Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Thank you, the Economic Club of Chicago. Thank you David particularly.
Speaker 2: I want to say two things at the beginning. The
Speaker 2: first is just for the record and for those people
Speaker 2: watching on television, the Economic Club of Chicago and Bloomberg
Speaker 2: both invited Vice President Harris to a similar interview about
Speaker 2: her economic plans that she has declined so far. And second,
Speaker 2: just to set some parameters about this interview, which I
Speaker 2: was just discussing with President Trump, We're going to focus
Speaker 2: on business and the economy. And that's partly because this
Speaker 2: is a business audience, but it's also because voters insist
Speaker 2: that the economy is the main issue that matters when
Speaker 2: they vote. So on that note, let me invite onto
Speaker 2: the stage President Trump.
Speaker 3: No, thanks, thank you very much.
Speaker 2: Have a see.
Speaker 3: I like that crowd. That's a name.
Speaker 2: Thank you, very standing ovation. Thank you, President Trump. Thank
Speaker 2: you for doing this, as we said, and you had
Speaker 2: the reception there. The business people of Chicago, like everywhere else,
Speaker 2: they like a lot of the things you want to
Speaker 2: do in terms of tax cuts and some of the
Speaker 2: spending proposals. But like many business people, what they're often
Speaker 2: worried about is the cost. And the Committee for a
Speaker 2: Responsible Federal Budget, which is a bipartisan outfit, put out
Speaker 2: some predictions the other day. If you add up all
Speaker 2: the promises you've made and your plans would add seven
Speaker 2: five trillion dollars to the debt. That's more than twice
Speaker 2: the total for Vice President Harris. You're on course to
Speaker 2: push up debts up to one hundred and fifty percent
Speaker 2: of GDP. This is a very business like audience. Yeah,
Speaker 2: why should they trust you with that?
Speaker 3: Because we're about growth. She's got no growth whatsoever, and
Speaker 3: we're all about growth. We're going to bring companies back
Speaker 3: to our country. You look at even today as I
Speaker 3: was driving over, I see these empty, old, beautiful like
Speaker 3: steel mills and factories that are empty and falling down.
Speaker 3: Some have been converted to senior citizens' homes. But that's
Speaker 3: not going to do the trick. And we're going to
Speaker 3: bring the companies back. We're going to lower taxes still
Speaker 3: further for companies that are going to make their product
Speaker 3: in the USA. We're going to protect those companies with
Speaker 3: strong tariffs. Because I'm a believer in tariffs. I'm not
Speaker 3: sure that you are. I don't think you are but
Speaker 3: I congratulate you in your career. But to me, the
Speaker 3: most beautiful word in thection areas tariff, and it's my
Speaker 3: favorite word. It needs a public relations firm just to
Speaker 3: help us, but it's to miss the most beautiful word
Speaker 3: in the tariffs.
Speaker 2: Do you think that will bring in the revenues to
Speaker 2: use another bipartisan group, Yeah, piece and institute. They said,
Speaker 2: I only bring in two hundred billion dollars. That is
Speaker 2: only that's barely the cost of two of your promises.
Speaker 3: Yeah, but that's like for what company you're talking about. Okay,
Speaker 3: Look I brought in with tariffs and I was just
Speaker 3: getting started. Then COVID came and we had a which
Speaker 3: you know, because I tell you what, I did a
Speaker 3: very good job in COVID, nobody knew what the hell
Speaker 3: it was. I call it the China virus because I
Speaker 3: like being a little more accurate. But when that came,
Speaker 3: but we got hundreds of billions of dollars just from
Speaker 3: China alone, and I hadn't even started yet. But tariffs
Speaker 3: are too two things if you look at it. Number
Speaker 3: one is for protection of the companies that we have
Speaker 3: here and the new companies that will move in because
Speaker 3: we're going to have thousands of companies coming into this country.
Speaker 3: We're going to grow it like it's never grown before.
Speaker 3: And we're going to protect them when they come in
Speaker 3: because we're not going to have somebody undercut them. And
Speaker 3: I could give you an example of this if you want,
Speaker 3: would you like me to, because it just and I
Speaker 3: will come back. Just found out about it. So I've
Speaker 3: been talking about for the last year about Detroit and
Speaker 3: how horribly it has been. You know, it's just horrible
Speaker 3: because we've been talking about Detroit's coming back for forty
Speaker 3: years and it's never come back, and it's very dependent
Speaker 3: on the car industry. Well, they've lost sixty percent of
Speaker 3: the business over a long period of time. And what
Speaker 3: happened is I found out friend of mine builds auto plants.
Speaker 3: That's only does he builds autoplants. That's what he's good at.
Speaker 3: He doesn't want to build an apartment, only wants to
Speaker 3: build and he builds the biggest in the world. And
Speaker 3: for the last year and a half of anybody who's
Speaker 3: heard me speak, I was talking about Mexico is a
Speaker 3: tremendous challenge for us right now, tremendous China is building
Speaker 3: massive auto plants in Mexico, and they're going to build them,
Speaker 3: and they're going to take those cars and sell them
Speaker 3: into the United States. They're very near the border, and
Speaker 3: they're going to have all the advantages and none of
Speaker 3: the disadvantages. And that's going to be the end of Michigan.
Speaker 3: It's going to be the end of Frankly, South Carolina,
Speaker 3: going to be the end of everything. So I've been
Speaker 3: talking about this and I said to him about nine
Speaker 3: months ago, I said, you know what I want you
Speaker 3: to do me A favorite John, his name is John.
Speaker 3: I don't want to give his last name because he
Speaker 3: might not like it, but I said, I want to
Speaker 3: see an auto plant. I want to go and see
Speaker 3: one of these, you know, you press a button and
Speaker 3: everything works, right. I want to see one of the
Speaker 3: big ones. He said, all right, good. I said, where
Speaker 3: do we go? I'd like to go to Michigan. I'd
Speaker 3: like to go to some place in the United States.
Speaker 3: He said, no, we can't do that. Why we're not
Speaker 3: building anything big in the United States. That's not what
Speaker 3: we don't build the big ones here. I said, where
Speaker 3: are you building the biggest ones? He said, in Mexico.
Speaker 3: We're building giant plants, the biggest plants anywhere in the
Speaker 3: world in Mexico. I said, so, you mean they're going
Speaker 3: to make cars cheaply, they have advantages over labor and
Speaker 3: other things, and they're going to sell them into the
Speaker 3: United States and they're going to put Michigan out of business?
Speaker 3: Is that? What? I don't know anything about that. All
Speaker 3: I do is build the plants. If you want to
Speaker 3: see a plant, we'll go to Mexico. I'll show you
Speaker 3: the biggest plant in the world. That was nine months ago.
Speaker 3: I saw him, and I talked about it all the
Speaker 3: time because I think it's a serious threat to our
Speaker 3: country because not only outos but other things. So then
Speaker 3: I see him two days ago. I was talking at
Speaker 3: another club, very nice club, and like this, except I
Speaker 3: don't know. I think you people are probably even wealthier. Okay.
Speaker 3: This was in Detroit, Okay, which was appropriate, and I
Speaker 3: was talking. I was showing them all sorts of charts
Speaker 3: about how they are called. You know, it's just gotten down.
Speaker 3: It's like terrible. And I saw him and I said, oh,
Speaker 3: how are you doing? How have you been? I said,
Speaker 3: could I ask you how are those plants that you mentioned?
Speaker 3: Those giant plants that you're building in Mexico. How's that
Speaker 3: coming along? Have you finished them? No, sir, they abandoned
Speaker 3: the project when they heard you're running. They abandoned the
Speaker 3: project when they saw that you were winning and doing well.
Speaker 3: I said, well, I don't do it well. The thing
Speaker 3: if I told them, I told them, and I said
Speaker 3: it publicly, They're not going to sell one car into
Speaker 3: the United States. I said, if I run this country,
Speaker 3: if I'm going to be president of this country, I'm
Speaker 3: going to put a one hundred, two hundred, two thousand
Speaker 3: percent tariff. They're not going to sell one car into
Speaker 3: the United States because We're not going to destroy our
Speaker 3: country by so because I know you're an anti tariff guy,
Speaker 3: but I'm the exact opposite. If I had there is
Speaker 3: no other way I could have stopped them, other than
Speaker 3: what am I going to do negotiating with Mexico with China.
Speaker 3: You're not going to get anything from that. I said,
Speaker 3: I'm going to put a one hundred, two hundred or
Speaker 3: three hundred. I'm going to put the highest tariff in history,
Speaker 3: meaning I'm going to stop them from ever selling a
Speaker 3: car into the United States. So I just see the
Speaker 3: guy by accident. I see him. He says, sir, they've abandoned.
Speaker 3: And by the way they built foundations, they were really
Speaker 3: rocket They were going to do it. They thought that
Speaker 3: I was going to win, or maybe they're just hold
Speaker 3: them off. I tell you this, if I don't win,
Speaker 3: those factories are going to wipe out this country. They're
Speaker 3: the biggest factories ever built for cars. They're going to
Speaker 3: wipe out our country. If she wins, and she wanted,
Speaker 3: if she doesn't know what the hell she's doing. If
Speaker 3: she wins, she's and she's not going to be thinking
Speaker 3: about I couldn't every speech I made having to do
Speaker 3: with cars, but every speech I made having to do
Speaker 3: with tariffs, I'd mentioned that our country is being threatened
Speaker 3: by Mexico. Now all of those things, beyond even the
Speaker 3: car companies, all of those things are now dead. They're dead.
Speaker 3: I asked them, Will they start Probably not their dead
Speaker 3: as a door nail. If she gets in, it'll start
Speaker 3: up again.
Speaker 2: Trump. I let you give your example. You talked a
Speaker 2: lot about tariffs. You look at the American economy. Forty
Speaker 2: million jobs rely on trade. It counts for twenty seven
Speaker 2: percent of GDP Okay that off. That's also going to
Speaker 2: effect on many many business people here. Tariffs also have
Speaker 2: another side. Isn't that something that you have to acknowledge.
Speaker 2: You could be plunging America into the biggest trade war
Speaker 2: since Smoothall you're going to stop, You're going to there
Speaker 2: are tariffs already.
Speaker 3: There are no tariffs. All you have to do is
Speaker 3: build your plant in the United States and you don't
Speaker 3: have any tariffs.
Speaker 2: People, there's a lot of places, a lot of places
Speaker 2: like this, they rely there are a lot of jobs
Speaker 2: that rely on foreigners coming here. You're going to basically
Speaker 2: stop trade with China. You're talking about sixty that sixty
Speaker 2: plent tariffs on that. You're talking, as you said, one hundred,
Speaker 2: two hundred percent on things you don't really like. You're
Speaker 2: also talking about twenty ten, twenty percent tariffs on the
Speaker 2: rest of the world. That is going to have a
Speaker 2: serious effect on the overall economy. And yes, you're going
Speaker 2: to find some people who were gained from individual tariffs.
Speaker 2: The overall effect could be massive.
Speaker 3: I agree, it's going to have a massive effect. Positive effect.
Speaker 4: It's going to be a positive Let me just no no,
Speaker 4: let me give a committed You are to this, and
Speaker 4: it must be hard for you to, you know, spend
Speaker 4: twenty five years talking about tariffs has been negative, and
Speaker 4: then have somebody explained to you that you're totally wrong.
Speaker 2: It'll have a negative, it will have other if you
Speaker 2: don't forty million jobs, there's a lot of jobs to
Speaker 2: rely on. They're all coming back foot million jobs. There
Speaker 2: are forty million jobs in America that rely on trade.
Speaker 3: Ready. John Deere, great company. They announced about a year
Speaker 3: ago they're going to build big plants outside of the
Speaker 3: United States. Right, They're going to build them in Mexican.
Speaker 2: You threaten they're all in a building. They still that's right.
Speaker 3: I said, if John Deere builds those plants and not
Speaker 3: selling anything into the United States. They just announced yesterday
Speaker 3: they're probably not going to build the plants. Okay. I
Speaker 3: kept the jobs here, and I'll keep them. John Dee
Speaker 3: will stay here, and I'll tell John Deere if you
Speaker 3: do build outside of the United States, you can if
Speaker 3: you want. For instance, India is a very tough country.
Speaker 3: It's not only China, you know, China is is the
Speaker 3: I would say probably the toughest, but there are a
Speaker 3: lot of tough you know, it's very tough European Union.
Speaker 3: Our beautiful European country is wonderful, wonderful. If you add
Speaker 3: them up, they're almost the size of us. They treat
Speaker 3: us so badly. We have a deficit. I said to
Speaker 3: Angela Merkel when she was there. She's not there anymore.
