New Clues in CEO Murder Investigation; Trump Reportedly Invites President Xi to Inauguration

Karen, We begin with the latest in the investigation into 0:00:02.640 --> 0:00:06.640 United Healthcare CEO Brian Thompson's murder in New York. The suspect, 0:00:06.680 --> 0:00:10.520 Luigi Mangioni, remains behind bars in Pennsylvania, where he was 0:00:10.640 --> 0:00:13.360 arrested with a homemade gun, ten thousand dollars in cash, 0:00:13.520 --> 0:00:16.320 and a manifesto against the health industry. Here's New York 0:00:16.320 --> 0:00:18.000 City Police Commissioner Jessica Tsh. 0:00:18.640 --> 0:00:22.960 We got the gun in question back from Pennsylvania. It's 0:00:23.040 --> 0:00:26.799 now at the NYPD crime lab. We were able to 0:00:26.920 --> 0:00:30.440 match that gun to the three shell casings that we 0:00:30.800 --> 0:00:33.760 found in Midtown at the scene of the homicide. 0:00:34.200 --> 0:00:37.400 NYPD Commissioner Jessica Tish also says the crime lab matched 0:00:37.440 --> 0:00:40.720 Mangioni's fingerprints to a water bottle and an energy bar 0:00:40.840 --> 0:00:43.919 found near the scene. Mangioni is fighting extradition to New 0:00:44.000 --> 0:00:46.520 York to face a murder charge. His lawyer, Thomas Dicky, 0:00:46.560 --> 0:00:50.320 says his client has to be presumed innocent until proven guilty. 0:00:50.440 --> 0:00:53.640 Meanwhile, Nathan, the NYPD is investigating a series of a 0:00:53.760 --> 0:00:56.920 wanted posters that have cropped up in Manhattan. One of 0:00:56.920 --> 0:00:59.880 them is Brian Thompson's photo with a red X, cross 0:01:00.120 --> 0:01:04.839 Over It other show executives from Golden Sachs, Bank of America, JP, Morgan, Chase, 0:01:04.840 --> 0:01:09.080 an American Express. Manhattan District Attorney Alvin Bragg says celebrating 0:01:09.120 --> 0:01:10.520 a murder is abhorrent. 0:01:11.160 --> 0:01:17.520 I've sit across the table from families who've had a 0:01:17.560 --> 0:01:23.759 love one killed, and to think of people celebrating that, 0:01:25.720 --> 0:01:27.080 it's so challenges You've wrapped. 0:01:26.840 --> 0:01:27.759 My mind around that. 0:01:28.319 --> 0:01:32.120 Manhattan DA Alvin Bragg, The NYPD says police, I've seen 0:01:32.160 --> 0:01:36.520 a surgeon online threats against executives since Brian Thompson's murder. 0:01:37.120 --> 0:01:40.600 And now let's turn to politics. Karen President like Donald Trump, 0:01:40.640 --> 0:01:44.520 has reportedly invited Chinese president She Jen Ping to attend 0:01:44.520 --> 0:01:48.280 his inauguration next month. We get the details from Bloomberg's 0:01:48.280 --> 0:01:48.920 Doug Prisner. 0:01:49.200 --> 0:01:52.880 CBS News says it's unclear whether she has accepted the invitation. 0:01:53.280 --> 0:01:56.880 In last weekend's broadcast of NBC's Meet the Press, Trump 0:01:56.920 --> 0:01:59.960 said he had communicated with she recently, but he declined 0:02:00.080 --> 0:02:01.560 to say what they had discussed. 0:02:01.880 --> 0:02:02.040 Now. 0:02:02.080 --> 0:02:05.560 Trump campaigned on placing tariffs on all Chinese goods with 0:02:05.720 --> 0:02:08.800 sixty percent duties, and last month he vowed to impose 0:02:08.840 --> 0:02:12.200 an additional ten percent duty if Beijing doesn't help stem 0:02:12.280 --> 0:02:15.880 the flow of fentanyl coming across the US southern border. Meantime, 0:02:16.000 --> 0:02:19.519 China is preparing for a potential trade war by showcasing 0:02:19.520 --> 0:02:23.160 a new range of tools. This includes restrictions on exports 0:02:23.160 --> 0:02:27.320 of rare materials and a probe into Nvidia in New York. 0:02:27.320 --> 0:02:28.840 I'm Doug Prisner, Bloomberg Radio. 