Trump's Executive Orders; Trump Pauses Tik Tok Ban

Bloomberg Audio Studios, podcasts, radio news. 0:00:10.320 --> 0:00:13.480 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:13.480 --> 0:00:15.520 are the stories we're following today. 0:00:15.400 --> 0:00:18.880 And care we begin with the change already underway in Washington, 0:00:18.960 --> 0:00:21.439 d c. Donald Trump has completed one of the most 0:00:21.440 --> 0:00:25.400 stunning political comebacks in modern American history, delivering his second 0:00:25.480 --> 0:00:28.720 inaugural address with a promise to deliver a golden age 0:00:28.840 --> 0:00:29.560 for America. 0:00:30.000 --> 0:00:35.320 From this moment on, America's decline is over. 0:00:37.080 --> 0:00:40.200 Speaking from the Capitol rotunda, the forty seventh president said 0:00:40.200 --> 0:00:42.199 he would get to work quickly with a series of 0:00:42.240 --> 0:00:44.680 executive orders aimed at what he called a radical and 0:00:44.800 --> 0:00:46.040 corrupt establishment. 0:00:46.360 --> 0:00:50.000 With these actions, we will begin the complete restoration of 0:00:50.040 --> 0:00:55.080 America and the revolution of common sense. It's all about 0:00:55.160 --> 0:00:56.600 common sense that. 0:00:56.680 --> 0:00:59.160 The President detailed many of those actions in his speech, 0:00:59.200 --> 0:01:01.640 saying he would declare it national emergency at the border 0:01:01.680 --> 0:01:04.959 to crack down on undocumented migrants, and a National energy 0:01:04.959 --> 0:01:06.680 emergency to tackle inflation. 0:01:07.640 --> 0:01:10.640 Well, Nathan, President Trump wasted a little time putting pen 0:01:10.760 --> 0:01:14.080 to paper on those promises. The new presidents signed dozens 0:01:14.080 --> 0:01:17.240 of executive orders in his first hours back in office. 0:01:17.400 --> 0:01:20.520 They included full part ins for more than fifteen hundred 0:01:20.560 --> 0:01:23.200 people involved in the riot at the US Capitol four 0:01:23.280 --> 0:01:23.759 years ago. 0:01:24.080 --> 0:01:27.360 They've been in jail for a long time already. I 0:01:27.400 --> 0:01:29.920 see murderers in this country get two years, one year, 0:01:29.920 --> 0:01:32.680 and maybe no time. So they've already been in jail 0:01:32.720 --> 0:01:35.120 for a long time. These people have been destroyed. 0:01:35.400 --> 0:01:38.600 The president also he sented dozens of Biden era orders 0:01:38.640 --> 0:01:41.800 on diversity, immigration, and climate, and he pulled the US 0:01:41.840 --> 0:01:45.160 out of the Paris Climate Agreement in the World Health Organization. 0:01:45.640 --> 0:01:49.040 One order he did not issue, however, was on tariffs, 0:01:49.240 --> 0:01:51.120 though he did say he could make a move on 0:01:51.240 --> 0:01:53.480 Canada and Mexico soon well. 0:01:53.360 --> 0:01:56.520 Thinking in terms of twenty five percent in Mexico and Canada, 0:01:56.560 --> 0:02:02.000 because they're allowing vast numbers of people. Canada is very 0:02:02.000 --> 0:02:04.640 bad abuseral, so vast numbers of people to come in 0:02:04.680 --> 0:02:06.000 and fentanyl. 0:02:05.520 --> 0:02:08.560 To come in instead of immediate terrorists. The President called 0:02:08.600 --> 0:02:12.040 on federal agencies to study tariff policies in America's trade 0:02:12.080 --> 0:02:15.040 relationship with China, Canada, and Mexico and Karen. 0:02:15.080 --> 0:02:18.760 President Biden also temporarily halted a ban on TikTok in 0:02:18.800 --> 0:02:21.240 the US, so we get more on that with Bloomberg's John. 0:02:21.080 --> 0:02:23.600 Tucker, John and Nathan Ian. One of the first moves 0:02:23.680 --> 0:02:26.440 under taking the old Trump signed and exact where that 0:02:26.560 --> 0:02:31.160 gives TikTok a seventy five day reprieve. He also reiterated 0:02:31.200 --> 0:02:34.480 his stans that American companies should own half of the 0:02:34.680 --> 0:02:36.200 video sharing platform. 0:02:36.560 --> 0:02:38.960 The US should be entitled to get half of TikTok, 0:02:39.520 --> 0:02:42.200 but it's worthless if I don't. If the President doesn't 0:02:42.240 --> 0:02:44.919 sign Dennis worthless. 0:02:44.760 --> 0:02:47.519 Or whether his order alone is enough to stave off 0:02:47.560 --> 0:02:50.680 a ban that remains unclear. According to the law that 0:02:50.760 --> 0:02:54.280 bans TikTok, an extension is only possible if the President 0:02:54.320 --> 0:02:57.919 can show Congress that there's a viable path toward a deal. 0:02:58.400 --> 0:03:03.120 A TikTok did restore access for existing users. Google and Apple, however, 0:03:03.200 --> 0:03:06.760 they still have not reinstated TikTok to their app stores. 0:03:07.040 --> 0:03:08.600 I'm John Tucker, Bloomberg Radio. 0:03:08.880 --> 0:03:09.720 All right, John, thank you. 0:03:09.760 --> 0:03:09.880 Well. 0:03:09.960 --> 0:03:13.160 Who's who of the world's wealthiest people surrounded President Donald 0:03:13.160 --> 0:03:15.480 Trump Bessie took the oath of office. A group of 0:03:15.480 --> 0:03:19.160 billionaires including Elon Musk, Jeff Bezos, and Mark Zuckerberg had 0:03:19.160 --> 0:03:22.840 a combined networth exceeding one point three trillion dollars. Also 0:03:22.880 --> 0:03:27.040 in attendance lvmh CEO Bernard ar No Alphabet co owner 0:03:27.280 --> 0:03:30.200 our co founder Rather Sergey Brinn, and Las Vegas Stands 0:03:30.240 --> 0:03:32.560 majority owner Miriam Adelson and Karen. 