Instant Reaction: Trump Delivers Joint Address To Congress

Bloomberg Audio Studios, podcasts, radio news. 0:00:07.920 --> 0:00:13.520 President Donald Trump speaking to a joint session of Congress 0:00:13.520 --> 0:00:18.000 for almost exactly one hundred minutes, as seen and heard 0:00:18.040 --> 0:00:21.480 live on Bloomberg Television and Radio. I'm Kaylee Lines alongside 0:00:21.560 --> 0:00:24.360 Joe Matthew in Washington, where, of course we just heard 0:00:24.360 --> 0:00:27.080 President Trump covering a lot of ground in the first 0:00:27.080 --> 0:00:29.000 time he has given an address like this in the 0:00:29.000 --> 0:00:32.640 House Chamber in five years. He is still standing at 0:00:32.640 --> 0:00:35.280 the rostrum, Joe soaking it all in as we still 0:00:35.280 --> 0:00:37.680 hear the applause from those who are gathered, and he 0:00:37.720 --> 0:00:39.879 will begin making his way out of the chamber, certainly 0:00:39.960 --> 0:00:44.000 expected to be greeting members of the body as he goes. 0:00:44.120 --> 0:00:45.800 It's like we saw on the way in the White House. 0:00:45.800 --> 0:00:48.400 Did schedule the President to be in the chamber at 0:00:48.479 --> 0:00:51.919 about eleven twenty pm Eastern times, So he's got some 0:00:52.479 --> 0:00:54.840 talking likely to do here as the Sergeant at Arms 0:00:54.880 --> 0:00:58.240 of the US House, William McFarland, guides him out of 0:00:58.280 --> 0:01:01.080 the rostrum. If you're with us on Bloomberg and on YouTube, 0:01:01.120 --> 0:01:04.120 you see the glad handing already begin with members of 0:01:04.240 --> 0:01:06.959 the military. Kaylee, When we consider the news that was 0:01:07.000 --> 0:01:09.759 made tonight, and we can spend some time fact checking 0:01:09.800 --> 0:01:11.600 some of the stuff that we heard from the president. 0:01:11.880 --> 0:01:15.759 Only a couple of real headlines that would be justified 0:01:16.040 --> 0:01:17.920 for our audience here with some of the issues that 0:01:17.959 --> 0:01:20.040 we were talking about. One of them, of course, tariffs 0:01:20.080 --> 0:01:22.679 when it comes to Canada and Mexico. It appears that 0:01:22.720 --> 0:01:27.400 the Commerce secretaries remarks Kaylee earlier were not accurate. These tariffs, 0:01:27.480 --> 0:01:29.280 at least from what we heard from the President, will 0:01:29.280 --> 0:01:32.240 not be rescinded tomorrow. And then the Chips Act a 0:01:32.319 --> 0:01:34.840 redhead on the terminal. About halfway through the speech, We're 0:01:34.840 --> 0:01:36.760 not going to give chip makers any money from the 0:01:36.840 --> 0:01:39.240 Chips Act. He said, you should get rid of the 0:01:39.319 --> 0:01:41.920 Chips Act, mister Speaker, you should use the money to 0:01:41.959 --> 0:01:42.640 reduce the debt. 0:01:42.840 --> 0:01:44.800 And of course that was not his only ask of 0:01:45.160 --> 0:01:47.919 the Speaker or the other members of Congress who were gathered. 0:01:47.960 --> 0:01:50.520 He was pitching them on tax cuts that he would 0:01:50.640 --> 0:01:54.360 like to see implemented or at least extended through legislation, 0:01:55.040 --> 0:01:57.200 as well as funding for the border something he touched 0:01:57.240 --> 0:01:59.680 on a lot both of those issues. Speaking to the 0:02:00.120 --> 0:02:02.960 date with which he believes he was elected in November 0:02:03.000 --> 0:02:06.280 for a focusing on the economy and on immigration. We 0:02:06.360 --> 0:02:08.160 certainly heard a lot of that tonight as we see 0:02:08.160 --> 0:02:11.480 the President shaking hands with members on the floor. If 0:02:11.480 --> 0:02:15.320 you're with us on Bloomberg TV and on radio. Of course, 0:02:15.360 --> 0:02:18.079 we are expecting that this will last for some time 0:02:18.120 --> 0:02:22.160 as we consider Joe and you mentioned the notion here 0:02:22.240 --> 0:02:25.320 of all of the different things that we could talk 0:02:25.320 --> 0:02:27.320 about that we heard from the President, many of us, 0:02:27.360 --> 0:02:29.160 many of it, of course, things we've heard from him 0:02:29.160 --> 0:02:31.520 repeatedly over the course of his six weeks in office 0:02:31.560 --> 0:02:31.919 thus far. 0:02:32.000 --> 0:02:33.919 That's for sure quite the scrum there on the floor 0:02:33.960 --> 0:02:35.600 of the House as he tries to make his way 0:02:35.600 --> 0:02:38.960 through the lawmakers. And our signature panel is with us 0:02:39.040 --> 0:02:41.160 right now. They were watching and listening along with you, 0:02:41.240 --> 0:02:44.799 Bloomberg Politics contributors. Rick Davis, Partner at Stone Court Capital, 0:02:44.800 --> 0:02:49.600 our republican strategist, alongside Democratic analyst Jeanie Schanzino, Senior Democracy 0:02:49.600 --> 0:02:52.400 Fellow at the Center for the Study of the Presidency 0:02:52.880 --> 0:02:56.000 in Congress. In hour and forty five minutes, Rick, how 0:02:56.000 --> 0:02:56.360 did he do? 0:02:56.760 --> 0:02:57.480 Yeah? 0:02:57.600 --> 0:02:59.520 I think that you know, he made his case to 0:02:59.560 --> 0:03:03.760 the America people that his administration's on track and that 0:03:03.800 --> 0:03:06.600 he's accomplished more in a very short time that he's 0:03:06.639 --> 0:03:10.320 been in office than any other presidency in history, including 0:03:10.840 --> 0:03:14.000 I would say, the comparisons he was making to George Washington. 0:03:14.120 --> 0:03:16.240 So he went back to the founding of our nation 0:03:16.360 --> 0:03:19.840 and grated himself successful. I do think it was a 0:03:19.919 --> 0:03:22.600 chippy speech. I mean, he came in loaded for bear. 0:03:23.080 --> 0:03:26.440 Democrats also loaded for bear. Caused quite a ruckus at 0:03:26.480 --> 0:03:29.120 the very beginning, something I've never seen the likes of 0:03:29.240 --> 0:03:32.000 in this kind of a dignified procession. 0:03:32.600 --> 0:03:35.480 And so it'll be interesting to see. 0:03:35.240 --> 0:03:42.240 How much is reported on the inside the hall activity, protests, 0:03:42.320 --> 0:03:44.840 things that were going on that I think took a 0:03:44.920 --> 0:03:48.040 little bit from the chamber tonight. 