1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,120 Speaker 1: noon and five pm Eastern on Apple Coarclay, and Android 4 00:00:17,160 --> 00:00:20,560 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:24,480 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,040 --> 00:00:28,320 Speaker 2: It's official now, having been sworn in as the forty 7 00:00:28,360 --> 00:00:31,040 Speaker 2: seventh President of the United States, Donald Trump delivering his 8 00:00:31,120 --> 00:00:32,839 Speaker 2: second inaugural address, The. 9 00:00:32,840 --> 00:00:46,000 Speaker 3: Golden Age of America begins right now. From this day forward, 10 00:00:46,040 --> 00:00:49,400 Speaker 3: our country will flourish and be respected again. 11 00:00:49,240 --> 00:00:50,199 Speaker 4: All over the world. 12 00:00:51,479 --> 00:00:53,880 Speaker 3: We will be the envy of every nation, and we 13 00:00:53,920 --> 00:00:58,040 Speaker 3: will not allow ourselves to be taken advantage of any longer. 14 00:01:00,120 --> 00:01:04,520 Speaker 3: Every single day of the Trump administration, I will very 15 00:01:04,560 --> 00:01:20,199 Speaker 3: simply put America first. Our sovereignty will be reclaimed, our 16 00:01:20,280 --> 00:01:21,759 Speaker 3: safety will be restored. 17 00:01:25,160 --> 00:01:28,039 Speaker 2: As we bring our signature panel back in Bloomberg Politics, 18 00:01:28,040 --> 00:01:31,440 Speaker 2: contributors Rick Davis and Janie Schanzano have been with us 19 00:01:31,480 --> 00:01:33,679 Speaker 2: for the duration today and great to have both of 20 00:01:33,680 --> 00:01:35,800 Speaker 2: you with us here. Donald Trump says, the Golden Age 21 00:01:35,840 --> 00:01:37,119 Speaker 2: of America begins right now. 22 00:01:37,160 --> 00:01:37,880 Speaker 4: Rick, Is that true? 23 00:01:38,200 --> 00:01:41,560 Speaker 5: Well, look, I mean we have a fantastic economy, We're 24 00:01:41,600 --> 00:01:45,120 Speaker 5: respected around the world. Our military is second to none. 25 00:01:45,319 --> 00:01:48,120 Speaker 5: Why wouldn't it be a golden age of America for now? 26 00:01:48,280 --> 00:01:51,680 Speaker 5: I mean, American exceptionalism is adopted around the world. Everybody 27 00:01:51,720 --> 00:01:54,760 Speaker 5: wishes they had what we have, and so I think 28 00:01:54,800 --> 00:01:57,040 Speaker 5: if we could take that to the next level and look, 29 00:01:57,080 --> 00:01:58,720 Speaker 5: if he can make good on his promise that our 30 00:01:58,760 --> 00:02:01,520 Speaker 5: strength can create peace around the world, then that is 31 00:02:01,560 --> 00:02:04,120 Speaker 5: a worthy task to try and accomplish. 32 00:02:04,400 --> 00:02:06,000 Speaker 6: We want to go live now to Capitol Hill as 33 00:02:06,080 --> 00:02:07,800 Speaker 6: Rick and Jeanie stay with us, and please to say 34 00:02:07,840 --> 00:02:11,040 Speaker 6: Republican Senator Bill Haggerty of Tennessee is joining us now 35 00:02:11,320 --> 00:02:14,519 Speaker 6: from the Russell Senate Building. Senator, thank you so much 36 00:02:14,600 --> 00:02:17,160 Speaker 6: for being with us. Happy Inauguration day two. You, of 37 00:02:17,160 --> 00:02:20,440 Speaker 6: course are quite close with now the forty seventh President 38 00:02:20,960 --> 00:02:23,280 Speaker 6: of the United States, but he's going to need a 39 00:02:23,360 --> 00:02:26,240 Speaker 6: team alongside him. What is your expectation about just how 40 00:02:26,320 --> 00:02:29,560 Speaker 6: quickly you will be casting votes to confirm his cabinet nominees. 41 00:02:30,200 --> 00:02:31,959 Speaker 7: It's actually going to be as soon as this evening. 42 00:02:32,320 --> 00:02:35,400 Speaker 7: The Senate forig Relations Committee's going to meet later this afternoon, 43 00:02:35,440 --> 00:02:38,680 Speaker 7: four thirty five o'clock. I expect Marco Rubio to be 44 00:02:38,720 --> 00:02:42,440 Speaker 7: reported out unanimously from that committee. He's our next Secretary 45 00:02:42,480 --> 00:02:45,960 Speaker 7: of State, and I hope that our Democrat colleagues will 46 00:02:45,960 --> 00:02:48,320 Speaker 7: cooperate with us, go ahead and accelerate the process, and 47 00:02:48,360 --> 00:02:49,600 Speaker 7: let's get him appointed tonight. 48 00:02:49,639 --> 00:02:50,160 Speaker 4: We can do that. 49 00:02:50,200 --> 00:02:51,600 Speaker 7: We have the authority to do that here in the 50 00:02:51,639 --> 00:02:54,880 Speaker 7: Senate with Democrat cooperation. I think that's the possibility. I 51 00:02:54,880 --> 00:02:56,600 Speaker 7: also think that John Ratcliffe could come out of the 52 00:02:56,639 --> 00:03:00,000 Speaker 7: Intelligence Committee tonight. We could see the same thing this time. 53 00:03:00,080 --> 00:03:02,560 Speaker 7: The pace, I think is absolutely necessary given the national 54 00:03:02,560 --> 00:03:04,359 Speaker 7: security challenges that we face right now. 55 00:03:04,760 --> 00:03:06,200 Speaker 4: These two gentlemen, Marco. 56 00:03:06,040 --> 00:03:10,240 Speaker 7: Rubio, John Ratcliffe critical elements a President Trump's team, and 57 00:03:10,280 --> 00:03:12,240 Speaker 7: I'm hopeful that we'll be able to move very rapidly. 58 00:03:12,280 --> 00:03:15,000 Speaker 7: And similarly, just keep making this pace as rapid as 59 00:03:15,080 --> 00:03:17,080 Speaker 7: possible through the course of this week and next and 60 00:03:17,120 --> 00:03:19,640 Speaker 7: really put the core part of President. 61 00:03:19,400 --> 00:03:21,600 Speaker 4: Trump's team around him as soon as possible. 62 00:03:22,600 --> 00:03:24,520 Speaker 2: It's good to see you, Senator, thanks for joining us 63 00:03:24,560 --> 00:03:26,799 Speaker 2: on a very busy day here in Washington. Of course, 64 00:03:26,840 --> 00:03:29,400 Speaker 2: presidents push on a lot of paper today. When do 65 00:03:29,520 --> 00:03:33,480 Speaker 2: mass deportations begin? And what should employers who are watching 66 00:03:33,560 --> 00:03:36,200 Speaker 2: and listening right now prepare for So. 67 00:03:36,320 --> 00:03:40,600 Speaker 7: I talked to Tom Homan just shortly after the inaugural speech. 68 00:03:41,200 --> 00:03:42,920 Speaker 7: Tom is going to be the busiest man in America 69 00:03:43,000 --> 00:03:44,120 Speaker 7: starting tomorrow. 70 00:03:44,640 --> 00:03:46,880 Speaker 4: But I think we're going to see a lot of action. Fast. 71 00:03:47,040 --> 00:03:50,400 Speaker 7: Executive orders will be coming into place this afternoon, and 72 00:03:50,480 --> 00:03:52,920 Speaker 7: we're going to see a tremendous amount of movement because 73 00:03:52,920 --> 00:03:56,080 Speaker 7: this mandate has been clear. So seventy five percent of 74 00:03:56,080 --> 00:03:58,200 Speaker 7: Americans said this nation was on the wrong track before 75 00:03:58,240 --> 00:03:58,800 Speaker 7: election day. 76 00:03:58,840 --> 00:04:00,960 Speaker 4: The number one issue has been. 77 00:04:00,840 --> 00:04:04,200 Speaker 7: Immigration, the crime in our cities, the fentanyl coming into 78 00:04:04,240 --> 00:04:07,280 Speaker 7: towns across my home state of Tennessee. And we're going 79 00:04:07,360 --> 00:04:10,040 Speaker 7: to also be passing the Lake and Riley Act here 80 00:04:10,080 --> 00:04:12,240 Speaker 7: in the Senate. That may be the first piece of legislation. 81 00:04:12,320 --> 00:04:14,400 Speaker 7: I believe it will be that President Trump will sign 82 00:04:14,400 --> 00:04:15,040 Speaker 7: into law. 83 00:04:16,640 --> 00:04:18,360 Speaker 6: With all of the focus that he seems to want 84 00:04:18,360 --> 00:04:20,920 Speaker 6: to put on the current US borders. Senator, and with 85 00:04:21,000 --> 00:04:24,120 Speaker 6: your foreign policy expertise, having served as ambassador to Japan, 86 00:04:24,160 --> 00:04:27,200 Speaker 6: what do you make of the kind of manifest destiny language, 87 00:04:27,240 --> 00:04:30,839 Speaker 6: this notion of potentially expanding US borders in this administration. 