LA Wildfires Burn Out of Control; Trump’s Panama and Greenland Threats

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.240 --> 0:00:13.440 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:13.440 --> 0:00:15.160 are the stories we're following today. 0:00:15.360 --> 0:00:17.919 Care We begin with a dangerous situation this morning in 0:00:18.000 --> 0:00:21.880 southern California. Tens of thousands have fled their homes as 0:00:22.040 --> 0:00:25.720 wildfires burn out of control in the Los Angeles area. 0:00:25.960 --> 0:00:28.520 We get the very latest now with Bloomberg's John Tucker, 0:00:28.640 --> 0:00:29.560 John and Nathan. 0:00:29.760 --> 0:00:37.600 It sounds like a freight train moving through. Mandatory evacuation 0:00:37.800 --> 0:00:41.320 orders have now been expanded the parts of northern Santa Monica. 0:00:41.560 --> 0:00:42.600 The wind is so. 0:00:42.440 --> 0:00:45.000 Strong it will almost knock you over, and the embers 0:00:45.040 --> 0:00:47.360 are blowing through the parking lot and the actual to 0:00:47.440 --> 0:00:47.760 hit you. 0:00:47.720 --> 0:00:50.200 In the eyes. The Palisades fire has burned almost three 0:00:50.200 --> 0:00:54.520 thousand acres, with those strong winds hampering firefighting efforts. Here's 0:00:54.560 --> 0:00:56.480 California Gvinor Gavin Newsom. 0:00:56.520 --> 0:01:00.279 Having just quite literally an hour or so ago, gone 0:01:00.320 --> 0:01:03.639 up the canyon and soft firsthand the impact of these 0:01:03.640 --> 0:01:06.920 swirling winds and the embers and the number of structures 0:01:07.080 --> 0:01:11.560 that are destroyed, not a few many structures already destroyed. 0:01:11.600 --> 0:01:15.360 Governor knew Someome declaring a state of emergency isolated wind 0:01:15.400 --> 0:01:17.920 gus could be as strong as one hundred miles per hour. 0:01:18.400 --> 0:01:21.640 The fires that prevented emergency vehicles from getting through and 0:01:21.720 --> 0:01:25.640 on Sunset Boulevard, bulldozers were brought in to push abandoned 0:01:25.680 --> 0:01:28.440 cars to the side and create a path. Over two 0:01:28.520 --> 0:01:32.120 hundred and twenty thousand customers are without power. I'm John Tucker, 0:01:32.120 --> 0:01:33.039 Bloomberg Radio. 0:01:33.440 --> 0:01:34.679 All right, John, thank you, well. 0:01:34.680 --> 0:01:36.920 We want to get the latest on Politican Now and 0:01:36.959 --> 0:01:40.760 the wide ranging news conference from President elect Donald Trump. 0:01:41.080 --> 0:01:43.600 He called reporters to mar A Lago to announce a 0:01:43.640 --> 0:01:47.320 twenty billion dollar data center investment, but he also used 0:01:47.319 --> 0:01:49.720 the event to ramp up threats on Canada, Greenland and 0:01:49.760 --> 0:01:53.160 the Panama Canal. Trump was asked directly whether he could 0:01:53.160 --> 0:01:56.400 assure the world he'd rule out military force to take 0:01:56.440 --> 0:01:57.960 over Greenland or the Canal. 0:01:58.400 --> 0:01:58.440 No. 0:01:58.560 --> 0:02:01.240 I can't assure you on either of those two, but 0:02:01.840 --> 0:02:05.600 I can say this, we need them for economic security. 0:02:06.040 --> 0:02:08.040 The President elect also said. 0:02:07.800 --> 0:02:11.200 He we'd use economic force to make Canada the fifty. 0:02:10.919 --> 0:02:15.160 First state, because Canada and the United States, that would 0:02:15.200 --> 0:02:18.840 really be something you get rid of that artificially drawn 0:02:18.919 --> 0:02:21.639 line and you take a look at what that looks 0:02:21.720 --> 0:02:24.560 like and it would also be much better for national security. 0:02:24.600 --> 0:02:27.600 Don't forget we basically protect Canada. 0:02:26.919 --> 0:02:29.799 And Trump took a swipe in Mexico with this announcement. 