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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am

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Speaker 1: easterne on, Apple, Cocklay and Android Auto with the Bloomberg

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Speaker 1: Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: We mentioned IPOs, We mentioned SpaceX. George Ferguson is one

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Speaker 2: of many of our bi analysts tests with trying to

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Speaker 2: get some fundamentals around this company, because it's kind of

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Speaker 2: a company that covers all these different industries. George's, of course,

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Speaker 2: our senior industry analysts covering aerospace and defense. George, you

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Speaker 2: have this tad task of putting fundamentals to SpaceX when

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Speaker 2: all anyone can remember is the total addressable market being

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Speaker 2: was at number twenty nine trillion.

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Speaker 3: Twenty eight trillion.

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Speaker 2: North of twenty eight trillion doesn't matter at this point, George,

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Speaker 2: can you give us some sense of what profits will

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Speaker 2: look like for SpaceX once it is sustainably profitable?

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Speaker 4: Yeah?

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Speaker 5: So, so look, I mean I should say start by

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Speaker 5: saying SpaceX is a company that's in a lot of flux, right,

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Speaker 5: it's essentially building out. I think the bigger portion of

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Speaker 5: stories it's building out an AI business. I'm not sure

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Speaker 5: we totally understand what the AI business looks like for anybody.

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Speaker 5: And when they're done, they're going to i think, put

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Speaker 5: these data centers in space.

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Speaker 6: That's where they're trying to go.

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Speaker 5: So you know, we're not only a business that's I

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Speaker 5: think nobody fully understands what it's going to look like.

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Speaker 5: When it's done, they're going to go one step further

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Speaker 5: and try to make it extraterrestrial.

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Speaker 6: So we've put together a model though in the Bloomberg.

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Speaker 5: Service you can find it under BI space ae rog

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Speaker 5: an interactive model, or you can load the SpaceX ticker

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Speaker 5: and type in MODL MODL for your model. We essentially

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Speaker 5: see a business business that we think could go from

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Speaker 5: nineteen billion dollars in revenue in twenty twenty five to

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Speaker 5: one hundred and sixty ish billion revenue in twenty thirty,

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Speaker 5: so a big step. A lot of that is all

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Speaker 5: about AI, and then we're you know, we kind of

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Speaker 5: see an operating income. Now twenty twenty five they reported

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Speaker 5: negative two and a half billion. We think that could

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Speaker 5: swing to a positive almost twenty one billion by twenty thirty.

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Speaker 5: The majority of that continues to be connectivity. That's their

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Speaker 5: satellite business. You know, it's going to be broadband from satellite,

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Speaker 5: some direct to sell. That could be like a fourteen

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Speaker 5: to fifteen billion dollar operating income business by twenty thirty.

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Speaker 5: But AI is at that point sort of in full swing,

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Speaker 5: you know, building profitability, and we could see maybe six

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Speaker 5: and a half billion dollar contribution from AI in twenty

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Speaker 5: thirty to that operating profit number.

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Speaker 6: So those are the big moving parts.

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Speaker 5: That space launch business is kind of a barely profitable, barelyon.

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Speaker 6: Negative kind of business. It's not a not a big business.

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Speaker 5: But it also doesn't reflect all of its revenues and

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Speaker 5: profits because any work done for internal SpaceX companies doesn't

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Speaker 5: flow through the revenue statement in the space business and

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Speaker 5: doesn't have a recorded expense because of the way they're

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Speaker 5: going to do the accounting on that.

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Speaker 7: So, all right, how are they going to how are

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Speaker 7: they going to finance all this stuff?

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Speaker 5: George, Yeah, yeah, So I mean that's of course the

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Speaker 5: million dollar or maybe it's the billion dollar question. So

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Speaker 5: we've wired in about one hundred billion dollars of debt

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Speaker 5: out to twenty thirty that in a brazing their initial

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Speaker 5: offering here. They refinanced a bridge loan and it was

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Speaker 5: twenty billion dollar bridge loan.

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Speaker 6: They just did it in the market last weeks or two.

