WEBVTT - Bloomberg Surveillance TV: July 10th, 2025 0:00:00.080 --> 0:00:06.760 Bloomberg Audio Studios, Podcasts, radio news. 0:00:11.600 --> 0:00:15.440 This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along 0:00:15.440 --> 0:00:18.680 with Lisa Bromwitz and Amrie Hordern. Join us each day 0:00:18.720 --> 0:00:22.239 for insight from the best in markets, economics, and geopolitics 0:00:22.400 --> 0:00:24.880 from our global headquarters in New York City. We are 0:00:24.920 --> 0:00:27.680 live on Bloomberg Television weekday mornings from six to nine 0:00:27.680 --> 0:00:31.280 am Eastern. Subscribe to the podcast on Apple, Spotify or 0:00:31.280 --> 0:00:33.919 anywhere else you listen, and as always on the Bloomberg 0:00:34.000 --> 0:00:37.360 Terminal and the Bloomberg Business app. The former US Vice 0:00:37.360 --> 0:00:40.760 President Mike Pence taking a critical stance on President Trump's tariffs, 0:00:40.800 --> 0:00:42.920 writing in a Wall Street Journal op ed in the 0:00:42.960 --> 0:00:45.680 past few months that since the President announced his Liberation 0:00:45.800 --> 0:00:49.479 Day tariffs, the only thing America has been limerated from 0:00:49.840 --> 0:00:52.680 is trillions of dollars in investments. And pleased to say, 0:00:52.720 --> 0:00:55.400 the forty eighth Vice President of the United States, Mike Pence, 0:00:55.800 --> 0:00:57.760 joins us now for more. It's the vice president of Mornick. 0:00:58.120 --> 0:00:59.440 Good morning, votes for having me on. 0:00:59.440 --> 0:01:00.840 Thanks for being I want to pick up on a 0:01:00.920 --> 0:01:03.440 question I know you've been exploring. What can forty seven 0:01:03.840 --> 0:01:07.040 then from forty five. Let's start that, and silk Aback's right. 0:01:07.720 --> 0:01:10.679 Well, well, first off, I'm want to give President Trump 0:01:10.720 --> 0:01:14.080 all the credit in the world for a historic political comeback. 0:01:15.319 --> 0:01:18.959 But in that Republican primary I was traveling as a 0:01:18.959 --> 0:01:23.640 candidate in twenty twenty three, I mostly heard people saying, 0:01:23.680 --> 0:01:25.560 we want to get back in the midst of the 0:01:25.600 --> 0:01:28.800 failed economic policies of the Biden administration. We want to 0:01:28.800 --> 0:01:32.679 get back to what the Trump pens administration was advancing. 0:01:33.200 --> 0:01:35.440 And so in the Wall Street Journal I gave the 0:01:35.480 --> 0:01:39.399 president great credit, high marks for securing the border, for 0:01:39.680 --> 0:01:42.840 restoring morale and recruitment in our military, for taking the 0:01:42.840 --> 0:01:45.920 fight to the Hoho Thies. Since then, I will talk 0:01:45.959 --> 0:01:49.560 more later. I'm very encouraged about the strong stand that 0:01:49.600 --> 0:01:53.200 the President is taking on the world stage, particularly in 0:01:53.240 --> 0:01:53.840 the Middle. 0:01:53.600 --> 0:01:55.040 East and in Eastern Europe. 0:01:55.880 --> 0:01:57.760 But what I wanted to call attention to was the 0:01:58.080 --> 0:02:03.880 policy toward tariffs was was changed with Liberation Day. During 0:02:03.920 --> 0:02:07.560 our administration, we use tariffs in the threat of tariffs 0:02:08.320 --> 0:02:15.160 principally focused on China to leverage changes in behavior, but 0:02:15.320 --> 0:02:19.919 the objective was to essentially lower trade barriers and expand trade. 0:02:21.120 --> 0:02:24.040 In this administration, I think what we saw several months ago, 0:02:24.160 --> 0:02:27.840 now it's paused again happily, is the kind of broad 0:02:27.919 --> 0:02:32.600 based industrial policy that I think ultimately will harm the 0:02:32.639 --> 0:02:37.720 American economy, will harm American consumers, and so we've spoken 0:02:37.760 --> 0:02:40.680 out against it. We've tried to take a stand. What 0:02:40.760 --> 0:02:43.520 I like to say is free trade with free nations. 