1
00:00:02,480 --> 00:00:06,840
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

2
00:00:10,080 --> 00:00:12,879
Speaker 2: Good morning, I'm Nathan Hager and I'm John Tucker. Here

3
00:00:12,880 --> 00:00:14,440
Speaker 2: are these stories we're following today.

4
00:00:14,520 --> 00:00:17,360
Speaker 1: John, we begin with a conversation with Donald Trump. The

5
00:00:17,400 --> 00:00:20,000
Speaker 1: former president sat down with Bloomberg News editor in chief

6
00:00:20,079 --> 00:00:23,040
Speaker 1: John Mickelthwaite at the Economic Club of Chicago, giving a

7
00:00:23,160 --> 00:00:27,240
Speaker 1: spirited defense of his economic policy, focused heavily on tariffs.

8
00:00:27,440 --> 00:00:30,720
Speaker 3: To me, the most beautiful word in the dictionary is tariff,

9
00:00:31,640 --> 00:00:35,239
Speaker 3: and it's my favorite word. It needs a public relations

10
00:00:36,560 --> 00:00:40,320
Speaker 3: firm to help to miss your most beautiful word.

11
00:00:40,680 --> 00:00:43,360
Speaker 1: And Donald Trump argued that obnoxious tariffs and his words

12
00:00:43,400 --> 00:00:46,000
Speaker 1: would force companies to bring manufacturing to the US to

13
00:00:46,080 --> 00:00:48,640
Speaker 1: avoid levies, and he dismissed the idea they would disrupt

14
00:00:48,640 --> 00:00:51,280
Speaker 1: supply chains or squeeze small business where.

15
00:00:51,120 --> 00:00:54,560
Speaker 2: The former president also discussed the FED and sidestep a

16
00:00:54,680 --> 00:00:57,760
Speaker 2: question about whether he tried to remove Jay Powell as chairman,

17
00:00:58,080 --> 00:00:59,960
Speaker 2: but he'd mocked the job of running the FED.

18
00:01:00,400 --> 00:01:03,720
Speaker 3: I think it's the greatest job in government. You show

19
00:01:03,800 --> 00:01:06,200
Speaker 3: up to the office once a month and you say,

20
00:01:06,319 --> 00:01:10,880
Speaker 3: let's say, flip a coo, and everybody talks about you

21
00:01:11,000 --> 00:01:12,600
Speaker 3: like your god. Oh, what will he do.

22
00:01:12,920 --> 00:01:15,199
Speaker 2: Trump says it's fair game to talk to the Fed

23
00:01:15,240 --> 00:01:18,520
Speaker 2: shairman about where interest rate should be, but that doesn't

24
00:01:18,560 --> 00:01:21,040
Speaker 2: mean the president should mandate the decision.

25
00:01:21,280 --> 00:01:24,000
Speaker 1: And John Former President Trump also declined to confirm a

26
00:01:24,040 --> 00:01:26,800
Speaker 1: report in Washington Post journalist Bob Woodard's new book that

27
00:01:26,800 --> 00:01:30,039
Speaker 1: he has spoken with Russian President Vladimir Putin several times

28
00:01:30,080 --> 00:01:31,080
Speaker 1: since he left office.

29
00:01:31,240 --> 00:01:33,080
Speaker 3: Well, I don't comment on that, but I will tell

30
00:01:33,120 --> 00:01:35,600
Speaker 3: you that if I did, it's a smart thing. If

31
00:01:35,600 --> 00:01:38,880
Speaker 3: I'm friendly with people, If I have a relationship with people,

32
00:01:39,480 --> 00:01:40,840
Speaker 3: that's a good thing, not a bit I think in

33
00:01:40,959 --> 00:01:41,880
Speaker 3: terms of a country.

34
00:01:42,280 --> 00:01:44,360
Speaker 1: And Trump also said he would accept the result of

35
00:01:44,400 --> 00:01:47,720
Speaker 1: next month's election if it's a fair process. He downplayed

36
00:01:47,720 --> 00:01:51,200
Speaker 1: the violence on January sixth, twenty twenty one, saying, quote,

37
00:01:51,320 --> 00:01:53,840
Speaker 1: a lot of strange things happen. You can listen to

38
00:01:53,880 --> 00:01:56,400
Speaker 1: the full sixty minute conversation with Bloomberg editor in chief

39
00:01:56,480 --> 00:01:58,920
Speaker 1: John Mickelwaite on the Bloomberg Talks podcast. We will have

40
00:01:59,040 --> 00:02:01,000
Speaker 1: much more from the interview from the Economic Club of

41
00:02:01,080 --> 00:02:02,800
Speaker 1: Chicago throughout the morning.

