Bessent, GOP Huddle on Taxes

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Treasury Secretary Scott Bessent and congressional Republicans will meet to sketch out the plan for passing a multi-trillion tax cut in the coming weeks as polling shows that voters largely disapprove of the White House’s handling of the economy.

Bessent and National Economic Council Director Kevin Hassett will meet with top congressional leaders Monday afternoon as lawmakers return from a two-week break. Senate Majority Leader John Thune, House Speaker Mike Johnson and the two tax committee chairmen Senator Mike Crapo and Representative Jason Smith are slated to attend, according to people familiar with the schedule.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Ipsos President of US Public Affairs Cliff Young.
• Bloomberg Economics Chief Economist Anna Wong.
• Republican Congressman Bill Huizenga of Michigan.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Bloomberg Correspondent David Gura.
• Manitoba Finance Minister Adrien Sala.

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:02):
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Speaker 2 (00:25):
As the White House turns the knife on a group
of very sleepy, i'll say hungover journalists from a White
House correspondence dinner weekend with an eight thirty am press
briefing at the White House. And guess what we're doing
it again tomorrow, says Caroline Levitt. Yes, Scott Bessett will
be the guest of honor tomorrow morning eight thirty as

(00:45):
they throw the one hundred day party at the White House.
And that's coming with as you typically would see, you know,
a series of high profile interviews, big events. Donald Trump's
going to be in Michigan tomorrow night do in a
campaign style rally. Can't imagine how late that's going to go,
but we'll have it for you here on Bloomberg. Time
magazine had the Big interview last Friday. Today the Atlantic

(01:05):
Interview dropped. Fascinating to read through these the quote that
jumps off the page from the Atlantic. Think about this
one hundred days in the first time, Donald Trump said
I had two things to do, run the country and survive.
I had all these crooked guys, he told the Atlantic,

(01:27):
going on to say, quote the second time, I run
the country and the world. That's a direct quote, remembering,
of course, run the world. We're still waiting to hear
on reciprocal tariffs of the ninety day review period that
will last until July, and the market's apparently going to
be guessing until then with references to trade deals that
we have not seen emerge yet in a series of

(01:48):
negotiations that were told are underway, but governments from Beijing
and beyond tell us that they're not even in touch.

Speaker 3 (01:56):
With the White House.

Speaker 2 (01:57):
So a lot of questions that were at asking on
this Monday that we were asking on Friday and will
likely still be in the second hundred days flurry of
polls over the weekend. And I'll tell you what they've
been busy at ipsos, because we've talked about them from
last week. With another new batch of numbers coming out today,
really interesting to see the approval rating here and then

(02:17):
specific ratings on issues that are so close to this
White House that are dear to the president, from immigration
to the economy, and we have a great opportunity to
unpack some of these numbers with Cliff Young, the president
of ipso's Public Affairs, a good friend of the broadcast.
And it's been some time, Cliff. It's not a campaign season,
but it's nice to see. I hope you're doing well.

Speaker 4 (02:37):
It's great to be here on this lazy Monday.

Speaker 2 (02:39):
It does feel kind of like that, right where is
every week your time?

Speaker 3 (02:42):
Put your elbows up on the barrel?

Speaker 2 (02:43):
I don't know, apparently waiting for tomorrow's press briefing. I
want to start with approval ratings. We saw one as
low as thirty nine. I think you came in at
forty two at ipsos on your most recent round here
or your aggregate. What does that tell us about this
president at this point in time, because the superlatives have
been flying. We haven't seen an approval rating this low

(03:05):
this early in one hundred years or something.

Speaker 3 (03:08):
What's the truth here?

Speaker 4 (03:09):
Well, Trump has always been lower than the historic average.
Where we live in highly polarized times. He's a highly
polarized individual, So I think that's less telling, And what's
more telling is the decline. It is normal for any
administration to lose creds, to lose some people as they
make decisions. Honeymoon ending exactly exactly. The historic average over

(03:34):
the last seventy years is a three point decline. Trump
is at six points, and so he's outstripping the average,
you know, by about twofold or so. What does that
mean specifically? You know, we have to wait and see, obviously,
but I would characterize it with one word friction. There's

(03:55):
friction around the edges. It doesn't matter what the policy
area is. The administration is bumping up against public opinion.

Speaker 2 (04:03):
Including immigration, which jumped off the page for a lot
of people and made some ways when you released that
poll last week.

Speaker 3 (04:09):
This is supposed to.

Speaker 2 (04:09):
Be the winning issue right now as he grapples with
the economy. You know, Tom Holman this morning said most
secure border in history. We're hearing reports of mass deportations.
Everybody knows what's happening in El Salvador. He says, this
is what I ran on promises, kept promises, delivered and
what did you find?

Speaker 5 (04:25):
Well?

Speaker 4 (04:26):
It is is Bailey Wick. He won in twenty sixteen
on immigration. He mobilized and fortified himself in twenty twenty
and twenty twenty four on immigration, and indeed it's a
signature issue. And if you look at the polling of
vast majority, super majority of Americans degree, yeah, we should
deport illegals who are criminals. Okay, but what is happening

(04:49):
Actually they disagree about how it's being done. It's not
fair to spirit away someone in the middle of the night.
There's a need for due process ultimately, what we're saying,
and once again I go back to my concept of friction.
We're seeing a lot of friction relative to this issue,
and Americans ultimately saying, you know, I agree in principle

(05:12):
with what the administration wants to do, but they're not
being fair.

Speaker 2 (05:16):
That would also suggest an opportunity to improve perception if
the process changed.

Speaker 3 (05:22):
Is that fair to say?

Speaker 4 (05:23):
I think that's fair to say.

Speaker 3 (05:24):
Endgame is popular to your point.

Speaker 4 (05:26):
Yeah, this doesn't mean he can't improve again, right, he
gains back those three additional decline points points of decline.
Let's say, yes, that's true. So if they modify the
way they go about operationalizing policy. Indeed, maybe Americans or
some Americans go. You know, Okay, So like they've changed
their tack a bit. They're more fundamentally fair when they're

(05:47):
dealing with legal immigrants. I can get behind them, but
right now that's not happening.

Speaker 2 (05:52):
Economy is another big one and helped to bring Donald
Trump back to the White House. Has so much to
do with prices and inflation. And now we're watching prices
in many cases rise, We're seeing consumers anticipate further increases.
How much of this has to do with tariffs versus
everything else.

