WEBVTT - Trump Threatens Chinese Cooking Oil; Shutdown Program Cuts

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we begin with the latest developments in the trade war.

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<v Speaker 3>President Donald Trump says he might stop trade in cooking

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<v Speaker 3>oil with China. The President posted on social media that

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<v Speaker 3>the US can easily produce it itself and does not

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<v Speaker 3>need to purchase it from China. That says China plans

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<v Speaker 3>to impose new export restrictions on rare earth metals, and

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<v Speaker 3>despite the latest flare up, both countries are set to

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<v Speaker 3>meet for further trade talks ahead of a November one

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<v Speaker 3>deadline for one hundred percent US tariffs on Chinese goods.

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<v Speaker 3>Bloomberg Balance of Power hosts Joe Matthew has more from Washington.

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<v Speaker 4>Guys.

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<v Speaker 5>I don't know if this is going to be the

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<v Speaker 5>path to a deal with China. The President is supposed

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<v Speaker 5>to sit down with Shijinping in just a couple of

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<v Speaker 5>weeks at the APEX summit in Korea. The administration, by

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<v Speaker 5>way of the Treasury Secor Harry's still.

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<v Speaker 6>Saying that that meeting is on.

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<v Speaker 5>And we heard from ust our Career today saying they

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<v Speaker 5>even have a time. We haven't seen that publicly, but

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<v Speaker 5>they have a time to meet and that has not

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<v Speaker 5>changed yet.

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<v Speaker 6>Bloomberg Balance of Power hosts Joe Matthew.

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<v Speaker 3>Both the President and Trade Representative Jamison Grier have expressed

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<v Speaker 3>confidence that friction with China will ease through negotiations.

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<v Speaker 2>Now, let's get to the latest on the government shutdown, Nathan.

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<v Speaker 2>It's day fifteen of the spending fight on Capitol Hill

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<v Speaker 2>and President Trump is renewing his threat to cut federal programs.

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<v Speaker 2>He says he'll have a list of priorities headed for

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<v Speaker 2>the shopping block this Friday.

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<v Speaker 7>We're closing up programs that are Democrat programs that we

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<v Speaker 7>wanted to close up, or that we never wanted to happen,

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<v Speaker 7>and now we're closing them up, and we're not going

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<v Speaker 7>to let him come back. The Democrats are getting.

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<v Speaker 2>Killed, President Trump spoke during a meeting with Argentinian President

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<v Speaker 2>Javier Malay at the White House. Meantime, members of the

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<v Speaker 2>military are set to miss their first paychecks today. House

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<v Speaker 2>Minority Leader Hockey M. Jefferies is in sisting Republicans need

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<v Speaker 2>to negotiate on democrats healthcare demands.

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<v Speaker 8>We also need to make sure that we take care

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<v Speaker 8>of all of our hardworking federal civil servants, which is

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<v Speaker 8>why Republicans should be back here in Washington working with

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<v Speaker 8>us to reopen the government.

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<v Speaker 2>House Minority Leader Honking Jeffrey spoke on Capitol Hill. President

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<v Speaker 2>Trump has directed the Defense Department to divert unspent research

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<v Speaker 2>funds to pay the troops. House Speaker Mike Johnson has

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<v Speaker 2>said he is the right to do that without congressional

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<v Speaker 2>approval and.

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<v Speaker 6>As the government shut down. Lingers on Karen.

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<v Speaker 3>Massachusetts Democratic Senator Elizabeth Warren is criticizing President Trump over

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<v Speaker 3>his decision to allocate twenty billion dollars in taxpayer funds

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<v Speaker 3>to Argentina.

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<v Speaker 6>Warren spoke on Bloomberg's Bounce of Power.

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<v Speaker 9>Let me get this straight. Argentina hurts American farmers, and

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<v Speaker 9>the President of the United States responds by giving twenty

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<v Speaker 9>billion dollars to Argentina, plus Secretary best saying and a

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<v Speaker 9>blank checks they need more.