42
00:02:03,000 --> 00:02:05,600
Speaker 2: Meanwhile, Katala Harris also too to the airwave. She was

43
00:02:05,640 --> 00:02:09,119
Speaker 2: in Detroit for a town hall with radio hosts Charlemagne

44
00:02:09,120 --> 00:02:12,320
Speaker 2: to God, pressing her case for more black men, especially

45
00:02:12,400 --> 00:02:15,680
Speaker 2: to support her, Harris says it would she would work

46
00:02:15,720 --> 00:02:17,440
Speaker 2: to decriminalize marijuana.

47
00:02:17,919 --> 00:02:21,480
Speaker 4: My pledge is, as president, I will work on decriminalizing

48
00:02:21,520 --> 00:02:25,120
Speaker 4: it because I know exactly how those laws have been

49
00:02:25,240 --> 00:02:30,399
Speaker 4: used to disproportionately impact certain populations and specifically black men.

50
00:02:30,680 --> 00:02:34,320
Speaker 2: Harris also said financial reparations for Black Americans needs to

51
00:02:34,320 --> 00:02:35,359
Speaker 2: be studied.

52
00:02:35,120 --> 00:02:38,480
Speaker 1: And Harris and Trump, meanwhile john remain neck and neck

53
00:02:38,680 --> 00:02:40,600
Speaker 1: in the race with less than three weeks to go.

54
00:02:40,800 --> 00:02:44,240
Speaker 1: The latest nationwide survey conducted by the Marquette Law School

55
00:02:44,240 --> 00:02:47,440
Speaker 1: shows Harris leading Trump forty eight to forty seven percent

56
00:02:47,480 --> 00:02:50,800
Speaker 1: among likely voters. That one point difference is within the

57
00:02:50,840 --> 00:02:53,600
Speaker 1: poll's four point seven percent margin of error.

58
00:02:53,760 --> 00:02:57,399
Speaker 2: Well, Harris may be leading in political donations. Trump has

59
00:02:57,440 --> 00:03:00,680
Speaker 2: picked up some big name support. Elon MSS poured seventy

60
00:03:00,680 --> 00:03:03,639
Speaker 2: five billion dollars into the Super Political Action Committee he

61
00:03:03,720 --> 00:03:08,360
Speaker 2: created earlier this year. Billionaire Miriam adels inpoured ninety five

62
00:03:08,400 --> 00:03:12,239
Speaker 2: million dollars into her super pack supporting Trump. Adventure capitalist

63
00:03:12,320 --> 00:03:15,320
Speaker 2: Mark Andrewsen and Ben Horowitz each donated two and a

64
00:03:15,360 --> 00:03:18,840
Speaker 2: half million dollars to a pro Donald Trump Super Political

65
00:03:18,880 --> 00:03:22,400
Speaker 2: Action Committee. This according to the latest filings with the

66
00:03:22,440 --> 00:03:23,840
Speaker 2: Federal Election Commission.

67
00:03:24,040 --> 00:03:25,839
Speaker 1: Now let's turned to the latest from the Middle East.

68
00:03:25,919 --> 00:03:29,400
Speaker 1: The Biden administration is warning Israel it must improve aid

69
00:03:29,639 --> 00:03:32,240
Speaker 1: to Gaza. We get more from Bloomberg Middle East anchored

70
00:03:32,280 --> 00:03:33,079
Speaker 1: Jimana Borsecci.

71
00:03:33,520 --> 00:03:36,720
Speaker 5: A letter was leaked yesterday and this wasn't actually it

72
00:03:36,760 --> 00:03:40,120
Speaker 5: was intended for the public to see that the Biden

73
00:03:40,200 --> 00:03:43,360
Speaker 5: administration had sent to Israel warning that they would need

74
00:03:43,400 --> 00:03:46,280
Speaker 5: to improve an increasingly dirish humanitarian crisis in the Gaza

75
00:03:46,320 --> 00:03:49,160
Speaker 5: Strip within thirty days, and that if they did not

76
00:03:49,320 --> 00:03:51,640
Speaker 5: do that then they could in theory cut the flow

77
00:03:51,680 --> 00:03:54,240
Speaker 5: of US weapons if the situation didn't improve. Just to

78
00:03:54,240 --> 00:03:57,600
Speaker 5: give you context here, Typically the number that they set

79
00:03:57,640 --> 00:03:59,960
Speaker 5: for trucks entering into Gaza should be three hundred fIF

80
00:04:00,200 --> 00:04:03,000
Speaker 5: trucks a day. In September it was the lowest number

81
00:04:03,000 --> 00:04:05,840
Speaker 5: of trucks recorded for this year.

82
00:04:06,120 --> 00:04:09,280
Speaker 1: Bloomberg's Jamani Barsati says less than one hundred trucks per

83
00:04:09,360 --> 00:04:10,640
Speaker 1: day have been entering Gaza.

