Latest / Bloomberg Law / Special Coverage: Donald Trump's Inauguration

Transcript

Special Coverage: Donald Trump's Inauguration · Bloomberg Law

• 0:02
  Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the
• 0:10
  Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at
• 0:13
  Speaker 1: noon and five pm Eastern on Apple Coarclay, and Android
• 0:17
  Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever
• 0:20
  Speaker 1: you get your podcasts, or watch us live on YouTube.
• 0:25
  Speaker 2: It's official now, having been sworn in as the forty
• 0:28
  Speaker 2: seventh President of the United States, Donald Trump delivering his
• 0:31
  Speaker 2: second inaugural address, The.
• 0:32
  Speaker 3: Golden Age of America begins right now. From this day forward,
• 0:46
  Speaker 3: our country will flourish and be respected again.
• 0:49
  Speaker 4: All over the world.
• 0:51
  Speaker 3: We will be the envy of every nation, and we
• 0:53
  Speaker 3: will not allow ourselves to be taken advantage of any longer.
• 1:00
  Speaker 3: Every single day of the Trump administration, I will very
• 1:04
  Speaker 3: simply put America first. Our sovereignty will be reclaimed, our
• 1:20
  Speaker 3: safety will be restored.
• 1:25
  Speaker 2: As we bring our signature panel back in Bloomberg Politics,
• 1:28
  Speaker 2: contributors Rick Davis and Janie Schanzano have been with us
• 1:31
  Speaker 2: for the duration today and great to have both of
• 1:33
  Speaker 2: you with us here. Donald Trump says, the Golden Age
• 1:35
  Speaker 2: of America begins right now.
• 1:37
  Speaker 4: Rick, Is that true?
• 1:38
  Speaker 5: Well, look, I mean we have a fantastic economy, We're
• 1:41
  Speaker 5: respected around the world. Our military is second to none.
• 1:45
  Speaker 5: Why wouldn't it be a golden age of America for now?
• 1:48
  Speaker 5: I mean, American exceptionalism is adopted around the world. Everybody
• 1:51
  Speaker 5: wishes they had what we have, and so I think
• 1:54
  Speaker 5: if we could take that to the next level and look,
• 1:57
  Speaker 5: if he can make good on his promise that our
• 1:58
  Speaker 5: strength can create peace around the world, then that is
• 2:01
  Speaker 5: a worthy task to try and accomplish.
• 2:04
  Speaker 6: We want to go live now to Capitol Hill as
• 2:06
  Speaker 6: Rick and Jeanie stay with us, and please to say
• 2:07
  Speaker 6: Republican Senator Bill Haggerty of Tennessee is joining us now
• 2:11
  Speaker 6: from the Russell Senate Building. Senator, thank you so much
• 2:14
  Speaker 6: for being with us. Happy Inauguration day two. You, of
• 2:17
  Speaker 6: course are quite close with now the forty seventh President
• 2:20
  Speaker 6: of the United States, but he's going to need a
• 2:23
  Speaker 6: team alongside him. What is your expectation about just how
• 2:26
  Speaker 6: quickly you will be casting votes to confirm his cabinet nominees.
• 2:30
  Speaker 7: It's actually going to be as soon as this evening.
• 2:32
  Speaker 7: The Senate forig Relations Committee's going to meet later this afternoon,
• 2:35
  Speaker 7: four thirty five o'clock. I expect Marco Rubio to be
• 2:38
  Speaker 7: reported out unanimously from that committee. He's our next Secretary
• 2:42
  Speaker 7: of State, and I hope that our Democrat colleagues will
• 2:45
  Speaker 7: cooperate with us, go ahead and accelerate the process, and
• 2:48
  Speaker 7: let's get him appointed tonight.
• 2:49
  Speaker 4: We can do that.
• 2:50
  Speaker 7: We have the authority to do that here in the
• 2:51
  Speaker 7: Senate with Democrat cooperation. I think that's the possibility. I
• 2:54
  Speaker 7: also think that John Ratcliffe could come out of the
• 2:56
  Speaker 7: Intelligence Committee tonight. We could see the same thing this time.
• 3:00
  Speaker 7: The pace, I think is absolutely necessary given the national
• 3:02
  Speaker 7: security challenges that we face right now.
• 3:04
  Speaker 4: These two gentlemen, Marco.
• 3:06
  Speaker 7: Rubio, John Ratcliffe critical elements a President Trump's team, and
• 3:10
  Speaker 7: I'm hopeful that we'll be able to move very rapidly.
• 3:12
  Speaker 7: And similarly, just keep making this pace as rapid as
• 3:15
  Speaker 7: possible through the course of this week and next and
• 3:17
  Speaker 7: really put the core part of President.
• 3:19
  Speaker 4: Trump's team around him as soon as possible.
• 3:22
  Speaker 2: It's good to see you, Senator, thanks for joining us
• 3:24
  Speaker 2: on a very busy day here in Washington. Of course,
• 3:26
  Speaker 2: presidents push on a lot of paper today. When do
• 3:29
  Speaker 2: mass deportations begin? And what should employers who are watching
• 3:33
  Speaker 2: and listening right now prepare for So.
• 3:36
  Speaker 7: I talked to Tom Homan just shortly after the inaugural speech.
• 3:41
  Speaker 7: Tom is going to be the busiest man in America
• 3:43
  Speaker 7: starting tomorrow.
• 3:44
  Speaker 4: But I think we're going to see a lot of action. Fast.
• 3:47
  Speaker 7: Executive orders will be coming into place this afternoon, and
• 3:50
  Speaker 7: we're going to see a tremendous amount of movement because
• 3:52
  Speaker 7: this mandate has been clear. So seventy five percent of
• 3:56
  Speaker 7: Americans said this nation was on the wrong track before
• 3:58
  Speaker 7: election day.
• 3:58
  Speaker 4: The number one issue has been.
• 4:00
  Speaker 7: Immigration, the crime in our cities, the fentanyl coming into
• 4:04
  Speaker 7: towns across my home state of Tennessee. And we're going
• 4:07
  Speaker 7: to also be passing the Lake and Riley Act here
• 4:10
  Speaker 7: in the Senate. That may be the first piece of legislation.
• 4:12
  Speaker 7: I believe it will be that President Trump will sign
• 4:14
  Speaker 7: into law.