0:02:30.240 --> 0:02:33.520 We're going to be changing the name of the Gulf 0:02:33.600 --> 0:02:37.040 of Mexico to the Gulf of America. 0:02:37.480 --> 0:02:40.359 Donald Trump has threatened both Mexico and Canada with new 0:02:40.400 --> 0:02:43.160 tariffs if they don't do more to stem migrant and 0:02:43.240 --> 0:02:44.960 drug flows into the US. Well. 0:02:45.000 --> 0:02:47.160 Meanwhile, Karin, a group of House Republicans is going to 0:02:47.160 --> 0:02:49.560 meet with President elect Trump ahead of a looming fight 0:02:49.680 --> 0:02:52.800 over extending his twenty seventeen tax cuts. 0:02:52.880 --> 0:02:53.520 We get that. 0:02:53.520 --> 0:02:56.880 Story from Bloomberg's Doug Krisner. The meeting will happen at 0:02:56.919 --> 0:03:00.440 mar A Lago this weekend and include twenty GOPIS House 0:03:00.480 --> 0:03:04.239 members from New York, New Jersey, and California. New York 0:03:04.280 --> 0:03:07.120 Representative Nick lo Lotas says the plan is to discuss 0:03:07.320 --> 0:03:10.600 increasing the ten thousand dollars cap on state and local 0:03:10.639 --> 0:03:15.000 tax deductions known as SALT. It disproportionately hurts voters in 0:03:15.080 --> 0:03:18.040 three high tax states. Lo Lotus says the group will 0:03:18.040 --> 0:03:21.360 push for a reasonable adjustment to the cap. It was 0:03:21.400 --> 0:03:24.359 imposed as part of the twenty seventeen tax bill, and 0:03:24.400 --> 0:03:28.399 now Republicans in Congress are beginning to negotiate a package 0:03:28.440 --> 0:03:32.000 to extend those twenty seventeen tax cuts. In New York, 0:03:32.080 --> 0:03:33.640 I'm Doug Krisner Bloomberg Radio. 0:03:33.840 --> 0:03:35.920 All right, Doug, thank you all and videos. Jensen Wong, 0:03:36.040 --> 0:03:38.840 the CEO at the center of the artificial intelligence boom, 0:03:38.880 --> 0:03:41.800 says he's ready to meet president like Donald Trump and 0:03:41.840 --> 0:03:44.800 offer his help to the coming administration. Long spoke with 0:03:44.800 --> 0:03:45.920 Bloomberg's Ed Ludlow. 0:03:46.120 --> 0:03:47.520 I'd be delighted to go see him. 0:03:47.600 --> 0:03:48.440 Have you been invested? 0:03:49.160 --> 0:03:50.280 Not yet, but I would be. 0:03:50.240 --> 0:03:52.200 Delighted to go see him and. 0:03:54.200 --> 0:03:57.040 Congratulate him and do everything we can to help this 0:03:57.080 --> 0:03:58.080 administration succeed. 0:03:58.480 --> 0:04:00.960 Donald Trump has said that he will and post trade 0:04:01.000 --> 0:04:04.440 tariffs and may affect companies like Nvidia, which rely heavily 0:04:04.480 --> 0:04:07.440 on overseas sales and outsourced manufacturing. 0:04:07.560 --> 0:04:09.640 Well Karendon Vidio was one of the biggest losers in 0:04:09.760 --> 0:04:13.040 yesterday's declines on Wall Street. The AI chip giant fell 0:04:13.240 --> 0:04:17.000 more than six percent. Megan Horneman, chief investment officer at 0:04:17.080 --> 0:04:19.800 Verden's Capital Advisor, says there's some tough sledding ahead for 0:04:19.880 --> 0:04:21.359 last year's tech darlings. 0:04:21.760 --> 0:04:24.520 I think the Magnificent seven specifically are going to have 0:04:24.600 --> 0:04:27.160 a bit of a difficult year now. While there may 0:04:27.200 --> 0:04:29.359 be earnings growth there, I'm not saying this is a 0:04:29.400 --> 0:04:32.680 negative earnings growth environment, but the interest rate environment is 0:04:32.680 --> 0:04:35.920 not going to be as favorable as to really to 0:04:36.000 --> 0:04:40.159 warrant these elevated pe multiples to Sometimes we don't see 0:04:40.160 --> 0:04:43.200 a correction that's really led by any specific catalyst, but 0:04:43.440 --> 0:04:47.000 just evaluation correction, and I think the Magnificent Seven can 0:04:47.040 --> 0:04:50.080 be due for that in the first half of this year. 0:04:50.560 --> 0:04:53.400 It's Verden's Capital Advisors Megan Horneman, a gauge of the 0:04:53.440 --> 0:04:58.680 Magnificent seven. Megacap stocks sank two and a half percent yesterday. 