0:02:43.800 --> 0:02:47.080 Be tough on China, be tough on trade abusers, but 0:02:47.680 --> 0:02:51.639 have the objective of ultimately lowering trade barriers, and that's 0:02:51.639 --> 0:02:55.839 how America wins and prospers. That's how we won during 0:02:55.880 --> 0:02:56.480 our first term. 0:02:56.560 --> 0:03:00.000 You've identified that change. What's your understanding of what's behind it, 0:03:00.120 --> 0:03:01.280 what's lent that change? 0:03:02.080 --> 0:03:11.160 Well, I think that what's changed is that I think 0:03:11.200 --> 0:03:14.360 the president feels at least I perceive it. You know, 0:03:14.440 --> 0:03:17.240 sometimes I tell people that I know President Trump better 0:03:17.280 --> 0:03:20.959 than his most ardent defenders. We served together for four 0:03:20.960 --> 0:03:23.720 and a half years. We had a close working relationship, 0:03:24.280 --> 0:03:27.800 and I've said many times President Trump is not an isolationist. 0:03:29.000 --> 0:03:33.440 He is someone deeply committed to free market capitalism. But 0:03:33.639 --> 0:03:36.920 for all of his career he has been very sympathetic 0:03:36.960 --> 0:03:41.240 to protectionist thinking in philosophy. You can go back thirty 0:03:41.360 --> 0:03:45.400 years on YouTube and find Donald Trump saying the same 0:03:45.480 --> 0:03:48.920 things that President Trump is saying today. He and I 0:03:49.000 --> 0:03:52.680 had many vigorous conversations during our four years about trade. 0:03:53.000 --> 0:03:56.360 I come from one of the leading exporting states in 0:03:56.400 --> 0:03:59.520 the country. What we make, we grow in Indiana, we 0:03:59.720 --> 0:04:02.880 sell to the world. But at the end of the day, 0:04:02.920 --> 0:04:06.280 I think what you're seeing is not different influences around 0:04:07.040 --> 0:04:12.000 President Trump. I think you're simply seeing him extending out 0:04:12.120 --> 0:04:15.480 into a philosophy of government and economics that he has 0:04:15.520 --> 0:04:16.200 long believed. 0:04:16.320 --> 0:04:19.480 Were these impulses then there when he during the first 0:04:19.480 --> 0:04:24.680 administration and individuals like you maybe talked him out of it, well, 0:04:24.920 --> 0:04:25.480 I don't know. 0:04:25.440 --> 0:04:25.920 That it was. 0:04:27.720 --> 0:04:30.880 I mean, there were a few times that I saw 0:04:30.920 --> 0:04:33.040 him change his mind on things, but I think it 0:04:33.080 --> 0:04:38.200 was more about priorities in the first term, to make 0:04:38.240 --> 0:04:43.280 sure that we passed the tax cuts, rolled back regulation, 0:04:43.440 --> 0:04:48.920 unleashed American energy, and we changed the national consensus on China. 0:04:49.960 --> 0:04:52.680 In China with its years of trade abuses. 0:04:52.520 --> 0:04:56.240 And I played a leading role in articulating that in 0:04:56.279 --> 0:05:00.240 the early going, and I'm incredibly proud of that record 0:04:59.400 --> 0:05:02.560 and that at least the Biden administration didn't change the 0:05:02.640 --> 0:05:06.440 tariff policy towards China. But for me it was more 0:05:06.480 --> 0:05:11.680 about it was more about driving toward free trade agreement. 0:05:11.720 --> 0:05:14.760 So I had the privilege of announcing the beginning of 0:05:14.839 --> 0:05:18.200 a free trade agreement with UK at this in the 0:05:18.240 --> 0:05:22.440 City of London. We renegotiated a free trade agreement with 0:05:22.520 --> 0:05:26.000 South Korea that's back in the news this week with 0:05:26.640 --> 0:05:32.160 new tariff threats, and I was leading with my counterpart 0:05:32.200 --> 0:05:35.320 in Japan. I was actually tasked with leading a working 0:05:35.320 --> 0:05:40.400 group for a free trade agreement with Japan. So for US, 0:05:40.800 --> 0:05:45.159 it was that we saw an expansion of trade and 0:05:45.360 --> 0:05:49.080 opening markets as a key part of American growth right now. 0:05:49.120 --> 0:05:53.080 I actually believe that President Trump is driving toward a 0:05:53.160 --> 0:05:57.800 long term change in industrial policy in America where he 0:05:58.000 --> 0:06:01.919 sees permanent unilateral. 