1 00:00:00,520 --> 00:00:03,200 Speaker 1: Why from our nations came this budget thing is going 2 00:00:03,279 --> 00:00:05,280 Speaker 1: to do nothing with space forces. I still think it's 3 00:00:05,320 --> 00:00:08,959 Speaker 1: interesting President Trump not playing his cards yet headlines Policy 4 00:00:08,960 --> 00:00:12,440 Speaker 1: and Politics, colliding to sound on with Kevin's O Relate 5 00:00:12,480 --> 00:00:16,320 Speaker 1: the insiders the influencers insides, I would rather see a 6 00:00:16,360 --> 00:00:19,200 Speaker 1: congressional solution. It's part of my DNA. The Senate map 7 00:00:19,239 --> 00:00:22,320 Speaker 1: in looks a lot different than it looked in. You 8 00:00:22,400 --> 00:00:25,279 Speaker 1: really have a divide within Team Trump. The President has 9 00:00:25,320 --> 00:00:27,240 Speaker 1: to do exactly what people send him here to do, 10 00:00:27,320 --> 00:00:30,480 Speaker 1: which is to get it done. He's sound on with 11 00:00:30,560 --> 00:00:35,400 Speaker 1: Kevin's O. Related on Bloomberg one and seven m h 12 00:00:35,560 --> 00:00:39,920 Speaker 1: D two Boltemore, President Trump hints at big trade offer 13 00:00:40,080 --> 00:00:45,800 Speaker 1: if if, if Britain breaks free from the EU. The 14 00:00:45,840 --> 00:00:50,200 Speaker 1: President now meddled in Brexit talks. Not to be confused 15 00:00:50,280 --> 00:00:54,360 Speaker 1: with the tariff talks that the President also finds himself 16 00:00:54,440 --> 00:00:58,680 Speaker 1: marred in. We hear exclusively from Senator Joanie Ernst to 17 00:00:58,760 --> 00:01:01,880 Speaker 1: Republican from Iowa. She doesn't like the President's tariff talks 18 00:01:01,880 --> 00:01:07,240 Speaker 1: and how it's impacting farmers. Plus Anthony Scaramucci, remember the Mooch. 19 00:01:07,600 --> 00:01:10,160 Speaker 1: The Mooch calls in. We talked tariffs with him, He's 20 00:01:10,160 --> 00:01:13,920 Speaker 1: still got the ear of Wall Street. What does Skybridge 21 00:01:14,000 --> 00:01:19,839 Speaker 1: Capital think of all of the trade policies impacting the president? Plus, 22 00:01:19,840 --> 00:01:25,480 Speaker 1: did everybody see Jared Kushner's interview with Axios the other night? Remarkable, 23 00:01:25,520 --> 00:01:28,360 Speaker 1: remarkable interview with Jonathan Swan. We're going to take it 24 00:01:28,400 --> 00:01:31,240 Speaker 1: directly to two folks who are inside of the Beltway, 25 00:01:31,480 --> 00:01:35,000 Speaker 1: hrenched in the swamp. Matt Gorman is a vice president 26 00:01:35,040 --> 00:01:40,160 Speaker 1: at Targeted Victory. He's the former NRCC communications director. And 27 00:01:40,200 --> 00:01:43,880 Speaker 1: Brett Bruin, president of the Global Situation Room and former 28 00:01:44,319 --> 00:01:48,720 Speaker 1: White House Director of Global Engagement in the Obama administration. 29 00:01:48,760 --> 00:01:50,600 Speaker 1: Matt and Brett are two friends of the program and 30 00:01:50,640 --> 00:01:55,400 Speaker 1: they are with me for the our tariff talks the President. 31 00:01:55,640 --> 00:01:59,640 Speaker 1: The President has Mexico on his mind even while he 32 00:01:59,800 --> 00:02:02,440 Speaker 1: is en route and now he is of course in 33 00:02:02,480 --> 00:02:05,120 Speaker 1: the United Kingdom for his big state visit over there. 34 00:02:05,600 --> 00:02:09,000 Speaker 1: President Trump talking about what he threatened to do last week, 35 00:02:09,000 --> 00:02:13,880 Speaker 1: which is add new tariffs to Mexico if they don't 36 00:02:14,440 --> 00:02:17,799 Speaker 1: well deal with him on the issue of immigration. Here's 37 00:02:17,800 --> 00:02:20,200 Speaker 1: President Trump before he took off for the UK on Sunday. 38 00:02:20,280 --> 00:02:24,079 Speaker 1: Take a listen. They have to do something about the border. 39 00:02:24,120 --> 00:02:28,959 Speaker 1: Everyone's coming through Mexico, including drugs, including human trafficking, and 40 00:02:29,080 --> 00:02:31,760 Speaker 1: we're gonna stop it. But we're not going to do business. 41 00:02:31,800 --> 00:02:35,040 Speaker 1: And that's gonna be It's it's very simple. Mcgarman as 42 00:02:35,120 --> 00:02:39,720 Speaker 1: vice president at Targeted Victory. He's the former NRCC Communications Director. 43 00:02:39,800 --> 00:02:42,959 Speaker 1: Brett Bruin, president of the Global Situation Room, and former 44 00:02:42,960 --> 00:02:46,600 Speaker 1: White House Director of Global Engagement. Brett, I'll start with you. 45 00:02:46,600 --> 00:02:50,080 Speaker 1: You know foreign policy better than anybody in town. Why 46 00:02:50,280 --> 00:02:54,680 Speaker 1: is the President threatening tariffs against Mexico while he's overseas 47 00:02:54,840 --> 00:02:57,960 Speaker 1: in the UK. Well, let me start with some inside information. 48 00:02:58,000 --> 00:03:00,360 Speaker 1: I was chatting over the last few days with some 49 00:03:00,440 --> 00:03:05,760 Speaker 1: senior State Department people. They had no clue, not heads up, 50 00:03:05,840 --> 00:03:09,080 Speaker 1: not oh hey, we're thinking about this. Do you have 51 00:03:09,120 --> 00:03:13,760 Speaker 1: any thoughts? Would it perhaps jeopardize the delicate balance that 52 00:03:13,840 --> 00:03:16,360 Speaker 1: we've created, not just on trade. Let's bear in mind 53 00:03:16,440 --> 00:03:21,440 Speaker 1: we have relationships that range from drug control, to environmental issues, 54 00:03:21,560 --> 00:03:24,840 Speaker 1: to a whole host of other matters. And the President 55 00:03:24,960 --> 00:03:28,400 Speaker 1: didn't even bother to consult his own Secretary of State, 56 00:03:28,480 --> 00:03:31,720 Speaker 1: his own ambassador, let alone, you know, a whole host 57 00:03:31,760 --> 00:03:34,280 Speaker 1: of other agencies that have equities here. I mean This 58 00:03:34,360 --> 00:03:40,320 Speaker 1: is Trump diplomacy at its worst. Matt No. I mean, 59 00:03:40,360 --> 00:03:42,600 Speaker 1: look like this is easy part for the course of them. 60 00:03:42,600 --> 00:03:44,560 Speaker 1: And we saw this in December when it came to 61 00:03:44,760 --> 00:03:47,160 Speaker 1: Syria and the troops right didn't get the heads up 62 00:03:47,160 --> 00:03:50,440 Speaker 1: to Congress. Lindsey Graham and others were totally kept out 63 00:03:50,440 --> 00:03:53,440 Speaker 1: a loop on this. I keep coming back at this 64 00:03:53,520 --> 00:03:58,320 Speaker 1: point where his if he jeopardizes anything about the economy, 65 00:03:58,320 --> 00:04:01,880 Speaker 1: he's essentially jeopardized himself on real election. His his fortunes 66 00:04:01,920 --> 00:04:04,680 Speaker 1: politically are so much tied to the economy. Is the 67 00:04:04,760 --> 00:04:07,480 Speaker 1: one ace in his uh pocket that he has he 68 00:04:07,560 --> 00:04:10,560 Speaker 1: cannot jeopardize. So if the tariffs go up five percent 69 00:04:10,680 --> 00:04:14,040 Speaker 1: every month and they're hitting September, that is a huge 70 00:04:14,080 --> 00:04:16,760 Speaker 1: problem for him. Well, and let's also bear in mind 71 00:04:16,920 --> 00:04:20,359 Speaker 1: that when we're talking about tariffs, particularly like on the 72 00:04:20,400 --> 00:04:24,040 Speaker 1: omido sector, these parts go back in forth several times. 73 00:04:24,240 --> 00:04:27,600 Speaker 1: So it's five percent every time or ten percent every time. 74 00:04:27,920 --> 00:04:31,880 Speaker 1: That's a massive price increase for automakers that are passed 75 00:04:31,880 --> 00:04:35,840 Speaker 1: on to Americans consumers. And as the President's heading into reelection, 76 00:04:36,120 --> 00:04:39,080 Speaker 1: that is not the kind of ticket price or sticker 77 00:04:39,160 --> 00:04:41,200 Speaker 1: shock that the consumers are gonna want to see and 78 00:04:41,240 --> 00:04:44,200 Speaker 1: really quick to Nancy Pelosi and Democrats in Congress want 79 00:04:44,240 --> 00:04:48,080 Speaker 1: any excuse, any excuse possible to not pass um m 80 00:04:48,120 --> 00:04:50,720 Speaker 1: c A, and essentially Trump is getting it to them. 81 00:04:50,720 --> 00:04:52,560 Speaker 1: Well so, but it depends when he asked him that, 82 00:04:52,600 --> 00:04:54,919 Speaker 1: Because we're gonna hear from Senator John Yards coming up 83 00:04:54,920 --> 00:04:58,240 Speaker 1: an interview her from Bloomberg Television Senator Joanie Earns, the 84 00:04:58,279 --> 00:05:01,119 Speaker 1: Republican from Iowa, and she said, as look, she doesn't 85 00:05:01,120 --> 00:05:03,720 Speaker 1: like these terrorists anymore than Brett Ruin likes these terrorists. 