>> WELCOME TO "BLOOMBERG THIS WEEKEND COME GO LIVE FROM NEW

YORK WITH DAVID GURA, CHRISTINA RUFFINI, AND LISA MATEO.

THE LATEST HEADLINES, KEY ANALYSIS, BIG INTERVIEWS, AND

STORIES THAT HIT HOME.

DAVID: WELCOME TO "BLOOMBERG THIS

WEEKEND," FROM NEW YORK CITY. CHRISTINA:

HERE WE ARE WITH ALEXIS CHRISTOFOROUS US.

IT'S SUNDAY, WELCOME TO LISTENERS AND VIEWERS ACROSS

ALL PLATFORMS. RADIO, TV, STREAMING, BLOOMBERG.COM AND

THE BLOOMBERG BUSINESS APP. WE ARE STILL KIND OF DIGESTING

THE NEWS FROM YESTERDAY AS WE TRACK THE EVOLVING TRADE WAR

BETWEEN CANADA AND THE U.S. DAVID:

GETTING THOSE STICKING POINTS IN THE NEGOTIATIONS FROM BOTH

SIDES WITH THE PRESIDENT WEIGHING IN ON STROKE -- TRUE

SOCIAL OVERNIGHT. THERE WAS A TORRENT OF POSTS.

"CANADA ONCE THE BENEFITS OF BEING A STATE WITHOUT BEING ONE

AND HAVE CHARGE ARE GREAT FARMERS MASSIVE AMOUNTS OF

TARIFFS, NO MORE. THIS GETS TO SOMETHING THAT HAS

BEEN A ISSUE THROUGHOUT THE LAST COUPLE OF YEARS HERE, THE

PRESIDENT JOKING ABOUT, TALKING ABOUT CANADA BECOMING THE 51ST

STATE, IMPEDING ON CANADIAN SOVEREIGNTY.

IF YOU LOOK AT THE READOUTS OF WHAT WE GOT, THE PRIME MINISTER

SINGH TO THE AMERICANS IN HIS COMMENTS TO THE PRESS

AFTERWARDS THAT THESE KINDS OF REMARKS ARE UNACCEPTABLE.

CHRISTINA: IT DIDN'T GO WELL THE FIRST

TIME AND IT CERTAINLY ISN'T GOING DOWN WELL NOW.

IT IS LEADING TO OTHER THEORIES ABOUT WHY THE TALKS BROKE DOWN.

WE WILL BREAK THAT DOWN WITH OUR GUESTS LATER BUT FIRST,

ALEXIS WITH THE HEADLINES. ALEXIS:

CANADA IS ANSWERING BACK AFTER $20 BILLION ON PRODUCTS

YESTERDAY INCLUDING PLYWOOD, LIQUOR, ELECTRICAL EQUIPMENT,

AND HOCKEY GEAR. THE PRIME MINISTER SAYS CANADA

WILL APPLY COUNTER TARIFFS ON $20 MILLION IN U.S.

PRODUCTS SEPTEMBER 8, ESCALATING THE FEUD, ROCKING

ONE OF THE WORLDS BIGGEST TRADING RELATIONSHIPS, SAYING

THAT HE WAS LEFT WITH LITTLE CHOICE AFTER TRADE TALKS BROKE

DOWN. CANADIAN LEVEES APPLY TO U.S.

STEEL, DAIRY, APPLIANCES, AGRICULTURAL EQUIPMENT,

ELECTRONICS, AND MORE. THE NEW LEADER OF THE TOP

SECURITY BODY IN IRAN JOINING U.S. EFFORTS TO SQUEEZE THEIR

ECONOMY, EGYPT IS TRYING TO PROVIDE NEGOTIATIONS AND A RACK

SISTER RON HAS HELPED SOME SHIPS CARRYING IRAQI OIL TO

TRANSIT THE STRAIT OF HORMUZ. FRANCE AND SAUDI ARABIA ARE

EXPECTED TO DISCUSS PLANS LATER TODAY TO BYPASS THE CRITICAL

WATERWAY. RESIDENTS ON THE BIG ISLAND OF

HAWAII ARE BRACING AS A TROPICAL STORM MAKES ITS WAY

THROUGH THE ISLAND. FORECASTERS WARNED THE RAINFALL

COULD CAUSE LIFE-THREATENING FLOODING AND MUDSLIDES.

RESIDENTS ARE STILL DEALING WITH THE AFTERMATH OF HEAVY

FLOODING AND DAMAGING WINDS.

IT IS DAY 12 WITHOUT POWER FOR TENS OF THOUSANDS OF RESIDENTS

IN GARY, INDIANA TWO WEEKS AFTER THUNDERSTORMS SWEPT

THROUGH THE STATE. KILLING SEVERAL PEOPLE,

HURRICANES FLOODED NEIGHBORHOODS.

THE GOVERNOR OF INDIANA IS CALLING ON THE LOCAL POWER

UTILITY TO MATCH THE URGENCY OF RESIDENTS WHO HAVE HAD TO

ENDURE THE POWER OUTAGE. NIPSCO POWERS SAYS THEY ARE

WORKING AROUND THE CLOCK TO RESTORE POWER.

DONALD TRUMP MADE MORE THAN 1000 SECURITIES TRADES IN JUNE,

INCLUDING SHARES OF BERKSHIRE HATHAWAY, VISA, MASTERCARD, AND

COINBASE, THAT'S ACCORDING TO A FINANCIAL DISCLOSURE FROM THE

WEEKEND. HE MADE MORE THAN 21,000

SECURITIES TRADES, OFTEN IN BURSTS TIED TO MARKET EVENTS

THAT HE CREATED. THE WHITE HOUSE SAYS THAT THERE

IS NO CONFLICT OF INTEREST AS THE TRADES ARE MADE BY

INDEPENDENT MANAGERS. DAVID: 21,000. THAT'S A LOT OF TRADES.

ALEXIS: OFTEN TRADING, BUYING AND

SELLING, IN THE SAME DAY. CHRISTINA:

CANADA'S PRESIDENT, MARK CARNEY, PUNCHING BACK,

PROMISING RETALIATORY TARIFFS TO TAKE EFFECT TUESDAY,

SEPTEMBER 8, PROMISING TRADE TALKS COLLAPSED IN PART BECAUSE

OF REQUESTS CANADA MADE TO CUT TARIFFS ON MEDIUM AND

HEAVY-DUTY VEHICLES, SAYING THAT THE U.S.

WANTED TO PUT LIMITS ON CANADIAN TRADE DEALS WITH OTHER

COUNTRIES. DAVID:

THE CEO OF THE RHODES TRUSTS JOINS US FROM THE UKRAINE TODAY.

WE WANTED TO TALK ABOUT INDEPENDENCE DAY IN A FEW

MINUTES BUT FIRST LET'S TALK ABOUT THAT U.S.

CANADA RELATIONSHIP. YOU WERE THE LEAD NEGOTIATOR,

AND GIVEN ALL OF THAT EXPERIENCE I WANTED TO ASK YOU

FIRST IF YOU WERE SURPRISED BY WHAT HAPPENED HERE, DRAWING

FROM THE PRIME MINISTER'S REMARKS, SAYING THAT THE

PROPOSED CHANGES WERE NOT FAIR, NOT ECONOMIC, CALLING INTO

QUESTION THE RELIABILITY OF ANY DEAL.

>> I'M VERY PROUD OF THE POSITION THAT CANADA AND PRIME

MINISTER CARNEY HAVE TAKEN. I'M NOT SURPRISED, I AM

RELIEVED.

WE WERE ON THE BRINK OF A DEAL THAT WOULD'VE BEEN A BAD DEAL

FOR CANADA AND FOR THE UNITED STATES.

I'M GLAD THAT THAT DIDN'T HAPPEN.

MY EXPERIENCE IN THE ULTIMATELY SUCCESSFUL NEGOTIATION OF THE

USMCA IS THAT THE WAY TO GET A GOOD DEAL WITH THE TRUMP

ADMINISTRATION IS YOU NEED TO DO THREE THINGS.

FIRST, LOOK FOR AREAS WHERE YOU CAN COOPERATE. THERE ARE A LOT.

ULTIMATELY, THIS IS A WIN-WIN RELATIONSHIP.

SECOND, IT IS SO IMPORTANT FOR CANADA TO MAKE THE CASE BEYOND

THE WHITE HOUSE.

IN 2018 WE CALLED IT THE DONUT STRATEGY.

AMERICANS I THINK ARE BASICALLY GOOD, DECENT, SMART PEOPLE AND

THEY BROADLY RECOGNIZE THAT THEIR RELATIONSHIP WITH CANADA

IS EXCELLENT AND THEY DON'T WANT TO BREAK IT.

I THINK THAT TEAM CANADA NOW REALLY NEEDS TO GO OUT AND

EXPLAIN THAT TO AMERICANS. THE THIRD THING, WHICH CAN BE

HARD, AND WHICH WE SAW JUST NOW, IS WITH THIS

ADMINISTRATION YOU CANNOT CAPITULATE.

MY MOTTO WAS THAT WE DO NOT ESCALATE AND WE DO NOT BACK

DOWN. I THINK THAT THAT IS THE ONLY

LANGUAGE THE TRUMP ADMINISTRATION UNDERSTANDS,

UNFORTUNATELY. CHRISTINA: YOU HEARD SOME SEGMENTS AND

DON'T TAKE POLITE MINTS -- POLITENESS FOR WEAKNESS.

I'M SURE YOU ARE TALKING TO PEOPLE AND YOU KNOW THEM SO

INTIMATELY, WHAT'S YOUR TAKE ABOUT HOW THIS BROKE DOWN?

POLITICO REPORTING THIS MORNING THAT U.S.

OFFICIALS BLAMED CANADA, THEY HAD WANTED LOWER ON HEAVY

TRUCKS, WITH INFIGHTING AND THE TRUMP ADMINISTRATION BETWEEN

LUTNICK AND GRIER. IT WASN'T CLEAR WHO WAS IN

CHARGE AT ALL TIMES. WHAT IS YOUR TAKE ON THIS?

>> I WANT TO SAY THIS IN A NICE CANADIAN WAY AND NOT BE A JERK,

CANADA HAS A PRIME MINISTER AND NOT A PRESIDENT, IT'S PRIME

MINISTER CARNEY, WE HAVE PREMIERES, NOT GOVERNORS.

I NEED TO SAY THAT BECAUSE OTHERWISE YOUR CANADIAN

LISTENERS WILL GET MAD AT ME. CHRISTINA:

OF COURSE, I DO KNOW THAT, I APOLOGIZE, I EVEN WROTE IT DOWN

INCORRECTLY -- CORRECTLY.

>> I KNOW YOU DO.

I'M SORRY TO SOUND JERKISH, BUT CANADIANS WILL PAY ATTENTION TO

THAT, ESPECIALLY NOW. LOOK, I AM NOT PRIVY TO THE

INSIDE DETAILS OF THE NEGOTIATION AND EVEN IF I WERE

IT IS NOT MY PLACE TO REVEAL THEM. WHAT I WILL SAY IS THIS.

I THINK THAT THERE IS A FUNDAMENTAL CHALLENGE HERE THAT

WE HAVE TO BREAK OUT OF TO HAVE A SUCCESSFUL DEAL.

I THINK THAT THE CANADIAN PERSPECTIVE IS THAT A TRADING

RELATIONSHIP WITH THE UNITED STATES CAN BE A WIN-WIN

RELATIONSHIP. THAT HAS BEEN THE EXPERIENCE

FOR CANADA AND THE UNITED

STATES DURING NAFTA AND SINCE THE USMCA WAS KING -- WAS

INCLUDED -- INCLUDED. WE DON'T SEE IT AS A ZERO-SUM

GAME OR ABOUT DOMINANCE AND SUBMISSION.

WE THINK WE CAN REACH A DEAL THAT WORKS FOR BOTH PARTIES.

I THINK THAT AT HEART THAT IS NOT THE TRUMP'S VIEW.

IT'S A REAL PROBLEM, A PROBLEM NOT ONLY FOR CANADA BUT FOR THE

UNITED STATES. I'M GOING TO GIVE YOU A

SPECIFIC EXAMPLE. THE TARIFFS ON CANADIAN

ALUMINUM THAT THE ADMINISTRATION HAS BEEN

INSISTING ON KEEPING IN PLACE ARE BAD FOR CANADA.

WE SHOULD NOT AGREE TO THEM. WE HAVE A TRADE DEAL AND WE

SHOULD NOT AGREE TO A SITE DEAL THAT SETS WORSE CONDITIONS THAN

THIS FREE TRADE DEAL. BUT THE POINT I WANT TO MAKE

FOR YOUR LISTENERS IS THAT IT IS REALLY DUMB FOR THE UNITED

STATES TO IMPOSE TARIFFS ON CANADIAN ALUMINUM.

YOU NEED OUR ALUMINUM FOR YOUR DEFENSE SECTOR, YOU NEED IT FOR

MANUFACTURING. THE TARIFFS ARE ATTACKS.

THIS IS THE BEST EXAMPLE OF THE WRONG HEADEDNESS OF THE

APPROACH OF THE ADMINISTRATION RIGHT NOW, ALUMINUM AS

ELECTRICITY IN SOLID FORM AND AS YOU KNOW, AMERICANS NEED

MORE ELECTRICITY WITH THE AI BOOM, SO I WOULD YOU PUT A TAX

ON ELECTRICITY? DAVID:

I WANT TO ASK YOU ABOUT THE POTENTIAL CONSEQUENCES OF THIS

ESCALATING, RETALIATORY TRADE WAR. THIS COULD ESCALATE AND

ESCALATE. I NOTED IN A PIECE YESTERDAY A

PROFESSOR IN THE UNIVERSITY OF CALGARY NOTED CANADA COULD LOSE

ALMOST 90,000 JOBS WITH THESE TARIFFS IN PLACE.

FOLLOWING THE DISSOLUTION OF THIS MEETING, HE SAID HE WASN'T

BEING CAVALIER ABOUT THE CONTENT -- DECISION, BUT CAN

YOU TALK ABOUT THE CONSEQUENCES OF ESCALATION OR SPIRALING?

>> SO, CANADIANS I THINK I UNDERSTAND THE SITUATION VERY,

VERY WELL AND I THINK RECOGNIZE THAT WE ARE A SMALLER ECONOMY.

BUT THEY ALSO RECOGNIZE THAT THERE ARE FUNDAMENTAL

PRINCIPLES AT STAKE. THAT CANADIAN SOVEREIGNTY IS AT

STAKE. I THINK THAT THE PRIME MINISTER

HAS THE ENTIRE COUNTRY BEHIND HIM ON THIS ONE.

THE OTHER THING IS, THE LESSON OF RECENT HISTORY, THE LESSON

OF 2018 AND 2019, THE FIRST TIME THE U.S.

IMPOSED TARIFFS, UNJUSTIFIED TARIFFS THAT WENT OUTSIDE OF

OUR NAFTA DEAL, IT IS RETALIATION WORKS.

IN 2018, THE U.S. IMPOSED TARIFFS ON CANADIAN

STEEL AND ALUMINUM. AT THE TIME, I WAS THE CANADIAN

FOREIGN MINISTER RESPONSIBLE FOR THE TRADING RELATIONSHIP.

WE RESPONDED WITH DOLLAR FOR DOLLAR RETALIATION.

THE PRESIDENT THREATENED TO DESTROY CANADA AS A RESULT.

BUT WE WENT THROUGH WITH IT.

IN LESS THAN ONE YEAR, THE U.S. LIFTED ITS TARIFFS ON ALIX

STEEL AND ALUMINUM. THE REASON WAS THE TARIFFS

DIDN'T MAKE SENSE AND CANADIAN RETALIATION ACTUALLY HURT.

I THINK THAT THAT IS WHAT WE WILL SEE THIS TIME TOO.

CHRISTINA: I WAS LISTENING TO BBC THIS

MORNING, THEY FLOATED THE IDEA THAT THE THEORY BEHIND THIS,

SOMEONE SAID THEY THINK THE THEORY BEHIND THIS GOES BACK TO

THAT 51ST STATE ISSUE. THE PRESIDENT IS ACTIVELY

TRYING TO TANK THE CANADIAN ECONOMY SO THAT CANADA IS MORE

WILLING TO DO WHAT YOU SAID THEY SHOULDN'T DO, CAPITULATE,

COME TO THE TABLE, GET INTO THE AMERICAN FOLD.

THAT SEEMS FAR-FETCHED TO ME, BUT IT'S INTERESTING THAT THIS

IS BEING SPOKEN ABOUT IN NOT RIDICULOUS CIRCLES.

WHAT IS THE STRATEGY HERE, IF THERE IS ONE, TO ANTAGONIZING

OUR LEGISLATIVE PARTNERS?

>> IT IS DEFINITELY NOT MY JOB TO SPEAK FOR THE TRUMP.

BUT THE PRESIDENT HAS MADE VERY CLEAR AND CONSISTENT, SINCE

BEFORE HE WAS SWORN IN A SECOND TIME, HE HAS REPEATEDLY SAID HE

WANTS CANADA TO BE THE 51ST STATE.

REPEATEDLY REFERRED TO THE CANADIAN PRIME MINISTER AS A

GOVERNOR. HE'S THE PRESIDENT OF THE

UNITED STATES. I THINK THAT CANADA AND THE

WORLD HAS TO TAKE THOSE ASSERTIONS REALLY SERIOUSLY,

WHICH IS WHY I AM SO PROUD OF CANADA FOR STANDING STRONG.

WHAT I WOULD SAY TO AMERICANS WHO ARE LISTENING TO US IS I

THINK YOU NEED TO THINK VERY SERIOUSLY AS A COUNTRY ABOUT

WHETHER YOU WANT TO HAVE ALLIES. IT FEELS TO ME LIKE WHAT WE ARE

HEARING FROM THE WHITE HOUSE IS THE PRESIDENT WANTS ONLY TO

HAVE VASSALS. HE DOESN'T WANT TO HAVE

PARTNERS.

I KNOW THAT AS A CANADIAN, CANADA WILL NEVER ACCEPT BEING

A VASSAL. PRIME MINISTER STEPHEN HARPER,

FORMER PRIME MINISTER FROM A DIFFERENT PARTY, CONSERVATIVE,

SAID SHORTLY AFTER PRESIDENT TRUMP WAS ELECTED THAT CANADA

SHOULD BE PREPARED TO ACCEPT ANY AMOUNT OF ECONOMIC HARM IN

ORDER TO RETAIN SOVEREIGNTY. I THINK THAT'S A WIDELY HELD

VIEW IN CANADA. BUT I WOULD SAY TO AMERICA IS

WHY WOULD YOU NOT WANT PARTNERS IN THE WORLD?

WHY IS YOUR GOVERNMENT TREATING YOUR ADVERSARIES, AND I WOULD

NAME A COUNTRY LIKE CHINA OR A

COUNTRY LIKE RUSSIA MORE RESPECTFULLY THAN YOU ARE

TREATING COUNTRIES LIKE CANADA? LIKE EU NATO PARTNERS OR LIKE

COUNTRIES THAT HAVE BEEN YOUR ALLIES FOR A VERY LONG TIME?

I DON'T THINK THAT THAT IS IN THE LONG-TERM INTEREST OF

AMERICANS. DAVID: ON THE SUBJECT OF LI SHIP.

YOU ARE IN KYIV.

INDEPENDENCE DAY CELEBRATIONS AND TOMORROW IS AN ANNIVERSARY

OF THE CONFLICT AS WELL. WHAT IS THE STATE OF THE

CONFLICT? WE HAVE SEEN UKRAINE GOING

AFTER ENERGY FACILITIES IN RUSSIA, GOING AFTER E-COMMERCE

FACILITIES AS WELL. CONVERSELY, WE HAVE SEEN RUSSIA

TECH SHOPPING MALLS. WHERE DO YOU SEE THE CONFLICT

IN THE CURRENT TERMS AS YOU LOOK OVER THE BROADER SWEEP,

AND WHAT DO YOU MAKE OF THIS ESCALATION WHEN IT COMES TO

TARGETING IMPORTANT ECONOMIC -- IMPORTANT PARTS OF THE

ECONOMIES OF BOTH OF THESE COUNTRIES? CHRYSTIA:

GREAT QUESTION. I WANT TO START BY SAYING I

THINK WE HAVE TO BE REALLY, REALLY CAREFUL ALWAYS NOT TO

CREATE SOME KIND OF A FALSE EQUIVALENCE BETWEEN UKRAINE AND

RUSSIA.

UKRAINE WAS ILLEGALLY INVADED TWICE BY RUSSIA.

UKRAINE -- IF RUSSIA WITHDREW FROM UKRAINIAN TERRITORY,

UKRAINE WOULD STOP THE WAR IMMEDIATELY.

AND RUSSIA INVADED UKRAINE HAVING RECOGNIZED UKRAINE'S

BORDERS AND HAVING ACTUALLY GUARANTEED THOSE BORDERS AND

THAT 1990'S, WHEN UKRAINE GAVE UP ITS NUCLEAR MISSILES.

SO WE HAVE TO BE REALLY CLEAR WHO IS THE AGGRESSOR, WHO IS

COMMITTING WAR CRIMES. HAVING SAID THAT, THE

UKRAINIANS HAVE, I THINK, SURPRISED A LOT OF PEOPLE --

MAYBE EVERYONE OTHER THAN THE UKRAINIANS THEMSELVES -- BY THE

EFFECTIVENESS OF THEIR MILITARY CAMPAIGN THIS YEAR.