84
00:04:10,880 --> 00:04:13,640
Speaker 2: And turning to the markets, Big Banks earnings wrap up

85
00:04:13,680 --> 00:04:17,440
Speaker 2: this morning with Morgan Stanley reporting before the open, Alison

86
00:04:17,480 --> 00:04:19,920
Speaker 2: Williams covers the banks for Bloomberg Intelligence.

87
00:04:20,320 --> 00:04:23,000
Speaker 6: For Morgan Stanley, we expect to see a top line

88
00:04:23,320 --> 00:04:27,080
Speaker 6: boosted by the very robust markets that we've seen in

89
00:04:27,120 --> 00:04:29,680
Speaker 6: the past few months, similar to what we've seen at

90
00:04:29,680 --> 00:04:33,960
Speaker 6: the other large US banks. Strength and equities training especially

91
00:04:34,040 --> 00:04:36,880
Speaker 6: place to Morgan Stanley's business model, as they are more

92
00:04:36,920 --> 00:04:41,280
Speaker 6: skewed toward that business versus fixed income. Trading fee growth

93
00:04:41,480 --> 00:04:44,720
Speaker 6: will also be a highlight. Finally, for Morgan Stanley, the

94
00:04:44,800 --> 00:04:47,719
Speaker 6: key thing we'll be focusing on is the trend in

95
00:04:47,760 --> 00:04:51,000
Speaker 6: their wealth flows. This is a key gauge of business health,

96
00:04:51,040 --> 00:04:54,320
Speaker 6: and the better markets may have helped stoke some interest

97
00:04:54,520 --> 00:04:55,200
Speaker 6: from clients.

98
00:04:55,279 --> 00:04:59,320
Speaker 2: Bloomberg Intelligences Alison Williams says to look for those Morgan

99
00:04:59,360 --> 00:05:01,640
Speaker 2: Stanley earnings around seven thirty Wall Street time.

100
00:05:01,839 --> 00:05:04,839
Speaker 1: Well, we're also looking john at chipstocks this morning after

101
00:05:04,880 --> 00:05:07,679
Speaker 1: a combined four hundred twenty billion dollars in market value

102
00:05:07,680 --> 00:05:09,880
Speaker 1: as erased from that sector. A slower outlook from key

103
00:05:09,880 --> 00:05:14,560
Speaker 1: equipment supplier ASML Holding sparked a global route. The warning

104
00:05:14,600 --> 00:05:16,960
Speaker 1: from the Netherlands based company put an abrupt end to

105
00:05:16,960 --> 00:05:21,159
Speaker 1: the recent tech rally. Invidia sank nearly five percent yesterday,

106
00:05:21,400 --> 00:05:24,640
Speaker 1: after hitting a record close earlier this week, ASML shares

107
00:05:24,680 --> 00:05:27,720
Speaker 1: tumbled the most since nineteen ninety eight in Europe after

108
00:05:27,760 --> 00:05:30,640
Speaker 1: the manufacture of the world's most advanced chip making machines

109
00:05:31,000 --> 00:05:35,040
Speaker 1: cut its outlook on sluggishness in areas beyond AI. This morning,

110
00:05:35,120 --> 00:05:38,200
Speaker 1: shares of Nvidia are higher by about six tens of

111
00:05:38,200 --> 00:05:38,960
Speaker 1: one percent.

112
00:05:38,880 --> 00:05:42,200
Speaker 2: And Nathan, we're also seeing LVMH shares under pressure. They're

113
00:05:42,200 --> 00:05:44,640
Speaker 2: down more than five percent. Shares of the fashion retailer,

114
00:05:44,920 --> 00:05:48,320
Speaker 2: whose brands include Louis Vuitton and Kristin Dior a film

115
00:05:48,360 --> 00:05:50,800
Speaker 2: for the first time since the pandemic.

116
00:05:50,480 --> 00:05:54,039
Speaker 1: And sticking in Europe, John UK inflation has slipped below

117
00:05:54,200 --> 00:05:56,520
Speaker 1: the Bank of England's two percent target for the first

118
00:05:56,520 --> 00:05:58,800
Speaker 1: time in three and a half years, a fall that

119
00:05:58,880 --> 00:06:01,680
Speaker 1: sets the stage for a second interest rate cut from

120
00:06:01,760 --> 00:06:05,919
Speaker 1: the BOE next month. Consumer prices rose one point seven

121
00:06:05,960 --> 00:06:13,240
Speaker 1: percent in September compared to a year prior, and is.

122
00:06:13,279 --> 00:06:15,440
Speaker 2: Now five oos siviled on Wall Street Time for a

123
00:06:15,440 --> 00:06:17,080
Speaker 2: look at some of the other stories making news in

124
00:06:17,120 --> 00:06:19,280
Speaker 2: New York and around the world. And for that we're

125
00:06:19,320 --> 00:06:21,200
Speaker 2: joined by Bloomberg's Michael Barr.

