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

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: And care we begin with the change already underway in Washington,

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Speaker 3: d c. Donald Trump has completed one of the most

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Speaker 3: stunning political comebacks in modern American history, delivering his second

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Speaker 3: inaugural address with a promise to deliver a golden age

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Speaker 3: for America.

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Speaker 4: From this moment on, America's decline is over.

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Speaker 3: Speaking from the Capitol rotunda, the forty seventh president said

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Speaker 3: he would get to work quickly with a series of

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Speaker 3: executive orders aimed at what he called a radical and

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Speaker 3: corrupt establishment.

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Speaker 4: With these actions, we will begin the complete restoration of

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Speaker 4: America and the revolution of common sense. It's all about

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Speaker 4: common sense that.

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Speaker 3: The President detailed many of those actions in his speech,

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Speaker 3: saying he would declare it national emergency at the border

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Speaker 3: to crack down on undocumented migrants, and a National energy

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Speaker 3: emergency to tackle inflation.

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Speaker 2: Well, Nathan, President Trump wasted a little time putting pen

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Speaker 2: to paper on those promises. The new presidents signed dozens

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Speaker 2: of executive orders in his first hours back in office.

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Speaker 2: They included full part ins for more than fifteen hundred

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Speaker 2: people involved in the riot at the US Capitol four

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Speaker 2: years ago.

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Speaker 4: They've been in jail for a long time already. I

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Speaker 4: see murderers in this country get two years, one year,

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Speaker 4: and maybe no time. So they've already been in jail

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Speaker 4: for a long time. These people have been destroyed.

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Speaker 2: The president also he sented dozens of Biden era orders

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Speaker 2: on diversity, immigration, and climate, and he pulled the US

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Speaker 2: out of the Paris Climate Agreement in the World Health Organization.

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Speaker 2: One order he did not issue, however, was on tariffs,

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Speaker 2: though he did say he could make a move on

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Speaker 2: Canada and Mexico soon well.

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Speaker 4: Thinking in terms of twenty five percent in Mexico and Canada,

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Speaker 4: because they're allowing vast numbers of people. Canada is very

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Speaker 4: bad abuseral, so vast numbers of people to come in

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Speaker 4: and fentanyl.

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Speaker 2: To come in instead of immediate terrorists. The President called

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Speaker 2: on federal agencies to study tariff policies in America's trade

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Speaker 2: relationship with China, Canada, and Mexico and Karen.

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Speaker 3: President Biden also temporarily halted a ban on TikTok in

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Speaker 3: the US, so we get more on that with Bloomberg's John.

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Speaker 5: Tucker, John and Nathan Ian. One of the first moves

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Speaker 5: under taking the old Trump signed and exact where that

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Speaker 5: gives TikTok a seventy five day reprieve. He also reiterated

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Speaker 5: his stans that American companies should own half of the

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Speaker 5: video sharing platform.

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Speaker 4: The US should be entitled to get half of TikTok,

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Speaker 4: but it's worthless if I don't. If the President doesn't

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Speaker 4: sign Dennis worthless.

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Speaker 5: Or whether his order alone is enough to stave off

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Speaker 5: a ban that remains unclear. According to the law that

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Speaker 5: bans TikTok, an extension is only possible if the President

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Speaker 5: can show Congress that there's a viable path toward a deal.

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Speaker 5: A TikTok did restore access for existing users. Google and Apple, however,

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Speaker 5: they still have not reinstated TikTok to their app stores.

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Speaker 5: I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you.

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Speaker 6: Well.

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Speaker 2: Who's who of the world's wealthiest people surrounded President Donald

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Speaker 2: Trump Bessie took the oath of office. A group of

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Speaker 2: billionaires including Elon Musk, Jeff Bezos, and Mark Zuckerberg had

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Speaker 2: a combined networth exceeding one point three trillion dollars. Also

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Speaker 2: in attendance lvmh CEO Bernard ar No Alphabet co owner

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Speaker 2: our co founder Rather Sergey Brinn, and Las Vegas Stands

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Speaker 2: majority owner Miriam Adelson and Karen.

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Speaker 3: Elon Musk has already secured a White House email address.

