Special Coverage: Donald Trump's Inauguration

Bloomberg Audio Studios, podcasts, radio news. You're listening to the 0:00:10.119 --> 0:00:13.880 Bloomberg Balance of Power podcast. Catch us live weekdays at 0:00:13.920 --> 0:00:17.120 noon and five pm Eastern on Apple Coarclay, and Android 0:00:17.160 --> 0:00:20.560 Auto with the Bloomberg Business App. Listen on demand wherever 0:00:20.600 --> 0:00:24.480 you get your podcasts, or watch us live on YouTube. 0:00:25.040 --> 0:00:28.320 It's official now, having been sworn in as the forty 0:00:28.360 --> 0:00:31.040 seventh President of the United States, Donald Trump delivering his 0:00:31.120 --> 0:00:32.839 second inaugural address, The. 0:00:32.840 --> 0:00:46.000 Golden Age of America begins right now. From this day forward, 0:00:46.040 --> 0:00:49.400 our country will flourish and be respected again. 0:00:49.240 --> 0:00:50.199 All over the world. 0:00:51.479 --> 0:00:53.880 We will be the envy of every nation, and we 0:00:53.920 --> 0:00:58.040 will not allow ourselves to be taken advantage of any longer. 0:01:00.120 --> 0:01:04.520 Every single day of the Trump administration, I will very 0:01:04.560 --> 0:01:20.199 simply put America first. Our sovereignty will be reclaimed, our 0:01:20.280 --> 0:01:21.759 safety will be restored. 0:01:25.160 --> 0:01:28.039 As we bring our signature panel back in Bloomberg Politics, 0:01:28.040 --> 0:01:31.440 contributors Rick Davis and Janie Schanzano have been with us 0:01:31.480 --> 0:01:33.679 for the duration today and great to have both of 0:01:33.680 --> 0:01:35.800 you with us here. Donald Trump says, the Golden Age 0:01:35.840 --> 0:01:37.119 of America begins right now. 0:01:37.160 --> 0:01:37.880 Rick, Is that true? 0:01:38.200 --> 0:01:41.560 Well, look, I mean we have a fantastic economy, We're 0:01:41.600 --> 0:01:45.120 respected around the world. Our military is second to none. 0:01:45.319 --> 0:01:48.120 Why wouldn't it be a golden age of America for now? 0:01:48.280 --> 0:01:51.680 I mean, American exceptionalism is adopted around the world. Everybody 0:01:51.720 --> 0:01:54.760 wishes they had what we have, and so I think 0:01:54.800 --> 0:01:57.040 if we could take that to the next level and look, 0:01:57.080 --> 0:01:58.720 if he can make good on his promise that our 0:01:58.760 --> 0:02:01.520 strength can create peace around the world, then that is 0:02:01.560 --> 0:02:04.120 a worthy task to try and accomplish. 0:02:04.400 --> 0:02:06.000 We want to go live now to Capitol Hill as 0:02:06.080 --> 0:02:07.800 Rick and Jeanie stay with us, and please to say 0:02:07.840 --> 0:02:11.040 Republican Senator Bill Haggerty of Tennessee is joining us now 0:02:11.320 --> 0:02:14.519 from the Russell Senate Building. Senator, thank you so much 0:02:14.600 --> 0:02:17.160 for being with us. Happy Inauguration day two. You, of 0:02:17.160 --> 0:02:20.440 course are quite close with now the forty seventh President 0:02:20.960 --> 0:02:23.280 of the United States, but he's going to need a 0:02:23.360 --> 0:02:26.240 team alongside him. What is your expectation about just how 0:02:26.320 --> 0:02:29.560 quickly you will be casting votes to confirm his cabinet nominees. 0:02:30.200 --> 0:02:31.959 It's actually going to be as soon as this evening. 0:02:32.320 --> 0:02:35.400 The Senate forig Relations Committee's going to meet later this afternoon, 0:02:35.440 --> 0:02:38.680 four thirty five o'clock. I expect Marco Rubio to be 0:02:38.720 --> 0:02:42.440 reported out unanimously from that committee. He's our next Secretary 0:02:42.480 --> 0:02:45.960 of State, and I hope that our Democrat colleagues will 0:02:45.960 --> 0:02:48.320 cooperate with us, go ahead and accelerate the process, and 0:02:48.360 --> 0:02:49.600 let's get him appointed tonight. 0:02:49.639 --> 0:02:50.160 We can do that. 0:02:50.200 --> 0:02:51.600 We have the authority to do that here in the 0:02:51.639 --> 0:02:54.880 Senate with Democrat cooperation. I think that's the possibility. I 0:02:54.880 --> 0:02:56.600 also think that John Ratcliffe could come out of the 0:02:56.639 --> 0:03:00.000 Intelligence Committee tonight. We could see the same thing this time. 0:03:00.080 --> 0:03:02.560 The pace, I think is absolutely necessary given the national 0:03:02.560 --> 0:03:04.359 security challenges that we face right now. 0:03:04.760 --> 0:03:06.200 These two gentlemen, Marco. 0:03:06.040 --> 0:03:10.240 Rubio, John Ratcliffe critical elements a President Trump's team, and 0:03:10.280 --> 0:03:12.240 I'm hopeful that we'll be able to move very rapidly. 0:03:12.280 --> 0:03:15.000 And similarly, just keep making this pace as rapid as 0:03:15.080 --> 0:03:17.080 possible through the course of this week and next and 0:03:17.120 --> 0:03:19.640 really put the core part of President. 0:03:19.400 --> 0:03:21.600 Trump's team around him as soon as possible. 0:03:22.600 --> 0:03:24.520 It's good to see you, Senator, thanks for joining us 0:03:24.560 --> 0:03:26.799 on a very busy day here in Washington. Of course, 0:03:26.840 --> 0:03:29.400 presidents push on a lot of paper today. When do 0:03:29.520 --> 0:03:33.480 mass deportations begin? And what should employers who are watching 0:03:33.560 --> 0:03:36.200 and listening right now prepare for So. 0:03:36.320 --> 0:03:40.600 I talked to Tom Homan just shortly after the inaugural speech. 0:03:41.200 --> 0:03:42.920 Tom is going to be the busiest man in America 0:03:43.000 --> 0:03:44.120 starting tomorrow. 0:03:44.640 --> 0:03:46.880 But I think we're going to see a lot of action. Fast. 0:03:47.040 --> 0:03:50.400 Executive orders will be coming into place this afternoon, and 0:03:50.480 --> 0:03:52.920 we're going to see a tremendous amount of movement because 0:03:52.920 --> 0:03:56.080 this mandate has been clear. So seventy five percent of 0:03:56.080 --> 0:03:58.200 Americans said this nation was on the wrong track before 0:03:58.240 --> 0:03:58.800 election day. 0:03:58.840 --> 0:04:00.960 The number one issue has been. 0:04:00.840 --> 0:04:04.200 Immigration, the crime in our cities, the fentanyl coming into 0:04:04.240 --> 0:04:07.280 towns across my home state of Tennessee. And we're going 0:04:07.360 --> 0:04:10.040 to also be passing the Lake and Riley Act here 0:04:10.080 --> 0:04:12.240 in the Senate. That may be the first piece of legislation. 