1
00:00:00,200 --> 00:00:06,840
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

2
00:00:09,320 --> 00:00:13,680
Speaker 2: Good Morning, I'm Nathan Hagen, and now I'm Lak Samitello, Lisa.

3
00:00:13,760 --> 00:00:17,079
Speaker 2: We begin with President ELEC. Donald Trump continuing to fill

4
00:00:17,079 --> 00:00:20,959
Speaker 2: out his new administration. He's tapped Jamison Greer as US

5
00:00:21,079 --> 00:00:24,480
Speaker 2: trade Representative. We get the details from Bloomberg's Doug Prisner.

6
00:00:24,600 --> 00:00:27,840
Speaker 1: The selection of Greer highlights the central role tariffs will

7
00:00:27,840 --> 00:00:31,160
Speaker 1: play in Trump's economic agenda. He's a longtime protege of

8
00:00:31,280 --> 00:00:34,600
Speaker 1: Robert Leittheiser. Andy was involved in Trump's first term trade

9
00:00:34,680 --> 00:00:39,159
Speaker 1: policy decisions, including steep duties on China and the negotiations

10
00:00:39,159 --> 00:00:42,360
Speaker 1: for a partial trade deal with Beijing, concluded shortly before

11
00:00:42,400 --> 00:00:45,600
Speaker 1: the outbreak of the pandemic. Greer is now expected to

12
00:00:45,600 --> 00:00:49,680
Speaker 1: play a pivotal role in implementing the President elect's tariff plans,

13
00:00:49,720 --> 00:00:53,440
Speaker 1: including twenty five percent levies on Canadian and Mexican goods,

14
00:00:53,680 --> 00:00:56,680
Speaker 1: as well as an additional ten percent on existing Chinese

15
00:00:56,680 --> 00:00:59,440
Speaker 1: tariffs in New York. I'm Doug Prisner, Bloomberg Radio.

16
00:00:59,560 --> 00:01:02,720
Speaker 3: Thanks to Trump has also made another key nomination. Sources

17
00:01:02,720 --> 00:01:06,240
Speaker 3: say he's selected Kevin Hasset to lead the National Economic Council.

18
00:01:06,440 --> 00:01:08,240
Speaker 3: We get more from Bloomberg's Brendan Murray.

19
00:01:08,319 --> 00:01:12,399
Speaker 4: Asset was head of Trump's Council of Economic Advisors in

20
00:01:12,440 --> 00:01:14,440
Speaker 4: his first White House, So this is the sort of

21
00:01:14,520 --> 00:01:18,360
Speaker 4: economic think tank behind the White House's policy decisions that

22
00:01:18,400 --> 00:01:22,200
Speaker 4: he would have been involved in designing the tariff rollout

23
00:01:22,280 --> 00:01:25,520
Speaker 4: in the first Trump administration, trying to make sure that

24
00:01:25,600 --> 00:01:28,960
Speaker 4: the products that we had tariffs imposed on them didn't

25
00:01:29,000 --> 00:01:32,520
Speaker 4: become inflationary, So trying to be very selective in that process.

26
00:01:32,520 --> 00:01:36,840
Speaker 3: Bloomberg's Brendan Murray says Hazard's appointment does not require Senate confirmation.

27
00:01:37,160 --> 00:01:37,200
Speaker 4: No.

28
00:01:37,319 --> 00:01:40,520
Speaker 2: Lisa, Kevin Hassett and Jamison Greer are just part of

29
00:01:40,600 --> 00:01:44,080
Speaker 2: the latest flurry of staffing announcements from President tole. Like Trump,

30
00:01:44,120 --> 00:01:47,160
Speaker 2: He's also named Vince Haley to lead the Domestic Policy Council.

31
00:01:47,440 --> 00:01:50,320
Speaker 2: That office is likely to weigh in on immigration, urban crime,

32
00:01:50,360 --> 00:01:53,840
Speaker 2: and education. Trump is top private investor John Feelin to

33
00:01:53,880 --> 00:01:56,240
Speaker 2: be the next Secretary of the Navy, and he's picked

34
00:01:56,360 --> 00:01:59,800
Speaker 2: Jay bout At Chatria to lead the National Institutes of Health.

35
00:02:00,000 --> 00:02:03,120
Speaker 2: Lout At Sharia is a Stanford professor who is called

36
00:02:03,200 --> 00:02:06,960
Speaker 2: COVID lockdowns the biggest public health mistake we've ever made,

37
00:02:07,400 --> 00:02:07,800
Speaker 2: and Nathan.