0:03:32.560 --> 0:03:35.680 Elon Musk has already secured a White House email address. 0:03:35.760 --> 0:03:37.880 Sources say the billionaire who set to lead the Department 0:03:37.880 --> 0:03:41.000 of Government Efficiency has an email available as part of 0:03:41.000 --> 0:03:44.160 the Executive Office of the President. Musk spoke yesterday at 0:03:44.160 --> 0:03:46.240 the Capitol One Arena in Washington. 0:03:46.640 --> 0:03:48.800 There are elections that the elections that come and go. 0:03:48.960 --> 0:03:52.520 Some elections are you know, important, some or not. But 0:03:52.880 --> 0:03:59.400 this one, this one, this one really matters, and I 0:03:59.440 --> 0:04:02.480 just want to say thank you for making it happen. 0:04:02.680 --> 0:04:06.200 Elon Musk poured millions into Trump's presidential campaign and has 0:04:06.200 --> 0:04:08.400 emerged as one of his closest advisors. 0:04:09.000 --> 0:04:13.000 Nathan Well Musk Head's President Trump's Government Efficiency effort. Vivek 0:04:13.080 --> 0:04:15.920 Ramaswamy will not join him and Stead he plans to 0:04:16.000 --> 0:04:19.760 run for a governor of Ohio. Ohio Governor Mike Dwine's 0:04:19.760 --> 0:04:22.720 decision to select his lieutenant Governor John Houstead to replace 0:04:22.839 --> 0:04:25.479 Vice President JD Vance and the Senate has opened the 0:04:25.520 --> 0:04:28.799 possibility for Ramaswamy to seek the governor's mansion. In twenty 0:04:28.800 --> 0:04:29.680 twenty six. 0:04:29.640 --> 0:04:32.800 Also in Washington, Karen Marco Rubio has been confirmed as 0:04:32.839 --> 0:04:35.480 Secretary of State. He is the first of President Trump's 0:04:35.480 --> 0:04:37.720 nominees to be approved by the Senate. More on that 0:04:37.760 --> 0:04:40.120 from Bloomberg's Gregory Courty in Washington. 0:04:40.600 --> 0:04:44.080 The Senate always gives deference to its own members when 0:04:44.120 --> 0:04:46.760 they are nominated for executive jobs. Marco Rubio was a 0:04:46.800 --> 0:04:49.960 senator then. I was widely respected on both sides of 0:04:50.000 --> 0:04:53.400 the aisle, and this has certainly seemed to be qualified. 0:04:53.440 --> 0:04:57.359 He's knowledgeable about foreign policy. Certainly Democrats don't agree with 0:04:57.440 --> 0:04:59.839 him on everything on foreign policy, but the fact that 0:04:59.839 --> 0:05:03.159 he would be the first cabinet posts to be filled 0:05:03.640 --> 0:05:06.600 in this next Trump administration not altogether surprising. 0:05:06.680 --> 0:05:09.200 Blig Bergs greg great Cordy reports after the vote, Marco 0:05:09.279 --> 0:05:11.560 Rubio said, ending the war in Ukraine will be a 0:05:11.600 --> 0:05:12.800 top priority on. 0:05:12.920 --> 0:05:15.479 Nathan Trump, of course, was the main topic of conversation 0:05:15.560 --> 0:05:18.440 at the World Economic Forum in Davos. Business leaders and 0:05:18.480 --> 0:05:21.320 investors worth over one hundred and twenty billion dollars or 0:05:21.360 --> 0:05:23.839 at the event, and we cut up with Franklin Templeton 0:05:23.960 --> 0:05:25.200 CEO Jenny Johnson. 0:05:25.560 --> 0:05:27.960 He's a deal maker, right, And if you're a deal maker, 0:05:27.960 --> 0:05:29.960 the first thing you do is you show your you know, 0:05:30.560 --> 0:05:33.880 your powerful stance. So you make a broad statement, I'm 0:05:33.880 --> 0:05:37.559 going to tax Canada and Mexico by twenty five percent. Well, 0:05:37.600 --> 0:05:39.200 and then you sit down at the table, you get 0:05:39.200 --> 0:05:41.599 them to the table, and you say this is what 0:05:41.680 --> 0:05:43.480 I need. I need some help on immigration, I need 0:05:43.600 --> 0:05:45.880 I want you to import more of our goods. And 0:05:45.920 --> 0:05:48.960 so you know, I think we've seen that. That's his 0:05:49.080 --> 0:05:50.000 kind of approach. 0:05:50.120 --> 0:05:53.400 And Franklin Templeton CEO Jenny Johnson says she believes Trump's 0:05:53.440 --> 0:05:57.360 policies will boost the economy and support public and private markets. 0:05:57.480 --> 0:06:00.840 Speaking of the markets, Karen, futures are higher as we 0:06:00.880 --> 0:06:04.440 begin the first full trading day under Trump's second presidency. 0:06:04.760 --> 0:06:07.599 The dollar open lower before surging when Trump threatened to 0:06:07.600 --> 0:06:10.400 impose tariffs of as much as twenty five percent on Canadian, 0:06:10.480 --> 0:06:13.080 Mexican and imports as soon as February. We get more 0:06:13.120 --> 0:06:15.800 on the volatility in the FX market from Bloomberg Markets 0:06:15.800 --> 0:06:17.120 reporter Valerie Titel. 