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Speaker 3: Sources say the billionaire who set to lead the Department

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Speaker 3: of Government Efficiency has an email available as part of

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Speaker 3: the Executive Office of the President. Musk spoke yesterday at

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Speaker 3: the Capitol One Arena in Washington.

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Speaker 7: There are elections that the elections that come and go.

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Speaker 7: Some elections are you know, important, some or not. But

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Speaker 7: this one, this one, this one really matters, and I

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Speaker 7: just want to say thank you for making it happen.

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Speaker 3: Elon Musk poured millions into Trump's presidential campaign and has

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Speaker 3: emerged as one of his closest advisors.

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Speaker 2: Nathan Well Musk Head's President Trump's Government Efficiency effort. Vivek

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Speaker 2: Ramaswamy will not join him and Stead he plans to

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Speaker 2: run for a governor of Ohio. Ohio Governor Mike Dwine's

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Speaker 2: decision to select his lieutenant Governor John Houstead to replace

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Speaker 2: Vice President JD Vance and the Senate has opened the

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Speaker 2: possibility for Ramaswamy to seek the governor's mansion. In twenty

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Speaker 2: twenty six.

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Speaker 3: Also in Washington, Karen Marco Rubio has been confirmed as

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Speaker 3: Secretary of State. He is the first of President Trump's

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Speaker 3: nominees to be approved by the Senate. More on that

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Speaker 3: from Bloomberg's Gregory Courty in Washington.

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Speaker 8: The Senate always gives deference to its own members when

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Speaker 8: they are nominated for executive jobs. Marco Rubio was a

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Speaker 8: senator then. I was widely respected on both sides of

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Speaker 8: the aisle, and this has certainly seemed to be qualified.

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Speaker 8: He's knowledgeable about foreign policy. Certainly Democrats don't agree with

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Speaker 8: him on everything on foreign policy, but the fact that

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Speaker 8: he would be the first cabinet posts to be filled

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Speaker 8: in this next Trump administration not altogether surprising.

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Speaker 3: Blig Bergs greg great Cordy reports after the vote, Marco

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Speaker 3: Rubio said, ending the war in Ukraine will be a

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Speaker 3: top priority on.

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Speaker 2: Nathan Trump, of course, was the main topic of conversation

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Speaker 2: at the World Economic Forum in Davos. Business leaders and

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Speaker 2: investors worth over one hundred and twenty billion dollars or

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Speaker 2: at the event, and we cut up with Franklin Templeton

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Speaker 2: CEO Jenny Johnson.

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Speaker 9: He's a deal maker, right, And if you're a deal maker,

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Speaker 9: the first thing you do is you show your you know,

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Speaker 9: your powerful stance. So you make a broad statement, I'm

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Speaker 9: going to tax Canada and Mexico by twenty five percent. Well,

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Speaker 9: and then you sit down at the table, you get

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Speaker 9: them to the table, and you say this is what

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Speaker 9: I need. I need some help on immigration, I need

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Speaker 9: I want you to import more of our goods. And

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Speaker 9: so you know, I think we've seen that. That's his

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Speaker 9: kind of approach.

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Speaker 2: And Franklin Templeton CEO Jenny Johnson says she believes Trump's

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Speaker 2: policies will boost the economy and support public and private markets.

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Speaker 3: Speaking of the markets, Karen, futures are higher as we

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Speaker 3: begin the first full trading day under Trump's second presidency.

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Speaker 3: The dollar open lower before surging when Trump threatened to

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Speaker 3: impose tariffs of as much as twenty five percent on Canadian,

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Speaker 3: Mexican and imports as soon as February. We get more

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Speaker 3: on the volatility in the FX market from Bloomberg Markets

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Speaker 3: reporter Valerie Titel.

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Speaker 10: It's insane volatility in FX markets. I mean the dollar

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Speaker 10: dropping a percent in mere minutes yesterday when we got

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Speaker 10: a leak from the Wall Street Journal that Trump was

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Speaker 10: not going to announce any tariffs on day one on

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Speaker 10: that first round of executive orders. He did make that

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Speaker 10: passing comment to reporters in the Oval Office about a

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Speaker 10: twenty five percent tariff on Canada and Mexico, even giving

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Speaker 10: a date at which he wants to put that, on

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Speaker 10: February first. But the lack of anything on paper is

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Speaker 10: maybe just giving us a hint that the tariff side

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Speaker 10: of Trump's plan is not put together yet.

