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Trump Awaits Xi's US Visit · Balance of Power

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Speaker 5: Remarkable market action today. And in the bond market specifically,
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Speaker 5: it's not just the 10-year. I would point you to
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Speaker 5: the five-year as well, as we just got the results
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Speaker 5: from a five-year auction, $ 70 billion worth. And perhaps no surprise,
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Speaker 5: given the movement we were already seeing going into the auction,
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Speaker 5: pretty big tail. The pre-issue, when issued yield 5.002%, drawing 5.033%.
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Speaker 5: The five-year yield, Joe, now up 19 basis points on
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Speaker 5: the day to 503. That is really something, and we're
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Speaker 5: going to have to continue to keep our eyes on
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Speaker 5: it throughout the hour. But of course, the other story
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Speaker 5: that is dominating Washington today and that Wall Street will
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Speaker 5: also be paying attention to is to what, if anything,
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Speaker 5: comes out of this summit between President Trump and China's
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Speaker 5: Xi Jinping. We know trade and tariffs, the war with Iran, Taiwan—
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Speaker 5: And yes, artificial intelligence are on the agenda. The question
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Speaker 5: is whether talking about it gets us to any real
1:20
Speaker 5: deliverables in the aftermath.
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Speaker 6: Well, that's right.
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Speaker 7: And look, lawmakers are talking about it. In many cases,
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Speaker 7: Democrats and Republicans are agreeing on this. The president has
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Speaker 7: called attempts to regulate a globalist scheme just.
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Speaker 6: As recently as yesterday.
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Speaker 7: We've heard about kill switches. We've heard about pacing the frontier.
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Speaker 7: But there's a new bill from Senator Mark Kelly of Arizona,
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Speaker 7: who we spoke with a short time ago, called the
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Speaker 7: Make AI Work for Americans Act to protect American workers
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Speaker 7: specifically and regulate the AI industry.
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Speaker 6: It would come with some.
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Speaker 7: Taxes, Kayleigh, a digital ad tax and an AI user
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Speaker 7: tax that would essentially create a fund to support workers
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Speaker 7: impacted by the industry. We got into this a short
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Speaker 7: time ago with the Democrat from Arizona and started by
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Speaker 7: asking him if this is preparing for a white-collar wipeout.
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Speaker 8: Well, I don't think we know, Joe, but I think
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Speaker 8: we have to be prepared. I would think about this,
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Speaker 8: you know, I think about this as like being in
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Speaker 8: the space shuttle and the master alarm light is flashing
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Speaker 8: in your face. It's time to act and come up
2:25
Speaker 8: with a plan. And there is the possibility we could
2:29
Speaker 8: have significant job loss. Hasn't come as fast as we thought. However,
2:35
Speaker 8: the technology is moving along and becoming more capable than
2:38
Speaker 8: we anticipated. So, I think it's appropriate now, especially when
2:42
Speaker 8: you consider the United States Congress and how hard it
2:45
Speaker 8: is to, like, shepherd legislation through and eventually get it
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Speaker 8: to a president's desk to be signed. You know, I
2:51
Speaker 8: think we need to establish a fund, generate some revenue,
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Speaker 8: and then we can use that revenue to give people
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Speaker 8: options when or if they lose their job and are
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Speaker 8: trying to figure out what are they going.
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Speaker 9: To do next.
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Speaker 5: What would you say, Senator, if one of the AI
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Speaker 5: labs were to push back on taxes like this, including
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Speaker 5: on excess profits, and saying, well, that's less we have
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Speaker 5: to invest in R & D and to try to
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Speaker 5: win a race against China that President Trump is framing
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Speaker 5: this entire conversation around?
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Speaker 10: Is there a chance that regulating or.
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Speaker 5: Putting into place legislation like this gives China a step ahead?
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Speaker 8: Well, Kaylee, I've had conversations with CEOs of the major
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Speaker 8: AI companies, and they realize the impact that their technology
3:40
Speaker 8: could have on the workforce. And they understand that there
3:43
Speaker 8: is an enormous amount of revenue that's going to be
3:46
Speaker 8: generated for them when these AI models are used to
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Speaker 8: replace people. And from my conversations with them, it's pretty
3:56
Speaker 8: apparent that they think they should be part of the solution.
4:00
Speaker 8: And they're agreeable that they should contribute to help the workforce.
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Speaker 8: So I haven't had tremendous pushback from the AI companies.
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Speaker 9: Themselves and executives. They, so far, they want to be
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Speaker 9: part of the solution.
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Speaker 3: Interesting.
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Speaker 7: President Xi is coming, as I said a couple of
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Speaker 7: moments ago. Senator, an AI is going to be on
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Speaker 7: the agenda. There is hope, at least when you talk
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Speaker 7: to some, that there could be a conversation about an
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Speaker 7: AI security framework between our two nations.
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Speaker 6: Do you expect that to happen?
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Speaker 7: Or a different version of the question Kayleigh just asked,
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Speaker 7: would that in fact hand the win to China?
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Speaker 8: Well, I mean, their models are open source. They want
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Speaker 8: them to be used by the rest of the world.
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Speaker 8: They want to be the ones who win this. We
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Speaker 8: can't let that happen. And I truly believe that here
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Speaker 8: in the United States, we're the best inventors and innovators.
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Speaker 8: The Chinese often have to just steal our technology. But
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Speaker 8: I also don't expect this president, who just the other
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Speaker 8: day said he doesn't think we should be doing anything
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Speaker 8: on this. So I don't expect him to have a
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Speaker 8: serious negotiation with the Chinese president. But any negotiation with China,
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Speaker 8: we should understand that they've got goals to lead on
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Speaker 8: technology that they used to have to just steal from us.
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Speaker 8: And it's got to be in our best interest. So
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Speaker 8: anything we put in place with the you know, with
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Speaker 8: the Chinese, we've got to consider our own economic and
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Speaker 8: national security.
