WEBVTT - Special Coverage: Donald Trump's Inauguration 0:00:02.520 --> 0:00:10.119 Bloomberg Audio Studios, podcasts, radio news. You're listening to the 0:00:10.119 --> 0:00:13.880 Bloomberg Balance of Power podcast. Catch us live weekdays at 0:00:13.920 --> 0:00:17.120 noon and five pm Eastern on Apple Coarclay, and Android 0:00:17.160 --> 0:00:20.560 Auto with the Bloomberg Business App. Listen on demand wherever 0:00:20.600 --> 0:00:24.480 you get your podcasts, or watch us live on YouTube. 0:00:25.040 --> 0:00:28.320 It's official now, having been sworn in as the forty 0:00:28.360 --> 0:00:31.040 seventh President of the United States, Donald Trump delivering his 0:00:31.120 --> 0:00:32.839 second inaugural address, The. 0:00:32.840 --> 0:00:46.000 Golden Age of America begins right now. From this day forward, 0:00:46.040 --> 0:00:49.400 our country will flourish and be respected again. 0:00:49.240 --> 0:00:50.199 All over the world. 0:00:51.479 --> 0:00:53.880 We will be the envy of every nation, and we 0:00:53.920 --> 0:00:58.040 will not allow ourselves to be taken advantage of any longer. 0:01:00.120 --> 0:01:04.520 Every single day of the Trump administration, I will very 0:01:04.560 --> 0:01:20.199 simply put America first. Our sovereignty will be reclaimed, our 0:01:20.280 --> 0:01:21.759 safety will be restored. 0:01:25.160 --> 0:01:28.039 As we bring our signature panel back in Bloomberg Politics, 0:01:28.040 --> 0:01:31.440 contributors Rick Davis and Janie Schanzano have been with us 0:01:31.480 --> 0:01:33.679 for the duration today and great to have both of 0:01:33.680 --> 0:01:35.800 you with us here. Donald Trump says, the Golden Age 0:01:35.840 --> 0:01:37.119 of America begins right now. 0:01:37.160 --> 0:01:37.880 Rick, Is that true? 0:01:38.200 --> 0:01:41.560 Well, look, I mean we have a fantastic economy, We're 0:01:41.600 --> 0:01:45.120 respected around the world. Our military is second to none. 0:01:45.319 --> 0:01:48.120 Why wouldn't it be a golden age of America for now? 0:01:48.280 --> 0:01:51.680 I mean, American exceptionalism is adopted around the world. Everybody 0:01:51.720 --> 0:01:54.760 wishes they had what we have, and so I think 0:01:54.800 --> 0:01:57.040 if we could take that to the next level and look, 0:01:57.080 --> 0:01:58.720 if he can make good on his promise that our 0:01:58.760 --> 0:02:01.520 strength can create peace around the world, then that is 0:02:01.560 --> 0:02:04.120 a worthy task to try and accomplish. 0:02:04.400 --> 0:02:06.000 We want to go live now to Capitol Hill as 0:02:06.080 --> 0:02:07.800 Rick and Jeanie stay with us, and please to say 0:02:07.840 --> 0:02:11.040 Republican Senator Bill Haggerty of Tennessee is joining us now 0:02:11.320 --> 0:02:14.519 from the Russell Senate Building. Senator, thank you so much 0:02:14.600 --> 0:02:17.160 for being with us. Happy Inauguration day two. You, of 0:02:17.160 --> 0:02:20.440 course are quite close with now the forty seventh President 0:02:20.960 --> 0:02:23.280 of the United States, but he's going to need a 0:02:23.360 --> 0:02:26.240 team alongside him. What is your expectation about just how 0:02:26.320 --> 0:02:29.560 quickly you will be casting votes to confirm his cabinet nominees. 0:02:30.200 --> 0:02:31.959 It's actually going to be as soon as this evening. 0:02:32.320 --> 0:02:35.400 The Senate forig Relations Committee's going to meet later this afternoon, 0:02:35.440 --> 0:02:38.680 four thirty five o'clock. I expect Marco Rubio to be 0:02:38.720 --> 0:02:42.440 reported out unanimously from that committee. He's our next Secretary 0:02:42.480 --> 0:02:45.960 of State, and I hope that our Democrat colleagues will 0:02:45.960 --> 0:02:48.320 cooperate with us, go ahead and accelerate the process, and 0:02:48.360 --> 0:02:49.600 let's get him appointed tonight. 