Speaker 4 (06:11):
Well, there's a general sort of noise quotient. And you know,
we've done a lot of focus groups and talk to Americans,
talk to consumers, and this generalize sort of uncertainty is
not good, right, But really what's driving the dissatisfaction is
the anticipation, as you said, of tariff and more specifically inflation.

(06:31):
You already have household going you know what, I might
not travel in the summer with my family. Maybe I
should buy a few more rolls of toilet paper, just
to kind of stock up before things get really bad.
And so you already have anticipatory behavior in regards to
tariffs and inflation.

Speaker 2 (06:48):
I thought we were supposed to be buying wine? Are
we buying toilet paper?

Speaker 3 (06:51):
Again?

Speaker 2 (06:51):
That's actually something that you know a lot about, going
back to the pandemic, the sort of human behavior that
kicks in when you see something coming. But that sounds
in highly emotional, doesn't it? If prices aren't actually rising
and we're making judgments on leadership based on what we
think is.

Speaker 3 (07:07):
Going to happen, is that a new realm? How do
you measure that?

Speaker 4 (07:10):
Well, I mean, we do it. We measure it by
past behaviors. Right, Okay, Yeah, we're in a realm. We're
in a moment now. That's unprecedented in some way. It's like,
how do you model that behavior? It's very rare, especially
in the American context, to have a leader, the leader
of the nation, making decisions that potentially will affect directly

(07:32):
the economy in your future.

Speaker 2 (07:34):
Yeah, and people see it in real time, Cliff. In
about two minutes, producer James is gonna call me and
tell me that we're ending this interview because we're going
live to the White House for something. Please don't do that, James.
I'm enjoying this conversation, but I'm saying that because this
is every other day around here. Okay, note he's coming out.
Now he's in the oval, and then the president will
talk for forty five minutes. You look up the wall,

(07:56):
all the networks take it. What kind of an impact
does that have on people making decisions in real time
or getting a phone call from somebody like you?

Speaker 4 (08:03):
Yeah, uneasiness, right, you know. Once again, it doesn't seriously
impact behavior, but it impacts it around the margins. And
that's what we're seeing today. As I said, Americans are uneasy,
there's trepidation, and once again specifically, they worry about inflation.

Speaker 2 (08:20):
Case in point, the title of this deck of polling
data that you gave us, this is what people see
when they hire Cliff to come in and talk to
them about what's going on. It's actually called what the
heck is going on? That's that knowing the new America
what the heck is going on? Should tell us a
lot about where we are as well. Does this not
reflect the conversations you're having with people every day?

Speaker 4 (08:39):
Yeah, clients are actually asking what the heck is going on?

Speaker 3 (08:43):
And what do you tell them?

Speaker 4 (08:45):
We have ap plical actor that's butting up against butting
up against convention. And when you butt up seriously against
convention that creates friction and unease in humans, right, And
that's what we're seeing today. Specifically, we're seeing households changing
the behavior, anticipating potential problems, and now we're starting to

(09:07):
see it affect him politically with his approval ratings.

Speaker 2 (09:10):
You're really getting to the Trump brand in a way, though,
aren't you right? There has any other president occupied that space.

Speaker 4 (09:17):
No, you typically don't have once again, a president or
polical actor bubbling up against the extremes, testing the boundaries, right,
that that is not normal behavior. And that's why in
general Americans are at on ease.

Speaker 2 (09:30):
It's also why his supporters love him, because they want
somebody to come here and break it, as they say.

Speaker 4 (09:35):
You know, that's part of brand Trump to be irreverent
and sure and sort of go against the system and
break the system is broken, we have to break. You
have to break it down to build it up again.

Speaker 2 (09:44):
But he's found a line, has any on the number
of people who look at the world that way.

Speaker 4 (09:48):
Yeah, he has his base which still supports him. By
the way, it's important emphasize that point. While he's waking
on the margins his base, that his Republicans still support him,
but we will see, especially when it the economy, if
there's inflation, that will erode as well.

Speaker 2 (10:04):
You wonder, and I asked this question frequently, what happens
when we consider the second hundred days the cadence? Do
we still have this news cycle that we're living in now?
Do we do the weave every day? Because these are
the things that you're suggesting or adding to consumer anxiety?

Speaker 4 (10:19):
Yeah, well, first, we don't have a christ of all.
We don't know sure, but I do believe.

Speaker 2 (10:24):
Does it start to wear off? If that is the case,
can we start to get numb to that?

Speaker 4 (10:27):
Or if they get used to it?

Speaker 6 (10:29):
Right?

Speaker 4 (10:30):
There's part of that. I also think that Trump is
a very savvy polical actor. He sees what's happening with
all the metrics out there, not just approval ratings. And
obviously we will see, but I would expect some sort
of pullback a bit from the edges.

Speaker 2 (10:47):
Interestingly, do you continue doing polling, doing sampling like this
straight through an administration? A lot of people associate you
with the campaign, and we had a normal Greape dive
with you throughout the twenty four campaign. What's Cliff Young
doing now? How as ipsos continue during a new administration.

Speaker 4 (11:02):
We keep on going. Yeah, because we have clients and
stakeholders and people like you that want to know what's
going on.

Speaker 2 (11:07):
Is it different than an election cycle? Sort of cadence
to it?

Speaker 4 (11:10):
How do you how do you keep these We're in
the field every week. Every week, we probably have two
to four polls on different issues every week. Yeah, because
we have a lot of clients, a lot of stakeholders
that want to know what's going on.

Speaker 2 (11:20):
Absolutely, So the second hundred days you'll be out there.
Whether the cadence stays the same, we'll find out together.
But that approval rating technically underwater now, could be moving
throughout the next couple of weeks. Here would trade deals
be the salve that lifts all of us?

Speaker 4 (11:38):
Well, I think that if you know, meaning trade deals implemented,
tariffs implemented.

Speaker 3 (11:43):
Actual deals. Yeah, yeah, tariffs go.

Speaker 4 (11:46):
It'll all be about inflation ultimately. I think right now
we're seeing a lot of noise and public opinion reacting
to the noise, But in the longer term it will
be about whether there is effectively actually inflation.

Speaker 2 (11:55):
It's great to see Cliff Young, what the heck is
going on? That's who we ask and a little bit
of a better sense now if at least what voters
are thinking about it. Find a lot more at ipsos.