0:02:29.040 --> 0:02:29.880 All right, Doug, thank you. 0:02:29.919 --> 0:02:30.000 Well. 0:02:30.080 --> 0:02:33.320 One person who will not be at Trump's inauguration FBI 0:02:33.440 --> 0:02:36.480 Director at Christopher Ray. He told the bureau workforce that 0:02:36.560 --> 0:02:39.079 he plans to resign at the end of President Biden's 0:02:39.160 --> 0:02:40.200 term in January. 0:02:41.000 --> 0:02:44.679 After weeks of careful thought, I've decided the right thing 0:02:44.919 --> 0:02:47.640 for the Bureau is for me to serve until the 0:02:47.800 --> 0:02:51.720 end of the current administration in January and then step down. 0:02:52.320 --> 0:02:55.160 FBI Director Christopher Ray's announcement comes a week and a 0:02:55.200 --> 0:02:58.480 half after Trump said he would nominate loyalist cash Buttel 0:02:58.600 --> 0:03:00.320 for the job well. 0:03:00.280 --> 0:03:03.120 Karen, Trump has tapped another ardent supporter to be part 0:03:03.120 --> 0:03:06.040 of his team. Carrie Lake, the former television anchor who 0:03:06.120 --> 0:03:10.119 ran unsuccessfully for the US Senate and for governor in Arizona, 0:03:10.280 --> 0:03:12.800 is Trump's pick to be the next director a Voice 0:03:12.800 --> 0:03:16.640 of America. The organization began broadcasting during World War II. 0:03:16.720 --> 0:03:19.720 It provides news in more than forty languages to audiences 0:03:19.720 --> 0:03:21.120 and readers around the world. 0:03:21.520 --> 0:03:25.320 Nathan Meta Platforms has donated one million dollars to President 0:03:25.320 --> 0:03:28.320 elect Donald Trump's inaugural fund. It's part of an effort 0:03:28.400 --> 0:03:31.480 to build a positive relationship with the administration after a 0:03:31.560 --> 0:03:36.040 tense history. Meta owns Facebook and Instagram, platforms that Trump 0:03:36.120 --> 0:03:39.240 used heavily during his first term, until his accounts were 0:03:39.240 --> 0:03:42.640 suspended following the riot at the Capitol. Meta bands accounts 0:03:42.680 --> 0:03:45.480 out of concern that Trump would spur further violence by 0:03:45.520 --> 0:03:49.600 denying Biden's election victory. Trump's accounts were reinstated in twenty 0:03:49.640 --> 0:03:50.240 twenty three. 0:03:51.000 --> 0:03:54.880 Karen Elon Musk, whose wealth has been turbocharged since Trump's 0:03:54.920 --> 0:03:57.560 win last month, has reached a new milestone, and we 0:03:57.600 --> 0:04:00.440 get the details on that from Bloomberg's Valery Tel. 0:04:00.880 --> 0:04:03.920 He has become the first person to exceed four hundred 0:04:03.960 --> 0:04:06.480 billion dollars in net worth. That comes down to four 0:04:06.520 --> 0:04:08.880 hundred and forty seven billion dollars is tracked by the 0:04:08.920 --> 0:04:12.800 Bloomberg's Billionaire's Index. Its latest milestone for Elon Musk, the 0:04:12.800 --> 0:04:16.080 world's versus person. It also saw the biggest one day 0:04:16.080 --> 0:04:19.400 wealth jump on record for an individual, sixty two point 0:04:19.400 --> 0:04:22.120 eight billion dollars he added to his net worth, Some 0:04:22.160 --> 0:04:24.600 of that due to the rally in Tesla shares and 0:04:24.640 --> 0:04:26.360 a share sale in space X. 0:04:27.200 --> 0:04:30.120 Bloomberg's Val Titel says Musk has added about two hundred 