker 3>federal court today to face charges that could keep him

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<v Speaker 3>and his wife behind bars for the rest of his life.

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<v Speaker 3>A trial on narco terrorism charges is not expected until

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<v Speaker 3>next year. It's unclear if Maduro has hired a lawyer

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<v Speaker 3>for today's hearing well Nathan.

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<v Speaker 2>Secretary of State Marco Rubio is emerging as the Trump

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<v Speaker 2>administration's point man on Venezuela. He appeared on several of

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<v Speaker 2>the Sunday political shows to say, the US is running

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<v Speaker 2>where Venezuela goes from here.

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<v Speaker 7>There's a quarantine right now in which sanctioned oil shipments.

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<v Speaker 7>There's a boat and that boat is under US sanctions.

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<v Speaker 7>We go get a corridor or we will seize it

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<v Speaker 7>that remains in place, and that's a tremendous amount of

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<v Speaker 7>leverage that will continue to be in place until we

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<v Speaker 7>see changes not just further the national interest of the

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<v Speaker 7>United States, which is number one, but also that lead

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<v Speaker 7>to a better future for the people of Venezuela.

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<v Speaker 2>And that as Secretary Rubio on CBS has Faced the Nation,

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<v Speaker 2>Republican hawks are rallying around the administration following the weekend

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<v Speaker 2>of texts and Intelligence Chairman Tom Cotton was also on

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<v Speaker 2>Face the Nation.

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<v Speaker 8>This was an excellent operation only the United States military

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<v Speaker 8>could have pulled off, but they couldn't have pulled it

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<v Speaker 8>off with the support without the support of the professionals

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<v Speaker 8>and the intelligence.

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<v Speaker 2>Community Republican Senator Tom Cotton, but isolationists within the party

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<v Speaker 2>like Congressoman Marjorie Taylor Green are criticizing the strike.

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<v Speaker 9>This is the same Washington playbook that we are so

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<v Speaker 9>sick and tired of that doesn't serve the American people

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<v Speaker 9>but actually serves the big corporations, the banks, and the

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<v Speaker 9>oil executives.

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<v Speaker 2>Congressoman Marjorie Taylor Green appeared on NBA sees Meet the Press,

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<v Speaker 2>and you can hear Meet the Press and Face the

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<v Speaker 2>Nation every Sunday on Bloomberg Radio.

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<v Speaker 3>Well here in the US plan to revive Venezuela's oil

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<v Speaker 3>industry could take years and cost up to one hundred

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<v Speaker 3>billion dollars.

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<v Speaker 5>Bloomberg's John Tucker joins us at that part of the story.

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<v Speaker 10>John good Morning and Nathan Experts say rebuilding Venezuela's oil

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<v Speaker 10>infrastructure enough to lift output back to its peak levels

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<v Speaker 10>of the nineteen seventies would require companies that include Chevron

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<v Speaker 10>to invest about ten billion dollars a year over the

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<v Speaker 10>next decade or right now, Chevron shares up eight percent

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<v Speaker 10>pre market. Chris Sabatini, senior research fellow at Chatham House,

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<v Speaker 10>says there isn't much left of the oil infrastructure in Venezuela.

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<v Speaker 5>Pullm is and this was the case in I Rock too.

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<v Speaker 3>You're looking at, basically, in the case of Venezuela, more

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<v Speaker 3>than two decades on an autocratic, corrupt regime.

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<v Speaker 10>At Venezuela's oil parse, the equipment is in such poor

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<v Speaker 10>shape it takes up to five days to fully load supertankers.

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<v Speaker 10>Oil rigs have been abandoned, spills go unchecked, drilling pans

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<v Speaker 10>have been ransacked, Fires and explosions have gutted equipment. There

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<v Speaker 10>Venezuela does sit atop the world's largest oil reserves, but

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<v Speaker 10>output plummeted during the twelve year term of Nicholas Maduro.

