WEBVTT - 10%-70% US Tariffs, China-EU Strain, Golf's Uneven Game

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is the Blueberg Debacurate podcast. Good morning, It's find

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<v Speaker 2>it the fourth of July. I'm Caroline Hepkitt in London.

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<v Speaker 1>And I'm Stephen Caroline Brussels. Coming up today, Donald Trump

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<v Speaker 1>says the US will send letters to trading partners from

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<v Speaker 1>today with new tarif rates as high as seventy percent

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<v Speaker 1>as the EU remains confident of a deal.

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<v Speaker 2>US Treasury Secretary Scott Bessen dismisses concerns over the dollars

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<v Speaker 2>reserve status in an interview with Bloomberg.

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<v Speaker 1>Plus chipping away at tradition. Scotland's golf industry finds itself

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<v Speaker 1>in the rough as elite courses eclipse local clubs.

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<v Speaker 2>Let's start with a roundup of our top stories.

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<v Speaker 1>US President Donald Trump says new unilateral tarifrates will range

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<v Speaker 1>from ten to seventy percent as his ninth of July

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<v Speaker 1>deadline for deals approaches. Speaking to reporters of Board Air

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<v Speaker 1>Force One, the President said his administration would begin sending

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<v Speaker 1>letters with the new rates to trading partners from today,

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<v Speaker 1>with the levies taking effect on the first of August.

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<v Speaker 3>Well, we're going to start sending letters out to various

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<v Speaker 3>countries starting tomorrow. Will probably have ten or twelve go

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<v Speaker 3>out tomorrow and over the next few days. I think

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<v Speaker 3>by the ninth they'll be fully covered, and they'll range

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<v Speaker 3>in value from maybe sixty or seventy percent tariffs to

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<v Speaker 3>ten and twenty percent tariffs.

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<v Speaker 1>However, the US President wouldn't be drawn on the rates

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<v Speaker 1>each country would receive or which countries would be the

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<v Speaker 1>first to receive letters.

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<v Speaker 4>Well, you're going to.

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<v Speaker 3>See tomorrow, rather give it tomorrow. But we have probably

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<v Speaker 3>twelve ten to twelve tomorrow, and then after that we'll

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<v Speaker 3>be sending ten or twelve a day, and as we

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<v Speaker 3>get along, as we get to the smaller countries, we're

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<v Speaker 3>pretty much going to keep the tariffs a same.

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<v Speaker 1>President Trump's comments aligned with his previous threat that if

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<v Speaker 1>countries failed to reach deals with the US before next

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<v Speaker 1>week's deadline, he would simply pose rates on them. So far,

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<v Speaker 1>the Trump administration has announced deals with the UK and Vietnam,

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<v Speaker 1>and agreed to a truce with China that saw the

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<v Speaker 1>world's two largest economies eased hit for tat tariffs.

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<v Speaker 2>Well, many major trading partners, such as Japan, South Korea,

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<v Speaker 2>and the European Union are still working to finalize tariff deals.

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<v Speaker 2>EU Commissioned President Osla Vondelian told reporters yesterday that the

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<v Speaker 2>block is aiming for an agreement in principle with the

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<v Speaker 2>United States by July ninth, as an agreement in detail

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<v Speaker 2>covering such a large trading relationship wouldn't be feasible. The

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<v Speaker 2>comments came as Bloomberg learned that European companies including Mercedes

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<v Speaker 2>Benz and LVMH are pushing for a quick trade deal

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<v Speaker 2>with the US to avoid tariffs and protect their interests. Meanwhile,

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<v Speaker 2>President Trump has expressed optimism about reaching an agreement with India,

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<v Speaker 2>but has spoken harshly about the prospects of an accord

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<v Speaker 2>with Japan.

