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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: daymakur At podcast, available every morning on Apple, Spotify or

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Speaker 1: wherever you listen. It's Friday, the nineteenth of July in London.

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Speaker 1: I'm Caroline Hepka. Coming up today, Donald Trump delivers his

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Speaker 1: first public address since surviving an assassination attempt, reflecting on

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Speaker 1: the shooting and pledging to help forgotten men. Meanwhile, President

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Speaker 1: Biden's grasp on the Democratic presidential nomination appears to be slipping,

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Speaker 1: as reports suggest Obama has now weighed in. Plus difficult

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Speaker 1: decisions ahead and exclusive first broadcast interview after becoming the

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Speaker 1: UK's first female chancellor, Rachel Reeves says that she will

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Speaker 1: level with the public about challenges facing the economy. Let's

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Speaker 1: start with a round up of our top story. Donald

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Speaker 1: Trump has delivered his keynote address at the Republican National

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Speaker 1: Convention as he accept the party's nomination for the presidency.

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Speaker 1: In a speech that veered between calls for unity and

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Speaker 1: divisive rhetoric on a range of topics, Trump began by

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Speaker 1: describing his near death experience during last Saturday's attempted assassination.

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Speaker 2: If I had not moved my head at that very

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Speaker 2: last instant, the assassin's bullet would have perfectly hit its mark,

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Speaker 2: and I would not be here tonight.

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Speaker 3: We would not be together.

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Speaker 1: After accounting the details of the attempt on his life,

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Speaker 1: Trump launched into a broad pitch for a second term

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Speaker 1: as president that started with a call for the country

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Speaker 1: to come together.

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Speaker 2: Despite such a heinous attack. We unite this evening more

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Speaker 2: determined than ever. I am more determined than ever, and

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Speaker 2: so are you. So is everybody abusing. Our resolve is unbroken,

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Speaker 2: and our purpose is unchanged to delivery government that serves

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Speaker 2: the American people better than ever before.

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Speaker 1: However, the speech went on and Trump delivered an increasingly

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Speaker 1: meandering and grievance focused address with sweeping pledges to cut taxes,

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Speaker 1: bring down inflation and illegal immigration, and to stop foreign wars.

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Speaker 1: But notably, he only directly addressed the current US president

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Speaker 1: once by now.

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Speaker 2: With this administration, the damage that this administration has done.

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Speaker 2: And I say it often, if you took the ten

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Speaker 2: worst presidents in the history of the United States, think

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Speaker 2: of it, the ten worst aired them up. They will

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Speaker 2: not have done the damage that Biden has done. I'm

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Speaker 2: only going to use the term once Biden, I'm not

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Speaker 2: going to use the name anymore, just one time. The

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Speaker 2: damage that he's done to this country is unthinkable. It's unthinkable.

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Speaker 1: At more than an hour and a half, Trump's was

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Speaker 1: the longest nomination acceptance speech by Republican or Democrat in

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Speaker 1: the modern era. It brings to a close a Republican

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Speaker 1: convention that has been buoyed by a steady stream of

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Speaker 1: polling showing Trump ahead of Biden on key issues for

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Speaker 1: the November election. Meanwhile, Joe Biden is facing increasingly public

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Speaker 1: warnings to quit the presidential race from top Democratic lawmakers

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Speaker 1: and supporters. That aides insists that the president is not

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Speaker 1: wavering and remains dedicated to running, whilst he continues to

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Speaker 1: isolate with COVID nineteen. Blackstone executive and billionaire Democratic donor

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Speaker 1: John Gray says that he hopes Biden thinks about the

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Speaker 1: demands of another term.

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Speaker 3: Well, the President is a good man, he has been

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Speaker 3: a wonderful public servant, and like Speaker Pelosi said, you know,

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Speaker 3: he's gotten the vote in the Democratic primary. This is

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Speaker 3: his decision. But I would hope he considers the really

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Speaker 3: extreme physical toll of this business, of this job. I

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Speaker 3: should say, I'm going to wait and see what happens

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Speaker 3: here on the Democratic side. I am a Democrat, but

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Speaker 3: I'm going to let the process play out.

