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Trump Says Iran Ceasefire Is Over · Balance of Power

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Speaker 2: Thank you for being with us on the Friday edition
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Speaker 2: of Balance of Power Here on Bloomberg TV and Radio.
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Speaker 2: Kaylee Lions has the day off. We begin with the
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Speaker 2: situation with Iran and a lot of confusion about exactly
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Speaker 2: what is happening right now, with the President issuing a
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Speaker 2: mixed message in a single post on truth social writing,
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Speaker 2: the Islamic Republic of Iran has asked us to continue talks.
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Speaker 3: We have agreed to do so.
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Speaker 2: That part taken in isolation, has given the market a
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Speaker 2: bit of a boost today. And as Charlie was just saying,
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Speaker 2: it's not only stocks up. Interest rates are largely flat,
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Speaker 2: and oil prices are lower WTI and Brent down about
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Speaker 2: one percent each year. As the President goes on to write,
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Speaker 2: but the United States has stated to them in no
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Speaker 2: uncertain terms, the cease fire is over talks, continuing cease
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Speaker 2: fire over similar language to what we heard from the
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Speaker 2: President at the NATO summit this week in Ancre listen
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Speaker 2: to me.
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Speaker 3: I think it's over.
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Speaker 4: I don't want to deal with them, in with this scum,
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Speaker 4: so as I'm concerned, it's over.
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Speaker 5: We just said it very hard.
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Speaker 4: It did a little something today, but it was really
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Speaker 4: retribution for last night.
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Speaker 3: I'm not sure I want to make a deal with them.
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Speaker 5: We can play games, but.
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Speaker 3: I'm not sure I want to make a deal.
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Speaker 4: Let's just finish the job.
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Speaker 2: We turned to a voice of experience at this time
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Speaker 2: with a lot of questions as we head into another
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Speaker 2: weekend about what might happen in the next twenty four
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Speaker 2: to forty eight hours, although the market seems to be
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Speaker 2: pretty calm at the moment with the bet that this
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Speaker 2: president is not looking to re enter all out war.
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Speaker 2: Ambassador James Jeffrey joins US now Live Distinguished Fellow at
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Speaker 2: the Washington Institute for Nieri's Policy, who is former US
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Speaker 2: Ambassador to Iraq and Turkey, former Ambassador to Albania, and
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Speaker 2: former Deputy National Security Advisor. He was Special Envoy for
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Speaker 2: the Global Coalition to Counter the Islamic State ISIS, and
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Speaker 2: is with US NOW on balance of power. Ambassador, It's
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Speaker 2: great to see you and welcome back. How do we
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Speaker 2: describe this moment before we explore how to get out
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Speaker 2: of it? This rolling back and forth of kinetic activity
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Speaker 2: preference for talks?
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Speaker 3: How long can we sustain this split screen?
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Speaker 6: Welcome to my world. Of many decades of diplomacy in
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Speaker 6: conflict situations, this is not abnormal. It also isn't good.
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Speaker 6: Very quickly, the president in Iran back in June agreed
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Speaker 6: to end the latest range of fighting from February on
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Speaker 6: with a ceespire and the Iranians would get to ship
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Speaker 6: their oil out and sell it market prices on the
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Speaker 6: world market, and in return, the United States would have
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Speaker 6: all other ships out of the Straits and we would
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Speaker 6: negotiate a new nuclear deal. It wasn't a bad arrangement
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Speaker 6: for Iran. Instead, the Iranians decided that they would stop
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Speaker 6: fooling with it, lawyering as we say, the text of
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Speaker 6: a somewhat ambiguous agreement, but many agreements are ambiguous to
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Speaker 6: say they'll really control the Straits from day one. That
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Speaker 6: led to them firing at ships, breaking the cease file,
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Speaker 6: and American retaliation. Right now, the MoU may technically be
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Speaker 6: in effect and not in effect. The point is we
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Speaker 6: are talking with the Iranians and the United States is
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Speaker 6: not launching any new attacks, waiting to see what Iran
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Speaker 6: does for the moment. If Iran doesn't fire any new
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Speaker 6: missile at targets across the straits at our ships, the
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Speaker 6: United States probably will not retaliate. But if Iran keeps
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Speaker 6: the straits closed one way or the other, we will
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Speaker 6: reinstitute the blockade, and we will take further economic and
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Speaker 6: potentially military measures to return Irian to the memorandum agreement
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Speaker 6: we signed in June. I think that's the way we're going.
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Speaker 3: Okay, Ambassador to speak to the significance.
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Speaker 2: Realizing that we haven't hit anything today of in the
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Speaker 2: last twenty four hours, the US choosing to hit two
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Speaker 2: bridges in eastern provinces along the railway line to the
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Speaker 2: city of Mashad, Iran's foreign ministry called this a flagrant
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Speaker 2: violation of articles one in five of the MoU What
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Speaker 2: were we trying to accomplish by taking down those bridges?
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Speaker 6: First of all, to get the Iranian hipocritical foreign minister
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Speaker 6: to rant and rave about what we're doing is violation
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Speaker 6: of this and that when these are the guys who
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Speaker 6: violated the animo U in the first place. We launched
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Speaker 6: one hundred seventy strikes over two days. That's back up
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Speaker 6: too close to what we were doing a few months ago.
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Speaker 6: And importantly, as you noted, we hit these railway connections
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Speaker 6: that Iran is using to get its oil out.
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Speaker 5: To China by land.
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Speaker 6: If we put a new blockade on cutting their sea exit,
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Speaker 6: and we also blow up the railways cutting their land
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Speaker 6: exit and also limit their ability to move their forces
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Speaker 6: around Iran, they're facing a very dire situation. I was
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Speaker 6: in Iraq in two thousand and four when all the
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Speaker 6: rail lines were cut.
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Speaker 5: It wasn't happy.
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Speaker 3: Wow, Well that's fascinating, ambassador.
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Speaker 2: Should that be the ongoing strategy if we're in fact
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Speaker 2: going to cripple Iran as much focus as we have
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Speaker 2: on the straight, eliminating any other avenue for Iran to
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Speaker 2: get oil to China.
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Speaker 6: Sure it's not just the oil, as I said, the bridges,
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Speaker 6: the railways, and eventually I would suspect he'll also go
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Speaker 6: after the electrical systems, or at least the high tension lines,
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Speaker 6: because if you get a new season, they can easily
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Speaker 6: be replaced that again cripples the Iranian economy, It cripples
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Speaker 6: the Iranian ability to wage war, including to close the straits,
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Speaker 6: and it will provoke one or another very dramatic reaction
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Speaker 6: sooner or later among the population. Iran knows this, so
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Speaker 6: this will be encouraging them to come back to the table,
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Speaker 6: which is why again the Foreign Minister is bitching so
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Speaker 6: loudly about all the bad things we're doing, because they
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Speaker 6: realize they're having an impact.