86 00:05:03,720 --> 00:05:06,640 Speaker 1: But what she's saying is maybe he's stirring the pot, 87 00:05:06,720 --> 00:05:09,440 Speaker 1: trying to create a little noise to get this ahead 88 00:05:09,440 --> 00:05:11,640 Speaker 1: of the finish line. By the way, you've got the 89 00:05:11,720 --> 00:05:15,400 Speaker 1: Mexican delegation they just arrived in town today. Take a 90 00:05:15,400 --> 00:05:17,320 Speaker 1: listen to what President Trump had to say about the 91 00:05:17,400 --> 00:05:21,880 Speaker 1: arrival of the Mexico delegation to meet and negotiate on trade. Well, 92 00:05:21,880 --> 00:05:25,680 Speaker 1: he's across the pond. They're sending a big delegation right 93 00:05:25,680 --> 00:05:28,839 Speaker 1: here to the White House on Wednesday, as I understand it, 94 00:05:29,680 --> 00:05:32,760 Speaker 1: and we'll see what can be done. But if it's 95 00:05:32,800 --> 00:05:35,920 Speaker 1: not done, you know what we're gonna be doing. And uh, 96 00:05:36,000 --> 00:05:39,159 Speaker 1: I'm really okay with that, So now you've got them 97 00:05:39,160 --> 00:05:42,120 Speaker 1: negotiating with this. Brett, you made the reference point of 98 00:05:42,120 --> 00:05:45,000 Speaker 1: State Department officials being out in the dark on this. 99 00:05:45,480 --> 00:05:48,040 Speaker 1: The New York Times Maggie Haberman reporting over the weekend 100 00:05:48,080 --> 00:05:51,080 Speaker 1: that the President also was at one point suggesting that 101 00:05:51,120 --> 00:05:55,279 Speaker 1: he would have tariffs against not China, not Mexico, not Japan. 102 00:05:55,320 --> 00:05:59,760 Speaker 1: I'm I'm losing count not the EU, not Canada, but Australia, 103 00:06:00,240 --> 00:06:02,520 Speaker 1: the Aussie's I was at the Aussie embassy last week, 104 00:06:02,560 --> 00:06:05,599 Speaker 1: but the ambassador there we weren't talking about tariffs. But 105 00:06:05,680 --> 00:06:08,159 Speaker 1: then the State Department stepped in and said, we don't 106 00:06:08,160 --> 00:06:10,720 Speaker 1: want tariffs on the Aussie so he backed off. Well 107 00:06:10,720 --> 00:06:12,960 Speaker 1: it's good he listened on that score. But let me 108 00:06:13,040 --> 00:06:15,839 Speaker 1: also emphasized the art of the deal, the art of 109 00:06:15,839 --> 00:06:20,720 Speaker 1: the diplomatic deal. He had one with Mexico. They made concessions. 110 00:06:21,000 --> 00:06:24,039 Speaker 1: You then don't go back and slap them on the 111 00:06:24,120 --> 00:06:29,279 Speaker 1: side of the head with this completely irrelevant issue, especially 112 00:06:29,360 --> 00:06:31,880 Speaker 1: when you're trying to get something through Congress. If you 113 00:06:31,960 --> 00:06:36,240 Speaker 1: want countries to make concessions, real concessions, not the superficial 114 00:06:36,520 --> 00:06:38,960 Speaker 1: guy that he's getting from Kim Jong un. You have 115 00:06:39,200 --> 00:06:42,240 Speaker 1: got to fulfill on your promises, and you've got to 116 00:06:42,240 --> 00:06:45,880 Speaker 1: not backtrack and enter into some whole other area that 117 00:06:46,000 --> 00:06:48,120 Speaker 1: is going to complicate matters and going to make it 118 00:06:48,200 --> 00:06:50,200 Speaker 1: less likely that a Roan or China or anyone else 119 00:06:50,240 --> 00:06:51,640 Speaker 1: wants to make a deal. Look, I think you can 120 00:06:51,680 --> 00:06:53,240 Speaker 1: make a good point when it comes to diplomatic deals. 121 00:06:53,240 --> 00:06:55,200 Speaker 1: I think Trump knows one speed when it comes to deals, 122 00:06:55,200 --> 00:06:57,880 Speaker 1: and I think it's it is the speed tweet, or 123 00:06:57,920 --> 00:06:59,560 Speaker 1: it's even before that. This is you know how we 124 00:06:59,600 --> 00:07:02,920 Speaker 1: did it in the business world, fine leverage. Right. So 125 00:07:02,960 --> 00:07:05,600 Speaker 1: now a win for Trump is or win from Mexico, 126 00:07:05,640 --> 00:07:09,240 Speaker 1: and theory would be not getting these tariffs put on right, 127 00:07:09,279 --> 00:07:11,280 Speaker 1: And so I think he has won speech when in 128 00:07:11,320 --> 00:07:14,679 Speaker 1: a broadway this track's very closely would with his style 129 00:07:14,760 --> 00:07:17,720 Speaker 1: and his negotiating tactics back in the private sector. If 130 00:07:17,720 --> 00:07:21,200 Speaker 1: you're speaker Pelosi, I mean person, I don't. I'm hard 131 00:07:21,240 --> 00:07:25,560 Speaker 1: pressed to find a Republican, a Republican, a Republican who 132 00:07:25,600 --> 00:07:29,760 Speaker 1: likes these tariffs at all. And in fact, many of 133 00:07:29,800 --> 00:07:32,480 Speaker 1: the farmers I mean, and we always say like, oh, 134 00:07:32,560 --> 00:07:35,800 Speaker 1: the President's hurting farmers. That's like the mainstream media, left 135 00:07:35,840 --> 00:07:38,480 Speaker 1: wing narrative. But if you actually talk to farmers, if 136 00:07:38,520 --> 00:07:41,320 Speaker 1: you look at how commodities are, futures are training. If 137 00:07:41,360 --> 00:07:43,520 Speaker 1: you I was in the Bloomberg terminal earlier today and 138 00:07:43,560 --> 00:07:45,560 Speaker 1: I was looking at how futures in the corn market 139 00:07:45,600 --> 00:07:49,040 Speaker 1: we're training. I mean, they're they're spiking because there's just 140 00:07:49,120 --> 00:07:51,520 Speaker 1: all of this economic uncertainty. Then you throw in the 141 00:07:51,520 --> 00:07:54,920 Speaker 1: floods that are happening in like the western portion of Iowa, 142 00:07:54,920 --> 00:07:58,160 Speaker 1: for example, it's it's remarkable how they're getting hit on this. 143 00:07:58,760 --> 00:08:02,720 Speaker 1: There's a lot of economic angst, a lot of economic uncertainty. 144 00:08:02,840 --> 00:08:06,000 Speaker 1: And where where my confusion is to Brett's point is 145 00:08:06,880 --> 00:08:08,640 Speaker 1: why is he lumping U. S m c A with 146 00:08:08,680 --> 00:08:11,800 Speaker 1: the immigration fight? And the President somewhat spoke to this 147 00:08:11,840 --> 00:08:14,400 Speaker 1: when he was talking about well, he was like conflating 148 00:08:14,400 --> 00:08:18,640 Speaker 1: them all. Take a listen. Here is the Democrats would 149 00:08:18,680 --> 00:08:22,360 Speaker 1: wise up and give us the proper laws, the proper 150 00:08:22,480 --> 00:08:27,000 Speaker 1: immigration laws. We could solve the problem in one day. 151 00:08:27,120 --> 00:08:33,240 Speaker 1: But in the main time Mexico can do it. So uh, Matt, 152 00:08:33,280 --> 00:08:36,600 Speaker 1: I mean, my question is it's U. S. M c A, 153 00:08:37,200 --> 00:08:41,199 Speaker 1: it's the immigration debate, and it's the battle with Democrats. 