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Xi’s First US Trip in Three Years · Balance of Power

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Speaker 6: You think street traffic is bad at U.N. General Assembly
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Speaker 6: week in New York? Why not just add a bunch
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Speaker 6: of headache at.
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Speaker 1: The airports on top of it? No, thank you.
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Speaker 6: A lot of dignitaries and their supporting staff are trying
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Speaker 6: to make their way to New York for the meetings
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Speaker 6: this week, and that could indeed be a bit of
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Speaker 6: a complicating factor. Of course, President Trump also is going
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Speaker 6: to be heading to New York this afternoon. He's got
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Speaker 6: a big week ahead of him, Joe. We expect he
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Speaker 6: could be meeting with leaders of the Gulf states, with
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Speaker 6: Ukrainian President Volodymyr Zelensky, but he's going to start— this week,
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Speaker 6: start today, meeting with the mayor of New York City,
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Speaker 6: Zoran Mamdani, of course, a member of the Democratic Socialists
0:59
Speaker 6: of America. As the president has often criticized socialists and
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Speaker 6: communists as he says they are, he's going to be
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Speaker 6: sitting down with one at Gracie Mansion.
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Speaker 7: I wasn't sure they were still pals anymore, but the
1:09
Speaker 7: optics will be interesting here, and we will likely see
1:11
Speaker 7: it because of local news coverage not dependent upon the
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Speaker 7: White House press corps.
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Speaker 1: That'll be a little bit later on in the afternoon.
1:18
Speaker 7: But look, to Kayleigh's point, This could be the most
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Speaker 7: important week, geopolitically speaking, of his second term. When you
1:24
Speaker 7: think of the meetings he has, Macron today, on to Zelensky,
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Speaker 7: and back to Washington, where he's got the summit with
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Speaker 7: President Xi. A couple of themes, we'll be going straight
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Speaker 7: through them both.
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Speaker 1: Of course, the war with.
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Speaker 7: Iran, artificial intelligence is another one. And ahead of our conversation,
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Speaker 7: with our political panel and a bit later on this hour,
1:42
Speaker 7: Congressman Don Beyer. Tyler Kendall is in New York, Bloomberg's
1:45
Speaker 7: Washington correspondent charged with covering the president's trip to UNGA
1:49
Speaker 7: and joins us live from world headquarters in New York.
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Speaker 1: Tyler, the speech is tomorrow, right? And we will see.
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Speaker 7: That because the UN will obviously have its own cameras
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Speaker 7: in the room there. But what's the president's goal at
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Speaker 7: this United Nations? He spoke last year more about the teleprompter.
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Speaker 7: and the escalator than, I think, in many cases, policy.
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Speaker 7: What's on the agenda?
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Speaker 8: Well, at this point, Joe, there are so many different
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Speaker 8: conflicts that we know President Trump is going to be
2:17
Speaker 8: looking to make some sort of momentum or progress in.
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Speaker 8: Whether or not that happens remains to be seen. But
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Speaker 8: just look at the bilateral meetings that he has teed up.
2:26
Speaker 8: As you mentioned, on the public schedule today, a closed
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Speaker 8: press meeting with the French President Emmanuel Macron as we
2:33
Speaker 8: wait to see what sort of response we could get
2:36
Speaker 8: from Europe in terms to of the ongoing conflict between
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Speaker 8: Ukraine and Russia. Zelensky himself says that he will have
2:43
Speaker 8: some time with President Trump tomorrow. We're also expecting him
2:46
Speaker 8: to meet with Middle East regional leaders, potentially even from
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Speaker 8: Saudi Arabia or Iran itself, as President Trump seemed to
2:54
Speaker 8: suggest in an interview that he would be willing to
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Speaker 8: meet with the Iranian president after the U.S. took the
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Speaker 8: rare step of issuing visas to Iranian officials to come
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Speaker 8: to the UN this week to discuss dialogue. I'd also
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Speaker 8: point out that he's set to meet with the interim
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Speaker 8: Venezuelan president, Delce Rodriguez, who is also here. So it
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Speaker 8: is a jammed pack agenda, but perhaps looming over everything
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Speaker 8: is that we are getting closer and closer to those
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Speaker 8: talks on Thursday between President Trump and Chinese President Xi Jinping.
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Speaker 8: And there's so many threads that we can pull on
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Speaker 8: that connect these all together, whether that be AI or
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Speaker 8: energy or the conflict in the Middle East.
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Speaker 6: Indeed. And of course, ahead of those talks on Thursday,
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Speaker 6: the Treasury Secretary Scott Besson had talks in New York
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Speaker 6: this past weekend with his Chinese counterpart. Tyler, do we
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Speaker 6: have a sense of what they accomplished or is this
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Speaker 6: another case of talking just to talk?
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Speaker 8: Well, it's interesting because it depends on which officials we're
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Speaker 8: listening to.
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Speaker 6: We got really positive remarks from the U.S.
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Speaker 8: Treasury Secretary Scott Besson, who said that they made progress
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Speaker 8: in these talks. We heard from Chinese state media saying
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Speaker 8: that they were constructive. And that they had agreed to
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Speaker 8: keep talking, that they were going to have this dialogue
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Speaker 8: on artificial intelligence as one example.
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Speaker 6: But then we had the U.S.
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Speaker 8: Trade representative, Jameson Greer, on Bloomberg television earlier today, and
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Speaker 8: he seemed to downplay the idea that there would be
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Speaker 8: significant progress this week. He said that the goal is stability,
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Speaker 8: but he added in part that it would be, quote,
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Speaker 8: naive to say U.S. and China are negotiators have full
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Speaker 8: trust in each other. He also downplayed the idea that
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Speaker 8: we will get an extension of the U.S.-China trade truce,
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Speaker 8: saying there's a lot of time between now and November
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Speaker 8: 10th when it's set to expire. So a lot of
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Speaker 8: different aspects here. But for now, they are talking. And
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Speaker 8: it seems that this weekend went well enough because we
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Speaker 8: finally got that confirmation from the Chinese government that Xi
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Speaker 8: Jinping will indeed come to Washington.
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Speaker 3: Yes, indeed.
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Speaker 6: Tyler Kendall, live in New York for us this week
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Speaker 6: for the U.N. General Assembly. Tyler, thank you very much.
