1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,920 --> 00:00:13,520 Speaker 2: President Donald Trump speaking to a joint session of Congress 3 00:00:13,520 --> 00:00:18,000 Speaker 2: for almost exactly one hundred minutes, as seen and heard 4 00:00:18,040 --> 00:00:21,480 Speaker 2: live on Bloomberg Television and Radio. I'm Kaylee Lines alongside 5 00:00:21,560 --> 00:00:24,360 Speaker 2: Joe Matthew in Washington, where, of course we just heard 6 00:00:24,360 --> 00:00:27,080 Speaker 2: President Trump covering a lot of ground in the first 7 00:00:27,080 --> 00:00:29,000 Speaker 2: time he has given an address like this in the 8 00:00:29,000 --> 00:00:32,640 Speaker 2: House Chamber in five years. He is still standing at 9 00:00:32,640 --> 00:00:35,280 Speaker 2: the rostrum, Joe soaking it all in as we still 10 00:00:35,280 --> 00:00:37,680 Speaker 2: hear the applause from those who are gathered, and he 11 00:00:37,720 --> 00:00:39,879 Speaker 2: will begin making his way out of the chamber, certainly 12 00:00:39,960 --> 00:00:44,000 Speaker 2: expected to be greeting members of the body as he goes. 13 00:00:44,120 --> 00:00:45,800 Speaker 3: It's like we saw on the way in the White House. 14 00:00:45,800 --> 00:00:48,400 Speaker 3: Did schedule the President to be in the chamber at 15 00:00:48,479 --> 00:00:51,919 Speaker 3: about eleven twenty pm Eastern times, So he's got some 16 00:00:52,479 --> 00:00:54,840 Speaker 3: talking likely to do here as the Sergeant at Arms 17 00:00:54,880 --> 00:00:58,240 Speaker 3: of the US House, William McFarland, guides him out of 18 00:00:58,280 --> 00:01:01,080 Speaker 3: the rostrum. If you're with us on Bloomberg and on YouTube, 19 00:01:01,120 --> 00:01:04,120 Speaker 3: you see the glad handing already begin with members of 20 00:01:04,240 --> 00:01:06,959 Speaker 3: the military. Kaylee, When we consider the news that was 21 00:01:07,000 --> 00:01:09,759 Speaker 3: made tonight, and we can spend some time fact checking 22 00:01:09,800 --> 00:01:11,600 Speaker 3: some of the stuff that we heard from the president. 23 00:01:11,880 --> 00:01:15,759 Speaker 3: Only a couple of real headlines that would be justified 24 00:01:16,040 --> 00:01:17,920 Speaker 3: for our audience here with some of the issues that 25 00:01:17,959 --> 00:01:20,040 Speaker 3: we were talking about. One of them, of course, tariffs 26 00:01:20,080 --> 00:01:22,679 Speaker 3: when it comes to Canada and Mexico. It appears that 27 00:01:22,720 --> 00:01:27,400 Speaker 3: the Commerce secretaries remarks Kaylee earlier were not accurate. These tariffs, 28 00:01:27,480 --> 00:01:29,280 Speaker 3: at least from what we heard from the President, will 29 00:01:29,280 --> 00:01:32,240 Speaker 3: not be rescinded tomorrow. And then the Chips Act a 30 00:01:32,319 --> 00:01:34,840 Speaker 3: redhead on the terminal. About halfway through the speech, We're 31 00:01:34,840 --> 00:01:36,760 Speaker 3: not going to give chip makers any money from the 32 00:01:36,840 --> 00:01:39,240 Speaker 3: Chips Act. He said, you should get rid of the 33 00:01:39,319 --> 00:01:41,920 Speaker 3: Chips Act, mister Speaker, you should use the money to 34 00:01:41,959 --> 00:01:42,640 Speaker 3: reduce the debt. 35 00:01:42,840 --> 00:01:44,800 Speaker 2: And of course that was not his only ask of 36 00:01:45,160 --> 00:01:47,919 Speaker 2: the Speaker or the other members of Congress who were gathered. 37 00:01:47,960 --> 00:01:50,520 Speaker 2: He was pitching them on tax cuts that he would 38 00:01:50,640 --> 00:01:54,360 Speaker 2: like to see implemented or at least extended through legislation, 39 00:01:55,040 --> 00:01:57,200 Speaker 2: as well as funding for the border something he touched 40 00:01:57,240 --> 00:01:59,680 Speaker 2: on a lot both of those issues. Speaking to the 41 00:02:00,120 --> 00:02:02,960 Speaker 2: date with which he believes he was elected in November 42 00:02:03,000 --> 00:02:06,280 Speaker 2: for a focusing on the economy and on immigration. We 43 00:02:06,360 --> 00:02:08,160 Speaker 2: certainly heard a lot of that tonight as we see 44 00:02:08,160 --> 00:02:11,480 Speaker 2: the President shaking hands with members on the floor. If 45 00:02:11,480 --> 00:02:15,320 Speaker 2: you're with us on Bloomberg TV and on radio. Of course, 46 00:02:15,360 --> 00:02:18,079 Speaker 2: we are expecting that this will last for some time 47 00:02:18,120 --> 00:02:22,160 Speaker 2: as we consider Joe and you mentioned the notion here 48 00:02:22,240 --> 00:02:25,320 Speaker 2: of all of the different things that we could talk 49 00:02:25,320 --> 00:02:27,320 Speaker 2: about that we heard from the President, many of us, 50 00:02:27,360 --> 00:02:29,160 Speaker 2: many of it, of course, things we've heard from him 51 00:02:29,160 --> 00:02:31,520 Speaker 2: repeatedly over the course of his six weeks in office 52 00:02:31,560 --> 00:02:31,919 Speaker 2: thus far. 53 00:02:32,000 --> 00:02:33,919 Speaker 3: That's for sure quite the scrum there on the floor 54 00:02:33,960 --> 00:02:35,600 Speaker 3: of the House as he tries to make his way 55 00:02:35,600 --> 00:02:38,960 Speaker 3: through the lawmakers. And our signature panel is with us 56 00:02:39,040 --> 00:02:41,160 Speaker 3: right now. They were watching and listening along with you, 57 00:02:41,240 --> 00:02:44,799 Speaker 3: Bloomberg Politics contributors. Rick Davis, Partner at Stone Court Capital, 58 00:02:44,800 --> 00:02:49,600 Speaker 3: our republican strategist, alongside Democratic analyst Jeanie Schanzino, Senior Democracy 59 00:02:49,600 --> 00:02:52,400 Speaker 3: Fellow at the Center for the Study of the Presidency 60 00:02:52,880 --> 00:02:56,000 Speaker 3: in Congress. In hour and forty five minutes, Rick, how 61 00:02:56,000 --> 00:02:56,360 Speaker 3: did he do? 62 00:02:56,760 --> 00:02:57,480 Speaker 4: Yeah? 63 00:02:57,600 --> 00:02:59,520 Speaker 5: I think that you know, he made his case to 64 00:02:59,560 --> 00:03:03,760 Speaker 5: the America people that his administration's on track and that 65 00:03:03,800 --> 00:03:06,600 Speaker 5: he's accomplished more in a very short time that he's 66 00:03:06,639 --> 00:03:10,320 Speaker 5: been in office than any other presidency in history, including 67 00:03:10,840 --> 00:03:14,000 Speaker 5: I would say, the comparisons he was making to George Washington. 68 00:03:14,120 --> 00:03:16,240 Speaker 5: So he went back to the founding of our nation 69 00:03:16,360 --> 00:03:19,840 Speaker 5: and grated himself successful. I do think it was a 70 00:03:19,919 --> 00:03:22,600 Speaker 5: chippy speech. I mean, he came in loaded for bear. 71 00:03:23,080 --> 00:03:26,440 Speaker 5: Democrats also loaded for bear. Caused quite a ruckus at 72 00:03:26,480 --> 00:03:29,120 Speaker 5: the very beginning, something I've never seen the likes of 73 00:03:29,240 --> 00:03:32,000 Speaker 5: in this kind of a dignified procession. 74 00:03:32,600 --> 00:03:35,480 Speaker 4: And so it'll be interesting to see. 75 00:03:35,240 --> 00:03:42,240 Speaker 5: How much is reported on the inside the hall activity, protests, 76 00:03:42,320 --> 00:03:44,840 Speaker 5: things that were going on that I think took a 77 00:03:44,920 --> 00:03:48,040 Speaker 5: little bit from the chamber tonight. 78 00:03:48,160 --> 00:03:50,520 Speaker 4: But he got through it all, and I think, you 79 00:03:50,560 --> 00:03:51,080 Speaker 4: know he. 80 00:03:51,440 --> 00:03:54,440 Speaker 5: Will look at this as a successful night in his administration. 