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<v Speaker 1>China intends to cancel part of a two day summit

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<v Speaker 1>with the European Union later this month, in the latest

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<v Speaker 1>sign of a strain between Beijing and Brussels. The EU

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<v Speaker 1>Commissioned President Ursula Vonderline European Council President Antonio Costa had

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<v Speaker 1>planned to meet Hi Jinping in Beijing before traveling to

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<v Speaker 1>Central China the next day for a business summit.

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<v Speaker 4>The meeting will now just be one day in Beijing.

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<v Speaker 1>The two sides have long standing disagreements over the war

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<v Speaker 1>in Ukraine, Chinese industrial policy, and an unbalanced trading relationship.

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<v Speaker 1>China's recent export controls on rare earth magnets have come

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<v Speaker 1>the detriment of European industries. Bloomberg reported last month of

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<v Speaker 1>the two sides had also canceled the flagship EU China

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<v Speaker 1>High Level Economic and Trade Dialogue.

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<v Speaker 2>US Treasury search Scott Bessent dismissed the idea that the

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<v Speaker 2>dollar's recent declines raise concerns about its status as the

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<v Speaker 2>world's reserve currency. The greenback had its worst first half

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<v Speaker 2>of a year since nineteen seventy three, with the Dollar

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<v Speaker 2>index seeing a slide of almost eleven percent. That's led

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<v Speaker 2>Chinese and European policymakers to one if the global financial

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<v Speaker 2>system could move away from dependence on the dollar. Scott

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<v Speaker 2>bess End disagrees.

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<v Speaker 5>The price of the dollar has nothing to do with

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<v Speaker 5>a strong dollar policy.

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<v Speaker 4>It meant many times.

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<v Speaker 6>Over since World War Two, the demise of the dollar

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<v Speaker 6>as reserve currency has been predicted.

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<v Speaker 4>And I think once again the skept is going to

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<v Speaker 4>be wrong.

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<v Speaker 2>Scott Bessend. They're speaking to Bloomberg. The Treasury Secretary added

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<v Speaker 2>that if the euro hits one twenty against the dollar,

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<v Speaker 2>Europeans are going to quote to be squawking that it's

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<v Speaker 2>too strong.

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<v Speaker 1>President Trump secured final passage of his signature three point

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<v Speaker 1>four trillion dollar tax bill following a bruising campaign to

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<v Speaker 1>win over Republicans in Congress. The non partisan Congressional Budget

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<v Speaker 1>Office projects the legislation will add three point four trillion

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<v Speaker 1>dollars to US deficits over the next decade with tax

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<v Speaker 1>cuts for wealthier Americans. It also cuts Medicaid health insurance

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<v Speaker 1>for the poor and disabled people by nearly one trillion dollars,

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<v Speaker 1>as well as food stamps and college student loan. Here's

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<v Speaker 1>the moment. The bill passed by just four votes in

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<v Speaker 1>the House. On this vote, the Yaser two eighteen the

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<v Speaker 1>Laser two fourteen.

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<v Speaker 4>The motion is adopted.

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<v Speaker 1>The legislation now goes to the President, who says he

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<v Speaker 1>plans to sign the bill in a ceremony at the

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<v Speaker 1>White House at four pm in Washington today. The fierce

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<v Speaker 1>partisan battle to shape public perceptions of the measure is

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<v Speaker 1>likely to intensify in the coming months.

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<v Speaker 2>Here In the UK, Chancellor chel Reeves stressed her commitment

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<v Speaker 2>to fiscal discipline after a market's sell off sparked by

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<v Speaker 2>fears her position was in danger. Reeves admits that she

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<v Speaker 2>was clearly upset in the House of Commons earlier this week,

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<v Speaker 2>after cameras showed her crying on the front bench. The

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<v Speaker 2>chancellors has insisted that it was because of an issue

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<v Speaker 2>in her personal life unrelated to politics.

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<v Speaker 6>I happened to be on the camera when I had

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<v Speaker 6>a tough day. But today is a new day and

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<v Speaker 6>I'm just getting on with the job. In the first

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<v Speaker 6>quarter of this year, we had the fastest growing economy

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<v Speaker 6>in the G seven. Wages have risen by more in

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<v Speaker 6>the first ten months of this Labor government than they

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<v Speaker 6>did in the first ten years of the Conservative government.