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<v Speaker 10>The nation currently produces about one million barrels a day,

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<v Speaker 10>comparing that to nearly four billion barrels in nineteen seventy four.

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<v Speaker 10>And if output does increase, oil prices may decline, offering

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<v Speaker 10>less incentive for the oil companies to invest in New York.

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<v Speaker 10>On John Tucker Bloomberg.

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<v Speaker 2>Radio, all right, John, thank you. While the Chinese Foreign

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<v Speaker 2>Ministry is expressing concerns about the capture of Venezuela's Nicholas Maduro,

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<v Speaker 2>and here's spokesman Lyn Jan speaking through an interpreter earlier

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<v Speaker 2>in Beijing.

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<v Speaker 11>Some Tuji China express his grave concern of the US

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<v Speaker 11>seizing Nicholas Maduro and his wife and taking them out

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<v Speaker 11>of the country. The US move is in clear violation

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<v Speaker 11>of international law and the principles of the UN Charter.

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<v Speaker 11>China caused the US to enshare personal safety of President

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<v Speaker 11>Nicholas Maduro and his wife, released them, stopped heppling the

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<v Speaker 11>government of Venezuela and resolve issues through dialogue and negotiations.

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<v Speaker 2>Spokesman Lend Gion says China is committed to deepening cooperation

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<v Speaker 2>with Venezuela well.

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<v Speaker 3>For his part, care and President Trump is warning other

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<v Speaker 3>drug producing nations in the Western Hemisphere that he won't

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<v Speaker 3>long tolerate the flow of illegal substances into the US.

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<v Speaker 3>Here he is again a bord air Force one.

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<v Speaker 4>We have a very sick neighbor. He's not a neighbor,

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<v Speaker 4>but it's close to a neighbor, and that's Venezuela. It's

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<v Speaker 4>very sick. Colombia is very sick too, run by a

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<v Speaker 4>sick man who likes making cocaine and selling.

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<v Speaker 5>It to the United States.

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<v Speaker 4>And he's not going to be doing it very long.

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<v Speaker 11>Let me tell you.

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<v Speaker 3>President Trump rerefurther to Colombian President Gustavo Petro, a frequent

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<v Speaker 3>Trump critic, who denounced the weekend raid.

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<v Speaker 2>Then, the events in Venezuela have spark new questions about

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<v Speaker 2>America's stands toward Europe. Denmark's Prime Minister Metef Frederickson is

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<v Speaker 2>urging President Trump to stop threatening to annex Greenland. The

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<v Speaker 2>comments come after President Trump again doubled down that he

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<v Speaker 2>wants to take over the country right now.

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<v Speaker 12>Greenland is covered with Russian and Chinese ships all over

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<v Speaker 12>the place. We need Greenland from the standpoint of national security,

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<v Speaker 12>and Denmark is not going to be able to do it, I.

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<v Speaker 5>Can tell you.

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<v Speaker 2>And Greenland's elected a leader. Jens Frederick Nielsen posted on

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<v Speaker 2>Facebook saying there's no reason for panic as Greenland's position

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<v Speaker 2>is firmly anchored in international law.

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<v Speaker 3>No, we're seeing immediate reaction to the developments in Venezuela

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<v Speaker 3>across several markets. Karen spot gold has climbed above forty

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<v Speaker 3>four hundred dollars an ounce right now, it's at forty

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<v Speaker 3>four to thirty one, while silver is up nearly five percent.

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<v Speaker 2>Well surprising to some, Nathan, we are not seeing a

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<v Speaker 2>dramatic move in the oil sector in fact right now,

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<v Speaker 2>and Nimex crude oil is a little changed at fifty

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<v Speaker 2>seven dollars twenty nine cents a barrel. Steven Stepsinski leads

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<v Speaker 2>Bloomberg's team covering energy.