0:06:17.440 --> 0:06:21.200 It's insane volatility in FX markets. I mean the dollar 0:06:21.360 --> 0:06:24.560 dropping a percent in mere minutes yesterday when we got 0:06:24.560 --> 0:06:26.479 a leak from the Wall Street Journal that Trump was 0:06:26.520 --> 0:06:29.800 not going to announce any tariffs on day one on 0:06:29.839 --> 0:06:32.720 that first round of executive orders. He did make that 0:06:32.800 --> 0:06:35.760 passing comment to reporters in the Oval Office about a 0:06:35.839 --> 0:06:39.320 twenty five percent tariff on Canada and Mexico, even giving 0:06:39.360 --> 0:06:41.360 a date at which he wants to put that, on 0:06:41.440 --> 0:06:45.480 February first. But the lack of anything on paper is 0:06:45.680 --> 0:06:49.440 maybe just giving us a hint that the tariff side 0:06:49.520 --> 0:06:51.800 of Trump's plan is not put together yet. 0:06:51.920 --> 0:06:54.920 It's Bloomberg Market's reporter Valve Titel and checking the Bloomberg 0:06:54.960 --> 0:06:57.760 Dollar Spot Index right now it is stronger by six 0:06:57.800 --> 0:06:58.760 tenths of one percent. 0:06:59.400 --> 0:07:01.919 Well, Nathan will once again be a main focus for 0:07:01.960 --> 0:07:04.160 the markets this week after the bill. Well, here are 0:07:04.160 --> 0:07:07.719 from Netflix and Githa Raganathaan covers the streaming giant for 0:07:07.720 --> 0:07:08.800 Bloomberg Intelligence. 0:07:09.120 --> 0:07:13.040 We had two huge live events that they streamed on 0:07:13.080 --> 0:07:15.400 their service actually in the fourth quarter. One was the 0:07:15.440 --> 0:07:18.520 big Mike Tyson versus Jake Paul boxing event which happened 0:07:18.560 --> 0:07:21.320 in November, and then in December on Christmas Day, you 0:07:21.400 --> 0:07:25.640 had two NFL games and both those along with the 0:07:25.640 --> 0:07:28.400 release of their biggest hit ever, which was Quid Game 0:07:28.480 --> 0:07:31.920 Season two on December twenty sixth, is believed to have 0:07:32.040 --> 0:07:34.800 really kind of boosted those subscriber. 0:07:34.360 --> 0:07:38.160 Numbers, and Bloomberg Intelligence is Getha Raganathaan projects Netflix to 0:07:38.240 --> 0:07:40.400 add eleven million customers in the quarter. 0:07:40.680 --> 0:07:44.040 Counterpoint Research says sales of iPhones dropped more than eighteen 0:07:44.080 --> 0:07:47.120 percent in China during the December quarter. That decline was 0:07:47.160 --> 0:07:50.280 partly due to the lack of accessibility of new artificial 0:07:50.280 --> 0:07:53.800 intelligence features, as Apple seeks a local partner in China 0:07:53.880 --> 0:07:55.680 to provide AI infrastructure. 0:07:59.480 --> 0:08:00.920 Time Now for look at some of the o their 0:08:00.960 --> 0:08:03.320 stories making news in New York and around the world, 0:08:03.360 --> 0:08:05.720 and for that were joined by Bloomberg's Michael Barr Michael 0:08:05.720 --> 0:08:06.560 good Morning. 0:08:06.400 --> 0:08:10.760 Good Morning, Karen. Former President Joe Biden granted blanket partons 0:08:10.800 --> 0:08:14.160 to five family members and others in his final acts 0:08:14.200 --> 0:08:18.200 of clemency. The pardons also included former top health advisor 0:08:18.280 --> 0:08:21.560 doctor Anthony Fauci, former Chairman of the Joint Chiefs of 0:08:21.640 --> 0:08:25.760 Staff Mark Milly, and the members of the January sixth Committee, 0:08:25.760 --> 0:08:30.920 including chairwoman former Representative Liz Cheney. President Trump told supporters 0:08:30.920 --> 0:08:34.880 about Biden partning his family members just before the inauguration. 0:08:35.360 --> 0:08:37.160 You know why he did it while I was speaking, 0:08:37.200 --> 0:08:39.640 Because that way I couldn't speak about it. I was speaking. 0:08:39.679 --> 0:08:42.520 I didn't know he did it. I finished my speech 0:08:43.280 --> 0:08:46.200 and he said, sir, he pardoned his whole family. I said, ooh, 0:08:46.320 --> 0:08:48.280 can I go back out there and talk about it. 0:08:48.840 --> 0:08:52.280 Biden also commuted the sentences of three people, including Native 0:08:52.320 --> 0:08:57.440 American activists Leonard Peltier, and granted preemptive pardons to leading 0:08:57.440 --> 0:09:01.120 government officials that Trump had threatened to punish. Pelt Here, 0:09:01.240 --> 0:09:04.800 convicted of murdering two FBI agents in nineteen seventy five, 0:09:05.440 --> 0:09:07.920 had been sentenced to life in prison. He will serve 0:09:08.000 --> 0:09:12.199 the remainder of his sentence in home confinement. Martin Luther 0:09:12.320 --> 0:09:15.760 King Day happened the same day President Trump returned to office. 0:09:15.960 --> 0:09:19.920 King's niece, Reverend Robin Scott King, took part in a 0:09:19.960 --> 0:09:21.880 parade in Newport News, Virginia. 0:09:22.280 --> 0:09:26.479 We saw dreamless walking Still believe. 