0:02:49.639 --> 0:02:50.160 We can do that. 0:02:50.200 --> 0:02:51.600 We have the authority to do that here in the 0:02:51.639 --> 0:02:54.880 Senate with Democrat cooperation. I think that's the possibility. I 0:02:54.880 --> 0:02:56.600 also think that John Ratcliffe could come out of the 0:02:56.639 --> 0:03:00.000 Intelligence Committee tonight. We could see the same thing this time. 0:03:00.080 --> 0:03:02.560 The pace, I think is absolutely necessary given the national 0:03:02.560 --> 0:03:04.359 security challenges that we face right now. 0:03:04.760 --> 0:03:06.200 These two gentlemen, Marco. 0:03:06.040 --> 0:03:10.240 Rubio, John Ratcliffe critical elements a President Trump's team, and 0:03:10.280 --> 0:03:12.240 I'm hopeful that we'll be able to move very rapidly. 0:03:12.280 --> 0:03:15.000 And similarly, just keep making this pace as rapid as 0:03:15.080 --> 0:03:17.080 possible through the course of this week and next and 0:03:17.120 --> 0:03:19.640 really put the core part of President. 0:03:19.400 --> 0:03:21.600 Trump's team around him as soon as possible. 0:03:22.600 --> 0:03:24.520 It's good to see you, Senator, thanks for joining us 0:03:24.560 --> 0:03:26.799 on a very busy day here in Washington. Of course, 0:03:26.840 --> 0:03:29.400 presidents push on a lot of paper today. When do 0:03:29.520 --> 0:03:33.480 mass deportations begin? And what should employers who are watching 0:03:33.560 --> 0:03:36.200 and listening right now prepare for So. 0:03:36.320 --> 0:03:40.600 I talked to Tom Homan just shortly after the inaugural speech. 0:03:41.200 --> 0:03:42.920 Tom is going to be the busiest man in America 0:03:43.000 --> 0:03:44.120 starting tomorrow. 0:03:44.640 --> 0:03:46.880 But I think we're going to see a lot of action. Fast. 0:03:47.040 --> 0:03:50.400 Executive orders will be coming into place this afternoon, and 0:03:50.480 --> 0:03:52.920 we're going to see a tremendous amount of movement because 0:03:52.920 --> 0:03:56.080 this mandate has been clear. So seventy five percent of 0:03:56.080 --> 0:03:58.200 Americans said this nation was on the wrong track before 0:03:58.240 --> 0:03:58.800 election day. 0:03:58.840 --> 0:04:00.960 The number one issue has been. 0:04:00.840 --> 0:04:04.200 Immigration, the crime in our cities, the fentanyl coming into 0:04:04.240 --> 0:04:07.280 towns across my home state of Tennessee. And we're going 0:04:07.360 --> 0:04:10.040 to also be passing the Lake and Riley Act here 0:04:10.080 --> 0:04:12.240 in the Senate. That may be the first piece of legislation. 0:04:12.320 --> 0:04:14.400 I believe it will be that President Trump will sign 0:04:14.400 --> 0:04:15.040 into law. 0:04:16.640 --> 0:04:18.360 With all of the focus that he seems to want 0:04:18.360 --> 0:04:20.920 to put on the current US borders. Senator, and with 0:04:21.000 --> 0:04:24.120 your foreign policy expertise, having served as ambassador to Japan, 0:04:24.160 --> 0:04:27.200 what do you make of the kind of manifest destiny language, 0:04:27.240 --> 0:04:30.839 this notion of potentially expanding US borders in this administration. 0:04:31.880 --> 0:04:35.520 Well, he's made a very clear point that he's got 0:04:35.560 --> 0:04:38.920 America's interest. First, if you think about the conversations around 0:04:38.960 --> 0:04:42.240 Greenland critical minerals, I think these conversations are extremely healthy. 0:04:42.480 --> 0:04:45.080 The Panama Canal is something he's been focused on for 0:04:45.160 --> 0:04:47.839 some time. I've talked with him about this on numerous occasions. 0:04:48.480 --> 0:04:52.080 That should be an asset that is very favorably directed 0:04:52.120 --> 0:04:55.120 toward US interest and not in any way contradictory to 0:04:55.160 --> 0:04:57.680 those interests. And President Trump went through it today in 0:04:57.760 --> 0:05:00.799 terms of the way our navy is treated moving through there, 0:05:00.960 --> 0:05:03.599 the fact that we've got Chinese own shipyards on either 0:05:03.720 --> 0:05:07.080 end of the canal, these are serious national security concerns 0:05:07.080 --> 0:05:11.040 that he wants to address. He also talked about basically 0:05:11.360 --> 0:05:14.039 putting us in a position to go to Mars. I 0:05:14.080 --> 0:05:16.640 think that's incredibly exciting for young people. 