1 00:00:00,080 --> 00:00:10,160 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Bloomberg 2 00:00:10,240 --> 00:00:15,920 Speaker 1: This Weekend Podcast with David Gura, Christina Raffini, and Elisa Matteo. 3 00:00:17,680 --> 00:00:20,560 Speaker 2: Thanks for joining us for today's selection of conversations from 4 00:00:20,600 --> 00:00:20,959 Speaker 2: the show. 5 00:00:21,200 --> 00:00:23,479 Speaker 3: You can listen to our favorite discussions right here on 6 00:00:23,520 --> 00:00:25,800 Speaker 3: the podcast, but also make sure to join us live 7 00:00:25,960 --> 00:00:29,000 Speaker 3: every Saturday and Sunday morning, starting at seven am Eastern. 8 00:00:29,160 --> 00:00:32,760 Speaker 2: We're on Bloomberg Television, Radio and the Bloomberg Business App, 9 00:00:33,040 --> 00:00:37,600 Speaker 2: bringing you unique takes and in depth interviews on news, politics, 10 00:00:37,680 --> 00:00:39,120 Speaker 2: lifestyle and culture. 11 00:00:41,240 --> 00:00:44,360 Speaker 4: This morning, Aron says the United States struck a desalination 12 00:00:44,440 --> 00:00:47,000 Speaker 4: plant in the southern part of the country, leaving twenty 13 00:00:47,080 --> 00:00:50,400 Speaker 4: villages without water. As Alexis mentioned, the intensification comes on 14 00:00:50,440 --> 00:00:51,680 Speaker 4: the seventh night of attacks. 15 00:00:51,800 --> 00:00:53,800 Speaker 5: Bridges and tunnels also targeted. 16 00:00:54,120 --> 00:00:56,680 Speaker 2: Bloomberg White House correspondent Josh wein Grove is in New 17 00:00:56,760 --> 00:00:59,760 Speaker 2: Jersey where the President is waking up this morning. Josh, 18 00:01:00,440 --> 00:01:02,840 Speaker 2: where is the President's head on all this? What have 19 00:01:02,880 --> 00:01:05,240 Speaker 2: you heard from White House officials? Is there a plan 20 00:01:05,440 --> 00:01:08,959 Speaker 2: or is this the new normal for the foreseeable future? 21 00:01:10,640 --> 00:01:13,840 Speaker 6: Well, they're keeping ambiguous. You know, there's some reporting that 22 00:01:13,920 --> 00:01:18,440 Speaker 6: he's considering ramping up options axios, for instance, reporting that 23 00:01:19,160 --> 00:01:22,720 Speaker 6: they've moved tankers air tankers back into the region to 24 00:01:22,760 --> 00:01:26,120 Speaker 6: prepare for a potential escalation of bear strikes. So he 25 00:01:26,160 --> 00:01:28,560 Speaker 6: seems to be keeping options on the table. But where 26 00:01:28,680 --> 00:01:30,560 Speaker 6: we'll see that go, we don't know. As you know, 27 00:01:30,680 --> 00:01:33,040 Speaker 6: we've always been on guard on weekends in particular, it 28 00:01:33,040 --> 00:01:36,440 Speaker 6: seems like that's really when the American attacks seem to 29 00:01:36,520 --> 00:01:39,240 Speaker 6: peek up. So you know, we'll see if we see 30 00:01:39,240 --> 00:01:41,360 Speaker 6: something later today, it's too soon to say. I think, 31 00:01:41,360 --> 00:01:45,240 Speaker 6: more broadly, as we've discussed before, the President sort of 32 00:01:45,280 --> 00:01:49,640 Speaker 6: has been deemphasizing this in his remarks and kind of appears, frankly, 33 00:01:50,280 --> 00:01:52,800 Speaker 6: you know, focus on other things right now. And we've 34 00:01:52,840 --> 00:01:54,640 Speaker 6: seen this before of course with Ukraine as well. He's 35 00:01:54,640 --> 00:01:56,480 Speaker 6: sort of got bored of talking about that and has 36 00:01:56,600 --> 00:01:59,280 Speaker 6: has focused on other things. And so right now, we 37 00:01:59,360 --> 00:02:02,080 Speaker 6: just continue to watching this day by day, and there's 38 00:02:02,120 --> 00:02:04,680 Speaker 6: no kind of end in sight, and it's unclear when, 39 00:02:05,000 --> 00:02:09,600 Speaker 6: if at all, talks may presume, or talks for talks 40 00:02:09,720 --> 00:02:12,240 Speaker 6: may resume. We just start continuing to watch it bit 41 00:02:12,320 --> 00:02:12,560 Speaker 6: by bit. 42 00:02:13,000 --> 00:02:13,919 Speaker 7: I'm thinking about the talks. 43 00:02:13,919 --> 00:02:16,840 Speaker 4: That's talking about the talks under the category of other 44 00:02:16,880 --> 00:02:19,200 Speaker 4: things the President is watching or cares about. There is 45 00:02:19,240 --> 00:02:24,600 Speaker 4: the run Darlene run matter, his embrace of Lindsay Graham's sister, 46 00:02:24,680 --> 00:02:27,160 Speaker 4: now the interim senator from the state of South Carolina. 47 00:02:27,240 --> 00:02:29,560 Speaker 4: The President and a post on truth social encouraging her 48 00:02:29,600 --> 00:02:32,160 Speaker 4: to put her hat in the ring for the primary 49 00:02:32,160 --> 00:02:33,280 Speaker 4: to get the seat permanently. 50 00:02:34,000 --> 00:02:34,720 Speaker 5: What do you make of this? 51 00:02:34,760 --> 00:02:36,880 Speaker 4: I confess I didn't know much about Lindsay Graham's sister 52 00:02:36,880 --> 00:02:38,919 Speaker 4: before she was elevated to this position. But the President 53 00:02:38,960 --> 00:02:42,720 Speaker 4: emphasizing his long relationship with her, his confidence in her. 54 00:02:43,080 --> 00:02:45,160 Speaker 4: How is the President looking at her prospects and the 55 00:02:45,200 --> 00:02:46,960 Speaker 4: importance of this race in particular. 56 00:02:46,639 --> 00:02:52,120 Speaker 6: Josh President likes loyalty in senators, and in her speech 57 00:02:52,200 --> 00:02:54,640 Speaker 6: when she became the senator, she talked about the importance 58 00:02:54,639 --> 00:02:59,800 Speaker 6: of upholding his agenda. So if she's a trusted ally, 59 00:03:00,040 --> 00:03:02,200 Speaker 6: perhaps not the surprise of the President, who is of 60 00:03:02,200 --> 00:03:06,360 Speaker 6: course primaried or supported the primaries against a couple members 61 00:03:06,360 --> 00:03:10,200 Speaker 6: of this current Senate conference, would value that. And so 62 00:03:11,000 --> 00:03:13,040 Speaker 6: if he's with his endorsement, I think he is sort 63 00:03:13,040 --> 00:03:18,240 Speaker 6: of taking a burden hand approach with taking backing her 64 00:03:18,320 --> 00:03:21,960 Speaker 6: and his endorsements have, of course, been very influentially, if 65 00:03:22,000 --> 00:03:25,640 Speaker 6: not decisive, across you know, basically every state over the 66 00:03:25,680 --> 00:03:27,720 Speaker 6: course of this cycle. And I think that's important to 67 00:03:27,720 --> 00:03:30,399 Speaker 6: remember it too, because you know, in other countries, maybe 68 00:03:30,440 --> 00:03:33,840 Speaker 6: ones that are having trade tensions or whatnot, you're starting 69 00:03:33,840 --> 00:03:36,880 Speaker 6: to see people talk look over the horizon, right, Oh, well, 70 00:03:37,360 --> 00:03:39,480 Speaker 6: you know, Trump will be gone in two and a 71 00:03:39,520 --> 00:03:42,600 Speaker 6: half years and weather the storm until then, and this 72 00:03:42,680 --> 00:03:45,800 Speaker 6: and that, and maybe the Republican Party will shift. President 73 00:03:45,840 --> 00:03:48,480 Speaker 6: Trump will continue to have a very very strong influence 74 00:03:48,480 --> 00:03:50,920 Speaker 6: over the party, over its primaries, over the actions its 75 00:03:51,000 --> 00:03:54,920 Speaker 6: leaders take, whether he's president or not, for quite some time. 76 00:03:54,960 --> 00:03:56,440 Speaker 6: And so I think we're seeing that with this. And 77 00:03:56,440 --> 00:03:59,760 Speaker 6: there's some reporting that other major candidates are now sort 78 00:03:59,800 --> 00:04:03,040 Speaker 6: of considering or still considering, whether they will jump into 79 00:04:03,040 --> 00:04:05,360 Speaker 6: the race, because running against the Trump endors candidate would 80 00:04:05,360 --> 00:04:07,120 Speaker 6: be a significantly uphill battle. 81 00:04:07,960 --> 00:04:11,080 Speaker 2: Josh, since you are our senior Canadian correspondent, I do 82 00:04:11,160 --> 00:04:12,000 Speaker 2: want to go back. 83 00:04:11,840 --> 00:04:13,720 Speaker 6: To sorry, sorry about them. 84 00:04:14,720 --> 00:04:15,400 Speaker 7: Of course, of. 85 00:04:15,360 --> 00:04:16,919 Speaker 5: Course you just did that. 86 00:04:18,080 --> 00:04:24,279 Speaker 2: No, no, no, are you you know, even though I'm 87 00:04:24,360 --> 00:04:27,120 Speaker 2: still upset that David went to Aspen without me, he 88 00:04:27,200 --> 00:04:29,320 Speaker 2: did talk to James and grew there talking about. 89 00:04:29,120 --> 00:04:29,920 Speaker 7: The trade policies. 90 00:04:29,920 --> 00:04:31,600 Speaker 2: In the last hour, we were talking about kind of 91 00:04:31,640 --> 00:04:34,520 Speaker 2: the incrementalism of having to negotiate one on one with 92 00:04:34,560 --> 00:04:36,080 Speaker 2: all these countries the way they're trying to do this 93 00:04:36,120 --> 00:04:38,719 Speaker 2: next round of tariffs. And the President is now threatening 94 00:04:38,760 --> 00:04:42,279 Speaker 2: new tariffs on Canada because of the wildfires. He posted 95 00:04:42,600 --> 00:04:45,839 Speaker 2: Canada has refused to engage in basic forge management and 96 00:04:45,880 --> 00:04:48,720 Speaker 2: debris removal. Sounds familiar to what he said with California 97 00:04:48,800 --> 00:04:51,480 Speaker 2: last year, knowing that such refusal will lead to exactly 98 00:04:51,520 --> 00:04:54,480 Speaker 2: this result. This is willful negligence that's capitalized and becoming 99 00:04:54,480 --> 00:04:57,080 Speaker 2: a yearly occurrence cost the United States billions of dollars. 