0:09:27.679 --> 0:09:30.800 Sherry the legacy of doctor Martin Luther Key. 0:09:31.559 --> 0:09:34.640 MLK events were also held in other cities, including New 0:09:34.720 --> 0:09:39.520 York and Houston. Kamala Harris surviving in southern California. Last night, 0:09:39.920 --> 0:09:43.920 after attending the presidential inauguration in Washington, the now former 0:09:44.000 --> 0:09:47.320 VP and her husband visiting the site of the Eton 0:09:47.400 --> 0:09:50.360 fire in Los Angeles, not far from their home that 0:09:50.400 --> 0:09:52.000 survived the Palisades Fire. 0:09:52.600 --> 0:09:54.960 We went and visited World Central Kitchen. I mean the 0:09:55.200 --> 0:09:58.319 volunteers who are there, some of them who lost their 0:09:58.320 --> 0:10:01.880 own homes, are there doing the work of taking care 0:10:01.960 --> 0:10:05.760 of perfect strangers, who in the face of that stranger, 0:10:05.800 --> 0:10:06.600 they see a neighbor. 0:10:07.679 --> 0:10:10.720 Meanwhile, a second day of windy and dry conditions is 0:10:10.760 --> 0:10:15.120 forecast for southern California, raising the risk of new wildfires. 0:10:15.440 --> 0:10:19.480 The Taliban government in afghanistanza today it released American citizens 0:10:19.520 --> 0:10:22.640 and a prisoner exchange for an Afghan jailed in a 0:10:22.760 --> 0:10:26.520 US prison. The Taliban's Foreign Ministry said in a statement. 0:10:26.800 --> 0:10:30.880 The swap came after long and fruitful negotiations. The New 0:10:30.960 --> 0:10:34.559 York Times reported the Americans freed were Ryan Corbett and 0:10:34.600 --> 0:10:39.520 William Wallace mckentie in exchange for Khan Muhammad and Afghan prisoner. 0:10:40.040 --> 0:10:42.920 Global News twenty four hours a day and whenever you 0:10:42.960 --> 0:10:45.720 want it with Bloomberg News Now. I'm Michael Barran. This 0:10:46.000 --> 0:10:47.320 is Bloomberg. 0:10:51.320 --> 0:10:53.320 Time now for the Bloomberg Sports Update brought to you 0:10:53.360 --> 0:10:57.000 by Tri State Audi. Here's John stash Hour, John, good morning. 0:10:56.760 --> 0:10:57.360 Good morning. Here. 0:10:57.360 --> 0:11:00.760 On any previous college football season, Ohio State, with two 0:11:00.840 --> 0:11:04.199 regular season losses would not have been part of any playoff, 0:11:04.280 --> 0:11:07.000 but the playoff field tripled in side. The Buckeys got 0:11:07.000 --> 0:11:09.920 in and then dominated a champions game game in Atlanta. 0:11:10.160 --> 0:11:12.839 Notre Dames scored first long touchdown drive, then Ohio State 0:11:12.960 --> 0:11:13.360 got the. 0:11:13.320 --> 0:11:19.440 Ball the second in five played, Faith Howard flips it, 0:11:19.480 --> 0:11:22.520 Schriscott it in the first coin just losses head. 0:11:22.800 --> 0:11:24.480 That's the Buckey's score. 0:11:24.520 --> 0:11:26.920 To hiss to the Irish, Honey and Finn. They scored 0:11:26.960 --> 0:11:30.199 touchdowns on their first four possessions, thirty one points in 0:11:30.200 --> 0:11:32.520 a row. The Irish then scored the next sixteen to 0:11:32.600 --> 0:11:34.600 cut the lead to eight, but Ohio State held on 0:11:34.960 --> 0:11:38.320 thirty four to twenty three. Their quarterback Will Howard, transferred 0:11:38.320 --> 0:11:41.040 in from Kansas State, led them to their first national 0:11:41.160 --> 0:11:42.559 championship in a decade. 0:11:42.679 --> 0:11:46.040 It's just surreal, man. You know, when I came here, 0:11:46.280 --> 0:11:50.600 I talked about winning a national championship, and it's just surreal, man. 0:11:50.640 --> 0:11:53.240 God is so good and I just love these guys 0:11:53.679 --> 0:11:56.080 and uh Man, I'm just I'm just so glad that 0:11:56.120 --> 0:11:57.720 God gave me a chance to be a Buckeye. 0:11:57.720 --> 0:12:01.040 Notre Dames first loss in four months, titles since nineteen 0:12:01.160 --> 0:12:03.680 eighty eight. Matt Night the guard Knicks force twenty three 0:12:03.720 --> 0:12:07.040 Atlanta turnovers beat the Hawks one nineteen one ten combined 0:12:07.080 --> 0:12:09.800 sixty points from Jalen Brunson and Michel Bridges. Celtics won 0:12:09.800 --> 0:12:12.920 at Golden State by forty. Islanders beat Columbus three to one. 0:12:12.920 --> 0:12:15.720 Boja Quarterbat scored twice. The Bruins beat San Jose sixty 0:12:15.720 --> 0:12:18.240 three good one on the Big East. Georgetown scored with 0:12:18.280 --> 0:12:20.680 a second left for a one point win. At Villanovo 0:12:20.720 --> 0:12:23.880 Coco Golf, out of the Australian Open, lost their quarterfinal 0:12:23.960 --> 0:12:28.000 master Spain's Paolo Medosa seven five six four. Big men's 0:12:28.040 --> 0:12:32.320 match about to start Novak Djokovic against Carlos Alcaraza. Chicago 0:12:32.440 --> 0:12:36.440 Bears interviewed seventeen different head coaching candidates and decided on 0:12:36.480 --> 0:12:39.959 Detroit Lions offensive cornadir Ben Johnson. The Blue Jays came 0:12:40.040 --> 0:12:42.880 up short in several attempts to sign a big free agent, 0:12:42.880 --> 0:12:46.920 but Toronto has landed switch it in outfielder Anthony Santander 0:12:47.360 --> 0:12:50.120 had forty four home runs last season in Baltimore, Johns 0:12:50.120 --> 0:12:52.480 Stash Award and Bloomberg Sports Caring Anything. 0:12:54.520 --> 0:12:58.640 Coast to coast on Bloomberg Radio nationwide, on Serious Exam 0:12:58.800 --> 0:13:01.680 and around the world on Bloomberg dot Com and the 0:13:01.679 --> 0:13:04.800 Bloomberg Business app. This is Bloomberg Daybreak. 