0:04:12.320 --> 0:04:14.400 I believe it will be that President Trump will sign 0:04:14.400 --> 0:04:15.040 into law. 0:04:16.640 --> 0:04:18.360 With all of the focus that he seems to want 0:04:18.360 --> 0:04:20.920 to put on the current US borders. Senator, and with 0:04:21.000 --> 0:04:24.120 your foreign policy expertise, having served as ambassador to Japan, 0:04:24.160 --> 0:04:27.200 what do you make of the kind of manifest destiny language, 0:04:27.240 --> 0:04:30.839 this notion of potentially expanding US borders in this administration. 0:04:31.880 --> 0:04:35.520 Well, he's made a very clear point that he's got 0:04:35.560 --> 0:04:38.920 America's interest. First, if you think about the conversations around 0:04:38.960 --> 0:04:42.240 Greenland critical minerals, I think these conversations are extremely healthy. 0:04:42.480 --> 0:04:45.080 The Panama Canal is something he's been focused on for 0:04:45.160 --> 0:04:47.839 some time. I've talked with him about this on numerous occasions. 0:04:48.480 --> 0:04:52.080 That should be an asset that is very favorably directed 0:04:52.120 --> 0:04:55.120 toward US interest and not in any way contradictory to 0:04:55.160 --> 0:04:57.680 those interests. And President Trump went through it today in 0:04:57.760 --> 0:05:00.799 terms of the way our navy is treated moving through there, 0:05:00.960 --> 0:05:03.599 the fact that we've got Chinese own shipyards on either 0:05:03.720 --> 0:05:07.080 end of the canal, these are serious national security concerns 0:05:07.080 --> 0:05:11.040 that he wants to address. He also talked about basically 0:05:11.360 --> 0:05:14.039 putting us in a position to go to Mars. I 0:05:14.080 --> 0:05:16.640 think that's incredibly exciting for young people. 0:05:16.880 --> 0:05:18.040 It's a great challenge. 0:05:18.440 --> 0:05:20.880 It's something I've talked with Elon Musk about the possibility 0:05:20.880 --> 0:05:23.440 of doing. Elon told me it's a six month voyage. 0:05:23.480 --> 0:05:25.080 I think we're on the cusp of being able to 0:05:25.120 --> 0:05:27.720 see that happen here in America, and President Trump can 0:05:27.760 --> 0:05:30.320 inspire that type of activity here in America. Were the 0:05:30.360 --> 0:05:32.520 only nation that could possibly do this, I believe, and 0:05:32.600 --> 0:05:33.200 I think we will. 0:05:34.640 --> 0:05:37.400 Senator Thank you so much. Bill Haggerty, Republican from Tennessee. 0:05:37.640 --> 0:05:41.080 You're listening to the Bloomberg Balance of Power podcast. Catch 0:05:41.160 --> 0:05:44.640 us live weekdays at noon and five pm Eastern on Apple, 0:05:44.680 --> 0:05:47.719 Cocklay and Android Auto with the Bloomberg Business app. You 0:05:47.720 --> 0:05:51.200 can also listen live on Amazon Alexa from our flagship 0:05:51.279 --> 0:05:55.839 New York station Just Say Alexa played Bloomberg eleven thirty. 0:05:56.480 --> 0:05:56.919 We have the. 0:05:56.960 --> 0:06:01.160 Voice of Democratic Congressman Brad Sherman of he is on 0:06:01.240 --> 0:06:04.240 Capitol Hill and joins us now live on Bloomberg. Congressman, 0:06:04.279 --> 0:06:06.359 it's good to see you. Before we get into some 0:06:06.440 --> 0:06:08.480 of the politics at play today, I just would like 0:06:08.520 --> 0:06:11.760 to start by asking you, with your district in California 0:06:12.600 --> 0:06:16.279 as part of the Los Angeles area, if your family 0:06:16.279 --> 0:06:18.440 are well, if you have any news on the containment 0:06:18.800 --> 0:06:21.200 of the wildfires, because we're going to start talking about 0:06:21.240 --> 0:06:24.000 a funding mechanism next. What's happening on the ground now. 0:06:25.320 --> 0:06:29.640 Well, the Palisades fire is virtually entirely in my district. 0:06:30.960 --> 0:06:33.400 So many people have lost their home, so many people 0:06:33.440 --> 0:06:36.760 don't have insurance or have very little insurance. My personal 0:06:36.800 --> 0:06:41.320 family is fine, But as to the fires, they're mostly 0:06:41.360 --> 0:06:46.400 contained and even the portion of the line where it's 0:06:46.440 --> 0:06:50.120 not officially contained hasn't grown in the last three days. 0:06:50.560 --> 0:06:52.680 So I'm confident that we can put this fire out, 0:06:52.680 --> 0:06:55.520 even though the winds are going to be gusting later today. 0:06:56.760 --> 0:06:59.960 What really was a gut punch, though, was listening to 0:07:00.080 --> 0:07:04.359 the President's inaugural speech where he says the Los Angeles 0:07:04.400 --> 0:07:08.400 we are watching the fires tragically burn from weeks ago, 0:07:08.600 --> 0:07:13.320 and then he says, without even a token defense. I 0:07:13.360 --> 0:07:15.040 was with so many firefighters. 0:07:15.400 --> 0:07:18.960 This is not a token defense. This is an incredible defense. 0:07:19.520 --> 0:07:21.000 These guys are brave. 0:07:21.680 --> 0:07:24.440 They are work in twelve and twenty four hour shifts. 0:07:24.840 --> 0:07:27.440 And for the President to use his inauguration to say 0:07:27.440 --> 0:07:30.160 it isn't even a token defense is just a stab 0:07:30.760 --> 0:07:32.440 in the guts of every one of the people that 0:07:32.480 --> 0:07:33.200 we rely on. 0:07:33.520 --> 0:07:34.720 It's simply outrageous. 0:07:36.520 --> 0:07:40.080 Well, Congressman, as they do that work fighting these blazes, 0:07:40.160 --> 0:07:43.320 even once they're contained entirely, there is going to be 0:07:43.360 --> 0:07:46.440 the question of rebuilding and recovery. Are you confident that 0:07:46.440 --> 0:07:49.520 that aid can come through, get through both the House 0:07:49.560 --> 0:07:52.080 and the Senate in Republican control, without conditions. 0:07:54.680 --> 0:07:55.440 Frankly, I'm not. 0:07:55.960 --> 0:07:59.360 Frankly, I think that Donald Trump's visit on Friday will 0:07:59.400 --> 0:08:02.920 be important. I think if he advocates for the AID, 0:08:03.120 --> 0:08:06.200 I think it will get through Congress. We have never 0:08:06.400 --> 0:08:11.520 conditioned aid, but this has been an enormously expensive event. 0:08:12.080 --> 0:08:16.520 So many people don't have insurance, and we're gonna need 0:08:16.840 --> 0:08:19.600 the help of Congress. Now. FEMA has enough money to 0:08:19.640 --> 0:08:22.600 do everything it's supposed to do for the next several months, 0:08:22.960 --> 0:08:26.080 So this isn't something like it's do or die in February, 0:08:26.400 --> 0:08:30.080 but we're going to need a major appropriation for the 0:08:30.360 --> 0:08:34.880 programs that will allow people to rebuild. It sounds like 0:08:36.120 --> 0:08:38.839 the same kind of aid that we provided for Hawaii, 0:08:39.040 --> 0:08:42.440 for Louisiana and other disasters as well. 0:08:42.600 --> 0:08:42.800 Well. 0:08:42.800 --> 0:08:45.440 He made some references to North Carolina when he was 0:08:45.480 --> 0:08:49.520 speaking to the overflow crowd as well, suggesting that FEMA 0:08:49.640 --> 0:08:53.440 was unable to bring relief to that area. Congressman Donald 0:08:53.440 --> 0:08:56.240 Trump saying and doing a lot today, two hundred or 0:08:56.240 --> 0:09:00.000 so executive orders. We understand he focused on the border 0:09:00.080 --> 0:09:00.680 quite a bit. 0:09:00.559 --> 0:09:01.920 In his remarks earlier. 