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Speaker 2: Well, that's pretty fascinating when you talk about the fact
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Speaker 2: that we are at least talking. These are not formal
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Speaker 2: talks at a table. We're hearing about back channels and
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Speaker 2: indirect talks. As a career diplomat ambassador, how does that
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Speaker 2: work before the phone call gets back to the White
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Speaker 2: House with news, It works badly.
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Speaker 6: The best is face to face. We had one round
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Speaker 6: with the Iranians with Vice President J. D. Vance, but
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Speaker 6: since then, including the details FA this June a memorandum
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Speaker 6: of understanding, we're done through intermediaries. There are all kinds
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Speaker 6: of problems with them. It's just that it's better than
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Speaker 6: not talking. And right now we can't meet face to face.
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Speaker 6: We'll go through the cutteries We'll go through the Pakistanis,
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Speaker 6: the Turks and others, and they'll do a good enough job.
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Speaker 5: I believe what.
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Speaker 2: You make of the swap. I know we only have
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Speaker 2: a minute left, Ambassador. The swap on Air Force One.
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Speaker 2: This week, there's been some reporting, more specifically from The
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Speaker 2: New York Times, to suggest that the new gifted Air
7:27
Speaker 2: Force One from Cutter was not outfitted with aerial defense
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Speaker 2: systems that would prevent a heat seeking missile potentially from
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Speaker 2: downing the jet. He took the old Air Force one
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Speaker 2: home after being threatened by Iran. Should that plane the
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Speaker 2: new Air Force one be used at all?
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Speaker 7: No.
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Speaker 6: I was in the old Air Force one with President Borshwyn,
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Speaker 6: a certain rogue East Asian state I won't name, which
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Speaker 6: took some threatening actions launching, and under those circumstances, it's
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Speaker 6: a life I desk situation involving the president. We cannot
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Speaker 6: take any risk with an American president being shot down
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Speaker 6: or destroyed in a combat arena terrorist operation. That things
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Speaker 6: should be sent to some graveyard.
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Speaker 5: Wow.
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Speaker 2: I had a feeling you might have a good answer
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Speaker 2: for that, James Jeffrey. It's great to see you, sir.
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Speaker 2: Thank you for joining us. Mister Ambassador and have a
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Speaker 2: great weekend. Former Ambassador to Iraq and Turkey, Former Special
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Speaker 2: Envoy the Global Coalition to defeat isis. I'm Joe Matthew
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Speaker 2: in Washington, as we balance a couple of lead stories
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Speaker 2: here today on Bloomberg, we turned from geopolitics to Wall
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Speaker 2: Street and the enormous demand for memory that is culminated
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Speaker 2: in a new listing in New York today, and Bloomberg's
8:48
Speaker 2: Ed Ludlow joins us from world headquarters with his eyes
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Speaker 2: on sk heinez So far as successful debut of ADRs
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Speaker 2: trading on the Nasdaq, up over sixteen percent from the
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Speaker 2: sale price. It is with us right now live having
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Speaker 2: just returned from the Nasdaq market site.
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Speaker 3: So far so good, Ed, so far so good.
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Speaker 8: You know, the ticker for now sk hy v the
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Speaker 8: ve gos on the fourteenth when the full trading starts.
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Speaker 8: But the other way looking at it is sky high
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Speaker 8: sk hy sky high, and that that kind of represents
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Speaker 8: the state of the memory market right now. D RAM
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Speaker 8: prices are sky high, nan flash memory sky high, and
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Speaker 8: sk Heinex dominates high bandwidth memory hBN market fifty seven percent.
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Speaker 8: And you know, in any given financial transaction Joe that
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Speaker 8: there are numbers, right, but I think for the balance
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Speaker 8: of power listeners and for the American audience, you know,
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Speaker 8: SK really believe that America understands what's going on in
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Speaker 8: AI from the memory perspective, and so from their point
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Speaker 8: of view, it was not just about the money. It
9:54
Speaker 8: was about getting in front of Americans and trying to
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Speaker 8: get their thinking about SK.
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Speaker 2: Well, and we're told this was seven times over subscribe.
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Speaker 2: So I guess the road show, to whatever extent there
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Speaker 2: was one worked. We talk a lot about Micron. They're
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Speaker 2: in the same business, and help our audience understand what
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Speaker 2: makes them similar and what makes them different. It has
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Speaker 2: been to the moon for Micron shares. They're actually down
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Speaker 2: about six dollars and a half percent right now and
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Speaker 2: have come down meaningfully from their highs.
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Speaker 3: Do they make the same stuff.
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Speaker 8: Yes, they make the same stuff, but there's an interesting distinction.
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Speaker 8: So a big story this week was Micron boosting its
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Speaker 8: investment in America to two hundred and fifty billion two
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Speaker 8: five zero billion from two hundred billion, but to boost
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Speaker 8: capacity of memory chips. They operate in the same market.
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Speaker 8: Skhidex has fifty seven cent market share in high bandwidth memory.
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Speaker 8: Those are the memory chips that correspond to a GPU
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Speaker 8: and an AI data center, and Micron and Samsung make
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Speaker 8: up the remainder of that market. But what you need
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Speaker 8: to know about Micron is that right now it's American
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Speaker 8: output of memory broadly is a few single digit percent
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Speaker 8: of its total output. All of what it's doing is
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Speaker 8: in Asia. So that's really interesting because like the main
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Speaker 8: news headline out of my interview with the SK chairman
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Speaker 8: was theyre.
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Speaker 3: Going to come big to America.
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Speaker 8: They're going to invest big, and we can get to that,
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Speaker 8: I guess in a second, but I would just sort
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Speaker 8: of set the playing field, like Micron is is really
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Speaker 8: in the in the news cycle right now. It's a
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Speaker 8: big American company, but their footprints really outside of America,
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Speaker 8: and that's the bit they're trying to address.
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Speaker 2: Let's hear from the SKA chairman, who you spoke with
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Speaker 2: right before trading began earlier.
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Speaker 3: He around Bloomberg.