38
00:02:07,840 --> 00:02:10,480
Speaker 3: The latest Trump picks follow his selection earlier this week

39
00:02:10,480 --> 00:02:14,400
Speaker 3: of Scott Besson, dies Treasury Secretary. Bloomberg opinion columnists Bill

40
00:02:14,520 --> 00:02:17,720
Speaker 3: Dudley says Besson will be key in communicating with Trump

41
00:02:17,720 --> 00:02:20,280
Speaker 3: on the impact some of his policies may have on

42
00:02:20,320 --> 00:02:20,760
Speaker 3: the market.

43
00:02:20,960 --> 00:02:23,800
Speaker 5: I think you can explain very clearly the consequences of

44
00:02:23,880 --> 00:02:27,160
Speaker 5: not having good set up policies in terms of what

45
00:02:27,240 --> 00:02:30,200
Speaker 5: that means for the budget deficit path, the consequences for

46
00:02:30,280 --> 00:02:33,280
Speaker 5: interest rates, and if interest rates go up, the consequences

47
00:02:33,320 --> 00:02:36,000
Speaker 5: of interest rates for broader markets, including the stock market.

48
00:02:36,080 --> 00:02:36,200
Speaker 6: Now.

49
00:02:36,200 --> 00:02:39,560
Speaker 3: Bloomberg opinion columnist Bill Dudley says Best will face two

50
00:02:39,600 --> 00:02:43,040
Speaker 3: big challenges ensuring that the world's largest government debt market

51
00:02:43,080 --> 00:02:46,679
Speaker 3: functions properly and pursuing a fiscal policy that doesn't send

52
00:02:46,720 --> 00:02:48,800
Speaker 3: the country's debt service costs soaring.

53
00:02:49,080 --> 00:02:49,480
Speaker 7: Polisa.

54
00:02:49,560 --> 00:02:52,359
Speaker 2: Donald Trump's threat of tariffs on Canada's prompting a warning

55
00:02:52,360 --> 00:02:55,280
Speaker 2: from Goldman. Sacks, the bank's head of commodities Research, says

56
00:02:55,320 --> 00:02:57,799
Speaker 2: a twenty five percent levy on Canadian imports would have

57
00:02:57,919 --> 00:03:02,760
Speaker 2: significant consequences for consumers, would probably raise fuel prices in

58
00:03:02,840 --> 00:03:06,000
Speaker 2: the US. The US imports almost four million barrels of

59
00:03:06,000 --> 00:03:08,480
Speaker 2: Canadian oil per day, and that allows American.

60
00:03:08,080 --> 00:03:10,200
Speaker 8: Producers to export more of their crude.

61
00:03:10,639 --> 00:03:13,880
Speaker 2: Still, Goldman says Trump's tear threat could be a negotiating tool.

62
00:03:13,960 --> 00:03:14,080
Speaker 6: Well.

63
00:03:14,120 --> 00:03:16,799
Speaker 3: Now to the latest from the Middle East, as ceasefire

64
00:03:16,880 --> 00:03:19,920
Speaker 3: underway in Lebanon, Israel and has Blah have paused a

65
00:03:20,000 --> 00:03:23,440
Speaker 3: fourteen month conflict that's killed thousands and forced more than

66
00:03:23,440 --> 00:03:26,560
Speaker 3: a million people to flee their homes. President Biden says

67
00:03:26,600 --> 00:03:29,120
Speaker 3: he hopes the truce will lead to a permanent end

68
00:03:29,160 --> 00:03:29,720
Speaker 3: to the fighting.

69
00:03:30,080 --> 00:03:33,280
Speaker 9: Samalis on both sides will soon be able to safely

70
00:03:33,320 --> 00:03:36,920
Speaker 9: return to their communities and began to rebuild their homes,

71
00:03:37,320 --> 00:03:41,920
Speaker 9: their schools, their farms, their businesses, and their very lives well.

72
00:03:41,960 --> 00:03:44,920
Speaker 3: President Biden spoke from the White House, Rose Garden, Bloomberg,

73
00:03:44,960 --> 00:03:47,640
Speaker 3: Stewart Livingstone. Wallace has more on the agreement.