0:13:04.920 --> 0:13:05.480 Good morning. 0:13:05.520 --> 0:13:09.040 I'm Nathan Hager. President Trump is wasting little time working 0:13:09.040 --> 0:13:10.960 to usher in what he has been calling the new 0:13:11.120 --> 0:13:13.040 Golden Age for America. 0:13:13.160 --> 0:13:17.360 During every single day of the Trump administration, I will 0:13:17.640 --> 0:13:21.120 very simply put America first. 0:13:21.559 --> 0:13:26.120 And following that second inaugural speech inside the Capital Rotunda, 0:13:26.160 --> 0:13:29.920 the new president delivered eight blitz of executive actions aimed 0:13:29.920 --> 0:13:33.319 at undoing the policies of the Biden administration, targeting everything 0:13:33.360 --> 0:13:37.360 from immigration to energy, climate, the federal workforce, as well 0:13:37.360 --> 0:13:38.920 as hot button social issues. 0:13:39.200 --> 0:13:39.600 For more. 0:13:39.679 --> 0:13:43.160 We are joined by Terry Haynes, the founder of Pangaea Policy, 0:13:43.480 --> 0:13:46.400 and with us this morning from our Bloomberg Interactive Brokers Studios. 0:13:46.480 --> 0:13:49.360 David Gura, host of the Bloomberg Big Take podcast. It 0:13:49.440 --> 0:13:51.720 is great to have both of you with us this morning. 0:13:51.800 --> 0:13:57.240 After a remarkable inauguration for the second Trump presidency, Terry. 0:13:57.280 --> 0:14:00.920 I'll start with you. Your note this morning notes that the 0:14:00.960 --> 0:14:04.160 new president didn't just deliver an inaugural address, he delivered 0:14:04.160 --> 0:14:09.240 that second address inside the capital as well. What message 0:14:09.600 --> 0:14:13.880 is the new president sending with not just the speeches, 0:14:14.120 --> 0:14:16.800 but this flurry of executive orders? 0:14:16.800 --> 0:14:20.600 Good morning, Good morning, Nathan, and good morning David. A 0:14:20.640 --> 0:14:23.120 couple of things. One is, you know, I think there's 0:14:23.200 --> 0:14:28.240 there's twin sources of markets volatility today. Without overstating it, 0:14:28.280 --> 0:14:31.240 I mean, but I think this exists. There's policy uncertainty, 0:14:31.280 --> 0:14:35.120 of course, as your reporters have mentioned earlier, and there's 0:14:35.160 --> 0:14:37.040 also a presidential uncertainty. 0:14:37.040 --> 0:14:38.320 In some way. 0:14:39.000 --> 0:14:43.360 You got one sort of president with the inaugural address, 0:14:43.400 --> 0:14:47.000 you get another sort of president with the informal remarks afterwards. 0:14:47.480 --> 0:14:52.320 And I think it continues. The combination of those two 0:14:52.320 --> 0:14:56.400 things continues to simmer. The uncertainty about what sort of 0:14:56.400 --> 0:14:59.040 presidents are you're going to get and the amount of 0:14:59.240 --> 0:15:03.760 focus Trump is going to put on issues of all 0:15:03.840 --> 0:15:06.120 kinds and stewardship of the economy. 0:15:06.120 --> 0:15:10.800 In particular, the focus that we saw from the new president, David, 0:15:11.440 --> 0:15:16.720 seems to be really on unleashing this flurry of activity 0:15:16.760 --> 0:15:20.560 in terms of the executive actions. What stood out to you, 0:15:20.640 --> 0:15:23.840 I mean, is it even possible to sort of encapsulate 0:15:24.320 --> 0:15:26.560 the kind of action that we've seen from this new president. 0:15:26.640 --> 0:15:28.560 Yeah, Terry was getting at the kind of contradictions that 0:15:28.600 --> 0:15:30.000 we saw over the course of the day. And I 0:15:30.040 --> 0:15:32.600 think another thing animating the day was just the fact 0:15:32.640 --> 0:15:35.400 that he kept teasing these executive orders from the get go, 0:15:35.800 --> 0:15:37.640 and we saw him at the Capitol One arena in 0:15:37.720 --> 0:15:40.480 DC with a little wooden desk and some paper stacked 0:15:40.520 --> 0:15:42.720 on it as well. So we started getting these executive 0:15:42.800 --> 0:15:45.880 orders during this rally that was held indoors after kind 0:15:45.880 --> 0:15:49.000 of the formal inauguration. This is a wide range of 0:15:49.000 --> 0:15:51.000 executive orders. We kind of knew that was going to 0:15:51.000 --> 0:15:54.080 be the case, and he delivered through them a lot 0:15:54.080 --> 0:15:57.000 and promises that he made on the campaign trail and 0:15:57.120 --> 0:15:59.960 during the transition. Now we can quibble over how many 0:16:00.160 --> 0:16:03.400 teether are in these executive orders, but they dealt with 0:16:03.520 --> 0:16:07.040 climate policy, declaring a new national emergency when it comes 0:16:07.080 --> 0:16:09.440 to energy production in this country, and other national emergency 0:16:09.440 --> 0:16:12.360 when it comes to border issues. Again, these are topics, Nathan, 0:16:12.400 --> 0:16:14.800 that he talked about till the cows came home. On 0:16:15.040 --> 0:16:19.040 the campaign trail, and he's going to take us out 0:16:19.040 --> 0:16:21.360 of the Paris Agreement once again. He's going to backtrack 0:16:21.400 --> 0:16:23.520 on a lot of policies that President Biden put in place, 0:16:23.520 --> 0:16:24.640 And I think if I were to kind of look 0:16:24.640 --> 0:16:26.920 at them as a whole, that's the broadest takeaway that 0:16:26.920 --> 0:16:29.640 I have here. It's kind of a reset. It's walking 0:16:29.680 --> 0:16:33.440 back what he can from the previous administration when it 0:16:33.440 --> 0:16:35.640 comes again to climate, when it comes to public health, 0:16:35.640 --> 0:16:39.880 when it comes to multilateralism more broadly. And I think 0:16:39.920 --> 0:16:43.240 he's sending a message here, yes to those who supported him, 0:16:43.280 --> 0:16:45.880 to the American public more broadly, but also telegraphing to 0:16:47.000 --> 0:16:50.320 the kind of nascent staff that he has in these agencies. 