• 4:16
  Speaker 6: With all of the focus that he seems to want
• 4:18
  Speaker 6: to put on the current US borders. Senator, and with
• 4:21
  Speaker 6: your foreign policy expertise, having served as ambassador to Japan,
• 4:24
  Speaker 6: what do you make of the kind of manifest destiny language,
• 4:27
  Speaker 6: this notion of potentially expanding US borders in this administration.
• 4:31
  Speaker 7: Well, he's made a very clear point that he's got
• 4:35
  Speaker 7: America's interest. First, if you think about the conversations around
• 4:38
  Speaker 7: Greenland critical minerals, I think these conversations are extremely healthy.
• 4:42
  Speaker 7: The Panama Canal is something he's been focused on for
• 4:45
  Speaker 7: some time. I've talked with him about this on numerous occasions.
• 4:48
  Speaker 7: That should be an asset that is very favorably directed
• 4:52
  Speaker 7: toward US interest and not in any way contradictory to
• 4:55
  Speaker 7: those interests. And President Trump went through it today in
• 4:57
  Speaker 7: terms of the way our navy is treated moving through there,
• 5:00
  Speaker 7: the fact that we've got Chinese own shipyards on either
• 5:03
  Speaker 7: end of the canal, these are serious national security concerns
• 5:07
  Speaker 7: that he wants to address. He also talked about basically
• 5:11
  Speaker 7: putting us in a position to go to Mars. I
• 5:14
  Speaker 7: think that's incredibly exciting for young people.
• 5:16
  Speaker 4: It's a great challenge.
• 5:18
  Speaker 7: It's something I've talked with Elon Musk about the possibility
• 5:20
  Speaker 7: of doing. Elon told me it's a six month voyage.
• 5:23
  Speaker 7: I think we're on the cusp of being able to
• 5:25
  Speaker 7: see that happen here in America, and President Trump can
• 5:27
  Speaker 7: inspire that type of activity here in America. Were the
• 5:30
  Speaker 7: only nation that could possibly do this, I believe, and
• 5:32
  Speaker 7: I think we will.
• 5:34
  Speaker 2: Senator Thank you so much. Bill Haggerty, Republican from Tennessee.
• 5:37
  Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
• 5:41
  Speaker 1: us live weekdays at noon and five pm Eastern on Apple,
• 5:44
  Speaker 1: Cocklay and Android Auto with the Bloomberg Business app. You
• 5:47
  Speaker 1: can also listen live on Amazon Alexa from our flagship
• 5:51
  Speaker 1: New York station Just Say Alexa played Bloomberg eleven thirty.
• 5:56
  Speaker 8: We have the.
• 5:56
  Speaker 2: Voice of Democratic Congressman Brad Sherman of he is on
• 6:01
  Speaker 2: Capitol Hill and joins us now live on Bloomberg. Congressman,
• 6:04
  Speaker 2: it's good to see you. Before we get into some
• 6:06
  Speaker 2: of the politics at play today, I just would like
• 6:08
  Speaker 2: to start by asking you, with your district in California
• 6:12
  Speaker 2: as part of the Los Angeles area, if your family
• 6:16
  Speaker 2: are well, if you have any news on the containment
• 6:18
  Speaker 2: of the wildfires, because we're going to start talking about
• 6:21
  Speaker 2: a funding mechanism next. What's happening on the ground now.
• 6:25
  Speaker 8: Well, the Palisades fire is virtually entirely in my district.
• 6:30
  Speaker 8: So many people have lost their home, so many people
• 6:33
  Speaker 8: don't have insurance or have very little insurance. My personal
• 6:36
  Speaker 8: family is fine, But as to the fires, they're mostly
• 6:41
  Speaker 8: contained and even the portion of the line where it's
• 6:46
  Speaker 8: not officially contained hasn't grown in the last three days.
• 6:50
  Speaker 8: So I'm confident that we can put this fire out,
• 6:52
  Speaker 8: even though the winds are going to be gusting later today.
• 6:56
  Speaker 8: What really was a gut punch, though, was listening to
• 7:00
  Speaker 8: the President's inaugural speech where he says the Los Angeles
• 7:04
  Speaker 8: we are watching the fires tragically burn from weeks ago,
• 7:08
  Speaker 8: and then he says, without even a token defense. I
• 7:13
  Speaker 8: was with so many firefighters.
• 7:15
  Speaker 9: This is not a token defense. This is an incredible defense.
• 7:19
  Speaker 4: These guys are brave.
• 7:21
  Speaker 8: They are work in twelve and twenty four hour shifts.
• 7:24
  Speaker 8: And for the President to use his inauguration to say
• 7:27
  Speaker 8: it isn't even a token defense is just a stab
• 7:30
  Speaker 8: in the guts of every one of the people that
• 7:32
  Speaker 8: we rely on.
• 7:33
  Speaker 9: It's simply outrageous.
• 7:36
  Speaker 6: Well, Congressman, as they do that work fighting these blazes,
• 7:40
  Speaker 6: even once they're contained entirely, there is going to be
• 7:43
  Speaker 6: the question of rebuilding and recovery. Are you confident that
• 7:46
  Speaker 6: that aid can come through, get through both the House
• 7:49
  Speaker 6: and the Senate in Republican control, without conditions.
• 7:54
  Speaker 9: Frankly, I'm not.
• 7:55
  Speaker 8: Frankly, I think that Donald Trump's visit on Friday will
• 7:59
  Speaker 8: be important. I think if he advocates for the AID,
• 8:03
  Speaker 8: I think it will get through Congress. We have never
• 8:06
  Speaker 8: conditioned aid, but this has been an enormously expensive event.
• 8:12
  Speaker 8: So many people don't have insurance, and we're gonna need
• 8:16
  Speaker 8: the help of Congress. Now. FEMA has enough money to
• 8:19
  Speaker 8: do everything it's supposed to do for the next several months,
• 8:22
  Speaker 8: So this isn't something like it's do or die in February,
• 8:26
  Speaker 8: but we're going to need a major appropriation for the
• 8:30
  Speaker 8: programs that will allow people to rebuild. It sounds like
• 8:36
  Speaker 8: the same kind of aid that we provided for Hawaii,
• 8:39
  Speaker 8: for Louisiana and other disasters as well.