126
00:06:21,240 --> 00:06:24,520
Speaker 7: Michael, good morning, Good morning, John, and Atlanta judge has

127
00:06:24,640 --> 00:06:27,560
Speaker 7: blocked a last minute moved by the Georgia State Election

128
00:06:27,640 --> 00:06:31,640
Speaker 7: Board to require a hand count of ballots across local

129
00:06:31,680 --> 00:06:36,280
Speaker 7: precincts statewide in the November presidential race. Last night, Fulton

130
00:06:36,320 --> 00:06:40,240
Speaker 7: County Superior Court Judge Robert McBurney signed with challengers who

131
00:06:40,360 --> 00:06:45,960
Speaker 7: argued the Republican majority election board risks introducing confusion and

132
00:06:46,000 --> 00:06:49,880
Speaker 7: delays into the process by adopting the handcount rule so

133
00:06:50,040 --> 00:06:53,520
Speaker 7: close to election day. In his ruling, Judge McBurnie wrote,

134
00:06:53,600 --> 00:06:56,640
Speaker 7: it was too much, too late. One person has died

135
00:06:56,680 --> 00:06:59,960
Speaker 7: in the multi state listeria outbreak link to Deli Meets.

136
00:07:00,440 --> 00:07:03,280
Speaker 7: According to the CDC, it brings the total to at

137
00:07:03,320 --> 00:07:07,760
Speaker 7: least ten deaths. The US Department of Agricultures Inspector General

138
00:07:08,160 --> 00:07:11,840
Speaker 7: is launching an internal investigation into the agency's handling of

139
00:07:11,920 --> 00:07:16,800
Speaker 7: the deadly bores Head outbreak. Senator Richard Blumenthal of Connecticut.

140
00:07:16,360 --> 00:07:20,280
Speaker 8: We need a food safety agency, not just a part

141
00:07:20,360 --> 00:07:26,600
Speaker 8: of the FDA, that will guarantee the supply chain, the manufacture,

142
00:07:27,040 --> 00:07:32,120
Speaker 8: the shipping, and everything associated with food, because there are

143
00:07:32,160 --> 00:07:35,920
Speaker 8: literally thousands of contaminated products on the market every year,

144
00:07:36,000 --> 00:07:37,720
Speaker 8: and they can cause sickness and even death.

145
00:07:38,000 --> 00:07:40,560
Speaker 7: A total of fifty nine people have been infacted and

146
00:07:40,600 --> 00:07:44,960
Speaker 7: hospitalized across nineteen states so far. The cleanup and recovery

147
00:07:45,000 --> 00:07:48,040
Speaker 7: efforts continue in parts of Florida that we're hit hard

148
00:07:48,080 --> 00:07:52,320
Speaker 7: by Hurricane Milton. Governor Ron DeSantis and Zephyr Hills said

149
00:07:52,400 --> 00:07:54,280
Speaker 7: power is being restored quickly.

150
00:07:54,760 --> 00:08:00,600
Speaker 9: We've now had over four million accounts restore to power

151
00:08:00,720 --> 00:08:05,240
Speaker 9: since Hurricane Milton came. That is the fastest that's ever

152
00:08:05,320 --> 00:08:07,200
Speaker 9: been done for that many accounts.

153
00:08:07,520 --> 00:08:10,160
Speaker 7: At least twenty three people have died from the storm

154
00:08:10,240 --> 00:08:14,080
Speaker 7: in Florida. Former Clark County Public Administrator Robert Tullis, who

155
00:08:14,080 --> 00:08:17,680
Speaker 7: has found guilty of murdering Las Vegas Review General investigative

156
00:08:17,680 --> 00:08:21,200
Speaker 7: reporter Jeff Jerman, is set to be sentenced today. The

157
00:08:21,320 --> 00:08:24,240
Speaker 7: jury already sentenced tell Us to lifetime in prison at

158
00:08:24,240 --> 00:08:28,000
Speaker 7: wherever the judge could lessen the sentence. Global News twenty

159
00:08:28,040 --> 00:08:30,200
Speaker 7: four hours a day and whenever you want it with

160
00:08:30,280 --> 00:08:33,600
Speaker 7: the Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg.

161
00:08:33,679 --> 00:08:39,320
Speaker 2: John. Michael, thank you, and that brings us to five

162
00:08:39,440 --> 00:08:41,360
Speaker 2: h nine on Wall Street Time down for the Bloomberg

163
00:08:41,440 --> 00:08:43,960
Speaker 2: Sports ub Day, brought to you by Tri State Aldi

164
00:08:44,280 --> 00:08:46,720
Speaker 2: under bad Chris John Stashauer.

165
00:08:46,920 --> 00:08:47,520
Speaker 7: All right John.

