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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Thank you, the Economic Club of Chicago. Thank you David particularly.

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Speaker 2: I want to say two things at the beginning. The

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Speaker 2: first is just for the record and for those people

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Speaker 2: watching on television, the Economic Club of Chicago and Bloomberg

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Speaker 2: both invited Vice President Harris to a similar interview about

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Speaker 2: her economic plans that she has declined so far. And second,

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Speaker 2: just to set some parameters about this interview, which I

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Speaker 2: was just discussing with President Trump, We're going to focus

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Speaker 2: on business and the economy. And that's partly because this

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Speaker 2: is a business audience, but it's also because voters insist

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Speaker 2: that the economy is the main issue that matters when

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Speaker 2: they vote. So on that note, let me invite onto

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Speaker 2: the stage President Trump.

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Speaker 3: No, thanks, thank you very much.

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Speaker 2: Have a see.

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Speaker 3: I like that crowd. That's a name.

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Speaker 2: Thank you, very standing ovation. Thank you, President Trump. Thank

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Speaker 2: you for doing this, as we said, and you had

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Speaker 2: the reception there. The business people of Chicago, like everywhere else,

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Speaker 2: they like a lot of the things you want to

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Speaker 2: do in terms of tax cuts and some of the

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Speaker 2: spending proposals. But like many business people, what they're often

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Speaker 2: worried about is the cost. And the Committee for a

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Speaker 2: Responsible Federal Budget, which is a bipartisan outfit, put out

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Speaker 2: some predictions the other day. If you add up all

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Speaker 2: the promises you've made and your plans would add seven

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Speaker 2: five trillion dollars to the debt. That's more than twice

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Speaker 2: the total for Vice President Harris. You're on course to

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Speaker 2: push up debts up to one hundred and fifty percent

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Speaker 2: of GDP. This is a very business like audience. Yeah,

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Speaker 2: why should they trust you with that?

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Speaker 3: Because we're about growth. She's got no growth whatsoever, and

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Speaker 3: we're all about growth. We're going to bring companies back

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Speaker 3: to our country. You look at even today as I

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Speaker 3: was driving over, I see these empty, old, beautiful like

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Speaker 3: steel mills and factories that are empty and falling down.

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Speaker 3: Some have been converted to senior citizens' homes. But that's

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Speaker 3: not going to do the trick. And we're going to

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Speaker 3: bring the companies back. We're going to lower taxes still

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Speaker 3: further for companies that are going to make their product

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Speaker 3: in the USA. We're going to protect those companies with

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Speaker 3: strong tariffs. Because I'm a believer in tariffs. I'm not

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Speaker 3: sure that you are. I don't think you are but

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Speaker 3: I congratulate you in your career. But to me, the

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Speaker 3: most beautiful word in thection areas tariff, and it's my

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Speaker 3: favorite word. It needs a public relations firm just to

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Speaker 3: help us, but it's to miss the most beautiful word

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Speaker 3: in the tariffs.

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Speaker 2: Do you think that will bring in the revenues to

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Speaker 2: use another bipartisan group, Yeah, piece and institute. They said,

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Speaker 2: I only bring in two hundred billion dollars. That is

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Speaker 2: only that's barely the cost of two of your promises.

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Speaker 3: Yeah, but that's like for what company you're talking about. Okay,

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Speaker 3: Look I brought in with tariffs and I was just

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Speaker 3: getting started. Then COVID came and we had a which

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Speaker 3: you know, because I tell you what, I did a

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Speaker 3: very good job in COVID, nobody knew what the hell

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Speaker 3: it was. I call it the China virus because I

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Speaker 3: like being a little more accurate. But when that came,

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Speaker 3: but we got hundreds of billions of dollars just from

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Speaker 3: China alone, and I hadn't even started yet. But tariffs

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Speaker 3: are too two things if you look at it. Number

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Speaker 3: one is for protection of the companies that we have

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Speaker 3: here and the new companies that will move in because

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Speaker 3: we're going to have thousands of companies coming into this country.

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Speaker 3: We're going to grow it like it's never grown before.

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Speaker 3: And we're going to protect them when they come in

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Speaker 3: because we're not going to have somebody undercut them. And

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Speaker 3: I could give you an example of this if you want,

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Speaker 3: would you like me to, because it just and I

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Speaker 3: will come back. Just found out about it. So I've

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Speaker 3: been talking about for the last year about Detroit and

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Speaker 3: how horribly it has been. You know, it's just horrible

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Speaker 3: because we've been talking about Detroit's coming back for forty

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Speaker 3: years and it's never come back, and it's very dependent

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Speaker 3: on the car industry. Well, they've lost sixty percent of

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Speaker 3: the business over a long period of time. And what

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Speaker 3: happened is I found out friend of mine builds auto plants.

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Speaker 3: That's only does he builds autoplants. That's what he's good at.

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Speaker 3: He doesn't want to build an apartment, only wants to

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Speaker 3: build and he builds the biggest in the world. And

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Speaker 3: for the last year and a half of anybody who's

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Speaker 3: heard me speak, I was talking about Mexico is a

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Speaker 3: tremendous challenge for us right now, tremendous China is building

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Speaker 3: massive auto plants in Mexico, and they're going to build them,

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Speaker 3: and they're going to take those cars and sell them

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Speaker 3: into the United States. They're very near the border, and

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Speaker 3: they're going to have all the advantages and none of

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Speaker 3: the disadvantages. And that's going to be the end of Michigan.

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Speaker 3: It's going to be the end of Frankly, South Carolina,

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Speaker 3: going to be the end of everything. So I've been

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Speaker 3: talking about this and I said to him about nine

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Speaker 3: months ago, I said, you know what I want you

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Speaker 3: to do me A favorite John, his name is John.

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Speaker 3: I don't want to give his last name because he

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Speaker 3: might not like it, but I said, I want to

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Speaker 3: see an auto plant. I want to go and see

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Speaker 3: one of these, you know, you press a button and

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Speaker 3: everything works, right. I want to see one of the

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Speaker 3: big ones. He said, all right, good. I said, where

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Speaker 3: do we go? I'd like to go to Michigan. I'd

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Speaker 3: like to go to some place in the United States.

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Speaker 3: He said, no, we can't do that. Why we're not

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Speaker 3: building anything big in the United States. That's not what

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Speaker 3: we don't build the big ones here. I said, where

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Speaker 3: are you building the biggest ones? He said, in Mexico.

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Speaker 3: We're building giant plants, the biggest plants anywhere in the

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Speaker 3: world in Mexico. I said, so, you mean they're going

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Speaker 3: to make cars cheaply, they have advantages over labor and

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Speaker 3: other things, and they're going to sell them into the

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Speaker 3: United States and they're going to put Michigan out of business?

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Speaker 3: Is that? What? I don't know anything about that. All

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Speaker 3: I do is build the plants. If you want to

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Speaker 3: see a plant, we'll go to Mexico. I'll show you

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Speaker 3: the biggest plant in the world. That was nine months ago.

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Speaker 3: I saw him, and I talked about it all the

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Speaker 3: time because I think it's a serious threat to our

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Speaker 3: country because not only outos but other things. So then

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Speaker 3: I see him two days ago. I was talking at

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Speaker 3: another club, very nice club, and like this, except I

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Speaker 3: don't know. I think you people are probably even wealthier. Okay.

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Speaker 3: This was in Detroit, Okay, which was appropriate, and I

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Speaker 3: was talking. I was showing them all sorts of charts

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Speaker 3: about how they are called. You know, it's just gotten down.

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Speaker 3: It's like terrible. And I saw him and I said, oh,

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Speaker 3: how are you doing? How have you been? I said,

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Speaker 3: could I ask you how are those plants that you mentioned?

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Speaker 3: Those giant plants that you're building in Mexico. How's that

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Speaker 3: coming along? Have you finished them? No, sir, they abandoned

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Speaker 3: the project when they heard you're running. They abandoned the

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Speaker 3: project when they saw that you were winning and doing well.

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Speaker 3: I said, well, I don't do it well. The thing

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Speaker 3: if I told them, I told them, and I said

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Speaker 3: it publicly, They're not going to sell one car into

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Speaker 3: the United States. I said, if I run this country,

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Speaker 3: if I'm going to be president of this country, I'm

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Speaker 3: going to put a one hundred, two hundred, two thousand

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Speaker 3: percent tariff. They're not going to sell one car into

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Speaker 3: the United States because We're not going to destroy our

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Speaker 3: country by so because I know you're an anti tariff guy,

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Speaker 3: but I'm the exact opposite. If I had there is

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Speaker 3: no other way I could have stopped them, other than

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Speaker 3: what am I going to do negotiating with Mexico with China.

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Speaker 3: You're not going to get anything from that. I said,

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Speaker 3: I'm going to put a one hundred, two hundred or

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Speaker 3: three hundred. I'm going to put the highest tariff in history,

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Speaker 3: meaning I'm going to stop them from ever selling a

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Speaker 3: car into the United States. So I just see the

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Speaker 3: guy by accident. I see him. He says, sir, they've abandoned.

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Speaker 3: And by the way they built foundations, they were really

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Speaker 3: rocket They were going to do it. They thought that

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Speaker 3: I was going to win, or maybe they're just hold

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Speaker 3: them off. I tell you this, if I don't win,

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Speaker 3: those factories are going to wipe out this country. They're

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Speaker 3: the biggest factories ever built for cars. They're going to

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Speaker 3: wipe out our country. If she wins, and she wanted,

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Speaker 3: if she doesn't know what the hell she's doing. If

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Speaker 3: she wins, she's and she's not going to be thinking

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Speaker 3: about I couldn't every speech I made having to do

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Speaker 3: with cars, but every speech I made having to do

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Speaker 3: with tariffs, I'd mentioned that our country is being threatened

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Speaker 3: by Mexico. Now all of those things, beyond even the

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Speaker 3: car companies, all of those things are now dead. They're dead.

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Speaker 3: I asked them, Will they start Probably not their dead

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Speaker 3: as a door nail. If she gets in, it'll start

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Speaker 3: up again.

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Speaker 2: Trump. I let you give your example. You talked a

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Speaker 2: lot about tariffs. You look at the American economy. Forty

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Speaker 2: million jobs rely on trade. It counts for twenty seven

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Speaker 2: percent of GDP Okay that off. That's also going to

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Speaker 2: effect on many many business people here. Tariffs also have

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Speaker 2: another side. Isn't that something that you have to acknowledge.

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Speaker 2: You could be plunging America into the biggest trade war

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Speaker 2: since Smoothall you're going to stop, You're going to there

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Speaker 2: are tariffs already.

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Speaker 3: There are no tariffs. All you have to do is

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Speaker 3: build your plant in the United States and you don't

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Speaker 3: have any tariffs.

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Speaker 2: People, there's a lot of places, a lot of places

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Speaker 2: like this, they rely there are a lot of jobs

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Speaker 2: that rely on foreigners coming here. You're going to basically

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Speaker 2: stop trade with China. You're talking about sixty that sixty

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Speaker 2: plent tariffs on that. You're talking, as you said, one hundred,

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Speaker 2: two hundred percent on things you don't really like. You're

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Speaker 2: also talking about twenty ten, twenty percent tariffs on the

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Speaker 2: rest of the world. That is going to have a

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Speaker 2: serious effect on the overall economy. And yes, you're going

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Speaker 2: to find some people who were gained from individual tariffs.

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Speaker 2: The overall effect could be massive.

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Speaker 3: I agree, it's going to have a massive effect. Positive effect.

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Speaker 4: It's going to be a positive Let me just no no,

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Speaker 4: let me give a committed You are to this, and

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Speaker 4: it must be hard for you to, you know, spend

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Speaker 4: twenty five years talking about tariffs has been negative, and

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Speaker 4: then have somebody explained to you that you're totally wrong.

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Speaker 2: It'll have a negative, it will have other if you

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Speaker 2: don't forty million jobs, there's a lot of jobs to

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Speaker 2: rely on. They're all coming back foot million jobs. There

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Speaker 2: are forty million jobs in America that rely on trade.

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Speaker 3: Ready. John Deere, great company. They announced about a year

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Speaker 3: ago they're going to build big plants outside of the

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Speaker 3: United States. Right, They're going to build them in Mexican.

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Speaker 2: You threaten they're all in a building. They still that's right.

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Speaker 3: I said, if John Deere builds those plants and not

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Speaker 3: selling anything into the United States. They just announced yesterday

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Speaker 3: they're probably not going to build the plants. Okay. I

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Speaker 3: kept the jobs here, and I'll keep them. John Dee

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Speaker 3: will stay here, and I'll tell John Deere if you

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Speaker 3: do build outside of the United States, you can if

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Speaker 3: you want. For instance, India is a very tough country.

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Speaker 3: It's not only China, you know, China is is the

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Speaker 3: I would say probably the toughest, but there are a

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Speaker 3: lot of tough you know, it's very tough European Union.

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Speaker 3: Our beautiful European country is wonderful, wonderful. If you add

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Speaker 3: them up, they're almost the size of us. They treat

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Speaker 3: us so badly. We have a deficit. I said to

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Speaker 3: Angela Merkel when she was there. She's not there anymore.

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Speaker 3: I wonder why. But when she was there, I said

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Speaker 3: to Angola, how many Chevrolets do we have in Berlin? Why? Donald,

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Speaker 3: you have none? He said, that's right. How many Fords

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Speaker 3: do we have in Frankfurt? I don't know none. I said,

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Speaker 3: that's right. You know how many cars we have, Mercedes, Benz,

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Speaker 3: BMW and all of the different VOLKSWAG and millions and millions,

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Speaker 3: of course. And then I said, farm products. You know,

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Speaker 3: they don't want our farm They don't want anything from us.

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Speaker 3: We have deficits that are crazy. We're not going to

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Speaker 3: have anymore. We're going to put tariffs on them, and

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Speaker 3: they're going to do and you know what they can do.

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Speaker 3: The Mercedes Bends will start building in the United States,

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Speaker 3: have a little bit, but you know what they really

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Speaker 3: are assembled like in South Carolina. But they build everything

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Speaker 3: in Germany and then they assemble it here. They get

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Speaker 3: away with murder because they say, oh, yes, we're building.

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Speaker 3: They don't build it. They take them out of a

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Speaker 3: box and they assemble them. We could have our child.

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Speaker 2: Don can we come back, Let's come Let's come back

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Speaker 2: to the Europeans. In the second what about consumers people

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Speaker 2: out there, they're going to be the biggest TAXI critics say,

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Speaker 2: your tariffs will end up being like a national sales

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Speaker 2: tax because the country add if you have America the

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Speaker 2: moment has three trillion dollars worth of imputs. You're going

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Speaker 2: to add tariffs to every single one of them. That

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Speaker 2: is going to push up the cost for all those

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Speaker 2: people who want to buy foreign goods. Is just simple mathematics,

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Speaker 2: President Trump.

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Speaker 3: It's not. Yeah, it is, but not the way you've

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Speaker 3: figured that was always very good in mathematics. Let me

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Speaker 3: tell you. You're saying three trilia's.

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Speaker 2: Trillion dollars worth of it and they don't have to pay.

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Speaker 3: And the higher the tariff, the more likely it is

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Speaker 3: to have them come into.

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Speaker 2: Higher the tariff, the more you're going to put on

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Speaker 2: the value of that those goods, the higher people are

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Speaker 2: going to pay in shops.

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Speaker 3: Ready, the higher the tariff, the more likely it is

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Speaker 3: that the company will come into the United States and

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Speaker 3: build a factory in the United States so it doesn't

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Speaker 3: have to pay the tariff that will.

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Speaker 2: Take That will take many many as you know, that

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Speaker 2: will take many years.

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Speaker 3: In fact, I'll tell you know. There's another theory is

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Speaker 3: that the tariff, you make it so high, so horrible,

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Speaker 3: so obnoxious, that they'll come right away. When I do

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Speaker 3: the ten percent ten percent is really first of all,

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Speaker 3: ten percent when you collect it is hundreds of billions

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Speaker 3: of numbers that you're talking all reducing our deficit. But

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Speaker 3: really so, there's two ways of looking at a tariff.

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Speaker 3: You can do it as a money making instrument, or

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Speaker 3: you can do it as something to get the companies. Now,

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Speaker 3: if you want the companies to come in, the traff

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Speaker 3: has to be a lot higher than ten percent, because

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Speaker 3: ten percent is not enough. They're not going to do

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Speaker 3: it for ten But you make fifty percent tariff, they're

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Speaker 3: going to come in. Let me tell you the other

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Speaker 3: thing about tariffs that's great are steel companies. As you know,

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Speaker 3: three four years ago, they were all gone. When I

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Speaker 3: was in office, I saw a man from a big

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Speaker 3: steel company and he was devastated. I knew him for

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Speaker 3: a long time, and it's been a tough business. It

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Speaker 3: was a great business many years ago. And I would

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Speaker 3: not let you are steel be sold to Japanese by

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Speaker 3: the way, it just psychologically I think it.

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Speaker 2: Was steel as you Yeah, I wouldn't.

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Speaker 3: Let Yeah, I would have let it be sold, but

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Speaker 3: I would if I would stop it if it hasn't

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Speaker 3: been completed by the time I'm president, because I think

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Speaker 3: it's such a horrible tone. But I had a lot

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Speaker 3: to do with steel. We were going to lose all

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Speaker 3: our steel companies because China, as you remember, was dumping

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Speaker 3: steel at levels that nobody's ever seen before. And I

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Speaker 3: put a fifty percent tax on that and tariff on

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Speaker 3: that all dumped steel. And it was also bad steal.

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Speaker 3: It was dirty what they call dirty steel was a

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Speaker 3: good steal, which is a bad thing for structural components

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Speaker 3: of building and planes and things like that. They were

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Speaker 3: dumping crap into our country. And I put a fifty

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Speaker 3: percent tariff. I started at twenty five. I raised it

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Speaker 3: to fifty because the twenty five didn't quite do it.

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Speaker 3: I raised it to fifty and that did it. They

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Speaker 3: stopped dumping steel, and I saved our steels by having that,

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Speaker 3: we saved it. We saved our steel. Now what was

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Speaker 3: left because we've lost so much. But there are certain

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Speaker 3: companies you have to have. There are certain things you

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Speaker 3: have to have. Steel you have to have if you

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Speaker 3: go to war. You know there's a possibility you go

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Speaker 3: to war. I kept us out of where I was

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Speaker 3: the only president in eighty two years that kept you

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Speaker 3: out of a war except I defeated Isis. But I

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Speaker 3: inherited that one. I mean, no wars. And by the way,

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Speaker 3: by the way, and I think it's very important you

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Speaker 3: can go. You know, I caught the weave. You can

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Speaker 3: call it. You have the weave as long as you

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Speaker 3: end up in the right location at the end. But

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Speaker 3: while we're talking about it, we have never been so

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Speaker 3: close to World War three as we have are right

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Speaker 3: now with what's going on in Ukraine, in Russia, in

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Speaker 3: the Middle East. Well, let's no wars in the whole world,

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Speaker 3: think of it. And I talked about a wars. I

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Speaker 3: talk plenty of countries at a wars. I had the

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Speaker 3: whole world other than Isis, which I inherited and I

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Speaker 3: knocked out Isis. And a matter of wiks, it was

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Speaker 3: supposed to take four to five years. I did it

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Speaker 3: in a matter of weeks. And we actually have a

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Speaker 3: great military. We don't know how to use it.

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Speaker 2: You present Joun with great respect. I was asking about tariffs.

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Speaker 2: You've gone off by that. Seeing you've brought up tariffs

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Speaker 2: and foreign policy, many people would say the biggest problem

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Speaker 2: with your tariffs is actually geopolitics. You in your first term,

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Speaker 2: you got some credit for effectively saying that there was

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Speaker 2: a Cold War against China. That's what America was in

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Speaker 2: You look at the last Cold War against the Soviet Union.

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Speaker 2: America won it in part because it rallied allies to it.

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Speaker 2: You're talking about slamming allies with thirty tariffs. Isn't this

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Speaker 2: time you're going to end up trying to rally the

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Speaker 2: West and you're dividing it instead. Isn't that the real

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Speaker 2: problem with tariff, even beyond all the problems to the economy,

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Speaker 2: where you you keep on bringing out these individual examples,

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Speaker 2: but the overall effect is going to be dramatic. Answer

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Speaker 2: first about foreign policies.

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Speaker 3: I'll do that.

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Speaker 2: How does it help you take on China? Turning all

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Speaker 2: your allies.

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Speaker 3: Again tremendously because China things were a stupid country, a

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Speaker 3: very stupid country. They can't believe that somebody finally got

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Speaker 3: wise to them. Not one president Bush Obama, Barack Husein Obama.

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Speaker 3: Have you heard of him? Not one president, not think

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Speaker 3: of it. Not one president charge China anything. They said, Oh,

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Speaker 3: they are third world nation, they are developing. Well, we're

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Speaker 3: a developing nation too. Take a look at Detroit. Take

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Speaker 3: a look at our cities. We're a developing nation. We

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Speaker 3: we have to develop more than they do. We're way

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Speaker 3: behind them. You take a look at what's happened to

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Speaker 3: our cities.

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Speaker 2: So my question is about your allies, not about China.

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Speaker 2: You aren't going to annoy the allies behind you.