88 00:04:31,880 --> 00:04:35,520 Speaker 7: Well, he's made a very clear point that he's got 89 00:04:35,560 --> 00:04:38,920 Speaker 7: America's interest. First, if you think about the conversations around 90 00:04:38,960 --> 00:04:42,240 Speaker 7: Greenland critical minerals, I think these conversations are extremely healthy. 91 00:04:42,480 --> 00:04:45,080 Speaker 7: The Panama Canal is something he's been focused on for 92 00:04:45,160 --> 00:04:47,839 Speaker 7: some time. I've talked with him about this on numerous occasions. 93 00:04:48,480 --> 00:04:52,080 Speaker 7: That should be an asset that is very favorably directed 94 00:04:52,120 --> 00:04:55,120 Speaker 7: toward US interest and not in any way contradictory to 95 00:04:55,160 --> 00:04:57,680 Speaker 7: those interests. And President Trump went through it today in 96 00:04:57,760 --> 00:05:00,799 Speaker 7: terms of the way our navy is treated moving through there, 97 00:05:00,960 --> 00:05:03,599 Speaker 7: the fact that we've got Chinese own shipyards on either 98 00:05:03,720 --> 00:05:07,080 Speaker 7: end of the canal, these are serious national security concerns 99 00:05:07,080 --> 00:05:11,040 Speaker 7: that he wants to address. He also talked about basically 100 00:05:11,360 --> 00:05:14,039 Speaker 7: putting us in a position to go to Mars. I 101 00:05:14,080 --> 00:05:16,640 Speaker 7: think that's incredibly exciting for young people. 102 00:05:16,880 --> 00:05:18,040 Speaker 4: It's a great challenge. 103 00:05:18,440 --> 00:05:20,880 Speaker 7: It's something I've talked with Elon Musk about the possibility 104 00:05:20,880 --> 00:05:23,440 Speaker 7: of doing. Elon told me it's a six month voyage. 105 00:05:23,480 --> 00:05:25,080 Speaker 7: I think we're on the cusp of being able to 106 00:05:25,120 --> 00:05:27,720 Speaker 7: see that happen here in America, and President Trump can 107 00:05:27,760 --> 00:05:30,320 Speaker 7: inspire that type of activity here in America. Were the 108 00:05:30,360 --> 00:05:32,520 Speaker 7: only nation that could possibly do this, I believe, and 109 00:05:32,600 --> 00:05:33,200 Speaker 7: I think we will. 110 00:05:34,640 --> 00:05:37,400 Speaker 2: Senator Thank you so much. Bill Haggerty, Republican from Tennessee. 111 00:05:37,640 --> 00:05:41,080 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 112 00:05:41,160 --> 00:05:44,640 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, 113 00:05:44,680 --> 00:05:47,719 Speaker 1: Cocklay and Android Auto with the Bloomberg Business app. You 114 00:05:47,720 --> 00:05:51,200 Speaker 1: can also listen live on Amazon Alexa from our flagship 115 00:05:51,279 --> 00:05:55,839 Speaker 1: New York station Just Say Alexa played Bloomberg eleven thirty. 116 00:05:56,480 --> 00:05:56,919 Speaker 8: We have the. 117 00:05:56,960 --> 00:06:01,160 Speaker 2: Voice of Democratic Congressman Brad Sherman of he is on 118 00:06:01,240 --> 00:06:04,240 Speaker 2: Capitol Hill and joins us now live on Bloomberg. Congressman, 119 00:06:04,279 --> 00:06:06,359 Speaker 2: it's good to see you. Before we get into some 120 00:06:06,440 --> 00:06:08,480 Speaker 2: of the politics at play today, I just would like 121 00:06:08,520 --> 00:06:11,760 Speaker 2: to start by asking you, with your district in California 122 00:06:12,600 --> 00:06:16,279 Speaker 2: as part of the Los Angeles area, if your family 123 00:06:16,279 --> 00:06:18,440 Speaker 2: are well, if you have any news on the containment 124 00:06:18,800 --> 00:06:21,200 Speaker 2: of the wildfires, because we're going to start talking about 125 00:06:21,240 --> 00:06:24,000 Speaker 2: a funding mechanism next. What's happening on the ground now. 126 00:06:25,320 --> 00:06:29,640 Speaker 8: Well, the Palisades fire is virtually entirely in my district. 127 00:06:30,960 --> 00:06:33,400 Speaker 8: So many people have lost their home, so many people 128 00:06:33,440 --> 00:06:36,760 Speaker 8: don't have insurance or have very little insurance. My personal 129 00:06:36,800 --> 00:06:41,320 Speaker 8: family is fine, But as to the fires, they're mostly 130 00:06:41,360 --> 00:06:46,400 Speaker 8: contained and even the portion of the line where it's 131 00:06:46,440 --> 00:06:50,120 Speaker 8: not officially contained hasn't grown in the last three days. 132 00:06:50,560 --> 00:06:52,680 Speaker 8: So I'm confident that we can put this fire out, 133 00:06:52,680 --> 00:06:55,520 Speaker 8: even though the winds are going to be gusting later today. 134 00:06:56,760 --> 00:06:59,960 Speaker 8: What really was a gut punch, though, was listening to 135 00:07:00,080 --> 00:07:04,359 Speaker 8: the President's inaugural speech where he says the Los Angeles 136 00:07:04,400 --> 00:07:08,400 Speaker 8: we are watching the fires tragically burn from weeks ago, 137 00:07:08,600 --> 00:07:13,320 Speaker 8: and then he says, without even a token defense. I 138 00:07:13,360 --> 00:07:15,040 Speaker 8: was with so many firefighters. 139 00:07:15,400 --> 00:07:18,960 Speaker 9: This is not a token defense. This is an incredible defense. 140 00:07:19,520 --> 00:07:21,000 Speaker 4: These guys are brave. 141 00:07:21,680 --> 00:07:24,440 Speaker 8: They are work in twelve and twenty four hour shifts. 142 00:07:24,840 --> 00:07:27,440 Speaker 8: And for the President to use his inauguration to say 143 00:07:27,440 --> 00:07:30,160 Speaker 8: it isn't even a token defense is just a stab 144 00:07:30,760 --> 00:07:32,440 Speaker 8: in the guts of every one of the people that 145 00:07:32,480 --> 00:07:33,200 Speaker 8: we rely on. 146 00:07:33,520 --> 00:07:34,720 Speaker 9: It's simply outrageous. 147 00:07:36,520 --> 00:07:40,080 Speaker 6: Well, Congressman, as they do that work fighting these blazes, 148 00:07:40,160 --> 00:07:43,320 Speaker 6: even once they're contained entirely, there is going to be 149 00:07:43,360 --> 00:07:46,440 Speaker 6: the question of rebuilding and recovery. Are you confident that 150 00:07:46,440 --> 00:07:49,520 Speaker 6: that aid can come through, get through both the House 151 00:07:49,560 --> 00:07:52,080 Speaker 6: and the Senate in Republican control, without conditions. 152 00:07:54,680 --> 00:07:55,440 Speaker 9: Frankly, I'm not. 153 00:07:55,960 --> 00:07:59,360 Speaker 8: Frankly, I think that Donald Trump's visit on Friday will 154 00:07:59,400 --> 00:08:02,920 Speaker 8: be important. I think if he advocates for the AID, 155 00:08:03,120 --> 00:08:06,200 Speaker 8: I think it will get through Congress. We have never 156 00:08:06,400 --> 00:08:11,520 Speaker 8: conditioned aid, but this has been an enormously expensive event. 157 00:08:12,080 --> 00:08:16,520 Speaker 8: So many people don't have insurance, and we're gonna need 158 00:08:16,840 --> 00:08:19,600 Speaker 8: the help of Congress. Now. FEMA has enough money to 159 00:08:19,640 --> 00:08:22,600 Speaker 8: do everything it's supposed to do for the next several months, 160 00:08:22,960 --> 00:08:26,080 Speaker 8: So this isn't something like it's do or die in February, 161 00:08:26,400 --> 00:08:30,080 Speaker 8: but we're going to need a major appropriation for the 162 00:08:30,360 --> 00:08:34,880 Speaker 8: programs that will allow people to rebuild. It sounds like 163 00:08:36,120 --> 00:08:38,839 Speaker 8: the same kind of aid that we provided for Hawaii, 164 00:08:39,040 --> 00:08:42,440 Speaker 8: for Louisiana and other disasters as well. 165 00:08:42,600 --> 00:08:42,800 Speaker 4: Well. 166 00:08:42,800 --> 00:08:45,440 Speaker 2: He made some references to North Carolina when he was 167 00:08:45,480 --> 00:08:49,520 Speaker 2: speaking to the overflow crowd as well, suggesting that FEMA 168 00:08:49,640 --> 00:08:53,440 Speaker 2: was unable to bring relief to that area. Congressman Donald 169 00:08:53,440 --> 00:08:56,240 Speaker 2: Trump saying and doing a lot today, two hundred or 170 00:08:56,240 --> 00:09:00,000 Speaker 2: so executive orders. We understand he focused on the border 171 00:09:00,080 --> 00:09:00,680 Speaker 2: quite a bit. 172 00:09:00,559 --> 00:09:01,920 Speaker 4: In his remarks earlier. 