100 00:04:57,279 --> 00:05:00,000 Speaker 2: Which cost of this pollution must of necessity be added 101 00:05:00,120 --> 00:05:02,640 Speaker 2: to the tariffs Canada is currently paying. 102 00:05:03,520 --> 00:05:05,880 Speaker 5: Does a complicated clause by the way, Yes. 103 00:05:05,760 --> 00:05:07,159 Speaker 7: That's not easy to read. 104 00:05:07,240 --> 00:05:09,080 Speaker 2: That's my second time, and I did no better this 105 00:05:09,160 --> 00:05:09,760 Speaker 2: second time. 106 00:05:10,360 --> 00:05:11,440 Speaker 7: Josh, what is going on here? 107 00:05:11,480 --> 00:05:14,080 Speaker 2: Does the President really need another foreign policy fight, especially 108 00:05:14,080 --> 00:05:17,719 Speaker 2: one that could impact how much Americans pay for things, 109 00:05:17,760 --> 00:05:20,920 Speaker 2: including cars and other items that come across the border. 110 00:05:22,400 --> 00:05:26,360 Speaker 6: I mean the notion of Canada, you know, vacuuming the 111 00:05:26,400 --> 00:05:29,040 Speaker 6: floor of its boreal forest or whatever. I mean obviously, 112 00:05:29,240 --> 00:05:32,599 Speaker 6: like that's always that much you can do to take 113 00:05:32,600 --> 00:05:38,239 Speaker 6: this seriously though, I mean a Canadian national died sighting 114 00:05:38,279 --> 00:05:41,440 Speaker 6: a forest fire this month in Colorado. Is long standing 115 00:05:41,480 --> 00:05:46,400 Speaker 6: cooperation between these two countries. In the those infamous California fires, 116 00:05:46,400 --> 00:05:49,560 Speaker 6: it was Canadian water bombers. You saw some of the stuff. 117 00:05:49,640 --> 00:05:51,760 Speaker 6: Trump says, it sort of goes off the back of 118 00:05:51,800 --> 00:05:56,159 Speaker 6: Canada and Canadians other stuff they find particularly insulting. And 119 00:05:56,200 --> 00:05:59,040 Speaker 6: I think this risks being in that second bucket because 120 00:05:59,040 --> 00:06:02,240 Speaker 6: the country has been so much time helping America fight 121 00:06:02,279 --> 00:06:06,080 Speaker 6: its forest fires that you know, the notion that this 122 00:06:06,120 --> 00:06:08,320 Speaker 6: is sort of like their fault. No one wants to 123 00:06:08,320 --> 00:06:11,320 Speaker 6: smoke over it. It's over Canada too, of course, is 124 00:06:11,400 --> 00:06:14,520 Speaker 6: I think going to prompt and blowback. Frankly is already 125 00:06:14,560 --> 00:06:16,960 Speaker 6: prompting blowback from Canadian officials. And so whether we see 126 00:06:16,960 --> 00:06:19,400 Speaker 6: this factor into these negotiations or whatever is unclear. Just 127 00:06:19,440 --> 00:06:23,240 Speaker 6: to remember where we are on this, much most of 128 00:06:23,279 --> 00:06:25,920 Speaker 6: the trade between Canada and US right now is terror 129 00:06:25,960 --> 00:06:29,480 Speaker 6: free because it's exempted under KUSMA, or as the Canadians 130 00:06:29,480 --> 00:06:32,240 Speaker 6: call it in USMC after the Americans call it. And 131 00:06:32,320 --> 00:06:34,880 Speaker 6: so Trump could adjust that exemption. That's a big fear 132 00:06:34,920 --> 00:06:38,040 Speaker 6: of industries in the US and in Canada. He could 133 00:06:38,080 --> 00:06:41,520 Speaker 6: raise the baseline tariff through these three oh one investigations, 134 00:06:41,520 --> 00:06:43,080 Speaker 6: one of which is done, one of which is still 135 00:06:43,800 --> 00:06:46,200 Speaker 6: in the hopper, or you could try to adjust the 136 00:06:46,279 --> 00:06:49,640 Speaker 6: sectoral tariffs to crank up tariffs on autos or steel, 137 00:06:49,720 --> 00:06:51,320 Speaker 6: which are the two ones that are biting the Canadian 138 00:06:51,320 --> 00:06:54,280 Speaker 6: economy in particular. So he does have avenues here if 139 00:06:54,279 --> 00:06:56,160 Speaker 6: he wants. But it's also true that Canada has one 140 00:06:56,200 --> 00:06:58,640 Speaker 6: of the lowest effective terraf rates in the world right 141 00:06:58,680 --> 00:07:00,720 Speaker 6: now when it comes to accessing the US market, and 142 00:07:00,800 --> 00:07:03,080 Speaker 6: so if the price of that is looking the other 143 00:07:03,120 --> 00:07:05,040 Speaker 6: way when the President gives upset every now and then, 144 00:07:05,800 --> 00:07:06,400 Speaker 6: maybe that's. 145 00:07:06,240 --> 00:07:10,040 Speaker 5: What the Cheenians are going to do. Kusma kusma is 146 00:07:10,040 --> 00:07:15,400 Speaker 5: what they call it. Did use usmc A, I. 147 00:07:15,360 --> 00:07:20,000 Speaker 6: Bet I bet he did. Yeah, I'm mad you did. 148 00:07:20,000 --> 00:07:21,320 Speaker 6: But you made a lot of news in that interview, 149 00:07:21,560 --> 00:07:22,520 Speaker 6: complicated my evenings. 150 00:07:22,560 --> 00:07:23,400 Speaker 5: I'm sorry for that. 151 00:07:23,480 --> 00:07:24,200 Speaker 7: We're all mad at him. 152 00:07:24,200 --> 00:07:28,480 Speaker 2: Well, well, these Canadians and Americans are getting along well, 153 00:07:28,520 --> 00:07:31,120 Speaker 2: and all right, our bitterness about your ospin trip. 154 00:07:30,960 --> 00:07:33,720 Speaker 4: Thanks grow At the beginning of cool duty in New Jersey, 155 00:07:33,720 --> 00:07:34,760 Speaker 4: Thank you very much for the time. 156 00:07:35,160 --> 00:07:37,880 Speaker 2: All right, the announcement of a powerful new AI model 157 00:07:37,920 --> 00:07:40,320 Speaker 2: from Chinese startup Moonshot Royal Markets. 158 00:07:40,320 --> 00:07:44,600 Speaker 4: On Friday, Textok specifically semiconductors finished lower over concerns at 159 00:07:44,600 --> 00:07:47,760 Speaker 4: the US maybe losing ground in the global AI race. 160 00:07:47,960 --> 00:07:50,400 Speaker 2: Earlier today, we spoke with Bloomberg's Mike Shephard and mindm 161 00:07:50,400 --> 00:07:53,840 Speaker 2: in Low about China's push to become the new AI leader. 162 00:07:54,560 --> 00:07:57,920 Speaker 8: It's definitely an important priority for the Chinese government. In fact, 163 00:07:57,920 --> 00:08:01,200 Speaker 8: they are grooming this entire AI sector as the next 164 00:08:01,280 --> 00:08:05,960 Speaker 8: big export engine for China as the country transitions away 165 00:08:06,040 --> 00:08:10,120 Speaker 8: from older industries like property, which is really in a 166 00:08:10,160 --> 00:08:13,120 Speaker 8: big slum for several years now. So they're pouring a 167 00:08:13,120 --> 00:08:17,320 Speaker 8: lot of investments to provide the patient capital to groom 168 00:08:17,400 --> 00:08:19,800 Speaker 8: all these startups in this sector. And it's all part 169 00:08:19,840 --> 00:08:22,080 Speaker 8: of the five year plan that China had laid out 170 00:08:22,200 --> 00:08:24,600 Speaker 8: early this year, right in March at the two sessions. 171 00:08:24,640 --> 00:08:26,760 Speaker 8: They have an AI plus plan where they want to 172 00:08:26,880 --> 00:08:30,440 Speaker 8: encourage adoption of AI across all sectors of the economy 173 00:08:30,440 --> 00:08:33,400 Speaker 8: over the next decade or so. And just to give 174 00:08:33,440 --> 00:08:36,320 Speaker 8: you a sense of how important AI is, this World 175 00:08:36,400 --> 00:08:39,840 Speaker 8: AI Conference in Shanghai is in the ninth edition. And 176 00:08:39,920 --> 00:08:43,280 Speaker 8: I remember in the early years not many journalists would 177 00:08:43,280 --> 00:08:46,280 Speaker 8: even bother attending, but now it's a completely different story. 178 00:08:46,480 --> 00:08:49,920 Speaker 8: Even President c himself came to Town to graze the 179 00:08:49,960 --> 00:08:53,280 Speaker 8: event personally, and this really represents an upgrade to the 180 00:08:53,320 --> 00:08:56,320 Speaker 8: status of this event which in previous in the last 181 00:08:56,320 --> 00:08:59,079 Speaker 8: two years, it was attended by Premier Lee Lee Town, 182 00:08:59,120 --> 00:09:01,839 Speaker 8: who is the number two leader in China, and Presidency 183 00:09:01,880 --> 00:09:04,400 Speaker 8: gave this big speech this year. A lot of it 184 00:09:04,559 --> 00:09:07,120 Speaker 8: was of course also a veiled message to the US 185 00:09:07,160 --> 00:09:09,360 Speaker 8: as well, because he talked about how when it comes 186 00:09:09,400 --> 00:09:11,959 Speaker 8: to AI governance, the world needs to take a multi 187 00:09:11,960 --> 00:09:15,280 Speaker 8: electoral approach. The world needs to learn from one another, 188 00:09:15,360 --> 00:09:19,480 Speaker 8: and AI development shouldn't be a solo development of one country. 189 00:09:19,520 --> 00:09:21,640 Speaker 8: And all over Chinese state media, you look at the 190 00:09:21,640 --> 00:09:24,800 Speaker 8: Communist Party mouthpiece People's Daily, they have been publishing editorials 191 00:09:24,800 --> 00:09:28,079 Speaker 8: about how tech and AI should not become a monopoly, 192 00:09:28,760 --> 00:09:31,720 Speaker 8: it should really be treated as a global public good 193 00:09:31,760 --> 00:09:33,280 Speaker 8: that is shared with the rest of the world. So 194 00:09:33,360 --> 00:09:37,199 Speaker 8: again Presidency positioning himself as this leader of the global South, 195 00:09:37,720 --> 00:09:41,320 Speaker 8: advocating for bridging the digital divide. So he announced a 196 00:09:41,400 --> 00:09:45,160 Speaker 8: few key initiatives including offering at least five thousand training 197 00:09:45,200 --> 00:09:48,560 Speaker 8: opportunities in AI for people in the developed countries and 198 00:09:48,600 --> 00:09:51,800 Speaker 8: allowing them some thirty countries to tap into this AI 199 00:09:51,840 --> 00:09:56,320 Speaker 8: powered meteorological system to safeguard their homes for example. So really, 200 00:09:56,559 --> 00:09:59,000 Speaker 8: and also yes, a couple of days ago there were 201 00:09:59,040 --> 00:10:01,960 Speaker 8: some twenty nine was signed up to be part of 202 00:10:01,960 --> 00:10:05,760 Speaker 8: this China led group called the Wollai Cooperation Organization, and 203 00:10:05,800 --> 00:10:09,560 Speaker 8: it's just yet another platform that could give China more 204 00:10:09,600 --> 00:10:12,040 Speaker 8: sway in shaping global AI norms. 