81 00:03:54,600 --> 00:03:56,600 Speaker 2: Well, Genie, what Rick, of course is alluding to is 82 00:03:56,720 --> 00:03:59,920 Speaker 2: just three minutes into the President's remarks, Congressman Al Green, 83 00:04:00,040 --> 00:04:03,280 Speaker 2: the Democrat from Texas, yelling and raising his cane, saying 84 00:04:03,280 --> 00:04:05,760 Speaker 2: you have no mandate to cut medicaid. He was actually 85 00:04:05,880 --> 00:04:08,839 Speaker 2: escorted out of the chamber, removed from the chamber by 86 00:04:08,880 --> 00:04:11,240 Speaker 2: the sergeant at arms. That was not the only time 87 00:04:11,280 --> 00:04:14,320 Speaker 2: we saw Democrats interject there was also chance of lie 88 00:04:15,040 --> 00:04:17,520 Speaker 2: when the President was talking specifically about the efforts of 89 00:04:17,600 --> 00:04:20,560 Speaker 2: DOGE that they're finding hundreds of billions of dollars in fraud, 90 00:04:20,640 --> 00:04:23,520 Speaker 2: citing what he said are different age groups that are 91 00:04:23,560 --> 00:04:26,599 Speaker 2: receiving Social Security checks well into the hundreds. Obviously that 92 00:04:26,720 --> 00:04:28,800 Speaker 2: is not factually accurate. Those people may still be on 93 00:04:28,839 --> 00:04:31,640 Speaker 2: the rolls, but that doesn't mean that they're receiving benefits. 94 00:04:32,080 --> 00:04:34,320 Speaker 2: But what did you make of the response he was 95 00:04:34,400 --> 00:04:36,640 Speaker 2: able to elicit at times from the other side of 96 00:04:36,640 --> 00:04:37,280 Speaker 2: the aisle. 97 00:04:37,240 --> 00:04:40,440 Speaker 6: Well, it is not what the Democratic leadership wanted, and 98 00:04:40,480 --> 00:04:43,840 Speaker 6: they were very very clear about that. And you know, 99 00:04:43,960 --> 00:04:47,480 Speaker 6: al Green, I think was the first, and then there 100 00:04:47,480 --> 00:04:50,719 Speaker 6: were many. We even saw Rashida to lead. She was 101 00:04:50,880 --> 00:04:54,280 Speaker 6: fact she was responding in real time with a whiteboard. 102 00:04:54,400 --> 00:04:58,640 Speaker 6: I've ever seen anything like that. But the reality is 103 00:04:58,640 --> 00:05:01,760 Speaker 6: is that by the time this each ended, many Democrats 104 00:05:01,839 --> 00:05:06,760 Speaker 6: had already left the floor out of protest, you know, 105 00:05:06,920 --> 00:05:10,559 Speaker 6: and the President engaged with them. We heard him use 106 00:05:10,960 --> 00:05:14,760 Speaker 6: an unfortunate term to refer to the Senator from Massachusetts, 107 00:05:14,800 --> 00:05:20,560 Speaker 6: Elizabeth Warren. And so it was a very very contentious 108 00:05:20,880 --> 00:05:24,159 Speaker 6: speech and I think it speaks to how divided the 109 00:05:24,240 --> 00:05:27,600 Speaker 6: American public is, and that is something we have seen. 110 00:05:28,520 --> 00:05:31,039 Speaker 6: Anybody who thought the president was going to come in 111 00:05:31,160 --> 00:05:36,960 Speaker 6: tonight and speak to all Americans was wrong. As Rick mentioned, 112 00:05:37,000 --> 00:05:38,719 Speaker 6: he came in in. One of the first things he 113 00:05:38,839 --> 00:05:43,880 Speaker 6: said is he compared himself to our amazing founders and 114 00:05:43,920 --> 00:05:47,520 Speaker 6: said he is a better president than even George Washington. 115 00:05:47,640 --> 00:05:51,280 Speaker 6: And that of course elicited ron's and boos from Democrats. 116 00:05:51,680 --> 00:05:54,480 Speaker 6: So this is a president who is doubling down as 117 00:05:54,480 --> 00:05:58,080 Speaker 6: he always has on his base. And you know, even 118 00:05:58,200 --> 00:06:03,320 Speaker 6: the remarks he made to things like tariffs, telling farmers, 119 00:06:03,800 --> 00:06:07,000 Speaker 6: much to the dismay of even Republicans, that they would 120 00:06:07,279 --> 00:06:11,039 Speaker 6: have fun, you know as they battle with tariffs, which 121 00:06:11,080 --> 00:06:14,520 Speaker 6: will make it very very hard for them. Police officers, 122 00:06:15,000 --> 00:06:17,480 Speaker 6: you know he is going to you know, think about 123 00:06:17,600 --> 00:06:22,719 Speaker 6: and talk about supporting police officers. You heard Democrats yell back, 124 00:06:22,760 --> 00:06:27,160 Speaker 6: what about January sixth, because of course those police officers 125 00:06:27,400 --> 00:06:30,200 Speaker 6: did not feel that they were treated well. So you know, 126 00:06:30,320 --> 00:06:32,880 Speaker 6: it was a very contentious speech from start to finish. 127 00:06:32,960 --> 00:06:34,960 Speaker 6: There was even a Democrat who held up a speech 128 00:06:35,040 --> 00:06:37,600 Speaker 6: that said this is not normal that was ricked down 129 00:06:37,640 --> 00:06:40,240 Speaker 6: by a Republican well, and it was not normal. 130 00:06:40,400 --> 00:06:43,159 Speaker 3: President Trump has made his way out of the House 131 00:06:43,279 --> 00:06:46,560 Speaker 3: Chamber now, and obviously he'll have a couple of folks 132 00:06:46,560 --> 00:06:48,760 Speaker 3: to talk to on his way out of the building, Kaylee, 133 00:06:48,800 --> 00:06:50,200 Speaker 3: he is scheduled to be there for a bit, and 134 00:06:50,200 --> 00:06:51,760 Speaker 3: they do have a bit to talk about. But Rick, 135 00:06:51,800 --> 00:06:54,080 Speaker 3: I wonder what will this be remembered for the way 136 00:06:54,120 --> 00:06:58,039 Speaker 3: it started, lawmakers actually being escorted from the room, the 137 00:06:58,120 --> 00:07:00,960 Speaker 3: chanting and so forth, or some the lines that Donald 138 00:07:01,000 --> 00:07:01,960 Speaker 3: Trump managed to land. 139 00:07:02,120 --> 00:07:04,520 Speaker 5: No, I think the circus nature of it will be 140 00:07:04,720 --> 00:07:09,280 Speaker 5: forgotten pretty quickly. Those things don't usually tend to lend 141 00:07:09,279 --> 00:07:13,160 Speaker 5: a lasting impression. Look, I think we learned something important tonight, 142 00:07:13,240 --> 00:07:17,480 Speaker 5: which was it sounds like the Ukraine relationship with the 143 00:07:17,560 --> 00:07:21,080 Speaker 5: United States has been mended, and that we're going to 144 00:07:21,120 --> 00:07:25,080 Speaker 5: start moving toward a more robust relationship with Ukraine again, 145 00:07:25,200 --> 00:07:29,120 Speaker 5: and that there are conversations that Trump's having with Putin 146 00:07:29,200 --> 00:07:32,160 Speaker 5: in the Russian side toward some kind of a ceasefire 147 00:07:32,320 --> 00:07:32,920 Speaker 5: or peace plan. 148 00:07:33,080 --> 00:07:35,400 Speaker 4: So to me, that is a big moving part. 149 00:07:35,440 --> 00:07:38,520 Speaker 5: But I think anybody who says that Trump isn't serious 150 00:07:38,560 --> 00:07:43,320 Speaker 5: about keeping these tariffs on is missing the whole speech 151 00:07:43,360 --> 00:07:44,920 Speaker 5: tonight him. 152 00:07:45,000 --> 00:07:46,600 Speaker 4: These were the soul of the. 153 00:07:46,520 --> 00:07:49,600 Speaker 5: Country, these tariffs, and he's been preaching these for a 154 00:07:49,600 --> 00:07:52,760 Speaker 5: long time. I think this is public policy is probably 155 00:07:52,800 --> 00:07:55,880 Speaker 5: going to be priced in after tonight in a much 156 00:07:55,880 --> 00:07:57,400 Speaker 5: longer term way than what it's been. 157 00:07:57,880 --> 00:07:59,680 Speaker 2: Yeah, he said with the tariffs there may be a 158 00:07:59,720 --> 00:08:02,800 Speaker 2: bit of an adjustment period for the farmers specifically, and 159 00:08:02,840 --> 00:08:06,160 Speaker 2: then later said that there will be a little disturbance. 