173 00:09:02,200 --> 00:09:05,400 Speaker 2: Of course, you represent a border state, and I wonder 174 00:09:05,400 --> 00:09:07,160 Speaker 2: if you can tell us what's coming next, what you 175 00:09:07,240 --> 00:09:10,160 Speaker 2: know about mass deportations and whether they may start in 176 00:09:10,200 --> 00:09:12,240 Speaker 2: a place like California. 177 00:09:13,200 --> 00:09:15,920 Speaker 8: Look, we've got to get the border under control. That's 178 00:09:15,960 --> 00:09:18,840 Speaker 8: what people voted for. What they didn't vote for is 179 00:09:18,880 --> 00:09:21,520 Speaker 8: to come into my district and find people who have 180 00:09:21,679 --> 00:09:26,240 Speaker 8: lived in the San Fernando Valley for ten twenty thirty years, 181 00:09:26,760 --> 00:09:32,359 Speaker 8: who have children, sometimes grandchildren, who are American born, American citizens, 182 00:09:32,640 --> 00:09:34,360 Speaker 8: and to yank them out of their homes or even 183 00:09:34,400 --> 00:09:38,520 Speaker 8: make them afraid that that's what might happen. Law abiding 184 00:09:39,040 --> 00:09:44,319 Speaker 8: long term residents of California need to be out from 185 00:09:44,400 --> 00:09:46,120 Speaker 8: under this tremendous fear. 186 00:09:48,280 --> 00:09:51,440 Speaker 6: Well, we know that in addition to executive orders, Congressman 187 00:09:51,559 --> 00:09:53,520 Speaker 6: Donald Trump would like to see the issues of the 188 00:09:53,520 --> 00:09:56,880 Speaker 6: border and immigration, as well as energy and tax policy 189 00:09:56,880 --> 00:10:00,280 Speaker 6: addressed through the budget reconciliation process. He was joking with 190 00:10:00,400 --> 00:10:02,800 Speaker 6: the Speaker of the House, Mike Johnson in Emancipation Hall 191 00:10:02,840 --> 00:10:06,160 Speaker 6: about just how narrow the Republican majority is, with only 192 00:10:06,280 --> 00:10:08,480 Speaker 6: really a vote that can afford to be lost. Will 193 00:10:08,520 --> 00:10:13,520 Speaker 6: Democrats provide a single vote to any of that agenda. 194 00:10:13,840 --> 00:10:18,760 Speaker 8: There are parts of Trump's rhetoric that we can endorse. 195 00:10:19,200 --> 00:10:21,160 Speaker 8: We certainly want to keep the government open. 196 00:10:21,520 --> 00:10:22,120 Speaker 9: We know that. 197 00:10:22,040 --> 00:10:25,360 Speaker 8: Trump does not want to dishonor our debt by not 198 00:10:25,480 --> 00:10:30,240 Speaker 8: dealing with the debt limit. So there are certain elements 199 00:10:29,480 --> 00:10:32,920 Speaker 8: of keeping the federal government going that I think we 200 00:10:32,960 --> 00:10:37,320 Speaker 8: can all unite behind. And I think the country's going 201 00:10:37,400 --> 00:10:40,760 Speaker 8: to learn an awful lot about the very technical issues 202 00:10:41,120 --> 00:10:45,400 Speaker 8: involved in reconciliation, because only things in one of the 203 00:10:45,440 --> 00:10:50,160 Speaker 8: two reconciliation bills can get through the Senate without Democratic support. 204 00:10:52,040 --> 00:10:55,120 Speaker 6: All right, Democratic Congressman Brad Sherman of California, thank you 205 00:10:55,160 --> 00:10:56,600 Speaker 6: so much for your time today, sir. 206 00:10:56,640 --> 00:10:57,400 Speaker 9: We appreciate it. 207 00:10:58,679 --> 00:11:01,680 Speaker 1: You're listening to the Blue Work Balance of Power podcast. 208 00:11:01,920 --> 00:11:05,080 Speaker 1: Catch us live weekdays at noon and five pm Eastern 209 00:11:05,200 --> 00:11:08,640 Speaker 1: on Apple, Cocklay and Android Auto with the Bloomberg Business App. 210 00:11:08,800 --> 00:11:12,040 Speaker 1: Listen on demand wherever you get your podcasts, or watch 211 00:11:12,120 --> 00:11:13,679 Speaker 1: us live on YouTube. 212 00:11:14,679 --> 00:11:18,480 Speaker 6: On energy, President Trump today announcing in his inaugural address 213 00:11:18,520 --> 00:11:21,800 Speaker 6: plans to use executive power to lower energy prices. 214 00:11:23,240 --> 00:11:27,680 Speaker 3: The inflation crisis was caused by massive overspending and escalating 215 00:11:27,920 --> 00:11:31,280 Speaker 3: energy prices, and that is why today I will also 216 00:11:31,440 --> 00:11:38,000 Speaker 3: declare a national energy emergency. We will drill, Baby, Drill. 217 00:11:44,760 --> 00:11:46,760 Speaker 6: Joining us now for more on this here on Bloomberg 218 00:11:46,800 --> 00:11:50,080 Speaker 6: TV and radio. As Dan Bourriette, former Secretary of Energy 219 00:11:50,160 --> 00:11:54,800 Speaker 6: for the first Trump administration. Mister secretary, thank you for 220 00:11:54,840 --> 00:11:57,280 Speaker 6: being here, he says. Drill, baby, drill or frame. We've 221 00:11:57,280 --> 00:12:00,840 Speaker 6: heard often from now President Trump, how easy is it 222 00:12:00,880 --> 00:12:04,040 Speaker 6: to make that drilling happen via executive order exclusively. 223 00:12:05,280 --> 00:12:07,520 Speaker 10: Well, thank you for having me today. It's actually quite easy. 224 00:12:07,559 --> 00:12:09,880 Speaker 10: If you think about what it takes in terms of 225 00:12:09,920 --> 00:12:11,960 Speaker 10: regulation to get a permit today in the United States. 226 00:12:12,000 --> 00:12:13,839 Speaker 10: If we can make that more efficient, we can make 227 00:12:13,880 --> 00:12:17,920 Speaker 10: that more easily done. If you will shorten the timetables 228 00:12:17,920 --> 00:12:22,000 Speaker 10: for achieving production type permits or infrastructure permits, then we 229 00:12:22,040 --> 00:12:24,080 Speaker 10: can increase production here in the United States. And I 230 00:12:24,080 --> 00:12:26,800 Speaker 10: think that's what the President wants to do. He's absolutely 231 00:12:26,840 --> 00:12:29,760 Speaker 10: correct about the underlying cause of inflation. 232 00:12:29,880 --> 00:12:32,840 Speaker 9: The rising of energy prices in early. 233 00:12:32,600 --> 00:12:35,840 Speaker 10: Twenty twenty one and twenty two had a devastating effect 234 00:12:35,840 --> 00:12:38,640 Speaker 10: on the US economy with regard to pricing here. So 235 00:12:39,040 --> 00:12:40,720 Speaker 10: I think he's on the right track. I think he's 236 00:12:40,720 --> 00:12:43,240 Speaker 10: going to be very effective in doing that. Each of 237 00:12:43,240 --> 00:12:46,040 Speaker 10: those cabinet secretaries, each of those cabinet agencies are going 238 00:12:46,080 --> 00:12:49,359 Speaker 10: to move very very quickly to streamline the regulatory processes. 239 00:12:50,640 --> 00:12:52,920 Speaker 2: So that's the first step, or first couple of steps down. 240 00:12:53,000 --> 00:12:56,120 Speaker 2: How easy will it be to keep producers pumping and 241 00:12:56,240 --> 00:12:59,920 Speaker 2: drilling when oil prices inevitably start to fall. 242 00:13:00,440 --> 00:13:02,480 Speaker 10: Only only start to fall if demand goes down. And 243 00:13:02,480 --> 00:13:04,280 Speaker 10: what we're seeing here in the United States as well 244 00:13:04,280 --> 00:13:06,480 Speaker 10: as around the world, is that demand continues to grow. 245 00:13:06,800 --> 00:13:10,560 Speaker 10: And as we think about what technology is bringing to 246 00:13:10,640 --> 00:13:13,559 Speaker 10: the US economy and to the demand curve, you. 247 00:13:13,559 --> 00:13:16,200 Speaker 9: See a very steep upward curve. 248 00:13:16,640 --> 00:13:18,760 Speaker 10: So as long as that demand continues, and I think 249 00:13:18,760 --> 00:13:21,040 Speaker 10: it will, then we need more production. 