166
00:08:47,559 --> 00:08:50,280
Speaker 10: The Yankees halfway towards winning the ALCS would be the

167
00:08:50,320 --> 00:08:52,440
Speaker 10: first time in two thousand and nine's the second since

168
00:08:52,480 --> 00:08:54,920
Speaker 10: oh one at the stadium the RBI doubles and Alex

169
00:08:55,160 --> 00:08:57,440
Speaker 10: Dugos second, and in Anthony Rizzo and the sixth, and

170
00:08:57,440 --> 00:09:00,120
Speaker 10: then in the seventh. Something that usually happens off but

171
00:09:00,240 --> 00:09:01,080
Speaker 10: lately is not.

172
00:09:03,360 --> 00:09:03,720
Speaker 11: Judge.

173
00:09:03,760 --> 00:09:07,160
Speaker 12: It's a high fly at a center Backos Thomas on

174
00:09:07,320 --> 00:09:14,880
Speaker 12: the track near the wall. She's gone, Aaron Judge hit

175
00:09:14,880 --> 00:09:18,120
Speaker 12: the ball so high you wonder it came down in

176
00:09:18,280 --> 00:09:24,560
Speaker 12: Monument Park. HiT's a Judge in glass all rise, Here

177
00:09:25,160 --> 00:09:27,079
Speaker 12: comes the Judge.

178
00:09:27,120 --> 00:09:28,920
Speaker 10: F an had it Judges first home in the moost

179
00:09:28,960 --> 00:09:31,839
Speaker 10: three ways. Yanks beat the Guardian sixty three. Geric cole

180
00:09:31,960 --> 00:09:34,160
Speaker 10: nodded at his best, gave up six hits, four walks

181
00:09:34,160 --> 00:09:37,560
Speaker 10: with the Yankee bullpen's been outstanding. Tim Hill got five outs,

182
00:09:37,600 --> 00:09:40,319
Speaker 10: Tommy Cainley got four of The Yanks go to Cleveland

183
00:09:40,360 --> 00:09:43,360
Speaker 10: up two nothing, Game three Tomorrow, Game three NLCS Tonight

184
00:09:43,440 --> 00:09:46,559
Speaker 10: City Field, Mets and Dodgers died at one. Luis Severino

185
00:09:46,640 --> 00:09:49,640
Speaker 10: against Walker Buehler, the one time Dodger Ace, who's had

186
00:09:49,840 --> 00:09:53,360
Speaker 10: two Tommy John surgeries. Buller only won one game this season,

187
00:09:53,360 --> 00:09:55,320
Speaker 10: he got roughed up by the Padres and his one

188
00:09:55,559 --> 00:09:58,240
Speaker 10: postseason start. The trade of Demonte Adams when the Raiders

189
00:09:58,240 --> 00:10:00,480
Speaker 10: of the Jets, something that's been rumored to take ever

190
00:10:00,520 --> 00:10:03,320
Speaker 10: since Aaron Rodgers joined the Jets. The two worked together

191
00:10:03,360 --> 00:10:05,920
Speaker 10: for eight years in Green Bay. Now a reality, with

192
00:10:06,040 --> 00:10:08,960
Speaker 10: Las Vegas getting a conditional third round draft pick, Adams

193
00:10:09,000 --> 00:10:11,439
Speaker 10: will try to quickly learn the playbook help the Jets.

194
00:10:11,440 --> 00:10:14,240
Speaker 10: Sunday night in Pittsburgh. Sounds like Russell Wilson will be

195
00:10:14,280 --> 00:10:16,960
Speaker 10: the Steelers quarterback they had been using Justin Fields.

196
00:10:17,080 --> 00:10:18,920
Speaker 1: John Stasheware, Bloomberg Sport John.

197
00:10:18,800 --> 00:10:26,200
Speaker 11: Naven Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

198
00:10:26,400 --> 00:10:29,280
Speaker 11: and around the world on Bloomberg dot Com and the

199
00:10:29,320 --> 00:10:32,720
Speaker 11: Bloomberg Business app. This is Bloomberg Daybreak.

200
00:10:32,800 --> 00:10:33,240
Speaker 1: Good morning.

201
00:10:33,240 --> 00:10:33,840
Speaker 7: I'm Nathan Hey.

202
00:10:33,880 --> 00:10:36,200
Speaker 1: You're bringing you more now from our conversation with the

203
00:10:36,240 --> 00:10:39,640
Speaker 1: former President of the United States, Donald Trump, the twenty

204
00:10:39,760 --> 00:10:43,320
Speaker 1: twenty four Republican presidential candidate, spoke with Bloomberg News Editor

205
00:10:43,320 --> 00:10:46,360
Speaker 1: in chief John Mikelfwaite at the Economic Club of Chicago

206
00:10:46,520 --> 00:10:50,400
Speaker 1: in a wide ranging discussion covering a slop of economic topics.