0:16:50.360 --> 0:16:53.920 Of course, there haven't been many cabin appointees nominees confirmed yet, 0:16:54.280 --> 0:16:56.640 but kind of sending a directional signal to them about 0:16:56.840 --> 0:16:58.760 where he hopes to take things. But to Terry's point, 0:16:58.760 --> 0:17:01.360 I think there's still a degree of of confusion, a 0:17:01.440 --> 0:17:03.720 lack of clarity exactly on where that's going to be. 0:17:03.960 --> 0:17:06.560 Well, Terry, let's get into it where we could see 0:17:06.760 --> 0:17:09.400 kind of teeth on some of these policies. Not only 0:17:09.440 --> 0:17:12.040 have we seen the president as David mentioned declared that 0:17:12.200 --> 0:17:16.320 national emergency at the border. We've seen the Senate pass 0:17:16.480 --> 0:17:20.879 legislation aimed at cracking down on immigration at the border 0:17:20.960 --> 0:17:23.480 as well. How much of the action that we have 0:17:23.600 --> 0:17:26.360 seen from the new president so far do you see 0:17:26.359 --> 0:17:29.520 as having teeth and standing up to legal scrutiny. 0:17:30.520 --> 0:17:34.320 Well, I think, broadly speaking, two things. One is, I 0:17:34.359 --> 0:17:39.600 think that Trump and his appointees are desirous of making 0:17:39.640 --> 0:17:42.880 sure that all of it has teeth number one. Number two, 0:17:44.000 --> 0:17:47.560 I think some of this doesn't survive legal challenges. 0:17:48.800 --> 0:17:49.280 Think of this. 0:17:49.880 --> 0:17:52.760 Easy way to think of this is Trump taking a 0:17:52.800 --> 0:17:56.680 page from the Biden playbook. Frankly, you know, Biden persisted 0:17:56.680 --> 0:18:00.359 in doing a bunch of things. Student loans are the 0:18:00.400 --> 0:18:04.040 first thing that comes to mind here that he was 0:18:04.040 --> 0:18:06.400 told her illegal kept doing them, kept doing them, kept 0:18:06.400 --> 0:18:09.280 doing and it was a kind of a stylistic and 0:18:11.200 --> 0:18:16.560 policy overlay. And Trump continues, Trump will continue to want 0:18:16.600 --> 0:18:19.280 to do a lot of those things, but not be 0:18:19.320 --> 0:18:23.639 able to do it. Birthright citizenship comes to mind immediately, 0:18:23.680 --> 0:18:26.879 of course, as one of these things. But they will, 0:18:27.000 --> 0:18:29.320 you know, he will set a tone, They will work 0:18:29.320 --> 0:18:32.000 as hard as they can to implement those policies. Across 0:18:32.040 --> 0:18:36.600 the board, and they will undoubtedly have some legal setbacks 0:18:37.200 --> 0:18:41.000 in a number of areas and work to overcome them. 0:18:41.000 --> 0:18:44.000 But if they can't, they'll be saying, look, we're trying 0:18:44.040 --> 0:18:44.680 to do these things. 0:18:44.920 --> 0:18:47.600 And part of setting that tone, David was one of 0:18:47.680 --> 0:18:50.280 the first orders that the new president signed when he 0:18:50.320 --> 0:18:52.240 got back to the Oval office. Something else he had 0:18:52.240 --> 0:18:57.160 telegraphed during the speeches was to provide pardons and clemencies 0:18:57.480 --> 0:19:01.840 to the January sixth protesters. And now talking about the 0:19:01.920 --> 0:19:05.320 hard part beginning of getting those people freed, what kind 0:19:05.359 --> 0:19:09.080 of a tone does that set to have these people 0:19:09.960 --> 0:19:15.360 released from prison when just hours before now former President 0:19:15.400 --> 0:19:18.320 Biden had issued an executive order or a pardon of 0:19:18.320 --> 0:19:20.920 his own for the January sixth committee. 0:19:21.160 --> 0:19:23.919 I think something can be expected and shocking, That's how 0:19:23.960 --> 0:19:27.119 I would characterize what happened yesterday. So he did issue full, complete, 0:19:27.200 --> 0:19:30.240 unconditional pardons for fifteen hundred people. And as you know, Nathan, 0:19:30.240 --> 0:19:32.080 this is something that has been really coming up the 0:19:32.560 --> 0:19:35.320 legal system, the courts in Washington, d C. Now for 0:19:35.359 --> 0:19:37.960 the better part of four years, the prosecutions of those 0:19:37.960 --> 0:19:41.280 who were involved in those riots right on Capitol Hill. 0:19:42.040 --> 0:19:43.879 It sends a very strong message, but one that he 0:19:43.960 --> 0:19:46.600 had again telegraphed and indicated that he would do that. 0:19:46.640 --> 0:19:50.240 He did plan to part in and offer clemency to 0:19:50.480 --> 0:19:53.639 those who were arrested after the attack on the US capital. 