74
00:03:47,800 --> 00:03:50,480
Speaker 10: It's initially a sixty day ceasefire in basing to give

75
00:03:50,520 --> 00:03:52,600
Speaker 10: them a little bit of room or breathing space to

76
00:03:52,600 --> 00:03:54,920
Speaker 10: get something a bit more comprehensive. But it's back to

77
00:03:55,600 --> 00:03:58,120
Speaker 10: exactly what we've been discussing now for several weeks, which

78
00:03:58,200 --> 00:04:02,000
Speaker 10: is something resembling this un resolution from fourteen years ago

79
00:04:02,080 --> 00:04:05,920
Speaker 10: or thereabouts eighteen years goesn't it? And that is going

80
00:04:05,960 --> 00:04:07,920
Speaker 10: to be much tougher to get hold of and to

81
00:04:08,000 --> 00:04:10,720
Speaker 10: grasp and to get some sort of agreement on Bloomberg.

82
00:04:10,800 --> 00:04:13,920
Speaker 3: Stewart Livingston Wallace says the truth came after a flory

83
00:04:14,000 --> 00:04:17,360
Speaker 3: of shuttle diplomacy from President Biden's top Middle East envoy.

84
00:04:17,640 --> 00:04:22,400
Speaker 3: It drew objections from hardliners and Israeli Prime Minister Benjamin Netanyahu's.

85
00:04:21,680 --> 00:04:24,320
Speaker 2: Coalition turin the markets, now, Lisa stocks, you're going to

86
00:04:24,360 --> 00:04:27,599
Speaker 2: enter this Thanksgiving Day holiday in record fashion. Equities have

87
00:04:27,640 --> 00:04:32,040
Speaker 2: gained for seven straight sessions. Amanda Agatti, chief investment officer

88
00:04:32,040 --> 00:04:35,480
Speaker 2: at PNC, says investors should keep putting their money to work.

89
00:04:36,080 --> 00:04:38,839
Speaker 7: It's better to stay fully invested and ride some of

90
00:04:38,880 --> 00:04:42,400
Speaker 7: this volatility wave than have this fomo kind of fear

91
00:04:42,400 --> 00:04:45,279
Speaker 7: of missing out and sitting on the sidelines. This market

92
00:04:45,360 --> 00:04:48,240
Speaker 7: wants to move higher, and so you know, in the

93
00:04:48,320 --> 00:04:51,000
Speaker 7: absence of a lot of policy clarity, I think the

94
00:04:51,040 --> 00:04:53,680
Speaker 7: momentum will continue to carry the market into the new year.

95
00:04:53,880 --> 00:04:56,160
Speaker 2: PNC's Amanda A. Gatti notes the S and P five

96
00:04:56,240 --> 00:05:00,400
Speaker 2: hundred notched it's fifty second record of the year yesterday, and.

97
00:05:00,400 --> 00:05:02,400
Speaker 3: Nathan some stocks on the move this morning, and a

98
00:05:02,440 --> 00:05:05,000
Speaker 3: couple of tech firms taking a big hit. Shares of

99
00:05:05,080 --> 00:05:09,160
Speaker 3: Dell down twelve percent, the company's PC business revenue will

100
00:05:09,160 --> 00:05:13,000
Speaker 3: it missed analyst estimates, and shares of HP down ten percent.

101
00:05:13,360 --> 00:05:16,600
Speaker 3: Sales and its PC unit rose almost missed projections.

102
00:05:16,839 --> 00:05:19,480
Speaker 2: Yeah, we're keeping an eye on crowd Strike shares as well, Lisa.

103
00:05:19,520 --> 00:05:22,359
Speaker 2: They are down more than five percent. The cybersecurity software

104
00:05:22,400 --> 00:05:25,160
Speaker 2: firm issued a fourth quarter earnings forecast, falling short of

105
00:05:25,160 --> 00:05:29,400
Speaker 2: investor expectations. It is the company's second miss sense of

106
00:05:29,480 --> 00:05:33,560
Speaker 2: flawed crowd Strike update crash. Millions of devices operating on

107
00:05:33,640 --> 00:05:37,440
Speaker 2: Microsoft's Windows systems back in the summer, and investors are getting.

108
00:05:37,200 --> 00:05:39,919
Speaker 3: A slew of economic reports and digests ahead of the

109
00:05:40,000 --> 00:05:43,320
Speaker 3: Thanksgiving Day holiday. They include a key reading on inflation.

110
00:05:43,520 --> 00:05:46,760
Speaker 3: We get a preview from Bloomberg's Michael McKee and Washington.