0:09:02.200 --> 0:09:05.400 Of course, you represent a border state, and I wonder 0:09:05.400 --> 0:09:07.160 if you can tell us what's coming next, what you 0:09:07.240 --> 0:09:10.160 know about mass deportations and whether they may start in 0:09:10.200 --> 0:09:12.240 a place like California. 0:09:13.200 --> 0:09:15.920 Look, we've got to get the border under control. That's 0:09:15.960 --> 0:09:18.840 what people voted for. What they didn't vote for is 0:09:18.880 --> 0:09:21.520 to come into my district and find people who have 0:09:21.679 --> 0:09:26.240 lived in the San Fernando Valley for ten twenty thirty years, 0:09:26.760 --> 0:09:32.359 who have children, sometimes grandchildren, who are American born, American citizens, 0:09:32.640 --> 0:09:34.360 and to yank them out of their homes or even 0:09:34.400 --> 0:09:38.520 make them afraid that that's what might happen. Law abiding 0:09:39.040 --> 0:09:44.319 long term residents of California need to be out from 0:09:44.400 --> 0:09:46.120 under this tremendous fear. 0:09:48.280 --> 0:09:51.440 Well, we know that in addition to executive orders, Congressman 0:09:51.559 --> 0:09:53.520 Donald Trump would like to see the issues of the 0:09:53.520 --> 0:09:56.880 border and immigration, as well as energy and tax policy 0:09:56.880 --> 0:10:00.280 addressed through the budget reconciliation process. He was joking with 0:10:00.400 --> 0:10:02.800 the Speaker of the House, Mike Johnson in Emancipation Hall 0:10:02.840 --> 0:10:06.160 about just how narrow the Republican majority is, with only 0:10:06.280 --> 0:10:08.480 really a vote that can afford to be lost. Will 0:10:08.520 --> 0:10:13.520 Democrats provide a single vote to any of that agenda. 0:10:13.840 --> 0:10:18.760 There are parts of Trump's rhetoric that we can endorse. 0:10:19.200 --> 0:10:21.160 We certainly want to keep the government open. 0:10:21.520 --> 0:10:22.120 We know that. 0:10:22.040 --> 0:10:25.360 Trump does not want to dishonor our debt by not 0:10:25.480 --> 0:10:30.240 dealing with the debt limit. So there are certain elements 0:10:29.480 --> 0:10:32.920 of keeping the federal government going that I think we 0:10:32.960 --> 0:10:37.320 can all unite behind. And I think the country's going 0:10:37.400 --> 0:10:40.760 to learn an awful lot about the very technical issues 0:10:41.120 --> 0:10:45.400 involved in reconciliation, because only things in one of the 0:10:45.440 --> 0:10:50.160 two reconciliation bills can get through the Senate without Democratic support. 0:10:52.040 --> 0:10:55.120 All right, Democratic Congressman Brad Sherman of California, thank you 0:10:55.160 --> 0:10:56.600 so much for your time today, sir. 0:10:56.640 --> 0:10:57.400 We appreciate it. 0:10:58.679 --> 0:11:01.680 You're listening to the Blue Work Balance of Power podcast. 0:11:01.920 --> 0:11:05.080 Catch us live weekdays at noon and five pm Eastern 0:11:05.200 --> 0:11:08.640 on Apple, Cocklay and Android Auto with the Bloomberg Business App. 0:11:08.800 --> 0:11:12.040 Listen on demand wherever you get your podcasts, or watch 0:11:12.120 --> 0:11:13.679 us live on YouTube. 0:11:14.679 --> 0:11:18.480 On energy, President Trump today announcing in his inaugural address 0:11:18.520 --> 0:11:21.800 plans to use executive power to lower energy prices. 0:11:23.240 --> 0:11:27.680 The inflation crisis was caused by massive overspending and escalating 0:11:27.920 --> 0:11:31.280 energy prices, and that is why today I will also 0:11:31.440 --> 0:11:38.000 declare a national energy emergency. We will drill, Baby, Drill. 0:11:44.760 --> 0:11:46.760 Joining us now for more on this here on Bloomberg 0:11:46.800 --> 0:11:50.080 TV and radio. As Dan Bourriette, former Secretary of Energy 0:11:50.160 --> 0:11:54.800 for the first Trump administration. Mister secretary, thank you for 0:11:54.840 --> 0:11:57.280 being here, he says. Drill, baby, drill or frame. We've 0:11:57.280 --> 0:12:00.840 heard often from now President Trump, how easy is it 0:12:00.880 --> 0:12:04.040 to make that drilling happen via executive order exclusively. 0:12:05.280 --> 0:12:07.520 Well, thank you for having me today. It's actually quite easy. 0:12:07.559 --> 0:12:09.880 If you think about what it takes in terms of 0:12:09.920 --> 0:12:11.960 regulation to get a permit today in the United States. 0:12:12.000 --> 0:12:13.839 If we can make that more efficient, we can make 0:12:13.880 --> 0:12:17.920 that more easily done. If you will shorten the timetables 0:12:17.920 --> 0:12:22.000 for achieving production type permits or infrastructure permits, then we 0:12:22.040 --> 0:12:24.080 can increase production here in the United States. And I 0:12:24.080 --> 0:12:26.800 think that's what the President wants to do. He's absolutely 0:12:26.840 --> 0:12:29.760 correct about the underlying cause of inflation. 0:12:29.880 --> 0:12:32.840 The rising of energy prices in early. 0:12:32.600 --> 0:12:35.840 Twenty twenty one and twenty two had a devastating effect 0:12:35.840 --> 0:12:38.640 on the US economy with regard to pricing here. So 0:12:39.040 --> 0:12:40.720 I think he's on the right track. I think he's 0:12:40.720 --> 0:12:43.240 going to be very effective in doing that. Each of 0:12:43.240 --> 0:12:46.040 those cabinet secretaries, each of those cabinet agencies are going 0:12:46.080 --> 0:12:49.359 to move very very quickly to streamline the regulatory processes. 0:12:50.640 --> 0:12:52.920 So that's the first step, or first couple of steps down. 0:12:53.000 --> 0:12:56.120 How easy will it be to keep producers pumping and 0:12:56.240 --> 0:12:59.920 drilling when oil prices inevitably start to fall. 0:13:00.440 --> 0:13:02.480 Only only start to fall if demand goes down. And 0:13:02.480 --> 0:13:04.280 what we're seeing here in the United States as well 0:13:04.280 --> 0:13:06.480 as around the world, is that demand continues to grow. 0:13:06.800 --> 0:13:10.560 And as we think about what technology is bringing to 0:13:10.640 --> 0:13:13.559 the US economy and to the demand curve, you. 0:13:13.559 --> 0:13:16.200 See a very steep upward curve. 