0:05:16.880 --> 0:05:18.040 It's a great challenge. 0:05:18.440 --> 0:05:20.880 It's something I've talked with Elon Musk about the possibility 0:05:20.880 --> 0:05:23.440 of doing. Elon told me it's a six month voyage. 0:05:23.480 --> 0:05:25.080 I think we're on the cusp of being able to 0:05:25.120 --> 0:05:27.720 see that happen here in America, and President Trump can 0:05:27.760 --> 0:05:30.320 inspire that type of activity here in America. Were the 0:05:30.360 --> 0:05:32.520 only nation that could possibly do this, I believe, and 0:05:32.600 --> 0:05:33.200 I think we will. 0:05:34.640 --> 0:05:37.400 Senator Thank you so much. Bill Haggerty, Republican from Tennessee. 0:05:37.640 --> 0:05:41.080 You're listening to the Bloomberg Balance of Power podcast. Catch 0:05:41.160 --> 0:05:44.640 us live weekdays at noon and five pm Eastern on Apple, 0:05:44.680 --> 0:05:47.719 Cocklay and Android Auto with the Bloomberg Business app. You 0:05:47.720 --> 0:05:51.200 can also listen live on Amazon Alexa from our flagship 0:05:51.279 --> 0:05:55.839 New York station Just Say Alexa played Bloomberg eleven thirty. 0:05:56.480 --> 0:05:56.919 We have the. 0:05:56.960 --> 0:06:01.160 Voice of Democratic Congressman Brad Sherman of he is on 0:06:01.240 --> 0:06:04.240 Capitol Hill and joins us now live on Bloomberg. Congressman, 0:06:04.279 --> 0:06:06.359 it's good to see you. Before we get into some 0:06:06.440 --> 0:06:08.480 of the politics at play today, I just would like 0:06:08.520 --> 0:06:11.760 to start by asking you, with your district in California 0:06:12.600 --> 0:06:16.279 as part of the Los Angeles area, if your family 0:06:16.279 --> 0:06:18.440 are well, if you have any news on the containment 0:06:18.800 --> 0:06:21.200 of the wildfires, because we're going to start talking about 0:06:21.240 --> 0:06:24.000 a funding mechanism next. What's happening on the ground now. 0:06:25.320 --> 0:06:29.640 Well, the Palisades fire is virtually entirely in my district. 0:06:30.960 --> 0:06:33.400 So many people have lost their home, so many people 0:06:33.440 --> 0:06:36.760 don't have insurance or have very little insurance. My personal 0:06:36.800 --> 0:06:41.320 family is fine, But as to the fires, they're mostly 0:06:41.360 --> 0:06:46.400 contained and even the portion of the line where it's 0:06:46.440 --> 0:06:50.120 not officially contained hasn't grown in the last three days. 0:06:50.560 --> 0:06:52.680 So I'm confident that we can put this fire out, 0:06:52.680 --> 0:06:55.520 even though the winds are going to be gusting later today. 0:06:56.760 --> 0:06:59.960 What really was a gut punch, though, was listening to 0:07:00.080 --> 0:07:04.359 the President's inaugural speech where he says the Los Angeles 0:07:04.400 --> 0:07:08.400 we are watching the fires tragically burn from weeks ago, 0:07:08.600 --> 0:07:13.320 and then he says, without even a token defense. I 0:07:13.360 --> 0:07:15.040 was with so many firefighters. 0:07:15.400 --> 0:07:18.960 This is not a token defense. This is an incredible defense. 0:07:19.520 --> 0:07:21.000 These guys are brave. 0:07:21.680 --> 0:07:24.440 They are work in twelve and twenty four hour shifts. 0:07:24.840 --> 0:07:27.440 And for the President to use his inauguration to say 0:07:27.440 --> 0:07:30.160 it isn't even a token defense is just a stab 0:07:30.760 --> 0:07:32.440 in the guts of every one of the people that 0:07:32.480 --> 0:07:33.200 we rely on. 0:07:33.520 --> 0:07:34.720 It's simply outrageous. 0:07:36.520 --> 0:07:40.080 Well, Congressman, as they do that work fighting these blazes, 0:07:40.160 --> 0:07:43.320 even once they're contained entirely, there is going to be 0:07:43.360 --> 0:07:46.440 the question of rebuilding and recovery. Are you confident that 0:07:46.440 --> 0:07:49.520 that aid can come through, get through both the House 0:07:49.560 --> 0:07:52.080 and the Senate in Republican control, without conditions. 