• 8:42
  Speaker 4: Well.
• 8:42
  Speaker 2: He made some references to North Carolina when he was
• 8:45
  Speaker 2: speaking to the overflow crowd as well, suggesting that FEMA
• 8:49
  Speaker 2: was unable to bring relief to that area. Congressman Donald
• 8:53
  Speaker 2: Trump saying and doing a lot today, two hundred or
• 8:56
  Speaker 2: so executive orders. We understand he focused on the border
• 9:00
  Speaker 2: quite a bit.
• 9:00
  Speaker 4: In his remarks earlier.
• 9:02
  Speaker 2: Of course, you represent a border state, and I wonder
• 9:05
  Speaker 2: if you can tell us what's coming next, what you
• 9:07
  Speaker 2: know about mass deportations and whether they may start in
• 9:10
  Speaker 2: a place like California.
• 9:13
  Speaker 8: Look, we've got to get the border under control. That's
• 9:15
  Speaker 8: what people voted for. What they didn't vote for is
• 9:18
  Speaker 8: to come into my district and find people who have
• 9:21
  Speaker 8: lived in the San Fernando Valley for ten twenty thirty years,
• 9:26
  Speaker 8: who have children, sometimes grandchildren, who are American born, American citizens,
• 9:32
  Speaker 8: and to yank them out of their homes or even
• 9:34
  Speaker 8: make them afraid that that's what might happen. Law abiding
• 9:39
  Speaker 8: long term residents of California need to be out from
• 9:44
  Speaker 8: under this tremendous fear.
• 9:48
  Speaker 6: Well, we know that in addition to executive orders, Congressman
• 9:51
  Speaker 6: Donald Trump would like to see the issues of the
• 9:53
  Speaker 6: border and immigration, as well as energy and tax policy
• 9:56
  Speaker 6: addressed through the budget reconciliation process. He was joking with
• 10:00
  Speaker 6: the Speaker of the House, Mike Johnson in Emancipation Hall
• 10:02
  Speaker 6: about just how narrow the Republican majority is, with only
• 10:06
  Speaker 6: really a vote that can afford to be lost. Will
• 10:08
  Speaker 6: Democrats provide a single vote to any of that agenda.
• 10:13
  Speaker 8: There are parts of Trump's rhetoric that we can endorse.
• 10:19
  Speaker 8: We certainly want to keep the government open.
• 10:21
  Speaker 9: We know that.
• 10:22
  Speaker 8: Trump does not want to dishonor our debt by not
• 10:25
  Speaker 8: dealing with the debt limit. So there are certain elements
• 10:29
  Speaker 8: of keeping the federal government going that I think we
• 10:32
  Speaker 8: can all unite behind. And I think the country's going
• 10:37
  Speaker 8: to learn an awful lot about the very technical issues
• 10:41
  Speaker 8: involved in reconciliation, because only things in one of the
• 10:45
  Speaker 8: two reconciliation bills can get through the Senate without Democratic support.
• 10:52
  Speaker 6: All right, Democratic Congressman Brad Sherman of California, thank you
• 10:55
  Speaker 6: so much for your time today, sir.
• 10:56
  Speaker 9: We appreciate it.
• 10:58
  Speaker 1: You're listening to the Blue Work Balance of Power podcast.
• 11:01
  Speaker 1: Catch us live weekdays at noon and five pm Eastern
• 11:05
  Speaker 1: on Apple, Cocklay and Android Auto with the Bloomberg Business App.
• 11:08
  Speaker 1: Listen on demand wherever you get your podcasts, or watch
• 11:12
  Speaker 1: us live on YouTube.
• 11:14
  Speaker 6: On energy, President Trump today announcing in his inaugural address
• 11:18
  Speaker 6: plans to use executive power to lower energy prices.
• 11:23
  Speaker 3: The inflation crisis was caused by massive overspending and escalating
• 11:27
  Speaker 3: energy prices, and that is why today I will also
• 11:31
  Speaker 3: declare a national energy emergency. We will drill, Baby, Drill.
• 11:44
  Speaker 6: Joining us now for more on this here on Bloomberg
• 11:46
  Speaker 6: TV and radio. As Dan Bourriette, former Secretary of Energy
• 11:50
  Speaker 6: for the first Trump administration. Mister secretary, thank you for
• 11:54
  Speaker 6: being here, he says. Drill, baby, drill or frame. We've
• 11:57
  Speaker 6: heard often from now President Trump, how easy is it
• 12:00
  Speaker 6: to make that drilling happen via executive order exclusively.
• 12:05
  Speaker 10: Well, thank you for having me today. It's actually quite easy.
• 12:07
  Speaker 10: If you think about what it takes in terms of
• 12:09
  Speaker 10: regulation to get a permit today in the United States.
• 12:12
  Speaker 10: If we can make that more efficient, we can make
• 12:13
  Speaker 10: that more easily done. If you will shorten the timetables
• 12:17
  Speaker 10: for achieving production type permits or infrastructure permits, then we
• 12:22
  Speaker 10: can increase production here in the United States. And I
• 12:24
  Speaker 10: think that's what the President wants to do. He's absolutely
• 12:26
  Speaker 10: correct about the underlying cause of inflation.
• 12:29
  Speaker 9: The rising of energy prices in early.
• 12:32
  Speaker 10: Twenty twenty one and twenty two had a devastating effect
• 12:35
  Speaker 10: on the US economy with regard to pricing here. So
• 12:39
  Speaker 10: I think he's on the right track. I think he's
• 12:40
  Speaker 10: going to be very effective in doing that. Each of
• 12:43
  Speaker 10: those cabinet secretaries, each of those cabinet agencies are going
• 12:46
  Speaker 10: to move very very quickly to streamline the regulatory processes.
• 12:50
  Speaker 2: So that's the first step, or first couple of steps down.
• 12:53
  Speaker 2: How easy will it be to keep producers pumping and
• 12:56
  Speaker 2: drilling when oil prices inevitably start to fall.
• 13:00
  Speaker 10: Only only start to fall if demand goes down. And
• 13:02
  Speaker 10: what we're seeing here in the United States as well
• 13:04
  Speaker 10: as around the world, is that demand continues to grow.
• 13:06
  Speaker 10: And as we think about what technology is bringing to
• 13:10
  Speaker 10: the US economy and to the demand curve, you.