0:13:16.640 --> 0:13:18.760 So as long as that demand continues, and I think 0:13:18.760 --> 0:13:21.040 it will, then we need more production. 0:13:21.440 --> 0:13:23.120 As we look today and were. 0:13:22.760 --> 0:13:26.280 Not expect lower oil prices, I thought Donald Trump promised 0:13:26.280 --> 0:13:27.040 to cut them by half. 0:13:28.040 --> 0:13:28.920 No, I think you will. 0:13:29.320 --> 0:13:32.640 If you make that production more efficient, if you make 0:13:32.679 --> 0:13:35.120 it less costly, then consumers will be the benefit of that. 0:13:35.480 --> 0:13:36.880 That's one of the things that we've seen. 0:13:36.720 --> 0:13:39.120 Over the course of the last four years, our oil 0:13:39.120 --> 0:13:41.360 and gas production has gone up. We have indeed set 0:13:41.440 --> 0:13:44.920 new records from the twenty nineteen to twenty twenty period. 0:13:44.960 --> 0:13:47.960 We've exceeded those numbers roughly thirteen million barrels per day 0:13:48.000 --> 0:13:50.280 here in the United States. But the challenge is that 0:13:50.320 --> 0:13:52.920 consumers are not seeing the benefit of that increase supply 0:13:52.920 --> 0:13:56.120 in the marketplace because we've made it more expensive to produce. 0:13:56.559 --> 0:13:58.559 So if we can shorten the timetables, if we can 0:13:58.600 --> 0:14:03.199 reduce the gation or the you know, the judiciary burdens 0:14:03.880 --> 0:14:07.239 that producers now face, then we can pass those consumers 0:14:07.360 --> 0:14:10.760 or pass those costs or lower cost onto consumers and 0:14:10.760 --> 0:14:13.559 they'll be the beneficiary. And I think that's the president's 0:14:13.559 --> 0:14:14.920 focus today. 0:14:16.000 --> 0:14:18.880 Well, and we're obviously talking about traditional oil and gas 0:14:18.880 --> 0:14:22.400 and fossil fuels here, Dan bo He also has made 0:14:22.440 --> 0:14:24.800 a number of proclamations or at least saying he intends 0:14:24.840 --> 0:14:28.680 to do things like and wind farms and offshore wind farms, 0:14:28.680 --> 0:14:31.520 specifically pull back the ev mandate, as he calls it, 0:14:31.560 --> 0:14:33.680 elements of the Green New Deal. When we consider the 0:14:33.720 --> 0:14:37.440 wider energy composition in the United States, what do you 0:14:37.520 --> 0:14:40.880 ultimately see as the appropriate balance for cleaner fuels versus 0:14:40.920 --> 0:14:41.800 the traditional ones. 0:14:43.000 --> 0:14:46.160 Well, I think you're going to see increased production from 0:14:46.360 --> 0:14:48.600 wind and from solar as well. I think, you know, 0:14:48.640 --> 0:14:50.600 the record gets a bit skewed if you look back 0:14:50.640 --> 0:14:54.040 at the record. Twenty nineteen was actually the high high 0:14:54.120 --> 0:14:59.960 water mark for the installation of both solar and wind capacity. 0:15:00.040 --> 0:15:01.720 Here in the United States, and that was under the 0:15:01.720 --> 0:15:04.480 first Trump term. So you know, this notion that Donald 0:15:04.520 --> 0:15:07.640 Trump just flat out opposes renewable power, I don't think 0:15:08.000 --> 0:15:10.680 is a correct one. I think he understands full well 0:15:10.760 --> 0:15:13.200 that all of the above means, in fact, all of 0:15:13.240 --> 0:15:16.240 the above. Now, should we be giving preferences to certain 0:15:16.240 --> 0:15:18.520 types of fuel in the marketplace? I think you'll see 0:15:18.560 --> 0:15:21.000 the President say no to that, And what he wants 0:15:21.040 --> 0:15:24.440 to do is to eliminate those distortions in the marketplace 0:15:24.480 --> 0:15:28.760 that are created by either legislation or by yet sometimes 0:15:28.800 --> 0:15:30.200 you know, regulation as well. 0:15:30.240 --> 0:15:33.200 So I think you'll see a very in depth look 0:15:33.240 --> 0:15:33.480 at that. 0:15:35.680 --> 0:15:38.640 Do you expect the executive orders that the President will 0:15:38.680 --> 0:15:40.920 be signing throughout the day to day, we understand we 0:15:40.960 --> 0:15:43.120 could have as many as two hundred, maybe even more. 0:15:44.600 --> 0:15:49.840 DAN will actually address some of these matters first before 0:15:49.920 --> 0:15:53.120 we actually see legislation writing. And I wonder specifically if 0:15:53.120 --> 0:15:56.000 that will include a lifting of the ban on LNG exports. 0:15:56.840 --> 0:15:56.960 Oh. 0:15:57.320 --> 0:15:59.600 I almost certainly think that's going to be the case. 0:16:00.760 --> 0:16:02.560 There's no question about that, and there's a number of 0:16:02.600 --> 0:16:06.800 different reasons for it. One, our allies are crying for 0:16:06.960 --> 0:16:09.800 us LNG all around the world. I just met with 0:16:09.840 --> 0:16:15.200 the Japanese ministers of energy and they were very, very 0:16:15.240 --> 0:16:18.000 concerned about the announcement by the Biden administration that we 0:16:18.000 --> 0:16:20.480 were going to pause lergy exports for a period of time, 0:16:20.760 --> 0:16:23.440 or at least the export authorizations for a period of time. 0:16:23.760 --> 0:16:26.120 Same thing for the Europeans. They're facing the same types 0:16:26.160 --> 0:16:28.480 of demand curves that we are here in the United States, 0:16:28.760 --> 0:16:32.160 and that energy is absolutely critical to their meeting not 0:16:32.200 --> 0:16:35.120 only their economic goals, but their environmental goals as well, 0:16:35.360 --> 0:16:39.160 because in many cases, this lerg is displacing heavier hydrocarbons 0:16:39.520 --> 0:16:41.920 like coal or dung in certain places if you're in 0:16:41.960 --> 0:16:45.400 a developing country. So the demand for energy is going 0:16:45.440 --> 0:16:47.800 to continue to rise, and I think you'll see the 0:16:47.800 --> 0:16:50.440 Trump administration move very quickly to lift that pause. 0:16:52.080 --> 0:16:54.240 So that's what we'll be exporting. But I do wonder 0:16:54.320 --> 0:16:57.480 about the energy we do still import, as he's throwed 0:16:57.560 --> 0:17:00.480 the idea of twenty five percent tariffs on every coming 0:17:00.520 --> 0:17:04.359 from Canada, which exports a lot in terms of energy 0:17:04.359 --> 0:17:06.920 to the United States, or what would the actual immediate 0:17:06.960 --> 0:17:08.679 impact be if that were to be implemented. 