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<v Speaker 6>That's Massachusetts Senator Elizabeth Warren.

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<v Speaker 3>Now, President Trump is suggesting the twenty billion dollar lifeline

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<v Speaker 3>could be contingent on Libertarian leader jave Or Malay's success

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<v Speaker 3>in Argentina's midterm elections. You can catch our full interview

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<v Speaker 3>with Senator Warren on the Bloomberg Podcast channel on YouTube.

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<v Speaker 2>Nathan, let's get to the latest. Now in the Middle East,

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<v Speaker 2>the Israeli military now says one of the four bodies

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<v Speaker 2>handed over by Hamas yesterday is not that of a hostage.

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<v Speaker 2>It comes as an Israeli military agency also says it

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<v Speaker 2>would have the number of trucks allowed to bring humanitarian

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<v Speaker 2>aid into Gaza over concerns that the militant group was

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<v Speaker 2>returning the remains more slowly than agreed meantime, President Trump

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<v Speaker 2>demanded that Hamas return the bodies of deceased hostages. President

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<v Speaker 2>Trump threatened the militant group with retaliation if it does

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<v Speaker 2>not lay down its arms.

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<v Speaker 7>We have told them we want disarmed, and they will disarm.

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<v Speaker 6>And if they don't diss we will disarm them.

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<v Speaker 7>And it'll happen quickly and perhap aps violently, but they

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<v Speaker 7>will disarmed.

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<v Speaker 10>You understand me.

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<v Speaker 2>President Trump says the disarmament would have to occurred within

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<v Speaker 2>quote a reasonable period of time.

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<v Speaker 3>Well, Karen, we're watching stocks in France this morning. They're

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<v Speaker 3>up two point four percent. That's after French Prime Minister

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<v Speaker 3>Sebastian Lacorneo won the backing of the Socialist Party, boosting

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<v Speaker 3>his chances of surviving two no confidence votes set for tomorrow,

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<v Speaker 3>also boosting French shares. An earnings beat from Paris based LVMH,

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<v Speaker 3>the owner of Louis Vuitton and Christian do Your unexpectedly

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<v Speaker 3>returned to sales growth in the third quarter. It suggests

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<v Speaker 3>a slump in luxury demand is easing and shares of

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<v Speaker 3>LVMH right now are up nearly fourteen percent and.

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<v Speaker 2>Return to the markets now Nathan where futures are higher.

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<v Speaker 2>On optimism over raid cuts, yesterday, FED chair J. Powell

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<v Speaker 2>reinforced bets and a cut later this month. Given a

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<v Speaker 2>weakening labor market.

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<v Speaker 10>For the last few months, we've been able to maintain

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<v Speaker 10>our strictive stance because the labor market was still pretty solid.

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<v Speaker 10>I think that the data we got right after the

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<v Speaker 10>July meeting showed that which adjusted back all the way

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<v Speaker 10>through May, showed that the labor market has actually softened

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<v Speaker 10>pretty considerably and puts us in a situation where the

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<v Speaker 10>two risks are closer to being at balance.

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<v Speaker 6>FED J. J.

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<v Speaker 2>Powell made the comments yesterday at the National Association for

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<v Speaker 2>Business economics in Philadelphia. The fed's next rate decision is

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<v Speaker 2>two weeks from today. JP Morgan Chase CEO Jamie Diamond

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<v Speaker 2>says he will offer to help zoorn Mom Donnie if

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<v Speaker 2>Mondamie becomes the next mayor of New York City and

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<v Speaker 2>we get more with Bloomberg's John Tucker.