• 13:13
  Speaker 9: See a very steep upward curve.
• 13:16
  Speaker 10: So as long as that demand continues, and I think
• 13:18
  Speaker 10: it will, then we need more production.
• 13:21
  Speaker 9: As we look today and were.
• 13:22
  Speaker 2: Not expect lower oil prices, I thought Donald Trump promised
• 13:26
  Speaker 2: to cut them by half.
• 13:28
  Speaker 9: No, I think you will.
• 13:29
  Speaker 10: If you make that production more efficient, if you make
• 13:32
  Speaker 10: it less costly, then consumers will be the benefit of that.
• 13:35
  Speaker 9: That's one of the things that we've seen.
• 13:36
  Speaker 10: Over the course of the last four years, our oil
• 13:39
  Speaker 10: and gas production has gone up. We have indeed set
• 13:41
  Speaker 10: new records from the twenty nineteen to twenty twenty period.
• 13:44
  Speaker 10: We've exceeded those numbers roughly thirteen million barrels per day
• 13:48
  Speaker 10: here in the United States. But the challenge is that
• 13:50
  Speaker 10: consumers are not seeing the benefit of that increase supply
• 13:52
  Speaker 10: in the marketplace because we've made it more expensive to produce.
• 13:56
  Speaker 10: So if we can shorten the timetables, if we can
• 13:58
  Speaker 10: reduce the gation or the you know, the judiciary burdens
• 14:03
  Speaker 10: that producers now face, then we can pass those consumers
• 14:07
  Speaker 10: or pass those costs or lower cost onto consumers and
• 14:10
  Speaker 10: they'll be the beneficiary. And I think that's the president's
• 14:13
  Speaker 10: focus today.
• 14:16
  Speaker 6: Well, and we're obviously talking about traditional oil and gas
• 14:18
  Speaker 6: and fossil fuels here, Dan bo He also has made
• 14:22
  Speaker 6: a number of proclamations or at least saying he intends
• 14:24
  Speaker 6: to do things like and wind farms and offshore wind farms,
• 14:28
  Speaker 6: specifically pull back the ev mandate, as he calls it,
• 14:31
  Speaker 6: elements of the Green New Deal. When we consider the
• 14:33
  Speaker 6: wider energy composition in the United States, what do you
• 14:37
  Speaker 6: ultimately see as the appropriate balance for cleaner fuels versus
• 14:40
  Speaker 6: the traditional ones.
• 14:43
  Speaker 10: Well, I think you're going to see increased production from
• 14:46
  Speaker 10: wind and from solar as well. I think, you know,
• 14:48
  Speaker 10: the record gets a bit skewed if you look back
• 14:50
  Speaker 10: at the record. Twenty nineteen was actually the high high
• 14:54
  Speaker 10: water mark for the installation of both solar and wind capacity.
• 15:00
  Speaker 10: Here in the United States, and that was under the
• 15:01
  Speaker 10: first Trump term. So you know, this notion that Donald
• 15:04
  Speaker 10: Trump just flat out opposes renewable power, I don't think
• 15:08
  Speaker 10: is a correct one. I think he understands full well
• 15:10
  Speaker 10: that all of the above means, in fact, all of
• 15:13
  Speaker 10: the above. Now, should we be giving preferences to certain
• 15:16
  Speaker 10: types of fuel in the marketplace? I think you'll see
• 15:18
  Speaker 10: the President say no to that, And what he wants
• 15:21
  Speaker 10: to do is to eliminate those distortions in the marketplace
• 15:24
  Speaker 10: that are created by either legislation or by yet sometimes
• 15:28
  Speaker 10: you know, regulation as well.
• 15:30
  Speaker 9: So I think you'll see a very in depth look
• 15:33
  Speaker 9: at that.
• 15:35
  Speaker 2: Do you expect the executive orders that the President will
• 15:38
  Speaker 2: be signing throughout the day to day, we understand we
• 15:40
  Speaker 2: could have as many as two hundred, maybe even more.
• 15:44
  Speaker 2: DAN will actually address some of these matters first before
• 15:49
  Speaker 2: we actually see legislation writing. And I wonder specifically if
• 15:53
  Speaker 2: that will include a lifting of the ban on LNG exports.
• 15:56
  Speaker 4: Oh.
• 15:57
  Speaker 10: I almost certainly think that's going to be the case.
• 16:00
  Speaker 10: There's no question about that, and there's a number of
• 16:02
  Speaker 10: different reasons for it. One, our allies are crying for
• 16:06
  Speaker 10: us LNG all around the world. I just met with
• 16:09
  Speaker 10: the Japanese ministers of energy and they were very, very
• 16:15
  Speaker 10: concerned about the announcement by the Biden administration that we
• 16:18
  Speaker 10: were going to pause lergy exports for a period of time,
• 16:20
  Speaker 10: or at least the export authorizations for a period of time.
• 16:23
  Speaker 10: Same thing for the Europeans. They're facing the same types
• 16:26
  Speaker 10: of demand curves that we are here in the United States,
• 16:28
  Speaker 10: and that energy is absolutely critical to their meeting not
• 16:32
  Speaker 10: only their economic goals, but their environmental goals as well,
• 16:35
  Speaker 10: because in many cases, this lerg is displacing heavier hydrocarbons
• 16:39
  Speaker 10: like coal or dung in certain places if you're in
• 16:41
  Speaker 10: a developing country. So the demand for energy is going
• 16:45
  Speaker 10: to continue to rise, and I think you'll see the
• 16:47
  Speaker 10: Trump administration move very quickly to lift that pause.
• 16:52
  Speaker 6: So that's what we'll be exporting. But I do wonder
• 16:54
  Speaker 6: about the energy we do still import, as he's throwed
• 16:57
  Speaker 6: the idea of twenty five percent tariffs on every coming
• 17:00
  Speaker 6: from Canada, which exports a lot in terms of energy
• 17:04
  Speaker 6: to the United States, or what would the actual immediate
• 17:06
  Speaker 6: impact be if that were to be implemented.