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Speaker 5: When Xi Jinping sits across from President Trump tomorrow, Senator,
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Speaker 5: do you think he has real reason to believe that
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Speaker 5: Trump might be willing and readily willing to use the
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Speaker 5: powers that the Senate and House just granted him to
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Speaker 5: tariff China if it remains a major buyer of Russian
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Speaker 5: oil to potentially sanction Chinese entities that are still providing
5:59
Speaker 5: financial lifeline to Iran as has been threatened?
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Speaker 10: Will the president follow through on these things?
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Speaker 8: Well, I'm a co-sponsor of the legislation. I would like
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Speaker 8: to see it used if China or any other major
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Speaker 8: country is buying Russian oil. There is a provision in
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Speaker 8: there to tariff them, to.
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Speaker 9: Get them to stop doing this.
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Speaker 8: This is the opportunity we have right now to squeeze
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Speaker 8: the Russians economically, to get them to stop this illegal
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Speaker 8: war against one of our allies, Ukraine.
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Speaker 11: So.
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Speaker 9: I would encourage the president at this moment.
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Speaker 8: Now, having said that, his tariff policy has been somewhat chaotic.
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Speaker 8: He puts tariffs on. He takes them off. Somebody says something.
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Speaker 8: He finds it insulting. He adds another 10 percent to
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Speaker 8: their tariff. It doesn't make any sense what he has done.
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Speaker 8: He's been insulting our allies. He's been pushing them away.
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Speaker 8: He often embraces Vladimir Putin.
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Speaker 9: I don't know. I mean, we'll see what he does today.
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Speaker 7: You don't expect the president to engage with President Xi
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Speaker 7: on artificial intelligence, Senator. Do you expect he will engage
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Speaker 7: President Xi on Iran? And do you believe Beijing is
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Speaker 7: continuing to support Tehran in this war?
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Speaker 8: Well, so I don't want to get into the details
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Speaker 8: of what China— is doing in helping the Iranians. There's
7:29
Speaker 8: been some public reporting on this about some satellite data,
7:34
Speaker 8: but of course he should engage Xi on this.
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Speaker 9: The Iranians are targeting U.S. service members.
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Speaker 8: We've got 18 or more U.S. service members have lost
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Speaker 8: their lives, another 700 injured. It should be a topic
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Speaker 8: of discussion with the Chinese president.
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Speaker 5: Well, Iran, of course, and the conflict with it has
7:57
Speaker 5: created a bit of an energy supply issue stemming from
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Speaker 5: the Middle East, though there also is a diesel supply
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Speaker 5: issue stemming from the war between Russia and Ukraine, hence
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Speaker 5: diesel prices at a record, Senator, as I'm sure you
8:07
Speaker 5: well know, above $ 6. 50 a gallon. I took note of
8:11
Speaker 5: your post last week. recognizing Truck Driver Appreciation Week and
8:16
Speaker 5: Arizona being home to more than 26,000 truck companies, many
8:19
Speaker 5: of which you say are small, locally owned businesses, and
8:23
Speaker 5: that the vast majority of Arizona communities to spend exclusively
8:26
Speaker 5: or rely exclusively on trucks to move their goods. For
8:29
Speaker 5: those trucking companies, for those Arizonans, is a diesel export
8:33
Speaker 5: ban a good idea to try to bring prices down
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Speaker 5: in the short term?
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Speaker 8: Well, hey, Donald Trump got us into this conflict with
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Speaker 8: Iran without a strategic goal, without a plan, without a timeline,
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Speaker 8: without an exit strategy, and he is now stuck, and
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Speaker 8: he doesn't know what to do. I think the best
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Speaker 8: option here is to get somebody who knows what they're
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Speaker 8: doing to negotiate with the Iranian government.
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Speaker 9: That is not his son-in-law.
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Speaker 8: It's not his real estate developer golf buddy. We have
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Speaker 8: professionals that can do this, and the fastest way we
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Speaker 8: can The thing that could help us get to a
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Speaker 8: point where we stabilize the energy markets is to end
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Speaker 8: this conflict with the Iranians.
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Speaker 7: Well, there's a question about how that can be accomplished, Senator,
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Speaker 7: which we'd like to continue talking with you about. And
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Speaker 7: I know you have to get back to business before.
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Speaker 6: You leave us.
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Speaker 7: We get back to where we started with artificial intelligence.
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Speaker 7: I don't know if you're going to get a co-sponsor
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Speaker 7: on this, but as it moves forward, I have to
9:36
Speaker 7: ask you, will AI make better astronauts, or will AI
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Speaker 7: make astronauts obsolete?
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Speaker 8: Hey, I mean, we already use robotic systems. We've sent
9:47
Speaker 8: them to Mars and Venus and other planets.
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Speaker 9: We're going to continue to do that.
9:52
Speaker 8: But I also, Joe, I think there's just something special
9:56
Speaker 8: about sending people to explore other places. And I think
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Speaker 8: there's always going to be a role for human astronauts.
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Speaker 9: I wish I could go back to space.
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Speaker 8: You know, sometimes when I'm here working on Capitol Hill
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Speaker 8: with all the polarization and dysfunction, I wish I was
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Speaker 8: back in a spaceship on the pad, ready to launch
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Speaker 8: off the planet.
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Speaker 5: But we're all stuck Earthside for now. That was Democratic
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Speaker 5: Senator Mark Kelly of Arizona live with us on Capitol
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Speaker 5: Hill earlier today. And here with us on Planet Earth
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Speaker 5: is our political panel, Bloomberg Politics contributors Rick Davis and
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Speaker 5: Jeanne Shanzano. Rick, of course, Republican strategist, Stone Court Capitol partner, Jeanne,
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Speaker 5: a Democratic analyst and democracy visiting fellow at Harvard Kennedy
10:40
Speaker 5: School's Ash Center.
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Speaker 10: Welcome, guys.
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Speaker 5: I would love to get both of your takes, frankly,
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Speaker 5: on this legislation that the senator is putting forward, Rick,
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Speaker 5: for all of the difficulty that is clearly evident around
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Speaker 5: regulating artificial intelligence in terms of the speed of its development.