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<v Speaker 6>Is this job easy? Is it easy to turn around

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<v Speaker 6>the economy? No, it's not.

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<v Speaker 4>It is tough.

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<v Speaker 2>Beeves's public appearance comes as she now has to grapple

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<v Speaker 2>with a new fiscal hole created by her own party.

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<v Speaker 2>The five billion pound u turn in welfare cars means

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<v Speaker 2>that she will very likely have to either raise taxes

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<v Speaker 2>or borrow more in her autumn budget.

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<v Speaker 1>Contributes from the footballing world have continued for Liverpool footballer

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<v Speaker 1>Diogo Jotta, who died in a car crash alongside his

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<v Speaker 1>brother in Spain yesterday. Police are investigating the possibility that

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<v Speaker 1>the Lamborghini they were in left the road because of

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<v Speaker 1>a tire blowout while overtaking. Twenty eight year old Jota

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<v Speaker 1>played a key role in Liverpool's recent Premier League triumph

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<v Speaker 1>and portugal ze way for Nations League success. FIFA president

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<v Speaker 1>Jianny and Fantino says he'll be greatly missed.

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<v Speaker 4>Fantastic person, great son, husband, father, as well. Tragic loss

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<v Speaker 4>from FIFA side, my site, the whole global football family.

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<v Speaker 1>FIFA President Jianny and Fantino's tributes were echoed by Christiano Ronaldo,

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<v Speaker 1>who said he's sending his Portugal teammate Diogo Jiota's family

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<v Speaker 1>all the strength in the world.

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<v Speaker 2>And those are our top stories for you this morning.

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<v Speaker 2>Let's have a look at the markets in terms of equities.

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<v Speaker 2>We're sliding now for eurostocks. Fifty futures down four tens

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<v Speaker 2>of one percent, s and P five hundred emni futures

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<v Speaker 2>also down three tens of one percent. President Trump ramping

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<v Speaker 2>up tariff tensions. We've had more statements just in recent minute.

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<v Speaker 2>In terms of other markets moving the blue bag Dollar

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<v Speaker 2>spot indexes week are two tenths of one percent. Remember

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<v Speaker 2>there is no cash treasury trading today the public holiday

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<v Speaker 2>in the United States. Gold is also up by almost

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<v Speaker 2>half of one percent this morning. This as the MSCI

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<v Speaker 2>Asia Pacific indexes down two tenths of one percent.

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<v Speaker 1>In a moment, will bring you the latest on the

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<v Speaker 1>countdown to Donald Trump's trade deadline. Plus my life on

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<v Speaker 1>the fairways of Scotland's golf courses isn't all smooth. But

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<v Speaker 1>another story that caught her eye this morning. Carol, I

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<v Speaker 1>don't know if you've ever dreamed about drifting off into

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<v Speaker 1>the corporate sunset with a cushy job on a board somewhere,

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<v Speaker 1>but that dream of currently is over. Yeah, I mean

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<v Speaker 1>it's I would say that the thought had perhaps crossed my

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<v Speaker 1>mind for future stages of my life, the Act three

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<v Speaker 1>or four coming down the line, But Beth cod from

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<v Speaker 1>bloober Coquinian says give up basically on that dream. These days,

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<v Speaker 1>being on a board, she says, is more like a

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<v Speaker 1>cold shower. The era of rubber stamping and phoning it

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<v Speaker 1>in is over. She references a period during COVID where

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<v Speaker 1>board meetings turned into emergency calls several times a month,

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<v Speaker 1>and she says the pace hasn't slowed down since you've

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<v Speaker 1>got executives leaving. So you've got boards getting involved in

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<v Speaker 1>finding new leaders for big companies. You've got activist investors

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<v Speaker 1>circling in a lot of companies as well, questions over