Speaker 1 (12:07):
You're listening to the Bloomberg Balance of Power podcasts. Catch
us live weekdays at noon and five pm. E's durn
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You can also listen live on Amazon Alexa from our
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Speaker 7 (12:24):
Thirty Washington this week. Of course, we are marking one
hundred days of the second presidency of Donald Trump, when
a lot, of course has happened. The pace has been
for neetic shock and awe has certainly been a strategy
we have seen this administration applying. And the question is
will we see anything else rounded out by the time
this one hundred day period is up. Specifically, could we

(12:47):
get a trade deal with one of these partners that
we are negotiating with in this ninety day window in
which reciprocal tariffs have been taken down to a ten
percent base rate. We got a little bit of an
update on where exactly we are from the Treasury Sect
Terry Scott Besson, as he spoke to reporters at the
White House earlier today.

Speaker 8 (13:04):
I think it could be as early as this week
or next week. Vice President Vance was in India last
week and negotiations are coming along quite well with them.
As I mentioned, some of our Asian trading partners have
come with very good deals. We're evaluating those.

Speaker 2 (13:23):
And we want to spend some time now with Anna Wong,
Bloomberg Economics Chief economist. Ana, it's great to see you.
The headline on the terminal here kind of says it
all s and P five hundred relief rally to meet
hard reality as tariff's damage done. We talked to you
about the prospect of empty shelves last week. The idea
of supply chains already being scrambled is the damage done.

Speaker 6 (13:45):
So we're going to see a brush of data point
this week, and I would say exhibit one of the
early evidence of tariff would be in the non farm
payrolls report. So first we still expect a very shall number.
Were expecting a gain of one hundred and sixty five thousand,
which is higher than the consensus. But in the details,
you're going to see that the trade and logistics sector

(14:09):
has slowed down hiring significantly, and I think looking forward
to May and June's report, I think we're going to
see and part of my expression, I think a blood
bath in the in the logistics sector. So in May
and June is typically when you see trade and logistics
sector contributing to you know, one of the one of

(14:30):
the top three sectors in producing jobs. The first sector
that should be producing at least four hundred thousand jobs
next month is leisure and hospitality.

Speaker 4 (14:41):
We also will see.

Speaker 6 (14:42):
The damage of the decline in international tourists in the US,
also the decline in domestic tourism that is going to
hit hotel staffing and on all that. We're going to
see all of that in the next jobs report, but
we're going to see early evidence of that in this
Friday's job report.

Speaker 7 (15:00):
Well, and when we think about logistics and kind of
the volume of transit we are seeing when it comes
to the you know, freight that's being unloaded off the
coast of California, how much would even if we get
some kind of agreement to keep talking with India and
other Asian trading partners, really matter economically If the tariffs
that China has against us and we have against China
remain north of one hundred percent. Is that not the

(15:22):
greatest economic impact of any thing that could could come
out of these.

Speaker 6 (15:26):
Yeah, that's right, Kayley. So if we look at as
from a forecasters perspective, if we were to forecast high
frequency trade, all it matters is the number of containership
leaving China to the US, and that has declined from
a peak of you know, seventy eighty ships per day
to now forty the last time I saw this data.

(15:47):
So that's not the lowest point yet. I mean, when
we look at March twenty twenty three doing the SVB collapse,
that was really low. That was when there are only
twenty ships leaving the US. So right now those data
would say that important volume will plunge. But has it
fallen down the you know, to the basement level. Not

(16:08):
yet however, But you're right, trade is not the kind
of thing that you can turn on and turn off.
With the reciprocal tariffs set to come online in early July,
even announcing like five trade deals between now and then,
for example of India and Japan would not be enough

(16:29):
to get rid of all the uncertainty that many US
firms need in order to restart shipping before July. Nice.

Speaker 3 (16:37):
This is fascinating.

Speaker 2 (16:37):
I'm just trying to delineate, based on what I'm hearing
you say between how much of this is psychological versus
real impact on tarift goods coming into the country and
costing more. How much of that, for instance, leisure and
hospitality number will be disrupted simply by psychology people saying,
you know, maybe I won't actually take that trip.

Speaker 6 (16:57):
You know, I think we're already seeing in a hard
data all of that that you know, mapping for psychology
to actually not taking that trip. It's not a hypothetical,
it's actually real. If you look at cross border data
from Canada to US, it's plunged, from Europe to US plunged.
And from hotel prices and as I mentioned previously in

(17:20):
the March CPI report, we saw very soft hotel, car rentals,
airfare prices, and all of that is consistent with economic
theory that the elasticity of income and demand of travel
is very high, very elastic, which means when times are bad,
people immediately start pulling back on travel.

Speaker 7 (17:42):
All right, Anamoon, chief US economists at Bloomberg Economics, joining
us on all things trade and tariffs and how it's
impacting the economy. Thank you so much as always, And
we consider against this backdrop, Joe, and with the data
we have in hand from various polsters, whether or not
the White House is putting much stock in them a
different question question that shows that voters by and large
disapprove of this tariff regime and don't feel confident about

(18:05):
the way in which this president is handling the economy.
It does raise the question of how exactly he's going
to message around all of this when he holds a
rally in Michigan tomorrow to mark one hundred days in office.

Speaker 3 (18:14):
Yeah.

Speaker 2 (18:15):
Well, there's been quite a bit of packaging coming out
of the White House, I guess since Friday really when
the Time magazine interview was released. Today we get the
Atlantic early morning press briefing at the White House as
they really try to control the narrative here. But you're right,
we're seeing numbers on the economy sag. He's even underwater
when it comes to immigration based on the YIPSOS.

Speaker 3 (18:31):
Poll that came out last week.

Speaker 2 (18:33):
A lot of this has to do with the method
through which the President and the White House are executing
plans not the actual end goal. People seem to support
what he's doing with the border and immigration. It's the
way it's being handled that's turning out of these numbers.

Speaker 7 (18:46):
Yeah, So we want to get more into what we
can expect to hear or should hear from the President tomorrow,
as well as other issues, including the tax policy he's
working with Congress on. And turn to Congressman Bill Hazenga,
who was joining us representing Michigan's fourth congressional district. Congressman,
Good to have you back on Bloomberg TV and Radio.
When we consider the visit the President is making to
your state of Michigan tomorrow, how does he need to

(19:08):
message around the tariffs, knowing that by and large it
does seem that these policies are making Americans nervous at
the least, and potentially affecting their actual consumption economic behavior
at the worst.

Speaker 9 (19:21):
Kaylie, Good to be with you and Joe.

