WEBVTT - Senator Bill Hagerty Talks Tariffs and China, Plus Stablecoin Bill Progress

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

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<v Speaker 2>We want to go now to Capitol Hill, where a

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<v Speaker 2>lot of these conversations are ongoing. I'm pleased to stay

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<v Speaker 2>joining us on Balance and Power here on Bloomberg TV

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<v Speaker 2>and Radio's Republican Senator Bill Haggerty of Tennessee. Senator, welcome back,

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<v Speaker 2>and there's obviously much we'd like to discuss with you,

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<v Speaker 2>including your new stable coin legislation. But if we could

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<v Speaker 2>first begin with tariffs, as that has dominated the news

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<v Speaker 2>cycle in the last several days, how are you viewing

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<v Speaker 2>what President Trump is actually using these levees for. If

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<v Speaker 2>it was just to extract concessions from Canada and Mexico,

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<v Speaker 2>or if this is really about raising revenue to pay

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<v Speaker 2>for tax guns.

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<v Speaker 3>Well, the answer is both.

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<v Speaker 4>But President Trump was very clear when he imposed the revue,

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<v Speaker 4>when he imposed the tarofts on Canada and Mexico, that

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<v Speaker 4>they needed to do something dramatic to stop the flow

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<v Speaker 4>of illegal migrants coming into our country, the flow of

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<v Speaker 4>ventnol coming into our country, the human trafficking that has

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<v Speaker 4>been the.

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<v Speaker 3>Primary and overarching concern.

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<v Speaker 4>And I've made it clear to my people that reached

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<v Speaker 4>out to me for both nations that it's clear there's

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<v Speaker 4>something they can do about it.

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<v Speaker 3>They need to step up, and frankly they have.

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<v Speaker 4>President Trump was clear about what he wanted to see happen,

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<v Speaker 4>and the Mexican government and the Canadian government, we're both

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<v Speaker 4>stepping up to stop the flow of funnel, to address

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<v Speaker 4>issues at their border, to maintain border security on their side,

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<v Speaker 4>and to be better partners.

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<v Speaker 3>That's what he's trying to accomplish, and I think that's

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<v Speaker 3>what he's achieved.

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<v Speaker 1>Well, you're, of course a former diplomat senator, as you

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<v Speaker 1>represented the United States as our ambassador to Canada, so it.

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<v Speaker 3>Gives you to Japan, forgive me.

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<v Speaker 1>We've been talking about a lot in Canada, a lot

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<v Speaker 1>here in that period of time. Now, that gave you

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<v Speaker 1>a unique view on these issues that maybe not all

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<v Speaker 1>lawmakers have. Are tariffs or threats of tariffs, the new

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<v Speaker 1>form of diplomacy in this administration.

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<v Speaker 3>Well, Joe, this is an important piece of context.

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<v Speaker 4>We've talked about it before, but the United States has

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<v Speaker 4>basically the lowest trade weighted tariffs in the world. Access

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<v Speaker 4>to our markets has been extraordinarily easy.

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<v Speaker 3>There's a historic reason for this.

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<v Speaker 4>For countries like Japan, countries in Europe whose economies were

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<v Speaker 4>devastated after World War Two. We aggressively made our economy

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<v Speaker 4>open to them so they wouldn't turn toward communism and socialism.

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<v Speaker 3>But we should have time limited that.

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<v Speaker 4>We should have put some sort of GDP per capital

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<v Speaker 4>limit on it, because what we have now are extremely

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<v Speaker 4>unfair and non reciprocal trade terms with many of our

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<v Speaker 4>trading partners. President Trump has been clearer, he's just trying

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<v Speaker 4>to bring a reciprocity to bear, trying to get.

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<v Speaker 3>Us to the table with an even deal.

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<v Speaker 4>A lot of these countries that don't want to address

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<v Speaker 4>this do so because they have a better deal now

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<v Speaker 4>than we do.

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<v Speaker 3>We're going to fix that.

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<v Speaker 4>President Trump has been clear about it, and I'm very

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<v Speaker 4>pleased to see him take decisive action in that regard.

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<v Speaker 2>Well, Senator, if we could leave the diplomatic hat on

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<v Speaker 2>for a moment longer. I do wonder what you make

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<v Speaker 2>of the efforts, or at least on the part of

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<v Speaker 2>Elon Musk. And he says he is the President's buy

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<v Speaker 2>in to dismantle USAID. What does that do to US

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<v Speaker 2>soft power?

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<v Speaker 4>Well, you've got a lot of significant problems at USAID.

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<v Speaker 4>Some of the things that have come to bear, some

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<v Speaker 4>of the things that have come to light in terms

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<v Speaker 4>of US taxpayer dollars going to Dei Initition's transgender surgeries

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<v Speaker 4>in Guatemala, things of this nature. I think the American

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<v Speaker 4>public is shocked. And the fact that we're basically taking

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<v Speaker 4>a pause, taking a very hard look and looking at

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<v Speaker 4>agencies like this that have basically gotten out of control.

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<v Speaker 3>I think the time has come. The American public are

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<v Speaker 3>ready for it.