0:17:09.720 --> 0:17:11.679 Well, I'm not quite sure what the President has in 0:17:11.720 --> 0:17:14.280 mind in terms of specifics on a tariff or whether 0:17:14.359 --> 0:17:17.360 or not it would apply to Canadian crude oil. But 0:17:17.680 --> 0:17:22.040 the president's mission here is to increase our independence, our 0:17:22.119 --> 0:17:25.600 energy independent's not our dependents. And when we think about 0:17:25.640 --> 0:17:28.320 trade and we think about imports and exports and what 0:17:28.400 --> 0:17:31.760 we do with various countries, there's an enormous difference between 0:17:31.800 --> 0:17:35.359 depending upon a certain product in our marketplace and simply 0:17:35.400 --> 0:17:37.040 trading for that product. 0:17:37.359 --> 0:17:39.720 Canadian crud is obviously different than US crewed. 0:17:39.760 --> 0:17:43.000 It's heavier, it's called sour crude, and refiners are set 0:17:43.040 --> 0:17:45.840 up in the United States, certain refiners are to accept 0:17:45.880 --> 0:17:48.879 that type of crude. The United States produces light or 0:17:48.920 --> 0:17:51.879 sweet crude, and that's a good export product. So to 0:17:51.920 --> 0:17:55.320 the extent that we can trade rather than be dependent 0:17:55.840 --> 0:17:57.840 is I think the president's goal, as you've heard them 0:17:57.840 --> 0:18:01.359 say many many times in the past, energy security is 0:18:01.440 --> 0:18:04.520 national security. He wants balance in the economics, he wants 0:18:04.640 --> 0:18:08.000 balance in the trade policies all around the world. 0:18:09.840 --> 0:18:13.040 Dan Briat, former Secretary of Energy in the first Trump administration. Dan, 0:18:13.119 --> 0:18:15.280 thank you so much for the insights. We appreciate that 0:18:15.320 --> 0:18:16.920 as part of our special coverage. 0:18:16.720 --> 0:18:20.160 You're listening to the Bloomberg Balance of Power podcast. Catch 0:18:20.240 --> 0:18:23.280 us live weekdays at noon and five pm Eastern on 0:18:23.440 --> 0:18:26.680 Apple Cocklay and Android Auto with the Bloomberg Business App. 0:18:26.720 --> 0:18:29.720 You can also listen live on Amazon Alexa from our 0:18:29.760 --> 0:18:34.960 flagship New York station. Just say Alexa Play Bloomberg. Eleven thirty. 0:18:35.800 --> 0:18:39.600 We're joined live in Washington by Lindsay Trevinsky, presidential historian 0:18:40.240 --> 0:18:45.520 and executive director of the George Washington Presidential Library. She 0:18:45.640 --> 0:18:48.840 joins us from Mount Vernon up here in the District 0:18:48.880 --> 0:18:50.919 of Columbia. And it's great to have you back, just 0:18:50.960 --> 0:18:53.800 the voice we wanted on not just this day, but 0:18:53.920 --> 0:18:56.560 at this moment talk to us about the importance of 0:18:56.600 --> 0:18:58.159 this stage of the ceremony. 0:18:58.520 --> 0:19:00.760 Well, thank you for having me back. I'm struck by 0:19:00.760 --> 0:19:03.520 these images. You know what caught my eye is that 0:19:03.640 --> 0:19:06.200 former Vice President Harris said a few words to now 0:19:06.240 --> 0:19:09.000 President Trump, and she did not do that at Carter's 0:19:09.000 --> 0:19:11.359 funeral the last time I spoke with you all, and 0:19:11.440 --> 0:19:14.840 I would dearly love to know what they were saying 0:19:14.880 --> 0:19:16.680 to one another. But you know, it is an important 0:19:16.680 --> 0:19:19.159 moment because this is sort of the final capstone and 0:19:19.200 --> 0:19:22.159 the peaceful transfer of power, which is the bedrock of 0:19:22.200 --> 0:19:24.439 what it means to be a republic. If you have 0:19:24.520 --> 0:19:27.400 a different type of transfer, it's a different type of government. 0:19:28.080 --> 0:19:30.000 Well, and it is a start contrast to what we 0:19:30.080 --> 0:19:32.560 experienced just four years ago when Donald Trump did not 0:19:32.640 --> 0:19:35.560 attend the inauguration of Joe Biden. And of course remarkable 0:19:35.800 --> 0:19:38.360 as we see the Bidens making their way toward Marine one. 0:19:38.440 --> 0:19:41.119 Now to consider that Trump and Biden rode over to 0:19:41.200 --> 0:19:44.359 the Capitol together today after having tea at the White House, 0:19:44.400 --> 0:19:46.640 a relationship between the two of them that has been 0:19:47.000 --> 0:19:50.320 adversarial to say the least, and that's perhaps a kind 0:19:50.359 --> 0:19:53.480 way of describing it, Lindsay, But to see them doing 0:19:53.680 --> 0:19:57.560 this now, as you say, a pillar of the American Republic, 0:19:57.640 --> 0:20:01.760 Donald Trump escorting Joe Biden physically to the helicopter. Just so, 0:20:02.040 --> 0:20:03.800 how far we've come in the last four years. 0:20:04.160 --> 0:20:04.920 Yeah, I think it does. 0:20:04.960 --> 0:20:06.880 You know, what you said is important is they don't 0:20:06.880 --> 0:20:08.840 have to like each other, they don't have to get along, 0:20:08.920 --> 0:20:12.000 they don't even have to necessarily enjoy the experience. But 0:20:12.080 --> 0:20:14.879 it is a part of the process. And notably, we 0:20:14.920 --> 0:20:18.119 didn't have this image from four years ago because Trump 0:20:18.160 --> 0:20:20.840 didn't attend, and instead we had a split screen where 0:20:20.840 --> 0:20:23.720 he was leaving to go directly to Florida. And so 0:20:24.400 --> 0:20:28.159 you know, for all that we might feel about this moment, 0:20:28.240 --> 0:20:31.120 I think it is worth noting and is admirable that 0:20:31.160 --> 0:20:33.600 the Bidens are there because no one likes losing. 0:20:34.000 --> 0:20:37.520 This is a remarkable moment that we're witnessing here as 0:20:37.640 --> 0:20:40.680 Jill Biden just gave a hug to Malania Trump and 0:20:40.760 --> 0:20:43.960 Donald Trump was yelling over the wind to try to 0:20:43.960 --> 0:20:46.000 say something to Joe Biden. I can only imagine what 0:20:46.040 --> 0:20:48.800 that message was. The current President and First Lady are 0:20:48.800 --> 0:20:53.000 now walking away from the helicopter where the Bidens have boarded, 0:20:53.320 --> 0:20:57.840 will now prepare for them to fly away, Kaylee. The 0:20:58.000 --> 0:21:02.159 official end of his presidency career in Washington, Donald Trump 0:21:02.160 --> 0:21:05.920 has quite a bit ahead of him, still signing executive orders. First, 0:21:06.240 --> 0:21:08.600 he'll likely be addressing the crowd in that overflow room 0:21:08.600 --> 0:21:10.439 as you described it, where almost two thousand of his 0:21:10.480 --> 0:21:11.320 supporters are waiting. 