Speaker 3: I wonder why. But when she was there, I said
Speaker 3: to Angola, how many Chevrolets do we have in Berlin? Why? Donald,
Speaker 3: you have none? He said, that's right. How many Fords
Speaker 3: do we have in Frankfurt? I don't know none. I said,
Speaker 3: that's right. You know how many cars we have, Mercedes, Benz,
Speaker 3: BMW and all of the different VOLKSWAG and millions and millions,
Speaker 3: of course. And then I said, farm products. You know,
Speaker 3: they don't want our farm They don't want anything from us.
Speaker 3: We have deficits that are crazy. We're not going to
Speaker 3: have anymore. We're going to put tariffs on them, and
Speaker 3: they're going to do and you know what they can do.
Speaker 3: The Mercedes Bends will start building in the United States,
Speaker 3: have a little bit, but you know what they really
Speaker 3: are assembled like in South Carolina. But they build everything
Speaker 3: in Germany and then they assemble it here. They get
Speaker 3: away with murder because they say, oh, yes, we're building.
Speaker 3: They don't build it. They take them out of a
Speaker 3: box and they assemble them. We could have our child.
Speaker 2: Don can we come back, Let's come Let's come back
Speaker 2: to the Europeans. In the second what about consumers people
Speaker 2: out there, they're going to be the biggest TAXI critics say,
Speaker 2: your tariffs will end up being like a national sales
Speaker 2: tax because the country add if you have America the
Speaker 2: moment has three trillion dollars worth of imputs. You're going
Speaker 2: to add tariffs to every single one of them. That
Speaker 2: is going to push up the cost for all those
Speaker 2: people who want to buy foreign goods. Is just simple mathematics,
Speaker 2: President Trump.
Speaker 3: It's not. Yeah, it is, but not the way you've
Speaker 3: figured that was always very good in mathematics. Let me
Speaker 3: tell you. You're saying three trilia's.
Speaker 2: Trillion dollars worth of it and they don't have to pay.
Speaker 3: And the higher the tariff, the more likely it is
Speaker 3: to have them come into.
Speaker 2: Higher the tariff, the more you're going to put on
Speaker 2: the value of that those goods, the higher people are
Speaker 2: going to pay in shops.
Speaker 3: Ready, the higher the tariff, the more likely it is
Speaker 3: that the company will come into the United States and
Speaker 3: build a factory in the United States so it doesn't
Speaker 3: have to pay the tariff that will.
Speaker 2: Take That will take many many as you know, that
Speaker 2: will take many years.
Speaker 3: In fact, I'll tell you know. There's another theory is
Speaker 3: that the tariff, you make it so high, so horrible,
Speaker 3: so obnoxious, that they'll come right away. When I do
Speaker 3: the ten percent ten percent is really first of all,
Speaker 3: ten percent when you collect it is hundreds of billions
Speaker 3: of numbers that you're talking all reducing our deficit. But
Speaker 3: really so, there's two ways of looking at a tariff.
Speaker 3: You can do it as a money making instrument, or
Speaker 3: you can do it as something to get the companies. Now,
Speaker 3: if you want the companies to come in, the traff
Speaker 3: has to be a lot higher than ten percent, because
Speaker 3: ten percent is not enough. They're not going to do
Speaker 3: it for ten But you make fifty percent tariff, they're
Speaker 3: going to come in. Let me tell you the other
Speaker 3: thing about tariffs that's great are steel companies. As you know,
Speaker 3: three four years ago, they were all gone. When I
Speaker 3: was in office, I saw a man from a big
Speaker 3: steel company and he was devastated. I knew him for
Speaker 3: a long time, and it's been a tough business. It
Speaker 3: was a great business many years ago. And I would
Speaker 3: not let you are steel be sold to Japanese by
Speaker 3: the way, it just psychologically I think it.
Speaker 2: Was steel as you Yeah, I wouldn't.
Speaker 3: Let Yeah, I would have let it be sold, but
Speaker 3: I would if I would stop it if it hasn't
Speaker 3: been completed by the time I'm president, because I think
Speaker 3: it's such a horrible tone. But I had a lot
Speaker 3: to do with steel. We were going to lose all
Speaker 3: our steel companies because China, as you remember, was dumping
Speaker 3: steel at levels that nobody's ever seen before. And I
Speaker 3: put a fifty percent tax on that and tariff on
Speaker 3: that all dumped steel. And it was also bad steal.
Speaker 3: It was dirty what they call dirty steel was a
Speaker 3: good steal, which is a bad thing for structural components
Speaker 3: of building and planes and things like that. They were
Speaker 3: dumping crap into our country. And I put a fifty
Speaker 3: percent tariff. I started at twenty five. I raised it
Speaker 3: to fifty because the twenty five didn't quite do it.
Speaker 3: I raised it to fifty and that did it. They
Speaker 3: stopped dumping steel, and I saved our steels by having that,
Speaker 3: we saved it. We saved our steel. Now what was
Speaker 3: left because we've lost so much. But there are certain
Speaker 3: companies you have to have. There are certain things you
Speaker 3: have to have. Steel you have to have if you
Speaker 3: go to war. You know there's a possibility you go
Speaker 3: to war. I kept us out of where I was
Speaker 3: the only president in eighty two years that kept you
Speaker 3: out of a war except I defeated Isis. But I
Speaker 3: inherited that one. I mean, no wars. And by the way,
Speaker 3: by the way, and I think it's very important you
Speaker 3: can go. You know, I caught the weave. You can
Speaker 3: call it. You have the weave as long as you
Speaker 3: end up in the right location at the end. But
Speaker 3: while we're talking about it, we have never been so
Speaker 3: close to World War three as we have are right
Speaker 3: now with what's going on in Ukraine, in Russia, in
Speaker 3: the Middle East. Well, let's no wars in the whole world,
Speaker 3: think of it. And I talked about a wars. I
Speaker 3: talk plenty of countries at a wars. I had the
Speaker 3: whole world other than Isis, which I inherited and I
Speaker 3: knocked out Isis. And a matter of wiks, it was
Speaker 3: supposed to take four to five years. I did it
Speaker 3: in a matter of weeks. And we actually have a
Speaker 3: great military. We don't know how to use it.
Speaker 2: You present Joun with great respect. I was asking about tariffs.
Speaker 2: You've gone off by that. Seeing you've brought up tariffs
Speaker 2: and foreign policy, many people would say the biggest problem
Speaker 2: with your tariffs is actually geopolitics. You in your first term,
Speaker 2: you got some credit for effectively saying that there was
Speaker 2: a Cold War against China. That's what America was in
Speaker 2: You look at the last Cold War against the Soviet Union.
Speaker 2: America won it in part because it rallied allies to it.
Speaker 2: You're talking about slamming allies with thirty tariffs. Isn't this
Speaker 2: time you're going to end up trying to rally the
Speaker 2: West and you're dividing it instead. Isn't that the real
Speaker 2: problem with tariff, even beyond all the problems to the economy,
Speaker 2: where you you keep on bringing out these individual examples,
Speaker 2: but the overall effect is going to be dramatic. Answer
Speaker 2: first about foreign policies.
Speaker 3: I'll do that.
Speaker 2: How does it help you take on China? Turning all
Speaker 2: your allies.
Speaker 3: Again tremendously because China things were a stupid country, a
Speaker 3: very stupid country. They can't believe that somebody finally got
Speaker 3: wise to them. Not one president Bush Obama, Barack Husein Obama.
Speaker 3: Have you heard of him? Not one president, not think
Speaker 3: of it. Not one president charge China anything. They said, Oh,
Speaker 3: they are third world nation, they are developing. Well, we're
Speaker 3: a developing nation too. Take a look at Detroit. Take
Speaker 3: a look at our cities. We're a developing nation. We
Speaker 3: we have to develop more than they do. We're way
Speaker 3: behind them. You take a look at what's happened to
Speaker 3: our cities.
Speaker 2: So my question is about your allies, not about China.
Speaker 2: You aren't going to annoy the allies behind you.
Speaker 3: But our allies have taken advantage of us more so
Speaker 3: than our enemies. Our allies are the European Union. We
Speaker 3: have a trade deficit of three hundred billion dollars with
Speaker 3: the European Union. Our allies are Japan. You know, Abby
Speaker 3: was a very good friend of mine. He was a
Speaker 3: great guy, great and I said to him in Japan
Speaker 3: he was assassinated and he was a great man, he
Speaker 3: really was. I didn't see too many like him, and
Speaker 3: he was. He got very sick and he had to
Speaker 3: take off, and then he was actually making a comeback.
Speaker 3: He was going to make a comeback and he would
Speaker 3: have won easily. But he was a great gentleman, handsome,
Speaker 3: wonderful man, respected by everybody. And I went to him
Speaker 3: and I said, Chinzo, we have to talk what trade
Speaker 3: and he goes, I'll never forget it, I know. I said,
Speaker 3: what do you know? I knew you'd come to me.
Speaker 3: Why do you say that, because I can't believe I
Speaker 3: wouldn't tell the survey was alive. Actually said, I can't
Speaker 3: believe how many years it's been that nobody even negotiated
Speaker 3: with us in America. I said, Shinzo, you have to
Speaker 3: pay for your cars. You're sending millions of cars. You
Speaker 3: don't accept the car from US. You don't have one
Speaker 3: car that you accept, and yet we're selling three million,
Speaker 3: four million of your cars. I said, Shinzo on agriculture,
Speaker 3: you won't even accept our agriculture. And I renegotiated a
Speaker 3: whole trade deal from a little disadvantage because I was
Speaker 3: stuck with a bad deal. I mean, I got we
Speaker 3: have trade deals that were so bad that I said,
Speaker 3: who are the people that are doing it? They're either
Speaker 3: very stupid or are they getting paid off? Okay, it's
Speaker 3: one or the other. It's very simple. We have the
Speaker 3: worst trade deals all over the world. South Korea. I
Speaker 3: love South Korea. They're wonderful people, extremely ambitious. They have
Speaker 3: a money machine. We protect them from North Korea and
Speaker 3: other people. North Korea is very nuclear. I got along
Speaker 3: with him very well, Kim Jong. But wait, they don't
Speaker 3: pass anything. And I said, this is crazy. If I
Speaker 3: didn't put tariffs on you know, the the car companies,
Speaker 3: they make most of their money at small trucks. I
Speaker 3: put tariffs on China, but I put twenty seven point
Speaker 3: five percent. Otherwise we'd be flooded with Chinese cars and
Speaker 3: all of our factories were clothes, would have no jobs
Speaker 3: at all in the auto industry that goes for electric
Speaker 3: by the way, which is a killer, which I've explained
Speaker 3: and I don't think I have to bore anybody by
Speaker 3: talking about it. But I put tariffs on South Korea
Speaker 3: because they were sending in trucks, and I put tariffs
Speaker 3: on fairly substantial tariffs. Do you know that our car
Speaker 3: companies make almost all of their money with the small trucks,
Speaker 3: SUVs and small trucks. If I took those tariffs on
Speaker 3: you would be inundated. Every car company would be out
Speaker 3: of business. And I got calls from Ford, I got
Speaker 3: calls from everybody saying, Sir, I can't believe you only
Speaker 3: this for us. You saved our company. We were going
Speaker 3: to they make all their money with us if they
Speaker 3: make most of their money with a small truck. And
Speaker 3: you know the sun is.
Speaker 2: Many consumers ended up with more expensive cars. But let
Speaker 2: me just let me just come at you and foreign policy.
Speaker 3: You wouldn't have at our company.
Speaker 2: You have said that Taiwan should pay for US protection.
Speaker 2: I asked, because this morning you just mentioned North Korea.
Speaker 2: The Chinese Army literally as we speak, are engaged in
Speaker 2: rehearsals for a full naval blockade of Taiwan. So I
Speaker 2: suppose my question is if China invades Taiwan, would you
Speaker 2: send American troops to defend it.
Speaker 3: Well, the reason they're doing it now is they're not
Speaker 3: going to do it afterwards. Okay, it's you know, so
Speaker 3: they're doing it now. They want to do a chain. Now. Look,
Speaker 3: I had I had a very I had a very
Speaker 3: good relationship with President. She had a very good relationship
Speaker 3: with Putin and a very good relationship with Kim Jong on,
Speaker 3: who has a nuclear force that you won't even believe.
Speaker 3: And by the way, today it was announced for those
Speaker 3: that he just blew up the railroad going into South Korea.
Speaker 3: That means South Korea is now cut off from Russia
Speaker 3: and China and various other places.
Speaker 2: I mean, you just mentioned these are big things.
Speaker 3: I have to mention that you just mentioned.