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Speaker 5: Might there be a chance for real compromise, even with
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Speaker 5: the White House, on readying the workforce and having fail
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Speaker 5: safes in place for what happens if this does indeed
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Speaker 5: lead to major job erosion?
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Speaker 2: Yeah, I think that people have learned the lesson from globalization.
11:16
Speaker 2: There wasn't really a thoughtful concept behind displacement and what
11:20
Speaker 2: happens when various workforces are changed. And look at the
11:25
Speaker 2: both economic and political ramifications of that. Massive unemployment in
11:31
Speaker 2: certain sectors, but also unemployment. significant political realignment when large
11:39
Speaker 2: constituencies didn't feel like they had the right representation. So, yeah,
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Speaker 2: I think it's actually pretty smart to get ahead of
11:47
Speaker 2: that curve and start thinking through what to do. I mean,
11:50
Speaker 2: you can't drive in your car in Washington, D.C. without
11:54
Speaker 2: hearing about some hyperscalers who are talking about their universities
11:58
Speaker 2: to train you for the new world that's headed our
12:01
Speaker 2: way in A.I.
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Speaker 6: It's really funny. Jeannie, is this the way to get
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Speaker 6: to it?
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Speaker 7: I mean, there's no Republican sponsor on this bill is
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Speaker 7: not just raising but initiating taxes around AI, the way
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Speaker 7: to get support on Capitol Hill.
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Speaker 12: I give that senator a lot of credit because so
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Speaker 12: much of the concern is about the impact on our
12:27
Speaker 12: lives and particularly our jobs. And so I think he
12:31
Speaker 12: is thinking the right way. Of course, politically, anytime you
12:35
Speaker 12: use the term taxes, that's not a political winner, particularly
12:39
Speaker 12: in Washington, D.C.
12:41
Speaker 3: Or around the country.
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Speaker 12: But I thought it was really important that he said
12:45
Speaker 12: that he hasn't at least experienced and doesn't think he'll
12:49
Speaker 12: experience a lot of pushback from AI executives and the
12:53
Speaker 12: AI industry.
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Speaker 3: And I think he's right on that.
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Speaker 12: You know, going back 10 years almost now, we have
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Speaker 12: heard repeatedly from AI executives, from Altman to Dorsey, Elon Musk,
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Speaker 12: the rest, about something like universal basic income or universal
13:12
Speaker 12: basic services as being a necessary component of AI because
13:16
Speaker 12: of the impact on job loss. And now some have
13:19
Speaker 12: moved back and forth on that issue, but for years
13:22
Speaker 12: they have been signaling that this is going to have
13:25
Speaker 12: a likely big impact on jobs and we're gonna have
13:28
Speaker 12: to do something about that. And so I think Senator
13:31
Speaker 12: Kelly approaching this in this way has an idea that.
13:35
Speaker 3: May come to fruition.
13:37
Speaker 12: You know, UBI, UBS, those are much larger, much broader,
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Speaker 12: much bigger plans, much more expensive.
13:43
Speaker 3: He is offering here an alternative that is more streamlined.
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Speaker 3: And you're a user, you pay a tax.
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Speaker 12: And so I think provided the taxation doesn't fall on
13:54
Speaker 12: the backs of you know, the working class, the very
13:57
Speaker 12: people who are experiencing job losses.
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Speaker 6: But on those.
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Speaker 12: Companies and the wealthy, I think it's something that we
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Speaker 12: should seriously consider.
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Speaker 5: Rick, in our final minute, I guess it's just a
14:10
Speaker 5: question of whether or not this is going to see
14:11
Speaker 5: floor time anytime soon. Is there a real chance that
14:14
Speaker 5: the Senate gets out of town after tomorrow deals with
14:16
Speaker 5: the college sports bill, but not permitting reform or anything else?
14:19
Speaker 5: And we don't see them until after the midterms, just
14:21
Speaker 5: like the House?
14:23
Speaker 2: Yeah, Majority Leader Thune's been signaling that he's going to
14:27
Speaker 2: pull the ripcord pretty soon, get everybody out to campaign.
14:31
Speaker 2: I mean, suffice it to say, there are alarm bells
14:34
Speaker 2: going off in every corner of the Republican establishment over
14:38
Speaker 2: continuing erosion of the ballot position we have in virtually
14:42
Speaker 2: every race in the country.
14:44
Speaker 6: And so I think it's time to head home and
14:45
Speaker 6: start campaigning.
14:47
Speaker 7: Rick Davis and Jeanne Shanzano, Bloomberg Politics contributors on Balance
14:50
Speaker 7: of Power. Thank you so much. Stay with us on
14:52
Speaker 7: Balance of Power. We'll have much more coming up after this.
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15:16
Speaker 7: 41 days until the election, the Kennedy Center is still standing,
15:24
Speaker 7: and the TV pool is still dark. This is one
15:27
Speaker 7: of the big stories we cover today. Couldn't have imagined
15:30
Speaker 7: a week ago this is what we would be spending
15:32
Speaker 7: our time on, but everybody's going back to court. 3.30
15:34
Speaker 7: in the afternoon today, about three hours from now, as
15:38
Speaker 7: the president asks the court, the federal court, to let
15:41
Speaker 7: him choose which media outlets cover the White House or
15:45
Speaker 7: at least access the campus. With the court filing that
15:50
Speaker 7: we finally saw last evening, the Justice Department defending the
15:54
Speaker 7: president's decision to ban CNN, MSNOW, and Politico from the
15:59
Speaker 7: White House hadn't thought too far ahead at that point
16:02
Speaker 7: to think that that would actually end TV pool coverage.
16:05
Speaker 7: So the president just went to UNGA and back and
16:07
Speaker 7: nobody saw him except for his speech when he was
16:10
Speaker 7: in the rostrum. That was the UN's camera. How about
16:14
Speaker 7: for the big she visit? District Judge Timothy Kelly, appointed
16:19
Speaker 7: by Trump. We're told, actually, this is the same judge
16:23
Speaker 7: did the Jim Acosta case in which he did restore
16:25
Speaker 7: the credential. The hearing's at 3.30. So if he really
16:29
Speaker 7: wanted to act quickly here, he could restore the credentials
16:33
Speaker 7: and the TV pool would be up and running in
16:35
Speaker 7: time for President Xi to land at Andrews Air Force Base.