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Speaker 6: And now let's have an assembly of our own as
4:54
Speaker 6: we assemble our political panel. Bloomberg Politics contributors Rick Davis
4:57
Speaker 6: and Jeanne Shanzano are with us. Rick, of course, Stonecourt
4:59
Speaker 6: Capital Partner and Republican strategist Jeanne, Democratic Analyst and Democracy
5:03
Speaker 6: Visiting Fellow at Harvard Kennedy School's Ash Center. Rick, I'll
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Speaker 6: come to you first, as Joe characterized it, and perhaps
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Speaker 6: rightly so. This is a big week for President Trump.
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Speaker 6: Do you see it as potentially the biggest one of
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Speaker 6: his term? How much is riding on the next couple
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Speaker 6: of days?
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Speaker 2: Yeah, obviously, when you array the various people that he's
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Speaker 2: going to meet with, you would think, wow, what opportunity
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Speaker 2: is in front of us? But then when you think
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Speaker 2: about what's probably going to be the outcome, you think, oh,
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Speaker 2: this is going to be.
5:30
Speaker 1: A flat week. We're going to be here Friday saying,
5:33
Speaker 1: what happened?
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Speaker 9: Nothing.
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Speaker 10: Nothing.
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Speaker 2: So, yeah, I mean, not likely to get any kind
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Speaker 2: of an agreement out of the Iranians, you know, from
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Speaker 2: a chance meeting in New York. You're going to mix
5:43
Speaker 2: the message with the with G. I mean, like Donald
5:47
Speaker 2: Trump's been campaigning against communism since the day Mondani was elected.
5:53
Speaker 2: And he's going to meet Mondani and they're going to
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Speaker 2: have a bromance. So, like, what is the Republican Party
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Speaker 2: supposed to do? Here we go to Dallas. We have
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Speaker 2: this big convention. It's all about, you know, not letting
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Speaker 2: the communists take over America. And here come the communists.
6:07
Speaker 6: He also isn't a communist.
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Speaker 1: He's a socialist.
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Speaker 2: Republicans are, like, scratching their head going, like, what are
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Speaker 2: we supposed to be doing here?
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Speaker 7: So who's this good for, Jeannie? The mayor obviously might
6:18
Speaker 7: get some points for this.
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Speaker 1: Or will he?
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Speaker 8: Yeah.
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Speaker 7: We've talked a lot about strange bedfellows. We knew at
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Speaker 7: one point they were pals. Do they both have something
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Speaker 7: to gain here?
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Speaker 3: I think so.
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Speaker 4: But I'll tell you, the local press here, much of
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Speaker 4: it is speculating that the bromance may be a little
6:36
Speaker 4: chillier this visit.
6:37
Speaker 3: Of course, that's speculation.
6:39
Speaker 4: We don't know. But it may be chillier than it
6:42
Speaker 4: has been in their last couple of meetings. You know, obviously,
6:47
Speaker 4: this meeting is coming amidst the Jewish holidays as we
6:52
Speaker 4: see Benjamin Netanyahu coming to speak at the U.N., not
6:56
Speaker 4: expected to meet with President Trump. And yet Mayor Mamdani
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Speaker 4: famously argued that he would think about arresting and not
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Speaker 4: allowing Netanyahu in.
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Speaker 3: New York City.
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Speaker 1: He backed off of that.
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Speaker 4: So he's going to have a lot of pressure from
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Speaker 4: his side. Donald Trump, likewise, is going to have a
7:16
Speaker 4: lot of pressure from his side. Somebody asked me, and
7:20
Speaker 4: I think it's a great question, Hakeem Jeffries must be
7:23
Speaker 4: pulling his hair out that Mayor Mamdani is allowed to
7:27
Speaker 4: meet with the president multiple times. And yet he has
7:31
Speaker 4: a private, quiet meeting with the president's son-in-law and the
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Speaker 4: left wing lambastes him.
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Speaker 3: So I'm not so.
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Speaker 4: Sure that this is going to be as warm and
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Speaker 4: cozy as it has been in the past. Of course,
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Speaker 4: it's a private meeting. We know it's being covered by
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Speaker 4: local press. Mildani is expected to come out and speak,
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Speaker 4: and I expect he will say it was as rosy
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Speaker 4: as possible. But you never know with Donald Trump. He's
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Speaker 4: not in a good mood, as we've seen.
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Speaker 1: And who knows?
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Speaker 4: Does he finally have enough of this communist, as he
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Speaker 4: likes to call him?
8:05
Speaker 6: Well, that's if he can get to New York. I'm
8:06
Speaker 6: not sure whether or not this will be applicable to
8:08
Speaker 6: Air Force One's movements, but the FAA is now listing
8:11
Speaker 6: ground stops to all major New York area airports. New York, JFK,
8:16
Speaker 6: and LaGuardia, at least as it stands now at 1.11 p.m.
8:20
Speaker 6: Eastern Time, a ground stop for all New York area airports.
8:23
Speaker 11: In the middle. of U.N.
8:24
Speaker 6: General Assembly week. We'll, of course, keep you updated on
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Speaker 6: that story as we consider what might be on the agenda, though,
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Speaker 6: for these talks between Trump and Mom Donnie. Let's just
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Speaker 6: remind ourselves how the president talked about the mayor and
8:36
Speaker 6: what he hoped he might accomplish when he visited the
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Speaker 6: White House back in November.
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Speaker 1: I just want to congratulate. I think you're going to have, hopefully,
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Speaker 1: a really great mayor.
8:46
Speaker 12: The better he.
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Speaker 1: Does, the happier I am, I will say. There's no
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Speaker 1: difference in party. There's no difference in anything.
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Speaker 9: And we're going to be helping him to make everybody's
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Speaker 9: dream come true, having a strong and very safe New York.
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Speaker 12: And congratulations, Mr.
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Speaker 8: Mayor.
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Speaker 6: The better he does, the happier I am.
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Speaker 1: Just hearing that back.
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Speaker 6: Rick, it's pretty remarkable. I wonder if you expect, to
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Speaker 6: Jeannie's point, that if things have cooled off, that the
9:11
Speaker 6: rhetoric may not quite match that today.
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Speaker 1: Yeah, no, I think it probably will.
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Speaker 2: I mean, like, I think it's a bromance in the
9:18
Speaker 2: sense that Mondani needs him.
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Speaker 1: He is a big purse, right?
9:22
Speaker 2: And Mondani needs federal dollars to do what he wants
9:25
Speaker 2: to do in the city.
9:26
Speaker 1: And Donald Trump legitimately loves New York, right?