205 00:10:12,440 --> 00:10:14,559 Speaker 7: Mike, how does this impact American companies? 206 00:10:14,600 --> 00:10:16,400 Speaker 2: I mean, obviously they're already down the road with a 207 00:10:16,400 --> 00:10:19,360 Speaker 2: lot of these investments. Is there they can't claw them 208 00:10:19,400 --> 00:10:21,120 Speaker 2: back at this point, but they have to be looking 209 00:10:21,160 --> 00:10:22,640 Speaker 2: at this and being very concerned. 210 00:10:22,679 --> 00:10:24,000 Speaker 7: Is there a way for them to pivot? 211 00:10:24,000 --> 00:10:26,120 Speaker 2: And then you also have the Trump administration starting to 212 00:10:26,160 --> 00:10:30,600 Speaker 2: talk about having a new regulatory agency specifically for AA. 213 00:10:30,640 --> 00:10:34,240 Speaker 2: Does that compound the difficulties American AI companies could now face. 214 00:10:35,280 --> 00:10:38,880 Speaker 9: Well, take the second part first, there, Christina, because it's 215 00:10:39,280 --> 00:10:41,920 Speaker 9: the latest and there was a scoop from last night 216 00:10:41,960 --> 00:10:45,680 Speaker 9: from our team here in DC, and the companies actually 217 00:10:46,040 --> 00:10:50,040 Speaker 9: would welcome some sort of a coherent approach to AI 218 00:10:50,160 --> 00:10:53,600 Speaker 9: safety reviews, and at issue is, you know, they did 219 00:10:53,600 --> 00:10:57,199 Speaker 9: not like the way that Anthropics fable five and with 220 00:10:57,320 --> 00:11:01,840 Speaker 9: those five were essentially ordered off THET via export controls 221 00:11:01,960 --> 00:11:04,760 Speaker 9: over concerns that the guardrails on. 222 00:11:04,760 --> 00:11:05,920 Speaker 5: Them weren't adequate. 223 00:11:05,920 --> 00:11:07,920 Speaker 9: And we saw the same sort of pressure put on 224 00:11:08,040 --> 00:11:10,880 Speaker 9: Open AI. But the companies had felt that it was 225 00:11:11,480 --> 00:11:14,280 Speaker 9: overboard and also kind of ad hoc in the approach, 226 00:11:14,280 --> 00:11:17,000 Speaker 9: and they would like to see a more coherent framework. 227 00:11:17,040 --> 00:11:21,840 Speaker 9: And what's taking shape is a Finroom like model, one 228 00:11:21,880 --> 00:11:25,480 Speaker 9: that would resemble what the broker dealer industry on Wall 229 00:11:25,480 --> 00:11:31,280 Speaker 9: Street face is that it's an industry funded and not 230 00:11:31,400 --> 00:11:34,559 Speaker 9: industry run, but industry certainly has a lot of input 231 00:11:34,760 --> 00:11:37,200 Speaker 9: to how the rules of the road are set, and 232 00:11:37,240 --> 00:11:40,360 Speaker 9: in this case it would be the safety testing, and that. 233 00:11:40,360 --> 00:11:43,520 Speaker 10: Would give them a little bit more of, I guess, 234 00:11:43,600 --> 00:11:46,839 Speaker 10: a clear path forward when it comes to dealing with 235 00:11:46,880 --> 00:11:50,280 Speaker 10: the government, how far they can take their models as 236 00:11:50,360 --> 00:11:54,240 Speaker 10: they develop them. More broadly, though, the question of how 237 00:11:54,360 --> 00:11:57,320 Speaker 10: companies are reading this moment, look, many of them are 238 00:11:57,320 --> 00:12:00,240 Speaker 10: playing the long game, and all this week we heard 239 00:12:00,240 --> 00:12:04,600 Speaker 10: from TSMC they were reporting, look, we are seeing demand 240 00:12:04,720 --> 00:12:09,319 Speaker 10: for AI chips and ar hardware going through twenty thirty, 241 00:12:10,000 --> 00:12:11,440 Speaker 10: it is going to be hard to meet. And that 242 00:12:11,520 --> 00:12:14,719 Speaker 10: is a message that was echoed by sk Heinez during 243 00:12:14,880 --> 00:12:20,079 Speaker 10: Ed Ludlow's interview with the CEO just last just a 244 00:12:20,160 --> 00:12:22,840 Speaker 10: little more than a week ago, as they were making 245 00:12:22,880 --> 00:12:26,160 Speaker 10: their public market debut here in the US. And then 246 00:12:26,160 --> 00:12:29,480 Speaker 10: it's a message that's been reinforced by Nvidia Chief executive 247 00:12:29,559 --> 00:12:33,280 Speaker 10: Officer Jensen Wong. They just see the demand from hyperscalers 248 00:12:33,320 --> 00:12:36,120 Speaker 10: here in the US and even elsewhere as being off 249 00:12:36,160 --> 00:12:39,240 Speaker 10: the charts. And Vidia also caught a bit of a break, 250 00:12:39,240 --> 00:12:42,440 Speaker 10: and some of the other American companies caught a break 251 00:12:42,440 --> 00:12:48,000 Speaker 10: too with the declassification of the United Arab Emirates, which 252 00:12:48,040 --> 00:12:51,520 Speaker 10: is trying to establish itself as a real center of 253 00:12:51,600 --> 00:12:54,079 Speaker 10: development for AI and they see that as a new 254 00:12:54,160 --> 00:12:57,000 Speaker 10: market that they can break into and try to export 255 00:12:57,040 --> 00:12:59,880 Speaker 10: the American tech stack. But really, do you see this 256 00:13:00,040 --> 00:13:03,600 Speaker 10: contrasted vision so Xhijinping laying out something that is very 257 00:13:04,320 --> 00:13:07,920 Speaker 10: multilateral and President Donald Trump arguing one that is very 258 00:13:08,000 --> 00:13:11,400 Speaker 10: much America first, and it really doesn't have all the 259 00:13:11,440 --> 00:13:14,280 Speaker 10: pieces together in the same way that you do see 260 00:13:14,360 --> 00:13:15,960 Speaker 10: China putting on the table. 261 00:13:16,040 --> 00:13:16,240 Speaker 6: Now. 262 00:13:17,200 --> 00:13:19,120 Speaker 5: I'm just looking at that sell off you saw in video. 263 00:13:19,200 --> 00:13:21,920 Speaker 4: Lose a lot of ground yesterday and Apple gaining a 264 00:13:21,960 --> 00:13:24,439 Speaker 4: lot of ground. These two companies with huge market caps 265 00:13:24,480 --> 00:13:27,559 Speaker 4: really vying for top spot there in the middle of 266 00:13:27,559 --> 00:13:29,400 Speaker 4: are Yeah. Goodh Rning's coming up here, So we'll see 267 00:13:29,400 --> 00:13:30,040 Speaker 4: what happens. 268 00:13:29,760 --> 00:13:30,480 Speaker 5: Here in the weeks ahead. 269 00:13:32,559 --> 00:13:35,559 Speaker 3: Stay with us for more on Bloomberg this weekend. Right 270 00:13:35,600 --> 00:13:48,200 Speaker 3: after this, all right, A. 271 00:13:48,240 --> 00:13:51,240 Speaker 2: Russia sanctions bill to honor the late Senator Lindsay Graham 272 00:13:51,240 --> 00:13:53,599 Speaker 2: now has eighty four co sponsors. It was one of 273 00:13:53,640 --> 00:13:56,559 Speaker 2: Graham's last efforts to find a compromise aimed at trying 274 00:13:56,600 --> 00:13:59,720 Speaker 2: to help end the war in Ukraine, imposing more tariffs 275 00:13:59,760 --> 00:14:02,560 Speaker 2: on injuries that buy Russian oil and gas, and widening 276 00:14:02,640 --> 00:14:03,800 Speaker 2: those mandatory sanctions. 277 00:14:03,960 --> 00:14:06,640 Speaker 5: President Trump appears to be on board with that legislation. 278 00:14:07,040 --> 00:14:09,600 Speaker 2: Seriously, this is in honor of Lindsey. 279 00:14:10,440 --> 00:14:11,600 Speaker 8: This was his thing. 280 00:14:11,640 --> 00:14:13,960 Speaker 1: He wanted this more than any other thing, you know, 281 00:14:14,160 --> 00:14:16,960 Speaker 1: you know how he fell, And there's a good chance 282 00:14:17,000 --> 00:14:17,760 Speaker 1: that he gets done. 283 00:14:18,800 --> 00:14:21,240 Speaker 4: I talked about this with US Trade Representative Jameison Greer 284 00:14:21,440 --> 00:14:23,640 Speaker 4: at the ASK and Security Forum earlier this week. 285 00:14:24,200 --> 00:14:26,000 Speaker 11: There are a lot of elements to this bill. There's 286 00:14:26,040 --> 00:14:28,840 Speaker 11: a teriff element, there's a sanctions element, all of which 287 00:14:28,880 --> 00:14:33,960 Speaker 11: are designed to give the President discretion to deploy pressure 288 00:14:34,080 --> 00:14:37,440 Speaker 11: on Russia and those who are supporting Russia. So we've 289 00:14:37,440 --> 00:14:39,760 Speaker 11: worked very constructively with the Senate on this. There are 290 00:14:39,760 --> 00:14:41,120 Speaker 11: a lot of good things to be said about it. 291 00:14:41,160 --> 00:14:43,040 Speaker 11: I just spoke with the President about it as well, 292 00:14:43,360 --> 00:14:45,600 Speaker 11: so I think there's an openness there. I think we'll 293 00:14:45,640 --> 00:14:48,000 Speaker 11: see within the next couple of days, you know, final 294 00:14:48,080 --> 00:14:51,120 Speaker 11: views from the President on whether he wants to be supportive. 295 00:14:51,200 --> 00:14:53,520 Speaker 11: I think that we have it in a pretty good place. 