154 00:08:41,320 --> 00:08:44,160 Speaker 1: So what is the what's the agenda. You just named 155 00:08:44,200 --> 00:08:46,400 Speaker 1: three things that rile up his base in advance of 156 00:08:47,520 --> 00:08:51,640 Speaker 1: and that that proved to be in right. Trade America first, 157 00:08:51,640 --> 00:08:56,240 Speaker 1: protecting our borders both economically but also physically right when 158 00:08:56,280 --> 00:08:58,280 Speaker 1: it comes to immigration. And the third thing, is it 159 00:08:58,440 --> 00:09:01,959 Speaker 1: right attacking Democrats? This is much more, I think in 160 00:09:02,080 --> 00:09:05,640 Speaker 1: essence of calculation for him. He needs to be able 161 00:09:05,679 --> 00:09:08,880 Speaker 1: to show that he's making progress. But if you're Secretary 162 00:09:08,920 --> 00:09:11,800 Speaker 1: of State Mike Pompeo, Bret Bruin, who knows everyone at 163 00:09:11,920 --> 00:09:14,520 Speaker 1: in the State Department, world of current and yesterday here, 164 00:09:14,880 --> 00:09:17,480 Speaker 1: if you're Secretary of State Mike Pompeo and you're putting 165 00:09:17,480 --> 00:09:21,480 Speaker 1: together the agenda for Wednesday's meetings, the official meetings with 166 00:09:21,559 --> 00:09:25,760 Speaker 1: the Mexican delegation that's coming over here, what do you 167 00:09:25,800 --> 00:09:28,000 Speaker 1: put on the agenda when there's all of these issues 168 00:09:28,000 --> 00:09:31,360 Speaker 1: that are conflated. Well, I think the key point that 169 00:09:31,559 --> 00:09:36,280 Speaker 1: is um a question for is what has Trump done 170 00:09:36,440 --> 00:09:39,440 Speaker 1: on the world stage that he can point to? And 171 00:09:39,480 --> 00:09:41,760 Speaker 1: it was U, S M c A, it was look, 172 00:09:41,800 --> 00:09:45,800 Speaker 1: I brought Canada, I brought Mexico UH to the table, 173 00:09:45,920 --> 00:09:50,400 Speaker 1: they made concessions. It's making progress through Capitol Hill, he 174 00:09:50,480 --> 00:09:54,040 Speaker 1: has nothing else. North Korea is very off course around 175 00:09:54,080 --> 00:09:57,480 Speaker 1: they're already backtracking on some of their hard lines on China. 176 00:09:57,559 --> 00:09:59,880 Speaker 1: Will see what it happens. But there is nothing now 177 00:10:00,320 --> 00:10:03,040 Speaker 1: in his two and a half years in office that 178 00:10:03,120 --> 00:10:04,880 Speaker 1: he's going to be able to point to and said, 179 00:10:05,080 --> 00:10:07,560 Speaker 1: you know, for all of the bravado, for all of 180 00:10:07,559 --> 00:10:10,880 Speaker 1: my braggadocious style, I don't have very much to show 181 00:10:10,880 --> 00:10:13,200 Speaker 1: for it. So what does Pompeo do? Sure, I mean, 182 00:10:13,200 --> 00:10:15,640 Speaker 1: the Mexicans are gonna come to town. They as much 183 00:10:15,640 --> 00:10:17,719 Speaker 1: as anyone, are gonna want to put this genie back 184 00:10:17,760 --> 00:10:19,520 Speaker 1: in the bottle, and they'll do it quickly. All right, 185 00:10:19,559 --> 00:10:21,160 Speaker 1: coming up, we're gonna hear from the mooch. You guys, 186 00:10:21,160 --> 00:10:24,679 Speaker 1: remember the mooch. We're getting Scaramucci. He's a skybridge. I mean, 187 00:10:24,679 --> 00:10:26,800 Speaker 1: he just had that big salt conference. We're gonna we're 188 00:10:26,800 --> 00:10:28,679 Speaker 1: gonna check in with him on what he thinks of 189 00:10:28,720 --> 00:10:32,000 Speaker 1: Tariffy doesn't like the tariffs, not at all. Brett Bruins stays, 190 00:10:32,440 --> 00:10:35,320 Speaker 1: as does mc gorman. You can download the sound on 191 00:10:35,480 --> 00:10:39,199 Speaker 1: podcasts at Apple iTunes, at Bloomberg dot com, or by 192 00:10:39,200 --> 00:10:41,640 Speaker 1: downloading the Bloomberg Business app. You can also find us 193 00:10:41,640 --> 00:10:44,880 Speaker 1: on radio dot Com, I Heart Radio and Spotify. I'm 194 00:10:44,960 --> 00:10:49,600 Speaker 1: Kevin's Really Cheap Washington correspondent for Bloomberg Television and Bloomberg Radio. 195 00:10:49,720 --> 00:10:56,559 Speaker 1: And you are listening to Bloomberg, You're listening to Sound 196 00:10:56,600 --> 00:11:00,760 Speaker 1: On with Kevin's are really on Bloomberg one and one 197 00:11:00,800 --> 00:11:05,359 Speaker 1: oh five point seven m h D two, Baltimore. Beautiful 198 00:11:05,440 --> 00:11:08,760 Speaker 1: day in the neighborhood, folks, Happy Monday. I'm Kevin Surreally 199 00:11:08,880 --> 00:11:14,240 Speaker 1: Chief Washington correspondent for Bloomberg Television Bloomberg Radio. How about 200 00:11:14,240 --> 00:11:17,880 Speaker 1: these tariffs? The President taking it not just from Democrats 201 00:11:17,920 --> 00:11:21,440 Speaker 1: on tariffs, but from Republicans. And earlier today I caught 202 00:11:21,480 --> 00:11:25,360 Speaker 1: up with Senator Joanie Ernst, a Republican from Iowa, and 203 00:11:25,440 --> 00:11:27,440 Speaker 1: she didn't like the tariffs. I asked what she was 204 00:11:27,520 --> 00:11:32,320 Speaker 1: hearing from her constituents, particularly farmers, about these tarrists. Here's 205 00:11:32,360 --> 00:11:35,280 Speaker 1: what she told me, Well, they are not happy about that. 206 00:11:35,440 --> 00:11:38,520 Speaker 1: Of course, they don't appreciate the tariffs. When it comes 207 00:11:38,559 --> 00:11:41,920 Speaker 1: to Canada and Mexico, they are very good trading partners 208 00:11:41,920 --> 00:11:43,720 Speaker 1: and we really need to get the U. S m 209 00:11:43,760 --> 00:11:47,120 Speaker 1: c A over the finish line. So what the president 210 00:11:47,200 --> 00:11:50,320 Speaker 1: is trying to do? Of course, wake up Mexico. Let's 211 00:11:50,360 --> 00:11:53,920 Speaker 1: talk about the humanitarian crisis on the southern boarder, but 212 00:11:54,200 --> 00:11:57,160 Speaker 1: let's make that a separate issue. Let's focus on trade. 213 00:11:57,240 --> 00:11:59,720 Speaker 1: Let's get the trade deal done, and then let's work 214 00:11:59,760 --> 00:12:04,040 Speaker 1: with our partners in Mexico to alleviate the humanitarian crisis. Well, 215 00:12:04,120 --> 00:12:07,320 Speaker 1: can Republicans up on Capitol Hill in the Senate to 216 00:12:07,320 --> 00:12:09,760 Speaker 1: to pressure the President to back off of these threats 217 00:12:09,760 --> 00:12:11,600 Speaker 1: its hairs? Well, I think we need to get the 218 00:12:11,679 --> 00:12:13,760 Speaker 1: U S m c A done. Let's let's get that 219 00:12:13,840 --> 00:12:16,000 Speaker 1: over the finish line. But then we also need to 220 00:12:16,040 --> 00:12:18,440 Speaker 1: be speaking up and saying, Mr President, this is what 221 00:12:18,480 --> 00:12:21,960 Speaker 1: our constituencies are saying, and they really don't want to 222 00:12:21,960 --> 00:12:24,480 Speaker 1: see those terraffs. Meanwhile, you had a really big win 223 00:12:24,559 --> 00:12:27,560 Speaker 1: on fifteen in particular, that's going to be able to 224 00:12:27,600 --> 00:12:31,440 Speaker 1: be sold year round living in Obama era regulation. How 225 00:12:31,480 --> 00:12:34,240 Speaker 1: did this come about? Well, we worked very hard, a 226 00:12:34,320 --> 00:12:38,000 Speaker 1: number of US Republicans from those ethanol producing states across 227 00:12:38,040 --> 00:12:40,920 Speaker 1: the Midwest. We pushed the e p A, We pushed 228 00:12:40,920 --> 00:12:44,520 Speaker 1: the administration very hard, and of course then the President 229 00:12:44,559 --> 00:12:48,439 Speaker 1: had made that promise to farmers and to ethanol producers 230 00:12:48,440 --> 00:12:51,880 Speaker 1: that he would support the renewable fuel standard, and this 231 00:12:51,960 --> 00:12:54,640 Speaker 1: last week the President lived up to that promise and 232 00:12:54,679 --> 00:12:56,760 Speaker 1: we now have a fifteen year round and this is 233 00:12:56,760 --> 00:12:59,320 Speaker 1: a win for ethanol. There's also the various farmer aid 234 00:12:59,360 --> 00:13:03,280 Speaker 1: packages are being distributed to farmers as well. But the 235 00:13:03,280 --> 00:13:05,840 Speaker 1: bottom line is that if what I'm hearing from you 236 00:13:05,920 --> 00:13:07,920 Speaker 1: is that if you impose these tarrants, however, it could 237 00:13:08,040 --> 00:13:10,920 Speaker 1: off cut some of these games that have been made 238 00:13:10,960 --> 00:13:14,160 Speaker 1: for farmers right the A fifteen is a huge win 239 00:13:14,320 --> 00:13:17,319 Speaker 1: for Iowa farmers. That's a huge win for the Midwest 240 00:13:17,400 --> 00:13:20,640 Speaker 1: of course, and those that want consumer choice at the pump. 241 00:13:21,000 --> 00:13:23,520 Speaker 1: But what we don't want to see our additional tariffs 242 00:13:23,520 --> 00:13:28,120 Speaker 1: that might cut further into that corn market or other 243 00:13:28,160 --> 00:13:31,440 Speaker 1: types of biofuels markets. So we need to continue on 244 00:13:31,480 --> 00:13:34,040 Speaker 1: a path of success. And that's why getting the u 245 00:13:34,120 --> 00:13:37,120 Speaker 1: s m c A done right away is imperative. In 246 00:13:37,200 --> 00:13:39,960 Speaker 1: terms of the timeline, where do you think the next 247 00:13:39,960 --> 