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Speaker 9: Listen, I have some confident then the demand that will
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Speaker 9: be growth, and I was apply compesstity, never want to
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Speaker 9: catch up. That's going to be until that people, our
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Speaker 9: society humans well said they had set there was some
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Speaker 9: setlementy with the AGI then well, I guess that the
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Speaker 9: world that's a kind of normalized that all the the cycles.
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Speaker 9: But anyhow, that until then, while we need that a
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Speaker 9: lot of.
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Speaker 2: Memories, begging the question when will it catch up ed
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Speaker 2: or will it This is a company, as you've reported today,
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Speaker 2: that has big investment plans for the US.
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Speaker 3: Yeah.
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Speaker 8: I think what's so interesting is everyone has a slightly
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Speaker 8: different view of how long there's going to be a
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Speaker 8: shortage of memory chips. And in this context we're specifically
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Speaker 8: talking about d RAM. A high bandwidth memory chip is
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Speaker 8: layers of d RAM micro layers twelve in the case
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Speaker 8: of the one I held up to you earlier in
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Speaker 8: the earlier edition, a balance of power. And you know,
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Speaker 8: the high bandwidth memory market is about just under I
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Speaker 8: don't know, forty percent, let's say, of everything that's being
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Speaker 8: done in DRAM right now. But from a dollar perspective,
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Speaker 8: because pricing is so high, it accounts for it. What
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Speaker 8: the chairman was saying there is very academic. You know,
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Speaker 8: bear with me, Joe, it's hard to pass this stuff.
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Speaker 8: He is saying he thinks that the shortage will end
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Speaker 8: when the human kind reaches artificial general intelligence, which is
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Speaker 8: the holy grail of AI. For those that aren't aware,
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Speaker 8: you can't put that on your calendar. That's going to
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Speaker 8: be exactly. I'm not getting my flip calendar and going okay.
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Speaker 8: I wanted him to say twenty thirty or twenty thirty two,
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Speaker 8: and it didn't go like that. I think that because
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Speaker 8: you know, let's be honest, English is not Chairman Cha's
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Speaker 8: first language. He has a PhD in economics from Chicago
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Speaker 8: by the way, University of Chicago. Lived a long time
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Speaker 8: in Chicago and in New York City. But if you
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Speaker 8: listen very currefully, he said, the supply is never going
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Speaker 8: to catch up with the demand. It's about bridging the gap.
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Speaker 8: And that's why we're pulling this all together. Why are
13:37
Speaker 8: they raising money through the usadrs. Why is he talking
13:41
Speaker 8: up his commitment to invest in America. They are massively
13:44
Speaker 8: committed to ramping up their capacity in career here in
13:47
Speaker 8: the United States and to continually tap capital markets to
13:51
Speaker 8: do it.
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Speaker 3: So this is no longer a cyclical industry.
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Speaker 2: The big run ups, the boom and bust cycles we've
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Speaker 2: seen in the past, yes, well not occur again.
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Speaker 8: So in twenty twelve, when sk bought Heinex. A lot
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Speaker 8: of people thought that was crazy. The memory industry was
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Speaker 8: underpinned by a lot of debt, and it was boom
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Speaker 8: and bust because basically memory chips went into consumer electronics.
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Speaker 8: You know, it followed the cycle of the global economy.
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Speaker 8: If people, you know, stopped buying consumer electronics and they'd
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Speaker 8: built up a lot of memory chips, you just stop
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Speaker 8: buying the memory chips, you stop buying consumer electronics. Now
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Speaker 8: it's more linear, you know, it's just linear being there's
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Speaker 8: a longer field of view for how long the demand
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Speaker 8: vastly outpaces the supply of memory. But it's being driven
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Speaker 8: by something completely different, which is again I'm sorry to
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Speaker 8: go back to basics. A high bandwidth memory chip that
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Speaker 8: goes into a data center is just layers of d RAM.
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Speaker 8: So there's a competition between the data center market and
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Speaker 8: the consumer electronics market for where that d ram's getting funneled.
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Speaker 8: And that's a new dynamic that didn't exist in twenty twelve.
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Speaker 2: Incredible, Can I ask you, just because we don't get
14:57
Speaker 2: to spend that much time together on the air at Ludlow,
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Speaker 2: We've I've got earnings reporting seasons starting next week.
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Speaker 3: What are you excited about? What are you worried about?
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Speaker 3: As we get up to the tech earning cycle.
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Speaker 8: Yeah, earnings expectations are incredibly high for the mag seven,
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Speaker 8: the biggest technology companies in America in there for the world.
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Speaker 8: Capital expenditures from the big cloud computing companies that's Amazon, Microsoft,
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Speaker 8: Google will be a big, big focus, but probably at
15:24
Speaker 8: this stage a greater emphasis on evidence proof that out
15:28
Speaker 8: the other side, companies big and small have worked out
15:31
Speaker 8: something useful to do with AI and are generating their
15:34
Speaker 8: own revenues. I think there's going to be a lot
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Speaker 8: more focus on that going forward. You know, yes, all
15:39
Speaker 8: these chip companies are going to grow massively top and
15:41
Speaker 8: bottom line. The cloud computing companies will say the demands there,
15:45
Speaker 8: but that everyone's looking for that extra third bucket, which
15:47
Speaker 8: is like, well, hold on, what about all these companies
15:49
Speaker 8: that you say are your customers? How are they doing?
15:51
Speaker 3: Yeah?
15:52
Speaker 2: Wow, Well it's going to be fascinating and we'd love
15:54
Speaker 2: your help to get through it. Of course you can
15:56
Speaker 2: find and to that end as the host of Bloomberg
15:59
Speaker 2: Tech every day here on Bloomberg and I appreciate it, ed.
16:02
Speaker 2: We'll be watching, of course, sk heinez, it's up about
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Speaker 2: sixteen percent at the moment. We'll have the latest with
16:09
Speaker 2: our political panel next. President Trump says he will not
16:12
Speaker 2: sign the bill. Stay with us on Balance of Power.
16:14
Speaker 2: We'll have much more coming up after this.