• 17:09
  Speaker 10: Well, I'm not quite sure what the President has in
• 17:11
  Speaker 10: mind in terms of specifics on a tariff or whether
• 17:14
  Speaker 10: or not it would apply to Canadian crude oil. But
• 17:17
  Speaker 10: the president's mission here is to increase our independence, our
• 17:22
  Speaker 10: energy independent's not our dependents. And when we think about
• 17:25
  Speaker 10: trade and we think about imports and exports and what
• 17:28
  Speaker 10: we do with various countries, there's an enormous difference between
• 17:31
  Speaker 10: depending upon a certain product in our marketplace and simply
• 17:35
  Speaker 10: trading for that product.
• 17:37
  Speaker 9: Canadian crud is obviously different than US crewed.
• 17:39
  Speaker 10: It's heavier, it's called sour crude, and refiners are set
• 17:43
  Speaker 10: up in the United States, certain refiners are to accept
• 17:45
  Speaker 10: that type of crude. The United States produces light or
• 17:48
  Speaker 10: sweet crude, and that's a good export product. So to
• 17:51
  Speaker 10: the extent that we can trade rather than be dependent
• 17:55
  Speaker 10: is I think the president's goal, as you've heard them
• 17:57
  Speaker 10: say many many times in the past, energy security is
• 18:01
  Speaker 10: national security. He wants balance in the economics, he wants
• 18:04
  Speaker 10: balance in the trade policies all around the world.
• 18:09
  Speaker 2: Dan Briat, former Secretary of Energy in the first Trump administration. Dan,
• 18:13
  Speaker 2: thank you so much for the insights. We appreciate that
• 18:15
  Speaker 2: as part of our special coverage.
• 18:16
  Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
• 18:20
  Speaker 1: us live weekdays at noon and five pm Eastern on
• 18:23
  Speaker 1: Apple Cocklay and Android Auto with the Bloomberg Business App.
• 18:26
  Speaker 1: You can also listen live on Amazon Alexa from our
• 18:29
  Speaker 1: flagship New York station. Just say Alexa Play Bloomberg. Eleven thirty.
• 18:35
  Speaker 2: We're joined live in Washington by Lindsay Trevinsky, presidential historian
• 18:40
  Speaker 2: and executive director of the George Washington Presidential Library. She
• 18:45
  Speaker 2: joins us from Mount Vernon up here in the District
• 18:48
  Speaker 2: of Columbia. And it's great to have you back, just
• 18:50
  Speaker 2: the voice we wanted on not just this day, but
• 18:53
  Speaker 2: at this moment talk to us about the importance of
• 18:56
  Speaker 2: this stage of the ceremony.
• 18:58
  Speaker 11: Well, thank you for having me back. I'm struck by
• 19:00
  Speaker 11: these images. You know what caught my eye is that
• 19:03
  Speaker 11: former Vice President Harris said a few words to now
• 19:06
  Speaker 11: President Trump, and she did not do that at Carter's
• 19:09
  Speaker 11: funeral the last time I spoke with you all, and
• 19:11
  Speaker 11: I would dearly love to know what they were saying
• 19:14
  Speaker 11: to one another. But you know, it is an important
• 19:16
  Speaker 11: moment because this is sort of the final capstone and
• 19:19
  Speaker 11: the peaceful transfer of power, which is the bedrock of
• 19:22
  Speaker 11: what it means to be a republic. If you have
• 19:24
  Speaker 11: a different type of transfer, it's a different type of government.
• 19:28
  Speaker 6: Well, and it is a start contrast to what we
• 19:30
  Speaker 6: experienced just four years ago when Donald Trump did not
• 19:32
  Speaker 6: attend the inauguration of Joe Biden. And of course remarkable
• 19:35
  Speaker 6: as we see the Bidens making their way toward Marine one.
• 19:38
  Speaker 6: Now to consider that Trump and Biden rode over to
• 19:41
  Speaker 6: the Capitol together today after having tea at the White House,
• 19:44
  Speaker 6: a relationship between the two of them that has been
• 19:47
  Speaker 6: adversarial to say the least, and that's perhaps a kind
• 19:50
  Speaker 6: way of describing it, Lindsay, But to see them doing
• 19:53
  Speaker 6: this now, as you say, a pillar of the American Republic,
• 19:57
  Speaker 6: Donald Trump escorting Joe Biden physically to the helicopter. Just so,
• 20:02
  Speaker 6: how far we've come in the last four years.
• 20:04
  Speaker 9: Yeah, I think it does.
• 20:04
  Speaker 11: You know, what you said is important is they don't
• 20:06
  Speaker 11: have to like each other, they don't have to get along,
• 20:08
  Speaker 11: they don't even have to necessarily enjoy the experience. But
• 20:12
  Speaker 11: it is a part of the process. And notably, we
• 20:14
  Speaker 11: didn't have this image from four years ago because Trump
• 20:18
  Speaker 11: didn't attend, and instead we had a split screen where
• 20:20
  Speaker 11: he was leaving to go directly to Florida. And so
• 20:24
  Speaker 11: you know, for all that we might feel about this moment,
• 20:28
  Speaker 11: I think it is worth noting and is admirable that
• 20:31
  Speaker 11: the Bidens are there because no one likes losing.
• 20:34
  Speaker 2: This is a remarkable moment that we're witnessing here as
• 20:37
  Speaker 2: Jill Biden just gave a hug to Malania Trump and
• 20:40
  Speaker 2: Donald Trump was yelling over the wind to try to
• 20:43
  Speaker 2: say something to Joe Biden. I can only imagine what
• 20:46
  Speaker 2: that message was. The current President and First Lady are
• 20:48
  Speaker 2: now walking away from the helicopter where the Bidens have boarded,
• 20:53
  Speaker 2: will now prepare for them to fly away, Kaylee. The
• 20:58
  Speaker 2: official end of his presidency career in Washington, Donald Trump
• 21:02
  Speaker 2: has quite a bit ahead of him, still signing executive orders. First,
• 21:06
  Speaker 2: he'll likely be addressing the crowd in that overflow room
• 21:08
  Speaker 2: as you described it, where almost two thousand of his
• 21:10
  Speaker 2: supporters are waiting.
• 21:11
  Speaker 6: As we consider now that he is president for a
• 21:14
  Speaker 6: second time, only the second in history to serve non
• 21:17
  Speaker 6: consecutive terms, and Lindsay, he described it himself during his
• 21:21
  Speaker 6: inaugural address as something of a comeback, talking about how
• 21:24
  Speaker 6: he saw himself as having been politically persecuted over the
• 21:28
  Speaker 6: last several years, and yet he has returned to this
• 21:30
  Speaker 6: highest office in the country. Just talk about that turnaround
• 21:34
  Speaker 6: of the political fate of Donald Trump, that he once
• 21:36
  Speaker 6: again finds himself here.