Speaker 2: You just mentioned Putin though, and this has been this
Speaker 2: controversy of the past week. Can you say yes or
Speaker 2: no whether you have talked to Vladimir Putin since you
Speaker 2: stopped being president.
Speaker 3: Well, I don't come into that, but I will tell
Speaker 3: you that if I did, it's a smart thing. If
Speaker 3: I'm friendly with people, if I have a relationship with people,
Speaker 3: that's a good thing, not a bit. I think in
Speaker 3: terms of a country, He's got two thousand nuclear weapons,
Speaker 3: and so do we. China has a lot less, but
Speaker 3: they'll catch us within five years very much. I don't
Speaker 3: talk about No, I don't talk about that.
Speaker 2: I talk about I can tell you what these people, Russia.
Speaker 3: Has never had a president that they respect so much.
Speaker 3: But more importantly or less importantly, I guess I went
Speaker 3: into Russia and people said, no, he likes Putting, and
Speaker 3: put likes him. Let me tell you. The first thing
Speaker 3: I did was terminated North Stream to nobody ever heard
Speaker 3: of Nordstream too. It's a pipeline from Russia to Germany
Speaker 3: and all over Europe. I said, wait a minute. To NATO,
Speaker 3: I said, so, let's get this straight. My first meeting,
Speaker 3: I said, so, Putin's building the biggest pipeline in the world.
Speaker 3: He's going to Germany, but all over Europe. And you're
Speaker 3: paying him billions of dollars a year, billions of dollars
Speaker 3: a month. You're paying Germany spam billions of dollars a month.
Speaker 3: And we're supposed to protect you against the guy that
Speaker 3: you're paying all this money to. So is there's something
Speaker 3: wrong with my thinking. So he's building a pipeline to
Speaker 3: Germany and we're spending And by the way, until I
Speaker 3: got there, we were spending almost one hundred percent for
Speaker 3: NATO because we had all these delinquent countries they weren't paying.
Speaker 3: When I got there, I said, you know what, And
Speaker 3: by the way, my biggest fan is Stoltenberg, just leaving
Speaker 3: Secretary General of NATO. He said. When Bush came in,
Speaker 3: he made a speech and left. When Obama came in,
Speaker 3: he made a speech and left. When Trump came in,
Speaker 3: he made a speech, and he said, let me see
Speaker 3: you books. And I found out in the books that
Speaker 3: nobody was paying. There were only seven countries that were paying.
Speaker 3: We were supporting NATO. They screw us on trade so bad,
Speaker 3: the European nations, and then on top of that, they
Speaker 3: were screwing us on the military. So they'd take you
Speaker 3: a tremendous advantage of US three hundred and fifty billion
Speaker 3: dollars on trade, and we're then supporting them. In other words,
Speaker 3: it's not sustainable. You can't keep doing this. You can't
Speaker 3: have that China, all of these countries, and stupid people
Speaker 3: made these deals. I saw trade deals that were so
Speaker 3: stupid that you have to be excuse me. That was
Speaker 3: so bad that you'd have to be an idiot to
Speaker 3: sign them, and we signed them for years. We had
Speaker 3: we had I could tell you trade that I have
Speaker 3: never seen anything. I said, who would agree to this.
Speaker 3: They had to be corrupt. They had to be corrupt
Speaker 3: to make those deals. They had to be corrupt, because
Speaker 3: there is no way a rational human being. I always say,
Speaker 3: either corrupt or extremely stupid, because there's no way a
Speaker 3: rational human being would ever sign the trade deals at
Speaker 3: this country signed, and I got out of many of
Speaker 3: those deals. I told South kore I'm sorry, you're gonna
Speaker 3: have to pay for your military. We have forty thousand
Speaker 3: troops over there. You're gonna have to pay. You become
Speaker 3: a very wealthy country just to finish. You become a
Speaker 3: very wealth They said, no, no, no, we will not pay.
Speaker 3: We will not We haven't paid since the Korean War.
Speaker 3: I said, no, you got to pay. I said, would
Speaker 3: five billion dollars a year to start off with? No,
Speaker 3: no where. They went crazy. They agreed the two I
Speaker 3: got two billion dollars for nothing, and I said, here's
Speaker 3: what we're going to do. They said, we can't agree
Speaker 3: to this because we have to go through parliament. They
Speaker 3: have the parliament or whatever their legislature is. They said,
Speaker 3: that's okay, I fully understand that. Make it two billion dollars.
Speaker 3: But next year I'm going to talk to you again.
Speaker 3: And I was going to make it five billion. And
Speaker 3: they knew it was coming. The happiest people to see
Speaker 3: that it was Biden instead of Trump with them. South Korea.
Speaker 3: You know they did. They cut off the deal that
Speaker 3: I made where they were paying us. They backed to
Speaker 3: nothing because they went back to Biden and they gave
Speaker 3: it to them for nothing. They were willing to pay.
Speaker 3: We have forty thousand troops in harm's way, very serious
Speaker 3: because you have North Korea's very serious power. They have
Speaker 3: tremendous nuclear power. And I said to South Korea, you
Speaker 3: gotta pay, and they agreed to do it, and Biden
Speaker 3: then cut it back. And it's a shame. And I
Speaker 3: could tell you fifty deals and if I were there now,
Speaker 3: they'd be paying US ten billion dollars a year, and
Speaker 3: you know what, they'd be happy to do it. It's
Speaker 3: a money machine. South Korea. You're going to mention Taiwan.
Speaker 3: You wanted to mention that you mentioned.
Speaker 2: You mentioned Taiwan, you said you would defend them. You
Speaker 2: also seem to imply that Putin you would not putin.
Speaker 2: You seem to imply that you had talked to him
Speaker 2: without actually confirming I said those things. What about? Can
Speaker 2: I ask you a particular thing about the dollar? You've
Speaker 2: actually you talked about wars at the New York Economic Club.
Speaker 2: You said that if you lost the dollar as a
Speaker 2: reserve currency, it would be like America losing a war.
Speaker 2: You look at what you're going to do in terms
Speaker 2: of protectionism, drive countries to use the other currencies, and
Speaker 2: all that debt is also going to lessen the dollar's
Speaker 2: status as of the world's reserve currency. Do you worry
Speaker 2: about that?
Speaker 3: The dollar is so secure, your reserve currency is the
Speaker 3: strongest it'll ever be.
Speaker 2: And Trump at the moment, there is a thing called
Speaker 2: the Trump trade in the markets. Do you know what
Speaker 2: that is? The Trump trade is very simple. People are
Speaker 2: betting that your policies, they're going to drive up debt.
Speaker 2: They're going to drive up inflation, so they're going to
Speaker 2: drive up inflation interest rates. Are the investors wrong?
Speaker 3: Yeah, I had four years no inflation. I had four
Speaker 3: years now, but.
Speaker 2: That was that was when you had much.
Speaker 3: I had four years. It's better than that. And Biden,
Speaker 3: who has no idea where the hell he is? Okay,
Speaker 3: Biden went two years with no inflation because he inherited
Speaker 3: from me. And then they started spending money like drunken sailors.
Speaker 3: They spent so much money. It was so ridiculous. The
Speaker 3: money they were spending. They were spending on the green
Speaker 3: new scam, A green new scam, the green new deal.
Speaker 3: You know it was conceived of by AOC plus three.
Speaker 3: She never even studied the environment in college. She went
Speaker 3: to a nice college. She came out. She just said
Speaker 3: the green new scam. She just named all these things.
Speaker 2: She meant. The markets are looking at the fact you
Speaker 2: are making all these promises. Latest one was carloans. You're
Speaker 2: flooding the thing with giving giveaways. But when I was
Speaker 2: actually I was actually quite kind to you. I used
Speaker 2: seven trillion. The upper estimate is fifteen trillion. People like
Speaker 2: a Wall Street Journal, who's hardly a communist organization. They
Speaker 2: have criticized you on this as well. You are running
Speaker 2: an enormous debt.
Speaker 3: What is the Wall Street Journal? Now I'm meeting with
Speaker 3: them tomorrow. What is the Wall Street Journal? That they've
Speaker 3: been wrong about everything? So of you, by the way,
Speaker 3: you've been wrong.
Speaker 2: You're trying to turn this. You're trying to turn this.
Speaker 3: You've been wrong.
Speaker 2: Now you're trying to turn You're trying to turn this
Speaker 2: into debate. There are business people You're wrong.
Speaker 3: You've been wrong. You've been wrong all your life on
Speaker 3: this stuff. You've been let me tell you about currency.
Speaker 3: You're gonna you know, you're going jumping a lot of
Speaker 3: a lot of different subjects to the subject stick their
Speaker 3: reserve currency. That's where you start, right. The reserve currency
Speaker 3: is under threat because you have Iran, you have Russia,
Speaker 3: you have China. Once China is the one that you
Speaker 3: have to worry about because they want it. They want
Speaker 3: to have the wand be the you know, thing of power.
Speaker 3: So here's what I'm doing again. I hate to go
Speaker 3: back to it. If somebody says, and I know countries
Speaker 3: want to get out because they don't respect our leadership,
Speaker 3: they look at this guy, they say, you've got to
Speaker 3: be kidding. And she's worse than him, by the way
Speaker 3: she's I never thought i'd say this. She is not
Speaker 3: as smart as Biden. If you can believe, this is
Speaker 3: not what we had four years of this lunacy, and
Speaker 3: we can't have anymore. We're not gonna have a country left. Okay.
Speaker 3: Currency very important, yes, And if you want to go
Speaker 3: to third world, if you want to go to third
Speaker 3: world status, lose your reserve currency. We have to have that.
Speaker 3: We cannot lose it. If you'll go to third world
Speaker 3: status in this country because you take a look at
Speaker 3: the way things are running. If a country tells me, Sarah,
Speaker 3: we like you very much, but we're going to no
Speaker 3: longer adhere to being in the reserve currency. We're not
Speaker 3: going to salute the dollar anymore. I'll say that's okay,
Speaker 3: And you're going to pay one hundred percent TERI for
Speaker 3: everything you sell into the United States. And we love
Speaker 3: your product. I help you sell a lot of it
Speaker 3: into the United States, but you're going to pay one
Speaker 3: hundred percent tab. He will then follow it up by saying, sir,
Speaker 3: it would be an honor to stay with the reserve
Speaker 3: current and say I will be That will be like
Speaker 3: just playing that's not even chess, that's checkers. But you
Speaker 3: don't have other listen to this. You don't have other
Speaker 3: people that can talk that way. You know a lot
Speaker 3: of people say, we love Trump's policy, but we would
Speaker 3: like to have another messenger because we don't like him.
Speaker 3: He's a little bit crass. And then actually it was
Speaker 3: Lindsay Graham. I must say he was a progressive in
Speaker 3: all fairness, but Lindsay Graham said, but Trump's policy doesn't
Speaker 3: work with that Trump and there's a lot of truth
Speaker 3: to that. Macron was going to nice guy Emmanuel. He's
Speaker 3: a wise guy, but he's for France and we're for
Speaker 3: the USA. You know this story. He was going to
Speaker 3: tax American companies doing business in France a very substantial tax.
Speaker 3: And I told my people, I'm not I didn't even
Speaker 3: like the companies, but I'm representing American companies and this guy.
Speaker 3: So I said, call Macron and call his people and
Speaker 3: say we're not going to stand for that. And I
Speaker 3: got the Mnuchin and you know a lot of guys,
Speaker 3: smart guys. If I can finish, I'll go longer.
Speaker 2: If you want about the Federal room.
Speaker 3: You've got to be able to finish a thought because
Speaker 3: it's very important. You know, this is big stuff we're
Speaker 3: talking about. You can't go that.
Speaker 2: You've gone from the dollleuts.
Speaker 3: Let me just tell you so. I said, no, I'm
Speaker 3: just telling you basic. It's called the weave. It's all
Speaker 3: these different things happen him. So let me just say so.
Speaker 3: I said to Mnuchin, call him up and say no. Way.
Speaker 3: He did, and he came back to see me. He said,
Speaker 3: they won't do it. So it's too late. I said
Speaker 3: to somebody as you call him. Then I said, let
Speaker 3: me do it. And I called him and I said, Emmanuel,
Speaker 3: you're taxing American companies very substantially. You're not doing it
Speaker 3: with other companies. You must think we're stupid. It's not
Speaker 3: going to happen. But doing all doing what I cannot
Speaker 3: do anything it's too late or it was approved by
Speaker 3: a legislature. I said, that's okay. Here's the story. Every
Speaker 3: bottle of wine and CHAMPI that you sent into the
Speaker 3: United States effective immediately, and I'm signing it as I speak.