160 00:08:05,640 --> 00:08:06,880 Speaker 7: But we're okay with that. 161 00:08:06,920 --> 00:08:07,840 Speaker 8: I guess pain. 162 00:08:08,000 --> 00:08:09,000 Speaker 2: We'll see how much. 163 00:08:08,880 --> 00:08:09,480 Speaker 7: Pain there is. 164 00:08:10,200 --> 00:08:11,560 Speaker 8: Everybody really is okay with that. 165 00:08:11,640 --> 00:08:14,040 Speaker 2: Rick Davis and Jeanie Shanzino, our signature panel will be 166 00:08:14,040 --> 00:08:15,640 Speaker 2: sticking with us. But right now we want to check 167 00:08:15,680 --> 00:08:18,040 Speaker 2: back in with Bloomberg's a Marie Hordern who was in 168 00:08:18,080 --> 00:08:21,040 Speaker 2: Statuary Hall at the Capitol, and Amrie. I would imagine 169 00:08:21,040 --> 00:08:23,120 Speaker 2: people are now flooding out of the chamber and heading your. 170 00:08:23,000 --> 00:08:27,800 Speaker 9: Way, absolutely flooding out of the chamber. Some Democratic senators 171 00:08:27,840 --> 00:08:30,120 Speaker 9: we did see flood out a little bit earlier, like 172 00:08:30,160 --> 00:08:33,680 Speaker 9: Senator Bernie Sanders, who left with there still being you know, 173 00:08:33,679 --> 00:08:36,120 Speaker 9: about thirty minutes ago, and there's still some time left 174 00:08:36,200 --> 00:08:38,680 Speaker 9: in this speech. I'd love to pick up on Rick's 175 00:08:38,679 --> 00:08:41,120 Speaker 9: point there though about tariffs, because there was a little 176 00:08:41,120 --> 00:08:45,040 Speaker 9: bit of nuance to what Trump said, Yes, one hundred percent. 177 00:08:45,080 --> 00:08:48,080 Speaker 7: Trump believes you tax us, we tax you. 178 00:08:48,400 --> 00:08:51,360 Speaker 9: He reiterated the timeline and when tariffs will be going on, 179 00:08:51,559 --> 00:08:55,120 Speaker 9: especially April second, when it comes to those reciprocal tariffs. 180 00:08:55,480 --> 00:08:58,320 Speaker 9: But we heard earlier today from Commerce Secretary Howard Latnik, 181 00:08:58,320 --> 00:09:01,840 Speaker 9: who I'll be speaking to tomorrow, and he really opened 182 00:09:01,840 --> 00:09:04,840 Speaker 9: the door for potentially some sort of deal maybe bringing 183 00:09:04,920 --> 00:09:06,360 Speaker 9: down the levee when. 184 00:09:06,240 --> 00:09:07,600 Speaker 7: It comes to Canada and Mexico. 185 00:09:07,720 --> 00:09:10,920 Speaker 9: And Trump said something tonight that I think is is being. 186 00:09:10,720 --> 00:09:11,560 Speaker 7: Missed right now. 187 00:09:11,960 --> 00:09:14,280 Speaker 9: He said he spoke to the heads of three major 188 00:09:14,360 --> 00:09:17,680 Speaker 9: automakers today. We know that the automakers are the ones 189 00:09:17,720 --> 00:09:21,320 Speaker 9: that if there are USFCA compliant, they want to be 190 00:09:21,360 --> 00:09:24,840 Speaker 9: a carve out. So potentially there's room for tariffs maybe 191 00:09:24,880 --> 00:09:27,760 Speaker 9: to stay on. But maybe the word exemptions is going 192 00:09:27,800 --> 00:09:30,640 Speaker 9: to start to really percolate when it comes to how 193 00:09:30,640 --> 00:09:33,640 Speaker 9: this administration is going to be talking about trade. 194 00:09:35,360 --> 00:09:38,160 Speaker 3: Bloomberg's and Marie Hord Duram live on Capitol Hill. We'll 195 00:09:38,200 --> 00:09:40,920 Speaker 3: be checking back with Anne Marie interesting Rick as we 196 00:09:40,960 --> 00:09:43,360 Speaker 3: fold the panel back in here. To think that the 197 00:09:43,400 --> 00:09:45,960 Speaker 3: Commerce Secretary stepped in front of the president today. Is 198 00:09:45,960 --> 00:09:46,600 Speaker 3: that what happened? 199 00:09:46,679 --> 00:09:48,280 Speaker 5: Yeah, Look, I mean he got a lot of attention 200 00:09:48,400 --> 00:09:51,120 Speaker 5: today with the press by making some comments that somehow 201 00:09:51,280 --> 00:09:54,160 Speaker 5: within the next twenty four hours there'd be something new 202 00:09:54,200 --> 00:09:55,280 Speaker 5: to report on tariffs. 203 00:09:55,280 --> 00:09:56,199 Speaker 4: And maybe that's true. 204 00:09:56,280 --> 00:09:56,439 Speaker 10: Right. 205 00:09:56,480 --> 00:09:59,120 Speaker 5: We don't take for granted the fact that Donald Trump 206 00:09:59,280 --> 00:10:03,080 Speaker 5: is the sole, you know, policy expert when it comes 207 00:10:03,120 --> 00:10:05,040 Speaker 5: to these tariffs, and he's going to make the decisions 208 00:10:05,080 --> 00:10:07,320 Speaker 5: on him. But look, I think we're really talking around 209 00:10:07,360 --> 00:10:10,320 Speaker 5: the edges. Tariffs are going to be a regime that 210 00:10:10,920 --> 00:10:16,080 Speaker 5: Donald Trump uses to punish countries that don't do his bidding, 211 00:10:16,520 --> 00:10:20,439 Speaker 5: to settle scores when it comes to trade, to equalize 212 00:10:20,880 --> 00:10:25,600 Speaker 5: these reciprocal tariffs in order to equalize it and lower 213 00:10:25,640 --> 00:10:31,000 Speaker 5: our trade deficits, and to take some pressure off American taxpayers. 214 00:10:30,760 --> 00:10:34,520 Speaker 4: Who he is intent on lowering the burden. 215 00:10:34,240 --> 00:10:40,200 Speaker 5: Of taxes on them. So it is a comprehensive plan 216 00:10:40,440 --> 00:10:43,040 Speaker 5: that I think, you know, he reiterated today. 217 00:10:43,160 --> 00:10:45,640 Speaker 4: And sure, these tariffs can go up and down. 218 00:10:45,800 --> 00:10:48,160 Speaker 5: But there will be tariffs for the seeable future. 219 00:10:48,480 --> 00:10:50,560 Speaker 2: Well, and obviously, to your point, Ricky sees this as 220 00:10:50,600 --> 00:10:53,439 Speaker 2: feeding into the overall revenue picture as he's pursuing tax 221 00:10:53,480 --> 00:10:55,240 Speaker 2: cuts he said in this address, and we've heard this 222 00:10:55,280 --> 00:10:58,280 Speaker 2: floated a few times now, Genie, this notion that we're 223 00:10:58,320 --> 00:11:01,439 Speaker 2: going to balance the federal budget. The plans that Congress 224 00:11:01,480 --> 00:11:04,440 Speaker 2: currently has laid out on spending in taxes do not. 225 00:11:04,640 --> 00:11:07,199 Speaker 2: We should point out call for a balanced budget right 226 00:11:07,240 --> 00:11:08,960 Speaker 2: now that is not actually on the table. 227 00:11:09,360 --> 00:11:11,839 Speaker 6: That is not on the table. Of course, we know 228 00:11:12,040 --> 00:11:15,200 Speaker 6: Donald Trump added a lot to the debt in his 229 00:11:15,360 --> 00:11:18,720 Speaker 6: first term, and with all the promises he's making about 230 00:11:18,760 --> 00:11:22,640 Speaker 6: tax cuts, coupled with where we are at thirty six 231 00:11:22,720 --> 00:11:26,160 Speaker 6: trillion dollars in debt, it's you're hard to imagine that 232 00:11:26,200 --> 00:11:28,319 Speaker 6: they are going to get anywhere close. 233 00:11:28,080 --> 00:11:32,240 Speaker 3: To that special coverage on Bloomberg TV and radio. I'm 234 00:11:32,280 --> 00:11:34,720 Speaker 3: Joe Matthew in Washington. Want to get back to Capitol 235 00:11:34,760 --> 00:11:38,199 Speaker 3: Hill now where Bloomberg's and Marie Hordern is surrounded by 236 00:11:38,240 --> 00:11:40,959 Speaker 3: a sea of dignitaries and lawmakers who were at the 237 00:11:41,000 --> 00:11:41,720 Speaker 3: speech earlier. 