0:07:54.680 --> 0:07:55.440 Frankly, I'm not. 0:07:55.960 --> 0:07:59.360 Frankly, I think that Donald Trump's visit on Friday will 0:07:59.400 --> 0:08:02.920 be important. I think if he advocates for the AID, 0:08:03.120 --> 0:08:06.200 I think it will get through Congress. We have never 0:08:06.400 --> 0:08:11.520 conditioned aid, but this has been an enormously expensive event. 0:08:12.080 --> 0:08:16.520 So many people don't have insurance, and we're gonna need 0:08:16.840 --> 0:08:19.600 the help of Congress. Now. FEMA has enough money to 0:08:19.640 --> 0:08:22.600 do everything it's supposed to do for the next several months, 0:08:22.960 --> 0:08:26.080 So this isn't something like it's do or die in February, 0:08:26.400 --> 0:08:30.080 but we're going to need a major appropriation for the 0:08:30.360 --> 0:08:34.880 programs that will allow people to rebuild. It sounds like 0:08:36.120 --> 0:08:38.839 the same kind of aid that we provided for Hawaii, 0:08:39.040 --> 0:08:42.440 for Louisiana and other disasters as well. 0:08:42.600 --> 0:08:42.800 Well. 0:08:42.800 --> 0:08:45.440 He made some references to North Carolina when he was 0:08:45.480 --> 0:08:49.520 speaking to the overflow crowd as well, suggesting that FEMA 0:08:49.640 --> 0:08:53.440 was unable to bring relief to that area. Congressman Donald 0:08:53.440 --> 0:08:56.240 Trump saying and doing a lot today, two hundred or 0:08:56.240 --> 0:09:00.000 so executive orders. We understand he focused on the border 0:09:00.080 --> 0:09:00.680 quite a bit. 0:09:00.559 --> 0:09:01.920 In his remarks earlier. 0:09:02.200 --> 0:09:05.400 Of course, you represent a border state, and I wonder 0:09:05.400 --> 0:09:07.160 if you can tell us what's coming next, what you 0:09:07.240 --> 0:09:10.160 know about mass deportations and whether they may start in 0:09:10.200 --> 0:09:12.240 a place like California. 0:09:13.200 --> 0:09:15.920 Look, we've got to get the border under control. That's 0:09:15.960 --> 0:09:18.840 what people voted for. What they didn't vote for is 0:09:18.880 --> 0:09:21.520 to come into my district and find people who have 0:09:21.679 --> 0:09:26.240 lived in the San Fernando Valley for ten twenty thirty years, 0:09:26.760 --> 0:09:32.359 who have children, sometimes grandchildren, who are American born, American citizens, 0:09:32.640 --> 0:09:34.360 and to yank them out of their homes or even 0:09:34.400 --> 0:09:38.520 make them afraid that that's what might happen. Law abiding 0:09:39.040 --> 0:09:44.319 long term residents of California need to be out from 0:09:44.400 --> 0:09:46.120 under this tremendous fear. 0:09:48.280 --> 0:09:51.440 Well, we know that in addition to executive orders, Congressman 0:09:51.559 --> 0:09:53.520 Donald Trump would like to see the issues of the 0:09:53.520 --> 0:09:56.880 border and immigration, as well as energy and tax policy 0:09:56.880 --> 0:10:00.280 addressed through the budget reconciliation process. He was joking with 0:10:00.400 --> 0:10:02.800 the Speaker of the House, Mike Johnson in Emancipation Hall 0:10:02.840 --> 0:10:06.160 about just how narrow the Republican majority is, with only 0:10:06.280 --> 0:10:08.480 really a vote that can afford to be lost. Will 0:10:08.520 --> 0:10:13.520 Democrats provide a single vote to any of that agenda. 0:10:13.840 --> 0:10:18.760 There are parts of Trump's rhetoric that we can endorse. 0:10:19.200 --> 0:10:21.160 We certainly want to keep the government open. 0:10:21.520 --> 0:10:22.120 We know that. 0:10:22.040 --> 0:10:25.360 Trump does not want to dishonor our debt by not 0:10:25.480 --> 0:10:30.240 dealing with the debt limit. So there are certain elements 0:10:29.480 --> 0:10:32.920 of keeping the federal government going that I think we 0:10:32.960 --> 0:10:37.320 can all unite behind. And I think the country's going 0:10:37.400 --> 0:10:40.760 to learn an awful lot about the very technical issues 0:10:41.120 --> 0:10:45.400 involved in reconciliation, because only things in one of the 0:10:45.440 --> 0:10:50.160 two reconciliation bills can get through the Senate without Democratic support. 