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Speaker 3: It's Bloomberg Market's reporter Valve Titel and checking the Bloomberg

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Speaker 3: Dollar Spot Index right now it is stronger by six

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Speaker 3: tenths of one percent.

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Speaker 2: Well, Nathan will once again be a main focus for

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Speaker 2: the markets this week after the bill. Well, here are

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Speaker 2: from Netflix and Githa Raganathaan covers the streaming giant for

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Speaker 2: Bloomberg Intelligence.

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Speaker 11: We had two huge live events that they streamed on

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Speaker 11: their service actually in the fourth quarter. One was the

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Speaker 11: big Mike Tyson versus Jake Paul boxing event which happened

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Speaker 11: in November, and then in December on Christmas Day, you

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Speaker 11: had two NFL games and both those along with the

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Speaker 11: release of their biggest hit ever, which was Quid Game

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Speaker 11: Season two on December twenty sixth, is believed to have

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Speaker 11: really kind of boosted those subscriber.

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Speaker 2: Numbers, and Bloomberg Intelligence is Getha Raganathaan projects Netflix to

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Speaker 2: add eleven million customers in the quarter.

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Speaker 3: Counterpoint Research says sales of iPhones dropped more than eighteen

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Speaker 3: percent in China during the December quarter. That decline was

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Speaker 3: partly due to the lack of accessibility of new artificial

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Speaker 3: intelligence features, as Apple seeks a local partner in China

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Speaker 3: to provide AI infrastructure.

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Speaker 2: Time Now for look at some of the o their

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: and for that were joined by Bloomberg's Michael Barr Michael

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Speaker 2: good Morning.

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Speaker 12: Good Morning, Karen. Former President Joe Biden granted blanket partons

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Speaker 12: to five family members and others in his final acts

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Speaker 12: of clemency. The pardons also included former top health advisor

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Speaker 12: doctor Anthony Fauci, former Chairman of the Joint Chiefs of

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Speaker 12: Staff Mark Milly, and the members of the January sixth Committee,

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Speaker 12: including chairwoman former Representative Liz Cheney. President Trump told supporters

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Speaker 12: about Biden partning his family members just before the inauguration.

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Speaker 4: You know why he did it while I was speaking,

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Speaker 4: Because that way I couldn't speak about it. I was speaking.

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Speaker 4: I didn't know he did it. I finished my speech

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Speaker 4: and he said, sir, he pardoned his whole family. I said, ooh,

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Speaker 4: can I go back out there and talk about it.

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Speaker 12: Biden also commuted the sentences of three people, including Native

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Speaker 12: American activists Leonard Peltier, and granted preemptive pardons to leading

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Speaker 12: government officials that Trump had threatened to punish. Pelt Here,

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Speaker 12: convicted of murdering two FBI agents in nineteen seventy five,

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Speaker 12: had been sentenced to life in prison. He will serve

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Speaker 12: the remainder of his sentence in home confinement. Martin Luther

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Speaker 12: King Day happened the same day President Trump returned to office.

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Speaker 12: King's niece, Reverend Robin Scott King, took part in a

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Speaker 12: parade in Newport News, Virginia.

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Speaker 5: We saw dreamless walking Still believe.

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Speaker 13: Sherry the legacy of doctor Martin Luther Key.

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Speaker 12: MLK events were also held in other cities, including New

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Speaker 12: York and Houston. Kamala Harris surviving in southern California. Last night,

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Speaker 12: after attending the presidential inauguration in Washington, the now former

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Speaker 12: VP and her husband visiting the site of the Eton

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Speaker 12: fire in Los Angeles, not far from their home that

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Speaker 12: survived the Palisades Fire.

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Speaker 6: We went and visited World Central Kitchen. I mean the

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Speaker 6: volunteers who are there, some of them who lost their

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Speaker 6: own homes, are there doing the work of taking care

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Speaker 6: of perfect strangers, who in the face of that stranger,

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Speaker 6: they see a neighbor.