AND THEY HAVE DONE THREE THINGS THAT ARE REALLY WORKING.

ONE, AS YOU SAY, ARE THE STRIKES IN RUSSIA.

THOSE HAVE BEEN PARTICULARLY TARGETING RUSSIA'S OIL REFINING

CAPACITY. THAT'S IMPORTANT, BECAUSE WHAT

IT MEANS IS ORDINARY RUSSIANS ARE FEELING THE PAIN OF WAR.

IT ALSO LIMITS RUSSIA'S WAR MACHINE.

THE SECOND THING UKRAINIANS HAVE DONE REALLY EFFECTIVELY IS

THEY ARE TURNING OUT TO BE REALLY, REALLY GOOD AT THE

DRONE WAR. YOU ARE SEEING THAT THEY ARE

HOLDING THE LINE ON THE FRONT. THE THIRD THING THAT UKRAINIANS

ARE DOING IS THEY HAVE TURNED THE RUSSIAN CONTROL OF CRIMEA

FROM A RUSSIAN ADVANTAGE AND CRIMEA FROM A FOOTHOLD INTO

UKRAINE INTO A REAL WEAKNESS. SO THE UKRAINIANS ARE DOING

WELL. BUT THEY'RE REALLY SUFFERING

FOR IT, AND THERE'S A LOT OF CONCERN THAT IT WILL BE A HARD

WINTER. DAVID: CHRYSTIA FREELAND, THANK YOU

VERY MUCH FOR YOUR TIME. REALLY APPRECIATE YOUR

PERSPECTIVE THIS SUNDAY MORNING. HOPE TO SPEAK WITH YOU AGAIN

SOON. COMING UP, DIVING DEEPER INTO

THE TRUMP ADMINISTRATION'S ECONOMIC STRATEGY AS TREASURY

SECRETARY SCOTT BESSENT TEASES MORE INTERVENTION AND FOCUSES

ON AN ECONOMIC D DATE FOR IRAN. ♪

ALEXIS: THANKS FOR JOINING US LIVE ON

"BLOOMBERG THIS WEEKEND ." I'M ALEXIS CHRISTOFOROUS.

CANADIAN PRIME MINISTER MARK CARNEY SAYS HE HAD LITTLE

CHOICE BUT TO IMPOSE RETALIATORY TARIFFS ON THE U.S.

AFTER THE TRUMP ADMINISTRATION SLAPPED A 50% SURCHARGE

YESTERDAY ON $20 BILLION WORTH OF CANADIAN GOODS, EVERYTHING

FROM WINE TO HOCKEY STICKS. CARNEY SAYS CANADA WILL

RETALIATE DOLLAR FOR DOLLAR BEGINNINGS OF NUMBER EIGHT,

TARGETING SECTORS LIKE DAIRY AND AGRICULTURAL EQUIPMENT.

TALKS BROKE DOWN FRIDAY NIGHT, AND THE U.S.

AND CANADA NOW FACE THE RISK OF A FULL-SCALE TRADE WAR.

NOW TO A BLOOMBERG EXCLUSIVE. SOME OF NVIDIA'S BIGGEST

CUSTOMERS HAVE BEEN TOLD THE PRICES OF SERVERS CONTAINING

ARTIFICIAL INTELLIGENCE CHIPS ARE GOING UP BY AS MUCH AS 50%

BECAUSE OF THE COST. THE PRICE HIKES WILL IMPACT SYSTEMS WITH

THOSE LIKE THE FLAGSHIP VERA RUBIN.

MAJOR TECH COMPANIES LIKE APPLE AND QUALCOMM'S HAVE RECENTLY

SAID THEY HAVE HAD TO CHARGE MORE FOR THEIR PRODUCTS BECAUSE

OF CHIP SHORTAGES. NOW IT IS THE MOON'S TURN TO

PULL A DISAPPEARING ACT. A NEAR TOTAL LUNAR ECLIPSE THIS

THURSDAY NIGHT INTO FRIDAY HERE THAT IS WHEN THE EARTH'S SHADOW

WILL BRIEFLY DEVELOP 96% OF THE MOON, MAKING THIS AN ESPECIALLY

DEEP PARTIAL ECLIPSE. SCIENTISTS SAY IT IS A SECOND

ACT OF THE GREATEST SHOW ON THE SOLAR SYSTEM.

TWO WEEKS AGO, THE MOON MOVED BETWEEN THE EARTH AND THE SUN,

CREATING A TOTAL SOLAR ECLIPSE. I REMEMBER WE WERE ABLE TO SEE

IT -- TO SEE IT IN THE U.S. A COUPLE YEARS AGO CHRISTINA:

I WAS IN THE U.K. -- WE WERE SUPPOSED TO BE ABLE

TO SEE IT. I'M SURE IT WAS GLORIOUS, BUT

THE PUB WAS TOO. TREASURY SECRETARY SCOTT

BESSENT IS SET TO HOLD A PRESS CONFERENCE TOMORROW, WHERE HE

WILL LAY OUT THE DETAILS OF PLANNED SANCTIONS AGAINST IRAN,

SANCTIONS THE PRESIDENT HAS LIKENED TO AN ECONOMIC D-DAY.

DAVID: HERE'S OR PRESIDENT TSAI ABOUT

IT FRIDAY.

>> DOES THAT INDICATE THE MILITARY OPTIONS ARE LIMITED?

>> NOT AT ALL. IT JUST MEANS WE HAVE SEEN WHAT

HAPPENS. THEY HAVE NO MONEY. THEY HAVE NO NAVY, THEY HAVE NO

AIR FORCE. THEY ARE NOT PAYING THEIR

SOLDIERS, THEY ARE NOT PAYING THEIR POLICE.

THEY HAVE 350% INFLATION. WE ARE JUST GOING TO SORT OF

SEE WHAT HAPPENS. WE HAVE TOTAL CONTROL, AS YOU

KNOW, OF THE BORDER. WE HAVE TOTAL CONTROL, IF YOU

LOOK AT THE BLOCKADE, WE HAVE TOTAL CONTROL OF THAT ENTIRE

REGION, HAVING TO DO WITH THE STRAIT OF HORMUZ. DAVID:

JOINING US NOW FROM OUR WASHINGTON BUREAU IS WENDY

BENJAMINSON, A SENIOR EDITOR HERE AT BLOOMBERG NEWS.

I WANT TO PICK UP ON SOMETHING WE HAVE TALKED ABOUT OVER THE

COURSE OF THE WEEKEND. THIS IS A COUNTRY, IRAN, THAT

IS AND HAS BEEN HEAVILY SANCTION FOR A LONG PERIOD OF

TIME. THERE IS A TEASE OF MORE ANNOUNCEMENTS TO COME.

BUT WHAT MORE IS THERE THE U.S. COULD DO TO TIGHTEN THE

ECONOMIC VICE ON IRAN? WENDY: THAT'S AN EXCELLENT QUESTION.

THERE ARE THINGS THEY CAN DO. WE WILL HEAR FROM BESSENT

TOMORROW ON WHAT THOSE ARE. BUT EACH ONE OF THEM PULLS

ANOTHER THREAD THAT COULD UNDO IT OR MAKE IT WORSE FOR THE

UNITED STATES.

AS YOU SAID, IRAN HAS BEEN UNDER CRUSHING SANCTIONS FOR

MORE THAN 40 YEARS, SINCE THE REVOLUTION.

AND THEY HAVE -- AND TRUMP WAS RIGHT, SORT OF, IN DESCRIBING

THE ECONOMIC CONDITIONS. BUT, BIG SURPRISE, OVERSTATED

IT.

IT ISN'T 250% INFLATION, BUT IT IS AROUND 80% INFLATION.

THEY ARE ISOLATED AROUND THE WORLD.

NOT A GREAT SITUATION FOR THEM. SO WHAT ELSE CAN TRUMP DO?

YOU CAN GO AFTER THEIR MAJOR TRADING PARTNERS.

THE ONLY TROUBLE WITH THAT IS THEIR MAJOR TRADING PARTNER IS

CHINA, WHO IS UNDER -- HAS NO PROBLEM RETALIATING ON THE

UNITED STATES IN TERMS OF TARIFFS OR OTHER ECONOMIC

PRESSURE, EXPORT CONTROLS, BECAUSE THE U.S.

BUYS SO MUCH FROM CHINA. AND CHINA BUYS 90% OF IRAN'S

OIL. THAT IS WHO YOU REALLY HAVE TO

GO AFTER IF YOU WANT TO CHANGE THIS.

BUT NEITHER CHINA NOR IRAN ARE REALLY LISTENING TO THE UNITED

STATES. OR, NECESSARILY, AFRAID OF THEM.

IRAN JUST ISN'T SHOWING ANY SIGNS OF CAPITULATING AT THIS

POINT. CHRISTINA: I ALSO WONDER ABOUT THE

ENFORCEMENT. EVEN IF THERE REALLY WAS THE

EFFORT FROM THE WHITE HOUSE TO GO AFTER CHINA OR A THIRD PARTY

FOR BUYING IRANIAN OIL, WHEN IT COMES TO CHINA, TO YOUR POINT,

IT IS NOT SOMEONE TRUMP HAS WANTED TO TAKE ON HEAD ON.

I JUST WONDER IF THERE IS A MECHANISM TO SUFFICIENTLY

ENFORCE THAT, IF THE U.S. HAS A CAPACITY FOR IT, AND IF

THERE IS THE WILL FOR THAT IN THE WHITE HOUSE, ESPECIALLY

GIVEN XI'S UPCOMING VISIT. WENDY: YOU HAVE HIT ON IT.

TRUMP WANTS TO VISIT WITH XI JINPING THIS FALL TO GO VERY

WELL. HE LIKES TO SHOW OFF HIS

RELATIONSHIPS WITH LEADERS AROUND THE WORLD, ESPECIALLY

THOSE THAT AREN'T THE MOST POPULAR KIDS IN THE CAFETERIA

-- [LAUGHTER] CHRISTINA: STORY OF MY LIFE. WENDY: ME TOO.

SO HE WANTS IT TO GO WELL. I DON'T REALLY KNOW HOW HE IS

GOING TO BALANCE THAT. THE OTHER POINT IS THAT BESSENT

CALLS THIS THE GREATEST COORDINATED ECONOMIC PROGRAM IN

THE HISTORY OF THE WORLD, AND TRUMP SAID IN THAT TRUTH SOCIAL

POST, COME ON, ALLIES, LET'S GO, LETS DO THIS TOGETHER.

BUT THIS IS THE SAME SORT OF SUDDEN DEMANDS -- I HEARD THE

CANADIAN OFFICIAL CHRYSTIA FREELAND A FEW MINUTES AGO THAT

TRUMP DOESN'T WANT ALLIES, HE WANTS VASSALS.

THAT IS AN EXCELLENT POINT. WHEN THE U.S.

AND ISRAEL STARTED BOMBING IRAN IN FEBRUARY, THEY WERE ASKING

ALL THE ALLIES IN EUROPE, COME ON, JOIN US.

BUT THEY DID NOT KNOW IT WAS GOING TO HAPPEN.

THEY GOT A SMALL HEADS UP, REQUEST TO USE THEIR BASES.

IN THEIR RESPONSE, I THINK REASONABLY, WAS WAIT A MINUTE,

WHAT ARE YOU GETTING US INTO? THAT IS THE SAME THING HERE.

WE HAVE NOT HEARD MUCH COORDINATION DISCUSSION GOING

ON WITH ALLIES WHO MAY BE ABLE TO PILE ON TO THIS IRANIAN

THING. THE

BUSHES, WHATEVER YOU THINK OF THEIR PRESIDENCIES, THEY WERE

GOOD AT GETTING INTERNATIONAL COALITIONS DONE. DAVID:

I WANT TO GO BACK TO THAT CLIP OF THE PRESENT ARE TALKING

ABOUT MILITARY OPTIONS STILL ON THE TABLE.

THERE HAS BEEN DEBATE CENTERING ON HOW MUCH THE ADMINISTRATION,

PARTICULARLY SCOTT BESSENT, THE TREASURY SECRETARY, HAS TALKED

ABOUT ECONOMIC WARFARE VERSUS MILITARY WARFARE.

I THINK THERE IS A SCHOOL OF THOUGHT THAT, BY DOING THAT,

YOU'RE GIVEN CARTE BLANCHE TO IRAN TO DO MORE.

IF THAT SEEMS TO BE THE U.S.'S FOCUS NOW -- THEY ARE NOT

FOCUSED ON MORE STRIKES AND MILITARY ACTION, MAYBE THAT

OPENS THE DOOR FOR IRAN GOING BACK DOWN THAT ROUTE.

I WONDER HOW YOU SEE THAT PLAY OUT. WENDY:

THAT IS CERTAINLY A RISK. IN IRAN'S UNUSUAL POWER

STRUCTURE, THEIR ELITE MILITARY, THE IRAN

REVOLUTIONARY GUARD CORPS, THOSE GUYS ARE GETTING PAID.

THEY ARE PRETTY MUCH RUNNING THE WAR.

WE CAN SEE IS WHAT THIS MAY DO IS THAT THEIR ADAGE IS A MUCH,

FINE, THE PRESSURE THAT WE WILL PUT ON, SINCE THEY ARE UNABLE

TO BUY ECONOMIC PRESSURE ON THE U.S.

AND ITS ALLIES, IS CONTINUED TO BOMB THEM.

THE NAVY IS NOT -- I DO NOT KNOW, BETWEEN THEIR NAVY AND

AIR FORCE -- BUT THERE MILITARY IS REALLY NOT DESTROYED.

THEY CLEARLY STILL HAVE MUNITIONS.

THEY CLEARLY STILL HAVE THOUSANDS OF CHEAP DRONES THEY

CAN SEND ACROSS THE GULF. THE IRGC CAN JUST KEEP DOING

WHAT IT WANTS. THIS ALSO DOES NOT PUT PRESSURE

ON IRAN TO OPEN THE STRAIT OF HORMUZ FOR FREE TRAFFIC, AS IT

ALWAYS WAS. NOW THEY MAY BE INCENTIVIZED TO

INSIST ON THAT TOLL THEY HAVE BEEN TALKING TO OMAN ABOUT.

THAT, THAT WOULD BE ANATHEMA TO THE

UNITED STATES. CHRISTINA:

WENDI, I WANT TO PLAY YOU SOME SOUND FROM THE PRESIDENT AT A

RALLY SUNDAY NIGHT -- SATURDAY NIGHT ON WHAT WE WERE TALKING

ABOUT.

>> THEY WANT TO MAKE A DEAL SO BADLY.

WE DON'T EVEN KNOW WHAT WE WANT. I VIEW THE STRAIT OF HORMUZ AS

AN AMERICAN TERRITORY. CHRISTINA:

HE FOLLOWED UP ON TRUE SOCIAL WITH A MAP OF THE STRAIT OF

HORMUZ, LABELING IT U.S. TERRITORY.

THIS CANNOT BE HELPING DIPLOMATIC NEGOTIATIONS.

WE WERE JUST TALKING ABOUT CANADA AS THE 51ST STATE AND

LATER IN THE SHOW WE ARE TALKING ABOUT ANOTHER COUNTRY

THAT HAS HAD OVERTURES IN THE WHITE HOUSE ABOUT BEING PART OF

AMERICA. WHAT IS THIS EXPANSION IS BENT

WITH THE WHITE HOUSE AND IS THERE STRATEGY BEHIND IT?

THERE CANNOT -- THIS CANNOT BE HELPING WITH NEGOTIATIONS.

WENDY: THIS IS JUST SIGNATURE TRUMPET

BRAGGADOCIO. IF IRAN WAS SO DESPERATE FOR A

DEAL, THEY WOULD NOT BE AT A TABLE LOOKING FOR A DEAL, RIGHT?

PAKISTAN AND OTHER ALLIES HAVE BEEN REALLY TRYING TO GET THE

U.S. AND IRAN BACK TO THE TABLE, TALKING TO WYCOFF AND KUSHNER

AND ALL OF THESE ENVOYS. RIGHT NOW, THE FOREIGN MINISTER

SAYS THAT HE HAS NO INTEREST IN TALKING TO THE UNITED STATES.

I DON'T KNOW WHERE THAT NOTION COMES FROM.

THIS IS JUST TRUMP TRYING TO, AS FAR AS MY FAVORITE OLD

GOVERNOR USED TO SAY, TRYING TO PUT LIPSTICK ON A PIG.

TRYING TO MAKE THIS UNPOPULAR WAR WITH NO END IN SIGHT SOUND

BETTER THAT IT IS AT A POLITICAL RALLY FOR THE

MIDTERMS WHEN THE REPUBLICANS AT BACK TO THE WAR WITH TRUMP

ARE LOOKING LIKE THEY ARE GOING TO LOSE. DAVID:

FOR OUR LISTENERS, WHEN IS JOINING US FROM HOME.

I WANT TO POSIT THAT THAT IS BECAUSE YOU WANTED TO STEER

CLEAR OF CONSTITUTIONAL AVENUE BECAUSE OF THE GRAND PRIX

HAPPENING IN WASHINGTON, D.C.. TALK TO US ABOUT THAT AND HOW

IT FITS INTO THIS CELEBRATION COMMEMORATION, BUT ALSO THE WAY

THAT THE PRESIDENT HAS CHARTED OUT HIS OWN VERSION OF THAT

INVOLVING THE UFC AND HERE, THE NATION'S CAPITAL.

WENDY: TRUMP HAS THIS, I DON'T KNOW

THE OTHER WORD, MACHO WAY TO CELEBRATE THE ANNIVERSARY.

THERE ARE SO MANY WAYS WE COULD'VE CELEBRATED IT, HE USED

THE WHITE HOUSE LAWN FOR USC FIGHT, HAD THE GREAT AMERICAN

STATE FAIR ON THE MALL THAT WAS A BUST. I THINK THAT THIS ONE

IS PROBABLY THE MOST POPULAR OF THE 3, 100 40,000 PEOPLE

DOWNTOWN AND YES I WILL BE GETTING ON THE METRO, NOT

DRIVING TO THE OFFICE LATER.

BUT THERE WILL BE THIS GRAND PRIX WHERE RACECARS ARE GOING

TO BE GOING, LIKE 200 MILES FOR OUR ON CITY STREETS BETWEEN THE

WHITE HOUSE IN THE CAPITAL IN THE NAVAL ZOOM AROUND

PENNSYLVANIA AVENUE. DAVID: STEER [LAUGHTER]

CLEAR, THAT'S MY ADVICE. WENDY: I DON'T KNOW WHAT PENNSYLVANIA

AVENUE WILL LOOK LIKE AFTER THIS, COULD BE TORN UP. DAVID:

APPRECIATE IT, AS ALWAYS. FIERCE COMPETITION FROM CHINA,

HIGH ENERGY COSTS, TWO OF THE REASONS THAT THE FAMOUS GERMAN

INDUSTRIAL MACHINE HAS STALLED. THE SUBJECT OF A NEW MINI

DOCUMENTARY.

>> EUROPE'S BIGGEST ECONOMY HAS OF IT OF A CRISIS ON ITS HANDS.

>> THE ECONOMIC MODEL IS WORKING ANYMORE.

>> THEY WERE THE LARGEST EXPORTING COMPANY ON THE PLANET.

>> NOW THEY ARE CLOSING FACTORIES, PLANTS, LAYING OFF

WORKERS.

>> HISTORICALLY THE GERMAN ECONOMIC STORY WAS ONE OF

ALMOST UNINTERRUPTED GROWTH. THAT CHANGED IN RECENT YEARS

WHEN A POST-PANDEMIC REBOUND TURNED INTO A CONTRACTION AND

OF THE ECONOMY BEGAN TO STAGNATE.

>> THERE IS LITTLE DOUBT THAT THE GERMAN INDUSTRY ENERGY

SECTOR HAS BEEN IN CRISIS FOR YEARS.

>> THE EFFECTS ARE REACHING JOBS AND INDUSTRIAL COMMUNITIES.

ECONOMIC ANXIETY IS PRESSURING POLITICIANS.

SO, WHAT IS BEHIND THE INDUSTRIAL GERMAN CRISIS AND

WHY DO SOME EXPERTS THINK THEY ARE RUNNING OUT OF TIME TO FIX

IT?

>> IT IS A MOMENT OF HISTORY WHERE IF YOU DO NOT ACT NOW,

EUROPE AND GERMANY MIGHT AS WELL BE A HUGE OPEN AIR MUSEUM.

CHRISTINA: YOU CAN SEE MORE OF THAT ON OUR

BLOOMBERG PLATFORMS. FIRST, A ROYAL RETURN, BREAKING DOWN THE

HARRY AND MEGAN HOMECOMING. WILL THEY ARE WANT TO MAKE A

SPLASH WITH THE BRITISH PUBLIC. STICK WITH US.

ALEXIS: THANKALEXIS: YOU FOR JOINING US LIVE ON

"BLOOMBERG THIS WEEKEND," LET'S UPDATE YOU ON TODAY'S TOP

STORIES. DONALD TRUMP SET TO WAIVE THE

GREEN FLAG AT THE FREEDOM INDY TWO HUNDRED 50 CAR RACE IN

WASHINGTON, D.C.

HE AND THE FIRST LADY WILL LEAD A PRERACE LAP BEFORE WATCHING

IT ZOOM PAST ICONIC MONUMENTS ON PENNSYLVANIA AVENUE AT

SPEEDS APPROACHING TWO HUNDRED MILES PER HOUR.