Speaker 3: I'm charging you one hundred percent. Want every bottle of
Speaker 3: wine and champagne. You know they like the wine and champagne. Right,
Speaker 3: Every bottle of wine and champagne that comes into the
Speaker 3: United States of Americas has a tax on starting on
Speaker 3: Monday morning. This was a Friday of one hundred percent.
Speaker 3: And that's better than you're doing, okay. And he said, no, no, no,
Speaker 3: you cannot do that. I said, I've done it. It's
Speaker 3: already signed Monday morning, be goes. May I call you back, yes,
Speaker 3: of course, me back in about three minutes. We have
Speaker 3: decided to remove the tax from the communism. I did
Speaker 3: this all day long, but you don't have you think
Speaker 3: Biden does that.
Speaker 2: I don't think so let me let me, let me change.
Speaker 2: Let me ask you a very factual question. The Federal Reserve. Yeah,
Speaker 2: you say you don't want interest rates to go higher.
Speaker 2: You've gone back with some forwards about depends what you
Speaker 2: want to keep, whether you want to keep your own
Speaker 2: Powell's chair at the Federal Reserve. His term as chair
Speaker 2: runs on to May twenty twenty six. Would you seek
Speaker 2: to remove, remove or demote him?
Speaker 3: Look, I think it's the greatest job in government. You
Speaker 3: show up to the office once a month and you say,
Speaker 3: let's see flip aical and everybody talks about you like
Speaker 3: you're a god. Oh what will he do? I mean
Speaker 3: before the guy used to walk into my office, he
Speaker 3: was like began host. He was fine.
Speaker 2: You did talk about him, You talked about removing him once.
Speaker 3: I did because he was keeping the ridge too high,
Speaker 3: and I was right.
Speaker 2: And you would do that again.
Speaker 3: In fact, he actually dropped them too much when I
Speaker 3: did this, because I said I was threatening to terminate him.
Speaker 3: There was a question as to whether or not you could,
Speaker 3: and there was an article on the New York Times
Speaker 3: two hair pages one page that I can do it
Speaker 3: by lawyers one hair page that I couldn't, and that
Speaker 3: was enough for him, and he dropped the hell out
Speaker 3: of the rates. He dropped them too much, he went,
Speaker 3: so he dropped them actually too much. Okay, here's the story.
Speaker 3: I think that if you're a very good president with
Speaker 3: good sense, you should be able to at least talk
Speaker 3: to him. I don't say make the decision at all,
Speaker 3: but I mean I've been a very successful businessman. I've
Speaker 3: done really good, much better now people are understanding how
Speaker 3: good I've done because they're seeing it much better than
Speaker 3: the fake news wants to give me credit. What I
Speaker 3: think I have the right to say. As a very
Speaker 3: good businessman and somebody that's used a lot of sense,
Speaker 3: I think I have the right to say that. You know,
Speaker 3: I think I'm better than he would be. I think
Speaker 3: I'm better than most people would be in that position.
Speaker 3: I think I have the right to say I think
Speaker 3: you should go up or down a little bit. I
Speaker 3: don't think I should be allowed to order it, but
Speaker 3: I think I have the right to put in comments
Speaker 3: as to whether or not interest rates should go up.
Speaker 2: You, when you looked at the Supreme Court, you came
Speaker 2: up with a list of people, I did, who you
Speaker 2: thought of replacing bringing in a Supreme Court justices? Would
Speaker 2: you do that with the federal.
Speaker 3: Well I no longer needed well I it was a
Speaker 3: great thing. In fact, a lot of people said I
Speaker 3: got elected because of that. I was an unknown quantity.
Speaker 3: I was very known as a business guy, but I
Speaker 3: wasn't known as a political person or the leader of
Speaker 3: a country. And people were very worried about you know,
Speaker 3: actually they were worried, am I going to be liberal?
Speaker 3: If you want to know the truth? And somebody said,
Speaker 3: would you come up with a list of twenty or
Speaker 3: twenty five justices in this case, mostly judges that you'd
Speaker 3: put in in case it were necessary. Now it's amazing
Speaker 3: because I got three in four years. Most people get
Speaker 3: none because you know, you put them in the young.
Speaker 3: You tend to put them in young. Only super people
Speaker 3: put old. You know, you don't put old in because
Speaker 3: they're there for two years or three years you.
Speaker 2: Were you know, I got three.
Speaker 3: Most a lot of judges, a lot of presidents get none.
Speaker 3: I got three, and I think they've been three great
Speaker 3: choices too, by the way, But they by the way,
Speaker 3: I think they have. I think they have been really
Speaker 3: great choices. But I got three judges, and and you
Speaker 3: know what they want to do. They want to put
Speaker 3: up they want to now put up up to twenty
Speaker 3: five justices into the Supreme Court, the radical left, and
Speaker 3: that can't happen. So I think I've done a great
Speaker 3: job in putting injustices and three hundred judges, and that
Speaker 3: made a tremendous difference in the country. You know, I
Speaker 3: was a little lucky because baracusay and Obama did not
Speaker 3: get his judges approved a lot of them. So I
Speaker 3: ended up with one hundred and twenty five judges before
Speaker 3: I got there. So most again, most presidents don't even
Speaker 3: get to put a Supreme Court judge in because it's
Speaker 3: nine and you know, they're there for a long time.
Speaker 3: Most of them are there for a very long time.
Speaker 3: And I got three, which is a very unusual situation.
Speaker 3: I got three in four years.
Speaker 2: Maybe we can change the subject's technology thing you wouldn't
Speaker 2: talk about the Federal Reserve. The US Justice Department is
Speaker 2: thinking about breaking up alphabet because Google likes to be known. Now,
Speaker 2: should Google be breaken up?
Speaker 3: I just haven't gotten over something. The Justice Department did
Speaker 3: yesterday where Virginia cleaned up its voter rolls and got
Speaker 3: rid of thousands and thousands of bad votes, and the
Speaker 3: Justice Department sued them that they should be allowed to
Speaker 3: put those bad votes and illegal votes back in and
Speaker 3: let the people vote. So I haven't gotten I haven't
Speaker 3: gotten over that. A lot of people have seen that.
Speaker 3: They can't even believe it.
Speaker 2: The question is about Google, President Chump.
Speaker 3: Yeah, Look, Google's got a lot of power. They're very
Speaker 3: bad to me, very very bad to me. I mean
Speaker 3: I can speak from that standpoint. They only have bad stories.
Speaker 3: In other words, if I have twenty good stories and
Speaker 3: twenty bad stories and everyone's entitled to that, you'll only
Speaker 3: see the twenty bad stories. And I called the head
Speaker 3: of Google the other day and I said, I'm getting
Speaker 3: a lot of good stories lately, but you don't find
Speaker 3: them in Google. I think it's a whole rig deal.
Speaker 3: I think Google's rigged, just like our government is rigged
Speaker 3: all over you.
Speaker 2: You would break them up.
Speaker 3: In other words, I do something, but you have to
Speaker 3: have Look, I give them a lot of credit. They've
Speaker 3: become such a power, such a power, and you've got
Speaker 3: to give them credit for that. How they became a
Speaker 3: power is you know, really the discussion. At the same time,
Speaker 3: it's a very dangerous thing because we want to have
Speaker 3: great companies. We don't want China to have these companies.
Speaker 3: Right now, China is a friend of Google right now.
Speaker 3: You know, China is a very powerful, very smart group
Speaker 3: of people. I will tell you that from very personal.
Speaker 2: Example of a Chinese tech company at the moment. TikTok. Yeah,
Speaker 2: you initially wanted to ban TikTok. Now you like it,
Speaker 2: apparently for some reason to do with Facebook. There is
Speaker 2: a decision coming up. If you became president, it's Chinese
Speaker 2: parent would have to sell it. I think it's by
Speaker 2: January the nineteenth. Would you force them to do that?
Speaker 3: So I originally had it all done, and then I
Speaker 3: said to Congress, your decision. I said, I'm not going to,
Speaker 3: you know, pull any strings nothing. Your decision. You make it.
Speaker 3: But I had it all done and I said, you
Speaker 3: make it, and they decided not to make it. I
Speaker 3: didn't care if they made it or not, because to me,
Speaker 3: it was a flip of acquiring. You know, you have
Speaker 3: some real First Amendment problems. You have a lot of problems.
Speaker 2: You just talked about Chinese technology, the need to defend
Speaker 2: against it, TikTok and the threat people see too many
Speaker 2: kind of American children and things like that. Why do
Speaker 2: you no longer see the security threat?
Speaker 3: I think it is a threat. Frankly, I think everything's
Speaker 3: a threat. There's nothing that's not a threat. But sometimes
Speaker 3: you have to fight through these threats. You know, you
Speaker 3: can't just like Google. I'm not a fan of Google.
Speaker 3: They treat me badly. But if you are you going
Speaker 3: to destroy the company by doing that. If you do that,
Speaker 3: are you going to destroy the company. What you can
Speaker 3: do without breaking it up is make sure that it's
Speaker 3: more fair. They do treat me very badly. Oh and
Speaker 3: he told me, no way. You're the number one person
Speaker 3: on all of Google first stories, I mean, which probably
Speaker 3: makes sense, to be honestly, I actually agreeve most of
Speaker 3: them are bad stories. But these are minor details, right,
Speaker 3: And it's only bad because of the fake news, because
Speaker 3: the news is really fake. That's the one we really
Speaker 3: have to straighten And we have to straighten out our
Speaker 3: press because we have a corrupt press, and.
Speaker 5: That's the one we really can I ask you, can
Speaker 5: I ask you about Silicon I was in Silicon Valley
Speaker 5: recently you talk to the tech bosses and the tech people,
Speaker 5: and that seems to be real fear that what you
Speaker 5: would do with tech is you would hand it over
Speaker 5: to Elon Musk and say you sort it out.
Speaker 3: No, No, I have great respect for Elon. Look. I
Speaker 3: saw that rocket ship come in yesterday and go right
Speaker 3: back to where it took off to the gantry. I
Speaker 3: guess they call it. And I said, what the hell.
Speaker 3: I was on the phone talking about probably politics and
Speaker 3: the television, and the television's on, and I'm seeing this
Speaker 3: big thing where the white paint was burned off it
Speaker 3: from that, you know, thousands of miles an hour they eat.
Speaker 3: And I see this big, massive tube that's ten stories
Speaker 3: twenty stories tall come down. I told the person on
Speaker 3: the phone, wait a minute. I'm seeing something that's I
Speaker 3: don't believe it, neither does anybody else here. And I said,
Speaker 3: wait a minute. I put the I forgot the guy
Speaker 3: was on the phone. He waited for a half hour,
Speaker 3: and I watched I watched that come down, and I
Speaker 3: watched it come down and come right in between those
Speaker 3: big levers, and I said, and it looked to me
Speaker 3: like I was going to crash. It was coming in
Speaker 3: hot and all of a sudden, boom, you see the
Speaker 3: motor the fire kick in and I called it elon.
Speaker 3: I said, that's the most incredible thing. I said, Can
Speaker 3: Russia do that? Nope? I said can the United States
Speaker 3: do it? Nope. He's the only way they can do it.
Speaker 2: And I said, you know, I want to put him
Speaker 2: in charge of deregulation, not deregulation, cutting cutting wasteful spend,
Speaker 2: cutting everything which deregulation.
Speaker 3: When you every.
Speaker 2: Predial, every president comes in and talks about cutting wasteful spending.
Speaker 3: Oh, there's tremendous wall.
Speaker 2: Give me an example of something you will do that
Speaker 2: will get rid of government spend.
Speaker 3: Well, let me give you an example. When I came
Speaker 3: into government, I.
Speaker 2: Was the first example coming forward.
Speaker 3: This is going forward because it's the same thing. When
Speaker 3: I first sat down, a general came into my office
Speaker 3: and he said, sir, it's nice to meet you. Will
Speaker 3: you please sign this? I said, what is it? It's
Speaker 3: a contract for a new air force one which is
Speaker 3: actually two planes, not one two Boeing seven forty seven.
Speaker 3: And I said, how much is it? Five point seven
Speaker 3: billion dollar? Dollar said, it's a hell of an expensive plan,
Speaker 3: but there's reasons for that. He said, Nope, I'm not
Speaker 3: signing it. I said, who negotiated Barackus, say Obama. I said,
Speaker 3: I'm not signing it. Why because he because there's a
Speaker 3: lot of fat. He said, I'm not signing. It's got
Speaker 3: to have a three on it. Anyway, long story short,
Speaker 3: some of you have heard this. I got it down too,
Speaker 3: because first week they cut off four hundred million, he said,
Speaker 3: I'll cut I met with the head of going Wait, Dennis.