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Speaker 3: But our allies have taken advantage of us more so

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Speaker 3: than our enemies. Our allies are the European Union. We

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Speaker 3: have a trade deficit of three hundred billion dollars with

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Speaker 3: the European Union. Our allies are Japan. You know, Abby

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Speaker 3: was a very good friend of mine. He was a

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Speaker 3: great guy, great and I said to him in Japan

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Speaker 3: he was assassinated and he was a great man, he

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Speaker 3: really was. I didn't see too many like him, and

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Speaker 3: he was. He got very sick and he had to

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Speaker 3: take off, and then he was actually making a comeback.

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Speaker 3: He was going to make a comeback and he would

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Speaker 3: have won easily. But he was a great gentleman, handsome,

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Speaker 3: wonderful man, respected by everybody. And I went to him

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Speaker 3: and I said, Chinzo, we have to talk what trade

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Speaker 3: and he goes, I'll never forget it, I know. I said,

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Speaker 3: what do you know? I knew you'd come to me.

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Speaker 3: Why do you say that, because I can't believe I

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Speaker 3: wouldn't tell the survey was alive. Actually said, I can't

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Speaker 3: believe how many years it's been that nobody even negotiated

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Speaker 3: with us in America. I said, Shinzo, you have to

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Speaker 3: pay for your cars. You're sending millions of cars. You

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Speaker 3: don't accept the car from US. You don't have one

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Speaker 3: car that you accept, and yet we're selling three million,

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Speaker 3: four million of your cars. I said, Shinzo on agriculture,

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Speaker 3: you won't even accept our agriculture. And I renegotiated a

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Speaker 3: whole trade deal from a little disadvantage because I was

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Speaker 3: stuck with a bad deal. I mean, I got we

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Speaker 3: have trade deals that were so bad that I said,

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Speaker 3: who are the people that are doing it? They're either

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Speaker 3: very stupid or are they getting paid off? Okay, it's

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Speaker 3: one or the other. It's very simple. We have the

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Speaker 3: worst trade deals all over the world. South Korea. I

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Speaker 3: love South Korea. They're wonderful people, extremely ambitious. They have

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Speaker 3: a money machine. We protect them from North Korea and

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Speaker 3: other people. North Korea is very nuclear. I got along

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Speaker 3: with him very well, Kim Jong. But wait, they don't

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Speaker 3: pass anything. And I said, this is crazy. If I

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Speaker 3: didn't put tariffs on you know, the the car companies,

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Speaker 3: they make most of their money at small trucks. I

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Speaker 3: put tariffs on China, but I put twenty seven point

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Speaker 3: five percent. Otherwise we'd be flooded with Chinese cars and

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Speaker 3: all of our factories were clothes, would have no jobs

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Speaker 3: at all in the auto industry that goes for electric

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Speaker 3: by the way, which is a killer, which I've explained

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Speaker 3: and I don't think I have to bore anybody by

402
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Speaker 3: talking about it. But I put tariffs on South Korea

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Speaker 3: because they were sending in trucks, and I put tariffs

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Speaker 3: on fairly substantial tariffs. Do you know that our car

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Speaker 3: companies make almost all of their money with the small trucks,

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Speaker 3: SUVs and small trucks. If I took those tariffs on

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Speaker 3: you would be inundated. Every car company would be out

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Speaker 3: of business. And I got calls from Ford, I got

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Speaker 3: calls from everybody saying, Sir, I can't believe you only

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Speaker 3: this for us. You saved our company. We were going

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Speaker 3: to they make all their money with us if they

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Speaker 3: make most of their money with a small truck. And

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Speaker 3: you know the sun is.

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Speaker 2: Many consumers ended up with more expensive cars. But let

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Speaker 2: me just let me just come at you and foreign policy.

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Speaker 3: You wouldn't have at our company.

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Speaker 2: You have said that Taiwan should pay for US protection.

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Speaker 2: I asked, because this morning you just mentioned North Korea.

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Speaker 2: The Chinese Army literally as we speak, are engaged in

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Speaker 2: rehearsals for a full naval blockade of Taiwan. So I

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Speaker 2: suppose my question is if China invades Taiwan, would you

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Speaker 2: send American troops to defend it.

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Speaker 3: Well, the reason they're doing it now is they're not

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Speaker 3: going to do it afterwards. Okay, it's you know, so

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Speaker 3: they're doing it now. They want to do a chain. Now. Look,

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Speaker 3: I had I had a very I had a very

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Speaker 3: good relationship with President. She had a very good relationship

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Speaker 3: with Putin and a very good relationship with Kim Jong on,

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Speaker 3: who has a nuclear force that you won't even believe.

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Speaker 3: And by the way, today it was announced for those

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Speaker 3: that he just blew up the railroad going into South Korea.

432
00:22:00,640 --> 00:22:04,480
Speaker 3: That means South Korea is now cut off from Russia

433
00:22:04,520 --> 00:22:06,520
Speaker 3: and China and various other places.

434
00:22:06,560 --> 00:22:09,640
Speaker 2: I mean, you just mentioned these are big things.

435
00:22:09,680 --> 00:22:11,240
Speaker 3: I have to mention that you just mentioned.

436
00:22:11,280 --> 00:22:13,119
Speaker 2: You just mentioned Putin though, and this has been this

437
00:22:13,200 --> 00:22:16,600
Speaker 2: controversy of the past week. Can you say yes or

438
00:22:16,640 --> 00:22:20,280
Speaker 2: no whether you have talked to Vladimir Putin since you

439
00:22:20,320 --> 00:22:21,240
Speaker 2: stopped being president.

440
00:22:21,320 --> 00:22:23,120
Speaker 3: Well, I don't come into that, but I will tell

441
00:22:23,119 --> 00:22:25,600
Speaker 3: you that if I did, it's a smart thing. If

442
00:22:25,640 --> 00:22:28,879
Speaker 3: I'm friendly with people, if I have a relationship with people,

443
00:22:29,520 --> 00:22:30,919
Speaker 3: that's a good thing, not a bit. I think in

444
00:22:31,000 --> 00:22:34,359
Speaker 3: terms of a country, He's got two thousand nuclear weapons,

445
00:22:34,440 --> 00:22:37,199
Speaker 3: and so do we. China has a lot less, but

446
00:22:37,240 --> 00:22:42,360
Speaker 3: they'll catch us within five years very much. I don't

447
00:22:42,400 --> 00:22:44,080
Speaker 3: talk about No, I don't talk about that.

448
00:22:44,640 --> 00:22:48,919
Speaker 2: I talk about I can tell you what these people, Russia.

449
00:22:48,560 --> 00:22:52,600
Speaker 3: Has never had a president that they respect so much.

450
00:22:52,640 --> 00:22:56,760
Speaker 3: But more importantly or less importantly, I guess I went

451
00:22:56,800 --> 00:22:59,680
Speaker 3: into Russia and people said, no, he likes Putting, and

452
00:22:59,720 --> 00:23:02,800
Speaker 3: put likes him. Let me tell you. The first thing

453
00:23:02,840 --> 00:23:06,680
Speaker 3: I did was terminated North Stream to nobody ever heard

454
00:23:06,680 --> 00:23:10,360
Speaker 3: of Nordstream too. It's a pipeline from Russia to Germany

455
00:23:10,440 --> 00:23:13,760
Speaker 3: and all over Europe. I said, wait a minute. To NATO,

456
00:23:13,920 --> 00:23:16,960
Speaker 3: I said, so, let's get this straight. My first meeting,

457
00:23:17,560 --> 00:23:20,879
Speaker 3: I said, so, Putin's building the biggest pipeline in the world.

458
00:23:20,920 --> 00:23:26,320
Speaker 3: He's going to Germany, but all over Europe. And you're

459
00:23:26,320 --> 00:23:29,480
Speaker 3: paying him billions of dollars a year, billions of dollars

460
00:23:29,520 --> 00:23:32,640
Speaker 3: a month. You're paying Germany spam billions of dollars a month.

461
00:23:33,720 --> 00:23:36,040
Speaker 3: And we're supposed to protect you against the guy that

462
00:23:36,080 --> 00:23:38,560
Speaker 3: you're paying all this money to. So is there's something

463
00:23:38,640 --> 00:23:42,919
Speaker 3: wrong with my thinking. So he's building a pipeline to

464
00:23:43,000 --> 00:23:46,239
Speaker 3: Germany and we're spending And by the way, until I

465
00:23:46,280 --> 00:23:49,440
Speaker 3: got there, we were spending almost one hundred percent for

466
00:23:49,560 --> 00:23:53,000
Speaker 3: NATO because we had all these delinquent countries they weren't paying.

467
00:23:53,560 --> 00:23:56,680
Speaker 3: When I got there, I said, you know what, And

468
00:23:57,359 --> 00:24:00,479
Speaker 3: by the way, my biggest fan is Stoltenberg, just leaving

469
00:24:00,840 --> 00:24:04,159
Speaker 3: Secretary General of NATO. He said. When Bush came in,

470
00:24:04,240 --> 00:24:06,320
Speaker 3: he made a speech and left. When Obama came in,

471
00:24:06,400 --> 00:24:08,359
Speaker 3: he made a speech and left. When Trump came in,

472
00:24:09,040 --> 00:24:10,600
Speaker 3: he made a speech, and he said, let me see

473
00:24:10,640 --> 00:24:13,400
Speaker 3: you books. And I found out in the books that

474
00:24:13,560 --> 00:24:16,520
Speaker 3: nobody was paying. There were only seven countries that were paying.

475
00:24:17,359 --> 00:24:21,680
Speaker 3: We were supporting NATO. They screw us on trade so bad,

476
00:24:21,760 --> 00:24:24,720
Speaker 3: the European nations, and then on top of that, they

477
00:24:24,760 --> 00:24:27,359
Speaker 3: were screwing us on the military. So they'd take you

478
00:24:27,440 --> 00:24:30,840
Speaker 3: a tremendous advantage of US three hundred and fifty billion

479
00:24:30,880 --> 00:24:36,040
Speaker 3: dollars on trade, and we're then supporting them. In other words,

480
00:24:36,040 --> 00:24:38,600
Speaker 3: it's not sustainable. You can't keep doing this. You can't

481
00:24:38,600 --> 00:24:43,600
Speaker 3: have that China, all of these countries, and stupid people

482
00:24:43,680 --> 00:24:47,360
Speaker 3: made these deals. I saw trade deals that were so

483
00:24:47,440 --> 00:24:50,480
Speaker 3: stupid that you have to be excuse me. That was

484
00:24:50,480 --> 00:24:53,639
Speaker 3: so bad that you'd have to be an idiot to

485
00:24:53,680 --> 00:24:57,240
Speaker 3: sign them, and we signed them for years. We had

486
00:24:57,280 --> 00:25:00,879
Speaker 3: we had I could tell you trade that I have

487
00:25:01,000 --> 00:25:03,280
Speaker 3: never seen anything. I said, who would agree to this.

488
00:25:03,840 --> 00:25:06,760
Speaker 3: They had to be corrupt. They had to be corrupt

489
00:25:06,800 --> 00:25:09,719
Speaker 3: to make those deals. They had to be corrupt, because

490
00:25:09,800 --> 00:25:13,280
Speaker 3: there is no way a rational human being. I always say,

491
00:25:13,320 --> 00:25:16,560
Speaker 3: either corrupt or extremely stupid, because there's no way a

492
00:25:16,680 --> 00:25:20,160
Speaker 3: rational human being would ever sign the trade deals at

493
00:25:20,160 --> 00:25:23,399
Speaker 3: this country signed, and I got out of many of

494
00:25:23,480 --> 00:25:26,040
Speaker 3: those deals. I told South kore I'm sorry, you're gonna

495
00:25:26,080 --> 00:25:28,119
Speaker 3: have to pay for your military. We have forty thousand

496
00:25:28,200 --> 00:25:31,200
Speaker 3: troops over there. You're gonna have to pay. You become

497
00:25:31,240 --> 00:25:34,879
Speaker 3: a very wealthy country just to finish. You become a

498
00:25:35,000 --> 00:25:37,520
Speaker 3: very wealth They said, no, no, no, we will not pay.

499
00:25:37,680 --> 00:25:40,640
Speaker 3: We will not We haven't paid since the Korean War.

500
00:25:41,680 --> 00:25:44,320
Speaker 3: I said, no, you got to pay. I said, would

501
00:25:44,400 --> 00:25:47,240
Speaker 3: five billion dollars a year to start off with? No,

502
00:25:47,240 --> 00:25:51,480
Speaker 3: no where. They went crazy. They agreed the two I

503
00:25:51,520 --> 00:25:55,080
Speaker 3: got two billion dollars for nothing, and I said, here's

504
00:25:55,119 --> 00:25:57,280
Speaker 3: what we're going to do. They said, we can't agree

505
00:25:57,320 --> 00:25:59,840
Speaker 3: to this because we have to go through parliament. They

506
00:25:59,880 --> 00:26:03,120
Speaker 3: have the parliament or whatever their legislature is. They said,

507
00:26:03,160 --> 00:26:06,320
Speaker 3: that's okay, I fully understand that. Make it two billion dollars.

508
00:26:06,760 --> 00:26:08,320
Speaker 3: But next year I'm going to talk to you again.

509
00:26:08,560 --> 00:26:10,919
Speaker 3: And I was going to make it five billion. And

510
00:26:10,960 --> 00:26:14,160
Speaker 3: they knew it was coming. The happiest people to see

511
00:26:14,160 --> 00:26:17,919
Speaker 3: that it was Biden instead of Trump with them. South Korea.

512
00:26:18,160 --> 00:26:20,480
Speaker 3: You know they did. They cut off the deal that

513
00:26:20,560 --> 00:26:23,439
Speaker 3: I made where they were paying us. They backed to

514
00:26:23,520 --> 00:26:26,240
Speaker 3: nothing because they went back to Biden and they gave

515
00:26:26,280 --> 00:26:28,440
Speaker 3: it to them for nothing. They were willing to pay.

516
00:26:28,760 --> 00:26:32,359
Speaker 3: We have forty thousand troops in harm's way, very serious

517
00:26:32,680 --> 00:26:35,600
Speaker 3: because you have North Korea's very serious power. They have

518
00:26:35,640 --> 00:26:39,000
Speaker 3: tremendous nuclear power. And I said to South Korea, you

519
00:26:39,000 --> 00:26:42,399
Speaker 3: gotta pay, and they agreed to do it, and Biden

520
00:26:42,520 --> 00:26:45,760
Speaker 3: then cut it back. And it's a shame. And I

521
00:26:45,760 --> 00:26:48,920
Speaker 3: could tell you fifty deals and if I were there now,

522
00:26:49,040 --> 00:26:52,000
Speaker 3: they'd be paying US ten billion dollars a year, and

523
00:26:52,080 --> 00:26:53,880
Speaker 3: you know what, they'd be happy to do it. It's

524
00:26:53,920 --> 00:26:56,600
Speaker 3: a money machine. South Korea. You're going to mention Taiwan.

525
00:26:56,680 --> 00:26:58,080
Speaker 3: You wanted to mention that you mentioned.

526
00:26:58,080 --> 00:27:00,080
Speaker 2: You mentioned Taiwan, you said you would defend them. You

527
00:27:00,119 --> 00:27:03,119
Speaker 2: also seem to imply that Putin you would not putin.

528
00:27:03,200 --> 00:27:05,239
Speaker 2: You seem to imply that you had talked to him

529
00:27:05,640 --> 00:27:09,400
Speaker 2: without actually confirming I said those things. What about? Can

530
00:27:09,440 --> 00:27:12,080
Speaker 2: I ask you a particular thing about the dollar? You've

531
00:27:12,080 --> 00:27:14,760
Speaker 2: actually you talked about wars at the New York Economic Club.

532
00:27:14,840 --> 00:27:17,320
Speaker 2: You said that if you lost the dollar as a

533
00:27:17,359 --> 00:27:20,160
Speaker 2: reserve currency, it would be like America losing a war.

534
00:27:21,119 --> 00:27:22,560
Speaker 2: You look at what you're going to do in terms

535
00:27:22,560 --> 00:27:26,720
Speaker 2: of protectionism, drive countries to use the other currencies, and

536
00:27:26,760 --> 00:27:29,439
Speaker 2: all that debt is also going to lessen the dollar's

537
00:27:29,480 --> 00:27:32,200
Speaker 2: status as of the world's reserve currency. Do you worry

538
00:27:32,200 --> 00:27:32,560
Speaker 2: about that?

539
00:27:32,560 --> 00:27:35,399
Speaker 3: The dollar is so secure, your reserve currency is the

540
00:27:35,480 --> 00:27:36,639
Speaker 3: strongest it'll ever be.

541
00:27:37,480 --> 00:27:41,360
Speaker 2: And Trump at the moment, there is a thing called

542
00:27:41,400 --> 00:27:43,639
Speaker 2: the Trump trade in the markets. Do you know what

543
00:27:43,680 --> 00:27:45,919
Speaker 2: that is? The Trump trade is very simple. People are

544
00:27:45,920 --> 00:27:49,440
Speaker 2: betting that your policies, they're going to drive up debt.

545
00:27:49,880 --> 00:27:52,199
Speaker 2: They're going to drive up inflation, so they're going to

546
00:27:52,240 --> 00:27:55,680
Speaker 2: drive up inflation interest rates. Are the investors wrong?

547
00:27:55,960 --> 00:27:59,160
Speaker 3: Yeah, I had four years no inflation. I had four

548
00:27:59,240 --> 00:28:00,320
Speaker 3: years now, but.

549
00:28:00,320 --> 00:28:02,159
Speaker 2: That was that was when you had much.

550
00:28:02,200 --> 00:28:06,080
Speaker 3: I had four years. It's better than that. And Biden,

551
00:28:06,160 --> 00:28:08,359
Speaker 3: who has no idea where the hell he is? Okay,

552
00:28:09,080 --> 00:28:12,840
Speaker 3: Biden went two years with no inflation because he inherited

553
00:28:12,880 --> 00:28:16,760
Speaker 3: from me. And then they started spending money like drunken sailors.

554
00:28:16,840 --> 00:28:19,560
Speaker 3: They spent so much money. It was so ridiculous. The

555
00:28:19,560 --> 00:28:22,320
Speaker 3: money they were spending. They were spending on the green

556
00:28:22,320 --> 00:28:25,560
Speaker 3: new scam, A green new scam, the green new deal.

557
00:28:26,359 --> 00:28:29,680
Speaker 3: You know it was conceived of by AOC plus three.

558
00:28:30,320 --> 00:28:32,919
Speaker 3: She never even studied the environment in college. She went

559
00:28:32,960 --> 00:28:36,520
Speaker 3: to a nice college. She came out. She just said

560
00:28:36,880 --> 00:28:39,360
Speaker 3: the green new scam. She just named all these things.

561
00:28:41,400 --> 00:28:43,320
Speaker 2: She meant. The markets are looking at the fact you

562
00:28:43,320 --> 00:28:47,080
Speaker 2: are making all these promises. Latest one was carloans. You're

563
00:28:47,120 --> 00:28:50,240
Speaker 2: flooding the thing with giving giveaways. But when I was

564
00:28:50,280 --> 00:28:52,760
Speaker 2: actually I was actually quite kind to you. I used

565
00:28:53,120 --> 00:28:57,040
Speaker 2: seven trillion. The upper estimate is fifteen trillion. People like

566
00:28:57,040 --> 00:29:00,520
Speaker 2: a Wall Street Journal, who's hardly a communist organization. They

567
00:29:00,520 --> 00:29:03,040
Speaker 2: have criticized you on this as well. You are running

568
00:29:03,040 --> 00:29:04,080
Speaker 2: an enormous debt.

569
00:29:04,280 --> 00:29:06,120
Speaker 3: What is the Wall Street Journal? Now I'm meeting with

570
00:29:06,160 --> 00:29:08,000
Speaker 3: them tomorrow. What is the Wall Street Journal? That they've

571
00:29:08,000 --> 00:29:10,640
Speaker 3: been wrong about everything? So of you, by the way,

572
00:29:11,000 --> 00:29:11,520
Speaker 3: you've been wrong.

573
00:29:11,680 --> 00:29:13,840
Speaker 2: You're trying to turn this. You're trying to turn this.

574
00:29:13,880 --> 00:29:14,440
Speaker 3: You've been wrong.

575
00:29:14,560 --> 00:29:16,360
Speaker 2: Now you're trying to turn You're trying to turn this

576
00:29:16,440 --> 00:29:20,200
Speaker 2: into debate. There are business people You're wrong.

577
00:29:20,280 --> 00:29:22,640
Speaker 3: You've been wrong. You've been wrong all your life on

578
00:29:22,720 --> 00:29:25,560
Speaker 3: this stuff. You've been let me tell you about currency.

579
00:29:25,640 --> 00:29:27,600
Speaker 3: You're gonna you know, you're going jumping a lot of

580
00:29:27,720 --> 00:29:31,719
Speaker 3: a lot of different subjects to the subject stick their

581
00:29:31,760 --> 00:29:35,200
Speaker 3: reserve currency. That's where you start, right. The reserve currency

582
00:29:35,960 --> 00:29:39,880
Speaker 3: is under threat because you have Iran, you have Russia,

583
00:29:39,960 --> 00:29:42,040
Speaker 3: you have China. Once China is the one that you

584
00:29:42,080 --> 00:29:43,960
Speaker 3: have to worry about because they want it. They want

585
00:29:44,000 --> 00:29:47,560
Speaker 3: to have the wand be the you know, thing of power.