Speaker 10 (19:23):
I think what Joe is leading into is really the point, right.
The underlying belief that we need to do something, and
something significant is what my constituency, I think, what Michigan
and what much of the country believes, and there is
no doubt that I believe he's going to go down

(19:43):
the path of talking about promises made and promises kept.
No one should be surprised at the direction that he's gone.
This is probably the most transparent president we've ever had
the modern era about what he wants to do and
how he wants to do it. You know, how is
he going to message this back in Michigan. I think
it's exactly that. Look, there might be some bumps in

(20:05):
this road, whether it's in the automotive industry, whether it's
in tourism agriculture, which are the three biggest drivers of
the Michigan economy. It's manufacturing, agriculture, and tourism. We're going
to get to the end of this tunnel, and I
think it's going to be optimistic.

Speaker 3 (20:24):
Depends who you ask.

Speaker 2 (20:25):
Congressman, it's great to see you, by the way, and
have you back on Bloomberg.

Speaker 3 (20:28):
It depends on who you ask.

Speaker 2 (20:29):
When it comes to the auto tariffs, and you're right
in the middle of it here in Michigan, at least,
the conventional wisdom is you ask people in the C
suites at the automakers, and they're going to give you
big thumbs down here because this hurts business.

Speaker 3 (20:41):
The workers were told love it.

Speaker 2 (20:43):
And Donald Trump may get an earful on that when
he's in Michigan tomorrow night.

Speaker 3 (20:47):
Where are you.

Speaker 10 (20:49):
Yeah, Well, to your point, the UAW has come out
and publicly supported what the president is doing. And so
I represent over on the west side of the state,
a tremendous number of the supplys that go into the
Detroit three and a lot of the other foreign badges.
And unfortunately, over the decades there had been a requirement
you had to offshore, you had to go south, you

(21:11):
had to co locate with some of these other plants.
Otherwise you were just like literally taken off the list.
And I've got some suppliers who fought against that and
who remained US and US only based in their production.
And they're looking around going, you know, look, this is
the right thing to do for our workers and for
the American economy. And so seeing that, whether it's Honda

(21:36):
announcing that they're bringing the civic back to Indiana, You've
got Stilantis, You've got GM, You've got Ford that are
all talking about altering and how they're doing their production.
Those suppliers are doing the same thing. So are there
going to be some bumps in the road. Absolutely, Is
it good in the long run? I think so. Now
the question is is how do we get through this?

(21:57):
And at the end of the day, based on watching
Donald Trump for four years in his first term, watching
how he operates in this term, and just knowing in
general how he operates, he is someone who is looking
for that deal. It is the art of the deal, right,
and he is not going to just simply sit back
and let things stay static. He does want to move

(22:18):
ahead and get to these agreements. And whether it's the Swiss,
whether it's Japan, whether it's India, those are some significant
things that are going to continue to move down the road.
Obviously China is going to be.

Speaker 3 (22:28):
The big one.

Speaker 7 (22:30):
Well, and we're talking, Congressman about President Trump being the
center of all of this. As he gets ready to
mark these one hundred days, he does so having signed
more than one hundred executive orders, having taken all of
this action on tariffs, despite that constitutional authority, technically relying
on Congress or lying with Congress, When do we expect
actual legislative efforts to really step up? Knowing a reconciliation

(22:52):
fight is ahead of you, Why would anyone be confident
that that flight fight can come to a swift conclusion,
given there hasn't been that much legislation coming out of
Capitol Hill so far.

Speaker 10 (23:03):
We've had a few things going on, Kaylee, trying to
keep the government open. We've got debt ceiling that's ahead,
We've got appropriations that are happening. The reconciliation, the quote
unquote one big beautiful bill is a significant thing. I
had a chance to talk to the President this morning
briefly where we talked a little bit about what's happening.

(23:24):
My Financial Services Committee is going to be marking up
on Wednesday, Eden Labor is doing to tomorrow, and a
few others are doing tomorrow. The big ones are going
to be both in ways and means and energy and commerce,
and so there is progress that's being made on those.
The Senate has had to get through their appointments process.

(23:45):
That's consumed a lot of their time and effort, as
it should be, and so we're going to be able
to do this. It's going to be fast. I can
tell you the pace out here it ain't the pace
that we saw in the last four years. I can
tell you that it's very rap, very active, but we're
ready for this.

Speaker 2 (24:04):
You mentioned you'd talked to the President this morning, Congressman,
did he invite you to the rally tomorrow and meeting
him on the tarmac.

Speaker 4 (24:12):
That was one of the.

Speaker 10 (24:12):
Reasons I was kind of calling and asking. Unfortunately, you know,
because of the work that we have here, he put
out a truth social asking us to stay here back
in Washington and get that work done. I don't happen
to have a committee work that happens until Wednesday, so
I could theoretically go out and do that. But you know, look,
we think there's going to be an exciting announcement around

(24:35):
Selfridge Air Force Base in Michigan, and obviously this rally,
which is going to be more political in nature. He's
returning back home to where the home of the Reagan Democrats,
those McComb County Union households who came out in droves
for Donald Trump this last election and in previous elections.

Speaker 3 (24:52):
He's going back and.

Speaker 10 (24:53):
I think it's there to celebrate it with them, and
I think that's a good thing for Michigan.

Speaker 7 (24:59):
Well, and well be covering it fully here on Bloomberg
TV and Radio tomorrow whatever remarks the President makes, but congressman,
to the point that the President wants you and your
colleagues to stay there be doing the work on reconciliation.
He also has made it clear, most recently in the
interview that published with Time Magazine just a few days ago,
that he does not want to see medicaid touched as
part of this process, or at least for those who

(25:20):
are eligible. How confident are you that this process, when
it all is said and done, will not have hurt
anyone's eligibility or made cuts beyond just the waste, fraud
and abuse we often hear about.

Speaker 10 (25:32):
Well, okay, Kelly, you just hit on the key phrase
on that waste, fraud and abuse, and I believe that
that has to be looked at. I mean, what a
disservice to the taxpayer, frankly, what a disservice to those
that legitimately need this help when we knowingly turn a
blind eye, which I would argue that has happened over

(25:53):
the last number of years. And we've got to go
in and make sure that that safety net is there
for those that need the safety net. And so I
fully support that. The President's been very clear on that,
whether it's in Social Security, whether it's in Medicare Medicaid. Look,
I sat for six years in the state capitol in
Michigan and Lansing, and it's a partnership. You know, Medicare

(26:14):
and Medicaid are a partnership with the States and the Feds.
So you know, the states have to be doing their
part as well. But I'm very confident that, as the
President said, that core function of those things is not
going to get touched. In fact, I would argue, as
we tighten that up and make sure that the waste,
the fraud, the abuse, and the ineligible people that are

(26:34):
currently drawing on the systems that they get pushed out
and squeezed out, it's going to be able to give
greater ability to then give that benefit to those that
really truly deserve it and need it.