0:10:52.040 --> 0:10:55.120 All right, Democratic Congressman Brad Sherman of California, thank you 0:10:55.160 --> 0:10:56.600 so much for your time today, sir. 0:10:56.640 --> 0:10:57.400 We appreciate it. 0:10:58.679 --> 0:11:01.680 You're listening to the Blue Work Balance of Power podcast. 0:11:01.920 --> 0:11:05.080 Catch us live weekdays at noon and five pm Eastern 0:11:05.200 --> 0:11:08.640 on Apple, Cocklay and Android Auto with the Bloomberg Business App. 0:11:08.800 --> 0:11:12.040 Listen on demand wherever you get your podcasts, or watch 0:11:12.120 --> 0:11:13.679 us live on YouTube. 0:11:14.679 --> 0:11:18.480 On energy, President Trump today announcing in his inaugural address 0:11:18.520 --> 0:11:21.800 plans to use executive power to lower energy prices. 0:11:23.240 --> 0:11:27.680 The inflation crisis was caused by massive overspending and escalating 0:11:27.920 --> 0:11:31.280 energy prices, and that is why today I will also 0:11:31.440 --> 0:11:38.000 declare a national energy emergency. We will drill, Baby, Drill. 0:11:44.760 --> 0:11:46.760 Joining us now for more on this here on Bloomberg 0:11:46.800 --> 0:11:50.080 TV and radio. As Dan Bourriette, former Secretary of Energy 0:11:50.160 --> 0:11:54.800 for the first Trump administration. Mister secretary, thank you for 0:11:54.840 --> 0:11:57.280 being here, he says. Drill, baby, drill or frame. We've 0:11:57.280 --> 0:12:00.840 heard often from now President Trump, how easy is it 0:12:00.880 --> 0:12:04.040 to make that drilling happen via executive order exclusively. 0:12:05.280 --> 0:12:07.520 Well, thank you for having me today. It's actually quite easy. 0:12:07.559 --> 0:12:09.880 If you think about what it takes in terms of 0:12:09.920 --> 0:12:11.960 regulation to get a permit today in the United States. 0:12:12.000 --> 0:12:13.839 If we can make that more efficient, we can make 0:12:13.880 --> 0:12:17.920 that more easily done. If you will shorten the timetables 0:12:17.920 --> 0:12:22.000 for achieving production type permits or infrastructure permits, then we 0:12:22.040 --> 0:12:24.080 can increase production here in the United States. And I 0:12:24.080 --> 0:12:26.800 think that's what the President wants to do. He's absolutely 0:12:26.840 --> 0:12:29.760 correct about the underlying cause of inflation. 0:12:29.880 --> 0:12:32.840 The rising of energy prices in early. 0:12:32.600 --> 0:12:35.840 Twenty twenty one and twenty two had a devastating effect 0:12:35.840 --> 0:12:38.640 on the US economy with regard to pricing here. So 0:12:39.040 --> 0:12:40.720 I think he's on the right track. I think he's 0:12:40.720 --> 0:12:43.240 going to be very effective in doing that. Each of 0:12:43.240 --> 0:12:46.040 those cabinet secretaries, each of those cabinet agencies are going 0:12:46.080 --> 0:12:49.359 to move very very quickly to streamline the regulatory processes. 0:12:50.640 --> 0:12:52.920 So that's the first step, or first couple of steps down. 0:12:53.000 --> 0:12:56.120 How easy will it be to keep producers pumping and 0:12:56.240 --> 0:12:59.920 drilling when oil prices inevitably start to fall. 0:13:00.440 --> 0:13:02.480 Only only start to fall if demand goes down. And 0:13:02.480 --> 0:13:04.280 what we're seeing here in the United States as well 0:13:04.280 --> 0:13:06.480 as around the world, is that demand continues to grow. 0:13:06.800 --> 0:13:10.560 And as we think about what technology is bringing to 0:13:10.640 --> 0:13:13.559 the US economy and to the demand curve, you. 0:13:13.559 --> 0:13:16.200 See a very steep upward curve. 0:13:16.640 --> 0:13:18.760 So as long as that demand continues, and I think 0:13:18.760 --> 0:13:21.040 it will, then we need more production. 