WEBVTT - Treasury Secretary Scott Bessent Talks the Future of the Fed

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>We begin this hour in Washington, President Trump leaving the

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<v Speaker 2>door open for trade talks and piling on the pressure

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<v Speaker 2>for the Fed to cut interest rates.

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<v Speaker 3>We're still willing to talk.

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<v Speaker 1>Literally every country wants to make it dew we have

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<v Speaker 1>no inflation or stock market hit record highs.

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<v Speaker 3>With no inflation, we should be at one percent.

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<v Speaker 2>Thanks as well to Treasure Secretary Scott Besson, who's doing

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<v Speaker 2>a fantastic job. He goes on television, he calms the market.

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<v Speaker 3>I go on television. I rile the market.

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<v Speaker 2>It's time for some calm. Joining us now the seventy

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<v Speaker 2>ninth Secretary of the Treasury, Scale Besson. Mister secretary, welcome

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<v Speaker 2>to the program sir. Let's pick up on that theme,

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<v Speaker 2>not you calm in the markets, but on inflation and

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<v Speaker 2>where rates should be. As I'm repointed out, we've had

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<v Speaker 2>a string of softer and expected inflation reads in this country.

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<v Speaker 2>We've had four, we might get five at a thirty

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<v Speaker 2>Eastern time. Why do you believe that signal and non noise?

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<v Speaker 1>Well, I mean there's some persistence there, Jonathan, And look,

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<v Speaker 1>I do have access to the number of the night

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<v Speaker 1>before but when I'm coming on TV, I don't look

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<v Speaker 1>at it. So I don't know what the number is

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<v Speaker 1>going to be at eight thirty, and I wouldn't. I

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<v Speaker 1>don't know whether it's going to be down, up or flat,

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<v Speaker 1>but I wouldn't put too much emphasis on one number.

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<v Speaker 1>I think it's the trend. And I think one thing

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<v Speaker 1>that Wall Street, a lot of economist market in general

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<v Speaker 1>got wrong early on was that tariffs were going to

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<v Speaker 1>cause a substantial price level rise, which just hasn't happened.

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<v Speaker 2>And there are some people on the FMC the Federal

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<v Speaker 2>Reserve still worried about the prospect of that happening. Through

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<v Speaker 2>the summer, We've all sensed the frustration from the White

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<v Speaker 2>House across the administration with FED Chair J Powell, and

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<v Speaker 2>a lot of confusion. I think at this point that

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<v Speaker 2>maybe we can address in this conversation, is firing the

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<v Speaker 2>Federal Reserve Chair under active consider in the White House

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<v Speaker 2>and the Treasury in your administration.

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<v Speaker 1>President Trump said numerous times he's not going to fire J. Powell.

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<v Speaker 1>You know, he's working the refs. And I've said before

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<v Speaker 1>I'm a basketball fan. There are two schools of working

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<v Speaker 1>the refs. There's the Bobby Knight school, and there's the

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<v Speaker 1>Dean Smith School. President Trump seems to prefer the Bobby

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<v Speaker 1>Knight school. And I'll tell you, I went back over

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<v Speaker 1>the weekend and looked, and Bobby Knight won three NCAA championships.

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<v Speaker 1>My hero Dean Smith only won two.

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<v Speaker 2>The NCAT director, Kevin Hasset, I'm not sure what you'd

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<v Speaker 2>call him, but he was asked over the weekend, can

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<v Speaker 2>the FED chair be fired? He said, that's the thing

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<v Speaker 2>that's being looked into. How should we understand those comments?

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<v Speaker 1>Look, and I will point out Kevin was a collegiate

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<v Speaker 1>basketball player, and I think, as President Trump said, he's

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<v Speaker 1>not looking to fire a chair. And as I've said,

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<v Speaker 1>I'm not going to come I'm not going to comment

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<v Speaker 1>on future policy or future mistakes the federal make. I'll

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<v Speaker 1>only comment on past mistakes. And look, they've had some

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<v Speaker 1>big forecasting errors and this may be one. Now.

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<v Speaker 2>Is there a reason for not firing Kim? And I

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<v Speaker 2>asked that question because the President's also said that his

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<v Speaker 2>term is about to expire in May of next year.