16:37
Speaker 6: Isn't that what the president would want?
16:40
Speaker 7: They got this Trump TV out there with the Simpsons
16:42
Speaker 7: and MTV and everything, but I guess we could just
16:44
Speaker 7: go live on the website. President Xi, by the way,
16:47
Speaker 7: has got to be loving this. Is that the conspiracy?
16:51
Speaker 7: Was this done for Xi so he wouldn't have to
16:53
Speaker 7: answer a reporter's question? You know, they don't like cameras
16:56
Speaker 7: in China. They definitely don't like journalists. Maybe these two
17:02
Speaker 7: can bond over this whole thing because this does smack
17:05
Speaker 7: of communist China. Look, either way, we'll find out. Potentially
17:12
Speaker 7: after the hearing this evening and the big arrival ceremony.
17:15
Speaker 7: You got the airport today, but the big stuff on
17:16
Speaker 7: the South Lawn with the flybys and the troops, that's tomorrow.
17:20
Speaker 7: So maybe around 10 in the morning we see a
17:22
Speaker 7: little softening. We'll find out together as we assemble our
17:26
Speaker 7: political panel. Bloomberg Politics contributors Rick Davis and Jeanne Shanzano
17:30
Speaker 7: have been great on this all week and they're back
17:32
Speaker 7: with us right now. He is our Republican strategist and
17:35
Speaker 7: partner at Stonecourt Capital. She is our Democratic analyst, of course,
17:39
Speaker 7: and famously, democracy visiting fellow at Harvard Kennedy School's Ash Center.
17:44
Speaker 7: I'm not a conspiracy theorist genie, but you can look
17:46
Speaker 7: at this a lot of different ways.
17:47
Speaker 6: It's pretty good news for President Xi.
17:51
Speaker 7: And I guess if you want to have Trump TV,
17:53
Speaker 7: it's pretty good news there. But isn't this the attention-loving
17:56
Speaker 7: president who wants this whole thing to be seen?
18:00
Speaker 6: What's about to happen in court?
18:04
Speaker 12: What happened, Joe, to the king of free media? Where
18:07
Speaker 12: has he gone? You know, this is what Donald Trump loves.
18:12
Speaker 12: And quite frankly, he's very good at it. And I
18:15
Speaker 12: think there is a case to be made that, you know,
18:18
Speaker 12: as much as he has been taking on his appointee,
18:22
Speaker 12: Judge Kelly.
18:23
Speaker 3: That you just talked about, that the judge would be.
18:25
Speaker 12: Doing him a favor if he very quickly allowed the
18:30
Speaker 12: pool back in and things were restored to order. Because
18:33
Speaker 12: to your point, Xi Jinping may not like press coverage,
18:37
Speaker 12: but Donald Trump really likes it. And, you know, I
18:40
Speaker 12: think there is a very good case to be made
18:42
Speaker 12: that Kelly, the president is right.
18:44
Speaker 3: Kelly will rule for the media. It would be to
18:47
Speaker 3: his benefit.
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Speaker 12: But he would be doing so probably on Fifth Amendment grounds.
18:52
Speaker 12: Very basically that the press who have been ousted essentially
18:57
Speaker 12: were not given notice. They weren't given reasoning. They weren't
19:00
Speaker 12: given a chance to sort of make their case to
19:04
Speaker 12: remain covering the president.
19:06
Speaker 3: And you simply.
19:07
Speaker 12: case law going back 50 years in the D.C. Circuit
19:10
Speaker 12: says you simply can't do that. I'm not even sure
19:12
Speaker 12: we're going to get to First Amendment grounds. And of course,
19:15
Speaker 12: the DOJ last night saying, wait, wait, wait, this is
19:18
Speaker 12: a violation of national security. I think that's an uphill
19:21
Speaker 12: battle for them. But I think we could see a
19:24
Speaker 12: quick Fifth Amendment due process ruling.
19:27
Speaker 7: Well, that's fascinating. And you're right that the White House,
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Speaker 7: I should have finished my story there. They moved to
19:32
Speaker 7: national security last evening, referring to these outlets, publication of
19:37
Speaker 7: sensitive and in some cases classified information.
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Speaker 6: Rick Davis, does the court save the president from his
19:43
Speaker 6: own ban? It's hard to say. I think Jeannie makes
19:49
Speaker 6: the case for the federalists.
19:50
Speaker 2: Amendment. But I would say, too, the president could be
19:54
Speaker 2: undermining the Espionage Act, which is really what protects our
19:58
Speaker 2: national secrets primarily. And it's really focused more on the
20:04
Speaker 2: leaker than the publication. I mean, there's an argument that
20:08
Speaker 2: the press has a right to publish, and that goes
20:12
Speaker 2: back to the Pentagon Papers, you know, very famous case.
20:16
Speaker 2: So I think they're wrapped up around the axle on
20:19
Speaker 2: this one in both cases. And I think Judge Kelly's
20:24
Speaker 2: a well-placed individual to navigate it through.
20:26
Speaker 13: I mean, I did notice that the White House has
20:28
Speaker 13: now asked.
20:29
Speaker 2: To have everybody they banned write them a letter by
20:33
Speaker 2: Friday afternoon stating their problems with their conduct and wanting
20:41
Speaker 2: their response. So they're papering the Fifth Amendment due process
20:47
Speaker 2: So it looks like they want to go the distance. Right.
20:50
Speaker 2: I mean, like if Judge Kelly doesn't require them to
20:54
Speaker 2: allow these press outlets in, they may have a long
20:58
Speaker 2: term issue if the media sticks together and you don't
21:02
Speaker 2: have a presidential press pool.
21:04
Speaker 6: So I think they've bitten off a lot.