0:06:01.600 --> 0:06:04.799 Trade tariff barriers. 0:06:04.320 --> 0:06:08.000 As beneficial to America in the long term, and as 0:06:08.040 --> 0:06:11.719 a free market conservative, as something I just don't embrace. 0:06:11.839 --> 0:06:14.400 Can you do that and isolate China with the rest 0:06:14.440 --> 0:06:17.239 of the world on board at the same time, Well, a, Marie. 0:06:17.120 --> 0:06:19.680 I think that's the right question that. 0:06:21.880 --> 0:06:24.160 Senator Phil Graham, we had on Capitol Hill with our 0:06:24.279 --> 0:06:28.800 foundation yesterday, had over one hundred staffers that came out 0:06:28.839 --> 0:06:31.159 to hear him He had probably the best description of it. 0:06:31.240 --> 0:06:31.679 He said. 0:06:33.320 --> 0:06:37.799 He said, by going after all of the free nations 0:06:37.800 --> 0:06:40.800 that you're trading with at the same time that you're 0:06:40.839 --> 0:06:46.120 trying to bring China farther along in opening markets and 0:06:46.440 --> 0:06:50.200 ending years of trade abuses, he said, it's like it's 0:06:50.240 --> 0:06:53.960 like dismissing your front line in a football game and 0:06:54.200 --> 0:06:56.279 expecting that you're going to take on the other side. Look, 0:06:56.320 --> 0:06:59.960 we need Japan, we need South Korea, we need Australia, 0:07:00.120 --> 0:07:04.520 we need the EU to continue to bring the kind 0:07:04.600 --> 0:07:08.800 of economic pressure on China that I believe is all 0:07:08.839 --> 0:07:12.920 that President g and the Chinese Communist Party will will respect. 0:07:13.000 --> 0:07:14.080 We saw some change. 0:07:14.120 --> 0:07:17.000 Remember that Phase one trade deal in the early days 0:07:17.000 --> 0:07:19.320 of twenty twenty. Most people have long since forgotten it. 0:07:19.360 --> 0:07:23.120 There were bigger stories that year by far, but we 0:07:23.200 --> 0:07:25.560 saw the China when we imposed those two hundred and 0:07:25.560 --> 0:07:28.800 fifty billion dollars in tariffs. The Chinese came to the 0:07:28.800 --> 0:07:34.480 table quickly and began negotiations. And I still believe that's 0:07:34.520 --> 0:07:38.160 the right approach, with free trade, with free nations being 0:07:38.200 --> 0:07:38.760 the backstop. 0:07:38.880 --> 0:07:41.119 Mister Vice President, I want to pick out a line 0:07:41.280 --> 0:07:43.440 in that Wall Street Journal up ed that John was 0:07:43.480 --> 0:07:46.200 mentioning that you wrote, mister Trump's proposed tariffs would be 0:07:46.200 --> 0:07:49.200 the largest peacetime hike in American history, harming consumers and 0:07:49.280 --> 0:07:53.840 driving inflation. President Trump his administration has been talking about 0:07:53.840 --> 0:07:56.680 they're not going to be inflationary, that the producers and 0:07:56.760 --> 0:07:59.280 other countries are going to absorb it. Are you seeing 0:07:59.320 --> 0:08:02.200 evidence that that's not the case. Are you really concerned 0:08:02.240 --> 0:08:04.640 about what this does to the economy? 0:08:05.200 --> 0:08:09.240 Well, I really am, and I understand that that's the 0:08:09.280 --> 0:08:13.520 debate right now. We haven't seen the inflation from Liberation Day, 0:08:13.560 --> 0:08:15.680 and I think there's several reasons to explain that. 0:08:16.840 --> 0:08:18.000 Number one is. 0:08:19.760 --> 0:08:25.040 The teriff regime was paused and has now been paused again, 0:08:25.240 --> 0:08:29.000 and the markets and are responding to that, and businesses 0:08:29.040 --> 0:08:31.640 are responding. Secondly, I got to tell you the businesses 0:08:31.680 --> 0:08:34.120 I talked to as I travel around the country have 0:08:34.200 --> 0:08:37.600 been spending an awful lot of money on inventory right now. 0:08:38.200 --> 0:08:40.439 You know, there's an old saying where I come from 0:08:40.480 --> 0:08:41.840 that you know, I was born in the morning, but 0:08:41.880 --> 0:08:46.360 not yesterday morning. So people say