16:19
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
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Speaker 2: As we inch our way towards four pm, and of
16:41
Speaker 2: course this program followed by Bloomberg BusinessWeek Daily. We'll keep
16:45
Speaker 2: tabs on the sk trade straight through the afternoon. Thanks
16:48
Speaker 2: for joining us here on the Friday edition of Balance
16:51
Speaker 2: of Power. Kaylee's off today and the President has made
16:55
Speaker 2: it very clear he's not signing the bill. We've not
16:58
Speaker 2: actually heard from him on this book on truth social
17:01
Speaker 2: This is the BIPARTI is a housing bill that's been
17:04
Speaker 2: knocking around the White House for the better part of
17:06
Speaker 2: a week. Even more than that, he's got ten days
17:09
Speaker 2: to sign it, and the President has decided that he
17:11
Speaker 2: doesn't want you as we go back to last month,
17:13
Speaker 2: remembering there was a signing ceremony that was to take
17:16
Speaker 2: place on Capitol Hill in Statuary Hall. The chairs were set,
17:21
Speaker 2: the table with the Presidential seal, the sharpies were there,
17:24
Speaker 2: cameras lights were lit when he announced on truth Social
17:30
Speaker 2: that he was not going to the signing ceremony because
17:34
Speaker 2: he was not able to get enough support for the
17:36
Speaker 2: Save America Act within his own conference. And today the
17:40
Speaker 2: President continues to seemingly punish his own party. Going back
17:44
Speaker 2: to truth Social to write, quote, I will not sign
17:47
Speaker 2: the housing bill, which has been fully approved by Congress
17:50
Speaker 2: and sent to the White House. In protest, he says,
17:52
Speaker 2: there it is on your screen over the fact that
17:55
Speaker 2: the US Senate is not capable of passing the Save
17:58
Speaker 2: America Act, which he says is pulling at ninety seven
18:01
Speaker 2: percent with the Republican Party and very high with the
18:05
Speaker 2: non politician Democrats.
18:08
Speaker 3: As he refers to the other party.
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Speaker 2: President's been pretty clear about this, and listen, this was
18:14
Speaker 2: an achievement that both Republicans and Democrats were hoping to
18:18
Speaker 2: carry with them on the midterm trail. Many will continue
18:21
Speaker 2: to do so, just without the love and support of
18:25
Speaker 2: President Trump. Who doesn't seem to think that this bill
18:28
Speaker 2: does much anyway. This is what he said about at
18:30
Speaker 2: the end of last month, June twenty ninth.
18:32
Speaker 4: Here's what I would like to say, much more than
18:35
Speaker 4: a bill that a big deal fits a yawn some
18:39
Speaker 4: it was as wonderful to me compared to the Save
18:43
Speaker 4: America Act.
18:45
Speaker 3: Just about everything is a big yawn, A yawn, he said,
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Speaker 3: a big yawn.
18:51
Speaker 2: Tyler Kendall, our Washington correspondent, is at the White House
18:54
Speaker 2: right now, where there will not be a signing ceremony.
18:57
Speaker 2: But the law tells us. The way this works, Tyler,
19:00
Speaker 2: is it will be on the books after midnight. If
19:03
Speaker 2: the President chooses not to veto the bill, and he's
19:06
Speaker 2: not going to do that, right right, Joe.
19:09
Speaker 7: It's expected to become a law Saturday at midnight. There's
19:13
Speaker 7: a few different important pieces of context that we can
19:16
Speaker 7: provide here. One in regard to what you've just heard
19:18
Speaker 7: from President Trump. Industry experts do tell us here at
19:21
Speaker 7: Bloomberg News that the bill is actually expected to have
19:23
Speaker 7: a limited immediate impact because it takes so much time
19:26
Speaker 7: to build up housing supply, and it also doesn't include
19:29
Speaker 7: any new federal funding, so there's no appropriations backing this
19:34
Speaker 7: bill that could make a tangible difference immediately, but it
19:37
Speaker 7: does have forty seven different provisions. This is considered to
19:41
Speaker 7: be the most bided, bipartisan and widest ranging housing bill
19:45
Speaker 7: in really decades for the US Congress, and it includes
19:48
Speaker 7: things like encouraging localities to streamline some of the rules
19:53
Speaker 7: making other rules around factory built housing, and then also
19:57
Speaker 7: importantly includes that provision related to institutional and investers with
20:01
Speaker 7: more than three hundred and fifty homes from purchasing additional
20:04
Speaker 7: single family properties. That band was really critical to getting
20:09
Speaker 7: this White House's support. So there are provisions in here
20:12
Speaker 7: that we know both sides of the aisle would like
20:14
Speaker 7: to talt moving forward. You mentioned it passed on a
20:16
Speaker 7: bipartisan basis, just to put some context there, we're talking
20:19
Speaker 7: very bipartisan. In the Senate it was eighty five to five,
20:22
Speaker 7: and then the House it was five hundred and thirty
20:24
Speaker 7: eight to thirty two. The thing is President Trump, as
20:28
Speaker 7: you've heard, says that this is essentially a protest vote
20:30
Speaker 7: when it comes to the Save America Act, that voter
20:33
Speaker 7: ID requirement law. But Joe, the thing is Senate Republicans
20:37
Speaker 7: have repeatedly told this White House the math just isn't
20:40
Speaker 7: there to pass it as it stands. The math also
20:43
Speaker 7: isn't there to change the procedure. You'll often hear President
20:45
Speaker 7: Trump talking about the filibuster, trying to get around that
20:48
Speaker 7: sixty vote threshold, but at this point, there doesn't really
20:52
Speaker 7: seem to be a tangible path, at least before November,
20:54
Speaker 7: for the Senate to get this done.
20:57
Speaker 2: Yeah, he's calling for two things, Tyler in this very
20:59
Speaker 2: same post, as he said, if the Democrats, or as
21:02
Speaker 2: he writes, Democrats are not working with Republicans, do not
21:05
Speaker 2: allow a positive vote on Save America, then terminate the filibuster,
21:09
Speaker 2: he writes in all caps, and pass this and every
21:12
Speaker 2: other bill that true Republicans have ever dreamt of. So
21:17
Speaker 2: he wants the Save America Act to be passed. John
21:21
Speaker 2: Thune has made clear they don't have the votes to
21:23
Speaker 2: do that, so as a result, he says, kill the filibuster.
21:27
Speaker 3: John Thune's not prepared to do that either, right, Joe.