238 00:11:41,720 --> 00:11:45,880 Speaker 9: And Marie, it's absolutely packed here, especially when it comes 239 00:11:45,920 --> 00:11:51,160 Speaker 9: to the president's cabinet. They're his secretaries, and specifically given 240 00:11:51,200 --> 00:11:53,760 Speaker 9: the fact that he made a lot of news this 241 00:11:53,840 --> 00:11:56,640 Speaker 9: evening when it comes to things like tariffs and energy, 242 00:11:56,920 --> 00:11:59,040 Speaker 9: that's why we're so lucky right now to be joined 243 00:11:59,040 --> 00:12:02,679 Speaker 9: by Energy Secretary Chris Wright, an individual. 244 00:12:02,240 --> 00:12:04,439 Speaker 7: Who made the move from the business sector. 245 00:12:04,840 --> 00:12:08,760 Speaker 9: You're an engineer as well, spent your entire career and 246 00:12:08,880 --> 00:12:12,199 Speaker 9: energy and now you're going to be leading the president's policies. 247 00:12:12,400 --> 00:12:14,560 Speaker 7: I want to pick on one thing he said today. 248 00:12:14,760 --> 00:12:16,920 Speaker 7: The President keeps talking about raw minerals. 249 00:12:17,600 --> 00:12:20,840 Speaker 9: What in the United States do we have in terms 250 00:12:20,880 --> 00:12:24,319 Speaker 9: of rare earth or critical minerals that we can actually 251 00:12:24,360 --> 00:12:26,600 Speaker 9: start building and digging here? 252 00:12:27,360 --> 00:12:31,280 Speaker 11: Oh, we have tremendous mineral resources, or I should say 253 00:12:31,400 --> 00:12:34,080 Speaker 11: underground minerals. To make them resources, you've got to be 254 00:12:34,080 --> 00:12:36,720 Speaker 11: able to permit a mind and build the mind and 255 00:12:36,800 --> 00:12:39,640 Speaker 11: develop it. So the United States is historically a big 256 00:12:39,679 --> 00:12:43,240 Speaker 11: mining country, but in the last years it's become very 257 00:12:43,280 --> 00:12:46,679 Speaker 11: hard to permit new minds. But we have antimonia cre 258 00:12:46,920 --> 00:12:49,800 Speaker 11: a key defense metal in this country that's not being 259 00:12:49,840 --> 00:12:53,679 Speaker 11: mined today. We've got ability to expand our copper production, 260 00:12:53,880 --> 00:12:55,960 Speaker 11: a key medal for industrial growth. 261 00:12:56,200 --> 00:12:59,160 Speaker 9: There's been a copper mind on hold in Arizona. 262 00:12:59,440 --> 00:13:02,880 Speaker 8: What are the play for that exactly? And we'll dig 263 00:13:02,880 --> 00:13:03,920 Speaker 8: into that one deeper. 264 00:13:04,000 --> 00:13:06,720 Speaker 11: But that looks like a high grade copper mind that 265 00:13:06,760 --> 00:13:09,680 Speaker 11: should move forward, the resolution of mind, I believe it's called. 266 00:13:09,920 --> 00:13:12,559 Speaker 11: So we have a ton of resources, it's our country 267 00:13:12,600 --> 00:13:15,040 Speaker 11: has just become a place where it's hard to do 268 00:13:15,080 --> 00:13:17,240 Speaker 11: something and it's easy to stop something. 269 00:13:17,520 --> 00:13:19,959 Speaker 8: So part of our goal in the Trump administration is. 270 00:13:19,920 --> 00:13:24,000 Speaker 11: To make it easier for businesses and entrepreneurs to develop 271 00:13:24,040 --> 00:13:26,280 Speaker 11: resources in the United States, create jobs here in the 272 00:13:26,360 --> 00:13:28,480 Speaker 11: United States, and therefore push prices down. 273 00:13:28,720 --> 00:13:30,120 Speaker 7: How long do you think it's going to take. 274 00:13:31,320 --> 00:13:33,559 Speaker 8: Mining has been historically very slow. 275 00:13:33,600 --> 00:13:37,360 Speaker 11: The United States was recently ranked the second slowest country 276 00:13:37,440 --> 00:13:40,440 Speaker 11: in the world to develop a mind. From finding a 277 00:13:40,480 --> 00:13:43,640 Speaker 11: resource to developing a mind has averaged over twenty years. 278 00:13:44,480 --> 00:13:47,120 Speaker 11: But there's projects further along that we want to nudge 279 00:13:47,200 --> 00:13:49,360 Speaker 11: over the line and get into production. 280 00:13:49,800 --> 00:13:53,280 Speaker 9: Always I asked that question because the pendulum shifts so much, 281 00:13:53,720 --> 00:13:57,320 Speaker 9: so that if you're an investor, potentially, what happens in 282 00:13:57,400 --> 00:13:59,599 Speaker 9: four years if you put money into a project like 283 00:13:59,720 --> 00:14:01,839 Speaker 9: keys on pipeline and then it gets yanked with a 284 00:14:01,880 --> 00:14:05,240 Speaker 9: new administration. How are you going to give the business 285 00:14:05,280 --> 00:14:09,160 Speaker 9: community this confidence that they can invest and that investment 286 00:14:09,280 --> 00:14:10,040 Speaker 9: is here to stay. 287 00:14:10,960 --> 00:14:13,360 Speaker 11: That is a great question. Some of the things we 288 00:14:13,400 --> 00:14:16,360 Speaker 11: can do like an energy department. We just stopped permitting 289 00:14:16,400 --> 00:14:19,000 Speaker 11: new LNG export terminals in last administration. 290 00:14:19,160 --> 00:14:21,320 Speaker 8: We've immediately started that back. 291 00:14:21,600 --> 00:14:24,200 Speaker 11: But other things, to your point, things that we need 292 00:14:24,200 --> 00:14:26,119 Speaker 11: to change in law, are in statute. 293 00:14:26,440 --> 00:14:27,600 Speaker 8: They may take a little. 294 00:14:27,440 --> 00:14:31,000 Speaker 11: Longer to happen, but we want to make some permanent changes. 295 00:14:31,080 --> 00:14:33,840 Speaker 11: So the United States is a desired place to invest 296 00:14:33,880 --> 00:14:36,800 Speaker 11: in again, as we have been historically. But I think 297 00:14:36,920 --> 00:14:40,960 Speaker 11: you've seen in this president's first forty five days announcements 298 00:14:41,000 --> 00:14:43,920 Speaker 11: of enormous size investments coming to this country. 299 00:14:44,120 --> 00:14:45,600 Speaker 8: So I think the feel of a. 300 00:14:45,560 --> 00:14:48,560 Speaker 11: Different business climate, the feel of the return of common 301 00:14:48,600 --> 00:14:50,760 Speaker 11: sense is there. But we do have to put more 302 00:14:50,800 --> 00:14:53,560 Speaker 11: of this actually in the law so it's long lasting. 303 00:14:53,760 --> 00:14:54,800 Speaker 7: We saw OPEC. 304 00:14:54,560 --> 00:14:56,680 Speaker 9: Plus say they're going to add more barrel to the market. 305 00:14:56,720 --> 00:14:59,240 Speaker 9: They've been on hiatus with this for about two years. 306 00:14:59,280 --> 00:15:03,360 Speaker 9: At the same time, President Trump's Treasury secretary talks about 307 00:15:03,400 --> 00:15:06,120 Speaker 9: the United States adding three million more barrels. 308 00:15:06,400 --> 00:15:08,320 Speaker 7: What's the price that's acceptable for. 309 00:15:08,360 --> 00:15:11,560 Speaker 9: Consumers but also enough for drillers to want to make 310 00:15:11,600 --> 00:15:12,920 Speaker 9: sure that they're drilling again. 311 00:15:13,280 --> 00:15:17,240 Speaker 11: So dependent upon costs, you know, historically maybe that spend 312 00:15:17,320 --> 00:15:18,359 Speaker 11: seventy to eighty. 313 00:15:18,120 --> 00:15:19,600 Speaker 8: Dollars the last four years. 314 00:15:19,800 --> 00:15:22,800 Speaker 11: But I think with Trump administration, it's going to become 315 00:15:22,920 --> 00:15:25,200 Speaker 11: easier and less risky to get permits. 316 00:15:25,560 --> 00:15:27,840 Speaker 8: The cost to do business is going to go down. 317 00:15:27,920 --> 00:15:32,640 Speaker 11: So I think even with tariffs, I think so the 318 00:15:32,680 --> 00:15:36,160 Speaker 11: tariffs right now are on the margin to push investment 319 00:15:36,240 --> 00:15:38,560 Speaker 11: into the United States to make more materials and more 320 00:15:38,600 --> 00:15:40,720 Speaker 11: support in the United States. But I think you're going 321 00:15:40,760 --> 00:15:43,600 Speaker 11: to see break even costs become lower in the United States, 322 00:15:43,880 --> 00:15:46,920 Speaker 11: and we should see a drift downward in oil prices 323 00:15:46,960 --> 00:15:48,480 Speaker 11: as we've seen the last two months. 