THERE WILL ALSO BE A PRERACE SHOW AND FLYOVER OF MILITARY

AIRCRAFT. THIS IS THE LATEST OF THE

PRESIDENT'S CELEBRATIONS TO MARK AMERICA'S 250TH BIRTHDAY.

FAN WEEK KICKS OFF THIS WEEKEND AT ARTHUR ASHE STADIUM WITH A

ONCE-IN-A-LIFETIME ADMISSION GAME ON TUESDAY FEATURING FOUR

TENNIS LEGENDS. TEAMING UP TO PLAY A DOUBLES

MATCH AGAINST ANDRE AGASSI AND JOHN MCENROE.

THAT WILL BE A GOOD ONE. CARLOS ALVAREZ WILL DEFEND HIS

U.S. OPEN TITLE AND HE IS FAVORED TO

WIN NOW THAT JANIK HAS DROPPED OUT BECAUSE OF A KNEE INJURY.

CHINESE HUMANOID ROBOTS BROKE RECORDS SET BY HUMANS,

INCLUDING BEATING THE USAIN BOLT SPRINT WORLD RECORD IN THE

OPENING DAY OF THE HUMANOID ROBOT GAMES IN BEIJING TO

DEMONSTRATE THE CHINESE PROGRESS IN ADVANCED ROBOTICS

FEATURING MORE THAN 2000 HUMANOID ROBOTS COMPETING IN

ABOUT 50 EVENTS INCLUDING RUNNING, TABLE TENNIS, AND

SOCCER. I WOULD LIKE TO SEE THEM GO

AGAINST TIMOTHY CHALAMET TO SEE WHO WINS. DAVID:

I HADN'T THOUGHT ABOUT THAT. CHRISTINA:

SAME OPINION AS YESTERDAY, I DON'T LIKE THIS. DAVID:

THE FLYING CHRISTINA: ROBOT IS EXTRAORDINARY.

CHRISTINA:CORRECT, BUT I FEEL BETTER ABOUT THE

FACT THE RUNNING ROBOT COLLAPSED AFTER THE FIRST RUN.

DAVID: WORK TO BE DONE. CHRISTINA:

THE ROBOT, YOU'VE GOT TO REBUILD IT.

ONE POINT FOR HUMANS. DAVID: THANK YOU, ALEXIS.

PRINCE HARRY AND MEGHAN MARKLE ARE HEADED BACK TO THE U.K.

AND ACCORDING TO SOURCES THEY PLAN TO LIVE IN A PRIVATE,

NON-ROYAL RESIDENCE, BUT FEAR NOT, THEY WILL HANG ON TO THEIR

HOME IN CALIFORNIA AND THEIR VACATION PROPERTY IN PORTUGAL.

CHRISTINA: SENTENCES I WOULD LOVE TO BE

ABLE TO SAY. MY VACATION PROPERTY?

WE WERE TOLD YOU WHERE THE PERSON TO TALK TO ABOUT THIS

STORY. MY INITIAL QUESTION IS -- WHY

IS THIS HAPPENING AND HOW DID IT SEEMINGLY TAKE EVERYONE BY

SURPRISE?

>> THE SHORT ANSWER TO THAT IS THAT WE DON'T KNOW.

IT SEEMS INCREDIBLY ODD, ESPECIALLY GIVEN WHAT HAPPENED

IN 2020 WHEN THEY STEPPED DOWN FROM BEING WORKING ROYALS.

DRAMATIC TABLOIDS. A LOT WAS MADE OF THIS MOVE TO

THE UNITED STATES. SINCE THEN, WE HAVE SEEN THEIR

BUSINESS INTERESTS CENTERED AROUND THAT LOS ANGELES BUBBLE.

THE NETFLIX DEAL, THE SPOTIFY DEAL, AND MEGAN'S OWN BRAND,

VERY MUCH TIED TO HER CALIFORNIA ROOTS.

THE MOVE SEEMS A BIT UNEXPECTED AND IT ALSO SEEMS TO HAVE BEEN

UNEXPECTED TO KING CHARLES HIMSELF, REPORTING THAT HE WAS

ONLY TOLD TWO DAYS BEFORE THE MOVE WAS ANNOUNCED.

HE IS APPARENTLY LOOKING FORWARD TO SEEING THEM ALL.

IT DOES SEEM UNEXPECTED, DEFINITELY A SURPRISE TO

EVERYONE INVOLVED AND IT WILL BE INTERESTING TO SEE WHAT THEY

DO NOW. DAVID: MANY QUESTIONS, ESPECIALLY

ABOUT THE BURGEONING MEGHAN MARKLE JAM AND

PRESERVE CHRISTINA: BUSINESS. THE BREATH OF YOUR KNOWLEDGE, I

WOULDN'T HAVE EXPECTED YOU TO KNOW THAT. DAVID:

CURIOUS, WE DON'T KNOW THE ANSWER, BUT LET'S SPECULATE.

WE KNOW PRINCE HARRY WAS BACK A FEW MONTHS AGO.

HIS FATHER IS AILING. THERE IS SO MUCH FOCUS IN THE

STATES ON THE QUALITY OR LACK THEREOF OF THE RELATIONSHIP

BETWEEN HIM AND HIS BROTHER. WHAT ABOUT HIS RELATIONSHIP

WITH HIS FATHER. TALK ABOUT THE DIAGNOSIS AND

HOW YES, THAT'S RIGHT. IT HAS BEEN TWO YEARS SINCE WE

HAVE HAD THE KING'S DIAGNOSIS OF CANCER.

PRINCE HARRY MOVED STRAIGHT TO THE U.K. ON THE BACK OF THAT

ANNOUNCEMENT. THEY HAD A MEETING.

IT SEEMED THERE WAS PERHAPS A WARMING IN THAT RELATIONSHIP.

SINCE THEN, WE HAVE SEEN THE KING AND PRINCE HARRY A BIT

DISTANT. THE FAMILY WERE BACK IN THE U.K.

EARLIER THIS SUMMER. THEY WERE HOSTED AT THE KING

AND QUEEN'S RESIDENCE. THEY SAID THAT IS THE FIRST

TIME THE KING AND QUEEN HAVE SEEN THEIR GRANDCHILDREN IN

ABOUT FOUR YEARS SO PERHAPS NOT THE NORMAL GRANDPARENT

RELATIONSHIP YOU WOULD EXPECT. BUT WE KNOW AT LEAST FROM

SOURCES THAT WE HAVE HEARD PRINCE HARRY HAD MANY REGRETS

ABOUT MAYBE BEING NOT WITH THE QUEEN DURING HER FINAL YEARS.

SO SOME ARE PERHAPS SPECULATING THAT MIGHT BE A MOTIVATING

FACTOR BEHIND THIS MOVE BACK TO THE U.K., PERHAPS TO BE BY THE

SIDE OF THE KING AS HE CONTINUES TO OVER GO -- TO

UNDERGO TREATMENT. IT IS SAID HE IS DOING BETTER

BUT THE ROYALS TEND TO KEEP THINGS PRIVATE UNTIL AFTER THE

FACT THAT WE DON'T KNOW EXACTLY THE STATUS OF THE KING'S HEALTH

BUT IT IS POSSIBLE THAT IS A CONTRIBUTE IN FACTOR TO THE

DECISION.

WE SHOULD MENTION AS WELL THE PRINCE AND PRINCESS WILL BE

ENROLLING IN SCHOOL FROM SEPTEMBER, PERHAPS WHAT PRINCE

HARRY ALWAYS WANTED, THE BRITISH EDUCATION HE ALWAYS

WANTED FOR HIS CHILDREN. WE HAVE TO THINK ABOUT THE

FAMILY LIFE, FAMILY LIVING OPERATIONS.

AS I SAY, WE DO NOT KNOW THE EXACT REASON BUT THERE COULD BE

A NUMBER OF CONTRIBUTING FACTORS. DAVID:

SHORTER TIMETABLE FOR THEM THAN US IN THE STATES. CHRISTINA:

EXACTLY. FULL SUPPLY FOR THEIR SCHOOLS

IN THE STATES BEFORE THEY ARE BORN.

WHEN THEY STOPPED BEING WORKING ROYALS, THE SECURITY WAS NO

LONGER COVERED BY THE STATE SO THEY ARE HERE IN THE U.S. NOW.

EXPLAIN THIS TO ME.

IF THE FIT

-- IF THEY WANTED TO COME BACK, THEY WOULD HAVE TO APPLY

WEEKS BEFORE FOR SECURITY. DO YOU THINK THAT FACTORS IN

HERE? TIWA: CERTAINLY.

THERE IS A BODY OVERSEEN BY THE HOME OFFICE, AND THEY ARE

RESPONSIBLE FOR SECURITY ARRANGEMENTS NOT JUST FOR THE

ROYALS BUT OTHER VIPS THAT THE U.K., SUCH AS TAYLOR SWIFT.

THEY DECIDED THE SECURITY ARRANGEMENTS FOR HER.

IT WAS DECIDED IN 2020 AFTER THEY STEPPED DOWN FROM BEING

WORKING ROYALS THAT THEY WOULD NO LONGER RECEIVE THE SAME

LEVEL OF SECURITY THEY PREVIOUSLY DID.

THEY WOULD BE DOWNGRADED AND RECEIVED THE SAME LEVEL SUCH AS

PRINCESS BEATRICE AND PRINCESS EUGENIE.

WE SAW HARRY CHALLENGING THAT DECISION IN THE HIGH COURT

APPEAL WHICH HE EVENTUALLY LOST. AT THAT TIME, HE TOLD THE

BBC HE COULD NOT SEE A WORLD IN WHICH HE WOULD BRING HIS FAMILY

BACK TO THE U.K. IF THE SECURITY ARRANGEMENTS

WERE NOT UPDATED. QUITE AN EMPHATIC STATEMENT

WHICH IS WHY MANY ARE SURPRISED AT THE SEEMING CHANGE OF HEART.

WHAT HAPPENS AT THE MOMENT IS THE COMMITTEE HAD AGREED THAT

PRINCE HARRY'S TRAVELS BACK TO THE U.K. BECAUSE HE WOULD BE AN

OCCASIONAL VISITOR WOULD BE DECIDED ON A CASE-BY-CASE BASIS.

HE WOULD RECEIVE SECURITY BASICALLY AD HOC.

THAT IS SOMETHING THAT WOULD HAVE TO BE UPGRADED IF THE

FAMILY ARE LIVING FULL-TIME IN THE U.K.

BECAUSE IT MIGHT JUST BE HARRY, WHO HAD NOT BROUGHT MEGHAN AND

THE CHILDREN WITH HIM UNTIL EARLIER THIS SUMMER.

IT WOULD BE ANOTHER WHOLE FAMILY LIVING FULL-TIME OUTSIDE

OF LONDON IN THE U.K., GOING TO SCHOOL, GOING ABOUT THEIR DAILY

LIFE. THAT WOULD BE A REAL POINT OF

CONTENTION. AS YOU MENTIONED, THE FACT THAT

THE POLICE ARE NOT FOR RENTAL, THAT IS AT THE CORE OF THIS.

A DIFFERENT SET UP TO THE U.S. IF YOU WANT SECURITY, YOU

CANNOT RENT IT. IT HAS TO BE GIVEN TO YOU.

SOMETHING UP IN THE AIR THAT THEY WILL HAVE TO WORK OUT.

CHRISTINA: WE WILL HAVE TO LEAVE IT THERE.

THANK YOU. IF ANY OF THOSE HOUSES NEED A

HOUSESITTER -- DAVID: THE AI BOOM SPARKING CHANGE IN

THE GLOBAL WORKFORCE AND LEVELING THE PLAYING FIELD FOR

BLACK ENTREPRENEURS. THAT IS THE VIEW FOR DAVID HALL.

WE WILL DISCUSS THAT ISSUE THIS WEEK AT THE NEW VOICES EVENT ON

MARTHA'S VINEYARD.

>> THE INFRASTRUCTURE LAYER, THESE ARE THE COMPANIES

BUILDING THE DATA CENTERS, 500 BILLION DOLLARS BUILDING DATA

CENTERS. ON TOP OF THAT IS THE MODEL

LAYER. THESE ARE THE CHATGPTS AND

CLAUDES. THAT BATTLE FOR THE MOST PART

IS WON, BUT THE APPLICATION, HOW DOES THIS WORK IN

AGRICULTURE, EDUCATION, HEALTH CARE?

THAT IS 70% OF THE ECONOMY THAT IS STILL IN THE PROCESS OF

EVOLVING. I THINK WE HAVE A LONG PATH.

DAVID: BY ALL ACCOUNTS, AN INCREDIBLE

EVENT. A LOT OF FOLKS THERE. ROMAINE BOSTICK WITH A NUMBER

OF GREAT INTERVIEWS. CHRISTINA:

COMING UP, ICELAND CONSIDERS ITS FUTURE AND INDEPENDENCE AS

THE COUNTRY GEARS UP FOR A VOTE ON POSSIBLE E.U.

MEMBERSHIP TALKS. THAT IS COMING UP LATER ON

"BLOOMBERG THIS WEEKEND." YOU CAN EXPLORE ALL OF OUR TV

SHOWS, DOCUMENT NEEDS, REPORTS, ANALYSIS IN ONE PLACE,

BLOOMBERG.COM/VIDEOS. ♪

DAVID: WELCOME BACK. THE NATION OF ICELAND ON

SATURDAY WILL HOLD A NATIONAL REFERENDUM ON WHETHER OR NOT TO

RESUME MEMBERSHIP TALKS WITH THE EUROPEAN UNION.

NEGOTIATIONS PREVIOUSLY BEGAN IN 2009 BUT WERE PUT ON ICE IN

2013. CHRISTINA: I BELIEVE THAT WHEN EITHER.

THE LATEST POLLING -- I WILL LEAVE THAT ONE THERE.

THE LATEST POLLING SHOWS 53% PLANNING TO VOTE YES, 47

PLANNING TO VOTE NO THAT'S 47% PLANNING TO VOTE NO.

WE SPOKE WITH A CORRESPONDENT AT ICELAND'S NATIONAL

BROADCASTING SERVICE ABOUT WHY NOW, WHY THE COUNTRY IS

CONSIDERING THIS.

>> ICELAND APPLIED TO JOIN THEM AND THEN DECIDED, NO, WE WILL

SEE WHAT HAPPENS. ON ONE HAND, IT IS BECAUSE TWO

OF THE THREE COALITION PARTIES IN GOVERNMENT RIGHT NOW ARE PRO

THE U.N., THINK IT IS A GOOD MOVE FOR ICELAND, HAVE

CAMPAIGNED ON IT, AND ARE FULFILLING THEIR CAMPAIGN

PROMISE. THE OTHER, I GUESS IT HAS TO DO

WITH WHERE THINGS ARE GOING IN THE WORLD, EVEN IF IT IS NOT A

HUGE PART OF THE PUBLIC DISCUSSION.

THINGS ARE CHANGING AROUND ICELAND.

WE ARE IN THE MIDDLE OF A PAY GAP WHERE RUSSIA WOULD NEED TO

GET THROUGH TO DO ANYTHING IN THE ATLANTIC LIKE TO YOU GUYS

ON THE EAST COAST OF THE U.S. WE SAW WHAT PRESIDENT TRUMP WAS

TALKING ABOUT IN GREENLAND. THE ARCTIC IS OPENING UP.

THAT IS CHANGING THE ECONOMICS OF THE AREA AND CHANGING THE

SECURITY AND DEFENSE DISCUSSION. SO THOSE ARE FACTORS PERHAPS

MORE FOR THE POLITICIANS THAN FOR THE GENERAL PUBLIC, BUT

THOSE ARE THE ELEMENTS THAT ON THE SIDE OF THOSE WHO WANT TO

JOIN ARE IMPORTANT. CHRISTINA: THE PART THAT PEOPLE MAYBE ARE

NOT SAYING OUT LOUD AS MUCH IS IN THE CURRENT ERA OF

UNCERTAINTY AND UNCERTAIN ECONOMIC POLICY COMING FROM

WASHINGTON, ARE COUNTRIES LIKE ICELAND LOOKING AT THE EU BLOCK

AS INSURANCE IF THE PRESIDENT WAKES UP AND DECIDES HE WANTS

TO CHANGE TARIFFS ON ICELANDIC GOODS OR REGULATIONS?

YOU HAVE BETTER NEGOTIATING POWERS OR SAFETY IN NUMBERS?

>> I MEAN, I THINK THAT IS CERTAINLY PART OF THE

DISCUSSION. LOOKING AT THE FOUNDING MEMBERS

OF NATO AND THE BILATERAL AGREEMENT WITH THE U.S.

SINCE 1951, WE ALWAYS PLAYED THAT SMALL PARA-CARD WHEN

NEEDED TO AND NEGOTIATED WITH THE SOVIET UNION WHEN IT WAS IN

OUR ADVANTAGE, BUT THINGS HAVE CHANGED. YOU ARE QUITE RIGHT.

IT IS SORT OF PUBLIC POLICY THAT WE SHOULD HAVE -- I THINK

THE WORDING IS MORE PILLARS TO LEAN ON WHEN IT COMES TO

SECURITY AND DEFENSE. THAT IS NOT TO SAY THAT PEOPLE

ARE DISSING THE U.S.. THEY ARE MAKING SURE THEY DO

NOT SAY ANYTHING THAT MIGHT RUB ANYONE THE WRONG WAY ON THAT

SIDE OF THE ATLANTIC, BUT CERTAINLY THINGS HAVE CHANGED

AND YOU NEED A CHANGE, YOU NEED TO FIGURE OUT HOW YOU HAVE

GUARANTEES TO THE EXTENT THAT SUCH A THING EXISTS. CHRISTINA:

YOU ARE CURRENTLY NOT ON THE EU. IS THAT SOMETHING THAT WOULD

CHANGE? I THINK THE EU HAS SAID THAT IF

YOU VOTE YES TO JOIN, THIS COULD POTENTIALLY BE DONE AND

WRAPPED UP WITHIN THE YEAR. IS THAT REASONABLE?

IS THAT EVEN FEASIBLE? INGOLFUR: PEOPLE TALKED ABOUT A YEAR OR

TWO.

OFTEN, NORWAY, LIECHTENSTEIN, A FEW OTHER COUNTRIES ARE PART OF

THIS AREA, OUTSIDE OF THE EU. IT DEPENDS HOW YOU COME IT, BUT

UP TO 70% OF EU, MEMBERS OF THE FREE-TRADE AREA.

WE ARE IN TO A LARGER EXTENT BUT NOT.

THAT IS WHAT WOULD POTENTIALLY CHANGE WITH JOINING.

THAT IS SORT OF THE BIG DEAL, WHAT WOULD CHANGE.

THEN THERE IS THE TALK OF WHAT WE WOULD BE GIVING UP IF WE

JOIN. CHRISTINA: THAT IS THE REASON I ASK.

IT SEEMS LIKE YOU HAD THE BEST OF BOTH WORLDS BECAUSE YOU HAD

THE INDEPENDENCE. PEOPLE LOOK AT BREXIT, THE

CLINKING THIS -- THE CLUNKINESS . IS IT WHERE PEOPLE ARE WILLING

TO GIVE UP SOME OF THE FREEDOM AND INDEPENDENCE FOR THE

PROTECTION OF THE LARGER TRADING BLOCS AND ECONOMIC

UNIONS BECAUSE OF WHAT IS HAPPENING IN WASHINGTON?

INGOLFUR: I THINK THAT IS REALLY THE

HEART OF THE DEBATE. THAT IS THE CORE.

WHAT ARE WE GIVING? WHAT ARE WE GAINING?

INDEPENDENCE AND SOVEREIGNTY ARE VERY BIG FOR THE PEOPLE

AGAINST JOINING THE EU.

THEY FEAR THEY GIVE UP OUR WAY AND WILL VIRTUALLY HAVE NO SAY

IN HOW THINGS ARE MANAGED AS A TINY NATION.

FISHERY IS A BIG PART OF IT THAT GOES TO HOW WE MANAGE THAT

AROUND ICELAND, BUT WHAT IS TO BE GAINED?

WHAT IS TO BE GIVEN UP? OF COURSE, PARTS OF SOVEREIGNTY

WOULD BE GIVEN UP IN RETURN FOR SOME BENEFITS.

IT IS ALSO FAIRLY LIKELY OR ALMOST CERTAIN ICELAND WOULD

PAY MORE INTO THE COMMON EU FUNDS THAN WE WOULD RECEIVE AS

CASH OR DONATIONS. IT IS A VERY COMPLEX ARITHMETIC.

WHAT ARE YOU PAYING, GIVING UP, GETTING IN RETURN?

THIS REFERENDUM IS ONLY ABOUT IF WE HAVE TALKS WITH THE EU,

WHAT WOULD IT LOOK LIKE IF WE WERE TO JOIN?

IF IT IS A YES OR NO, WE WILL HAVE THOSE TALKS FOR A COUPLE

YEARS AND AT THE END OF THE NEGOTIATIONS, THERE WILL BE A

SECOND REFERENDUM TO SAY WE ACTUALLY LIKE THE DEAL OR NOT.

CHRISTINA: ALL RIGHT.

THANKS TO INGOLFUR SIGFUSSON ON HELPING US.

INDEPENDENCE IS IN THEIR CONSTITUTION.

THE FACT THAT THE BOAT IS THIS CLOSE IS SUBSTANTIAL. DAVID:

A FOCUS ON UKRAINE'S BID TO OF THE EU, IT CERTAINLY MERITS IT.