0:03:48.160 --> 0:03:50.520 But he got through it all, and I think, you 0:03:50.560 --> 0:03:51.080 know he. 0:03:51.440 --> 0:03:54.440 Will look at this as a successful night in his administration. 0:03:54.600 --> 0:03:56.600 Well, Genie, what Rick, of course is alluding to is 0:03:56.720 --> 0:03:59.920 just three minutes into the President's remarks, Congressman Al Green, 0:04:00.040 --> 0:04:03.280 the Democrat from Texas, yelling and raising his cane, saying 0:04:03.280 --> 0:04:05.760 you have no mandate to cut medicaid. He was actually 0:04:05.880 --> 0:04:08.839 escorted out of the chamber, removed from the chamber by 0:04:08.880 --> 0:04:11.240 the sergeant at arms. That was not the only time 0:04:11.280 --> 0:04:14.320 we saw Democrats interject there was also chance of lie 0:04:15.040 --> 0:04:17.520 when the President was talking specifically about the efforts of 0:04:17.600 --> 0:04:20.560 DOGE that they're finding hundreds of billions of dollars in fraud, 0:04:20.640 --> 0:04:23.520 citing what he said are different age groups that are 0:04:23.560 --> 0:04:26.599 receiving Social Security checks well into the hundreds. Obviously that 0:04:26.720 --> 0:04:28.800 is not factually accurate. Those people may still be on 0:04:28.839 --> 0:04:31.640 the rolls, but that doesn't mean that they're receiving benefits. 0:04:32.080 --> 0:04:34.320 But what did you make of the response he was 0:04:34.400 --> 0:04:36.640 able to elicit at times from the other side of 0:04:36.640 --> 0:04:37.280 the aisle. 0:04:37.240 --> 0:04:40.440 Well, it is not what the Democratic leadership wanted, and 0:04:40.480 --> 0:04:43.840 they were very very clear about that. And you know, 0:04:43.960 --> 0:04:47.480 al Green, I think was the first, and then there 0:04:47.480 --> 0:04:50.719 were many. We even saw Rashida to lead. She was 0:04:50.880 --> 0:04:54.280 fact she was responding in real time with a whiteboard. 0:04:54.400 --> 0:04:58.640 I've ever seen anything like that. But the reality is 0:04:58.640 --> 0:05:01.760 is that by the time this each ended, many Democrats 0:05:01.839 --> 0:05:06.760 had already left the floor out of protest, you know, 0:05:06.920 --> 0:05:10.559 and the President engaged with them. We heard him use 0:05:10.960 --> 0:05:14.760 an unfortunate term to refer to the Senator from Massachusetts, 0:05:14.800 --> 0:05:20.560 Elizabeth Warren. And so it was a very very contentious 0:05:20.880 --> 0:05:24.159 speech and I think it speaks to how divided the 0:05:24.240 --> 0:05:27.600 American public is, and that is something we have seen. 0:05:28.520 --> 0:05:31.039 Anybody who thought the president was going to come in 0:05:31.160 --> 0:05:36.960 tonight and speak to all Americans was wrong. As Rick mentioned, 0:05:37.000 --> 0:05:38.719 he came in in. One of the first things he 0:05:38.839 --> 0:05:43.880 said is he compared himself to our amazing founders and 0:05:43.920 --> 0:05:47.520 said he is a better president than even George Washington. 0:05:47.640 --> 0:05:51.280 And that of course elicited ron's and boos from Democrats. 0:05:51.680 --> 0:05:54.480 So this is a president who is doubling down as 0:05:54.480 --> 0:05:58.080 he always has on his base. And you know, even 0:05:58.200 --> 0:06:03.320 the remarks he made to things like tariffs, telling farmers, 0:06:03.800 --> 0:06:07.000 much to the dismay of even Republicans, that they would 0:06:07.279 --> 0:06:11.039 have fun, you know as they battle with tariffs, which 0:06:11.080 --> 0:06:14.520 will make it very very hard for them. Police officers, 0:06:15.000 --> 0:06:17.480 you know he is going to you know, think about 0:06:17.600 --> 0:06:22.719 and talk about supporting police officers. You heard Democrats yell back, 0:06:22.760 --> 0:06:27.160 what about January sixth, because of course those police officers 0:06:27.400 --> 0:06:30.200 did not feel that they were treated well. So you know, 0:06:30.320 --> 0:06:32.880 it was a very contentious speech from start to finish. 0:06:32.960 --> 0:06:34.960 There was even a Democrat who held up a speech 0:06:35.040 --> 0:06:37.600 that said this is not normal that was ricked down 0:06:37.640 --> 0:06:40.240 by a Republican well, and it was not normal. 0:06:40.400 --> 0:06:43.159 President Trump has made his way out of the House 0:06:43.279 --> 0:06:46.560 Chamber now, and obviously he'll have a couple of folks 0:06:46.560 --> 0:06:48.760 to talk to on his way out of the building, Kaylee, 0:06:48.800 --> 0:06:50.200 he is scheduled to be there for a bit, and 0:06:50.200 --> 0:06:51.760 they do have a bit to talk about. But Rick, 0:06:51.800 --> 0:06:54.080 I wonder what will this be remembered for the way 0:06:54.120 --> 0:06:58.039 it started, lawmakers actually being escorted from the room, the 0:06:58.120 --> 0:07:00.960 chanting and so forth, or some the lines that Donald 0:07:01.000 --> 0:07:01.960 Trump managed to land. 0:07:02.120 --> 0:07:04.520 No, I think the circus nature of it will be 0:07:04.720 --> 0:07:09.280 forgotten pretty quickly. Those things don't usually tend to lend 0:07:09.279 --> 0:07:13.160 a lasting impression. Look, I think we learned something important tonight, 0:07:13.240 --> 0:07:17.480 which was it sounds like the Ukraine relationship with the 0:07:17.560 --> 0:07:21.080 United States has been mended, and that we're going to 0:07:21.120 --> 0:07:25.080 start moving toward a more robust relationship with Ukraine again, 0:07:25.200 --> 0:07:29.120 and that there are conversations that Trump's having with Putin 0:07:29.200 --> 0:07:32.160 in the Russian side toward some kind of a ceasefire 0:07:32.320 --> 0:07:32.920 or peace plan. 0:07:33.080 --> 0:07:35.400 So to me, that is a big moving part. 0:07:35.440 --> 0:07:38.520 But I think anybody who says that Trump isn't serious 0:07:38.560 --> 0:07:43.320 about keeping these tariffs on is missing the whole speech 0:07:43.360 --> 0:07:44.920 tonight him. 0:07:45.000 --> 0:07:46.600 These were the soul of the. 0:07:46.520 --> 0:07:49.600 Country, these tariffs, and he's been preaching these for a 0:07:49.600 --> 0:07:52.760 long time. I think this is public policy is probably 0:07:52.800 --> 0:07:55.880 going to be priced in after tonight in a much 0:07:55.880 --> 0:07:57.400 longer term way than what it's been. 0:07:57.880 --> 0:07:59.680 Yeah, he said with the tariffs there may be a 0:07:59.720 --> 0:08:02.800 bit of an adjustment period for the farmers specifically, and 0:08:02.840 --> 0:08:06.160 then later said that there will be a little disturbance. 