250 00:13:21,440 --> 00:13:23,120 Speaker 9: As we look today and were. 251 00:13:22,760 --> 00:13:26,280 Speaker 2: Not expect lower oil prices, I thought Donald Trump promised 252 00:13:26,280 --> 00:13:27,040 Speaker 2: to cut them by half. 253 00:13:28,040 --> 00:13:28,920 Speaker 9: No, I think you will. 254 00:13:29,320 --> 00:13:32,640 Speaker 10: If you make that production more efficient, if you make 255 00:13:32,679 --> 00:13:35,120 Speaker 10: it less costly, then consumers will be the benefit of that. 256 00:13:35,480 --> 00:13:36,880 Speaker 9: That's one of the things that we've seen. 257 00:13:36,720 --> 00:13:39,120 Speaker 10: Over the course of the last four years, our oil 258 00:13:39,120 --> 00:13:41,360 Speaker 10: and gas production has gone up. We have indeed set 259 00:13:41,440 --> 00:13:44,920 Speaker 10: new records from the twenty nineteen to twenty twenty period. 260 00:13:44,960 --> 00:13:47,960 Speaker 10: We've exceeded those numbers roughly thirteen million barrels per day 261 00:13:48,000 --> 00:13:50,280 Speaker 10: here in the United States. But the challenge is that 262 00:13:50,320 --> 00:13:52,920 Speaker 10: consumers are not seeing the benefit of that increase supply 263 00:13:52,920 --> 00:13:56,120 Speaker 10: in the marketplace because we've made it more expensive to produce. 264 00:13:56,559 --> 00:13:58,559 Speaker 10: So if we can shorten the timetables, if we can 265 00:13:58,600 --> 00:14:03,199 Speaker 10: reduce the gation or the you know, the judiciary burdens 266 00:14:03,880 --> 00:14:07,239 Speaker 10: that producers now face, then we can pass those consumers 267 00:14:07,360 --> 00:14:10,760 Speaker 10: or pass those costs or lower cost onto consumers and 268 00:14:10,760 --> 00:14:13,559 Speaker 10: they'll be the beneficiary. And I think that's the president's 269 00:14:13,559 --> 00:14:14,920 Speaker 10: focus today. 270 00:14:16,000 --> 00:14:18,880 Speaker 6: Well, and we're obviously talking about traditional oil and gas 271 00:14:18,880 --> 00:14:22,400 Speaker 6: and fossil fuels here, Dan bo He also has made 272 00:14:22,440 --> 00:14:24,800 Speaker 6: a number of proclamations or at least saying he intends 273 00:14:24,840 --> 00:14:28,680 Speaker 6: to do things like and wind farms and offshore wind farms, 274 00:14:28,680 --> 00:14:31,520 Speaker 6: specifically pull back the ev mandate, as he calls it, 275 00:14:31,560 --> 00:14:33,680 Speaker 6: elements of the Green New Deal. When we consider the 276 00:14:33,720 --> 00:14:37,440 Speaker 6: wider energy composition in the United States, what do you 277 00:14:37,520 --> 00:14:40,880 Speaker 6: ultimately see as the appropriate balance for cleaner fuels versus 278 00:14:40,920 --> 00:14:41,800 Speaker 6: the traditional ones. 279 00:14:43,000 --> 00:14:46,160 Speaker 10: Well, I think you're going to see increased production from 280 00:14:46,360 --> 00:14:48,600 Speaker 10: wind and from solar as well. I think, you know, 281 00:14:48,640 --> 00:14:50,600 Speaker 10: the record gets a bit skewed if you look back 282 00:14:50,640 --> 00:14:54,040 Speaker 10: at the record. Twenty nineteen was actually the high high 283 00:14:54,120 --> 00:14:59,960 Speaker 10: water mark for the installation of both solar and wind capacity. 284 00:15:00,040 --> 00:15:01,720 Speaker 10: Here in the United States, and that was under the 285 00:15:01,720 --> 00:15:04,480 Speaker 10: first Trump term. So you know, this notion that Donald 286 00:15:04,520 --> 00:15:07,640 Speaker 10: Trump just flat out opposes renewable power, I don't think 287 00:15:08,000 --> 00:15:10,680 Speaker 10: is a correct one. I think he understands full well 288 00:15:10,760 --> 00:15:13,200 Speaker 10: that all of the above means, in fact, all of 289 00:15:13,240 --> 00:15:16,240 Speaker 10: the above. Now, should we be giving preferences to certain 290 00:15:16,240 --> 00:15:18,520 Speaker 10: types of fuel in the marketplace? I think you'll see 291 00:15:18,560 --> 00:15:21,000 Speaker 10: the President say no to that, And what he wants 292 00:15:21,040 --> 00:15:24,440 Speaker 10: to do is to eliminate those distortions in the marketplace 293 00:15:24,480 --> 00:15:28,760 Speaker 10: that are created by either legislation or by yet sometimes 294 00:15:28,800 --> 00:15:30,200 Speaker 10: you know, regulation as well. 295 00:15:30,240 --> 00:15:33,200 Speaker 9: So I think you'll see a very in depth look 296 00:15:33,240 --> 00:15:33,480 Speaker 9: at that. 297 00:15:35,680 --> 00:15:38,640 Speaker 2: Do you expect the executive orders that the President will 298 00:15:38,680 --> 00:15:40,920 Speaker 2: be signing throughout the day to day, we understand we 299 00:15:40,960 --> 00:15:43,120 Speaker 2: could have as many as two hundred, maybe even more. 300 00:15:44,600 --> 00:15:49,840 Speaker 2: DAN will actually address some of these matters first before 301 00:15:49,920 --> 00:15:53,120 Speaker 2: we actually see legislation writing. And I wonder specifically if 302 00:15:53,120 --> 00:15:56,000 Speaker 2: that will include a lifting of the ban on LNG exports. 303 00:15:56,840 --> 00:15:56,960 Speaker 4: Oh. 304 00:15:57,320 --> 00:15:59,600 Speaker 10: I almost certainly think that's going to be the case. 305 00:16:00,760 --> 00:16:02,560 Speaker 10: There's no question about that, and there's a number of 306 00:16:02,600 --> 00:16:06,800 Speaker 10: different reasons for it. One, our allies are crying for 307 00:16:06,960 --> 00:16:09,800 Speaker 10: us LNG all around the world. I just met with 308 00:16:09,840 --> 00:16:15,200 Speaker 10: the Japanese ministers of energy and they were very, very 309 00:16:15,240 --> 00:16:18,000 Speaker 10: concerned about the announcement by the Biden administration that we 310 00:16:18,000 --> 00:16:20,480 Speaker 10: were going to pause lergy exports for a period of time, 311 00:16:20,760 --> 00:16:23,440 Speaker 10: or at least the export authorizations for a period of time. 312 00:16:23,760 --> 00:16:26,120 Speaker 10: Same thing for the Europeans. They're facing the same types 313 00:16:26,160 --> 00:16:28,480 Speaker 10: of demand curves that we are here in the United States, 314 00:16:28,760 --> 00:16:32,160 Speaker 10: and that energy is absolutely critical to their meeting not 315 00:16:32,200 --> 00:16:35,120 Speaker 10: only their economic goals, but their environmental goals as well, 316 00:16:35,360 --> 00:16:39,160 Speaker 10: because in many cases, this lerg is displacing heavier hydrocarbons 317 00:16:39,520 --> 00:16:41,920 Speaker 10: like coal or dung in certain places if you're in 318 00:16:41,960 --> 00:16:45,400 Speaker 10: a developing country. So the demand for energy is going 319 00:16:45,440 --> 00:16:47,800 Speaker 10: to continue to rise, and I think you'll see the 320 00:16:47,800 --> 00:16:50,440 Speaker 10: Trump administration move very quickly to lift that pause. 321 00:16:52,080 --> 00:16:54,240 Speaker 6: So that's what we'll be exporting. But I do wonder 322 00:16:54,320 --> 00:16:57,480 Speaker 6: about the energy we do still import, as he's throwed 323 00:16:57,560 --> 00:17:00,480 Speaker 6: the idea of twenty five percent tariffs on every coming 324 00:17:00,520 --> 00:17:04,359 Speaker 6: from Canada, which exports a lot in terms of energy 325 00:17:04,359 --> 00:17:06,920 Speaker 6: to the United States, or what would the actual immediate 326 00:17:06,960 --> 00:17:08,679 Speaker 6: impact be if that were to be implemented. 327 00:17:09,720 --> 00:17:11,679 Speaker 10: Well, I'm not quite sure what the President has in 328 00:17:11,720 --> 00:17:14,280 Speaker 10: mind in terms of specifics on a tariff or whether 329 00:17:14,359 --> 00:17:17,360 Speaker 10: or not it would apply to Canadian crude oil. But 330 00:17:17,680 --> 00:17:22,040 Speaker 10: the president's mission here is to increase our independence, our 331 00:17:22,119 --> 00:17:25,600 Speaker 10: energy independent's not our dependents. And when we think about 332 00:17:25,640 --> 00:17:28,320 Speaker 10: trade and we think about imports and exports and what 333 00:17:28,400 --> 00:17:31,760 Speaker 10: we do with various countries, there's an enormous difference between 334 00:17:31,800 --> 00:17:35,359 Speaker 10: depending upon a certain product in our marketplace and simply 335 00:17:35,400 --> 00:17:37,040 Speaker 10: trading for that product. 