CHRISTINA: AND THEY ARE NOT ON THE EURO SO

THEY WOULD HAVE TO CHANGE THEIR CURRENT.

NEXT HOUR OF "BLOOMBERG THIS WEEKEND" STARTS RIGHT

NOW.

COMING UP ON "BLOOMBERG THIS WEEKEND,"

CANADA HITS FACT, SAYING IT WILL APPLY DOLLAR FOR DOLLAR

TARIFFS ON 20 BILLION IN AMERICAN GOODS NEXT MONTH AS

THE CANADIAN PRIME MINISTER CALLS IT WATER.

THE REACTION FROM PRESIDENT TRUMP. DAVID:

SCOTT BESSENT WITH BIG MOVES.

>> WE ARE TRYING TO BRING THE MARKET BACK TO EQUILIBRIUM.

DAVID: THE TREASURY SECRETARY SET TO

HOLD A MONDAY PRESS CONFERENCE WHERE HE WILL ANSWER QUESTIONS

ON THE BOND MARKET AND WHAT THE ADMINISTRATION IS CALLING

ECONOMIC D-DAY. DAVID:

AND CANDIDATES ON BOTH SIDES OF THE AISLE, DATA CENTER BACKLASH.

WE TALKED TO CONGRESS MEMBERS ABOUT HOW THEY SEE THE ISSUE.

>> ALL THE WORRIES, ALL THE ALARMISM, IS BAD FOR THE FUTURE

OF AMERICA IF WE DON'T GET THIS RIGHT.

CHRISTINA: DATA CENTERS ARE REALLY

BECOMING ONE OF THOSE SINGLE ISSUE BOATS PEOPLE ARE REALLY

PAYING ATTENTION TO. WELCOME BACK. IT'S 8 A.M.

IN NEW YORK FROM OUR WORLD HEADQUARTERS IN MANHATTAN.

DAVID: WE ARE BRINGING YOU THE LATEST

BREAKING NEWS, REPORTING, AND ANALYSIS THIS SATURDAY AND

SUNDAY, 7 A.M. TO 10 A.M. WALL STREET TIME.

A LOT OF PEOPLE ON A GLOBAL WALL STREET ARE POISED

WONDERING WHAT WE WILL BE HEARING FROM THE TREASURY

SECRETARY IN THE COMING DAYS. HE HAD TEASED MORE ACTION TO

COME IN AND WE WILL SEE WHAT THAT LOOKS LIKE. CHRISTINA:

AND WE WILL SEE HOW THE MARKETS REACTED TOMORROW ON WHAT

HAPPENS WITH CANADA. MAKING A BOND UP AND DOWN LAST

WEEK. DAVID:

THE IRANIAN ECONOMIC D-DAY AS WELL. IT'S A LOT. THERE'S A LOT.

CHRISTINA: A LOT OF THINGS TO BREAK DOWN.

ALEXIS, WHAT HAVE YOU OUT WITH THE HEADLINES? ALEXIS:

CANADA IS ANSWERING BACK AFTER THE U.S.

IMPOSED TARIFFS ON 20 BILLION IN CANADIAN PRODUCTS YESTERDAY

INCLUDING PLYWOOD, LIQUOR, ELECTRICAL EQUIPMENT, AND

HOCKEY HERE. THE PRIME MINISTER, MARK

CARNEY, SAYS IT WILL BE APPLYING COUNTER TARIFFS ON 20

BILLION IN U.S. PRODUCTS, ESCALATING THE FEUD

ROCKING ONE OF THE WORLD'S BIGGEST TRADING RELATIONSHIPS.

CARNEY SAID THAT HE WAS LEFT WITH LITTLE CHOICE AFTER THE

TRADE TALKS WITH THE TRUMP ADMINISTRATION BROKE DOWN,

CANADIAN LEVEES APPLYING TO U.S. STEEL, ELECTRONICS, AND MORE.

RESIDENTS ON THE BIG ISLAND OF HAWAII BRACING FOR HEAVY RAIN

AND GUSTY WIND AS A TROPICAL STORM MAKES ITS WAY TO THE

ISLAND.

NOT EXPECTED TO GROW AS LARGE OR POWERFUL AS HURRICANE LA LA

FROM LAST WEEKEND. BUT MANY RESIDENTS ARE STILL

CLEANING FROM THAT ONE.

GARY, INDIANA, TWO WEEKS AFTER THUNDERSTORMS WENT TO THE

STATE, KILLING AT LEAST SEVEN, HURRICANE FORCE WINDS TOPPLED

TREES AND POWER LINES, HEAVY RAINS FLOODING NEIGHBORHOODS.

THE GOVERNOR CALLING UPON THE PEOPLE TO MATCH THE URGENCY OF

THE RESIDENCE AND THE POWER COMPANY SAYS THEY ARE WORKING

ROUND-THE-CLOCK. DONALD TRUMP MADE MORE THAN

1000 SECURITIES TRADES IN JUNE,

INCLUDING TRADES OF BERKSHIRE HATHAWAY, VISA, MASTERCARD, AND

COINBASE, ALL ACCORDING TO A FINANCIAL DISCLOSURE FROM OVER

THE WEEKEND.

IN 2025 HE MADE TRADES IN BURSTS RELATED TO WHAT HE

CREATED. THE TRUMPET INVESTMENTS ARE

MADE BY INDEPENDENT MANAGERS. HIGH SIX WEEK AHEAD FEATURING

KEVIN WARSH AT THE JACKSON HOLE ECONOMIC SYMPOSIUM WHERE

INVESTORS WILL BE LISTENING FOR ELATION MD MONETARY POLICY.

SCOTT BESSENT WILL HOLD THE PRESS CONFERENCE WHERE HE IS

EXPECTED TO HOLD U.S. SANCTIONS AGAINST IRAN AND TALK

ABOUT A BOND BUYING PROGRAM. REPRESENTATIVES FOR PARAMOUNT,

SKY DANCE, SET TO MEET TOMORROW IN CALIFORNIA TO DISCUSS THE

ANTITRUST LAWSUIT THAT BLOCKING THE TAKEOVER OF WARNER BROS.

DISCOVERY.

BUSY WEEK AHEAD, EARNINGS DAVID: WEDNESDAY OF THIS WEEK, I

BELIEVE. WHAT ALEXIS IS JUST TEASING

AGO, A BIG WEEK IN TERMS OF THE ECONOMY, JACKSON HOLE COMES

LATER, BUT GRATEFUL HERE TO HAVE A MAN WHO NEEDS NO

INTRODUCTION, COANCHOR OF BLOOMBERG TELEVISION SHOWS, AS

WELL AS TONY. THE TREASURY SECRETARY

ANNOUNCED THESE CHANGES TO THE BOND BUYBACK PROGRAM.

HOW ARE YOU PROCESSING IT, WHAT DOES IT SIGNAL ABOUT THE

APPROACH TO STEWARDING THE ECONOMY? TONY:

WELL, IT IS A STABILIZER, THAT IS PROBABLY THE BEST WAY TO

THINK ABOUT IT. AS WE THINK ABOUT WHAT TO DO,

WE HAVE TO START WITH THE PRINCIPLE OF HOW TO INVEST AND

WHAT THE FAIR VALUE IS. HOW DO YOU DETERMINE WHERE THE

10-YEAR NOTE IS AND WHAT A 30 YEAR BOND SHOULD BE.

WHAT DOES A BOND INVESTOR ACTUALLY THINK?

THERE'S A LOT OF HEADLINES BUT WE STILL HAVE TO DO THE MATH

LIKE IN THE MOVIE, "THE MARTIAN."

THIS IS THREE COMPONENTS OF A BOND YIELD THAT AN INVESTOR

THINKS ABOUT EACH AND EVERY DAY AS WE FOCUS ON THE TECHNICAL

OPERATION. THE MOST IMPORTANT VARIABLE IN

THAT, GOING THROUGH EACH ONE QUICKLY, IS THE INFLATION

COMPONENT. THE VARIABLE, WHEN WE THINK

ABOUT WHAT WE SHOULD BE COMPENSATED AGAINST AND

LONG-TERM SECURITY, WE ARE IN IT FOR A WHILE.

IT'S PRETTY REASONABLE.

WE ARE USING SOMETHING LIKE THE LOW TWO.

I SAID A SECOND AGO, MOST PEOPLE COMPONENT OF THE

COMPENSATION OF THE BOND INVESTOR DEMANDS THAT WAS BEEN

TALKING ABOUT MAY SEEM DIFFICULT TO IMAGINE THESE DAYS

BECAUSE INFLATION HAS BEEN MOVING.

IT HAS BEEN MORE STABLE FOR THE GREENSPAN FED CHAIR POKER

CONQUERING INFLATION IN THE 70'S. IT'S THEIR OWN WAY OF

DETERMINING WHETHER OR NOT THE INFLATION STORY IS THE RIGHT

PLACE TO FIND OUT IF THEY HAD ACHIEVED PRICE STABILITY.

IT WASN'T A NUMBER. THE FED ESTABLISHED A NUMBER

UNDER CHAIR BERNANKE, THE TARGET OF THE KEVIN WARSH IS

THINKING ABOUT NOW, THEY HAD A WAY OF THINKING ABOUT IT AND

THEY SAID AT THE SAME WAY. PRICE STABILITY OCCURS WHEN

PRICE CHANGES CEASED TO INFLUENCE HOUSEHOLD AND

BUSINESS DECISION-MAKING. COULD WE SAY THAT THE PAST

THREE YEARS? THE ECONOMY HAS BEEN LOOKING

GOOD.

IN THE NEXT 30 SECONDS WE HAVE THE NEUTRAL RATE.

ONE POINT OVER THE INFLATION RATE.

THE POLICY RATE WOULD SUGGEST THE 1.4 REAL NEUTRAL RATE.

AND THE TRICKY ONE IS THE UNCERTAINTY WITH THE

UNCERTAINTIES ABOUT MANY THINGS, IT'S A CATCHALL.

IT SHOULD BE AROUND 1% NOW.

WE ARE KIND OF IN THE FAIR VALUE ZONE. DAVID:

I KNOW YOU ARE A HUGE FAN OF "THE MARTIAN." CHRISTINA:

BUT I HATE DOING MATH. NOW WE ARE TALKING ABOUT BONDS?

HELP ME UNDERSTAND WHAT BESSENT SAID.

HE SAID IN AN INTERVIEW THAT WE BELIEVE YIELDS DON'T REFLECT

THE UNDERLYING FUNDAMENTALS. HOW CAN THAT BE?

DAVID GURA SAYS I SHOULD BE ASTONISHED. TOM:

I'VE BEEN DOING THIS FOR 120 FOUR YEARS.

I HAVE NEVER SEEN A PYLON LIKE THIS WEEKEND IN THIS ZEITGEIST

ON THE TREASURY SECRETARY OF THE UNITED STATES OF AMERICA.

ONE EXAMPLE, LAWRENCE CHRISTIANSEN OUT OF COPENHAGEN,

HUGELY RESPECTED, EVEN BY THE PEOPLE WHO DISAGREE WITH HIS

ECONOMICS, VICIOUS IN A LENGTHY, LENGTHY MESSAGE THIS

MORNING ABOUT THE TREASURY SECRETARY. CHRISTINA:

VICIOUS ABOUT THE ACTION? 4 IT'S ABOUT THE -- TOM: IT'S

ABOUT THE ARROGANCE OF IT. AND THE CHAIRMAN'S DEFENSE,

HE'S GOT TO COMPLETELY ADJUST THE BODY LANGUAGE AT JACKSON

HOLE TO REMOVE HIMSELF FROM WHAT IS PERCEIVED BY THE

STREET, BY ECONOMISTS, BY FINANCE PEOPLE AS THE ARROGANCE

THAT WE SAW THIS WEEK. I'M NOT SAYING IT WAS

ARROGANCE, I'M SAYING THAT THAT IS CLEARLY THE OPINION WE SEE

NOW. DAVID: YESTERDAY CHRIS HANSEN TOLD US

THAT HE WOULD LOOK TO BE A FLY ON THE WALL IN THAT WEEKLY

BREAKFAST AS THEY TALK ABOUT JACKSON HOLE LATER IN THE SHOW.

THE TREASURY SECRETARY NOW ENGAGED IN YIELD MANAGEMENT,

CUSTOMARILY AND HISTORICALLY THAT HAS BEEN THE PROMINENCE OF

THE FEDERAL RESERVE CHAIRMAN.

TOM: I THINK THAT THE CHECK HERE AT

JACKSON HOLE RIGHT NOW ON MONDAY MORNING, IT'S A MONDAY

IN TOKYO, OPENING IN JAPAN, THE CHECK IS THAT THE MARKETS WILL

CORRAL THE TREASURY SECRETARY. THEY DON'T HAVE TO CORRAL THE

FED. THE FED IS AN INDEPENDENT BODY.

I WOULD SUGGEST A GREAT UNSPOKEN HERE, NOW, AND TO GET

TO NEXT FRIDAY AND BEYOND, THE GREAT UNSPOKEN OF THE GOVERNORS

AND THE PRESIDENTS OF THE FED HAVE A VOICE AND IT WILL BE

FASCINATING TO SEE THE BODY LANGUAGE IN THAT MEETING IN THE

MEETING AFTER THAT, EVEN THE POSTELECTION MEETING, IT WILL

BE FASCINATING TO SEE HOW THE PRESIDENTS AND THE GOVERNORS

RESPOND TO BESSENT AND WARSH.

CHRISTINA: ANOTHER THING I DISLIKE

INTENSELY IS THAT I AM NOW THE PERSON AT DINNER PARTIES WHO

TALKS ABOUT BONDS IN THE FED. HOWEVER, I WAS OUT LAST NIGHT

AND ASKED BY SOMEONE, THEY SAID I DON'T CARE ABOUT THE BOND

STUFF, I'M NOT INVESTED IN BONDS , BUT WE ARE ALL KIND OF

INVESTED IN BONDS. LOOK AT WHAT HAPPENED OVER THE

LAST WEEK. DOES IT MAKE YOU LOOK AT THE

LAST -- U.S. BOND MARKET ANY DIFFERENTLY?

THIS IS NOT A PLACE WHERE YOU ARE SUPPOSED TO SEE FREQUENT

SURPRISES. IT SHOULDN'T BE INTERESTING

ENOUGH TO BE LEADING THE HOUR. I'M NOT SAYING THAT MY DINNER

PARTIES ARE BARN BURNERS, YOU, ME KNOW. TONY:

I LIKE TO CALL IT THE DOUBLE LOCK CLUB.

AMERICANS ARE ASTUTE WHEN MORTGAGE RATES DECLINE OVER A

30 YEAR TIME, THEY CAN BE JUST AS ASTUTE NOW IF THEY BELIEVE

THE BOND VALUE IN THE MARKET HAS HIGHER INTEREST RATES ON

WHAT THEY RECEIVED. HIGH QUALITY BONDS AND

PORTFOLIOS, IT WAS AA AND YOU COULD EARN BETWEEN 5% AND 7% OR

SO. AA, IT'S 99.98% CHANCE OF

GETTING HER MONEY BACK. IT'S THAT VALUE PROPOSITION

THAT IS STILL QUITE GOOD AND TO TOM'S POINT, THE FED PRESIDENT,

THE FED GOVERNORS, THEY ARE CAUGHT UP IN A CONTINGENT THAT

FOR 40 YEARS HAS PROTECTED THE BOND INVESTOR AGAINST THE

RAVAGES OF INFLATION, THE KEY NEMESIS OF THE BOND MARKET.

I AM REMINDED OF A STORY THAT I READ IN THE FED MORAL HISTORY

PROJECT OF THE EARLY 2000'S, AN INTERVIEW WITH NANCY TEETERS,

WHO JOINED THE FED IN THE LATE 1970'S, WHEN G WILLIE MILLER

WAS FED CHAIR FOR A YEAR OR SO AND WAS OUTVOTED, BY THE WAY,

AT A COUPLE OF FED MEETINGS. HE SAID HE CAN HE SAID HE

THOUGHT HE COULD DO WHATEVER HE WANTED AND DIDN'T REALIZE HE

HAD TO GO THROUGH US. THE QUESTION WE MIGHT HAVE

GOING FORWARD IS WILL THIS BECOME, I DOUBT IT, THE BANK OF

ENGLAND STYLE GOVERNANCE WHERE THE CHAIR IS IN THE MINORITY?

IT'S POSSIBLE. TOM: EXACTLY. COULD SENSE HE IS BRILLIANT ON

A SATURDAY.

NOT THIS TO A HISTORY DAVID: DAVID: LESSON.

THE ONLY OTHER PERSON WHO IS SMARTER THAN TOM KEENE.

BUT TONY SAID THAT IS SO PORTIONS -- IMPORTANT IS THAT

THIS IS AN INTERNATIONAL MEETING AND EVERYONE IS LOOKING

AT THE VERY YOUNG BANK OF ENGLAND, ITS INDEPENDENCE, THE

YOUNG BANK OF ENGLAND WHERE THEY LOVE TO SET CATHERINE MAN

AT JACKSON HOLE. ARE WE GOING TO GET THE

INDEPENDENT MIND OF TUFTS, BRANDEIS, ARE WE GOING TO GET A

CATHERINE MAN TONE AT THE MEETING IN A FUTURE FROM OUR

PRESIDENTS AND GOVERNORS TO PUT THE PRESSURE IS SECRETARY AND

HIS STASH TREASURY SECRETARY IN HIS PLACE? DAVID:

IN THAT INTERVIEW THEY GAVE ON THE DEATH STAR, AS HE WOULD

SAY, HE KIND OF DISMISSED CONCERNS ABOUT THE DOLLAR AND

THE MARKET MOVEMENTS THAT WE SAW IN THE AFTERMATH OF THE

INTERVENTION ON WEDNESDAY. WHAT DO YOU MAKE OF WHAT WE

HAVE SEEN IN THE DOLLAR, HE SAID THAT ONCE AGAIN HE

MAINTAINS THE U.S. HAS A STRONG DOLLAR POLICY.

HOW MUCH OF THAT WILL YOU BE WATCHING AS WE HEAD TOWARDS

OPENING WELL, IF YOU LOOK AT MY NAME, IT HAS

A COUPLE AT THE END. I'M ITALIAN.

AT THE OFFICE SEVERAL FEET FROM MARIO DRAGHI, THE FAMOUS

PRESIDENT OF THE EUROPEAN CENTRAL BANK, SO WHEN YOU ARE

TALKING ABOUT THE DOLLAR, AND A LOT OF QUESTIONS AROUND THAT

TIME, YOU MAY RECALL LIBERATION DAY AND THE SWOON IN THE

DOLLAR, THE BONDS AND STOCKS FELL AT THE SAME TIME, WHICH IS

RARE.

BASICALLY, A TERRIBLE ANALOGY, ARE WE IN LATE INNINGS WITH THE

DOLLAR AND ALL THE MONEY THAT FLOWS INTO IT?

THE SOCCER ANALOGY. FOOTBALL WOULD HAVE BEEN BETTER.

NO, NOT LATE INNINGS. HE CITED WHAT IS IN FOCUS AT

JACKSON HOLE, THE PAYMENT SYSTEM, THE VAST AMOUNT OF

SECURITIES AND OTHER TRANSACTIONS THAT CONTINUE TO

BE CONDUCTED IN DOLLARS. THAT PLUS THE DEPTH OF THE U.S.

MARKETS WHICH WILL STAY HIGH AND WILL ABOVE OTHER MARKETS

FOR A LONG TIME, AND THE UNISON OF THE MARKETS IN THE U.S.

IS A SINGLE STOCK MARKET, THEY ENVY THOSE WHO HAVE IPO'S IN

THE EQUITY MARKETS THERE, SO THE FOCUS SHOULD BE ON OTHER

THINGS THAN THIS ATTEMPT TO MANAGE INTEREST RATES, WHICH IS

WHETHER OR NOT THE U.S. DOLLAR WILL REMAIN THE DOMINANT

CURRENCY USED IN THE PAYMENT SYSTEM.

A LOT OF THAT WILL COME OUT FRIDAY. TOM:

WHERE I AM ON THIS, ALMOST A TRIANGULATION OF DOLLAR AND

INFLATION AND OTHER NARRATIVES WE HAVE.

WE HAVE A BOOMING ECONOMY. WE HAVE AN ECONOMY THAT IS LIKE

A BANANA REPUBLIC. 5% TO 7% NOMINAL GDP.

ALL OF THIS ARCHITECTURE OF ANGST, IF THE NOMINAL GDP COMES

DOWN, THE ANIMAL SPIRIT COMES DOWN, THINGS BECOME A LOT MORE

FRAGILE FAST. I DON'T HEAR THAT IN THE THIRD QUARTER OF 2026.

MAYBE I DON'T EVEN HEAR IT IN THE FOURTH QUARTER.

A LOT OF DIFFERENT CONVERSATIONS WE HAVE LIKE WITH

TIFFANY MELDING AT PIMCO IS WHAT HAPPENS WHEN NOMINAL GDP

PULLS BACK. ALMOST LIKE THE WATER AND ALL

OF THAT. THE QUESTION IS, WHAT HAPPENS

WHEN WE SLOW DOWN GIVEN THESE BOND STRESSES, THESE INFLATION

STRESSES? CHRISTINA: ABOUT 60 SECONDS LEFT. DAVID:

MOST DANGEROUS THING YOU CAN SAY. CHRISTINA:

TAKING IT DOWN TO 30. FAITH IN THE DOLLAR, STILL

DURABLE? TOM:

ARE TOTALLY 100% AGREE -- I TOTALLY 100% AGREE.