0:04:30.160 --> 0:04:32.720 and eighteen billion dollars to his net worth since the 0:04:32.760 --> 0:04:33.480 start of the year. 0:04:34.000 --> 0:04:37.280 Well Nathan. President elect Trump is slated to ring the 0:04:37.320 --> 0:04:40.720 opening bell at the New York Stock Exchange today. Investors 0:04:40.920 --> 0:04:43.720 have seen the stock markets sore to new heights since 0:04:43.760 --> 0:04:46.680 the election as they cheer the president elects plans to 0:04:46.720 --> 0:04:48.200 cut taxes and deregulate. 0:04:48.600 --> 0:04:51.159 As for markets this morning, Karen futures are pointed lower 0:04:51.160 --> 0:04:53.840 after a tech driven rally on Wall Street. The Nasdaq 0:04:53.880 --> 0:04:57.280 one hundred climbed one point nine percent yesterday to a record, 0:04:57.520 --> 0:04:59.680 while the S and P five hundred rows eight tenths 0:04:59.680 --> 0:05:02.960 of one percent, near a recent peak. Victoria Fernandez is 0:05:03.080 --> 0:05:05.680 chief market strategistic cross Mark Global Investments. 0:05:06.160 --> 0:05:08.560 Sentiment is high because we feel like there's going to 0:05:08.600 --> 0:05:12.320 be a a pro business administration coming in that should 0:05:12.320 --> 0:05:15.080 be good for businesses, good for the labor market. So 0:05:15.200 --> 0:05:18.159 there's these elements that are supporting this economy. But I 0:05:18.200 --> 0:05:20.120 do think we have to be a little bit cautious. 0:05:20.200 --> 0:05:23.400 Once we get through the inauguration, chopping markets will probably 0:05:23.400 --> 0:05:24.080 be coming. 0:05:23.839 --> 0:05:25.279 Back cross marks. 0:05:25.360 --> 0:05:28.680 Victoria Fernandez notes Wall Street's fear gauge, the Vicks fell 0:05:28.720 --> 0:05:32.200 below fourteen yesterday. That's an indication the market is expecting 0:05:32.279 --> 0:05:33.320 calm in the near term. 0:05:33.680 --> 0:05:36.520 Well, Nathan, the rally was driven in part by yesterday's 0:05:36.520 --> 0:05:40.599 CPI report, as cemented expectations that Fed we'll keep cutting 0:05:40.640 --> 0:05:44.040 interest rates and we'll get another reading on inflation this morning. 0:05:44.080 --> 0:05:46.479 With the Producer Price Index for November, we get a 0:05:46.480 --> 0:05:48.360 preview with Bloomberg's Michael McKee. 0:05:48.680 --> 0:05:51.080 Prices at the Factory Gator are forecasts who have risen 0:05:51.120 --> 0:05:55.160 in November, much the same as consumer prices reported yesterday. 0:05:55.480 --> 0:05:58.760 But like the CPI, what will matter is the composition 0:05:58.839 --> 0:06:02.359 of the increases. What's up and what's down. Will it 0:06:02.440 --> 0:06:06.200 reinforce the Fed's confidence the economy remains on track to 0:06:06.240 --> 0:06:09.440 get to its two percent target. The PPI matters because 0:06:09.440 --> 0:06:12.880 the Fed's target is based on the Personal Consumption Price Index, 0:06:13.120 --> 0:06:16.680 an alternate to the CPI and the PCEE, which comes 0:06:16.680 --> 0:06:19.080 out at the end of the month, incorporates a number 0:06:19.120 --> 0:06:22.279 of data points from the PPI report, so any market 0:06:22.320 --> 0:06:25.160 reaction may not come from what we see, but promote 0:06:25.160 --> 0:06:29.480 economists and markets think we'll see ahead. Michael McKee, Bloomberg Radio. 