0:08:05.640 --> 0:08:06.880 But we're okay with that. 0:08:06.920 --> 0:08:07.840 I guess pain. 0:08:08.000 --> 0:08:09.000 We'll see how much. 0:08:08.880 --> 0:08:09.480 Pain there is. 0:08:10.200 --> 0:08:11.560 Everybody really is okay with that. 0:08:11.640 --> 0:08:14.040 Rick Davis and Jeanie Shanzino, our signature panel will be 0:08:14.040 --> 0:08:15.640 sticking with us. But right now we want to check 0:08:15.680 --> 0:08:18.040 back in with Bloomberg's a Marie Hordern who was in 0:08:18.080 --> 0:08:21.040 Statuary Hall at the Capitol, and Amrie. I would imagine 0:08:21.040 --> 0:08:23.120 people are now flooding out of the chamber and heading your. 0:08:23.000 --> 0:08:27.800 Way, absolutely flooding out of the chamber. Some Democratic senators 0:08:27.840 --> 0:08:30.120 we did see flood out a little bit earlier, like 0:08:30.160 --> 0:08:33.680 Senator Bernie Sanders, who left with there still being you know, 0:08:33.679 --> 0:08:36.120 about thirty minutes ago, and there's still some time left 0:08:36.200 --> 0:08:38.680 in this speech. I'd love to pick up on Rick's 0:08:38.679 --> 0:08:41.120 point there though about tariffs, because there was a little 0:08:41.120 --> 0:08:45.040 bit of nuance to what Trump said, Yes, one hundred percent. 0:08:45.080 --> 0:08:48.080 Trump believes you tax us, we tax you. 0:08:48.400 --> 0:08:51.360 He reiterated the timeline and when tariffs will be going on, 0:08:51.559 --> 0:08:55.120 especially April second, when it comes to those reciprocal tariffs. 0:08:55.480 --> 0:08:58.320 But we heard earlier today from Commerce Secretary Howard Latnik, 0:08:58.320 --> 0:09:01.840 who I'll be speaking to tomorrow, and he really opened 0:09:01.840 --> 0:09:04.840 the door for potentially some sort of deal maybe bringing 0:09:04.920 --> 0:09:06.360 down the levee when. 0:09:06.240 --> 0:09:07.600 It comes to Canada and Mexico. 0:09:07.720 --> 0:09:10.920 And Trump said something tonight that I think is is being. 0:09:10.720 --> 0:09:11.560 Missed right now. 0:09:11.960 --> 0:09:14.280 He said he spoke to the heads of three major 0:09:14.360 --> 0:09:17.680 automakers today. We know that the automakers are the ones 0:09:17.720 --> 0:09:21.320 that if there are USFCA compliant, they want to be 0:09:21.360 --> 0:09:24.840 a carve out. So potentially there's room for tariffs maybe 0:09:24.880 --> 0:09:27.760 to stay on. But maybe the word exemptions is going 0:09:27.800 --> 0:09:30.640 to start to really percolate when it comes to how 0:09:30.640 --> 0:09:33.640 this administration is going to be talking about trade. 0:09:35.360 --> 0:09:38.160 Bloomberg's and Marie Hord Duram live on Capitol Hill. We'll 0:09:38.200 --> 0:09:40.920 be checking back with Anne Marie interesting Rick as we 0:09:40.960 --> 0:09:43.360 fold the panel back in here. To think that the 0:09:43.400 --> 0:09:45.960 Commerce Secretary stepped in front of the president today. Is 0:09:45.960 --> 0:09:46.600 that what happened? 0:09:46.679 --> 0:09:48.280 Yeah, Look, I mean he got a lot of attention 0:09:48.400 --> 0:09:51.120 today with the press by making some comments that somehow 0:09:51.280 --> 0:09:54.160 within the next twenty four hours there'd be something new 0:09:54.200 --> 0:09:55.280 to report on tariffs. 0:09:55.280 --> 0:09:56.199 And maybe that's true. 0:09:56.280 --> 0:09:56.439 Right. 0:09:56.480 --> 0:09:59.120 We don't take for granted the fact that Donald Trump 0:09:59.280 --> 0:10:03.080 is the sole, you know, policy expert when it comes 0:10:03.120 --> 0:10:05.040 to these tariffs, and he's going to make the decisions 0:10:05.080 --> 0:10:07.320 on him. But look, I think we're really talking around 0:10:07.360 --> 0:10:10.320 the edges. Tariffs are going to be a regime that 0:10:10.920 --> 0:10:16.080 Donald Trump uses to punish countries that don't do his bidding, 0:10:16.520 --> 0:10:20.439 to settle scores when it comes to trade, to equalize 0:10:20.880 --> 0:10:25.600 these reciprocal tariffs in order to equalize it and lower 0:10:25.640 --> 0:10:31.000 our trade deficits, and to take some pressure off American taxpayers. 0:10:30.760 --> 0:10:34.520 Who he is intent on lowering the burden. 0:10:34.240 --> 0:10:40.200 Of taxes on them. So it is a comprehensive plan 0:10:40.440 --> 0:10:43.040 that I think, you know, he reiterated today. 0:10:43.160 --> 0:10:45.640 And sure, these tariffs can go up and down. 0:10:45.800 --> 0:10:48.160 But there will be tariffs for the seeable future. 0:10:48.480 --> 0:10:50.560 Well, and obviously, to your point, Ricky sees this as 0:10:50.600 --> 0:10:53.439 feeding into the overall revenue picture as he's pursuing tax 0:10:53.480 --> 0:10:55.240 cuts he said in this address, and we've heard this 0:10:55.280 --> 0:10:58.280 floated a few times now, Genie, this notion that we're 0:10:58.320 --> 0:11:01.439 going to balance the federal budget. The plans that Congress 0:11:01.480 --> 0:11:04.440 currently has laid out on spending in taxes do not. 0:11:04.640 --> 0:11:07.199 We should point out call for a balanced budget right 0:11:07.240 --> 0:11:08.960 now that is not actually on the table. 0:11:09.360 --> 0:11:11.839 That is not on the table. Of course, we know 0:11:12.040 --> 0:11:15.200 Donald Trump added a lot to the debt in his 0:11:15.360 --> 0:11:18.720 first term, and with all the promises he's making about 0:11:18.760 --> 0:11:22.640 tax cuts, coupled with where we are at thirty six 0:11:22.720 --> 0:11:26.160 trillion dollars in debt, it's you're hard to imagine that 0:11:26.200 --> 0:11:28.319 they are going to get anywhere close. 0:11:28.080 --> 0:11:32.240 To that special coverage on Bloomberg TV and radio. I'm 0:11:32.280 --> 0:11:34.720 Joe Matthew in Washington. Want to get back to Capitol 0:11:34.760 --> 0:11:38.199 Hill now where Bloomberg's and Marie Hordern is surrounded by 0:11:38.240 --> 0:11:40.959 a sea of dignitaries and lawmakers who were at the 0:11:41.000 --> 0:11:41.720 speech earlier. 