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<v Speaker 8>I think overall, you just look at what is being

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<v Speaker 8>produced out of Venezuela, and they produced some one percent

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<v Speaker 8>of global supply, and so where they stand in the

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<v Speaker 8>grand scheme of things. If you were to cut out

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<v Speaker 8>their supply, it can be easily replaced. But also there's

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<v Speaker 8>this look at, well, they have all these reserves, can

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<v Speaker 8>they add that supply as well? And there's expectations that

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<v Speaker 8>they can't really add the supply very quickly either for

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<v Speaker 8>a number of reasons. So the market has really shrugged

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<v Speaker 8>those off. There's sort of been a wait and see

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<v Speaker 8>situation and.

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<v Speaker 2>In a separate no Bloomberg Stevens step Sinski says at

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<v Speaker 2>a meeting yesterday, opek Plus stuck with plans to pause

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<v Speaker 2>supply increases in the first quarter, and.

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<v Speaker 3>Karen US Airlines have begun rebuilding their Caribbean operations after

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<v Speaker 3>the military incursion in Venezuela suggared airspace closures across the region.

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<v Speaker 3>American Airlines and Delta are among those that have added extra

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<v Speaker 3>flights and seats to accommodate displaced customers. Hundreds of flights

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<v Speaker 3>were canceled over the weekend after the Federal Aviation Administration

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<v Speaker 3>restricted parts of Caribbean airspace.

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<v Speaker 2>Time now for look at some of the other stories

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<v Speaker 2>making news in New York and around the world, and

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<v Speaker 2>for Never joined by Bloomberg's Michael Barr Michael, Good Morning.

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<v Speaker 13>Good Morning. Karen. Congress returns to Washington this week. The

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<v Speaker 13>Senate returns today. The House comes back Tuesday. They will

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<v Speaker 13>address government funding, with a January thirtieth deadline to pass

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<v Speaker 13>a bill or face another government shutdown. In addition, Congress

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<v Speaker 13>must deal with healthcare now that healthcare tax credits under

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<v Speaker 13>the Affordable Care Act expired last month. Millions of Americans

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<v Speaker 13>are unable to afford health insurance without the sub disease.

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<v Speaker 13>Senate Minority Leader Chuck Schumer says Democrats are willing to

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<v Speaker 13>work with Republicans on their plan to bring health care

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<v Speaker 13>costs down, hinting that refusal to do so could impact

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<v Speaker 13>the GOP in the midterm elections.

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<v Speaker 5>The Republicans have screwed this up to a fairly will.

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<v Speaker 14>If they can find a way out of the mess,

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<v Speaker 14>we want to work with anybody to lower the prices.

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<v Speaker 13>Senator Schumer spoke on ABC's This Week Heard Sundays on Bloomberg.

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<v Speaker 13>Republican Georgia Representative Marjorie Taylor Green's resignation from Congress take

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<v Speaker 13>effect today. There are mixed reviews about her legacy. Larry

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<v Speaker 13>Sabato is the director of the Center for Politics at

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<v Speaker 13>the University of Virginia.

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<v Speaker 15>I think it's always wrong to focus on the latest

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<v Speaker 15>event involving a person and not look at the entirety,

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<v Speaker 15>at least of the public career and her career. To

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<v Speaker 15>say it's been checkered is a compliment.

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<v Speaker 13>Larry Sabato is with the University of Virginia. Meanwhile, local

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<v Speaker 13>Republican Party chair Jackie Harling says Green was a fighter

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<v Speaker 13>who gave them a voice. Green's resignation will shrink the

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<v Speaker 13>Republican majority in the House of Representatives to six seats.

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<v Speaker 13>Protests continue to grow in Iran over the weekend as

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<v Speaker 13>concerns sparked by the Islamic Republic's ailing economy puts new

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<v Speaker 13>pressure on its regime to act. Since international sanctions returned

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<v Speaker 13>in September, Iran's currency is now in a free fall.

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<v Speaker 13>More than five hundred and eighty protesters have been rested.