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<v Speaker 1>how a company is going to approach issues around DEI

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<v Speaker 1>or ESG, for example. Then add the geopolitics of that

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<v Speaker 1>as well. So being on a board has turned out

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<v Speaker 1>to be a very busy job as well. Also, I

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<v Speaker 1>quite like this fact. There's a lot more tension apparently

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<v Speaker 1>on boards. To a survey by PwC found that nearly

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<v Speaker 1>half of directors wanted to replace at least one of

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<v Speaker 1>their peers on the board as well. So apparently, even

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<v Speaker 1>when you're in the room, not everyone as friends.

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<v Speaker 2>Absolutely. Yeah, She does say that it could be of

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<v Speaker 2>course good for corporate governance, which you know is also

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<v Speaker 2>a factor here, but that there should also be and

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<v Speaker 2>this is a kind of growing movement as well, that

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<v Speaker 2>there should be better on boarding, better training if you

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<v Speaker 2>want to be a director. I mean there's also liability,

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<v Speaker 2>you know, when things go wrong. Directors have a lot

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<v Speaker 2>of responsibilities, so maybe that that should become sort of

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<v Speaker 2>a more formalized structure. But yeah, it was a really

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<v Speaker 2>great piece. Beth Koch from Blue Big Opinion.

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<v Speaker 1>Well, that's bringing more in our top story. Now, just

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<v Speaker 1>five days to go until Donald trump tariff pause deadline.

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<v Speaker 1>The US Prizeman has been giving more details about what

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<v Speaker 1>countries should expect to happen after that. Our senior Robel

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<v Speaker 1>Ferries is with us now for more. Bill Donald Trump,

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<v Speaker 1>we've been hearing from him just in the past hour

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<v Speaker 1>or so talking about what will happen after July ninth.

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<v Speaker 1>Letters going out to countries from today. Is this better

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<v Speaker 1>or worse than we had expected?

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<v Speaker 5>Well, I think it's going to depend on what that

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<v Speaker 5>letter says, depending on which country you're in. I mean,

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<v Speaker 5>Trump landed in Washington on Air Force one and said

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<v Speaker 5>he'd start sending out ten or twelve letters to countries

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<v Speaker 5>and at the rates that the tariff rates that countries

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<v Speaker 5>will have to pay will be up to possibly seventy percent.

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<v Speaker 5>So I think that is a worst case scenario for

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<v Speaker 5>just about any country out there.

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<v Speaker 4>At this point.

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<v Speaker 5>Of course, there's been a lot of scrutiny of the

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<v Speaker 5>few details we have on this Vietnam deal. That was

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<v Speaker 5>reached with a twenty percent tariff for Vietnam's exports to

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<v Speaker 5>the US and a forty percent sent tariff for goods

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<v Speaker 5>that were shipped transshipped through Vietnam. So I think there's

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<v Speaker 5>going to be you know, a lot of countries were

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<v Speaker 5>hoping that maybe they could get a better deal than Vietnam,

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<v Speaker 5>something maybe between ten and twenty percent. I think to

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<v Speaker 5>hear seventy percent is going to be alarming. The other

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<v Speaker 5>thing that Donald Trump said when he landed in Washington

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<v Speaker 5>was that countries will start paying those tariffs on August first,

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<v Speaker 5>which does lead me to wonder whether there is a

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<v Speaker 5>little wiggle room between July ninth and August first for

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<v Speaker 5>some countries to try to work a better deal. We'll

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<v Speaker 5>have to see how that plays out.

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<v Speaker 2>Yeah, I mean, so father are only three framework deals

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<v Speaker 2>that have been announce so we're told that there are

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<v Speaker 2>more coming. So who are the likely countries to get

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<v Speaker 2>across the line? I mean seems to be a bit

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<v Speaker 2>of a guessing game.

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<v Speaker 4>It really is.