• 21:38
  Speaker 11: Yeah, you've never seen anything like it. I mean, we
• 21:41
  Speaker 11: have had one president lose and then come back, and
• 21:43
  Speaker 11: that was Grover Cleveland in the nineteenth century, of course,
• 21:46
  Speaker 11: but he had not been indicted, he had not played
• 21:49
  Speaker 11: a role in inciting a violent elect a violent insurrection,
• 21:55
  Speaker 11: and those are very different political circumstances, and so to
• 21:59
  Speaker 11: see this type of comeback is really unusual. It is surprising.
• 22:03
  Speaker 11: I don't think anyone would have predicted it four years ago,
• 22:06
  Speaker 11: and I think the ramifications of it on our political
• 22:09
  Speaker 11: system are going to take a long time to actually unfold.
• 22:12
  Speaker 2: The Trump's advances waving goodbye to the bidens. Now the
• 22:16
  Speaker 2: stairs have been lifted, the doors closed on the helicopter,
• 22:19
  Speaker 2: and the Trump Party is heading back indoors into the Capitol.
• 22:23
  Speaker 2: I'm curious, as a point of inauguration trivia, we watched
• 22:27
  Speaker 2: the swearing in very closely. I don't know if you noticed.
• 22:29
  Speaker 2: We didn't see Donald Trump put his hand on the Bible,
• 22:32
  Speaker 2: and I'm brought back to two thousand and nine when
• 22:34
  Speaker 2: Barack Obama decided to do it all over again with
• 22:36
  Speaker 2: the Chief Justice after flubbing out an abundance of caution.
• 22:39
  Speaker 2: As he said at the time, some of the language
• 22:41
  Speaker 2: in the oath. Are we going to see another swearing in,
• 22:44
  Speaker 2: potentially of Donald Trump.
• 22:45
  Speaker 11: I don't think we will, because they're actually not required
• 22:48
  Speaker 11: to take the oath on a Bible. John Quincy Adams
• 22:50
  Speaker 11: took it on a book of laws and copy of
• 22:52
  Speaker 11: the Constitution. So the oath is actually not based on
• 22:55
  Speaker 11: a religious foundation. It's based on a commitment to the
• 22:58
  Speaker 11: Constitution and to the American people.
• 23:00
  Speaker 2: This is why we have you here to answer questions
• 23:02
  Speaker 2: like these. As the voters turn on the helicopter, Kaylee,
• 23:05
  Speaker 2: Joe Biden will soon.
• 23:06
  Speaker 6: Be taking off yep, making his way, of course, from
• 23:09
  Speaker 6: the Capitol Grounds to Joint Base Andrews, while another departure
• 23:12
  Speaker 6: ceremony will be taking places. We say goodbye not to
• 23:15
  Speaker 6: just Joe Biden's four years as president, but more than
• 23:18
  Speaker 6: half a century of service in public office. A career politician,
• 23:23
  Speaker 6: Frankly lindsay, in contrast to the man who is now
• 23:25
  Speaker 6: succeeding him, and who preceded him, Donald Trump, who was
• 23:29
  Speaker 6: not that when he was first elected. Now he of
• 23:32
  Speaker 6: course is far and away seen as the leader of
• 23:35
  Speaker 6: the Republican Party, having not had as warm of a
• 23:37
  Speaker 6: reception to the political world back in twenty seventeen. But
• 23:41
  Speaker 6: he's walking into that Capitol building with both chambers of
• 23:44
  Speaker 6: Congress behind him. How much power does that give him
• 23:47
  Speaker 6: as an executive authority, which he's planning to exercise today
• 23:50
  Speaker 6: through a series of executive orders, But knowing he has
• 23:52
  Speaker 6: basically the whole of government, including a conservative Supreme Court, at.
• 23:56
  Speaker 11: His back, Well, normally I would say that a second
• 23:58
  Speaker 11: term president, with the limitation of the twenty second Amendment,
• 24:02
  Speaker 11: would not necessarily have that much power. Usually in the
• 24:05
  Speaker 11: second term, a president focuses more on executive orders and
• 24:09
  Speaker 11: foreign policy because they are a bit of a lame
• 24:11
  Speaker 11: duck and so their ability to shape domestic politics is limited.
• 24:16
  Speaker 11: And yet, as you said, Trump has really remade the
• 24:19
  Speaker 11: party in his image. We saw this week with the
• 24:23
  Speaker 11: Cabinet Secretary hearings that many of the people were willing
• 24:27
  Speaker 11: to do whatever he wanted, even if they disagreed on
• 24:30
  Speaker 11: certain policies and so I don't know how much pushback
• 24:33
  Speaker 11: they're actually really going to give. Now that being said,
• 24:37
  Speaker 11: no president achieves everything they want. It's just kind of
• 24:39
  Speaker 11: a political rule that I think is probably going to
• 24:41
  Speaker 11: stand here, regardless of how much support.
• 24:43
  Speaker 9: He does have.
• 24:44
  Speaker 2: The presidential helicopter many know as Marine One is now
• 24:47
  Speaker 2: wheels up in Washington, d C. On a frigid twentieth
• 24:51
  Speaker 2: of January. The inaugural ceremonies largely complete for Donald Trump.
• 24:57
  Speaker 2: Now Joe Biden and Joe Biden will get their life
• 25:00
  Speaker 2: last view of the capital Kayley as they hover over
• 25:03
  Speaker 2: Capitol Hill, will likely fly past the White House before
• 25:08
  Speaker 2: making their way to join.
• 25:09
  Speaker 6: Bass Andrews incredible as we consider that Joe Biden wanted,
• 25:14
  Speaker 6: at least up until roughly seven months ago, to serve
• 25:17
  Speaker 6: a second term as president. He was hoping it would
• 25:19
  Speaker 6: be his inauguration today, not that of another Democrat or
• 25:23
  Speaker 6: of Donald Trump, but instead him, and reporting does suggest
• 25:26
  Speaker 6: that he is leaving this office having still believed that
• 25:30
  Speaker 6: he could have won this election in November. And it
• 25:33
  Speaker 6: does make you wonder what must be going through the
• 25:34
  Speaker 6: head of the now former first couple as they leave
• 25:38
  Speaker 6: Washington behind me.