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<v Speaker 13>Cruz cleared mud from key California highways. Forecasters warned that

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<v Speaker 13>more thunderstorms were on the way after downpours and high

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<v Speaker 13>tides caused flooding, prompting road closures and rescues of people

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<v Speaker 13>trapped in cards. Global News twenty four hours a day

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<v Speaker 13>and whenever you want it with Bloomberg News Now, Michael

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<v Speaker 13>Barr and This is Bloomberg Karen.

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<v Speaker 10>Well, well, thanks Michael.

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<v Speaker 2>Time now for our Bloomberg Sports update, and for that

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<v Speaker 2>we bring in John stash Hour tris staring.

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<v Speaker 14>The NFL regular season is over. The playoffs begin on Saturday.

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<v Speaker 14>There were still two spots up for grabs. Yesterday, Carolina

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<v Speaker 14>won the NFC South despite losing its game Saturday at

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<v Speaker 14>Tampa Bay. Atlanta's win over New Orleans created a three

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<v Speaker 14>way tie and the Panthers won the tiebreaker. The Falcons,

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<v Speaker 14>after winning that game, fired their coach Raheem Morris. Last

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<v Speaker 14>game of the season was last night in Pittsburgh, a

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<v Speaker 14>back and forth fourth quarter. The Steelers on an Aaron

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<v Speaker 14>Rodgers touchdown pass with a minute ago beat the Ravens

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<v Speaker 14>twenty six to twenty four won the division. That's the

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<v Speaker 14>Bloomberg Sports Update.

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<v Speaker 2>Hey with us. More from Bloomberg day Break coming up

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<v Speaker 2>after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 5>Good morning, I'm Nathan Hager.

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<v Speaker 3>After an extraordinary weekend of airstrikes and the ouster of

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<v Speaker 3>Nicolas Maduro. The world is watching for what comes next

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<v Speaker 3>in Venezuela. President Trump says, leadership in the country right

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<v Speaker 3>now is clear.

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<v Speaker 4>Don't ask me who's in judge, because I'll give you

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<v Speaker 4>an answer and it'll be very contro ration.

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<v Speaker 14>What does that mean we're in judge?

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<v Speaker 3>That was President Trump aboard Air Force one last night.

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<v Speaker 3>This morning, we're joined by Terry Haynes, the founder of

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<v Speaker 3>Pangaea Policy. Sharp words Terry from the President. But it

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<v Speaker 3>does leave a question, doesn't it, of what the US

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<v Speaker 3>in charge means in Venezuela. What does it mean?

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<v Speaker 16>Good morning, Hi, Good morning, Nathan.

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<v Speaker 2>Uh.

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<v Speaker 16>Bottom line is I wish I knew and that's no

0:12:02.800 --> 0:12:05.480
<v Speaker 16>jab at the Trump administration, I think, but I think

0:12:06.040 --> 0:12:10.600
<v Speaker 16>the policy here is a little more improvisational than a

0:12:10.600 --> 0:12:14.240
<v Speaker 16>lot of people would like, particularly in markets. Uh. They are,

0:12:15.080 --> 0:12:16.839
<v Speaker 16>I think, going to make this up as it goes

0:12:16.880 --> 0:12:20.320
<v Speaker 16>along if they can get if they can get some

0:12:20.360 --> 0:12:25.319
<v Speaker 16>sort of cooperation from the existing government, they might take that.

0:12:25.800 --> 0:12:25.920
<v Speaker 2>Uh.

0:12:26.960 --> 0:12:31.600
<v Speaker 16>I think that the existing government, from Miss Rodriguez on

0:12:31.760 --> 0:12:35.480
<v Speaker 16>down is likely to be likely to be found wanting

0:12:35.840 --> 0:12:38.640
<v Speaker 16>you know, the you know, people forget that it's not

0:12:38.720 --> 0:12:43.640
<v Speaker 16>just Maduro that's under under indictment. Uh. And and people

0:12:43.679 --> 0:12:46.240
<v Speaker 16>also forget that it's not as if this is a

0:12:46.320 --> 0:12:50.440
<v Speaker 16>some sort of conventional democratic country uh, in which you know,

0:12:50.480 --> 0:12:53.560
<v Speaker 16>the succession will work and you know somehow they'll, you know,

0:12:53.600 --> 0:12:57.440
<v Speaker 16>they'll manage to seer the ships. Slightly differently, the kind

0:12:57.440 --> 0:13:02.280
<v Speaker 16>of change that the United States now wants in Venezuela

0:13:02.400 --> 0:13:04.200
<v Speaker 16>is not to kind of change these people are poised

0:13:04.200 --> 0:13:04.600
<v Speaker 16>to deliver.