I PUSH ASIDE THE DOLLAR GLOOM. I WILL SAY LOOKING AT THE

BLOOMBERG DOLLAR INDEX THAT IT WAS AN UGLY WEEK AND IF WE HAVE

FOLLOW-THROUGH TO A WEAKER DOLLAR, YOU SEE STRESS ON THE

YEN AND EURO BUT FARMER EMERGING-MARKET.

THE PHILIPPINE HIT SOMETHING UNTENABLE. DAVID:

FIRST REFERENCE TO THE PHILIPPINE.

THANK YOU VERY MUCH, TONY. TOM LOOK AT LATER COME BACK

LATER IN THE SHOW. MORE ABOUT JACKSON HOLE.

THE COVERED WAGON LEAVES IN A FEW MINUTES FROM LEXINGTON

AVENUE. CHRISTINA: PRESIDENT TRUMP PULLS BACK FROM

SOUTH KOREA AND COZIES UP TO KIM JONG-UN.

THAT IS STRAIGHT AHEAD ON "BLOOMBERG THIS WEEKEND." ♪

ALEXIS: THANK YOU FOR JOINING US LIVE

ON "BLOOMBERG THIS WEEKEND ." LET'S UPDATE YOU ON TODAY'S TOP

STORIES. CANADIAN PIE MR. MARK CARNEY

SAID HE HAD LITTLE CHOICE BUT -- CANADIAN PRIME MINISTER MARK

CARNEY SAID HE HAD LITTLE CHOICE TO RETALIATE ON TARIFFS

AFTER A SURCHARGE ON $20 BILLION OF CANADIAN GOODS,

EVERYTHING FROM WIND TO HOCKEY STICKS.

CANADA WILL RETALIATE DOLLAR FOR DOLLAR BEGINNING SEPTEMBER

8.

TARGET SECTORS INCLUDE STEEL, DAIRY, APPLIANCES, AND

AGRICULTURAL EQUIPMENT. TRADE TALKS BETWEEN THE

LONGTIME ALLIES BROKE DOWN FRIDAY NIGHT AND THE U.S.

AND CANADA NOW FACE THE RISK OF A FULL-SCALE TRADE WAR.

NOW TO A BLOOMBERG EXCLUSIVE. SOME OF THE VIDEOS BECAUSE

TUMORS SAY THE PRICES OF SERVERS ARE GOING UP BY MORE

THAN 15% IN MANY CASES BECAUSE OF THE SOARING COST OF MEMORY

CHIPS. THEY WILL GO INTO EFFECT NEXT

YEAR AND WILL IMPACT SYSTEMS INCLUDING THOSE WITH THE

FLAGSHIP VERA RUBIN AND GRACE BLACKWELL CHIPS.

MAJOR CUP AND IS LIKE APPLE AND QUALCOMM SAY THEY HAVE BEEN

FORCED TO CHARGE MORE FOR THEIR PRODUCTS BECAUSE OF THE CHIP

SHORTAGES. NORTH AND SOUTH AMERICA WILL

GET A FRONT ROW SEAT TO A NEAR TOTAL LUNAR ECLIPSE THURSDAY

INTO FRIDAY OF THIS WEEK WHEN THE EARTH'S CHAT WILL BRIEFLY,

THIS AN ESPECIALLY DEEP PARTIAL ECLIPSE.

SCIENTISTS SAY IT IS THE SECOND ACT OF THE GREATEST SHOW IN THE

SOLAR SYSTEM. JUST TWO WEEKS AGO, THE MOON

MOVED BETWEEN THE EARTH AND THE SUN CREATING THE SPECTACULAR

SOLAR ECLIPSE SEEN IN GREENLAND, ICELAND, AND PARTS

OF SPAIN. CHRISTINA: SO IT IS A TOTAL ECLIPSE OF THE

MOON. ALEXIS: BODY HEART. CHRISTINA: BONNIE TYLER.

ALEXIS: SHE PASSED AWAY RECENTLY. DAVID:

SHE DID, THAT IS RIGHT. CHRISTINA: HER SPIRIT LIVES ON.

EXCELLENT REFRAIN. IT WAS LESS THAN EXCELLENT BUT

HAD SOME SPIRIT. LET'S MOVE ON FOREVER

AUDIENCE'S SAKE. DAVID: TENSIONS ARE RISING IN ASIA

PACIFIC AFTER PRESIDENT TRUMP ANNOUNCED HE WOULD BE

SUBSTANTIALLY REDUCING JOINT MILITARY EXERCISES WITH SOUTH

KOREA. THE PRESIDENT WROTE, BASED ON

MY VERY GOOD RELATIONSHIP WITH KIM JONG-UN OF NORTH KOREA, I

AM NOT HAPPY WITH THE FACT THE UNITED STATES HAS LONG AGO

AGREED TO PARTICIPATE IN JOINT MILITARY EXERCISES WITH SOUTH

KOREA. THESE EXERCISES ARE NOT ONLY

COSTLY WITH MUCH OF THESE COSTS PAID FOR BY THE UNITED STATES

OF AMERICA AS USUAL BUT SEND A SIGNAL THAT IS TOTALLY

INAPPROPRIATE AND HOSTILE TO A COUNTRY THAT AS LONG AS DONALD

J. TRUMP HAS BEEN PRESIDENT HAS BEEN UNTHREATENING AND

RESPECTFUL. CHRISTINA: THAT WAS YOUR READ, NOT MINE.

THE PRESIDENT SAYING HE HOPES TO MEET WITH KIM JONG-UN THIS

YEAR. NORTH KOREA HAS DENIED THERE

HAS BEEN ANY DIRECT COMMUNICATION.

FOR MORE, WE SAT DOWN WITH BLOOMBERG'S ANALYST ADAM FRYER

TO DISCUSS HOW SOUTH KOREA WAS BLINDSIDED BY THIS DECISION.

ADAM: ABSOLUTELY. I THINK THAT ANNOUNCEMENT

CAUGHT EVERYONE BY SURPRISE, AND I INCLUDE U.S.

FORCES KOREA AND THE FREE AND GOVERNMENT RESPONSIBLE FOR

THESE EXERCISES THAT WERE ACTUALLY STARTED IN SOME CASES

WITHIN MINUTES OF THE RELEASE OF HIS MESSAGE ON TRUTH SOCIAL

ON SATURDAY NIGHT GIVEN THE TIME DIFFERENCE AND THE FACT

THE EXERCISES STARTED IN THE MORNING ON MONDAY IN KOREA.

THEY ARE PART OF A LARGE SERIES OF EXERCISES DONE TO MAINTAIN

READINESS IN THE FACE OF THE GROWING NORTH KOREAN THREAT,

AND THEY ARE INCREDIBLY IMPORTANT BECAUSE THEY HELP

DEAL WITH THE REALITY THAT THERE ARE TWO FORCES OPERATING,

THE U.S. AND KOREA, IN ANY CONTINGENCY

SITUATION. THEY HELP TRAIN TOWARDS THE

REALITY OF THE MISSILE NUCLEAR THREAT.

IN PARTICULAR THIS TIME, IT WAS FOCUSED HEAVILY ON LESSONS

LEARNED BY NORTH KOREAN FORCES FIGHTING AGAINST UKRAINIAN

FORCES AND THE LIKELIHOOD THAT SOUTH KOREA COULD SEE SOME OF

THOSE SAME TACTICS, THE HEAVY USE OF DRONES AND OTHER TOOLS

AGAINST THEM IN A FUTURE SCENARIO, AND YET THE

PRESIDENT'S WORDS LED TO A RAPID SHIFT THAT LED THE SOUTH

KOREAN AND U.S. FORCES TO CUT THE EXERCISE IN

HALF AND ENDING IT AT THE DEFENSIVE SIDE OF THE EXERCISE

AND NOT MOVING TO THE COUNTER ATTACK ELEMENTS THAT ARE

NECESSARY FOR ANY CONTINGENCY SCENARIO. DAVID:

LET ME DRILL DOWN ON THE NORTH KOREAN THREAT A LITTLE BIT.

WE HAVE BEEN FOCUSED SO MUCH OF WHAT IS HAPPENING IN EUROPE AND

THE MIDDLE EAST. HOW STRONG OR DANGEROUS IS THAT THREAT RIGHT

NOW? ADAM: SO KIM JONG-UN SINCE HE CAME TO

POWER IN 2011 MADE IT HIS AMBITION TO TRULY SOLIDIFY

NORTH KOREA AS A NUCLEAR STATE, AND THAT HAS MEANT BOTH

BUILDING UP HIS NUCLEAR WEAPONS CAPABILITY ABOUT WE HAVE SEEN

THAT IN A SERIES OF TESTS GOING THROUGH THE LAST DECADE, BUT

ALSO THE DELIVERY SYSTEMS REQUIRED TO ACTUALLY PUT THOSE

WEAPONS ON TARGET, AND THAT HAS BEEN THE

ADVANCEMENT OF A WIDE RANGE OF BALLISTIC MISSILE TECHNOLOGY,

WHICH HE HAS TESTED EFFECTIVELY AND AGGRESSIVELY, PARTICULARLY

SINCE 2017. WE ACTUALLY ALSO SAW HIM DEPLOY

SOME OF THIS TECHNOLOGY IN SUPPORT OF RUSSIA WITH NORTH

KOREAN MISSILES RAINING DOWN ON UKRAINIAN TARGETS.

NOT ONLY WERE THEY BEING USED IN THAT ENVIRONMENT, THE NORTH

KOREANS HAD THE OPPORTUNITY TO LEARN FROM FIRING THEM IN A

CONTESTED ENVIRONMENT AND IMPROVE THOSE WEAPONS.

ALL OF THAT NOW SITS IN NORTH KOREA AND IS IMPROVING ON A

DAY-TO-DAY BASIS. KIM IS UNLIKELY TO NECESSARILY

USE THEM ON SOUTH KOREA OR JAPAN IN THE NEAR TERM.

IT MEANS HE HAS THIS TOOL AT HIS DISPOSAL AND WHEN HE IS

INTERESTED IN BEING MORE COERCIVE OR PUSHING FOR HIS

OBJECTIVES, HE CAN LEVERAGE THEM EFFECTIVELY. CHRISTINA:

WE ALSO HAD THE STRIKING MOMENT WHERE THE PRESIDENT CAME OUT

AND PUT A NUMBER ON THE NUMBER OF NUCLEAR WEAPONS HE SAYS HE

THINK NORTH KOREA HAS. HE SAID 57.

SOUTH KOREA DEPICTS THAT. THEY SAY IT COULD BE UP TO 120.

I FIND IT INTERESTING BECAUSE WHEN I WAS TRYING TO GET THAT

ANSWER OUT OF PEOPLE LIKE YOU, YOU NEVER WANTED TO PUT A

NUMBER ON THAT. HOW SIGNIFICANT IS IT TO HAVE A

HEAD OF STATE DISCLOSING AN INTELLIGENCE ESTIMATE LIKE THAT?

IS IT ACCURATE? WHAT IS THE CAPACITY OF THE

PROGRAM? I KNOW IN THE PAST THE DELIVERY

SYSTEMS HAVE NOT BEEN GREAT BUT THEY HAVE BEEN LEARNING A LOT

FROM THE RUSSIANS. THE TECHNOLOGY HAS ADVANCED.

WHAT IS THE SIZE OF THE PROGRAM, AND HOW THREATENING IS

IT, I GUESS? ADAM: IT WAS HER SURPRISING TO SEE

THE PRESIDENT USE A SPECIFIC NUMBER, BUT I WOULD EMPHASIZE

HE HAS ACTUALLY USED SEVERAL DIFFERENT NUMBERS OVER THE PAST

COUPLE YEARS SO IT IS UNCLEAR WHAT HE WAS REFERRING TO.

AS YOU SAID, THE SOUTH KOREANS THINK THE NUMBER IS MORE THAN

DOUBLE WHAT HE HAD SAID. I THINK THE TAKEAWAY IS THE

NUMBER OF NORTH KOREAN NUCLEAR WEAPONS IS LARGE AND GROWING.

MORE IMPORTANTLY, THE DELIVERY SYSTEMS AS YOU MENTIONED AS

WELL OUR EVOLVING AND IMPROVING EVERY TIME NORTH KOREA IS ABLE

TO TEST THEIR BALLISTIC MISSILES AS SUGGESTED THIS WEEK

IN RESPONSE LIKELY TO THE ONGOING EXERCISES.

THERE ARE THESE ONGOING QUESTIONS ABOUT WHETHER THEY

WERE TESTED ENOUGH SO A WEAPON WOULD ACTUALLY SURVIVE REENTRY

THROUGH THE ATMOSPHERE IN A BALLISTIC TRAJECTORY.

CERTAINLY THERE IS A QUESTION MARK THERE.

SO FAR, BUT THEY ARE PROVING IS THEY HAVE THE EXPERTISE TO

DELIVER THE WEAPONS TO INTENDED TARGETS MOST LIKELY, AND WITH

THE GROWING RELATIONSHIP WITH MOSCOW, THERE IS THE POTENTIAL

OF MILITARY TECHNOLOGY TRANSFER THAT COULD ALLOW THEM TO

LEAPFROG THOSE RESEARCH AND DEVELOPMENT MILESTONES. DAVID:

I WANT TO ASK ABOUT THE PROSPECTS OF A RENEWED DIALOGUE

BETWEEN PRESIDENT TRUMP AND KIM JONG-UN.

WE HAD SOME AT ONE, SUMMIT TWO, VERY LITTLE TO SHOW FOR EITHER.

THE PRESIDENT CONTINUES TO HAVE THIS OBSESSION WITH HAVING SOME

KIND OF FAMILIAR RELATIONSHIP WITH THE NORTH KOREAN DICTATOR.

WHAT YOU MAKE OF THAT I DO YOU THIRD TIME IS THE CHARM?

-- WHAT DO YOU MAKE OF THAT AND DO YOU SEE THE THIRD TIME AS

THE CHARM? ADAM: PRESIDENT TRUMP MARVELS AND THE

UNIQUE NATURE OF IT, THE FACT HE'S ONE OF THE FEW WORLD

LEADERS WHO HAS BEEN ABLE TO MAINTAIN ONE.

HE'S TALKED ABOUT IT NONSTOP SINCE HE RETURNED TO OFFICE.

ON THE NORTH KOREAN FRONT, WE'VE SEEN RELATIVELY POSITIVE

WORDS ABOUT THE PERSONAL RELATIONSHIP BETWEEN KIM

JONG-UN AND PRESIDENT TRUMP. AT THE SAME TIME, THEY PUSHED

BACK AT THE IDEA THAT THERE'S ANY CHANCE OF MAJOR DIALOGUE IN

THE NEAR TERM. FROM THEIR PERSPECTIVE, THEY

ARE LOOKING FOR MAJOR CHANGE IN U.S.

POLICY, AND THEY REFER TO IT AS U.S. HOSTILE POLICY.

THOSE ARE NOT JUST THE WORDS WERE USED.

THE WAY WE TRACK IN THE REGION, BY SOME DEFINITIONS, IT IS THE

U.S. ALLIANCE WITH NORTH KOREA. THERE ARE BARRIERS TO MOVING

FORWARD. WHILE WE SHOULD NOT COUNT OUT

THE POSSIBILITY THAT KIM JONG-UN MIGHT ACCEPT SOME SORT

OF MEETING WITH PRESIDENT TRUMP WHO IN HIS UNORTHODOX NATURE

WOULD BE WILLING TO SHOW UP WITHOUT MUCH PLANNING, THE ODDS

OF BEING A DEAL BREAKTHROUGH IS LOW.

WHAT KIM JONG-UN WANTS HIS FULL RECOGNITION OF HIS POWER AND

STATUS, AND A RETURN TO NORMAL OPERATIONS IN THE WORLD AND

REMOVAL OF ALL SANCTIONS. IT IS POSSIBLE PRESIDENT TRUMP

MIGHT GO DOWN THAT ROUTE. MORE IMPORTANTLY, KOREA AND

JAPAN WOULD STOP THAT FROM HAPPENING -- WOULD PUSH TO STOP

THAT FROM HAPPENING.

GIVEN KIM JONG-UN SUPPORT FROM RUSSIA, HE'S ON IN RUSSIA RIGHT

NOW. CHRISTINA:

I WANT TO TALK ABOUT -- YOU JUST TALKED ABOUT HOW THIS IS

RELATED AND INVOLVED WITH UKRAINE AND RUSSIA BUT IT ALSO

IMPACTS THE CONFLICT IN IRAN. WE ARE SEEING THE U.S.

REPOSITION ASSETS TO PURSUE GOALS THEY ARE.

WE'VE BEEN AROUND LONG ENOUGH TO SURVIVE SO MANY PIVOTS TO

ASIA, AND EVERY TIME IT SEEMS LIKE A MINISTRATIONS PULLBACK

INTO CONFLICTS ELSEWHERE. WHAT DOES THAT MEAN?

WHAT IS BEING REPOSITIONED TO GO FIGHT IN THE MIDDLE EAST?

ADAM: THE HEADLINE RECENTLY IS THE

MOVEMENT OF THE U.S. AIRCRAFT CARRIER FROM THE INDO

PACIFIC TO IRAN -- EXCUSE ME, MIDDLE EAST, TO REPLACE THE U.S.

ABRAHAM LINCOLN -- USS ABRAHAM LINCOLN.

THE GEORGE WASHINGTON HAS ARRIVED.

THAT'S CREATED ONE OF THE FEW CARRIER GAPS WHERE THERE IS NO

U.S. CARRIER OPERATING IN THE PACIFIC.

BASED ON ESTIMATES, IT IS ONLY THE THIRD TIME THIS ENTRY THAT

HAS HAPPENED. IN AND OF ITSELF, THAT DOES NOT

CHANGE THE REALITY FROM ANY ALLIES IN THE SENSE THERE'S NO

IMMEDIATE THREAT, IT DOES RAISE QUESTIONS ABOUT THE ENDURING

ABILITY IF THE U.S. WILL LIVE UP TO DEFENSE

COMMITMENTS. THE CARRIER GROUP IS NOT THE

ONLY MILITARY ASSET WE'VE HAD. AT LEAST FIVE DESTROYERS BASED

IN JAPAN ARE ALL OPERATING IN SUPPORT OF THE CONFLICT.

WE HAD KEY AIR DEFENSE MISSILES THAT HAVE BEEN CENTRAL,

PLACEMENT MISSILES MOVED OUT OF THE END OF PACIFIC WHERE THEY

ARE SUPPOSED TO BE GUARDING AGAINST NORTH KOREAN AND

CHINESE MISSILES, TO THE FORCES IN IRAN.

THAT ADDS ON TOP OF THE STRESS AND RELATIONSHIP THAT HAS BEEN

CAUSED BY THE TRADE POLICIES OF THE ADMINISTRATION AND GENERAL

FOCUS ON OTHER PARTS OF THE WORLD, LIKE THE WESTERN

HEMISPHERE. THAT RAISES REAL QUESTIONS FROM

ALLIES AND PARTNERS ABOUT THE ENDURING LEGACY OF THE U.S.

AND ITS ABILITY TO LIVE UP TO ITS COMMITMENTS. DAVID:

THANK YOU. APPRECIATE IT. IN YOUR PAST LIFE, YOU ARE

THERE FOR EVERY APPEAL TO ASIA. YOU'VE GONE TO A LOT OF THESE

SUMMITS. CHRISTINA: I DID.

THE FIRST OF SINGAPORE, SECOND WAS VIETNAM, AND THERE WAS THIS

THIRD UNEXPECTED THING WHERE THEY HELD HANDS AND WALKED

ACROSS THE KOREAN BORDER, THAT CEMENT BARRIER ACROSS THE DMZ.

I WAS THERE FOR THE LAST TWO. THE ONE IN VIETNAM, PEOPLE WERE

SO EXCITED. I REMEMBER KIM TAKING THAT

TRAIN IN, AND THERE'S THIS HOTEL IN DOWNTOWN, THERE WAS

THIS FANCY LUNCH, EVERYBODY WAS READY TO GO.

THE TALKS FELL APART BEFORE LUNCH.

HE GOT ON THE TRAIN AND RODE IT OUT OF THERE.

IT IS FASCINATING WITH EVERYTHING GOING ON IN THE

WORLD THAT THE PRESIDENT IS TRYING TO MAKE THIS HAPPEN YET

AGAIN. DAVID:

MAYBE IT IS THE PERCEIVED UN-CRACK ABILITY.

WE HEAR A LOT ABOUT HIM TALKING ABOUT PERSONAL RELATIONSHIPS,

AS MUCH AS THEY HAVE DEVELOPED ON HERE.

IT SEEMS THIS IS SOMETHING HE WOULD LIKE TO GIVE A GO AT.

CHRISTINA: HE NEEDS A WIN AND HE FEELS HE

HAS A RELATIONSHIP WITH KIM. NEVER SAY NEVER. DAVID:

COMING UP, A FAMILIES INVESTIGATION INTO THEIR SON'S

SECRET LIFE. WE TALK TO A BEST-SELLING

AUTHOR ABOUT HIS NEW BOOK "WANTED FALLING."

THAT IS NEXT ON "BLOOMBERG THIS WEEKEND,"

BLOOMBERG RADIO, BLOOMBERG TELEVISION, AND BLOOMBERG.COM.

STAY WITH US.