Speaker 3: I said, Dennis got to have a three. Five point
Speaker 3: seven is too much? Five point seven billion. He said,
Speaker 3: the most I'll takeoff is four hundred million dollars. I said, well,
Speaker 3: that's not bad for one conversation. So he got it down.
Speaker 3: I said, nope, I'm not accepting. Then he took off
Speaker 3: two more. Then he took off anyway. Two months went by,
Speaker 3: three months went by. I thought we blew the deal,
Speaker 3: and I was okay with me. I didn't care, but
Speaker 3: we should have a new air force. One when we
Speaker 3: see these planes from Saudi Arabia, from different countries brand new,
Speaker 3: and ours is like thirty two years old, and it's
Speaker 3: a very different plane. It's a much smaller plane near
Speaker 3: the whole thing. The United States should have the best plane.
Speaker 3: I will tell you, not for me, but we should have.
Speaker 2: Let me. Let me give you his own, would you.
Speaker 3: So he said, he calls up after like two three months.
Speaker 3: I didn't call him, which is the best way to
Speaker 3: buy something. Don't call back, and he goes in fact
Speaker 3: what he called me. I said, I wonder what the
Speaker 3: hell he wants. That's a good way to negotia. Let
Speaker 3: me tell you. So calls back said, sir, three billion,
Speaker 3: nine hundred and ninety nine million, nine nine and ninety
Speaker 3: nine cents one penny above below four billion. Now, so
Speaker 3: I said, you got yourself a deal. Then I said
Speaker 3: to him, let me ask you a question. So you
Speaker 3: had a deal at five point seven billion, and in
Speaker 3: a period of two months I got one point seven
Speaker 3: billion off. That means you're going to make one point
Speaker 3: seven billion dollar profit on an airplane. Did nobody ever
Speaker 3: negotiate with you? Well, not really, sir. They just this
Speaker 3: is the price, and they said we'll take it. And
Speaker 3: I said, you know, and then I learned. That was
Speaker 3: my first experience from that, But then I learned everything
Speaker 3: is like that. There is so much way so I'm
Speaker 3: getting think of this the exact same plane for one
Speaker 3: point seven billion, less exact except to have a better
Speaker 3: pay job. Okay, much better pay job. A different co Red, white,
Speaker 3: and blue was beautiful. And if you look at every
Speaker 3: contract that's one contract and relatively small compared to most,
Speaker 3: think of it. You save one point seven billion because
Speaker 3: you negotiate every deal is like that. We're building ships
Speaker 3: that are costing two three times more. A tremendous waste,
Speaker 3: fraud and abuse in our contract and if you could
Speaker 3: cut it, you would have a surplus without even going
Speaker 3: into growth. But growth, we will grow. We're going to
Speaker 3: bring companies and jobs in at levels that you've never seen.
Speaker 3: And you would never be able to do it because
Speaker 3: you're not a believer.
Speaker 2: I'm not running for president.
Speaker 3: Let me tell you the only way you can do
Speaker 3: it is through the threat of tariffs. It's the only
Speaker 3: way you can do it.
Speaker 2: Can we can we come back to one thing on
Speaker 2: that deal making. You look out across this room. There
Speaker 2: are a lot of there's some big businesses, but a
Speaker 2: lot of small ones. Like the way you've given us,
Speaker 2: You've given us a lot of examples of things where
Speaker 2: you've negotiated with the heads of big businesses. Give you
Speaker 2: an example, when you put the tariffs on China, much
Speaker 2: smaller than your planning to do at the moment. When
Speaker 2: you put them on Apple came, you negotiated a difference
Speaker 2: for them.
Speaker 3: I do.
Speaker 2: That's much harder for small business people. Isn't the problem
Speaker 2: with the way that you do these kind of deals.
Speaker 2: You're bound to deal with the big companies. It's the
Speaker 2: small companies who get hit by all these different things
Speaker 2: and can't find exceptions.
Speaker 3: Oh, we have exceptions. No, no, we had an exceptional.
Speaker 3: I gave Apple an exception. Tim Cook is a great Apple.
Speaker 2: Apple is not a small company, and please please think it.
Speaker 2: But here's what question is about small business? Yes, but
Speaker 2: what would we do for them now?
Speaker 3: But we have a very talented group of people. Bob
Speaker 3: Leitheuser did a very good job. We had great people,
Speaker 3: We had central casting. These are and a large group
Speaker 3: of people. We made exceptions. In the case of Apple.
Speaker 3: They need an exception. You know why because of Samsung.
Speaker 3: He came to me. He said, Samsung makes a product
Speaker 3: similar to ours, very good product, the phones and other things,
Speaker 3: and because they're in South Korea, they don't have the tariffs.
Speaker 3: Because we're in China. We have the tariffs. I said,
Speaker 3: you happen to be right, You're not going to be
Speaker 3: able to compete. I said, look, I'm going to give
Speaker 3: you a one year break, but I want you to
Speaker 3: start building your factories in this country, whether it's Texas
Speaker 3: or any other place anywhere in the country. He said,
Speaker 3: what does that mean. I said, you have everything in China.
Speaker 3: I want you to move it from China back to
Speaker 3: our country. And he started doing that and he built
Speaker 3: a factory, a big one in Texas. He built another one,
Speaker 3: and this was all a process. It was all happening.
Speaker 3: But I did give him an exception. And the reason
Speaker 3: was he said, as soon as he said Samsung, I said,
Speaker 3: how is that product compared to you? As he said,
Speaker 3: it's a good product. I said, then you really can't compete.
Speaker 3: You can't have a twenty five or fifty percent tariff
Speaker 3: and compete, right, Yeah, And I said, I'm giving you
Speaker 3: an exception. And I did it for many companies. When
Speaker 3: I had some.
Speaker 2: Businesses come and say, that was the question.
Speaker 3: But we do it for small businesses too. We do
Speaker 3: for small business I'll give you who I didn't know,
Speaker 3: but he came to me. He was at a meeting
Speaker 3: and he built kitchen cabinets and he was pretty big
Speaker 3: in the business. That's all he did is built kitchen cabinets.
Speaker 3: He said, Sir, China and South Korea are building kitchen
Speaker 3: cabinets for one third of what I can make. I said,
Speaker 3: what's the quality. They're not as good, but they're good enough.
Speaker 3: I can't go. I'm going out of business. I'm going
Speaker 3: out of business. I put a twenty five percent tariff
Speaker 3: still on one kitchen cabinets. I saw the guy two
Speaker 3: three days ago. He said, I'm the man that saw
Speaker 3: you about kitchen cabinets. You saved my company when you
Speaker 3: did the tariff, and you saved thousands of jobs. And
Speaker 3: my company is now doing very well. And he started
Speaker 3: to cry, so to cry. And this guy hasn't cried
Speaker 3: too much. I will tell you. He said, you saved
Speaker 3: my company. There's nobody that could have done that.
Speaker 2: Maybe I can ask you Ben about something else. Business
Speaker 2: people here in this room, business people, capital markets. They
Speaker 2: all like the rule of law. They like certainty. The
Speaker 2: Chinese who you mentioned other dictators, right, they don't like
Speaker 2: it when things go but they like it when things
Speaker 2: go wrong in America. If you look at the events
Speaker 2: of January sixth, twenty twenty one, it showed to many
Speaker 2: people America's democracy was unruly and violent only three weeks
Speaker 2: to go to the election. Will you come it now
Speaker 2: to respecting and encouraging a peaceful transfer of power?
Speaker 3: Well, you had a peaceful transfer of power.
Speaker 2: You had a peaceful transfer power. You had a peaceful
Speaker 2: come on present Trump. You had a piece, You had
Speaker 2: a piece. You had a peaceful transfer of power compared
Speaker 2: with Venezuela. But it was by far the most the
Speaker 2: worst transfer of power for a long time.
Speaker 3: Thank you. I appreciate that because this is the you
Speaker 3: know what they like to do. This is what they
Speaker 3: like to do.
Speaker 2: And question question question President Trump is would you respect
Speaker 2: the decision?
Speaker 3: When I found out about this interview, I did a
Speaker 3: little check. He is a man that has not been
Speaker 3: a big Trump fan over the years, So I had
Speaker 3: a choice. Do I do this interview or not. I'm
Speaker 3: glad I did it. But do I do this interview
Speaker 3: or do I disappoint a lot of people? Because I
Speaker 3: know a lot of people in the audience, but his
Speaker 3: view is very different than mine.
Speaker 2: Let me just say I'm asking questions.
Speaker 3: We had a term peacefully and patriotically. These were people.
Speaker 3: If you think an election is crooked, and I do
Speaker 3: one hundred percent. If you think the day it comes
Speaker 3: when you can't protest, you take a look at the Democrats.
Speaker 3: They protested twenty sixteen. They're still protesting it. Nobody talks
Speaker 3: about them. But if we protest, we want to have
Speaker 3: honest elections. You think the last election was honest, well
Speaker 3: do you think.
Speaker 2: All the times it went to courts? The courts, no,
Speaker 2: it didn't govern.
Speaker 3: They went to court and the courts all said, you
Speaker 3: don't have standing. Nobody had standing. And it's hard, frankly
Speaker 3: after an election for a judge, but they all said,
Speaker 3: you don't. Nobody ever had standing. But the facts, if
Speaker 3: you take a look, I'd show you hundreds of pages
Speaker 3: of facts. People were angry, people went there, and I'll
Speaker 3: tell you what they never show that. The primary scene
Speaker 3: in Washington was hundreds of thousands, the largest group of
Speaker 3: people I've ever spoken before, and I've spoken before, and
Speaker 3: it was love and peace. And some people went to
Speaker 3: the Capitol and a lot of strange things happened there.
Speaker 3: A lot of strange things with people being waved into
Speaker 3: the capitol by police, with people screaming go in with it.
Speaker 3: That never got into trouble. You know, I don't want
Speaker 3: to mention names, but you know who they are, a
Speaker 3: lot of strange things happened, but you had a peaceful,
Speaker 3: very peaceful I left. I left the morning that I
Speaker 3: was supposed to leave. I went to Florida, and you
Speaker 3: had a very peaceful transfer. This was not a And
Speaker 3: I'll tell you what those people that did go at
Speaker 3: which was a tiny fraction of the people that went
Speaker 3: to Washington. I mean you're talking about of very very
Speaker 3: small because hundreds of thousands of people and I don't
Speaker 3: know what you had five six, seven hundred people go
Speaker 3: down to the capitol. But those people that was not
Speaker 3: that was not one of those people had a gun.
Speaker 3: Nobody was killed except for Ashley Babbitt. She was killed.
Speaker 3: She was killed. She was shut their head by a
Speaker 3: policeman that we had know. What he did was hard present.
Speaker 3: So I think we should be allowed to disagree on that.
Speaker 2: And let's return.
Speaker 3: Do you see by the reaction.
Speaker 2: Let's return, Let's return. Let's return to one other big
Speaker 2: subject you bring up repeatedly. Immigration. I know, it's a
Speaker 2: very emotive issue for you, But just from the point
Speaker 2: of view business people here, you look at the full
Speaker 2: effect of taking a lot of people out of the workforce,
Speaker 2: removing a lot of people. The federal the Congressional Budget
Speaker 2: Office is banking on the fact that there'll be nine
Speaker 2: trillion dollars added to the GDP of America over the
Speaker 2: next ten years by immigrants. You want to stop that process.
Speaker 2: For all the people who run businesses in the audience,
Speaker 2: I'm just focusing on the economic thing. Are you prepared
Speaker 2: to say, Look, it's fine to have a slightly smaller
Speaker 2: economy in exchange for having the immigration controls.
Speaker 3: A simple answer. I want a lot of people to
Speaker 3: come into our country, but I want them to come
Speaker 3: in legally. I don't want to have.
Speaker 2: But that means that means you will have. That means
Speaker 2: you will have to You know, you are talking about
Speaker 2: deposting eleven million people. That is a lot of people's
Speaker 2: take out.
Speaker 3: It came out last week that four hundred and twenty
Speaker 3: five thousand people are horrible criminals at the highest level,
Speaker 3: But it came out that thirteen thousand and ninety nine
Speaker 3: were let in during their administration they tried to say
Speaker 3: longer wrong. During the Over the last three and a
Speaker 3: half years, thirteen thousand plus people came in. Murderers, they're
Speaker 3: in jail for murder. Some were having the death penalty.
Speaker 3: They were all released into our country. Thirteen thousand and
Speaker 3: ninety nine people were released into our country. We had
Speaker 3: drug dealers released, we had street gangs released. Look at
Speaker 3: what's happening in a A. But now I don't have
Speaker 3: to go with Aurora anymore. Look at what happened yesterday
Speaker 3: last night in Times Square where rough migrants from all
Speaker 3: over the place. You know, it's not just South America.
