WEBVTT - Bloomberg Surveillance TV: January 22nd, 2026 0:00:00.080 --> 0:00:06.720 Bloomberg Audio Studios, Podcasts, radio News. 0:00:11.640 --> 0:00:15.440 This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along 0:00:15.480 --> 0:00:18.720 with Lisa Bromwitz and Amrie Hordern. Join us each day 0:00:18.720 --> 0:00:22.280 for insight from the best in markets, economics, and geopolitics 0:00:22.440 --> 0:00:24.920 from our global headquarters in New York City. We are 0:00:24.920 --> 0:00:27.680 live on Bloomberg Television weekday mornings from six to nine 0:00:27.720 --> 0:00:31.240 am Eastern. Subscribe to the podcast on Apple, Spotify or 0:00:31.320 --> 0:00:33.960 anywhere else you listen, and as always on the Bloomberg 0:00:34.040 --> 0:00:37.440 Terminal and the Bloomberg Business App. Joining us is the 0:00:37.560 --> 0:00:40.760 US Energy Secretary, Chris Right, Secretary Right, Good days you, sir, 0:00:40.760 --> 0:00:41.440 Good to see you. 0:00:41.479 --> 0:00:42.239 Thanks for having you. 0:00:42.159 --> 0:00:47.519 Get to skip the line when you come in, of 0:00:47.560 --> 0:00:49.920 course we do, missus Secretary, first time in Davos. What 0:00:50.000 --> 0:00:51.520 was your impression of the World Economic Forum. 0:00:51.760 --> 0:00:55.360 Oh, it's fantastic to see leaders, political leaders, business leaders 0:00:55.400 --> 0:00:59.360 from all around the world gathering here for very candid dialogues. 0:00:59.600 --> 0:01:01.000 I've enjoyed it very much. 0:01:01.120 --> 0:01:03.280 There's a worry, and I'd love your reaction to this. 0:01:03.360 --> 0:01:06.679 A worry to the President's style. Yes, it generates results, 0:01:06.760 --> 0:01:10.520 but it's also turning off the Europeans. Did you feel 0:01:10.600 --> 0:01:13.319 that in your conversations with European pounders that they were 0:01:13.360 --> 0:01:14.880 offended by the last week. 0:01:15.040 --> 0:01:17.280 I did engage in dialogues about that, and I think 0:01:17.319 --> 0:01:20.039 the rhetoric or the speculation was so over the top. 0:01:20.120 --> 0:01:21.960 It's going to be the end of NATO. The US 0:01:22.080 --> 0:01:25.039 military is going to invade Greenland. These were never on 0:01:25.080 --> 0:01:29.720 the table. The President since his arrival in office, has 0:01:29.760 --> 0:01:33.040 been how to strengthen NATO, how to get increased defense spending, 0:01:33.080 --> 0:01:36.360 how to get increased trade and cooperation between our countries. 0:01:37.280 --> 0:01:39.039 So he's here to strengthen. 0:01:38.680 --> 0:01:43.120 NATO, increase the security we have against the foes that 0:01:43.200 --> 0:01:46.119 are rising in the world. Yes, he has a different 0:01:46.160 --> 0:01:48.760 negotiating style and he gets different results. I just came 0:01:48.760 --> 0:01:51.360 from the peace in the Middle East event, like the 0:01:51.760 --> 0:01:56.800 conventional approaches don't deliver unconventional results. President Trump's about delivering results, 0:01:56.960 --> 0:01:58.200 and yeah, that's a different style. 0:01:58.360 --> 0:02:00.520 The speech has been about self resilience, and that's been 0:02:00.920 --> 0:02:02.440 very much the tone coming. 0:02:02.400 --> 0:02:05.200 Out of the White House, the idea that every. 0:02:05.000 --> 0:02:07.440 Nation needs to look at what it has and really 0:02:07.560 --> 0:02:09.640 build that up. And that's one reason why the focus 0:02:09.639 --> 0:02:12.239 has been on oil. I just wonder do you feel 0:02:12.240 --> 0:02:15.519 like prices where they're at are supporting the US shail 0:02:15.600 --> 0:02:19.080 industry that usually operates at a higher price point. Do 0:02:19.120 --> 0:02:20.919 you think that this push to produce more oil is 0:02:20.919 --> 0:02:23.119 actually harming the US shail industry. 