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<v Speaker 4>That doesn't mean that we will not have AID programs

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<v Speaker 4>going forward, but you've got Secretary of State Marco Rubio

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<v Speaker 4>taking charge here. He's going to make certain that those

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<v Speaker 4>those AID programs go to advancing US interest and not

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<v Speaker 4>some of these wild eyed exploits that the previous administration

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<v Speaker 4>and administrations prior to that have been on the USAID. Again,

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<v Speaker 4>basically out of control organization. I'm glad to see it

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<v Speaker 4>rained in.

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<v Speaker 1>Well, we've seen some pretty interesting exploits on behalf of

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<v Speaker 1>DOGE and by Elon Musk. It's not just USAID, of course,

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<v Speaker 1>it's accessing the payment system inside the US Treasury Department. Senator,

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<v Speaker 1>and we understand that Musk is now a special government employee,

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<v Speaker 1>something that emerged in just the last couple of days

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<v Speaker 1>with the Education Department. Now the next target as a

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<v Speaker 1>senator providing advice and consent, would you like Elon Musk

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<v Speaker 1>to come up to Capitol Hill to endure a confirmation

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<v Speaker 1>hearing since this apparently is a government job.

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<v Speaker 4>Well, the special government employee classification is about one hundred

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<v Speaker 4>and thirty days. That allows people to come in from

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<v Speaker 4>the outside, often people that are very capable, as is

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<v Speaker 4>Elon Musk, to come in.

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<v Speaker 3>And provide special advice for the president.

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<v Speaker 4>It's a tool that has been used in administration's Republican

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<v Speaker 4>and Democrat. I'm glad to see this sort of expertise deployed.

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<v Speaker 4>Elon Musk obviously knows how to come in and streamline

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<v Speaker 4>operations and make things work more efficiently.

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<v Speaker 3>Look what he did at Twitter. So I'm very pleased

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<v Speaker 3>to see him step in and do this.

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<v Speaker 4>This doesn't require confirmation, it's not that type of position,

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<v Speaker 4>but he is offering his advice, and President Trump has

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<v Speaker 4>been clear where he wants to accept the advice. Where

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<v Speaker 4>he feels Elon musk efforts are warranted, He's going to

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<v Speaker 4>deploy him there.

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<v Speaker 3>I've talked with Elon about what he's doing.

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<v Speaker 4>I think he's got some very creative ideas about bringing

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<v Speaker 4>much needed efficiency and actually getting far higher return on

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<v Speaker 4>investment for the taxpayer dollum.

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<v Speaker 2>But is there a rule for Congress to place to

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<v Speaker 2>ensure that whatever access he's granted at Treasury, whether it's

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<v Speaker 2>to the payment system specifically or in other cases, that

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<v Speaker 2>it isn't going to interfere with the Treasury's usual business

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<v Speaker 2>of paying bondholders and conducting auctions.

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<v Speaker 4>Well, we certainly have oversight responsibility, Kaylee. We intend to

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<v Speaker 4>fully exercise that. That's not what I've talked with Elon

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<v Speaker 4>about doing. He's looking for efficiencies, ways to do things better,

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<v Speaker 4>to stop doing things that aren't advancing us interest, and

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<v Speaker 4>to do things that you doubled down on, things that

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<v Speaker 4>are going to become more and more productive for US

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<v Speaker 4>taxpayers and advance the American cause. It's not unusual at

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<v Speaker 4>all to take a pause to take a hard look

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<v Speaker 4>in survey what's happening inside these agencies.

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<v Speaker 3>I'm glad that he's doing it.

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<v Speaker 4>I think there's a lot of pro clutching going on

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<v Speaker 4>right now and a lot of expectation that something terrible

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<v Speaker 4>is going to happen. Know In fact, what I think

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<v Speaker 4>is we're going to see is a new wave of

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<v Speaker 4>efficiency coming.

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<v Speaker 3>From all of this, and I'm looking forward to it.

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<v Speaker 1>Well, just wait for the pro clutching to start when

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<v Speaker 1>you start debating taxes and reconciliation centator to ask you

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<v Speaker 1>about where all this stands, because these were supposed to

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<v Speaker 1>come as a package. Right, you'd extend the Trump tax cuts,

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<v Speaker 1>maybe get some of the other things that Donald Trump

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<v Speaker 1>had promised on the campaign trail, and offset those with

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<v Speaker 1>revenue from tariffs that had been promised during the campaign

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<v Speaker 1>as well. We talked to Scott Besson about that at

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<v Speaker 1>length before he was tapped to be the Treasury Secretary.

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<v Speaker 1>With tariffs put aside here, you still have to have

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<v Speaker 1>a debate over taxes, and as the House drags its

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<v Speaker 1>feet on this, I wonder if the Senate and your

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<v Speaker 1>new leader in John Thune might help to lead the way.

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<v Speaker 1>What's about to happen.

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<v Speaker 4>Well, Joe I met with John Thune last night a

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<v Speaker 4>group of us did We're continuing to advance the ball

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<v Speaker 4>on this very subject.

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<v Speaker 3>Again. We know the.