0:21:11.800 --> 0:21:14.159 As we consider now that he is president for a 0:21:14.200 --> 0:21:17.440 second time, only the second in history to serve non 0:21:17.480 --> 0:21:21.919 consecutive terms, and Lindsay, he described it himself during his 0:21:21.920 --> 0:21:24.800 inaugural address as something of a comeback, talking about how 0:21:24.840 --> 0:21:28.040 he saw himself as having been politically persecuted over the 0:21:28.119 --> 0:21:30.480 last several years, and yet he has returned to this 0:21:30.560 --> 0:21:34.240 highest office in the country. Just talk about that turnaround 0:21:34.280 --> 0:21:36.800 of the political fate of Donald Trump, that he once 0:21:36.840 --> 0:21:38.080 again finds himself here. 0:21:38.880 --> 0:21:40.919 Yeah, you've never seen anything like it. I mean, we 0:21:41.040 --> 0:21:43.280 have had one president lose and then come back, and 0:21:43.280 --> 0:21:46.080 that was Grover Cleveland in the nineteenth century, of course, 0:21:46.480 --> 0:21:49.480 but he had not been indicted, he had not played 0:21:49.520 --> 0:21:54.760 a role in inciting a violent elect a violent insurrection, 0:21:55.720 --> 0:21:59.239 and those are very different political circumstances, and so to 0:21:59.280 --> 0:22:03.639 see this type of comeback is really unusual. It is surprising. 0:22:03.720 --> 0:22:06.320 I don't think anyone would have predicted it four years ago, 0:22:06.840 --> 0:22:09.440 and I think the ramifications of it on our political 0:22:09.440 --> 0:22:12.320 system are going to take a long time to actually unfold. 0:22:12.600 --> 0:22:16.439 The Trump's advances waving goodbye to the bidens. Now the 0:22:16.480 --> 0:22:18.960 stairs have been lifted, the doors closed on the helicopter, 0:22:19.040 --> 0:22:22.960 and the Trump Party is heading back indoors into the Capitol. 0:22:23.160 --> 0:22:27.119 I'm curious, as a point of inauguration trivia, we watched 0:22:27.119 --> 0:22:29.840 the swearing in very closely. I don't know if you noticed. 0:22:29.920 --> 0:22:32.280 We didn't see Donald Trump put his hand on the Bible, 0:22:32.600 --> 0:22:34.480 and I'm brought back to two thousand and nine when 0:22:34.480 --> 0:22:36.720 Barack Obama decided to do it all over again with 0:22:36.760 --> 0:22:39.680 the Chief Justice after flubbing out an abundance of caution. 0:22:39.800 --> 0:22:41.879 As he said at the time, some of the language 0:22:41.880 --> 0:22:44.040 in the oath. Are we going to see another swearing in, 0:22:44.119 --> 0:22:45.480 potentially of Donald Trump. 0:22:45.920 --> 0:22:48.000 I don't think we will, because they're actually not required 0:22:48.040 --> 0:22:50.159 to take the oath on a Bible. John Quincy Adams 0:22:50.200 --> 0:22:52.040 took it on a book of laws and copy of 0:22:52.080 --> 0:22:55.240 the Constitution. So the oath is actually not based on 0:22:55.359 --> 0:22:58.879 a religious foundation. It's based on a commitment to the 0:22:58.920 --> 0:23:00.600 Constitution and to the American people. 0:23:00.640 --> 0:23:02.360 This is why we have you here to answer questions 0:23:02.400 --> 0:23:05.840 like these. As the voters turn on the helicopter, Kaylee, 0:23:05.960 --> 0:23:07.120 Joe Biden will soon. 0:23:06.960 --> 0:23:09.560 Be taking off yep, making his way, of course, from 0:23:09.640 --> 0:23:12.680 the Capitol Grounds to Joint Base Andrews, while another departure 0:23:12.720 --> 0:23:15.840 ceremony will be taking places. We say goodbye not to 0:23:15.960 --> 0:23:18.280 just Joe Biden's four years as president, but more than 0:23:18.359 --> 0:23:23.080 half a century of service in public office. A career politician, 0:23:23.640 --> 0:23:25.840 Frankly lindsay, in contrast to the man who is now 0:23:25.880 --> 0:23:29.560 succeeding him, and who preceded him, Donald Trump, who was 0:23:29.560 --> 0:23:32.600 not that when he was first elected. Now he of 0:23:32.640 --> 0:23:35.679 course is far and away seen as the leader of 0:23:35.720 --> 0:23:37.960 the Republican Party, having not had as warm of a 0:23:37.960 --> 0:23:40.960 reception to the political world back in twenty seventeen. But 0:23:41.000 --> 0:23:44.240 he's walking into that Capitol building with both chambers of 0:23:44.320 --> 0:23:47.440 Congress behind him. How much power does that give him 0:23:47.440 --> 0:23:50.200 as an executive authority, which he's planning to exercise today 0:23:50.240 --> 0:23:52.880 through a series of executive orders, But knowing he has 0:23:52.920 --> 0:23:56.320 basically the whole of government, including a conservative Supreme Court, at. 0:23:56.119 --> 0:23:58.640 His back, Well, normally I would say that a second 0:23:58.760 --> 0:24:02.480 term president, with the limitation of the twenty second Amendment, 0:24:02.800 --> 0:24:05.760 would not necessarily have that much power. Usually in the 0:24:05.800 --> 0:24:09.439 second term, a president focuses more on executive orders and 0:24:09.520 --> 0:24:11.760 foreign policy because they are a bit of a lame 0:24:11.880 --> 0:24:16.440 duck and so their ability to shape domestic politics is limited. 0:24:16.800 --> 0:24:19.560 And yet, as you said, Trump has really remade the 0:24:19.600 --> 0:24:23.399 party in his image. We saw this week with the 0:24:23.440 --> 0:24:27.320 Cabinet Secretary hearings that many of the people were willing 0:24:27.359 --> 0:24:30.159 to do whatever he wanted, even if they disagreed on 0:24:30.240 --> 0:24:33.840 certain policies and so I don't know how much pushback 0:24:33.880 --> 0:24:36.760 they're actually really going to give. Now that being said, 0:24:37.000 --> 0:24:39.680 no president achieves everything they want. It's just kind of 0:24:39.720 --> 0:24:41.399 a political rule that I think is probably going to 0:24:41.480 --> 0:24:44.280 stand here, regardless of how much support. 0:24:43.960 --> 0:24:44.399 He does have. 0:24:44.640 --> 0:24:47.800 The presidential helicopter many know as Marine One is now 0:24:47.840 --> 0:24:51.480 wheels up in Washington, d C. On a frigid twentieth 0:24:51.560 --> 0:24:56.960 of January. The inaugural ceremonies largely complete for Donald Trump. 