0:04:57.680 --> 0:04:59.880 And Nathan we'll get a schlu of economic reports to 0:05:00.040 --> 0:05:02.320 day because of the closure of the markets. Tomorrow, the 0:05:02.440 --> 0:05:05.360 labor market will be in focus ahead of Friday's jobs report, 0:05:05.440 --> 0:05:07.719 and we get a preview from Bloomberg's Michael McKee. 0:05:07.839 --> 0:05:10.680 Investors like to trade on the ADP employment report, even 0:05:10.720 --> 0:05:13.559 though it usually bears no resemblance to the non farm 0:05:13.560 --> 0:05:17.159 payrolls number. Due Friday, ADP found one hundred and forty 0:05:17.200 --> 0:05:20.360 six thousand new private sector jobs in November, while the 0:05:20.440 --> 0:05:23.760 government reported one hundred ninety four thousand for December. The 0:05:23.760 --> 0:05:27.440 payroll processor anticipates us slow down in that job growth. 0:05:27.720 --> 0:05:31.240 If that happens, it may influence some final estimates for Friday. 0:05:31.520 --> 0:05:34.440 Right now, the range of economists forecasts is quite wide, 0:05:34.560 --> 0:05:37.800 from ninety five thousand to two hundred three thousand. We 0:05:37.839 --> 0:05:40.880 also get jobless claims today, moved from Thursday because of 0:05:40.920 --> 0:05:44.520 the memorial service for former President Jimmy Carter. Little change 0:05:44.720 --> 0:05:49.160 from continuing low levels is forecast. Michael McKee, Bloomberg Radio. 0:05:49.200 --> 0:05:52.520 Mike Thanks in company news, JP Morgan Chase is preparing 0:05:52.600 --> 0:05:55.359 to require all its employees to return to the office 0:05:55.400 --> 0:05:57.839 five days a week. That would end the bank's hybrid 0:05:57.839 --> 0:06:00.440 work option. We get more from Bloomberg newsc Your finance 0:06:00.480 --> 0:06:01.600 reporter Strint Orogen. 0:06:01.960 --> 0:06:05.480 It's very fair to assume Jmie diamonds on boarded does 0:06:05.480 --> 0:06:07.640 anyone on board is Jamie Diamond Everyone else has to 0:06:07.680 --> 0:06:09.920 fall in line. But all the sense we're getting unless 0:06:09.920 --> 0:06:12.520 plans fallow out last minute, is sometime in the next 0:06:12.520 --> 0:06:14.720 few weeks, and then we could two. You could very 0:06:14.720 --> 0:06:16.840 well see Jpmullen come out and say they want everyone 0:06:16.880 --> 0:06:18.279 back in office five days a week. 0:06:18.680 --> 0:06:21.400 Bloomberg Street nott O Rogen says the largest US bank 0:06:21.400 --> 0:06:24.000 employees more than three hundred thousand people globally. 0:06:24.680 --> 0:06:26.800 Well, Nathan, one billion is not enough. 0:06:26.920 --> 0:06:30.200 Indonesia kept a ban on the sale of Apple's iPhone sixteen, 0:06:30.360 --> 0:06:33.000 saying it's one billion dollar plan that includes building an 0:06:33.000 --> 0:06:37.600 air tag factory is insufficient to meet local investment requirements. 0:06:37.960 --> 0:06:40.279 The government said it is willing to negotiate with Apple, 0:06:40.360 --> 0:06:43.039 but may impose sanctions if the company continues to not 0:06:43.160 --> 0:06:45.000 comply with local investment rules. 0:06:45.279 --> 0:06:48.479 And Karen, NFL gamblers are winning too much. That's the 0:06:48.520 --> 0:06:52.200 word from FanDuel owner Flutter. Shares of that company fell 0:06:52.279 --> 0:06:55.040 five percent in Europe after warning its fourth quarter profits 0:06:55.080 --> 0:06:58.080 would be hurt after a string of quote very unfavorable 0:06:58.160 --> 0:07:02.479 sports results in the US. Flutter says NFL games have 0:07:02.520 --> 0:07:06.960 been the most customer friendly since it launched online sports betting. 