0:06:29.400 --> 0:06:29.760 All Mike. 0:06:29.800 --> 0:06:31.520 Thanks to Europe, We've got a surprise move from the 0:06:31.560 --> 0:06:34.480 Swiss National Bank at unexpectedly cut its interest right by 0:06:34.520 --> 0:06:37.359 fifty basis points this morning to a half percent, and 0:06:37.560 --> 0:06:40.719 later this morning the European Central Bank is expected to 0:06:40.720 --> 0:06:42.680 cut rates for the fourth time this year. 0:06:43.200 --> 0:06:46.240 Well, Nathan, The Fed makes its final right decision of 0:06:46.240 --> 0:06:48.320 the year next week, and ahead of that, we've been 0:06:48.360 --> 0:06:52.120 speaking with Treasury Secretary Janety Yellen before she leaves office 0:06:52.160 --> 0:06:55.479 next month. Yellen says that Trump administration should continue the 0:06:55.560 --> 0:06:59.000 dialogue she's re established with China, and she's sending a 0:06:59.040 --> 0:07:00.320 warning about tears. 0:07:00.839 --> 0:07:06.040 Broad base tariffs. Almost all economists agree that what they 0:07:06.080 --> 0:07:11.640 will do is hurt us by raising prices, possibly substantially, 0:07:12.160 --> 0:07:17.480 and making it more expensive for firms that need inputs 0:07:17.480 --> 0:07:21.320 from China to be able to acquire them, in harmworrek 0:07:21.360 --> 0:07:25.400 competitiveness of firms that rely on those imports. 0:07:25.880 --> 0:07:29.200 Treasury Secretary Janet Yellen spoke with the Bloomberg's David Gura, 0:07:29.480 --> 0:07:31.800 head of the next round of economic talks between the 0:07:31.880 --> 0:07:34.680 US and China. Those are set for today on the 0:07:34.720 --> 0:07:38.280 sidelines of a group of twenty deputies meeting in Johannesburg. 0:07:38.840 --> 0:07:40.800 Let's check some stocks on the move this morning. 0:07:40.840 --> 0:07:41.160 Karen's. 0:07:41.160 --> 0:07:44.080 Shares of Adobe are down more than ten percent in 0:07:44.160 --> 0:07:47.520 early trading. The company, known for its software for creative professionals, 0:07:47.520 --> 0:07:51.320 gave a disappointing annual sales outlook that's underscoring concerns Adobe 0:07:51.360 --> 0:07:56.360 may lose business to emerging artificial intelligence based startups and Nathan. 0:07:56.480 --> 0:07:59.880 Microsoft plans to take an eight hundred million dollar charge 0:08:00.000 --> 0:08:02.680 after General Motors said it was shutting down its autonomous 0:08:02.720 --> 0:08:07.440 taxi initiative. Microsoft had announced a minority investment in GM's 0:08:07.520 --> 0:08:10.320 Cruise in twenty twenty one, part of a two billion 0:08:10.360 --> 0:08:17.480 dollar investment round in the self driving car startup. And 0:08:17.560 --> 0:08:18.920 it's time now for look at some of the other 0:08:19.000 --> 0:08:21.000 stories making news in New York and around the world. 0:08:21.080 --> 0:08:23.240 And for that we're joined by Bloomberg's Michael Barr. 0:08:23.280 --> 0:08:25.920 Michael, good morning, Good morning, Karen. We'll have the latest 0:08:26.280 --> 0:08:29.160 in South Korea in just a moment. But first we 0:08:29.240 --> 0:08:32.600 have some breaking news. President Joe Biden is commuting the 0:08:32.640 --> 0:08:36.520 sentences of roughly fifteen hundred people who were released from 0:08:36.520 --> 0:08:41.319 prison and placed on a home confinement during the coronavirus pandemic, 0:08:41.720 --> 0:08:45.840 and is partnering thirty nine Americans convicted of nonviolent crimes. 