♪

ALEXIS: THANKS FOR JOINING US. LET'S UPDATE YOU ON TODAY'S TOP

STORIES. PRESIDENT TRUMP IS HAD TO LEAVE

THE GREEN FLAG AT THE INDYCAR RACING WASHINGTON, D.C.

TRUMP AND FIRST LADY MELANIA WILL LEAD A PRERACE LAB BEFORE

WATCHING THE RACE ZOOMED PAST ICONIC MONUMENTS ALONG

PENNSYLVANIA AVENUE WITH SPEEDS APPROACHING 200 MILES-PER-HOUR.

THERE WILL ALSO BE A PRERACE SHOW AND FLYOVER.

THE INDYCAR RACE IS THE LATEST OF PRESIDENT TRUMP CELEBRATIONS

TO MARK AMERICA'S TWO HUNDRED 50TH BIRTHDAY.

FAN WEEK AT THE U.S. OPEN KICKS OFF TODAY AT ARTHUR

ASHE STADIUM IN NEW YORK CITY. THE FREE WEEK OF EVENTS LEADING

UP TO THE TOURNAMENT INCLUDES A ONCE-IN-A-LIFETIME EXHIBITION

GAME TUESDAY THAT WILL FEATURE FOUR TENNIS LEGENDS, ROGER

FEDERER AND ANDY RODDICK WILL PLAY A DOUBLES MATCH AGAINST

JOHN MCENROE AND AUGUST AGASSI. CARLOS ALVAREZ IS THE FAVORITE

TO WIN THE MEN'S SINGLES, ESPECIALLY SINCE SINNER DROPPED

OUT DUE TO A KNEE INJURY. ARENA SUB LANGA FAVORED TO WIN

THE WOMEN'S TITLE. CHINESE HUMANOID ROBOTS BROKE

RECORDS SENT BY HUMANS YESTERDAY, INCLUDING EATING

USAIN BOLT'S 100 METERS SPRINT WORLD RECORD ON OPENING DAY OF

THE WORLD HUMANOID ROBOT GAMES IN BEIJING. THAT IS A THING.

YOU ARE LOOKING AT IT LIVE RIGHT NOW.

THE FIVE DAYS OF GAMES DEMONSTRATE CHINA'S PROGRESS IN

ADVANCED ROBOTICS, FEATURING MORE THAN 2000 HUMANOID ROBOTS

COMPETING IN OVER 50 EVENTS, INCLUDING TABLE TENNIS AND

SOCCER. DAVID: I COULD WATCH THIS ALL DAY.

THEY ARE SO SERIOUS. THE ANDROID ATHLETES ARE

SOMETHING TO WATCH, BUT THE WHOLE TEAM AROUND THEM TAKING

IT SO SERIOUSLY. ALEXIS: WHEN YOU SEE THEM MARCHING

THROUGH, THE ROBOTS, IT IS A LITTLE CREEPY. DAVID:

FEELING THAT ARENA, THE OLYMPICS IN 2046. CHRISTINA:

THANKS. WE ARE GOING TO MOVE ON BECAUSE

I HATE THIS STORY. DAVID: THE GAMES CONTINUE TO GET

UNDERWAY. IT HAS BEEN 7 YEARS SINCE A

BRITISH TEENAGER JUMPED TO HIS DEATH FROM A LUXURY TOWER IN

LONDON. HIS FAMILY DID NOT THINK HE

WOULD TAKE HIS OWN LIFE. AFTER HIS DEATH THEY FOUND OUT

HE HAD BEEN CLAIMING TO BE THE SON OF A RICH RUSSIAN OLIGARCH.

CHRISTINA: I -- A FASCINATING STORY.

PATRICK RADDEN KEEFE IS THE BEST SELLING AUTHOR BEHIND "SAY

ANYTHING."'S NEW BOOK DIGS INTO THE MYSTERIOUS DEATH IN "LONDON

FALLING." WE ASKED HIM HOW HE FIRST HEARD

ABOUT IT. PATRICK: I HEARD IT IN THE STRANGEST WAY.

THAT BOOK "SAY IT NOTHING" WAS MADE INTO A TELEVISION

DRAMA. I WAS LIVING IN LONDON WITH MY

FAMILY WHILE THEY MADE IT. I WAS ON SET ONE DAY AND I GOT

TO CHATTING WITH THE GUY. I WAS LITERALLY ON MY PHONE AND

A GUY SITS DOWN NEXT TO ME. IT IS GOOD IF YOU ARE A

REPORTER TO BE CURIOUS AND START CONVERSATIONS WITH

STRANGERS. I STARTED CHATTING WITH THIS

GUY AND HE FIGURED OUT I WRITE INVESTIGATIVE NARRATIVE PIECES.

HE SAID I MIGHT HAVE A STORY FOR YOU.

WHAT HE SAID WAS THERE IS A FAMILY HERE IN LONDON I'M CLOSE

WITH, AND IN 2019, THEY LOST A SON, THEIR 19-YEAR-OLD SON,

ZACH, DIED IN MYSTERIOUS CIRCUMSTANCES.

HE WENT OFF THE BUILDING OF A LUXURY APARTMENT BUILDING AND

DIED IN THE RIVER. AND AFTER HE DIED, HIS PARENTS

MADE THIS SHOCKING DISCOVERY. THEY LEARNED, UNBEKNOWNST TO

THEM, HE HAD A SECRET DOUBLE LIFE, AND HE HAD BEEN

PRETENDING HE WAS THE SON OF A RUSSIAN OLIGARCH.

THIS GUY HAS SAID ABOUT THAT MUCH TO ME, AND I KNEW IF THE

FAMILY WOULD TALK WITH ME, I HAVE TO WRITE ABOUT THIS.

CHRISTINA: IT IS A CRAZY STORY. I WAS JUST IN THE U.K., AND I

TOLD YOU BEFORE YOU CAME ON, ALL OF MY FRIENDS ARE READING

THIS BOOK, ESPECIALLY GIVEN THE BOARDING SCHOOL CULTURE IN THE

U.K. THIS IS AN UPPER-MIDDLE-CLASS

FAMILY, THE PARENTS OR CHILDREN OF HOLOCAUST SURVIVORS,

PROMINENT RABBIS, ONE WAS ON TELEVISION FOR A WHILE.

THEY SEND THEIR KIDS TO A GOOD SCHOOL, MAYBE NOT THE BEST OF

THE BEST BUT A TOP SCHOOL. YOUONE DOES SLIGHTLY BETTER

THAN THE OTHER AND THE OTHER CANNOT SEEM TO THINK HE IS GOOD

ENOUGH AND ENDS UP GETTING OBSESSED WITH THIS ERA.

TALK ABOUT WHAT IS GOING ON IN THIS ERA WITH RUSSIAN MONEY AND

THE OLIGARCHS AND HE WANTS THAT LIFE AND STARTS PRETENDING HE

IS THAT KID. PATRICK: ONE OF THE STRANGE ASPECT OF

THIS STORY IS THE BOY WAS BORN IN THE YEAR 2000 SO HE IS A

CHILD OF THE MILLENNIUM. HE COMES OF AGE AT A TIME WHEN

LONDON IS CHANGING. THERE IS A HUGE AMOUNT OF

FOREIGN WEALTH COMING INTO LONDON.

THERE IS A LOT MORE CONSPICUOUS CONSUMPTION, LUXURY REAL ESTATE.

CHRISTINA: WE ARE COMING AWAY FROM MUD

SPLATTERED LAND ROVERS. PATRICK: MUCH MORE SORT OF NEW MONEY

OSTENTATION, AND HE IS ALSO KIND OF A SOCIAL MEDIA NATIVE.

HE GROWS UP ON INSTAGRAM. IF YOU HAVE THOSE

PREOCCUPATIONS , IF YOU ARE INTERESTED IN SUPERCARS AND

LUXURY APARTMENTS AND THAT KIND OF THING AND YOU ARE JUST

SCROLLING, YOU START TO SEE MORE AND MORE OF THAT STUFF.

HE BECAME OBSESSED WITH WEALTH AND ONE OF THE IRONIES IS HIS

FAMILY IS PRETTY COMFORTABLE. LATELY BEEN A NICE NEIGHBORHOOD.

CHRISTINA: THESE ARE NICE SCHOOLS THEY ARE

SENDING THEM TO. PATRICK: GOES TO A FANCY PRIVATE SCHOOL.

BUT IN A COMPARISON TO THE CHILDREN OF OLIGARCHS AT SCHOOL

WITH HIM, HE FELT POOR. HE FELT AS IF HE DID NOT HAVE

ENOUGH. PART OF WHAT THE STORY IS ABOUT

IS THE SENSE OF ANXIETY HE FELT AND HIS DESIRE AS A TEENAGER TO

CON HIS WAY TO THE NEXT LEVEL. CHRISTINA:

THE STORY IS ABOUT THIS KID AND THIS YOUNG MAN.

IT IS ALSO ABOUT WHAT IS HAPPENING IN LONDON.

YOU FOLLOW SOME OF THE CHARACTERS AROUND, THE REAL

ESTATE FIRM, BUT IT IS ALSO ABOUT PARENTING AND HOW LITTLE

YOU COULD KNOW SOMEONE THAT YOU RAISED FROM INFANCY.

YOU HAVE TWO BOYS. WAS THAT THE CRUX OF WHY YOU

ENDED UP PURSUING THIS AND WHAT YOU THINK THE HEART OF IT IS?

PATRICK: THIS WAS SOMETHING THAT,

LISTEN, ON THE FRONT END I WAS DRAWN TO IT BECAUSE IT IS A

THRILLER, A MYSTERY. CHRISTINA: AND YOU STILL DON'T REALLY

SOLVE IT. PATRICK: I THINK I ROUGHLY KNOW WHAT

HAPPENED. IT IS A STORY ABOUT HIS PARENTS

WHO ARE TRAINED TO INVESTIGATE THEIR KID'S DEATH AND SORT OF

HAVE TO BECOME DETECTIVES AND FIGURE OUT WHAT IS GOING ON.

WHAT SNUCK UP ON ME AS I WAS WORKING ON IT WAS IT IS A STORY

ABOUT PARENTING, ABOUT ADOLESCENTS TODAY, WHAT IS LIKE

TO SEE ONE OF THE PEOPLE WHO YOU FEEL LIKE YOU KNOW REALLY

WELL, YOU LOVE THEM THE MOST IN THE WORLD, THEY LIVED UNDER

YOUR ROOF, YOU RAISED THEM, BUT THEY TURN INTO A STRANGER AND

COMING TO TERMS WITH THAT, TRYING TO FIGURE OUT NOT JUST

THE MYSTERY OF HOW HE DIED, BUT THE MYSTERY OF WHO HE REALLY

WAS WHEN HE WAS ALIVE. CHRISTINA:

YOU WORKED WITH THE FAMILY VERY CLOSELY FOR THIS BOOK.

THE CASE MADE HEADLINES WHEN THE DEATH HAPPENED, AND THEY

HAVE BEEN VERY CRITICAL OF THE POLICE INVESTIGATION.

HOW ARE THEY DOING? ARE THEY OK WITH ALL THIS

PUBLICITY? HAS IT MADE IT HARDER?

HOW ARE THEY? PATRICK: I THINK THEY ARE ALL RIGHT.

I TEXTED THEM THIS MORNING. I'VE TALKED WITH THEM ALL THE

TIME WHEN WE LAUNCHED THE BOOK HERE NEW YORK.

THEY WERE IN THE ROOM. I THINK THEY FEEL GOOD ABOUT

THE PROCESS OF HAVING OPENED UP TO BE IN THIS WAY.

IT IS INESCAPABLY WEIRD TO BE IN LONDON AND SEE THE BOOK IN

SHOP WINDOWS, TO KNOW PEOPLE ARE READING ABOUT YOUR FAMILY'S

TRAGEDY AT PALM BEACH DURING THE SUMMER. CHRISTINA:

OR LISTENING TO IT ON MY RUN. PATRICK:

HAVING SAID THAT, THEY ARE AN UNCOMMONLY RESILIENT FAMILY.

PART OF THE STORY IS ABOUT IS LEARNING TO KEEP MOVING AND

LIVING IN THE FACE OF LOSS. DAVID:

TALK ABOUT HOW YOU FOUND THIS BOOK. RECOMMENDED? CHRISTINA:

A FAN OF HIS PREVIOUS BOOK SO I SAW HE HAD WRITTEN A NEW ONE

AND PICKED IT UP AND READ IT. I WALKED OUT AND MY FRIEND'S

GARDEN AT BOTH THE WIFE AND HUSBAND WERE READING SEPARATE

COPIES OF IT TOGETHER BECAUSE EVERYONE IN THE WORLD IS

READING THIS BOOK RIGHT NOW BECAUSE IT IS SO ZEITGEISTY.

IT IS ABOUT WHAT HAPPENED TO THIS FAMILY.

IT IS ALSO ABOUT HOW YOU CAN REALLY NOT KNOW YOUR OWN CHILD.

THAT IS THE STARTLING PART OF THIS. DAVID:

"SAY NOTHING," THIS BOOK ABOUT SISTERS IN

NORTHERN IRELAND. HE HAS BECOME A CELEBRITY

WRITER OF A SORT AND IS VERY SELF-EFFACING, BOTH CHATTING

WITH YOU AND ANOTHER INTERVIEWS -- AND IN OTHER INTERVIEWS.

CHRISTINA: THEY ARE ANNOYINGLY GOOD, BOOKS

YOU READ AS SOMEBODY WHO TRIES TO WRITE EVEN OUR OWN COPY, AND

JUST THE PROSE IS SO CLEAR AND CRISP YOU DO NOT NOTICE IT,

WHICH IS THE HALLMARK OF A GOOD WRITER.

IT IS ALWAYS ABOUT THE STORY, AND THESE CHARACTERS ARE

WELL-ESTABLISHED AND FORMED. DAVID: A HECK OF A REPORTER.

SOME PERIL INVOLVED IN REPORTING. CHRISTINA:

THERE IS SO MUCH REPORTING AND SO MANY INTERVIEWS HE HAS TO DO.

I DON'T KNOW WHEN HE SLEEPS BUT I FEEL PROFESSIONALLY

INADEQUATE. DAVID: I HAVE BEEN MEETING TO READ IT.

CHRISTINA: YOU ARE GOING ON A FUN TRIP.

DAVID: I WILL TAKE IT WITH ME. CHRISTINA:

IT IS AN ODD VACATION READ BUT I DID IT AS WELL. COMING

UP, IT HAS BEEN FIVE YEARS SINCE THE TALIBAN WE TOOK

CONTROL OF A GUINNESS TAN AND THE U.S. WITHDREW.

UP NEXT, WE TALK ABOUT AN INTERVIEW WITH THE FORMER

AFGHAN PRESIDENT, INCLUDING WHY HE STILL LIVES THERE AND HOW HE

ENGAGES WITH THE TALIBAN. IF YOU ARE HEADING OUT THE

DOOR, TAKE US WITH YOU NO MATTER WHERE YOU GO.

WE ARE "BLOOMBERG THIS WEEKEND." WE WILL BE RIGHT BACK.

♪

DAVID: FIVE YEARS SINCE THE TALIBAN

RETOOK CONTROL OF A GUINNESS TAN -- OF AFGHANISTAN.

THE AIRPORT USED TO BE CALLED THE HAMID KARZAI INTERNATIONAL

AIRPORT AFTER THE COUNTRY'S FORMER PRESIDENT. CHRISTINA:

WE SPOKE TO OUR COLLEAGUE MISHAL HUSAIN WHO INTERVIEWED

HIM. MISHAL: YOU CONSIDERED GOING TO THE

AIRPORT AND GETTING ON ONE OF THOSE PLANES, BECAUSE YOU COULD

HAVE DONE? HAMID: NO, I DID NOT. I WAS APPROACHED BY SOME

FRIENDLY GOVERNMENTS A DAY BEFORE THAT AND WEEKS BEFORE

THAT. THEY WOULD PROVIDE US A PLANE

IN CASE THAT HAPPENED, BUT ME AND MY FAMILY WOULD BE TAKEN

OUT TO THOSE CAPITALS AND I REFUSED, I SAID NO, I WILL NOT

LEAVE. MISHAL: HAVE YOU HAD CAUSE TO REGRET

THAT BECAUSE FIVE YEARS ON, THE POWER-SHARING DID NOT HAPPEN?

FMR. PRES. KARZAI: NO. MISHAL: WOMEN ARE NOT WORKING.

GIRLS COME AS YOU KNOW FOR YOURSELF AND YOUR OWN FAMILY,

HAVE TO LEARN AT HOME BECAUSE THEY ARE NOT ABLE TO GO TO

AFTER THE AGE OF 12. FMR. PRES. KARZAI:

NO, I AM HAPPY I DID NOT. THIS IS OUR HOME, THIS COUNTRY.

AND YOU DO NOT LEAVE YOUR HOME WHEN THINGS GET DIFFICULT.

YOU STAY ON AND GET IT CORRECTED. CHRISTINA:

IT IS SO INTERESTING TO ME BECAUSE I WONDER WHAT INFLUENCE

IF ANY HAMID KARZAI STILL HAS IN THE COUNTRY AND IF THERE IS

REASON FOR HOPE.

I COVERED THE FALL OF KABUL, AND IT SEEMS TO BE GETTING

PROGRESSIVELY WORSE, ESPECIALLY FOR WOMEN AND GIRLS.

WHAT ARE YOUR MAIN TAKEAWAYS AND WHAT CAN HE DO? MISHAL:

HIS SENSE OF CONVICTION THAT THINGS WILL CHANGE IN

AFGHANISTAN IS STRIKING BUT IT IS HARD TO LOOK AT THE

SITUATION AND HAVE THE SAME KIND OF QUIET CONFIDENCE OR

CERTAINTY THAT HE PORTRAYS IN THIS CONVERSATION.

THE BACKGROUND IS ONE WHERE MILLIONS OF PEOPLE IN THIS

COUNTRY LIVE COMPLETELY DEPENDENT ON THE HUMANITARIAN

AID THAT STILL COMES IN THROUGH AGENCIES IN THE U.N., ETC.

THE RESTRICTIONS ON WOMEN WORKING HAS A COST TO THE

ECONOMY ESTIMATED AT $84 MILLION A YEAR, SO IT IS VERY

SIGNIFICANT.

KARZAI'S OWN PERSONAL, HE HELPED OUST THE TALIBAN AFTER

9/11 NEARLY 25 YEARS AGO NOW, AND NOW HE LIVES UNDER THEIR

RULE. HIS OWN IS A PRECARIOUS AND I

IMAGINE UNCOMFORTABLE POSITION. HE CANNOT LEAVE HIS HOME

WITHOUT THE TALIBAN'S PERMISSION.

HE HAS TO TELL THEM WHERE HE WANTS TO GO, WHO HE WANTS TO

MEET. SOMETIMES THEY AGREE. SOMETIMES THEY DON'T.

I WOULD DESCRIBE THAT AS A FORM OF HOUSE.

THESE ARE NOT WORDS HE USED, BUT THAT IS THE TERM I WOULD

DESCRIBE. IT IS THE PICTURE OF A DIFFICULT SITUATION FOR THE

COUNTRY AS A WHOLE AND FOR HIM HIMSELF AND HIS FAMILY

CERTAINLY. CHRISTINA: AND HE HAS YOUNG DAUGHTERS.

THEY ARE STILL THERE I ASSUME, BUT THEY CAN NO LONGER GO TO

SCHOOL. WHAT IS LIFE LIKE FOR THEM?

I AM SURE GIVEN HIS CONTACTS, HE AND HIS FAMILY COULD GET OUT.

THEY COULD HAVE GOTTEN OUT. IT WAS HARD TO GET HIM TO THE

AIRPORT, BUT IT WAS DOABLE. IS HE COMMITTED TO HAVING HIS

FAMILY STAY? MISHAL: THE PRIVILEGED PEOPLE WHO HAD

THE CONNECTIONS HE WOULD HAVE HAD COME IT WOULD HAVE BEEN

POSSIBLE. FIVE YEARS AGO, I REMEMBER

SEEING THIS VIDEO HE RELEASED AS THE TOP AND WORK TRYING TO

RETAKE THE CAPITAL CITY. THERE WAS A VIDEO WITH HIS THEN

THREE SMALL DAUGHTERS AROUND HIM AND HE WAS URGING THE

COUNTRY TO KEEP CALM, BUT IT WAS STRIKING HE PUT HIS

CHILDREN IN THAT IMAGE. OF COURSE, I WAS CURIOUS TO ASK

ABOUT THOSE GIRLS FIVE YEARS ON. THE OLDEST ONE HAS NOW PASSED

THE AGE OF 12. THAT IS THE POINT WHERE GIRLS

IN AFGHANISTAN CAN NO LONGER GO TO SCHOOL SO SHE IS LEARNING AT

HOME. THE SAME FATE WILL BEFALL THE

YOUNGER ONES. I ASKED ABOUT THAT BECAUSE

IMAGINE WHAT THAT DOES TO YOU AS A PARENT.

HE DID TALK ABOUT THAT. HE SAID HE IS DETERMINED NOT TO

SEND HIS CHILDREN OVERSEAS TO COMPLETE THEIR EDUCATION

BECAUSE IF HE DOES THAT, IT IS AN ACKNOWLEDGMENT OF THESE

DIFFICULTIES IN ACCESS. IT IS GIVING UP IN HIS WORDS ON

A FUTURE WHERE EDUCATION WITHIN AFGHANISTAN IS ACCESSIBLE TO

ALL THE CHILDREN OF THIS COUNTRY.