9:29
Speaker 2: I mean, his entire life is built around this New York—
9:33
Speaker 2: you know, mythos that he has that, you know, he's
9:36
Speaker 2: done more for New York City than anybody else. And
9:38
Speaker 2: I wouldn't be surprised if they announced some big infrastructure
9:41
Speaker 2: project that they'll work on together with federal funds. And,
9:45
Speaker 2: you know, it's exactly the kind of thing Donald Trump
9:46
Speaker 2: loves to do. And it will leave a lot of
9:50
Speaker 2: political observers scratching their head because they're wondering, why are
9:53
Speaker 2: we boosting the efforts of a democratic socialist at a
9:58
Speaker 2: time when we're knee-deep into a midterm election?
10:02
Speaker 7: Well, we're going to be spending some time a little
10:04
Speaker 7: bit later this hour talking more about the situation in
10:08
Speaker 7: Iran with Heather Conley from the American Enterprise Institute. I'm
10:12
Speaker 7: curious to ask you all about this post today about AI,
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Speaker 7: because the president's going to be talking to President Xi here.
10:17
Speaker 7: And you know that in all of the bilaterals at UNGA,
10:20
Speaker 7: this is going to come up. On Truth Social, short
10:23
Speaker 7: time ago, the same people that said we'll all be
10:25
Speaker 7: dead in 12 years because of global warming, a name
10:28
Speaker 7: since reborn to climate change. let me read down here,
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Speaker 7: are now telling us that AI is going to kill us,
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Speaker 7: robots are going to attack us, and everything is a disaster.
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Speaker 1: He calls it a hoax again.
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Speaker 7: More of a hoax than Russia, Russia, Russia, Ukraine, Ukraine, Ukraine, Ukraine,
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Speaker 7: and climate change. Rick Davis, should we expect anything on
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Speaker 7: AI when the president sits down with President Xi that
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Speaker 7: might include a security agreement? a framework of some sort
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Speaker 7: that they could carry on to another day?
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Speaker 2: Yeah, I can't imagine that the president would want to
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Speaker 2: cut a deal that he's not willing to cut with Xi,
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Speaker 2: with what he's willing to cut with his own domestic industry, right?
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Speaker 2: He's basically said unbridled growth, knock yourselves out, keep moving.
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Speaker 2: It's a missed opportunity if it doesn't happen because We
11:16
Speaker 2: need to start putting some communication channels together with the
11:20
Speaker 2: other country in the world that's got this kind of
11:23
Speaker 2: unbridled development in AI space. And certainly, even if you
11:28
Speaker 2: wrapped it around cyber attacks and said, well, we can't
11:31
Speaker 2: allow these cyber attacks on either side to keep going
11:35
Speaker 2: because now it is supercharged.
11:38
Speaker 8: Right.
11:38
Speaker 2: With AI enabling could really cause a lot of damage.
11:41
Speaker 2: So you'd hope that something could come out of there.
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Speaker 2: But I don't get the impression, based especially on the
11:48
Speaker 2: conversations that the team around Trump have had with the Chinese,
11:52
Speaker 2: that they're prepping for any kind of notable agreement around AI.
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Speaker 6: Well, and as we consider where the president's coming from
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Speaker 6: on the AI issue and wanting to compete with China
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Speaker 6: on it or coordinate in some way, the latter half
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Speaker 6: of after the hoax part of this true social post,
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Speaker 6: Jeannie says, I'm not going to stifle growth of something
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Speaker 6: that will be bigger than the industrial revolution or the
12:15
Speaker 6: internet itself. How much of this in Trump's mind is
12:19
Speaker 6: just as much a question of economics and of a
12:22
Speaker 6: CapEx boom and a construction boom that he wants to
12:25
Speaker 6: see in this country than it is about having the
12:27
Speaker 6: actual security initiative, the security edge on China.
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Speaker 1: Yeah, I mean, it's hard to tell.
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Speaker 4: I think based on his past, we would think that
12:38
Speaker 4: it is the economic, the growth.
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Speaker 12: Aspect of things.
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Speaker 4: But, you know, you look at this truth social and
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Speaker 4: the president is comparing AI to the climate change hoax.
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Speaker 1: Well, climate change is not a hoax.
12:52
Speaker 4: So if his argument is that AI is equivalent to that,
12:56
Speaker 4: we better all be very, very worried about what he
12:59
Speaker 4: is thinking and doing. I mean, this is where we
13:02
Speaker 4: are today. Climate change is not a hoax. It is
13:06
Speaker 4: an existential threat to.
13:07
Speaker 3: The entire world.
13:09
Speaker 4: We can see it day in and day out, as
13:11
Speaker 4: much as he wants to get out of the Paris
13:13
Speaker 4: Accords and otherwise. And if AI is, in his mind,
13:17
Speaker 4: the same thing, we are all in very, very big trouble.
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Speaker 4: And this is the problem with what the president is saying.
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Speaker 4: He cannot get his message right. He is the president.
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Speaker 4: He should be able to tell us that we can
13:31
Speaker 4: have growth, we can have security, and we can do
13:35
Speaker 4: that all in a safe way that doesn't challenge the
13:38
Speaker 4: basic existence of human beings going forward. And yet, what
13:41
Speaker 4: does he tell us? It's a hoax like something else
13:45
Speaker 4: that is actually not a hoax. Somebody's got to get
13:47
Speaker 4: his messaging straight.
13:49
Speaker 1: It is not working.
13:51
Speaker 7: What's this in our remaining minute then, Rick Davis? What's
13:54
Speaker 7: this AI force thing? This is something he's comparing to
13:58
Speaker 7: Space Force. Would this be to accelerate AI or control it?
14:02
Speaker 2: Yeah, I think that the way the president seems to
14:04
Speaker 2: like to platform these various police agencies, if you want
14:08
Speaker 2: to call it that, is to create an entity that
14:11
Speaker 2: he can build this kind of image around.
14:14
Speaker 8: Uh-uh.
14:15
Speaker 2: Before he's actually thought through, like, what is it they're
14:17
Speaker 2: supposed to do? I mean, the Space Force has turned
14:19
Speaker 2: into a real thing.
14:20
Speaker 1: You know, there's no criticism of that. I mean, it
14:22
Speaker 1: was in time coming.
14:24
Speaker 2: ICE has turned into something that I'm not sure we
14:26
Speaker 2: want to get into right now.
14:27
Speaker 1: But suffice it to say, he likes.
14:29
Speaker 2: These kinds of entities to build a concept around to
14:33
Speaker 2: be determined in the future what they actually do.
14:36
Speaker 7: Rick Davis, Jeanne Shanzano, thank you both for great analysis.