Speaker 3: We have people coming in from the Congo, large numbers
Speaker 3: from the Congo in Africa. They came in as of
Speaker 3: last night, I was speaking to Tom Homan one hundred
Speaker 3: and eighty countries. People came in. They came from prisons
Speaker 3: and jails. They came from mental institutions and insantus ALM's
Speaker 3: a step above. They came from the terrorists. We had
Speaker 3: large numbers of terrorists come in. When I was present,
Speaker 3: we had the strongest border in the history of a country.
Speaker 3: I built hundreds of miles of wall, and wall's work.
Speaker 3: By the way, hundreds of miles. We had the best
Speaker 3: numbers we've ever had. Now we have the worst numbers.
Speaker 3: And here's the problem. We have some of the worst
Speaker 3: criminals in the world coming in now Venezuela. There time
Speaker 3: has gone down at levels that nobody's ever seen before
Speaker 3: because they've taken their street gangs and their drug dealers,
Speaker 3: and they've emptied their prisons, not fully because they can't
Speaker 3: get enough buses. They've emptied their prisons. They load up
Speaker 3: the buses and they drive them into the United States
Speaker 3: and they're dropping their prisoners into our country. Their crime
Speaker 3: is down. Their numbers are are crazy how low it drops.
Speaker 3: I heard seventy two, seventy four percent. They've taken their
Speaker 3: they've taken their gangs, they've taken their criminals off the street.
Speaker 3: They've taken their people out of mental institutions, which costs
Speaker 3: them a fortune, and they've taken them and dropped them
Speaker 3: into the United States of America. Those people have to
Speaker 3: be returned. We can't live with thousands of murderers.
Speaker 2: And the issue I asked you about was the idea
Speaker 2: that if you reduce immigration. Every economist will tell you,
Speaker 2: if you have fewer people, there is a smaller economy.
Speaker 3: I don't I like immigration, but it's they've got to
Speaker 3: come in legally.
Speaker 2: Okay, Okay, Well let's let's finish on two too.
Speaker 3: I want to make sure. Look, I don't want to
Speaker 3: I don't want to have people that have killed nine
Speaker 3: people and they're you know, a sadistic, crazy nutshup. We
Speaker 3: have to have people that that can love our country,
Speaker 3: that can you know, that will obey the laws of
Speaker 3: everything else. You have hundreds of thousands of criminals being
Speaker 3: dropped in and then as well as one country.
Speaker 2: Look at what they have done though in Aurora.
Speaker 3: They've taken over apartment complexes, They've taken they've gone into
Speaker 3: the real estate business. See, they're like us, except they've
Speaker 3: done it with MK whatever the hell they're called, right,
Speaker 3: I mean they have they have taken they have weapons
Speaker 3: that are so sophisticated our military doesn't happen. They've taken
Speaker 3: over parts of of cities in Colorado. You have a
Speaker 3: place called beautiful Aurora. Take a look at what's happened
Speaker 3: to Springfield, Ohio, where they dropped thirty thousand people into
Speaker 3: a community of fifty thousand people and it's total bedlam.
Speaker 3: The hospitals can't be used anymore by the residents. The
Speaker 3: schools can't be used by the children that were there
Speaker 3: last year because other people that don't even speak the langage.
Speaker 2: The issue I asked you about. Many companies here have
Speaker 2: a shortage of labor.
Speaker 3: Yeah, that's good to take care of that. We're going
Speaker 3: to get people in here rapidly, and they're going to
Speaker 3: be people that want to be in here, and they're
Speaker 3: going to be people that can love our country and
Speaker 3: won't kill people because they have because they don't like
Speaker 3: the way they look.
Speaker 2: These are killing me.
Speaker 3: These some of these killers are among the most evil killers.
Speaker 3: They will look at you down the beautiful woman there,
Speaker 3: They'll look at you and they will kill you. These
Speaker 3: are seriously sick people. And no, I don't want them
Speaker 3: in our country. And they are in our country right now,
Speaker 3: and they're in there because Kamala Harris, who's our borders are,
Speaker 3: isn't incompetent present.
Speaker 2: For the records. As you know, the crime rate is lower.
Speaker 2: Can I finish with two questions. The first you've just
Speaker 2: said it. You don't do old you own and run businesses.
Speaker 2: Would you appoint a CEO who was seventy eight. You
Speaker 2: didn't give you up.
Speaker 3: Yeah, yeah, what it depends on I made people like
Speaker 3: Biden who's in bad shape. I wouldn't appoint him he's
Speaker 3: eighty one or eighty two. He's four years older. But
Speaker 3: at a point, I know some of the smartest people
Speaker 3: I know. I know man that made all of his
Speaker 3: money from the time he was eighty to ninety, and
Speaker 3: he was a failure all his life. He was in
Speaker 3: the drinks business.
Speaker 2: The strange stranger. You didn't bring this up when but
Speaker 2: you were running against Joe Biden.
Speaker 3: No, I never attacked him for his age. In fact,
Speaker 3: I used to defend him on his age. I think
Speaker 3: I attacked him for his lack of competence.
Speaker 2: I asked you, I've asked you all these questions.
Speaker 3: Just because I think it's important, and I know you
Speaker 3: do too. I know so many people in their eighties
Speaker 3: that are among Bernie Marcus is ninety five, a founder
Speaker 3: of Home Deeople. You have the conversation with him. He's
Speaker 3: just as sharp as he mentally, he's just as sharp
Speaker 3: as you have was he's ninety five. I could tell
Speaker 3: you that in the nineties. I don't want to get
Speaker 3: into the ninety staff. But you know what, I know
Speaker 3: many people in their eighties. I know guys in their
Speaker 3: eighties that won't leave the company, like family companies where
Speaker 3: they don't want the kids to take government because they're
Speaker 3: much more competent than their kids. I know them both, right,
Speaker 3: So no, I would have no problem. And you do
Speaker 3: have another factor.
Speaker 2: You know, we've had some of our great on the
Speaker 2: Supreme Cool.
Speaker 3: You just said some of our great world leaders are
Speaker 3: in the eighties, and if you look throughout history, some
Speaker 3: of our greatest world leaders were in their eighties. No,
Speaker 3: that would bother me. But you know, I took two
Speaker 3: cognitive tests and I aced them both. I think that, frankly,
Speaker 3: people regardless should take if they're fifty or forty or
Speaker 3: I think people should take cognitive tests, not because of
Speaker 3: the age, but because of something else. Now here's the problem.
Speaker 3: They say it's unconstitutional, Okay, but I would love to
Speaker 3: see cognitive tests. I don't think she could pass a
Speaker 3: cognitive test. I mean I've watched I don't think she
Speaker 3: could pass a cognitive test.
Speaker 2: President Trump, You're gone over many issues on this. I
Speaker 2: asked you, I asked you many questions about things. One
Speaker 2: thing I am asked at all about is the state
Speaker 2: of the race. Yeah, I had a question for you
Speaker 2: on election night? Which state would you look at first?
Speaker 2: Which state do you think this race is going to
Speaker 2: be decided by?
Speaker 3: So they say Pennsylvania, I would say most. I think
Speaker 3: we're doing very well there. I think you look at
Speaker 3: Michigan too, and I'm doing very well there. You know,
Speaker 3: we don't have to look necessarily. The votes are starting
Speaker 3: to come in now, so you look at poles, but
Speaker 3: you can also look at the votes that are being
Speaker 3: cast right now. People get a pretty good indication. And
Speaker 3: based as we discussed backstage, you know, based on the
Speaker 3: votes that are coming in so far, we're doing very well.
Speaker 3: I mean we're way up in Pennsylvania, We're way up
Speaker 3: in Michigan. We're doing very well in Arizona. So Arizona.
Speaker 3: In fact, somebody said they're going to pull the plug
Speaker 3: in Arizona. They're going to give it up because it
Speaker 3: looks like we're quite quite a ways ahead. I think
Speaker 3: we're doing well. Look, this is a party, the Republican
Speaker 3: Party of common Sense. I forget about conservative liberal. We're
Speaker 3: let's say conservative, but we're really a party of we
Speaker 3: need borders. We need fair elections. We don't want men
Speaker 3: playing in women's sports. We don't want transgender operations without
Speaker 3: parental consent. You know, it's there's so many things, but
Speaker 3: it's ninety nine point nine is common sense. It really
Speaker 3: is common sense. And I like to say it. I
Speaker 3: don't know if anyone said it in the past, but
Speaker 3: I say, we're really a party of common sense, and
Speaker 3: we want to have great people in our country. I
Speaker 3: want to have a lot of people come in so
Speaker 3: that you have your choice and so that they have choice.
Speaker 3: I want to you know, I have a good heart.
Speaker 3: I have a heart where I want people to be
Speaker 3: taken care of. But I don't want to take in
Speaker 3: people where they millions of people, twenty one million people
Speaker 3: at least have come in in the last three and
Speaker 3: a half years, unvetted, unchecked. We don't know anything about him.
Speaker 3: We don't How about this Gavin Newscomb, he's the governor
Speaker 3: of California. He signed Newscomb.
Speaker 2: Like but do you think he connected he correctly? There
Speaker 2: is the first time i've there are CEOs out here.
Speaker 2: If they said those sort of things about a rival CEO,
Speaker 2: they would be signed to be signed.
Speaker 3: Do you think but they don't have to survive like me.
Speaker 3: They don't have to go through what I have to
Speaker 3: go through. There has never been a president that's been
Speaker 3: treated like me, So I have to fight my own way.
Speaker 2: You made, you made a You've made a very good
Speaker 2: you made a very good job.
Speaker 3: And he signed bill in California two days ago that
Speaker 3: you don't even have the right to ask a person
Speaker 3: for voter ID. And if you ask a person for
Speaker 3: voter ID, of course you have to show voter ID.
Speaker 3: The only reason you wouldn't do because they want to achieve.
Speaker 3: The bill says you cannot. It's against the law for
Speaker 3: you to ask a person map, please see your voter
Speaker 3: ID when her votes. What is our country coming to?
Speaker 2: Well, you've given us a tool de reason of where
Speaker 2: that country might be going to. Thank you very much
Speaker 2: for much you. Thanks you for the conversation.
Speaker 6: More than an hour long conversation between former President Donald
Speaker 6: Trump and Bloomberg editor in chief John Micklethwaite in partnership
Speaker 6: with the Economic Club of Chicago, a conversation that rains
Speaker 6: from tax and tariffs and technology to immigration and the
Speaker 6: Federal Reserve. Welcome Back to Special Coverage, A special edition
Speaker 6: a Balance of Power here on Bloomberg TV and Radio.
Speaker 6: I'm Kaylee Lines alongside Joe Matthew. We are about to
Speaker 6: break down exactly what we heard there from Donald Trump
Speaker 6: in terms of his economic policy, including the pushback he
Speaker 6: gave on what a number of economists or majority of
Speaker 6: economists would suggest or potential inflationary and detrimental impacts of
Speaker 6: the policy, pushing back on the idea Joe that tax
Speaker 6: cuts will add to the deficit, that tariffs will lead
Speaker 6: to higher costs for the American people, even that it
Speaker 6: could influence ultimately the dominance of the dollar as the
Speaker 6: world's reserve currency. We should point out a lot of
Speaker 6: those things were fact check in real time by John.
Speaker 7: Nicklefwayth Yeah, we have a lot to unpack here, and
Speaker 7: that was quite an exchange. Sometimes interviews take different forms.
Speaker 7: With Donald Trump, that was a real back and forth,
Speaker 7: and I think we all learned a lot by listening
Speaker 7: to it. John started by citing his very first question
Speaker 7: research from the Committee for a Responsible Federal Budget, that
Speaker 7: if you wonk out with us here on a daily
Speaker 7: basis on balance of power, you're pretty familiar with seven
Speaker 7: point eight to fifteen. I believe trillion dollars was the
Speaker 7: estimate that unless there's something we're not understanding about how
Speaker 7: to pay for the tax cuts and exemptions that Donald
Speaker 7: Trump has put forth, that is what it would add
Speaker 7: to the deficit. Donald Trump wasn't having any of that, Kayley,
Speaker 7: And that's nothing new in this case.
Speaker 6: Yeah, continually pushing back on again what the majority of
Speaker 6: economists would agree would be the economic impact of his policies.
Speaker 6: So we want to turn now to an economist Bloomberg
Speaker 6: Economics is Anna Wong, who leads our US economic coverage,
Speaker 6: is here with us in our Washington, DC studio. So Anna,
Speaker 6: you of course have done analysis on what the policies
Speaker 6: of not just Donald Trump a Kamala Harris could mean
Speaker 6: for the US economy. When he says things like we're
Speaker 6: all about growth, that companies will only be protected by
Speaker 6: stronger tariffs, is that really how it's going to translate
Speaker 6: economically if these things become reality.