0:13:21.440 --> 0:13:23.120 As we look today and were. 0:13:22.760 --> 0:13:26.280 Not expect lower oil prices, I thought Donald Trump promised 0:13:26.280 --> 0:13:27.040 to cut them by half. 0:13:28.040 --> 0:13:28.920 No, I think you will. 0:13:29.320 --> 0:13:32.640 If you make that production more efficient, if you make 0:13:32.679 --> 0:13:35.120 it less costly, then consumers will be the benefit of that. 0:13:35.480 --> 0:13:36.880 That's one of the things that we've seen. 0:13:36.720 --> 0:13:39.120 Over the course of the last four years, our oil 0:13:39.120 --> 0:13:41.360 and gas production has gone up. We have indeed set 0:13:41.440 --> 0:13:44.920 new records from the twenty nineteen to twenty twenty period. 0:13:44.960 --> 0:13:47.960 We've exceeded those numbers roughly thirteen million barrels per day 0:13:48.000 --> 0:13:50.280 here in the United States. But the challenge is that 0:13:50.320 --> 0:13:52.920 consumers are not seeing the benefit of that increase supply 0:13:52.920 --> 0:13:56.120 in the marketplace because we've made it more expensive to produce. 0:13:56.559 --> 0:13:58.559 So if we can shorten the timetables, if we can 0:13:58.600 --> 0:14:03.199 reduce the gation or the you know, the judiciary burdens 0:14:03.880 --> 0:14:07.239 that producers now face, then we can pass those consumers 0:14:07.360 --> 0:14:10.760 or pass those costs or lower cost onto consumers and 0:14:10.760 --> 0:14:13.559 they'll be the beneficiary. And I think that's the president's 0:14:13.559 --> 0:14:14.920 focus today. 0:14:16.000 --> 0:14:18.880 Well, and we're obviously talking about traditional oil and gas 0:14:18.880 --> 0:14:22.400 and fossil fuels here, Dan bo He also has made 0:14:22.440 --> 0:14:24.800 a number of proclamations or at least saying he intends 0:14:24.840 --> 0:14:28.680 to do things like and wind farms and offshore wind farms, 0:14:28.680 --> 0:14:31.520 specifically pull back the ev mandate, as he calls it, 0:14:31.560 --> 0:14:33.680 elements of the Green New Deal. When we consider the 0:14:33.720 --> 0:14:37.440 wider energy composition in the United States, what do you 0:14:37.520 --> 0:14:40.880 ultimately see as the appropriate balance for cleaner fuels versus 0:14:40.920 --> 0:14:41.800 the traditional ones. 0:14:43.000 --> 0:14:46.160 Well, I think you're going to see increased production from 0:14:46.360 --> 0:14:48.600 wind and from solar as well. I think, you know, 0:14:48.640 --> 0:14:50.600 the record gets a bit skewed if you look back 0:14:50.640 --> 0:14:54.040 at the record. Twenty nineteen was actually the high high 0:14:54.120 --> 0:14:59.960 water mark for the installation of both solar and wind capacity. 0:15:00.040 --> 0:15:01.720 Here in the United States, and that was under the 0:15:01.720 --> 0:15:04.480 first Trump term. So you know, this notion that Donald 0:15:04.520 --> 0:15:07.640 Trump just flat out opposes renewable power, I don't think 0:15:08.000 --> 0:15:10.680 is a correct one. I think he understands full well 0:15:10.760 --> 0:15:13.200 that all of the above means, in fact, all of 0:15:13.240 --> 0:15:16.240 the above. Now, should we be giving preferences to certain 0:15:16.240 --> 0:15:18.520 types of fuel in the marketplace? I think you'll see 0:15:18.560 --> 0:15:21.000 the President say no to that, And what he wants 0:15:21.040 --> 0:15:24.440 to do is to eliminate those distortions in the marketplace 0:15:24.480 --> 0:15:28.760 that are created by either legislation or by yet sometimes 0:15:28.800 --> 0:15:30.200 you know, regulation as well. 0:15:30.240 --> 0:15:33.200 So I think you'll see a very in depth look 0:15:33.240 --> 0:15:33.480 at that. 0:15:35.680 --> 0:15:38.640 Do you expect the executive orders that the President will 0:15:38.680 --> 0:15:40.920 be signing throughout the day to day, we understand we 0:15:40.960 --> 0:15:43.120 could have as many as two hundred, maybe even more. 0:15:44.600 --> 0:15:49.840 DAN will actually address some of these matters first before 0:15:49.920 --> 0:15:53.120 we actually see legislation writing. And I wonder specifically if 0:15:53.120 --> 0:15:56.000 that will include a lifting of the ban on LNG exports. 