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Speaker 12: Meanwhile, a second day of windy and dry conditions is

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Speaker 12: forecast for southern California, raising the risk of new wildfires.

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Speaker 12: The Taliban government in afghanistanza today it released American citizens

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Speaker 12: and a prisoner exchange for an Afghan jailed in a

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Speaker 12: US prison. The Taliban's Foreign Ministry said in a statement.

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Speaker 12: The swap came after long and fruitful negotiations. The New

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Speaker 12: York Times reported the Americans freed were Ryan Corbett and

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Speaker 12: William Wallace mckentie in exchange for Khan Muhammad and Afghan prisoner.

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Speaker 12: Global News twenty four hours a day and whenever you

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Speaker 12: want it with Bloomberg News Now. I'm Michael Barran. This

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Speaker 12: is Bloomberg.

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Speaker 2: Time now for the Bloomberg Sports Update brought to you

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Speaker 2: by Tri State Audi. Here's John stash Hour, John, good morning.

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Speaker 12: Good morning. Here.

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Speaker 13: On any previous college football season, Ohio State, with two

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Speaker 13: regular season losses would not have been part of any playoff,

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Speaker 13: but the playoff field tripled in side. The Buckeys got

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Speaker 13: in and then dominated a champions game game in Atlanta.

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Speaker 13: Notre Dames scored first long touchdown drive, then Ohio State

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Speaker 13: got the.

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Speaker 12: Ball the second in five played, Faith Howard flips it,

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Speaker 12: Schriscott it in the first coin just losses head.

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Speaker 3: That's the Buckey's score.

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Speaker 13: To hiss to the Irish, Honey and Finn. They scored

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Speaker 13: touchdowns on their first four possessions, thirty one points in

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Speaker 13: a row. The Irish then scored the next sixteen to

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Speaker 13: cut the lead to eight, but Ohio State held on

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Speaker 13: thirty four to twenty three. Their quarterback Will Howard, transferred

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Speaker 13: in from Kansas State, led them to their first national

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Speaker 13: championship in a decade.

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Speaker 14: It's just surreal, man. You know, when I came here,

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Speaker 14: I talked about winning a national championship, and it's just surreal, man.

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Speaker 14: God is so good and I just love these guys

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Speaker 14: and uh Man, I'm just I'm just so glad that

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Speaker 14: God gave me a chance to be a Buckeye.

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Speaker 13: Notre Dames first loss in four months, titles since nineteen

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Speaker 13: eighty eight. Matt Night the guard Knicks force twenty three

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Speaker 13: Atlanta turnovers beat the Hawks one nineteen one ten combined

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Speaker 13: sixty points from Jalen Brunson and Michel Bridges. Celtics won

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Speaker 13: at Golden State by forty. Islanders beat Columbus three to one.

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Speaker 13: Boja Quarterbat scored twice. The Bruins beat San Jose sixty

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Speaker 13: three good one on the Big East. Georgetown scored with

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Speaker 13: a second left for a one point win. At Villanovo

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Speaker 13: Coco Golf, out of the Australian Open, lost their quarterfinal

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Speaker 13: master Spain's Paolo Medosa seven five six four. Big men's

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Speaker 13: match about to start Novak Djokovic against Carlos Alcaraza. Chicago

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Speaker 13: Bears interviewed seventeen different head coaching candidates and decided on

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Speaker 13: Detroit Lions offensive cornadir Ben Johnson. The Blue Jays came

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Speaker 13: up short in several attempts to sign a big free agent,

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Speaker 13: but Toronto has landed switch it in outfielder Anthony Santander

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Speaker 13: had forty four home runs last season in Baltimore, Johns

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Speaker 13: Stash Award and Bloomberg Sports Caring Anything.

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Speaker 1: Coast to coast on Bloomberg Radio nationwide, on Serious Exam

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 13: Good morning.

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Speaker 3: I'm Nathan Hager. President Trump is wasting little time working

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Speaker 3: to usher in what he has been calling the new

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Speaker 3: Golden Age for America.

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Speaker 4: During every single day of the Trump administration, I will

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Speaker 4: very simply put America first.