• 25:39
  Speaker 2: That right, the man he replaced has now replaced him,
• 25:42
  Speaker 2: and you can speak to what's happening on the other
• 25:44
  Speaker 2: end of Pennsylvania Avenue as they prepare for the Trump's arrival.
• 25:48
  Speaker 11: Yes, so in just a couple of hours, the White
• 25:50
  Speaker 11: House undergoes a complete shift. So usually there's some staff
• 25:54
  Speaker 11: that stays, but there's also new staff that comes in.
• 25:56
  Speaker 11: There's a whole team of volunteers that will pack up
• 25:59
  Speaker 11: all the Biden's belongings, including photographs and personal mementos. They
• 26:03
  Speaker 11: will take out a lot of the choices that the
• 26:05
  Speaker 11: Bidens made in terms of art and decor, especially in
• 26:08
  Speaker 11: the Oval office, and then all new selections will come in.
• 26:12
  Speaker 11: Sometimes that's rugs, sometimes that's drapery, sometimes it's art and furniture.
• 26:16
  Speaker 11: And they will complete that entire process in just a
• 26:18
  Speaker 11: couple of hours.
• 26:19
  Speaker 6: It's incredible to consider. And also just in the next
• 26:21
  Speaker 6: couple of hours, we do expect Trump could sign dozens,
• 26:24
  Speaker 6: if not upward of one hundred executive orders. Have we
• 26:27
  Speaker 6: ever seen as potentially active a first day of a
• 26:30
  Speaker 6: presidency is what we could see today, Lindsay.
• 26:33
  Speaker 4: We have.
• 26:33
  Speaker 11: Actually recent history has been quite intense in terms of
• 26:36
  Speaker 11: executive orders. The overall number of them are not actually
• 26:40
  Speaker 11: as high as Franklin D. Roosevelt, which was the peak
• 26:42
  Speaker 11: of executive orders in the presidency, but the number on
• 26:45
  Speaker 11: the first day does tend to have that concentration. And
• 26:49
  Speaker 11: usually we saw this four years ago. It's a president
• 26:52
  Speaker 11: undoing the things that their predecessor did through executive order
• 26:56
  Speaker 11: because they didn't do it through legislation. Biden also swore
• 27:00
  Speaker 11: and I think thousands of political appointees that were at
• 27:03
  Speaker 11: the lower level on his first day four years ago.
• 27:06
  Speaker 11: So I think that it's pretty common at this point
• 27:08
  Speaker 11: to see that type of activity. Now, the scope and
• 27:11
  Speaker 11: breadth and the type of executive order that might be
• 27:14
  Speaker 11: a little bit different. I don't think that Biden or
• 27:16
  Speaker 11: Obama attempted to rename a body of water.
• 27:20
  Speaker 12: All right.
• 27:20
  Speaker 6: Lindsay Tchervinsky, presidential historian and executive director of the George
• 27:24
  Speaker 6: Washington Presidential Library at Mount Vernon.
• 27:28
  Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
• 27:32
  Speaker 1: us live weekdays at noon and five pm Eastern on Apple, Cocklay,
• 27:36
  Speaker 1: and Android Atto with the Bloomberg Business app. Listen on
• 27:39
  Speaker 1: demand wherever you get your podcasts, or watch us live
• 27:42
  Speaker 1: on YouTube.
• 27:45
  Speaker 6: We're learning from the White House that he will be
• 27:46
  Speaker 6: ending leasing to massive wind farms, bringing federal employees back
• 27:50
  Speaker 6: to in person work as part of the suite of
• 27:52
  Speaker 6: executive orders, and also the White House saying Trump will
• 27:55
  Speaker 6: announce the America First trade policy, though our reporting here
• 27:59
  Speaker 6: at Bloomberg today does suggest he's not going to immediately
• 28:02
  Speaker 6: impost tariffs or additional tariffs on Chinese goods. And it's
• 28:06
  Speaker 6: on the conversation around the economic and geopolitical relationship with
• 28:10
  Speaker 6: China that we turned to our next guest, Shirley Marty
• 28:12
  Speaker 6: hargas non Resident Fellow at the Atlanta Council's Global China Hub,
• 28:16
  Speaker 6: is joining us now. Thank you for being here on Bloomberg, Shirley,
• 28:20
  Speaker 6: as we consider just the broad threat of tariffs being
• 28:23
  Speaker 6: placed not on specific Chinese goods, but potentially all of
• 28:26
  Speaker 6: them that they export to the United States. Just how
• 28:30
  Speaker 6: braced for what is coming is China right now as
• 28:32
  Speaker 6: they watch Donald Trump take the oath of office today.
• 28:37
  Speaker 12: Thank you, Joe and Kayley's lovely to see the both
• 28:39
  Speaker 12: of you again.
• 28:40
  Speaker 13: I was just that some of the events for the
• 28:44
  Speaker 13: now Trump administration last night, and there's been ample much
• 28:48
  Speaker 13: discussion around this topic.
• 28:50
  Speaker 12: I think that with the reinstatement of TikTok.
• 28:55
  Speaker 13: Just in the last I believe fourteen hours this was reinstated,
• 28:59
  Speaker 13: and now we're seeing Sia Hongshu the redin app that
• 29:04
  Speaker 13: everybody it's it's, it's Americans and Chinese are able to
• 29:08
  Speaker 13: Chinese citizens are able to interface with one another. I
• 29:12
  Speaker 13: think these pieces also factor into how China's bracing itself.
• 29:17
  Speaker 13: I think Chairman, she has had a discussion already with
• 29:21
  Speaker 13: President Trump, and we see that, yes, he declined the
• 29:26
  Speaker 13: invite to the inauguration, which I think was wise on
• 29:28
  Speaker 13: his part, but he made a good faith effort and
• 29:31
  Speaker 13: brought in his vice President Han Jung, And so there
• 29:36
  Speaker 13: is clearly a it appears that there will be a
• 29:40
  Speaker 13: prc US interaction of some sort of mutual benefit on
• 29:45
  Speaker 13: the front end.