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Speaker 1: Blackstone's John Gray speaking there. Perhaps the harshest blow to

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Speaker 1: Biden's campaign comes from former President Barack Obama. The Washington

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Speaker 1: Post reported that he told allies that Biden needs to

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Speaker 1: seriously consider the viability of his campaign. According to a

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Speaker 1: Senate a Democratic senators in competitive races are on the

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Speaker 1: verge of calling on the president to step aside, the

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Speaker 1: only question being when and how to announce their position. Now,

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Speaker 1: the prospect of a second Trump presidency is pushing European

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Speaker 1: leaders to cooperate more closely on security. Trump has a

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Speaker 1: long history of being critical of NATO, and in the

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Speaker 1: eyes of many European officials, is now the clear favorite

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Speaker 1: to win the race. The Prime Minister of Norway, Yonas

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Speaker 1: gar Storre, was asked by Bloomberg how Europe would cope

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Speaker 1: if any next US president withdrew their support from Ukraine.

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Speaker 4: Think the idea that you know you will be all

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Speaker 4: in or all out. I think that's a bit too simplistic.

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Speaker 4: NATO is of great benefitual members. I think for you,

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Speaker 4: American president to have thirty one of the world's most

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Speaker 4: advanced date as allies working very closely is a huge asset.

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Speaker 4: I don't see any American president want to renounce on that.

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Speaker 1: The Norwegian leader speaking there to Bloomberg on the sidelines

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Speaker 1: of the European Political Community summit. Ukrainian President Vladim Zelenski,

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Speaker 1: for his part, implored those leaders at the summit to quote,

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Speaker 1: convince your partners around the globe that they also have

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Speaker 1: to be brave. Now onto some other news. The French

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Speaker 1: lawmakers have re elected a centrist candidate from Emmanuel Macon's

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Speaker 1: Renaissance party to lead the National Assembly. Yell Born Preve's

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Speaker 1: reappointment could be a sign that the president's coalition is

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Speaker 1: best place to form a new government after parliament was

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Speaker 1: dissolved last month. Boron Preves the vote by thirteen ballots,

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Speaker 1: with support from centrists and center right lawmakers outside of

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Speaker 1: her alliance. Her election is not directly related to the

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Speaker 1: appointment of a new French Prime minister or the formation

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Speaker 1: of a new government there, but it could give an

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Speaker 1: indication of which coalitions are able to unite behind a

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Speaker 1: single candidate. US Central bankers are reportedly ready to cut

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Speaker 1: into a strates in September, amid growing confidence that price

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Speaker 1: stability is within sight. Recent speeches from policymakers have teased

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Speaker 1: the coming move, and chaired jr Own Pale is likely

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Speaker 1: to flag the change more explicitly. After a policy meeting

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Speaker 1: at the end of July, the Federal Reserve Bank of

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Speaker 1: San Francisco President Mary Daily talked about lowering borrowing costs

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Speaker 1: and the progress that has been made towards that, but

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Speaker 1: was cautious.

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Speaker 5: You've had some really good incoming data. But even with

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Speaker 5: the incoming data on inflation being positive, any good good

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Speaker 5: data after last year, earlier this year, we're not there yet.

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Speaker 5: We don't have price stability right now, and we need

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Speaker 5: to be very confident that we're on a sustainable path

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Speaker 5: to achieve it.

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Speaker 1: Mary Daily, speaking there doing a farside chat with The

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Speaker 1: New York Times is Gina Smilek. Officials still want to

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Speaker 1: see a continuing trend towards their two percent annual inflation

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Speaker 1: goal before committing to rate cuts. The Fed's preferred gauge

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Speaker 1: has eased, though, to two point six percent. The UK

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Speaker 1: Chancellor Rachel Reeves has a warning that difficult decisions lie ahead.

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Speaker 1: In her first major broadcast interview since taking the job,

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Speaker 1: she told Bloomberg that she was under no illusions about

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Speaker 1: the challenge for restoring economic growth.

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Speaker 6: We're going to have to make difficult decisions. We need

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Speaker 6: to fix the foundations before we can start rebuilding things

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Speaker 6: in Britain. But unlike the previous government, I am going

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Speaker 6: to be honest about the scale of the challenge. I'm

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Speaker 6: going to level with people and together with and rebuild

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Speaker 6: our country.

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Speaker 1: It's a hint that Reeves is weighing the prospect of

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Speaker 1: tax heights or spending cuts in her first budget this autumn.

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Speaker 1: Britain's first female Chancellor was also keen to stress that

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Speaker 1: her growth plan depends on global investors returning to the UK.