0:19:53.680 --> 0:19:56.000 But you're right to bring this up and to advise 0:19:56.080 --> 0:19:57.600 us to look at this in compliment with what we 0:19:57.640 --> 0:20:00.200 saw from President Biden yesterday, and really was just a 0:20:00.200 --> 0:20:03.080 few minutes before the transfer of power that he issued 0:20:03.119 --> 0:20:07.199 preemptive pardons, yes, for members of his extended family, but 0:20:07.280 --> 0:20:10.680 also for those who were involved in the select committee 0:20:10.720 --> 0:20:13.520 that investigated those events on January sixth, including staff of 0:20:13.520 --> 0:20:15.240 that committee as well. And I think we saw that 0:20:15.320 --> 0:20:18.880 kind of animating Donald Trump President Trump throughout the day. 0:20:18.880 --> 0:20:21.320 It was something he clearly took notice of and responded to. 0:20:21.359 --> 0:20:21.879 And those kind of. 0:20:21.920 --> 0:20:25.160 Free wheeling remarks that he gave after the first inaugural address, 0:20:25.200 --> 0:20:27.240 the freewheeling remarks that he gave to those who couldn't 0:20:27.240 --> 0:20:29.439 be in the Capitol rotunda and talked about at the 0:20:29.440 --> 0:20:32.840 Capitol One Arena as well in the rally speech that followed. 0:20:33.160 --> 0:20:35.920 I think that he sees them as one and the same. 0:20:36.640 --> 0:20:39.280 And again I think that this is something that his 0:20:39.359 --> 0:20:42.480 base was expecting, hoping and expecting that he would do here. 0:20:43.280 --> 0:20:45.960 But for those who remember well that day and have 0:20:46.040 --> 0:20:48.520 kind of watched this dark mythology kind of take over 0:20:48.560 --> 0:20:51.199 what actually happened, then it's kind of the continuation of that, 0:20:51.240 --> 0:20:53.639 and I think it's something that we'll be talking about 0:20:53.680 --> 0:20:55.560 not just over the course of this term, but I 0:20:55.600 --> 0:20:59.359 think throughout American history again what happened on January sixth, 0:20:59.520 --> 0:21:01.560 of course, and then also just how it's been dealt 0:21:01.560 --> 0:21:04.840 with here with the parties at the president imposed yesterday. 0:21:04.760 --> 0:21:07.400 David Gurz with us in our Boomberg Interactive Broker Studios, 0:21:07.400 --> 0:21:10.399 host of The Big Take podcast, part of our special 0:21:10.480 --> 0:21:14.840 inaugural coverage on Bloomberg Radio and television, along with Terry Haynes, 0:21:15.200 --> 0:21:18.440 the founder of Pangea Policy. Terry, as much as the 0:21:18.640 --> 0:21:21.919 new president talked about trying to unify the country, the 0:21:21.960 --> 0:21:24.840 mandate that he sees himself having, now I wonder how 0:21:24.920 --> 0:21:30.399 much more of this conversation about potential retribution, potential for 0:21:31.119 --> 0:21:36.200 conflict with some of these past figures that he's dealt 0:21:36.240 --> 0:21:39.760 with before, is going to continue, particularly not just with 0:21:39.960 --> 0:21:42.960 the preemptive pardons for the January sixth committee that former 0:21:43.000 --> 0:21:46.880 President Biden put out but preemptive pardons for Anthony Fauci 0:21:47.160 --> 0:21:48.719 as well as members of his own family. 0:21:49.720 --> 0:21:52.840 Well, there are there are conflicting signals there. One of 0:21:52.880 --> 0:21:54.600 the things that one of the things that struck me 0:21:54.720 --> 0:21:59.080 about the inaugural address versus the informal remarks that came later, 0:21:59.680 --> 0:22:04.760 was that the president seemed to be getting beyond the 0:22:04.800 --> 0:22:08.080 retribution in the inaugural address, kind of the turning of 0:22:08.080 --> 0:22:11.960 the page, but left the possibility open, I think in 0:22:12.040 --> 0:22:15.320 his in his less formal remarks, you know, I think 0:22:15.359 --> 0:22:20.239 Trump is entitled to to some triumphalism here. You know, 0:22:20.400 --> 0:22:23.960 it's I can't think of a bigger political comeback in 0:22:23.960 --> 0:22:27.320 the United States history. And you know, he's of course 0:22:27.640 --> 0:22:30.439 entitled to interpret the election results as a repudiation of 0:22:30.480 --> 0:22:34.360 the last president. That's you know, that's what happens with presidents, 0:22:34.359 --> 0:22:38.040 but new president's. But the bottom line here is that, 0:22:38.160 --> 0:22:44.600 you know, it certainly remains a possible retribution. Remains a possibility. Firstly, Secondly, 0:22:45.520 --> 0:22:48.359 he'd be well politically advised not to engage in it. 0:22:49.160 --> 0:22:52.760 The January sixth pardons as much as anything else or 0:22:52.760 --> 0:22:56.480 a turning of the page, and in some sense that's 0:22:56.520 --> 0:23:00.640 what that's what the Biden pardons are as well. Combined 0:23:00.680 --> 0:23:04.320 signal I think, you know, leads to a conclusion that 0:23:04.560 --> 0:23:08.080 large scale retribution I think will not be will not 0:23:08.200 --> 0:23:10.920 be pursued, in part because of course there's so many pardons, 0:23:11.200 --> 0:23:15.119 but you know, but the tone and the bitterness and 0:23:15.880 --> 0:23:19.320 the threat of that will remain out there for some time. 0:23:19.720 --> 0:23:22.200 That's probably also what Trump intends, David. 