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<v Speaker 5>I mean, you know, if we took this process back

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<v Speaker 5>a month or two, we heard repeatedly that Japan was

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<v Speaker 5>near the front of the front of the queue. In

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<v Speaker 5>terms of getting some kind of an agreement, and things

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<v Speaker 5>seem to be going well. It's just been in the

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<v Speaker 5>bat last ten days or so, we've heard the President

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<v Speaker 5>really critical of Japan and their their rice and autos policy,

0:12:07.520 --> 0:12:10.120
<v Speaker 5>so they perhaps they've fallen back. Maybe they'll just get

0:12:10.120 --> 0:12:13.400
<v Speaker 5>a letter. India, we know that their negotiators have stayed

0:12:13.400 --> 0:12:16.400
<v Speaker 5>in Washington longer to work on a deal that's a

0:12:16.520 --> 0:12:21.520
<v Speaker 5>very complicated pact. It's another country that might get more

0:12:21.520 --> 0:12:25.400
<v Speaker 5>of a framework and an agreement to continue on. But

0:12:25.480 --> 0:12:27.560
<v Speaker 5>then there's a lot of countries that fall kind of

0:12:27.559 --> 0:12:30.240
<v Speaker 5>below that radar and might be thinking, you know, maybe

0:12:30.280 --> 0:12:32.880
<v Speaker 5>what Vietnam got is the same thing that we're going

0:12:32.960 --> 0:12:35.920
<v Speaker 5>to get if we're in Southeast Asia. So those are

0:12:35.960 --> 0:12:37.719
<v Speaker 5>the kind of the countries we're looking for. I'd say

0:12:37.760 --> 0:12:40.600
<v Speaker 5>South Korea is on that list as well. And the EU,

0:12:40.760 --> 0:12:44.720
<v Speaker 5>of course, there's been some more positive signals between the

0:12:44.840 --> 0:12:46.520
<v Speaker 5>US and the EU and the past week.

0:12:47.160 --> 0:12:48.520
<v Speaker 4>Yeah, well, let's talk a little bit about that.

0:12:48.640 --> 0:12:51.240
<v Speaker 1>I mean, e's Levanderlin talking about she expects there to

0:12:51.240 --> 0:12:54.880
<v Speaker 1>be an agreement in principle by the deadline. Marshaftovitch was

0:12:54.880 --> 0:12:57.280
<v Speaker 1>in Washington yesterday. What is the latest that we're hearing

0:12:57.320 --> 0:12:58.720
<v Speaker 1>about those negotiations.

0:12:59.679 --> 0:13:02.440
<v Speaker 5>Well, you know, the EU was at one point facing

0:13:02.600 --> 0:13:05.440
<v Speaker 5>a flat fifty percent tariff. There's been a lot more

0:13:05.520 --> 0:13:09.760
<v Speaker 5>talk about perhaps like a different levels for different products

0:13:09.800 --> 0:13:13.760
<v Speaker 5>type of things, so much more nuanced agreement. That's one

0:13:13.760 --> 0:13:16.160
<v Speaker 5>of those ones that I think is also, like India,

0:13:16.320 --> 0:13:20.160
<v Speaker 5>very complex. There's obviously it's the biggest US trading relationship

0:13:20.200 --> 0:13:23.760
<v Speaker 5>there is, so I think there's talk about, you know,

0:13:23.840 --> 0:13:26.920
<v Speaker 5>perhaps some goods like Bourbon might be taken off the

0:13:26.960 --> 0:13:30.480
<v Speaker 5>EU's retaliatory list if they get perhaps a better deal

0:13:30.520 --> 0:13:34.800
<v Speaker 5>from the US. But the framework you're talking about, that's

0:13:34.840 --> 0:13:39.200
<v Speaker 5>what we saw with the UK. It's generally what we

0:13:39.280 --> 0:13:42.040
<v Speaker 5>saw with China. I would expect it would fall the

0:13:42.040 --> 0:13:44.679
<v Speaker 5>EU deal would fall in there where we get some outlines,

0:13:44.880 --> 0:13:47.319
<v Speaker 5>but perhaps talks continue after next week.