00:13:43,000 Speaker 1: procedural steps are for us m c A or not? 248 00:13:43,080 --> 00:13:45,560 Speaker 1: The two points. It's absolutely has to go through the 249 00:13:45,559 --> 00:13:49,760 Speaker 1: House and Speaker Pelosi has to bring the bill up. 250 00:13:50,160 --> 00:13:52,400 Speaker 1: It has to move forward through their ways and Mains 251 00:13:52,400 --> 00:13:55,680 Speaker 1: Committee out onto their floor. They need to vote on 252 00:13:55,720 --> 00:13:57,840 Speaker 1: it and send it to the Senate, and once we 253 00:13:57,920 --> 00:14:00,480 Speaker 1: have it in the Senate will pass up. We'll get 254 00:14:00,480 --> 00:14:03,640 Speaker 1: it onto the President for his signature. That was Senator 255 00:14:03,720 --> 00:14:07,240 Speaker 1: Joanie Ernst, Republican from Iowa, talking about U S m C. 256 00:14:07,400 --> 00:14:10,920 Speaker 1: A mcgorman it works as Vice President, that's hard at 257 00:14:11,000 --> 00:14:14,800 Speaker 1: victory and the former NRCC communications director Brot Bruin, president 258 00:14:14,840 --> 00:14:17,440 Speaker 1: of the Global Situation Room, and former White House Director 259 00:14:17,760 --> 00:14:20,400 Speaker 1: of Global Engagement Matt Okay. So you're just her from 260 00:14:20,400 --> 00:14:23,040 Speaker 1: Senator Joani Earns. She doesn't like these tariffs anymore than 261 00:14:23,120 --> 00:14:26,600 Speaker 1: Democrats like these tariffs. No, certainly not. And especially excuse me, 262 00:14:27,000 --> 00:14:30,040 Speaker 1: um because with some of these tariffs, they're affecting soybeans, right, 263 00:14:30,040 --> 00:14:32,560 Speaker 1: it's it's directly in Iowa. But I think you know, 264 00:14:32,720 --> 00:14:36,680 Speaker 1: when it comes down to it, she's really urging as 265 00:14:36,720 --> 00:14:38,440 Speaker 1: as you heard there the U S m C A 266 00:14:38,520 --> 00:14:41,040 Speaker 1: passage because as Brett was saying, she wants a win 267 00:14:41,200 --> 00:14:43,480 Speaker 1: to be able to sell her constituents on is a 268 00:14:43,520 --> 00:14:46,320 Speaker 1: good deal. I think it's it's a good deal for 269 00:14:46,360 --> 00:14:48,280 Speaker 1: her in the long run. So I think what she 270 00:14:48,440 --> 00:14:50,040 Speaker 1: is worried about is that the White House kind of 271 00:14:50,120 --> 00:14:52,600 Speaker 1: veers off track. And in doing so, gives, like I 272 00:14:52,640 --> 00:14:54,840 Speaker 1: said before, Speaker Pelosi, a reason not to pass this 273 00:14:55,120 --> 00:14:58,080 Speaker 1: Brot Bruin of the President of the Global Situation Room. 274 00:14:58,280 --> 00:15:01,440 Speaker 1: I mean, the farmers are getting pub they're getting pummeled. 275 00:15:01,440 --> 00:15:05,640 Speaker 1: And let's bear in mind that Trump's whole argument, apart 276 00:15:05,680 --> 00:15:13,000 Speaker 1: from the domestic economic strength, was restoring Americans supposed American 277 00:15:13,160 --> 00:15:18,160 Speaker 1: greatness back to uh the shiny veneer that was the 278 00:15:18,240 --> 00:15:21,880 Speaker 1: US's place in the world. And there is very little 279 00:15:21,920 --> 00:15:24,560 Speaker 1: that we can point to right now and say, wow, 280 00:15:24,840 --> 00:15:28,800 Speaker 1: that's an example of countries around the globe respecting US. 281 00:15:28,920 --> 00:15:30,440 Speaker 1: You look at what's happened today in the UK, and 282 00:15:30,480 --> 00:15:32,760 Speaker 1: I know we'll get to that later on, but it 283 00:15:32,920 --> 00:15:37,200 Speaker 1: is I think a low point from you know, symbolically 284 00:15:37,440 --> 00:15:41,600 Speaker 1: diplomatically influenced wise. Are you talking about the President calling 285 00:15:41,720 --> 00:15:44,960 Speaker 1: or not calling Megan Marco nasty? Well, there's that, but 286 00:15:45,040 --> 00:15:47,320 Speaker 1: there's also the whole see this and everybody see this. 287 00:15:47,440 --> 00:15:50,680 Speaker 1: By the way, I was confused because I mean he 288 00:15:50,760 --> 00:15:53,320 Speaker 1: calls her nasty. Saw going to British tabot. And by 289 00:15:53,360 --> 00:15:56,480 Speaker 1: the way, I have a family. My mother watches The Crown. 290 00:15:56,680 --> 00:15:58,920 Speaker 1: She loves the Great Show. She's a huge fan of 291 00:15:58,920 --> 00:16:01,080 Speaker 1: the royals. I'm not really I've never really I'm like, 292 00:16:01,120 --> 00:16:03,320 Speaker 1: didn't we have the Boston tea party over this? But anyway, 293 00:16:03,360 --> 00:16:06,560 Speaker 1: bottom line is there's this whole back and forth on 294 00:16:06,640 --> 00:16:08,320 Speaker 1: the state visit, but then he was with the queens 295 00:16:08,320 --> 00:16:10,440 Speaker 1: today and I'm just like kind of confused by the 296 00:16:10,440 --> 00:16:13,640 Speaker 1: optics of the president in the UK. Well, and I've 297 00:16:13,640 --> 00:16:15,160 Speaker 1: got a lot of good friends that are at our 298 00:16:15,160 --> 00:16:17,720 Speaker 1: embassy there and my my heart goes out to them 299 00:16:17,720 --> 00:16:21,040 Speaker 1: because i know what they're coping with. The British press 300 00:16:21,200 --> 00:16:23,280 Speaker 1: is just having a field day with Trump. You've got 301 00:16:23,280 --> 00:16:27,520 Speaker 1: the blump blimp flying over London, You've got these images 302 00:16:27,960 --> 00:16:31,360 Speaker 1: across London that are taking shots at Trump, but they're 303 00:16:31,360 --> 00:16:34,440 Speaker 1: also taking shots in America. And let's bear in mind 304 00:16:34,640 --> 00:16:37,040 Speaker 1: that this is our standing, this is our influence in 305 00:16:37,040 --> 00:16:39,560 Speaker 1: the world, and if you look at recent U n votes, 306 00:16:39,600 --> 00:16:43,800 Speaker 1: if you look at our ability to exert influence over 307 00:16:43,840 --> 00:16:46,840 Speaker 1: countries in the world, even those traditional landlines, it is 308 00:16:46,840 --> 00:16:49,240 Speaker 1: at an all time low. Well, look, I think when 309 00:16:49,240 --> 00:16:53,000 Speaker 1: it comes down to though, I think in part Trump's 310 00:16:53,040 --> 00:16:55,480 Speaker 1: base really doesn't care about that and anything and was 311 00:16:55,520 --> 00:16:57,640 Speaker 1: where it it's a badge of honor. I think they 312 00:16:58,040 --> 00:17:01,080 Speaker 1: see they say though, that you know, it's time that 313 00:17:01,080 --> 00:17:03,200 Speaker 1: we start caring about ourselves and and not abroad. And 314 00:17:03,400 --> 00:17:05,960 Speaker 1: I think to your point, Brett Um, I I just 315 00:17:06,000 --> 00:17:07,760 Speaker 1: don't see whether it's on the Republican side or the 316 00:17:07,760 --> 00:17:10,600 Speaker 1: Democrats said this being fought over foreign policy. Even the 317 00:17:10,600 --> 00:17:13,720 Speaker 1: Democrats are talking about in their primary debates. So far, 318 00:17:14,040 --> 00:17:17,080 Speaker 1: it's very much domestically focused. So I think, again, who 319 00:17:17,080 --> 00:17:19,320 Speaker 1: knows what will come later in the election, later on 320 00:17:19,720 --> 00:17:22,359 Speaker 1: external events, you know, aside, I think this is gonna 321 00:17:22,359 --> 00:17:25,200 Speaker 1: be seems to be an election focus on domestic policy. 