207
00:10:50,520 --> 00:10:52,040
Speaker 1: Let's listen in If you.

208
00:10:52,000 --> 00:10:55,240
Speaker 13: Add up all the promises you've made and your plans

209
00:10:55,280 --> 00:10:59,160
Speaker 13: would add seven point five trillion dollars to the debt.

210
00:11:00,000 --> 00:11:03,440
Speaker 13: It's more than twice the total for Vice President Harris.

211
00:11:04,520 --> 00:11:06,920
Speaker 13: This is a very business like audience. YEA, why should

212
00:11:06,920 --> 00:11:07,720
Speaker 13: they trust you with that?

213
00:11:08,200 --> 00:11:11,400
Speaker 3: Because we're about growth. She's got no growth whatsoever, and

214
00:11:11,440 --> 00:11:14,360
Speaker 3: we're all about growth. We're going to bring companies back

215
00:11:14,400 --> 00:11:17,320
Speaker 3: to our country. You look at even today as I

216
00:11:17,360 --> 00:11:20,800
Speaker 3: was driving over, I see these empty, old, beautiful like

217
00:11:20,880 --> 00:11:24,440
Speaker 3: steel mills and factories that are empty and falling down.

218
00:11:25,440 --> 00:11:28,200
Speaker 3: Some have been converted to senior citizens' homes. But that's

219
00:11:28,200 --> 00:11:30,120
Speaker 3: not going to do the trick. And we're going to

220
00:11:30,120 --> 00:11:33,000
Speaker 3: bring the companies back. We're going to lower taxes still

221
00:11:33,040 --> 00:11:36,000
Speaker 3: further for companies that are going to make their product

222
00:11:36,360 --> 00:11:39,800
Speaker 3: in the USA. We're going to protect those companies with

223
00:11:39,920 --> 00:11:43,280
Speaker 3: strong tariffs. Because I'm a believer in tariffs. I'm not

224
00:11:43,320 --> 00:11:45,120
Speaker 3: sure that you are. I don't think you are, but

225
00:11:45,480 --> 00:11:50,000
Speaker 3: I congratulate you in your career. But to me, the

226
00:11:50,280 --> 00:11:54,280
Speaker 3: most beautiful word in the dictionary is tariff and it's

227
00:11:54,320 --> 00:12:00,320
Speaker 3: my favorite word. It needs a public relations firm to

228
00:12:00,360 --> 00:12:01,959
Speaker 3: help it, but it's to miss the most.

229
00:12:01,760 --> 00:12:04,440
Speaker 13: Beautiful word and the tariffs. Do you think that will

230
00:12:04,440 --> 00:12:07,440
Speaker 13: bring in the revenues to use another bipartisan group, Yeah,

231
00:12:07,480 --> 00:12:09,480
Speaker 13: Peace and Institute. They said, I only bring in two

232
00:12:09,559 --> 00:12:12,640
Speaker 13: hundred billion dollars that is, yeah, only that's barely the

233
00:12:12,679 --> 00:12:14,120
Speaker 13: cost of two of your promises.

234
00:12:14,320 --> 00:12:18,000
Speaker 3: Yeah, but that's like for what company you're talking about. Okay, look,

235
00:12:18,000 --> 00:12:20,640
Speaker 3: I've I've brought in with tariffs and I was just

236
00:12:20,679 --> 00:12:24,120
Speaker 3: getting started. Then COVID came and we had a which

237
00:12:24,240 --> 00:12:25,800
Speaker 3: you know, because I tell you what, I did a

238
00:12:25,880 --> 00:12:27,800
Speaker 3: very good job in COVID. Nobody knew what the hell

239
00:12:27,800 --> 00:12:29,679
Speaker 3: it was. I call it the China virus because I

240
00:12:29,800 --> 00:12:33,000
Speaker 3: like being a little more accurate. But when that came,

241
00:12:33,040 --> 00:12:37,080
Speaker 3: but we got hundreds of billions of dollars just from

242
00:12:37,200 --> 00:12:40,679
Speaker 3: China alone, and I hadn't even started yet. But tariffs

243
00:12:40,679 --> 00:12:44,160
Speaker 3: are two two things if you look at it. Number

244
00:12:44,160 --> 00:12:46,440
Speaker 3: one is for protection of the companies that we have

245
00:12:47,040 --> 00:12:49,400
Speaker 3: here and the new companies that will move in, because

246
00:12:49,400 --> 00:12:52,760
Speaker 3: we're going to have thousands of companies coming into this country.

247
00:12:52,800 --> 00:12:55,160
Speaker 3: We're going to grow it like it's never grown before.