14:40
Speaker 7: With the redhead on the terminal, FAA listing ground stops
14:43
Speaker 7: now to all major New York area airports.
14:47
Speaker 1: Take your pick. Stay with us on Balance of Power.
14:50
Speaker 1: We'll have much more coming up after this.
14:55
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15:12
Speaker 6: That huge Hollywood merger apparently can go ahead. as a
15:19
Speaker 6: number of state attorneys general who, of course, brought suit
15:21
Speaker 6: against Paramount's guidance for its acquisition of Warner Brothers Discovery,
15:25
Speaker 6: is settling with the companies, per our reporting here at Bloomberg.
15:29
Speaker 6: This will include a number of things, Joe, including a
15:32
Speaker 6: mandatory number of film releases each year and some other
15:36
Speaker 6: conditions that the settlement is based on. But this essentially
15:39
Speaker 6: guarantees that it won't be a prolonged court battle that
15:42
Speaker 6: risks having Paramount spend a bunch and bunch of money
15:45
Speaker 6: over delayed finalization of this merger.
15:47
Speaker 7: Investors are certainly keying off of this, as Charlie mentioned.
15:50
Speaker 7: Both stocks are moving higher. Geetha Ranganatham is the Bloomberg
15:55
Speaker 7: Intelligence Media Analyst and covering this story for us with
15:59
Speaker 7: the very latest. Geetha, thanks for coming along here on
16:01
Speaker 7: Balance of Power. Is this done effectively or are there
16:04
Speaker 7: more approvals to take place?
16:08
Speaker 11: Yeah, I think, Joe, we're pretty much at the end
16:11
Speaker 11: of the road here. So this has been a really
16:13
Speaker 11: long saga, starting with this whole Paramount Netflix battle for
16:16
Speaker 11: Warner Brothers Discovery. And then, of course, Paramount kind of
16:19
Speaker 11: putting in the winning bid. And then we've seen about
16:21
Speaker 11: almost five months now of all this litigation. I think
16:24
Speaker 11: the big thing here, Joe, was really whether, you know,
16:27
Speaker 11: Paramount would have to go in for some huge structural
16:30
Speaker 11: remedies that.
16:30
Speaker 3: Would ultimately help alter the economics of the transaction.
16:35
Speaker 11: Because remember, we are banking on $ 6 billion in synergies.
16:39
Speaker 11: And had they kind of had to negotiate any big
16:44
Speaker 11: cable network divestiture, it would have directly affected the realization
16:51
Speaker 11: of those synergies. But it looks like the The concessions
16:55
Speaker 11: are really very, very reasonable.
16:56
Speaker 3: I mean, they have to.
16:57
Speaker 11: Agree to 30 films by both studios. There's a certain
17:02
Speaker 11: amount of investment, a $ 1. 5 billion investment in California production.
17:06
Speaker 11: They're keeping the two studio operations separate.
17:09
Speaker 3: But all in all, very, very manageable.
17:13
Speaker 6: Well, and keeping in mind that the attorney general who
17:17
Speaker 6: was really leading the way on this was the California
17:19
Speaker 6: AG Rob Bonta. He was just on Bloomberg TV last
17:22
Speaker 6: week talking about how a sale of intellectual property could
17:25
Speaker 6: be a component of this. Is that not what we're
17:27
Speaker 6: looking at and how how important is that?
17:31
Speaker 11: Yeah, and that was, you know, his whole commentary, Kayleigh, around,
17:35
Speaker 11: you know, not really favoring behavioral remedies and wanting structural remedies.
17:40
Speaker 3: And you just pointed to that as sale of IP.
17:42
Speaker 11: And so, you know, I think investors were kind of
17:44
Speaker 11: thinking whether they would have to let go of some
17:47
Speaker 11: of the Warner titles, like a DC Comics, like a
17:49
Speaker 11: Harry Potter, like a Dune, you know, which would then
17:51
Speaker 11: really affect, I think, the whole point of the transaction.
17:55
Speaker 3: But it looks like they've gotten away without that. It's
17:58
Speaker 3: just the promise.
17:59
Speaker 11: And of course, it's not just a promise, but also
18:01
Speaker 11: a penalty in case they fail to get to those
18:04
Speaker 11: 30 theatrical releases. But remember, we're already at 30 theatrical releases,
18:10
Speaker 11: you know, for both of the studios. So again, doesn't
18:13
Speaker 11: seem anything that is too onerous here.
18:17
Speaker 7: All right.
18:17
Speaker 6: Geetha Ranganathan from Bloomberg Intelligence. Thank you so much. And
18:20
Speaker 6: I would point out that the aforementioned California Attorney General
18:24
Speaker 6: Rob Bonta just began a press conference in Los Angeles
18:27
Speaker 6: announcing that, yes, the states have reached a settlement on
18:30
Speaker 6: the paramount Warner Brothers deal. Any further detail we get
18:34
Speaker 6: from him beyond what Bloomberg has already reported, of course,
18:36
Speaker 6: we'll bring to you here on Bloomberg TV and radio.
18:39
Speaker 6: And as we track that story domestically and the crossover
18:43
Speaker 6: in policy and business, we're of course tracking a number
18:46
Speaker 6: of other stories geopolitically as well, especially as the UN
18:49
Speaker 6: General Assembly gets underway in New York with a number
18:52
Speaker 6: of key meetings we understand President Trump has on the books,
18:55
Speaker 6: including a meeting with Ukrainian President Volodymyr Zelensky and an
18:58
Speaker 6: expected meeting with the heads of Gulf.
18:59
Speaker 1: States as well, Joe. Yeah, that's going to be an
19:01
Speaker 1: interesting moment.
19:02
Speaker 7: The Gulf Cooperation Council, that's Saudi, UAE, Qatar, Bahrain, Kuwait, Oman,
19:07
Speaker 7: unclear exactly what it might generate, but they will be
19:10
Speaker 7: in a room with President Trump for the first time
19:14
Speaker 7: in some time since this initial invasion took place or
19:18
Speaker 7: the strikes began, I should say. The agenda will be
19:21
Speaker 7: the post-war outlook, Kayleigh. And for many, that seems a
19:26
Speaker 7: long way off.
19:27
Speaker 6: Considering we're still in the war, at least at some
19:30
Speaker 6: low intensity level of it as we speak. So for more,
19:33
Speaker 6: we turn to Heather Conley, who's joining us from the
19:35
Speaker 6: American Enterprise Institute, where she's a senior fellow. She's also
19:37
Speaker 6: former Deputy Assistant Secretary of State in the Bureau of
19:41
Speaker 6: Eurasian and European Affairs in the George W. Bush administration.