0:02:23.440 --> 0:02:26.320 Well, First of all, though, president has one constituency, and 0:02:26.320 --> 0:02:27.680 that's the American consumer. 0:02:27.880 --> 0:02:30.320 You know, businesses have to compete to be the best 0:02:30.320 --> 0:02:31.639 supplier to consumers. 0:02:31.919 --> 0:02:33.800 But at the end of the day, the point of 0:02:33.840 --> 0:02:36.480 a free market isn't to help or protect businesses. 0:02:36.720 --> 0:02:38.359 It's to serve consumers better. 0:02:38.840 --> 0:02:41.640 And I remember ten years ago the shale company struggled 0:02:41.639 --> 0:02:44.200 because oil came down to eighty dollars and before it 0:02:44.240 --> 0:02:47.160 was one hundred dollars, and their profitability wasn't great. They've 0:02:47.200 --> 0:02:50.760 continued to innovate, continued to drive down breakdown prices. 0:02:51.680 --> 0:02:52.600 US oil production is. 0:02:52.560 --> 0:02:55.120 At a record high right now, as is natural gas production. 0:02:55.400 --> 0:02:55.960 Do they have to. 0:02:55.919 --> 0:02:58.120 Continue to innovate and drive down costs? Of course so, 0:02:58.400 --> 0:02:59.920 but that's what American business does. 0:03:00.080 --> 0:03:02.000 At what point, though, does some of the oil, say 0:03:02.040 --> 0:03:05.400 from Venezuela, start to cannibalize from what the US is 0:03:05.440 --> 0:03:08.519 producing at home. Something that some people are worried about, 0:03:08.520 --> 0:03:11.320 whether it takes up space at refiners, or whether it 0:03:11.440 --> 0:03:13.880 just lowers prices in general at a time where they're 0:03:13.919 --> 0:03:16.200 already struggling to innovate fast enough to keep up. 0:03:16.120 --> 0:03:17.040 With where prices are. 0:03:17.560 --> 0:03:20.560 It's a challenge, but I would I would never underestimate 0:03:20.560 --> 0:03:24.280 the American oil and gas business or Americans across the sectors, 0:03:24.520 --> 0:03:26.359 so I don't worry so much about that. 0:03:26.600 --> 0:03:27.400 And of course it's a. 0:03:27.360 --> 0:03:30.000 Different kind of crude that comes out of Venezuela, and 0:03:30.040 --> 0:03:32.880 a lot of our refineries were built to refine this heavier, 0:03:32.919 --> 0:03:35.720 more viscous crude. We produce that light suite crude in 0:03:35.760 --> 0:03:38.840 the United States. It's a good combination. But when you 0:03:38.920 --> 0:03:41.840 have lower energy prices, you also have faster economic growth, 0:03:41.880 --> 0:03:43.400 which means faster demand growth. 0:03:43.480 --> 0:03:44.800 There's always feedback effects. 0:03:44.840 --> 0:03:45.080 Here. 0:03:45.200 --> 0:03:46.000 We're going to see. 0:03:45.800 --> 0:03:48.840 Faster not just US growth, but global growth because of 0:03:48.920 --> 0:03:52.080 lower global energy prices. One of my messages here in 0:03:52.160 --> 0:03:55.520 Davos talking to the European nations, the EU was a 0:03:55.520 --> 0:03:57.560 similar size economy to the United States. 0:03:57.560 --> 0:03:58.600 In twenty ten. 0:03:59.040 --> 0:04:02.160 They pivoted focused on climate change, for got what energy 0:04:02.240 --> 0:04:03.840 is used for, and they've had. 0:04:03.760 --> 0:04:05.160 Very little economic growth. 0:04:05.400 --> 0:04:08.200 We were both twenty five percent of global consumption just 0:04:08.240 --> 0:04:11.400 in twenty ten. Today the US is twenty eight percent 0:04:11.680 --> 0:04:15.040 and the EU nations are eighteen percent. That's the cost 0:04:15.200 --> 0:04:17.960 of expensive energy policies. And what we want to see 0:04:18.000 --> 0:04:22.640 is Europe reinvigorated. Europe to embrace lower energy prices, reindustrialize 0:04:22.680 --> 0:04:25.960 their economy and therefore be a stronger economic and military 0:04:25.960 --> 0:04:26.840 partner with the US. 0:04:26.920 --> 0:04:29.760 Well, they outsourced their energy to Russia potentially, that's why 0:04:29.760 --> 0:04:32.280 we are seeing these exports out of the United States. 