296 00:14:54,200 --> 00:14:56,400 Speaker 11: I think it's meaningful that this is something that Senator 297 00:14:56,440 --> 00:14:59,040 Speaker 11: Graham and I and Senator Blumenthal and others were working 298 00:14:59,080 --> 00:15:02,720 Speaker 11: on up until his last days, and that's meaningful as well. 299 00:15:02,760 --> 00:15:04,840 Speaker 4: It would give the present the latitude to impose tariff 300 00:15:04,840 --> 00:15:06,600 Speaker 4: of up to one hundred percent, as I understand it, 301 00:15:07,080 --> 00:15:10,160 Speaker 4: on the largest imports of Russian oil. Any indication from 302 00:15:10,240 --> 00:15:12,600 Speaker 4: him if he's prepared to do that, should this be pasted. 303 00:15:12,360 --> 00:15:15,160 Speaker 11: Well, I mean, I think you know, when I talk 304 00:15:15,240 --> 00:15:18,040 Speaker 11: to the President about this kind of issue, he wants 305 00:15:18,120 --> 00:15:20,200 Speaker 11: to be careful about the way he deploys this kind 306 00:15:20,200 --> 00:15:25,720 Speaker 11: of leverage. Geopolitics are very fragile, and this is something 307 00:15:25,720 --> 00:15:28,600 Speaker 11: whether it's a terrif action or sanctions action or anything, 308 00:15:28,880 --> 00:15:31,000 Speaker 11: it's something that the present thinks about very carefully. He 309 00:15:31,080 --> 00:15:33,040 Speaker 11: certainly talks to me, He talks to Secretary Best and 310 00:15:33,080 --> 00:15:36,040 Speaker 11: Secretary Rubio, Secretary Lonik, he talks to everybody. He talks 311 00:15:36,040 --> 00:15:38,440 Speaker 11: to people outside the government wants to He wants to 312 00:15:38,520 --> 00:15:41,920 Speaker 11: hit the right spot of putting pressure on countries and 313 00:15:41,920 --> 00:15:46,280 Speaker 11: putting pressure on Russia without creating more conflict or reducing 314 00:15:46,320 --> 00:15:47,640 Speaker 11: the likelihood of a peace deal. 315 00:15:48,440 --> 00:15:50,320 Speaker 4: The Section one twenty two tariff's set to expire in 316 00:15:50,360 --> 00:15:52,880 Speaker 4: just a couple of days, really few days from now 317 00:15:53,120 --> 00:15:55,600 Speaker 4: July twenty fourth, all but certain that the three one 318 00:15:55,640 --> 00:15:57,240 Speaker 4: tariffs will in effect after that, or we looking at 319 00:15:57,280 --> 00:15:59,080 Speaker 4: perhaps a lapse kind of in coverage. 320 00:16:00,400 --> 00:16:03,680 Speaker 11: Is the Section three oh one investigations I'm doing, where 321 00:16:03,680 --> 00:16:07,520 Speaker 11: we've proposed some tariffs, they're on their own track. We're 322 00:16:07,560 --> 00:16:10,840 Speaker 11: moving quickly, deliberately because we want to resolve the unfair 323 00:16:10,880 --> 00:16:14,320 Speaker 11: trading practices that we're targeting with these investigations. So we're 324 00:16:14,320 --> 00:16:15,680 Speaker 11: going to do them as soon as we can to 325 00:16:15,680 --> 00:16:18,440 Speaker 11: get at these practices. You know, whether they're you know 326 00:16:18,760 --> 00:16:21,480 Speaker 11: day before, a day of day after. That's less important 327 00:16:21,520 --> 00:16:23,720 Speaker 11: to us than making sure we're addressing these unfair trading 328 00:16:23,720 --> 00:16:25,960 Speaker 11: practices and getting the leverage in place we need to resolve. 329 00:16:26,160 --> 00:16:27,560 Speaker 4: Do you have a timetable for one, you're going to 330 00:16:27,560 --> 00:16:29,960 Speaker 4: bring that report to the President when you might see 331 00:16:29,960 --> 00:16:30,440 Speaker 4: them enacted? 332 00:16:30,680 --> 00:16:32,680 Speaker 11: Well, well, we have a couple right, So we have 333 00:16:32,720 --> 00:16:35,240 Speaker 11: a section three oh one on forced labor, targeting countries 334 00:16:35,240 --> 00:16:37,400 Speaker 11: who don't ban the import of forced labor goods. We 335 00:16:37,480 --> 00:16:39,960 Speaker 11: do in America, other countries don't. Some have a law, 336 00:16:40,120 --> 00:16:42,400 Speaker 11: but they don't necessarily enforce it. So we already have 337 00:16:42,480 --> 00:16:44,760 Speaker 11: our report out on that, and so we can take 338 00:16:44,800 --> 00:16:47,640 Speaker 11: action I think fairly quickly on that within the next 339 00:16:47,640 --> 00:16:51,720 Speaker 11: few weeks. We have another investigations targeting a more compact 340 00:16:51,720 --> 00:16:54,840 Speaker 11: group of countries on structural xcess capacity. These are countries 341 00:16:54,880 --> 00:16:57,400 Speaker 11: who have a typically have a big trade deficit with 342 00:16:57,480 --> 00:17:00,680 Speaker 11: the world, or a big sorry big tree surplus with 343 00:17:00,720 --> 00:17:02,640 Speaker 11: the world, or a big trade surplus with US. Or 344 00:17:02,960 --> 00:17:05,800 Speaker 11: even if they don't, they may have practices that generate 345 00:17:06,480 --> 00:17:09,560 Speaker 11: factories or production that are totally out of whack with 346 00:17:09,600 --> 00:17:14,040 Speaker 11: global demand. So this is a quite intense project. I 347 00:17:14,080 --> 00:17:17,879 Speaker 11: have dozens and dozens of attorneys and policy makers working 348 00:17:17,880 --> 00:17:21,880 Speaker 11: on this to really examine all of these practices. So 349 00:17:21,920 --> 00:17:24,160 Speaker 11: it takes a little longer time than doing this forced 350 00:17:24,200 --> 00:17:26,880 Speaker 11: labor one, which is a little bit of a binary 351 00:17:26,920 --> 00:17:28,800 Speaker 11: where you're looking at what do they have in place 352 00:17:28,840 --> 00:17:30,720 Speaker 11: and are they enforcing it? This is more complex. 353 00:17:30,760 --> 00:17:32,920 Speaker 4: Does that explain the delay entirely or how long it's 354 00:17:32,960 --> 00:17:35,680 Speaker 4: taking or there's been reports that maybe China, that China 355 00:17:35,720 --> 00:17:37,679 Speaker 4: issue is complicating it more than it is with the others. 356 00:17:38,000 --> 00:17:40,280 Speaker 11: No, No, I don't think that's the case at all, right, 357 00:17:40,280 --> 00:17:43,480 Speaker 11: I mean, China is included in this structural Excess Capacity 358 00:17:43,560 --> 00:17:46,000 Speaker 11: Section three oh one. The reality is it's a more 359 00:17:46,040 --> 00:17:49,439 Speaker 11: complex investigation and we have to make sure that we 360 00:17:49,480 --> 00:17:53,040 Speaker 11: are hitting our milestones. We've received a lot of comments 361 00:17:53,040 --> 00:17:55,320 Speaker 11: from the public. We have to analyze those, we have 362 00:17:55,359 --> 00:17:58,480 Speaker 11: to incorporate them into any responsive action we might take. 363 00:17:58,720 --> 00:18:00,959 Speaker 11: So we're trying to make sure that we're we're actually 364 00:18:00,960 --> 00:18:03,399 Speaker 11: living up to the letter of the law and the 365 00:18:03,400 --> 00:18:04,919 Speaker 11: spirit of the law. We want to make sure that 366 00:18:04,920 --> 00:18:08,840 Speaker 11: we're targeting these these unfair trading practices that have led 367 00:18:08,880 --> 00:18:13,879 Speaker 11: to frankly offshoring in the US and an inability to 368 00:18:13,960 --> 00:18:16,440 Speaker 11: build new factories at times when you have other countries 369 00:18:16,480 --> 00:18:20,399 Speaker 11: that are building factories or they're depressing demand in their 370 00:18:20,440 --> 00:18:23,800 Speaker 11: own country. This is not how market economics are supposed 371 00:18:23,800 --> 00:18:26,520 Speaker 11: to work. And it creates a situation where there's not 372 00:18:26,720 --> 00:18:28,960 Speaker 11: enough incentive to build a new factory in America or 373 00:18:29,000 --> 00:18:32,760 Speaker 11: to employ American workers because we have overcapacity elsewhere. So 374 00:18:32,800 --> 00:18:36,320 Speaker 11: we want to make sure that that capacity is restrained, restricted, 375 00:18:36,440 --> 00:18:38,920 Speaker 11: or that we mitigate it somehow in our own economy 376 00:18:39,000 --> 00:18:41,639 Speaker 11: so we can have market incentives to build here and 377 00:18:41,680 --> 00:18:42,240 Speaker 11: to make here. 378 00:18:42,400 --> 00:18:43,680 Speaker 4: I want to ask you about rare earth's and I 379 00:18:43,720 --> 00:18:45,800 Speaker 4: wonder how you would assess China's performance when it comes 380 00:18:45,840 --> 00:18:48,560 Speaker 4: to rare earths And as we get close through October, 381 00:18:48,640 --> 00:18:51,200 Speaker 4: do you anticipate that agreement will be renewed in due course? 