111
00:05:46,640 --> 00:05:50,760
Speaker 11: Economists get there Thanksgiving cornucopia Today twenty four count of

112
00:05:50,880 --> 00:05:54,840
Speaker 11: twenty four economic indicators will be released. Given Thursday as

113
00:05:54,880 --> 00:05:58,800
Speaker 11: a national holiday, and Friday is essentially one the statistical

114
00:05:58,800 --> 00:06:01,800
Speaker 11: agencies have moved every thing to today. The star of

115
00:06:01,839 --> 00:06:04,880
Speaker 11: the show is the October PCE report at ten am

116
00:06:04,920 --> 00:06:08,839
Speaker 11: Wall Street Time headline and core inflation expected to rise

117
00:06:08,920 --> 00:06:13,000
Speaker 11: in the fed's key price indicator. Consumer spending expected to

118
00:06:13,120 --> 00:06:16,520
Speaker 11: ease a bit. Little change is forecast for jobless claims

119
00:06:16,520 --> 00:06:20,320
Speaker 11: as the labor market remains relatively tight, but capital goods

120
00:06:20,440 --> 00:06:23,520
Speaker 11: orders are likely to reflect a slowdown in business investment.

121
00:06:23,800 --> 00:06:30,760
Speaker 11: Michael McKee, Bloomberg Radio.

122
00:06:28,720 --> 00:06:29,919
Speaker 3: And Time Now for a look at some of the

123
00:06:29,920 --> 00:06:32,520
Speaker 3: other stories making news in New York and around the world.

124
00:06:32,600 --> 00:06:34,640
Speaker 3: For that, we're joined by Bloomberg's John Tucker.

125
00:06:34,680 --> 00:06:37,599
Speaker 12: Good Morning John, Good Morning Lisa. The weather, traffic, and

126
00:06:37,640 --> 00:06:40,279
Speaker 12: other factors could slow American's effort to get to their

127
00:06:40,320 --> 00:06:44,400
Speaker 12: Thanksgiving destinations. Millions expected to fly and hit the roads.

128
00:06:44,600 --> 00:06:47,520
Speaker 12: This all comes as the TSA expects to screen more

129
00:06:47,560 --> 00:06:51,720
Speaker 12: than two point nine million air travelers today. Elisa Farmstein

130
00:06:51,839 --> 00:06:53,240
Speaker 12: is a TSA spokesperson.

131
00:06:53,800 --> 00:06:56,760
Speaker 13: In the twenty three years TSA has been in existence,

132
00:06:57,160 --> 00:07:00,040
Speaker 13: the top ten busiest days in our history of what

133
00:07:00,160 --> 00:07:03,120
Speaker 13: happened this year, all since Memorial Day weekend and then

134
00:07:03,200 --> 00:07:06,560
Speaker 13: on July seventh, we broke three million for the first time.

135
00:07:06,839 --> 00:07:09,000
Speaker 13: So we screened three million people for the very first

136
00:07:09,000 --> 00:07:12,800
Speaker 13: time July seventh. It's possible that we might do that

137
00:07:13,040 --> 00:07:14,480
Speaker 13: just again on Sunday.

138
00:07:14,800 --> 00:07:17,360
Speaker 12: But it's not the weather causing problems so far, it's

139
00:07:17,400 --> 00:07:20,560
Speaker 12: a lack of staffing. Last night, flights at Newark Airport

140
00:07:20,560 --> 00:07:23,800
Speaker 12: in New Jersey were delayed after the FAA issued a

141
00:07:23,840 --> 00:07:28,160
Speaker 12: ground delay because of an air traffic controller shortage. Law

142
00:07:28,240 --> 00:07:31,560
Speaker 12: enforcement officials say a shoplifting ring that's stole nearly two

143
00:07:31,560 --> 00:07:34,600
Speaker 12: million dollars in clothes and beauty products from Macy's and

144
00:07:34,640 --> 00:07:37,320
Speaker 12: other well known stories in the US and then sold

145
00:07:37,320 --> 00:07:41,200
Speaker 12: them has not been busted. The story from Bloomberg's Charlie Pellan.

146
00:07:41,400 --> 00:07:45,040
Speaker 8: Queen's DA Melenda Katz says five New Yorkers have been

147
00:07:45,120 --> 00:07:50,120
Speaker 8: charged with felony, possession of stolen property, conspiracy, and other

148
00:07:50,280 --> 00:07:54,040
Speaker 8: related crimes. According to New York Governor Kathy Hokel, who

149
00:07:54,160 --> 00:07:58,200
Speaker 8: joined the DA and other law enforcement officials in Queens Nationally,

150
00:07:58,320 --> 00:08:02,200
Speaker 8: businesses lose roughly one hundred billion dollars and the average

151
00:08:02,240 --> 00:08:05,760
Speaker 8: family pays five hundred dollars more a year because of

152
00:08:05,800 --> 00:08:09,560
Speaker 8: the impact of organized retail theft in New York. Charlie

153
00:08:09,560 --> 00:08:10,960
Speaker 8: Pellett's Bloomberg Radio.