324 00:15:48,520 --> 00:15:51,720 Speaker 7: Do you have a price I can't predict the future. 325 00:15:51,840 --> 00:15:54,320 Speaker 11: I'd be an oil trader. But what we want is 326 00:15:54,400 --> 00:15:57,760 Speaker 11: lower prices. Lower prices for oil, lower prices for gasoline 327 00:15:57,800 --> 00:16:00,960 Speaker 11: and diesel, electricity and home heating, all of those we 328 00:16:01,000 --> 00:16:03,680 Speaker 11: want to increase supply and therefore drive down price. 329 00:16:04,040 --> 00:16:06,480 Speaker 9: Energy Secretary Chris Right, thank you so much for your time. 330 00:16:06,800 --> 00:16:09,800 Speaker 9: That was, of course the new Energy Secretary, Chris Right, 331 00:16:10,760 --> 00:16:13,000 Speaker 9: repeating what we hear a lot from this president. 332 00:16:13,120 --> 00:16:14,280 Speaker 7: Lower energy prices. 333 00:16:15,520 --> 00:16:17,680 Speaker 2: Drill, Baby Drill got a big applause in the chamber 334 00:16:17,760 --> 00:16:20,840 Speaker 2: this evening. Bloomberg's Amory Hordar, and thank you so much. 335 00:16:20,880 --> 00:16:22,440 Speaker 2: We'll check back in with her in just a moment, 336 00:16:22,440 --> 00:16:24,720 Speaker 2: but we returned first to our signature panel in Bloomberg 337 00:16:24,760 --> 00:16:28,080 Speaker 2: Politics and tributors Rick Davis and Jeanie shan Zeno. Genie, 338 00:16:28,080 --> 00:16:30,160 Speaker 2: I want to get your reaction quickly while we can 339 00:16:30,240 --> 00:16:33,160 Speaker 2: to Senator Alyssa. Slotkin's response that we just heard Amory 340 00:16:33,240 --> 00:16:35,680 Speaker 2: was talking to the Energy secretary there about tariff. Senator 341 00:16:35,680 --> 00:16:39,160 Speaker 2: Slotkins says a trade war will hurt manufacturing in farmers. 342 00:16:39,200 --> 00:16:41,960 Speaker 2: If he's not careful, speaking of the president, he could 343 00:16:41,960 --> 00:16:45,240 Speaker 2: walk us right into a recession. Did she have the 344 00:16:45,320 --> 00:16:46,080 Speaker 2: right message? 345 00:16:46,440 --> 00:16:49,240 Speaker 6: I think she did. I mean, her broad message overall 346 00:16:49,320 --> 00:16:52,040 Speaker 6: on the economy and security was that there is a 347 00:16:52,200 --> 00:16:55,480 Speaker 6: right way to make change, and she said change is needed, 348 00:16:55,760 --> 00:16:57,880 Speaker 6: and there's a reckless way to do it. And she 349 00:16:58,000 --> 00:17:00,920 Speaker 6: said Donald Trump is veering on the reckless end of that. 350 00:17:01,360 --> 00:17:04,480 Speaker 6: And she gave as an example, you know, Elon Musk 351 00:17:04,640 --> 00:17:08,000 Speaker 6: talking about the fact that social security is the greatest 352 00:17:08,160 --> 00:17:11,320 Speaker 6: Ponzi scheme. That was just a reminder to what she 353 00:17:11,480 --> 00:17:15,000 Speaker 6: says is the reckless way in which Trump, both on 354 00:17:15,080 --> 00:17:19,119 Speaker 6: the economy and on national security, is pursuing these policies. 355 00:17:19,160 --> 00:17:22,040 Speaker 6: So it's a tough speech to give. But I thought 356 00:17:22,119 --> 00:17:25,960 Speaker 6: her tone, particularly in contrast to Donald Trump's. 357 00:17:25,760 --> 00:17:26,240 Speaker 7: Was right on. 358 00:17:26,520 --> 00:17:30,200 Speaker 3: What did you think of this? A typically thankless job, 359 00:17:30,359 --> 00:17:33,360 Speaker 3: if not a humiliating one to deliver the party response. 360 00:17:33,400 --> 00:17:37,040 Speaker 3: Democrats chose to make it clean, no kitchen tables, just 361 00:17:37,080 --> 00:17:39,760 Speaker 3: a bunch of American flags, play it straight to the camera. 362 00:17:39,960 --> 00:17:41,200 Speaker 3: Did she deliver the message? 363 00:17:41,320 --> 00:17:44,200 Speaker 5: Yeah, I think she delivered a Republican message. 364 00:17:44,240 --> 00:17:46,000 Speaker 4: I mean, like, which side is she on? I mean, 365 00:17:46,080 --> 00:17:49,000 Speaker 4: she's talking about Ron Reagan, she's talking about national debt. 366 00:17:49,200 --> 00:17:53,680 Speaker 5: She's I mean, like a very very centrist message for Democrats, 367 00:17:53,960 --> 00:17:57,040 Speaker 5: and a very very similar message you'd hear from a 368 00:17:57,080 --> 00:18:00,960 Speaker 5: mainstream Republican who would be giving a speech that after 369 00:18:01,000 --> 00:18:03,720 Speaker 5: a Democratic president would have come to the chamber. I mean, 370 00:18:04,359 --> 00:18:06,359 Speaker 5: I don't think she made any mistakes. There's a lot 371 00:18:06,560 --> 00:18:09,160 Speaker 5: that I think a lot of voters. 372 00:18:08,840 --> 00:18:10,960 Speaker 4: Are going to like about that. But she is way 373 00:18:11,119 --> 00:18:12,320 Speaker 4: to the right of her party. 374 00:18:12,560 --> 00:18:15,760 Speaker 5: I mean, while she's giving that speech, you have Bernie 375 00:18:15,800 --> 00:18:18,800 Speaker 5: Sanders who decided to leave early so that he could 376 00:18:18,840 --> 00:18:19,800 Speaker 5: give his own. 377 00:18:19,680 --> 00:18:21,320 Speaker 4: Version of this speech. 378 00:18:21,359 --> 00:18:23,280 Speaker 5: And I don't know what he said tonight because we 379 00:18:23,280 --> 00:18:27,919 Speaker 5: were listening to the sometimes Republican Alissa Slotkin. But like, 380 00:18:28,440 --> 00:18:31,399 Speaker 5: that's the problem with the Democratic Party is there's no 381 00:18:31,560 --> 00:18:35,679 Speaker 5: one party. There's the left represented by Bernie Sanders in 382 00:18:35,720 --> 00:18:38,400 Speaker 5: a moderate middle more represented by Lisa Slatkin. 383 00:18:38,480 --> 00:18:40,560 Speaker 3: But we're going to hear from a prominent Democrat right 384 00:18:40,560 --> 00:18:43,399 Speaker 3: now who might take issue with that characterization. Bloomberg's and 385 00:18:43,480 --> 00:18:46,440 Speaker 3: Marie hor Dern is joined now live from Capitol Hill 386 00:18:46,480 --> 00:18:49,720 Speaker 3: by California Senator Adam Schiff Hemory, Thanks. 387 00:18:49,560 --> 00:18:50,080 Speaker 7: So much, Joe. 388 00:18:50,119 --> 00:18:52,399 Speaker 9: Yeah, let's get the senator's take on what Rick was 389 00:18:52,480 --> 00:18:54,600 Speaker 9: just talking about. You're talking about the fact that you 390 00:18:54,600 --> 00:18:57,960 Speaker 9: have Sentaer slock In giving the response a little bit 391 00:18:58,000 --> 00:19:02,040 Speaker 9: more of a moderate Democrat. Same time, Bernie Sanders decided 392 00:19:02,080 --> 00:19:04,320 Speaker 9: to leave the speech to give his own speech. Is 393 00:19:04,320 --> 00:19:08,040 Speaker 9: the Democratic Party at this moment able to talk about 394 00:19:08,080 --> 00:19:09,800 Speaker 9: policy with one voice? 395 00:19:10,320 --> 00:19:13,040 Speaker 10: Well, I think we're quite united on the fact that 396 00:19:13,560 --> 00:19:16,520 Speaker 10: Donald Trump tonight gave Americans no reason to believe he 397 00:19:16,600 --> 00:19:18,960 Speaker 10: was going to do anything about the struggles they're facing, 398 00:19:19,520 --> 00:19:21,920 Speaker 10: nothing about bringing down the cost of goods. He spent 399 00:19:22,359 --> 00:19:25,760 Speaker 10: more time talking about Greenland and about the Panama Canal 400 00:19:26,160 --> 00:19:28,560 Speaker 10: than he did what he's doing to reduce prices, And 401 00:19:28,600 --> 00:19:31,720 Speaker 10: of course, in that department he's been an abject failure. 