Speaker 2 (26:48):
Good to have you back, Congressman. Let's get together when
you're back in town. Bill hezenga Republican from Michigan's fourth
I want news on Selfridge Air National Guard Base. As
you mentioned, the President had spoken about bring updated jets
to that base. Maybe we'll have some news on that front.
Thanks for being with us alongside Kaylie Lines. I'm Joe
Matthew Will assemble our panel next Rick Davis and Genie Shanzano.

(27:08):
Or with us on the Monday edition of Balance of
Power on Bloomberg TV and radio.

Speaker 1 (27:15):
You're listening to the Bloomberg Balance of Power podcast. Catch
us live weekdays at noon and five pm Eastern on
Apple Cockley and Android Auto with the Bloomberg Business App.
Listen on demand wherever you get your podcasts, or watch
us live on YouTube.

Speaker 7 (27:32):
Likely to be a busy week in politics as well,
after what was Brinkley, A very busy weekend in politics,
not just the White House Correspondence dinner, which has reporters
exhausted as we begin this week here in DC, but
of course also on Saturday, heads of state from all
over the world descending on Rome the Vatican, specifically for
the funeral of Pope Francis. President Trump, of course was

(27:52):
in attendance, as was Ukrainian President voladimir's Alinsky. They actually
met for about fifteen minutes inside the and what might
turn out very well to be one of the most
iconic images in modern geopolitics is the two sat knee
to knee and discussed the prospects for a peace deal
with Russia. We heard from President Trump as he made

(28:13):
his way back to DC after that meeting about what
was discussed.

Speaker 4 (28:16):
He told me that he needs more weapons.

Speaker 11 (28:20):
But he's been saying that.

Speaker 6 (28:21):
For three years.

Speaker 11 (28:22):
Yeah, he needs more weapons, and we're going to see
what happens. I want to see what happens with the
respect to Russia, because Russia, I've been surprised and disappointed,
very disappointed that they did the bombing of those places.

Speaker 9 (28:37):
After discussion.

Speaker 2 (28:39):
With our eyes on geopolitics, we assembled our political panel.
Bloomberg Politics contributors Genie Schanzeno.

Speaker 3 (28:46):
And Rick Davis are with us.

Speaker 2 (28:48):
Genie is senior Democracy Fellow with the Center for the
Study of the Presidency in Congress. Our democratic analyst, Rick Art,
republican strategist and partner at Stone Court Capital. You saw
the image that Kaylee described, Rick, this is something that's
going to be in history books for a long time
to come. Here the optics of this sit down meeting
on two simple chairs in Saint Peter's Basilica. The to

(29:08):
need a knee talking. As you can see right now
on Bloomberg TV or if you're with us on YouTube,
this meeting, Rick, will lead to a deal. Will it
unlock progress or not.

Speaker 12 (29:19):
Well, we hope, so, you know, the two of them
need a knee and the Sistine Chapel, I mean, talk
about stepping on a new story there to see the pope.

Speaker 3 (29:29):
But the.

Speaker 12 (29:31):
Press coming out of the funeral was all about Zelenski
and Trump, a wartime president meeting with the most important
man in the world, and the reality is maybe shaking
something loose in the process. We've heard over and over
from members of Trump's high command all week that we
weren't making progress and maybe we just give up and

(29:52):
let them work it out themselves.

Speaker 9 (29:54):
You know, there was some really good baiting going on,
but the.

Speaker 12 (29:57):
Two of them, once they got together, Trump turned his
attention on Russia, scolded them for not doing more around
the peace table, and then we see today the Russians
announce in May day ceasefire. That may be an opening
for real discussions to take place. So hopefully Presidence Lensky

(30:17):
has gotten Donald Trump's ear in a way that can
be more productive for the outcome of these negotiations.

Speaker 7 (30:25):
Well, Genie, contrast what we heard from President Trump on
Saturday in the aftermath of the meeting with what we
heard from his Press secretary Caroline Lovett when She briefed
reporters this morning who said that the President is quote
increasingly frustrated not just with the leader of Russia, but
also with the leadership of Ukraine, reiterating that he wants

(30:45):
to see a permanent ceasefire and saying both leaders need
to come to the table to negotiate their way out
of this. Do you think this is a real attitude
shift in terms of how the president is viewing both
Vladimir Putin and Vladimir Zelensky or is he just getting effected,
if you will, with this entire process.

Speaker 5 (31:03):
You know, this has been par for the course with
Donald Trump on Ukraine. It has been a sort of
class in inconsistent messaging, if you will. He's going to
end the war on day one, and then he's not
sure if the deal is possible. Within hours after Whitclock
meets Putin, and then he's back to saying a deal
is possible. Then he's threatening sanctions against Russia, and then

(31:28):
when the global tariffs are rolled out, who's exempt and
excluded Russia? And then the other day, you know, we
may secondary sanction them. And now today she is saying
he's frustrated with both.

Speaker 9 (31:38):
Sides, and you know.

Speaker 5 (31:40):
Say what you want about Joe Biden's approach to Ukraine.
There was a consistency of messaging there and that has
all been lost with the Trump administration. And he has
really turned what has been a Republican orthodoxy of we
want sovereign and secure borders in Russia on in Europe, sorry,

(32:00):
on its head. And we have just been living through
this back and forth, which seems to reflect who he's
spoken to. So I don't know what to make of
all of this. You hope that Vladimir Putin is being
honest and forthright in terms of wanting a cease fire
and moving towards a peace, but we've been there before.

(32:22):
And of course the Ukrainians first to respond today and
said they'll believe it when they see it. He's been
bombing civilians in Ukraine for days.

Speaker 3 (32:31):
That's right.

Speaker 2 (32:31):
Interesting kind of ultimatum, if I can use that word
dropped by the Secretary of State Marco Rubio, forget getting
this done on the first day.

Speaker 3 (32:40):
We're way beyond that. But Marco Rubio.

Speaker 2 (32:42):
Seems to say that if it's not done this week,
the US may be all done here.

Speaker 3 (32:46):
Here's what he said on NBC.