0:07:10.640 --> 0:07:11.840 Time off for a look at some of the other 0:07:11.960 --> 0:07:14.120 stories making news in New York and around the world, 0:07:14.160 --> 0:07:16.320 And for that we're joined by Bloomberg's Michael Barr. 0:07:16.440 --> 0:07:18.119 Michael, Good morning, Good morning, Karen. 0:07:18.240 --> 0:07:21.520 Former president Jimmy Carter will continue to lie in state 0:07:21.600 --> 0:07:25.520 after his remains arrived in Washington Tuesday. Carter served as 0:07:25.640 --> 0:07:29.120 president from nineteen seventy seven to eighty one and went 0:07:29.120 --> 0:07:32.960 through a rocky four years of economic unrest and international 0:07:33.080 --> 0:07:36.760 unrest that ended with his defeat to Republican Ronald Reagan. 0:07:37.080 --> 0:07:40.400 In a ceremony, Vice President Kamala Harris spoke about Carter's 0:07:40.440 --> 0:07:41.320 political legacy. 0:07:41.640 --> 0:07:47.520 The wake of Watergate, Jimmy Carter passed historic ethics legislation 0:07:48.440 --> 0:07:52.960 to help rebuild America's faith in government. 0:07:53.600 --> 0:07:57.520 Also a Tuesday ceremony, House Speaker Mike Johnson spoke about 0:07:57.600 --> 0:08:01.520 Carter's long devotion to service after he left the White House. 0:08:01.840 --> 0:08:03.920 We all know that his care for humanity didn't stop 0:08:03.920 --> 0:08:07.280 at building homes. In the face of illness, President Jimmy 0:08:07.280 --> 0:08:10.120 Carter brought life saving medicine. In the face of conflict, 0:08:10.160 --> 0:08:14.600 he brokeer peace in the face of discrimination. He reminded 0:08:14.680 --> 0:08:17.520 us that we are all made in the image of God. 0:08:18.120 --> 0:08:21.360 Carter will remain at the Capitol until Thursday morning, when 0:08:21.360 --> 0:08:25.400 he is transported to Washington National Cathedral for a state funeral. 0:08:25.880 --> 0:08:30.040 Rescue workers in Tibet are searching for more survivors and victims. 0:08:30.280 --> 0:08:33.760 One day after a strong earthquake level thousands of houses 0:08:33.960 --> 0:08:36.040 and killed at least one hundred and twenty six people 0:08:36.080 --> 0:08:39.120 and injured around one hundred and ninety others. Tens, quilts 0:08:39.120 --> 0:08:41.880 and other relief items were being delivered to the Western 0:08:41.960 --> 0:08:45.280 China region to provide shelter for those whose homes are 0:08:45.400 --> 0:08:51.000 uninhabitable or unsafe. Whintery temperatures fell well below freezing overnight. 0:08:51.280 --> 0:08:54.720 The earthquake struck about fifty miles from Mount Everest and 0:08:54.840 --> 0:08:58.240 the border with Nepal. It's not cleared for takeoff yet, 0:08:58.280 --> 0:09:00.680 but a new technology could be poised to change the 0:09:00.720 --> 0:09:06.240 future of transportation. Some few American companies are developing flying cars, 0:09:06.320 --> 0:09:11.600 also called air Taxis Bevertt is the CEO of California 0:09:11.600 --> 0:09:12.840 based Joby Aviation. 0:09:13.559 --> 0:09:16.360 We see this as a new class of transportation as 0:09:16.400 --> 0:09:20.600 a first step in moving into the skies for our 0:09:20.679 --> 0:09:21.640 daily transportation. 0:09:22.760 --> 0:09:26.880 Bevertt with Joby Aviation says the electric vertical takeoff and 0:09:27.000 --> 0:09:30.280 landing aircraft has already been given their own FAA designation, 0:09:30.360 --> 0:09:34.280 although they're not allowed to carry civilians just yet. Global 0:09:34.320 --> 0:09:36.560 News twenty four hours a day and whenever you want 0:09:36.600 --> 0:09:39.559 it with Bloomberg News Now. Michael barn This is Bloomberg. 