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<v Speaker 2>Is that the reason to ultimately just wait? Or is

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<v Speaker 2>it something cal so you convinced by the negative consequences

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<v Speaker 2>associates it with such a move.

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<v Speaker 1>Look, I think an independent central bank is very important

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<v Speaker 1>for the conduct of monetary policy, and we can see

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<v Speaker 1>that in terms of both the financial markets, the term

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<v Speaker 1>premium and longer term debt.

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<v Speaker 2>You said previously the interview process would begin later on

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<v Speaker 2>in the fall. There's been plenty of speculation as to

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<v Speaker 2>whether that process would be brought forward, mister Secretary, Do

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<v Speaker 2>you still, as far as you understand, believe that's when

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<v Speaker 2>the INTERVIEWSS to replace the FED chair will begin in

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<v Speaker 2>the fall, or as a formal process already started.

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<v Speaker 1>Well, look, there's a formal process that's already starting. There

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<v Speaker 1>are a lot of great candidates, and we'll see how

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<v Speaker 1>rapidly it progresses. It's President Trump's decision and it will

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<v Speaker 1>move at his speed.

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<v Speaker 2>Do you see any merits at all and selecting maybe

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<v Speaker 2>a candidate that's already on the committee on the FMC

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<v Speaker 2>versus taking a look at someone outside of the Federal Reserve.

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<v Speaker 1>Again, there are a lot of good candidates inside and

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<v Speaker 1>outside the Federal Reserve.

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<v Speaker 2>Jonathan has the chairman himself, the FED Chair, Jake pal

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<v Speaker 2>given you any indication whatsoever as to what he would

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<v Speaker 2>do once his term has expired, will if a as

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<v Speaker 2>the governor at the Federal Reserve.

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<v Speaker 1>Well, traditionally the FED chair also steps down as a governor,

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<v Speaker 1>and there's been a lot of talk of a shadow

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<v Speaker 1>FED chair causing confusion in it events of his or

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<v Speaker 1>her nomination, And I can tell you I think it'd

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<v Speaker 1>be very confusing for the market for a former FED

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<v Speaker 1>chair to stay on.

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<v Speaker 3>Also, mister Treasury Secretary, I love to talk to you

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<v Speaker 3>about what's going on in Video. This morning, Jensen Wang,

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<v Speaker 3>the CEO, out in a blog statement saying that the

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<v Speaker 3>company has quote provided an update to customers, noting that

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<v Speaker 3>in Nvidia is finding applications to sell the H twenty

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<v Speaker 3>GPU again. The US government has assured the company that

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<v Speaker 3>licenses will be granted and then Video hopes to start

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<v Speaker 3>deliveries soon. Can you a test whether that that's true

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<v Speaker 3>or not? The United States is willing to let Nvidia

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<v Speaker 3>sell H twenties once again in China?

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<v Speaker 1>Well again, I emrie. I think that'd be a judgment

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<v Speaker 1>that the Chinese indigenous manufacturers, namely Huawei and some others

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<v Speaker 1>already have an equivalent chip. So if there's an equivalent chip,

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<v Speaker 1>then the DAH twenty could be sold because I can

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<v Speaker 1>tell you the one thing that we do not want

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<v Speaker 1>is a digital Belton road springing up around the world

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<v Speaker 1>because other countries or China are substituting for our American

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<v Speaker 1>chip manufacturers.

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<v Speaker 3>This is the same chip though, that the Trump administration

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<v Speaker 3>blocked with export controls in April. So why the change

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<v Speaker 3>in policy now.

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<v Speaker 1>Emery, You might say that that was a negotiating chip

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<v Speaker 1>that we used in Geneva and in London.

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<v Speaker 3>So this was part of the trade talks when it

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<v Speaker 3>comes to Washington and Beijing. Yes, was it a quid

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<v Speaker 3>pro quo then, as you said, it wasn't, But was

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<v Speaker 3>it potentially to make sure that you can get the

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<v Speaker 3>licenses when it comes to rare earths.