0:04:32.320 --> 0:04:34.359 When it comes to Venezuela, though, do you have planned 0:04:34.440 --> 0:04:36.960 to go down there, maybe even lead a delegation of 0:04:37.160 --> 0:04:38.160 oil executives. 0:04:38.360 --> 0:04:40.440 I'll go down to venezuel and the relative in your future. 0:04:40.440 --> 0:04:42.400 I'll get down in the next few weeks, all go 0:04:42.520 --> 0:04:44.920 down to meet with government officials and look at the 0:04:45.000 --> 0:04:48.400 existing oil facilities down there. We will definitely see a 0:04:48.480 --> 0:04:51.080 number of American oil and gas companies going down as 0:04:51.120 --> 0:04:53.600 well and investigating opportunities on the ground. 0:04:53.800 --> 0:04:56.440 Who are going to be going down with I imagine you're 0:04:56.480 --> 0:04:59.800 on speed dial and have constant conversations with Mike Worth 0:05:00.080 --> 0:05:00.799 you over Chevron. 0:05:00.880 --> 0:05:02.040 But is it Darren. 0:05:01.800 --> 0:05:04.640 Woods potentially feeling a little bit better, He did call 0:05:04.680 --> 0:05:08.120 it uninvestible Venezuela when he met with the president recently. 0:05:08.400 --> 0:05:11.680 Well, that's a backward looking comment, right, because of course 0:05:11.720 --> 0:05:13.920 for ten fifteen years it. 0:05:13.880 --> 0:05:15.280 Has been uninvestable. 0:05:15.800 --> 0:05:18.680 So this is about looking forward about where we're going 0:05:18.720 --> 0:05:20.960 and who are the early movers going to be in 0:05:21.000 --> 0:05:23.640 an environment that's better today than it was a month ago. 0:05:24.000 --> 0:05:27.560 But is it fully rule of law, democratic, thriving society again, 0:05:27.600 --> 0:05:30.279 of course not. This is a process only three weeks 0:05:30.279 --> 0:05:32.799 into it, so that you're going to see increased production 0:05:32.839 --> 0:05:35.960 out of Venezuela, first from the incumbent players like Chevron, 0:05:36.320 --> 0:05:40.840 and then from the new smaller, scrappier American independence that'll go. 0:05:41.040 --> 0:05:43.000 Wildcatters are the ones that are reaching out to you. 0:05:43.400 --> 0:05:46.440 Yes, across the board, bigger companies too, but the faster 0:05:46.520 --> 0:05:47.039 movers will be. 0:05:47.000 --> 0:05:49.000 The wild and you plan on giving them these fresh 0:05:49.040 --> 0:05:51.599 licenses so if they do feel like they have the 0:05:51.600 --> 0:05:54.200 security concerns and it's good to go in Venezuela, that 0:05:54.240 --> 0:05:54.880 they could start. 0:05:55.480 --> 0:05:57.159 Absolutely, they will start. 0:05:57.240 --> 0:05:59.839 Yes, we will move o FAC approvals for anyone that 0:05:59.839 --> 0:06:02.039 wants to go down there. We're going to let the 0:06:02.040 --> 0:06:04.360 marketplace decide that I'm not going to choose or pick 0:06:04.360 --> 0:06:07.159 among companies but we're going to certainly open up that 0:06:07.200 --> 0:06:09.320 opportunities together with the interim. 0:06:09.040 --> 0:06:10.200 Authorities in Venezuela. 0:06:10.279 --> 0:06:12.560 Right now, we're going to open up the opportunities to 0:06:12.600 --> 0:06:13.080 grow oil. 0:06:12.960 --> 0:06:16.040 Production in Venezuela. Now for America, good for Venezuela. 0:06:16.120 --> 0:06:18.159 Not chosing them picking is an interesting one because we 0:06:18.200 --> 0:06:21.080 have seen the administration choose and pick certain companies to 0:06:21.160 --> 0:06:21.719 develop things. 0:06:21.720 --> 0:06:22.839 Why is this a different moment? 0:06:24.320 --> 0:06:27.159 Well, good look to do things short and quick, to 0:06:27.320 --> 0:06:31.000 immediately market the crude out of Venezuela and get money 0:06:31.040 --> 0:06:32.560 flowing as fast as possible. 0:06:32.760 --> 0:06:34.200 You've got to make choices. 