0:09:39.600 --> 0:09:42.480 It is five to eleven on Wall Street. Donald Trump 0:09:42.600 --> 0:09:45.400 says he will not rule out using military force to 0:09:45.440 --> 0:09:48.280 take control of Greenland and the Panama Canal, and he 0:09:48.280 --> 0:09:51.920 says he would use economic force to absorb Canada. And 0:09:51.960 --> 0:09:54.480 that was just a small part of a wide ranging 0:09:54.559 --> 0:09:56.360 news conference at mar a Lago. 0:09:57.000 --> 0:09:59.520 We're spending hundreds of billions a year to protect it, 0:10:00.080 --> 0:10:02.480 We're spending hundreds of billions a year to take care 0:10:02.520 --> 0:10:03.520 of Canada. 0:10:03.600 --> 0:10:06.520 And for more. This morning, after that news conference, we're 0:10:06.559 --> 0:10:10.400 joined by Bloomberg's Kevin Whitelaw Kevin, good morning. We did 0:10:10.440 --> 0:10:13.360 hear quite a number of threats from President elect Trump 0:10:13.640 --> 0:10:16.240 at marl Lago. How much of this could he be 0:10:16.400 --> 0:10:17.120 serious about? 0:10:17.920 --> 0:10:19.640 Well, I mean, it really brought back a lot of 0:10:19.679 --> 0:10:23.480 memories from the first four years of of of his administration, 0:10:23.640 --> 0:10:25.800 because you sort of end up, you come to the 0:10:25.880 --> 0:10:27.440 end of one of these things and you do try 0:10:27.480 --> 0:10:29.880 to find out you pick it apart what is real, 0:10:29.960 --> 0:10:33.440 what's not, what's serious, what's not, and what's literal and 0:10:33.480 --> 0:10:35.360 what's not. And I think that it's going to take 0:10:35.400 --> 0:10:39.440 a while before we can really actually understand what he's 0:10:39.679 --> 0:10:42.640 really looking for in each of these situations, and I 0:10:42.679 --> 0:10:44.679 think the notion that he's going to, like, you know, 0:10:44.800 --> 0:10:48.440 invade Greenland is not where this is headed. But having 0:10:48.480 --> 0:10:52.000 said that, you know, it shows that he is feeling 0:10:52.120 --> 0:10:57.280 that he is not constrained by any of the you know, 0:10:57.400 --> 0:11:01.120 sort of general practices of the past. He's not going 0:11:01.120 --> 0:11:03.600 to come in and be listening to a lot of 0:11:03.640 --> 0:11:06.920 the sort of you know, Republican graveyards and folks who've 0:11:06.920 --> 0:11:09.520 been around for a long time. He's going to act impulsively. 0:11:09.840 --> 0:11:11.560 He's going to be looking for deals, and he's going 0:11:11.600 --> 0:11:14.600 to be looking for a high profile ways to show 0:11:14.640 --> 0:11:16.640 that he's making a difference and making an impact. And 0:11:17.559 --> 0:11:21.320 whether that means that Denmark, for example, would be able 0:11:21.360 --> 0:11:25.480 to satisfy him by you know, perhaps allowing additional US 0:11:25.559 --> 0:11:29.960 military activities in Greenland or some kind of other economic deals, 0:11:30.400 --> 0:11:32.679 that is where we'll have to see. So what the 0:11:32.720 --> 0:11:35.640 bottom line is take a little while to actually sort out. 0:11:36.280 --> 0:11:38.280 But in the meantime it puts a real squeeze on 0:11:39.360 --> 0:11:42.800 certainly Denmark, which which finds itself in a suddenly uncomfortable position. 0:11:43.080 --> 0:11:47.600 Yeah, it certainly does not just Denmark, but Panama as well, 0:11:47.640 --> 0:11:50.280 and even Canada. And I mean we've already seen the 0:11:50.679 --> 0:11:54.839 fallout from how to confront presidental like Trump with a 0:11:55.000 --> 0:11:58.199 Canadian Prime Minister Justin Trudeau announcing that he's going to 0:11:58.280 --> 0:12:00.400 step aside in a couple of months. 0:12:00.440 --> 0:12:01.960 Where could things. 0:12:01.760 --> 0:12:07.160 Go as we start to prepare for the presidency of 0:12:07.480 --> 0:12:09.640 Donald Trump in less than two weeks. 