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Speaker 1: One of her first acts was to introduce legislation preventing

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Speaker 1: any future Lee's Truss unfunded tax cuts. And lastly, Englishman

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Speaker 1: Daniel Brown is the surprise club House leader going into

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Speaker 1: the second round of the Opian Championship golf. He is

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Speaker 1: six under part at Royal Troon, a stroke clear of

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Speaker 1: twenty nineteen winner Shane Lowry. Several big names didn't make

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Speaker 1: such good starts, though Rory McElroy's on seven over with

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Speaker 1: the two time PGA champion Bryson de Shambeau and Tiger Woods,

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Speaker 1: among other players who are well off the pace. Now,

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Speaker 1: Donald Trump delivered his first public address since surviving a

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Speaker 1: failed assassination attempt. Now Trump called for unity, for tax cuts,

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Speaker 1: closing the US border, ending what he called the Green

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Speaker 1: New scam, and foreign wars. All of this as the

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Speaker 1: Democrats are mired in debate about whether President Biden should

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Speaker 1: quit the race. Joining me now to discuss this is

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Speaker 1: Bloomberg's Bill Ferries. Good morning, Bill, Thank you so much

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Speaker 1: for your time. Look, this was the build up the

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Speaker 1: main event at the Republican National Convention. It was a

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Speaker 1: former president Donald Trump accepting the nomination to go ahead

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Speaker 1: and run in November. He began by talking about the

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Speaker 1: assassination attempt against him. He called for unity, but then

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Speaker 1: also pivoted to this isolationist, anti immigrant American vision. What

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Speaker 1: was your impression of what was a very long speech, Bill.

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Speaker 7: Right, It went on for actually over ninety minutes, and

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Speaker 7: there was a lot of anticipation. It was really the

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Speaker 7: first up public remarks we were getting from former President

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Speaker 7: Trump since that assassination attempt that wounded him last weekend,

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Speaker 7: And it was really a mix of clearly kind of

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Speaker 7: prepared remarks and a lot of impromptu riffing off the

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Speaker 7: tell away from the teleprompter, kind of a pattern familiar

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Speaker 7: to those of us who have watched many of his

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Speaker 7: rallies that often start off this way and then kind

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Speaker 7: of digress onto sidetracks. It was a speech that I

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Speaker 7: would say was perhaps a little lower energy than what

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Speaker 7: we've typically come to expect from Donald Trump, and a

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Speaker 7: little bit short on policy specifics. I mean, he did,

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Speaker 7: as you say. He did talk about a little bit

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Speaker 7: about tax cuts. He talked about ending subsidies for electric vehicles.

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Speaker 7: He really harked back to I think what people's memories

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Speaker 7: are of the US economy before the COVID nineteen pandemic hit.

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Speaker 7: He talked about low inflation and low unemployment. I think

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Speaker 7: Democrats will counter that they are now back in that

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Speaker 7: kind of an environment of relatively low inflation and low unemployment,

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Speaker 7: although prices have risen a lot in between. So he

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Speaker 7: tried to I think he tried to talk about how

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Speaker 7: he would take the American economy back to the way

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Speaker 7: it was running in the second half of his term

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Speaker 7: before COVID, but not a lot of details in terms

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Speaker 7: of a specific vision for the next four years.

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Speaker 1: Yeah, and one could even say sweeping promises, sort of

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Speaker 1: almost impossibly sweeping promises. For example, you know, incomes will skyrocket.

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Speaker 1: He said, inflation will vanish, and jobs will come roaring back.

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Speaker 1: We will usher in the rich and wonderful tomorrows. I mean, big, big,

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Speaker 1: sort of sweeping statements. How does Trump plan to achieve

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Speaker 1: that with his policies?

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Speaker 7: Yeah, well that's that's where all the you know, the

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Speaker 7: details weren't really a part of this speech. I think

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Speaker 7: he's really trying to focus on you know, he's going

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Speaker 7: back to that Ronald Reagan adage of asking people if

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Speaker 7: they feel better about where they are now than they

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Speaker 7: did four years ago, and let's say four and a

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Speaker 7: half years ago before COVID. He's trying to bring back

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Speaker 7: some of that nostalgia. But no in terms of, you know,

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Speaker 7: a policy address, we did not get you know, what

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Speaker 7: his priorities would be, what his first one hundred days

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Speaker 7: would look like. He's i think, essentially trying to capitalize

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Speaker 7: on frustration that many Americans feel about where their household

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Speaker 7: economy is at the moment.

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Speaker 1: Republicans have also been buoyed by the polls. Does Trump

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Speaker 1: have momentum or is it that Democrats are losing and

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Speaker 1: disarray because even though there was huge fanfare around this

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Speaker 1: Trump speech that took place overnight, it was also overshadowed

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Speaker 1: by the conversation that Theocrats are having when if will

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Speaker 1: President Biden quit the race?