that these tariffs are common, 0:08:46.600 --> 0:08:49.040 So why don't we Why don't we fill the warehouse 0:08:49.120 --> 0:08:52.440 right now? And I think that's wise but you know, 0:08:52.520 --> 0:08:55.760 at the end of the day, I also think that 0:08:56.600 --> 0:08:59.000 you know, the President on Liberation Day talked about twenty 0:08:59.000 --> 0:09:04.800 five fifty seventy percent tariffs on countries, and seeing some 0:09:04.920 --> 0:09:08.280 of these early frameworks that end up with the UK 0:09:08.520 --> 0:09:12.400 with ten percent, there's a temptation to say, well, that's 0:09:12.640 --> 0:09:15.400 just ten percent, And so I think that's the reason 0:09:15.400 --> 0:09:19.480 why markets, so my businesses have not adjusted prices yet. 0:09:20.240 --> 0:09:23.439 But if we have a unilateral tariff of ten percent 0:09:23.600 --> 0:09:26.240 on the American economy of all imported goods, that's four 0:09:26.320 --> 0:09:31.720 times the average tariff today. And the reality is that 0:09:32.360 --> 0:09:33.839 I watch, you know, I spent a lot of time 0:09:33.880 --> 0:09:37.640 in that cabinet room. I watched a little bit of 0:09:37.640 --> 0:09:40.880 the cabinet meeting this week, and I saw Secretary Vessant 0:09:41.679 --> 0:09:46.160 speaking very glowingly about the projection is three hundred billion 0:09:46.240 --> 0:09:52.000 dollars in tariff revenue this year. Well, tariffs are attax 0:09:52.920 --> 0:09:59.440 and American importers and businesses and ultimately consumers pay almost 0:09:59.480 --> 0:10:02.720 all of that. And so literally a week after we 0:10:02.880 --> 0:10:06.040 managed to extend the Trumpets tax cuts and prevent a 0:10:06.080 --> 0:10:10.559 two thousand dollars tax increase on working families, the administration 0:10:10.760 --> 0:10:12.200 is right now boasting. 0:10:11.800 --> 0:10:12.720 Of the fact that. 0:10:14.840 --> 0:10:17.079 The average American household is going to see about three 0:10:17.080 --> 0:10:22.360 thousand dollars increase in the cost of goods because we're 0:10:22.440 --> 0:10:25.880 paying that. So that's why I referred to a liberation day. 0:10:25.920 --> 0:10:28.720 I said, could well be the largest peacetime tax hike 0:10:28.760 --> 0:10:32.360 in American history. We've been pushing back on that. I 0:10:32.440 --> 0:10:37.040 welcome the pauses, but I I really do believe the 0:10:37.080 --> 0:10:40.720 antidote here is free trade with free nations. Tough on China, 0:10:41.360 --> 0:10:46.439 but continue continue to drive toward lowering trade barriers and 0:10:48.920 --> 0:10:50.280 you know, non tariff subsidient. 0:10:50.320 --> 0:10:52.439 He reflects the inflation risk. The White House of don't 0:10:52.440 --> 0:10:54.959 say like this feder af to cut interest rates. You've 0:10:55.000 --> 0:10:56.439 been in the room a few times. I'm sure it's 0:10:56.440 --> 0:10:59.120 talking about this federic f How did the president end 0:10:59.200 --> 0:11:03.040 up with a the heat dislikes so much? How did 0:11:03.040 --> 0:11:03.520 that happen? 0:11:04.160 --> 0:11:08.240 Well, well, I've been watching a lot of what the 0:11:08.240 --> 0:11:10.520 presidents had to say about Jay Powell lately. 0:11:10.320 --> 0:11:14.080 And. 0:11:13.760 --> 0:11:17.679 He did appoint him, So it's part of the awkward 0:11:18.120 --> 0:11:20.559 aspect here. Well, first, I think the President of the 0:11:20.640 --> 0:11:24.960 United States is fully entitled to express his opinion about 0:11:25.000 --> 0:11:28.240 both the FED chair and about the Federal Reserve itself. 0:11:28.320 --> 0:11:32.520 I have long had great concerns about the dual. 0:11:32.240 --> 0:11:33.920 Mandate and the Federal Reserve. 0:11:33.960 --> 0:11:36.520 I think it confuses the issue, and the Federal Reserve 0:11:36.600 --> 0:11:39.920 has his for your viewers, has a dual mandate to 0:11:39.920 --> 0:11:43.479 protect the integrity of the dollar and achieve full employment. 