154
00:08:11,120 --> 00:08:14,239
Speaker 12: Australia's House of Representatives today passed a bill that would

155
00:08:14,240 --> 00:08:18,480
Speaker 12: ban children younger than sixteen from social media, leading it

156
00:08:18,520 --> 00:08:21,120
Speaker 12: to the Senate to finalize the world's first such law.

157
00:08:21,400 --> 00:08:23,880
Speaker 12: The major parties back the bill that would make platforms

158
00:08:23,960 --> 00:08:28,760
Speaker 12: including TikTok, Facebook, Snapchat, Reddit, Ax, and Instagram liable for

159
00:08:28,880 --> 00:08:31,920
Speaker 12: fines of up to thirty three million dollars for failures

160
00:08:31,960 --> 00:08:35,760
Speaker 12: to prevent young people from holding accounts. Global News twenty

161
00:08:35,760 --> 00:08:38,080
Speaker 12: four hours a day, whenever you want it with Bloomberg News.

162
00:08:38,080 --> 00:08:38,400
Speaker 8: Now.

163
00:08:38,520 --> 00:08:41,480
Speaker 12: I'm John Tucker. This is Bloomberg, Lisa.

164
00:08:41,640 --> 00:08:49,640
Speaker 3: Thanks John. All right, Tie, now for our Bloomberg Sports update.

165
00:08:49,679 --> 00:08:51,400
Speaker 3: For that, we bring in John stash Hour.

166
00:08:51,440 --> 00:08:52,760
Speaker 8: Hey there, John, Hey Lisa.

167
00:08:52,800 --> 00:08:55,040
Speaker 14: When we last saw the Dodgers, they were winning the

168
00:08:55,080 --> 00:08:58,960
Speaker 14: World Series despite a depleted rotation. So sure enough, first

169
00:08:58,960 --> 00:09:01,400
Speaker 14: free agent signu of THEUDIS season has the Dodgers adding

170
00:09:01,400 --> 00:09:04,800
Speaker 14: a starting pitcher. Two times Cy Young winner Blake Snell

171
00:09:04,920 --> 00:09:07,440
Speaker 14: goes to LA for five years, one hundred and eighty

172
00:09:07,480 --> 00:09:09,920
Speaker 14: two million dollars. The World champs seem to have an

173
00:09:10,000 --> 00:09:13,240
Speaker 14: endless supply of cash. They are also in on Juan Soto,

174
00:09:13,720 --> 00:09:16,160
Speaker 14: along with the Mets, Yankees, Red Sox, and Blue Jays.

175
00:09:16,160 --> 00:09:18,160
Speaker 14: Only two weeks left for the College football regular season,

176
00:09:18,200 --> 00:09:21,600
Speaker 14: the Playoff Committee out with what the expanded twelve team

177
00:09:21,640 --> 00:09:22,480
Speaker 14: field would look like.

178
00:09:22,520 --> 00:09:22,720
Speaker 15: Now.

179
00:09:22,760 --> 00:09:26,719
Speaker 14: Indiana stays in despite its loss at Ohio State. Arizona

180
00:09:26,800 --> 00:09:29,640
Speaker 14: State is now the Big twelve team that's in. The

181
00:09:29,679 --> 00:09:33,560
Speaker 14: four teams they would get first round byes would be Oregon, Texas, Miami,

182
00:09:33,640 --> 00:09:37,560
Speaker 14: and Boise State. Auburn and Alabama plays Saturday. Their basketball teams,

183
00:09:37,559 --> 00:09:40,640
Speaker 14: both ranked in the top ten, beat ranked teams. Bama

184
00:09:40,679 --> 00:09:43,839
Speaker 14: took down Houston in overtime, Auburn beat North Carolina. Also

185
00:09:44,000 --> 00:09:47,200
Speaker 14: top rank Kansas got by Dukes seventy five seventy two

186
00:09:47,240 --> 00:09:50,400
Speaker 14: and second rank Yukon, who went thirty seven and three

187
00:09:50,480 --> 00:09:53,320
Speaker 14: last year, suffered at second one point loss in as

188
00:09:53,360 --> 00:09:57,120
Speaker 14: many days, upset by Colorado. Rutgers got thirty six points

189
00:09:57,120 --> 00:09:59,840
Speaker 14: from star freshman Dylan Harper in an eighty five eighty

190
00:09:59,840 --> 00:10:02,760
Speaker 14: five win over Notre Dame. The Giants lead today for

191
00:10:02,840 --> 00:10:05,640
Speaker 14: Dallas play the Cowboys tomorrow, just four days after the

192
00:10:05,679 --> 00:10:08,920
Speaker 14: blowout loss to Tampa Bay that caused two Giants, Malik

193
00:10:08,920 --> 00:10:12,000
Speaker 14: Neighbors and Dexter Lawrence, to term the Giants as soft.