0:08:46.320 --> 0:08:48.920 It is the largest single day act of clemency in 0:08:48.960 --> 0:08:53.640 modern history. South Korea's opposition filed a second impeachment motion 0:08:54.000 --> 0:08:58.400 against President yunsakiol today, with the likelihood of its passage 0:08:58.520 --> 0:09:02.360 increasing has more ruling party members indicate they will support it. 0:09:02.720 --> 0:09:06.600 The motion was filed after Yun made a defiant speech 0:09:06.760 --> 0:09:09.959 earlier in the day in which he tried to justify 0:09:10.080 --> 0:09:14.520 his shock martial law declaration last week and insisted he 0:09:14.559 --> 0:09:16.360 would fight any case against him. 0:09:16.640 --> 0:09:21.720 Un through an interpreter, Minorman, Dear citizens, the opposition party 0:09:21.920 --> 0:09:24.559 is accusing me as a fellow and is now trying 0:09:24.559 --> 0:09:27.840 to remove me from the presidency immediately. I will not 0:09:27.960 --> 0:09:28.920 give in to their demands. 0:09:29.559 --> 0:09:32.520 The Democratic Party needs to secure two hundred votes in 0:09:32.559 --> 0:09:35.600 parliament to pass the motion and attempt to impeach him. 0:09:35.679 --> 0:09:40.240 Last Saturday failed to reach that threshold after June's People 0:09:40.400 --> 0:09:44.720 Power Party boycotted the vote. Southern California fire officials say 0:09:44.760 --> 0:09:49.160 the fast moving Franklin fire is seven percent contained. Incident 0:09:49.160 --> 0:09:52.840 Commander Dusty Martin says it's so far burned over four 0:09:52.880 --> 0:09:53.679 thousand acres. 0:09:54.160 --> 0:09:58.199 Currently, we have sixty three hundred citizens that are evacuated 0:09:58.240 --> 0:10:00.040 out of their homes, and I want you to know that. 0:10:00.080 --> 0:10:01.360 We do not take that likely. 0:10:02.400 --> 0:10:06.400 Our team, our unified command, we are working diligently to 0:10:06.440 --> 0:10:08.600 get the area secured to be able to get people 0:10:08.640 --> 0:10:09.880 back into their homes. 0:10:10.240 --> 0:10:13.880 Incident Commander Dusty Barton also says the wildfire has destroyed 0:10:13.880 --> 0:10:17.600 about a dozen homes. Finally, what's up with low flying 0:10:17.760 --> 0:10:20.640 drones hovering over parts of New Jersey, New York, and 0:10:20.679 --> 0:10:25.520 Pennsylvania in recent days. They are much larger and faster 0:10:25.679 --> 0:10:28.920 than those typically used by hobbyists. A group of New 0:10:29.000 --> 0:10:33.000 Jersey mayors attended a briefing yesterday on the sightings of 0:10:33.120 --> 0:10:36.600 the drones. Local officials are calling on the FBI to 0:10:36.760 --> 0:10:39.840 speed up the investigation and for the federal government to 0:10:39.880 --> 0:10:44.120 take action. The Quannock Township Mayor Ryan Hurd attended the 0:10:44.160 --> 0:10:47.240 briefing and said citizens in his town are concerned for 0:10:47.240 --> 0:10:47.880 their safety. 0:10:48.280 --> 0:10:51.320 We need to know where they're lifting off of, where 0:10:51.320 --> 0:10:53.840 they're going to, why they're doing it. We need to 0:10:53.880 --> 0:10:56.480 solve this problem, and we need to solve this problem now. 0:10:56.679 --> 0:11:00.640 He heard says the low flying drones are just a 0:11:00.679 --> 0:11:03.760 couple one hundred feet over a house. Global News twenty 0:11:03.800 --> 0:11:06.160 four hours a day and whenever you want it with 0:11:06.200 --> 0:11:09.319 the Bloomberg News. Now, I'm Michael Barn. This is Bloomberg Heren. 0:11:09.520 --> 0:11:16.280 All right, Michael Barr, thank you time now for the 0:11:16.280 --> 0:11:19.440 Bloomberg Sports Update, brought to you by Tri State. Howdy. 