0:15:56.840 --> 0:15:56.960 Oh. 0:15:57.320 --> 0:15:59.600 I almost certainly think that's going to be the case. 0:16:00.760 --> 0:16:02.560 There's no question about that, and there's a number of 0:16:02.600 --> 0:16:06.800 different reasons for it. One, our allies are crying for 0:16:06.960 --> 0:16:09.800 us LNG all around the world. I just met with 0:16:09.840 --> 0:16:15.200 the Japanese ministers of energy and they were very, very 0:16:15.240 --> 0:16:18.000 concerned about the announcement by the Biden administration that we 0:16:18.000 --> 0:16:20.480 were going to pause lergy exports for a period of time, 0:16:20.760 --> 0:16:23.440 or at least the export authorizations for a period of time. 0:16:23.760 --> 0:16:26.120 Same thing for the Europeans. They're facing the same types 0:16:26.160 --> 0:16:28.480 of demand curves that we are here in the United States, 0:16:28.760 --> 0:16:32.160 and that energy is absolutely critical to their meeting not 0:16:32.200 --> 0:16:35.120 only their economic goals, but their environmental goals as well, 0:16:35.360 --> 0:16:39.160 because in many cases, this lerg is displacing heavier hydrocarbons 0:16:39.520 --> 0:16:41.920 like coal or dung in certain places if you're in 0:16:41.960 --> 0:16:45.400 a developing country. So the demand for energy is going 0:16:45.440 --> 0:16:47.800 to continue to rise, and I think you'll see the 0:16:47.800 --> 0:16:50.440 Trump administration move very quickly to lift that pause. 0:16:52.080 --> 0:16:54.240 So that's what we'll be exporting. But I do wonder 0:16:54.320 --> 0:16:57.480 about the energy we do still import, as he's throwed 0:16:57.560 --> 0:17:00.480 the idea of twenty five percent tariffs on every coming 0:17:00.520 --> 0:17:04.359 from Canada, which exports a lot in terms of energy 0:17:04.359 --> 0:17:06.920 to the United States, or what would the actual immediate 0:17:06.960 --> 0:17:08.679 impact be if that were to be implemented. 0:17:09.720 --> 0:17:11.679 Well, I'm not quite sure what the President has in 0:17:11.720 --> 0:17:14.280 mind in terms of specifics on a tariff or whether 0:17:14.359 --> 0:17:17.360 or not it would apply to Canadian crude oil. But 0:17:17.680 --> 0:17:22.040 the president's mission here is to increase our independence, our 0:17:22.119 --> 0:17:25.600 energy independent's not our dependents. And when we think about 0:17:25.640 --> 0:17:28.320 trade and we think about imports and exports and what 0:17:28.400 --> 0:17:31.760 we do with various countries, there's an enormous difference between 0:17:31.800 --> 0:17:35.359 depending upon a certain product in our marketplace and simply 0:17:35.400 --> 0:17:37.040 trading for that product. 0:17:37.359 --> 0:17:39.720 Canadian crud is obviously different than US crewed. 0:17:39.760 --> 0:17:43.000 It's heavier, it's called sour crude, and refiners are set 0:17:43.040 --> 0:17:45.840 up in the United States, certain refiners are to accept 0:17:45.880 --> 0:17:48.879 that type of crude. The United States produces light or 0:17:48.920 --> 0:17:51.879 sweet crude, and that's a good export product. So to 0:17:51.920 --> 0:17:55.320 the extent that we can trade rather than be dependent 0:17:55.840 --> 0:17:57.840 is I think the president's goal, as you've heard them 0:17:57.840 --> 0:18:01.359 say many many times in the past, energy security is 0:18:01.440 --> 0:18:04.520 national security. He wants balance in the economics, he wants 0:18:04.640 --> 0:18:08.000 balance in the trade policies all around the world. 0:18:09.840 --> 0:18:13.040 Dan Briat, former Secretary of Energy in the first Trump administration. Dan, 0:18:13.119 --> 0:18:15.280 thank you so much for the insights. We appreciate that 0:18:15.320 --> 0:18:16.920 as part of our special coverage. 0:18:16.720 --> 0:18:20.160 You're listening to the Bloomberg Balance of Power podcast. Catch 0:18:20.240 --> 0:18:23.280 us live weekdays at noon and five pm Eastern on 0:18:23.440 --> 0:18:26.680 Apple Cocklay and Android Auto with the Bloomberg Business App. 0:18:26.720 --> 0:18:29.720 You can also listen live on Amazon Alexa from our 0:18:29.760 --> 0:18:34.960 flagship New York station. Just say Alexa Play Bloomberg. Eleven thirty. 