21:07
Speaker 2: I do worry that if the president gets his way here, then,
21:10
Speaker 2: you know, we're going to see the same thing happen
21:12
Speaker 2: in the Pentagon and the State Department, you know, up
21:15
Speaker 2: on Capitol Hill. Why can't, you know, the speaker and
21:19
Speaker 2: the majority leader say, hey, you know, we don't like
21:21
Speaker 2: the way you guys are operating here. We're protecting national
21:24
Speaker 2: security by banning you from our premises. There are a
21:27
Speaker 2: lot of members of Congress who would like nothing more
21:29
Speaker 2: than to be able to walk the halls without getting
21:30
Speaker 2: accosted by the press.
21:33
Speaker 7: A hundred percent. And so would President Xi, right? I mean—
21:37
Speaker 7: That would be the gift for Xi. That's the nicest
21:39
Speaker 7: thing the president could do. Forget going to the airport
21:41
Speaker 7: to meet him.
21:42
Speaker 6: Guess what?
21:43
Speaker 7: Xi Jinping, you don't have to worry about any media coverage.
21:45
Speaker 7: It's just like you're at home, Jeannie, right?
21:50
Speaker 3: That's right.
21:51
Speaker 12: You know, and look at the difference between the United
21:54
Speaker 12: States and China. Well, there's a lot, but one of
21:57
Speaker 12: them is a First Amendment amendment. which says that you
22:00
Speaker 12: cannot discriminate, you meaning the government, cannot discriminate against reporters
22:07
Speaker 12: based on not liking what they have to write or
22:10
Speaker 12: what we call viewpoint discrimination. So Rick is absolutely right.
22:14
Speaker 12: You're absolutely right. Most public officials we know would like
22:18
Speaker 12: nothing more than the pesky press to go away. But
22:21
Speaker 12: there is a reason that the founders put in the
22:24
Speaker 12: First Amendment and quite frankly, the Fifth Amendment. And that
22:28
Speaker 12: is because in a representative democracy, people rely on the
22:32
Speaker 12: press to tell us what is going on so that
22:35
Speaker 12: we can make sound decisions at the ballot box and
22:39
Speaker 12: decide who we want representing us. And so the idea
22:42
Speaker 12: that you're going to just have a district quarter of
22:45
Speaker 12: this goes up to the Supreme Court, say that.
22:48
Speaker 3: The First Amendment doesn't mean that anymore.
22:51
Speaker 12: I'm hard pressed to believe that that is what's going
22:54
Speaker 12: to happen.
22:55
Speaker 3: But the president did.
22:56
Speaker 12: Say, I think it was just yesterday, Joe, he's probably
22:59
Speaker 12: going to get a negative ruling from Kelly and he.
23:01
Speaker 3: Will fight this, you know, up the scale. And he's
23:04
Speaker 3: not even getting.
23:05
Speaker 12: Support from Republicans like Tillis and Cornyn and Kennedy, even
23:09
Speaker 12: Fox News. They have all said bad idea because, of course,
23:14
Speaker 12: it could happen to them as well going forward under
23:17
Speaker 12: a Democratic administration.
23:20
Speaker 7: Yeah, well, now Peter Navarro's saying that cabinet members shouldn't
23:23
Speaker 7: go on Fox. The whole media landscape has been upended.
23:27
Speaker 7: We've got breaking news, by the way, from Politico. Yes,
23:30
Speaker 7: the one banned from the White House. The headline, damn it,
23:33
Speaker 7: something has to happen. Rick, the White House is preparing,
23:37
Speaker 7: and we've been asking lawmakers from both parties every day
23:40
Speaker 7: about this, for a 90-day diesel export ban. Interestingly, not
23:45
Speaker 7: all lawmakers want to weigh in on this when you
23:47
Speaker 7: ask them because they don't all have a formulated answer.
23:50
Speaker 7: Even the American Petroleum Institute, though, Rick, says this is
23:53
Speaker 7: a bad idea and it's going to actually end up
23:55
Speaker 7: raising energy prices long term.
23:58
Speaker 6: Is this good politics for this White House? You know,
24:03
Speaker 6: they would know best.
24:04
Speaker 2: They read the polls and they're struggling to find a
24:08
Speaker 2: connection with voters on cost of living. It might be
24:12
Speaker 2: good politics, but at the same time, it could be
24:14
Speaker 2: lousy policy. And that wouldn't surprise me in the last
24:18
Speaker 2: 45 days of an election that they're struggling to try
24:22
Speaker 2: and get an announcement.
24:23
Speaker 6: That could do that.
24:23
Speaker 2: But look, the idea that this is actually going to
24:27
Speaker 2: see a big drop in prices before election day would
24:31
Speaker 2: be a shock to most economists. And so they could
24:34
Speaker 2: make a wonderful little announcement, but unless it actually impacts
24:38
Speaker 2: people's lives and the commerce and bring down costs of goods,
24:43
Speaker 2: they're not going to get the credit they really want
24:45
Speaker 2: out of this.
24:46
Speaker 6: Yeah.
24:46
Speaker 7: Well, you know, the industry may not like this, Jeannie,
24:49
Speaker 7: but the president is not on an island here. We've
24:51
Speaker 7: had Democrats suggest it might be a good idea. Don Beyer,
24:54
Speaker 7: the Democrat from Virginia, just the other day said he
24:57
Speaker 7: was open to this. Maybe maybe it would help, he said.
25:00
Speaker 7: Six dollars and fifty two cents. Does it help Democrats
25:03
Speaker 7: as much as Republicans to sign on to this?
25:07
Speaker 12: I think that it is good politics all around, but
25:11
Speaker 12: I couldn't agree more that it is really bad policy.
25:14
Speaker 12: And the fact is, it's good politics by the time
25:18
Speaker 12: people begin to feel it. But 40 days out may
25:21
Speaker 12: not be enough time to feel it. You know, I
25:24
Speaker 12: think for Democrats, just like Republicans, they are talking to
25:27
Speaker 12: constituents every day. They are hearing we are, you know,
25:31
Speaker 12: really getting killed out here with these prices. I was
25:34
Speaker 12: just listening. to some truckers, and they were talking about
25:38
Speaker 12: how much diesel is, and you just mentioned, I think
25:41
Speaker 12: you said over $ 650.