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Speaker 5: And they came in. They got twenty five billions. That

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Speaker 5: uped a bit, and they had a rate that was

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Speaker 5: close to six. So we've kind of wired in a

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Speaker 5: six percent rate for another one hundred billion dollars worth

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Speaker 5: of debt. But I mean that's one of the bigger

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Speaker 5: challenges here right If the company isn't producing a lot

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Speaker 5: of EBITDA to support that debt and keep investment grade ratings,

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Speaker 5: you could have a bit of a breakdown in your

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Speaker 5: ability to finance through debt into twenty thirty. I would

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Speaker 5: also note that in the S one the authorization for

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Speaker 5: shares were quite large compared to the shares that were

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Speaker 5: actually issued, and so you know, there's room to issue

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Speaker 5: more A shares which only have one voting stake. Elon

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Speaker 5: Musk's B shares, he has a lot of those those

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Speaker 5: have ten votes, so does a room to.

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Speaker 6: Do a lot more A shares.

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Speaker 5: And they had C shares in that mix as well,

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Speaker 5: So I think you could see some additional equity issuance

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Speaker 5: to continue to fund build out a data centers, you know,

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Speaker 5: designing starship and you know other interplanetary.

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Speaker 6: You know, transportation devices things like that, and.

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Speaker 2: Tesla eventually becomes part of SpaceX as well.

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Speaker 5: You know, that's the rumor we can keep hearing. You know,

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Speaker 5: I don't know why they wouldn't have rolled it in initially.

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Speaker 5: To be honest with you, it feels to me like

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Speaker 5: these three companies do mesh to a degree right.

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Speaker 6: Space really gets.

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Speaker 5: You your lift you need for that connectivity business. And

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Speaker 5: if you're really moving data centers of space, which I

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Speaker 5: mean everybody complains about putting them in their neighborhood nowadays

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Speaker 5: because of you know, energy draws and such, I could

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Speaker 5: see that being maybe a natural fit if you can

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Speaker 5: find a way for that tech to work.

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Speaker 6: I don't know how Tesla fits in there.

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Speaker 5: I mean when we you know, when we saw the

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Speaker 5: the s one for SpaceX, they had you know, they

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Speaker 5: had the Tesla trucks ort to dragging or driving around spaceports.

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Speaker 5: I don't know, maybe they're going to drag rockets out

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Speaker 5: to the launch with it or something, but I feel

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Speaker 5: like it doesn't quite fit.

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Speaker 3: Stay with us. More from Bloomberg Intelligence coming up.

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Speaker 1: After this, you're listening to the Bloomberg Intelligence podcast. Catch

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Speaker 1: us live weekdays ten am. He's done on Apple, Cocklay

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Speaker 1: and Android Auto with the Bloomberg Business App. Listen on

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Speaker 1: demand wherever you get your podcasts, or watch us live

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Speaker 1: on YouTube.

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Speaker 2: Let's turn now to Washington and check in with our

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Speaker 2: senior news editor, tech editor, I should say, Michael Shepherd.

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Speaker 2: He does cover tech and the intersection of policy as well,

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Speaker 2: which is where I want to start, Michael, because we

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Speaker 2: now have open Ai beginning discussions about giving the US

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Speaker 2: government a stake in the company. The proposal, at least

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Speaker 2: initially here from Sam Altman, the CEO, is a five

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Speaker 2: percent stake. This is this got my attention. Where did

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Speaker 2: this come from? How did this begin?

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Speaker 8: Well, this got a lot of people's attention, Scarlett. And

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Speaker 8: this idea is not necessarily a new one. The real

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Speaker 8: headline in the report from the Financial Times from overnight

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Speaker 8: was the size of the steak, the five percent. We've

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Speaker 8: previously reported and other outlets have too that you know,

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Speaker 8: the AI companies, especially open Ai, have floated this idea

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Speaker 8: of giving the government a piece of their business, giving

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Speaker 8: them shares. To see what would be a public benefit

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Speaker 8: fund to redistribute some of the gains from the AI

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Speaker 8: boom and maybe address some of the concerns that all

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Speaker 8: of this newfound wealth and economic dislocation brought by the

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Speaker 8: technology that that could somehow be softened they'll blow from

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Speaker 8: the AI roller could be minimized by sharing the gains

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Speaker 8: a little bit through this vehicle, and the administration has

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Speaker 8: talked about this a little bit. President Donald Trump embraced

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Speaker 8: the idea when asked by our own Amory hor Dern

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Speaker 8: last month on Air Force One, but the President offered

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Speaker 8: no specifics beyond just saying that he had been in

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Speaker 8: talks with some industry officials, and it's unclear whether negotiations

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Speaker 8: really active or advancing between the government and the company.