0:11:44.640 --> 0:11:47.240 I think the Federal Reserve ought to just focus on 0:11:47.360 --> 0:11:50.920 the dollar. And I think that the hesitation that I 0:11:50.960 --> 0:11:55.520 have seen from the Fed chair and ostensibly the Committee 0:11:56.440 --> 0:12:00.880 is that the uncertainty around these broad based tariffs and 0:12:00.920 --> 0:12:06.040 the potential for inflation has slowed their intention and and 0:12:06.160 --> 0:12:08.880 their earlier efforts at at lowering rates. 0:12:08.960 --> 0:12:09.439 And so. 0:12:11.440 --> 0:12:15.360 How the President got to where he can he considers 0:12:16.120 --> 0:12:19.240 the Federal Reserve chairman to be worthy of the nickname 0:12:19.280 --> 0:12:23.440 too late. I can't really testify, but but to me, 0:12:23.840 --> 0:12:27.439 you're pushing back on on the idea that what's what 0:12:27.840 --> 0:12:30.120 seems to be holding up the Federal Reserve. Although I 0:12:30.120 --> 0:12:33.120 read this morning there's now more vigorous debate. I'm sure 0:12:33.120 --> 0:12:38.400 you've covered here on Bloomberg on the Committee as that 0:12:38.880 --> 0:12:41.559 there we may have lowering of interest rates, which certainly 0:12:41.600 --> 0:12:42.120 would welcome. 0:12:42.160 --> 0:12:44.200 As you know, the President one of his greatest strengths 0:12:44.200 --> 0:12:46.199 is to break the status quaid and have very little 0:12:46.200 --> 0:12:49.160 respect for it. That limits to that, and it's fed 0:12:49.200 --> 0:12:50.719 independence and example of it. 0:12:51.960 --> 0:12:56.480 That's that's right, and I think, look, the President appoints 0:12:56.760 --> 0:13:00.640 the chairman of the Federal Reserve, and a careful study 0:13:00.640 --> 0:13:03.760 of American history shows I don't really accept that the 0:13:03.760 --> 0:13:06.559 Federal Reserve should be a completely. 0:13:07.559 --> 0:13:09.839 Separate agency, you. 0:13:09.800 --> 0:13:12.320 Know, like a college of cardinals that we never refer 0:13:12.440 --> 0:13:16.120 to other than in respectful hush tones. John, I think 0:13:16.200 --> 0:13:19.360 the president ought to be able to express himself. Elected 0:13:19.360 --> 0:13:21.760 officials ought to be able to express themselves, because it's 0:13:21.760 --> 0:13:24.200 almost like that old saying about the Supreme Court. You 0:13:24.200 --> 0:13:27.920 know that justices do read the newspaper, and I expect 0:13:27.960 --> 0:13:30.199 that's also true of members of the Federal Reserve. 0:13:30.400 --> 0:13:32.760 You have taken a balance view on the current administration. 0:13:32.880 --> 0:13:35.680 You've been somewhat critically of trained. We've discussed that, I 0:13:35.679 --> 0:13:38.200 would say ringing endulsement about that approach to the Middle East. 0:13:38.360 --> 0:13:40.719 So let's talk about that. You know where you were 0:13:40.760 --> 0:13:43.520 in your first term with the president, where he is 0:13:43.559 --> 0:13:45.680 in his second term, and what went wrong in between 0:13:46.040 --> 0:13:48.600 from your standpoint on the Middle East. 0:13:49.520 --> 0:13:54.920 Well, I just think when Joe Biden returned to a 0:13:55.040 --> 0:14:00.920 policy of appeasement toward Iran, it really in bold UH 0:14:00.960 --> 0:14:04.600 the enemies UH of Israel across UH the region. I 0:14:04.600 --> 0:14:09.440 I I traveled to Israel in about six months UH 0:14:09.480 --> 0:14:13.000 after October seventh and saw what occurred there, and I 0:14:13.000 --> 0:14:14.480 I would tell you it's one of the things I'm 0:14:14.480 --> 0:14:17.120 probably most proud of our administration. 0:14:17.360 --> 0:14:20.200 And not only did UH did we we. 0:14:20.240 --> 0:14:23.920 Changed the national consensus on China, but UH we were 0:14:23.960 --> 0:14:29.440 probably UH the most pro Israel administration since the re 0:14:29.560 --> 0:14:32.000 establishment of the State of Israel in nineteen forty eight. 