21:30
Speaker 7: As you well know, this is something that Senate leadership,
21:33
Speaker 7: including the Senate Majority leader John Thune, has repeatedly said,
21:37
Speaker 7: is not something that he's going to be on the
21:38
Speaker 7: table because it's going to need some broader support to
21:43
Speaker 7: get through the finish line, and many Republicans have pointed
21:46
Speaker 7: out the fact that if they do this now, then
21:47
Speaker 7: that could hurt their hand if they lose control of
21:50
Speaker 7: the chamber, whether that's this November or down the line,
21:53
Speaker 7: it sets that precedent for other governing parties. The Senate
21:57
Speaker 7: is a very proceduraln body, and they like to have
22:02
Speaker 7: those rules that have really been in place, and that
22:04
Speaker 7: I think factors really largely into what has been this
22:07
Speaker 7: pushback to the President when it comes to this bill. Now,
22:10
Speaker 7: we've previously spoken about in weeks prior maybe some provisions
22:13
Speaker 7: of it could be wrapped up into another reconciliation package,
22:16
Speaker 7: but at this point in time we haven't really seen
22:18
Speaker 7: movement around that because that opens the door to budgetary
22:21
Speaker 7: concerns from even some conservatives on the House side, and
22:25
Speaker 7: the process just gets really complicated. So we'll be interesting
22:28
Speaker 7: to watch what else could potentially be stalled or not
22:30
Speaker 7: have the president's sign of approval if the Save America
22:33
Speaker 7: Act doesn't actually advance in a more meaningful way without
22:36
Speaker 7: that path clearly laid out at this point, all right.
22:39
Speaker 3: Tyler, thanks for being out there for us.
22:41
Speaker 2: Tyler Kendall on the North Lawn on this Friday, as
22:43
Speaker 2: we assemble our political panel for their take on this
22:46
Speaker 2: Bloomberg Politics contributors Rick Davis and Jeanie Shanzano join now.
22:50
Speaker 2: Rick is our Republican strategistic partner at Stone Court Capital.
22:53
Speaker 2: Genie is our Democratic analyst and democracy visiting fellow at
22:56
Speaker 2: Harvard Kennedy School's Ash Center. How do we chalk this up, Rick,
23:01
Speaker 2: if anything other than the President simply punishing his own
23:05
Speaker 2: party over a personal preference here, And I have to
23:08
Speaker 2: admit I'm almost surprised in retrospect that he canceled that
23:11
Speaker 2: signing ceremony. Doesn't the president love taking credit for stuff?
23:14
Speaker 2: That's what everyone wanted here?
23:17
Speaker 10: Well, you would think this president loves taking credit for stuff.
23:20
Speaker 10: He usually takes credit for just about everything. Sun comes
23:23
Speaker 10: up in the morning and goes down in the evening,
23:24
Speaker 10: and that's probably all because of him. The reality is
23:28
Speaker 10: that he tried to leverage this very popular bipartisan bill
23:33
Speaker 10: that addresses the affordability concerns of millions of Americans to
23:38
Speaker 10: get a very unpopular bill to Save America Act. You
23:41
Speaker 10: were just talking to Tyler about, you know, to pass through.
23:44
Speaker 10: And I think he's just grumpy by the fact that
23:47
Speaker 10: he's been demanding this bill Save of America to get
23:52
Speaker 10: passed for quite some time and he couldn't even get
23:55
Speaker 10: this incredibly popular bill that he held hostage to do
23:59
Speaker 10: the trick for him. So at the end of the day,
24:01
Speaker 10: I think he's just grumpy about this. It is a
24:03
Speaker 10: positive thing. No president would not want to sign a
24:07
Speaker 10: bipartisan bill where eighty percent of the House and Senate
24:10
Speaker 10: supported it, and it comes at a time when voters
24:14
Speaker 10: really want something done in Washington around the issues of affordability,
24:18
Speaker 10: especially housing. So you know, just chalk this one up
24:21
Speaker 10: is Donald Trump's having a bad day. Didn't get what
24:25
Speaker 10: he wanted. This is his temp this is his temper tantrum.
24:29
Speaker 2: Well, and I guess as maybe he was intending, he
24:31
Speaker 2: gave a lot of other people a bad day. Genie,
24:32
Speaker 2: it's not just ours, it's D's who wanted to have
24:35
Speaker 2: that signing ceremony and let everybody know what they got done.
24:38
Speaker 2: Look no further than Elizabeth Warren, who helped to draft
24:41
Speaker 2: big components of this housing bill. What a Democrats do
24:46
Speaker 2: with this on the campaign trail. Is this still promotable
24:49
Speaker 2: or we moving on to the next thing.
24:52
Speaker 11: It's promotable, and I think what they're going to do
24:55
Speaker 11: on the campaign trail is speak the truth about the president.
24:58
Speaker 11: It's not just that he's had a bad, bad day.
25:01
Speaker 11: It's not just that he's grumpy. He is not signing
25:04
Speaker 11: this bill, the first housing bill in thirty years, because
25:08
Speaker 11: it is not a priority. Issues of affordability and housing
25:12
Speaker 11: are simply not an priority for this president.
25:16
Speaker 3: That's why his approval.
25:18
Speaker 11: Rating is at about sixty percent disapproval when it comes
25:21
Speaker 11: to the economy. And the other part of this is
25:25
Speaker 11: why is the president so bent on this Save America
25:29
Speaker 11: Act with at which experts from both sides say will
25:32
Speaker 11: disenfranchise millions of voters going to the polls in a
25:36
Speaker 11: few months. It's part of a long term quest on
25:39
Speaker 11: the part of the president to take on the election
25:43
Speaker 11: administration in this country and to ensure that what happens
25:48
Speaker 11: in November he controls the rules. He's you know, started
25:52
Speaker 11: with mid decade redistricting. He's attacked absentee ballots, he fired
25:57
Speaker 11: the election commissioners yesterday. He's bully states into the voter roles.
26:02
Speaker 11: This is about him controlling what happens in November because
26:06
Speaker 11: he knows he cannot win in a fair and square election.
26:10
Speaker 11: That's what's happening, not just because he's having a bad
26:13
Speaker 11: day or grumpy.
26:15
Speaker 3: Well, i'll tell you, Rick.
26:16
Speaker 2: Some of the analysis that we've heard from Bloomberg Intelligence,
26:20
Speaker 2: for instance, in our colleague Nathan Dean here in Washington,
26:23
Speaker 2: is that he took a lot of the teeth out
26:24
Speaker 2: of this bill. They took bier rent out of this bill,
26:27
Speaker 2: a lot of the components that might have actually kept
26:29
Speaker 2: institutional buyers out of the market, and some of the
26:32
Speaker 2: other things that Democrats and Republicans were looking for. Does
26:36
Speaker 2: the president, while not popular to make this point, have
26:40
Speaker 2: one when he says it's a big yawn, Yeah, I
26:44
Speaker 2: think if.
26:44
Speaker 10: You'd fill in the blanks and said the kinds of
26:47
Speaker 10: things you just repeated, I think he'd have a shot
26:49
Speaker 10: on goal saying you haven't done enough. But basically what
26:54
Speaker 10: he's saying is I'm okay to sign this bill. You
26:56
Speaker 10: just got to send me what I want in addition
26:58
Speaker 10: to it. And that's a different argument, and he just
27:02
Speaker 10: can't get out of his own political way to do that.
