scott bessent. secretary scott bessent, like that sound secretary bessent. >> thank you, larry. larry: we appreciate it. you thought about this flap that is developing i hear about 5 year or edward lawrence reports 5 year extension. not a 10 year? or other flotsam and jetsam to interfere with trump tax cut. >> president trump has a mandate he came in to do big things could one big thing, is make 2017 tax cuts and job act permanent, that will be a continued to make u.s. the number one economy in the world, in terms of growth we'll bring down inflation, we'll cut regulations, and we'll get the tax cut the goal is for them to be made permanent. as you just said we'll use current policy scoring. >> great. >> the scoring that up until a year ago i was a ci civilian, i have been looking at cbo numbers for 35 years, i never understood the way that scoring worked it is at this . -- tilted toward spending that is why the spends has gotten out of control in washington. larry: you want to lower spending, and lower the tax rates? and what law said you can't do both? is there a biblical cham

scott bessent has his eye on bringing that down.xtending its longest winning streak since april benefiting from the flight to safety, and oil way down by terror of uncertainty. cable, 1.24 is where we traded currently. bank of england decision coming at 12:00 p.m. yucatan and the specter of stagflation hanging over these forecast. the boe expected to cut rates again better today with inflation above target and a struggling economy. what might the boe say about its path ahead? we are joined by janet henry, global chief economist at hsbc. a 25 basis point cut i assume is what you were expecting today. how with the market react if we had a debit surprise, say catherine mann voting for a cut or another does voting for a 50 basis point move? >> absolutely that is the risk. i do not think anyone is expecting in -- anything other than a 25 basis when cut. catherine mann, it would be interesting if it was complete consensus if she voted for a cut, because she has someone that is indicated eventually a time may come for more aggressive cuts

scott bessent, you heard me. i'm with you. i think we all agree that will be the most important metric. the interesting aspect is this takes the pressure off the fed to cut rates in the near term. he did go after the fed on some level saying, they were the ones who messed up in the first place by cutting 50 basis points and that led the 10-year to rise, but it highlights how they are concerned about inflation and borrowing costs and how that will inform the decisions more than any political interference. jon: this is an argument we heard before on wall street that the reduction of interest rates from september through the end of the year, 100 basis points, contributed to the high yields on the back end because there was a concern that the fed will allow this economy to run to hot. lisa: he leaned into this idea. on the flipside, how much does this affect his decision or not to link than the duration of some of the deficit, given we had the announcement yesterday of the treasury refunding. it didn't include lengthening the dura

treasury secretary scott bessent speaking to bloomberg.g up, medical tech startup robotic raises 28 billion dollars for surgical robots. we will talk brain surgery with the company's co-founder. that is next. this is bloomberg. ♪ tom: welcome back. taking a pulse check of the hstech index in hong kong, closing in on a bull market, adding since september, up 1.5% in the session, and to which a bank's analysts -- and deutsche bank's analysts saying their investment in ev's in china is underappreciated. that note is spinning around social media circles in china. that's a pulse check of the tech story in china, listed in hong kong. from the software of deepseek to the hardware of ev's and china to startups in europe. robeautÉ has raised $28 billion in its latest funding round. it makes microrobots the size of a grain of rice. they say it will transform how brains are treated. its backers include plural, cherry ventures and kindred ventures. joiningjoining me from paris ise cofounder and coo -- >> thanks for having me. we are developing neurosu

we have had treasury secretary scott bessent presenting this agreement, but what is actually in it and what is been the ukrainian response? >> this is coming at the backdrop of years of age and military aid, from the dosimeter ration the joe biden to the name people in war effort against russia. this is also inclusive of loan forgiveness that joe biden had tried to push their when his last days in office as well. these are all things that the trump administration it is very much against, and this is where the academic partnership is very crucial here, because not only do they want to end the war to release up the extra aid in funding that is coming from u.s. taxpayers to ukraine, they also went to get in on some of the critical minerals. trump is a transactional leader asking about working to get resources to build a manufacturing growth. ukraine does add value there, especially when it comes to the likes of critical minerals, and that is the kind of partnership scott bessent is eyeing. other pieces include some kind of an investment scheme. at the reconstruction narrative showing up i

larry: okay, treasury secretary scott bessent, thank you for coming on. we appreciate your time very much. best of luck on the new position. coming up, folks, president trump signed an executive order that will keep biological men out of women's sports. we'll talk about it with alabama senator tommy tuberville when kudlow returns. thank you, scott bessent. ♪ i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. only the servicenow platform puts ai agents to work across your company. they deal with the small stuff that bogs you down. agents like secret agents? you know... i once played