0:14:32.360 --> 0:14:35.520 There's just simply to recognize it. Moving the American embassy 0:14:35.560 --> 0:14:39.120 to Jerusalem, recognizing the gol Onites, these were all historic 0:14:39.160 --> 0:14:44.080 achievements that everyone told us would foment violence and discord 0:14:44.440 --> 0:14:47.880 UH across the Middle East. But again, another twenty twenty 0:14:47.960 --> 0:14:50.440 story that is long forgotten by many. 0:14:50.280 --> 0:14:52.200 People's the Abraham. 0:14:52.200 --> 0:14:55.040 Of course, I mean we we actually imonstrated that when 0:14:55.080 --> 0:14:59.360 you stand without UH w W in an unwavering way 0:14:59.720 --> 0:15:02.720 with with Israel that I call our most cherished ally 0:15:03.480 --> 0:15:08.120 throughout our history, it sends a very clear scegnal that 0:15:08.160 --> 0:15:11.560 makes peace more possible. Not less possible. We also isolated 0:15:12.400 --> 0:15:16.720 Iran as never before. We unleashed our military to take 0:15:16.760 --> 0:15:21.240 down the ISIS Caliphate, and of course the President made 0:15:21.280 --> 0:15:24.280 the decision to take down Accustom Solomoni, the head of 0:15:24.280 --> 0:15:30.320 the Iran Revolutionary Guard. All of that had Iran on 0:15:30.360 --> 0:15:34.040 its back heels. The Biden administration changed that went back 0:15:34.080 --> 0:15:36.720 to the Obama approach of re engaging with the Mullahs 0:15:36.760 --> 0:15:41.040 in Tehran. I think they were emboldened the violence that 0:15:41.080 --> 0:15:45.720 we saw, whether it be October seventh with Hamas one 0:15:45.720 --> 0:15:50.000 of their patron groups, where the Houthis all were a 0:15:50.080 --> 0:15:54.560 resultd I've always believed that that weakness arouses evil, but 0:15:54.840 --> 0:15:58.480 peace comes through strength, and the weakness of the Biden 0:15:58.480 --> 0:16:02.720 administration I think created the conditions for the mayhem that 0:16:03.640 --> 0:16:07.520 the new Trump administration inherited. And that's why I've been 0:16:07.520 --> 0:16:11.520 so encouraged to see the strong stand the President has 0:16:11.560 --> 0:16:18.800 taken with Israel. We publicly encouraged the use of American 0:16:18.800 --> 0:16:19.800 military assets. 0:16:20.360 --> 0:16:22.560 If Iran was not willing to dismantle their. 0:16:22.560 --> 0:16:26.400 Nuclear program, I believe it needed to be destroyed, and 0:16:26.760 --> 0:16:30.320 I commend the President for his decisive leadership in our 0:16:30.360 --> 0:16:34.040 incredible airman who delivered those payloads. 0:16:34.200 --> 0:16:36.720 You welcomed those strikes on the Irani nuclear facilities. But 0:16:36.760 --> 0:16:39.440 the President still talks about a deal with Iran. Do 0:16:39.480 --> 0:16:42.080 you think he'll do a deal at any cost? 0:16:44.000 --> 0:16:45.520 Well, I hope not. 0:16:45.680 --> 0:16:48.080 I said in that Wall Street Journal piece that you cited. 0:16:48.840 --> 0:16:52.480 It was about two months ago, and one of my concerns, 0:16:52.520 --> 0:16:55.080 in addition to some of the tariff issues that we 0:16:55.120 --> 0:16:58.640 talked about, was that a lot of what we were 0:16:58.640 --> 0:17:02.280 hearing from the administration in the first hundred days sounded 0:17:02.280 --> 0:17:06.280 an awful lot like a new Iran nuclear deal, and 0:17:07.119 --> 0:17:09.080 we pushed back on that pretty hard. 0:17:09.480 --> 0:17:10.359 And I. 0:17:11.960 --> 0:17:17.920 My hope is that the President, having seen both the 0:17:18.359 --> 0:17:22.080 run up to the need for American action and also 0:17:22.119 --> 0:17:27.920 the response by the Malus in Tehran, we'll keep He'll 0:17:28.000 --> 0:17:32.760 keep his hand on the holster and look ultimately for 0:17:33.240 --> 0:17:36.840 achieving the objective that that has been the stated US 0:17:36.920 --> 0:17:39.959 policy through multiple administrations that Ran can never be allowed 0:17:40.000 --> 0:17:43.800 to obtain a nuclear weapon or have a nuclear program 0:17:43.800 --> 0:17:44.400 of any kind. 0:17:44.480 --> 0:17:46.760 When it comes to foreign policy, you've been very critical 0:17:46.840 --> 0:17:50.280 and hawkish on Russia. In the debate when you were 0:17:50.760 --> 0:17:52.879 running with President Trump in the first term, you called 0:17:52.960 --> 0:17:56.360 putin a small and bullying dictator. Why do you think 0:17:56.359 --> 0:17:59.200 Trump has only just started changing his tune when it 0:17:59.200 --> 0:17:59.880 comes to Vladimir. 