194
00:10:12,440 --> 00:10:15,200
Speaker 14: Lawrence had more to say on that yesterday.

195
00:10:15,160 --> 00:10:17,480
Speaker 16: About the soft thing I think you guys need to

196
00:10:17,520 --> 00:10:20,120
Speaker 16: be held accountable for how you put it out there.

197
00:10:20,320 --> 00:10:24,160
Speaker 16: I didn't call any I didn't say we are soft

198
00:10:24,240 --> 00:10:26,640
Speaker 16: as a team. I think I said we played that way.

199
00:10:27,280 --> 00:10:31,000
Speaker 16: We lost thirty to seven. That's not okay. We're in

200
00:10:31,040 --> 00:10:31,520
Speaker 16: the NFL.

201
00:10:31,640 --> 00:10:33,880
Speaker 14: Giants unsure if Tommy Devido will be able to play

202
00:10:33,880 --> 00:10:36,880
Speaker 14: tomorrow due to arms soreness. If he can't go, Drew

203
00:10:36,960 --> 00:10:39,760
Speaker 14: Locke will be the giants third different starting QB in

204
00:10:39,760 --> 00:10:42,600
Speaker 14: the last three games. John stash All wear Bloomberg Sports,

205
00:10:42,600 --> 00:10:43,640
Speaker 14: Lisa and Nathan.

206
00:10:45,480 --> 00:10:49,640
Speaker 8: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

207
00:10:49,720 --> 00:10:52,600
Speaker 8: and around the world on Bloomberg dot Com and the

208
00:10:52,679 --> 00:10:56,079
Speaker 8: Bloomberg Business app. This is Bloomberg Daybreak.

209
00:10:56,160 --> 00:10:57,520
Speaker 1: Good morning, I'm Nathan Hagar.

210
00:10:57,679 --> 00:11:00,520
Speaker 2: Donald Trump continues to fill out his economic team. His

211
00:11:00,679 --> 00:11:04,240
Speaker 2: latest picks Kevin Hassett to lead the National Economic Council

212
00:11:04,679 --> 00:11:09,560
Speaker 2: Jamison Greer as US Trade Representative. These latest nominations come

213
00:11:09,600 --> 00:11:12,400
Speaker 2: after the latest threat of tariffs from the President elect

214
00:11:12,440 --> 00:11:16,040
Speaker 2: on China, Canada, and Mexico. Way League Global Chief Investment

215
00:11:16,080 --> 00:11:18,920
Speaker 2: Strategistic Blackrock says investors are watching.

216
00:11:19,080 --> 00:11:25,120
Speaker 6: Market's hoping for bilateral negotiation type of tariff announcement. But

217
00:11:25,200 --> 00:11:28,520
Speaker 6: if we get close to a place where we're talking

218
00:11:28,559 --> 00:11:31,080
Speaker 6: about across the board to tariff's, I think that would

219
00:11:31,120 --> 00:11:33,800
Speaker 6: be a week up four call for risk assets, for

220
00:11:33,880 --> 00:11:36,000
Speaker 6: equities and credit alike.

221
00:11:36,280 --> 00:11:39,280
Speaker 2: That's why Lee at Blackrock joining us now. Terry Haynes,

222
00:11:39,400 --> 00:11:43,640
Speaker 2: the founder of Pangaea Policy in Washington, TC. Terry, good morning.

223
00:11:43,840 --> 00:11:47,120
Speaker 2: Is the President elect giving investors more policy clarity with

224
00:11:47,200 --> 00:11:48,680
Speaker 2: his latest picks?

225
00:11:50,240 --> 00:11:53,000
Speaker 15: Good morning, Nathan, And yeah, I think he is. You

226
00:11:53,160 --> 00:11:57,720
Speaker 15: have Hasset and nec is, among other things, a familiar

227
00:11:57,720 --> 00:12:01,839
Speaker 15: face and somebody who's not only a Trump loyalist, but

228
00:12:03,000 --> 00:12:06,120
Speaker 15: somebody that's been around the block with markets for a while.