382 00:18:51,600 --> 00:18:55,960 Speaker 11: So China's compliance with the rare earth elements of our agreements, 383 00:18:56,680 --> 00:18:59,679 Speaker 11: it's not perfect. I think everyone knows that. You can 384 00:18:59,720 --> 00:19:02,480 Speaker 11: read that in the paper that being said, we are 385 00:19:02,480 --> 00:19:04,880 Speaker 11: getting a flow of rare earth. We don't have factories 386 00:19:04,880 --> 00:19:07,320 Speaker 11: shutting down because they don't have it. But again, we 387 00:19:07,359 --> 00:19:09,320 Speaker 11: really want to be in a position where we were, 388 00:19:09,800 --> 00:19:12,720 Speaker 11: you know, in twenty twenty four and twenty twenty three 389 00:19:12,720 --> 00:19:15,119 Speaker 11: in President Trump's first term, where we had a regular 390 00:19:15,160 --> 00:19:17,600 Speaker 11: flow of rare earths. We also know that the Chinese 391 00:19:18,119 --> 00:19:20,760 Speaker 11: they use rare earth for economic coercion. They did it 392 00:19:20,760 --> 00:19:22,800 Speaker 11: in twenty ten and twenty eleven, they're doing it now, 393 00:19:22,920 --> 00:19:27,080 Speaker 11: so it's not necessarily surprising. But we're continuing to, you know, 394 00:19:27,119 --> 00:19:29,680 Speaker 11: to have some flow and where we have gaps, where 395 00:19:29,680 --> 00:19:31,760 Speaker 11: we have problems the sector of the treasury and I 396 00:19:32,280 --> 00:19:34,159 Speaker 11: you know, we work with our counterpart in China to 397 00:19:34,200 --> 00:19:36,879 Speaker 11: try to loosen that flow up. Sometimes we're more successful 398 00:19:37,160 --> 00:19:39,720 Speaker 11: than others. One important thing is we're moving forward in 399 00:19:39,720 --> 00:19:42,080 Speaker 11: the US on rare earth production. One of the things 400 00:19:42,119 --> 00:19:44,040 Speaker 11: I'm doing on my trip out west here, I'm going 401 00:19:44,040 --> 00:19:47,720 Speaker 11: to Utah to visit a facility where we've already they've 402 00:19:47,760 --> 00:19:50,840 Speaker 11: discovered rare earths in the Utah Desert and they're refining 403 00:19:50,880 --> 00:19:54,080 Speaker 11: them and further manufacturing them at a facility in Utah, 404 00:19:54,160 --> 00:19:58,120 Speaker 11: which is a great development for US national and economic security. 405 00:19:58,320 --> 00:20:01,400 Speaker 4: You've got rare earths, there's huge from receutical dependence as well, 406 00:20:01,440 --> 00:20:03,080 Speaker 4: and I wonder how you're thinking about that, the way 407 00:20:03,119 --> 00:20:05,600 Speaker 4: that you can kind of curb our reliance on Chinese 408 00:20:05,640 --> 00:20:07,080 Speaker 4: pharmaceuticals and ingredients. 409 00:20:07,160 --> 00:20:09,840 Speaker 11: Yeah, we think about this a lot. This is this 410 00:20:09,880 --> 00:20:11,880 Speaker 11: is really critical because at the end of the day, 411 00:20:12,280 --> 00:20:16,040 Speaker 11: if somehow you lose access to Chinese inputs, it can 412 00:20:16,080 --> 00:20:18,560 Speaker 11: be a huge challenge for our own manufacturing base. And 413 00:20:18,600 --> 00:20:21,800 Speaker 11: some people will say, well, what about India, Fine, but 414 00:20:21,880 --> 00:20:23,920 Speaker 11: a lot of the inputs that India uses also come 415 00:20:25,119 --> 00:20:28,520 Speaker 11: from China. One great thing that we're seeing as we 416 00:20:28,560 --> 00:20:31,960 Speaker 11: try to encourage companies to reshore is we actually have 417 00:20:32,119 --> 00:20:38,040 Speaker 11: commitments from seventeen pharmaceutical companies, most the largest and the 418 00:20:38,040 --> 00:20:42,399 Speaker 11: most major pharmaceutical companies, not only to lower prices of 419 00:20:42,440 --> 00:20:45,160 Speaker 11: medication here in the US, pharmaceutical prices have gone down 420 00:20:45,160 --> 00:20:47,600 Speaker 11: by two point five percent, but they've also agreed to 421 00:20:48,200 --> 00:20:50,600 Speaker 11: reshore here and to manufacture here. And so we have 422 00:20:50,720 --> 00:20:54,359 Speaker 11: companies like Eli Lilly and Novardes and others actually pouring 423 00:20:54,440 --> 00:20:57,800 Speaker 11: concrete and superstructures going up in new facilities in North 424 00:20:57,840 --> 00:21:01,040 Speaker 11: Carolina and Indiana and southern California. So this actually, for me, 425 00:21:01,080 --> 00:21:03,320 Speaker 11: has been a really bright spot of our efforts to 426 00:21:03,400 --> 00:21:05,440 Speaker 11: reshort critical production in America. 427 00:21:05,640 --> 00:21:08,800 Speaker 4: In the trade reps, glossary transhipments is a word. Yes, 428 00:21:09,560 --> 00:21:12,359 Speaker 4: I'm wondering how you are thinking about monitoring and blocking 429 00:21:12,359 --> 00:21:14,440 Speaker 4: transhipment when it comes to China. 430 00:21:13,840 --> 00:21:15,760 Speaker 11: So it is a gloss it is a word in 431 00:21:15,800 --> 00:21:17,480 Speaker 11: our glossary, but it can mean different things. 432 00:21:17,600 --> 00:21:17,760 Speaker 6: Right. 433 00:21:17,920 --> 00:21:21,800 Speaker 11: There's kind of like your pure illegal transhipment where something's 434 00:21:21,800 --> 00:21:24,119 Speaker 11: made in China, they send it to Vietnam and they 435 00:21:24,119 --> 00:21:25,840 Speaker 11: put a made in Vietnam sticker and send it over. 436 00:21:25,880 --> 00:21:28,480 Speaker 11: It's just illegal, right, And that's on Customs and Border 437 00:21:28,480 --> 00:21:32,119 Speaker 11: Protection to enforce that right, to do investigations, to identify 438 00:21:32,280 --> 00:21:36,080 Speaker 11: areas of fraud and go after it. And we're doing that. 439 00:21:36,240 --> 00:21:38,200 Speaker 11: A day or two ago we had a big announcement 440 00:21:38,240 --> 00:21:41,240 Speaker 11: with DOJ teaming up with CPP. They've already found a 441 00:21:41,240 --> 00:21:43,800 Speaker 11: billion dollars in customs fraud and some of that is transhipment. 442 00:21:44,080 --> 00:21:46,399 Speaker 11: And then you have another issue where you have, you 443 00:21:46,440 --> 00:21:50,119 Speaker 11: know country it's often Asian inputs, China, Vietnam. They go 444 00:21:50,160 --> 00:21:53,040 Speaker 11: to a third country, maybe Mexico, and they do just 445 00:21:53,240 --> 00:21:55,920 Speaker 11: enough work where they can legally say this is actually 446 00:21:55,920 --> 00:21:58,040 Speaker 11: from Mexico, So maybe we should get a better terror 447 00:21:58,080 --> 00:22:00,760 Speaker 11: fright than if it were from China. That's an issue, 448 00:22:00,760 --> 00:22:03,720 Speaker 11: and that's a problem with Mexico right now. For example, 449 00:22:03,720 --> 00:22:06,240 Speaker 11: and some of more discussions. We're talking about rules of 450 00:22:06,320 --> 00:22:08,320 Speaker 11: origin and saying, if you want to get a better 451 00:22:08,359 --> 00:22:11,440 Speaker 11: deal bringing something in from Mexico or name your country, 452 00:22:11,800 --> 00:22:14,119 Speaker 11: you have to make sure it's actually has US content. 453 00:22:14,400 --> 00:22:17,200 Speaker 11: You have to make sure it actually has Mexican content 454 00:22:17,280 --> 00:22:19,199 Speaker 11: or whatever it is, and you have to have that 455 00:22:19,240 --> 00:22:21,920 Speaker 11: as high as possible to protect against this other type 456 00:22:21,920 --> 00:22:24,480 Speaker 11: of transhipment, which is a little more difficult to detect. 457 00:22:24,720 --> 00:22:26,320 Speaker 4: There's a long way to go until this meeting in 458 00:22:26,359 --> 00:22:28,480 Speaker 4: September when the Chinese president comes to the United States. 459 00:22:28,480 --> 00:22:30,239 Speaker 4: But let me ask you lastly sort of how you're 460 00:22:30,280 --> 00:22:32,200 Speaker 4: thinking about that. You were so integral to the conversations 461 00:22:32,200 --> 00:22:35,760 Speaker 4: that took place in Beijing. What are you expecting deliverables 462 00:22:35,760 --> 00:22:37,440 Speaker 4: wise to come out of that meeting in Washington in 463 00:22:37,480 --> 00:22:38,000 Speaker 4: a couple months. 464 00:22:38,080 --> 00:22:41,399 Speaker 11: Well, the number one deliverable we always have between President 465 00:22:41,440 --> 00:22:44,359 Speaker 11: Trump and President she is to continue the stability of 466 00:22:44,400 --> 00:22:47,679 Speaker 11: the relationship. Both of these leaders are very committed to 467 00:22:47,720 --> 00:22:51,879 Speaker 11: having a strong and solid personal relationship. Now that doesn't 468 00:22:51,920 --> 00:22:54,879 Speaker 11: mean we don't have issues in the broader relationship. Obviously 469 00:22:54,920 --> 00:22:56,840 Speaker 11: we do. China is a big challenge for the US 470 00:22:57,000 --> 00:22:58,800 Speaker 11: in a lot of ways, but we want to make 471 00:22:58,800 --> 00:23:02,760 Speaker 11: sure we're delivering stability. There's never been a situation where 472 00:23:03,040 --> 00:23:04,920 Speaker 11: the US side or even the Chinese side, has gone 473 00:23:04,920 --> 00:23:07,560 Speaker 11: out and said everyone should expect a comprehensive agreement that 474 00:23:07,600 --> 00:23:10,239 Speaker 11: resolves all issues. Like no one's ever promised that, so 475 00:23:10,280 --> 00:23:13,840 Speaker 11: that's not what we expect. We will have an opportunity 476 00:23:13,880 --> 00:23:16,840 Speaker 11: to take stock of Chinese commitments with respective purchases of 477 00:23:16,880 --> 00:23:17,560 Speaker 11: soybeans and. 478 00:23:17,520 --> 00:23:18,800 Speaker 7: Other agricultural products. 479 00:23:18,840 --> 00:23:21,080 Speaker 11: Will take stock on the rare of issues we decided, 480 00:23:21,440 --> 00:23:23,560 Speaker 11: so I think it'll be a moment for stock taking, 481 00:23:24,200 --> 00:23:27,119 Speaker 11: you know, confirming the relationship, making sure that China is 482 00:23:27,119 --> 00:23:30,239 Speaker 11: complying with what it's agreed to do. That's really what 483 00:23:30,280 --> 00:23:31,200 Speaker 11: we're looking forward to. 484 00:23:31,320 --> 00:23:31,960 Speaker 6: In this meeting. 485 00:23:34,320 --> 00:23:36,479 Speaker 7: Stay with us for more on Bloomberg this weekend. 