586
00:29:48,400 --> 00:29:51,160
Speaker 3: So here's what I'm doing again. I hate to go

587
00:29:51,280 --> 00:29:54,480
Speaker 3: back to it. If somebody says, and I know countries

588
00:29:54,520 --> 00:29:56,760
Speaker 3: want to get out because they don't respect our leadership,

589
00:29:56,800 --> 00:29:58,240
Speaker 3: they look at this guy, they say, you've got to

590
00:29:58,280 --> 00:30:00,000
Speaker 3: be kidding. And she's worse than him, by the way

591
00:30:00,160 --> 00:30:03,280
Speaker 3: she's I never thought i'd say this. She is not

592
00:30:03,360 --> 00:30:05,440
Speaker 3: as smart as Biden. If you can believe, this is

593
00:30:05,480 --> 00:30:09,320
Speaker 3: not what we had four years of this lunacy, and

594
00:30:09,360 --> 00:30:12,160
Speaker 3: we can't have anymore. We're not gonna have a country left. Okay.

595
00:30:12,400 --> 00:30:15,920
Speaker 3: Currency very important, yes, And if you want to go

596
00:30:15,960 --> 00:30:17,880
Speaker 3: to third world, if you want to go to third

597
00:30:17,920 --> 00:30:21,920
Speaker 3: world status, lose your reserve currency. We have to have that.

598
00:30:22,120 --> 00:30:25,320
Speaker 3: We cannot lose it. If you'll go to third world

599
00:30:25,400 --> 00:30:27,280
Speaker 3: status in this country because you take a look at

600
00:30:27,280 --> 00:30:31,840
Speaker 3: the way things are running. If a country tells me, Sarah,

601
00:30:31,840 --> 00:30:33,640
Speaker 3: we like you very much, but we're going to no

602
00:30:33,720 --> 00:30:37,560
Speaker 3: longer adhere to being in the reserve currency. We're not

603
00:30:37,600 --> 00:30:41,960
Speaker 3: going to salute the dollar anymore. I'll say that's okay,

604
00:30:42,800 --> 00:30:45,600
Speaker 3: And you're going to pay one hundred percent TERI for

605
00:30:45,720 --> 00:30:49,480
Speaker 3: everything you sell into the United States. And we love

606
00:30:49,480 --> 00:30:51,160
Speaker 3: your product. I help you sell a lot of it

607
00:30:51,200 --> 00:30:53,040
Speaker 3: into the United States, but you're going to pay one

608
00:30:53,120 --> 00:30:57,360
Speaker 3: hundred percent tab. He will then follow it up by saying, sir,

609
00:30:57,520 --> 00:30:59,719
Speaker 3: it would be an honor to stay with the reserve

610
00:30:59,760 --> 00:31:02,760
Speaker 3: current and say I will be That will be like

611
00:31:02,880 --> 00:31:05,920
Speaker 3: just playing that's not even chess, that's checkers. But you

612
00:31:05,960 --> 00:31:09,440
Speaker 3: don't have other listen to this. You don't have other

613
00:31:09,480 --> 00:31:11,240
Speaker 3: people that can talk that way. You know a lot

614
00:31:11,240 --> 00:31:15,400
Speaker 3: of people say, we love Trump's policy, but we would

615
00:31:15,440 --> 00:31:17,560
Speaker 3: like to have another messenger because we don't like him.

616
00:31:17,560 --> 00:31:20,160
Speaker 3: He's a little bit crass. And then actually it was

617
00:31:20,160 --> 00:31:22,320
Speaker 3: Lindsay Graham. I must say he was a progressive in

618
00:31:22,400 --> 00:31:26,600
Speaker 3: all fairness, but Lindsay Graham said, but Trump's policy doesn't

619
00:31:26,600 --> 00:31:28,800
Speaker 3: work with that Trump and there's a lot of truth

620
00:31:28,840 --> 00:31:34,160
Speaker 3: to that. Macron was going to nice guy Emmanuel. He's

621
00:31:34,200 --> 00:31:36,240
Speaker 3: a wise guy, but he's for France and we're for

622
00:31:36,480 --> 00:31:40,080
Speaker 3: the USA. You know this story. He was going to

623
00:31:40,320 --> 00:31:45,240
Speaker 3: tax American companies doing business in France a very substantial tax.

624
00:31:45,760 --> 00:31:48,440
Speaker 3: And I told my people, I'm not I didn't even

625
00:31:48,480 --> 00:31:53,840
Speaker 3: like the companies, but I'm representing American companies and this guy.

626
00:31:54,200 --> 00:31:57,200
Speaker 3: So I said, call Macron and call his people and

627
00:31:57,200 --> 00:32:00,120
Speaker 3: say we're not going to stand for that. And I

628
00:32:00,160 --> 00:32:02,640
Speaker 3: got the Mnuchin and you know a lot of guys,

629
00:32:02,640 --> 00:32:05,560
Speaker 3: smart guys. If I can finish, I'll go longer.

630
00:32:05,560 --> 00:32:09,240
Speaker 2: If you want about the Federal room.

631
00:32:09,800 --> 00:32:11,959
Speaker 3: You've got to be able to finish a thought because

632
00:32:12,000 --> 00:32:14,240
Speaker 3: it's very important. You know, this is big stuff we're

633
00:32:14,280 --> 00:32:15,680
Speaker 3: talking about. You can't go that.

634
00:32:15,800 --> 00:32:16,760
Speaker 2: You've gone from the dollleuts.

635
00:32:17,000 --> 00:32:19,800
Speaker 3: Let me just tell you so. I said, no, I'm

636
00:32:19,840 --> 00:32:22,960
Speaker 3: just telling you basic. It's called the weave. It's all

637
00:32:23,000 --> 00:32:27,080
Speaker 3: these different things happen him. So let me just say so.

638
00:32:27,120 --> 00:32:31,000
Speaker 3: I said to Mnuchin, call him up and say no. Way.

639
00:32:31,200 --> 00:32:33,120
Speaker 3: He did, and he came back to see me. He said,

640
00:32:33,160 --> 00:32:35,440
Speaker 3: they won't do it. So it's too late. I said

641
00:32:35,440 --> 00:32:37,560
Speaker 3: to somebody as you call him. Then I said, let

642
00:32:37,600 --> 00:32:41,120
Speaker 3: me do it. And I called him and I said, Emmanuel,

643
00:32:42,520 --> 00:32:47,080
Speaker 3: you're taxing American companies very substantially. You're not doing it

644
00:32:47,120 --> 00:32:50,680
Speaker 3: with other companies. You must think we're stupid. It's not

645
00:32:50,720 --> 00:32:52,680
Speaker 3: going to happen. But doing all doing what I cannot

646
00:32:52,720 --> 00:32:54,840
Speaker 3: do anything it's too late or it was approved by

647
00:32:54,840 --> 00:32:58,600
Speaker 3: a legislature. I said, that's okay. Here's the story. Every

648
00:32:58,680 --> 00:33:01,120
Speaker 3: bottle of wine and CHAMPI that you sent into the

649
00:33:01,200 --> 00:33:06,720
Speaker 3: United States effective immediately, and I'm signing it as I speak.

650
00:33:07,720 --> 00:33:12,200
Speaker 3: I'm charging you one hundred percent. Want every bottle of

651
00:33:12,240 --> 00:33:15,240
Speaker 3: wine and champagne. You know they like the wine and champagne. Right,

652
00:33:16,400 --> 00:33:18,760
Speaker 3: Every bottle of wine and champagne that comes into the

653
00:33:18,880 --> 00:33:22,120
Speaker 3: United States of Americas has a tax on starting on

654
00:33:22,200 --> 00:33:25,680
Speaker 3: Monday morning. This was a Friday of one hundred percent.

655
00:33:26,400 --> 00:33:30,960
Speaker 3: And that's better than you're doing, okay. And he said, no, no, no,

656
00:33:31,000 --> 00:33:34,760
Speaker 3: you cannot do that. I said, I've done it. It's

657
00:33:34,760 --> 00:33:38,800
Speaker 3: already signed Monday morning, be goes. May I call you back, yes,

658
00:33:38,920 --> 00:33:41,160
Speaker 3: of course, me back in about three minutes. We have

659
00:33:41,240 --> 00:33:45,480
Speaker 3: decided to remove the tax from the communism. I did

660
00:33:45,520 --> 00:33:48,320
Speaker 3: this all day long, but you don't have you think

661
00:33:48,360 --> 00:33:49,160
Speaker 3: Biden does that.

662
00:33:49,240 --> 00:33:51,880
Speaker 2: I don't think so let me let me, let me change.

663
00:33:52,440 --> 00:33:57,200
Speaker 2: Let me ask you a very factual question. The Federal Reserve. Yeah,

664
00:33:57,280 --> 00:33:59,320
Speaker 2: you say you don't want interest rates to go higher.

665
00:33:59,360 --> 00:34:02,120
Speaker 2: You've gone back with some forwards about depends what you

666
00:34:02,120 --> 00:34:03,760
Speaker 2: want to keep, whether you want to keep your own

667
00:34:03,800 --> 00:34:07,160
Speaker 2: Powell's chair at the Federal Reserve. His term as chair

668
00:34:07,280 --> 00:34:10,640
Speaker 2: runs on to May twenty twenty six. Would you seek

669
00:34:10,680 --> 00:34:13,000
Speaker 2: to remove, remove or demote him?

670
00:34:13,280 --> 00:34:17,799
Speaker 3: Look, I think it's the greatest job in government. You

671
00:34:17,840 --> 00:34:20,520
Speaker 3: show up to the office once a month and you say,

672
00:34:20,640 --> 00:34:25,400
Speaker 3: let's see flip aical and everybody talks about you like

673
00:34:25,440 --> 00:34:27,319
Speaker 3: you're a god. Oh what will he do? I mean

674
00:34:27,360 --> 00:34:30,000
Speaker 3: before the guy used to walk into my office, he

675
00:34:30,160 --> 00:34:33,520
Speaker 3: was like began host. He was fine.

676
00:34:33,640 --> 00:34:36,959
Speaker 2: You did talk about him, You talked about removing him once.

677
00:34:37,320 --> 00:34:40,200
Speaker 3: I did because he was keeping the ridge too high,

678
00:34:40,239 --> 00:34:41,120
Speaker 3: and I was right.

679
00:34:41,080 --> 00:34:42,120
Speaker 2: And you would do that again.

680
00:34:42,320 --> 00:34:46,120
Speaker 3: In fact, he actually dropped them too much when I

681
00:34:46,160 --> 00:34:50,440
Speaker 3: did this, because I said I was threatening to terminate him.

682
00:34:50,440 --> 00:34:52,480
Speaker 3: There was a question as to whether or not you could,

683
00:34:53,160 --> 00:34:55,080
Speaker 3: and there was an article on the New York Times

684
00:34:55,160 --> 00:34:57,759
Speaker 3: two hair pages one page that I can do it

685
00:34:57,920 --> 00:35:00,520
Speaker 3: by lawyers one hair page that I couldn't, and that

686
00:35:00,600 --> 00:35:02,480
Speaker 3: was enough for him, and he dropped the hell out

687
00:35:02,520 --> 00:35:04,560
Speaker 3: of the rates. He dropped them too much, he went,

688
00:35:04,680 --> 00:35:09,920
Speaker 3: so he dropped them actually too much. Okay, here's the story.

689
00:35:10,680 --> 00:35:13,960
Speaker 3: I think that if you're a very good president with

690
00:35:14,040 --> 00:35:17,479
Speaker 3: good sense, you should be able to at least talk

691
00:35:17,560 --> 00:35:19,680
Speaker 3: to him. I don't say make the decision at all,

692
00:35:19,719 --> 00:35:23,120
Speaker 3: but I mean I've been a very successful businessman. I've

693
00:35:23,160 --> 00:35:26,239
Speaker 3: done really good, much better now people are understanding how

694
00:35:26,280 --> 00:35:29,839
Speaker 3: good I've done because they're seeing it much better than

695
00:35:29,880 --> 00:35:33,560
Speaker 3: the fake news wants to give me credit. What I

696
00:35:33,560 --> 00:35:36,000
Speaker 3: think I have the right to say. As a very

697
00:35:36,000 --> 00:35:40,000
Speaker 3: good businessman and somebody that's used a lot of sense,

698
00:35:40,680 --> 00:35:42,600
Speaker 3: I think I have the right to say that. You know,

699
00:35:43,160 --> 00:35:46,400
Speaker 3: I think I'm better than he would be. I think

700
00:35:46,440 --> 00:35:48,920
Speaker 3: I'm better than most people would be in that position.

701
00:35:49,280 --> 00:35:50,560
Speaker 3: I think I have the right to say I think

702
00:35:50,600 --> 00:35:52,680
Speaker 3: you should go up or down a little bit. I

703
00:35:52,719 --> 00:35:55,040
Speaker 3: don't think I should be allowed to order it, but

704
00:35:55,120 --> 00:35:57,120
Speaker 3: I think I have the right to put in comments

705
00:35:57,719 --> 00:36:00,000
Speaker 3: as to whether or not interest rates should go up.

706
00:36:00,719 --> 00:36:02,520
Speaker 2: You, when you looked at the Supreme Court, you came

707
00:36:02,600 --> 00:36:04,400
Speaker 2: up with a list of people, I did, who you

708
00:36:04,480 --> 00:36:07,680
Speaker 2: thought of replacing bringing in a Supreme Court justices? Would

709
00:36:07,680 --> 00:36:09,080
Speaker 2: you do that with the federal.

710
00:36:08,880 --> 00:36:11,160
Speaker 3: Well I no longer needed well I it was a

711
00:36:11,200 --> 00:36:12,799
Speaker 3: great thing. In fact, a lot of people said I

712
00:36:12,840 --> 00:36:16,120
Speaker 3: got elected because of that. I was an unknown quantity.

713
00:36:16,160 --> 00:36:18,080
Speaker 3: I was very known as a business guy, but I

714
00:36:18,120 --> 00:36:20,680
Speaker 3: wasn't known as a political person or the leader of

715
00:36:20,719 --> 00:36:23,960
Speaker 3: a country. And people were very worried about you know,

716
00:36:24,760 --> 00:36:27,040
Speaker 3: actually they were worried, am I going to be liberal?

717
00:36:27,360 --> 00:36:30,000
Speaker 3: If you want to know the truth? And somebody said,

718
00:36:30,719 --> 00:36:32,960
Speaker 3: would you come up with a list of twenty or

719
00:36:33,000 --> 00:36:38,600
Speaker 3: twenty five justices in this case, mostly judges that you'd

720
00:36:38,600 --> 00:36:43,480
Speaker 3: put in in case it were necessary. Now it's amazing

721
00:36:43,560 --> 00:36:46,520
Speaker 3: because I got three in four years. Most people get

722
00:36:46,560 --> 00:36:48,799
Speaker 3: none because you know, you put them in the young.

723
00:36:49,080 --> 00:36:53,240
Speaker 3: You tend to put them in young. Only super people

724
00:36:53,280 --> 00:36:56,200
Speaker 3: put old. You know, you don't put old in because

725
00:36:56,200 --> 00:36:58,440
Speaker 3: they're there for two years or three years you.

726
00:36:58,760 --> 00:37:01,680
Speaker 2: Were you know, I got three.

727
00:37:02,000 --> 00:37:05,040
Speaker 3: Most a lot of judges, a lot of presidents get none.

728
00:37:05,120 --> 00:37:09,000
Speaker 3: I got three, and I think they've been three great

729
00:37:09,040 --> 00:37:12,719
Speaker 3: choices too, by the way, But they by the way,

730
00:37:12,719 --> 00:37:14,840
Speaker 3: I think they have. I think they have been really

731
00:37:15,000 --> 00:37:20,239
Speaker 3: great choices. But I got three judges, and and you

732
00:37:20,239 --> 00:37:22,040
Speaker 3: know what they want to do. They want to put

733
00:37:22,120 --> 00:37:24,400
Speaker 3: up they want to now put up up to twenty

734
00:37:24,520 --> 00:37:28,640
Speaker 3: five justices into the Supreme Court, the radical left, and

735
00:37:28,880 --> 00:37:31,440
Speaker 3: that can't happen. So I think I've done a great

736
00:37:31,520 --> 00:37:35,000
Speaker 3: job in putting injustices and three hundred judges, and that

737
00:37:35,080 --> 00:37:38,080
Speaker 3: made a tremendous difference in the country. You know, I

738
00:37:38,200 --> 00:37:41,640
Speaker 3: was a little lucky because baracusay and Obama did not

739
00:37:41,719 --> 00:37:44,960
Speaker 3: get his judges approved a lot of them. So I

740
00:37:45,080 --> 00:37:47,640
Speaker 3: ended up with one hundred and twenty five judges before

741
00:37:47,640 --> 00:37:51,560
Speaker 3: I got there. So most again, most presidents don't even

742
00:37:51,600 --> 00:37:53,960
Speaker 3: get to put a Supreme Court judge in because it's

743
00:37:54,040 --> 00:37:56,719
Speaker 3: nine and you know, they're there for a long time.

744
00:37:56,760 --> 00:37:58,440
Speaker 3: Most of them are there for a very long time.

745
00:37:59,200 --> 00:38:01,800
Speaker 3: And I got three, which is a very unusual situation.

746
00:38:02,000 --> 00:38:03,320
Speaker 3: I got three in four years.

747
00:38:04,280 --> 00:38:07,120
Speaker 2: Maybe we can change the subject's technology thing you wouldn't

748
00:38:07,120 --> 00:38:10,920
Speaker 2: talk about the Federal Reserve. The US Justice Department is

749
00:38:10,960 --> 00:38:14,840
Speaker 2: thinking about breaking up alphabet because Google likes to be known. Now,

750
00:38:15,280 --> 00:38:16,640
Speaker 2: should Google be breaken up?

751
00:38:18,960 --> 00:38:22,960
Speaker 3: I just haven't gotten over something. The Justice Department did

752
00:38:23,040 --> 00:38:29,759
Speaker 3: yesterday where Virginia cleaned up its voter rolls and got

753
00:38:29,840 --> 00:38:33,080
Speaker 3: rid of thousands and thousands of bad votes, and the

754
00:38:33,320 --> 00:38:36,759
Speaker 3: Justice Department sued them that they should be allowed to

755
00:38:36,800 --> 00:38:39,880
Speaker 3: put those bad votes and illegal votes back in and

756
00:38:40,000 --> 00:38:44,160
Speaker 3: let the people vote. So I haven't gotten I haven't

757
00:38:44,160 --> 00:38:45,880
Speaker 3: gotten over that. A lot of people have seen that.

758
00:38:45,920 --> 00:38:46,840
Speaker 3: They can't even believe it.

759
00:38:46,920 --> 00:38:48,759
Speaker 2: The question is about Google, President Chump.

760
00:38:49,000 --> 00:38:51,799
Speaker 3: Yeah, Look, Google's got a lot of power. They're very

761
00:38:51,840 --> 00:38:54,080
Speaker 3: bad to me, very very bad to me. I mean

762
00:38:54,719 --> 00:38:58,280
Speaker 3: I can speak from that standpoint. They only have bad stories.

763
00:38:58,320 --> 00:39:00,160
Speaker 3: In other words, if I have twenty good stories and

764
00:39:00,239 --> 00:39:04,560
Speaker 3: twenty bad stories and everyone's entitled to that, you'll only

765
00:39:04,600 --> 00:39:08,480
Speaker 3: see the twenty bad stories. And I called the head

766
00:39:08,520 --> 00:39:11,120
Speaker 3: of Google the other day and I said, I'm getting

767
00:39:11,160 --> 00:39:13,359
Speaker 3: a lot of good stories lately, but you don't find

768
00:39:13,400 --> 00:39:15,319
Speaker 3: them in Google. I think it's a whole rig deal.

769
00:39:15,360 --> 00:39:17,960
Speaker 3: I think Google's rigged, just like our government is rigged

770
00:39:17,960 --> 00:39:18,640
Speaker 3: all over you.

771
00:39:18,640 --> 00:39:19,520
Speaker 2: You would break them up.

772
00:39:19,520 --> 00:39:22,200
Speaker 3: In other words, I do something, but you have to

773
00:39:22,280 --> 00:39:24,879
Speaker 3: have Look, I give them a lot of credit. They've

774
00:39:24,880 --> 00:39:27,680
Speaker 3: become such a power, such a power, and you've got

775
00:39:27,680 --> 00:39:30,880
Speaker 3: to give them credit for that. How they became a

776
00:39:31,000 --> 00:39:35,600
Speaker 3: power is you know, really the discussion. At the same time,

777
00:39:37,040 --> 00:39:40,440
Speaker 3: it's a very dangerous thing because we want to have

778
00:39:40,480 --> 00:39:43,200
Speaker 3: great companies. We don't want China to have these companies.

779
00:39:43,560 --> 00:39:46,480
Speaker 3: Right now, China is a friend of Google right now.

780
00:39:46,520 --> 00:39:50,239
Speaker 3: You know, China is a very powerful, very smart group

781
00:39:50,280 --> 00:39:52,680
Speaker 3: of people. I will tell you that from very personal.