0:12:09.360 --> 0:12:11.680 Here, Well, you know, I think obviously he's going to 0:12:11.720 --> 0:12:13.439 want to come in with a bang. He's going to 0:12:13.480 --> 0:12:15.240 want to come in and make a real impact. A 0:12:15.240 --> 0:12:17.080 lot of that I think is going to be domestic, 0:12:17.120 --> 0:12:24.080 but obviously countries like Canada, Mexico, and to a to 0:12:24.160 --> 0:12:26.880 a slightly but not much lesser degree, parts of Europe 0:12:26.920 --> 0:12:29.120 and China are going to have to be ready for it. 0:12:30.040 --> 0:12:32.480 At the same time, keep in mind, the reality is 0:12:32.480 --> 0:12:35.440 going to intrude pretty quickly on the president. Crises are 0:12:35.440 --> 0:12:37.280 going to happen, things are going to crop up. He's 0:12:37.280 --> 0:12:39.880 going to come up against some of the realities and 0:12:39.920 --> 0:12:42.400 limitations of what he can actually do, and he's going 0:12:42.440 --> 0:12:45.120 to have to also confront some of the potential negative 0:12:45.160 --> 0:12:50.040 impact and market effects of some of these activities. So 0:12:50.880 --> 0:12:52.839 you know, he'll come out with He'll come out he'll 0:12:52.880 --> 0:12:55.800 come out swinging, but but he's also going to have 0:12:56.040 --> 0:12:58.880 the same kinds of crises and other things that that 0:12:58.920 --> 0:13:01.520 have be deviled every every US president. I mean, you know, 0:13:01.600 --> 0:13:03.600 even in the news this you know, this morning, we're 0:13:03.640 --> 0:13:07.880 watching these very very very serious wildfires in California. Just 0:13:07.880 --> 0:13:10.319 that reminder that the president is going to have to 0:13:10.360 --> 0:13:12.520 deal with the set of reality no matter what it 0:13:12.600 --> 0:13:15.120 is he wants to come in and try to do well. 0:13:15.120 --> 0:13:17.840 I touch on something you said earlier that this idea 0:13:17.880 --> 0:13:20.760 that the president elect is going to act on impulse 0:13:21.160 --> 0:13:25.000 once he retakes office. That raises the question about whether 0:13:25.040 --> 0:13:29.040 he does have concrete plans to carry out some of 0:13:29.080 --> 0:13:33.760 these things, including this idea of economic force to make 0:13:33.840 --> 0:13:36.720 Canada the fifty first state. I mean, whether even that 0:13:36.840 --> 0:13:40.719 idea is serious, but the economic force idea certainly could be, 0:13:40.760 --> 0:13:41.200 couldn't it. 0:13:41.480 --> 0:13:44.000 Well, that's right, and I do think that you know, 0:13:44.040 --> 0:13:46.800 we are going to see some kind of tariff announcement 0:13:47.160 --> 0:13:49.880 very soon, but obviously we don't really know what that 0:13:50.040 --> 0:13:51.360 is going to look like. Is it going to be 0:13:51.400 --> 0:13:53.400 across the board, is it going to be targeted, Is 0:13:53.400 --> 0:13:55.200 it going to be big, is it going to be small? 0:13:55.760 --> 0:13:58.160 Is it going to be a threat that then results 0:13:58.160 --> 0:14:02.080 in a series of negotiations or to get to sort 0:14:02.120 --> 0:14:04.640 of happen, and then people try to find ways to 0:14:05.360 --> 0:14:09.360 alleviate it over time. You know, he may well go 0:14:09.400 --> 0:14:11.480 ahead with something that sounds very big, but he also 0:14:11.559 --> 0:14:14.200 has to worry about potential market impact. You know, we 0:14:14.240 --> 0:14:16.600 do know that he measures his own success in part 0:14:16.640 --> 0:14:19.720 on you know, the stock market and where it's headed. 