486 00:23:36,720 --> 00:23:51,960 Speaker 4: Right after this, later today in Miami, England, we'll take 487 00:23:52,000 --> 00:23:55,159 Speaker 4: on France in the World Cup bronze medal match, but 488 00:23:55,200 --> 00:23:58,280 Speaker 4: throughout the tournament, the president of FIFA's ron scrutiny for 489 00:23:58,320 --> 00:24:01,639 Speaker 4: his relationship with Preston Trump and potential rule bending for 490 00:24:01,760 --> 00:24:02,439 Speaker 4: Team USA. 491 00:24:02,760 --> 00:24:05,800 Speaker 2: We spoke with sports calmist Jonathan Wilson, the author of 492 00:24:05,840 --> 00:24:07,720 Speaker 2: The Power and the Glory and New History of the 493 00:24:07,720 --> 00:24:11,880 Speaker 2: World cup about Johnny Infantino's legacy and his impact on FIFA. 494 00:24:12,280 --> 00:24:15,159 Speaker 12: Febry twenty sixteen, he takes over and he says, right, 495 00:24:15,200 --> 00:24:18,520 Speaker 12: we're going to clean everything up. He ostentatiously flies on 496 00:24:18,560 --> 00:24:21,360 Speaker 12: a budget carrier to his first fef for Congress. You'll 497 00:24:21,400 --> 00:24:22,560 Speaker 12: have noted that to change. 498 00:24:22,320 --> 00:24:22,919 Speaker 5: To the product. 499 00:24:23,119 --> 00:24:24,320 Speaker 2: Yeah, that did last long, but. 500 00:24:25,760 --> 00:24:27,520 Speaker 12: And he said, look, we've got far too many committees. 501 00:24:27,560 --> 00:24:31,240 Speaker 12: We need to clear these out. It's massively inefficient. Then 502 00:24:31,280 --> 00:24:34,240 Speaker 12: in twenty twenty four, a vote was taken to increase 503 00:24:34,240 --> 00:24:38,400 Speaker 12: the number of standing committee's FIFA from seven to thirty five. Now, 504 00:24:38,440 --> 00:24:41,520 Speaker 12: the reason this is significant is that if you are 505 00:24:41,680 --> 00:24:43,240 Speaker 12: one of if you're a delegate representing one of the 506 00:24:43,240 --> 00:24:45,880 Speaker 12: two hundred and eleven FIFA members you have, you will 507 00:24:45,920 --> 00:24:48,560 Speaker 12: be appointed to various committees. Each committee brings with it 508 00:24:48,560 --> 00:24:53,280 Speaker 12: a stipend and very generous twenty yes, and that's where 509 00:24:53,280 --> 00:24:55,640 Speaker 12: the money goes. And of course if you're the delegate 510 00:24:55,680 --> 00:24:59,760 Speaker 12: from Country X, this doesn't matter of people in Country 511 00:24:59,840 --> 00:25:02,560 Speaker 12: X think oh, your thiefus is just great Infantino's and idiots, 512 00:25:02,600 --> 00:25:04,000 Speaker 12: oh we've got to get rid of him. The ticket 513 00:25:04,000 --> 00:25:07,919 Speaker 12: prices are too high. He just thinks I'm getting this 514 00:25:08,080 --> 00:25:10,720 Speaker 12: lovely bunch of money, and why am I going to 515 00:25:10,800 --> 00:25:12,240 Speaker 12: vot against president who brings up to me? 516 00:25:12,560 --> 00:25:14,440 Speaker 7: This is very strategic explaining this committee. 517 00:25:14,560 --> 00:25:17,679 Speaker 12: It's basic clentleism. I mean the other thing that the 518 00:25:17,720 --> 00:25:21,240 Speaker 12: money does, and this is slightly more complex. There are 519 00:25:21,400 --> 00:25:24,240 Speaker 12: two schemes, the Goal Project, which is introduced by Blatter 520 00:25:24,280 --> 00:25:26,280 Speaker 12: in nineteen ninety eight, and the Forward Project, which is 521 00:25:26,920 --> 00:25:32,680 Speaker 12: Infantino's great plan. And this redistributes money from FIFA two federvations. 522 00:25:33,320 --> 00:25:36,480 Speaker 12: So for instance, say you're I don't know the FA 523 00:25:36,560 --> 00:25:38,879 Speaker 12: of Gabon and you say, look we need a new 524 00:25:38,960 --> 00:25:41,560 Speaker 12: national stadium and Dame is falling down. I actually be 525 00:25:41,560 --> 00:25:43,840 Speaker 12: covering these Asidames quite nice, but just for sake of argument, 526 00:25:43,960 --> 00:25:47,200 Speaker 12: Gabon and if you've got okay, we get you can't 527 00:25:47,240 --> 00:25:48,800 Speaker 12: afford that, but it'd be useful if you had a 528 00:25:49,280 --> 00:25:52,880 Speaker 12: nice new stadium. You can generate revenue through that. And 529 00:25:52,960 --> 00:25:55,000 Speaker 12: so we'll give some of these great profits from from 530 00:25:55,040 --> 00:25:57,000 Speaker 12: the World Cup. And the World Cup is by far. 531 00:25:56,920 --> 00:25:59,800 Speaker 2: The biggest level of playing field kind of literally some places. 532 00:25:59,840 --> 00:26:01,640 Speaker 2: But that seems like a nice mission. 533 00:26:01,880 --> 00:26:04,160 Speaker 12: But of course none of these are properly audited, so 534 00:26:04,200 --> 00:26:06,359 Speaker 12: there hasn't been a review since twenty sixteen, which is 535 00:26:06,359 --> 00:26:09,320 Speaker 12: probably itself significant, But the review in twenty sixteen said 536 00:26:09,400 --> 00:26:12,040 Speaker 12: eighty one percent of those two and eleven member nations 537 00:26:12,320 --> 00:26:15,920 Speaker 12: are not properly audited, So so that money is going well, 538 00:26:15,920 --> 00:26:17,200 Speaker 12: who knows, but I think we can guess. 539 00:26:18,640 --> 00:26:22,200 Speaker 2: On that note, there's also in fifteen that has been 540 00:26:22,800 --> 00:26:25,600 Speaker 2: catching a lot of flak for this thing that happened 541 00:26:25,640 --> 00:26:30,040 Speaker 2: with the US player revoking the red card after. 542 00:26:30,359 --> 00:26:33,000 Speaker 12: Well technically he didn't revoke the red card, he suspended 543 00:26:33,000 --> 00:26:35,960 Speaker 12: the suspension, so the suspension was suspended for a year, 544 00:26:36,240 --> 00:26:38,280 Speaker 12: exactly the same as he's done with Cristiano Ronaldo, who 545 00:26:38,320 --> 00:26:40,440 Speaker 12: was sent off from the nultimate qualifier, so he was 546 00:26:40,480 --> 00:26:42,400 Speaker 12: giving a three game ban for that he served one 547 00:26:42,440 --> 00:26:46,000 Speaker 12: game in the final two games was suspended also three 548 00:26:46,040 --> 00:26:48,680 Speaker 12: other players, basically to make it obvious, I don't know, 549 00:26:48,800 --> 00:26:52,480 Speaker 12: to make it less obvious that Menaldo was getting dispensation 550 00:26:52,800 --> 00:26:55,480 Speaker 12: because they want Manaldo at the World Cup. And I 551 00:26:55,520 --> 00:26:57,440 Speaker 12: think you can say this follows from a situation with 552 00:26:57,480 --> 00:27:00,280 Speaker 12: the Club World Cup last year where I don't know 553 00:27:00,280 --> 00:27:03,000 Speaker 12: if you remember, but essentially two Mexican teams who qualified 554 00:27:03,000 --> 00:27:05,119 Speaker 12: had the same owner. You can't have that one of 555 00:27:05,119 --> 00:27:06,000 Speaker 12: them had to step down. 556 00:27:06,119 --> 00:27:08,360 Speaker 2: Oh wow, Okay, so it should. 557 00:27:07,760 --> 00:27:10,359 Speaker 12: Have meant the MLS champions got in, but instead it 558 00:27:10,440 --> 00:27:12,760 Speaker 12: went to into Miami because that gets you messy in 559 00:27:12,840 --> 00:27:14,480 Speaker 12: because they finished top of the regular season. 560 00:27:14,560 --> 00:27:16,600 Speaker 2: It does seem to be a little waiting towards these 561 00:27:16,600 --> 00:27:17,560 Speaker 2: more popular players. 562 00:27:17,480 --> 00:27:20,880 Speaker 12: Is jerrymandering to get the most famous people involved. Now 563 00:27:20,920 --> 00:27:23,560 Speaker 12: you might say the tennis tournament's golf tournaments do this 564 00:27:23,640 --> 00:27:25,400 Speaker 12: kind of thing all the time with wild cards. Let's 565 00:27:25,400 --> 00:27:30,000 Speaker 12: get somebody famous, somebody popular. It drives revenue. Where's the problem. Well, 566 00:27:30,000 --> 00:27:31,760 Speaker 12: the problem is it's one thing to do it if 567 00:27:31,760 --> 00:27:34,359 Speaker 12: your tournament has one hundred and twenty eight parties. 568 00:27:34,160 --> 00:27:36,159 Speaker 7: Right, and there's a slot specifically for those Shenanigans. 569 00:27:36,280 --> 00:27:38,920 Speaker 12: Yeah, yeah, it's it's quite another when there was a 570 00:27:38,960 --> 00:27:43,199 Speaker 12: qualification process or if you're overriding a disciplinary process. So 571 00:27:43,320 --> 00:27:46,359 Speaker 12: with Bunigan, that the fact that he could play against Belgium. 572 00:27:46,440 --> 00:27:49,480 Speaker 12: He is the first player since Gavincia in nineteen sixty 573 00:27:49,480 --> 00:27:51,640 Speaker 12: two to be sent off at the World Cup and 574 00:27:51,680 --> 00:27:54,080 Speaker 12: not be suspended for the next game. And the reason 575 00:27:54,119 --> 00:27:55,639 Speaker 12: that's so damaging it's not just that it sort of 576 00:27:55,640 --> 00:27:58,960 Speaker 12: it feels unfair. It's that it casts into doubt the 577 00:27:58,960 --> 00:28:03,040 Speaker 12: integrity of the entire petition. So if you are, for instance, Egypt, 578 00:28:03,040 --> 00:28:05,320 Speaker 12: who are very uhappy with some of the refereeing in Argentina, 579 00:28:06,000 --> 00:28:08,359 Speaker 12: and I think you can understand a couple of fifty 580 00:28:08,400 --> 00:28:11,679 Speaker 12: fifty calls, key, fifty fifty calls went against them, and 581 00:28:11,720 --> 00:28:13,800 Speaker 12: then I think we'll hang on. Is that just because 582 00:28:13,840 --> 00:28:16,159 Speaker 12: we were a bit unlucky, or is that because there 583 00:28:16,240 --> 00:28:19,080 Speaker 12: is someone directed from on high that Lionel Messius's famous 584 00:28:19,080 --> 00:28:21,520 Speaker 12: because he generates revenue has to be kept in the tournament. 