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Speaker 3: And following that second inaugural speech inside the Capital Rotunda,

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Speaker 3: the new president delivered eight blitz of executive actions aimed

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Speaker 3: at undoing the policies of the Biden administration, targeting everything

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Speaker 3: from immigration to energy, climate, the federal workforce, as well

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Speaker 3: as hot button social issues.

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Speaker 15: For more.

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Speaker 3: We are joined by Terry Haynes, the founder of Pangaea Policy,

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Speaker 3: and with us this morning from our Bloomberg Interactive Brokers Studios.

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Speaker 3: David Gura, host of the Bloomberg Big Take podcast. It

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Speaker 3: is great to have both of you with us this morning.

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Speaker 3: After a remarkable inauguration for the second Trump presidency, Terry.

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Speaker 3: I'll start with you. Your note this morning notes that the

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Speaker 3: new president didn't just deliver an inaugural address, he delivered

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Speaker 3: that second address inside the capital as well. What message

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Speaker 3: is the new president sending with not just the speeches,

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Speaker 3: but this flurry of executive orders?

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Speaker 15: Good morning, Good morning, Nathan, and good morning David. A

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Speaker 15: couple of things. One is, you know, I think there's

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Speaker 15: there's twin sources of markets volatility today. Without overstating it,

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Speaker 15: I mean, but I think this exists. There's policy uncertainty,

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Speaker 15: of course, as your reporters have mentioned earlier, and there's

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Speaker 15: also a presidential uncertainty.

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Speaker 8: In some way.

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Speaker 15: You got one sort of president with the inaugural address,

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Speaker 15: you get another sort of president with the informal remarks afterwards.

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Speaker 15: And I think it continues. The combination of those two

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Speaker 15: things continues to simmer. The uncertainty about what sort of

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Speaker 15: presidents are you're going to get and the amount of

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Speaker 15: focus Trump is going to put on issues of all

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Speaker 15: kinds and stewardship of the economy.

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Speaker 3: In particular, the focus that we saw from the new president, David,

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Speaker 3: seems to be really on unleashing this flurry of activity

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Speaker 3: in terms of the executive actions. What stood out to you,

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Speaker 3: I mean, is it even possible to sort of encapsulate

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Speaker 3: the kind of action that we've seen from this new president.

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Speaker 16: Yeah, Terry was getting at the kind of contradictions that

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Speaker 16: we saw over the course of the day. And I

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Speaker 16: think another thing animating the day was just the fact

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Speaker 16: that he kept teasing these executive orders from the get go,

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Speaker 16: and we saw him at the Capitol One arena in

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Speaker 16: DC with a little wooden desk and some paper stacked

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Speaker 16: on it as well. So we started getting these executive

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Speaker 16: orders during this rally that was held indoors after kind

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Speaker 16: of the formal inauguration. This is a wide range of

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Speaker 16: executive orders. We kind of knew that was going to

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Speaker 16: be the case, and he delivered through them a lot

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Speaker 16: and promises that he made on the campaign trail and

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Speaker 16: during the transition. Now we can quibble over how many

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Speaker 16: teether are in these executive orders, but they dealt with

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Speaker 16: climate policy, declaring a new national emergency when it comes

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Speaker 16: to energy production in this country, and other national emergency

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Speaker 16: when it comes to border issues. Again, these are topics, Nathan,

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Speaker 16: that he talked about till the cows came home. On

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Speaker 16: the campaign trail, and he's going to take us out

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Speaker 16: of the Paris Agreement once again. He's going to backtrack

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Speaker 16: on a lot of policies that President Biden put in place,

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Speaker 16: And I think if I were to kind of look

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Speaker 16: at them as a whole, that's the broadest takeaway that

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Speaker 16: I have here. It's kind of a reset. It's walking

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Speaker 16: back what he can from the previous administration when it

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Speaker 16: comes again to climate, when it comes to public health,

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Speaker 16: when it comes to multilateralism more broadly. And I think

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Speaker 16: he's sending a message here, yes to those who supported him,

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Speaker 16: to the American public more broadly, but also telegraphing to

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Speaker 16: the kind of nascent staff that he has in these agencies.