27:04
Speaker 10: I would say if the Democrats spend all their time
27:06
Speaker 10: talking about Donald Trump on this bill, It's going to
27:08
Speaker 10: be a total waste of a perfectly good bill for them.
27:10
Speaker 10: I mean, you're right, it's more optics than it is teeth.
27:14
Speaker 10: But both Republicans and Democrats will make as much political
27:19
Speaker 10: value out of it as they can. But there's absolutely
27:22
Speaker 10: no value to spending a lot of time talking about
27:25
Speaker 10: how Donald Trump didn't sign the bill. Americans don't really
27:28
Speaker 10: care how bill comes into effect. No, this is going
27:32
Speaker 10: to be a win regardless of what happens at the
27:34
Speaker 10: White House.
27:36
Speaker 2: I don't remember this on the Schoolhouse Rock Genie the
27:39
Speaker 2: whole ten day rule.
27:39
Speaker 3: But you know, we're learning as we go here. Great panel,
27:42
Speaker 3: and here's good news.
27:43
Speaker 2: Rick and Jeanie will be back for the late edition
27:45
Speaker 2: of Balance of Power that starts at five pm Eastern.
27:48
Speaker 2: I'll see you both back here at that time. Bloomberg
27:51
Speaker 2: Politics contributors Geenie Schanzano and Rick Davis. Great panel. Thank
27:54
Speaker 2: you both. Stay with us on Balance of Power. We'll
27:56
Speaker 2: have much more coming up after this.
28:02
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
28:06
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28:16
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28:19
Speaker 2: More on the Friday trade that suddenly gets a lot
28:22
Speaker 2: more interesting. The S and P five hundred Nasdaq one
28:25
Speaker 2: hundred both now at session highs and memory stocks just
28:29
Speaker 2: took another leg up. And when I say that, I
28:31
Speaker 2: mean Micron also has turned positive, which had been lower
28:36
Speaker 2: until a short time ago. This is all because of
28:38
Speaker 2: the CEO at the aforementioned SK. Heinez in its first
28:42
Speaker 2: day of trading, went further than the chair did. Chair Shay,
28:46
Speaker 2: in conversation with Bloomberg's Ed Ludlow, as we were just
28:50
Speaker 2: discussing a short time ago, trying to get our arms
28:53
Speaker 2: around how long the memory shortage might last, how long
28:58
Speaker 2: until this is a cyclical story again, Chairman Shay didn't
29:02
Speaker 2: venture to guess or offer a date, but the CEO
29:06
Speaker 2: of SK just telling Bloomberg News the memory chip shortage
29:11
Speaker 2: may persist beyond twenty thirty, a red headline on the
29:15
Speaker 2: terminal beyond twenty thirty. And of course SK is doing
29:20
Speaker 2: quite nicely at the moment. It's up about fifteen percent.
29:23
Speaker 2: Micron again turning positive, up a half percent, approaching one
29:26
Speaker 2: thousand dollars. We're at nine ninety seven right now. Sand
29:30
Speaker 2: Disc higher by almost five percent, Samsung is up one
29:33
Speaker 2: and a half percent, and even in Vidia catches a
29:36
Speaker 2: bid today. It was higher before this headline, and it's
29:39
Speaker 2: finding a new altitude, up about seven dollars or four
29:44
Speaker 2: percent to two hundred and ten dollars for Nvidia. Let's
29:48
Speaker 2: bring in normal, Linda, I want to hold onto this
29:50
Speaker 2: moment for some time if we can, because this is
29:53
Speaker 2: a slightly different market than we had when we even
29:55
Speaker 2: started the show. Bloomberg Markets Correspondent with us live from
29:59
Speaker 2: New York. That's incredible, Nora, how one headline can change
30:03
Speaker 2: an entire session.
30:05
Speaker 12: Absolutely, it's interesting as we're seeing major indexes hitting session highs.
30:09
Speaker 12: But just broadly, this isn't just another IPO. This is
30:12
Speaker 12: also just assign that investors are pouring money into the
30:16
Speaker 12: companies building AI infrastructure, not just the companies that are
30:19
Speaker 12: making the AI software. And so as you see the
30:21
Speaker 12: double digit gains that we're seeing on sk Heinachs, and
30:24
Speaker 12: we're seeing the broad based rally across chip makers, tech
30:27
Speaker 12: and the market more holistically, it really just shows you
30:31
Speaker 12: that the market is really looking toward the tech industry
30:33
Speaker 12: to essentially chart the next steps forward. We know that
30:37
Speaker 12: sk Heinis is already investing about thirty five billion dollars
30:40
Speaker 12: in the United States, but we heard from the chairman
30:43
Speaker 12: that he says, quote much much bigger plan. He has
30:46
Speaker 12: a much much bigger plan to invest more money in
30:49
Speaker 12: the United States. And of course we know this kind
30:51
Speaker 12: of sits squarely with Washington's goal. We know President Trump
30:54
Speaker 12: has been wanting a lot of these foreign manufacturers to
30:56
Speaker 12: pour more money and do more manufacturing in the United States.
31:00
Speaker 12: So if you take a look at just Micron earlier
31:02
Speaker 12: in the week saying that they were going to up
31:04
Speaker 12: their investment to two hundred and fifty billion dollars from
31:07
Speaker 12: two hundred billion dollars, This of course is just adding
31:09
Speaker 12: to the optimism that we are seeing with s k
31:12
Speaker 12: Heinez today as we think about what it could look
31:14
Speaker 12: like the future here in the United States as it
31:16
Speaker 12: relates to artificial intelligence and chip infrastructure more broadly.
31:21
Speaker 2: Chip trade gets a nice boost here. You know who's lower,
31:24
Speaker 2: of course, those who need to buy these chips. Nora
31:27
Speaker 2: Dell right now is suddenly lower down about one percent.
31:30
Speaker 2: Apple is lower by almost one percent, and frankly most
31:34
Speaker 2: of the mag seven lower. Now, these are the companies
31:37
Speaker 2: spending the money on this hard to find memory.