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Speaker 7: Heard we heard Trump mention Joe Biden's name once or

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Speaker 7: maybe twice in that whole speech, and you wonder if

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Speaker 7: that was deliberate because the Republicans are hedging their bets

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Speaker 7: on who their opponent will even be. At this point,

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Speaker 7: there's a lot of mounting speculation that Joe Biden will

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Speaker 7: end his will possibly end his campaign. You see more

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Speaker 7: senior Democrats coming forward and saying that they think it

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Speaker 7: would be best if he stepped aside, and that includes

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Speaker 7: kind of a devastating a comment or reporting in the

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Speaker 7: New York Times that President former President Barack Obama is

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Speaker 7: saying that Joe Biden's campaign has a risk of hurting

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Speaker 7: Democrats at this point. So we have reported on the

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Speaker 7: Associated Press has reported that there is an all hands

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Speaker 7: meeting for the Biden campaign staff expected on Friday, US time,

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Speaker 7: and that, you know, adds a little bit more speculation

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Speaker 7: to this process of whether Joe Biden, who's sidelined with

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Speaker 7: COVID nineteen, will really be the candidate Republicans have to

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Speaker 7: focus on.

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Speaker 1: Yeah, absolutely, a last thought, if you would, I think

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Speaker 1: it would be a miss not to mention that there

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Speaker 1: was quite a lot of religious content within the speech.

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Speaker 1: He also talked Donald Trump that is about saving democracy.

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Speaker 1: Neither he nor j Devance's running mates seem all that

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Speaker 1: committed to accepting a vote that would go against them,

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Speaker 1: or there may be question marks about that. The idea

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Speaker 1: of sort of saving democracy has also been at the

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Speaker 1: heart of the of the democratic kind of push too.

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Speaker 7: Right, This seems to be the Trump campaign trying to

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Speaker 7: take one of the arguments against it and turning around

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Speaker 7: on the Democrats. You know, Donald Trump has said that

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Speaker 7: he believes the judicial system has been weaponized against him

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Speaker 7: with the number of cases he has had to fight

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Speaker 7: back against since leaving office and even actually while he

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Speaker 7: was in office. And yeah, I think, you know, that's

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Speaker 7: the focus on you know, religion that you mentioned that

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Speaker 7: is a clear, you know, pitch towards a lot of

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Speaker 7: these working class voters who could help decide this election

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Speaker 7: either way. But jd Vance, you know, when you go

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Speaker 7: back to talking about the election system. Jd Vance has

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Speaker 7: said that if he were in Mike Pence's shoes in

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Speaker 7: January twenty twenty one, he probably would not have voted

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Speaker 7: to immediately validate the election. So that's where the back

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Speaker 7: and forth over who who was really undermining democracy and

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Speaker 7: who would strengthen democracy is at.

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Speaker 1: Yeah, Bill, thank you so much for your time and

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Speaker 1: for being with me this morning. Bloomberg's Bill Fairries there now.

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Speaker 1: Trump promised new heights of greatness for America. Joining us

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Speaker 1: now to discuss is Thomas Gift, who is a professor

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Speaker 1: of political science at ucl and the director of these

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Speaker 1: centers on US Politics. Thomas, good morning, and welcome to

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Speaker 1: the program.

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Speaker 8: Good morning, Thank you for having me.

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Speaker 1: Trump is making sweeping promises. No enemy will doubt our might,

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Speaker 1: our borders will be totally secure, our economy will saw

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Speaker 1: How can Trump deliver? What did you make of the

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Speaker 1: speech and the policies that he outlined, Well.

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Speaker 8: It was really a tale of two speeches. I think

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Speaker 8: the first part in which he was recounting his assassination attempt,

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Speaker 8: and he said that he would only do this once

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Speaker 8: because it was so painful, and then the rest of

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Speaker 8: the speech was kind of a typical Trump speech where

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Speaker 8: he was ad libbing much of it. He did call

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Speaker 8: for unity, but at the same time, he accused his

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Speaker 8: opponents of cheating on elections, called Nancy Pelosi crazy, talked

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Speaker 8: about the quote unquote China virus, the quote invasion at

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Speaker 8: the US Mexico border, called one Democratic Congress member a

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Speaker 8: total lightweight. So there was certainly some discrepancy there. I

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Speaker 8: think a lot of Americans were actually expecting a speech

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Speaker 8: that was a bit more unifying. In terms of policy,

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Speaker 8: I think you highlighted some of the big issues, immigrations

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Speaker 8: certainly at the top, and bringing down the cost of living.

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Speaker 1: Yeah. In terms of also a foreign policy, Trump said

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Speaker 1: that he got along well with the North Korean leader

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Speaker 1: Kim Jong un. He also sounded quite isolationist and quite transactional.