229
00:12:06,880 --> 00:12:12,120
Speaker 15: Greer is of course very much in the mold of Lightthheiser,

230
00:12:12,120 --> 00:12:15,839
Speaker 15: who was USTR in the first administration. So I think

231
00:12:15,880 --> 00:12:19,079
Speaker 15: the signal market should should take away from this is

232
00:12:20,640 --> 00:12:24,760
Speaker 15: seriousness and pretty much what they expected. There will continue

233
00:12:24,840 --> 00:12:27,319
Speaker 15: to be, you know, the three questions that surround the

234
00:12:27,360 --> 00:12:31,040
Speaker 15: Trump administration on economic policy. You know, you're starting to

235
00:12:31,040 --> 00:12:36,800
Speaker 15: get the tariff's question answered unsurprisingly, and second second question,

236
00:12:36,920 --> 00:12:40,559
Speaker 15: the third question about tax and fiscal remain unanswered.

237
00:12:41,679 --> 00:12:44,760
Speaker 2: So where does the priority lie? We did hear from

238
00:12:44,840 --> 00:12:49,280
Speaker 2: Presidental like Trump talking about tariffs yesterday with Jamison Greer

239
00:12:49,360 --> 00:12:52,640
Speaker 2: coming in as us t R is a sixty percent

240
00:12:52,720 --> 00:12:55,480
Speaker 2: tariff on China that he talked about on the campaign

241
00:12:55,480 --> 00:12:56,720
Speaker 2: trail still on the table.

242
00:12:58,040 --> 00:13:00,760
Speaker 15: I imagine it's on the table. Sure, I don't think I

243
00:13:00,760 --> 00:13:05,000
Speaker 15: would look for that immediately. You know the You know,

244
00:13:05,080 --> 00:13:09,280
Speaker 15: markets tend to whipsaw back and forth. Is Trump serious?

245
00:13:09,600 --> 00:13:13,640
Speaker 15: Will best and talk sense into him? And the answer

246
00:13:13,760 --> 00:13:16,160
Speaker 15: to you know, the either or there is yes. The

247
00:13:16,200 --> 00:13:19,640
Speaker 15: answer is both. Markets should not think this is all

248
00:13:19,679 --> 00:13:23,040
Speaker 15: one thing or all the other thing. What I do think, though,

249
00:13:23,240 --> 00:13:26,840
Speaker 15: is that you have a situation where the president is

250
00:13:27,760 --> 00:13:32,480
Speaker 15: clearly intends to want to use tariff threats to manage

251
00:13:32,559 --> 00:13:35,720
Speaker 15: the border for among other things, and get international cooperation.

252
00:13:36,160 --> 00:13:38,360
Speaker 15: And at the same time, I think what you should

253
00:13:38,360 --> 00:13:42,640
Speaker 15: look for, and I think bestiness selection confirms this is

254
00:13:42,720 --> 00:13:45,280
Speaker 15: you should look for a more gradualist approach on the

255
00:13:45,440 --> 00:13:48,400
Speaker 15: kind of heavy tariffs that you mentioned, in no small

256
00:13:48,400 --> 00:13:52,240
Speaker 15: part because it's got to fit into an overall economic vision.

257
00:13:52,679 --> 00:13:55,439
Speaker 15: I think the mistake markets make is that they look

258
00:13:55,480 --> 00:13:58,760
Speaker 15: at tariffs very much in a silo in a vacuum,

259
00:14:00,080 --> 00:14:03,000
Speaker 15: without looking at what the rest of the economic policy

260
00:14:03,080 --> 00:14:06,120
Speaker 15: might be. To my mind, Trump is somebody that wanted

261
00:14:06,120 --> 00:14:09,600
Speaker 15: to fix and improve the economy. He doesn't do that

262
00:14:10,000 --> 00:14:13,800
Speaker 15: by pursuing a maximalist tariff policy right at the beginning.

263
00:14:13,760 --> 00:14:16,600
Speaker 2: And what influence does Kevin Hassett have on that broader

264
00:14:16,679 --> 00:14:22,200
Speaker 2: economic vision, particularly with the championing of tax cuts that

265
00:14:22,280 --> 00:14:24,720
Speaker 2: we saw from Kevin Hassett in his previous role at

266
00:14:24,720 --> 00:14:26,240
Speaker 2: the Council of Economic Advisors.

267
00:14:26,960 --> 00:14:29,280
Speaker 15: Well, I think it's a I think it's a veteran.