0:06:33.839 --> 0:06:36.760 Then, so immediately, when you have an immediate objective, you've 0:06:36.760 --> 0:06:40.039 got to make decisions. But ultimately, we want capitalism in 0:06:40.080 --> 0:06:42.960 the marketplace to decide who the operators are, who the 0:06:42.960 --> 0:06:45.200 marketers of the crud are, and what the future of 0:06:45.200 --> 0:06:46.920 the industry is going to be in Venezuela. 0:06:46.960 --> 0:06:48.000 What's the ultimate goal? 0:06:48.200 --> 0:06:50.520 Is the ultimate goal to take share away from say 0:06:50.560 --> 0:06:53.159 the Middle Eastern Russia. Is the goal to lower prices 0:06:53.520 --> 0:06:56.400 below fifty dollars a barrel? What's the ultimate goal with 0:06:56.480 --> 0:06:59.719 the United States involvement in Venezuela's oil industry, Well. 0:06:59.720 --> 0:07:03.279 The ultimate goal was to stabilize our hemisphere, to reduce 0:07:03.400 --> 0:07:06.760 the running of drugs and guns and criminality. Venezuela's basically 0:07:06.760 --> 0:07:10.960 become a big drug, big drug criminal organization with Hez 0:07:10.960 --> 0:07:14.960 Bowl as Western Hemisphere headquarters there, Russia, Iron Cuba. So 0:07:15.000 --> 0:07:18.760 the goal of Venezuela was geostrategic to have it as safe, peaceful, 0:07:19.160 --> 0:07:22.440 prosperous ally of the United States as it was for decades. 0:07:23.040 --> 0:07:26.440 And as part of that, the tremendous resources Venezuela has 0:07:26.440 --> 0:07:28.440 in oil, for sure, that's going to be a large 0:07:28.480 --> 0:07:30.760 part of their economy growing and all that, and is 0:07:30.800 --> 0:07:34.200 more Western hemisphere oil production. Good for the United States 0:07:34.280 --> 0:07:36.160 and good for the Western hemisphere, sure, but it's good 0:07:36.200 --> 0:07:36.840 for the whole world. 0:07:37.040 --> 0:07:39.640 Saraharra, do you think you can work with Delsea Rodriguez? 0:07:40.560 --> 0:07:42.600 We are today, We absolutely are today. 0:07:43.000 --> 0:07:44.360 You'll meet her when you go there. 0:07:44.560 --> 0:07:45.600 I certainly will. 0:07:45.640 --> 0:07:48.440 Because she was their oil minister. And Jonathan asked me 0:07:48.520 --> 0:07:50.040 this when Nicholas Madora was captured. 0:07:50.040 --> 0:07:52.360 I used to cover opak. Does the United States basically 0:07:52.400 --> 0:07:53.880 have a seat at the table when it comes to 0:07:53.920 --> 0:07:54.720 the cartel? 0:07:56.440 --> 0:07:58.800 The cartel in Opak, Yeah, because. 0:07:58.440 --> 0:08:02.240 Basically you have this pragmatic approach to Delsea Rodriguez. You're 0:08:02.280 --> 0:08:05.640 bringing in the energy companies into Venezuela, and Venezuela is 0:08:05.680 --> 0:08:06.400 part of OPAK. 0:08:07.520 --> 0:08:09.480 I hadn't even thought about that, But of course we're 0:08:09.480 --> 0:08:12.040 not looking for a seat at the table at OPAK. 0:08:12.360 --> 0:08:14.960 Of course, the United States produces more oil today than 0:08:15.000 --> 0:08:18.920 Saudi Arabia and Russia, the two biggest other producers of oil. 0:08:19.200 --> 0:08:21.160 So I think we're quite comfortable with where we sit. 0:08:21.400 --> 0:08:24.640 We just want a stable, prosperous Venezuela to be good 0:08:24.640 --> 0:08:26.600 for the United States, good for the Western Hemisphere, and 0:08:26.600 --> 0:08:27.320 good for Venezuela. 0:08:27.360 --> 0:08:27.720 So that's tight. 0:08:27.760 --> 0:08:29.880 The answer that Amory gave me when I asked that 0:08:30.000 --> 0:08:31.840 question to her, i'm Rey turned around and said, they 0:08:31.840 --> 0:08:34.120 already have one as Saudi Arabia. Yeah, and they can 0:08:34.200 --> 0:08:35.439 lean on the Saudi's to get what they want. 0:08:35.480 --> 0:08:38.080 Is that fair? Do you have enough influence on accounts? 