scott bessent is coming up at the top of the hour. we will see if that interview moves the treasury market looking at the big story moving markets in the u.k., the bank of england unanimously deciding to cut interest rates 25 basis points. as you can see, the british pound weekend substantially. traders generally focus on one aspect of the policy meeting. two the officials swore a 50 basis point cut. governor andrew bailey spoke about the state of the u.k. economy. >> i will try to provide explanation. we have been using it for some time. the reason is because we think there is an underlying path of disinflation supporting us cutting rates. that disinflation is about the erosion of the persistence of inflation we had coming out of the big sharks we had a few years ago. now, we have not changed our view on that. we think we are seeing disinflation and that is why we have cut today but we have to go on watching that carefully to see if it will continue, so nothing changed. why have we introduced the word careful? there is uncertainty at

one of the most important things scott bessent said in that interview with larry, they're not pushing for a rate cut from the fed right now. that was misreported and a lot of people saying oh, trump is demanding a rate cut. that's untrue. trump said he wasn't demanding a rate cut and besent said they're not -- bessent said they're not and focusing on the policy and not monetary and they know that inflation is the biggest faux of their administration right now. they need to conquer it and the way is to grow the supply side of the economy. david: steve, we agree if they get tax extensions with new cuts that trump wants, things are pretty rosie for the chances of gop winning the midterm elections in 2026 and opposite of that and what might happen if they let them happen and the senate as well and donald trump would have two years to do stuff and final two years would be a lame duck. >> final two years impeachment and all other kinds of junk from the past and key thing on the tax cuts, david, timing. the longer they wait in renewing those tax cuts of 2017, and longer they wait in getting

yes, they should get spending down to scott bessent's 3% of g.o.p.it and -- gdp deficit, the laffer curve growth dividend from tax cuts, will be huge. that is what history always shows. there is another reason why the g.o.p. should make all of the trump tax cuts permanent. the president wants it. he was elected, partly on the tax cut promise. and as white house ca karkaroline leavitt said today, make 2017 tax cut permanent, no tax on tips, no tax on seniors, no tax on overtime pay -- tax cut for made in american product and eliminate special tax breaks for billionaires. even presidential priorities high won the election by a near landslide, his working class coalition blacks, browns, asian, young, w wwomen, males, that trump could rejuvenate the economy and generate unlimited access to climb the ladder of opportunity, that is what irk lurked him, republicans in the house, and senate, must not stand in pa president trump's way. that is the riff. got that out. all right. i am graced here on set to have texas congressman opinion maker and influencer mr.

scott bessent here last evening on the show.s to talk about it all, north dakota senator, mr. kevin cross-claimer and ohio state bernie plano. moreno. senator crapo's idea that it's current policy and means for viewer, i don't have to go to the baseline but trump tax cuts paid for themselves and they did then and they are now and they will in the future. barack obama used the same one for the tax c cuts and that's sp fretting about it. is that true, really? >> that is true. i don't know many, if any, maybe one or two republican senators that don't agree with that. largely because mike crapo is a man of honor and understands this stuff better than the rest of us, but the explanation is clear, secretary bessent is exactly right. if we fail, it's a 4.3 trillion tax increase. cbo scores the other way. they score that as revenue and interestingly when it comes to spending, they use current policy. l they don't score the spending increase but the tax cut. >> they're off by $4 trillion last time. only that. larry: only that much. they

treasury secretary scott bessent. these are the this is the team that he's decided. it's totally fine to give them complete access to the highest security systems in the whole us government, including the ones that have your social security number, your personal identifying information, your bank account information, potentially your health information. they're highly trained professionals. why wouldn't they be given everything? cnn reports tonight, quote, a 23 year old representative from elon musk's doge was granted access to the energy department's it system yesterday by energy secretary chris wright. this despite objections from people in the department of energy, which controls access to information about u.s. nuclear weapons. i don't know if you worry about nuclear weapons, i don't know i don't know if you worry about the safety of your social security number and your bank account. i mean, everybody has their own, you know, things that keep them up at night, right? do you ever worry about, like, air traffic control, our nation's new transportation secretary, wh