585 00:28:21,680 --> 00:28:24,280 Speaker 2: This decision with the red card is quite controversial. You 586 00:28:24,359 --> 00:28:26,240 Speaker 2: don't think that'll hurt him in the elections? Do you 587 00:28:26,320 --> 00:28:28,879 Speaker 2: think he has enough committees and other friends that he 588 00:28:29,000 --> 00:28:30,120 Speaker 2: will he will get to stay. 589 00:28:30,160 --> 00:28:32,080 Speaker 12: There's already two hundred and two and eleven members have 590 00:28:32,160 --> 00:28:35,280 Speaker 12: said they're back in, so it will be by acclamation. 591 00:28:35,840 --> 00:28:38,840 Speaker 12: So I mean, I think it has damaged him, And 592 00:28:39,120 --> 00:28:42,000 Speaker 12: I think there's there's two aspects of this world couple 593 00:28:42,120 --> 00:28:45,760 Speaker 12: damaged him. So so firstly that I mean, I think 594 00:28:45,800 --> 00:28:48,720 Speaker 12: they probably are good delegates who recognize this as a 595 00:28:48,800 --> 00:28:52,520 Speaker 12: problem of integrity. There may even be quite cynical delegates 596 00:28:52,520 --> 00:28:56,840 Speaker 12: who think, actually, if the integrity of the competitions undermined, 597 00:28:57,400 --> 00:29:00,440 Speaker 12: is it going to carry on general revenies? 598 00:29:00,480 --> 00:29:00,720 Speaker 1: It does? 599 00:29:00,880 --> 00:29:01,600 Speaker 5: Is the world right? 600 00:29:01,880 --> 00:29:02,320 Speaker 7: At some point? 601 00:29:02,320 --> 00:29:05,520 Speaker 12: If the world loses faith, then you know, sport doesn't 602 00:29:05,560 --> 00:29:08,360 Speaker 12: work without faivor but dramatic twists at the end. If 603 00:29:08,400 --> 00:29:10,400 Speaker 12: you think that might have been scripted, well, then you're 604 00:29:10,400 --> 00:29:11,880 Speaker 12: watching pay. 605 00:29:12,000 --> 00:29:15,600 Speaker 2: Absurd ticket price, not real. So we had that sport 606 00:29:15,640 --> 00:29:17,440 Speaker 2: here it's called wrestling. Yeah, totally different audience. 607 00:29:17,560 --> 00:29:20,200 Speaker 12: Yeah, So that's one element of the other is I 608 00:29:20,360 --> 00:29:24,440 Speaker 12: think to do with Infantina has made this big point 609 00:29:24,480 --> 00:29:27,040 Speaker 12: of this is the most inclusive World Cup ever, which 610 00:29:27,560 --> 00:29:29,840 Speaker 12: I'm afraid is clearly nonsense when even one of his 611 00:29:29,920 --> 00:29:32,880 Speaker 12: own referees and our time from Somalia can't get into 612 00:29:32,920 --> 00:29:35,840 Speaker 12: the country. Plus I mean, I think it depends on 613 00:29:35,840 --> 00:29:40,200 Speaker 12: the individual country, but roughly eighty percent of applicants, applications 614 00:29:40,240 --> 00:29:42,760 Speaker 12: by fans and journalists from Africa to come to the 615 00:29:42,840 --> 00:29:45,120 Speaker 12: tournament were turned down by the US and by Canada. 616 00:29:45,680 --> 00:29:49,160 Speaker 12: That is my definition not inclusive. And given in Pantino 617 00:29:49,320 --> 00:29:51,400 Speaker 12: likes to portray himself as his champion of the global South, 618 00:29:52,000 --> 00:29:54,720 Speaker 12: that is a position that's much harder to maintain. So 619 00:29:54,800 --> 00:29:56,719 Speaker 12: I don't think it's going to have an immediate impact, 620 00:29:56,840 --> 00:29:59,560 Speaker 12: but it has slightly weakened him. What it might mean 621 00:30:00,200 --> 00:30:03,000 Speaker 12: is if you were planning to change Figus Constitution to 622 00:30:03,160 --> 00:30:06,280 Speaker 12: understand again in twenty twenty seven, maybe he'll be a 623 00:30:06,280 --> 00:30:07,640 Speaker 12: little more overlooked in to do lost time. 624 00:30:08,560 --> 00:30:12,640 Speaker 7: Stay with us for more on Bloomberg this weekend right after. 625 00:30:12,560 --> 00:30:27,640 Speaker 2: This, Welcome back to Bloomberg this weekend or b T dubs. 626 00:30:27,760 --> 00:30:30,760 Speaker 2: I'm Christiner Finney with David Gera. Alexis is going to 627 00:30:30,840 --> 00:30:32,360 Speaker 2: run us through some of the stories you might have 628 00:30:32,480 --> 00:30:34,960 Speaker 2: mixed this week Now, Alexis, there is an ongoing debate 629 00:30:35,080 --> 00:30:35,640 Speaker 2: on this show. 630 00:30:36,440 --> 00:30:37,440 Speaker 7: I say BT. 631 00:30:37,440 --> 00:30:40,760 Speaker 5: Dubs, I see BTW. What do you think I have 632 00:30:40,880 --> 00:30:45,400 Speaker 5: to go? BT wh Welcome back anytime, Alexi. 633 00:30:45,520 --> 00:30:47,920 Speaker 7: Okay, we agree to disagree. 634 00:30:48,080 --> 00:30:48,520 Speaker 5: Why you go? 635 00:30:48,760 --> 00:30:49,200 Speaker 7: It's okay. 636 00:30:49,480 --> 00:30:50,880 Speaker 13: There's a little movie out this weekend. 637 00:30:50,880 --> 00:30:55,280 Speaker 2: In case you yes, I accidentally stumbled on the premieres. 638 00:30:55,280 --> 00:30:56,320 Speaker 2: I was going to a workout. 639 00:30:56,360 --> 00:30:56,760 Speaker 5: The other day. 640 00:30:56,800 --> 00:30:59,720 Speaker 2: They closed down all of Broadway, all of Lincoln Square, 641 00:30:59,720 --> 00:31:00,880 Speaker 2: the whole thing was shut down for. 642 00:31:01,040 --> 00:31:03,600 Speaker 13: 's Live in New York City Girl, two hundred and 643 00:31:03,640 --> 00:31:05,640 Speaker 13: fifty million dollar budget. It's an epic to watch. It 644 00:31:05,720 --> 00:31:08,800 Speaker 13: almost three hours long, so get your popcorn and get ready. 645 00:31:09,240 --> 00:31:12,080 Speaker 13: The only movie ever short shot completely on Imax, and 646 00:31:12,120 --> 00:31:13,920 Speaker 13: there's a lot, a lot of talk about it. It's 647 00:31:13,960 --> 00:31:16,480 Speaker 13: doing pretty well here on Rotten Tomatoes. Already was out 648 00:31:16,560 --> 00:31:20,160 Speaker 13: yesterday and the critics seem to like it. But people 649 00:31:20,200 --> 00:31:22,480 Speaker 13: cannot stop talking about the fact that these actors, Matt 650 00:31:22,520 --> 00:31:25,880 Speaker 13: Damon and Hathaway, Charlie's There on, you name it, are 651 00:31:26,000 --> 00:31:30,560 Speaker 13: all having American accents in British accents, which we're used 652 00:31:30,600 --> 00:31:33,400 Speaker 13: to for these big epicid Yes. 653 00:31:33,400 --> 00:31:36,680 Speaker 7: Yeah, but that's not any more accurate. I do think 654 00:31:36,720 --> 00:31:37,160 Speaker 7: it's weird. 655 00:31:37,600 --> 00:31:39,520 Speaker 2: Like British TV a lot of times they'll have them 656 00:31:39,640 --> 00:31:41,680 Speaker 2: playing Russians but they just have like a British accent, 657 00:31:41,760 --> 00:31:43,200 Speaker 2: or they'll like me in France, but they just have 658 00:31:43,280 --> 00:31:45,280 Speaker 2: a British accent. And somebody pointed out to me it's 659 00:31:45,280 --> 00:31:47,120 Speaker 2: not even more accurate if they do a Russian accent. 660 00:31:47,120 --> 00:31:50,240 Speaker 2: They're not speaking Russian. But for my brain, I want 661 00:31:50,240 --> 00:31:50,760 Speaker 2: to hear the acts. 662 00:31:50,760 --> 00:31:52,840 Speaker 13: If you want to be accurate, you'd speak ancient Greek. Yes, 663 00:31:53,320 --> 00:31:55,400 Speaker 13: so you know what English is fine, but it's pretty funny. 664 00:31:55,400 --> 00:31:57,640 Speaker 13: Tom Holland and Robert Pattinson, who are both in it, 665 00:31:57,840 --> 00:31:59,920 Speaker 13: who are both British, have to put on American accent. 666 00:32:00,000 --> 00:32:03,920 Speaker 13: Interesting and then calling you know, Odysseus my dad like 667 00:32:04,000 --> 00:32:05,440 Speaker 13: American colloquialism. 668 00:32:05,480 --> 00:32:07,080 Speaker 5: It is funny, father. Have you seen this yet? 669 00:32:07,240 --> 00:32:08,480 Speaker 7: I haven't. I will go see. 670 00:32:08,560 --> 00:32:10,880 Speaker 4: I'm sure you will. I've been very excited about it. 671 00:32:11,680 --> 00:32:13,400 Speaker 4: You would to get a classicist on here and like 672 00:32:13,760 --> 00:32:14,440 Speaker 4: do a deep dive. 673 00:32:17,000 --> 00:32:18,920 Speaker 13: You're on, I have to go to see here. Matt 674 00:32:19,080 --> 00:32:21,320 Speaker 13: Damon use his Boston ACX and he leans in on 675 00:32:21,400 --> 00:32:23,640 Speaker 13: it on the dramatic scene. So we're going to be 676 00:32:23,840 --> 00:32:25,600 Speaker 13: But Chris Nolan, who's the director, said it was a 677 00:32:25,680 --> 00:32:28,160 Speaker 13: very intentional decision to have the actors speak in English 678 00:32:28,200 --> 00:32:30,120 Speaker 13: and not have sort of a Stagy approach. 679 00:32:30,240 --> 00:32:33,160 Speaker 4: And he is like the biggest proponent of these Imax movies. 680 00:32:33,200 --> 00:32:35,560 Speaker 4: I mean he he loves an Imax film and I 681 00:32:35,640 --> 00:32:37,160 Speaker 4: do like his movies generally. 682 00:32:37,320 --> 00:32:38,720 Speaker 2: And they figured out a way, as we've talked about, 683 00:32:38,760 --> 00:32:40,680 Speaker 2: to do the dialogue on Imax, which you usually don't 684 00:32:40,880 --> 00:32:42,440 Speaker 2: usually shoot the big scenes on it, and it can 685 00:32:42,520 --> 00:32:43,680 Speaker 2: only roll for I think seven. 686 00:32:43,560 --> 00:32:44,160 Speaker 5: Minutes at a time. 687 00:32:44,360 --> 00:32:45,160 Speaker 7: Yeah, that's what it is. 688 00:32:45,200 --> 00:32:48,600 Speaker 2: Really arduous and I appreciate trying to do a school 689 00:32:48,600 --> 00:32:49,520 Speaker 2: filmmaking in a world. 