0:13:48.720 --> 0:13:51.520
<v Speaker 2>Meanwhile, President Trump is due to sign his tax bill

0:13:51.600 --> 0:13:55.320
<v Speaker 2>into law later today. How big a win is it

0:13:55.520 --> 0:13:57.640
<v Speaker 2>and what does that actually mean for the US economy.

0:13:58.720 --> 0:14:02.000
<v Speaker 5>It's a big police victory for Donald Trump. This has

0:14:02.120 --> 0:14:06.920
<v Speaker 5>basically been his only signature piece of legislation that he's

0:14:06.960 --> 0:14:10.240
<v Speaker 5>talked about since taking office. It includes, I mean some

0:14:10.320 --> 0:14:14.000
<v Speaker 5>huge priorities. It includes an extension of his twenty seventeen

0:14:14.120 --> 0:14:17.400
<v Speaker 5>tax cuts. It includes an increase in the debt ceialing

0:14:17.520 --> 0:14:20.560
<v Speaker 5>limit that the US was set to hit in August,

0:14:20.560 --> 0:14:23.480
<v Speaker 5>so that basically takes that off the table for markets.

0:14:23.680 --> 0:14:26.440
<v Speaker 5>But it also includes a lot of things like increased

0:14:26.440 --> 0:14:31.840
<v Speaker 5>money for border protection and then cuts to Medicaid and

0:14:31.880 --> 0:14:35.280
<v Speaker 5>who qualifies for that health insurance program. So it really

0:14:35.360 --> 0:14:37.840
<v Speaker 5>is going to be a big overhaul of the US

0:14:37.920 --> 0:14:41.480
<v Speaker 5>economy and the way business has been done. In terms

0:14:41.560 --> 0:14:44.160
<v Speaker 5>of what comes next, He's gotten a lot of his

0:14:44.280 --> 0:14:47.080
<v Speaker 5>legislative priorities. There's still a budget that will have to

0:14:47.080 --> 0:14:48.000
<v Speaker 5>come later this year.

0:14:48.880 --> 0:14:51.400
<v Speaker 1>Okay, both fairies, our senior editor, thank you very much

0:14:51.440 --> 0:14:52.120
<v Speaker 1>for joining us.

0:14:53.400 --> 0:14:56.040
<v Speaker 2>Well, now I want to talk about golf in Scotland.

0:14:56.120 --> 0:14:59.680
<v Speaker 2>The game is traditionally more accessible than in the US

0:14:59.760 --> 0:15:03.000
<v Speaker 2>or in England, but for dozens of small clubs away

0:15:03.040 --> 0:15:05.840
<v Speaker 2>from the glitz of maybe Royalty or President Trump's own

0:15:06.240 --> 0:15:10.160
<v Speaker 2>two resorts, the ones that aren't on the golf tourism routes,

0:15:10.440 --> 0:15:14.560
<v Speaker 2>rising costs and less visibility are making life tough. Bloomberg's

0:15:14.600 --> 0:15:17.640
<v Speaker 2>James Ludden joins US now from Edinburgh for more on

0:15:17.680 --> 0:15:21.280
<v Speaker 2>this really interesting story. James the business of sports. Scotland

0:15:21.360 --> 0:15:24.560
<v Speaker 2>is the home of golf, where it is a game

0:15:24.600 --> 0:15:28.040
<v Speaker 2>for the masses. How big an industry is it in Scotland.

0:15:28.760 --> 0:15:32.480
<v Speaker 7>Well, it's a key part of tourism, which is in

0:15:32.520 --> 0:15:35.240
<v Speaker 7>turn key for the Scottish economy. It was tourism alone

0:15:35.360 --> 0:15:39.080
<v Speaker 7>is worth about eleven billion pounds to the Scottish economy.