Speaker 13 (32:49):
This week is going to be a really important week
in which we have to make a determination about whether
this is an endeavor that we want to continue to
be involved in, or if it's time to sort of
focus on some other issues that are equally of not
more important in some cases. But we want to see
it happen. There are reasons to be optimistic, but there
are reasons to be realistic of course as well. We're close,
but we're not close enough.

Speaker 3 (33:11):
What do you make of this approach, Rick? Is this
just posturing and why this week?

Speaker 9 (33:17):
You know, Look, everything.

Speaker 12 (33:17):
About negotiations is posturing, and I actually read this as
being more positive about a negotiated settlement than he was
at the beginning of last week, you know, where basically
he said, if we don't get a.

Speaker 9 (33:28):
Deal by this week, we're going to quit.

Speaker 12 (33:31):
This is a sea change in sort of the messaging
coming out of the State Department. But the reality is,
the only messaging that we really care about is those
coming out of the White House and out of Donald
Trump's mouth, because we know that nobody has the impact
on this negotiated outcome other than him.

Speaker 9 (33:47):
I mean, look, it's very hard.

Speaker 12 (33:48):
Lavrov, the chief negotiator for the Russians has staked out
territory in this negotiation. It basically is give us everything
we've won for our effort in the invasion of Ukraine,
all of.

Speaker 9 (34:03):
Our prots and assets, and leave us alone.

Speaker 12 (34:05):
And codify that ad infinitum for the rest of history.

Speaker 9 (34:10):
That's not really a negotiation.

Speaker 12 (34:12):
That is at a time when we seem content to
negotiate against ourselves.

Speaker 9 (34:17):
Oh, we're not going to let Ukraine into NATO.

Speaker 12 (34:19):
Oh we're not going to give them access to some
of these territories that are part of their homeland. The
reality is you've got to hold your breath and hope
that something positive happens for the people of Ukraine who've
suffered under these attacked by Putin, And we hope that
Donald Trump will be able to produce something that is
acceptable to the Ukrainian side, not just to the Russian.

Speaker 7 (34:43):
Side well, but when we consider the Russian side, Rick
does this kind of rhetoric, even if it is slightly
different in tone that we're hearing from the Secretary of State,
a suggestion that the US may be getting close to
a point where it walks away from this. What incentive
does Russia have to accelerate this process, if it thinks
it might be able to wait the US out on
this one, if indeed this agreement would have some things

(35:05):
at least that Russia wouldn't necessarily like.

Speaker 12 (35:09):
Yeah, I would have thought that we were on the
precipice of walking away if Donald Trump had not sat
down in the Sistine Chapel with Letimer Zelenski, President of
Ukraine and started up a direct conversation with him. Remember
the last time they sat, Nita Nee, it was a
disaster in the Oval Office. And so the fact that
both of them came out of the Sistine Chapel basically

(35:31):
in the same place, which was get Russia back to
the table in a fashion that's productive and get them
to stop these attacks that Genie is talking about, which
do not add to a environment that is a productive negotiation.
Donald Trump now owns these negotiations, he owns the outcome.

Speaker 9 (35:50):
So if we walk away, it'll be our failure, not
the failure of Ukraine or Russia.

Speaker 2 (35:56):
Not lost on us that JD Vance was not in
that meeting at the Vatican. Genie was that the difference
between what we saw last weekend and the Oval Office,
you know, it.

Speaker 5 (36:08):
Could be and it's a great question because it shows
sort of the uncertainty as to where Donald Trump is
on this issue. I mean, for ten years, at every
point when it has been raised, he has almost always
supported Russia and spoke glowingly of Vladimir Putin. And so
it's hard to know what explains the kneed and knee

(36:29):
with Zelensky and how different that was. But you know,
when you think about and Rick raised Lavrov. He was
on CBS this weekend and it was literally striking to
watch because it shows how intractable this issue really is.
He kept coming back over and over to the fact

(36:50):
that Russia is fundamentally threatened by Ukraine wanting a sovereign
border and to move to the west. None of this
has addressed that price And it was very clear listening
to Lavrov putting even Putin aside. There are vast powers
in Russia for whom the idea that Ukraine is going

(37:10):
to move any further to the west that it already
has is completely unacceptable. So even if there's a short
term deal here, what is to stop Russia in a year,
six years, or five years from going back into Ukraine.
And so this is the intractable nature of this problem.
And that fundamental issue has yet to be addressed in

(37:32):
any way that we've seen, at least publicly.

Speaker 9 (37:36):
Well.

Speaker 7 (37:36):
And I wonder also if this issue just widely Genie,
the ongoing war between Russia and Ukraine is something that
will be addressed by President Trump at all when he
marks one hundred days with a speech in Michigan tomorrow,
knowing how often in rallies that will probably look and
sound similar. On the campaign trail, he suggested he could
end this war in a day, as we now have
one hundred days past. Almost is he going to call

(37:57):
attention to the fact that it has not.

Speaker 5 (38:00):
He might not, but it was so interesting in that
Time article he said something like, oh, I'm not sure.
I was just exaggerating. I don't know why people listen
to that. So you know, he could do it in
that typical Donald Trump way. I doubt he goes out
to Michigan and talks a lot about Ukraine. I think
he'll talk a lot about immigration and the economy. Immigration
in particular, because that's what they see is their strongest issue,

(38:22):
but the economy. Given where he is, he certainly wants
to say he's fighting for the auto workers and other
blue collar workers to bring this manufacturing, domestic manufacturing back
to the United States. So I think that'll be his focus.
He probably won't spend a lot of time on this
really difficult international issue.

Speaker 7 (38:42):
All right. Jeanie Schanzeno and Rick Davis, our political panel
here kicking us off for the week on Balance of
Power on Bloomberg TV and Radio. Thank you both so
much as always for joining us, and of course show
we know that the president does have the power with
speeches like this, as we saw in the campaign trail
and have seen since, to go in a lot of
different directions, even if he's there to talk about the
things he has achieved within the first one hundred days

(39:04):
of as well.

Speaker 3 (39:05):
That's the weave, isn't it.

Speaker 2 (39:06):
Yes, it's also I end up moving the market sometimes
when he speaks, and we're no strangers to that. We'll
get an update on the markets for you coming up
with Charlie Pellett, and we're going to turn our attention
to Canadian elections happening today.

Speaker 3 (39:17):
David Gura standing by in Ottawa.