0:08:38.080 --> 0:08:40.600 Homy? We don't lean on them to get what we want. 0:08:40.679 --> 0:08:44.840 But unlike the Biden administration, of course, we've embraced the 0:08:45.000 --> 0:08:49.040 growing economies, the growing freedom in the Middle East. The 0:08:49.080 --> 0:08:51.400 goal is to have a peaceful, prosperous Middle East and 0:08:51.440 --> 0:08:54.480 not a conflict ridden you know, it's about bullets and 0:08:54.480 --> 0:08:56.160 shooting people and who hates each other. 0:08:56.320 --> 0:08:57.959 We want to make it free and prosperous. 0:08:58.040 --> 0:09:00.120 Well, do you remember the first term when they're or 0:09:00.200 --> 0:09:02.800 is that price war? Prices went to negative on WTI 0:09:02.880 --> 0:09:04.560 and the President picked up the phone, this was his 0:09:04.600 --> 0:09:07.520 first term at forty five, called President Putin and called 0:09:07.520 --> 0:09:09.680 the Crown Prince Muhammed bin Salman. That's why I always 0:09:09.720 --> 0:09:12.200 say the US has a seat at the table. The 0:09:12.200 --> 0:09:15.040 President does seem to want to work in the energy space. 0:09:15.559 --> 0:09:18.560 He understands the criticality of energy and of course during 0:09:18.559 --> 0:09:23.360 COVID in emergency situations, you want a strong, resolute business 0:09:23.400 --> 0:09:24.160 focus leader. 0:09:24.800 --> 0:09:27.160 Can I finish on security guarantees in Venezuela? I think 0:09:27.160 --> 0:09:30.280 it's importen. Can we offer security guarantees of these companies 0:09:30.280 --> 0:09:32.680 that aren't going to develop those reserves now? 0:09:32.920 --> 0:09:34.200 We have no plans to do that. 0:09:34.400 --> 0:09:37.520 The US involvement right now and controlling the flow of 0:09:37.600 --> 0:09:41.240 funds in Venezuela gives us huge leverage to reduce the 0:09:41.320 --> 0:09:45.400 criminality in that country, re establish peace and better business 0:09:45.440 --> 0:09:47.880 conditions in the short term. In the long run, you've 0:09:47.920 --> 0:09:49.960 got to go all the way to a representative government, 0:09:50.280 --> 0:09:53.160 a rewriting of laws and the constitution. 0:09:52.920 --> 0:09:54.120 But that will take time. 0:09:54.360 --> 0:09:57.440 But no, the activity we're doing is moving the security 0:09:57.480 --> 0:10:00.200 situation in a positive direction. But we are not going 0:10:00.240 --> 0:10:03.240 to get involved in providing on the ground security for 0:10:03.280 --> 0:10:06.760 people in Venezuela. Oil and gas companies operate all around 0:10:06.800 --> 0:10:08.160 the world in all different settings. 0:10:08.280 --> 0:10:09.680 They're well versed in those challenges. 0:10:09.720 --> 0:10:13.280 You understand why some companies might have reservations about coming 0:10:13.360 --> 0:10:15.680 in because that wonder what comes off to President Trump 0:10:16.000 --> 0:10:18.760 and whether the next administration will have that same commitment 0:10:19.040 --> 0:10:20.480 that you have to that country. 0:10:20.840 --> 0:10:24.680 Of course, it's an evolving environment. This is not for everyone. 0:10:24.720 --> 0:10:27.880 There's always different risk and reward situations at time, which 0:10:27.880 --> 0:10:31.640 is why the wildcatters will move first. The bigger longer 0:10:31.760 --> 0:10:34.200 term you know, tens of billions in dollar investments. They're 0:10:34.200 --> 0:10:36.360 going to wait till there's more clarity in that environment. 0:10:36.559 --> 0:10:39.280 But fortunately with Chevron there, with Repsol there, with e 0:10:39.440 --> 0:10:42.280 and I there, with Shell right next door, we already 0:10:42.360 --> 0:10:45.760 have big incumbent players that are ready to grow their investments. 