0:14:19.760 --> 0:14:23.000 And so you know he's going to confront the reality 0:14:23.080 --> 0:14:26.360 that some of the plans he's talking about, say across 0:14:26.360 --> 0:14:28.880 the board tariffs, have the potential to exacerbate the kind 0:14:28.920 --> 0:14:32.520 of inflation, particularly say on food prices that he's promised 0:14:32.800 --> 0:14:35.520 to fight. So a way he can do something a 0:14:35.560 --> 0:14:39.240 little more targeted, and then you know that becomes part 0:14:39.280 --> 0:14:41.880 of a new negotiation. It certainly could. But if he 0:14:41.880 --> 0:14:44.200 wants to come make a big splashes that looks like 0:14:44.200 --> 0:14:46.560 he's following through on something, then you know he may 0:14:46.640 --> 0:14:49.120 have to deal with with a set of of negative 0:14:49.160 --> 0:14:53.360 consequences and political fallout, including within his own party, which 0:14:53.480 --> 0:14:55.640 maintains the narrowest of majorities in the House. 0:14:56.000 --> 0:14:58.000 Got about him Ante left, Kevin and I probably don't 0:14:58.000 --> 0:15:00.480 have to tell you, but here in Washington, when president 0:15:00.560 --> 0:15:03.080 like Trump made this announcement that he's going to rename 0:15:03.120 --> 0:15:05.119 the Gulf of Mexico the Gulf of America. 0:15:05.200 --> 0:15:07.120 That raised a lot of eyebrows. 0:15:07.560 --> 0:15:09.080 Where did that come from? 0:15:10.480 --> 0:15:13.120 I mean, it's the first I'd heard of it. You know, 0:15:13.960 --> 0:15:17.080 we've you know, Trump's all about branding. He's always been 0:15:17.120 --> 0:15:19.880 about branding. He's been about deals, He's been about these things. 0:15:19.920 --> 0:15:22.200 So you know, whether that one is real or not, 0:15:23.120 --> 0:15:25.680 I certainly guess we're you know, well, we'll have to see. 0:15:25.680 --> 0:15:29.640 But you know, to me, the real difference this time 0:15:29.680 --> 0:15:31.680 looking around is he's not going to come in with 0:15:31.800 --> 0:15:34.680 the kind of people who are likely to restrain him. 0:15:34.960 --> 0:15:38.080 He is mostly surrounding himself with people who want to 0:15:38.160 --> 0:15:40.640 enable him. And so that does mean that there are 0:15:40.720 --> 0:15:42.960 going to be some things that maybe got squashed in 0:15:43.000 --> 0:15:44.960 the last four years that are going to get a 0:15:45.000 --> 0:15:47.160 lot further this time around. And I do think that 0:15:47.160 --> 0:15:50.600 that means that everyone needs to gird themselves for what's 0:15:50.640 --> 0:15:54.280 going to be a very likely disruptive couple of months ahead. 0:15:54.600 --> 0:15:58.040 This is Bloombergy Daybreak, your morning podcast on the stories 0:15:58.080 --> 0:16:01.120 making news from Wall Street to Washington and beyond. 0:16:01.400 --> 0:16:03.760 Look for us on your podcast feed by six am 0:16:03.800 --> 0:16:07.240 Eastern each morning on Apple, Spotify, or anywhere else you listen. 0:16:07.440 --> 0:16:10.280 You can also listen live each morning starting at five 0:16:10.320 --> 0:16:13.040 am Wall Street Time on Bloomberg eleven three to zero 0:16:13.040 --> 0:16:15.960 in New York, Bloombergen ninety nine to one in Washington, 0:16:16.000 --> 0:16:19.960 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:20.160 --> 0:16:21.720 XM Channel one twenty one. 0:16:22.080 --> 0:16:24.840 Plus listen coast to coast on the Bloomberg Business app 0:16:24.880 --> 0:16:27.680 now with Apple CarPlay and Android Atto interfaces. 0:16:27.920 --> 0:16:30.920 And don't forget to subscribe to Bloomberg News Now. It's 0:16:30.960 --> 0:16:33.680 the latest news whenever you want it in five minutes 0:16:33.760 --> 0:16:36.880 or less. Search Bloomberg News Now on your favorite podcast 0:16:36.920 --> 0:16:39.120 platform to stay informed all day long. 0:16:39.480 --> 0:16:41.080 I'm Karen Moscow. 0:16:40.880 --> 0:16:43.400 And I'm Nathan Hager. Join us again tomorrow morning for 0:16:43.440 --> 0:16:45.360 all the news you need to start your day right 0:16:45.400 --> 0:16:46.880 here on Bloomberg dab ray