this is methodical and it is going to yield big savings. >> treasury secretary scott bessent telling bloomberg that elon musk and his department of government efficiency team are not in control of the treasury systems. but today, we also learned that one of those, as bessent put it, highly trained professionals. well, this young fellow had to resign after a after racist social media posts were brought to light by the wall street journal and shown to the white house. and according to the washington post, there is also new concern from security officials about doj's access to sensitive personnel data for millions of federal employees. i want to bring in justin wolfers, professor of economics and public policy at the university of michigan, and nick timiraos, chief economics correspondent at the wall street journal and author of trillion dollar triage. all right. nick besser was out there defending this doge team highly professionals. but let's talk about this because one of them already resigned today in a scandal. >> that's right. >> stephanie. and i think if we step back here, you kno

it is not great, not great for the wonderful 10 year yield that scott bessent looks at.it would boost interest costs by about $1.3 trillion over the next decade. how feasible is it that this congress has the capacity to pass this bill and not just totally up in the bond market -- upend the bond market? terry: here is a perfect example of what i mean by process. everyone is focusing on the existing rules, assuming this is exactly like 2017. it is not at all like 2017, in part for the reason you mentioned. there is much less tolerance for extending debt and deficit than there was in 2017, and you had a relatively weak president and a relatively strong institutionalized senate in 2017. the biggest debate happening right now is not popping up in washington conversations to markets very much at all, which is whether you will use current policy as the baseline or current law as the baseline. if you use current law as a baseline, you are into what my beginnings group talks about there, but if you change into current policy, then you become much freer to actually make the tax cu

maybe. ♪ >> take a look at futures the dow scott bessent did speak with fox business yesterday on thean to reshape the u.s. economy. >> we had an economy that has been supported by the government we are going to torque that back to the private sector and bridge on the government spending in the complex and good paying job so the reason under the biden administration you haven't gotten real wage growth, the government doesn't give real wage growth because they increase with the inflation level. >> joining us 42 macro founder and ceo darius dale what is your outlook for the year end are but to get your reaction to from what you heard from her treasury secretary and the interview with very couple. >> thank you for having me i've known scott for a long time a really brilliant guy that will do great things for our country the thing i will say is a process effectuating d.c. as it relates to trying to jam together tariffs, deregulation, tax cuts energy production and the rest of it it is causing a little bit of a slowdown in the economy so hopefully you get the legislative agenda on track in

that was the exact phrase from trump treasury secretary scott bessent. these are the this is the team that he's decided. it's totally fine to give them complete access to the highest security systems in the whole us government, including the ones that have your social security number, your personal identifying information, your bank account information, potentially your health information. they're highly trained professionals. why wouldn't they be given everything? cnn reports tonight, quote, a 23 year old representative from elon musk's doge was granted access to the energy department's it system yesterday by energy secretary chris wright. this despite objections from people in the department of energy, which controls access to information about u.s. nuclear weapons. i don't know if you worry about nuclear weapons, i don't know i don't know if you worry about the safety of your social security number and your bank account. i mean, everybody has their own, you know, things that keep them up at night, right? do you ever worry about, like, air traffic cont

we're going to keep an eye on this scott bessent trip. bessent a very smart fella, and none o

in that video, you saw scott bessent trying to l.a.oncerns that he did not have access to non-read-only information. but what did he say about having access in the first place? does he agree with what doge is doing in washington? >> he endorsed it. he indicated he was completely aligned with elon musk when it came to this effort to find savings, to reduce the size of the federal government and make the systems more efficient. during the conversation with our colleague, we heard the treasury seretary point its antiquated systems, that hardware is decades-old and it has been repeatedly cited by the government accountability office. they need to find money to do that. one of the reasons it is difficult to simply march in and do this is that these older systems can be sensitive. even small changes carry the risk of perhaps a disruption of some sort and that is probably the last thing this administration wants to see. caroline: thank you. we will speak about bitcoin adoption broadening in 2025. this is bloomberg technology. ♪ ♪♪ only servic

scott bessent sat down exclusively with our own larry kudlow. edward lawrence joining us. what did he say about extending the tax cuts? that's very important to us. >> tax cuts should be permanent but there's a rift forming and house republicans, an impasse in the house on how to make those tax cuts permanent. right now the house speaker at the national prayer breakfast was at the white house last night for the executive order signing. he will be here in an hour with other republicans to talk about this but some house republicans like written caucus chairman andy harris say there is no path to make the tax cuts permanent. in an expose of interview with larry kudlow on fox business this is exactly what the treasury secretary said about this. listen. >> donald trump has a mandate, he came into do big things and one of the big things this administration wants to do is make the 2017 tax cuts and jobs act permanent. and that permanency will be, continue to make the us the number one economy in the world. >> no wiggle room they are, national association of manufacturers says of