336 00:17:37,359 --> 00:17:39,720 Speaker 9: Canadian crud is obviously different than US crewed. 337 00:17:39,760 --> 00:17:43,000 Speaker 10: It's heavier, it's called sour crude, and refiners are set 338 00:17:43,040 --> 00:17:45,840 Speaker 10: up in the United States, certain refiners are to accept 339 00:17:45,880 --> 00:17:48,879 Speaker 10: that type of crude. The United States produces light or 340 00:17:48,920 --> 00:17:51,879 Speaker 10: sweet crude, and that's a good export product. So to 341 00:17:51,920 --> 00:17:55,320 Speaker 10: the extent that we can trade rather than be dependent 342 00:17:55,840 --> 00:17:57,840 Speaker 10: is I think the president's goal, as you've heard them 343 00:17:57,840 --> 00:18:01,359 Speaker 10: say many many times in the past, energy security is 344 00:18:01,440 --> 00:18:04,520 Speaker 10: national security. He wants balance in the economics, he wants 345 00:18:04,640 --> 00:18:08,000 Speaker 10: balance in the trade policies all around the world. 346 00:18:09,840 --> 00:18:13,040 Speaker 2: Dan Briat, former Secretary of Energy in the first Trump administration. Dan, 347 00:18:13,119 --> 00:18:15,280 Speaker 2: thank you so much for the insights. We appreciate that 348 00:18:15,320 --> 00:18:16,920 Speaker 2: as part of our special coverage. 349 00:18:16,720 --> 00:18:20,160 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 350 00:18:20,240 --> 00:18:23,280 Speaker 1: us live weekdays at noon and five pm Eastern on 351 00:18:23,440 --> 00:18:26,680 Speaker 1: Apple Cocklay and Android Auto with the Bloomberg Business App. 352 00:18:26,720 --> 00:18:29,720 Speaker 1: You can also listen live on Amazon Alexa from our 353 00:18:29,760 --> 00:18:34,960 Speaker 1: flagship New York station. Just say Alexa Play Bloomberg. Eleven thirty. 354 00:18:35,800 --> 00:18:39,600 Speaker 2: We're joined live in Washington by Lindsay Trevinsky, presidential historian 355 00:18:40,240 --> 00:18:45,520 Speaker 2: and executive director of the George Washington Presidential Library. She 356 00:18:45,640 --> 00:18:48,840 Speaker 2: joins us from Mount Vernon up here in the District 357 00:18:48,880 --> 00:18:50,919 Speaker 2: of Columbia. And it's great to have you back, just 358 00:18:50,960 --> 00:18:53,800 Speaker 2: the voice we wanted on not just this day, but 359 00:18:53,920 --> 00:18:56,560 Speaker 2: at this moment talk to us about the importance of 360 00:18:56,600 --> 00:18:58,159 Speaker 2: this stage of the ceremony. 361 00:18:58,520 --> 00:19:00,760 Speaker 11: Well, thank you for having me back. I'm struck by 362 00:19:00,760 --> 00:19:03,520 Speaker 11: these images. You know what caught my eye is that 363 00:19:03,640 --> 00:19:06,200 Speaker 11: former Vice President Harris said a few words to now 364 00:19:06,240 --> 00:19:09,000 Speaker 11: President Trump, and she did not do that at Carter's 365 00:19:09,000 --> 00:19:11,359 Speaker 11: funeral the last time I spoke with you all, and 366 00:19:11,440 --> 00:19:14,840 Speaker 11: I would dearly love to know what they were saying 367 00:19:14,880 --> 00:19:16,680 Speaker 11: to one another. But you know, it is an important 368 00:19:16,680 --> 00:19:19,159 Speaker 11: moment because this is sort of the final capstone and 369 00:19:19,200 --> 00:19:22,159 Speaker 11: the peaceful transfer of power, which is the bedrock of 370 00:19:22,200 --> 00:19:24,439 Speaker 11: what it means to be a republic. If you have 371 00:19:24,520 --> 00:19:27,400 Speaker 11: a different type of transfer, it's a different type of government. 372 00:19:28,080 --> 00:19:30,000 Speaker 6: Well, and it is a start contrast to what we 373 00:19:30,080 --> 00:19:32,560 Speaker 6: experienced just four years ago when Donald Trump did not 374 00:19:32,640 --> 00:19:35,560 Speaker 6: attend the inauguration of Joe Biden. And of course remarkable 375 00:19:35,800 --> 00:19:38,360 Speaker 6: as we see the Bidens making their way toward Marine one. 376 00:19:38,440 --> 00:19:41,119 Speaker 6: Now to consider that Trump and Biden rode over to 377 00:19:41,200 --> 00:19:44,359 Speaker 6: the Capitol together today after having tea at the White House, 378 00:19:44,400 --> 00:19:46,640 Speaker 6: a relationship between the two of them that has been 379 00:19:47,000 --> 00:19:50,320 Speaker 6: adversarial to say the least, and that's perhaps a kind 380 00:19:50,359 --> 00:19:53,480 Speaker 6: way of describing it, Lindsay, But to see them doing 381 00:19:53,680 --> 00:19:57,560 Speaker 6: this now, as you say, a pillar of the American Republic, 382 00:19:57,640 --> 00:20:01,760 Speaker 6: Donald Trump escorting Joe Biden physically to the helicopter. Just so, 383 00:20:02,040 --> 00:20:03,800 Speaker 6: how far we've come in the last four years. 384 00:20:04,160 --> 00:20:04,920 Speaker 9: Yeah, I think it does. 385 00:20:04,960 --> 00:20:06,880 Speaker 11: You know, what you said is important is they don't 386 00:20:06,880 --> 00:20:08,840 Speaker 11: have to like each other, they don't have to get along, 387 00:20:08,920 --> 00:20:12,000 Speaker 11: they don't even have to necessarily enjoy the experience. But 388 00:20:12,080 --> 00:20:14,879 Speaker 11: it is a part of the process. And notably, we 389 00:20:14,920 --> 00:20:18,119 Speaker 11: didn't have this image from four years ago because Trump 390 00:20:18,160 --> 00:20:20,840 Speaker 11: didn't attend, and instead we had a split screen where 391 00:20:20,840 --> 00:20:23,720 Speaker 11: he was leaving to go directly to Florida. And so 392 00:20:24,400 --> 00:20:28,159 Speaker 11: you know, for all that we might feel about this moment, 393 00:20:28,240 --> 00:20:31,120 Speaker 11: I think it is worth noting and is admirable that 394 00:20:31,160 --> 00:20:33,600 Speaker 11: the Bidens are there because no one likes losing. 395 00:20:34,000 --> 00:20:37,520 Speaker 2: This is a remarkable moment that we're witnessing here as 396 00:20:37,640 --> 00:20:40,680 Speaker 2: Jill Biden just gave a hug to Malania Trump and 397 00:20:40,760 --> 00:20:43,960 Speaker 2: Donald Trump was yelling over the wind to try to 398 00:20:43,960 --> 00:20:46,000 Speaker 2: say something to Joe Biden. I can only imagine what 399 00:20:46,040 --> 00:20:48,800 Speaker 2: that message was. The current President and First Lady are 400 00:20:48,800 --> 00:20:53,000 Speaker 2: now walking away from the helicopter where the Bidens have boarded, 401 00:20:53,320 --> 00:20:57,840 Speaker 2: will now prepare for them to fly away, Kaylee. The 402 00:20:58,000 --> 00:21:02,159 Speaker 2: official end of his presidency career in Washington, Donald Trump 403 00:21:02,160 --> 00:21:05,920 Speaker 2: has quite a bit ahead of him, still signing executive orders. First, 404 00:21:06,240 --> 00:21:08,600 Speaker 2: he'll likely be addressing the crowd in that overflow room 405 00:21:08,600 --> 00:21:10,439 Speaker 2: as you described it, where almost two thousand of his 406 00:21:10,480 --> 00:21:11,320 Speaker 2: supporters are waiting. 