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Speaker 8: It seems more right now that this is something the

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Speaker 8: company is really trying to work out ahead of its

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Speaker 8: IBO to come up with what the size of a

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Speaker 8: steak could look like. What they're also envisioning is having

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Speaker 8: other AI labs, such as Anthropic or Google's Deep Mind

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Speaker 8: also offer stakes to the government. Now, whether those companies

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Speaker 8: would share the same enthusiasm that Sam Altman has for

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Speaker 8: it is unclear.

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Speaker 7: Giving away a five percent steak or selling a five

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Speaker 7: percent stake.

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Speaker 4: Well, Paul, that is.

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Speaker 8: A great question because we can think back to almost

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Speaker 8: a year ago when the US used the Chips Act

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Speaker 8: money that it had for set aside for Intel to

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Speaker 8: actually purchase a stake in the chip maker. This would

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Speaker 8: be different. The companies would actually give the steak as

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Speaker 8: seed money for this public benefit fund. Bernie Sanders, the

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Speaker 8: Vermont Independent, has proposed a similar idea. He has called

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Speaker 8: for actually creating this kind of a public benefit fund

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Speaker 8: to be seeded with a fifty percent tax on the

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Speaker 8: stock of these companies one time of these companies a

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Speaker 8: one time tax. All those proceeds would go into this

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Speaker 8: fund to then be redistributed with the American public. Republicans

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Speaker 8: have rejected the idea, and even President Donald Trump, when

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Speaker 8: asked specifically about the Sanders proposal, simply said I had

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Speaker 8: the idea first. And the size of what Bernie Sanders

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Speaker 8: is asking for is far different from what we're seeing,

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Speaker 8: at least through the Financial Times report of a five

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Speaker 8: percent stake.

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Speaker 2: All right, So we'll continue to watch that space to

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Speaker 2: see how things develop there. The other story we wanted

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Speaker 2: to touch on with you, Michael, has to do with

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Speaker 2: Apple looking to buy memory chips from China, which is

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Speaker 2: interesting given that the companies being proposed here are on

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Speaker 2: a blacklist, a Pentagon blacklist of Chinese entities that are

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Speaker 2: believed to have ties to China's military. But Apple kind

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Speaker 2: of always feels like it's in its own category.

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Speaker 8: Well it does, and again this is something else that's

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Speaker 8: another bit of fallout from the AI boom. There is

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Speaker 8: this unprecedented demand for memory to meet the needs of

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Speaker 8: artificial intelligence, and that is putting the squeeze on makers

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Speaker 8: of consumer electronics devices. Apple of course most prominently, but

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Speaker 8: also Microsoft and those companies have had to raise prices

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Speaker 8: across their product lines because of the increased expense for

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Speaker 8: the memory components that they put into the products that

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Speaker 8: they make. Now, what Apple is hoping to do is

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Speaker 8: add to its supply lines when it comes to memory.

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Speaker 8: And right now they turn to Samsung Electronics and Sknix

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Speaker 8: and Micron Technology for their memory needs. But their memory

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Speaker 8: needs right now are insatiable, and those memory providers have

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Speaker 8: been really trying to reorient some of their production lines

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Speaker 8: to meet the AI demand. So what Apple is proposing

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Speaker 8: to do is turn to CXMT and YMTC, two Chinese

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Speaker 8: chip makers that specialize in memory, but that are also

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Speaker 8: on a Pentagon blacklist because the US believes they support

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Speaker 8: China's military, and that really creates a political problem here

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Speaker 8: for Apple. The company doesn't need permission from the government

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Speaker 8: per se, say an export license or import license to

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Speaker 8: use this technology. Our reporting shows that Apple plans to

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Speaker 8: use the memory will buy from these two Chinese makers

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Speaker 8: to go into products to be sold into China. So

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Speaker 8: you would think, well, maybe that's not such a big deal,

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Speaker 8: But the question really is how to go down here

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Speaker 8: in Washington, and many of the national security hawks, including

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Speaker 8: the head of the House Foreign Relations Committee yesterday, responded

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Speaker 8: to our reports saying that this, from his view, would

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Speaker 8: be a no go.

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Speaker 7: Well, that's why Tim Cook has remained at the company

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Speaker 7: in large part to deal with some.

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Speaker 4: Of these issues with governments.

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Speaker 7: And where's President Trump on this, because presumably if Tim

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Speaker 7: Cook can get President Trump to sign off, then all

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Speaker 7: is good.

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Speaker 8: Well, Tim Cook has had that longstanding relationship with the President,

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Speaker 8: who refers to him jokingly and even lovingly as Tim Apple.