0:13:04.679 --> 0:13:07.880
<v Speaker 3>I think, well, if it is the US making it

0:13:07.960 --> 0:13:10.800
<v Speaker 3>up as it goes along, terry, what does that mean

0:13:10.880 --> 0:13:15.120
<v Speaker 3>in terms of a potential US military presence in Venezuela

0:13:15.200 --> 0:13:19.320
<v Speaker 3>and this idea of US oil companies coming in to

0:13:19.480 --> 0:13:24.840
<v Speaker 3>rebuild Venezuela's vastly decimated oil infrastructure.

0:13:25.480 --> 0:13:29.200
<v Speaker 16>Well, two things. One, I think that the I think

0:13:29.240 --> 0:13:31.600
<v Speaker 16>that it is very unlikely that there will be some

0:13:31.720 --> 0:13:34.760
<v Speaker 16>kind of major sustained boots on the ground presence in

0:13:34.800 --> 0:13:37.400
<v Speaker 16>the United States or from the United States to Venezuela.

0:13:38.040 --> 0:13:43.280
<v Speaker 16>You know, might there be some sort of small, relatively

0:13:43.360 --> 0:13:47.760
<v Speaker 16>small force that does specific things. That's entirely possible. I mean,

0:13:47.760 --> 0:13:49.280
<v Speaker 16>but we have that all over the world in a

0:13:49.320 --> 0:13:52.600
<v Speaker 16>variety of ways, in a variety of guises. So I'd

0:13:52.679 --> 0:13:57.360
<v Speaker 16>kind of look at that in the extreme. Secondly, you know,

0:13:57.480 --> 0:14:04.840
<v Speaker 16>the I think what the lookd at very broadly, the

0:14:04.840 --> 0:14:08.200
<v Speaker 16>the observations that what's going on in Venezuela, or what

0:14:08.320 --> 0:14:10.319
<v Speaker 16>had been going on in Venezuela for that matter, in

0:14:10.400 --> 0:14:13.040
<v Speaker 16>South as part of the South America policy of the

0:14:13.080 --> 0:14:17.360
<v Speaker 16>administration is about oil or resources or something else. That's

0:14:17.400 --> 0:14:21.640
<v Speaker 16>both true and too narrow a focus. You know, from

0:14:21.680 --> 0:14:26.400
<v Speaker 16>the national security perspective of the Trump administration, if you

0:14:26.520 --> 0:14:29.600
<v Speaker 16>have to look at it holistically, meaning of understanding what

0:14:29.720 --> 0:14:34.320
<v Speaker 16>the situation is. You know, pre last weekend, those competing

0:14:34.400 --> 0:14:37.160
<v Speaker 16>or opposing the United States now have control of all

0:14:37.200 --> 0:14:42.640
<v Speaker 16>those resources. So it is very important for this country.

0:14:42.840 --> 0:14:46.840
<v Speaker 16>Our government judges that we have we have access to

0:14:46.920 --> 0:14:47.520
<v Speaker 16>that as well.

0:14:48.280 --> 0:14:51.440
<v Speaker 3>Taking your point about looking at it holistically, the administration

0:14:51.560 --> 0:14:54.920
<v Speaker 3>has said it's about oil and it's about drug flows

0:14:54.960 --> 0:14:59.120
<v Speaker 3>out of Venezuela as well. And the president just last

0:14:59.200 --> 0:15:01.680
<v Speaker 3>night aboard Air Force Verse one sent a warning to

0:15:01.720 --> 0:15:05.080
<v Speaker 3>the President of Colombia, calling him a very sick man.