0:11:19.520 --> 0:11:22.319 Here's John Stashawer. John, Good morning, Good morning care. 0:11:22.440 --> 0:11:26.199 The Bill Belichick hiring at North Carolina is stunning, not 0:11:26.280 --> 0:11:29.360 just that he's taking a college coaching job after forty 0:11:29.400 --> 0:11:32.120 eight consecutive NFL seasons, but then it's at a school 0:11:32.600 --> 0:11:35.600 known much more for basketball. Carolina hasn't won an acc 0:11:35.800 --> 0:11:38.400 football title in forty four years, but in the release 0:11:38.440 --> 0:11:41.400 that came out last night, Belichick said he's always wanted 0:11:41.400 --> 0:11:44.160 to coach college football. It's what his father did. In fact, 0:11:44.360 --> 0:11:47.520 Steve Belichick, before a thirty four year run at Navy, 0:11:47.960 --> 0:11:50.319 was a Tar Heels assistant when his son Bill was 0:11:50.360 --> 0:11:53.760 an infant, and Belichick talked about college football while on 0:11:54.040 --> 0:11:55.480 ESPN earlier this week. 0:11:55.840 --> 0:11:57.959 As a pro coach, you always go back every year 0:11:58.000 --> 0:12:00.360 and go to different schools and look at their players 0:12:00.400 --> 0:12:03.599 and see their programs and learn from those coaches and 0:12:03.840 --> 0:12:06.240 their situations as well. So you know, I've got a 0:12:06.320 --> 0:12:08.240 chance this year to take a longer look at college 0:12:08.240 --> 0:12:11.320 football during the college season as opposed to in the spring. 0:12:11.360 --> 0:12:13.720 From the draft perspective, that's been interesting. 0:12:13.760 --> 0:12:16.760 It's expected that his son, Steve, who coached Undermt. New 0:12:16.800 --> 0:12:19.040 England currently in the University of Washington, will be a 0:12:19.080 --> 0:12:23.160 Carolina assistant, perhaps eventually replace his father as head coach. 0:12:23.240 --> 0:12:25.319 The Knicks are not going to Vegas for the NBA 0:12:25.320 --> 0:12:27.600 Cup Semifinals, looking like they would be at the Garden 0:12:27.640 --> 0:12:30.520 at a twelve point lead, but Atlanta, whether twenty five 0:12:30.600 --> 0:12:32.240 to six run in the third quarter, went on to 0:12:32.280 --> 0:12:34.280 win one o eight to one hundred. Hawks held by 0:12:34.280 --> 0:12:37.160 twenty two offensive rebounds and by the Knicks making only 0:12:37.200 --> 0:12:39.440 eleven of forty two to three pointers. An off night 0:12:39.480 --> 0:12:42.559 for Jalen Brunson, he shot five of fifteen. Atlanta will 0:12:42.559 --> 0:12:46.040 now play Milwaukee. Houston will take on Oklahoma City the Rockets, 0:12:46.240 --> 0:12:48.600 a ninety one to ninety winner to Golden State. Much 0:12:48.640 --> 0:12:51.360 they went for the Rangers in Buffalo Mecas Avantage Ad 0:12:51.440 --> 0:12:54.400 scored seven minutes in Stay won nothing for forty six 0:12:54.440 --> 0:12:56.760 and a half minutes, and then each team scored twice 0:12:56.960 --> 0:12:58.920 over the last six and a half. Rangers won three 0:12:58.920 --> 0:13:01.880 to two Saint John's and nine seventy seven went over Bryant. 0:13:02.000 --> 0:13:04.439 At the Winner Meetings, the Red Sox sent four prospects 0:13:04.440 --> 0:13:07.720 to the White Sox for Chicago's Best Picture Garrett Crochet. 0:13:07.720 --> 0:13:10.320 The Giants making yet another quarterback James Drew Locke has 0:13:10.360 --> 0:13:13.360 a heel injury. They'll go back to Tommy DeVito's Sunday 0:13:13.360 --> 0:13:17.439 at MetLife against Baltimore. John stash Ewa Bloomberg Sports Karen Nathan. 