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Speaker 8: And this relationship dates all the way back to the

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Speaker 8: president's first term in office. And the question is, though,

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Speaker 8: will there be a counter lobbying campaign by Micron, which

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Speaker 8: really would not want to see Chinese chip makers perhaps

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Speaker 8: taking some of their potential business away, and earlier this

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Speaker 8: week it did not go on notice that Micron made

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Speaker 8: a two hundred and fifty million dollars pledge to the

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Speaker 8: Trump Accounts initiative, the one that also is backed by

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Speaker 8: Dell Computers founder Michael Dell. So we're seeing a lot

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Speaker 8: of lobbying cross currents on this, Paul. It'll be interesting

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Speaker 8: to see who gets to Trump and what ultimately he

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Speaker 8: will have to say when it comes to giving some

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Speaker 8: political cover to Apple and other device makers that might

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Speaker 8: want this Chinese memory.

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Speaker 3: Stay with us. More from Bloomberg Intelligence coming up after this.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 2: And the big jobs report that we got this morning,

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Speaker 2: by and large, it was weaker than expected. There's still

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Speaker 2: job growth, but definitely a slowdown after the blistering pace

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Speaker 2: for the previous three reports. Perhaps the job market is

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Speaker 2: no longer overheating that might be one interpretation. Let's go

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Speaker 2: down to Ira, Jersey for the bond market's interpretation. He

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Speaker 2: is our chief US interest rate strategist and joins us

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Speaker 2: right now from Princeton, Ira. In the rates market, we

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Speaker 2: see the two year yield coming in down four bit

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Speaker 2: basis y four point one three percent, definitely on the

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Speaker 2: short end of the curve, whereas at the long end

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Speaker 2: it's pretty much unchanged. What is being priced out following

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Speaker 2: this June jobs print.

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Speaker 9: Yeah, so basically a very early rate hike, so interest

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Speaker 9: rate increases being priced out here at least a little bit.

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Speaker 4: It was more this morning.

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Speaker 9: I think that you know, now that you know, traders

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Speaker 9: are getting ready to go away for the long weekend.

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Speaker 4: They're trying to square positions.

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Speaker 9: So people who got pretty long or were long, you know,

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Speaker 9: taking some profits here and you know, kind of squaring

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Speaker 9: things up as we get into the to the close.

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Speaker 9: You know, I think that the jobs report was a

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Speaker 9: little bit weaker, maybe than some people are even suggesting.

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Speaker 9: If you look at the revisions to the prior months,

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Speaker 9: this would actually be a negative number. So yeah, you

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Speaker 9: know where it's not particularly good. And importantly, you know,

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Speaker 9: some people I know said Oh, look, the unemployment rate

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Speaker 9: actually fell a tenth, but it fell for the wrong reasons, right.

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Speaker 9: It fell because more people left the market, left the

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Speaker 9: job market.

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Speaker 4: And stopped looking for jobs.

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Speaker 9: So you wind up in a situation where the participation

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Speaker 9: rate fell, which means that you have less people participating

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Speaker 9: in the economy. And I think that that's being a

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Speaker 9: little bit overlooked some by some folks.

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Speaker 7: Iron what do we learn from Fitchairman Warsh yesterday from

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Speaker 7: his comments in Portugal at that conference.

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Speaker 9: So first and foremost, Paul, he really does not want

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Speaker 9: to give any forward guidance, right. He mentioned that a

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Speaker 9: whole bunch of times to our former colleague Sarah Ezon.

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Speaker 9: And you know the I think, I think Kevin Moorsh

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Speaker 9: is trying to go back to the pre Ben Bernanky

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Speaker 9: days where you know, Alan Greenspan spoke for the entire committee.

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Speaker 9: He was usually noncommittal, and the few times that he

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Speaker 9: was he was very deliberate. So like when he said

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Speaker 9: we're going to raise rates at a measured pace, for example,

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Speaker 9: back in the early two thousands, that was a very

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Speaker 9: greenspan ism and about as forward guidancey as he ever got.

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Speaker 4: And I think Kevin Worrish would like to do that.

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Speaker 9: The thing, Paul that I have a problem with Kevin

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Speaker 9: Worsh's line of thinking is what he had said during

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Speaker 9: the press conference a few weeks ago that he wants

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Speaker 9: the market to lead the Fed. That's not how it works, right.