0:15:05.320 --> 0:15:10.840
<v Speaker 3>What could potentially come next here given those potential implications, Harry.

0:15:11.280 --> 0:15:14.240
<v Speaker 16>Well, I think the uh, yeah, I've been pointing out

0:15:14.280 --> 0:15:17.560
<v Speaker 16>since uh, since the release of the National Security strategy

0:15:17.560 --> 0:15:22.120
<v Speaker 16>in November. Uh that what was in that document was

0:15:22.160 --> 0:15:25.720
<v Speaker 16>called the Trump Corollary to the Monroe Doctrine, uh you know,

0:15:25.920 --> 0:15:31.080
<v Speaker 16>had in its sites uh you know, basically reducing Chinese

0:15:31.120 --> 0:15:35.560
<v Speaker 16>influence in South America. It needs to be understood that

0:15:36.080 --> 0:15:40.520
<v Speaker 16>China is today South America's largest trading partner and uh

0:15:40.560 --> 0:15:44.040
<v Speaker 16>and they seek to use that trade status to increase

0:15:44.040 --> 0:15:47.920
<v Speaker 16>its geopolitical influence in South America. Uh. What that means,

0:15:47.960 --> 0:15:51.600
<v Speaker 16>I think for the overall region is that uh you have,

0:15:51.880 --> 0:15:55.000
<v Speaker 16>whether it be in Cuba or Columbia or elsewhere. Uh.

0:15:55.080 --> 0:15:58.280
<v Speaker 16>You know, the administration has now uh put those folks

0:15:58.320 --> 0:16:02.240
<v Speaker 16>on notice that it is very interested in changing that

0:16:02.400 --> 0:16:06.040
<v Speaker 16>behavior or having those governments fall. Frankly, and the President

0:16:06.160 --> 0:16:08.760
<v Speaker 16>was very explicit about that in Cuba, but also thinks

0:16:08.800 --> 0:16:12.520
<v Speaker 16>that no United States action is necessary to bring that about.

0:16:12.920 --> 0:16:17.680
<v Speaker 16>I'd suggest only there that the Cubans have proved themselves

0:16:17.760 --> 0:16:21.280
<v Speaker 16>to be far more tenacious. Uh uh you know, surviving

0:16:21.320 --> 0:16:24.040
<v Speaker 16>the loss of the Soviet Union, now surviving the loss

0:16:24.040 --> 0:16:27.880
<v Speaker 16>of Venezuela. Uh and and you know, we'll see if

0:16:27.880 --> 0:16:29.240
<v Speaker 16>they can find another benefactor.

0:16:29.280 --> 0:16:33.080
<v Speaker 3>Now, well, one of the big benefactors of Venezuela has

0:16:33.120 --> 0:16:36.320
<v Speaker 3>been China, of course. I mean we've seen the Chinese

0:16:36.320 --> 0:16:39.480
<v Speaker 3>Foreign Ministry come out pretty strongly against the weekend events.

0:16:39.520 --> 0:16:43.200
<v Speaker 3>I mean, what could this bean for the US China

0:16:43.360 --> 0:16:47.440
<v Speaker 3>situation where they're trying to keep a trade truce intact.

0:16:48.440 --> 0:16:52.480
<v Speaker 16>Well, they're they're trying, well, you know, the China. The

0:16:52.600 --> 0:16:57.480
<v Speaker 16>China statement, I've had a lot of irony to it.

0:16:57.520 --> 0:17:00.240
<v Speaker 16>Nothing beats the nothing beats the Russian state. And of

0:17:00.240 --> 0:17:05.240
<v Speaker 16>course for irony, I'll let the listeners go look that up.