0:18:35.800 --> 0:18:39.600 We're joined live in Washington by Lindsay Trevinsky, presidential historian 0:18:40.240 --> 0:18:45.520 and executive director of the George Washington Presidential Library. She 0:18:45.640 --> 0:18:48.840 joins us from Mount Vernon up here in the District 0:18:48.880 --> 0:18:50.919 of Columbia. And it's great to have you back, just 0:18:50.960 --> 0:18:53.800 the voice we wanted on not just this day, but 0:18:53.920 --> 0:18:56.560 at this moment talk to us about the importance of 0:18:56.600 --> 0:18:58.159 this stage of the ceremony. 0:18:58.520 --> 0:19:00.760 Well, thank you for having me back. I'm struck by 0:19:00.760 --> 0:19:03.520 these images. You know what caught my eye is that 0:19:03.640 --> 0:19:06.200 former Vice President Harris said a few words to now 0:19:06.240 --> 0:19:09.000 President Trump, and she did not do that at Carter's 0:19:09.000 --> 0:19:11.359 funeral the last time I spoke with you all, and 0:19:11.440 --> 0:19:14.840 I would dearly love to know what they were saying 0:19:14.880 --> 0:19:16.680 to one another. But you know, it is an important 0:19:16.680 --> 0:19:19.159 moment because this is sort of the final capstone and 0:19:19.200 --> 0:19:22.159 the peaceful transfer of power, which is the bedrock of 0:19:22.200 --> 0:19:24.439 what it means to be a republic. If you have 0:19:24.520 --> 0:19:27.400 a different type of transfer, it's a different type of government. 0:19:28.080 --> 0:19:30.000 Well, and it is a start contrast to what we 0:19:30.080 --> 0:19:32.560 experienced just four years ago when Donald Trump did not 0:19:32.640 --> 0:19:35.560 attend the inauguration of Joe Biden. And of course remarkable 0:19:35.800 --> 0:19:38.360 as we see the Bidens making their way toward Marine one. 0:19:38.440 --> 0:19:41.119 Now to consider that Trump and Biden rode over to 0:19:41.200 --> 0:19:44.359 the Capitol together today after having tea at the White House, 0:19:44.400 --> 0:19:46.640 a relationship between the two of them that has been 0:19:47.000 --> 0:19:50.320 adversarial to say the least, and that's perhaps a kind 0:19:50.359 --> 0:19:53.480 way of describing it, Lindsay, But to see them doing 0:19:53.680 --> 0:19:57.560 this now, as you say, a pillar of the American Republic, 0:19:57.640 --> 0:20:01.760 Donald Trump escorting Joe Biden physically to the helicopter. Just so, 0:20:02.040 --> 0:20:03.800 how far we've come in the last four years. 0:20:04.160 --> 0:20:04.920 Yeah, I think it does. 0:20:04.960 --> 0:20:06.880 You know, what you said is important is they don't 0:20:06.880 --> 0:20:08.840 have to like each other, they don't have to get along, 0:20:08.920 --> 0:20:12.000 they don't even have to necessarily enjoy the experience. But 0:20:12.080 --> 0:20:14.879 it is a part of the process. And notably, we 0:20:14.920 --> 0:20:18.119 didn't have this image from four years ago because Trump 0:20:18.160 --> 0:20:20.840 didn't attend, and instead we had a split screen where 0:20:20.840 --> 0:20:23.720 he was leaving to go directly to Florida. And so 0:20:24.400 --> 0:20:28.159 you know, for all that we might feel about this moment, 0:20:28.240 --> 0:20:31.120 I think it is worth noting and is admirable that 0:20:31.160 --> 0:20:33.600 the Bidens are there because no one likes losing. 0:20:34.000 --> 0:20:37.520 This is a remarkable moment that we're witnessing here as 0:20:37.640 --> 0:20:40.680 Jill Biden just gave a hug to Malania Trump and 0:20:40.760 --> 0:20:43.960 Donald Trump was yelling over the wind to try to 0:20:43.960 --> 0:20:46.000 say something to Joe Biden. I can only imagine what 0:20:46.040 --> 0:20:48.800 that message was. The current President and First Lady are 0:20:48.800 --> 0:20:53.000 now walking away from the helicopter where the Bidens have boarded, 0:20:53.320 --> 0:20:57.840