0:10:46.720 --> 0:10:50.200 Stay with US, multile IMPEG. Savandan's coming up off to this. 0:11:00.000 --> 0:11:02.480 It's the lightest this morning. The President of the United States, 0:11:02.480 --> 0:11:04.920 Donald Trump canceling European tariffs that were sent to begin 0:11:05.000 --> 0:11:08.640 February first. After reaching a framework deal over Greenland. The 0:11:08.720 --> 0:11:11.960 US COMMAS secretary Howard Latnik joined us. Now making some 0:11:12.080 --> 0:11:13.840 waves of the World Economic Forum over the. 0:11:13.840 --> 0:11:15.480 Last couple of days. Mister secretary is going. 0:11:15.400 --> 0:11:15.719 To see you. 0:11:15.840 --> 0:11:16.439 Great to see you. 0:11:16.559 --> 0:11:18.440 Let's cut through the drama. Let's get to the big 0:11:18.440 --> 0:11:20.680 point in the elephant of the room. What happened at 0:11:20.720 --> 0:11:23.160 dinner time the other night. I've heard all kinds of 0:11:23.240 --> 0:11:26.080 stories booming, the guards storming at the room. 0:11:26.200 --> 0:11:26.720 What happens? 0:11:26.840 --> 0:11:29.040 Oh, this is so silly. So at the end of 0:11:29.080 --> 0:11:31.800 the evening they called on me. I just published an 0:11:31.840 --> 0:11:35.320 op ed in the Financial Times, and so they called 0:11:35.360 --> 0:11:38.880 on me. I gave two three minutes of my ft, 0:11:39.960 --> 0:11:45.079 which basically said that globalization right and the outsourcing of 0:11:45.120 --> 0:11:48.360 your industry to the lowest cost in the world right, 0:11:48.480 --> 0:11:52.000 had really left, had really harmed American, had harmed Europe, 0:11:52.240 --> 0:11:55.000 and it had failed, it had failed us, and that 0:11:55.080 --> 0:11:57.040 we need to reasure, need to take care of our 0:11:57.080 --> 0:11:57.840 own citizens. 0:11:58.000 --> 0:12:00.360 So that's basically the model. And were I was. 0:12:00.320 --> 0:12:04.480 Done with that two or three minutes, one person of 0:12:04.520 --> 0:12:07.680 the two hundred odd people in the room booed, and 0:12:07.880 --> 0:12:11.840 I felt honored because it was Al Gore on alcore Bood, 0:12:12.160 --> 0:12:12.800 and I was like. 0:12:13.040 --> 0:12:17.400 Really, I wasn't throwing bread rolls at you from the bank. 0:12:17.480 --> 0:12:18.120 That wasn't happening. 0:12:19.000 --> 0:12:20.679 Put it, I put it in the ft. I mean, 0:12:20.960 --> 0:12:22.760 I wasn't like trying to be quiet about it. 0:12:22.800 --> 0:12:27.080 I mean I think that globalization, right, and the idea 0:12:27.200 --> 0:12:31.240 of global supply chains and finding the lowest cost, I mean, 0:12:31.280 --> 0:12:33.560 that is just not the way to take care of 0:12:33.600 --> 0:12:37.360 your auto workers, right who are in Ohio and Michigan. 0:12:37.800 --> 0:12:40.560 And so we're bringing that back. So think about this. 0:12:40.960 --> 0:12:43.120 When we were done with we started auto tariffs. We 0:12:43.160 --> 0:12:45.959 started working on it in March, and we finished in November, 0:12:46.240 --> 0:12:47.040 and we were done. 0:12:47.080 --> 0:12:47.640 The last day. 0:12:47.640 --> 0:12:51.160 When we finished, General Motives and Ford stocks each went 0:12:51.240 --> 0:12:54.680 up ten percent. General Motors ended the year of sixty percent. 0:12:54.679 --> 0:12:57.880 If I told you on January first that General Motives 0:12:57.920 --> 0:12:59.400 was going to be on sixty percent, you would all 0:12:59.400 --> 0:13:02.040 sit out stock And how about this? On that same day, 0:13:02.679 --> 0:13:06.040 Sean Fame, who runs the United Auto Workers, called me 0:13:06.080 --> 0:13:09.760 and said, I can't believe I'm calling a Republican Secretary 0:13:09.760 --> 0:13:13.199 of Commerce to say thank God for you and your administration. 0:13:13.679 --> 0:13:16.840 The first administration is actually taking care of the auto 0:13:16.960 --> 0:13:18.000 workers of America. 0:13:18.080 --> 0:13:18.800 So think about that. 0:13:18.840 --> 0:13:22.160 You can, if you really think it through, you can 0:13:22.200 --> 0:13:25.360 take care of the company and the worker. You don't 0:13:25.400 --> 0:13:29.679 have to pick sides because we want union labor growth 0:13:29.720 --> 0:13:30.240 in America. 