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Speaker 1: How does the rest of the world do you think

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Speaker 1: think about this speech or what will they take away

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Speaker 1: from it?

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Speaker 8: Well, I really think that it's nothing new. I mean,

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Speaker 8: we know, for example, on Ukraine, Trump has promised to

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Speaker 8: end the war on day one. He's never actually said

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Speaker 8: how he would do that. But that's his promise. And

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Speaker 8: the way that Trump governed was very kind of incompatible

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Speaker 8: with collaborating with allies on the international stage, for sure.

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Speaker 8: I mean, he took the United States out of the

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Speaker 8: World Health Organization during the middle of a pandemic. He

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Speaker 8: attacked NATO. He said that he would allow Putin to

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Speaker 8: do whatever he wanted in Eastern Europe. So I don't

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Speaker 8: think that world leaders are going to be too surprised

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Speaker 8: by much of the content that they heard in the speech.

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Speaker 1: Okay, but how will people prepare, for example, for things

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Speaker 1: like climate policy. Trump saying that he would drill baby

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Speaker 1: drill and the electric vehicle mandate on day one redirect

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Speaker 1: money from Biden's Inflation Reduction Act and so, in his words,

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Speaker 1: we will not allow it to be spent on meaningless

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Speaker 1: green new scam ideas. What happens to climate policy under

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Speaker 1: a second Trump term? Again, this is something you know,

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Speaker 1: this very vital or scenes very vital by European leaders.

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Speaker 8: Absolutely, I think Trump is going to be very difficult

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Speaker 8: to work with. I mean, he's just not open to

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Speaker 8: collaboration on these ideas. Trump is going to roll back

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Speaker 8: a lot of environmental regulations, domestically through unilatter action via

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Speaker 8: the Environmental Protection Agency. He's going to probably do what

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Speaker 8: he can to curb some of the outlays that have

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Speaker 8: already been provided for through the Inflation Reduction Act through

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Speaker 8: the Infrastructure Bill. Yeah, it's a pretty predictable set of

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Speaker 8: policies if you're a Republican. But for world leaders who

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Speaker 8: are prioritizing climate change, it's not something to welcome, Okay.

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Speaker 1: The speech also had quite a lot of claims about

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Speaker 1: his successes in office. I mean, for example, taw to

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Speaker 1: do the biggest tax cuts ever. He blamed the Democrats

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Speaker 1: for inflation and for foreign wars. In terms of the

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Speaker 1: European view on how well Trump did in office, looking back,

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Speaker 1: what do you think the conclusions are for his prior

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Speaker 1: term in office.

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Speaker 8: Well, that's a big question. You know, when it comes

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Speaker 8: to inflation, this is something that the entire Western world

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Speaker 8: has really dealt with since the pandemic. Of course, you

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Speaker 8: can make the critique that Biden in particular exacerbated that

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Speaker 8: through increase in federal spending, which were significant, you know,

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Speaker 8: at a time when the economy was already overheating. But

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Speaker 8: Trump's record also it's a little bit difficult to assess,

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Speaker 8: simply because it ended during the height of the pandemic.

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Speaker 8: So much of the economic success that he teuts, particularly

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Speaker 8: in the stock market, dissipated by the end. Lots of

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Speaker 8: jobs that were created under his administration were eventually eliminated,

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Speaker 8: many of them returned under the Biden administration. So it's

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Speaker 8: a mixed record for sure.

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Speaker 1: The thing is will Trump's message actually be welcomed in

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Speaker 1: some parts of Europe? I mean, on you can see

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Speaker 1: some parallels in terms of anti immigrant, the concern around inflation,

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Speaker 1: the idea that a kind of globalized world has not

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Speaker 1: worked for working people. I mean, those are themes that

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Speaker 1: we've seen for many right, center right, far right parties

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Speaker 1: across Europe. So would some of those messages be welcomed.

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Speaker 8: Oh, one hundred percent, I think that they will be.

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Speaker 8: I mean, the UK is somewhat of an exception, moving

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Speaker 8: left as at the time that much of Europe is

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Speaker 8: moving right. But what we've seen here a common theme

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Speaker 8: is just kind of an anti establishment sentiment, one that

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Speaker 8: is skeptical of globalism, one that is skeptical of the elites,

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Speaker 8: one that is skeptical of the ability of multilateral institutions

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Speaker 8: to deliver, particularly in the context of globalization where automation

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Speaker 8: and offshoring are curbing jobs. So I think certainly there's

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Speaker 8: a non trivial fraction of the population throughout Europe that

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Speaker 8: is going to welcome Trump's rudder.

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