248
00:12:55,360 --> 00:12:57,559
Speaker 13: The markets are looking at the fact you are making

249
00:12:57,640 --> 00:13:01,360
Speaker 13: all these promises. Latest one was Carlo, you're flooding the

250
00:13:01,400 --> 00:13:05,120
Speaker 13: thing with giving giveaways. But I was. I was actually

251
00:13:05,160 --> 00:13:08,400
Speaker 13: quite kind to you. I used seven trillion, the upper

252
00:13:08,520 --> 00:13:11,920
Speaker 13: estimates fifteen trillion. People like a Wall Street Journal who's

253
00:13:11,960 --> 00:13:15,160
Speaker 13: hardly a communist organization, but you don't. They have criticized

254
00:13:15,200 --> 00:13:17,840
Speaker 13: you on this as well. You are running an enormous debt.

255
00:13:18,080 --> 00:13:19,880
Speaker 3: What is the Wall Street Journal? Now I'm meeting with

256
00:13:19,920 --> 00:13:21,760
Speaker 3: them tomorrow. What is the Wall Street Journal? That they've

257
00:13:21,760 --> 00:13:24,400
Speaker 3: been wrong about everything? So have you? By the way,

258
00:13:24,760 --> 00:13:25,280
Speaker 3: you've been wrong.

259
00:13:25,440 --> 00:13:27,560
Speaker 13: You're trying to turn this. You're trying to turn this

260
00:13:27,640 --> 00:13:29,720
Speaker 13: you've been wrong. No, you're trying to turn You're trying

261
00:13:29,720 --> 00:13:30,800
Speaker 13: to turn this into debate.

262
00:13:31,800 --> 00:13:32,920
Speaker 1: There are business people.

263
00:13:33,480 --> 00:13:36,040
Speaker 3: You're wrong. You've been wrong. You've been wrong all your

264
00:13:36,040 --> 00:13:38,520
Speaker 3: life on this stuff. You've been No, let me tell

265
00:13:38,520 --> 00:13:40,480
Speaker 3: you about currency. You're going to You know, you're going

266
00:13:40,679 --> 00:13:44,079
Speaker 3: jumping a lot of a lot of different subjects, sticking

267
00:13:44,160 --> 00:13:46,960
Speaker 3: to the subject back their reserve currency. That's where you start.

268
00:13:47,840 --> 00:13:50,200
Speaker 3: You'll go to third world status in this country. Because

269
00:13:50,200 --> 00:13:51,880
Speaker 3: you take a look at the way things are running.

270
00:13:52,640 --> 00:13:56,440
Speaker 3: If a country tells me, sure, we like you very much,

271
00:13:56,480 --> 00:13:58,840
Speaker 3: but we're going to no longer adhere to being in

272
00:13:58,880 --> 00:14:03,720
Speaker 3: the reserve currency. We're not going to salute the dollar anymore.

273
00:14:04,520 --> 00:14:08,160
Speaker 3: I'll say that's okay. And you're going to pay one

274
00:14:08,200 --> 00:14:11,960
Speaker 3: hundred percent teriff for everything you sell into the United States.

275
00:14:12,520 --> 00:14:14,360
Speaker 3: And we love your product. I help you sell a

276
00:14:14,360 --> 00:14:16,200
Speaker 3: lot of it into the United States, but you're going

277
00:14:16,240 --> 00:14:19,920
Speaker 3: to pay one hundred percent tariff. He will then follow

278
00:14:19,960 --> 00:14:22,120
Speaker 3: it up by saying, sir, it would be an honor

279
00:14:22,200 --> 00:14:23,960
Speaker 3: to stay with the reserve currency.

280
00:14:24,800 --> 00:14:26,840
Speaker 13: You say you don't want interest rates to go higher,

281
00:14:26,880 --> 00:14:29,800
Speaker 13: You've gone backwards and forwards. About depends whether you want

282
00:14:29,840 --> 00:14:31,880
Speaker 13: to keep whether you want to keep your own powerll

283
00:14:31,920 --> 00:14:34,680
Speaker 13: as chair at the Federal Reserve. His term as chair

284
00:14:34,800 --> 00:14:38,160
Speaker 13: runs on to May twenty twenty six. Would you seek

285
00:14:38,200 --> 00:14:40,320
Speaker 13: to remove, remove or demote him.

286
00:14:40,440 --> 00:14:43,800
Speaker 3: I think it's the greatest job in government. You show

287
00:14:43,880 --> 00:14:46,280
Speaker 3: up to the office once a month and you say,

288
00:14:46,360 --> 00:14:50,920
Speaker 3: let's see flip a coal, and everybody talks about you

289
00:14:51,040 --> 00:14:53,000
Speaker 3: like your god, Oh what will he do? I mean,

290
00:14:53,080 --> 00:14:55,720
Speaker 3: before the guy used to walk into my office, he

291
00:14:55,920 --> 00:14:59,040
Speaker 3: was like the beg in host he was.