19:44
Speaker 6: And she's back with us in our Washington, DC studio. Heather,
19:48
Speaker 6: always good to have you. As Joe talks about this
19:51
Speaker 6: group looking at what the post-war Middle East is going
19:54
Speaker 6: to look like, how long is it even going to
19:55
Speaker 6: be until we can get to that post-war stage?
19:57
Speaker 10: Yeah, I think we are in this at least through
19:59
Speaker 10: the midterm election. I think the Iranians particularly believe and
20:02
Speaker 10: have clear conviction that they want to endure the pain
20:07
Speaker 10: to maximize our pain and the president's pain until the election. Joe,
20:12
Speaker 10: you mentioned the meeting of the Gulf states. I would
20:16
Speaker 10: have said two weeks ago, it was starting to look
20:18
Speaker 10: like the Gulf states were formulating a way forward, a
20:23
Speaker 10: negotiating way forward that perhaps the president would accept, but
20:27
Speaker 10: even that fell apart. And the Houthi attacks on Saudi Arabia...
20:31
Speaker 10: have really put, I think, the war and the regional
20:34
Speaker 10: war into a new context.
20:36
Speaker 7: I want to ask you about the New York Times
20:38
Speaker 7: reporting today about the president's decision to not attack the
20:42
Speaker 7: Houthis with a phone call From MBS, that resulted in
20:49
Speaker 7: the president acknowledging the issue and agreeing to take action here,
20:54
Speaker 7: to take advantage of this moment and pound the Houthi rebels,
20:58
Speaker 7: much like the administration already had done. By midday Sunday,
21:03
Speaker 7: the Times writes, the president appeared to have reversed himself again.
21:07
Speaker 7: Does this give us a sense of the lack of
21:09
Speaker 7: long-term planning behind this effort?
21:12
Speaker 10: So I think we know now the president likes to
21:15
Speaker 10: crowdsource information, getting lots of different perspectives. That may be
21:20
Speaker 10: fantastic for domestic policy. I think it has its clear
21:23
Speaker 10: limits in foreign and national security policy. You have to
21:27
Speaker 10: have a clear-eyed approach of what is in U.S. national
21:30
Speaker 10: security interest, who are your allies, who are your adversaries,
21:33
Speaker 10: and you have to have credible, consistent policy approaches to
21:38
Speaker 10: The fact that there has been really no meaningful defense
21:42
Speaker 10: of Saudi Arabia against these attacks, and these attacks are
21:45
Speaker 10: getting more serious close to Mecca. The attack on the
21:48
Speaker 10: Riyadh airport, this is really striking at the heart of
21:52
Speaker 10: Saudi's security and economy.
21:54
Speaker 7: They were loading bombs onto planes when he changed his mind.
21:58
Speaker 10: This is what I mean. You have to be clear,
22:01
Speaker 10: you have to make the call, and you have to
22:03
Speaker 10: carry it through. And so allies can't support us because
22:07
Speaker 10: they don't know when we're going to U-turn, and adversaries
22:09
Speaker 10: are going to take advantage of the ambiguity, the weakness,
22:14
Speaker 10: and will continue to probe as the Houthis have done.
22:16
Speaker 10: So the Saudis really have an enormous challenge. If the
22:19
Speaker 10: US is not going to step forward, They had developed
22:22
Speaker 10: a Mecca defense agreement with Pakistan and Turkey, but that
22:26
Speaker 10: is something that's not appropriate to pre-existing conditions, which sounds
22:29
Speaker 10: like a health issue.
22:30
Speaker 1: But it's the.
22:32
Speaker 10: Conflict with Houthis, and they haven't come forward. So the
22:34
Speaker 10: Saudis really feel like they are alone right now, and
22:37
Speaker 10: it's unclear if they are able to stop these attacks.
22:42
Speaker 6: Well, it's unclear if Russia is going to be able
22:44
Speaker 6: to stop Ukrainian attacks against its energy infrastructure as well,
22:48
Speaker 6: as we saw a really intense, perhaps the most intense
22:51
Speaker 6: of the year in terms of Ukraine sending drones into
22:54
Speaker 6: Russian territory and damaging refineries in particular. President Trump posted
22:59
Speaker 6: on True Social this morning, Russia has unfortunately lost control
23:02
Speaker 6: of its diesel oil industry due to its war with Ukraine.
23:07
Speaker 6: He notes a large number of their diesel refineries have
23:09
Speaker 6: been blown up and are at least temporarily out of commission. This,
23:11
Speaker 6: of course, is creating some headache for the president at home,
23:14
Speaker 6: as we see diesel at about $ 6. 50 a gallon. But
23:18
Speaker 6: is he right that Russia is starting to lose control
23:21
Speaker 6: in some way, Heather?
23:22
Speaker 10: Well, certainly Russia has lost an enormous amount of refining
23:25
Speaker 10: capacity because of Ukrainian targets against Russian refineries to stop
23:32
Speaker 10: them from fueling the Russian war against Ukraine. And it's
23:36
Speaker 10: unfortunate that the president described it as unfortunately. Ukraine is
23:39
Speaker 10: doing this because Russia has launched a full-scale invasion for
23:44
Speaker 10: four and a half years. Certainly, it's exacerbating the global
23:48
Speaker 10: diesel problem. But again, this is not the only explanation.
23:51
Speaker 10: You have to put this square on the Strait of Hormuz,
23:55
Speaker 10: the Iran conflict.
23:57
Speaker 1: But you're right, Kelly.
23:59
Speaker 10: We really need to understand that the Russia-Ukraine war has
24:02
Speaker 10: intensified on both sides. The Ukrainians were sending a clear
24:05
Speaker 10: message on the last day of voting, put that in quotes,
24:08
Speaker 10: and the Russia Duma elections, they were signaling that this
24:11
Speaker 10: war is coming to Russia. And the Russians have just
24:14
Speaker 10: incredible evisceration of Kiev, Odessa. They nearly hit a train
24:19
Speaker 10: with European dignitaries. They're increasing their kinetic activity in Russia.
24:24
Speaker 10: This is getting extremely serious on both sides. And so
24:28
Speaker 10: we have to pay great attention. You have a European
24:31
Speaker 10: intelligence agency's warning that they do not like the signaling
24:34
Speaker 10: that's coming from from Russia and potentially challenging NATO sovereignty.
24:40
Speaker 10: So I think this is something we have to watch.