0:18:02.080 --> 0:18:04.920 Well, I've never had any illusions about Vladimir Putin. No, 0:18:05.040 --> 0:18:09.440 but President Trump has Well, that remains to be seen. 0:18:10.440 --> 0:18:13.080 I would tell you that, you know, I was on 0:18:13.119 --> 0:18:15.280 the Foreign Affairs Committee when I was in the Congress. 0:18:15.920 --> 0:18:18.880 I've been a student of Vladimir Putin. He's never made 0:18:18.880 --> 0:18:22.639 a secret of his ambitions in Eastern Europe. It's something 0:18:22.680 --> 0:18:27.040 he's spoken about, written about. His aim has always been 0:18:27.960 --> 0:18:31.080 to re establish the old Soviet sphere of influence in 0:18:31.119 --> 0:18:33.679 Eastern Europe. And I really do believe it was our 0:18:33.720 --> 0:18:37.600 administration in the Trump Pence years that were the first 0:18:37.680 --> 0:18:41.359 to literally provide lethal aid to Ukraine. I think that's 0:18:41.440 --> 0:18:45.760 what discouraged Putin from crossing. 0:18:45.320 --> 0:18:47.000 That border during those four years. 0:18:47.400 --> 0:18:50.800 Forget, and I think it continues to be the only 0:18:50.840 --> 0:18:52.040 pathway toward peace today. 0:18:52.119 --> 0:18:54.720 But forgive me, mister Vice President, to go back to 0:18:54.760 --> 0:18:57.840 Emory's question, what's changed? Because right now we've seen a 0:18:57.840 --> 0:19:02.359 president who's warned against Russia doing crossing certain real lines 0:19:02.359 --> 0:19:06.320 that Russia's crossed, and then the sanctions haven't come. Right, 0:19:06.440 --> 0:19:07.640 what do you think is going on. 0:19:07.880 --> 0:19:09.600 Well, I'm hopeful that they will. 0:19:10.240 --> 0:19:14.080 What makes you I am I've seen some statements by 0:19:14.720 --> 0:19:18.200 my friend Senator Lindsey Graham, who just in the last 0:19:18.240 --> 0:19:21.160 few days said that the President told him to move 0:19:21.200 --> 0:19:28.239 the bill, and these new Russia sanctions, which are the 0:19:28.359 --> 0:19:31.520 secondary sanctions against people that are doing business with Russia 0:19:31.520 --> 0:19:36.000 that are subsidizing the war effort by oil purchases and 0:19:36.119 --> 0:19:40.360 energy purchases, I think can be enormously impactful. 0:19:40.520 --> 0:19:45.280 But you know, I would I would say that, you. 0:19:45.200 --> 0:19:56.640 Know, I've made it very clear that that my deep 0:19:56.680 --> 0:20:02.560 conviction is Vladimir Putin doesn't want piece. Vladimir Putin wants Ukraine, 0:20:03.320 --> 0:20:07.359 and despite the stops and starts that gave him any 0:20:07.400 --> 0:20:12.199 of US concern, including that famous Oval Office meeting between 0:20:12.200 --> 0:20:15.880 the President and President Zelenski, who I came to know, well, 0:20:17.480 --> 0:20:21.760 I sense that my old running mate is coming around 0:20:21.760 --> 0:20:26.359 to recognizing Putin's real intentions here. I mean when I 0:20:26.400 --> 0:20:34.040 think that the the clear irritation in the President's voice 0:20:34.040 --> 0:20:37.560 of having a conversation and then to see some of 0:20:37.560 --> 0:20:40.840 the some of the worst drone attacks launched in Kiev 0:20:40.960 --> 0:20:47.800 within a matter of hours, is I think having its effect. 0:20:47.960 --> 0:20:52.000 But look, I just think that I was pleased that 0:20:52.119 --> 0:20:55.120 the President countermanded what had been a pause of aid 0:20:55.200 --> 0:21:03.320 to Ukraine last week, which I think was unfortunate wherever 0:21:03.359 --> 0:21:07.240 it originated. But I commend the President for reversing that decision. 