292
00:14:59,000 --> 00:15:02,680
Speaker 13: Fine, did you did? You talked about removing him once?

293
00:15:03,040 --> 00:15:05,400
Speaker 3: I did, because he was keeping the reads too high

294
00:15:05,640 --> 00:15:07,800
Speaker 3: him and I was right, and you would do that again.

295
00:15:08,160 --> 00:15:10,800
Speaker 3: I was threatening to terminate him. There was a question

296
00:15:10,800 --> 00:15:13,280
Speaker 3: as to whether or not you could. And there was

297
00:15:13,320 --> 00:15:15,800
Speaker 3: an article on the New York Times two half pages

298
00:15:16,080 --> 00:15:18,640
Speaker 3: one page that I can do it by lawyers, one

299
00:15:18,640 --> 00:15:21,080
Speaker 3: half page that I couldn't. And that was enough for him,

300
00:15:21,200 --> 00:15:22,600
Speaker 3: and he dropped the hell out of the rates. He

301
00:15:22,680 --> 00:15:26,040
Speaker 3: dropped them too much, he went. So he dropped them

302
00:15:26,040 --> 00:15:29,360
Speaker 3: actually too much. I think that if you're a very

303
00:15:29,440 --> 00:15:32,800
Speaker 3: good president with good sense, you should be able to

304
00:15:32,840 --> 00:15:35,040
Speaker 3: at least talk to him. I don't say make the

305
00:15:35,120 --> 00:15:38,040
Speaker 3: decision at all, but I mean I've been a very

306
00:15:38,080 --> 00:15:41,640
Speaker 3: successful businessman. I've done really good, much better now people

307
00:15:41,680 --> 00:15:44,320
Speaker 3: are understanding how good I've done because they're seeing it

308
00:15:44,600 --> 00:15:46,560
Speaker 3: much better than the fake news wants to give me

309
00:15:46,600 --> 00:15:50,680
Speaker 3: credit for what I think I have the right to say.

310
00:15:50,800 --> 00:15:53,360
Speaker 3: As a very good businessman and somebody that's used a

311
00:15:53,360 --> 00:15:56,360
Speaker 3: lot of sense, I think I have the right to

312
00:15:56,400 --> 00:15:58,840
Speaker 3: say that. You know, I think I'm better than he

313
00:15:58,880 --> 00:16:02,360
Speaker 3: would be, better than most people would be in that position.

314
00:16:02,760 --> 00:16:04,040
Speaker 3: I think I have the right to say I think

315
00:16:04,080 --> 00:16:05,520
Speaker 3: you should go up or down a little bit.

316
00:16:05,560 --> 00:16:08,800
Speaker 2: This is Bloomberg Daybreak. Here morning podcast on the stories

317
00:16:08,840 --> 00:16:11,720
Speaker 2: making news from Wall Street to Washington and beyond.

318
00:16:12,000 --> 00:16:14,440
Speaker 1: Look for us on your podcast feed by six am

319
00:16:14,440 --> 00:16:17,840
Speaker 1: Eastern each morning, on Apple, Spotify, or anywhere else you listen.

320
00:16:17,920 --> 00:16:20,400
Speaker 2: You can also listen live each morning starting at five

321
00:16:20,440 --> 00:16:22,920
Speaker 2: am Wall Street Time. I'm Bloomberg eleven three to zero

322
00:16:22,840 --> 00:16:25,320
Speaker 2: in New York, Bloomberg ninety nine to one in Washington,

323
00:16:25,560 --> 00:16:29,720
Speaker 2: Bloomberg ninety two nine in Boston, and Nationwide's Serious XM

324
00:16:29,880 --> 00:16:31,640
Speaker 2: Channel one twenty one LUs.

325
00:16:31,760 --> 00:16:34,360
Speaker 1: Listen coast to coast on the Bloomberg Business app now

326
00:16:34,360 --> 00:16:36,920
Speaker 1: with Applecarplay and Android auto interfaces.

327
00:16:37,160 --> 00:16:39,840
Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's

328
00:16:39,880 --> 00:16:42,640
Speaker 2: the latest news whenever you want it in five minutes

329
00:16:42,720 --> 00:16:47,040
Speaker 2: or less. Search Bloomberg News Now. Your favorite podcast platform

330
00:16:47,320 --> 00:16:50,680
Speaker 2: is Stay informed all day long. I'm John Tucker.

331
00:16:50,400 --> 00:16:52,920
Speaker 1: And I'm Nathan Hager. Join us again tomorrow morning for

332
00:16:53,000 --> 00:16:54,920
Speaker 1: all the news you need to start your day right

333
00:16:54,920 --> 00:16:56,400
Speaker 1: here on Bloomberg Daybreak