0:11:41.720 --> 0:11:45.880 And Marie, it's absolutely packed here, especially when it comes 0:11:45.920 --> 0:11:51.160 to the president's cabinet. They're his secretaries, and specifically given 0:11:51.200 --> 0:11:53.760 the fact that he made a lot of news this 0:11:53.840 --> 0:11:56.640 evening when it comes to things like tariffs and energy, 0:11:56.920 --> 0:11:59.040 that's why we're so lucky right now to be joined 0:11:59.040 --> 0:12:02.679 by Energy Secretary Chris Wright, an individual. 0:12:02.240 --> 0:12:04.439 Who made the move from the business sector. 0:12:04.840 --> 0:12:08.760 You're an engineer as well, spent your entire career and 0:12:08.880 --> 0:12:12.199 energy and now you're going to be leading the president's policies. 0:12:12.400 --> 0:12:14.560 I want to pick on one thing he said today. 0:12:14.760 --> 0:12:16.920 The President keeps talking about raw minerals. 0:12:17.600 --> 0:12:20.840 What in the United States do we have in terms 0:12:20.880 --> 0:12:24.319 of rare earth or critical minerals that we can actually 0:12:24.360 --> 0:12:26.600 start building and digging here? 0:12:27.360 --> 0:12:31.280 Oh, we have tremendous mineral resources, or I should say 0:12:31.400 --> 0:12:34.080 underground minerals. To make them resources, you've got to be 0:12:34.080 --> 0:12:36.720 able to permit a mind and build the mind and 0:12:36.800 --> 0:12:39.640 develop it. So the United States is historically a big 0:12:39.679 --> 0:12:43.240 mining country, but in the last years it's become very 0:12:43.280 --> 0:12:46.679 hard to permit new minds. But we have antimonia cre 0:12:46.920 --> 0:12:49.800 a key defense metal in this country that's not being 0:12:49.840 --> 0:12:53.679 mined today. We've got ability to expand our copper production, 0:12:53.880 --> 0:12:55.960 a key medal for industrial growth. 0:12:56.200 --> 0:12:59.160 There's been a copper mind on hold in Arizona. 0:12:59.440 --> 0:13:02.880 What are the play for that exactly? And we'll dig 0:13:02.880 --> 0:13:03.920 into that one deeper. 0:13:04.000 --> 0:13:06.720 But that looks like a high grade copper mind that 0:13:06.760 --> 0:13:09.680 should move forward, the resolution of mind, I believe it's called. 0:13:09.920 --> 0:13:12.559 So we have a ton of resources, it's our country 0:13:12.600 --> 0:13:15.040 has just become a place where it's hard to do 0:13:15.080 --> 0:13:17.240 something and it's easy to stop something. 0:13:17.520 --> 0:13:19.959 So part of our goal in the Trump administration is. 0:13:19.920 --> 0:13:24.000 To make it easier for businesses and entrepreneurs to develop 0:13:24.040 --> 0:13:26.280 resources in the United States, create jobs here in the 0:13:26.360 --> 0:13:28.480 United States, and therefore push prices down. 0:13:28.720 --> 0:13:30.120 How long do you think it's going to take. 0:13:31.320 --> 0:13:33.559 Mining has been historically very slow. 0:13:33.600 --> 0:13:37.360 The United States was recently ranked the second slowest country 0:13:37.440 --> 0:13:40.440 in the world to develop a mind. From finding a 0:13:40.480 --> 0:13:43.640 resource to developing a mind has averaged over twenty years. 0:13:44.480 --> 0:13:47.120 But there's projects further along that we want to nudge 0:13:47.200 --> 0:13:49.360 over the line and get into production. 0:13:49.800 --> 0:13:53.280 Always I asked that question because the pendulum shifts so much, 0:13:53.720 --> 0:13:57.320 so that if you're an investor, potentially, what happens in 0:13:57.400 --> 0:13:59.599 four years if you put money into a project like 0:13:59.720 --> 0:14:01.839 keys on pipeline and then it gets yanked with a 0:14:01.880 --> 0:14:05.240 new administration. How are you going to give the business 0:14:05.280 --> 0:14:09.160 community this confidence that they can invest and that investment 0:14:09.280 --> 0:14:10.040 is here to stay. 0:14:10.960 --> 0:14:13.360 That is a great question. Some of the things we 0:14:13.400 --> 0:14:16.360 can do like an energy department. We just stopped permitting 0:14:16.400 --> 0:14:19.000 new LNG export terminals in last administration. 0:14:19.160 --> 0:14:21.320 We've immediately started that back. 0:14:21.600 --> 0:14:24.200 But other things, to your point, things that we need 0:14:24.200 --> 0:14:26.119 to change in law, are in statute. 0:14:26.440 --> 0:14:27.600 They may take a little. 0:14:27.440 --> 0:14:31.000 Longer to happen, but we want to make some permanent changes. 0:14:31.080 --> 0:14:33.840 So the United States is a desired place to invest 0:14:33.880 --> 0:14:36.800 in again, as we have been historically. But I think 0:14:36.920 --> 0:14:40.960 you've seen in this president's first forty five days announcements 0:14:41.000 --> 0:14:43.920 of enormous size investments coming to this country. 0:14:44.120 --> 0:14:45.600 So I think the feel of a. 0:14:45.560 --> 0:14:48.560 Different business climate, the feel of the return of common 0:14:48.600 --> 0:14:50.760 sense is there. But we do have to put more 0:14:50.800 --> 0:14:53.560 of this actually in the law so it's long lasting. 0:14:53.760 --> 0:14:54.800 We saw OPEC. 0:14:54.560 --> 0:14:56.680 Plus say they're going to add more barrel to the market. 0:14:56.720 --> 0:14:59.240 They've been on hiatus with this for about two years. 0:14:59.280 --> 0:15:03.360 At the same time, President Trump's Treasury secretary talks about 0:15:03.400 --> 0:15:06.120 the United States adding three million more barrels. 0:15:06.400 --> 0:15:08.320 What's the price that's acceptable for. 0:15:08.360 --> 0:15:11.560 Consumers but also enough for drillers to want to make 0:15:11.600 --> 0:15:12.920 sure that they're drilling again. 0:15:13.280 --> 0:15:17.240 So dependent upon costs, you know, historically maybe that spend 0:15:17.320 --> 0:15:18.359 seventy to eighty. 0:15:18.120 --> 0:15:19.600 Dollars the last four years. 0:15:19.800 --> 0:15:22.800 But I think with Trump administration, it's going to become 0:15:22.920 --> 0:15:25.200 easier and less risky to get permits. 0:15:25.560 --> 0:15:27.840 The cost to do business is going to go down. 0:15:27.920 --> 0:15:32.640 So I think even with tariffs, I think so the 0:15:32.680 --> 0:15:36.160 tariffs right now are on the margin to push investment 0:15:36.240 --> 0:15:38.560 into the United States to make more materials and more 0:15:38.600 --> 0:15:40.720 support in the United States. But I think you're going 0:15:40.760 --> 0:15:43.600 to see break even costs become lower in the United States, 0:15:43.880 --> 0:15:46.920 and we should see a drift downward in oil prices 0:15:46.960 --> 0:15:48.480 as we've seen the last two months. 