0:21:08.160 --> 0:21:12.240 And my hope is when the Senate reconvenes that Senator 0:21:12.280 --> 0:21:16.840 Thunal will put the Graham Bill on the floor and 0:21:17.480 --> 0:21:18.800 put it on the President's desk. 0:21:18.840 --> 0:21:22.439 I think it's time, and it's my judgment. 0:21:22.480 --> 0:21:25.119 I've met Vladimir Putin. I've stood with him closer than 0:21:25.160 --> 0:21:27.760 I'm sitting next to you. I've told him things he 0:21:27.800 --> 0:21:33.159 didn't want to hear, and I think he is I 0:21:33.200 --> 0:21:36.960 think he is not a man who understands anything other 0:21:37.040 --> 0:21:41.920 than strength. And this is a moment, I think where 0:21:42.240 --> 0:21:44.240 it's in the interest of our country, it's in the 0:21:44.280 --> 0:21:48.200 interest of our allies in the region and long term 0:21:48.240 --> 0:21:50.920 peace in Eastern Europe for US to continue to provide 0:21:50.960 --> 0:21:56.760 military support to Ukraine, to put punishing sanctions on Russia 0:21:57.080 --> 0:21:59.320 until the just and lasting peace can be secured. 0:22:00.119 --> 0:22:03.000 President, I appreciate your time, sir, enjoyed the conversation. 0:22:03.280 --> 0:22:04.560 Great, it's going to say it. Thank you. 0:22:05.040 --> 0:22:07.320 The former Vice President of the United States. There Mike 0:22:07.400 --> 0:22:19.800 Plans joining US non plays the science Bloomberg's mid Men 0:22:19.840 --> 0:22:22.080 Low from Kuala Lumpa, Midmen, good. 0:22:21.880 --> 0:22:26.920 Morning, good morning. 0:22:27.000 --> 0:22:28.920 Yes, I'm here the Asian Summit and it's a big 0:22:29.000 --> 0:22:31.560 day because the Asian foreign ministers are meeting with many 0:22:31.600 --> 0:22:35.600 key dialogue partners, including the envoye from Career, Japan, China, 0:22:35.680 --> 0:22:38.080 the US, and of course the EU as well. And 0:22:38.200 --> 0:22:41.600 joining me here is the EU's top diplomat, Kayak Kalas. 0:22:41.880 --> 0:22:44.720 Thank you so much for making time. So tariffs have 0:22:44.840 --> 0:22:48.080 been looing very large over this entire summit. The EU 0:22:48.200 --> 0:22:51.200 hasn't yet received that letter from Trump. What is your 0:22:51.240 --> 0:22:53.520 team expecting to see you, whether that let it comes, 0:22:53.560 --> 0:22:57.120 any specific coverouts in particular that you're expecting to have achieved. 0:22:57.640 --> 0:23:00.919 Well. Of course, sir, trade team is working very hard 0:23:01.760 --> 0:23:05.919 to get good agreement, but at the same time we 0:23:05.960 --> 0:23:09.840 are also working with other countries like here in Southeast 0:23:09.840 --> 0:23:14.119 Asia or in the world to have trade deals and 0:23:14.240 --> 0:23:18.560 trade agreement agreements to diversify our trade portfolios. 0:23:18.920 --> 0:23:21.920 Okay, so the Chinese Forum MINUSA one is here as well. 0:23:22.280 --> 0:23:25.080 Are you going to meet him to maybe stabilize relations 0:23:25.119 --> 0:23:27.520 a little bit? Because it seems like that you China 0:23:28.680 --> 0:23:31.560 sub it might be partially derailed from what we have 0:23:31.640 --> 0:23:32.480 reported before. 0:23:33.680 --> 0:23:38.760 Well, we had a good meeting in Brussels with my 0:23:38.920 --> 0:23:42.879 counterpart and we are discussing it's the same format that 0:23:42.960 --> 0:23:46.840 we have had in twenty twenty three the summit then, 0:23:46.960 --> 0:23:50.800 and and it's important the substance. What are we discussing? 0:23:51.119 --> 0:23:53.240 But you're cutting a shot and you're you're not bringing 0:23:53.280 --> 0:23:54.359 any additional business. 0:23:54.440 --> 0:23:58.800 Now, there was there was no no you know plan 0:23:59.119 --> 0:24:03.000 that was that was the question that that actually wasn't 0:24:03.119 --> 0:24:07.120 clear how China wants to hold this summit and now 0:24:07.160 --> 0:24:10.639 we know that it's one day, and what kind of 0:24:10.680 --> 0:24:13.359 meetings we have and what discussions we have. 0:24:13.720 --> 0:24:16.760