407 00:21:11,800 --> 00:21:14,159 Speaker 6: As we consider now that he is president for a 408 00:21:14,200 --> 00:21:17,440 Speaker 6: second time, only the second in history to serve non 409 00:21:17,480 --> 00:21:21,919 Speaker 6: consecutive terms, and Lindsay, he described it himself during his 410 00:21:21,920 --> 00:21:24,800 Speaker 6: inaugural address as something of a comeback, talking about how 411 00:21:24,840 --> 00:21:28,040 Speaker 6: he saw himself as having been politically persecuted over the 412 00:21:28,119 --> 00:21:30,480 Speaker 6: last several years, and yet he has returned to this 413 00:21:30,560 --> 00:21:34,240 Speaker 6: highest office in the country. Just talk about that turnaround 414 00:21:34,280 --> 00:21:36,800 Speaker 6: of the political fate of Donald Trump, that he once 415 00:21:36,840 --> 00:21:38,080 Speaker 6: again finds himself here. 416 00:21:38,880 --> 00:21:40,919 Speaker 11: Yeah, you've never seen anything like it. I mean, we 417 00:21:41,040 --> 00:21:43,280 Speaker 11: have had one president lose and then come back, and 418 00:21:43,280 --> 00:21:46,080 Speaker 11: that was Grover Cleveland in the nineteenth century, of course, 419 00:21:46,480 --> 00:21:49,480 Speaker 11: but he had not been indicted, he had not played 420 00:21:49,520 --> 00:21:54,760 Speaker 11: a role in inciting a violent elect a violent insurrection, 421 00:21:55,720 --> 00:21:59,239 Speaker 11: and those are very different political circumstances, and so to 422 00:21:59,280 --> 00:22:03,639 Speaker 11: see this type of comeback is really unusual. It is surprising. 423 00:22:03,720 --> 00:22:06,320 Speaker 11: I don't think anyone would have predicted it four years ago, 424 00:22:06,840 --> 00:22:09,440 Speaker 11: and I think the ramifications of it on our political 425 00:22:09,440 --> 00:22:12,320 Speaker 11: system are going to take a long time to actually unfold. 426 00:22:12,600 --> 00:22:16,439 Speaker 2: The Trump's advances waving goodbye to the bidens. Now the 427 00:22:16,480 --> 00:22:18,960 Speaker 2: stairs have been lifted, the doors closed on the helicopter, 428 00:22:19,040 --> 00:22:22,960 Speaker 2: and the Trump Party is heading back indoors into the Capitol. 429 00:22:23,160 --> 00:22:27,119 Speaker 2: I'm curious, as a point of inauguration trivia, we watched 430 00:22:27,119 --> 00:22:29,840 Speaker 2: the swearing in very closely. I don't know if you noticed. 431 00:22:29,920 --> 00:22:32,280 Speaker 2: We didn't see Donald Trump put his hand on the Bible, 432 00:22:32,600 --> 00:22:34,480 Speaker 2: and I'm brought back to two thousand and nine when 433 00:22:34,480 --> 00:22:36,720 Speaker 2: Barack Obama decided to do it all over again with 434 00:22:36,760 --> 00:22:39,680 Speaker 2: the Chief Justice after flubbing out an abundance of caution. 435 00:22:39,800 --> 00:22:41,879 Speaker 2: As he said at the time, some of the language 436 00:22:41,880 --> 00:22:44,040 Speaker 2: in the oath. Are we going to see another swearing in, 437 00:22:44,119 --> 00:22:45,480 Speaker 2: potentially of Donald Trump. 438 00:22:45,920 --> 00:22:48,000 Speaker 11: I don't think we will, because they're actually not required 439 00:22:48,040 --> 00:22:50,159 Speaker 11: to take the oath on a Bible. John Quincy Adams 440 00:22:50,200 --> 00:22:52,040 Speaker 11: took it on a book of laws and copy of 441 00:22:52,080 --> 00:22:55,240 Speaker 11: the Constitution. So the oath is actually not based on 442 00:22:55,359 --> 00:22:58,879 Speaker 11: a religious foundation. It's based on a commitment to the 443 00:22:58,920 --> 00:23:00,600 Speaker 11: Constitution and to the American people. 444 00:23:00,640 --> 00:23:02,360 Speaker 2: This is why we have you here to answer questions 445 00:23:02,400 --> 00:23:05,840 Speaker 2: like these. As the voters turn on the helicopter, Kaylee, 446 00:23:05,960 --> 00:23:07,120 Speaker 2: Joe Biden will soon. 447 00:23:06,960 --> 00:23:09,560 Speaker 6: Be taking off yep, making his way, of course, from 448 00:23:09,640 --> 00:23:12,680 Speaker 6: the Capitol Grounds to Joint Base Andrews, while another departure 449 00:23:12,720 --> 00:23:15,840 Speaker 6: ceremony will be taking places. We say goodbye not to 450 00:23:15,960 --> 00:23:18,280 Speaker 6: just Joe Biden's four years as president, but more than 451 00:23:18,359 --> 00:23:23,080 Speaker 6: half a century of service in public office. A career politician, 452 00:23:23,640 --> 00:23:25,840 Speaker 6: Frankly lindsay, in contrast to the man who is now 453 00:23:25,880 --> 00:23:29,560 Speaker 6: succeeding him, and who preceded him, Donald Trump, who was 454 00:23:29,560 --> 00:23:32,600 Speaker 6: not that when he was first elected. Now he of 455 00:23:32,640 --> 00:23:35,679 Speaker 6: course is far and away seen as the leader of 456 00:23:35,720 --> 00:23:37,960 Speaker 6: the Republican Party, having not had as warm of a 457 00:23:37,960 --> 00:23:40,960 Speaker 6: reception to the political world back in twenty seventeen. But 458 00:23:41,000 --> 00:23:44,240 Speaker 6: he's walking into that Capitol building with both chambers of 459 00:23:44,320 --> 00:23:47,440 Speaker 6: Congress behind him. How much power does that give him 460 00:23:47,440 --> 00:23:50,200 Speaker 6: as an executive authority, which he's planning to exercise today 461 00:23:50,240 --> 00:23:52,880 Speaker 6: through a series of executive orders, But knowing he has 462 00:23:52,920 --> 00:23:56,320 Speaker 6: basically the whole of government, including a conservative Supreme Court, at. 463 00:23:56,119 --> 00:23:58,640 Speaker 11: His back, Well, normally I would say that a second 464 00:23:58,760 --> 00:24:02,480 Speaker 11: term president, with the limitation of the twenty second Amendment, 465 00:24:02,800 --> 00:24:05,760 Speaker 11: would not necessarily have that much power. Usually in the 466 00:24:05,800 --> 00:24:09,439 Speaker 11: second term, a president focuses more on executive orders and 467 00:24:09,520 --> 00:24:11,760 Speaker 11: foreign policy because they are a bit of a lame 468 00:24:11,880 --> 00:24:16,440 Speaker 11: duck and so their ability to shape domestic politics is limited. 469 00:24:16,800 --> 00:24:19,560 Speaker 11: And yet, as you said, Trump has really remade the 470 00:24:19,600 --> 00:24:23,399 Speaker 11: party in his image. We saw this week with the 471 00:24:23,440 --> 00:24:27,320 Speaker 11: Cabinet Secretary hearings that many of the people were willing 472 00:24:27,359 --> 00:24:30,159 Speaker 11: to do whatever he wanted, even if they disagreed on 473 00:24:30,240 --> 00:24:33,840 Speaker 11: certain policies and so I don't know how much pushback 474 00:24:33,880 --> 00:24:36,760 Speaker 11: they're actually really going to give. Now that being said, 475 00:24:37,000 --> 00:24:39,680 Speaker 11: no president achieves everything they want. It's just kind of 476 00:24:39,720 --> 00:24:41,399 Speaker 11: a political rule that I think is probably going to 477 00:24:41,480 --> 00:24:44,280 Speaker 11: stand here, regardless of how much support. 478 00:24:43,960 --> 00:24:44,399 Speaker 9: He does have. 479 00:24:44,640 --> 00:24:47,800 Speaker 2: The presidential helicopter many know as Marine One is now 480 00:24:47,840 --> 00:24:51,480 Speaker 2: wheels up in Washington, d C. On a frigid twentieth 481 00:24:51,560 --> 00:24:56,960 Speaker 2: of January. The inaugural ceremonies largely complete for Donald Trump. 482 00:24:57,880 --> 00:25:00,000 Speaker 2: Now Joe Biden and Joe Biden will get their life 483 00:25:00,040 --> 00:25:03,560 Speaker 2: last view of the capital Kayley as they hover over 484 00:25:03,600 --> 00:25:08,159 Speaker 2: Capitol Hill, will likely fly past the White House before 485 00:25:08,160 --> 00:25:09,200 Speaker 2: making their way to join. 486 00:25:09,080 --> 00:25:13,560 Speaker 6: Bass Andrews incredible as we consider that Joe Biden wanted, 487 00:25:14,000 --> 00:25:17,760 Speaker 6: at least up until roughly seven months ago, to serve 488 00:25:17,800 --> 00:25:19,880 Speaker 6: a second term as president. He was hoping it would 489 00:25:19,880 --> 00:25:23,800 Speaker 6: be his inauguration today, not that of another Democrat or 490 00:25:23,840 --> 00:25:26,959 Speaker 6: of Donald Trump, but instead him, and reporting does suggest 491 00:25:26,960 --> 00:25:30,000 Speaker 6: that he is leaving this office having still believed that 492 00:25:30,119 --> 00:25:33,159 Speaker 6: he could have won this election in November. And it 493 00:25:33,160 --> 00:25:34,760 Speaker 6: does make you wonder what must be going through the 494 00:25:34,800 --> 00:25:37,920 Speaker 6: head of the now former first couple as they leave 495 00:25:38,240 --> 00:25:39,000 Speaker 6: Washington behind me. 496 00:25:39,160 --> 00:25:42,440 Speaker 2: That right, the man he replaced has now replaced him, 497 00:25:42,680 --> 00:25:44,280 Speaker 2: and you can speak to what's happening on the other 498 00:25:44,400 --> 00:25:47,479 Speaker 2: end of Pennsylvania Avenue as they prepare for the Trump's arrival. 