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Speaker 9: The market tries to anticipate what the Fed is going

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Speaker 9: to do. So we might wind up in a situation

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Speaker 9: where maybe maybe the Fed surprises the market more frequently

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Speaker 9: than they have in the recent past, since communication policy

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Speaker 9: always you know, adjusted rate expectations in real time.

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Speaker 2: Okay, So clearly the job report today is moving the

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Speaker 2: rates market. Not so long ago, oil was kind of

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Speaker 2: the thing that moved the rates market. We see oil

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Speaker 2: down for a third straight day. Is crude at all

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Speaker 2: dictating the rates market? Or has that now faded as

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Speaker 2: the Iran war turns into you know, just never ending talks.

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Speaker 9: So there's there's actually a point where the where when

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Speaker 9: you look at inflation expectations, and that's the transmission mechanism

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Speaker 9: oil into the rates market, and you look at inflation

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Speaker 9: break evens, So how how the market is anticipating future

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Speaker 9: headline inflation to be that Basically when you get under

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Speaker 9: seventy five dollars, a barrel kind of goes away and becomes.

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Speaker 4: Much more exogenous on a forward basis.

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Speaker 9: So I think it had really done a lot of

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Speaker 9: the work back in the last couple of weeks. But certainly,

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Speaker 9: certainly since since the twentieth or so of June, you know,

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Speaker 9: inflation break evens basically have been range bound since then,

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Speaker 9: after having come down quite substantially following the following the

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Speaker 9: you know, if you want to call it the ceasefire

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Speaker 9: that you know, who knows if it's really holding or not.

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Speaker 9: But certainly oil coming down and being in this seventy

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Speaker 9: five dollars range or so is not going to be

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Speaker 9: anything that the rates market's going to care about. So

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Speaker 9: then we turn a little bit more to fundamentals and

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Speaker 9: we look at things like core inflation, which you know,

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Speaker 9: when we get that report later this month, will be

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Speaker 9: the next real volatility driver for the rates market.

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Speaker 6: I think.

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Speaker 3: Us more from Bloomberg Intelligence coming up after this.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple Coarclay, and Android

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Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever

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Speaker 1: you get your podcasts or watch US Live on YouTube.

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Speaker 7: News is developing the world of global trade, and that

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Speaker 7: is the US announced that it will not renew its

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Speaker 7: trade deal with Canada in Mexico, instead conducting annual reviews

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Speaker 7: of the pact, which risk adding uncertainty for companies producing

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Speaker 7: goods across North America.

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Speaker 4: Get the latest reporting on this.

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Speaker 7: Returned to Brendan Murray, global Trade editor for Bloomberg News. Brendan,

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Speaker 7: your world, the world of global trade has had, you know,

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Speaker 7: twenty four hours that kind of digest this news here.

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Speaker 7: What's some of the fallout we're seeing from maybe some

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Speaker 7: of our trading partners, like Canada, like Mexico. How are

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Speaker 7: things going to change?

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Speaker 10: Yeah, I think the main response, if we could sum

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Speaker 10: it up, was that they just that they're just resigned

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Speaker 10: to the fact that this is how they're gonna deal

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Speaker 10: with the with the Trump administration as long as he

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Speaker 10: is in office. And so, uh, we didn't see a

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Speaker 10: huge reaction in in either currency. Uh. It's and companies

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Speaker 10: that you know that that do business across the three countries,

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Speaker 10: particularly automakers, you know, their shares didn't really move all

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Speaker 10: that much. I think this is this is really the

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Speaker 10: beginning of of the story rather than the than the

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Speaker 10: than the end of it. And and the Trump administration

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Speaker 10: wants to have trade negotiations with Mexico because there are

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Speaker 10: specific issues to to the to that relationship that Washington

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Speaker 10: wants to address. And then they and then they have

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Speaker 10: to they have to sort out there. There's some of

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Speaker 10: the disagreements with Canada as well, and and and there's

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Speaker 10: not a whole lot of love loss between Ottawa and

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Speaker 10: Washington these days. The uh, the sides aren't really talking

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Speaker 10: about trade at the moment, and so it's, uh, those

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Speaker 10: are those are going to be sort of tougher to

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Speaker 10: get going. And we'll see how We'll see how it

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Speaker 10: shakes out. But ultimately, you know, the USMCA, it was

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Speaker 10: going to expire in twenty thirty six, and that's the

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Speaker 10: that's the course it's on unless they can get it

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Speaker 10: into into a shape where everybody thinks it's worth renewing

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Speaker 10: for another sixteen years.