Speaker 7 (39:19):
Yeah, going to be a big one. President Trump weighing
in on that to today, mind you, the fifty first
state talk, it's still going. We'll have more head here
on Bloomberg TV and radio.

Speaker 1 (39:30):
You're listening to the Bloomberg Balance of Power podcasts. Catch
us live weekdays at noon and five pm Eastern on
Apple Cockley and Android Auto with the Bloomberg Business App.
You can also listen live on Amazon Alexa from our
flagship New York station, Just say Alexa play Bloomberg eleven thirty.

Speaker 2 (39:49):
Looking at a very different capital today, Kaylee, with elections
underway in Canada. One of our top stories takes us
far outside the bubble, but we have sent our asset,
David Goura to Ottawa to report on this. It's impossible, though,
to talk about the Canadian elections without talking about politics
here in the US. You know, I'm referring to tariffs.
It goes back to Governor Trudeau, fifty first state and

(40:12):
a remarkable turn about here that has brought Mark Carney's
Liberal Party in contention in a race where many had
counted them out.

Speaker 7 (40:21):
Yeah, President Trump is a factor here, and he was
weighing in as recently as this morning, taking to True
Social to wish good luck to the great people of Canada,
he says, going on to say that it could quadruple
in size was zero tariffs or taxes if Canada becomes
the cherished fifty first state of the United States of
America no more. This is a quote from the president,

(40:42):
artificially drawn line from many years ago. So on that note,
we do turn to our colleague David Gerab Bloomberg correspondent
who is live in Ottawa for US and David case
in point is to Donald Trump being an animated issue
in this election.

Speaker 14 (40:58):
Yeah, there was some concern a few weeks ago about
fourign interference in this election. I don't think this was
the kind of foreign interference that a lot of folks
here were forecasting. But that was an extraordinary post from
the President of the United States today, kind of doubling
down on the rhetoric that we've heard over the course
of this campaign. And as Joe is saying, it's something
that's really shifted the narrative of this campaign. Donald Trump
talking about candidate's sovereignty, calling that into question and really

(41:18):
throwing into doubt the longevity of this very long standing
relationship trade an economic relationship between the US and Canada.
It has been an extraordinary turnaround. If you were to
go back to last fall, and looked at the polling
when Justin Trudeau's positions Prime minister was very much in doubt.
A lot of that dissatisfaction from the electorate hinged on
the fact that people were unhappy with the economy in
this country, that there were concerns about housing for example,

(41:40):
about growth and inflation, about debt and deficit. All of
that continues to exist as a backdrop to the campaign
that we're seeing come to an end here today. But
this infusion of Donald Trump into this race has really
upended everything. And so we have both candidates trying to
position themselves as the individual who's going to be able
to most effectively go to the White House, go to Washington,
meet with President Trump, pushback on some of that rhetoric

(42:01):
again about sovereignty, but also about trade and begin to
broker a new kind of trade relationship between the US
and Canada. What that looks like will be very much
determined by the outcome of this election today.

Speaker 2 (42:10):
Polls closing between seven pm and ten pm, David, just
give our listeners and viewers a sense of what to
watch for tonight.

Speaker 14 (42:21):
So this is of course a vast geography, and those
polls are going to close in a very staggered way.
But so many of those seats in Parliament are cluster
in the eastern part of this country, and that is
a real stronghold in this campaign. For Mark Karney, we've
seen him doing very well in the polling in the
eastern part of Canada, so pay attention to that and
by mid evening we should have a sense of how
he and the Liberals broadly are doing here. But both

(42:42):
of these candidates have invested a lot of time and
attention in the western part of this country as well,
and I think that bears watching too. Of course, Pier
Poliev is born in Alberta and has spent a lot
of time campaigning in the West. Mark Carney has as well.
If this is a close phrase, if it's not a
landslide or a majority doesn't seem as shured in the
eastern part of this country, I think we'll be looking
very closely. It's sort of what may come about here
in the more western provinces and in Canada.

Speaker 3 (43:03):
Guys.

Speaker 2 (43:05):
David gera Bloomberg correspondent, host of The Big Take podcast,
and I'm guessing we're going to have a good one
to look forward to here with us live from Ottawa
on this election day, David referring to the vast geography
here that of course includes Manitoba, and I'm glad to
say that we're joined by Manitoba's Finance Minister, Adrian Sala
with us on this election day. Minister, thanks for being

(43:25):
here on Bloomberg TV in radio. How have the candidates
spent time in Manitoba, how present have they been and
what's been their message to voters?

Speaker 15 (43:36):
Look, I think we're hearing a strong message from all
individuals running for leadership of our country here in Canada. Look,
we're seeing, of course Canadians are stepping up and are
turning out to vote in record numbers. I think the
obviously the interest in voting has been driven by Donald
Trump and some of the comments we've heard from him,

(43:58):
and that's driving people to want to see certainty and
of course looking to have a prime minister step up
and provide that certainty going forward. Certainly, one of the
big stories I think over the last couple of months
has been a major shift in polling towards the favor
of the Liberal candidate, mister Carney. But I think there's
a bigger story here at play, which is that both
major parties. Now we're seeing a lot of consensus, I

(44:21):
think in response to what we're seeing to the south
of US, where there's a real agreement around the importance
of looking to do nation building projects, finding a way
forward on environmental approvals to make sure projects can move
forward more quickly, and of course focusing on the development
of trade corridors. So we're seeing that consensus and I
think that that's a good thing because ultimately that will
serve Canada well going forward and ensuring that provinces like

(44:43):
Manitoba continue to grow and develop well.

Speaker 7 (44:46):
Minister, as you allude to the swings and polling which
our colleague was just speaking to as well, can you
just describe for us the sentiment shift you have seen
underway in Canada amongst Canadians since President Trump assumed office,
because we've heard a lot about the nationalism, Canadians not
wanting to make trips to the US for example. Just
how powerful a force is that.

Speaker 15 (45:09):
It's been an incredibly powerful force. Look, I think the
comments from President Trump have really driven Canadians to unite
in wanting to work together to ensure that we respond
to the threats that we've seen to our economy and
our sovereignty. Canadians are wanting to work together like never
before in response to those threats, and so we're seeing

(45:29):
that again in terms of the types of language we're
seeing from all parties and frankly the two major parties
that are contending for leadership of this country and again
orienting them towards nation building projects. And of course for
provinces like Manitoba, this is a good thing. We're well
positioned to support nation building work with the energy and

(45:50):
the role that Manitoba plays as an important trade court
or not only to Western Canada, but also to Europe.