24:42
Speaker 10: The diesel is important, but the acceleration and intensification of
24:46
Speaker 10: this have broader concerns for Europe.
24:48
Speaker 7: Bloomberg is reporting that Ukrainians are preparing for their worst
24:50
Speaker 7: wartime winter yet. To think that Russia claims it downed
24:55
Speaker 7: 1,000 Ukrainian drones at the Moscow refinery. This was the
25:00
Speaker 7: biggest collection of drones ever. and saw a similar swarm
25:03
Speaker 7: in Crimea. Will that be the case in advance of
25:06
Speaker 7: this winter as they try to.
25:07
Speaker 1: Move the needle?
25:08
Speaker 10: I think they're both sides are going to really try
25:11
Speaker 10: to cripple the other's economy. And the Russians have now
25:15
Speaker 10: been targeting Ukrainian gas stations, supermarkets, I mean, anything, their
25:20
Speaker 10: mining capability, their steel capability, anything. And that's going to
25:23
Speaker 10: place a burden on Europe to continue to fund that.
25:26
Speaker 10: And Ukrainian advances on their long-range drones, they are hitting
25:30
Speaker 10: Arctic refineries, which also caught the attention of the administration
25:34
Speaker 10: because the Arctic LNG is actually a growth area for Russia.
25:38
Speaker 10: So this is what I mean. This is going to be,
25:40
Speaker 10: and Zelensky's right, this is going to be an incredibly
25:43
Speaker 10: intense era. And don't forget, the Russians helped the Iranians,
25:46
Speaker 10: the Iranians helped the Russians. So those two theaters are...
25:49
Speaker 10: are interacting very closely right now.
25:51
Speaker 7: Incredible the capabilities that they did not possess at the
25:54
Speaker 7: beginning of this war that they're now using. Heather, it's
25:56
Speaker 7: great to have you back. Heather Connolly, American Enterprise Institute,
25:59
Speaker 7: live in Washington. Congressman Don Beyer, the Democrat from Virginia,
26:03
Speaker 7: is up next.
26:04
Speaker 1: Stay with us on Balance of Power. We'll have much
26:07
Speaker 1: more coming up after this.
26:12
Speaker 5: You're listening to the Bloomberg Balance of Power podcast. Catch
26:16
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26:22
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26:26
Speaker 5: us live on YouTube.
26:28
Speaker 6: We're continuing to follow the ground stop at all of
26:31
Speaker 6: the major New York area airports, JFK, LaGuardia. Newark and
26:37
Speaker 6: even Teterboro, the private jet airport, all being affected right
26:40
Speaker 6: now because of an outage in an air traffic control
26:43
Speaker 6: facility in Philadelphia. So let's get more on this as
26:46
Speaker 6: we turn to Sid Phillip, Bloomberg News chief correspondent for
26:49
Speaker 6: Global Aviation. Sid, refresh my memory here. Is this not
26:52
Speaker 6: the same Philadelphia facility that was causing issues last year?
26:57
Speaker 6: Is it facility specific or is this just a wider
27:00
Speaker 6: issue that we have across the country with air traffic control?
27:03
Speaker 13: So this is a wider issue across the country, but
27:06
Speaker 13: this is the same facility that had that issue last year.
27:09
Speaker 13: So this is a facility that previously had those outages
27:13
Speaker 13: that led to multiple disruptions last year, and the FAA
27:18
Speaker 13: says that this outage is because a primary circuit to
27:22
Speaker 13: the facility failed and the backup circuit was not available
27:28
Speaker 13: because it was cut.
27:32
Speaker 7: This is why they installed a waterfall at LaGuardia. We
27:35
Speaker 7: all need therapy while we're waiting around in these endless
27:39
Speaker 7: delays here. Sid, I don't know what this means in
27:42
Speaker 7: terms of a financial impact for the airlines, but the
27:46
Speaker 7: carriers are at the mercy of an air traffic control
27:49
Speaker 7: system that we were promised would be upgraded months and
27:52
Speaker 7: months ago.
27:52
Speaker 1: What's the status?
27:53
Speaker 13: So they've been talking about how they've begun the process
27:57
Speaker 13: of installing brand new air traffic control systems. They've been upgrading...
28:01
Speaker 13: old technology but given that these things take time it
28:05
Speaker 13: will be some years before any of these systems are
28:09
Speaker 13: sort of up and running across the country they just
28:13
Speaker 13: sort of coincidentally introduced a new ai powered system in
28:17
Speaker 13: the dc area so we remains to be seen whether
28:21
Speaker 13: or not these upgrades will improve and increase resilience in
28:26
Speaker 13: the air traffic control system.
28:29
Speaker 6: Well, as you mentioned, the D.C. area, President Trump is
28:31
Speaker 6: expected to depart on Air Force One later this afternoon,
28:35
Speaker 6: making his way to the U.N. General Assembly in New York. Sid,
28:39
Speaker 6: do ground stops typically apply to the president's travel? I
28:43
Speaker 6: don't know if you know the answer to that question,
28:45
Speaker 6: but would it be universal across all aircraft?
28:48
Speaker 13: It will be universal across all aircraft, but the FAA
28:52
Speaker 13: could put some sort of exception for the president. But
28:56
Speaker 13: in terms of if you're a regular Joe flying— At
28:59
Speaker 13: the moment, you're kind of grounded.
29:00
Speaker 1: I don't think that's good for me. Sid, thank you.
29:05
Speaker 7: We appreciate your coming in. Sid Phillip with us live
29:07
Speaker 7: from New York. We'll let you know if this resolves.
29:10
Speaker 7: This has suddenly become part of our rolling coverage here.
29:12
Speaker 7: And yes, to Kaylee's point, this will play into... whether
29:16
Speaker 7: President Trump gets to New York or it'll certainly be
29:19
Speaker 7: something that we're talking about as he arrives. He's set
29:21
Speaker 7: to depart a couple of hours from now. I'm going
29:24
Speaker 7: to refer to something else that Kayleigh Lyons mentioned in
29:27
Speaker 7: the newsroom, as this was all perking a little while ago.
29:30
Speaker 7: Imagine an air traffic control situation at DCA, Reagan National Airport.
29:37
Speaker 1: At the same time, the drones are swarming. out of
29:40
Speaker 1: the arch.