782
00:39:52,440 --> 00:39:56,000
Speaker 2: Example of a Chinese tech company at the moment. TikTok. Yeah,

783
00:39:56,040 --> 00:39:59,040
Speaker 2: you initially wanted to ban TikTok. Now you like it,

784
00:39:59,080 --> 00:40:02,080
Speaker 2: apparently for some reason to do with Facebook. There is

785
00:40:02,080 --> 00:40:05,800
Speaker 2: a decision coming up. If you became president, it's Chinese

786
00:40:05,840 --> 00:40:07,719
Speaker 2: parent would have to sell it. I think it's by

787
00:40:07,760 --> 00:40:10,920
Speaker 2: January the nineteenth. Would you force them to do that?

788
00:40:11,320 --> 00:40:15,480
Speaker 3: So I originally had it all done, and then I

789
00:40:15,520 --> 00:40:19,200
Speaker 3: said to Congress, your decision. I said, I'm not going to,

790
00:40:19,400 --> 00:40:24,239
Speaker 3: you know, pull any strings nothing. Your decision. You make it.

791
00:40:24,320 --> 00:40:26,600
Speaker 3: But I had it all done and I said, you

792
00:40:26,640 --> 00:40:29,759
Speaker 3: make it, and they decided not to make it. I

793
00:40:29,760 --> 00:40:31,719
Speaker 3: didn't care if they made it or not, because to me,

794
00:40:31,760 --> 00:40:33,719
Speaker 3: it was a flip of acquiring. You know, you have

795
00:40:33,800 --> 00:40:36,320
Speaker 3: some real First Amendment problems. You have a lot of problems.

796
00:40:36,480 --> 00:40:40,560
Speaker 2: You just talked about Chinese technology, the need to defend

797
00:40:40,640 --> 00:40:44,000
Speaker 2: against it, TikTok and the threat people see too many

798
00:40:44,080 --> 00:40:47,239
Speaker 2: kind of American children and things like that. Why do

799
00:40:47,320 --> 00:40:49,880
Speaker 2: you no longer see the security threat?

800
00:40:50,280 --> 00:40:52,920
Speaker 3: I think it is a threat. Frankly, I think everything's

801
00:40:52,920 --> 00:40:56,760
Speaker 3: a threat. There's nothing that's not a threat. But sometimes

802
00:40:56,800 --> 00:40:58,719
Speaker 3: you have to fight through these threats. You know, you

803
00:40:58,760 --> 00:41:02,280
Speaker 3: can't just like Google. I'm not a fan of Google.

804
00:41:02,520 --> 00:41:05,680
Speaker 3: They treat me badly. But if you are you going

805
00:41:05,719 --> 00:41:08,880
Speaker 3: to destroy the company by doing that. If you do that,

806
00:41:09,040 --> 00:41:11,839
Speaker 3: are you going to destroy the company. What you can

807
00:41:11,920 --> 00:41:14,080
Speaker 3: do without breaking it up is make sure that it's

808
00:41:14,120 --> 00:41:17,440
Speaker 3: more fair. They do treat me very badly. Oh and

809
00:41:17,520 --> 00:41:21,560
Speaker 3: he told me, no way. You're the number one person

810
00:41:21,960 --> 00:41:25,040
Speaker 3: on all of Google first stories, I mean, which probably

811
00:41:25,080 --> 00:41:28,680
Speaker 3: makes sense, to be honestly, I actually agreeve most of

812
00:41:28,680 --> 00:41:30,960
Speaker 3: them are bad stories. But these are minor details, right,

813
00:41:31,840 --> 00:41:33,919
Speaker 3: And it's only bad because of the fake news, because

814
00:41:33,960 --> 00:41:36,520
Speaker 3: the news is really fake. That's the one we really

815
00:41:36,520 --> 00:41:38,160
Speaker 3: have to straighten And we have to straighten out our

816
00:41:38,200 --> 00:41:41,000
Speaker 3: press because we have a corrupt press, and.

817
00:41:41,120 --> 00:41:44,399
Speaker 5: That's the one we really can I ask you, can

818
00:41:44,440 --> 00:41:47,960
Speaker 5: I ask you about Silicon I was in Silicon Valley

819
00:41:48,040 --> 00:41:51,200
Speaker 5: recently you talk to the tech bosses and the tech people,

820
00:41:51,280 --> 00:41:53,440
Speaker 5: and that seems to be real fear that what you

821
00:41:53,480 --> 00:41:55,160
Speaker 5: would do with tech is you would hand it over

822
00:41:55,200 --> 00:41:57,480
Speaker 5: to Elon Musk and say you sort it out.

823
00:41:57,680 --> 00:42:01,719
Speaker 3: No, No, I have great respect for Elon. Look. I

824
00:42:01,760 --> 00:42:04,920
Speaker 3: saw that rocket ship come in yesterday and go right

825
00:42:04,960 --> 00:42:06,960
Speaker 3: back to where it took off to the gantry. I

826
00:42:07,000 --> 00:42:09,560
Speaker 3: guess they call it. And I said, what the hell.

827
00:42:10,280 --> 00:42:16,080
Speaker 3: I was on the phone talking about probably politics and

828
00:42:16,800 --> 00:42:20,759
Speaker 3: the television, and the television's on, and I'm seeing this

829
00:42:20,960 --> 00:42:24,160
Speaker 3: big thing where the white paint was burned off it

830
00:42:24,200 --> 00:42:26,920
Speaker 3: from that, you know, thousands of miles an hour they eat.

831
00:42:27,440 --> 00:42:30,960
Speaker 3: And I see this big, massive tube that's ten stories

832
00:42:31,000 --> 00:42:34,560
Speaker 3: twenty stories tall come down. I told the person on

833
00:42:34,600 --> 00:42:37,160
Speaker 3: the phone, wait a minute. I'm seeing something that's I

834
00:42:37,160 --> 00:42:40,920
Speaker 3: don't believe it, neither does anybody else here. And I said,

835
00:42:41,040 --> 00:42:43,279
Speaker 3: wait a minute. I put the I forgot the guy

836
00:42:43,400 --> 00:42:45,040
Speaker 3: was on the phone. He waited for a half hour,

837
00:42:45,880 --> 00:42:49,239
Speaker 3: and I watched I watched that come down, and I

838
00:42:49,320 --> 00:42:51,919
Speaker 3: watched it come down and come right in between those

839
00:42:51,960 --> 00:42:54,839
Speaker 3: big levers, and I said, and it looked to me

840
00:42:54,880 --> 00:42:56,440
Speaker 3: like I was going to crash. It was coming in

841
00:42:56,520 --> 00:42:59,120
Speaker 3: hot and all of a sudden, boom, you see the

842
00:42:59,200 --> 00:43:04,080
Speaker 3: motor the fire kick in and I called it elon.

843
00:43:04,160 --> 00:43:06,920
Speaker 3: I said, that's the most incredible thing. I said, Can

844
00:43:07,000 --> 00:43:10,360
Speaker 3: Russia do that? Nope? I said can the United States

845
00:43:10,360 --> 00:43:12,160
Speaker 3: do it? Nope. He's the only way they can do it.

846
00:43:12,520 --> 00:43:14,000
Speaker 2: And I said, you know, I want to put him

847
00:43:14,000 --> 00:43:18,400
Speaker 2: in charge of deregulation, not deregulation, cutting cutting wasteful spend,

848
00:43:18,440 --> 00:43:21,240
Speaker 2: cutting everything which deregulation.

849
00:43:21,520 --> 00:43:22,800
Speaker 3: When you every.

850
00:43:22,640 --> 00:43:26,400
Speaker 2: Predial, every president comes in and talks about cutting wasteful spending.

851
00:43:26,440 --> 00:43:27,400
Speaker 3: Oh, there's tremendous wall.

852
00:43:27,680 --> 00:43:30,239
Speaker 2: Give me an example of something you will do that

853
00:43:30,320 --> 00:43:32,080
Speaker 2: will get rid of government spend.

854
00:43:32,080 --> 00:43:34,520
Speaker 3: Well, let me give you an example. When I came

855
00:43:34,560 --> 00:43:36,359
Speaker 3: into government, I.

856
00:43:36,400 --> 00:43:38,360
Speaker 2: Was the first example coming forward.

857
00:43:39,120 --> 00:43:42,319
Speaker 3: This is going forward because it's the same thing. When

858
00:43:42,320 --> 00:43:45,120
Speaker 3: I first sat down, a general came into my office

859
00:43:45,160 --> 00:43:47,960
Speaker 3: and he said, sir, it's nice to meet you. Will

860
00:43:48,040 --> 00:43:50,200
Speaker 3: you please sign this? I said, what is it? It's

861
00:43:50,200 --> 00:43:53,560
Speaker 3: a contract for a new air force one which is

862
00:43:53,600 --> 00:43:56,520
Speaker 3: actually two planes, not one two Boeing seven forty seven.

863
00:43:57,400 --> 00:43:59,440
Speaker 3: And I said, how much is it? Five point seven

864
00:43:59,480 --> 00:44:01,600
Speaker 3: billion dollar? Dollar said, it's a hell of an expensive plan,

865
00:44:01,760 --> 00:44:04,719
Speaker 3: but there's reasons for that. He said, Nope, I'm not

866
00:44:04,760 --> 00:44:09,600
Speaker 3: signing it. I said, who negotiated Barackus, say Obama. I said,

867
00:44:09,640 --> 00:44:12,920
Speaker 3: I'm not signing it. Why because he because there's a

868
00:44:12,920 --> 00:44:15,400
Speaker 3: lot of fat. He said, I'm not signing. It's got

869
00:44:15,440 --> 00:44:18,680
Speaker 3: to have a three on it. Anyway, long story short,

870
00:44:18,880 --> 00:44:21,440
Speaker 3: some of you have heard this. I got it down too,

871
00:44:22,080 --> 00:44:25,879
Speaker 3: because first week they cut off four hundred million, he said,

872
00:44:25,920 --> 00:44:29,040
Speaker 3: I'll cut I met with the head of going Wait, Dennis.

873
00:44:29,480 --> 00:44:32,080
Speaker 3: I said, Dennis got to have a three. Five point

874
00:44:32,120 --> 00:44:35,439
Speaker 3: seven is too much? Five point seven billion. He said,

875
00:44:35,440 --> 00:44:38,239
Speaker 3: the most I'll takeoff is four hundred million dollars. I said, well,

876
00:44:38,239 --> 00:44:41,000
Speaker 3: that's not bad for one conversation. So he got it down.

877
00:44:41,040 --> 00:44:43,399
Speaker 3: I said, nope, I'm not accepting. Then he took off

878
00:44:43,440 --> 00:44:46,960
Speaker 3: two more. Then he took off anyway. Two months went by,

879
00:44:47,000 --> 00:44:48,759
Speaker 3: three months went by. I thought we blew the deal,

880
00:44:48,800 --> 00:44:51,000
Speaker 3: and I was okay with me. I didn't care, but

881
00:44:51,120 --> 00:44:53,160
Speaker 3: we should have a new air force. One when we

882
00:44:53,200 --> 00:44:57,919
Speaker 3: see these planes from Saudi Arabia, from different countries brand new,

883
00:44:58,040 --> 00:45:01,239
Speaker 3: and ours is like thirty two years old, and it's

884
00:45:01,280 --> 00:45:03,719
Speaker 3: a very different plane. It's a much smaller plane near

885
00:45:03,800 --> 00:45:06,520
Speaker 3: the whole thing. The United States should have the best plane.

886
00:45:06,680 --> 00:45:08,920
Speaker 3: I will tell you, not for me, but we should have.

887
00:45:09,160 --> 00:45:11,239
Speaker 2: Let me. Let me give you his own, would you.

888
00:45:11,360 --> 00:45:15,360
Speaker 3: So he said, he calls up after like two three months.

889
00:45:15,400 --> 00:45:17,040
Speaker 3: I didn't call him, which is the best way to

890
00:45:17,040 --> 00:45:20,959
Speaker 3: buy something. Don't call back, and he goes in fact

891
00:45:20,960 --> 00:45:22,320
Speaker 3: what he called me. I said, I wonder what the

892
00:45:22,320 --> 00:45:24,400
Speaker 3: hell he wants. That's a good way to negotia. Let

893
00:45:24,440 --> 00:45:29,080
Speaker 3: me tell you. So calls back said, sir, three billion,

894
00:45:29,719 --> 00:45:34,240
Speaker 3: nine hundred and ninety nine million, nine nine and ninety

895
00:45:34,480 --> 00:45:38,719
Speaker 3: nine cents one penny above below four billion. Now, so

896
00:45:38,840 --> 00:45:41,919
Speaker 3: I said, you got yourself a deal. Then I said

897
00:45:41,920 --> 00:45:44,160
Speaker 3: to him, let me ask you a question. So you

898
00:45:44,160 --> 00:45:47,239
Speaker 3: had a deal at five point seven billion, and in

899
00:45:47,280 --> 00:45:50,000
Speaker 3: a period of two months I got one point seven

900
00:45:50,080 --> 00:45:54,120
Speaker 3: billion off. That means you're going to make one point

901
00:45:54,200 --> 00:45:59,279
Speaker 3: seven billion dollar profit on an airplane. Did nobody ever

902
00:45:59,480 --> 00:46:03,880
Speaker 3: negotiate with you? Well, not really, sir. They just this

903
00:46:04,040 --> 00:46:06,560
Speaker 3: is the price, and they said we'll take it. And

904
00:46:06,600 --> 00:46:08,759
Speaker 3: I said, you know, and then I learned. That was

905
00:46:08,760 --> 00:46:13,120
Speaker 3: my first experience from that, But then I learned everything

906
00:46:13,200 --> 00:46:15,400
Speaker 3: is like that. There is so much way so I'm

907
00:46:15,440 --> 00:46:20,439
Speaker 3: getting think of this the exact same plane for one

908
00:46:20,480 --> 00:46:23,799
Speaker 3: point seven billion, less exact except to have a better

909
00:46:23,840 --> 00:46:27,640
Speaker 3: pay job. Okay, much better pay job. A different co Red, white,

910
00:46:27,640 --> 00:46:32,320
Speaker 3: and blue was beautiful. And if you look at every

911
00:46:32,360 --> 00:46:35,840
Speaker 3: contract that's one contract and relatively small compared to most,

912
00:46:36,480 --> 00:46:41,720
Speaker 3: think of it. You save one point seven billion because

913
00:46:41,719 --> 00:46:45,720
Speaker 3: you negotiate every deal is like that. We're building ships

914
00:46:45,719 --> 00:46:50,440
Speaker 3: that are costing two three times more. A tremendous waste,

915
00:46:50,840 --> 00:46:53,520
Speaker 3: fraud and abuse in our contract and if you could

916
00:46:53,520 --> 00:46:56,680
Speaker 3: cut it, you would have a surplus without even going

917
00:46:56,760 --> 00:47:01,759
Speaker 3: into growth. But growth, we will grow. We're going to

918
00:47:01,800 --> 00:47:06,680
Speaker 3: bring companies and jobs in at levels that you've never seen.

919
00:47:07,280 --> 00:47:10,120
Speaker 3: And you would never be able to do it because

920
00:47:10,120 --> 00:47:10,880
Speaker 3: you're not a believer.

921
00:47:11,520 --> 00:47:12,520
Speaker 2: I'm not running for president.

922
00:47:12,640 --> 00:47:14,120
Speaker 3: Let me tell you the only way you can do

923
00:47:14,200 --> 00:47:17,759
Speaker 3: it is through the threat of tariffs. It's the only

924
00:47:17,800 --> 00:47:18,480
Speaker 3: way you can do it.

925
00:47:18,480 --> 00:47:19,880
Speaker 2: Can we can we come back to one thing on

926
00:47:19,920 --> 00:47:22,719
Speaker 2: that deal making. You look out across this room. There

927
00:47:22,719 --> 00:47:24,480
Speaker 2: are a lot of there's some big businesses, but a

928
00:47:24,520 --> 00:47:27,759
Speaker 2: lot of small ones. Like the way you've given us,

929
00:47:27,880 --> 00:47:29,879
Speaker 2: You've given us a lot of examples of things where

930
00:47:29,920 --> 00:47:33,080
Speaker 2: you've negotiated with the heads of big businesses. Give you

931
00:47:33,120 --> 00:47:36,319
Speaker 2: an example, when you put the tariffs on China, much

932
00:47:36,320 --> 00:47:38,040
Speaker 2: smaller than your planning to do at the moment. When

933
00:47:38,080 --> 00:47:42,640
Speaker 2: you put them on Apple came, you negotiated a difference

934
00:47:42,640 --> 00:47:42,960
Speaker 2: for them.

935
00:47:43,440 --> 00:47:43,640
Speaker 3: I do.

936
00:47:44,840 --> 00:47:47,640
Speaker 2: That's much harder for small business people. Isn't the problem

937
00:47:47,719 --> 00:47:50,120
Speaker 2: with the way that you do these kind of deals.

938
00:47:50,160 --> 00:47:52,440
Speaker 2: You're bound to deal with the big companies. It's the

939
00:47:52,480 --> 00:47:55,520
Speaker 2: small companies who get hit by all these different things

940
00:47:55,560 --> 00:47:56,759
Speaker 2: and can't find exceptions.

941
00:47:57,000 --> 00:47:59,719
Speaker 3: Oh, we have exceptions. No, no, we had an exceptional.

942
00:48:00,200 --> 00:48:03,040
Speaker 3: I gave Apple an exception. Tim Cook is a great Apple.

943
00:48:03,120 --> 00:48:06,120
Speaker 2: Apple is not a small company, and please please think it.

944
00:48:05,840 --> 00:48:09,120
Speaker 2: But here's what question is about small business? Yes, but

945
00:48:09,320 --> 00:48:10,400
Speaker 2: what would we do for them now?

946
00:48:10,600 --> 00:48:13,359
Speaker 3: But we have a very talented group of people. Bob

947
00:48:13,440 --> 00:48:16,440
Speaker 3: Leitheuser did a very good job. We had great people,

948
00:48:16,680 --> 00:48:20,040
Speaker 3: We had central casting. These are and a large group

949
00:48:20,040 --> 00:48:24,240
Speaker 3: of people. We made exceptions. In the case of Apple.

950
00:48:24,560 --> 00:48:27,160
Speaker 3: They need an exception. You know why because of Samsung.

951
00:48:28,320 --> 00:48:30,600
Speaker 3: He came to me. He said, Samsung makes a product

952
00:48:30,600 --> 00:48:33,960
Speaker 3: similar to ours, very good product, the phones and other things,

953
00:48:34,680 --> 00:48:37,040
Speaker 3: and because they're in South Korea, they don't have the tariffs.

954
00:48:37,040 --> 00:48:38,920
Speaker 3: Because we're in China. We have the tariffs. I said,

955
00:48:38,960 --> 00:48:40,440
Speaker 3: you happen to be right, You're not going to be

956
00:48:40,480 --> 00:48:43,440
Speaker 3: able to compete. I said, look, I'm going to give

957
00:48:43,480 --> 00:48:45,680
Speaker 3: you a one year break, but I want you to

958
00:48:45,680 --> 00:48:49,680
Speaker 3: start building your factories in this country, whether it's Texas

959
00:48:49,760 --> 00:48:52,959
Speaker 3: or any other place anywhere in the country. He said,

960
00:48:53,000 --> 00:48:55,680
Speaker 3: what does that mean. I said, you have everything in China.

961
00:48:56,239 --> 00:48:58,000
Speaker 3: I want you to move it from China back to

962
00:48:58,040 --> 00:49:01,160
Speaker 3: our country. And he started doing that and he built

963
00:49:01,160 --> 00:49:03,960
Speaker 3: a factory, a big one in Texas. He built another one,

964
00:49:04,120 --> 00:49:07,160
Speaker 3: and this was all a process. It was all happening.

965
00:49:07,520 --> 00:49:10,760
Speaker 3: But I did give him an exception. And the reason

966
00:49:10,960 --> 00:49:13,759
Speaker 3: was he said, as soon as he said Samsung, I said,

967
00:49:13,760 --> 00:49:15,480
Speaker 3: how is that product compared to you? As he said,

968
00:49:15,520 --> 00:49:18,280
Speaker 3: it's a good product. I said, then you really can't compete.

969
00:49:18,280 --> 00:49:20,880
Speaker 3: You can't have a twenty five or fifty percent tariff

970
00:49:21,160 --> 00:49:23,440
Speaker 3: and compete, right, Yeah, And I said, I'm giving you

971
00:49:23,480 --> 00:49:25,719
Speaker 3: an exception. And I did it for many companies. When

972
00:49:25,760 --> 00:49:26,040
Speaker 3: I had some.

973
00:49:27,600 --> 00:49:29,840
Speaker 2: Businesses come and say, that was the question.

974
00:49:29,920 --> 00:49:32,000
Speaker 3: But we do it for small businesses too. We do

975
00:49:32,440 --> 00:49:37,719
Speaker 3: for small business I'll give you who I didn't know,

976
00:49:37,760 --> 00:49:39,400
Speaker 3: but he came to me. He was at a meeting

977
00:49:40,080 --> 00:49:44,000
Speaker 3: and he built kitchen cabinets and he was pretty big

978
00:49:44,040 --> 00:49:46,800
Speaker 3: in the business. That's all he did is built kitchen cabinets.