0:13:19.400 --> 0:13:23.560 Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:13:23.640 --> 0:13:26.560 and around the world on Bloomberg dot Com and the 0:13:26.559 --> 0:13:30.800 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:13:30.880 --> 0:13:31.560 Nathan Hager. 0:13:31.600 --> 0:13:35.240 We turned now to our exclusive conversation with Treasury Secretary 0:13:35.360 --> 0:13:38.280 Janet Yellen. She joined Bloomberg's David Gora for a wide 0:13:38.400 --> 0:13:41.600 ranging discussion from the Treasury Department. They touched on the 0:13:41.640 --> 0:13:45.200 prospect for expanded tariffs in a second Trump administration, the 0:13:45.240 --> 0:13:49.000 federal deficit, and the relationship between the US and China. 0:13:49.080 --> 0:13:49.679 Let's listen in. 0:13:50.240 --> 0:13:55.640 I do think it's important to have ongoing communications at 0:13:55.679 --> 0:14:02.079 all levels, from the President and she talking to senior 0:14:02.240 --> 0:14:08.040 US officials to staff that need to communicate. Just having 0:14:08.360 --> 0:14:14.080 open channels of communication is valuable, and I believe it 0:14:14.160 --> 0:14:19.400 will be seen as continuing to offer value. These are 0:14:19.520 --> 0:14:24.000 channels by which we can make clear what we're unhappy about, 0:14:24.920 --> 0:14:29.600 where our concerns are, and why we have them. Well, 0:14:29.600 --> 0:14:37.160 we have significant concerns about Russia's economic policies that we 0:14:37.320 --> 0:14:40.520 discussed in these channels. It's also the case that we 0:14:41.400 --> 0:14:48.360 have shared global interests, whether it's in climate change, combating pandemics, 0:14:48.840 --> 0:14:56.520 dealing with potential financial disruptions that could affect global financial markets. 0:14:57.280 --> 0:15:02.400 We're also using these channels to build trust, in channels 0:15:02.440 --> 0:15:06.000 for cooperation so that we can work together where our 0:15:06.080 --> 0:15:12.440 interests coincide. So there's no question that we have serious concerns, 0:15:12.480 --> 0:15:16.000 both from a national security point of view and a 0:15:16.080 --> 0:15:22.280 broader economic view with China's behavior. But nevertheless, is the 0:15:22.400 --> 0:15:27.240 two largest economies in the world. It's critical to have 0:15:27.400 --> 0:15:31.800 open channels of communication. It helps avoid misunderstandings. 0:15:32.200 --> 0:15:36.360 You have a particular insight into what makes your counterparts tick. 0:15:36.400 --> 0:15:38.880 I imagine through those conversations that you've had, and so 0:15:38.920 --> 0:15:44.080 we've seen the present LEF talk about large universal punitive tariffs. 0:15:44.760 --> 0:15:47.000 Do you have any insight into how they might respond 0:15:47.120 --> 0:15:48.760 if they are threatened with something like that. 0:15:49.040 --> 0:15:53.880 I really don't want to make a forecast. Many countries, 0:15:53.960 --> 0:15:59.760 when they're faced withilateral actions of that sort, look for 0:16:00.280 --> 0:16:03.400 to retaliate, and my guess would be that they would 0:16:03.440 --> 0:16:09.640 do that. We have in areas of concern where I've 0:16:09.720 --> 0:16:16.880 expressed repeatedly concerns with over capacity that is developed in 0:16:17.040 --> 0:16:23.920 Chinese advanced manufacturing industries and clean energy, semiconductors and the like. 0:16:24.800 --> 0:16:26.960 We think it reflects active