0:24:57.880 --> 0:25:00.000 Now Joe Biden and Joe Biden will get their life 0:25:00.040 --> 0:25:03.560 last view of the capital Kayley as they hover over 0:25:03.600 --> 0:25:08.159 Capitol Hill, will likely fly past the White House before 0:25:08.160 --> 0:25:09.200 making their way to join. 0:25:09.080 --> 0:25:13.560 Bass Andrews incredible as we consider that Joe Biden wanted, 0:25:14.000 --> 0:25:17.760 at least up until roughly seven months ago, to serve 0:25:17.800 --> 0:25:19.880 a second term as president. He was hoping it would 0:25:19.880 --> 0:25:23.800 be his inauguration today, not that of another Democrat or 0:25:23.840 --> 0:25:26.959 of Donald Trump, but instead him, and reporting does suggest 0:25:26.960 --> 0:25:30.000 that he is leaving this office having still believed that 0:25:30.119 --> 0:25:33.159 he could have won this election in November. And it 0:25:33.160 --> 0:25:34.760 does make you wonder what must be going through the 0:25:34.800 --> 0:25:37.920 head of the now former first couple as they leave 0:25:38.240 --> 0:25:39.000 Washington behind me. 0:25:39.160 --> 0:25:42.440 That right, the man he replaced has now replaced him, 0:25:42.680 --> 0:25:44.280 and you can speak to what's happening on the other 0:25:44.400 --> 0:25:47.479 end of Pennsylvania Avenue as they prepare for the Trump's arrival. 0:25:48.160 --> 0:25:50.120 Yes, so in just a couple of hours, the White 0:25:50.160 --> 0:25:54.439 House undergoes a complete shift. So usually there's some staff 0:25:54.480 --> 0:25:56.720 that stays, but there's also new staff that comes in. 0:25:56.800 --> 0:25:59.679 There's a whole team of volunteers that will pack up 0:25:59.720 --> 0:26:03.879 all the Biden's belongings, including photographs and personal mementos. They 0:26:03.960 --> 0:26:05.840 will take out a lot of the choices that the 0:26:05.880 --> 0:26:08.720 Bidens made in terms of art and decor, especially in 0:26:08.760 --> 0:26:11.919 the Oval office, and then all new selections will come in. 0:26:12.240 --> 0:26:16.280 Sometimes that's rugs, sometimes that's drapery, sometimes it's art and furniture. 0:26:16.520 --> 0:26:18.760 And they will complete that entire process in just a 0:26:18.800 --> 0:26:19.680 couple of hours. 0:26:19.840 --> 0:26:21.880 It's incredible to consider. And also just in the next 0:26:21.880 --> 0:26:24.240 couple of hours, we do expect Trump could sign dozens, 0:26:24.240 --> 0:26:27.399 if not upward of one hundred executive orders. Have we 0:26:27.480 --> 0:26:30.720 ever seen as potentially active a first day of a 0:26:30.760 --> 0:26:32.679 presidency is what we could see today, Lindsay. 0:26:33.240 --> 0:26:33.600 We have. 0:26:33.680 --> 0:26:36.760 Actually recent history has been quite intense in terms of 0:26:36.840 --> 0:26:40.119 executive orders. The overall number of them are not actually 0:26:40.200 --> 0:26:42.680 as high as Franklin D. Roosevelt, which was the peak 0:26:42.760 --> 0:26:45.800 of executive orders in the presidency, but the number on 0:26:45.840 --> 0:26:49.000 the first day does tend to have that concentration. And 0:26:49.200 --> 0:26:52.120 usually we saw this four years ago. It's a president 0:26:52.680 --> 0:26:56.160 undoing the things that their predecessor did through executive order 0:26:56.200 --> 0:26:59.800 because they didn't do it through legislation. Biden also swore 0:27:00.040 --> 0:27:03.320 and I think thousands of political appointees that were at 0:27:03.320 --> 0:27:06.160 the lower level on his first day four years ago. 0:27:06.560 --> 0:27:08.960 So I think that it's pretty common at this point 0:27:08.960 --> 0:27:11.720 to see that type of activity. Now, the scope and 0:27:11.800 --> 0:27:14.439 breadth and the type of executive order that might be 0:27:14.440 --> 0:27:16.760 a little bit different. I don't think that Biden or 0:27:16.800 --> 0:27:20.119 Obama attempted to rename a body of water. 0:27:20.520 --> 0:27:20.880 All right. 0:27:20.920 --> 0:27:24.840 Lindsay Tchervinsky, presidential historian and executive director of the George 0:27:24.960 --> 0:27:27.359 Washington Presidential Library at Mount Vernon. 0:27:28.680 --> 0:27:32.160 You're listening to the Bloomberg Balance of Power podcast. Catch 0:27:32.200 --> 0:27:36.160 us live weekdays at noon and five pm Eastern on Apple, Cocklay, 0:27:36.160 --> 0:27:39.199 and Android Atto with the Bloomberg Business app. Listen on 0:27:39.280 --> 0:27:42.560 demand wherever you get your podcasts, or watch us live 0:27:42.600 --> 0:27:43.480 on YouTube. 0:27:45.000 --> 0:27:46.760 We're learning from the White House that he will be 0:27:46.840 --> 0:27:50.200 ending leasing to massive wind farms, bringing federal employees back 0:27:50.240 --> 0:27:52.520 to in person work as part of the suite of 0:27:52.560 --> 0:27:55.440 executive orders, and also the White House saying Trump will 0:27:55.440 --> 0:27:59.080 announce the America First trade policy, though our reporting here 0:27:59.119 --> 0:28:02.440 at Bloomberg today does suggest he's not going to immediately 0:28:02.800 --> 0:28:06.360 impost tariffs or additional tariffs on Chinese goods. And it's 0:28:06.400 --> 0:28:09.919 on the conversation around the economic and geopolitical relationship with 0:28:10.240 --> 0:28:12.359 China that we turned to our next guest, Shirley Marty 0:28:12.359 --> 0:28:16.360 hargas non Resident Fellow at the Atlanta Council's Global China Hub, 0:28:16.640 --> 0:28:20.240 is joining us now. Thank you for being here on Bloomberg, Shirley, 0:28:20.280 --> 0:28:23.840 as we consider just the broad threat of tariffs being 0:28:23.880 --> 0:28:26.719 placed not on specific Chinese goods, but potentially all of 0:28:26.760 --> 0:28:29.920 them that they export to the United States. Just how 0:28:30.000 --> 0:28:32.399 braced for what is coming is China right now as 0:28:32.400 --> 0:28:34.800 they watch Donald Trump take the oath of office today. 0:28:37.000 --> 0:28:39.240 Thank you, Joe and Kayley's lovely to see the both 0:28:39.280 --> 0:28:39.800 of you again. 0:28:40.560 --> 0:28:43.640 I was just that some of the events for the 0:28:44.120 --> 0:28:48.600 now Trump administration last night, and there's been ample much 0:28:48.600 --> 0:28:49.959 discussion around this topic. 0:28:50.800 --> 0:28:55.320 I think that with the reinstatement of TikTok. 0:28:55.120 --> 0:28:58.520 Just in the last I believe fourteen hours this was reinstated, 0:28:59.160 --> 0:29:04.320 and now we're seeing Sia Hongshu the redin app that 0:29:04.400 --> 0:29:08.840 everybody it's it's, it's Americans and Chinese are able to 0:29:08.960 --> 0:29:12.160 Chinese citizens are able to interface with one another. I 0:29:12.160 --> 0:29:16.960 think these pieces also factor into how China's bracing itself. 0:29:17.080 --> 0:29:21.160 I think Chairman, she has had a discussion already with 0:29:21.440 --> 0:29:25.920 President Trump, and we see that, yes, he declined the 0:29:26.000 --> 0:29:28.719 invite to the inauguration, which I think was wise on 0:29:28.760 --> 0:29:31.320 his part, but he made a good faith effort and 0:29:31.400 --> 0:29:36.280 brought in his vice President Han Jung, And so there 0:29:36.440 --> 0:29:40.520 is clearly a it appears that there will be a 0:29:40.520 --> 0:29:45.120 prc US interaction of some sort of mutual benefit on 0:29:45.160 --> 0:29:45.800 the front end. 0:29:46.320 --> 0:29:47.960 And so I think that matters. 