0:15:48.520 --> 0:15:51.720 Do you have a price I can't predict the future. 0:15:51.840 --> 0:15:54.320 I'd be an oil trader. But what we want is 0:15:54.400 --> 0:15:57.760 lower prices. Lower prices for oil, lower prices for gasoline 0:15:57.800 --> 0:16:00.960 and diesel, electricity and home heating, all of those we 0:16:01.000 --> 0:16:03.680 want to increase supply and therefore drive down price. 0:16:04.040 --> 0:16:06.480 Energy Secretary Chris Right, thank you so much for your time. 0:16:06.800 --> 0:16:09.800 That was, of course the new Energy Secretary, Chris Right, 0:16:10.760 --> 0:16:13.000 repeating what we hear a lot from this president. 0:16:13.120 --> 0:16:14.280 Lower energy prices. 0:16:15.520 --> 0:16:17.680 Drill, Baby Drill got a big applause in the chamber 0:16:17.760 --> 0:16:20.840 this evening. Bloomberg's Amory Hordar, and thank you so much. 0:16:20.880 --> 0:16:22.440 We'll check back in with her in just a moment, 0:16:22.440 --> 0:16:24.720 but we returned first to our signature panel in Bloomberg 0:16:24.760 --> 0:16:28.080 Politics and tributors Rick Davis and Jeanie shan Zeno. Genie, 0:16:28.080 --> 0:16:30.160 I want to get your reaction quickly while we can 0:16:30.240 --> 0:16:33.160 to Senator Alyssa. Slotkin's response that we just heard Amory 0:16:33.240 --> 0:16:35.680 was talking to the Energy secretary there about tariff. Senator 0:16:35.680 --> 0:16:39.160 Slotkins says a trade war will hurt manufacturing in farmers. 0:16:39.200 --> 0:16:41.960 If he's not careful, speaking of the president, he could 0:16:41.960 --> 0:16:45.240 walk us right into a recession. Did she have the 0:16:45.320 --> 0:16:46.080 right message? 0:16:46.440 --> 0:16:49.240 I think she did. I mean, her broad message overall 0:16:49.320 --> 0:16:52.040 on the economy and security was that there is a 0:16:52.200 --> 0:16:55.480 right way to make change, and she said change is needed, 0:16:55.760 --> 0:16:57.880 and there's a reckless way to do it. And she 0:16:58.000 --> 0:17:00.920 said Donald Trump is veering on the reckless end of that. 0:17:01.360 --> 0:17:04.480 And she gave as an example, you know, Elon Musk 0:17:04.640 --> 0:17:08.000 talking about the fact that social security is the greatest 0:17:08.160 --> 0:17:11.320 Ponzi scheme. That was just a reminder to what she 0:17:11.480 --> 0:17:15.000 says is the reckless way in which Trump, both on 0:17:15.080 --> 0:17:19.119 the economy and on national security, is pursuing these policies. 0:17:19.160 --> 0:17:22.040 So it's a tough speech to give. But I thought 0:17:22.119 --> 0:17:25.960 her tone, particularly in contrast to Donald Trump's. 0:17:25.760 --> 0:17:26.240 Was right on. 0:17:26.520 --> 0:17:30.200 What did you think of this? A typically thankless job, 0:17:30.359 --> 0:17:33.360 if not a humiliating one to deliver the party response. 0:17:33.400 --> 0:17:37.040 Democrats chose to make it clean, no kitchen tables, just 0:17:37.080 --> 0:17:39.760 a bunch of American flags, play it straight to the camera. 0:17:39.960 --> 0:17:41.200 Did she deliver the message? 0:17:41.320 --> 0:17:44.200 Yeah, I think she delivered a Republican message. 0:17:44.240 --> 0:17:46.000 I mean, like, which side is she on? I mean, 0:17:46.080 --> 0:17:49.000 she's talking about Ron Reagan, she's talking about national debt. 0:17:49.200 --> 0:17:53.680 She's I mean, like a very very centrist message for Democrats, 0:17:53.960 --> 0:17:57.040 and a very very similar message you'd hear from a 0:17:57.080 --> 0:18:00.960 mainstream Republican who would be giving a speech that after 0:18:01.000 --> 0:18:03.720 a Democratic president would have come to the chamber. I mean, 0:18:04.359 --> 0:18:06.359 I don't think she made any mistakes. There's a lot 0:18:06.560 --> 0:18:09.160 that I think a lot of voters. 0:18:08.840 --> 0:18:10.960 Are going to like about that. But she is way 0:18:11.119 --> 0:18:12.320 to the right of her party. 0:18:12.560 --> 0:18:15.760 I mean, while she's giving that speech, you have Bernie 0:18:15.800 --> 0:18:18.800 Sanders who decided to leave early so that he could 0:18:18.840 --> 0:18:19.800 give his own. 0:18:19.680 --> 0:18:21.320 Version of this speech. 0:18:21.359 --> 0:18:23.280 And I don't know what he said tonight because we 0:18:23.280 --> 0:18:27.919 were listening to the sometimes Republican Alissa Slotkin. But like, 0:18:28.440 --> 0:18:31.399 that's the problem with the Democratic Party is there's no 0:18:31.560 --> 0:18:35.679 one party. There's the left represented by Bernie Sanders in 0:18:35.720 --> 0:18:38.400 a moderate middle more represented by Lisa Slatkin. 0:18:38.480 --> 0:18:40.560 But we're going to hear from a prominent Democrat right 0:18:40.560 --> 0:18:43.399 now who might take issue with that characterization. Bloomberg's and 0:18:43.480 --> 0:18:46.440 Marie hor Dern is joined now live from Capitol Hill 0:18:46.480 --> 0:18:49.720 by California Senator Adam Schiff Hemory, Thanks. 0:18:49.560 --> 0:18:50.080 So much, Joe. 0:18:50.119 --> 0:18:52.399 Yeah, let's get the senator's take on what Rick was 0:18:52.480 --> 0:18:54.600 just talking about. You're talking about the fact that you 0:18:54.600 --> 0:18:57.960 have Sentaer slock In giving the response a little bit 0:18:58.000 --> 0:19:02.040 more of a moderate Democrat. Same time, Bernie Sanders decided 0:19:02.080 --> 0:19:04.320 to leave the speech to give his own speech. Is 0:19:04.320 --> 0:19:08.040 the Democratic Party at this moment able to talk about 0:19:08.080 --> 0:19:09.800 policy with one voice? 0:19:10.320 --> 0:19:13.040 Well, I think we're quite united on the fact that 0:19:13.560 --> 0:19:16.520 Donald Trump tonight gave Americans no reason to believe he 0:19:16.600 --> 0:19:18.960 was going to do anything about the struggles they're facing, 0:19:19.520 --> 0:19:21.920 nothing about bringing down the cost of goods. He spent 0:19:22.359 --> 0:19:25.760 more time talking about Greenland and about the Panama Canal 0:19:26.160 --> 0:19:28.560 than he did what he's doing to reduce prices, And 0:19:28.600 --> 0:19:31.720 of course, in that department he's been an abject failure. 