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Speaker 16: Of course, there haven't been many cabin appointees nominees confirmed yet,

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Speaker 16: but kind of sending a directional signal to them about

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Speaker 16: where he hopes to take things. But to Terry's point,

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Speaker 16: I think there's still a degree of of confusion, a

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Speaker 16: lack of clarity exactly on where that's going to be.

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Speaker 3: Well, Terry, let's get into it where we could see

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Speaker 3: kind of teeth on some of these policies. Not only

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Speaker 3: have we seen the president as David mentioned declared that

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Speaker 3: national emergency at the border. We've seen the Senate pass

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Speaker 3: legislation aimed at cracking down on immigration at the border

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Speaker 3: as well. How much of the action that we have

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Speaker 3: seen from the new president so far do you see

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Speaker 3: as having teeth and standing up to legal scrutiny.

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Speaker 15: Well, I think, broadly speaking, two things. One is, I

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Speaker 15: think that Trump and his appointees are desirous of making

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Speaker 15: sure that all of it has teeth number one. Number two,

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Speaker 15: I think some of this doesn't survive legal challenges.

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Speaker 8: Think of this.

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Speaker 15: Easy way to think of this is Trump taking a

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Speaker 15: page from the Biden playbook. Frankly, you know, Biden persisted

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Speaker 15: in doing a bunch of things. Student loans are the

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Speaker 15: first thing that comes to mind here that he was

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Speaker 15: told her illegal kept doing them, kept doing them, kept

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Speaker 15: doing and it was a kind of a stylistic and

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Speaker 15: policy overlay. And Trump continues, Trump will continue to want

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Speaker 15: to do a lot of those things, but not be

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Speaker 15: able to do it. Birthright citizenship comes to mind immediately,

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Speaker 15: of course, as one of these things. But they will,

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Speaker 15: you know, he will set a tone, They will work

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Speaker 15: as hard as they can to implement those policies. Across

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Speaker 15: the board, and they will undoubtedly have some legal setbacks

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Speaker 15: in a number of areas and work to overcome them.

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Speaker 15: But if they can't, they'll be saying, look, we're trying

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Speaker 15: to do these things.

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Speaker 3: And part of setting that tone, David was one of

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Speaker 3: the first orders that the new president signed when he

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Speaker 3: got back to the Oval office. Something else he had

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Speaker 3: telegraphed during the speeches was to provide pardons and clemencies

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Speaker 3: to the January sixth protesters. And now talking about the

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Speaker 3: hard part beginning of getting those people freed, what kind

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Speaker 3: of a tone does that set to have these people

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Speaker 3: released from prison when just hours before now former President

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Speaker 3: Biden had issued an executive order or a pardon of

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Speaker 3: his own for the January sixth committee.

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Speaker 16: I think something can be expected and shocking, That's how

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Speaker 16: I would characterize what happened yesterday. So he did issue full, complete,

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Speaker 16: unconditional pardons for fifteen hundred people. And as you know, Nathan,

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Speaker 16: this is something that has been really coming up the

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Speaker 16: legal system, the courts in Washington, d C. Now for

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Speaker 16: the better part of four years, the prosecutions of those

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Speaker 16: who were involved in those riots right on Capitol Hill.

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Speaker 16: It sends a very strong message, but one that he

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Speaker 16: had again telegraphed and indicated that he would do that.

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Speaker 16: He did plan to part in and offer clemency to

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Speaker 16: those who were arrested after the attack on the US capital.

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Speaker 16: But you're right to bring this up and to advise

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Speaker 16: us to look at this in compliment with what we

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Speaker 16: saw from President Biden yesterday, and really was just a

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Speaker 16: few minutes before the transfer of power that he issued

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Speaker 16: preemptive pardons, yes, for members of his extended family, but

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Speaker 16: also for those who were involved in the select committee

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Speaker 16: that investigated those events on January sixth, including staff of

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Speaker 16: that committee as well. And I think we saw that

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Speaker 16: kind of animating Donald Trump President Trump throughout the day.

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Speaker 16: It was something he clearly took notice of and responded to.

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Speaker 8: And those kind of.