402 00:19:31,760 --> 00:19:34,960 Speaker 10: No wonder he wanted to avoid the subject, but you know, 403 00:19:35,080 --> 00:19:38,400 Speaker 10: keeping the focus on what he said what he didn't say. 404 00:19:39,320 --> 00:19:45,200 Speaker 10: So much firehood of falsehood about social security, so many 405 00:19:45,480 --> 00:19:49,600 Speaker 10: hypocritical claims supporting law enforcement and then pardoning the people 406 00:19:49,680 --> 00:19:53,320 Speaker 10: that beat police officers in this very space where we're standing. 407 00:19:54,400 --> 00:19:57,919 Speaker 10: There was a lot to analyze in the president's speech, 408 00:19:58,080 --> 00:19:59,840 Speaker 10: and none of it particularly good. 409 00:20:00,200 --> 00:20:02,880 Speaker 9: Is there something that you think you can work with 410 00:20:02,920 --> 00:20:06,600 Speaker 9: your Republican colleagues on the rest of the year. 411 00:20:07,119 --> 00:20:09,879 Speaker 10: Well, it really depends on whether they're willing to stand 412 00:20:09,960 --> 00:20:11,679 Speaker 10: up to this president. I would love to work with 413 00:20:11,720 --> 00:20:15,879 Speaker 10: my Republican colleagues on supporting Ukraine, something that the vast 414 00:20:15,880 --> 00:20:20,120 Speaker 10: majority of them believe that we shouldn't be essentially catering 415 00:20:20,160 --> 00:20:23,000 Speaker 10: to the Kremlin dictator. But you heard none of that 416 00:20:23,080 --> 00:20:25,600 Speaker 10: in the speech tonight. No willingness to stand up to Putin. 417 00:20:27,240 --> 00:20:32,160 Speaker 10: I would love to work on providing continued support for Ukraine. 418 00:20:32,280 --> 00:20:34,399 Speaker 10: I'd love to work with my Republican colleagues on bringing 419 00:20:34,440 --> 00:20:37,600 Speaker 10: down the cost of things. That is not the President's priority, though, 420 00:20:37,600 --> 00:20:40,639 Speaker 10: and at this point they are still in lockstep with 421 00:20:40,720 --> 00:20:43,000 Speaker 10: them as destructive as that march is. 422 00:20:43,640 --> 00:20:45,480 Speaker 7: Senator Adam Schiff, thank you so much for your time 423 00:20:45,520 --> 00:20:46,000 Speaker 7: this evening. 424 00:20:46,160 --> 00:20:49,600 Speaker 9: Thank you, Joe Kayley of course, the Senator from California. 425 00:20:49,720 --> 00:20:49,960 Speaker 7: Thanks. 426 00:20:49,960 --> 00:20:53,040 Speaker 9: The party can unite on just making sure they're targeting 427 00:20:54,119 --> 00:20:56,439 Speaker 9: what they don't like the criticisms they see when it 428 00:20:56,440 --> 00:20:59,760 Speaker 9: comes to things like this evening, when you have Trump's 429 00:20:59,800 --> 00:21:02,639 Speaker 9: being on the chambers. 430 00:21:02,240 --> 00:21:06,680 Speaker 2: Floor, absolutely with Ukraine among the topics we heard the 431 00:21:06,680 --> 00:21:09,040 Speaker 2: President speaking about Anne Marie, Thank you so much. And 432 00:21:09,040 --> 00:21:11,320 Speaker 2: on the note of Ukraine, we turned back to Rick 433 00:21:11,400 --> 00:21:13,960 Speaker 2: Davis and Janie shaan Zeno. Rick, it is notable the 434 00:21:14,000 --> 00:21:16,880 Speaker 2: President once again was talking about the money the US 435 00:21:16,880 --> 00:21:19,679 Speaker 2: has spent toward Ukraine, actually inflating it. He says it's 436 00:21:19,680 --> 00:21:22,240 Speaker 2: three hundred and fifty billion dollars. The actual amount appropriated 437 00:21:22,240 --> 00:21:24,600 Speaker 2: by Congress is one hundred and eighty three billion dollars, 438 00:21:24,680 --> 00:21:28,280 Speaker 2: and all of that even went directly to Ukraine. But 439 00:21:28,440 --> 00:21:31,280 Speaker 2: when we consider that there were lawmakers, including the Speaker 440 00:21:31,320 --> 00:21:33,200 Speaker 2: of the House who was behind him for the duration 441 00:21:33,240 --> 00:21:36,320 Speaker 2: of this address, who were supportive of passing that a 442 00:21:36,480 --> 00:21:38,920 Speaker 2: do you sense here that there could be a US 443 00:21:38,960 --> 00:21:41,400 Speaker 2: shift back toward Ukraine given some of the other remarks 444 00:21:41,880 --> 00:21:43,960 Speaker 2: President Trump made about how he was happy to receive 445 00:21:44,000 --> 00:21:45,520 Speaker 2: that letter from Zelensky today. 446 00:21:45,800 --> 00:21:46,040 Speaker 4: Yeah. 447 00:21:46,040 --> 00:21:47,720 Speaker 5: Look, I mean, I think we're in a period of 448 00:21:47,720 --> 00:21:51,480 Speaker 5: time where the Republican Party is singularly defined by Donald Trump. 449 00:21:51,560 --> 00:21:56,000 Speaker 5: So if Donald Trump says that extra support to Ukraine 450 00:21:56,040 --> 00:21:59,720 Speaker 5: would help give him a card to play with Vladimir 451 00:21:59,760 --> 00:22:01,680 Speaker 5: Pus and to get him to the peace table, they'll 452 00:22:01,680 --> 00:22:02,040 Speaker 5: do that. 453 00:22:02,320 --> 00:22:03,560 Speaker 4: If he says cut. 454 00:22:03,320 --> 00:22:07,480 Speaker 5: Off aid like he did yesterday and suspend military assistance, 455 00:22:07,800 --> 00:22:10,320 Speaker 5: they're going to say, okay with us. So I think 456 00:22:10,320 --> 00:22:13,800 Speaker 5: what we saw tonight was a president completely in command 457 00:22:13,880 --> 00:22:16,919 Speaker 5: of his party. They stood up every time he finished 458 00:22:16,920 --> 00:22:20,600 Speaker 5: the sentence and applauded. This is a party that he 459 00:22:20,720 --> 00:22:25,679 Speaker 5: will dictate terms of their legislative agenda in the national agenda, 460 00:22:25,760 --> 00:22:27,959 Speaker 5: and they will pull that rope anywhere he tells him 461 00:22:28,000 --> 00:22:30,760 Speaker 5: to go. So I think, yes, I mean, I think 462 00:22:30,800 --> 00:22:33,520 Speaker 5: that as long as Donald Trump has it in his 463 00:22:33,600 --> 00:22:37,000 Speaker 5: mind that additional support to Ukraine strengthened his hands to 464 00:22:37,040 --> 00:22:40,760 Speaker 5: get peace. He made it totally clear he wants to 465 00:22:40,760 --> 00:22:43,600 Speaker 5: stop the bloodshed on the border between Ukraine and Russia, 466 00:22:43,880 --> 00:22:47,720 Speaker 5: and Ukraine will either benefit from that or pay a price. 467 00:22:47,920 --> 00:22:48,520 Speaker 4: Let's bring our. 468 00:22:48,480 --> 00:22:51,480 Speaker 3: Audience right back to Capitol Hill now Live. Bloomberg's a 469 00:22:51,560 --> 00:22:54,720 Speaker 3: Marie Hordern has another member of the Trump administration standing 470 00:22:54,760 --> 00:22:55,280 Speaker 3: by Enmory. 471 00:22:56,160 --> 00:22:59,280 Speaker 9: That's right, a new Secretary for Housing and Urban Development, 472 00:22:59,320 --> 00:22:59,880 Speaker 9: Scott Turner. 473 00:23:00,080 --> 00:23:01,959 Speaker 7: Thank you so much for joining us this evening. 474 00:23:02,240 --> 00:23:04,960 Speaker 9: So the President outlined is agenda at his policies, but 475 00:23:05,040 --> 00:23:07,879 Speaker 9: your brand new secretary, what are you hoping to achieve? 476 00:23:08,359 --> 00:23:11,040 Speaker 1: Well, you know, tonight was really a fantastic time and 477 00:23:11,119 --> 00:23:15,080 Speaker 1: a powerful time and President Trump outlining the American First agenda, 478 00:23:15,840 --> 00:23:18,080 Speaker 1: And as the Secretary of HUD, you know we also 479 00:23:18,119 --> 00:23:20,640 Speaker 1: have an American First agenda to serve the American people. 