0:13:30.280 --> 0:13:33.360 These are great jobs. Why wouldn't we want them in America. 0:13:33.440 --> 0:13:37.199 So that's why Donald Trump wins the union vote, because 0:13:37.200 --> 0:13:40.720 he's actually pro these workers. 0:13:40.760 --> 0:13:42.439 He literally is pro these workers. 0:13:42.559 --> 0:13:45.200 It's not a political thing, it's these are great jobs 0:13:45.200 --> 0:13:45.880 for Americans. 0:13:46.080 --> 0:13:47.040 Let's go get more of them. 0:13:47.080 --> 0:13:48.439 There's a lot of money set to come into the 0:13:48.520 --> 0:13:50.840 United States and big bets, a ton of FDM. We 0:13:50.840 --> 0:13:52.240 could get into that in just a moment. I just 0:13:52.280 --> 0:13:55.240 want to stay on G seven, allies. This week's been 0:13:55.280 --> 0:13:58.120 quite a week. Emmanuel Macron, the French president, has said 0:13:58.480 --> 0:14:01.520 basically accusing the US of trying to subordinate the Europeans. 0:14:01.880 --> 0:14:04.120 The Prime Minister of Canada, I'm sure you heard his speech, 0:14:04.160 --> 0:14:06.880 Mark Candy other day, said this is not a transition, 0:14:07.400 --> 0:14:10.199 it's a rupture. How would you describe relations with those 0:14:10.240 --> 0:14:11.120 countries at the moment. 0:14:11.640 --> 0:14:16.240 I think our relations are perfectly fine, right. I described 0:14:16.640 --> 0:14:20.440 the relationship with respect to the whole when Greenland was 0:14:20.440 --> 0:14:22.880 going back and forth before we sort of settled it 0:14:22.920 --> 0:14:26.840 with a framework agreement, Right, I called it a kerf fluffle. Right. 0:14:26.880 --> 0:14:29.640 It's basically like if you have an argument with your 0:14:29.680 --> 0:14:31.560 spouse that's not real. 0:14:31.800 --> 0:14:33.280 You know, it's not a real one. It's like a 0:14:33.320 --> 0:14:33.880 small thing. 0:14:33.920 --> 0:14:35.760 My spouse doesn't go out there and deliver a speech 0:14:35.760 --> 0:14:36.640 after that argument. 0:14:37.120 --> 0:14:38.239 It's the end of the relationship. 0:14:38.280 --> 0:14:41.200 Fair enough, But you're right, and I think they overreacted. 0:14:41.440 --> 0:14:43.680 And it's proof that they overreacted because a day or 0:14:43.680 --> 0:14:45.640 two later, there's a framework that makes sense. 0:14:45.880 --> 0:14:47.600 Right. What did we say? We said we. 0:14:47.560 --> 0:14:50.360 Cared about it for national security. Right, we said we 0:14:50.400 --> 0:14:53.000 care about a national security. I mean, it's obvious we 0:14:53.000 --> 0:14:54.880 care about it for national security. Because if you're going 0:14:54.920 --> 0:14:58.720 to build a golden dome over the United States of America, right, 0:14:59.000 --> 0:15:02.760 wouldn't you prefer the golden dome cover Greenland? So when 0:15:02.760 --> 0:15:05.160 you're knocking out the missiles, you're not knocking them out 0:15:05.240 --> 0:15:07.120 right over your head like we've all seen Israel like 0:15:07.240 --> 0:15:09.400 knocking out the missiles right over their head with their 0:15:09.440 --> 0:15:10.000 iron dome. 0:15:10.200 --> 0:15:11.640 Wouldn't you prefer to knock. 0:15:11.400 --> 0:15:13.480 Out the missiles if you live on the East coast 0:15:13.560 --> 0:15:15.960 of the United States of America over Greenland, a couple 0:15:16.000 --> 0:15:18.120 of thousand miles away where there's no people, Right, Does 0:15:18.240 --> 0:15:21.480 that sound better? So this is sort of where we're 0:15:21.520 --> 0:15:24.560 thinking about it and how our national security team is 0:15:24.600 --> 0:15:28.120 thinking about its. Actually, the framework, well, the framework is 0:15:28.160 --> 0:15:30.800 a national security based framework that that's what the United 0:15:30.840 --> 0:15:34.520 