0:23:22.240 --> 0:23:24.560 Let's get to what maybe the bottom line for markets, 0:23:25.080 --> 0:23:28.520 the lack of an order on tariffs, at least not 0:23:28.640 --> 0:23:33.480 right away, this call to study trade policy among federal agencies. 0:23:33.520 --> 0:23:35.439 The market seems to be taking that pretty well, with 0:23:35.480 --> 0:23:38.080 futures moving higher, although we are seeing some dollar strength 0:23:38.080 --> 0:23:38.480 this morning. 0:23:38.560 --> 0:23:39.119 Yeah, I think I. 0:23:39.080 --> 0:23:41.160 Think some relief there that we didn't see those those 0:23:41.160 --> 0:23:43.439 punitive broad tariffs put in place when it comes to 0:23:43.520 --> 0:23:45.400 China at least. And then we found this very familiar 0:23:45.440 --> 0:23:48.720 scene in the evening yesterday with President Trump seated in 0:23:48.720 --> 0:23:50.919 the Oval Office and being asked in a ray of 0:23:51.000 --> 0:23:54.040 questions about policy, one of which was about tariffs he's 0:23:54.040 --> 0:23:56.159 talked about on Mexico and Canada and the present kind 0:23:56.200 --> 0:23:58.560 of mentioning off handedly here maybe he'd put in those 0:23:58.560 --> 0:24:01.520 twenty five percent tariffs by February first, But we didn't 0:24:01.520 --> 0:24:03.840 get that announcement yesterday, and I think they're probably a 0:24:03.920 --> 0:24:06.359 variety of reasons for that. Connisance of sort of what 0:24:06.359 --> 0:24:08.359 it would mean for markets maybe is one facet of it. 0:24:08.400 --> 0:24:11.560 But he doesn't have his US trade representative, Jamison Greer, 0:24:11.600 --> 0:24:13.199 in place yet, and I think that there is a 0:24:13.200 --> 0:24:15.480 school of thought here that he wouldn't want to go 0:24:15.520 --> 0:24:18.520 ahead doing this until he has the principle in place. 0:24:18.560 --> 0:24:21.280 And so him saying that this is something he wants 0:24:21.359 --> 0:24:24.359 to study and dig into a bit more makes some 0:24:24.440 --> 0:24:27.000 sense to me. Again, not having a trade representative in 0:24:27.080 --> 0:24:29.800 office yet, but it certainly as you look at the 0:24:29.840 --> 0:24:31.639 kind of panoply of things that he's talked about putting 0:24:31.640 --> 0:24:33.280 in place, it is a big absence. And one is 0:24:33.280 --> 0:24:35.200 so we watched the day unfold yesterday. We were wondering, 0:24:35.680 --> 0:24:37.159 in fact, is he going to say more than he did? 0:24:37.200 --> 0:24:39.040 And I think he's keeping us guessing here, Nathan. 0:24:39.320 --> 0:24:41.560 Just thirty seconds left, Terry, when do you expect to 0:24:41.560 --> 0:24:44.280 see that trade policy clarity from this new administration. 0:24:45.400 --> 0:24:48.320 I think you will see it. I think you'll see 0:24:48.359 --> 0:24:50.280 it on a rolling basis, Frankly, I don't think you're 0:24:50.280 --> 0:24:53.000 going to see a situation where there's all of one 0:24:53.119 --> 0:24:57.200 or all the other. Generally speaking, David summarized the keeping 0:24:57.280 --> 0:25:02.679 it guessing quite well beyond say to markets that tariffs 0:25:02.760 --> 0:25:07.639 are a geopolitical tool, part of geopolitical national security for 0:25:07.720 --> 0:25:11.840 the Trump administration, and then that'll continue to be the 0:25:11.960 --> 0:25:14.040 lens through which these. 0:25:13.440 --> 0:25:14.320 Tariffs should be looked. 0:25:14.760 --> 0:25:18.200 This is Bloomberg Daybreak, your morning podcast on the stories 0:25:18.280 --> 0:25:21.280 making news from Wall Street to Washington and beyond. 0:25:21.560 --> 0:25:23.960 Look for us on your podcast feed by six am 0:25:24.000 --> 0:25:27.399 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:25:27.600 --> 0:25:30.440 You can also listen live each morning starting at five 0:25:30.480 --> 0:25:33.200 am Wall Street time on Bloomberg eleven three to zero 0:25:33.200 --> 0:25:36.120 in New York, Bloomberg ninety nine to one in Washington, 0:25:36.160 --> 0:25:40.120 Bloomberg ninety two nine in Boston, and nationwide on serious 0:25:40.320 --> 0:25:41.880 XM Channel one twenty one. 0:25:42.280 --> 0:25:45.000 Plus listen coast to coast on the Bloomberg Business app 0:25:45.040 --> 0:25:48.600 now with Apple CarPlay and Android Atto interfaces. 0:25:48.080 --> 0:25:50.800 And don't forget to subscribe to Bloomberg and News Now. 0:25:50.920 --> 0:25:53.520 It's the latest news whenever you want it in five 0:25:53.560 --> 0:25:56.560 minutes or less. Search Bloomberg News Now on your favorite 0:25:56.600 --> 0:25:59.320 podcast platform to stay informed all day long. 0:26:00.040 --> 0:26:02.720 Are in Moscow and I'm Nathan Hager. Join us again 0:26:02.760 --> 0:26:04.879 tomorrow morning for all the news you need to start 0:26:04.920 --> 0:26:07.040 your day right here on Bloomberg Dray