25:43
Speaker 3: It's astonishing, and we are paying those costs.
25:46
Speaker 12: But I will tell you, for Republicans, they would probably
25:50
Speaker 12: be much happier to have the president focus on this
25:53
Speaker 12: than continue to do something like fight with the press.
25:56
Speaker 12: This has been their frustration all along. Do something to
26:00
Speaker 12: address the cost of living and these costs, and don't
26:03
Speaker 12: just pick on these pick on fights that you're going
26:05
Speaker 12: to end up losing and work against us.
26:08
Speaker 7: The American Petroleum Institute in a statement, we understand the
26:11
Speaker 7: administration is looking at every option to deliver relief, but
26:15
Speaker 7: restricting energy exports would only compound the problem.
26:18
Speaker 6: Rick Davis, GD Shanzano, stay with us on.
26:20
Speaker 13: Balance of Power.
26:21
Speaker 6: We'll have much more coming up after this.
26:26
Speaker 4: You're listening to the Bloomberg Balance of Power podcast. Catch
26:30
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26:33
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26:36
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26:41
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26:43
Speaker 7: The center of the global political universe is about to
26:48
Speaker 7: shift here to Washington, D.C., for the big summit between
26:51
Speaker 7: President Trump and President Xi. The president of China is
26:55
Speaker 7: expected to touch down a few hours from now at
26:57
Speaker 7: Joint Base Andrews. Tomorrow is when things will really get
27:00
Speaker 7: started with a vast welcome ceremony on the White House
27:04
Speaker 7: grounds and a series of meetings between the two world
27:06
Speaker 7: leaders before the big state dinner. We want to get
27:09
Speaker 7: into it with a man who covers it all for
27:10
Speaker 7: us at the White House. That's, of course, Bloomberg's Josh Wingrove.
27:13
Speaker 7: who's here in studio with us today. This is a
27:15
Speaker 7: big one, and we keep hearing about protocol. There have
27:19
Speaker 7: been world leaders who have visited the White House, but
27:21
Speaker 7: few with the flourish that this one will receive, including
27:25
Speaker 7: an in-person.
27:26
Speaker 6: Reception at the airport. Trump's never done this before.
27:29
Speaker 11: First time Trump has done that at Andrews Air Force Base.
27:31
Speaker 11: Hasn't been done. Depends on how you measure it. Abominated
27:34
Speaker 11: with the Pope in 2015. Getting a flyover. I mean,
27:39
Speaker 11: Trump would have a flyover for every golf game if
27:42
Speaker 11: he could. So I wouldn't maybe over-index that one. But
27:45
Speaker 11: a real red carpet treatment. When we came back with
27:47
Speaker 11: the president last night from UNGA, they had already set
27:49
Speaker 11: up these grandstands. I've never seen anything like that for
27:53
Speaker 11: TV cameras and whatnot.
27:54
Speaker 8: Yeah.
27:55
Speaker 11: And, you know, this is causing some consternation among Roger Ricker,
27:58
Speaker 11: for instance, and who thinks that this is a bit
28:01
Speaker 11: much for what essentially is one of it. Yes, quite
28:05
Speaker 11: quite a red carpet for the chief geopolitical rival or
28:08
Speaker 11: one of them of the United States. Now, Secretary Rubio
28:10
Speaker 11: responding to that today, saying. The U.S. and China relationship
28:13
Speaker 11: will define the 21st century. Of course, many people would
28:16
Speaker 11: agree with that. I suppose the question is how wide
28:19
Speaker 11: the red carpet that can be to really still have
28:21
Speaker 11: that be the case. So tomorrow we'll have most of
28:23
Speaker 11: the agenda, including the meetings, the state dinner, many American
28:27
Speaker 11: tech executives, finance executives coming to that. Friday, a little
28:30
Speaker 11: bit more sort of touring town before President Xi leaves.
28:35
Speaker 11: This is very analogous, sort of proportional to Trump's visit
28:38
Speaker 11: to Beijing. The Chinese are big on that, as you know.
28:39
Speaker 6: Mm-hmm.
28:40
Speaker 11: And so we will see. But honestly, it doesn't seem
28:42
Speaker 11: like they're going to talk about a whole lot. A
28:46
Speaker 11: lot of these cans seem like they'll be kicked down
28:47
Speaker 11: the road or at least kicked to the curb as
28:51
Speaker 11: they walk along.
28:52
Speaker 5: Yeah, of course, a lot of this is an expectations game,
28:54
Speaker 5: and it doesn't seem like expectations for deliverables are particularly high.
28:57
Speaker 5: I also want to ask you quickly, Josh, about something
28:59
Speaker 5: we heard the president talk openly about yesterday, a diesel
29:02
Speaker 5: export ban. He said he's instructed his team to consider this.
29:05
Speaker 5: The Treasury Secretary said they're looking at whether it be
29:08
Speaker 5: effective and in what capacity. And the Energy Secretary says
29:11
Speaker 5: at an event today on the sidelines of Climate Week
29:16
Speaker 5: that they're looking at voluntarily having exporters cut diesel exports.
29:24
Speaker 10: Is this going to happen?
29:25
Speaker 11: Now, our friends at Politico are reporting that they've drafted
29:28
Speaker 11: a potential 90-day ban. It seems like that might be
29:30
Speaker 11: more of an option than necessarily the full plan at
29:32
Speaker 11: this point. Look, there are two Trumps. I think it's
29:34
Speaker 11: unclear right now whether he like truly believes this and
29:37
Speaker 11: is pressing it or wants farmers to think he's pushing
29:39
Speaker 11: for it. And it's just not happening. But both Besson
29:43
Speaker 11: and Wright have pushed back against it in particular by
29:46
Speaker 11: noting it might increase gas prices. So, you know, robbing
29:49
Speaker 11: Peter to pay Paul. But I think it is indicative
29:51
Speaker 11: of the pressure they're facing in particular in some of
29:53
Speaker 11: these Senate races that did not look like they would
29:55
Speaker 11: be all that competitive.