480 00:23:20,680 --> 00:23:24,440 Speaker 1: At HUD, we serve the most vulnerable citizens in our country. 481 00:23:24,720 --> 00:23:27,000 Speaker 1: And as far as priorities, you know, we have a 482 00:23:27,240 --> 00:23:31,720 Speaker 1: homeless housing affordability crisis in our country, and so we 483 00:23:31,760 --> 00:23:35,439 Speaker 1: want to bring up the supply and decrease the costs 484 00:23:35,480 --> 00:23:40,040 Speaker 1: either by regulatory reform by public private partnerships. A couple 485 00:23:40,040 --> 00:23:44,720 Speaker 1: of weeks ago, we took down the affh Rule, which 486 00:23:44,840 --> 00:23:47,679 Speaker 1: was a really social engineering of neighborhoods, and so we 487 00:23:47,760 --> 00:23:51,800 Speaker 1: want to bring back local control, decrease the costs, working 488 00:23:51,800 --> 00:23:56,560 Speaker 1: with localities, bring federal costs down, and so homelessness in 489 00:23:56,600 --> 00:23:58,959 Speaker 1: our nation, you know, went up eighteen percent. 490 00:23:59,040 --> 00:24:01,000 Speaker 9: Doesn't so much of this to do with where mortgage 491 00:24:01,080 --> 00:24:03,720 Speaker 9: rates are right now, and that's pretty much out of 492 00:24:03,760 --> 00:24:06,200 Speaker 9: your control. Do you see the housing market being able 493 00:24:06,240 --> 00:24:09,159 Speaker 9: to move if mortgage rates are not coming down? 494 00:24:09,440 --> 00:24:11,679 Speaker 1: Well, you know, since President Trump came in, you know, 495 00:24:11,760 --> 00:24:15,040 Speaker 1: mortgage rates have been coming down every week, and that's 496 00:24:15,040 --> 00:24:17,520 Speaker 1: a big problem. You know, in America, people can't afford 497 00:24:17,560 --> 00:24:21,000 Speaker 1: to buy houses because inflation is up, mortgage rates are up, 498 00:24:21,240 --> 00:24:23,000 Speaker 1: the cost is up, and so we want to bring 499 00:24:23,040 --> 00:24:26,480 Speaker 1: the costs down and increase the supply. And so President 500 00:24:26,480 --> 00:24:29,280 Speaker 1: Trump on the first day side in executive order, you know, 501 00:24:29,400 --> 00:24:32,800 Speaker 1: to restore housing affordability and decrease the costs for every 502 00:24:32,840 --> 00:24:34,000 Speaker 1: American in our country. 503 00:24:34,760 --> 00:24:37,280 Speaker 9: We do know that the Biden administration had a goal 504 00:24:37,359 --> 00:24:40,760 Speaker 9: of making sure individuals, especially in rural areas, we're able 505 00:24:40,800 --> 00:24:44,159 Speaker 9: to axit the access the internet through broadband. Now we're 506 00:24:44,200 --> 00:24:46,520 Speaker 9: seeing a lot of reports that potentially they want to 507 00:24:46,560 --> 00:24:49,840 Speaker 9: do away with that. But have individuals access startlink. Do 508 00:24:49,880 --> 00:24:52,280 Speaker 9: you think Elon must startlink should be used? 509 00:24:52,600 --> 00:24:54,400 Speaker 7: I imagine this would come under your purview. 510 00:24:54,800 --> 00:24:58,399 Speaker 1: Well, actually, you know, hud is housing and as you know, 511 00:24:58,520 --> 00:25:02,560 Speaker 1: when the hurricane hit North Carolina, Elon and Starling with 512 00:25:02,680 --> 00:25:06,200 Speaker 1: some of the first to restore their internet for people 513 00:25:06,240 --> 00:25:08,199 Speaker 1: there at North Carolina. It really saved a lot of 514 00:25:08,200 --> 00:25:11,879 Speaker 1: people's lives and families. And so we are hopeful, you know, 515 00:25:12,000 --> 00:25:14,440 Speaker 1: that we can get more broadband and Starling out to 516 00:25:14,560 --> 00:25:17,520 Speaker 1: our rural families. And yes, you know with housing, we 517 00:25:17,560 --> 00:25:20,919 Speaker 1: also need housing in rural areas, workforce and affordable housing. 518 00:25:21,000 --> 00:25:22,480 Speaker 8: And so working. 519 00:25:22,160 --> 00:25:26,000 Speaker 1: Together with the other agencies, with a Dolge Task Force, 520 00:25:26,080 --> 00:25:28,560 Speaker 1: with the President and the White House, we will restore 521 00:25:28,880 --> 00:25:32,080 Speaker 1: and bringing housing to rural, urban and tribal communities in 522 00:25:32,119 --> 00:25:32,680 Speaker 1: our country. 523 00:25:32,880 --> 00:25:34,720 Speaker 9: Housing is it was a big it was a big 524 00:25:34,760 --> 00:25:37,359 Speaker 9: issue for this election. Secretary, thank you so much for 525 00:25:37,400 --> 00:25:40,959 Speaker 9: your time this evening. Of course, that was new Secretary 526 00:25:41,000 --> 00:25:44,240 Speaker 9: of Housing and Urban Development, Scott Turner there his key 527 00:25:44,240 --> 00:25:49,200 Speaker 9: focus as you might expect, housing, No. 528 00:25:49,240 --> 00:25:51,880 Speaker 2: Surprise there Bloombergs and Marie Hordern and Statuary Hall. 529 00:25:51,960 --> 00:25:53,120 Speaker 7: Thank you so much. 530 00:25:53,200 --> 00:25:55,800 Speaker 2: Rick Davis and Jeanie shanzin a our signature political panels 531 00:25:55,800 --> 00:25:57,760 Speaker 2: still with us. Genie, we did hear a bit about 532 00:25:57,800 --> 00:26:00,800 Speaker 2: mortgage rates from the President today. He suggested that he's 533 00:26:00,880 --> 00:26:03,840 Speaker 2: going to bring them down or they will bring them down. 534 00:26:03,880 --> 00:26:06,720 Speaker 2: That was one element of his economic messaging. But when 535 00:26:06,760 --> 00:26:09,160 Speaker 2: you think about the speech in totality, all one hundred 536 00:26:09,200 --> 00:26:11,320 Speaker 2: minutes of it, was there enough of that in there 537 00:26:11,359 --> 00:26:14,720 Speaker 2: for the American voter, given what we've seen suggested in 538 00:26:14,800 --> 00:26:16,880 Speaker 2: polling leading up to this, You. 539 00:26:16,800 --> 00:26:19,840 Speaker 6: Know, I don't think there was. I mean, I think 540 00:26:19,880 --> 00:26:24,720 Speaker 6: the President really missed an opportunity tonight, and that opportunity 541 00:26:24,920 --> 00:26:28,480 Speaker 6: was to speak to the American public about what they 542 00:26:28,480 --> 00:26:31,919 Speaker 6: are experiencing as they go to the grocery store. You know, 543 00:26:32,200 --> 00:26:34,920 Speaker 6: this is a man who, what twenty four hours ago, 544 00:26:35,320 --> 00:26:39,520 Speaker 6: put in place enormous tariffs which will have impacts directly 545 00:26:39,560 --> 00:26:42,880 Speaker 6: on the American public, and he didn't take the opportunity 546 00:26:42,960 --> 00:26:46,800 Speaker 6: tonight to explain to them why they would be feeling 547 00:26:46,880 --> 00:26:49,480 Speaker 6: this pain. In fact, he told farmers who are going 548 00:26:49,560 --> 00:26:52,280 Speaker 6: to be feeling it to have some fun. And so 549 00:26:52,520 --> 00:26:55,639 Speaker 6: it is that kind of message that just falls flat. 550 00:26:55,680 --> 00:26:58,359 Speaker 6: And that's why as you juxtapose that to what the 551 00:26:58,440 --> 00:27:01,560 Speaker 6: senator from Michigan was taught talking about, she is one 552 00:27:01,680 --> 00:27:06,120 Speaker 6: hundred percent right that there is a way to achieve change. 553 00:27:06,160 --> 00:27:08,760 Speaker 6: She won in the same state Donald Trump is there's 554 00:27:08,800 --> 00:27:12,000 Speaker 6: a way to do things responsibly, and there's a recklessness. 