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<v Speaker 1>I think it was all part of a mosaic. They

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<v Speaker 1>had things we wanted, we have things they wanted, and

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<v Speaker 1>we're in a very good place. I expect to meet

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<v Speaker 1>my Chinese counterpart, the Vice premiere, in the next few weeks.

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<v Speaker 3>So when and where will that meeting take place.

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<v Speaker 1>We're still working on that. The Chinese leadership has a

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<v Speaker 1>big conclave at the beginning of August, so we're trying

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<v Speaker 1>to work out whether that could be in a third

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<v Speaker 1>country before or after that conclave?

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<v Speaker 3>Well, the administration released the framework of the Geneva and

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<v Speaker 3>London talks.

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<v Speaker 1>Well, we have released some of it, and I'll tell

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<v Speaker 1>you that now having settled on tariffs on the export controls,

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<v Speaker 1>we can move on to the next stage of talks.

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<v Speaker 1>And I think it's very important both for the global economy,

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<v Speaker 1>for the US economy and for the Chinese economy, for

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<v Speaker 1>US to move on and talk about China opening its

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<v Speaker 1>markets and the increase domestic and consumer production.

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<v Speaker 4>There.

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<v Speaker 3>Are you hoping to get to that next phase before

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<v Speaker 3>August twelfth, when that's currently the day taunt between these

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<v Speaker 3>two economies.

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<v Speaker 1>Yeah, Look, I think we're in a very good place.

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<v Speaker 1>And I tell market participants not to worry about August twelfth.

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<v Speaker 4>Should they worry about what's happening with Europe with respect

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<v Speaker 4>to the thirty percent teriff rate. They don't seem to

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<v Speaker 4>be worrying. But I'm just curious whether that's the final

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<v Speaker 4>rate or whether the letter was part of a negotiation

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<v Speaker 4>that Europe received from President Trump.

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<v Speaker 1>Well, Lisa, you know what I would say is President

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<v Speaker 1>Trump's able to create a lot of leverage here, A

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<v Speaker 1>lot of leverage because he's indifferent. He's indifferent whether we

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<v Speaker 1>take in the thirty percent rate or whether the Europeans

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<v Speaker 1>come to us with a much better deal. As I've

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<v Speaker 1>been saying for a while that if countries or trading

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<v Speaker 1>blocks don't come with their best deals, then the rates

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<v Speaker 1>could boomerang back. So President Trump's leading this, and what

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<v Speaker 1>I will tell you is that a lot of the deals,

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<v Speaker 1>and this is where his leadership has been invaluable, A

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<v Speaker 1>lot of the deals that I thought were excellent deals

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<v Speaker 1>keep getting improved upon every time he takes up the

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<v Speaker 1>maximum pressure strategy.

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<v Speaker 4>There is a theory in markets, and you don't even

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<v Speaker 4>have to calm them. They're pretty calm. They're watching all

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<v Speaker 4>of these rates and they're not freaking out in parlance

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<v Speaker 4>on Wall Street, They're taking this in stride. We're close

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<v Speaker 4>to all time highs, if not at all time highs.

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<v Speaker 4>Do you see this as giving a green light to Trump?

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<v Speaker 4>To President Trump to keep going, to take hardline approaches,

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<v Speaker 4>and to keep trying to get better and better deals.

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<v Speaker 1>Look, I think this narrative of this subsessive focus on

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<v Speaker 1>the market isn't right. President Trump views this as a

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<v Speaker 1>generational opportunity to reset trade in a fair and sound

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<v Speaker 1>manner for the American people. So the idea that some

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<v Speaker 1>market ups or downs are going to be the deciding

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<v Speaker 1>factor here. What we are concerned about, and President Trump

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<v Speaker 1>is laser focused on, is getting the best deals because

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<v Speaker 1>we were not having fair trade and now we're seeing

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<v Speaker 1>with these countries coming to the table, the quality of

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<v Speaker 1>the deals gets better and better. So we're not going

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<v Speaker 1>to rush just because of some market deadline. Now. I

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<v Speaker 1>think what the market's seeing is market's willing to look

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<v Speaker 1>forward three, six, twelve months and this is going to

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<v Speaker 1>be good for the US, is going to be good

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<v Speaker 1>for the global economy.