29:56
Speaker 3: And now.
29:57
Speaker 11: seem to be but right now the signal trump is
30:00
Speaker 11: sending is that he wants it they're talking about it
30:02
Speaker 11: and that he wants the decision fast he told us
30:04
Speaker 11: yesterday and so i think uh it remains live but
30:07
Speaker 11: again whether trump is just letting the impression out there
30:09
Speaker 11: that he wants it or actually pushing Besant and Wright
30:13
Speaker 11: and others to do it, I think is unclear right now.
30:15
Speaker 11: We just don't know.
30:16
Speaker 13: All right.
30:16
Speaker 10: Bloomberg's Josh Wingrove covering the White House for us. Thank
30:19
Speaker 10: you so much.
30:19
Speaker 5: And while it may be unclear what the president wants
30:21
Speaker 5: in regard to this, you're hearing a growing chorus of
30:24
Speaker 5: candidates who are running in the midterm elections and current
30:27
Speaker 5: lawmakers who are pushing for an export ban, including Republican
30:30
Speaker 5: Congressman Tim Burchett of Tennessee, who is out with two
30:32
Speaker 5: new bills. surrounding diesel export controls. And he's joining us
30:36
Speaker 5: now on Bloomberg TV and radio. Congressman, it's good to
30:39
Speaker 5: have you back on Balance of Power. The first bill
30:41
Speaker 5: would be a straight up export ban on diesel until
30:44
Speaker 5: January of 2027. The second, an export control on diesel
30:48
Speaker 5: if the national average price hits $ 5 a gallon to
30:52
Speaker 5: be lifted once prices drop to $ 4.
30:54
Speaker 10: 50 a gallon. Have you talked to the White House
30:57
Speaker 10: about this?
30:57
Speaker 5: Is there a chance that they move to do something
31:00
Speaker 5: similar even without Congress having to act?
31:03
Speaker 13: Yes, ma'am.
31:03
Speaker 14: We've done a little research, and the jury's kind of
31:07
Speaker 14: out of whether they can do it through some sort
31:09
Speaker 14: of executive order or one of the trade secretaries can
31:12
Speaker 14: do something like that. I, of course, prefer Congress to
31:15
Speaker 14: come back and do it, but Congress has been here
31:18
Speaker 14: eight years under Democrats and Republicans, and they're fairly gutless
31:22
Speaker 14: when it comes to making tough decisions. I'm ready to
31:25
Speaker 14: make that decision. I mean, you've got to figure big oil,
31:28
Speaker 14: their margins right now are, gosh, they're at around... $ 2. 78
31:33
Speaker 14: per gallon. And normally, their margins are at $ 0. 35 per gallon.
31:39
Speaker 14: So I think the American public's getting gouged. As I've
31:43
Speaker 14: stated many times, I know it's a commodity, but they
31:45
Speaker 14: exist under American laws and our tax structure and our protection.
31:50
Speaker 14: And their priority should first and foremost be Americans. And
31:54
Speaker 14: right now, our farmers and our truckers are hurting. And
31:57
Speaker 14: that is affordability.
31:58
Speaker 13: Because if you.
31:58
Speaker 14: Can't get the crops out of the field and you
32:01
Speaker 14: can't deliver them over the road with the big trucks,
32:04
Speaker 14: you're not getting them.
32:06
Speaker 13: And that's what's getting ready to happen.
32:09
Speaker 3: Yeah.
32:09
Speaker 7: Congressman, you mentioned big oil, which draws me to a
32:14
Speaker 7: statement from the American Petroleum Institute, the trade association that
32:17
Speaker 7: represents the major oil companies and refiners. The CEO, Mike Summer,
32:22
Speaker 7: is going to join us later on today. says Americans
32:25
Speaker 7: are hurting. We understand the administration is looking at every
32:28
Speaker 7: option to deliver relief, but restricting U.S. energy exports would
32:32
Speaker 7: only compound the problem, exacerbating refining challenges, ultimately hurting consumers.
32:39
Speaker 7: Is that what you would expect to hear from so-called
32:41
Speaker 7: big oil?
32:42
Speaker 6: And how would you respond to the API?
32:44
Speaker 14: Sure, they're the ones compounding the problem. They're asking about
32:47
Speaker 14: their record profits.
32:48
Speaker 2: How so?
32:49
Speaker 14: And ask him about their record profits. They're the ones
32:51
Speaker 14: that are compounding the problem. And I always want to
32:54
Speaker 14: put it in simple terms. They always tell you it's
32:57
Speaker 14: a commodity, Birchit. You don't understand commodities. And I hear
33:00
Speaker 14: that all the time. But when the gas is in
33:03
Speaker 14: the pumps, It's been paid for. It's been processed months prior.
33:07
Speaker 14: All of a sudden, they're allowed to jack the price
33:09
Speaker 14: up overnight in the pumps.
33:12
Speaker 13: And they'll say, well, that's a commodity. You don't understand. Well,
33:14
Speaker 13: why doesn't that quart of.
33:16
Speaker 14: Oil that is actually processed by the same companies that
33:18
Speaker 14: has their same label on the same thing, when you're
33:21
Speaker 14: down here at the auto parts store, why doesn't that
33:24
Speaker 14: quart of oil go up exponentially overnight as well if
33:27
Speaker 14: it's covered under the same commodity rules? And I dare
33:31
Speaker 14: say that they're They're taking advantage of the American public,
33:34
Speaker 14: and they know it. And they know Congress doesn't have
33:38
Speaker 14: the guts to do anything about it, both parties, because
33:40
Speaker 14: here's what will happen. We'll have a hearing. We'll talk tough.
33:43
Speaker 14: Both sides will talk tough. They'll shower this town with
33:47
Speaker 14: enough money to... you know, to pay the whole, from,
33:50
Speaker 14: from California to North Carolina, it'll.
33:52
Speaker 13: Go all the way coast to coast with the.
33:54
Speaker 14: Money and it's all legal and both sides will back off.