Speaker 2 (45:57):
Mister Sla, a few data points from your Chamber of
Commerce in Manitoba. Manitoba exports eighteen billion dollars worth of
goods to the US every year, and two way trade
between Manitoba and the US is valued at roughly forty
two billion dollars. What happens to those numbers if reciprocal
tariffs has threatened by President Trump and you can add

(46:19):
auto tariffs if you want to that equation or in
fact put into effect.

Speaker 15 (46:26):
Look, we know that there's no question that those tariffs
and reciprocal tariffs will have a significant impact on economies
across Canada, within our provinces and of course our country's economy. Look,
we want a fair and predictable trading relationship with the US,
and we know that this tariff war isn't helping anybody.
It's certainly not helping Manitoba's or Canadians, and it's not

(46:46):
helping Americans either. Look, Manitoba exports in terms of hogs,
approximately three to three and a half million hogs a
year into the US economy. Now, if twenty five percent
tariffs were applied to that, that's going to have a
direct impact on the cost of Macon for Americans, and
they go to the grocery store, and of course everyone's

(47:06):
favorite breakfast sandwich product there from McDonald's as well. So look,
there's a high degree of interconnectedness, of course between our economies.
We know that the risk is real, but the impacts
and the negative impacts will be felt not only by
Canadians but by Americans as well.

Speaker 6 (47:25):
Well.

Speaker 7 (47:25):
And obviously a lot of that will come down to
the decision making of President Trump and negotiations with who
ultimately ever gets the majority in Parliament and then therefore
becomes Prime Minister of Canada after today. But Minister Provincially,
what is Manitoba able or prepared to do to offset
any hardship that those who are reliant on trade with

(47:46):
the United States may come to if we are to
see a deterioration in that trading relationship.

Speaker 15 (47:52):
We'll always fight to protect our jobs and our businesses
in Manitoba, and our recent budget, in response to the
threats that these tariffs have created to our economy, was
focused on really helping to ensure we were sustainable and
that we had the resilience we need during this challenging time,
and so our budget focused and responding to those threats
by bringing forward a three point seven billion dollar capital

(48:14):
plan where we're focused on investing in significant economy supporting
infrastructure type investments, trade supporting infrastructure like our Port of
Churchill and Northern Manitoba Centre Port, which is a multimodial
facility to the west of Winnipeg. We've also leaned into
procurement and bringing some of our procurements back to Canada

(48:34):
and ultimately hopefully back to Manitoba to create more business opportunities.
And light of these challenges, our province, along with other provinces,
are also working very closely together to reduce interprovincial trade barriers,
which we know is an essential thing we can do
to help create more resilience and success for our job
producers in Manitoba. So those are some of the measures

(48:54):
that we're taking in response. Again, this is about creating
economic resilience during this time of uncertainty, along with other
direct supports for businesses. As required, we will work to
protect our jobs and protect our economy here in Canada
and in Manitoba, Western Canada, and we're going to do
whatever it takes to do that.

Speaker 2 (49:12):
To what extent is China making this more complicated as
you deal with the uncertainty over tariffs here in the US.
Manitoba is handling one hundred percent levies from China on
some pretty important exports grape seed, oil, oil, cakes and peas,
a twenty five percent tariff, pork and aquatic products. How
large is that market? How much of an issue is

(49:35):
this for you in Manitoba.

Speaker 15 (49:37):
Well, we know that those tariffs are having a disproportionate
impact on Western Canada. So I appreciate the opportunity to
bring that perspective here today to your viewers. Look, the
impact is real of course on our canola producers and
our pork producers, and we know that those Chinese tariffs
are also impacting our fisheries in Eastern Canada as well,
so they seem to have been designed to try to

(49:58):
divide our country will stand united, our province Manitoba will
stand united with the rest of Canada and holding firm
against these actions. Again, we're going to work together with
our agricultural producers to make sure that they can find
new markets for their products and that will continue to
support them. We're going to need some support from the

(50:18):
federal government to do that, but again we're going to
continue to make sure we protect those jobs. Egg is
a massive sector in our provincial economy in Manitoba and
a key part of our value proposition, and we're going
to keep making sure that our producers are supported and
are looking forward to working with the federal government to
work through this challenge together.

Speaker 7 (50:37):
Well, Minister, as you talk about finding new markets for
those goods, what trading partners does Canada does Manitoba need
to draw closer here?

Speaker 15 (50:46):
Well, I think there's significant opportunity for us in a
number of areas around the world. But one thing I'd
like to highlight is just the significant opportunities we have
to expand our market in Europe as a province that's
located in the middle of the country, but we are
a maritime province with our northern port, Port of Churchill.
Our government has been making significant investments in the rail

(51:06):
line that takes goods up to that port as well
as the port. We're going to see critical mineral shipments
double this summer from the Port of Churchill. So a
lot of exciting opportunity as it relates to expanding Manitoba's
role as an important trade corridor for moving goods from
Western Canada to Europe through the port and ideally seeing
more goods move from Europe the other way into Western Canada.

(51:28):
So Europe is one significant opportunity for us given that
maritime port that we have, the Port of Churchill is
fifteen hundred kilometers closer to the biggest port in Europe
in Rotterdam than Thunder Bay, so we do have an
advantage there that we're looking to continue developing and I
think you can expect that we're going to keep working
to grow that opportunity that trade order to expand trade

(51:50):
with Europe and beyond.

Speaker 2 (51:53):
Minister Salom, we've only got about a minute left. What
are you doing tonight to watch the results?

Speaker 15 (51:58):
We're going to cozy up somewhere here. We're here in
Toronto and looking forward to sitting around and with other
Canadians and watching the results roll in.

Speaker 7 (52:07):
All right, well, we will be doing the same here
at Bloomberg. Sir, thanks very much for joining us on
this election day life from our bureau in Toronto. Adrian
Sala of course, Finance Minister of the Province of Manitoba,
and I think based off of true social we might
be able to assume that President Trump is going to
be keeping an eye on these results as well. Wants
to know what's happening with the land with which he

(52:28):
would like to see become.

Speaker 2 (52:30):
Fifty first date the beautiful land Mass, he says, as
long as he don't have that arbitrary line that, of course,
we call a border. Thanks for listening to the Balance
of Power podcast. Make sure to subscribe if you haven't already,
at Apple, Spotify, or wherever you get your podcasts, and
you can find us live every weekday from Washington, DC

(52:52):
at noontime Eastern at Bloomberg dot com.