979
00:49:46,880 --> 00:49:52,040
Speaker 3: He said, Sir, China and South Korea are building kitchen

980
00:49:52,080 --> 00:49:55,359
Speaker 3: cabinets for one third of what I can make. I said,

981
00:49:55,400 --> 00:49:58,840
Speaker 3: what's the quality. They're not as good, but they're good enough.

982
00:49:59,400 --> 00:50:03,799
Speaker 3: I can't go. I'm going out of business. I'm going

983
00:50:03,800 --> 00:50:06,600
Speaker 3: out of business. I put a twenty five percent tariff

984
00:50:06,640 --> 00:50:10,680
Speaker 3: still on one kitchen cabinets. I saw the guy two

985
00:50:10,760 --> 00:50:14,600
Speaker 3: three days ago. He said, I'm the man that saw

986
00:50:14,640 --> 00:50:18,920
Speaker 3: you about kitchen cabinets. You saved my company when you

987
00:50:18,960 --> 00:50:22,160
Speaker 3: did the tariff, and you saved thousands of jobs. And

988
00:50:22,200 --> 00:50:26,040
Speaker 3: my company is now doing very well. And he started

989
00:50:26,080 --> 00:50:28,719
Speaker 3: to cry, so to cry. And this guy hasn't cried

990
00:50:28,760 --> 00:50:31,120
Speaker 3: too much. I will tell you. He said, you saved

991
00:50:31,160 --> 00:50:33,040
Speaker 3: my company. There's nobody that could have done that.

992
00:50:33,640 --> 00:50:35,840
Speaker 2: Maybe I can ask you Ben about something else. Business

993
00:50:35,920 --> 00:50:40,839
Speaker 2: people here in this room, business people, capital markets. They

994
00:50:40,840 --> 00:50:43,279
Speaker 2: all like the rule of law. They like certainty. The

995
00:50:43,400 --> 00:50:46,600
Speaker 2: Chinese who you mentioned other dictators, right, they don't like

996
00:50:46,640 --> 00:50:48,600
Speaker 2: it when things go but they like it when things

997
00:50:48,640 --> 00:50:50,880
Speaker 2: go wrong in America. If you look at the events

998
00:50:50,920 --> 00:50:54,399
Speaker 2: of January sixth, twenty twenty one, it showed to many

999
00:50:54,440 --> 00:50:58,600
Speaker 2: people America's democracy was unruly and violent only three weeks

1000
00:50:58,600 --> 00:51:00,560
Speaker 2: to go to the election. Will you come it now

1001
00:51:00,600 --> 00:51:04,360
Speaker 2: to respecting and encouraging a peaceful transfer of power?

1002
00:51:04,520 --> 00:51:06,480
Speaker 3: Well, you had a peaceful transfer of power.

1003
00:51:06,520 --> 00:51:08,760
Speaker 2: You had a peaceful transfer power. You had a peaceful

1004
00:51:09,960 --> 00:51:11,960
Speaker 2: come on present Trump. You had a piece, You had

1005
00:51:11,960 --> 00:51:14,080
Speaker 2: a piece. You had a peaceful transfer of power compared

1006
00:51:14,120 --> 00:51:17,160
Speaker 2: with Venezuela. But it was by far the most the

1007
00:51:17,200 --> 00:51:19,560
Speaker 2: worst transfer of power for a long time.

1008
00:51:20,520 --> 00:51:23,960
Speaker 3: Thank you. I appreciate that because this is the you

1009
00:51:24,000 --> 00:51:25,879
Speaker 3: know what they like to do. This is what they

1010
00:51:26,000 --> 00:51:26,440
Speaker 3: like to do.

1011
00:51:28,280 --> 00:51:31,680
Speaker 2: And question question question President Trump is would you respect

1012
00:51:32,160 --> 00:51:32,680
Speaker 2: the decision?

1013
00:51:32,840 --> 00:51:35,400
Speaker 3: When I found out about this interview, I did a

1014
00:51:35,400 --> 00:51:37,319
Speaker 3: little check. He is a man that has not been

1015
00:51:37,360 --> 00:51:39,359
Speaker 3: a big Trump fan over the years, So I had

1016
00:51:39,360 --> 00:51:42,640
Speaker 3: a choice. Do I do this interview or not. I'm

1017
00:51:42,640 --> 00:51:45,440
Speaker 3: glad I did it. But do I do this interview

1018
00:51:46,040 --> 00:51:48,080
Speaker 3: or do I disappoint a lot of people? Because I

1019
00:51:48,080 --> 00:51:50,279
Speaker 3: know a lot of people in the audience, but his

1020
00:51:50,400 --> 00:51:51,680
Speaker 3: view is very different than mine.

1021
00:51:51,960 --> 00:51:53,759
Speaker 2: Let me just say I'm asking questions.

1022
00:51:55,360 --> 00:52:00,760
Speaker 3: We had a term peacefully and patriotically. These were people.

1023
00:52:01,120 --> 00:52:04,520
Speaker 3: If you think an election is crooked, and I do

1024
00:52:04,640 --> 00:52:08,080
Speaker 3: one hundred percent. If you think the day it comes

1025
00:52:08,120 --> 00:52:11,000
Speaker 3: when you can't protest, you take a look at the Democrats.

1026
00:52:11,040 --> 00:52:15,399
Speaker 3: They protested twenty sixteen. They're still protesting it. Nobody talks

1027
00:52:15,440 --> 00:52:18,759
Speaker 3: about them. But if we protest, we want to have

1028
00:52:18,880 --> 00:52:23,200
Speaker 3: honest elections. You think the last election was honest, well

1029
00:52:23,440 --> 00:52:23,919
Speaker 3: do you think.

1030
00:52:23,880 --> 00:52:25,840
Speaker 2: All the times it went to courts? The courts, no,

1031
00:52:26,040 --> 00:52:26,720
Speaker 2: it didn't govern.

1032
00:52:27,120 --> 00:52:30,319
Speaker 3: They went to court and the courts all said, you

1033
00:52:30,400 --> 00:52:34,480
Speaker 3: don't have standing. Nobody had standing. And it's hard, frankly

1034
00:52:34,600 --> 00:52:37,000
Speaker 3: after an election for a judge, but they all said,

1035
00:52:37,000 --> 00:52:40,960
Speaker 3: you don't. Nobody ever had standing. But the facts, if

1036
00:52:41,000 --> 00:52:44,239
Speaker 3: you take a look, I'd show you hundreds of pages

1037
00:52:44,280 --> 00:52:48,120
Speaker 3: of facts. People were angry, people went there, and I'll

1038
00:52:48,160 --> 00:52:51,920
Speaker 3: tell you what they never show that. The primary scene

1039
00:52:51,960 --> 00:52:56,360
Speaker 3: in Washington was hundreds of thousands, the largest group of

1040
00:52:56,360 --> 00:52:59,200
Speaker 3: people I've ever spoken before, and I've spoken before, and

1041
00:52:59,239 --> 00:53:03,520
Speaker 3: it was love and peace. And some people went to

1042
00:53:03,560 --> 00:53:06,600
Speaker 3: the Capitol and a lot of strange things happened there.

1043
00:53:06,640 --> 00:53:09,720
Speaker 3: A lot of strange things with people being waved into

1044
00:53:09,760 --> 00:53:13,960
Speaker 3: the capitol by police, with people screaming go in with it.

1045
00:53:14,360 --> 00:53:16,879
Speaker 3: That never got into trouble. You know, I don't want

1046
00:53:16,920 --> 00:53:19,319
Speaker 3: to mention names, but you know who they are, a

1047
00:53:19,320 --> 00:53:21,880
Speaker 3: lot of strange things happened, but you had a peaceful,

1048
00:53:22,000 --> 00:53:25,480
Speaker 3: very peaceful I left. I left the morning that I

1049
00:53:25,520 --> 00:53:28,840
Speaker 3: was supposed to leave. I went to Florida, and you

1050
00:53:28,880 --> 00:53:32,560
Speaker 3: had a very peaceful transfer. This was not a And

1051
00:53:32,600 --> 00:53:35,440
Speaker 3: I'll tell you what those people that did go at

1052
00:53:35,480 --> 00:53:38,200
Speaker 3: which was a tiny fraction of the people that went

1053
00:53:38,200 --> 00:53:43,080
Speaker 3: to Washington. I mean you're talking about of very very

1054
00:53:43,080 --> 00:53:46,399
Speaker 3: small because hundreds of thousands of people and I don't

1055
00:53:46,400 --> 00:53:49,319
Speaker 3: know what you had five six, seven hundred people go

1056
00:53:49,400 --> 00:53:53,560
Speaker 3: down to the capitol. But those people that was not

1057
00:53:54,520 --> 00:53:57,560
Speaker 3: that was not one of those people had a gun.

1058
00:53:58,440 --> 00:54:02,040
Speaker 3: Nobody was killed except for Ashley Babbitt. She was killed.

1059
00:54:02,440 --> 00:54:04,880
Speaker 3: She was killed. She was shut their head by a

1060
00:54:04,880 --> 00:54:08,600
Speaker 3: policeman that we had know. What he did was hard present.

1061
00:54:09,480 --> 00:54:11,960
Speaker 3: So I think we should be allowed to disagree on that.

1062
00:54:12,640 --> 00:54:13,320
Speaker 2: And let's return.

1063
00:54:13,360 --> 00:54:14,799
Speaker 3: Do you see by the reaction.

1064
00:54:14,680 --> 00:54:17,919
Speaker 2: Let's return, Let's return. Let's return to one other big

1065
00:54:17,920 --> 00:54:20,920
Speaker 2: subject you bring up repeatedly. Immigration. I know, it's a

1066
00:54:21,000 --> 00:54:23,440
Speaker 2: very emotive issue for you, But just from the point

1067
00:54:23,440 --> 00:54:26,479
Speaker 2: of view business people here, you look at the full

1068
00:54:26,600 --> 00:54:29,520
Speaker 2: effect of taking a lot of people out of the workforce,

1069
00:54:30,040 --> 00:54:33,400
Speaker 2: removing a lot of people. The federal the Congressional Budget

1070
00:54:33,400 --> 00:54:36,399
Speaker 2: Office is banking on the fact that there'll be nine

1071
00:54:36,440 --> 00:54:39,960
Speaker 2: trillion dollars added to the GDP of America over the

1072
00:54:40,000 --> 00:54:44,680
Speaker 2: next ten years by immigrants. You want to stop that process.

1073
00:54:44,719 --> 00:54:47,000
Speaker 2: For all the people who run businesses in the audience,

1074
00:54:47,680 --> 00:54:50,200
Speaker 2: I'm just focusing on the economic thing. Are you prepared

1075
00:54:50,239 --> 00:54:52,360
Speaker 2: to say, Look, it's fine to have a slightly smaller

1076
00:54:52,760 --> 00:54:55,920
Speaker 2: economy in exchange for having the immigration controls.

1077
00:54:56,160 --> 00:54:59,080
Speaker 3: A simple answer. I want a lot of people to

1078
00:54:59,120 --> 00:55:01,560
Speaker 3: come into our country, but I want them to come

1079
00:55:01,560 --> 00:55:03,839
Speaker 3: in legally. I don't want to have.

1080
00:55:07,320 --> 00:55:11,600
Speaker 2: But that means that means you will have. That means

1081
00:55:11,640 --> 00:55:13,799
Speaker 2: you will have to You know, you are talking about

1082
00:55:13,840 --> 00:55:16,800
Speaker 2: deposting eleven million people. That is a lot of people's

1083
00:55:16,840 --> 00:55:17,239
Speaker 2: take out.

1084
00:55:18,440 --> 00:55:22,520
Speaker 3: It came out last week that four hundred and twenty

1085
00:55:22,560 --> 00:55:26,040
Speaker 3: five thousand people are horrible criminals at the highest level,

1086
00:55:26,560 --> 00:55:31,200
Speaker 3: But it came out that thirteen thousand and ninety nine

1087
00:55:31,480 --> 00:55:34,399
Speaker 3: were let in during their administration they tried to say

1088
00:55:34,480 --> 00:55:37,680
Speaker 3: longer wrong. During the Over the last three and a

1089
00:55:37,719 --> 00:55:42,839
Speaker 3: half years, thirteen thousand plus people came in. Murderers, they're

1090
00:55:42,880 --> 00:55:46,520
Speaker 3: in jail for murder. Some were having the death penalty.

1091
00:55:46,840 --> 00:55:50,040
Speaker 3: They were all released into our country. Thirteen thousand and

1092
00:55:50,120 --> 00:55:53,520
Speaker 3: ninety nine people were released into our country. We had

1093
00:55:53,840 --> 00:55:58,319
Speaker 3: drug dealers released, we had street gangs released. Look at

1094
00:55:58,360 --> 00:56:01,160
Speaker 3: what's happening in a A. But now I don't have

1095
00:56:01,239 --> 00:56:04,520
Speaker 3: to go with Aurora anymore. Look at what happened yesterday

1096
00:56:04,560 --> 00:56:10,400
Speaker 3: last night in Times Square where rough migrants from all

1097
00:56:10,440 --> 00:56:13,840
Speaker 3: over the place. You know, it's not just South America.

1098
00:56:14,480 --> 00:56:17,040
Speaker 3: We have people coming in from the Congo, large numbers

1099
00:56:17,080 --> 00:56:20,759
Speaker 3: from the Congo in Africa. They came in as of

1100
00:56:21,239 --> 00:56:24,680
Speaker 3: last night, I was speaking to Tom Homan one hundred

1101
00:56:24,800 --> 00:56:29,480
Speaker 3: and eighty countries. People came in. They came from prisons

1102
00:56:29,520 --> 00:56:33,600
Speaker 3: and jails. They came from mental institutions and insantus ALM's

1103
00:56:33,600 --> 00:56:37,719
Speaker 3: a step above. They came from the terrorists. We had

1104
00:56:37,800 --> 00:56:40,640
Speaker 3: large numbers of terrorists come in. When I was present,

1105
00:56:40,719 --> 00:56:43,040
Speaker 3: we had the strongest border in the history of a country.

1106
00:56:43,080 --> 00:56:46,040
Speaker 3: I built hundreds of miles of wall, and wall's work.

1107
00:56:46,080 --> 00:56:48,319
Speaker 3: By the way, hundreds of miles. We had the best

1108
00:56:48,400 --> 00:56:51,560
Speaker 3: numbers we've ever had. Now we have the worst numbers.

1109
00:56:51,960 --> 00:56:54,960
Speaker 3: And here's the problem. We have some of the worst

1110
00:56:55,120 --> 00:57:00,279
Speaker 3: criminals in the world coming in now Venezuela. There time

1111
00:57:00,280 --> 00:57:03,440
Speaker 3: has gone down at levels that nobody's ever seen before

1112
00:57:03,760 --> 00:57:07,400
Speaker 3: because they've taken their street gangs and their drug dealers,

1113
00:57:07,440 --> 00:57:11,319
Speaker 3: and they've emptied their prisons, not fully because they can't

1114
00:57:11,320 --> 00:57:15,120
Speaker 3: get enough buses. They've emptied their prisons. They load up

1115
00:57:15,160 --> 00:57:17,880
Speaker 3: the buses and they drive them into the United States

1116
00:57:18,240 --> 00:57:21,800
Speaker 3: and they're dropping their prisoners into our country. Their crime

1117
00:57:21,920 --> 00:57:26,600
Speaker 3: is down. Their numbers are are crazy how low it drops.

1118
00:57:26,880 --> 00:57:30,880
Speaker 3: I heard seventy two, seventy four percent. They've taken their

1119
00:57:31,280 --> 00:57:35,280
Speaker 3: they've taken their gangs, they've taken their criminals off the street.

1120
00:57:35,760 --> 00:57:39,800
Speaker 3: They've taken their people out of mental institutions, which costs

1121
00:57:39,800 --> 00:57:42,800
Speaker 3: them a fortune, and they've taken them and dropped them

1122
00:57:42,840 --> 00:57:46,520
Speaker 3: into the United States of America. Those people have to

1123
00:57:46,560 --> 00:57:50,080
Speaker 3: be returned. We can't live with thousands of murderers.

1124
00:57:50,760 --> 00:57:56,200
Speaker 2: And the issue I asked you about was the idea

1125
00:57:56,240 --> 00:57:58,960
Speaker 2: that if you reduce immigration. Every economist will tell you,

1126
00:57:59,040 --> 00:58:02,040
Speaker 2: if you have fewer people, there is a smaller economy.

1127
00:58:02,120 --> 00:58:04,640
Speaker 3: I don't I like immigration, but it's they've got to

1128
00:58:04,680 --> 00:58:05,400
Speaker 3: come in legally.

1129
00:58:05,520 --> 00:58:08,160
Speaker 2: Okay, Okay, Well let's let's finish on two too.

1130
00:58:08,320 --> 00:58:10,560
Speaker 3: I want to make sure. Look, I don't want to

1131
00:58:10,600 --> 00:58:12,360
Speaker 3: I don't want to have people that have killed nine

1132
00:58:12,400 --> 00:58:16,080
Speaker 3: people and they're you know, a sadistic, crazy nutshup. We

1133
00:58:16,240 --> 00:58:19,640
Speaker 3: have to have people that that can love our country,

1134
00:58:20,120 --> 00:58:21,920
Speaker 3: that can you know, that will obey the laws of

1135
00:58:21,920 --> 00:58:26,600
Speaker 3: everything else. You have hundreds of thousands of criminals being

1136
00:58:26,680 --> 00:58:29,120
Speaker 3: dropped in and then as well as one country.

1137
00:58:29,440 --> 00:58:31,800
Speaker 2: Look at what they have done though in Aurora.

1138
00:58:32,040 --> 00:58:35,640
Speaker 3: They've taken over apartment complexes, They've taken they've gone into

1139
00:58:35,640 --> 00:58:38,120
Speaker 3: the real estate business. See, they're like us, except they've

1140
00:58:38,160 --> 00:58:41,400
Speaker 3: done it with MK whatever the hell they're called, right,

1141
00:58:42,080 --> 00:58:45,560
Speaker 3: I mean they have they have taken they have weapons

1142
00:58:45,760 --> 00:58:49,680
Speaker 3: that are so sophisticated our military doesn't happen. They've taken

1143
00:58:49,720 --> 00:58:55,280
Speaker 3: over parts of of cities in Colorado. You have a

1144
00:58:55,320 --> 00:58:58,600
Speaker 3: place called beautiful Aurora. Take a look at what's happened

1145
00:58:58,640 --> 00:59:03,960
Speaker 3: to Springfield, Ohio, where they dropped thirty thousand people into

1146
00:59:04,000 --> 00:59:08,320
Speaker 3: a community of fifty thousand people and it's total bedlam.

1147
00:59:08,800 --> 00:59:12,120
Speaker 3: The hospitals can't be used anymore by the residents. The

1148
00:59:12,320 --> 00:59:14,919
Speaker 3: schools can't be used by the children that were there

1149
00:59:15,040 --> 00:59:18,280
Speaker 3: last year because other people that don't even speak the langage.

1150
00:59:18,320 --> 00:59:20,560
Speaker 2: The issue I asked you about. Many companies here have

1151
00:59:20,600 --> 00:59:21,680
Speaker 2: a shortage of labor.

1152
00:59:21,800 --> 00:59:24,000
Speaker 3: Yeah, that's good to take care of that. We're going

1153
00:59:24,040 --> 00:59:26,440
Speaker 3: to get people in here rapidly, and they're going to

1154
00:59:26,440 --> 00:59:28,040
Speaker 3: be people that want to be in here, and they're

1155
00:59:28,040 --> 00:59:30,840
Speaker 3: going to be people that can love our country and

1156
00:59:30,920 --> 00:59:33,960
Speaker 3: won't kill people because they have because they don't like

1157
00:59:34,000 --> 00:59:34,680
Speaker 3: the way they look.

1158
00:59:35,200 --> 00:59:35,920
Speaker 2: These are killing me.

1159
00:59:36,800 --> 00:59:42,000
Speaker 3: These some of these killers are among the most evil killers.

1160
00:59:42,240 --> 00:59:44,880
Speaker 3: They will look at you down the beautiful woman there,

1161
00:59:44,880 --> 00:59:47,840
Speaker 3: They'll look at you and they will kill you. These

1162
00:59:47,880 --> 00:59:51,760
Speaker 3: are seriously sick people. And no, I don't want them

1163
00:59:51,760 --> 00:59:54,640
Speaker 3: in our country. And they are in our country right now,

1164
00:59:54,920 --> 00:59:58,840
Speaker 3: and they're in there because Kamala Harris, who's our borders are,

1165
00:59:59,000 --> 01:00:00,600
Speaker 3: isn't incompetent present.

1166
01:00:00,600 --> 01:00:03,800
Speaker 2: For the records. As you know, the crime rate is lower.

1167
01:00:04,160 --> 01:00:06,840
Speaker 2: Can I finish with two questions. The first you've just

1168
01:00:06,880 --> 01:00:11,080
Speaker 2: said it. You don't do old you own and run businesses.

1169
01:00:11,320 --> 01:00:14,720
Speaker 2: Would you appoint a CEO who was seventy eight. You

1170
01:00:14,760 --> 01:00:15,440
Speaker 2: didn't give you up.