322 00:17:25,359 --> 00:17:27,920 Speaker 1: I see the point that they don't care about it, 323 00:17:27,960 --> 00:17:30,560 Speaker 1: but they do care about the pocketbook issues. And we're 324 00:17:30,560 --> 00:17:33,960 Speaker 1: starting to see it impact the pocketbook. We're starting to 325 00:17:34,000 --> 00:17:38,400 Speaker 1: see it impact the Americans ability on the world stage 326 00:17:38,440 --> 00:17:40,199 Speaker 1: to get what they wanted out of other countries. So 327 00:17:40,280 --> 00:17:42,920 Speaker 1: all the President's over in the UK, he tweets out 328 00:17:42,960 --> 00:17:45,560 Speaker 1: that that a big deal is possible on trade if 329 00:17:45,600 --> 00:17:47,920 Speaker 1: they if they if they do, if they get out, 330 00:17:48,119 --> 00:17:52,040 Speaker 1: if they exit with BREGSIT, if they bregsit. Uh. And 331 00:17:52,080 --> 00:17:54,639 Speaker 1: I'm struck by the parallels the President Trump that he 332 00:17:54,680 --> 00:17:57,200 Speaker 1: feels with the bregsit movement. I mean, he's the guy 333 00:17:57,200 --> 00:17:59,600 Speaker 1: who says call me Mr Brexit. He's also someone I 334 00:17:59,640 --> 00:18:02,240 Speaker 1: think when you look at the Steve Bannon esque wing 335 00:18:02,280 --> 00:18:05,040 Speaker 1: of the conservative populace crowd, I mean, he feels a 336 00:18:05,040 --> 00:18:07,800 Speaker 1: lot of similarities for why he was elected into office 337 00:18:08,080 --> 00:18:11,800 Speaker 1: and why the UK people voted for Brexit. I think 338 00:18:11,840 --> 00:18:14,520 Speaker 1: what's interesting, though, is that the White House had issued 339 00:18:14,520 --> 00:18:18,320 Speaker 1: a statement just earlier today saying that Trump quote supports 340 00:18:18,359 --> 00:18:22,360 Speaker 1: Brexit being accomplished in a way that maintains global economic 341 00:18:22,400 --> 00:18:29,000 Speaker 1: stability while securing voters wishes for UK independence. I mean 342 00:18:29,040 --> 00:18:32,600 Speaker 1: that right there, you could replace supports Brexit with supports 343 00:18:32,640 --> 00:18:36,560 Speaker 1: trade deal. No. The problem with that is the trade 344 00:18:36,600 --> 00:18:41,240 Speaker 1: negotiations cannot start until the UK formally pulls out of 345 00:18:41,240 --> 00:18:43,680 Speaker 1: the EU. And I'm even talking about that, the any 346 00:18:43,720 --> 00:18:45,800 Speaker 1: trade deal. I mean, this is the This is the 347 00:18:46,080 --> 00:18:50,080 Speaker 1: This illustrates the tension of President Trump's entire economic agenda 348 00:18:50,720 --> 00:18:54,920 Speaker 1: is securing the market stability while also securing the base 349 00:18:54,960 --> 00:18:58,560 Speaker 1: of his party. No, and the sometimes canna be at odds, right, 350 00:18:58,640 --> 00:19:00,679 Speaker 1: at least in the short term. Remember when we had 351 00:19:00,680 --> 00:19:02,840 Speaker 1: this conversation a couple a couple of weeks ago. I 352 00:19:02,880 --> 00:19:04,960 Speaker 1: was on the show about China, you know, in the 353 00:19:05,000 --> 00:19:07,440 Speaker 1: short term the markets go hey wire, but then they 354 00:19:07,520 --> 00:19:09,800 Speaker 1: tend to even out. But again the problem is if 355 00:19:09,840 --> 00:19:12,040 Speaker 1: that becomes a long term thing for him, that's a very, 356 00:19:12,160 --> 00:19:15,240 Speaker 1: very big problem. And it's the uncertainty. We have, this 357 00:19:15,320 --> 00:19:18,520 Speaker 1: prevailing uncertainty. And even when we think we have something 358 00:19:18,600 --> 00:19:20,879 Speaker 1: like U S. M C A, which is on a track, 359 00:19:21,160 --> 00:19:24,399 Speaker 1: Trump goes and knocks the train off the track. Coming up, 360 00:19:24,400 --> 00:19:27,359 Speaker 1: we're gonna hear from Anthony Scaramouchi, sky Bridge Capital, the Mooch. 361 00:19:27,840 --> 00:19:30,920 Speaker 1: The Mooch calls in. He's back on sound on Panel stays, 362 00:19:30,920 --> 00:19:38,360 Speaker 1: I'm Kevin Cerelli, and you're listening to Bloomberg. You're listening 363 00:19:38,400 --> 00:19:43,159 Speaker 1: to Sound On with Kevin Serelli on Bloomberg one and 364 00:19:43,200 --> 00:19:45,840 Speaker 1: one oh five point seven of m h D two Boltimore. 365 00:19:47,200 --> 00:19:50,919 Speaker 1: I'm Kevin Cerelli, Chief Washington correspondent for Bloomberg TV and 366 00:19:51,000 --> 00:19:56,480 Speaker 1: Bloomberg Radio. Anthony Scaramucci, founder of sky Bridge Capital, The Mooch, 367 00:19:57,040 --> 00:19:59,959 Speaker 1: the Mooch is back. He's the former White House Communication 368 00:20:00,240 --> 00:20:02,600 Speaker 1: director as well. He's on the phone line. All right, 369 00:20:03,080 --> 00:20:05,840 Speaker 1: Mr Mooch, I, I was looking at your Twitter over 370 00:20:05,840 --> 00:20:08,600 Speaker 1: the weekend, and you don't like these tariffs anymore? Than 371 00:20:08,640 --> 00:20:13,920 Speaker 1: than Senator Joanie Earns. Why not. Yeah, bad for America, 372 00:20:14,720 --> 00:20:18,880 Speaker 1: band for business, dad for capital formation. Uh. Also bad 373 00:20:18,960 --> 00:20:21,600 Speaker 1: for any supply chain, any business as a supply chain. 374 00:20:22,359 --> 00:20:25,200 Speaker 1: And lastly, uh, you know you can't go one way 375 00:20:25,240 --> 00:20:28,280 Speaker 1: with Mexico with the U. S. M c A and 376 00:20:28,320 --> 00:20:34,240 Speaker 1: then flip it around and use a economic blunt instrument 377 00:20:34,600 --> 00:20:37,360 Speaker 1: uh on the immigration stuff keV. So So for me, 378 00:20:37,960 --> 00:20:39,840 Speaker 1: I don't like it at all, and I think the 379 00:20:39,920 --> 00:20:44,119 Speaker 1: business video doesn't like it. Look at investment, capital investment 380 00:20:44,200 --> 00:20:48,439 Speaker 1: in the first and second quarter at a standstill now 381 00:20:48,640 --> 00:20:52,159 Speaker 1: because of you know, frankly, what President's doing. You know, 382 00:20:52,320 --> 00:20:55,120 Speaker 1: it's it's a negotiating ploy. I get that. I read 383 00:20:55,119 --> 00:20:58,119 Speaker 1: the Order of the deal, but most CEOs have not 384 00:20:58,240 --> 00:21:01,440 Speaker 1: read that, and they see it in a lad of predictability, 385 00:21:01,640 --> 00:21:05,560 Speaker 1: and so in some ways he's hurting the economic miracle 386 00:21:05,600 --> 00:21:07,280 Speaker 1: that it created. So I don't like it at all. 387 00:21:07,480 --> 00:21:10,639 Speaker 1: But that this is what I find fascinating, Anthony, is 388 00:21:10,680 --> 00:21:15,240 Speaker 1: because when Secretary of State Mike Pompeo on Wednesday sits 389 00:21:15,280 --> 00:21:19,560 Speaker 1: down with the Mexico delegation that's going to be arriving 390 00:21:19,560 --> 00:21:21,959 Speaker 1: here in Washington, d C. You just ticked off all 391 00:21:22,000 --> 00:21:24,600 Speaker 1: of the issues. You've got a democratic controlled House of 392 00:21:24,640 --> 00:21:26,760 Speaker 1: Representatives where the fate of U. S m c a 393 00:21:26,840 --> 00:21:29,919 Speaker 1: Is uncertain. You've got the issue of immigration, which is 394 00:21:29,960 --> 00:21:33,879 Speaker 1: why the president is sending is threatening to point number 395 00:21:33,880 --> 00:21:36,880 Speaker 1: three increasing terrace. How do you even craft an agenda 396 00:21:36,920 --> 00:21:41,359 Speaker 1: if you're at the State Department for that meeting. Well, 397 00:21:41,400 --> 00:21:43,480 Speaker 1: I mean, but it's typical Trump, So you know, I mean, 398 00:21:43,520 --> 00:21:46,000 Speaker 1: they'll definitely get there. They'll be a little uncomfortable with 399 00:21:46,040 --> 00:21:50,440 Speaker 1: each other, you know. I'm sure Prince Harry was providing 400 00:21:50,520 --> 00:21:53,119 Speaker 1: his lip as he was talking to jabarda Avanca today, 401 00:21:53,160 --> 00:21:54,919 Speaker 1: So I mean, you know, look, of course you're going 402 00:21:55,000 --> 00:21:58,200 Speaker 1: to have the conversation, but listen, it's not good for business, 403 00:21:58,240 --> 00:22:00,800 Speaker 1: you know, and the presidents at enda. And one of 404 00:22:00,840 --> 00:22:03,680 Speaker 1: the things that's made up successful, and one of the 405 00:22:03,720 --> 00:22:06,600 Speaker 1: reasons why he had rising approval ratings is because the 406 00:22:06,640 --> 00:22:09,800 Speaker 1: economy social fun. You you you do stuff like this, 407 00:22:09,880 --> 00:22:12,760 Speaker 1: you slow down the economy. And by the way, you 408 00:22:12,800 --> 00:22:15,199 Speaker 1: and I both know, being student of the markets and 409 00:22:15,240 --> 00:22:19,919 Speaker 1: the long term economy or psychology is King Kevin. And 410 00:22:19,960 --> 00:22:22,720 Speaker 1: so you know, you killed the psychology, then things start 411 00:22:22,760 --> 00:22:25,000 Speaker 1: going in the wrong direction. You have a self fulfilling prophecy. 