States cares about. We care about our national security, we 0:15:34.560 --> 0:15:37.040 care about the shipping lanes. So let's talk about the 0:15:37.120 --> 0:15:39.560 national security and shipping lanes and let's see if we 0:15:39.600 --> 0:15:42.160 can't figure out a framework to do that together. And 0:15:42.240 --> 0:15:44.480 I think that's what the President truthed about. He said, 0:15:44.480 --> 0:15:46.560 we're going to try to figure that out together because 0:15:46.640 --> 0:15:49.320 those were the key points that the United States of 0:15:49.320 --> 0:15:52.240 America cared about. And I think the President's been clear 0:15:52.280 --> 0:15:55.240 about it and he just wants people at the table 0:15:55.680 --> 0:15:57.720 dealing with it swiftly. I mean to think about this, 0:15:58.240 --> 0:16:02.760 he sends out a truth and like within four days, right, 0:16:02.800 --> 0:16:05.280 we have a framework agreement Like that's by the way, 0:16:05.320 --> 0:16:06.160 it's a pretty effection. 0:16:06.160 --> 0:16:08.960 And we had we had tariffs on tariffs. 0:16:08.600 --> 0:16:10.720 Off they were as they were never on. 0:16:10.840 --> 0:16:12.800 The threat of them are coming on for February First, 0:16:12.840 --> 0:16:15.200 what does this do now for the agreement you were 0:16:15.200 --> 0:16:17.960 and your team struck with Brussels because the legal implementation 0:16:18.080 --> 0:16:19.200 has now been put on hold. 0:16:19.520 --> 0:16:23.080 Oh, I think it'll be put on unhold probably tomorrow. 0:16:23.200 --> 0:16:25.960 I mean, come on, That's why I said it's an overreaction. 0:16:26.400 --> 0:16:29.960 I mean, they know when the President says, this is 0:16:29.960 --> 0:16:30.640 what's going to happen. 0:16:30.720 --> 0:16:32.000 I mean what provoked the president. 0:16:32.040 --> 0:16:35.480 What provoked the President was that they sent military people 0:16:35.520 --> 0:16:39.520 to Greenland. I mean, they didn't send military people to Ukraine. Like, 0:16:39.560 --> 0:16:43.160 why are they sending military people to Greenland? You know, 0:16:43.280 --> 0:16:45.200 it was so it seemed like a provocation. 0:16:45.320 --> 0:16:47.320 We spoke to the Finish leader and he suggested that 0:16:47.480 --> 0:16:50.600 was a miscommunication and he cleared that up pretty quickly. 0:16:50.680 --> 0:16:52.040 There's something I want to get into with you that 0:16:52.040 --> 0:16:53.920 I think is quite important. This, of course, is the 0:16:54.040 --> 0:16:55.240 end of the deal. We talk about it on the 0:16:55.240 --> 0:16:57.560 program all the time. The President anchors the story to 0:16:57.600 --> 0:16:59.560 the extreme and then gets a faithful deal for the 0:16:59.640 --> 0:17:02.120 unat of time. So I think that's well understood. Something 0:17:02.240 --> 0:17:04.560 happened though, in the last twelve months that I think 0:17:04.640 --> 0:17:07.360 is really interesting. He tried the same thing with Canada 0:17:07.800 --> 0:17:11.320 and totally upended the election in Canada north of the border. 0:17:11.359 --> 0:17:12.880 Polyeff was going to sail away with that. 0:17:13.200 --> 0:17:16.160 The reason Mark Carney's here as Prime Minister is because 0:17:16.160 --> 0:17:19.600 the President took such an assertive stance on Canada. Now 0:17:19.680 --> 0:17:21.680 at the time, I was finding the humor in the conversation. 0:17:21.800 --> 0:17:24.920 Then the Canadians started lighting up the Bloomberg terminal sending messages. 0:17:24.960 --> 0:17:27.760 They were deeply offended, and we've seen that damage the 0:17:27.800 --> 0:17:31.280 economic relationship with Canada and the United States, and the 0:17:31.359 --> 0:17:33.240 risk camemists the Secretary, and I'd love your thoughts on 0:17:33.280 --> 0:17:34.680 it and your reaction, because I think this is really 0:17:34.680 --> 0:17:38.040