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<v Speaker 11>Talk about strange Bedfellows. Diamond is head of the biggest

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<v Speaker 11>US bank. Mom Donnie is the socialist candidate and Democratic

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<v Speaker 11>front runner. Should Mom Donny win the mayor's race, Diamond

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<v Speaker 11>says he will offer to help. As he put it,

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<v Speaker 11>I have to deal with the world I got, you know,

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<v Speaker 11>not the world I want. And if he becomes mayor,

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<v Speaker 11>so be it. Mam Donnie has already held several sitdowns

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<v Speaker 11>or private phone calls with executives in New York, including Diamond,

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<v Speaker 11>as part of a charm offensive. Diamond, who previously referred

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<v Speaker 11>to Mom Donnie is more of a Marxist than a socialist,

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<v Speaker 11>so that it's important for business leaders or in odds

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<v Speaker 11>with local officials to get involved in grow up. He

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<v Speaker 11>also added that it's odd to have the bashion of

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<v Speaker 11>American capitalism with a socialists getting that job in New

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<v Speaker 11>Yorkome John Tucker Bloomberg Radio.

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<v Speaker 2>Time Now for a look at some of the other

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<v Speaker 2>stories making news in New York and around the world.

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<v Speaker 2>And for that we're joined by Bloomberg's Michael Barr Michael,

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<v Speaker 2>good Morning.

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<v Speaker 4>Good Morning, Karen. A group of House Democrats marched into

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<v Speaker 4>Speaker Mike Johnson's office on Capitol Hill Tuesday afternoon, demanding

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<v Speaker 4>that he's swearing Representative elect out of Leader Grahava, a

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<v Speaker 4>Democrat from Arizona. Johnson was not there. It comes as

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<v Speaker 4>to push for a full release of the Epstein files

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<v Speaker 4>is stalled because of the government shutdown. Grahava would be

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<v Speaker 4>the final signature needed to force a House floor vote

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<v Speaker 4>on the release of the Epstein files, but Republicans have

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<v Speaker 4>chosen to keep the House out of session, delaying or

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<v Speaker 4>swearing in Presentative elect Grivahava spoke in front of the

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<v Speaker 4>Speaker's office.

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<v Speaker 2>I have not had one word from Speaker Johnson, not

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<v Speaker 2>one word, and we sent a letter.

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<v Speaker 6>Now our Attorney.

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<v Speaker 12>General is getting involved because this is taxation without representative.

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<v Speaker 4>Rey Havas says, if she were a Republican, she would

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<v Speaker 4>have already been sworn in. MGM Resorts International pulled out

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<v Speaker 4>of the competition to operate a casino in the New

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<v Speaker 4>York area due to shifting economic and competitive conditions. Three

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<v Speaker 4>companies are still in the running to operate casinos in

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<v Speaker 4>New York. President Donald Trump posthumously awarded conservative activist Charlie

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<v Speaker 4>Kirk the nation's highest civilian honor, the Presidential Medal of Freedom.

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<v Speaker 4>President Trump at the Rose Garden ceremony, We're.

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<v Speaker 7>Here to honor and remember a fearless warrior for liberty,

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<v Speaker 7>beloved leader who galvanized the next generation like nobody I've

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<v Speaker 7>ever seen before.

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<v Speaker 4>Kirk was fatally shot on September tenth while speaking at

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<v Speaker 4>Utah Valley University on the first stop of his The

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<v Speaker 4>American Comeback Tour. Global News twenty four hours a day

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<v Speaker 4>and whenever you want it with Bloomberg News Now. Michael Barr,

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<v Speaker 4>this is Bloomberg Heren.

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<v Speaker 2>Thanks Michael time now for our Bloomberg Sports update, and

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<v Speaker 2>for that we bring in John stash Hour.

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<v Speaker 13>Thanks Karen brilliant starting pitching as lift of the LA

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<v Speaker 13>Dodgers to a two to nothing lead in the NLCS

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<v Speaker 13>the night after Blake Snell went eight innings, allowed only

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<v Speaker 13>one hit, Yashinobu Yamamoto went nine innings gave up just

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<v Speaker 13>three hits. The Dodgers won five to one in Milwaukee.