412 00:22:25,080 --> 00:22:29,080 Speaker 1: So they'll be standing around very uncomfortable with each other. Um, 413 00:22:29,200 --> 00:22:31,760 Speaker 1: but they'll, you know, hopefully the cooler heads and more 414 00:22:31,840 --> 00:22:34,479 Speaker 1: rational people in the room will prevail. So when you 415 00:22:34,560 --> 00:22:37,080 Speaker 1: look at not just the U. S m c A, 416 00:22:37,200 --> 00:22:39,719 Speaker 1: but then you take a look at these, uh, the 417 00:22:39,720 --> 00:22:41,480 Speaker 1: the the let's let's forget about U. S m c 418 00:22:41,560 --> 00:22:44,080 Speaker 1: A for a second and go on to China, because 419 00:22:44,160 --> 00:22:46,679 Speaker 1: that in and of itself has just become a complete 420 00:22:47,040 --> 00:22:49,720 Speaker 1: roller coaster ride in terms of what's coming up next 421 00:22:49,800 --> 00:22:53,399 Speaker 1: and and where the president is going from a strategic standpoint, 422 00:22:53,720 --> 00:22:55,920 Speaker 1: and we had to stand still with China, And how 423 00:22:55,920 --> 00:23:01,160 Speaker 1: do you anticipate there to be a breakthrough with the Chinese? Well, 424 00:23:01,280 --> 00:23:03,720 Speaker 1: you know, one of the problem problems there is a 425 00:23:03,760 --> 00:23:06,760 Speaker 1: cultural problem. So you had the deal done, You had 426 00:23:07,440 --> 00:23:11,080 Speaker 1: cabinet officials like Secretary Manuchin talking about a done deal 427 00:23:11,160 --> 00:23:14,560 Speaker 1: at the Milk and Conference at the end of April, 428 00:23:14,920 --> 00:23:17,600 Speaker 1: expecting a signing within seven to ten days. But then 429 00:23:18,040 --> 00:23:22,679 Speaker 1: the President took the twitter and uh, culturally, uh, it 430 00:23:22,800 --> 00:23:25,119 Speaker 1: felt like he was pushing back pretty hard on the 431 00:23:25,240 --> 00:23:28,520 Speaker 1: Chinese in terms of the concessions that they were making 432 00:23:28,560 --> 00:23:31,680 Speaker 1: in the deal. Uh. It made it impossible for them 433 00:23:31,680 --> 00:23:34,480 Speaker 1: to sign it. So so now you've got a situation 434 00:23:35,440 --> 00:23:40,480 Speaker 1: they're involved both on the Chinese political establishment and the president, 435 00:23:40,880 --> 00:23:43,920 Speaker 1: and they're rat sting up the rhetoric. So again, I 436 00:23:43,960 --> 00:23:46,639 Speaker 1: think the market is telling you that a deal is there. 437 00:23:47,160 --> 00:23:50,240 Speaker 1: It may not get done in late June and Tokyo 438 00:23:50,359 --> 00:23:52,880 Speaker 1: the G twenty, but I do think a deal gets 439 00:23:52,880 --> 00:23:55,399 Speaker 1: done by the end of the summer because you know, 440 00:23:55,680 --> 00:23:58,320 Speaker 1: both parties need a deal desperately. The president needed to 441 00:23:58,359 --> 00:24:01,080 Speaker 1: set up the narrative for real election. It the Chinese 442 00:24:01,160 --> 00:24:04,560 Speaker 1: needed because you know, they took a massive hit to 443 00:24:04,600 --> 00:24:07,600 Speaker 1: their economy last year, uh, and they've got to get 444 00:24:07,600 --> 00:24:10,359 Speaker 1: the economy on better footing and so so I'm hoping 445 00:24:10,400 --> 00:24:12,840 Speaker 1: that the cooler heads will prevail, but it'll have to 446 00:24:12,840 --> 00:24:15,760 Speaker 1: be the president in this case, my opinion, to make 447 00:24:15,800 --> 00:24:18,880 Speaker 1: the first move after the way he went after them 448 00:24:18,920 --> 00:24:22,119 Speaker 1: on Twitter. I think it's gonna be impossible for them culturally, 449 00:24:22,760 --> 00:24:25,320 Speaker 1: uh to bend here without him making a concession. So 450 00:24:25,800 --> 00:24:29,760 Speaker 1: let's let's let's see what happens. But both parties needed deal, Kevin. 451 00:24:29,840 --> 00:24:32,240 Speaker 1: Usually when both parties need a deal, a deal happens. 452 00:24:32,240 --> 00:24:35,600 Speaker 1: And certainly you look at the market it's sold off, 453 00:24:35,680 --> 00:24:38,840 Speaker 1: but it's fairly stable now the markets anticipating that a 454 00:24:38,920 --> 00:24:41,560 Speaker 1: deal is basically going to happen before Labor. I've been 455 00:24:41,600 --> 00:24:45,200 Speaker 1: struck by this just in covering this, uh really daily, 456 00:24:45,320 --> 00:24:48,680 Speaker 1: just how the President's pressure on FED Chairman J. Powell 457 00:24:48,760 --> 00:24:53,119 Speaker 1: has some would argue resulted in the easing of getting 458 00:24:53,119 --> 00:24:55,320 Speaker 1: the FEDS and the Central Bank to it's kind of 459 00:24:55,520 --> 00:24:58,000 Speaker 1: move more in the direction of what President Trump would 460 00:24:58,000 --> 00:24:59,680 Speaker 1: like to see none as you look at these two 461 00:24:59,720 --> 00:25:02,080 Speaker 1: vacan sees on the fedboard, you know, there's been so 462 00:25:02,119 --> 00:25:04,320 Speaker 1: many ups and downs, ups and downs with with who 463 00:25:04,400 --> 00:25:06,879 Speaker 1: who the presidential point on the FED. But what do 464 00:25:07,000 --> 00:25:09,720 Speaker 1: you who? Who are you looking for that the President 465 00:25:09,720 --> 00:25:12,640 Speaker 1: would add to the FED? And what type of person 466 00:25:12,680 --> 00:25:15,959 Speaker 1: would you like to see him add? Well, listen, I mean, 467 00:25:16,000 --> 00:25:18,760 Speaker 1: the the traditional thing is that is to put on 468 00:25:19,160 --> 00:25:23,600 Speaker 1: academics that have very strong academic resumes in terms of 469 00:25:24,800 --> 00:25:29,760 Speaker 1: you know, monetary policy UH, federal UH and commercial banking policy. 470 00:25:30,280 --> 00:25:32,360 Speaker 1: But the President wants to put on some more practical 471 00:25:32,400 --> 00:25:35,480 Speaker 1: people that you know, he's of the opinion and Steve 472 00:25:35,520 --> 00:25:38,119 Speaker 1: Moore certainly is of this opinion that you've got growth 473 00:25:38,200 --> 00:25:41,520 Speaker 1: now with less inflation as a result of all of 474 00:25:41,520 --> 00:25:44,320 Speaker 1: the things that have been done, you know, through technology, 475 00:25:44,400 --> 00:25:46,600 Speaker 1: just in time inventory. We could name hundreds of them. 476 00:25:46,720 --> 00:25:50,040 Speaker 1: So with the President and Steve Moore saying is that 477 00:25:50,080 --> 00:25:52,760 Speaker 1: there's a new paradigm. And even though you have these 478 00:25:52,840 --> 00:25:56,000 Speaker 1: very big numbers of growth, you have scanned inflation at 479 00:25:56,000 --> 00:25:59,440 Speaker 1: one point six percent inflation versus three point two percent 480 00:25:59,520 --> 00:26:04,040 Speaker 1: GDP growth. Now, listen, they may be right. But Warren Buffett, 481 00:26:04,040 --> 00:26:08,919 Speaker 1: who's got seventy six years of investment experience now forty 482 00:26:08,960 --> 00:26:11,800 Speaker 1: six years longer than me, uh he said something I 483 00:26:11,840 --> 00:26:14,640 Speaker 1: think is important to listen to is that when people 484 00:26:14,680 --> 00:26:17,480 Speaker 1: say this time is different in the seventy six years 485 00:26:17,480 --> 00:26:20,280 Speaker 1: that he's been investing, he he knows that's usually the 486 00:26:20,400 --> 00:26:24,160 Speaker 1: end of something or there's a peak of sick locality somewhere. 487 00:26:24,200 --> 00:26:27,480 Speaker 1: So so I I don't believe the new paradigm. And 488 00:26:27,600 --> 00:26:30,880 Speaker 1: so what I'm hoping is that the President will appoint 489 00:26:30,920 --> 00:26:34,679 Speaker 1: people uh more in the mode of a Burnanche or 490 00:26:34,720 --> 00:26:36,639 Speaker 1: in the mode of a Janet Yelling that had that 491 00:26:36,720 --> 00:26:39,359 Speaker 1: academic background. Not that I don't like Steve, he's a 492 00:26:39,359 --> 00:26:41,320 Speaker 1: great guy and he's a partner of mine in business. 493 00:26:41,760 --> 00:26:43,520 Speaker 1: But I just think that will be easier for the 494 00:26:43,560 --> 00:26:46,480 Speaker 1: President to get those people approved as well through the Congress. 