0:17:05.600 --> 0:17:08.760
<v Speaker 16>But you know what that means fundamentally is, you know,

0:17:08.840 --> 0:17:12.639
<v Speaker 16>the terms of the United States competition here has been

0:17:13.560 --> 0:17:16.320
<v Speaker 16>that what we're trying to do as the United States

0:17:16.320 --> 0:17:19.719
<v Speaker 16>government is you know, really try to right size and

0:17:19.760 --> 0:17:25.360
<v Speaker 16>push back against China adventurism and trying to influence gathering

0:17:25.560 --> 0:17:31.560
<v Speaker 16>in you know, many different continents. And the administration judges

0:17:31.640 --> 0:17:34.520
<v Speaker 16>that it's going to start in it's going to start

0:17:34.560 --> 0:17:38.520
<v Speaker 16>in South America. But Trump since day one has expressed

0:17:38.600 --> 0:17:44.080
<v Speaker 16>interest for to kind of clean up the United States

0:17:45.280 --> 0:17:49.520
<v Speaker 16>defense in the Atlantic and the Pacific. And this is

0:17:49.560 --> 0:17:53.199
<v Speaker 16>why Greenland is discussed. For example, it's not just because

0:17:53.200 --> 0:17:57.159
<v Speaker 16>of the resources, but also because it's got you know,

0:17:57.200 --> 0:17:59.400
<v Speaker 16>it's right on the front lines, whether you look across

0:17:59.440 --> 0:18:04.200
<v Speaker 16>to Europe up through the Arctic, which increasingly is more important.

0:18:05.119 --> 0:18:10.240
<v Speaker 16>But you know, we've been pushing back at China for

0:18:10.280 --> 0:18:12.760
<v Speaker 16>a year now, whether it be you know, kind of

0:18:12.800 --> 0:18:18.119
<v Speaker 16>pushing back against its client state Russia and Ukraine, its interests,

0:18:18.160 --> 0:18:21.560
<v Speaker 16>been pushing it around and its proxies in the Middle East,

0:18:22.160 --> 0:18:26.760
<v Speaker 16>and also helping our ally Japan and others in the

0:18:26.760 --> 0:18:30.360
<v Speaker 16>Philippines and other others in the South China Sea.

0:18:31.200 --> 0:18:32.160
<v Speaker 5>You mentioned Greenland.

0:18:32.160 --> 0:18:33.840
<v Speaker 3>Do you think there's going to be a serious move

0:18:33.920 --> 0:18:37.240
<v Speaker 3>by the US on Greenland in the short to medium term.

0:18:37.280 --> 0:18:40.680
<v Speaker 16>Now today I look at I look at this more

0:18:40.800 --> 0:18:46.560
<v Speaker 16>as a means of the takeover talk of Trump's as

0:18:46.920 --> 0:18:51.119
<v Speaker 16>pressuring Denmark to make some sort of a deal on Greenland.

0:18:51.720 --> 0:18:55.119
<v Speaker 16>It's also it also bears noting that going back a

0:18:55.160 --> 0:18:59.760
<v Speaker 16>few years, there was some interest in Greenland itself to

0:18:59.800 --> 0:19:04.680
<v Speaker 16>say oparat or created different a different political arrangement with Denmark.

0:19:05.440 --> 0:19:09.800
<v Speaker 16>I think both of those strings are being twanged rather unsubtly.

0:19:10.440 --> 0:19:14.399
<v Speaker 16>But I look at this as much the administration's view

0:19:14.840 --> 0:19:18.520
<v Speaker 16>as much more interested in making some sort of oil

0:19:18.560 --> 0:19:22.080
<v Speaker 16>minerals deal, and all the rest again, going back to China,

0:19:22.200 --> 0:19:25.760
<v Speaker 16>I think none of this consider that none of this

0:19:25.960 --> 0:19:29.320
<v Speaker 16>might have happened had not China kind of pulled the

0:19:29.400 --> 0:19:33.200
<v Speaker 16>rare earths string here, which is still unresolved and part

0:19:33.240 --> 0:19:35.440
<v Speaker 16>of the unresolved US China trade tengency.

0:19:37.160 --> 0:19:40.600
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