29:41
Speaker 7: That's what President Trump is proposing, that the triumphal arch
29:44
Speaker 7: that would go outside Arlington National Cemetery, and yes, in
29:48
Speaker 7: the flight path for landings at National Airport at 250
29:53
Speaker 7: feet tall, he now says will be a military installation
29:57
Speaker 7: complete with an armory to support a sniper's nest and
30:01
Speaker 7: a drone port in this massive structure. Someone has been
30:07
Speaker 7: looking at this for weeks now and has been talking
30:10
Speaker 7: about it, and that's the congressman from the neighboring district
30:15
Speaker 7: in Virginia. Don Beyer, the Democrat from Virginia's 8th District
30:19
Speaker 7: and a member of the House Ways and Means Committee,
30:21
Speaker 7: is with us right now on Balance of Power. It's
30:23
Speaker 7: been a long time, Congressman, and it's great to have
30:25
Speaker 7: you back on Bloomberg TV and radio. This piece of
30:29
Speaker 7: land is actually, as I understand it, in the District
30:32
Speaker 7: of Columbia.
30:33
Speaker 1: Can you stop it from being built?
30:35
Speaker 12: We're going to try, Joe.
30:36
Speaker 9: And there are major lawsuits. primarily from the veterans groups,
30:42
Speaker 9: people who have relatives buried there, as my grandparents, my mother,
30:46
Speaker 9: my father, my sister are all buried there.
30:48
Speaker 12: That's probably the best way of stopping it.
30:50
Speaker 9: And I think the president knows he's going to lose
30:53
Speaker 9: the lawsuit, which is why he's come up with this
30:56
Speaker 9: harebrained idea to put drones and ammunition and snipers all
31:01
Speaker 9: right in the middle of the flight path of the
31:03
Speaker 9: most dangerous commercial airport in America.
31:07
Speaker 6: Well, so as we consider that proposed plan, if making
31:11
Speaker 6: it a quasi-military complex is the way to get around
31:14
Speaker 6: legal issues, what impact do you expect it would actually
31:17
Speaker 6: have on your district? On, for example, as we were
31:19
Speaker 6: discussing air traffic in and out of DCA. I just
31:23
Speaker 6: wonder what you're hearing about this as you are consulted.
31:26
Speaker 8: Yeah.
31:27
Speaker 9: Yeah, well, Kayleigh, already this thing would be half the
31:31
Speaker 9: height of the Washington Monument, two and a half times
31:33
Speaker 9: the size of the Lincoln Memorial. I spent last week
31:37
Speaker 9: a morning in the air traffic control tower at Reagan
31:40
Speaker 9: National Airport. None of the air traffic controllers want this.
31:43
Speaker 9: They point out it's already very difficult to come.
31:47
Speaker 12: In from the north.
31:48
Speaker 9: You put a swarm of drones, it becomes impossible. And
31:51
Speaker 9: then there was the whole idea of.
31:52
Speaker 12: Making an armory.
31:55
Speaker 9: I'm amused when the French Revolution started when they stormed
31:57
Speaker 9: the Bastille, not because there were political prisoners there, because
32:01
Speaker 9: that's where all the ammunition was. You're just telegraphing to
32:05
Speaker 9: our enemies around the world.
32:07
Speaker 12: You want to make a difference? Hit that arch.
32:10
Speaker 7: Originally, there were going to be staircases. People could climb
32:13
Speaker 7: the arch to an observation deck. I'm guessing that's been
32:17
Speaker 7: taken out of the plan, Congressman. Does making this a
32:20
Speaker 7: military facility change the dynamic legally when it comes to
32:23
Speaker 7: building this?
32:25
Speaker 12: I think that's what Trump wants.
32:27
Speaker 9: I keep trying to imagine tourists coming up there and
32:29
Speaker 9: standing side by side with the.
32:30
Speaker 12: Snipers on the top.
32:32
Speaker 9: And by the way, the only place you could shoot
32:34
Speaker 9: from up there would be people traveling on the parkway
32:37
Speaker 9: at high speed or going across the bridge. It's a
32:40
Speaker 9: silly place to put a sniper. But I think Justice Trump,
32:43
Speaker 9: he won a Supreme Court decision on the ballroom by
32:48
Speaker 9: saying that it was going to be part of his
32:50
Speaker 9: national security.
32:51
Speaker 12: So I guess he's trying to follow up on that.
32:55
Speaker 6: Yeah, of course, as these legal battles continue to play out,
32:58
Speaker 6: there's other ones going on as well. Congressman, I'm sure
33:01
Speaker 6: you saw that three news organizations, CNN, MSNOW, and Politico,
33:05
Speaker 6: all of which were banned from the White House by
33:07
Speaker 6: the president on Friday, have now filed suit in federal
33:10
Speaker 6: court saying that this is in violation of the First
33:13
Speaker 6: Amendment right to free speech. Is there anything Congress— can
33:18
Speaker 6: do here when it comes to the issue of the
33:22
Speaker 6: president deciding which outlets he is willing to allow into
33:25
Speaker 6: the Oval Office to cover him? Or is this an
33:27
Speaker 6: issue that is best left for the judicial branch to decide?
33:33
Speaker 9: Well, Kayleigh, we can't do anything between now and the election.
33:36
Speaker 9: I mean, Mike Johnson has us all home for seven weeks.
33:39
Speaker 9: If Democrats take back the House, we will certainly try
33:42
Speaker 9: to do it. However, we shouldn't need to. I mean,
33:45
Speaker 9: the Constitution is very clear. This First Amendment right to
33:49
Speaker 9: free press, freedom of press. And we point out that
33:52
Speaker 9: this is what dictators and autocrats do whenever they seize
33:55
Speaker 9: power around the world.
33:56
Speaker 12: The first thing they do is shut down the press.
33:58
Speaker 9: And I've been very heartened that the other major news
34:01
Speaker 9: organizations have said that they will come together and refuse
34:04
Speaker 9: to participate in the presidential pools.
34:08
Speaker 7: Congressman, you know a lot about the price of gasoline
34:12
Speaker 7: and its impact on the economy, its impact on consumers
34:15
Speaker 7: as a longtime auto dealer. And I'm curious your thoughts
34:18
Speaker 7: on what is a new record today for diesel at 651.
34:22
Speaker 7: I think we're at 447 for a gallon of regular gas.
34:26
Speaker 7: For those of us who are driving cars here, 447 gallons.
34:30
Speaker 7: In your state of Virginia, we're at $ 4.
34:32
Speaker 1: 18.
34:33
Speaker 7: There's a big question about whether anything can be done
34:36
Speaker 7: short of ending the war with Iran to deal with
34:40
Speaker 7: particularly distillates like diesel and gas. Considering calls now from
34:46
Speaker 7: the likes of everyone from Chuck Grassley to Jeff Landry,
34:51
Speaker 7: would you support a diesel export ban if it meant
34:55
Speaker 7: bringing prices lower?