1171
01:00:15,480 --> 01:00:19,200
Speaker 3: Yeah, yeah, what it depends on I made people like

1172
01:00:19,920 --> 01:00:23,520
Speaker 3: Biden who's in bad shape. I wouldn't appoint him he's

1173
01:00:23,520 --> 01:00:26,400
Speaker 3: eighty one or eighty two. He's four years older. But

1174
01:00:26,520 --> 01:00:29,600
Speaker 3: at a point, I know some of the smartest people

1175
01:00:29,640 --> 01:00:32,880
Speaker 3: I know. I know man that made all of his

1176
01:00:33,000 --> 01:00:35,520
Speaker 3: money from the time he was eighty to ninety, and

1177
01:00:35,560 --> 01:00:38,480
Speaker 3: he was a failure all his life. He was in

1178
01:00:38,520 --> 01:00:40,840
Speaker 3: the drinks business.

1179
01:00:40,480 --> 01:00:42,960
Speaker 2: The strange stranger. You didn't bring this up when but

1180
01:00:43,000 --> 01:00:44,360
Speaker 2: you were running against Joe Biden.

1181
01:00:44,960 --> 01:00:47,240
Speaker 3: No, I never attacked him for his age. In fact,

1182
01:00:47,240 --> 01:00:48,760
Speaker 3: I used to defend him on his age. I think

1183
01:00:48,920 --> 01:00:50,800
Speaker 3: I attacked him for his lack of competence.

1184
01:00:51,640 --> 01:00:54,240
Speaker 2: I asked you, I've asked you all these questions.

1185
01:00:54,960 --> 01:00:59,000
Speaker 3: Just because I think it's important, and I know you

1186
01:00:59,040 --> 01:01:02,680
Speaker 3: do too. I know so many people in their eighties

1187
01:01:03,320 --> 01:01:06,880
Speaker 3: that are among Bernie Marcus is ninety five, a founder

1188
01:01:06,920 --> 01:01:09,760
Speaker 3: of Home Deeople. You have the conversation with him. He's

1189
01:01:10,080 --> 01:01:13,560
Speaker 3: just as sharp as he mentally, he's just as sharp

1190
01:01:13,560 --> 01:01:17,160
Speaker 3: as you have was he's ninety five. I could tell

1191
01:01:17,160 --> 01:01:18,880
Speaker 3: you that in the nineties. I don't want to get

1192
01:01:18,880 --> 01:01:21,840
Speaker 3: into the ninety staff. But you know what, I know

1193
01:01:22,000 --> 01:01:24,680
Speaker 3: many people in their eighties. I know guys in their

1194
01:01:24,680 --> 01:01:28,240
Speaker 3: eighties that won't leave the company, like family companies where

1195
01:01:28,240 --> 01:01:30,000
Speaker 3: they don't want the kids to take government because they're

1196
01:01:30,080 --> 01:01:32,480
Speaker 3: much more competent than their kids. I know them both, right,

1197
01:01:33,000 --> 01:01:35,320
Speaker 3: So no, I would have no problem. And you do

1198
01:01:35,400 --> 01:01:36,240
Speaker 3: have another factor.

1199
01:01:36,320 --> 01:01:38,440
Speaker 2: You know, we've had some of our great on the

1200
01:01:38,480 --> 01:01:39,040
Speaker 2: Supreme Cool.

1201
01:01:39,120 --> 01:01:42,240
Speaker 3: You just said some of our great world leaders are

1202
01:01:42,240 --> 01:01:45,520
Speaker 3: in the eighties, and if you look throughout history, some

1203
01:01:45,600 --> 01:01:48,360
Speaker 3: of our greatest world leaders were in their eighties. No,

1204
01:01:48,760 --> 01:01:51,480
Speaker 3: that would bother me. But you know, I took two

1205
01:01:51,480 --> 01:01:55,800
Speaker 3: cognitive tests and I aced them both. I think that, frankly,

1206
01:01:56,120 --> 01:02:01,560
Speaker 3: people regardless should take if they're fifty or forty or

1207
01:02:02,040 --> 01:02:05,440
Speaker 3: I think people should take cognitive tests, not because of

1208
01:02:05,480 --> 01:02:08,720
Speaker 3: the age, but because of something else. Now here's the problem.

1209
01:02:08,800 --> 01:02:12,320
Speaker 3: They say it's unconstitutional, Okay, but I would love to

1210
01:02:12,320 --> 01:02:14,920
Speaker 3: see cognitive tests. I don't think she could pass a

1211
01:02:14,960 --> 01:02:18,320
Speaker 3: cognitive test. I mean I've watched I don't think she

1212
01:02:18,320 --> 01:02:19,720
Speaker 3: could pass a cognitive test.

1213
01:02:19,920 --> 01:02:23,640
Speaker 2: President Trump, You're gone over many issues on this. I

1214
01:02:23,760 --> 01:02:26,760
Speaker 2: asked you, I asked you many questions about things. One

1215
01:02:26,760 --> 01:02:28,680
Speaker 2: thing I am asked at all about is the state

1216
01:02:28,720 --> 01:02:30,960
Speaker 2: of the race. Yeah, I had a question for you

1217
01:02:31,680 --> 01:02:35,520
Speaker 2: on election night? Which state would you look at first?

1218
01:02:35,560 --> 01:02:37,320
Speaker 2: Which state do you think this race is going to

1219
01:02:37,320 --> 01:02:38,000
Speaker 2: be decided by?

1220
01:02:39,480 --> 01:02:42,880
Speaker 3: So they say Pennsylvania, I would say most. I think

1221
01:02:42,920 --> 01:02:47,040
Speaker 3: we're doing very well there. I think you look at

1222
01:02:47,080 --> 01:02:51,160
Speaker 3: Michigan too, and I'm doing very well there. You know,

1223
01:02:51,560 --> 01:02:53,880
Speaker 3: we don't have to look necessarily. The votes are starting

1224
01:02:53,920 --> 01:02:56,800
Speaker 3: to come in now, so you look at poles, but

1225
01:02:56,840 --> 01:02:59,120
Speaker 3: you can also look at the votes that are being

1226
01:02:59,160 --> 01:03:02,440
Speaker 3: cast right now. People get a pretty good indication. And

1227
01:03:02,600 --> 01:03:05,640
Speaker 3: based as we discussed backstage, you know, based on the

1228
01:03:05,720 --> 01:03:07,960
Speaker 3: votes that are coming in so far, we're doing very well.

1229
01:03:08,000 --> 01:03:10,160
Speaker 3: I mean we're way up in Pennsylvania, We're way up

1230
01:03:10,200 --> 01:03:14,600
Speaker 3: in Michigan. We're doing very well in Arizona. So Arizona.

1231
01:03:14,640 --> 01:03:16,560
Speaker 3: In fact, somebody said they're going to pull the plug

1232
01:03:16,600 --> 01:03:18,880
Speaker 3: in Arizona. They're going to give it up because it

1233
01:03:18,920 --> 01:03:21,200
Speaker 3: looks like we're quite quite a ways ahead. I think

1234
01:03:21,200 --> 01:03:25,960
Speaker 3: we're doing well. Look, this is a party, the Republican

1235
01:03:26,040 --> 01:03:30,880
Speaker 3: Party of common Sense. I forget about conservative liberal. We're

1236
01:03:31,480 --> 01:03:34,320
Speaker 3: let's say conservative, but we're really a party of we

1237
01:03:34,400 --> 01:03:37,960
Speaker 3: need borders. We need fair elections. We don't want men

1238
01:03:38,040 --> 01:03:42,640
Speaker 3: playing in women's sports. We don't want transgender operations without

1239
01:03:42,680 --> 01:03:46,000
Speaker 3: parental consent. You know, it's there's so many things, but

1240
01:03:46,200 --> 01:03:51,240
Speaker 3: it's ninety nine point nine is common sense. It really

1241
01:03:51,280 --> 01:03:53,880
Speaker 3: is common sense. And I like to say it. I

1242
01:03:53,920 --> 01:03:55,640
Speaker 3: don't know if anyone said it in the past, but

1243
01:03:56,400 --> 01:03:59,320
Speaker 3: I say, we're really a party of common sense, and

1244
01:03:59,760 --> 01:04:02,720
Speaker 3: we want to have great people in our country. I

1245
01:04:02,760 --> 01:04:04,200
Speaker 3: want to have a lot of people come in so

1246
01:04:04,280 --> 01:04:06,480
Speaker 3: that you have your choice and so that they have choice.

1247
01:04:06,520 --> 01:04:08,160
Speaker 3: I want to you know, I have a good heart.

1248
01:04:08,320 --> 01:04:10,360
Speaker 3: I have a heart where I want people to be

1249
01:04:10,400 --> 01:04:12,320
Speaker 3: taken care of. But I don't want to take in

1250
01:04:12,440 --> 01:04:17,680
Speaker 3: people where they millions of people, twenty one million people

1251
01:04:17,680 --> 01:04:19,680
Speaker 3: at least have come in in the last three and

1252
01:04:19,720 --> 01:04:25,000
Speaker 3: a half years, unvetted, unchecked. We don't know anything about him.

1253
01:04:25,600 --> 01:04:29,480
Speaker 3: We don't How about this Gavin Newscomb, he's the governor

1254
01:04:29,520 --> 01:04:33,040
Speaker 3: of California. He signed Newscomb.

1255
01:04:32,600 --> 01:04:37,760
Speaker 2: Like but do you think he connected he correctly? There

1256
01:04:37,800 --> 01:04:40,520
Speaker 2: is the first time i've there are CEOs out here.

1257
01:04:40,560 --> 01:04:43,120
Speaker 2: If they said those sort of things about a rival CEO,

1258
01:04:43,160 --> 01:04:44,320
Speaker 2: they would be signed to be signed.

1259
01:04:44,360 --> 01:04:46,320
Speaker 3: Do you think but they don't have to survive like me.

1260
01:04:46,680 --> 01:04:48,400
Speaker 3: They don't have to go through what I have to

1261
01:04:48,440 --> 01:04:51,240
Speaker 3: go through. There has never been a president that's been

1262
01:04:51,280 --> 01:04:53,240
Speaker 3: treated like me, So I have to fight my own way.

1263
01:04:53,920 --> 01:04:57,880
Speaker 2: You made, you made a You've made a very good

1264
01:04:57,960 --> 01:04:58,920
Speaker 2: you made a very good job.

1265
01:04:58,960 --> 01:05:02,960
Speaker 3: And he signed bill in California two days ago that

1266
01:05:03,040 --> 01:05:06,040
Speaker 3: you don't even have the right to ask a person

1267
01:05:06,160 --> 01:05:09,560
Speaker 3: for voter ID. And if you ask a person for

1268
01:05:09,760 --> 01:05:12,760
Speaker 3: voter ID, of course you have to show voter ID.

1269
01:05:13,160 --> 01:05:15,400
Speaker 3: The only reason you wouldn't do because they want to achieve.

1270
01:05:16,120 --> 01:05:19,600
Speaker 3: The bill says you cannot. It's against the law for

1271
01:05:19,680 --> 01:05:22,360
Speaker 3: you to ask a person map, please see your voter

1272
01:05:22,480 --> 01:05:26,400
Speaker 3: ID when her votes. What is our country coming to?

1273
01:05:26,880 --> 01:05:29,480
Speaker 2: Well, you've given us a tool de reason of where

1274
01:05:29,520 --> 01:05:31,760
Speaker 2: that country might be going to. Thank you very much

1275
01:05:31,760 --> 01:05:33,800
Speaker 2: for much you. Thanks you for the conversation.

1276
01:05:42,560 --> 01:05:46,160
Speaker 6: More than an hour long conversation between former President Donald

1277
01:05:46,160 --> 01:05:50,120
Speaker 6: Trump and Bloomberg editor in chief John Micklethwaite in partnership

1278
01:05:50,160 --> 01:05:53,520
Speaker 6: with the Economic Club of Chicago, a conversation that rains

1279
01:05:53,560 --> 01:05:56,960
Speaker 6: from tax and tariffs and technology to immigration and the

1280
01:05:57,000 --> 01:06:00,080
Speaker 6: Federal Reserve. Welcome Back to Special Coverage, A special edition

1281
01:06:00,360 --> 01:06:02,920
Speaker 6: a Balance of Power here on Bloomberg TV and Radio.

1282
01:06:02,960 --> 01:06:06,560
Speaker 6: I'm Kaylee Lines alongside Joe Matthew. We are about to

1283
01:06:06,600 --> 01:06:09,600
Speaker 6: break down exactly what we heard there from Donald Trump

1284
01:06:09,680 --> 01:06:12,880
Speaker 6: in terms of his economic policy, including the pushback he

1285
01:06:12,960 --> 01:06:15,520
Speaker 6: gave on what a number of economists or majority of

1286
01:06:15,560 --> 01:06:20,200
Speaker 6: economists would suggest or potential inflationary and detrimental impacts of

1287
01:06:20,240 --> 01:06:23,480
Speaker 6: the policy, pushing back on the idea Joe that tax

1288
01:06:23,520 --> 01:06:26,200
Speaker 6: cuts will add to the deficit, that tariffs will lead

1289
01:06:26,240 --> 01:06:29,120
Speaker 6: to higher costs for the American people, even that it

1290
01:06:29,160 --> 01:06:32,080
Speaker 6: could influence ultimately the dominance of the dollar as the

1291
01:06:32,080 --> 01:06:34,240
Speaker 6: world's reserve currency. We should point out a lot of

1292
01:06:34,240 --> 01:06:37,520
Speaker 6: those things were fact check in real time by John.

1293
01:06:37,320 --> 01:06:39,600
Speaker 7: Nicklefwayth Yeah, we have a lot to unpack here, and

1294
01:06:39,640 --> 01:06:42,920
Speaker 7: that was quite an exchange. Sometimes interviews take different forms.

1295
01:06:42,920 --> 01:06:44,720
Speaker 7: With Donald Trump, that was a real back and forth,

1296
01:06:44,720 --> 01:06:46,760
Speaker 7: and I think we all learned a lot by listening

1297
01:06:46,760 --> 01:06:50,920
Speaker 7: to it. John started by citing his very first question

1298
01:06:51,040 --> 01:06:53,600
Speaker 7: research from the Committee for a Responsible Federal Budget, that

1299
01:06:53,640 --> 01:06:55,600
Speaker 7: if you wonk out with us here on a daily

1300
01:06:55,600 --> 01:06:58,680
Speaker 7: basis on balance of power, you're pretty familiar with seven

1301
01:06:58,720 --> 01:07:01,920
Speaker 7: point eight to fifteen. I believe trillion dollars was the

1302
01:07:02,040 --> 01:07:05,160
Speaker 7: estimate that unless there's something we're not understanding about how

1303
01:07:05,200 --> 01:07:07,720
Speaker 7: to pay for the tax cuts and exemptions that Donald

1304
01:07:07,720 --> 01:07:10,200
Speaker 7: Trump has put forth, that is what it would add

1305
01:07:10,240 --> 01:07:14,600
Speaker 7: to the deficit. Donald Trump wasn't having any of that, Kayley,

1306
01:07:14,680 --> 01:07:16,360
Speaker 7: And that's nothing new in this case.

1307
01:07:16,600 --> 01:07:19,360
Speaker 6: Yeah, continually pushing back on again what the majority of

1308
01:07:19,360 --> 01:07:23,440
Speaker 6: economists would agree would be the economic impact of his policies.

1309
01:07:23,440 --> 01:07:25,880
Speaker 6: So we want to turn now to an economist Bloomberg

1310
01:07:25,920 --> 01:07:28,720
Speaker 6: Economics is Anna Wong, who leads our US economic coverage,

1311
01:07:28,760 --> 01:07:31,959
Speaker 6: is here with us in our Washington, DC studio. So Anna,

1312
01:07:32,040 --> 01:07:34,440
Speaker 6: you of course have done analysis on what the policies

1313
01:07:34,440 --> 01:07:36,680
Speaker 6: of not just Donald Trump a Kamala Harris could mean

1314
01:07:37,080 --> 01:07:39,560
Speaker 6: for the US economy. When he says things like we're

1315
01:07:39,600 --> 01:07:43,360
Speaker 6: all about growth, that companies will only be protected by

1316
01:07:43,400 --> 01:07:46,800
Speaker 6: stronger tariffs, is that really how it's going to translate

1317
01:07:47,160 --> 01:07:49,080
Speaker 6: economically if these things become reality.

1318
01:07:49,280 --> 01:07:52,960
Speaker 1: Yeah, So I think he simplified his own policy impact

1319
01:07:53,080 --> 01:07:56,120
Speaker 1: a little bit. So if we looked at his tax policies,

1320
01:07:56,160 --> 01:08:00,280
Speaker 1: which is all about tax cuts, lowering a corporate tax cut,

1321
01:08:00,000 --> 01:08:03,479
Speaker 1: but of course those would be all economic models would

1322
01:08:03,480 --> 01:08:06,280
Speaker 1: say generally in the short term it would boost growth.

1323
01:08:06,560 --> 01:08:09,720
Speaker 1: That would be where the growth enhancing would come from.

1324
01:08:09,760 --> 01:08:13,120
Speaker 1: But there's a cost to be paid for that, and

1325
01:08:13,240 --> 01:08:16,160
Speaker 1: which is that over the long term, with higher physical

1326
01:08:16,200 --> 01:08:19,679
Speaker 1: debt to GDP ratio, that would raise interest rates and

1327
01:08:20,120 --> 01:08:22,880
Speaker 1: in ten years those benefits which you see in the

1328
01:08:22,920 --> 01:08:27,200
Speaker 1: first two or three years would dissipate. Also, in terms

1329
01:08:27,200 --> 01:08:30,280
Speaker 1: of tariff policy, he mentioned a lot about how tariffs

1330
01:08:30,280 --> 01:08:34,519
Speaker 1: would bring back jobs to the country, and that's per growth.

1331
01:08:34,760 --> 01:08:37,880
Speaker 1: So I think it's important to know that it's true

1332
01:08:38,280 --> 01:08:43,200
Speaker 1: economists were wrong in his first administration, that all the

1333
01:08:43,240 --> 01:08:48,720
Speaker 1: inflationary impact economists estimated were overblown. But you know, the

1334
01:08:48,800 --> 01:08:52,200
Speaker 1: economy adjusted to tariff in two ways, either through higher

1335
01:08:52,520 --> 01:08:56,479
Speaker 1: prices if firms can pass through those prices, or through

1336
01:08:56,640 --> 01:09:00,400
Speaker 1: lower investment and lower growth. And in his first administration

1337
01:09:00,560 --> 01:09:03,960
Speaker 1: what happened was it didn't translate into higher prices. However,

1338
01:09:04,160 --> 01:09:07,960
Speaker 1: it did translate into lower growth due to trade policy uncertainty.

1339
01:09:08,000 --> 01:09:10,719
Speaker 7: We've had conversations on this program, in fact quite recently today.

1340
01:09:10,760 --> 01:09:11,640
Speaker 8: Joelvornia was on.

1341
01:09:11,720 --> 01:09:14,840
Speaker 7: Before that interview, Scott Bessont was on a couple of

1342
01:09:14,960 --> 01:09:18,280
Speaker 7: days ago. They returned to the theme of looking at

1343
01:09:18,320 --> 01:09:21,720
Speaker 7: this as a whole, that each proposal taken in a

1344
01:09:21,840 --> 01:09:23,920
Speaker 7: vacuum is not going to add up to what the

1345
01:09:23,960 --> 01:09:26,680
Speaker 7: former president is seeing here when you actually do that,

1346
01:09:26,760 --> 01:09:30,920
Speaker 7: when you combine the tariffs with the tax proposals and

1347
01:09:31,040 --> 01:09:34,760
Speaker 7: drill Baby, drill his idea of lowering energy costs to

1348
01:09:35,120 --> 01:09:37,080
Speaker 7: lower inflation across the board.

1349
01:09:37,400 --> 01:09:38,599
Speaker 8: Do you see it any differently?

1350
01:09:38,960 --> 01:09:41,760
Speaker 1: Yeah, I think that if you take it holistically, and

1351
01:09:42,120 --> 01:09:46,240
Speaker 1: Joe LaVarne, you're completely right. You have growth enhancing trade

1352
01:09:46,520 --> 01:09:49,120
Speaker 1: I mean tax policy in the short term, but growth

1353
01:09:49,160 --> 01:09:52,240
Speaker 1: reducing trade policy in the short term. I think in

1354
01:09:52,280 --> 01:09:55,400
Speaker 1: the first two or three years that will about wash out.

1355
01:09:55,800 --> 01:10:00,479
Speaker 1: The effect will be slightly negative over a ten years period.

1356
01:10:01,200 --> 01:10:03,720
Speaker 7: And thank you so much for being with us Bloomberg Economics,

1357
01:10:03,880 --> 01:10:06,160
Speaker 7: Anna Wong, keeping us honest on some of the issues

1358
01:10:06,200 --> 01:10:07,639
Speaker 7: that we talked about here. And we want to turn

1359
01:10:07,640 --> 01:10:10,240
Speaker 7: from the economy to politics. Of course, it's pretty hard

1360
01:10:10,240 --> 01:10:12,719
Speaker 7: to remove the suicid. We'll do both with our signature panel.