499 00:25:48,160 --> 00:25:50,120 Speaker 11: Yes, so in just a couple of hours, the White 500 00:25:50,160 --> 00:25:54,439 Speaker 11: House undergoes a complete shift. So usually there's some staff 501 00:25:54,480 --> 00:25:56,720 Speaker 11: that stays, but there's also new staff that comes in. 502 00:25:56,800 --> 00:25:59,679 Speaker 11: There's a whole team of volunteers that will pack up 503 00:25:59,720 --> 00:26:03,879 Speaker 11: all the Biden's belongings, including photographs and personal mementos. They 504 00:26:03,960 --> 00:26:05,840 Speaker 11: will take out a lot of the choices that the 505 00:26:05,880 --> 00:26:08,720 Speaker 11: Bidens made in terms of art and decor, especially in 506 00:26:08,760 --> 00:26:11,919 Speaker 11: the Oval office, and then all new selections will come in. 507 00:26:12,240 --> 00:26:16,280 Speaker 11: Sometimes that's rugs, sometimes that's drapery, sometimes it's art and furniture. 508 00:26:16,520 --> 00:26:18,760 Speaker 11: And they will complete that entire process in just a 509 00:26:18,800 --> 00:26:19,680 Speaker 11: couple of hours. 510 00:26:19,840 --> 00:26:21,880 Speaker 6: It's incredible to consider. And also just in the next 511 00:26:21,880 --> 00:26:24,240 Speaker 6: couple of hours, we do expect Trump could sign dozens, 512 00:26:24,240 --> 00:26:27,399 Speaker 6: if not upward of one hundred executive orders. Have we 513 00:26:27,480 --> 00:26:30,720 Speaker 6: ever seen as potentially active a first day of a 514 00:26:30,760 --> 00:26:32,679 Speaker 6: presidency is what we could see today, Lindsay. 515 00:26:33,240 --> 00:26:33,600 Speaker 4: We have. 516 00:26:33,680 --> 00:26:36,760 Speaker 11: Actually recent history has been quite intense in terms of 517 00:26:36,840 --> 00:26:40,119 Speaker 11: executive orders. The overall number of them are not actually 518 00:26:40,200 --> 00:26:42,680 Speaker 11: as high as Franklin D. Roosevelt, which was the peak 519 00:26:42,760 --> 00:26:45,800 Speaker 11: of executive orders in the presidency, but the number on 520 00:26:45,840 --> 00:26:49,000 Speaker 11: the first day does tend to have that concentration. And 521 00:26:49,200 --> 00:26:52,120 Speaker 11: usually we saw this four years ago. It's a president 522 00:26:52,680 --> 00:26:56,160 Speaker 11: undoing the things that their predecessor did through executive order 523 00:26:56,200 --> 00:26:59,800 Speaker 11: because they didn't do it through legislation. Biden also swore 524 00:27:00,040 --> 00:27:03,320 Speaker 11: and I think thousands of political appointees that were at 525 00:27:03,320 --> 00:27:06,160 Speaker 11: the lower level on his first day four years ago. 526 00:27:06,560 --> 00:27:08,960 Speaker 11: So I think that it's pretty common at this point 527 00:27:08,960 --> 00:27:11,720 Speaker 11: to see that type of activity. Now, the scope and 528 00:27:11,800 --> 00:27:14,439 Speaker 11: breadth and the type of executive order that might be 529 00:27:14,440 --> 00:27:16,760 Speaker 11: a little bit different. I don't think that Biden or 530 00:27:16,800 --> 00:27:20,119 Speaker 11: Obama attempted to rename a body of water. 531 00:27:20,520 --> 00:27:20,880 Speaker 12: All right. 532 00:27:20,920 --> 00:27:24,840 Speaker 6: Lindsay Tchervinsky, presidential historian and executive director of the George 533 00:27:24,960 --> 00:27:27,359 Speaker 6: Washington Presidential Library at Mount Vernon. 534 00:27:28,680 --> 00:27:32,160 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 535 00:27:32,200 --> 00:27:36,160 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, Cocklay, 536 00:27:36,160 --> 00:27:39,199 Speaker 1: and Android Atto with the Bloomberg Business app. Listen on 537 00:27:39,280 --> 00:27:42,560 Speaker 1: demand wherever you get your podcasts, or watch us live 538 00:27:42,600 --> 00:27:43,480 Speaker 1: on YouTube. 539 00:27:45,000 --> 00:27:46,760 Speaker 6: We're learning from the White House that he will be 540 00:27:46,840 --> 00:27:50,200 Speaker 6: ending leasing to massive wind farms, bringing federal employees back 541 00:27:50,240 --> 00:27:52,520 Speaker 6: to in person work as part of the suite of 542 00:27:52,560 --> 00:27:55,440 Speaker 6: executive orders, and also the White House saying Trump will 543 00:27:55,440 --> 00:27:59,080 Speaker 6: announce the America First trade policy, though our reporting here 544 00:27:59,119 --> 00:28:02,440 Speaker 6: at Bloomberg today does suggest he's not going to immediately 545 00:28:02,800 --> 00:28:06,360 Speaker 6: impost tariffs or additional tariffs on Chinese goods. And it's 546 00:28:06,400 --> 00:28:09,919 Speaker 6: on the conversation around the economic and geopolitical relationship with 547 00:28:10,240 --> 00:28:12,359 Speaker 6: China that we turned to our next guest, Shirley Marty 548 00:28:12,359 --> 00:28:16,360 Speaker 6: hargas non Resident Fellow at the Atlanta Council's Global China Hub, 549 00:28:16,640 --> 00:28:20,240 Speaker 6: is joining us now. Thank you for being here on Bloomberg, Shirley, 550 00:28:20,280 --> 00:28:23,840 Speaker 6: as we consider just the broad threat of tariffs being 551 00:28:23,880 --> 00:28:26,719 Speaker 6: placed not on specific Chinese goods, but potentially all of 552 00:28:26,760 --> 00:28:29,920 Speaker 6: them that they export to the United States. Just how 553 00:28:30,000 --> 00:28:32,399 Speaker 6: braced for what is coming is China right now as 554 00:28:32,400 --> 00:28:34,800 Speaker 6: they watch Donald Trump take the oath of office today. 555 00:28:37,000 --> 00:28:39,240 Speaker 12: Thank you, Joe and Kayley's lovely to see the both 556 00:28:39,280 --> 00:28:39,800 Speaker 12: of you again. 557 00:28:40,560 --> 00:28:43,640 Speaker 13: I was just that some of the events for the 558 00:28:44,120 --> 00:28:48,600 Speaker 13: now Trump administration last night, and there's been ample much 559 00:28:48,600 --> 00:28:49,959 Speaker 13: discussion around this topic. 560 00:28:50,800 --> 00:28:55,320 Speaker 12: I think that with the reinstatement of TikTok. 561 00:28:55,120 --> 00:28:58,520 Speaker 13: Just in the last I believe fourteen hours this was reinstated, 562 00:28:59,160 --> 00:29:04,320 Speaker 13: and now we're seeing Sia Hongshu the redin app that 563 00:29:04,400 --> 00:29:08,840 Speaker 13: everybody it's it's, it's Americans and Chinese are able to 564 00:29:08,960 --> 00:29:12,160 Speaker 13: Chinese citizens are able to interface with one another. I 565 00:29:12,160 --> 00:29:16,960 Speaker 13: think these pieces also factor into how China's bracing itself. 566 00:29:17,080 --> 00:29:21,160 Speaker 13: I think Chairman, she has had a discussion already with 567 00:29:21,440 --> 00:29:25,920 Speaker 13: President Trump, and we see that, yes, he declined the 568 00:29:26,000 --> 00:29:28,719 Speaker 13: invite to the inauguration, which I think was wise on 569 00:29:28,760 --> 00:29:31,320 Speaker 13: his part, but he made a good faith effort and 570 00:29:31,400 --> 00:29:36,280 Speaker 13: brought in his vice President Han Jung, And so there 571 00:29:36,440 --> 00:29:40,520 Speaker 13: is clearly a it appears that there will be a 572 00:29:40,520 --> 00:29:45,120 Speaker 13: prc US interaction of some sort of mutual benefit on 573 00:29:45,160 --> 00:29:45,800 Speaker 13: the front end. 574 00:29:46,320 --> 00:29:47,960 Speaker 12: And so I think that matters. 