268
00:14:29,520 --> 00:14:32,000
Speaker 15: You know, you when you pick a veteran, you know,

269
00:14:32,080 --> 00:14:36,880
Speaker 15: for Trump, it is a sign of a sign of

270
00:14:36,920 --> 00:14:40,800
Speaker 15: respect and a sign of continuity. So you know you've

271
00:14:40,840 --> 00:14:44,400
Speaker 15: got that. Secondly, because you've got a veteran who Trump

272
00:14:44,400 --> 00:14:48,600
Speaker 15: apparently trusts, you know, otherwise they wouldn't be brought back,

273
00:14:48,640 --> 00:14:52,440
Speaker 15: you know, see Mike Pompeo for example. Then what you

274
00:14:52,600 --> 00:14:55,800
Speaker 15: have is a situation where hast not only has an

275
00:14:55,840 --> 00:14:59,440
Speaker 15: independent voice at the National Economic Council, but that he

276
00:15:00,000 --> 00:15:03,760
Speaker 15: you can serve as a moderating voice between Bessett and Lutnik,

277
00:15:04,200 --> 00:15:06,560
Speaker 15: who might well have we don't know this yet, who

278
00:15:06,640 --> 00:15:10,320
Speaker 15: might well have different visions about how to proceed. And

279
00:15:10,880 --> 00:15:15,280
Speaker 15: there's at least reported some personal antipathy between those two people.

280
00:15:15,840 --> 00:15:18,080
Speaker 15: So Hassett very much serves as a fulcrum on the

281
00:15:18,120 --> 00:15:20,960
Speaker 15: policy and does so. Sitting in the White House just.

282
00:15:20,920 --> 00:15:23,320
Speaker 2: Thirty seconds left, Terry, is there still room for Robert

283
00:15:23,400 --> 00:15:25,120
Speaker 2: Leiitheiser in this economic team?

284
00:15:26,120 --> 00:15:31,720
Speaker 15: I tend to look at Greer as the Lightheiser pick,

285
00:15:32,440 --> 00:15:35,080
Speaker 15: So you know, I think, you know, I would never

286
00:15:35,160 --> 00:15:39,240
Speaker 15: count Whiteheiser out on this clearly as the President's trust.

287
00:15:39,880 --> 00:15:42,480
Speaker 15: But I look at Greer at USTR anyway as very

288
00:15:42,560 --> 00:15:46,360
Speaker 15: much somebody that is kind of kind of the next

289
00:15:46,400 --> 00:15:47,600
Speaker 15: generation Lightheiser.

290
00:15:47,680 --> 00:15:50,680
Speaker 2: This is Bloomberg day Break, your morning podcast on the

291
00:15:50,680 --> 00:15:54,160
Speaker 2: stories making news from Wall Street to Washington and beyond.

292
00:15:54,240 --> 00:15:55,080
Speaker 11: Look for us on.

293
00:15:55,000 --> 00:15:59,040
Speaker 3: Your podcast feed by six am Eastern each morning, on Apple, Spotify,

294
00:15:59,280 --> 00:16:00,520
Speaker 3: or anywhere else listen.

295
00:16:00,600 --> 00:16:03,200
Speaker 2: You can also listen live each morning starting at five

296
00:16:03,280 --> 00:16:06,160
Speaker 2: am Wall Street time on Bloomberg eleven three to zero

297
00:16:06,200 --> 00:16:08,920
Speaker 2: in New York, Bloomberg ninety nine to one in Washington,

298
00:16:08,960 --> 00:16:12,840
Speaker 2: Bloomberg ninety two nine in Boston, and nationwide. I'm Sirius

299
00:16:13,040 --> 00:16:14,920
Speaker 2: XM Channel one twenty one plus.

300
00:16:14,960 --> 00:16:17,520
Speaker 3: Listen coast to coast on the Bloomberg Business app Now

301
00:16:17,520 --> 00:16:20,520
Speaker 3: with Apple CarPlay and Android Auto Winterfaces.

302
00:16:20,680 --> 00:16:23,760
Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's

303
00:16:23,800 --> 00:16:26,600
Speaker 2: the latest news, whenever you want it in five minutes

304
00:16:26,720 --> 00:16:31,240
Speaker 2: or less. Search Bloomberg News Now on your favorite podcast platform.

305
00:16:30,840 --> 00:16:32,560
Speaker 1: To stay informed all day long.

306
00:16:32,880 --> 00:16:34,120
Speaker 2: I'm Nathan Hager and.

307
00:16:34,080 --> 00:16:36,880
Speaker 3: I'm Lisa Matteo. Join us again tomorrow morning for all

308
00:16:36,960 --> 00:16:39,040
Speaker 3: the news you need to start your day, right here

309
00:16:39,040 --> 00:16:40,280
Speaker 3: on Bloomberg Daybreak