I THINK THERE IS A LOT OF PAIN SURROUNDING THAT, BUT THERE IS

-- SURROUNDING THAT. CHRISTINA:

BUT THERE IS DEBATE ABOUT THE AID.

IF YOU GET RID OF WOMEN'S -- IF WOMEN CANNOT WORK HERE, YOU

CANNOT GET THE AID, BUT THE PEOPLE WHO SUFFER MOST FROM THE

LACK OF AID ARE OFTEN WOMEN AND CHILDREN, SO IT IS THIS VERY

TERRIBLE CHOICE. DO YOU GIVE THE AID TO A REGIME

DOING TERRIBLE THINGS, KNOWING IT WILL KEEP WOMEN AND CHILDREN

FROM STARVING TO DEATH, OR BY DOING SO ARE YOU FACILITATING

LONGER SUFFERING OF A POPULATION OVERALL?

DID HE HAVE AN OPINION ON THAT? MISHAL:

IT IS A MORAL DILEMMA AND THE AIDE RELATIONSHIP IS IMPORTANT

AND NO ONE IN HIS POSITION LIKE THIS WANTS TO SAY NO, THAT IS

THE LINE, THAT PROVIDING FOR THE POPULATION'S MOST BASIC

NEEDS IS THE LINE YOU SHOULD DROP THE LIGHT HE DRAWS IS

ABOUT FORMAL RELATIONSHIPS WITH THE TALIBAN.

ONLY RUSSIA HAS FORMALLY RECOGNIZED THE TALIBAN AS A

LEGITIMATE GOVERNMENT OF AFGHANISTAN.

HAMID KARZAI TELLS ME THAT WOMEN BEING ABLE TO GO TO WORK

GIRLS BEING ABLE TO GO TO SCHOOL, THAT IS THE CONDITION

THAT ONLY AFTER THAT IS MET ONLY SHOULD OTHER GOVERNMENTS

RECOGNIZED THE TALIBAN -- RECOGNIZE THE TALIBAN.

BUT THE REALITY IS AS MANY AS 40 COUNTRIES AROUND THE WORLD,

REPRESENTATIVES OF THE TALIBAN ARE IN CONTROL OF THE AFGHAN

EMBASSIES. DE FACTO, THAT RELATIONSHIP

WITH FOREIGN GOVERNMENTS IS TO SOME EXTENT THERE OR AT LEAST

THEY ARE THE ONES WHO HAVE TAKEN OVER THE EMBASSIES IN

ABOUT 40 COUNTRIES, SO THAT AGAIN IS ONE OF THE GRIM

REALITIES OF ALL OF THIS. AND IT IS IMPORTANT TO SAY THAT

HAMID KARZAI CONTINUES TO TALK TO SOME MEMBERS OF THE TALIBAN.

HE TOLD ME SOME OF THEM COME TO SEE HIM AT HIS HOME IN KABUL,

THE PLACE HE TALKED TO US FROM, AND THOSE THAT COME TO SEE ME,

THEY BELIEVE LIKE ME THAT THE RESTRICTIONS ON WOMEN SHOULD

EASE AND THAT GIRLS SHOULD GO BACK INTO SECONDARY GIRLS

SHOULD GO BACK INTO SECONDARY SCHOOLING.

OF COURSE THERE ARE OTHER MEMBERS OF THE LEADERSHIP

INCLUDING THE SUPREME LEADER WHO ARE THE ONES WHO TAKE THE

MOST HARDLINE VIEWS.

CHRISTINA: COMING UP, CANADA HITS BACK

SAYING IT WILL APPLY DOLLAR FOR DOLLAR TARIFFS ON AMERICAN GOOD

STARTING NEXT MONTH. AS CANADA'S PRIME MINISTER

CALLS AT WAR. REACTION FROM PRESIDENT TRUMP.

>> WE ARE AT TRYING TO BRING THE MARKET TO AN EQUILIBRIUM.

DAVID: SET ALL THE MONDAY PRESS CONFERENCE OR HE WILL FACE

QUESTIONS ON THE BOND MARKET AND WITH THE ADMINISTRATION IS

CALLING AN ECONOMIC D DAY FOR RON. CHRISTINA:

CANDIDATES ON BOTH SIDES OF THE AISLE MAKING DATA CENTERS A

POINT OF THE CAMPAIGN. WE SPEAK TO CONGRESS MEMBERS

ABOUT HOW THEY CC THE ISSUE.

>> ALARMISM IS REALLY BAD FUTURE.

DAVID: WELCOME TO BLOOMBERG THIS WEEKEND, AND YOU LIVE, I AM

DAVID GURA. CHRISTINA: IT IS SUNDAY, AUGUST 23.

A LOT OF NEWS TO SORT THROUGH THIS WEEKEND AS PER USUAL.

SEEMS LIKE WE ARE GETTING A LOT OF SLOW NEWS WEEKEND SPRING

DAVID: SUMMER SUNDAY IS NOT A NEW

DETAIL. THE U.S. AND CANADA TALKS BROKE DOWN.

THE PRESIDENT WEIGHING IN ON THIS WRITING ON TRUE SOCIAL

CANADA ONCE THE BENEFIT OF BEING A STATE WITHOUT BEING ONE.

CHARGING A GREAT FARMERS FOR MANY YEARS VAST MASSIVE

TARIFFS, NO MORE. PUTTING TOGETHER THIS NARRATIVE

OF WHAT HAPPENED IT SOUND LIKE THERE WAS DISPUTE OVER TRUCKS

AS WELL AS EFFORTS TO QUESTION THE SOVEREIGNTY OF CANADA.

CHRISTINA: AND WHO IS CHARGE -- IN CHARGE

FROM THE GO SHEETING STANDPOINT. WHO WAS DRIVING THESE TALKS AND

WHETHER THEY HAD COMPETING INTERESTS.

>> THANK. CANADIAN PRIME MINISTER MARK

CARNEY SAYS HE HAD LITTLE CHOICE TO IMPOSE RETALIATORY

TARIFFS OUT OF THE TRUMP ADMINISTRATION SLAPPED A 50%

SURCHARGE YESTERDAY ON CANADIAN GOODS ANYTHING FROM WINE TO

HOCKEY STICKS. CARNEY SAYS CANADA WILL

RETALIATE DOLLAR FOR DOLLAR BEGINNING SEPTEMBER 8 TARGETING

SECTORS INCLUDING STEEL, DAIRY AND AGRICULTURAL EQUIPMENT.

TRADE TALKS BROKE DOWN FRIDAY NIGHT WITH THE U.S.

AND CANADA FACING THE RISK OF A FULL-SCALE TRADE WAR.

RESIDENTS ON HAWAII'S BIG ISLAND ARE BRACING FOR HEAVY

RAINS AND GUSTY WINDS AS A TROPICAL STORM MAKES ITS WAY

THROUGH THE ISLAND. THE HURRICANE CENTER SAYS THE

STORM IS NOT EXPECTED TO GROW AS LARGE OR POWERFUL AS A

HURRICANE WHICH BATTERED THE BIG ISLAND LAST WEEKEND.

MANY RESIDENTS ARE STILL CLEANING UP FROM THAT STORM.

DAY 12 WITHOUT POWER FOR TENS OF THOUSANDS OF RESIDENTS OF

GARY, INDIANA NEARLY TWO WEEKS AFTER THUNDERSTORMS SWEPT

THROUGH THE STATE KILLING AT LEAST SEVEN PEOPLE.

HURRICANE FORCE WINDS TOPPLED TREES AND POWER LINES AND HEAVY

RAINS FLOODED. THE INDIANA GOVERNOR CALLING ON

THE LOCAL POWER UTILITY TO MATCH THE URGENCY OF RESIDENTS.

THE POWER SAYS THEY ARE WORKING AROUND THE CLOCK TO RESTORE

ELECTRICITY.

PRESIDENT TRUMP MADE MORE THAN 1000 SECURITIES TRADES IN JUNE

INCLUDING BUYING SHARES OF BERKSHIRE HATHAWAY, VISA,

MASTERCARD AND COINBASE ACCORDING TO A FINANCIAL

DISCLOSURE THIS WEEKEND. IN ALL OF 2025 HE MADE MORE

THAN 21,000 SECURITIES TRADES OFTEN IN BURSTS TIED TO MARKET

EVENTS HE CREATED. THE WHITE HOUSE SAYS THERE IS

NO CONFLICT OF INTEREST BECAUSE HIS INVESTMENTS ARE ENTIRELY

MADE BY INDEPENDENT INVESTORS.

WALL STREET FACES HIGH STAKES, TED -- KEVIN WARSH WILL BE AT

THE JACKSON HOLE MEETING.

TOMORROW, TREASURY SECRETARY SCOTT BESSENT WILL HOLD A PRESS

CONFERENCE WHERE HE IS EXPECTED TO OUTLINE U.S.

SANCTIONS AGAINST IRAN. REPRESENTATIVE FROM PARAMOUNT

SKYDANCE ARE SET TO MEET TOMORROW WITH OFFICIALS IN

CALIFORNIA DISCUSSING A SETTLEMENT OF THE ANTITRUST

LAWSUIT AIMED AT BLOCKING AND EVERY DAY THEY DON'T DO IT, IT

COST THEM A LITTLE BIT MORE. DAVID: MILLIONS AND MILLIONS OF

DOLLARS SO HUGE INCENTIVE TO GET THIS DONE. CHRISTINA:

THANK YOU VERY MUCH. DAVID: 73 DAYS TILL VOTERS HEAD TO THE

POLLS AND DATA CENTERS HAVE BECOME THE SLEEPER ISSUE FOR

THE ENTIRE ELECTION CYCLE. THAT'S GOING TO A NATIONAL

PUBLIC AND SENATORIAL MEMO. HERE 71% OF AMERICANS OPPOSE

CONSTRUCTION OF DATA CENTERS IN THEIR NEIGHBORHOODS COMPARED TO

53% TO OPPOSE THE CONSTRUCTION OF NUCLEAR POWER PLANT'S.

CHRISTINA: THEN ANALYSIS SHOWING THE

DROP-OFF AND POSITIVE TALK SINCE APRIL 2024 FROM BOTH

PARTIES.

>> THE DATA CENTER SUBJECT TO ME IS A PRETTY SIMPLE ONE.

IF YOU PICK THE RIGHT LOCATION AND THIS GOT TO BE LOCATIONS

FOR IT BUT YOU PICK THE RIGHT LOCATION, WHAT IT MEANS FOR A

COMMUNITY IS JOBS AND LOTS OF MONEY AND LOWER TAXES.

AND THE DATA CENTERS NOW ARE MANDATED BY ME SO THEY ARE NOT

TAKING -- IF I WERE A COMMUNITY I WOULD WANT THE DATA CENTER.

IT MEANS JOBS, IT MEANS INCOME AND LOWER TAXES. CHRISTINA:

WE ARE TALKING TO A CONGRESSIONAL REPUBLICAN AND

DEMOCRAT THROUGHOUT THE ISSUE. JOINING US IS REPRESENTATIVE

GREG LANDSMAN A DEMOCRAT FROM OHIO WHO SITS ON THE ENERGY AND

COMMERCE COMMITTEE SPRING WHAT IS YOUR TAKE ON THIS.

AHEAD OF NOVEMBER THERE ARE A LOT OF ISSUES VOTERS ARE

WORRIED ABOUT MOSTLY TALKING ABOUT THIS KITCHEN TABLE

ISSUES, AFFORDABILITY AND PRICING.

BEING ABLE TO SUCCEED AND HAVE YOUR KIDS BEING SUCCESSFUL.

THIS SEEMS TO FEED INTO SOME OF THOSE CONCERNS.

I READ THERE ARE MORE THAN 200 DATA CENTERS IN OHIO RIGHT NOW.

>> DATA CENTERS IT'S BEEN A HUGE ISSUE FOR A WHILE NOW.

THE IDEA THAT IT IS A SLEEPER ISSUE, IT IS A SLEEPER ISSUE

FOR THEM. I DON'T THINK THEY WERE PAYING

ATTENTION. WE ARE HEARING IT FROM THEIR

CONSTITUENTS, THIS IS A HUGE PROBLEM.

PEOPLE ARE SO FRUSTRATED WITH THE ECONOMY THE WAY IT IS.

WE HAVE THE SUPER WEALTHY GETTING WHATEVER THEY WANT AND

CAN DO WHATEVER THEY WANT AND YOU SEE THAT WITH THESE DATA

CENTERS AND THESE BIG CAP COMPANIES GETTING TAX CUTS FOR

THESE DATA CENTERS. POLITICIANS ARE GIVING THEM

CASH EVEN THOUGH THEY ARE THE RICHEST COMPANIES IN THE WORLD.

THEY COME INTO OUR TOWNS THEY SIGN WITH ELECTED OFFICIALS

NONDISCLOSURE AGREEMENTS SO THEY CAN TALK ABOUT IT AND THEN

THEY CREATE SOME JOBS BUT THE CHALLENGE IS THEY ALSO JACK UP

EVERYONE'S UTILITY BILLS. SO IT IS A HUGE ISSUE BECAUSE

IT HITS PEOPLE'S POCKETBOOKS. THEY ARE PAYING MORE IN

ELECTRIC BILLS AND IT GETS AT THIS UNEVENNESS AND BROKENNESS

OF THE ECONOMY WITH THE SUPER WEALTHY GET WHATEVER THEY WANT.

DAVID: YOU LOOK AT CINCINNATI AND THE

BEAUTY OF THE OHIO RIVER, THERE ARE ALSO A LOT OF WAREHOUSES

THERE. DISTRIBUTION HOUSES AND HAS

BEEN FOR A LONG TIME. IS THERE AN APPETITE FOR

BUILDING THESE THINGS IN AND AROUND THE FIRST DISTRICT?

WOULD YOU HEAR FROM CONSTITUENTS? REP. LANDSMAN:

THEY ARE TRYING TO BUILD ONE IN A PART OF THE NEW FIRST

CONGRESSIONAL DISTRICT THEY GERRYMANDERED EVEN FURTHER.

IT IS IN THE NEW OHIO ONE SO I'VE SPENT A LOT OF TIME THERE

WITH THEM. THEY ARE TRYING TO STOP A BIG

DATA CENTER COMING IN OR AT LEAST SLOW IT DOWN SO THEY CAN

GET THEIR PRIORITIES INCLUDED IN WHATEVER DEAL GETS DONE.

BUT AGAIN THIS WAS DONE BEHIND CLOSED DOORS, EVERYONE SIGNED

AN NDA AND REFUSED TO TALK TO THEIR CONSTITUENTS.

THEY GOT A TAX CUT FROM THE FEDERAL GOVERNMENT, THEY GOT A

TAX CUT FROM THE STATE GOVERNMENT SO THEY GOT A LOT OF

MONEY AND WHAT PEOPLE WERE HEARING IS THIS IS GOING TO

INCREASE THEIR UTILITY BILLS BASED ON WHAT'S HAPPENED AROUND

OTHER PLACES. WHAT I HEAR IS IF THEY PAY

THEIR OWN WAY AND DO EVERYTHING ABOVEBOARD PUBLICLY AND WE GET

A SAY THAT IS ONE THING. BUT THIS, OF THE WAY THEY ARE

DOING IT IS WRONG. CHRISTINA: YOU HAVE A BILL THAT'S GOTTEN

OUT OF COMMITTEE THAT WOULD PUT THE COST BURDEN FOR ENERGY

CONSUMPTION ON THE DATA CENTERS NOT THE TAX BASE AND IT WOULD

BAN NDA'S WITH ELECTED OFFICIALS.

I DON'T THINK A LOT OF PEOPLE REALIZE THAT IS A THING.

SEVERAL DIFFERENT LOCAL NEWS ARTICLES FROM PENNSYLVANIA TO

LOUISIANA WHERE LOCAL OFFICIALS REPORT OR HAVE BEEN REPORTED ON

HAVING SIGNED NONDISCLOSURE AGREEMENTS WITH THESE COMPANIES.

IT SEEMS TO ME IF THEY ARE DOING THAT THEY KNOW THEY ARE

UNPOPULAR. HOW UNCUT -- HOW COMMON IS THIS

AND YOU THINK THIS BILL WILL GET TRACTION? REP. LANDSMAN:

I'VE BEEN AN ELECTED OFFICIAL FOR ALMOST -- CHRISTINA:

I NEVER REALIZED THIS WAS HAPPENING. REP. LANDSMAN:

I HAVE NEVER HEARD OF IT IN ANY CONTEXT.

AND MAYBE THERE NDA'S THE CITY OFFICIALS OR STATE OFFICIALS

BECAUSE THERE IS SOME GERMANE RELATED ISSUE, I DON'T KNOW BUT

I HAVE NEVER SEEN IT AND IN OHIO WE PRIDE OURSELVES ON

DOING EVERYTHING IN THE LIGHT OF DAY.

WE HAVE REALLY SERIOUS SUNSHINE LAWS THE REQUIRE EVERYTHING TO

BE PUBLIC AND THESE TECH COMPANIES HAVE BEEN GOING

AROUND SIGNING NDA'S ALL OVER THE COUNTRY AND OHIO AND IT HAS

PEOPLE ABSOLUTELY FURIOUS AS THEY SHOULD BE.

THESE ARE THE PEOPLE THEY ELECTED THEY PAY THEIR SALARIES

AND THEY ARE SIGNING NDA WITH THE COMPANY AND NOT SAYING

ANYTHING TO THE COMMUNITY. IF YOU LIVE NEAR ONE OF THESE

DATA CENTERS IT FEELS LIKE A BETRAYAL, THAT THEY BETRAYED

YOU IN ORDER TO GET SOMETHING DONE WITH THIS SUPER WEALTHY

COMPANY THAT IS COMING IN AND 80'S UNBELIEVABLE.

I THINK THE NDA'S ARE HUGE PROBLEM.

THE UTILITY COSTS ARE ALSO A BIG ISSUE.

WHY AM I PAYING MORE AND WHY ARE YOU DOING THIS. DAVID:

I WANT TO PIVOT TO ANOTHER ISSUE IN THE ZEITGEIST,

PREDICTION MARKETS. WE TALKED TO ELISSA SLOTKIN OF

MICHIGAN IN THE EFFORT SHE'S MADE TO BAN BETTING ON

POLITICAL EVENTS.

I KNOW THAT THAT SOMETHING YOU HAVE BEEN PUSHING ALSO.

IS THAT SOMETHING GETTING TRACTION?

THIS NASCENT FORM OF I DON'T WANT TO SAY INVESTMENT, IT IS

MORE SO BETTING THAN THAT. CHRISTINA:

IT DEPENDS ON WHO YOU ASK AND HOW MANY DRINKS THEY HAVE HAD.

DAVID: WHERE ARE WE IN THAT CONVERSATION IN WASHINGTON DC

HOW TO TREAT THAT? REP. LANDSMAN:

AT THE MOMENT THE MAJORITY HAS NOT PUT FORWARD A BILL, SENATOR

SLOTKIN HAS A BILL, I HAVE A BILL. THERE ARE A TON OF BILLS.

THIS IS PART OF OUR ANTICORRUPTION BILL CULTURE IN

THE SWAMP WHICH I WOULD ARGUE IS THE MOST COMPREHENSIVE

ANTICORRUPTION BILL INTRODUCED SO FAR AND IT INCLUDES THE BAN

ON PRODUCTION MARKETS.

BUT THIS IS A BIG ISSUE WHERE PEOPLE ARE LOOKING AT

POLITICIANS RIGHT NOW AND SEEING THEM MAKE TONS OF MONEY

AND WONDERING WHY THEY ARE STRUGGLING AND THEY WANT THEIR

GOVERNMENT CLEANED UP. THE PREDICTION MARKETS YOU CAN

BET ON ANYTHING AND IF YOU ARE A PUBLIC EMPLOYEE WHETHER YOU

ARE ELECTED OR JUST ON SALARY BUT ARE IN THE KNOW, YOU SHOULD

NOT TOUCH THESE MARKETS FOR ANY REASON, UNDER ANY CIRCUMSTANCE.

MINE IS A FULL BAN ON PARTICIPATION OF ANYONE WHO

GETS A PUBLIC SALARY. CHRISTINA: ANECDOTALLY HAVE YOU SEEN OTHER

LAWMAKERS, OTHER OFFICIALS EVEN PEOPLE, YOU HAVE A WINDOW INTO

THIS SOMETIMES WE DON'T GET TO SEE. HAVE YOU SEEN THESE PEOPLE

EITHER TALKING ABOUT OR FLIRTING WITH THE IDEA OF

PLACING BETS ON SOME OF THESE THINGS? REP. LANDSMAN:

I HAVEN'T HEARD ANYONE TALK ABOUT PLACING A BET BUT THEY

TALK ABOUT IT ALL THE TIME. EVERYONE SPRINGING UP THESE

MARKETS AND THEY WILL SAY YOU KNOW KALSHI HAS THIS ISSUE WITH

THIS OR THAT RACE AT THIS LEVEL. WHATEVER IT IS, IT IS SOMETHING

THAT EVERYONE IS TALKING ABOUT. I HAVE NEVER BEEN ON THESE

PLATFORMS SO I DON'T KNOW ALL THE THINGS THAT ARE BEING I

DON'T KNOW PUT IN THE MIX TO PUT A TRADE ON BUT IT SEEMS

LIKE IT IS ALMOST EVERYTHING AND 80'S, OF THE ROOM FOR

CORRUPTION IS HUGE. AND THE APPEARANCE OF

WRONGDOING IS VERY SERIOUS. BOTH OF THOSE THINGS HAVE TO BE

DEALT WITH AND THE ONLY WAY IS TO BAN ANYONE WITH A PUBLIC

SALARY FROM PARTICIPATING IN ANY OF THE MARKETS. DAVID:

RETURNING TO WHAT I SAID, YOUR DISTRICT IS HOME TO SO MANY

COMPANIES DO A LOT OF TRANSACTING ACROSS THE COUNTRY,

A BIG DISTRIBUTION CENTERS IN THE NEWS OF THE WEEKEND IS THE

DISSOLUTION OF THESE TALKS BETWEEN THE U.S. AND CANADA.