575 00:29:48,840 --> 00:29:51,560 Speaker 13: I think that matters fundamentally when we're discussing we're speaking 576 00:29:51,600 --> 00:29:54,000 Speaker 13: about how China's bracing itself for the. 577 00:29:53,960 --> 00:29:57,200 Speaker 2: Tariffs, Well, so aren't we talking out of both sides 578 00:29:57,240 --> 00:29:59,239 Speaker 2: of our mouths here a little bit? Surely that all 579 00:29:59,280 --> 00:30:03,440 Speaker 2: the tough talk, bipartisan tough talk against China, this is 580 00:30:03,480 --> 00:30:05,920 Speaker 2: the one thing Democrats and Republicans have agreed on the 581 00:30:06,000 --> 00:30:08,360 Speaker 2: last couple of years, and Donald Trump was pretty tough 582 00:30:08,440 --> 00:30:12,160 Speaker 2: on China every time he mentioned these issues, promising tariffs 583 00:30:12,200 --> 00:30:14,160 Speaker 2: on a lot more than that over the course of 584 00:30:14,200 --> 00:30:16,120 Speaker 2: the presidential campaign. But to your point, you've got the 585 00:30:16,200 --> 00:30:20,000 Speaker 2: Vice President of China in attendance show too. The CEO 586 00:30:20,160 --> 00:30:22,640 Speaker 2: of TikTok was not only at the inaugural he was 587 00:30:22,680 --> 00:30:26,640 Speaker 2: in the US capital rotunda today, one of the most 588 00:30:26,640 --> 00:30:30,160 Speaker 2: precious tickets in town. What does that tell us about 589 00:30:30,160 --> 00:30:33,080 Speaker 2: the approach that this administration will actually take, not the 590 00:30:33,160 --> 00:30:34,320 Speaker 2: rhetoric but the action. 591 00:30:35,920 --> 00:30:37,800 Speaker 12: When it comes to the action itself. 592 00:30:38,080 --> 00:30:41,960 Speaker 13: I think that what Trump understands, especially as a businessman, 593 00:30:44,600 --> 00:30:47,520 Speaker 13: you have to I believe it was a couple of 594 00:30:47,520 --> 00:30:50,600 Speaker 13: weeks ago when he was announced as a couple weeks 595 00:30:50,600 --> 00:30:51,760 Speaker 13: ago he may have announced. 596 00:30:51,760 --> 00:30:57,400 Speaker 12: I believe on his true social that how much TikTok. 597 00:30:57,160 --> 00:31:01,520 Speaker 13: Was significant to his winning the presidential election cross board. 598 00:31:02,040 --> 00:31:06,720 Speaker 13: I do think though, that he is recognizing that that 599 00:31:06,920 --> 00:31:10,840 Speaker 13: period where shall Hong Shu, the red note app was 600 00:31:11,080 --> 00:31:14,720 Speaker 13: interfacing Americans and Chinese were interfacing with one another. 601 00:31:15,920 --> 00:31:17,520 Speaker 6: Yeah, that's a. 602 00:31:17,520 --> 00:31:19,440 Speaker 12: National security challenge right there. 603 00:31:19,960 --> 00:31:23,600 Speaker 13: And this is happening as Americans across the country are 604 00:31:23,680 --> 00:31:27,840 Speaker 13: upset with their TikTok being taken away. 605 00:31:27,680 --> 00:31:29,640 Speaker 6: And as we see the movement through the capital. Here 606 00:31:29,680 --> 00:31:32,000 Speaker 6: we want to turn back to Shirley Marty Hargus, non 607 00:31:32,040 --> 00:31:35,160 Speaker 6: Resident Fellow at the Atlantic Council's Global China Hub. Shirley, 608 00:31:35,160 --> 00:31:37,360 Speaker 6: thank you for your patients and apologies for the interruption 609 00:31:37,400 --> 00:31:40,600 Speaker 6: as we track the events of this important day. It's 610 00:31:40,640 --> 00:31:44,000 Speaker 6: noteworthy in the remarks that Donald Trump has given, aside 611 00:31:44,440 --> 00:31:48,280 Speaker 6: from suggesting that America might be expanding its borders and 612 00:31:48,320 --> 00:31:50,960 Speaker 6: that he does not want to see the US involved 613 00:31:50,960 --> 00:31:54,280 Speaker 6: in further wards, there was a noteworthy absence of mention 614 00:31:54,400 --> 00:31:57,800 Speaker 6: of some geopolitical relationships or conflicts, whether it be the 615 00:31:57,840 --> 00:32:01,440 Speaker 6: war in Ukraine, the relationship with China, even Taiwan, and 616 00:32:01,480 --> 00:32:05,280 Speaker 6: I wonder on the Taiwan front specifically, what your expectation 617 00:32:05,480 --> 00:32:08,080 Speaker 6: is as to what is going to happen with Taiwan's 618 00:32:08,120 --> 00:32:12,120 Speaker 6: defense supported by the US and China's responsiveness to whatever 619 00:32:12,200 --> 00:32:14,400 Speaker 6: decisions the US makes regarding Taiwan will be. 620 00:32:16,320 --> 00:32:20,320 Speaker 13: When it comes to Taiwan, we can pretty much expect 621 00:32:20,360 --> 00:32:25,480 Speaker 13: she to react. He has to, especially with FDI so 622 00:32:25,680 --> 00:32:30,960 Speaker 13: low and especially with challenges domestically with his populace, with 623 00:32:31,040 --> 00:32:34,840 Speaker 13: the economy in general, and I think that when it 624 00:32:34,880 --> 00:32:39,000 Speaker 13: comes to Taiwan, we will continue to support Taiwan. Ninety 625 00:32:39,080 --> 00:32:43,280 Speaker 13: percent of our semiconductors come semiconductors and chips come from 626 00:32:43,280 --> 00:32:47,880 Speaker 13: the island. Eighty five percent of global economic output regarding 627 00:32:47,920 --> 00:32:51,840 Speaker 13: their founderies are four of those larger founderies. Largest foundaries 628 00:32:51,880 --> 00:32:55,720 Speaker 13: are on that island, and so we have significant investment 629 00:32:56,000 --> 00:33:00,440 Speaker 13: in the island. I think that I think that President 630 00:33:00,480 --> 00:33:02,680 Speaker 13: Trump has this in his mind as he's. 631 00:33:02,480 --> 00:33:06,640 Speaker 12: Engaging, as he's getting engaging. Excuse me, Chairman She. And 632 00:33:06,720 --> 00:33:08,800 Speaker 12: if we cycle back to TikTok. 633 00:33:09,400 --> 00:33:14,720 Speaker 13: His his pulling back of the of the band on TikTok, 634 00:33:15,040 --> 00:33:18,600 Speaker 13: maybe because he wants to reset the stage for his 635 00:33:18,720 --> 00:33:21,520 Speaker 13: relations with with with Chairman She. 636 00:33:24,840 --> 00:33:28,480 Speaker 2: Surely, what does David Purdue, Donald Trump's pick to be 637 00:33:28,520 --> 00:33:30,640 Speaker 2: the next ambassador to China bring to the table? 638 00:33:33,640 --> 00:33:34,600 Speaker 12: Business background? 639 00:33:35,400 --> 00:33:40,120 Speaker 13: Business background is substantial, and I think, I think again, 640 00:33:40,640 --> 00:33:46,040 Speaker 13: I think what's significant about having folks from the business 641 00:33:46,080 --> 00:33:49,440 Speaker 13: community come into the room when it comes especially dealing 642 00:33:49,480 --> 00:33:53,640 Speaker 13: with a China business Folks know that to do business 643 00:33:53,680 --> 00:33:58,280 Speaker 13: successfully in any country, you have to understand the cultural 644 00:33:58,960 --> 00:34:00,840 Speaker 13: you have to have the cultural comptancies of the country. 645 00:34:00,880 --> 00:34:04,000 Speaker 13: You have to understand how to interact and engage the country. 646 00:34:04,360 --> 00:34:06,840 Speaker 13: And this is a skill set that can be leveraged 647 00:34:06,880 --> 00:34:12,000 Speaker 13: significantly in times of tension, in times of rivalry, and 648 00:34:12,880 --> 00:34:17,400 Speaker 13: I think that the strategic choice of Purdue as ambassador 649 00:34:17,520 --> 00:34:19,880 Speaker 13: to China is very much steeped in that. 650 00:34:20,440 --> 00:34:23,640 Speaker 2: Thanks for listening to the Balance of Power podcast. Make 651 00:34:23,680 --> 00:34:26,640 Speaker 2: sure to subscribe if you haven't already, at Apple, Spotify, 652 00:34:26,719 --> 00:34:29,319 Speaker 2: or wherever you get your podcasts, and you can find 653 00:34:29,360 --> 00:34:32,600 Speaker 2: us live every weekday from Washington, DC at noontime Eastern 654 00:34:32,920 --> 00:34:34,320 Speaker 2: at Bloomberg dot com.