0:15:40.080 --> 0:15:42.720
<v Speaker 7>But when it comes to golf, numbers are kind of

0:15:42.800 --> 0:15:45.000
<v Speaker 7>hard to pin down. But there was one study very

0:15:45.040 --> 0:15:48.800
<v Speaker 7>recently that looked into the town of Saint Andrews, which

0:15:48.880 --> 0:15:52.800
<v Speaker 7>some of your listeners might know, is the symbolic home

0:15:52.880 --> 0:15:57.320
<v Speaker 7>of golf. Just that one little corner of southeast Scotland

0:15:57.520 --> 0:16:00.520
<v Speaker 7>that is worth three hundred and seventeen million pounds to

0:16:00.600 --> 0:16:05.240
<v Speaker 7>the economy. So if you extrapolate that across the broader country, yeah,

0:16:05.680 --> 0:16:07.480
<v Speaker 7>it's worth an awful lot more than that. But there's

0:16:07.520 --> 0:16:10.960
<v Speaker 7>also key that is it's a part of the national culture.

0:16:11.160 --> 0:16:14.160
<v Speaker 7>That's why it is such a big deal.

0:16:14.680 --> 0:16:17.280
<v Speaker 1>So what's happening then for the smaller clubs versus the

0:16:17.520 --> 0:16:19.440
<v Speaker 1>perhaps very well known courses you mentioned.

0:16:20.480 --> 0:16:23.520
<v Speaker 7>Yeah, so the smaller clubs, you know, the problem they've got,

0:16:23.520 --> 0:16:26.320
<v Speaker 7>like most most businesses, really is to do with cost.

0:16:28.000 --> 0:16:32.320
<v Speaker 7>If you think you are a relatively smaller club, you've

0:16:32.320 --> 0:16:35.400
<v Speaker 7>got to think you have payroll taxes going up, You've

0:16:35.440 --> 0:16:39.000
<v Speaker 7>got fertilizer costs going up. You know, how many times

0:16:39.000 --> 0:16:42.200
<v Speaker 7>do you send out your lawmowner to go and cut

0:16:42.280 --> 0:16:44.880
<v Speaker 7>the greens? Is it once a day? Is it twice

0:16:44.920 --> 0:16:49.200
<v Speaker 7>a week? Every time you send out a person to

0:16:49.240 --> 0:16:51.400
<v Speaker 7>cut the fairways or cut the greens, that's going to

0:16:51.440 --> 0:16:54.920
<v Speaker 7>cost money. So you've got to work out those of costs.

0:16:54.960 --> 0:16:57.080
<v Speaker 7>They do add up. And then at the top end

0:16:57.120 --> 0:17:00.000
<v Speaker 7>of the equation, if you're not going to compete act

0:17:00.760 --> 0:17:03.400
<v Speaker 7>you know with the big boys like Saint Andrews or

0:17:03.720 --> 0:17:07.040
<v Speaker 7>you know, more relevantly possibly with the Trump courses at

0:17:07.040 --> 0:17:09.840
<v Speaker 7>Turnbury and on the East coast also by Aberdeen, if

0:17:09.840 --> 0:17:12.000
<v Speaker 7>you're not going to compete with them directly on price,

0:17:12.560 --> 0:17:15.280
<v Speaker 7>you've got to think we've got to play pretty canny

0:17:16.080 --> 0:17:19.679
<v Speaker 7>to make sure that well our business is sustainable. And

0:17:19.720 --> 0:17:22.560
<v Speaker 7>that's really where the issue is. There is what five

0:17:22.680 --> 0:17:28.640
<v Speaker 7>hundred and fifty also courses dotted around the country, and yeah,

0:17:28.640 --> 0:17:33.359
<v Speaker 7>that's a lot of golf acreage and playing numbers, but

0:17:33.440 --> 0:17:37.000
<v Speaker 7>two hundred thousand here in Scotland and of those two

0:17:37.080 --> 0:17:41.240
<v Speaker 7>hundred thousand, only a small proportion is going to prepare