EXPORTS BEING TARIFF, RETALIATORY TARIFFS COMING INTO

PLAY. WHAT DOES THAT MEAN FOR FOLKS

IN YOUR DISTRICT. SOME GEOGRAPHICALLY REMOVED BUT

I IMAGINE VERY RELIANT ON THAT LONG-STANDING TRADE

RELATIONSHIP WITH CANADA. REP. LANDSMAN:

SO FAR IT HAS BEEN TERRIBLE. WHEN I AM HOME, WHICH IS MOST

OF THE TIME WE SPENT A CHUNK OF TIME IN THE D.C.

AND A CHUNK OF THE TIME BACK HOME.

MOST TRAVEL AROUND DISTRICT AND WE DO TOURS AND MEET BUSINESSES

AND TOUR FACILITIES. AND EVERYWHERE I'VE GONE FOR

THE LAST TWO YEARS I SAY CAN YOU TELL ME ABOUT THE TARIFFS

IS IT HURTING OR HELPING,

TRYING TO BE SHOW MY HAND IN TERMS OF MY OWN FRUSTRATION.

WITH THESE TARIFFS. AND NOT A SINGLE COMPANY I HAVE

YET TO MEET A SINGLE COMPANY THAT SAYS ANYTHING OTHER THAN

THEY HAVE COST US A LOT OF MONEY.

AND THEY ARE PAYING SO MUCH FOR THIS ADMINISTRATION TO FIGHT

THESE TRADE WARS WHICH NO ONE UNDERSTANDS THE STRATEGY.

DAVID: REPRESENTED GREG LANDSMAN FROM

OHIO. THANK YOU FOR JOINING US. DAVID: WE ALSO TALKED TO RICH

MCCORMICK AND WE STARTED WITH THE FEDERAL DEBT CROSSING THE

$40 TRILLION THRESHOLD.

>>-- >> I'M GLAD WE HIT THE LANDMARK.

IT BRINGS ATTENTION BACK TO ONE OF THE BIGGEST CHALLENGES IN

GOVERNMENT. THIS IS A LANDMARK FOR SURE.

THE PROBLEM IS EVERY TIME WE GET FURTHER IN DEBT, WE HAVE

BEEN DOWNGRADED TWICE AS A CURRENCY, WHEN WE REACHED THE

CORRUPTION OF SOCIAL SECURITY. YOU WILL SEE A REAL UPTICK IN

THE ABILITY TO BORROW IT VERSUS THE INTEREST RATE ESTIMATE.

I DON'T KNOW IF WE WILL BE THE INDUSTRY STANDARD AT THAT

POINT, OF CURRENCY. WE HAD ABOUT 20 OF US HOLDING

OUT ON DIFFERENT BILLS. BUT THE PRESIDENT A LOT OF

TIMES SAYS LOOK, THIS IS THE BEST BILL YOU CAN GET.

THAT'S WHY I DON'T THINK WE NEED A FILIBUSTER FOR A BUDGET.

I THINK WE SHOULD HAVE A FILIBUSTER FOR EVERYTHING ELSE.

BUT FOR THE BUDGET, IT'S OUR ONLY CONSTITUTIONAL

RESPONSIBILITY. IT DOESN'T MATTER IF

REPUBLICANS OR DEMOCRATS ARE IN CHARGE. IT JUST ADDS PORK.

THAT'S ONE THING THAT WOULD BE REAL EASY TO REDUCE THE DEFICIT

SPENDING. CHRISTINA: THE PRESIDENT SAYS THIS IS THE

BEST BILL YOU CAN GET. DO YOU THINK HE'S WORRIED

ENOUGH ABOUT THE NATIONAL DEBT?

>> I DON'T THINK ANYBODY IS WORRIED ENOUGH WHEN IT COMES TO

POLITICS. I'M CONCERNED WHEN WE TALK

ABOUT WHAT OUR FUTURE IS FOR AMERICANS , WHEN THEY ARE

PAYING $2 TRILLION IN DEBT SERVICING, WHICH IS COMING

QUICKLY, IN THE NEXT 10 YEARS. WE'VE ALREADY DOUBLED OUR DEBT

IN THE LAST DECADE. WE WENT FROM $20 TRILLION TO

$40 TRILLION IN 10 YEARS. INTEREST RATES ARE GOING UP

BECAUSE WE HAVE BEEN DEGRADED AS A CURRENCY.

THIS IS A MASSIVE PROBLEM THAT WILL AFFECT EVERYTHING WE FUN.

WHEN YOU BRING IN A LITTLE OVER 5 TRILLION DOLLARS IN TAXATION

AND REVENUE AND YOU SPEND $7 TRILLION EVERY YEAR AND THE

DISPARITY IS BECOMING GREATER, THAT'S NOT A GOOD SIGN FOR THE

FUTURE. DAVID: WE TALK A LOT ABOUT AI ON THE

SHOW AND I IMAGINE THAT IS SOMETHING YOU TALK ABOUT WHEN

YOU ARE ON THE CAMPAIGN TRAIL AND IN YOUR HOME DISTRICT OF

ALPHARETTA. IT'S BECOMING A BIG ISSUE.

I WONDER WHERE YOU FALL ON IF THE U.S.

SHOULD BE FULL STEAM AHEAD BUILDING THESE THINGS, IF YOU

COUNSEL THEY'RE NEEDING TO BE MORE TIME FOR THE COMMUNITY TO

CONSIDER THE IMPACT IT MIGHT HAVE ON THEM, WHAT'S YOUR

OUTLOOK ON THE MASSIVE DATA CENTER BUILDING WE ARE HAVING

ACROSS THE COUNTRY? REP. MCCORMICK:

I JUST GOT BACK FROM NVIDIA A COUPLE OF WEEKS AGO, TALKED TO

JENSEN HUANG AND TRINITY LEADERS AND PEOPLE WHO ARE

CONCERNED. ONE OF THE THINGS THAT REALLY

WORRIES ME IS OUTSIDE INFLUENCE. WE HAVE SOME COMMUNITIES THAT

HAVE 250 PEOPLE THAT SHOW UP TO PROTEST DATA CENTERS BEING

BUILT IN THEIR COMMUNITY WHEN YOU KNOW THERE IS HARDLY MORE

THAN THAT IN THE COMMUNITY. WHAT IS THE CONCERTED EFFORT?

WHY ARE PEOPLE FROM OTHER COMMUNITIES COMING IN?

I THINK IT'S A BIT NEFARIOUS. I THINK CHINA OR SOMEONE WHO

DOES NOT WANT US TO COMPETE WITH THEM IS FUNDING IT BUT AT

SOME -- BECAUSE IT IS SOMETHING WE DO NEED AS AMERICANS.

IF YOU THINK ABOUT THE WEALTH, BUILDING THINGS TO LESSEN

CANCER, RADIOLOGY, ENERGY. IT WILL AFFECT EVERY PORTION OF

OUR LIFE. IF WE DON'T GET THIS RIGHT, WE

WILL FALL BEHIND. THERE ARE WAYS TO DO IT

RESPONSIBLY.

THEY DON'T CONSUME WATER, THEY RECIRCULATE IT.

THE ENERGY SOURCES ARE PHENOMENALLY CLEAN AND PRODUCE

ENOUGH ENERGY TO FUND THEM AND THEN SOME.

IN OTHER WORDS, IT COULD BE A BENEFIT TO THE COMMUNITY.

ALL THE WARRIORS, THE DRUM THE ALARMISM -- ALL THE WORRIES AND

THE DRUMMED UP ALARMISM IS BAD FOR AMERICA IF WE DON'T GET IT

RIGHT. I WAS TALKING TO THE AMBASSADOR

OF THE COMPANIES THERE AND IF THEY DON'T BUILD DATA CENTERS,

70% OF THEIR INCOME IS PRODUCED BY HEADQUARTERS IN IRELAND,

THEY WILL MOVE SOMEWHERE ELSE. THAT'S NOT A GOOD SIGN FOR THE

FUTURE OF BUSINESS AND WEALTH IN AMERICA.

WE CAN BUILD ON BASICS. THAT WAS MY SUGGESTION TO THE

PRESIDENT AND THE ADMINISTRATION.

YOU CAN SEE WE HAVE PLENTY OF LAND AND THE CYBERSECURITY

HEADQUARTERS IS A GREAT PLACE TO BUILD.

FORT BEDDING, 400, ALL OF THESE PLACES IN GEORGIA ALONE, THERE

IS A MASSIVE BASE WHERE YOU HAVE ROOM TO BUILD THESE.

IT WOULD BE A VERY POSITIVE IMPACT.

YOU CAN ACTUALLY LEASE THOSE AND IT CAN BE ADDITIVE TO

REDUCE THE FOOTPRINT OF A BASE WHEN IT COMES TO EXPENDITURES.

CHRISTINA: I MEAN, I'M WONDERING IF THAT

IS SOMETHING THE PENTAGON OR PRESIDENT IS PURSUING, ARE

PURSUING, SOME FORM OF GRAMMAR. SORRY, IT'S BEEN A LONG WEEK.

DO YOU HAVE ANY EVIDENCE OF NEFARIOUS NATURE IN REGARD TO

THESE PROTESTS? A POLL SAYS SEVEN IN 10

AMERICANS OPPOSED DATA CENTER CONSTRUCTION IN THEIR

NEIGHBORHOODS. REP. MCCORMICK: I GET THAT.

IF IT'S IN YOUR NEIGHBORHOOD, I TOTALLY UNDERSTAND THAT.

BUT WHAT ABOUT PEOPLE COMING FROM ALL OVER THE UNITED STATES?

THAT SEEMS A LITTLE BIT SUSPICIOUS.

THE ARTICLES ARE WRITTEN. I'VE BEEN IN POLITICS LONG

ENOUGH TO KNOW THERE ARE CONSPIRACY THEORIES.

IT IS UP TO US TO EDUCATE THE PUBLIC ON WHAT IT IS AND IS NOT.

PEOPLE ARE CRITICIZING, OH, IT'S A TEMPORARY JOB.

EVERY CONSTRUCTION JOB IS A TEMPORARY JOB UNTIL THAT

CONSTRUCTION IS DONE AND YOU MOVE ONTO THE NEXT.

IT'S GOOD FOR THE LOCAL ECONOMY. IT WON'T BE OBNOXIOUS OR LOUD

READ IT WON'T PRODUCE A HEAT SIGNATURE THAT WILL GO OUTSIDE

OF THAT AREA. IT'S NOT GOING TO CONSUME WATER

OR DETRACT FROM YOUR ENERGY BILLS.

SO, WHAT'S THE REAL INFORMATION WE NEED IN ORDER TO MAKE A GOOD

DECISION? BECAUSE I THINK THERE'S A LOT

OF MISINFORMATION OUT THERE. THAT'S WHAT WE NEED TO BE GOOD

AT.

BEING VISIONARY, RATHER THAN BEING REACTIVE TO THE MOMS THAT

DON'T HAVE ALL THE DETAILS. DAVID:

THERE WAS AN ANNOUNCEMENT THE U.S. WOULD WITHDRAW FROM ITS

MILITARY EXERCISES IN SOUTH KOREA.

I'M CURIOUS WHAT YOU MAKE OF THAT.

YOU'VE BEEN IN THE MARINES AND THE NAVY.

IS THIS A STEP IN THE RIGHT DIRECTION?

OR ARE YOU SOMEBODY WHO BELIEVES THOSE EXERCISES ARE

CRITICAL FOR SHOWING AMERICAN MIGHT IN THE PACIFIC?

REP. MCCORMICK: I ACTUALLY PARTICIPATED IN

THOSE EXERCISES. I WAS STATIONED IN KOREA A FEW

TIMES.

DOING AMPHIBIOUS ASSAULT LANDINGS AND IT WAS A

DELIGHTFUL EXPERIENCE. THE KOREAN MARINES, I LOVE

THOSE GUYS. REALLY HARD-CORE. I LOVED TRAINING WITH THOSE

GUYS. THEY SEE THE WORLD SIMILARLY.

THEY HAVE ONE ENEMY, ONE FIGHT. THEIR MOTTO IS THEY MUST WIN.

IF THEY LOSE, THEY ARE DEAD. THEY UNDERSTAND THE FIGHT.

THEY SEE THE WORLD SIMILAR TO US AND HAVE A SIMILAR FAITH AND

SIMILAR ECONOMY STRUCTURE. I WANT TO SEE THEM GROW CLOSER

TO US AND NOT TO OTHER COUNTRIES WHO ARE BASICALLY

INVESTED IN COMMUNISM. THAT'S REALLY GOOD FOR THE

STABILIZATION OF THAT AREA. I'M ONE OF THOSE PEOPLE THAT

BELIEVES IN INTEGRATION OF FOREIGN AREAS THAT ARE FRIENDLY

TO US. I THINK THAT IS GOOD FOR OUR

PROJECTION AND PEACE THROUGH STRENGTH. DAVID:

WE SEE THE USS ABRAHAM LINCOLN MAKING ITS WAY BACK TO THE

UNITED STATES. WHAT IS YOUR TAKE AWAY FROM

THAT, WE'VE ALL SEEN THE STORIES OF WHAT THE CONDITIONS

WERE LIKE ON THAT CARRIER. IS THERE A BROADER TAKE AWAY

YOU HAVE ABOUT THE RESOURCES, AS CHRISTINA MENTIONS, THE WAY

THEY ARE BEING DEPLOYED RIGHT NOW? REP. MCCORMICK:

YOU ARE TALKING TO THE RIGHT GUY.

I'VE LIVED ABOUT TWO YEARS ON A SHIP.

THE FIRST ONE I WAS ON WAS THE USS TRIPOLI.

IT'S A REALLY OLD SHIP, WENT DEAD IN THE WATER FOUR TIMES IN

THE PERSIAN GULF. THE TOP OF THE DECK WAS ABOUT

140 DEGREES. NO AIR CONDITIONING, JUST

SWEATING PROFUSELY. IT WAS GROSS.

WE HAD RAW SEWAGE COMING OUT OF THAILAND, ALL OF THE SHIP.

THINGS HAPPEN. THAT'S THE REALITIES OF THIS.

IT'S BEEN GOING ON FOR DECADES. THAT WAS BACK IN THE

MID-1990'S, NOT TO DATE MYSELF. BUT THIS IS WHAT WE DO.

SOMETIMES, THERE'S HARDSHIPS THAT HAPPEN.

WE ARE A CREATURE OF NECESSITY. WE DEPLOY AS NEEDED.

AND MOST CREWMEMBERS UNDERSTAND THAT.

EVEN BACK THEN, WE HAD CREW TRY TO JUMP OFF THE SHIP TO COMMIT

SUICIDE OR MAKE A STATEMENT. THIS IS NOTHING NEW, IT'S JUST

AN ONGOING ISSUE. I UNDERSTAND WE DON'T WANT TO

KEEP PEOPLE OUT FOR LONGER THAN SIX MONTHS IF POSSIBLE BUT

SOMETIMES NECESSITY DICTATES.

>> CONGRESSMAN RICH MCCORMICK FROM GEORGIA. CHRISTINA:

WE ARE JUST A FEW DAYS AWAY FROM THE START OF THE JACKSON

HOLE ECONOMIC POLICY SYMPOSIUM, WHICH I'M TOLD IS, WITHOUT A

DOUBT, THE MOST IMPORTANT MONETARY POLICY CONFERENCE IN

THE WORLD. DAVID:

THE OFFICIAL THEME OF THIS YEAR'S GATHERING IS, DRUMROLL

PLEASE, FINANCIAL IMPLICATION FOR PAYMENTS AND POLICY.

CHRISTINA: PUT THAT ON A CAKE. DAVID: TOM KEENE WILL BE THERE.

HE'S BACK WITH US BEFORE HE MAKES THE PILGRIMAGE TO THE

COWBOY STATE. WE ARE ALSO JOINED BY HENRIETTA

TREYZ, THE DIRECTOR OF ECONOMIC POLICY.

TOM, LET ME START WITH YOU. YOU'VE BEEN TO THIS MANY YEARS

RUNNING NOW. TOM: WAY TOO MANY. DAVID:

I DON'T WANT TO SAY HOW MANY. HOW HIGHLY ANTICIPATED IS THIS

SPEECH? THE WORLD WILL BE LISTENING.

IN THIS CIRCUMSTANCE, IS IT DIFFERENT? TOM:

I WOULD SAY IN 25 YEARS, THERE'S BEEN THREE OR FOUR

TIMES LIKE THIS. I WILL SAY THE SUMMER OF 2007,

RIGHT AFTER THE FOREST IN HER DEVIATION MOVE.

I HAVE A CLEAR MEMORY OF STANLEY FISHER GLUED TO THE

PHONE, LOOKING OUT AT THE ROCKY MOUNTAINS. DAVID:

TRYING TO GET SERVICE. TOM: THERE WAS REAL TENSION AND

ANGST. IT'S A DIFFERENT TENSION THIS TIME BUT IT'S A BIG DEAL.

CHRISTINA: WHAT DO INVESTORS, WHAT DO

TENANTS WANT TO HEAR? WHAT MAKES THIS A SUCCESS,

GIVEN EVERYTHING THAT'S HAPPENED IN THE PAST WEEK?

HENRIETTA: I'M INTERESTED IN THE COMBINATION OF WARSH AND HOW

HE'S THINKING ABOUT ALL THE STUFF THE TREASURY DEPARTMENT

IS THINKING OF SIMULTANEOUSLY DOING.

WE AT THE SAME TIME GET TWO SECRET PLANS FROM SEC. BESSENT

TO FIGHT THE WAR WITH IRAN AND FIGHT THE WAR THEY HAVE WITH

THE BOND MARKET. IT'S A FASCINATING DYNAMIC TO

SEE THE INTERPLAY BETWEEN THE TREASURY AND THE SECRETARY

THERE . I THINK -- TOM: HENRY AND ANIL'S IT IN THAT WE

HAVE TO GET TO FRIDAY.

-- NAILS IT IN THAT WE HAVE TO GET TO FRIDAY.

-- FOR THE REST OF US, IT'S THIS UNKNOWN OF MARKET DATA FOR

MONDAY, TUESDAY, WEDNESDAY, THURSDAY AND EVEN OPENING ON

FRIDAY. DAVID: THE LAST PRESS CONFERENCE, THE

FED CHAIR SAID WHEN ASKED ABOUT THIS SPEECH, HE'S LOOKING AT A

BLANK PIECE OF PAPER AND PICKING UP ON WHAT TOM SAID A

MOMENT AGO, IT WOULD BE FOLLY FOR HIM TO WRITE THIS NOW.

CHRISTINA: THAT'S A GOOD POINT. [LAUGHTER] DAVID:

HOW DOES THE APPROACH WHAT'S HAPPENED IN THE LAST WEEK?

WE WERE TALKING ABOUT THE HISTORIC ROLES OF THE FED AND

THE TREASURY. THIS UPENDS ALL OF THAT AND I'M

WONDERING HOW YOU THINK HE'S APPROACHING THE SPEED SHE'S

GOING TO GIVE ON FRIDAY. HENRIETTA: I DON'T ENVY HIM.

I FEEL LIKE WHEN I TRY TO PREPARE TO GO ON TOM KEENE'S

SHOW ON MONDAY MORNINGS. YOU HAVE TO BE READY 15 MINUTES

BEFORE TO SEE WHAT'S JUST HAPPENED.

I THINK WITH REGARDS TO THIS SPECIFIC WEEK, THIS SCALE OF

WHAT WE ARE TALKING ABOUT IS SO EXPANSIVE, SO FOR EXAMPLE, IF

THIS TREASURY SECRETARY HAD A PLAN THAT IMPOSES MASSIVE

SANCTIONS ON CHINA, WHAT'S THE REACTION FUNCTION?

ARE WE DEALING WITH A SITUATION WHERE WE WILL TARIFF CHINA

AGAIN? ARE THEY GOING TO RETALIATE BY

LIMITING CRITICAL MINERALS IN RARE EARTHS COMING BACK TO THE

STATES? THAT'S A HUGE IMPACT ON OUR

INFLATION NUMBERS. NO WAY THIS PAPER HAS ANY

WRITING ON IT GOING INTO TOMORROW, LET ALONE FRIDAY.

CHRISTINA: TOM, IN THE PANTHEON OF

ECONOMIC SYMPOSIUM BOONDOGGLES, WHY IS THIS SO IMPORTANT? TOM:

FRANKLY, I THINK -- THE KANSAS CITY FED KEEPS A TIGHT ROPE ON

THE PROCEDURE HERE. THERE ARE A SET OF PAPERS, MIKE

MCKEE IS IN THE INNER ROOM PAST THE EIGHT FOOT GRIZZLY BEAR.

MCKEE IS IN THE ROOM WITH THE OTHER ELITE.

THEY ARE GOING THROUGH SOMETIMES BRILLIANT ACADEMIC