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<v Speaker 4>American public expects us to address the tax package and

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<v Speaker 4>where we're going to do that. We have a number

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<v Speaker 4>of other issues that we're trying to address at the

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<v Speaker 4>same time. How we do it from a process standpoint,

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<v Speaker 4>I'm much less concerned about. I think the concern is

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<v Speaker 4>that we get it done quickly, that we get it

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<v Speaker 4>done efficiently, and I'm optimistic that we will get get

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<v Speaker 4>it done despite the procedural back and forth between the

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<v Speaker 4>House and the Senate.

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<v Speaker 3>We're going to get it done and we're very focused

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<v Speaker 3>on it.

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<v Speaker 2>Senator, I'd like to talk about something else you're looking

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<v Speaker 2>to get done in the Senate, and that's new stable

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<v Speaker 2>coin legislation you've introduced alongside Senator's Lummus and jilibrand, calling

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<v Speaker 2>it the Genius Act. And I do wonder about the

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<v Speaker 2>timeline here. Is it your intent that this legislation be

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<v Speaker 2>pushed through before broader market structure legislation, for example that

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<v Speaker 2>maybewhere could sway through both the Banking and agg oriented

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<v Speaker 2>committees in both chambers.

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<v Speaker 4>Sure, and Kaylee, I'll add Senator Tim Scott, the chair

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<v Speaker 4>of the Banking Committee, is on this legislation with us.

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<v Speaker 3>We're very excited about it.

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<v Speaker 4>This is the first step and we're going to do

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<v Speaker 4>this first before we get to broader market structure, but

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<v Speaker 4>it's going to enable us to take a very positive

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<v Speaker 4>step in the direction of ensuring that the United States

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<v Speaker 4>is a positive environment for cryptocurrency technology. Stable coins is

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<v Speaker 4>one of these issues that I think the United States

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<v Speaker 4>can be a leader on.

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<v Speaker 3>It's time for us to do so.

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<v Speaker 4>Look, they're roughly twenty eight trillion dollars worth of stable

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<v Speaker 4>got transaction is taking place right now across the world.

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<v Speaker 3>We need to be a leader here in America.

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<v Speaker 4>This legislation allows us to do that, and I'm extraordinarily

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<v Speaker 4>optimistic that we're taking that lead. It's going to open

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<v Speaker 4>the door for many other positive things in the industry,

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<v Speaker 4>and I'm so excited to have my colleagues on both

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<v Speaker 4>sides of the aisle join me here. This is going

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<v Speaker 4>to be an important first step to opening up the

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<v Speaker 4>market here in America.

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<v Speaker 1>Senator President Trump is hosting Israeli Prime Minister Benjaminett Yahoo today,

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<v Speaker 1>the first world leader to visit the new president in

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<v Speaker 1>this second term. They're going to be holding a news

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<v Speaker 1>conference a little bit later on that we will carry

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<v Speaker 1>if you could put your diplomatic hat back on and

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<v Speaker 1>explore what these two are going to be talking about.

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<v Speaker 1>When it comes number one to a phase two and

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<v Speaker 1>a cease fire. But maybe more importantly this report by

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<v Speaker 1>the New York Times today that Iran is developing plans

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<v Speaker 1>for a faster cruider weapon based on intelligence here in

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<v Speaker 1>the United States. There are some who suggest this is

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<v Speaker 1>the time now to preemptively strike Iran while it's on

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<v Speaker 1>its Are you one of them?

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<v Speaker 4>Well, Joe, the last thing I'm going to do is

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<v Speaker 4>get ahead of the President and Prime Minister Netanyahu on

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<v Speaker 4>this very important strategic discussion.

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<v Speaker 3>But I'll say this, these two.

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<v Speaker 4>Gentlemen are not afraid to point to the real cause

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<v Speaker 4>of all this disruption in.

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<v Speaker 3>The Middle East, and that is Iran.

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<v Speaker 4>Their proxies, the Huthis, Hamas Hesbola, they've been behind all

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<v Speaker 4>of this disruption. But this is Iranian funding, Iranian technology

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<v Speaker 4>behind all of it. So I think the New York

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<v Speaker 4>Times is right to look at the cause here. Finally

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<v Speaker 4>you will see I think both gentlemen today who are

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<v Speaker 4>meeting talking about Iran as the proximate cause for this terrorism.

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<v Speaker 4>And what we've seen is Iran significantly weakened by the

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<v Speaker 4>actions of the Israeli government. What they've done in southern Lebanon,

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<v Speaker 4>taking hesbela down. What's happened in Syria I think is

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<v Speaker 4>significantly exposed and weakened Iran.

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<v Speaker 3>They are not the strong nation that they'd like us

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<v Speaker 3>to believe they are.

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<v Speaker 4>And I think you'll see a strong and united American

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<v Speaker 4>in Israeli front standing up to Iran.

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<v Speaker 3>But I won't go beyond the specifics at that point.

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<v Speaker 3>It's good to have you back, Senator.

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<v Speaker 1>We'll of course be listening when the bilateral news conference

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<v Speaker 1>begins after five PM. Bill Haggerty, the Republican Senator from Tennessee,