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<v Speaker 13>They go home up to nothing in the series. Game

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<v Speaker 13>three of the ALCS. Tonight in Seattle, the Mariners lead

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<v Speaker 13>Toronto two games to nine. Edmundton oiler is a two

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<v Speaker 13>to nothing shut out of the Rangers, who are the

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<v Speaker 13>first team ever to get shut out in each of

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<v Speaker 13>their first three home games to start a season. That's

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<v Speaker 13>a Bloomberg Sports update.

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<v Speaker 6>Stay with us.

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<v Speaker 2>More from Bloomberg day Break coming up after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio nationwide, Serious exam and

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<v Speaker 1>around the world on Bloomberg dot Com and the Bloomberg

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<v Speaker 1>Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. Cooking oil is now heating

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<v Speaker 3>up US China trade tensions. President Trump's threatening to stop

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<v Speaker 3>buying it from China because Beijing isn't buying soybeans from America.

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<v Speaker 3>It's rattling the market, even as US Trader Representative Jamison

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<v Speaker 3>Greer saying things will work out between the world's two

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<v Speaker 3>biggest economies.

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<v Speaker 2>There's always some level of dramatics to it, where they

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<v Speaker 2>will you know, if we take measures, you know, little

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<v Speaker 2>measures here, and they they'll threaten to bring down hell

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<v Speaker 2>fire and things like that.

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<v Speaker 6>That was US Trade Rep.

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<v Speaker 3>Jamison Greer on SANDBC before the president's latest trade salvo.

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<v Speaker 3>For more were joined by Bloomberg News Chief Asia correspondent

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<v Speaker 3>Rosalind Matheson and Roz. We've talked before about the US

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<v Speaker 3>and China positioning, have trade talks expected later this month?

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<v Speaker 6>How did cooking oil get caught in the middle? Good morning,

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<v Speaker 6>Good morning.

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<v Speaker 12>Well, yes, it's now moved from shipping to cooking oil,

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<v Speaker 12>it seems. And Donald Trump, as you was saying, using

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<v Speaker 12>that to say that he might retaliate for what he

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<v Speaker 12>sees as Beijing's refusal to buy American soybeans. The interesting

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<v Speaker 12>thing in all of this is that cooking oil is

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<v Speaker 12>actually only a very small import for China. Only a

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<v Speaker 12>small amount of cooking oil does come in from China

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<v Speaker 12>to the US in terms of specifically just how much

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<v Speaker 12>soybeans China has, you know, typically imported from the US.

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<v Speaker 12>So it's a bit of an asymmetrical thing to come

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<v Speaker 12>at in terms of Donald Trump's comments overnight, because again

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<v Speaker 12>soybean's far Outwait, whatever the US brings in when it

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<v Speaker 12>comes to processed food all. But it's just now the

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<v Speaker 12>sign of how broad and complex these trade tensions are.

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<v Speaker 12>So we've gone from you know, rare earths and high

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<v Speaker 12>tech and chips, to shipping to soy and now to

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<v Speaker 12>cooking oil. And obviously there are other aspects of the

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<v Speaker 12>trade relationship potentially to come. And is this again simply

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<v Speaker 12>positioning before a potential meeting between Queen Cjmping and Donald Trump.

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<v Speaker 12>We do know from US officials at least that the

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<v Speaker 12>lines of communication are open. I mean, Jamison Greer said

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<v Speaker 12>that as well, that there was a meeting as recently

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<v Speaker 12>as Monday between some unnamed US and Chinese officials, so

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<v Speaker 12>they are at least talking to each other. The question is,

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<v Speaker 12>in all of this tit for tat that's going on,

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<v Speaker 12>desire the country overstep in a way that puts the

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<v Speaker 12>other country in a difficult spot and makes a meeting

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<v Speaker 12>impossible for Trump and Seed to agree to.

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<v Speaker 3>Do we know anything further ras about what's come out

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<v Speaker 3>of those talks that the Trump administration has talked about

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<v Speaker 3>this week, other than the idea that they are still talking, No,

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<v Speaker 3>we know very.