0:19:31.760 --> 0:19:34.960 No wonder he wanted to avoid the subject, but you know, 0:19:35.080 --> 0:19:38.400 keeping the focus on what he said what he didn't say. 0:19:39.320 --> 0:19:45.200 So much firehood of falsehood about social security, so many 0:19:45.480 --> 0:19:49.600 hypocritical claims supporting law enforcement and then pardoning the people 0:19:49.680 --> 0:19:53.320 that beat police officers in this very space where we're standing. 0:19:54.400 --> 0:19:57.919 There was a lot to analyze in the president's speech, 0:19:58.080 --> 0:19:59.840 and none of it particularly good. 0:20:00.200 --> 0:20:02.880 Is there something that you think you can work with 0:20:02.920 --> 0:20:06.600 your Republican colleagues on the rest of the year. 0:20:07.119 --> 0:20:09.879 Well, it really depends on whether they're willing to stand 0:20:09.960 --> 0:20:11.679 up to this president. I would love to work with 0:20:11.720 --> 0:20:15.879 my Republican colleagues on supporting Ukraine, something that the vast 0:20:15.880 --> 0:20:20.120 majority of them believe that we shouldn't be essentially catering 0:20:20.160 --> 0:20:23.000 to the Kremlin dictator. But you heard none of that 0:20:23.080 --> 0:20:25.600 in the speech tonight. No willingness to stand up to Putin. 0:20:27.240 --> 0:20:32.160 I would love to work on providing continued support for Ukraine. 0:20:32.280 --> 0:20:34.399 I'd love to work with my Republican colleagues on bringing 0:20:34.440 --> 0:20:37.600 down the cost of things. That is not the President's priority, though, 0:20:37.600 --> 0:20:40.639 and at this point they are still in lockstep with 0:20:40.720 --> 0:20:43.000 them as destructive as that march is. 0:20:43.640 --> 0:20:45.480 Senator Adam Schiff, thank you so much for your time 0:20:45.520 --> 0:20:46.000 this evening. 0:20:46.160 --> 0:20:49.600 Thank you, Joe Kayley of course, the Senator from California. 0:20:49.720 --> 0:20:49.960 Thanks. 0:20:49.960 --> 0:20:53.040 The party can unite on just making sure they're targeting 0:20:54.119 --> 0:20:56.439 what they don't like the criticisms they see when it 0:20:56.440 --> 0:20:59.760 comes to things like this evening, when you have Trump's 0:20:59.800 --> 0:21:02.639 being on the chambers. 0:21:02.240 --> 0:21:06.680 Floor, absolutely with Ukraine among the topics we heard the 0:21:06.680 --> 0:21:09.040 President speaking about Anne Marie, Thank you so much. And 0:21:09.040 --> 0:21:11.320 on the note of Ukraine, we turned back to Rick 0:21:11.400 --> 0:21:13.960 Davis and Janie shaan Zeno. Rick, it is notable the 0:21:14.000 --> 0:21:16.880 President once again was talking about the money the US 0:21:16.880 --> 0:21:19.679 has spent toward Ukraine, actually inflating it. He says it's 0:21:19.680 --> 0:21:22.240 three hundred and fifty billion dollars. The actual amount appropriated 0:21:22.240 --> 0:21:24.600 by Congress is one hundred and eighty three billion dollars, 0:21:24.680 --> 0:21:28.280 and all of that even went directly to Ukraine. But 0:21:28.440 --> 0:21:31.280 when we consider that there were lawmakers, including the Speaker 0:21:31.320 --> 0:21:33.200 of the House who was behind him for the duration 0:21:33.240 --> 0:21:36.320 of this address, who were supportive of passing that a 0:21:36.480 --> 0:21:38.920 do you sense here that there could be a US 0:21:38.960 --> 0:21:41.400 shift back toward Ukraine given some of the other remarks 0:21:41.880 --> 0:21:43.960 President Trump made about how he was happy to receive 0:21:44.000 --> 0:21:45.520 that letter from Zelensky today. 0:21:45.800 --> 0:21:46.040 Yeah. 0:21:46.040 --> 0:21:47.720 Look, I mean, I think we're in a period of 0:21:47.720 --> 0:21:51.480 time where the Republican Party is singularly defined by Donald Trump. 0:21:51.560 --> 0:21:56.000 So if Donald Trump says that extra support to Ukraine 0:21:56.040 --> 0:21:59.720 would help give him a card to play with Vladimir 0:21:59.760 --> 0:22:01.680 Pus and to get him to the peace table, they'll 0:22:01.680 --> 0:22:02.040 do that. 0:22:02.320 --> 0:22:03.560 If he says cut. 0:22:03.320 --> 0:22:07.480 Off aid like he did yesterday and suspend military assistance, 0:22:07.800 --> 0:22:10.320 they're going to say, okay with us. So I think 0:22:10.320 --> 0:22:13.800 what we saw tonight was a president completely in command 0:22:13.880 --> 0:22:16.919 of his party. They stood up every time he finished 0:22:16.920 --> 0:22:20.600 the sentence and applauded. This is a party that he 0:22:20.720 --> 0:22:25.679 will dictate terms of their legislative agenda in the national agenda, 0:22:25.760 --> 0:22:27.959 and they will pull that rope anywhere he tells him 0:22:28.000 --> 0:22:30.760 to go. So I think, yes, I mean, I think 0:22:30.800 --> 0:22:33.520 that as long as Donald Trump has it in his 0:22:33.600 --> 0:22:37.000 mind that additional support to Ukraine strengthened his hands to 0:22:37.040 --> 0:22:40.760 get peace. He made it totally clear he wants to 0:22:40.760 --> 0:22:43.600 stop the bloodshed on the border between Ukraine and Russia, 0:22:43.880 --> 0:22:47.720 and Ukraine will either benefit from that or pay a price. 0:22:47.920 --> 0:22:48.520 Let's bring our. 0:22:48.480 --> 0:22:51.480 Audience right back to Capitol Hill now Live. Bloomberg's a 0:22:51.560 --> 0:22:54.720 Marie Hordern has another member of the Trump administration standing 0:22:54.760 --> 0:22:55.280 by Enmory. 0:22:56.160 --> 0:22:59.280 That's right, a new Secretary for Housing and Urban Development, 0:22:59.320 --> 0:22:59.880 Scott Turner. 0:23:00.080 --> 0:23:01.959 Thank you so much for joining us this evening. 0:23:02.240 --> 0:23:04.960 So the President outlined is agenda at his policies, but 0:23:05.040 --> 0:23:07.879 your brand new secretary, what are you hoping to achieve? 0:23:08.359 --> 0:23:11.040 Well, you know, tonight was really a fantastic time and 0:23:11.119 --> 0:23:15.080 a powerful time and President Trump outlining the American First agenda, 0:23:15.840 --> 0:23:18.080 And as the Secretary of HUD, you know we also 0:23:18.119 --> 0:23:20.640 have an American First agenda to serve the American people. 