Speaker 1: Yeah, So I think he simplified his own policy impact
Speaker 1: a little bit. So if we looked at his tax policies,
Speaker 1: which is all about tax cuts, lowering a corporate tax cut,
Speaker 1: but of course those would be all economic models would
Speaker 1: say generally in the short term it would boost growth.
Speaker 1: That would be where the growth enhancing would come from.
Speaker 1: But there's a cost to be paid for that, and
Speaker 1: which is that over the long term, with higher physical
Speaker 1: debt to GDP ratio, that would raise interest rates and
Speaker 1: in ten years those benefits which you see in the
Speaker 1: first two or three years would dissipate. Also, in terms
Speaker 1: of tariff policy, he mentioned a lot about how tariffs
Speaker 1: would bring back jobs to the country, and that's per growth.
Speaker 1: So I think it's important to know that it's true
Speaker 1: economists were wrong in his first administration, that all the
Speaker 1: inflationary impact economists estimated were overblown. But you know, the
Speaker 1: economy adjusted to tariff in two ways, either through higher
Speaker 1: prices if firms can pass through those prices, or through
Speaker 1: lower investment and lower growth. And in his first administration
Speaker 1: what happened was it didn't translate into higher prices. However,
Speaker 1: it did translate into lower growth due to trade policy uncertainty.
Speaker 7: We've had conversations on this program, in fact quite recently today.
Speaker 8: Joelvornia was on.
Speaker 7: Before that interview, Scott Bessont was on a couple of
Speaker 7: days ago. They returned to the theme of looking at
Speaker 7: this as a whole, that each proposal taken in a
Speaker 7: vacuum is not going to add up to what the
Speaker 7: former president is seeing here when you actually do that,
Speaker 7: when you combine the tariffs with the tax proposals and
Speaker 7: drill Baby, drill his idea of lowering energy costs to
Speaker 7: lower inflation across the board.
Speaker 8: Do you see it any differently?
Speaker 1: Yeah, I think that if you take it holistically, and
Speaker 1: Joe LaVarne, you're completely right. You have growth enhancing trade
Speaker 1: I mean tax policy in the short term, but growth
Speaker 1: reducing trade policy in the short term. I think in
Speaker 1: the first two or three years that will about wash out.
Speaker 1: The effect will be slightly negative over a ten years period.
Speaker 7: And thank you so much for being with us Bloomberg Economics,
Speaker 7: Anna Wong, keeping us honest on some of the issues
Speaker 7: that we talked about here. And we want to turn
Speaker 7: from the economy to politics. Of course, it's pretty hard
Speaker 7: to remove the suicid. We'll do both with our signature panel.
Speaker 7: Rick Davis, Partner at Stone Court Capital, alongside Genie Shanzano,
Speaker 7: political science professor at Iona University, Senior Democracy Fellow at
Speaker 7: the Center for the Study of the Presidency and Congress, Rick,
Speaker 7: you said this was going to be a spirited conversation,
Speaker 7: that this might be the most challenging interview that Donald
Speaker 7: Trump would have for the rest of the cycle.
Speaker 8: I think you might be right.
Speaker 9: Yeah, And I think one of the more sober and
Speaker 9: serious conversations. I thought John Michols Waite did a fantastic
Speaker 9: job of keeping focused on the issues that he was
Speaker 9: asking about, trying to do the follow up that he
Speaker 9: was requiring. And look, I mean, you know, you got
Speaker 9: to give Trump credit. He hung in there. He told
Speaker 9: lots of stories that exemplified, you know, his policy points.
Speaker 9: And I think as a communicator, we underestimate Donald Trump's
Speaker 9: ability to sort of package his argument events in these
Speaker 9: kinds of storytelling that are easy for people to digest.
Speaker 9: So his audience wasn't the Chicago Economic Club sitting in
Speaker 9: the room and dining on rubber chicken. His audience were,
Speaker 9: you know, blue collar workers in Michigan and Pennsylvania and
Speaker 9: Wisconsin who they hear these stories. They can actually understand
Speaker 9: the economic points that he's making.
Speaker 6: But if part of his audience here Jeanie was in Michigan,
Speaker 6: he again attacked Detroit, as we saw him do in
Speaker 6: Detroit just a few days ago. He's going to be
Speaker 6: back there later on this week. He called it horrible,
Speaker 6: talking about how it hasn't recovered. Of course, it did
Speaker 6: declare bankruptcy back in twenty thirteen, but it has seen
Speaker 6: a recovery since then. In fact, the city just announced
Speaker 6: earlier this year it grew in population between twenty twenty
Speaker 6: two and twenty twenty three for the first time since
Speaker 6: nineteen fifty seven. How does that play in a state
Speaker 6: which ultimately could have a hand in deciding this election.
Speaker 10: Yeah, this is something we've heard Trump do over and
Speaker 10: over again, attack cities from Milton and Detroit and of
Speaker 10: course New York City, And of course factually there's no
Speaker 10: basis for it. We know, violent crime, for instance, in
Speaker 10: Detroit is down to levels we haven't seen since nineteen
Speaker 10: ninety six. And I think, you know, as I watched
Speaker 10: this entire interview, which I agree was so important, Donald
Speaker 10: Trump missed an opportunity here in my mind, he ended
Speaker 10: up talking about what defending January sixth, talking about Venezuela
Speaker 10: and Maduro, this strong man, this autocrat, this dictator as well,
Speaker 10: what a great job he has done cutting down on
Speaker 10: violence with the use of a police state. He is
Speaker 10: making certainly things that Republican leaders at the state and
Speaker 10: local level have pushed back against. As it refers to Aurora,
Speaker 10: as it refers to Springfield. The list goes on and on,
Speaker 10: and John Micklesoet was trying to have a sober, serious
Speaker 10: conversation on his economic policies. And I can bet that
Speaker 10: is not where Donald Trump's campaign wanted him to go
Speaker 10: to sit there and say those kinds of things. The
Speaker 10: attacks were all over the place. They were on everybody,
Speaker 10: from the press to two people who are running these
Speaker 10: cities and states, two immigrants. They were as no fact
Speaker 10: checking that he was going to abide by, and it
Speaker 10: was off the rails in true Donald Trump's style. And
Speaker 10: that is a problem for Donald Trump because I know
Speaker 10: he wants to double down in his base. Rick is right,
Speaker 10: but he's got to reach sober minded people in the
Speaker 10: middle who like his policies first term, but are very
Speaker 10: concerned about this rhetoric. And I don't think he did
Speaker 10: himself any favors on that front. And of course, top
Speaker 10: of the list there is tariffs. He had absolutely no
Speaker 10: answer to the very serious economic questions about raising tariffs.
Speaker 10: He said sometimes two hundred five hundred percent.
Speaker 7: All right, Genie Shanzino and Rick Davis with their Clutch
Speaker 7: analysis coming out of the interview, they're going to be
Speaker 7: sticking with us for the rest of the hour. We
Speaker 7: thank you both our signature panel here on an important
Speaker 7: day as we go into overtime here on our special
Speaker 7: live from Washington. Following Bloomberg's interview with Donald Trump, the
Speaker 7: former president talked about tariff's quite a bit today in
Speaker 7: policies he'd like to pursue if elected. In the conversation
Speaker 7: we just brought to you in partnership with the Economic
Speaker 7: Club of Chicago, Let's.
Speaker 3: Listen to me. The most beautiful word in the dictionary
Speaker 3: is tariff and it's my favorite word. It needs a
Speaker 3: public relations firm.
Speaker 7: Joining us now for more here on Bloomberg TV and Radio.
Speaker 7: Anna Ashton, founder of Ashton Analytics, former China analyst for
Speaker 7: the US Department of Defense, and it's great to see you.
Speaker 7: Thanks for joining us here. Following this conversation, Donald Trump
Speaker 7: pushed back pretty hard on the issue of tariff's.
Speaker 8: He called tariff's his.
Speaker 7: Favorite word, the most beautiful word in the dictionary. Did
Speaker 7: he change the way you look at this in his
Speaker 7: conversation today with John Mickelfway.
Speaker 11: Well, no, and thank you for having me on. It
Speaker 11: was interesting to listen to his remarks. I think we
Speaker 11: can all be pretty assured of where he wants to
Speaker 11: go with tariff policy, that he wants to raise tariffs,
Speaker 11: and not just on China. You spend a lot of
Speaker 11: time talking about Mexico, for example, and he said that,
Speaker 11: you know, our allies have been more problematic than our enemies,
Speaker 11: so the EU, Japan.
Speaker 6: Well, Anna, as you mentioned Mexico. According to FactCheck dot org,
Speaker 6: there is only one small Chinese car manufacturing plant in
Speaker 6: Mexico right now. But something else we heard from Donald
Speaker 6: Trump was the suggestion, if you make the tariffs high enough,
Speaker 6: to quote him, so high, so horrible, so obnoxious, they'll
Speaker 6: come right away, meaning they will come and make things
Speaker 6: in the US instead. What is the realistic chance that
Speaker 6: manufacturers in China are going to be able to suddenly
Speaker 6: up and move all that business to the United States
Speaker 6: and have supply come out of there. How does that
Speaker 6: actually translate in reality?
Speaker 11: Well, you know, I think it's going to be really
Speaker 11: interesting to see if this is you know, a sign
Speaker 11: of Trump kind of evolving his perspective on China and
Speaker 11: what he wants from the relationship, because he certainly wasn't
Speaker 11: really gung ho about inviting Chinese investment into the United
Speaker 11: States in his first term, and if second term would
Speaker 11: he be It sort of sounds like it. It sort
Speaker 11: of sounds like he sees tariffs as a way to
Speaker 11: bring foreign investment into the United States to create jobs,
Speaker 11: and I think a lot of people can get on
Speaker 11: board with that from an economic standpoint.
Speaker 2: However, there are.
Speaker 11: Many many people in Washington and both parties who are
Speaker 11: not particularly enthusiastic about Chinese investment in the United States.
Speaker 11: And not just in Washington, there are governors all over
Speaker 11: the country who also are not keen on that. So
Speaker 11: I'm not sure that it's within Trump's power to change
Speaker 11: hearts and minds domestically.
Speaker 7: I want to ask you about what the former president
Speaker 7: said about Taiwan Ana. He was asked whether he would
Speaker 7: send American troops to defend Taiwan in the event of
Speaker 7: an invasion or a blockade by China. He didn't really
Speaker 7: answer that directly. He said, quote, I have a very
Speaker 7: good relationship with President she is his relationship good enough
Speaker 7: to avoid that scenario if you were re elected.
Speaker 11: I think it's less about whether or not his relationship
Speaker 11: with President she is good enough, and more about the
Speaker 11: fact that he is a confirmed He does not want
Speaker 11: to have American forces fighting foreign wars, and he's indicated
Speaker 11: in other interviews that he's not particularly interested in sending
Speaker 11: troops to Taiwan unless Taiwan is going to pay more
Speaker 11: for US defense. He wants more of a quid pro
Speaker 11: quo relationship than he believes we have right now. But again,
Speaker 11: this is where Trump diverges from the majority of minds
Speaker 11: that are shaping policy in DC, both Republican and Democrat.
Speaker 11: I don't think that his own party is particularly aligned
Speaker 11: behind that idea well.
Speaker 6: And perhaps the divergence that matters most, at least with
Speaker 6: three weeks to go and tell election Diana, is how
Speaker 6: his policy diverges from the policy that Kamala Harris has
Speaker 6: suggested she pursued. Keeping in mind, she has been attached
Speaker 6: to this administration that has left intact and in many
Speaker 6: ways actually in many instances expanded the tariffs put into
Speaker 6: place under the first Trump administration. Harris, who has also
Speaker 6: talked about making sure the US is leading the technology
Speaker 6: war against China. How realistically are we going to see
Speaker 6: differences in approach here, and is it just a matter
Speaker 6: of scale, if you will, Maybe not tariffs of the
Speaker 6: kind Donald Trump is talking about, but tariffs all the same.
Speaker 11: I certainly think we're going to see tariffs all the same.
Speaker 11: But you know, the Biden administration has, with its increase
Speaker 11: of select tariffs in the last month, made clear that
Speaker 11: they're interested in taking a more targeted approach, and you
Speaker 11: know that that is overall the impression I'm getting from
Speaker 11: Harris's talking points. So I think that, you know, Yanes,
Speaker 11: we will see continued tariffs. We will see a continued
Speaker 11: emphasis on industrial policy as part of the effort to
Speaker 11: make the United States more competitive with China and ensure
Speaker 11: US competitiveness going forward. But I don't think that a
Speaker 11: Harris administration would be interested in the kind of across
Speaker 11: the board tariffs on everything from China and things from
Speaker 11: everywhere else that Trump seems to be enthusiastic about.