31:40
Speaker 12: Absolutely, so you are seeing a bit of divergence in
31:42
Speaker 12: the market. As you mentioned, the companies that are having
31:44
Speaker 12: to spend tons of money on these chips. We know
31:48
Speaker 12: we're dealing with this shortage, and of course as headlines
31:51
Speaker 12: just crossing the wire really boosting the market when we
31:53
Speaker 12: think about memory chip makers in particular, But when you
31:56
Speaker 12: think about the companies that actually have to buy the chips,
31:58
Speaker 12: it's no surprise that you would start seeing people in
32:00
Speaker 12: the market, investors selling off on Wall Street. Is there
32:04
Speaker 12: a bit apprehensive as to whether or not these companies
32:06
Speaker 12: are actually able to support the amount of money needed
32:09
Speaker 12: to get these chips brought into their companies to continue
32:13
Speaker 12: work efficiently.
32:15
Speaker 3: Great, Nora, thank you, I appreciate the insights.
32:18
Speaker 2: On a busy Friday, live from New York, normal Linda
32:20
Speaker 2: here reporting live on Bloomberg. Pretty interesting moment. We'll update
32:25
Speaker 2: the markets for you again at the top of the hour,
32:27
Speaker 2: As I mentioned, two pm Eastern, when we hear once
32:30
Speaker 2: again from Charlie Pellett, the other big story beyond sk
32:33
Speaker 2: that we've been following this hour and throughout the day
32:35
Speaker 2: is what is happening with Iran. With the President of
32:39
Speaker 2: the United States issuing a mixed message in a single
32:41
Speaker 2: post against today, very similar to what he said out
32:44
Speaker 2: loud at the NATO summit. Now in writing as he
32:48
Speaker 2: talks about the Islamic Republic of Iran, asking asking he
32:52
Speaker 2: says the US to continue talks. We have agreed to
32:54
Speaker 2: do so there's the good news, at least in the
32:57
Speaker 2: eyes of the market. But he says the US has
32:59
Speaker 2: stated to them in no uncertain terms that the cease
33:03
Speaker 2: fire is over. Both of these he indicated he said
33:07
Speaker 2: cease fire over and said he was open allowing talks
33:09
Speaker 2: at least to continue well in Ankara, and since then,
33:13
Speaker 2: of course, we've seen two straight days of strikes. Things
33:17
Speaker 2: are pretty quiet right now, the President holding his fire
33:20
Speaker 2: for apparently the next leg in this whole fight. And
33:23
Speaker 2: I've been looking forward to talking with Treta. Treta Parsi,
33:26
Speaker 2: executive vice president at the Quincy Institute for Responsible state Craft,
33:30
Speaker 2: an important voice in this conversation beyond some of the
33:33
Speaker 2: experts that we talked to, because for Trida it's personal
33:37
Speaker 2: in a lot of ways. He was born in Iran,
33:39
Speaker 2: but moved with his family here at the young age
33:42
Speaker 2: of four, moved to Sweden in order to escape political
33:45
Speaker 2: repression in Iran. His dad was an outspoken academic who
33:49
Speaker 2: was jailed by the Shah and then by the Ayatola,
33:52
Speaker 2: So consider his point of view ahead of this conversation. Treta,
33:56
Speaker 2: it's great to see you. Welcome back to bloom Ion.
34:00
Speaker 2: Your thoughts on the way the president is offering this
34:02
Speaker 2: sort of split screen message which manifests itself on a
34:06
Speaker 2: day to day basis. Sometimes we are talking, sometimes we
34:09
Speaker 2: are shooting.
34:10
Speaker 13: What do we call this, Well, it's starting to become
34:13
Speaker 13: a Swiss cheese of a ceasefire, and at some point
34:17
Speaker 13: it's going to fall apart if it continues this way.
34:20
Speaker 13: I frankly think that both sides have overreacted. I think
34:23
Speaker 13: it was obviously wrong of the Aarnians to shoot at
34:25
Speaker 13: the ships. They're very worried that the US was trying
34:28
Speaker 13: to set up a sudden corridor that would be outside
34:32
Speaker 13: of Yvonne's control. So if the US were to restart
34:34
Speaker 13: the war, which of course the Vannians are very suspicious
34:37
Speaker 13: that he might the Varnians would no longer have the
34:40
Speaker 13: strait as a weapon and as a leverage, and given
34:43
Speaker 13: the fact that it was crucial for them, it's understandable
34:46
Speaker 13: that they're going to be protective of it.
34:48
Speaker 5: But shooting at the ships was an overreaction.
34:51
Speaker 13: And then you know, the manner in which the United
34:53
Speaker 13: States responded here was also, in my view, unnecessary. Some
34:57
Speaker 13: response was warranted, but this went beyond that. And it's
35:01
Speaker 13: not that there is an impossibility to get back to talks.
35:04
Speaker 13: There already seems to be some significant efforts. It's that
35:08
Speaker 13: this memorandum period was supposed to be used to actually
35:12
Speaker 13: help build some confidence between the two sides so they
35:15
Speaker 13: could strike a final deal. But so far it seems
35:19
Speaker 13: that this effort has been a confidence depleting effort rather
35:22
Speaker 13: than a confidence building period, and that's very problematic because
35:27
Speaker 13: ultimately that makes it more difficult to get a lasting deal.
35:31
Speaker 5: At the end of this.
35:33
Speaker 2: President called the regime scum this week, among other interesting names. Clearly,
35:39
Speaker 2: there's no trust on our side of things, and that's
35:42
Speaker 2: probably deserved. Do you believe or expect that Iran will
35:46
Speaker 2: trust Jared Kushner and Steve Witkoff enough to make a deal.
35:50
Speaker 13: No, I don't think either side is going to trust
35:53
Speaker 13: the other. And as you mentioned, the US has now
35:55
Speaker 13: attacked Iran twice in the midst of negotiations, including killing
36:00
Speaker 13: Supreme leader. So trust is beyond what we can expect.
36:03
Speaker 13: But one can trust the incentive and interest of the
36:07
Speaker 13: other side to be a guide of how they will act.
36:10
Speaker 13: And if there is a deal that actually is good
36:12
Speaker 13: for both sides and it's better than the alternative, then
36:15
Speaker 13: you can trust that they will follow their own self
36:18
Speaker 13: interest in a rational way and stick to it. That's
36:21
Speaker 13: the sweet spot that the two countries have to find.
36:25
Speaker 2: Remember, help is on its way. President Trump posted that
36:29
Speaker 2: untruth social to the people of Iran long before the
36:31
Speaker 2: shooting started. That was before thousands were killed by the
36:36
Speaker 2: regime and Treda. I wonder if you can tell us
36:39
Speaker 2: anything about the people. We never hear about those who
36:41
Speaker 2: actually live in Iran. We saw the video of people
36:43
Speaker 2: chanting death to America at the Iatola's funeral last weekend,
36:47
Speaker 2: But what is their feeling about the regime and this
36:50
Speaker 2: stalemate that we seem to be in.