0:23:20.680 --> 0:23:24.440 At HUD, we serve the most vulnerable citizens in our country. 0:23:24.720 --> 0:23:27.000 And as far as priorities, you know, we have a 0:23:27.240 --> 0:23:31.720 homeless housing affordability crisis in our country, and so we 0:23:31.760 --> 0:23:35.439 want to bring up the supply and decrease the costs 0:23:35.480 --> 0:23:40.040 either by regulatory reform by public private partnerships. A couple 0:23:40.040 --> 0:23:44.720 of weeks ago, we took down the affh Rule, which 0:23:44.840 --> 0:23:47.679 was a really social engineering of neighborhoods, and so we 0:23:47.760 --> 0:23:51.800 want to bring back local control, decrease the costs, working 0:23:51.800 --> 0:23:56.560 with localities, bring federal costs down, and so homelessness in 0:23:56.600 --> 0:23:58.959 our nation, you know, went up eighteen percent. 0:23:59.040 --> 0:24:01.000 Doesn't so much of this to do with where mortgage 0:24:01.080 --> 0:24:03.720 rates are right now, and that's pretty much out of 0:24:03.760 --> 0:24:06.200 your control. Do you see the housing market being able 0:24:06.240 --> 0:24:09.159 to move if mortgage rates are not coming down? 0:24:09.440 --> 0:24:11.679 Well, you know, since President Trump came in, you know, 0:24:11.760 --> 0:24:15.040 mortgage rates have been coming down every week, and that's 0:24:15.040 --> 0:24:17.520 a big problem. You know, in America, people can't afford 0:24:17.560 --> 0:24:21.000 to buy houses because inflation is up, mortgage rates are up, 0:24:21.240 --> 0:24:23.000 the cost is up, and so we want to bring 0:24:23.040 --> 0:24:26.480 the costs down and increase the supply. And so President 0:24:26.480 --> 0:24:29.280 Trump on the first day side in executive order, you know, 0:24:29.400 --> 0:24:32.800 to restore housing affordability and decrease the costs for every 0:24:32.840 --> 0:24:34.000 American in our country. 0:24:34.760 --> 0:24:37.280 We do know that the Biden administration had a goal 0:24:37.359 --> 0:24:40.760 of making sure individuals, especially in rural areas, we're able 0:24:40.800 --> 0:24:44.159 to axit the access the internet through broadband. Now we're 0:24:44.200 --> 0:24:46.520 seeing a lot of reports that potentially they want to 0:24:46.560 --> 0:24:49.840 do away with that. But have individuals access startlink. Do 0:24:49.880 --> 0:24:52.280 you think Elon must startlink should be used? 0:24:52.600 --> 0:24:54.400 I imagine this would come under your purview. 0:24:54.800 --> 0:24:58.399 Well, actually, you know, hud is housing and as you know, 0:24:58.520 --> 0:25:02.560 when the hurricane hit North Carolina, Elon and Starling with 0:25:02.680 --> 0:25:06.200 some of the first to restore their internet for people 0:25:06.240 --> 0:25:08.199 there at North Carolina. It really saved a lot of 0:25:08.200 --> 0:25:11.879 people's lives and families. And so we are hopeful, you know, 0:25:12.000 --> 0:25:14.440 that we can get more broadband and Starling out to 0:25:14.560 --> 0:25:17.520 our rural families. And yes, you know with housing, we 0:25:17.560 --> 0:25:20.919 also need housing in rural areas, workforce and affordable housing. 0:25:21.000 --> 0:25:22.480 And so working. 0:25:22.160 --> 0:25:26.000 Together with the other agencies, with a Dolge Task Force, 0:25:26.080 --> 0:25:28.560 with the President and the White House, we will restore 0:25:28.880 --> 0:25:32.080 and bringing housing to rural, urban and tribal communities in 0:25:32.119 --> 0:25:32.680 our country. 0:25:32.880 --> 0:25:34.720 Housing is it was a big it was a big 0:25:34.760 --> 0:25:37.359 issue for this election. Secretary, thank you so much for 0:25:37.400 --> 0:25:40.959 your time this evening. Of course, that was new Secretary 0:25:41.000 --> 0:25:44.240 of Housing and Urban Development, Scott Turner there his key 0:25:44.240 --> 0:25:49.200 focus as you might expect, housing, No. 0:25:49.240 --> 0:25:51.880 Surprise there Bloombergs and Marie Hordern and Statuary Hall. 0:25:51.960 --> 0:25:53.120 Thank you so much. 0:25:53.200 --> 0:25:55.800 Rick Davis and Jeanie shanzin a our signature political panels 0:25:55.800 --> 0:25:57.760 still with us. Genie, we did hear a bit about 0:25:57.800 --> 0:26:00.800 mortgage rates from the President today. He suggested that he's 0:26:00.880 --> 0:26:03.840 going to bring them down or they will bring them down. 0:26:03.880 --> 0:26:06.720 That was one element of his economic messaging. But when 0:26:06.760 --> 0:26:09.160 you think about the speech in totality, all one hundred 0:26:09.200 --> 0:26:11.320 minutes of it, was there enough of that in there 0:26:11.359 --> 0:26:14.720 for the American voter, given what we've seen suggested in 0:26:14.800 --> 0:26:16.880 polling leading up to this, You. 0:26:16.800 --> 0:26:19.840 Know, I don't think there was. I mean, I think 0:26:19.880 --> 0:26:24.720 the President really missed an opportunity tonight, and that opportunity 0:26:24.920 --> 0:26:28.480 was to speak to the American public about what they 0:26:28.480 --> 0:26:31.919 are experiencing as they go to the grocery store. You know, 0:26:32.200 --> 0:26:34.920 this is a man who, what twenty four hours ago, 0:26:35.320 --> 0:26:39.520 put in place enormous tariffs which will have impacts directly 0:26:39.560 --> 0:26:42.880 on the American public, and he didn't take the opportunity 0:26:42.960 --> 0:26:46.800 tonight to explain to them why they would be feeling 0:26:46.880 --> 0:26:49.480 this pain. In fact, he told farmers who are going 0:26:49.560 --> 0:26:52.280 to be feeling it to have some fun. And so 0:26:52.520 --> 0:26:55.639 it is that kind of message that just falls flat. 0:26:55.680 --> 0:26:58.359 And that's why as you juxtapose that to what the 0:26:58.440 --> 0:27:01.560 senator from Michigan was taught talking about, she is one 0:27:01.680 --> 0:27:06.120 hundred percent right that there is a way to achieve change. 0:27:06.160 --> 0:27:08.760 She won in the same state Donald Trump is there's 0:27:08.800 --> 0:27:12.000 a way to do things responsibly, and there's a recklessness. 