1361
01:10:12,760 --> 01:10:16,479
Speaker 7: Rick Davis, Partner at Stone Court Capital, alongside Genie Shanzano,

1362
01:10:16,560 --> 01:10:20,599
Speaker 7: political science professor at Iona University, Senior Democracy Fellow at

1363
01:10:20,600 --> 01:10:23,920
Speaker 7: the Center for the Study of the Presidency and Congress, Rick,

1364
01:10:24,000 --> 01:10:26,280
Speaker 7: you said this was going to be a spirited conversation,

1365
01:10:26,360 --> 01:10:29,200
Speaker 7: that this might be the most challenging interview that Donald

1366
01:10:29,240 --> 01:10:31,080
Speaker 7: Trump would have for the rest of the cycle.

1367
01:10:31,080 --> 01:10:31,920
Speaker 8: I think you might be right.

1368
01:10:32,320 --> 01:10:34,160
Speaker 9: Yeah, And I think one of the more sober and

1369
01:10:34,240 --> 01:10:38,240
Speaker 9: serious conversations. I thought John Michols Waite did a fantastic

1370
01:10:38,360 --> 01:10:41,360
Speaker 9: job of keeping focused on the issues that he was

1371
01:10:41,439 --> 01:10:44,000
Speaker 9: asking about, trying to do the follow up that he

1372
01:10:44,400 --> 01:10:47,280
Speaker 9: was requiring. And look, I mean, you know, you got

1373
01:10:47,280 --> 01:10:49,320
Speaker 9: to give Trump credit. He hung in there. He told

1374
01:10:49,360 --> 01:10:53,599
Speaker 9: lots of stories that exemplified, you know, his policy points.

1375
01:10:53,640 --> 01:10:57,519
Speaker 9: And I think as a communicator, we underestimate Donald Trump's

1376
01:10:57,520 --> 01:11:01,360
Speaker 9: ability to sort of package his argument events in these

1377
01:11:01,520 --> 01:11:05,000
Speaker 9: kinds of storytelling that are easy for people to digest.

1378
01:11:05,040 --> 01:11:08,640
Speaker 9: So his audience wasn't the Chicago Economic Club sitting in

1379
01:11:08,680 --> 01:11:12,120
Speaker 9: the room and dining on rubber chicken. His audience were,

1380
01:11:12,520 --> 01:11:16,640
Speaker 9: you know, blue collar workers in Michigan and Pennsylvania and

1381
01:11:16,680 --> 01:11:22,120
Speaker 9: Wisconsin who they hear these stories. They can actually understand

1382
01:11:22,160 --> 01:11:23,840
Speaker 9: the economic points that he's making.

1383
01:11:23,880 --> 01:11:26,639
Speaker 6: But if part of his audience here Jeanie was in Michigan,

1384
01:11:26,760 --> 01:11:29,400
Speaker 6: he again attacked Detroit, as we saw him do in

1385
01:11:29,479 --> 01:11:31,640
Speaker 6: Detroit just a few days ago. He's going to be

1386
01:11:31,720 --> 01:11:34,000
Speaker 6: back there later on this week. He called it horrible,

1387
01:11:34,320 --> 01:11:36,680
Speaker 6: talking about how it hasn't recovered. Of course, it did

1388
01:11:36,680 --> 01:11:39,400
Speaker 6: declare bankruptcy back in twenty thirteen, but it has seen

1389
01:11:39,720 --> 01:11:42,719
Speaker 6: a recovery since then. In fact, the city just announced

1390
01:11:42,720 --> 01:11:45,800
Speaker 6: earlier this year it grew in population between twenty twenty

1391
01:11:45,800 --> 01:11:47,960
Speaker 6: two and twenty twenty three for the first time since

1392
01:11:48,040 --> 01:11:51,840
Speaker 6: nineteen fifty seven. How does that play in a state

1393
01:11:51,880 --> 01:11:54,320
Speaker 6: which ultimately could have a hand in deciding this election.

1394
01:11:54,720 --> 01:11:56,800
Speaker 10: Yeah, this is something we've heard Trump do over and

1395
01:11:56,840 --> 01:12:02,120
Speaker 10: over again, attack cities from Milton and Detroit and of

1396
01:12:02,160 --> 01:12:05,559
Speaker 10: course New York City, And of course factually there's no

1397
01:12:05,640 --> 01:12:07,920
Speaker 10: basis for it. We know, violent crime, for instance, in

1398
01:12:08,000 --> 01:12:10,799
Speaker 10: Detroit is down to levels we haven't seen since nineteen

1399
01:12:10,880 --> 01:12:13,880
Speaker 10: ninety six. And I think, you know, as I watched

1400
01:12:13,880 --> 01:12:18,839
Speaker 10: this entire interview, which I agree was so important, Donald

1401
01:12:18,880 --> 01:12:22,280
Speaker 10: Trump missed an opportunity here in my mind, he ended

1402
01:12:22,320 --> 01:12:27,480
Speaker 10: up talking about what defending January sixth, talking about Venezuela

1403
01:12:27,560 --> 01:12:31,479
Speaker 10: and Maduro, this strong man, this autocrat, this dictator as well,

1404
01:12:31,479 --> 01:12:33,720
Speaker 10: what a great job he has done cutting down on

1405
01:12:33,840 --> 01:12:36,240
Speaker 10: violence with the use of a police state. He is

1406
01:12:36,280 --> 01:12:40,479
Speaker 10: making certainly things that Republican leaders at the state and

1407
01:12:40,520 --> 01:12:44,160
Speaker 10: local level have pushed back against. As it refers to Aurora,

1408
01:12:44,200 --> 01:12:47,519
Speaker 10: as it refers to Springfield. The list goes on and on,

1409
01:12:47,840 --> 01:12:51,040
Speaker 10: and John Micklesoet was trying to have a sober, serious

1410
01:12:51,120 --> 01:12:54,920
Speaker 10: conversation on his economic policies. And I can bet that

1411
01:12:55,040 --> 01:12:58,840
Speaker 10: is not where Donald Trump's campaign wanted him to go

1412
01:12:59,240 --> 01:13:01,680
Speaker 10: to sit there and say those kinds of things. The

1413
01:13:01,800 --> 01:13:05,240
Speaker 10: attacks were all over the place. They were on everybody,

1414
01:13:05,280 --> 01:13:09,960
Speaker 10: from the press to two people who are running these

1415
01:13:09,960 --> 01:13:13,760
Speaker 10: cities and states, two immigrants. They were as no fact

1416
01:13:13,880 --> 01:13:16,400
Speaker 10: checking that he was going to abide by, and it

1417
01:13:16,560 --> 01:13:19,720
Speaker 10: was off the rails in true Donald Trump's style. And

1418
01:13:19,760 --> 01:13:22,519
Speaker 10: that is a problem for Donald Trump because I know

1419
01:13:22,680 --> 01:13:25,240
Speaker 10: he wants to double down in his base. Rick is right,

1420
01:13:25,520 --> 01:13:28,439
Speaker 10: but he's got to reach sober minded people in the

1421
01:13:28,479 --> 01:13:32,040
Speaker 10: middle who like his policies first term, but are very

1422
01:13:32,120 --> 01:13:34,240
Speaker 10: concerned about this rhetoric. And I don't think he did

1423
01:13:34,320 --> 01:13:37,519
Speaker 10: himself any favors on that front. And of course, top

1424
01:13:37,560 --> 01:13:40,439
Speaker 10: of the list there is tariffs. He had absolutely no

1425
01:13:40,600 --> 01:13:44,400
Speaker 10: answer to the very serious economic questions about raising tariffs.

1426
01:13:44,439 --> 01:13:46,759
Speaker 10: He said sometimes two hundred five hundred percent.

1427
01:13:48,760 --> 01:13:51,719
Speaker 7: All right, Genie Shanzino and Rick Davis with their Clutch

1428
01:13:51,760 --> 01:13:53,680
Speaker 7: analysis coming out of the interview, they're going to be

1429
01:13:53,680 --> 01:13:55,160
Speaker 7: sticking with us for the rest of the hour. We

1430
01:13:55,200 --> 01:13:57,599
Speaker 7: thank you both our signature panel here on an important

1431
01:13:57,680 --> 01:13:59,800
Speaker 7: day as we go into overtime here on our special

1432
01:14:00,600 --> 01:14:04,640
Speaker 7: live from Washington. Following Bloomberg's interview with Donald Trump, the

1433
01:14:04,680 --> 01:14:07,760
Speaker 7: former president talked about tariff's quite a bit today in

1434
01:14:07,880 --> 01:14:10,880
Speaker 7: policies he'd like to pursue if elected. In the conversation

1435
01:14:10,960 --> 01:14:13,280
Speaker 7: we just brought to you in partnership with the Economic

1436
01:14:13,280 --> 01:14:14,519
Speaker 7: Club of Chicago, Let's.

1437
01:14:14,320 --> 01:14:18,360
Speaker 3: Listen to me. The most beautiful word in the dictionary

1438
01:14:18,439 --> 01:14:21,880
Speaker 3: is tariff and it's my favorite word. It needs a

1439
01:14:22,000 --> 01:14:27,520
Speaker 3: public relations firm.

1440
01:14:27,880 --> 01:14:30,360
Speaker 7: Joining us now for more here on Bloomberg TV and Radio.

1441
01:14:30,439 --> 01:14:34,880
Speaker 7: Anna Ashton, founder of Ashton Analytics, former China analyst for

1442
01:14:34,960 --> 01:14:37,400
Speaker 7: the US Department of Defense, and it's great to see you.

1443
01:14:37,439 --> 01:14:40,599
Speaker 7: Thanks for joining us here. Following this conversation, Donald Trump

1444
01:14:40,880 --> 01:14:43,439
Speaker 7: pushed back pretty hard on the issue of tariff's.

1445
01:14:43,720 --> 01:14:44,840
Speaker 8: He called tariff's his.

1446
01:14:45,680 --> 01:14:49,679
Speaker 7: Favorite word, the most beautiful word in the dictionary. Did

1447
01:14:49,680 --> 01:14:52,040
Speaker 7: he change the way you look at this in his

1448
01:14:52,120 --> 01:14:53,879
Speaker 7: conversation today with John Mickelfway.

1449
01:14:55,479 --> 01:14:58,040
Speaker 11: Well, no, and thank you for having me on. It

1450
01:14:58,080 --> 01:15:00,920
Speaker 11: was interesting to listen to his remarks. I think we

1451
01:15:01,040 --> 01:15:05,519
Speaker 11: can all be pretty assured of where he wants to

1452
01:15:05,560 --> 01:15:08,599
Speaker 11: go with tariff policy, that he wants to raise tariffs,

1453
01:15:08,640 --> 01:15:10,720
Speaker 11: and not just on China. You spend a lot of

1454
01:15:10,760 --> 01:15:14,200
Speaker 11: time talking about Mexico, for example, and he said that,

1455
01:15:14,320 --> 01:15:17,120
Speaker 11: you know, our allies have been more problematic than our enemies,

1456
01:15:17,160 --> 01:15:19,080
Speaker 11: so the EU, Japan.

1457
01:15:21,479 --> 01:15:24,320
Speaker 6: Well, Anna, as you mentioned Mexico. According to FactCheck dot org,

1458
01:15:24,360 --> 01:15:27,479
Speaker 6: there is only one small Chinese car manufacturing plant in

1459
01:15:27,520 --> 01:15:30,400
Speaker 6: Mexico right now. But something else we heard from Donald

1460
01:15:30,400 --> 01:15:33,200
Speaker 6: Trump was the suggestion, if you make the tariffs high enough,

1461
01:15:33,520 --> 01:15:37,360
Speaker 6: to quote him, so high, so horrible, so obnoxious, they'll

1462
01:15:37,400 --> 01:15:40,160
Speaker 6: come right away, meaning they will come and make things

1463
01:15:40,160 --> 01:15:44,240
Speaker 6: in the US instead. What is the realistic chance that

1464
01:15:44,600 --> 01:15:47,280
Speaker 6: manufacturers in China are going to be able to suddenly

1465
01:15:47,360 --> 01:15:49,960
Speaker 6: up and move all that business to the United States

1466
01:15:50,000 --> 01:15:53,240
Speaker 6: and have supply come out of there. How does that

1467
01:15:53,320 --> 01:15:54,839
Speaker 6: actually translate in reality?

1468
01:15:55,880 --> 01:15:57,720
Speaker 11: Well, you know, I think it's going to be really

1469
01:15:57,800 --> 01:16:01,080
Speaker 11: interesting to see if this is you know, a sign

1470
01:16:01,120 --> 01:16:05,200
Speaker 11: of Trump kind of evolving his perspective on China and

1471
01:16:05,240 --> 01:16:08,759
Speaker 11: what he wants from the relationship, because he certainly wasn't

1472
01:16:08,800 --> 01:16:12,799
Speaker 11: really gung ho about inviting Chinese investment into the United

1473
01:16:12,800 --> 01:16:17,559
Speaker 11: States in his first term, and if second term would

1474
01:16:17,560 --> 01:16:19,880
Speaker 11: he be It sort of sounds like it. It sort

1475
01:16:19,880 --> 01:16:22,439
Speaker 11: of sounds like he sees tariffs as a way to

1476
01:16:22,560 --> 01:16:25,639
Speaker 11: bring foreign investment into the United States to create jobs,

1477
01:16:26,160 --> 01:16:27,600
Speaker 11: and I think a lot of people can get on

1478
01:16:27,640 --> 01:16:29,520
Speaker 11: board with that from an economic standpoint.

1479
01:16:29,840 --> 01:16:31,080
Speaker 2: However, there are.

1480
01:16:30,960 --> 01:16:33,320
Speaker 11: Many many people in Washington and both parties who are

1481
01:16:33,320 --> 01:16:36,960
Speaker 11: not particularly enthusiastic about Chinese investment in the United States.

1482
01:16:36,960 --> 01:16:39,599
Speaker 11: And not just in Washington, there are governors all over

1483
01:16:39,680 --> 01:16:42,320
Speaker 11: the country who also are not keen on that. So

1484
01:16:42,360 --> 01:16:46,360
Speaker 11: I'm not sure that it's within Trump's power to change

1485
01:16:46,360 --> 01:16:47,760
Speaker 11: hearts and minds domestically.

1486
01:16:49,520 --> 01:16:51,679
Speaker 7: I want to ask you about what the former president

1487
01:16:51,720 --> 01:16:54,080
Speaker 7: said about Taiwan Ana. He was asked whether he would

1488
01:16:54,120 --> 01:16:57,400
Speaker 7: send American troops to defend Taiwan in the event of

1489
01:16:57,439 --> 01:17:00,720
Speaker 7: an invasion or a blockade by China. He didn't really

1490
01:17:00,760 --> 01:17:03,080
Speaker 7: answer that directly. He said, quote, I have a very

1491
01:17:03,120 --> 01:17:07,320
Speaker 7: good relationship with President she is his relationship good enough

1492
01:17:07,360 --> 01:17:09,799
Speaker 7: to avoid that scenario if you were re elected.

1493
01:17:11,200 --> 01:17:13,440
Speaker 11: I think it's less about whether or not his relationship

1494
01:17:13,479 --> 01:17:16,439
Speaker 11: with President she is good enough, and more about the

1495
01:17:16,479 --> 01:17:22,559
Speaker 11: fact that he is a confirmed He does not want

1496
01:17:22,720 --> 01:17:27,520
Speaker 11: to have American forces fighting foreign wars, and he's indicated

1497
01:17:27,520 --> 01:17:32,799
Speaker 11: in other interviews that he's not particularly interested in sending

1498
01:17:32,840 --> 01:17:35,840
Speaker 11: troops to Taiwan unless Taiwan is going to pay more

1499
01:17:36,040 --> 01:17:38,880
Speaker 11: for US defense. He wants more of a quid pro

1500
01:17:39,000 --> 01:17:42,240
Speaker 11: quo relationship than he believes we have right now. But again,

1501
01:17:42,320 --> 01:17:46,519
Speaker 11: this is where Trump diverges from the majority of minds

1502
01:17:46,560 --> 01:17:51,160
Speaker 11: that are shaping policy in DC, both Republican and Democrat.

1503
01:17:51,439 --> 01:17:55,439
Speaker 11: I don't think that his own party is particularly aligned

1504
01:17:55,479 --> 01:17:57,760
Speaker 11: behind that idea well.

1505
01:17:57,760 --> 01:18:00,439
Speaker 6: And perhaps the divergence that matters most, at least with

1506
01:18:00,520 --> 01:18:03,000
Speaker 6: three weeks to go and tell election Diana, is how

1507
01:18:03,280 --> 01:18:06,559
Speaker 6: his policy diverges from the policy that Kamala Harris has

1508
01:18:06,560 --> 01:18:09,759
Speaker 6: suggested she pursued. Keeping in mind, she has been attached

1509
01:18:09,760 --> 01:18:12,360
Speaker 6: to this administration that has left intact and in many

1510
01:18:12,400 --> 01:18:15,280
Speaker 6: ways actually in many instances expanded the tariffs put into

1511
01:18:15,280 --> 01:18:17,880
Speaker 6: place under the first Trump administration. Harris, who has also

1512
01:18:17,920 --> 01:18:21,040
Speaker 6: talked about making sure the US is leading the technology

1513
01:18:21,040 --> 01:18:24,719
Speaker 6: war against China. How realistically are we going to see

1514
01:18:24,760 --> 01:18:28,360
Speaker 6: differences in approach here, and is it just a matter

1515
01:18:28,640 --> 01:18:31,200
Speaker 6: of scale, if you will, Maybe not tariffs of the

1516
01:18:31,280 --> 01:18:33,799
Speaker 6: kind Donald Trump is talking about, but tariffs all the same.

1517
01:18:35,240 --> 01:18:37,519
Speaker 11: I certainly think we're going to see tariffs all the same.

1518
01:18:38,360 --> 01:18:42,679
Speaker 11: But you know, the Biden administration has, with its increase

1519
01:18:42,880 --> 01:18:46,600
Speaker 11: of select tariffs in the last month, made clear that

1520
01:18:47,320 --> 01:18:50,040
Speaker 11: they're interested in taking a more targeted approach, and you

1521
01:18:50,040 --> 01:18:54,240
Speaker 11: know that that is overall the impression I'm getting from

1522
01:18:54,479 --> 01:18:58,240
Speaker 11: Harris's talking points. So I think that, you know, Yanes,

1523
01:18:58,320 --> 01:19:01,200
Speaker 11: we will see continued tariffs. We will see a continued

1524
01:19:01,240 --> 01:19:04,640
Speaker 11: emphasis on industrial policy as part of the effort to

1525
01:19:04,640 --> 01:19:07,799
Speaker 11: make the United States more competitive with China and ensure

1526
01:19:08,000 --> 01:19:12,120
Speaker 11: US competitiveness going forward. But I don't think that a

1527
01:19:12,160 --> 01:19:15,439
Speaker 11: Harris administration would be interested in the kind of across

1528
01:19:15,439 --> 01:19:19,000
Speaker 11: the board tariffs on everything from China and things from

1529
01:19:19,040 --> 01:19:22,679
Speaker 11: everywhere else that Trump seems to be enthusiastic about.

1530
01:19:24,000 --> 01:19:25,680
Speaker 8: Great to have you with us today, Anna, Thank you.

1531
01:19:25,720 --> 01:19:29,240
Speaker 7: Anna Ashton is founder of Ashton Analytics, former China analysts

1532
01:19:29,240 --> 01:19:30,559
Speaker 7: for the US Department of Defense.

1533
01:19:30,640 --> 01:19:32,439
Speaker 8: Just the voice we needed today. We thank you again.

1534
01:19:32,479 --> 01:19:36,880
Speaker 7: And joining us now is Democratic Congressman Sean Caston of Illinois.

1535
01:19:36,960 --> 01:19:40,160
Speaker 7: He serves on the House Financial Services Committee and brings

1536
01:19:40,479 --> 01:19:43,560
Speaker 7: the voice of a Democrat to the table here. Congressman,

1537
01:19:43,680 --> 01:19:46,360
Speaker 7: it's good to see you. Welcome back to Bloomberg TV

1538
01:19:46,520 --> 01:19:49,559
Speaker 7: and Radio. What you just heard today from Donald Trump

1539
01:19:49,600 --> 01:19:53,880
Speaker 7: is the most complete explanation and most complete presentation we

1540
01:19:54,000 --> 01:19:57,599
Speaker 7: have heard of his economic proposals, making the Trump tax

1541
01:19:57,680 --> 01:20:01,080
Speaker 7: cuts permanent, a series of exemption on things like tips

1542
01:20:01,080 --> 01:20:04,439
Speaker 7: over time, social Security, and others that we might not

1543
01:20:04,520 --> 01:20:07,839
Speaker 7: even have time to list here today. And an overall

1544
01:20:07,880 --> 01:20:12,439
Speaker 7: approach to inflation that starts with energy. Drill, Baby drill,

1545
01:20:12,520 --> 01:20:14,960
Speaker 7: he says, will bring down prices across the board.

1546
01:20:15,479 --> 01:20:16,679
Speaker 8: Are you on board?