0:29:48.840 --> 0:29:51.560 I think that matters fundamentally when we're discussing we're speaking 0:29:51.600 --> 0:29:54.000 about how China's bracing itself for the. 0:29:53.960 --> 0:29:57.200 Tariffs, Well, so aren't we talking out of both sides 0:29:57.240 --> 0:29:59.239 of our mouths here a little bit? Surely that all 0:29:59.280 --> 0:30:03.440 the tough talk, bipartisan tough talk against China, this is 0:30:03.480 --> 0:30:05.920 the one thing Democrats and Republicans have agreed on the 0:30:06.000 --> 0:30:08.360 last couple of years, and Donald Trump was pretty tough 0:30:08.440 --> 0:30:12.160 on China every time he mentioned these issues, promising tariffs 0:30:12.200 --> 0:30:14.160 on a lot more than that over the course of 0:30:14.200 --> 0:30:16.120 the presidential campaign. But to your point, you've got the 0:30:16.200 --> 0:30:20.000 Vice President of China in attendance show too. The CEO 0:30:20.160 --> 0:30:22.640 of TikTok was not only at the inaugural he was 0:30:22.680 --> 0:30:26.640 in the US capital rotunda today, one of the most 0:30:26.640 --> 0:30:30.160 precious tickets in town. What does that tell us about 0:30:30.160 --> 0:30:33.080 the approach that this administration will actually take, not the 0:30:33.160 --> 0:30:34.320 rhetoric but the action. 0:30:35.920 --> 0:30:37.800 When it comes to the action itself. 0:30:38.080 --> 0:30:41.960 I think that what Trump understands, especially as a businessman, 0:30:44.600 --> 0:30:47.520 you have to I believe it was a couple of 0:30:47.520 --> 0:30:50.600 weeks ago when he was announced as a couple weeks 0:30:50.600 --> 0:30:51.760 ago he may have announced. 0:30:51.760 --> 0:30:57.400 I believe on his true social that how much TikTok. 0:30:57.160 --> 0:31:01.520 Was significant to his winning the presidential election cross board. 0:31:02.040 --> 0:31:06.720 I do think though, that he is recognizing that that 0:31:06.920 --> 0:31:10.840 period where shall Hong Shu, the red note app was 0:31:11.080 --> 0:31:14.720 interfacing Americans and Chinese were interfacing with one another. 0:31:15.920 --> 0:31:17.520 Yeah, that's a. 0:31:17.520 --> 0:31:19.440 National security challenge right there. 0:31:19.960 --> 0:31:23.600 And this is happening as Americans across the country are 0:31:23.680 --> 0:31:27.840 upset with their TikTok being taken away. 0:31:27.680 --> 0:31:29.640 And as we see the movement through the capital. Here 0:31:29.680 --> 0:31:32.000 we want to turn back to Shirley Marty Hargus, non 0:31:32.040 --> 0:31:35.160 Resident Fellow at the Atlantic Council's Global China Hub. Shirley, 0:31:35.160 --> 0:31:37.360 thank you for your patients and apologies for the interruption 0:31:37.400 --> 0:31:40.600 as we track the events of this important day. It's 0:31:40.640 --> 0:31:44.000 noteworthy in the remarks that Donald Trump has given, aside 0:31:44.440 --> 0:31:48.280 from suggesting that America might be expanding its borders and 0:31:48.320 --> 0:31:50.960 that he does not want to see the US involved 0:31:50.960 --> 0:31:54.280 in further wards, there was a noteworthy absence of mention 0:31:54.400 --> 0:31:57.800 of some geopolitical relationships or conflicts, whether it be the 0:31:57.840 --> 0:32:01.440 war in Ukraine, the relationship with China, even Taiwan, and 0:32:01.480 --> 0:32:05.280 I wonder on the Taiwan front specifically, what your expectation 0:32:05.480 --> 0:32:08.080 is as to what is going to happen with Taiwan's 0:32:08.120 --> 0:32:12.120 defense supported by the US and China's responsiveness to whatever 0:32:12.200 --> 0:32:14.400 decisions the US makes regarding Taiwan will be. 0:32:16.320 --> 0:32:20.320 When it comes to Taiwan, we can pretty much expect 0:32:20.360 --> 0:32:25.480 she to react. He has to, especially with FDI so 0:32:25.680 --> 0:32:30.960 low and especially with challenges domestically with his populace, with 0:32:31.040 --> 0:32:34.840 the economy in general, and I think that when it 0:32:34.880 --> 0:32:39.000 comes to Taiwan, we will continue to support Taiwan. Ninety 0:32:39.080 --> 0:32:43.280 percent of our semiconductors come semiconductors and chips come from 0:32:43.280 --> 0:32:47.880 the island. Eighty five percent of global economic output regarding 0:32:47.920 --> 0:32:51.840 their founderies are four of those larger founderies. Largest foundaries 0:32:51.880 --> 0:32:55.720 are on that island, and so we have significant investment 0:32:56.000 --> 0:33:00.440 in the island. I think that I think that President 0:33:00.480 --> 0:33:02.680 Trump has this in his mind as he's. 0:33:02.480 --> 0:33:06.640 Engaging, as he's getting engaging. Excuse me, Chairman She. And 0:33:06.720 --> 0:33:08.800 if we cycle back to TikTok. 0:33:09.400 --> 0:33:14.720 His his pulling back of the of the band on TikTok, 0:33:15.040 --> 0:33:18.600 maybe because he wants to reset the stage for his 0:33:18.720 --> 0:33:21.520 relations with with with Chairman She. 0:33:24.840 --> 0:33:28.480 Surely, what does David Purdue, Donald Trump's pick to be 0:33:28.520 --> 0:33:30.640 the next ambassador to China bring to the table? 0:33:33.640 --> 0:33:34.600 Business background? 0:33:35.400 --> 0:33:40.120 Business background is substantial, and I think, I think again, 0:33:40.640 --> 0:33:46.040 I think what's significant about having folks from the business 0:33:46.080 --> 0:33:49.440 community come into the room when it comes especially dealing 0:33:49.480 --> 0:33:53.640 with a China business Folks know that to do business 0:33:53.680 --> 0:33:58.280 successfully in any country, you have to understand the cultural 0:33:58.960 --> 0:34:00.840 you have to have the cultural comptancies of the country. 0:34:00.880 --> 0:34:04.000 You have to understand how to interact and engage the country. 0:34:04.360 --> 0:34:06.840 And this is a skill set that can be leveraged 0:34:06.880 --> 0:34:12.000 significantly in times of tension, in times of rivalry, and 0:34:12.880 --> 0:34:17.400 I think that the strategic choice of Purdue as ambassador 0:34:17.520 --> 0:34:19.880 to China is very much steeped in that. 0:34:20.440 --> 0:34:23.640 Thanks for listening to the Balance of Power podcast. 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