0:27:12.240 --> 0:27:15.280 And he has been reckless with the economy so far, 0:27:15.600 --> 0:27:17.479 and he's been reckless with security use. 0:27:17.520 --> 0:27:19.720 It's going to feel tomorrow, Rick, everyone has a chance 0:27:19.760 --> 0:27:21.840 to sleep on it. We get a bunch of analysis, 0:27:21.880 --> 0:27:24.200 wake up to morning columns. Then we're going to look 0:27:24.200 --> 0:27:26.840 at futures when they open. Reflecting on what you said 0:27:26.880 --> 0:27:31.520 earlier about the heart of this speech tonight being tariffs. 0:27:31.560 --> 0:27:35.000 Yeah, anybody who was trading on the idea that Howard 0:27:35.040 --> 0:27:38.320 Lutnik was espousing earlier today that somehow these tariffs were 0:27:38.359 --> 0:27:40.880 going to be modified to a point where they didn't 0:27:40.920 --> 0:27:43.639 have a big impact, they're going to wake up with 0:27:43.680 --> 0:27:47.960 another sensibility. I think there's no daylight in this speech 0:27:48.119 --> 0:27:50.879 on what the Trump administration plans to do with the 0:27:50.960 --> 0:27:51.600 use of tariffs. 0:27:51.640 --> 0:27:52.640 And I was surprised. 0:27:52.640 --> 0:27:56.280 The one thing that I thought was something that the 0:27:56.359 --> 0:27:59.520 Trump administration could have bought into was the Chips Act. 0:27:59.560 --> 0:28:03.880 Idea that we've allocated billions of dollars to spur. 0:28:03.800 --> 0:28:06.360 Chip development in the United States. 0:28:07.040 --> 0:28:11.280 I thought was agenda item that Donald Trump would take 0:28:11.320 --> 0:28:13.400 from the Biden administration and embrace. 0:28:13.640 --> 0:28:15.640 But oh no, any monies that were not. 0:28:15.640 --> 0:28:18.359 Spent up to this point in time on the Chips 0:28:18.400 --> 0:28:21.960 Act are going to be recaptured and used to reduce 0:28:22.000 --> 0:28:23.960 the debt at least, you know, based on what Donald 0:28:23.960 --> 0:28:28.040 Trump said tonight. So and at the same time announcing 0:28:28.080 --> 0:28:33.080 that TSMC just yesterday was going to build a massive 0:28:33.760 --> 0:28:36.480 commitment of tens of billions of dollars to build more 0:28:36.520 --> 0:28:39.480 facilities here in the United States. So look, I mean, 0:28:39.920 --> 0:28:41.160 I think there are a lot of people in the 0:28:41.160 --> 0:28:43.360 business community who will be looking with a fine tooth 0:28:43.440 --> 0:28:46.480 comb to figure out what the pathway is going to be. 0:28:46.840 --> 0:28:49.440 I think you're going to see pretty much what you 0:28:49.440 --> 0:28:51.560 would have expected at the beginning of this administration. 0:28:51.840 --> 0:28:54.280 I will point out that the Commerce Secretary, Howard Lutnik, 0:28:54.360 --> 0:28:56.400 just caught up with some reporters in Statuary Hall after 0:28:56.480 --> 0:28:59.360 leaving the Chamber. He reiterated that there will be an 0:28:59.400 --> 0:29:02.600 announcement on tariffs on Canada and Mexico tomorrow. 0:29:02.680 --> 0:29:05.640 Jeanie, should we really expect this? It almost is tomorrow. 0:29:05.720 --> 0:29:07.360 In fact, it's twenty three minutes to midnight. 0:29:07.640 --> 0:29:09.080 I am holding my breath. 0:29:09.120 --> 0:29:10.360 I can't wait to find out. 0:29:10.400 --> 0:29:13.479 Because the speech we heard the President seemed to be 0:29:13.560 --> 0:29:17.400 doubling down on those tariffs. Could he change his mind? Certainly, 0:29:17.440 --> 0:29:20.640 and perhaps the Commerce Secretary knows what is coming, but 0:29:21.120 --> 0:29:23.680 it does not seem like what we heard from the 0:29:23.720 --> 0:29:28.960 President tonight. He seems very invested in pursuing a policy 0:29:29.400 --> 0:29:32.160 of tariffs, and it is a long term commitment from 0:29:32.200 --> 0:29:32.600 the president. 0:29:32.680 --> 0:29:35.960 You think we see a signing ceremony soon with President Zelenski. 0:29:36.440 --> 0:29:39.640 I do think it's possible. He sounded like it would be. 0:29:39.600 --> 0:29:41.760 Possible tonight from the rafters at one point. 0:29:42.120 --> 0:29:44.680 Yeah, yeah, And of course you know that would be 0:29:44.800 --> 0:29:47.920 welcome by all of us, and the President Zelenski sent 0:29:47.960 --> 0:29:52.200 a very conciliatory message today. The President reiterated that, So 0:29:52.560 --> 0:29:55.040 if that is doable and that is possible, that is 0:29:55.120 --> 0:29:57.480 certainly welcome news. And I think that was the biggest 0:29:57.560 --> 0:30:00.680 news that was made tonight, in addition to that tariffs, 0:30:00.800 --> 0:30:03.840 was that we may see a deal with Zelenski. 0:30:03.960 --> 0:30:05.560 We have less than a minute left here, Rick, but 0:30:05.600 --> 0:30:07.680 obviously we heard a lot from the President tonight about 0:30:07.680 --> 0:30:09.320 what he's done in the last six weeks. 0:30:09.360 --> 0:30:11.360 Can he keep up this pace for. 0:30:11.360 --> 0:30:14.400 The next six weeks on tariff announcements or anything else? 0:30:14.480 --> 0:30:18.080 Yeah, Look, I mean, obviously, hundreds of executive orders aren't 0:30:18.080 --> 0:30:20.200 going to be replicated in the course of you know, 0:30:20.880 --> 0:30:24.880 every six months. But the reality is that they are 0:30:25.000 --> 0:30:27.320 f to a fast pace, and I would imagine as 0:30:27.360 --> 0:30:30.560 these cabinet secretaries dig into their agencies, they're going to 0:30:30.560 --> 0:30:33.600 find things that they're going to be reversing and engineering 0:30:33.640 --> 0:30:35.480 on their own. So yeah, I think this is going 0:30:35.520 --> 0:30:40.520 to be an administration. Whether it's sustainable over years, we'll see, 0:30:40.560 --> 0:30:42.320 but I think this is going to be here of 0:30:42.440 --> 0:30:45.120 massive change in Washington, and it's going to go on 0:30:45.240 --> 0:30:46.400 for quite some time to come. 0:30:46.520 --> 0:30:48.800 This has been a great conversation with our signature panel, 0:30:48.800 --> 0:30:52.240 and many thanks to Gidi, Shanzino and Rick Davis for 0:30:52.280 --> 0:30:55.080 being with us on a special edition of Balance of Power. 0:30:55.160 --> 0:30:57.040 Many thanks to you as well, and get a jump 0:30:57.080 --> 0:31:01.040 on trading. Tomorrow morning, eight am Eastern Time, Bloomberg TV 0:31:01.120 --> 0:31:04.440 and Radio interviewing Commerce Secretary Lutnick and Marie will have 0:31:04.480 --> 0:31:05.720 that conversation for us.