0:17:41.280 --> 0:17:45.880
<v Speaker 7>to pay what three hundred quid plus to play at

0:17:46.160 --> 0:17:49.400
<v Speaker 7>Trump or what have you. And you know, if let's say,

0:17:49.600 --> 0:17:53.040
<v Speaker 7>so let's say, if you decide on the fly, you

0:17:53.119 --> 0:17:54.600
<v Speaker 7>know what, I want to go and play at Trump

0:17:54.640 --> 0:17:58.000
<v Speaker 7>Turnbury today on the West coast, if you haven't got

0:17:58.040 --> 0:18:02.600
<v Speaker 7>a package of like a combination or some sort of deal,

0:18:03.760 --> 0:18:06.600
<v Speaker 7>you are going to be forking out something like one

0:18:06.600 --> 0:18:09.280
<v Speaker 7>thousand pounds just to knock a very small white ball

0:18:09.320 --> 0:18:15.160
<v Speaker 7>around the Scottish links, which for the historically fairly frugal

0:18:15.840 --> 0:18:20.119
<v Speaker 7>Scott's person is not really an option.

0:18:21.080 --> 0:18:24.160
<v Speaker 2>Yes, that's a yeah, one thousand pounds to play would

0:18:24.240 --> 0:18:28.200
<v Speaker 2>be yeah, perhaps expensive. I wondered, James, this is such

0:18:28.240 --> 0:18:30.240
<v Speaker 2>an interesting story. I did not know that there were

0:18:30.240 --> 0:18:33.119
<v Speaker 2>so many golf courses frankly in Scotland. Do you play?

0:18:33.160 --> 0:18:37.040
<v Speaker 2>Why did you write about this? And also is golf

0:18:37.720 --> 0:18:41.640
<v Speaker 2>increasingly a skill needed for business? I just wonder that, obviously,

0:18:41.640 --> 0:18:45.719
<v Speaker 2>because you've mentioned President Trump's courses, is golf you know

0:18:46.040 --> 0:18:47.480
<v Speaker 2>a huge deal in business?

0:18:47.520 --> 0:18:50.879
<v Speaker 7>Still it can be. I mean, I think about ten

0:18:50.880 --> 0:18:54.680
<v Speaker 7>to fifteen years ago, is very much the thing. It's

0:18:54.960 --> 0:18:57.240
<v Speaker 7>maybe not quite so much as it was. But having

0:18:57.280 --> 0:19:00.840
<v Speaker 7>said that, the forgive if I get is wrong the

0:19:00.880 --> 0:19:04.320
<v Speaker 7>president or Prime Minister of Finland. He spent time playing

0:19:04.320 --> 0:19:09.800
<v Speaker 7>golf with Trump at a recent visit, because he played

0:19:10.080 --> 0:19:14.719
<v Speaker 7>in his youth and he was able to compete with

0:19:14.760 --> 0:19:17.520
<v Speaker 7>Trump if you're like on a level playing field. So

0:19:17.800 --> 0:19:20.800
<v Speaker 7>it does have its upside. Certainly, Yes, I do play.

0:19:21.400 --> 0:19:24.560
<v Speaker 7>I don't play it particularly well. I find it immensely frustrating,

0:19:24.880 --> 0:19:28.480
<v Speaker 7>but also great fun and a lot of it is

0:19:28.520 --> 0:19:32.360
<v Speaker 7>also about the nineteenth hold, of course, which is equally important.

0:19:32.359 --> 0:19:36.280
<v Speaker 4>Sometimes this is Bloomberg Daybreak Europe.

0:19:36.280 --> 0:19:38.720
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0:19:52.680 --> 0:19:55.439
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0:20:00.680 --> 0:20:01.840
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0:20:01.600 --> 0:20:02.480
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0:20:02.560 --> 0:20:04.919
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0:20:04.960 --> 0:20:07.880
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0:20:07.880 --> 0:20:10.360
<v Speaker 4>Europe