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<v Speaker 4>If you do get some sort of signal from the

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<v Speaker 4>market though that this isn't going to be good for

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<v Speaker 4>the US economy, Is there a trigger point? Is there

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<v Speaker 4>sort of a sense at which it acts as a

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<v Speaker 4>gut check of pulls back some of the negotiating tactics.

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<v Speaker 1>Look, I think that the market understands what we're doing.

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<v Speaker 1>Sometimes individual market people don't, sometimes the television personalities don't.

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<v Speaker 1>But good thing about President Trump is he always tells

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<v Speaker 1>you what he wants and what he wants his fair

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<v Speaker 1>trade here.

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<v Speaker 3>I won't take that as a slight on me and

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<v Speaker 3>my colleagues around the table, mister Treasury Secretary. But you

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<v Speaker 3>did tell me on April second, on Liberation Day, that

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<v Speaker 3>this was the ceiling when it comes to those rates.

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<v Speaker 3>But since then we have actually had some tariff rates

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<v Speaker 3>the President announced in letters higher than those rates he

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<v Speaker 3>announced on that big chart on April second. So is

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<v Speaker 3>there no longer a ceiling when it comes to tariff

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<v Speaker 3>rates when you are dealing with trading partners.

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<v Speaker 1>I think that I said, if they come and they

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<v Speaker 1>negotiate in good faith in those are ceilings. And some

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<v Speaker 1>of the talks got off to very very slow starts.

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<v Speaker 3>So who's negotiating good faith at this moment? Who's not?

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<v Speaker 1>Again? I congratulated the UK the other day, as I

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<v Speaker 1>told many of our trading partners, and Anne Marie I

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<v Speaker 1>may have said on that day or a few days

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<v Speaker 1>after April second, I'd advise countries to move quickly because

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<v Speaker 1>the President Trump the first deals are usually the best deals,

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<v Speaker 1>and the UK came in early, they got a great deal,

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<v Speaker 1>and everybody else is kind of dragging right now.

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<v Speaker 3>Well, when it comes to Japan, you're headed there at

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<v Speaker 3>the end of this week, do you expect to come

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<v Speaker 3>back with a deal.

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<v Speaker 1>I'm going to Japan to represent the United States government

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<v Speaker 1>and the American people at the International Expo, which we

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<v Speaker 1>used to know as the World's fairst So this coming

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<v Speaker 1>Saturday is going to be America's Day, and I'll be

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<v Speaker 1>taking a delegation includes the Labor Secretary, Deputy Secretary of

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<v Speaker 1>State will be representing the US. This is a celebration

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<v Speaker 1>of the US more than trade.

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<v Speaker 2>Talks, MISSUS Secretary. Before you go, just to final question,

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<v Speaker 2>I'm embarrassed to say that my knowledge of college basketball

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<v Speaker 2>is nothing like yours, but I can tell you back

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<v Speaker 2>in the nineties in English football, there used to be

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<v Speaker 2>a concept of player managers. There used to be certain

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<v Speaker 2>managers of football teams that also put themselves on the field,

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<v Speaker 2>and they play too effectively. They had two jobs. And

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<v Speaker 2>I'm wandering from your perspective whether that's something you'd be

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<v Speaker 2>interested in. We've seen that throughout the administration. Is that

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<v Speaker 2>something you think that you could pursue both the Treasury

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<v Speaker 2>Secretary and the Fed chet.

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<v Speaker 1>Look, I think I have the best job in town.

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<v Speaker 1>I will do what President Trump wants. We got a

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<v Speaker 1>lot of great FED candidates and I'm confident it's going

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<v Speaker 1>to be a robot process.

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<v Speaker 2>Jonathan, has he asked you, what's that? Has he asked you?

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<v Speaker 2>Are you part of the process.

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<v Speaker 1>I am part of the decision making process, but again

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<v Speaker 1>it's the final decision.

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<v Speaker 2>Is going to be President Trump's secretary. I appreciate your time.

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<v Speaker 2>Thank you. The Treasury Secretary there Skyll Beson on a

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<v Speaker 2>range of issues, including trade and the future of this

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<v Speaker 2>federal Reserve.