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<v Speaker 12>Little about those conversations and again we don't even know

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<v Speaker 12>from Jameson Greer who was involved in that conversation that

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<v Speaker 12>potentially happened at the start of this week. We also

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<v Speaker 12>know that the US Treasury Secretary, Scott Besson said that

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<v Speaker 12>he was expecting to meet the Chinese Vice president one

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<v Speaker 12>more time before the end of the month. Is this

0:12:01.360 --> 0:12:05.040
<v Speaker 12>about trying to get the foundations for Sieging Ping and

0:12:05.120 --> 0:12:07.559
<v Speaker 12>Donald Trump to sit in a room and come out

0:12:07.600 --> 0:12:11.040
<v Speaker 12>with something, either extension of the trade truth that they've

0:12:11.120 --> 0:12:15.679
<v Speaker 12>got or something more tangible and lasting. And it seems

0:12:15.679 --> 0:12:17.720
<v Speaker 12>to be that they're obviously trying to clear the pathway

0:12:17.760 --> 0:12:20.719
<v Speaker 12>through all these different tension points to get there, but

0:12:20.880 --> 0:12:23.320
<v Speaker 12>we have very little sense so far of what exactly

0:12:23.400 --> 0:12:24.760
<v Speaker 12>those conversations have been like.

0:12:25.160 --> 0:12:27.600
<v Speaker 3>Well, that raises the question then about whether all these

0:12:27.679 --> 0:12:30.680
<v Speaker 3>threats are just that threats, or whether we could see

0:12:30.760 --> 0:12:35.160
<v Speaker 3>something concrete in terms of shifting purchases or even that

0:12:35.280 --> 0:12:38.480
<v Speaker 3>thread of one hundred percent tariffs on Chinese imports on

0:12:38.559 --> 0:12:42.640
<v Speaker 3>November first? Is November one the next tipping point here?

0:12:42.679 --> 0:12:43.959
<v Speaker 3>We got about a minute left.

0:12:44.720 --> 0:12:47.199
<v Speaker 12>Potentially, and obviously a lot would depend on that meeting

0:12:47.240 --> 0:12:49.160
<v Speaker 12>and what comes out of it and how much they

0:12:49.320 --> 0:12:52.280
<v Speaker 12>use their personal rapport with each other to come to

0:12:52.320 --> 0:12:54.880
<v Speaker 12>an agreement. But you know, you've got Sieging Ping who's

0:12:54.920 --> 0:12:56.840
<v Speaker 12>got a lot at stake at home with his economy,

0:12:57.320 --> 0:12:59.640
<v Speaker 12>versus Donald Trump, who can be quite impulsive in the

0:12:59.720 --> 0:13:03.560
<v Speaker 12>minute in announcing things or deciding things, and we've seen

0:13:03.600 --> 0:13:06.920
<v Speaker 12>that before, and he can also change his mind very quickly.

0:13:07.000 --> 0:13:10.200
<v Speaker 12>So that does inject a high level of uncertainty into

0:13:10.280 --> 0:13:12.959
<v Speaker 12>this into this meeting. Does Trump just feel in the

0:13:13.000 --> 0:13:14.800
<v Speaker 12>minute he's not got what he wanted and so he

0:13:14.920 --> 0:13:17.920
<v Speaker 12>slaps extra tariffs on It's very hard to say, but

0:13:18.040 --> 0:13:21.000
<v Speaker 12>certainly this climate of constant you know, tit for tat

0:13:21.080 --> 0:13:23.959
<v Speaker 12>action and threats against each other is not conducive to

0:13:24.080 --> 0:13:26.439
<v Speaker 12>going into it to a meeting where you're hoping to

0:13:26.520 --> 0:13:28.000
<v Speaker 12>get some kind of tangible outcome.

0:13:30.040 --> 0:13:33.439
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<v Speaker 6>Dabray