36:54
Speaker 13: I think, Franklly, this war has galvanized the supporters of
36:59
Speaker 13: the regime with in Ivan significantly. In some ways, this
37:03
Speaker 13: war has actually saved the Islamic Republic because it was
37:06
Speaker 13: undoubtedly facing a significant legitimacy crisis back in December and January.
37:13
Speaker 13: But just as Saddam Hussein's invasion of Iran back in
37:16
Speaker 13: nineteen eighty actually helped save the Islamic republicas back then
37:19
Speaker 13: they had not fully consolidated their power, but an external
37:23
Speaker 13: enemy enabled them to do so. I think the US attack,
37:27
Speaker 13: completely contrary to what Trump thought, ended up doing pretty
37:30
Speaker 13: much to say, do they have the majority support of
37:33
Speaker 13: the population.
37:34
Speaker 5: I do not believe so.
37:36
Speaker 13: I think their support levels prior to this war was
37:38
Speaker 13: probably no more than fifteen to twenty percent, and after
37:42
Speaker 13: the war it may have gone up. But more importantly,
37:44
Speaker 13: those fifteen to twenty percent or twenty five percent are
37:47
Speaker 13: now much more intense in their level of support for
37:50
Speaker 13: the regime because, in their view, believe.
37:54
Speaker 3: Sorry, go ahead, go ahead, finish your answer.
37:57
Speaker 13: Yeah, because from their view formed it protected the country
38:02
Speaker 13: against two countries that have nuclear weapons, and nationalism sentiments
38:06
Speaker 13: always tend to take over in moments like this.
38:09
Speaker 5: Whether they last or not is a different story.
38:12
Speaker 3: I understand.
38:13
Speaker 2: Do you believe that a popular uprising is the only
38:15
Speaker 2: way to topple this regime, with or without the help
38:17
Speaker 2: of the US.
38:19
Speaker 13: Well, I think external help is actually extremely unhelpful. I
38:22
Speaker 13: don't think help ever was on its way, regardless of
38:25
Speaker 13: what Trump was saying. This is something that only the
38:28
Speaker 13: Iranians can handle at the end of the day. Now,
38:30
Speaker 13: there was a lot of belief in that before. The
38:33
Speaker 13: belief in it completely dwindled in the last couple of years,
38:36
Speaker 13: and there was a sentiment, at least amongst the majority,
38:39
Speaker 13: that nothing could happen unless there was help from the outside. Well,
38:42
Speaker 13: now we saw that, we saw the war, we saw
38:44
Speaker 13: what that did, and it certainly didn't help.
38:46
Speaker 5: It was counterproductive.
38:47
Speaker 13: So I do think that this system is going to change,
38:51
Speaker 13: but it's going to have to be because of change
38:53
Speaker 13: agents from inside Iranians themselves doing it. It may take
38:57
Speaker 13: a very long time. It may not move in a
39:00
Speaker 13: straight direction. In fact, I think it's been moving backwards
39:03
Speaker 13: for at least the last ten or so years.
39:05
Speaker 5: But I don't see any other pathway.
39:08
Speaker 2: Well so do Iranians. The people of Iran believe that
39:12
Speaker 2: the US abandoned them. Is this some sort of Middle
39:14
Speaker 2: Eastern bay of pigs.
39:16
Speaker 13: Well for those who actually believed that the US would
39:20
Speaker 13: come to their aid, yes, I think there is a
39:23
Speaker 13: sense of betrayal that they have. I don't think that
39:26
Speaker 13: was the majority. I think a majority had a variety
39:30
Speaker 13: of opinions, ranging from never believing the US, never believing
39:33
Speaker 13: that the US actually would act in the interests of
39:35
Speaker 13: the Ivanian people, but it would act in its own interest.
39:40
Speaker 13: So having a more cynaple view of countries, which I
39:42
Speaker 13: personally think is healthy because it's more accurate.
39:44
Speaker 5: To be frank, it's not just the US, it's all states.
39:47
Speaker 13: But also those who, because of looking at what happened
39:51
Speaker 13: in Libya, in Syria, in Iraq, in Afghanistan, believe that
39:55
Speaker 13: even if the intentions of the US were good, the
39:57
Speaker 13: capacity to actually follow go through and make sure that
40:01
Speaker 13: it's a success was simply not there. We're very skeptical
40:04
Speaker 13: of this in the first place, because the track cricket
40:06
Speaker 13: of the US in the region, particularly in terms of
40:09
Speaker 13: democratizing countries, is abyssmal. So I think the majority fell
40:13
Speaker 13: in that camp, and a very small minority out of
40:16
Speaker 13: desperation because of the repression of the government. We're hoping
40:20
Speaker 13: that a war potentially could bring down the regime, and
40:23
Speaker 13: it did the opposite.
40:25
Speaker 2: Really something, Treeta, I've only got about a minute left.
40:29
Speaker 2: If the ceasefire is over, like the President says, we'll
40:32
Speaker 2: take him out his word.
40:33
Speaker 3: Are we starting from scratch.
40:36
Speaker 13: If the ceasefire is truly over and the MoU is over.
40:39
Speaker 13: Because the ceasefire can be over and the MU is
40:41
Speaker 13: still standing. Not only are we starting from scratch, we're
40:44
Speaker 13: starting from a worse situation because the war.
40:48
Speaker 5: So if you take a look at all.
40:49
Speaker 13: Inventories right now, are the strategic preserve is much lower
40:52
Speaker 13: than it was in February, So the war would restart
40:55
Speaker 13: at a much worse position. Economically, the runway the US
40:59
Speaker 13: would have would be much shorter, and we're also closer
41:02
Speaker 13: to the midterms, so.
41:03
Speaker 5: It would be a much worse situation.
41:04
Speaker 13: On top of that, any trust or confidence and going
41:08
Speaker 13: for a ceasefire would be far less than it was before,
41:11
Speaker 13: and it was very difficult in the first time.
41:14
Speaker 3: I want to keep talking with you, Treta. Thank you
41:16
Speaker 3: for coming on the program today.
41:17
Speaker 2: Treta parsis Executive VP at the Quincy Institute for Responsible
41:21
Speaker 2: Statecraft and we appreciate your insight. Thanks for listening to
41:27
Speaker 2: the Balance of Power podcast. Make sure to subscribe if
41:30
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41:33
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