555 00:27:12,240 --> 00:27:15,280 Speaker 6: And he has been reckless with the economy so far, 556 00:27:15,600 --> 00:27:17,479 Speaker 6: and he's been reckless with security use. 557 00:27:17,520 --> 00:27:19,720 Speaker 3: It's going to feel tomorrow, Rick, everyone has a chance 558 00:27:19,760 --> 00:27:21,840 Speaker 3: to sleep on it. We get a bunch of analysis, 559 00:27:21,880 --> 00:27:24,200 Speaker 3: wake up to morning columns. Then we're going to look 560 00:27:24,200 --> 00:27:26,840 Speaker 3: at futures when they open. Reflecting on what you said 561 00:27:26,880 --> 00:27:31,520 Speaker 3: earlier about the heart of this speech tonight being tariffs. 562 00:27:31,560 --> 00:27:35,000 Speaker 5: Yeah, anybody who was trading on the idea that Howard 563 00:27:35,040 --> 00:27:38,320 Speaker 5: Lutnik was espousing earlier today that somehow these tariffs were 564 00:27:38,359 --> 00:27:40,880 Speaker 5: going to be modified to a point where they didn't 565 00:27:40,920 --> 00:27:43,639 Speaker 5: have a big impact, they're going to wake up with 566 00:27:43,680 --> 00:27:47,960 Speaker 5: another sensibility. I think there's no daylight in this speech 567 00:27:48,119 --> 00:27:50,879 Speaker 5: on what the Trump administration plans to do with the 568 00:27:50,960 --> 00:27:51,600 Speaker 5: use of tariffs. 569 00:27:51,640 --> 00:27:52,640 Speaker 4: And I was surprised. 570 00:27:52,640 --> 00:27:56,280 Speaker 5: The one thing that I thought was something that the 571 00:27:56,359 --> 00:27:59,520 Speaker 5: Trump administration could have bought into was the Chips Act. 572 00:27:59,560 --> 00:28:03,880 Speaker 5: Idea that we've allocated billions of dollars to spur. 573 00:28:03,800 --> 00:28:06,360 Speaker 4: Chip development in the United States. 574 00:28:07,040 --> 00:28:11,280 Speaker 5: I thought was agenda item that Donald Trump would take 575 00:28:11,320 --> 00:28:13,400 Speaker 5: from the Biden administration and embrace. 576 00:28:13,640 --> 00:28:15,640 Speaker 4: But oh no, any monies that were not. 577 00:28:15,640 --> 00:28:18,359 Speaker 5: Spent up to this point in time on the Chips 578 00:28:18,400 --> 00:28:21,960 Speaker 5: Act are going to be recaptured and used to reduce 579 00:28:22,000 --> 00:28:23,960 Speaker 5: the debt at least, you know, based on what Donald 580 00:28:23,960 --> 00:28:28,040 Speaker 5: Trump said tonight. So and at the same time announcing 581 00:28:28,080 --> 00:28:33,080 Speaker 5: that TSMC just yesterday was going to build a massive 582 00:28:33,760 --> 00:28:36,480 Speaker 5: commitment of tens of billions of dollars to build more 583 00:28:36,520 --> 00:28:39,480 Speaker 5: facilities here in the United States. So look, I mean, 584 00:28:39,920 --> 00:28:41,160 Speaker 5: I think there are a lot of people in the 585 00:28:41,160 --> 00:28:43,360 Speaker 5: business community who will be looking with a fine tooth 586 00:28:43,440 --> 00:28:46,480 Speaker 5: comb to figure out what the pathway is going to be. 587 00:28:46,840 --> 00:28:49,440 Speaker 5: I think you're going to see pretty much what you 588 00:28:49,440 --> 00:28:51,560 Speaker 5: would have expected at the beginning of this administration. 589 00:28:51,840 --> 00:28:54,280 Speaker 2: I will point out that the Commerce Secretary, Howard Lutnik, 590 00:28:54,360 --> 00:28:56,400 Speaker 2: just caught up with some reporters in Statuary Hall after 591 00:28:56,480 --> 00:28:59,360 Speaker 2: leaving the Chamber. He reiterated that there will be an 592 00:28:59,400 --> 00:29:02,600 Speaker 2: announcement on tariffs on Canada and Mexico tomorrow. 593 00:29:02,680 --> 00:29:05,640 Speaker 7: Jeanie, should we really expect this? It almost is tomorrow. 594 00:29:05,720 --> 00:29:07,360 Speaker 2: In fact, it's twenty three minutes to midnight. 595 00:29:07,640 --> 00:29:09,080 Speaker 6: I am holding my breath. 596 00:29:09,120 --> 00:29:10,360 Speaker 7: I can't wait to find out. 597 00:29:10,400 --> 00:29:13,479 Speaker 6: Because the speech we heard the President seemed to be 598 00:29:13,560 --> 00:29:17,400 Speaker 6: doubling down on those tariffs. Could he change his mind? Certainly, 599 00:29:17,440 --> 00:29:20,640 Speaker 6: and perhaps the Commerce Secretary knows what is coming, but 600 00:29:21,120 --> 00:29:23,680 Speaker 6: it does not seem like what we heard from the 601 00:29:23,720 --> 00:29:28,960 Speaker 6: President tonight. He seems very invested in pursuing a policy 602 00:29:29,400 --> 00:29:32,160 Speaker 6: of tariffs, and it is a long term commitment from 603 00:29:32,200 --> 00:29:32,600 Speaker 6: the president. 604 00:29:32,680 --> 00:29:35,960 Speaker 3: You think we see a signing ceremony soon with President Zelenski. 605 00:29:36,440 --> 00:29:39,640 Speaker 6: I do think it's possible. He sounded like it would be. 606 00:29:39,600 --> 00:29:41,760 Speaker 3: Possible tonight from the rafters at one point. 607 00:29:42,120 --> 00:29:44,680 Speaker 6: Yeah, yeah, And of course you know that would be 608 00:29:44,800 --> 00:29:47,920 Speaker 6: welcome by all of us, and the President Zelenski sent 609 00:29:47,960 --> 00:29:52,200 Speaker 6: a very conciliatory message today. The President reiterated that, So 610 00:29:52,560 --> 00:29:55,040 Speaker 6: if that is doable and that is possible, that is 611 00:29:55,120 --> 00:29:57,480 Speaker 6: certainly welcome news. And I think that was the biggest 612 00:29:57,560 --> 00:30:00,680 Speaker 6: news that was made tonight, in addition to that tariffs, 613 00:30:00,800 --> 00:30:03,840 Speaker 6: was that we may see a deal with Zelenski. 614 00:30:03,960 --> 00:30:05,560 Speaker 2: We have less than a minute left here, Rick, but 615 00:30:05,600 --> 00:30:07,680 Speaker 2: obviously we heard a lot from the President tonight about 616 00:30:07,680 --> 00:30:09,320 Speaker 2: what he's done in the last six weeks. 617 00:30:09,360 --> 00:30:11,360 Speaker 7: Can he keep up this pace for. 618 00:30:11,360 --> 00:30:14,400 Speaker 2: The next six weeks on tariff announcements or anything else? 619 00:30:14,480 --> 00:30:18,080 Speaker 5: Yeah, Look, I mean, obviously, hundreds of executive orders aren't 620 00:30:18,080 --> 00:30:20,200 Speaker 5: going to be replicated in the course of you know, 621 00:30:20,880 --> 00:30:24,880 Speaker 5: every six months. But the reality is that they are 622 00:30:25,000 --> 00:30:27,320 Speaker 5: f to a fast pace, and I would imagine as 623 00:30:27,360 --> 00:30:30,560 Speaker 5: these cabinet secretaries dig into their agencies, they're going to 624 00:30:30,560 --> 00:30:33,600 Speaker 5: find things that they're going to be reversing and engineering 625 00:30:33,640 --> 00:30:35,480 Speaker 5: on their own. So yeah, I think this is going 626 00:30:35,520 --> 00:30:40,520 Speaker 5: to be an administration. Whether it's sustainable over years, we'll see, 627 00:30:40,560 --> 00:30:42,320 Speaker 5: but I think this is going to be here of 628 00:30:42,440 --> 00:30:45,120 Speaker 5: massive change in Washington, and it's going to go on 629 00:30:45,240 --> 00:30:46,400 Speaker 5: for quite some time to come. 630 00:30:46,520 --> 00:30:48,800 Speaker 3: This has been a great conversation with our signature panel, 631 00:30:48,800 --> 00:30:52,240 Speaker 3: and many thanks to Gidi, Shanzino and Rick Davis for 632 00:30:52,280 --> 00:30:55,080 Speaker 3: being with us on a special edition of Balance of Power. 633 00:30:55,160 --> 00:30:57,040 Speaker 3: Many thanks to you as well, and get a jump 634 00:30:57,080 --> 00:31:01,040 Speaker 3: on trading. Tomorrow morning, eight am Eastern Time, Bloomberg TV 635 00:31:01,120 --> 00:31:04,440 Speaker 3: and Radio interviewing Commerce Secretary Lutnick and Marie will have 636 00:31:04,480 --> 00:31:05,720 Speaker 3: that conversation for us.