690 00:32:49,400 --> 00:32:51,880 Speaker 13: Of digital cinematic feat And I'll report back on the 691 00:32:51,920 --> 00:32:55,080 Speaker 13: accident horror turn and move to the Wall Street Journal. 692 00:32:55,560 --> 00:32:58,960 Speaker 13: Wealthy older Americans, they are ripping up the traditional script 693 00:32:59,040 --> 00:33:01,680 Speaker 13: and instead of down sizing, Oh, they are moving up 694 00:33:01,720 --> 00:33:04,520 Speaker 13: big time. They are buying bigger homes, or they are 695 00:33:04,560 --> 00:33:07,800 Speaker 13: adding additions to the homes. They are adding guesthouses for 696 00:33:07,920 --> 00:33:12,720 Speaker 13: them kids, exactly, basically, and so empty nest boomers now 697 00:33:13,200 --> 00:33:15,720 Speaker 13: own more than twenty eight percent of US homes with 698 00:33:15,840 --> 00:33:18,720 Speaker 13: three or more bedrooms, which ding, ding, ding, one of 699 00:33:18,720 --> 00:33:20,840 Speaker 13: the reasons why first time home buyers are having such 700 00:33:20,840 --> 00:33:22,040 Speaker 13: a hard time getting into the market. 701 00:33:23,520 --> 00:33:25,960 Speaker 5: Yeah, exactly, it is a good point. 702 00:33:27,120 --> 00:33:29,640 Speaker 2: I will rent until I die. I've missed my vote. Yeah, 703 00:33:29,680 --> 00:33:31,800 Speaker 2: I just there's no well, especially in New York, but 704 00:33:31,880 --> 00:33:34,120 Speaker 2: even in DC. To your point, getting into the market 705 00:33:34,280 --> 00:33:36,120 Speaker 2: was just getting harder and hard. That's every Yeah, that's 706 00:33:36,120 --> 00:33:38,720 Speaker 2: so many people struggle. So just quick stats for you. 707 00:33:39,320 --> 00:33:42,040 Speaker 13: They account Older Americans now account for forty two percent 708 00:33:42,120 --> 00:33:45,120 Speaker 13: of the home buyers, the largest share of any generation. 709 00:33:45,320 --> 00:33:48,000 Speaker 13: Why you ask, well, they bought their homes and their 710 00:33:48,040 --> 00:33:53,760 Speaker 13: stocks decades ago, and those assets have appreciated. Yeah, sounds 711 00:33:53,800 --> 00:33:56,040 Speaker 13: pretty nice if you can get pretty nice. 712 00:33:56,080 --> 00:33:59,080 Speaker 7: Indeed, there to dream, there to dream birding? 713 00:33:59,200 --> 00:34:00,880 Speaker 5: Do you look at the birds go by? 714 00:34:00,920 --> 00:34:03,800 Speaker 2: Okay, speaking of older Americans, what happens to people when 715 00:34:03,800 --> 00:34:04,880 Speaker 2: they hit a certain age? 716 00:34:05,040 --> 00:34:06,320 Speaker 7: Both my parents have gotten into this. 717 00:34:06,600 --> 00:34:07,480 Speaker 5: Young people, well, guess what. 718 00:34:07,960 --> 00:34:09,840 Speaker 13: Birding is not just for your parents, It's not for 719 00:34:09,960 --> 00:34:13,680 Speaker 13: your grandparents anymore. Oh no, No, birding has gone cool, 720 00:34:14,080 --> 00:34:16,040 Speaker 13: so now the cool kids are doing it, becoming more 721 00:34:16,120 --> 00:34:19,000 Speaker 13: popular among younger people in their twenties and thirties. Some 722 00:34:19,120 --> 00:34:21,000 Speaker 13: of them were saying, hey, look, we're taking our binoculars 723 00:34:21,040 --> 00:34:23,360 Speaker 13: with us on vacation because we want to go birding. 724 00:34:23,719 --> 00:34:25,880 Speaker 13: They say the shift really started during the pandemic, when 725 00:34:25,880 --> 00:34:29,200 Speaker 13: we were all stuck at home solitary activity. They were like, hey, wow, 726 00:34:29,239 --> 00:34:31,440 Speaker 13: look at the birds. You sort of the equivalent of, 727 00:34:31,520 --> 00:34:33,680 Speaker 13: you know, take a moment and smell the flowers. Huh, 728 00:34:33,760 --> 00:34:35,880 Speaker 13: that's what we're doing. Where our birds? And also, the 729 00:34:36,000 --> 00:34:40,560 Speaker 13: National Audubon Society had ten college chapters in twenty nineteen. 730 00:34:40,600 --> 00:34:42,920 Speaker 13: You know how many they have today? No, one hundred 731 00:34:42,960 --> 00:34:43,640 Speaker 13: and seventeen. 732 00:34:44,120 --> 00:34:48,080 Speaker 7: That's hysterical, it's crazy. And Sam are you a birder 733 00:34:48,160 --> 00:34:48,800 Speaker 7: in college. 734 00:34:48,920 --> 00:34:50,440 Speaker 5: You can have a family of birders. 735 00:34:50,920 --> 00:34:51,080 Speaker 9: You do. 736 00:34:51,400 --> 00:34:53,680 Speaker 5: My sister's a professional ornithologist. 737 00:34:53,800 --> 00:34:54,360 Speaker 6: Oh my what? 738 00:34:54,800 --> 00:34:57,839 Speaker 4: And when my mom came to town shipping binoculars, who 739 00:34:57,880 --> 00:35:00,320 Speaker 4: went to the Jamaica Bay Wildlife Reserved and looked for 740 00:35:00,400 --> 00:35:01,719 Speaker 4: a bunch of preserve and looked for a bunch of 741 00:35:01,760 --> 00:35:03,080 Speaker 4: birds living. 742 00:35:04,160 --> 00:35:06,680 Speaker 5: I'm living it. But my sister studies the great raywel 743 00:35:07,160 --> 00:35:08,160 Speaker 5: all right, well we. 744 00:35:08,200 --> 00:35:08,919 Speaker 2: Have the show. 745 00:35:08,960 --> 00:35:10,000 Speaker 7: I already like her better than. 746 00:35:10,400 --> 00:35:12,880 Speaker 5: Exception, super impressed, super impressed with that. 747 00:35:13,080 --> 00:35:15,279 Speaker 7: This is lovely and wholesome. I support this dren feel hearted. 748 00:35:15,400 --> 00:35:17,279 Speaker 13: Let's do south by Southwest even has a whole like 749 00:35:17,360 --> 00:35:19,320 Speaker 13: bird watching thing. So it's been I mean, it's happening 750 00:35:19,480 --> 00:35:24,040 Speaker 13: amongst the young folks. All right, Finally a habit that's 751 00:35:24,080 --> 00:35:26,759 Speaker 13: actually good for us. A new study found that people 752 00:35:26,800 --> 00:35:30,279 Speaker 13: who drink coffee on a daily basis, both caffeated and decaffeinated, 753 00:35:30,360 --> 00:35:33,480 Speaker 13: have a lower likelihood of developing liver ailments compared to 754 00:35:33,719 --> 00:35:34,880 Speaker 13: non coffee drinkers. 755 00:35:35,239 --> 00:35:38,840 Speaker 7: I'm gonna live forever, but this stat kind of scared me. 756 00:35:38,920 --> 00:35:42,120 Speaker 13: Scientists at Cedars Sinai Health University found drinking five or 757 00:35:42,200 --> 00:35:45,759 Speaker 13: more cups of coffee a day with a forty seven 758 00:35:45,800 --> 00:35:47,680 Speaker 13: percent lower risk of developing liver cancer. 759 00:35:47,760 --> 00:35:51,520 Speaker 4: Oh fine, wow, cos I drink a lot of coffee, 760 00:35:51,680 --> 00:35:53,960 Speaker 4: mostly just out of habit like we walk by the 761 00:35:54,040 --> 00:35:55,120 Speaker 4: machine and all pick them up. 762 00:35:55,120 --> 00:35:55,919 Speaker 5: But I'm a real well. 763 00:35:55,800 --> 00:35:57,960 Speaker 13: Because it's so at the ready here for us. Why 764 00:35:58,120 --> 00:36:00,360 Speaker 13: why is this, though you might ask acquiring want to 765 00:36:00,400 --> 00:36:05,480 Speaker 13: note due to chemical compounds and coffee that reduce inflammation, chlorogenic. 766 00:36:04,880 --> 00:36:06,320 Speaker 5: Acid, chlorogenic acid. 767 00:36:06,400 --> 00:36:09,000 Speaker 13: So I say, here's the chlorogenic having a tea today. 768 00:36:09,040 --> 00:36:09,840 Speaker 5: But still there's. 769 00:36:12,680 --> 00:36:14,480 Speaker 13: Oh I'm the only one with the fancy mug right now. 770 00:36:14,800 --> 00:36:17,439 Speaker 2: But we put our water and people are wondering about 771 00:36:17,440 --> 00:36:18,560 Speaker 2: the proliferation of cups. 772 00:36:18,560 --> 00:36:20,720 Speaker 7: For our TV viewers, we have to have multi liquid. 773 00:36:22,200 --> 00:36:23,400 Speaker 13: You have to stay hydrated. 774 00:36:23,520 --> 00:36:25,359 Speaker 4: I do feel like there's always a study that says 775 00:36:25,400 --> 00:36:27,400 Speaker 4: something's good about coffee or bad about coffee. 776 00:36:27,480 --> 00:36:31,880 Speaker 2: And just like with wine, yes, why I only believe 777 00:36:31,920 --> 00:36:34,080 Speaker 2: the studies that say wine and coffee are good to 778 00:36:34,160 --> 00:36:35,720 Speaker 2: be clear and chocolate too, wine coffee. 779 00:36:36,719 --> 00:36:37,920 Speaker 5: You're doing studies exactly. 780 00:36:38,040 --> 00:36:39,960 Speaker 7: I like, I like to not fact check that at all. 781 00:36:41,239 --> 00:36:43,200 Speaker 5: No need to Alexiri Stoppers, thank you very much, my 782 00:36:43,280 --> 00:36:45,800 Speaker 5: pleasure debut here time. 783 00:36:45,680 --> 00:36:46,520 Speaker 2: Doing bt W. 784 00:36:47,080 --> 00:36:49,200 Speaker 7: We got new info out of David. We didn't know 785 00:36:49,280 --> 00:36:52,200 Speaker 7: this well done profile. 786 00:36:52,320 --> 00:36:55,080 Speaker 5: Will Okay got it on the show talk about birds. Seriously. 787 00:36:57,480 --> 00:37:00,400 Speaker 2: Thanks for joining us on today's Bloomberg This Weekend podcast. 788 00:37:00,560 --> 00:37:02,759 Speaker 2: Don't forget to tune in live for the show every 789 00:37:02,840 --> 00:37:05,440 Speaker 2: Saturday and Sunday morning, starting at seven am Eastern. 790 00:37:05,560 --> 00:37:08,520 Speaker 3: We're on Bloomberg Television Radio and the Bloomberg Business App, 791 00:37:08,680 --> 00:37:12,120 Speaker 3: bringing you unique takes and in depth interviews on news, politics, 792 00:37:12,280 --> 00:37:13,440 Speaker 3: lifestyle and culture.