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Speaker 16: Free wheeling remarks that he gave after the first inaugural address,

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Speaker 16: the freewheeling remarks that he gave to those who couldn't

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Speaker 16: be in the Capitol rotunda and talked about at the

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Speaker 16: Capitol One Arena as well in the rally speech that followed.

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Speaker 16: I think that he sees them as one and the same.

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Speaker 16: And again I think that this is something that his

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Speaker 16: base was expecting, hoping and expecting that he would do here.

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Speaker 16: But for those who remember well that day and have

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Speaker 16: kind of watched this dark mythology kind of take over

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Speaker 16: what actually happened, then it's kind of the continuation of that,

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Speaker 16: and I think it's something that we'll be talking about

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Speaker 16: not just over the course of this term, but I

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Speaker 16: think throughout American history again what happened on January sixth,

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Speaker 16: of course, and then also just how it's been dealt

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Speaker 16: with here with the parties at the president imposed yesterday.

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Speaker 3: David Gurz with us in our Boomberg Interactive Broker Studios,

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Speaker 3: host of The Big Take podcast, part of our special

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Speaker 3: inaugural coverage on Bloomberg Radio and television, along with Terry Haynes,

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Speaker 3: the founder of Pangea Policy. Terry, as much as the

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Speaker 3: new president talked about trying to unify the country, the

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Speaker 3: mandate that he sees himself having, now I wonder how

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Speaker 3: much more of this conversation about potential retribution, potential for

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Speaker 3: conflict with some of these past figures that he's dealt

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Speaker 3: with before, is going to continue, particularly not just with

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Speaker 3: the preemptive pardons for the January sixth committee that former

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Speaker 3: President Biden put out but preemptive pardons for Anthony Fauci

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Speaker 3: as well as members of his own family.

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Speaker 15: Well, there are there are conflicting signals there. One of

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Speaker 15: the things that one of the things that struck me

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Speaker 15: about the inaugural address versus the informal remarks that came later,

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Speaker 15: was that the president seemed to be getting beyond the

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Speaker 15: retribution in the inaugural address, kind of the turning of

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Speaker 15: the page, but left the possibility open, I think in

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Speaker 15: his in his less formal remarks, you know, I think

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Speaker 15: Trump is entitled to to some triumphalism here. You know,

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Speaker 15: it's I can't think of a bigger political comeback in

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Speaker 15: the United States history. And you know, he's of course

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Speaker 15: entitled to interpret the election results as a repudiation of

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Speaker 15: the last president. That's you know, that's what happens with presidents,

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Speaker 15: but new president's. But the bottom line here is that,

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Speaker 15: you know, it certainly remains a possible retribution. Remains a possibility. Firstly, Secondly,

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Speaker 15: he'd be well politically advised not to engage in it.

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Speaker 15: The January sixth pardons as much as anything else or

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Speaker 15: a turning of the page, and in some sense that's

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Speaker 15: what that's what the Biden pardons are as well. Combined

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Speaker 15: signal I think, you know, leads to a conclusion that

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Speaker 15: large scale retribution I think will not be will not

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Speaker 15: be pursued, in part because of course there's so many pardons,

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Speaker 15: but you know, but the tone and the bitterness and

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00:23:15,880 --> 00:23:19,320
Speaker 15: the threat of that will remain out there for some time.

440
00:23:19,720 --> 00:23:22,200
Speaker 15: That's probably also what Trump intends, David.

441
00:23:22,240 --> 00:23:24,560
Speaker 3: Let's get to what maybe the bottom line for markets,

442
00:23:25,080 --> 00:23:28,520
Speaker 3: the lack of an order on tariffs, at least not

443
00:23:28,640 --> 00:23:33,480
Speaker 3: right away, this call to study trade policy among federal agencies.

444
00:23:33,520 --> 00:23:35,439
Speaker 3: The market seems to be taking that pretty well, with

445
00:23:35,480 --> 00:23:38,080
Speaker 3: futures moving higher, although we are seeing some dollar strength

446
00:23:38,080 --> 00:23:38,480
Speaker 3: this morning.

447
00:23:38,560 --> 00:23:39,119
Speaker 12: Yeah, I think I.