• 29:46
  Speaker 12: And so I think that matters.
• 29:48
  Speaker 13: I think that matters fundamentally when we're discussing we're speaking
• 29:51
  Speaker 13: about how China's bracing itself for the.
• 29:53
  Speaker 2: Tariffs, Well, so aren't we talking out of both sides
• 29:57
  Speaker 2: of our mouths here a little bit? Surely that all
• 29:59
  Speaker 2: the tough talk, bipartisan tough talk against China, this is
• 30:03
  Speaker 2: the one thing Democrats and Republicans have agreed on the
• 30:06
  Speaker 2: last couple of years, and Donald Trump was pretty tough
• 30:08
  Speaker 2: on China every time he mentioned these issues, promising tariffs
• 30:12
  Speaker 2: on a lot more than that over the course of
• 30:14
  Speaker 2: the presidential campaign. But to your point, you've got the
• 30:16
  Speaker 2: Vice President of China in attendance show too. The CEO
• 30:20
  Speaker 2: of TikTok was not only at the inaugural he was
• 30:22
  Speaker 2: in the US capital rotunda today, one of the most
• 30:26
  Speaker 2: precious tickets in town. What does that tell us about
• 30:30
  Speaker 2: the approach that this administration will actually take, not the
• 30:33
  Speaker 2: rhetoric but the action.
• 30:35
  Speaker 12: When it comes to the action itself.
• 30:38
  Speaker 13: I think that what Trump understands, especially as a businessman,
• 30:44
  Speaker 13: you have to I believe it was a couple of
• 30:47
  Speaker 13: weeks ago when he was announced as a couple weeks
• 30:50
  Speaker 13: ago he may have announced.
• 30:51
  Speaker 12: I believe on his true social that how much TikTok.
• 30:57
  Speaker 13: Was significant to his winning the presidential election cross board.
• 31:02
  Speaker 13: I do think though, that he is recognizing that that
• 31:06
  Speaker 13: period where shall Hong Shu, the red note app was
• 31:11
  Speaker 13: interfacing Americans and Chinese were interfacing with one another.
• 31:15
  Speaker 6: Yeah, that's a.
• 31:17
  Speaker 12: National security challenge right there.
• 31:19
  Speaker 13: And this is happening as Americans across the country are
• 31:23
  Speaker 13: upset with their TikTok being taken away.
• 31:27
  Speaker 6: And as we see the movement through the capital. Here
• 31:29
  Speaker 6: we want to turn back to Shirley Marty Hargus, non
• 31:32
  Speaker 6: Resident Fellow at the Atlantic Council's Global China Hub. Shirley,
• 31:35
  Speaker 6: thank you for your patients and apologies for the interruption
• 31:37
  Speaker 6: as we track the events of this important day. It's
• 31:40
  Speaker 6: noteworthy in the remarks that Donald Trump has given, aside
• 31:44
  Speaker 6: from suggesting that America might be expanding its borders and
• 31:48
  Speaker 6: that he does not want to see the US involved
• 31:50
  Speaker 6: in further wards, there was a noteworthy absence of mention
• 31:54
  Speaker 6: of some geopolitical relationships or conflicts, whether it be the
• 31:57
  Speaker 6: war in Ukraine, the relationship with China, even Taiwan, and
• 32:01
  Speaker 6: I wonder on the Taiwan front specifically, what your expectation
• 32:05
  Speaker 6: is as to what is going to happen with Taiwan's
• 32:08
  Speaker 6: defense supported by the US and China's responsiveness to whatever
• 32:12
  Speaker 6: decisions the US makes regarding Taiwan will be.
• 32:16
  Speaker 13: When it comes to Taiwan, we can pretty much expect
• 32:20
  Speaker 13: she to react. He has to, especially with FDI so
• 32:25
  Speaker 13: low and especially with challenges domestically with his populace, with
• 32:31
  Speaker 13: the economy in general, and I think that when it
• 32:34
  Speaker 13: comes to Taiwan, we will continue to support Taiwan. Ninety
• 32:39
  Speaker 13: percent of our semiconductors come semiconductors and chips come from
• 32:43
  Speaker 13: the island. Eighty five percent of global economic output regarding
• 32:47
  Speaker 13: their founderies are four of those larger founderies. Largest foundaries
• 32:51
  Speaker 13: are on that island, and so we have significant investment
• 32:56
  Speaker 13: in the island. I think that I think that President
• 33:00
  Speaker 13: Trump has this in his mind as he's.
• 33:02
  Speaker 12: Engaging, as he's getting engaging. Excuse me, Chairman She. And
• 33:06
  Speaker 12: if we cycle back to TikTok.
• 33:09
  Speaker 13: His his pulling back of the of the band on TikTok,
• 33:15
  Speaker 13: maybe because he wants to reset the stage for his
• 33:18
  Speaker 13: relations with with with Chairman She.
• 33:24
  Speaker 2: Surely, what does David Purdue, Donald Trump's pick to be
• 33:28
  Speaker 2: the next ambassador to China bring to the table?
• 33:33
  Speaker 12: Business background?
• 33:35
  Speaker 13: Business background is substantial, and I think, I think again,
• 33:40
  Speaker 13: I think what's significant about having folks from the business
• 33:46
  Speaker 13: community come into the room when it comes especially dealing
• 33:49
  Speaker 13: with a China business Folks know that to do business
• 33:53
  Speaker 13: successfully in any country, you have to understand the cultural
• 33:58
  Speaker 13: you have to have the cultural comptancies of the country.
• 34:00
  Speaker 13: You have to understand how to interact and engage the country.
• 34:04
  Speaker 13: And this is a skill set that can be leveraged
• 34:06
  Speaker 13: significantly in times of tension, in times of rivalry, and
• 34:12
  Speaker 13: I think that the strategic choice of Purdue as ambassador
• 34:17
  Speaker 13: to China is very much steeped in that.
• 34:20
  Speaker 2: Thanks for listening to the Balance of Power podcast. Make
• 34:23
  Speaker 2: sure to subscribe if you haven't already, at Apple, Spotify,
• 34:26
  Speaker 2: or wherever you get your podcasts, and you can find
• 34:29
  Speaker 2: us live every weekday from Washington, DC at noontime Eastern
• 34:32
  Speaker 2: at Bloomberg dot com.