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Speaker 2: Okay, So this creates uncertainty for automakers, I heard you

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Speaker 2: mentioned them, certainly farmers as well as energy companies. What

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Speaker 2: are the specific sticking points? What is something that the US,

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Speaker 2: the Trump administration wants that Canada and Mexico are not

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Speaker 2: willing to give.

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Speaker 10: For instance, well, one of the issues with Mexico is

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Speaker 10: the are what they call rules of origin. This is

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Speaker 10: basically sort of the nationality of a product. Is it

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Speaker 10: made in Mexico, is it made in the US and

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Speaker 10: the U and the Trump administration wants to sort of

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Speaker 10: tighten up these rules of origin so that so that

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Speaker 10: products are you know, have more American content in them

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Speaker 10: than they would you know, their country like Mexico, and

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Speaker 10: so uh, there are already these rules that exist, but

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Speaker 10: the but the Trump administration wants to wants to to

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Speaker 10: tighten those up to have more things made in the

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Speaker 10: United States.

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Speaker 6: UH.

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Speaker 10: This long running issue that the US has with with

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Speaker 10: the Canadian dairy industry and then the protections that the

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Speaker 10: Canadian government has for its dairy UH producers. That's a

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Speaker 10: that's a that's been a long running sticking point, and

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Speaker 10: the US UH trade officials that we've spoken to have said,

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Speaker 10: that's that's you know, an another another issue they want

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Speaker 10: to deal with it. And also with Canada. You know,

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Speaker 10: Canada produces UH produces vehicles. American automakers have plants in Canada,

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Speaker 10: and the President Trump wants those UH cars and trucks

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Speaker 10: to be made in the US.

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Speaker 7: Brendan is the expectation that if Trump, if President Trump

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Speaker 7: doesn't like a particular economic action from either Canada or Mexico,

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Speaker 7: that the response would simply be tariffs.

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Speaker 6: Yeah.

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Speaker 10: So that's the other unknown that we're going to get

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Speaker 10: here in the in the short term, in the next

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Speaker 10: few weeks, is the the ten percent tariff that the

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Speaker 10: President put on most major US trading partners after he

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Speaker 10: lost the Supreme Court case. That ten percent tariff expires

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Speaker 10: on July twenty fourth, and so we're going to see

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Speaker 10: the administration come out with a sort of a rolling

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Speaker 10: group of different kinds of tariffs, using different authorities to

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Speaker 10: put to put on instead of those the ten percent

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Speaker 10: tariffs that are that are you know, applying now USMCA

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Speaker 10: goods that move across the US Canadian Mexican borders. USMCA

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Speaker 10: compliant goods are not going to be subject to that.

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Speaker 10: But these other tariffs that are going to replace it.

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Speaker 10: There are concerns these sort of sectoral tariffs are going

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Speaker 10: to that there are concerns that if USMC a kind

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Speaker 10: of fades away or starts to be eroded, in the

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Speaker 10: in and the rules that are currently in place that

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Speaker 10: some some some more UH merchandise that moves across UH

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Speaker 10: in North America will face some of those tariffs. That's

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Speaker 10: the fear from Mexico and Canada.

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Speaker 2: Anyway, very quickly, Brendon, I know you mentioned the automaker's

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Speaker 2: stocks for instance, didn't move a whole lot on this announcement.

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Speaker 2: But I wonder what the industry is saying right now

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Speaker 2: in terms of urging governments to to move forward or

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Speaker 2: how they move forward.

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Speaker 10: Yeah, I think generally, you know, the automakers don't really

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Speaker 10: want to you know, stick their necks UH out and

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Speaker 10: and say much and and complain about things. You know,

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Speaker 10: there are there are tariffs on on imports of steel

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Speaker 10: and aluminum that are hitting the auto US automakers UH

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Speaker 10: and making US cars more expensive. But for the generally

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Speaker 10: businesses say, look, we need clarity, we need some stability.

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Speaker 10: We need to know what our costs are going to

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Speaker 10: be over the next you know, a couple of decades,

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Speaker 10: if we're gonna if we're gonna have supply chain that

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Speaker 10: benefit from what Canada, Mexico in the US has to offer.

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Speaker 1: This is the Bloomberg Intelligence podcast available on Apple, Spotify,

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Speaker 1: and anywhere else you get your podcasts. Listen live each weekday,

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