448
00:23:39,080 --> 00:23:41,160
Speaker 16: Think some relief there that we didn't see those those

449
00:23:41,160 --> 00:23:43,439
Speaker 16: punitive broad tariffs put in place when it comes to

450
00:23:43,520 --> 00:23:45,400
Speaker 16: China at least. And then we found this very familiar

451
00:23:45,440 --> 00:23:48,720
Speaker 16: scene in the evening yesterday with President Trump seated in

452
00:23:48,720 --> 00:23:50,919
Speaker 16: the Oval Office and being asked in a ray of

453
00:23:51,000 --> 00:23:54,040
Speaker 16: questions about policy, one of which was about tariffs he's

454
00:23:54,040 --> 00:23:56,159
Speaker 16: talked about on Mexico and Canada and the present kind

455
00:23:56,200 --> 00:23:58,560
Speaker 16: of mentioning off handedly here maybe he'd put in those

456
00:23:58,560 --> 00:24:01,520
Speaker 16: twenty five percent tariffs by February first, But we didn't

457
00:24:01,520 --> 00:24:03,840
Speaker 16: get that announcement yesterday, and I think they're probably a

458
00:24:03,920 --> 00:24:06,359
Speaker 16: variety of reasons for that. Connisance of sort of what

459
00:24:06,359 --> 00:24:08,359
Speaker 16: it would mean for markets maybe is one facet of it.

460
00:24:08,400 --> 00:24:11,560
Speaker 16: But he doesn't have his US trade representative, Jamison Greer,

461
00:24:11,600 --> 00:24:13,199
Speaker 16: in place yet, and I think that there is a

462
00:24:13,200 --> 00:24:15,480
Speaker 16: school of thought here that he wouldn't want to go

463
00:24:15,520 --> 00:24:18,520
Speaker 16: ahead doing this until he has the principle in place.

464
00:24:18,560 --> 00:24:21,280
Speaker 16: And so him saying that this is something he wants

465
00:24:21,359 --> 00:24:24,359
Speaker 16: to study and dig into a bit more makes some

466
00:24:24,440 --> 00:24:27,000
Speaker 16: sense to me. Again, not having a trade representative in

467
00:24:27,080 --> 00:24:29,800
Speaker 16: office yet, but it certainly as you look at the

468
00:24:29,840 --> 00:24:31,639
Speaker 16: kind of panoply of things that he's talked about putting

469
00:24:31,640 --> 00:24:33,280
Speaker 16: in place, it is a big absence. And one is

470
00:24:33,280 --> 00:24:35,200
Speaker 16: so we watched the day unfold yesterday. We were wondering,

471
00:24:35,680 --> 00:24:37,159
Speaker 16: in fact, is he going to say more than he did?

472
00:24:37,200 --> 00:24:39,040
Speaker 16: And I think he's keeping us guessing here, Nathan.

473
00:24:39,320 --> 00:24:41,560
Speaker 3: Just thirty seconds left, Terry, when do you expect to

474
00:24:41,560 --> 00:24:44,280
Speaker 3: see that trade policy clarity from this new administration.

475
00:24:45,400 --> 00:24:48,320
Speaker 15: I think you will see it. I think you'll see

476
00:24:48,359 --> 00:24:50,280
Speaker 15: it on a rolling basis, Frankly, I don't think you're

477
00:24:50,280 --> 00:24:53,000
Speaker 15: going to see a situation where there's all of one

478
00:24:53,119 --> 00:24:57,200
Speaker 15: or all the other. Generally speaking, David summarized the keeping

479
00:24:57,280 --> 00:25:02,679
Speaker 15: it guessing quite well beyond say to markets that tariffs

480
00:25:02,760 --> 00:25:07,639
Speaker 15: are a geopolitical tool, part of geopolitical national security for

481
00:25:07,720 --> 00:25:11,840
Speaker 15: the Trump administration, and then that'll continue to be the

482
00:25:11,960 --> 00:25:14,040
Speaker 15: lens through which these.

483
00:25:13,440 --> 00:25:14,320
Speaker 8: Tariffs should be looked.

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00:25:14,760 --> 00:25:18,200
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485
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