495 00:26:46,720 --> 00:26:50,199 Speaker 1: Anthony Scaramucci, he is the former White House Communications Director, 496 00:26:50,240 --> 00:26:53,240 Speaker 1: founder of Skybridge Capital. Before I let you go, I 497 00:26:53,280 --> 00:26:55,760 Speaker 1: want to ask you all this talk of impeachment. I mean, 498 00:26:55,760 --> 00:26:58,760 Speaker 1: the markets aren't moving on this impeachment chatter. It seems 499 00:26:58,760 --> 00:27:02,040 Speaker 1: like a political story, one that the folks up on 500 00:27:02,040 --> 00:27:04,359 Speaker 1: on the street they're not really paying attention to. But 501 00:27:04,720 --> 00:27:07,600 Speaker 1: politically speaking, what do you make of all of the 502 00:27:07,600 --> 00:27:12,000 Speaker 1: Democrats just continuing down this this this drumbeat of impeachment talk. 503 00:27:13,720 --> 00:27:16,359 Speaker 1: It makes money, Kevin, you know they send it doesn't 504 00:27:16,359 --> 00:27:20,160 Speaker 1: make money. Well, what happens is they send out these 505 00:27:20,200 --> 00:27:24,399 Speaker 1: hate mongering emails, we need your money to impeach them. Uh. 506 00:27:24,480 --> 00:27:28,520 Speaker 1: They've demonized him very effectively. Both sides go through that 507 00:27:28,600 --> 00:27:32,440 Speaker 1: process of demonization. So you know, he's sending out emails 508 00:27:32,560 --> 00:27:35,840 Speaker 1: they're trying to impeach me. Seventy five dollars, they're sending 509 00:27:35,840 --> 00:27:38,960 Speaker 1: out emails, we got to impeach this s ob send 510 00:27:39,040 --> 00:27:41,359 Speaker 1: us ten dollars, you know, And so it makes money 511 00:27:41,440 --> 00:27:44,680 Speaker 1: for these guys. It's a disgusting thing, frankly, because American 512 00:27:44,680 --> 00:27:47,679 Speaker 1: people don't want it. It doesn't pull well, but it 513 00:27:47,720 --> 00:27:51,080 Speaker 1: does pull well in sort of the politics of extremism. 514 00:27:51,119 --> 00:27:55,760 Speaker 1: And so you've got twenty five and counting presidential nominees 515 00:27:55,760 --> 00:27:58,560 Speaker 1: on the Democratic side, and they're they're at a race 516 00:27:58,640 --> 00:28:01,399 Speaker 1: to go home off each other. So that works in 517 00:28:01,480 --> 00:28:04,840 Speaker 1: that community. And it's just unfortunate because number one is 518 00:28:04,880 --> 00:28:08,280 Speaker 1: never gonna happen the market to know that. And number two, 519 00:28:08,480 --> 00:28:11,200 Speaker 1: if they actually vote to impeach him in the uh, 520 00:28:11,280 --> 00:28:14,800 Speaker 1: in the House. Uh, I think Nancy Pelosi is gonna 521 00:28:14,800 --> 00:28:17,960 Speaker 1: be right. He's gonna he's gonna galvanize his support and 522 00:28:18,000 --> 00:28:20,480 Speaker 1: it will increase the likelihood of his re election. Come 523 00:28:21,400 --> 00:28:24,439 Speaker 1: all right. Anthony Scaramuchi the founder of Skybridge Capital Offender, 524 00:28:24,600 --> 00:28:27,119 Speaker 1: a friend of Bloomberg TV and Bloomberg Radio. He's the 525 00:28:27,160 --> 00:28:30,359 Speaker 1: former White House Communications Surrector. He's also got mooch in 526 00:28:30,400 --> 00:28:33,640 Speaker 1: the Miss Misses. It's a podcast he has with his wife, 527 00:28:33,680 --> 00:28:37,679 Speaker 1: Deirdre Ball. Deirdre Scaramucci rather give me, do me a 528 00:28:37,680 --> 00:28:39,800 Speaker 1: favor until her I said hello, my friend, and thank 529 00:28:39,840 --> 00:28:42,560 Speaker 1: you Anthony for calling him peper. Then therapy, Kevin, just 530 00:28:42,600 --> 00:28:47,480 Speaker 1: remember that keeper therapy, okay, and then he's scared. Mouchi 531 00:28:47,600 --> 00:28:51,440 Speaker 1: the mooch, everybody coming up, panel reacts. Stick around. I'm 532 00:28:51,480 --> 00:28:55,800 Speaker 1: Kevin Surley. Download the Sound On podcast on Apple iTunes, 533 00:28:55,840 --> 00:28:58,920 Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business App. 534 00:28:59,320 --> 00:29:01,840 Speaker 1: You can also find us on Radio dot Com, I 535 00:29:02,000 --> 00:29:09,720 Speaker 1: Heart Radio and Spotify. You're listening to Bloomberg. You're listening 536 00:29:09,760 --> 00:29:14,480 Speaker 1: to Sound On with Kevin Surreally on Bloomberg one and 537 00:29:14,560 --> 00:29:17,200 Speaker 1: one oh five point seven of m h D two Baltimore. 538 00:29:18,600 --> 00:29:22,120 Speaker 1: I'm Kevin Curreli, Chief Washington correspondent from Bloomberg Television and 539 00:29:22,120 --> 00:29:25,200 Speaker 1: Bloomberg Radio. I want to talk for in Policy now 540 00:29:25,560 --> 00:29:28,600 Speaker 1: with our all star Pennel mcwarman, Vice president at Target 541 00:29:28,600 --> 00:29:33,600 Speaker 1: of Victory, former NRCC Communications director Brett Brewin, President of 542 00:29:33,640 --> 00:29:36,600 Speaker 1: the Global Situation Room, and former White House Director of 543 00:29:36,640 --> 00:29:39,600 Speaker 1: Global Engagement. Brett, You've also lived in like every country 544 00:29:39,680 --> 00:29:42,960 Speaker 1: in the world, A few of them you've you've worked in, 545 00:29:42,960 --> 00:29:45,400 Speaker 1: like Venezuela, as well as the Middle East and and 546 00:29:45,520 --> 00:29:49,440 Speaker 1: working and a host of different administrations on on foreign policy. 547 00:29:49,480 --> 00:29:52,480 Speaker 1: Did you see President Trump's tweet earlier this afternoon. He says, quote, 548 00:29:52,800 --> 00:29:56,800 Speaker 1: Russia has informed us that they have removed most of 549 00:29:56,840 --> 00:30:01,960 Speaker 1: their people from Venezuela. Yeah, and we have clearly got 550 00:30:01,960 --> 00:30:04,400 Speaker 1: a lot of reason to believe that Vladimir Putin's word, 551 00:30:04,560 --> 00:30:07,160 Speaker 1: we can take it to the bank. So um, I 552 00:30:07,240 --> 00:30:11,640 Speaker 1: know from sources on the ground in Caracas, the Russians 553 00:30:11,800 --> 00:30:14,840 Speaker 1: are are not all leaving. And let's bear in mind, 554 00:30:14,880 --> 00:30:17,640 Speaker 1: they have military assets on the ground, they have intelligence 555 00:30:17,640 --> 00:30:20,520 Speaker 1: assets on the ground, they have assets that they're using 556 00:30:20,560 --> 00:30:23,280 Speaker 1: through the Cubans, who are really the and I agree 557 00:30:23,280 --> 00:30:26,520 Speaker 1: with Marco Rubio on this, they are the real problem 558 00:30:26,720 --> 00:30:30,800 Speaker 1: in Venezuela. So yes, some Russians will leave. I guarantee 559 00:30:30,840 --> 00:30:33,440 Speaker 1: you there are other Russians, the intel officers that and 560 00:30:33,520 --> 00:30:36,560 Speaker 1: the Cubans that they're working alongside their staying all right. 561 00:30:36,600 --> 00:30:38,000 Speaker 1: From then as well, it's to the Middle East that 562 00:30:38,000 --> 00:30:41,240 Speaker 1: everybody see Jared Kushner's interview last night with Jonathan Spawner 563 00:30:41,280 --> 00:30:44,240 Speaker 1: over an Axius. They've got the show on HBO, uh 564 00:30:44,280 --> 00:30:46,840 Speaker 1: and and and spawn pushed them. I texted him, I said, 565 00:30:46,880 --> 00:30:50,880 Speaker 1: great interview. I mean he pushed. He pushed Jared Kushner 566 00:30:51,000 --> 00:30:52,800 Speaker 1: on his Middle East plan. Take a listen to what 567 00:30:52,880 --> 00:30:55,000 Speaker 1: Jared Kushner had to say about how he's negotiating with 568 00:30:55,000 --> 00:30:58,920 Speaker 1: the Palestinians. Heretis. With regards to the Palestinian people, I 569 00:30:58,960 --> 00:31:00,680 Speaker 1: do believe that they want to have a better life, 570 00:31:00,680 --> 00:31:02,840 Speaker 1: and I do think that they're not going to judge 571 00:31:02,840 --> 00:31:04,960 Speaker 1: in mind being caught well, They're not going to judge 572 00:31:05,000 --> 00:31:07,440 Speaker 1: anything based on trusting me or trusting anyone else. They're 573 00:31:07,440 --> 00:31:09,720 Speaker 1: going to judge it based on the facts and then 574 00:31:09,720 --> 00:31:11,920 Speaker 1: make a determination do they think this will allow them 575 00:31:12,040 --> 00:31:15,200 Speaker 1: have a pathway to a better life or not? So Brett, 576 00:31:15,240 --> 00:31:16,800 Speaker 1: I mean, I gotta be honest. I mean, you look 577 00:31:16,840 --> 00:31:19,040 Speaker 1: at the debate within the