34:57
Speaker 9: Maybe that might be exactly the right thing. You know,
35:00
Speaker 9: the sad part, Joe, is that these diesel prices affect
35:03
Speaker 9: Trump voters more than anything else. You know, people who
35:06
Speaker 9: in good faith across the country, you know, the working
35:08
Speaker 9: men and women who are plumbing and electricians and carpenters,
35:12
Speaker 9: and they're the ones really getting hurt by $ 6. 50 diesel.
35:16
Speaker 9: In the meantime, all of us are paying so much
35:18
Speaker 9: more for gas because of the foolish, poorly thought out
35:22
Speaker 9: war in Iran, which seems to.
35:24
Speaker 12: Have no end.
35:26
Speaker 6: Well, if a diesel ban may be the right thing,
35:29
Speaker 6: are you worried about the longer term impacts of an
35:33
Speaker 6: export ban like that, Congressman? Could it not end up
35:35
Speaker 6: actually raising prices after the short term impact and perhaps
35:41
Speaker 6: bringing them down is over?
35:43
Speaker 9: Yeah, Kayleigh, you're right to worry about that. It's like
35:46
Speaker 9: the problem with the tariffs. You know, in the short run,
35:48
Speaker 9: it gets a little extra revenue. In the long run,
35:50
Speaker 9: you destroy the international trading system. You alienate all our
35:54
Speaker 9: friends and partners, especially Canada. And the long term, it
35:57
Speaker 9: just pushes prices up. You know, we've basically almost emptied
36:02
Speaker 9: out or brought down.
36:03
Speaker 12: To the lowest plausible level our oil reserve.
36:08
Speaker 9: And because we started this war, the most important thing
36:12
Speaker 9: right now would be to find a plausible peace with
36:15
Speaker 9: the Iranians, open up the Strait of Hormuz, do something
36:18
Speaker 9: with the Houthis, and maybe they'll back off.
36:21
Speaker 12: We need to get the things moving again. In the meantime.
36:24
Speaker 9: Trump took away all the incentives for solar and for
36:27
Speaker 9: wind and for electric vehicles. We need those back, too.
36:31
Speaker 7: Well, I was going to ask you that. Does a
36:34
Speaker 7: persistently high price of gas... Send people back to EVs
36:39
Speaker 7: because we saw, obviously, quite a rollover there. Some embrace
36:44
Speaker 7: of hybrids, but people going back to the old-fashioned ICE
36:46
Speaker 7: vehicle in this Trump administration. Does this reignite demand for
36:50
Speaker 7: electric vehicles?
36:51
Speaker 12: Very much so.
36:52
Speaker 9: And in the family business that I'm no longer part of,
36:55
Speaker 9: they're selling every electric vehicle they can get in. Very
36:59
Speaker 9: strong market for used EVs. We're also seeing a stickiness
37:03
Speaker 9: that once you're in an EV, you don't move back
37:06
Speaker 9: to an internal combustion engine car. The big challenge has
37:09
Speaker 9: been range anxiety, especially for people living in more rural areas.
37:13
Speaker 12: But the cars are getting longer ranges every year.
37:16
Speaker 9: And the electrification is coming, and it was foolish to
37:19
Speaker 9: have walked away from it.
37:22
Speaker 6: Well, of course, that's one area of technological development. There's
37:25
Speaker 6: a whole other technological revolution perhaps happening in artificial intelligence. Congressman,
37:29
Speaker 6: you obviously know this well, having gone back to school
37:32
Speaker 6: for computer learning. When we consider this AI issue, knowing
37:36
Speaker 6: President Trump is likely to talk about this with China,
37:38
Speaker 6: Xi Jinping this week, and President Trump has framed this
37:41
Speaker 6: as being a race, a competition with China. that the U.S.
37:44
Speaker 6: needs to win? Where is the line between doing enough
37:47
Speaker 6: to establish guardrails and making sure this technology is safe
37:50
Speaker 6: while also not falling behind an adversary?
37:53
Speaker 9: Well, the old but China argument, I think, is relatively thin.
37:58
Speaker 9: I'm glad he's talking to Xi about it. But China
38:01
Speaker 9: has been in a very different place. First of all,
38:04
Speaker 9: all of their AI companies are owned by the Chinese government.
38:07
Speaker 9: So they have a lot of control, a lot of
38:09
Speaker 9: regulation already, far more regulation than we have. They also
38:13
Speaker 9: have open weight, open source models. Ours are tightly controlled
38:17
Speaker 9: by private companies like Anthropic and Google. Theirs are open.
38:22
Speaker 12: And so you can see what's in it.
38:23
Speaker 9: They're sharing them with nations and companies all over the world.
38:28
Speaker 9: We do have to cooperate with them, but we've got
38:31
Speaker 9: to make sure that we have our own guardrails in place, too.
38:36
Speaker 7: Well, Congressman, it's good to have you. I know that
38:38
Speaker 7: you're not going to be back in Washington for some time.
38:41
Speaker 7: But just before you leave, we know the government is
38:43
Speaker 7: funded until December 11th. Will there be a solution in
38:47
Speaker 7: the lame duck to continue funding after that and avoid
38:49
Speaker 7: a shutdown?
38:51
Speaker 12: Joe, I'm very confident that there will be.
38:53
Speaker 9: It's likely, based on all I'm reading from my appropriate friends,
38:57
Speaker 9: to be another continuing resolution, but likely a short one,
39:01
Speaker 9: something that will get us to the first week of January.
39:03
Speaker 12: And I do know neither party is going to want
39:05
Speaker 12: to shut down the government.
39:07
Speaker 9: If Democrats take back one or both houses, we're going
39:10
Speaker 9: to want to make sure that we put a good
39:12
Speaker 9: budget on the president's.
39:13
Speaker 12: Desk as soon as possible.
39:15
Speaker 3: All right.
39:15
Speaker 6: Democratic Congressman Don Beyer of Virginia. Thanks so much for
39:19
Speaker 6: joining us.
39:22
Speaker 7: Thanks for listening to the Balance of Power podcast. Make
39:25
Speaker 7: sure to subscribe if you haven't already. at Apple, Spotify,
39:28
Speaker 7: or wherever you get your podcasts. And you can find
39:30
Speaker 7: us live every weekday from Washington, D.C. at noontime Eastern
39:34
Speaker 7: at Bloomberg.com.