Speaker 8: Great to have you with us today, Anna, Thank you.
Speaker 7: Anna Ashton is founder of Ashton Analytics, former China analysts
Speaker 7: for the US Department of Defense.
Speaker 8: Just the voice we needed today. We thank you again.
Speaker 7: And joining us now is Democratic Congressman Sean Caston of Illinois.
Speaker 7: He serves on the House Financial Services Committee and brings
Speaker 7: the voice of a Democrat to the table here. Congressman,
Speaker 7: it's good to see you. Welcome back to Bloomberg TV
Speaker 7: and Radio. What you just heard today from Donald Trump
Speaker 7: is the most complete explanation and most complete presentation we
Speaker 7: have heard of his economic proposals, making the Trump tax
Speaker 7: cuts permanent, a series of exemption on things like tips
Speaker 7: over time, social Security, and others that we might not
Speaker 7: even have time to list here today. And an overall
Speaker 7: approach to inflation that starts with energy. Drill, Baby drill,
Speaker 7: he says, will bring down prices across the board.
Speaker 8: Are you on board?
Speaker 12: Well, look, it's hard to follow a lot of that
Speaker 12: because so much of his representations of the economy were
Speaker 12: just flat wrong. We've seen surges and foreign direct investment
Speaker 12: over the last four years. We've seen almost a doubling
Speaker 12: and manufacturing investment in the United States over the last
Speaker 12: four years. Yes, there's been inflation, but slower than all
Speaker 12: the other countries in the OECD. We've had record setting
Speaker 12: job creation. This is an economy to celebrate, and he
Speaker 12: seemed to be focused on bad mouthing it. But I
Speaker 12: want to just talk about the energy piece for a moment.
Speaker 12: In April of twenty twenty, under Donald Trump, the price
Speaker 12: of oil collapsed because of COVID. Trump responded by calling
Speaker 12: the Saudis and threatening to pull all military aid out
Speaker 12: of Saudi Arabia unless they curtailed production to raise the
Speaker 12: price of oil to protect US oil producers. He has
Speaker 12: always put the interest of producers over the interests of consumers.
Speaker 12: And you know, when you're talking about drill, baby, drill,
Speaker 12: we are using a lot less cold than we used
Speaker 12: to in the United States. We're using a lot we're
Speaker 12: using We've had basically no growth in oil. That's because
Speaker 12: we've invested in efficiency. We've invested in renewables. The person
Speaker 12: with a solar panel on the roof is not paying
Speaker 12: for electricity anymore. What Trump is pushing for is not
Speaker 12: lowering costs for consumers on energy, but raising prices to
Speaker 12: energy producers. He's done that consistently, and let's not pretend
Speaker 12: it's something else.
Speaker 6: Well, Congressman, is we consider this is a plan he
Speaker 6: says ultimately will lead to lower inflation. Let's talk about
Speaker 6: inflation and who all has a role in combating that,
Speaker 6: because obviously the Federal Reserve is part of that game too.
Speaker 6: Donald Trump was actually asked about the FED and the
Speaker 6: influence the president should have on it in this conversation.
Speaker 6: Let's remind ourselves of what he said.
Speaker 3: I think that if you are a very good president
Speaker 3: with good sense, you should be able to at least
Speaker 3: talk to him. I don't say make the decision at all.
Speaker 6: Congressman, what's your response to that?
Speaker 12: I guess you have to really love the economy of
Speaker 12: the eighteen nineties to want a non independent FED and
Speaker 12: a massive tariff policy.
Speaker 3: J Powell.
Speaker 12: You know, I don't agree with J. Powell on everything,
Speaker 12: but J. Powell has done a masterful job, as he should,
Speaker 12: of staying above politics. You know, the idea of an
Speaker 12: independent FED is, as your viewers know well, right you,
Speaker 12: sometimes it's not politically wise to do the right thing
Speaker 12: for the economy. Interfering with that is a really really
Speaker 12: dangerous path to go, and we've been there in our past,
Speaker 12: right you know, there was a point when we didn't
Speaker 12: have an independent FED. Those weren't good times for the
Speaker 12: US economy.
Speaker 7: Well, with that said, where is the economy going to
Speaker 7: be here in your view, when the next president takes off.
Speaker 7: As congressman, this is something that we ask a lot
Speaker 7: of lawmakers and economists here, knowing that we're seeing, or
Speaker 7: at least feeling, some concerns tied to a slowdown here. Obviously,
Speaker 7: interest rate cuts are part of the picture, which some
Speaker 7: could suggest benefit the incumbent in this case, I guess
Speaker 7: we could call that incumbent Kamala Harris. But what's your
Speaker 7: view about where we're going to be in January when
Speaker 7: you come back to Washington.
Speaker 12: You know, I suppose prognostication is a fool's game, but
Speaker 12: I think you know some of the metrics that we've
Speaker 12: been watching closely in the economy. We've seen this surge
Speaker 12: of investment for the last four years. Really, for the
Speaker 12: first time in decades, we've consistently seen job creation out
Speaker 12: posting worker creation. Our workforce has not been growing as
Speaker 12: fast as the jobs have. That was creating some upward
Speaker 12: pressure on inflation. Was certainly contributing to it. It's a
Speaker 12: good problem to have, right because there were so much
Speaker 12: investments going on in the United States. We have seen
Speaker 12: some of that pressure easing. Frankly, thanks to inflation. And
Speaker 12: one of the concerns that I have personally is that
Speaker 12: it has become so bipartisan to demonize an immigration, and
Speaker 12: I think we shouldn't lose sight of the fact that
Speaker 12: immigration is substantially what's allowing our economy to create jobs
Speaker 12: so quickly and not have upward pressure on inflation inflations
Speaker 12: come down. I do get concerned about that xenophobia and
Speaker 12: where that might push us, But on balance, I feel
Speaker 12: pretty good about where the economy is right now. We're
Speaker 12: still staying in a four four point two percent unemployment,
Speaker 12: which is pretty good. The job revisions such as they are,
Speaker 12: and moving in the right direction, and you know, let's
Speaker 12: keep a steady hand on the tiller.
Speaker 6: Congressman, we just have a minute left here. But it
Speaker 6: was brought up in this interview and again in our
Speaker 6: conversations afterward, the deficit impact potentially of Donald Trump's plans
Speaker 6: and the media and estimate from the Committee for a
Speaker 6: Responsible Federal Budget it's seven and a half trillion dollars.
Speaker 6: Harris's is lower. Yes, three and a half trillion dollars
Speaker 6: is their base case, but that still does add to
Speaker 6: the United States is burden. How do you offend some
Speaker 6: of those policy ideas knowing the fiscal impact they could have.
Speaker 12: Yeah, Like, I think it's a real concern for all
Speaker 12: of us that these that the deficits keep growing up.
Speaker 12: Any serious conversation about the deficits, you know, has to
Speaker 12: talk about you know, we have Social Security, Medicare, in
Speaker 12: the military's that's the overwhelming majority of what's there. And
Speaker 12: if we decide politically we don't want to touch those three,
Speaker 12: then we have to talk about the revenue side of
Speaker 12: the equation. What is the single most important thing we
Speaker 12: can do that still gives people the dignity they deserve
Speaker 12: in retirement and kill still keeps the United States as
Speaker 12: the leader of the free world, is to fully fund
Speaker 12: the IRS. The head of the Trump IRS told us
Speaker 12: that the under collection of taxes, taxes that are due
Speaker 12: but not collected, reaches almost a trillion dollars a year.
Speaker 12: You can go a long way towards cleaning that up
Speaker 12: if we get there. Trump is not wild about that.
Speaker 12: He's a guy who's obviously been found guilty of tax fraud.
Speaker 12: But we have to We have to fund the police, right,
Speaker 12: We have to fund the IRS ability to go out
Speaker 12: and make sure that we collect, and if we do that,
Speaker 12: we create a ton more headroom. And I think then
Speaker 12: we can have a conversation around well, if we tweak
Speaker 12: this tax this way or this tax this way. But
Speaker 12: it's a purely academic conversation if we're not actually collecting
Speaker 12: the taxes anyway. And remember, these things are over ten years.
Speaker 12: When the CBO does these forecasts, at trillion dollars a
Speaker 12: year is ten trillion dollars over a ten year forecast.
Speaker 12: Let's get it done, all.
Speaker 6: Right, Congressman, appreciate your time this afternoon that as Democratic
Speaker 6: Congressman Sean Caston of Illinois, member of the House Financial
Speaker 6: Services Committee, we appreciate it. We're continuing to analyze Trump's
Speaker 6: comments made just moments ago during an interview with Bloomberg
Speaker 6: editor in chief John Mickelthwaite. We should note, as John noted,
Speaker 6: Kamala Harris has been invited to participate in a similar conversation.
Speaker 6: Back with us now for final thoughts. Is our signature
Speaker 6: political panel, Rick Davis of stone Core Capital and Janie
Speaker 6: Shanzano of the Center for the Study of the Presidency
Speaker 6: and Congress. I don't know how many more interviews opportunities
Speaker 6: like this there will be in the next three weeks,
Speaker 6: because that's all the time that is left. How many
Speaker 6: more conversations do you expect Donald Trump to take part
Speaker 6: of through traditional media means like this when he's been
Speaker 6: going on podcasts, as has Kamala Harris other means of
Speaker 6: reaching out to voters.
Speaker 9: Yeah, I think they've both been in the bubble, right,
Speaker 9: so they'll do interviews with friendly outlets. And Donald Trump
Speaker 9: has been more aggressive in spending time on his friendly
Speaker 9: outlets than Kamala Harris has. But as we talked earlier
Speaker 9: in the show, Kamala Harris has a very big interview
Speaker 9: tomorrow with Brett Baar on Fox taking herself out of
Speaker 9: the bubble, putting herself in an environment frankly, probably the
Speaker 9: equivalent of what we just saw today at the Chicago
Speaker 9: Economic Club, And so I don't think you're going to
Speaker 9: see much more of that. I would be surprised if
Speaker 9: Donald Trump wants to re up on another deal like
Speaker 9: he did today. And at the same time, without these
Speaker 9: presidential debates, we don't really have any way of scoring
Speaker 9: where we think the president presidential candidates are right now,
Speaker 9: and this is the time when and a lot of
Speaker 9: American voters are making up their minds in the last instance,
Speaker 9: in other words, I'm ready to vote, now who's it
Speaker 9: going to be? And there are still I know, it's
Speaker 9: hard to believe after the long slog we've been through,
Speaker 9: there are still voters trying to figure out who they want.
Speaker 9: And I think these kind of events help dictate that.
Speaker 7: Remembering, of course, and you remind us of this a lot, Rick,
Speaker 7: some people are already voting and have already voted, with
Speaker 7: early voting and absentee ballots in the mix here, Genie,
Speaker 7: what do you think about what Rick just said. Does
Speaker 7: Kamala Harris need to respond to what Donald Trump said today?
Speaker 10: I think she should, you know, I think these are
Speaker 10: exactly the kind of forums I agree with Rick in
Speaker 10: which we need to hear from these candidates and both
Speaker 10: of them. And I give Donald Trump a lot of
Speaker 10: credit for sitting down with a one on one interview
Speaker 10: and taking some tough questions, and I think people should
Speaker 10: go back and listen carefully to what he said. I mean,
Speaker 10: he talked about everything from not wanting to appoint judges
Speaker 10: who were too old, and when John asked him, well,
Speaker 10: you're seventy eight, he said, no, no, no, no, no,
Speaker 10: that was Justice's right. He talked at the end about
Speaker 10: Republicans himself being a party of common sense, and yet
Speaker 10: common sense questions like if you in, if you decrease
Speaker 10: taxes and you don't cut spending, how do you pay
Speaker 10: for that? He sort of pooh poohed a lot of that,
Speaker 10: to use a very formal word. So, you know, I
Speaker 10: think people should go and listen to what he had
Speaker 10: to say. You know, he talked about how he weaves,
Speaker 10: and he certainly weaved a lot today, And the one
Speaker 10: that really sticks with me is the one about the FED.
Speaker 10: For anybody who wants Donald Trump to have some voice
Speaker 10: in the FED, then think about would you want that
Speaker 10: if it was a Democrat, because historically that is very
Speaker 10: problematic for democratic economies.
Speaker 7: That's Genny Shanzino alongside Rick Davis, our signature panel today.
Speaker 7: Thanks both of you for being with us as part
Speaker 7: of our special coverage here on Bloomberg TV and radio.