Democratic Party and you've got 578 00:31:19,040 --> 00:31:22,880 Speaker 1: Congresswoman Elan Omar some of these other folks who are 579 00:31:22,920 --> 00:31:25,800 Speaker 1: just I don't know what. They're definitely not in the 580 00:31:25,800 --> 00:31:29,160 Speaker 1: mainstream on Israel, uh, I don't know. I mean, I 581 00:31:29,360 --> 00:31:31,240 Speaker 1: think that there are a lot of Democrats who would 582 00:31:31,360 --> 00:31:35,520 Speaker 1: listen to the administration's policies with Israel and say, well, 583 00:31:35,520 --> 00:31:37,160 Speaker 1: I agree with them more than I agree with Omar, 584 00:31:37,360 --> 00:31:41,840 Speaker 1: except that the Trump administration surrendered America's leadership not only 585 00:31:41,840 --> 00:31:44,200 Speaker 1: in Israel but in the Middle East. We may not 586 00:31:44,320 --> 00:31:48,760 Speaker 1: have necessarily always been the most balanced, but at least 587 00:31:48,760 --> 00:31:53,760 Speaker 1: we were credible, and that unfortunately Kushner and company have 588 00:31:54,360 --> 00:31:58,520 Speaker 1: surrendered by making these unilateral moves, and we didn't get 589 00:31:58,560 --> 00:32:02,080 Speaker 1: anything in return. We could have forgotten significant concessions from 590 00:32:02,120 --> 00:32:05,760 Speaker 1: the Palestinians on our embassy, on our aid, on the 591 00:32:05,800 --> 00:32:08,680 Speaker 1: decision not to close their office here, and instead they 592 00:32:08,720 --> 00:32:12,160 Speaker 1: just took these moves unilaterally. What do you what do 593 00:32:12,200 --> 00:32:14,880 Speaker 1: you make of that? Man? No, I don't think Brett's 594 00:32:14,920 --> 00:32:17,000 Speaker 1: wrong any of those accounts. I mean, look, I think 595 00:32:17,000 --> 00:32:20,760 Speaker 1: they're coming at this from a essentially a administrator. Yeah, 596 00:32:20,760 --> 00:32:23,720 Speaker 1: the administration, excuse me, from a political perspective, right, Like 597 00:32:23,880 --> 00:32:28,680 Speaker 1: they know that that Republicans are increasingly getting more at 598 00:32:28,720 --> 00:32:31,000 Speaker 1: least in the Jewish community. I was at an APAC 599 00:32:31,080 --> 00:32:34,280 Speaker 1: conference last fall and they had both my form boss 600 00:32:34,280 --> 00:32:37,080 Speaker 1: at the time, Steve Stivers and Grace Ming of New York, 601 00:32:37,280 --> 00:32:39,840 Speaker 1: and over and over again, people were asking questions, being like, 602 00:32:39,880 --> 00:32:42,160 Speaker 1: what are you gonna do about Kastio Cortez. She said, 603 00:32:42,200 --> 00:32:44,840 Speaker 1: she's coming to Congress, you know, and she's very anti Israel, 604 00:32:45,240 --> 00:32:47,000 Speaker 1: so much so they had to stop the question and say, 605 00:32:47,000 --> 00:32:48,880 Speaker 1: you know, we've answered this three or four times now. 606 00:32:49,160 --> 00:32:51,480 Speaker 1: So Democrats are much more on their heels when it 607 00:32:51,520 --> 00:32:53,880 Speaker 1: comes to Israel than they were ear in past years, 608 00:32:53,960 --> 00:32:55,720 Speaker 1: and so I think this is more of a political play. 609 00:32:56,200 --> 00:32:58,320 Speaker 1: Well yeah, but this is also a sugar high because 610 00:32:58,360 --> 00:33:01,600 Speaker 1: you get the short term boom, but long term across 611 00:33:01,640 --> 00:33:05,160 Speaker 1: the United States in the Middle East, well, you know, 612 00:33:05,320 --> 00:33:07,440 Speaker 1: you know what I say. I'm an optimist. I think 613 00:33:07,640 --> 00:33:10,160 Speaker 1: you can never stop fighting for peace ever, no matter 614 00:33:10,160 --> 00:33:12,720 Speaker 1: who's in the White House switching gears. Did you guys 615 00:33:12,720 --> 00:33:16,600 Speaker 1: see this to California Democratic Convention. I had to save 616 00:33:16,680 --> 00:33:18,800 Speaker 1: him for this because it was I thought it was 617 00:33:18,840 --> 00:33:21,240 Speaker 1: an interesting move. And I was talking to some Biden 618 00:33:21,240 --> 00:33:24,120 Speaker 1: World people over the weekend. Former Vice President Joe Biden. 619 00:33:24,160 --> 00:33:26,480 Speaker 1: He didn't go. He didn't go to California for the 620 00:33:26,480 --> 00:33:32,320 Speaker 1: Democratic Convention, which virtually everyone went. And why I mean, 621 00:33:32,360 --> 00:33:33,840 Speaker 1: I I don't think it was bad. He was in 622 00:33:33,880 --> 00:33:37,200 Speaker 1: Ohio at a at a Pride event. Remember, former Vice 623 00:33:37,240 --> 00:33:40,640 Speaker 1: President Biden came out ahead of former President Barack Obama 624 00:33:40,640 --> 00:33:43,880 Speaker 1: on the issue of marriage equality. And he's getting you know, well, 625 00:33:43,920 --> 00:33:46,480 Speaker 1: he trying. I wouldn't say he's getting hammered on this, 626 00:33:46,520 --> 00:33:50,000 Speaker 1: but you're you're hearing Democrats raising questions about his support 627 00:33:50,040 --> 00:33:52,840 Speaker 1: of that crime bill back in the nineties. And I'm 628 00:33:52,840 --> 00:33:56,720 Speaker 1: not sure the attacks as of now are really resonating Brett. 629 00:33:56,760 --> 00:33:58,360 Speaker 1: I see it. I see you wanted to chime in here. 630 00:33:58,600 --> 00:34:02,400 Speaker 1: Because we cannot uh use a litmus test and and 631 00:34:02,400 --> 00:34:06,360 Speaker 1: and search for the perfect candidate on the perfect progressive positions. 632 00:34:06,600 --> 00:34:09,200 Speaker 1: We have got to get serious about what it's gonna 633 00:34:09,200 --> 00:34:11,640 Speaker 1: take to beat Donald Trump. I think one I think 634 00:34:11,719 --> 00:34:15,200 Speaker 1: one point is really telling the Democratic basis. If anything, 635 00:34:15,200 --> 00:34:18,040 Speaker 1: they're criticizing Biden on his tone right there. They're saying, 636 00:34:18,080 --> 00:34:21,200 Speaker 1: he's two conciliatory Republicans. You're praising Mike Pence, you're praising 637 00:34:21,200 --> 00:34:23,920 Speaker 1: your former Republican colleagues in the Senate, And it very 638 00:34:24,120 --> 00:34:27,240 Speaker 1: much reminds me of for the most part, not and everything, 639 00:34:27,280 --> 00:34:29,879 Speaker 1: but for the most part, most Republicans agreed on most 640 00:34:29,960 --> 00:34:32,319 Speaker 1: of the issues in sixteen. But where Trump broke through 641 00:34:32,360 --> 00:34:35,719 Speaker 1: was on tone. He sounded different than every other candidate. 642 00:34:35,920 --> 00:34:37,880 Speaker 1: I think that's where many of the Democrats are this 643 00:34:37,920 --> 00:34:40,719 Speaker 1: time around. They believe in medicare for all, impeachment, but 644 00:34:40,960 --> 00:34:43,640 Speaker 1: who can really strike that right tone with the base. 645 00:34:43,680 --> 00:34:45,520 Speaker 1: And that's where the criticism of Biden's coming in. I 646 00:34:45,520 --> 00:34:48,760 Speaker 1: said this to David Gara on MSNBC over the weekend 647 00:34:48,760 --> 00:34:51,680 Speaker 1: on that that show up it's a great show. I said, 648 00:34:52,280 --> 00:34:56,120 Speaker 1: it's Joe Biden's running as Joe Biden. Elizabeth Warren's running 649 00:34:56,160 --> 00:34:59,120 Speaker 1: is Elizabeth Warren. That they don't they're different, but they're 650 00:34:59,160 --> 00:35:01,279 Speaker 1: running as a bit more. I guess he could say 651 00:35:01,320 --> 00:35:03,600 Speaker 1: Bernie Sanders is running as Bernie Sanders, though he wasn't 652 00:35:03,600 --> 00:35:06,600 Speaker 1: really ever really registered technically as a Democrat. All the rest, 653 00:35:06,640 --> 00:35:09,080 Speaker 1: it's like they're they're poll tested and they've gotta they've 654 00:35:09,120 --> 00:35:11,600 Speaker 1: gotta be themselves. I gotta go. I'm sorry, there's never 655 00:35:11,760 --> 00:35:14,160 Speaker 1: enough time. Rett Bruin as well as Mac Gorman. That's 656 00:35:14,160 --> 00:35:17,320 Speaker 1: it for me. I'm Kevin Cerilli. Check us out on iTunes, Spotify, 657 00:35:17,440 --> 00:35:20,080 Speaker 1: I Heart radio dot com. Have a great day. Drive safe. 658 00:35:20,160 --> 00:35:21,240 Speaker 1: You're listening to Bloomberg.