1547
01:20:17,880 --> 01:20:20,599
Speaker 12: Well, look, it's hard to follow a lot of that

1548
01:20:20,640 --> 01:20:23,120
Speaker 12: because so much of his representations of the economy were

1549
01:20:23,160 --> 01:20:26,679
Speaker 12: just flat wrong. We've seen surges and foreign direct investment

1550
01:20:26,720 --> 01:20:29,240
Speaker 12: over the last four years. We've seen almost a doubling

1551
01:20:29,240 --> 01:20:31,439
Speaker 12: and manufacturing investment in the United States over the last

1552
01:20:31,479 --> 01:20:33,880
Speaker 12: four years. Yes, there's been inflation, but slower than all

1553
01:20:33,920 --> 01:20:36,679
Speaker 12: the other countries in the OECD. We've had record setting

1554
01:20:36,720 --> 01:20:39,400
Speaker 12: job creation. This is an economy to celebrate, and he

1555
01:20:39,479 --> 01:20:41,439
Speaker 12: seemed to be focused on bad mouthing it. But I

1556
01:20:41,439 --> 01:20:44,040
Speaker 12: want to just talk about the energy piece for a moment.

1557
01:20:44,840 --> 01:20:49,000
Speaker 12: In April of twenty twenty, under Donald Trump, the price

1558
01:20:49,000 --> 01:20:53,160
Speaker 12: of oil collapsed because of COVID. Trump responded by calling

1559
01:20:53,160 --> 01:20:56,200
Speaker 12: the Saudis and threatening to pull all military aid out

1560
01:20:56,240 --> 01:21:00,720
Speaker 12: of Saudi Arabia unless they curtailed production to raise the

1561
01:21:00,760 --> 01:21:04,599
Speaker 12: price of oil to protect US oil producers. He has

1562
01:21:04,720 --> 01:21:08,160
Speaker 12: always put the interest of producers over the interests of consumers.

1563
01:21:08,720 --> 01:21:11,200
Speaker 12: And you know, when you're talking about drill, baby, drill,

1564
01:21:11,439 --> 01:21:14,120
Speaker 12: we are using a lot less cold than we used

1565
01:21:14,120 --> 01:21:15,800
Speaker 12: to in the United States. We're using a lot we're

1566
01:21:15,880 --> 01:21:18,960
Speaker 12: using We've had basically no growth in oil. That's because

1567
01:21:18,960 --> 01:21:22,040
Speaker 12: we've invested in efficiency. We've invested in renewables. The person

1568
01:21:22,040 --> 01:21:23,599
Speaker 12: with a solar panel on the roof is not paying

1569
01:21:23,600 --> 01:21:27,519
Speaker 12: for electricity anymore. What Trump is pushing for is not

1570
01:21:27,720 --> 01:21:30,840
Speaker 12: lowering costs for consumers on energy, but raising prices to

1571
01:21:30,960 --> 01:21:34,639
Speaker 12: energy producers. He's done that consistently, and let's not pretend

1572
01:21:34,680 --> 01:21:35,400
Speaker 12: it's something else.

1573
01:21:36,960 --> 01:21:40,280
Speaker 6: Well, Congressman, is we consider this is a plan he

1574
01:21:40,320 --> 01:21:43,439
Speaker 6: says ultimately will lead to lower inflation. Let's talk about

1575
01:21:43,439 --> 01:21:46,120
Speaker 6: inflation and who all has a role in combating that,

1576
01:21:46,240 --> 01:21:49,639
Speaker 6: because obviously the Federal Reserve is part of that game too.

1577
01:21:49,880 --> 01:21:52,200
Speaker 6: Donald Trump was actually asked about the FED and the

1578
01:21:52,240 --> 01:21:55,200
Speaker 6: influence the president should have on it in this conversation.

1579
01:21:55,280 --> 01:21:57,320
Speaker 6: Let's remind ourselves of what he said.

1580
01:21:58,880 --> 01:22:02,040
Speaker 3: I think that if you are a very good president

1581
01:22:02,080 --> 01:22:05,240
Speaker 3: with good sense, you should be able to at least

1582
01:22:05,439 --> 01:22:07,840
Speaker 3: talk to him. I don't say make the decision at all.

1583
01:22:10,080 --> 01:22:11,519
Speaker 6: Congressman, what's your response to that?

1584
01:22:13,600 --> 01:22:15,400
Speaker 12: I guess you have to really love the economy of

1585
01:22:15,400 --> 01:22:18,120
Speaker 12: the eighteen nineties to want a non independent FED and

1586
01:22:18,160 --> 01:22:19,519
Speaker 12: a massive tariff policy.

1587
01:22:20,840 --> 01:22:21,600
Speaker 3: J Powell.

1588
01:22:21,680 --> 01:22:23,599
Speaker 12: You know, I don't agree with J. Powell on everything,

1589
01:22:24,200 --> 01:22:27,360
Speaker 12: but J. Powell has done a masterful job, as he should,

1590
01:22:27,479 --> 01:22:30,040
Speaker 12: of staying above politics. You know, the idea of an

1591
01:22:30,080 --> 01:22:33,840
Speaker 12: independent FED is, as your viewers know well, right you,

1592
01:22:34,439 --> 01:22:37,040
Speaker 12: sometimes it's not politically wise to do the right thing

1593
01:22:37,080 --> 01:22:41,920
Speaker 12: for the economy. Interfering with that is a really really

1594
01:22:42,000 --> 01:22:44,439
Speaker 12: dangerous path to go, and we've been there in our past,

1595
01:22:44,600 --> 01:22:46,519
Speaker 12: right you know, there was a point when we didn't

1596
01:22:46,520 --> 01:22:50,120
Speaker 12: have an independent FED. Those weren't good times for the

1597
01:22:50,200 --> 01:22:50,919
Speaker 12: US economy.

1598
01:22:53,479 --> 01:22:56,200
Speaker 7: Well, with that said, where is the economy going to

1599
01:22:56,280 --> 01:22:59,240
Speaker 7: be here in your view, when the next president takes off.

1600
01:22:59,240 --> 01:23:01,160
Speaker 7: As congressman, this is something that we ask a lot

1601
01:23:01,200 --> 01:23:04,120
Speaker 7: of lawmakers and economists here, knowing that we're seeing, or

1602
01:23:04,120 --> 01:23:08,760
Speaker 7: at least feeling, some concerns tied to a slowdown here. Obviously,

1603
01:23:08,840 --> 01:23:11,160
Speaker 7: interest rate cuts are part of the picture, which some

1604
01:23:11,200 --> 01:23:14,400
Speaker 7: could suggest benefit the incumbent in this case, I guess

1605
01:23:14,400 --> 01:23:17,840
Speaker 7: we could call that incumbent Kamala Harris. But what's your

1606
01:23:17,920 --> 01:23:20,200
Speaker 7: view about where we're going to be in January when

1607
01:23:20,200 --> 01:23:21,360
Speaker 7: you come back to Washington.

1608
01:23:22,880 --> 01:23:25,559
Speaker 12: You know, I suppose prognostication is a fool's game, but

1609
01:23:25,640 --> 01:23:27,559
Speaker 12: I think you know some of the metrics that we've

1610
01:23:27,560 --> 01:23:31,240
Speaker 12: been watching closely in the economy. We've seen this surge

1611
01:23:31,240 --> 01:23:34,200
Speaker 12: of investment for the last four years. Really, for the

1612
01:23:34,200 --> 01:23:39,519
Speaker 12: first time in decades, we've consistently seen job creation out

1613
01:23:39,560 --> 01:23:44,760
Speaker 12: posting worker creation. Our workforce has not been growing as

1614
01:23:44,760 --> 01:23:48,439
Speaker 12: fast as the jobs have. That was creating some upward

1615
01:23:48,479 --> 01:23:51,400
Speaker 12: pressure on inflation. Was certainly contributing to it. It's a

1616
01:23:51,439 --> 01:23:53,599
Speaker 12: good problem to have, right because there were so much

1617
01:23:53,640 --> 01:23:56,639
Speaker 12: investments going on in the United States. We have seen

1618
01:23:56,880 --> 01:24:00,640
Speaker 12: some of that pressure easing. Frankly, thanks to inflation. And

1619
01:24:00,680 --> 01:24:03,080
Speaker 12: one of the concerns that I have personally is that

1620
01:24:03,120 --> 01:24:08,120
Speaker 12: it has become so bipartisan to demonize an immigration, and

1621
01:24:08,120 --> 01:24:09,880
Speaker 12: I think we shouldn't lose sight of the fact that

1622
01:24:09,920 --> 01:24:13,679
Speaker 12: immigration is substantially what's allowing our economy to create jobs

1623
01:24:13,680 --> 01:24:17,880
Speaker 12: so quickly and not have upward pressure on inflation inflations

1624
01:24:17,920 --> 01:24:21,720
Speaker 12: come down. I do get concerned about that xenophobia and

1625
01:24:21,720 --> 01:24:24,559
Speaker 12: where that might push us, But on balance, I feel

1626
01:24:24,560 --> 01:24:26,479
Speaker 12: pretty good about where the economy is right now. We're

1627
01:24:26,479 --> 01:24:29,320
Speaker 12: still staying in a four four point two percent unemployment,

1628
01:24:29,320 --> 01:24:32,600
Speaker 12: which is pretty good. The job revisions such as they are,

1629
01:24:32,680 --> 01:24:34,800
Speaker 12: and moving in the right direction, and you know, let's

1630
01:24:34,880 --> 01:24:36,040
Speaker 12: keep a steady hand on the tiller.

1631
01:24:37,640 --> 01:24:39,840
Speaker 6: Congressman, we just have a minute left here. But it

1632
01:24:39,880 --> 01:24:41,880
Speaker 6: was brought up in this interview and again in our

1633
01:24:41,920 --> 01:24:46,799
Speaker 6: conversations afterward, the deficit impact potentially of Donald Trump's plans

1634
01:24:46,840 --> 01:24:48,400
Speaker 6: and the media and estimate from the Committee for a

1635
01:24:48,400 --> 01:24:51,040
Speaker 6: Responsible Federal Budget it's seven and a half trillion dollars.

1636
01:24:51,400 --> 01:24:54,719
Speaker 6: Harris's is lower. Yes, three and a half trillion dollars

1637
01:24:54,840 --> 01:24:58,120
Speaker 6: is their base case, but that still does add to

1638
01:24:58,160 --> 01:25:00,559
Speaker 6: the United States is burden. How do you offend some

1639
01:25:00,600 --> 01:25:03,200
Speaker 6: of those policy ideas knowing the fiscal impact they could have.

1640
01:25:04,200 --> 01:25:06,280
Speaker 12: Yeah, Like, I think it's a real concern for all

1641
01:25:06,320 --> 01:25:08,680
Speaker 12: of us that these that the deficits keep growing up.

1642
01:25:10,360 --> 01:25:13,559
Speaker 12: Any serious conversation about the deficits, you know, has to

1643
01:25:13,600 --> 01:25:16,640
Speaker 12: talk about you know, we have Social Security, Medicare, in

1644
01:25:16,640 --> 01:25:20,880
Speaker 12: the military's that's the overwhelming majority of what's there. And

1645
01:25:21,160 --> 01:25:23,920
Speaker 12: if we decide politically we don't want to touch those three,

1646
01:25:23,960 --> 01:25:25,760
Speaker 12: then we have to talk about the revenue side of

1647
01:25:25,800 --> 01:25:29,400
Speaker 12: the equation. What is the single most important thing we

1648
01:25:29,479 --> 01:25:31,719
Speaker 12: can do that still gives people the dignity they deserve

1649
01:25:31,760 --> 01:25:34,120
Speaker 12: in retirement and kill still keeps the United States as

1650
01:25:34,160 --> 01:25:36,760
Speaker 12: the leader of the free world, is to fully fund

1651
01:25:36,760 --> 01:25:39,760
Speaker 12: the IRS. The head of the Trump IRS told us

1652
01:25:39,800 --> 01:25:43,240
Speaker 12: that the under collection of taxes, taxes that are due

1653
01:25:43,240 --> 01:25:46,840
Speaker 12: but not collected, reaches almost a trillion dollars a year.

1654
01:25:47,720 --> 01:25:49,600
Speaker 12: You can go a long way towards cleaning that up

1655
01:25:49,640 --> 01:25:52,040
Speaker 12: if we get there. Trump is not wild about that.

1656
01:25:52,120 --> 01:25:54,920
Speaker 12: He's a guy who's obviously been found guilty of tax fraud.

1657
01:25:55,400 --> 01:25:58,639
Speaker 12: But we have to We have to fund the police, right,

1658
01:25:58,880 --> 01:26:00,720
Speaker 12: We have to fund the IRS ability to go out

1659
01:26:00,720 --> 01:26:03,000
Speaker 12: and make sure that we collect, and if we do that,

1660
01:26:04,120 --> 01:26:06,200
Speaker 12: we create a ton more headroom. And I think then

1661
01:26:06,240 --> 01:26:08,400
Speaker 12: we can have a conversation around well, if we tweak

1662
01:26:08,400 --> 01:26:10,240
Speaker 12: this tax this way or this tax this way. But

1663
01:26:10,320 --> 01:26:12,719
Speaker 12: it's a purely academic conversation if we're not actually collecting

1664
01:26:12,720 --> 01:26:15,519
Speaker 12: the taxes anyway. And remember, these things are over ten years.

1665
01:26:15,560 --> 01:26:17,800
Speaker 12: When the CBO does these forecasts, at trillion dollars a

1666
01:26:17,840 --> 01:26:20,600
Speaker 12: year is ten trillion dollars over a ten year forecast.

1667
01:26:21,560 --> 01:26:24,120
Speaker 12: Let's get it done, all.

1668
01:26:24,080 --> 01:26:27,040
Speaker 6: Right, Congressman, appreciate your time this afternoon that as Democratic

1669
01:26:27,040 --> 01:26:30,120
Speaker 6: Congressman Sean Caston of Illinois, member of the House Financial

1670
01:26:30,200 --> 01:26:34,000
Speaker 6: Services Committee, we appreciate it. We're continuing to analyze Trump's

1671
01:26:34,040 --> 01:26:36,479
Speaker 6: comments made just moments ago during an interview with Bloomberg

1672
01:26:36,560 --> 01:26:40,280
Speaker 6: editor in chief John Mickelthwaite. We should note, as John noted,

1673
01:26:40,400 --> 01:26:44,640
Speaker 6: Kamala Harris has been invited to participate in a similar conversation.

1674
01:26:44,760 --> 01:26:47,040
Speaker 6: Back with us now for final thoughts. Is our signature

1675
01:26:47,040 --> 01:26:49,880
Speaker 6: political panel, Rick Davis of stone Core Capital and Janie

1676
01:26:49,920 --> 01:26:52,640
Speaker 6: Shanzano of the Center for the Study of the Presidency

1677
01:26:53,040 --> 01:26:57,480
Speaker 6: and Congress. I don't know how many more interviews opportunities

1678
01:26:57,680 --> 01:26:59,719
Speaker 6: like this there will be in the next three weeks,

1679
01:27:00,120 --> 01:27:02,160
Speaker 6: because that's all the time that is left. How many

1680
01:27:02,160 --> 01:27:04,720
Speaker 6: more conversations do you expect Donald Trump to take part

1681
01:27:04,760 --> 01:27:07,400
Speaker 6: of through traditional media means like this when he's been

1682
01:27:07,439 --> 01:27:11,200
Speaker 6: going on podcasts, as has Kamala Harris other means of

1683
01:27:11,240 --> 01:27:12,440
Speaker 6: reaching out to voters.

1684
01:27:12,600 --> 01:27:14,639
Speaker 9: Yeah, I think they've both been in the bubble, right,

1685
01:27:14,720 --> 01:27:18,599
Speaker 9: so they'll do interviews with friendly outlets. And Donald Trump

1686
01:27:18,680 --> 01:27:22,479
Speaker 9: has been more aggressive in spending time on his friendly

1687
01:27:22,560 --> 01:27:26,400
Speaker 9: outlets than Kamala Harris has. But as we talked earlier

1688
01:27:26,439 --> 01:27:28,759
Speaker 9: in the show, Kamala Harris has a very big interview

1689
01:27:28,800 --> 01:27:31,479
Speaker 9: tomorrow with Brett Baar on Fox taking herself out of

1690
01:27:31,479 --> 01:27:35,280
Speaker 9: the bubble, putting herself in an environment frankly, probably the

1691
01:27:35,320 --> 01:27:38,680
Speaker 9: equivalent of what we just saw today at the Chicago

1692
01:27:38,920 --> 01:27:41,439
Speaker 9: Economic Club, And so I don't think you're going to

1693
01:27:41,479 --> 01:27:43,960
Speaker 9: see much more of that. I would be surprised if

1694
01:27:43,960 --> 01:27:46,000
Speaker 9: Donald Trump wants to re up on another deal like

1695
01:27:46,040 --> 01:27:50,880
Speaker 9: he did today. And at the same time, without these

1696
01:27:50,920 --> 01:27:54,560
Speaker 9: presidential debates, we don't really have any way of scoring

1697
01:27:55,000 --> 01:27:58,080
Speaker 9: where we think the president presidential candidates are right now,

1698
01:27:58,120 --> 01:28:00,720
Speaker 9: and this is the time when and a lot of

1699
01:28:00,760 --> 01:28:05,439
Speaker 9: American voters are making up their minds in the last instance,

1700
01:28:05,479 --> 01:28:07,920
Speaker 9: in other words, I'm ready to vote, now who's it

1701
01:28:07,960 --> 01:28:10,120
Speaker 9: going to be? And there are still I know, it's

1702
01:28:10,160 --> 01:28:12,519
Speaker 9: hard to believe after the long slog we've been through,

1703
01:28:12,840 --> 01:28:15,679
Speaker 9: there are still voters trying to figure out who they want.

1704
01:28:15,840 --> 01:28:18,840
Speaker 9: And I think these kind of events help dictate that.

1705
01:28:19,000 --> 01:28:21,439
Speaker 7: Remembering, of course, and you remind us of this a lot, Rick,

1706
01:28:22,040 --> 01:28:25,360
Speaker 7: some people are already voting and have already voted, with

1707
01:28:25,560 --> 01:28:28,960
Speaker 7: early voting and absentee ballots in the mix here, Genie,

1708
01:28:29,040 --> 01:28:31,000
Speaker 7: what do you think about what Rick just said. Does

1709
01:28:31,080 --> 01:28:34,439
Speaker 7: Kamala Harris need to respond to what Donald Trump said today?

1710
01:28:35,240 --> 01:28:37,840
Speaker 10: I think she should, you know, I think these are

1711
01:28:37,880 --> 01:28:40,559
Speaker 10: exactly the kind of forums I agree with Rick in

1712
01:28:40,600 --> 01:28:43,320
Speaker 10: which we need to hear from these candidates and both

1713
01:28:43,360 --> 01:28:45,559
Speaker 10: of them. And I give Donald Trump a lot of

1714
01:28:45,640 --> 01:28:48,480
Speaker 10: credit for sitting down with a one on one interview

1715
01:28:48,840 --> 01:28:51,960
Speaker 10: and taking some tough questions, and I think people should

1716
01:28:52,000 --> 01:28:55,200
Speaker 10: go back and listen carefully to what he said. I mean,

1717
01:28:55,400 --> 01:28:59,240
Speaker 10: he talked about everything from not wanting to appoint judges

1718
01:28:59,280 --> 01:29:01,639
Speaker 10: who were too old, and when John asked him, well,

1719
01:29:01,680 --> 01:29:04,080
Speaker 10: you're seventy eight, he said, no, no, no, no, no,

1720
01:29:04,120 --> 01:29:06,920
Speaker 10: that was Justice's right. He talked at the end about

1721
01:29:07,080 --> 01:29:10,759
Speaker 10: Republicans himself being a party of common sense, and yet

1722
01:29:10,800 --> 01:29:15,320
Speaker 10: common sense questions like if you in, if you decrease

1723
01:29:15,439 --> 01:29:18,679
Speaker 10: taxes and you don't cut spending, how do you pay

1724
01:29:18,720 --> 01:29:21,360
Speaker 10: for that? He sort of pooh poohed a lot of that,

1725
01:29:21,560 --> 01:29:23,920
Speaker 10: to use a very formal word. So, you know, I

1726
01:29:23,960 --> 01:29:26,679
Speaker 10: think people should go and listen to what he had

1727
01:29:26,720 --> 01:29:29,960
Speaker 10: to say. You know, he talked about how he weaves,

1728
01:29:30,320 --> 01:29:33,880
Speaker 10: and he certainly weaved a lot today, And the one

1729
01:29:33,920 --> 01:29:36,559
Speaker 10: that really sticks with me is the one about the FED.

1730
01:29:36,880 --> 01:29:40,400
Speaker 10: For anybody who wants Donald Trump to have some voice

1731
01:29:40,400 --> 01:29:43,080
Speaker 10: in the FED, then think about would you want that

1732
01:29:43,160 --> 01:29:47,479
Speaker 10: if it was a Democrat, because historically that is very

1733
01:29:47,479 --> 01:29:49,520
Speaker 10: problematic for democratic economies.

1734
01:29:51,120 --> 01:29:54,880
Speaker 7: That's Genny Shanzino alongside Rick Davis, our signature panel today.

1735
01:29:54,880 --> 01:29:57,040
Speaker 7: Thanks both of you for being with us as part

1736
01:29:57,080 --> 01:30:02,000
Speaker 7: of our special coverage here on Bloomberg TV and radio.