33:58
Speaker 14: They do this every time the price will come back
34:00
Speaker 14: down a little bit. We're like Pavlov's dog. They ring
34:03
Speaker 14: the bell and then we come running. This is a,
34:06
Speaker 14: you know, it's a monopoly. They have a monopolistic system and, and,
34:11
Speaker 14: and they're hurting, they're hurting our country.
34:14
Speaker 5: So this isn't just the free market being the free
34:16
Speaker 5: market issue. supply and demand, Congressman?
34:21
Speaker 13: If it were true, I'm sorry to interrupt you. I
34:23
Speaker 13: have trouble hearing here.
34:25
Speaker 14: If it were truly a free market, ma'am, they wouldn't
34:27
Speaker 14: be given tax credits. They wouldn't have all this other,
34:31
Speaker 14: you know, they operate under a great deal of safety
34:35
Speaker 14: and security in this country, and they need to start
34:38
Speaker 14: acting like that. We need to figure out at some
34:41
Speaker 14: point These American corporations, they need to start serving Americans
34:46
Speaker 14: and not their stockholders, which, granted, are a lot of Americans.
34:50
Speaker 13: I suspect a lot of members of Congress.
34:54
Speaker 7: So, Congressman, if we had this ban on diesel exports,
34:58
Speaker 7: would that essentially prop up a separate and distinct U.S.
35:02
Speaker 2: Market?
35:02
Speaker 7: Would there be an American price for diesel and a
35:05
Speaker 7: separate global price for diesel?
35:08
Speaker 13: Well, currently, it's sort of the way it's working. They're getting.
35:13
Speaker 13: Astronomical profits overseas.
35:15
Speaker 14: They're used to paying $ 10 a gallon for diesel, which
35:18
Speaker 14: is currently about what they're paying for it in California.
35:21
Speaker 14: So I would submit to you, if they're truly about economics,
35:25
Speaker 14: there would be limited storage. They'd have to flood the
35:28
Speaker 14: market with it, and prices would have to come down.
35:30
Speaker 14: They'd still make their good profit that they were making
35:33
Speaker 14: prior to them started really gouging this, but it would
35:36
Speaker 14: be a little bit more reasonable.
35:38
Speaker 13: I'm a capitalist. I love profit. I think it's the
35:40
Speaker 13: greatest thing.
35:40
Speaker 14: Capitalism Outside of Christianity, it's probably taken more people out
35:44
Speaker 14: of despair than anything else in this world. But the
35:48
Speaker 14: truth is, is that they are gouging us. Ask them
35:51
Speaker 14: about the price difference when it was $ 15 a barrel.
35:54
Speaker 14: Now it's $ 117 a barrel.
35:56
Speaker 13: They were making $ 0.
35:57
Speaker 3: 35.
35:57
Speaker 13: Their margins were $ 0.
35:57
Speaker 3: 35.
35:58
Speaker 13: Now they're $ 2. 78 a barrel. So they're jacking it up
36:09
Speaker 13: on us. They can't run from the numbers.
36:11
Speaker 14: They can talk all the economics they want, but the
36:13
Speaker 14: reality is they are gouging the American public, and people
36:16
Speaker 14: are sick and tired of it, and they should be.
36:20
Speaker 5: Well, you can't run from the numbers we're seeing in
36:22
Speaker 5: the bond market either, Congressman. The 10-year Treasury yield is
36:25
Speaker 5: up 15 basis points on the day to 5.11%. This
36:29
Speaker 5: is the highest we have seen since the summer of 2007.
36:33
Speaker 5: And oil prices sure play a role in this, but
36:36
Speaker 5: so too does the $ 40 trillion in climbing national debt.
36:41
Speaker 5: At what point does what's happening in the bond market
36:44
Speaker 5: ring alarm bells for you and your colleagues, Congress. I
36:47
Speaker 5: know you just told us that Congress doesn't necessarily have
36:50
Speaker 5: a track record of acting when they say they will,
36:53
Speaker 5: but does this demand action?
36:55
Speaker 13: Yes, ma'am. It should have.
36:57
Speaker 14: I've been in Congress for eight years. I've been yelling
36:59
Speaker 14: about it since I got here. It just keeps going up.
37:03
Speaker 14: We keep making excuses about When this happens or when
37:06
Speaker 14: that happens, we've got to start making some tough decisions.
37:10
Speaker 14: I've been critical of a lot of things up here,
37:12
Speaker 14: as you well know. And the main thing.
37:15
Speaker 13: Is the spending.
37:16
Speaker 14: $ 40 trillion is not anything that is within reason. The
37:21
Speaker 14: problem is it's just such a large number. I don't
37:24
Speaker 14: think the average American grasps it, grasps just the enormous
37:29
Speaker 14: nature of this. And we hear $ 40 trillion and just,
37:33
Speaker 14: you know. And the trouble is, we need to have
37:36
Speaker 14: what would What would solve this great problem is, it's
37:39
Speaker 14: like we do in Tennessee in our state legislature where
37:43
Speaker 14: we have almost zero debt, which is hard to imagine.
37:46
Speaker 14: If we had single issue spending bills, that would solve it.
37:49
Speaker 14: That would make us be held accountable for everything. Because
37:52
Speaker 14: what happens, you get a 2,000 page bill, you get
37:55
Speaker 14: it dropped on your desk and you're going to vote
37:57
Speaker 14: on it in 18 hours. You read down and find
38:00
Speaker 14: out your projects and then you just stop reading. And
38:03
Speaker 14: that's how it just keeps these trillion dollar bills going.
38:06
Speaker 13: The National Defense Authorization.
38:08
Speaker 6: Fired up Tim Burchett.
38:10
Speaker 7: Congressman, it's great to have you back. Let's find more
38:13
Speaker 7: time on Balance of Power. The Republican from Tennessee. This
38:16
Speaker 7: is Balance of Power on Bloomberg TV and radio. Thanks
38:22
Speaker 7: for listening to the Balance of Power podcast. Make sure
38:25
Speaker 7: to subscribe if you haven't already. Apple, Spotify or wherever
38:29
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38:32
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38:35
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