we're going to keep an eye on this scott bessent trip. bessent a very smart fella, and none of us can hold a candle to elizabeth macdonald. liz: and you're a smart fella too. i need to put you in a diabetic coma, larry, but you're the best guy ever, and you still owe me a dinner just kidding. larry great to see you again. larry: thank you. liz: let's get going. welcome to the "evening edit." there's news coming in. i'm elizabeth macdonald. >> doge and i'm going to ask elon to tell you a little bit about it, and some of the things we found which is shocking. billions and billions of dollars of waste, fraud, and abuse. >> it's not optional for us to sit to reduce the federal expenses. it's essential. it's essential for america to remain solvent as a country and it's essential for america to have the resources necessary to provide things to its citizens and not simply be servicing vast amounts of debt. liz: we'll get you the latest on president trump and elon musk speaking out from the oval office, just moments ago. president trump just order

what they did and what we saw last week with scott bessent, scott bessent as secretary of the treasurycoming in and he is an entirely different plan, what the plan is is to lower the yield on the ten year treasury, what that means for people is a ten year treasury is a good percentage of the borrowing cost are gauge two. as a yield declines it shows first of all confidence in the u.s. treasury market and second of all and allows banks to lend at lower rates because what scott bessent and president trump relies if they don't get rates lower there is an avalanche of refinancing real estate and that will be problematic going down the road. >> we gotta talk about gold you put your cash into gold and hit an all-time high, are you still doing it. >> i love gold and the more talk about a trade war the more revelation in jerome powell absolute failure to control inflation, the fact that the fed has failed makes gold so much more attractive to me because we will exceed the 3000 mark. >> were only $70 away. >> we will exceed it what gold reflex to me it's a protest against monetary policy is not

treasury officials associated with scott bessent have said read only lawyers yesterday in court saidread only. >> so i just want to emphasize this because wasn't the initial explanation from the administration that they wanted access just for read only, right, that the initial reason for their access, they just want to look at it, review it, read. but that's undercut right by these emails that they they didn't just want to. i mean, there. >> seems to be a very clear revelation here that there was an interest to use the treasury department's systems in place as a way to turn off payments to fall in line with the white house. that on itself is just not what we have been hearing. and the reason that, you know, democratic senators on capitol hill have been asking so many questions. it's not just about whether the white house or the treasury department can turn off payments to usaid or whichever part. it's also the fact that there's a massive amount of protected and private information in this payment system. and it's a system within the treasury department that is very closely held. very

scott bessent said that was not happening. in terms of finding regularities, this is coming down to the government and efficiency story. he has also made comments that he has issued the treasury to get rid of the likes of pennies, for example. we know this is common in terms of every smallest currency everywhere around the world. it will always be more expensive to make than to earn but these are the kinds of inefficiencies we are talking about. we are still waiting on the details but we know elon musk and his colleagues are participating and evaluating what is going on with treasury. >> kriti gupta, thank you. kriti gupta will be back with the opening trade. let's dive more deeply into how markets are reacting to those trump tariff announcements. valerie tytel joints me. what are the markets saying? >> some volatility this morning but not the kind of craziness we saw last week. we had this air force interview. they import about 25% of their steel from canada. canada is vulnerable to these tariffs. also mexico and brazil so ke

chicago charles let's stay on scott bessent. my next guest discussed bessent recently in a recent petition the of his dividend cafÉ podcast. want to bring in bahnsen group with managing director david bahnsen. you just had this conversation with your subscriber scribers and others -- subscribers. >> yeah. i've been focused on it since the election because i think secretary bessent is someone who understands financial markets, and he understands not only do they tell you things, but you can use financial markets to affect policy. very, very smart guy. charles: is so let's talk about tariffs. it's so funny because i saw a piece from bessent a year ago a, he's like, hey, you know, hold off on these things, right? if this the one is from goldman. a lot of folks work out there, their work is always a great. their baseline showing, i think, a 4.7 basis point move. but also on the other side of this just moments ago, maybe an hour ago, the e.u. offering to to lower their tariffs on u.s. cars. so there's a negotiating part of this and th

he was flanked on either side by his treasury secretary, scott bessent, a billionaire, and his commerceously, donald trump himself says he's a very wealthy man. on wall street, they're actually very happy to see that because they think that those people who have such big wealth want the impact of that. who's around and who he's giving shout—outs to as he's what's your guys�* view on that? it has to be the wealthiest cabinet in history. his ambassador picks, right? a long—time friend and donor and as the ambassador you know, into the riviera of the middle east, right? and it's these people who are in the room with him. all learned from covering donald trump is, you know, his worldview is he's just trying to win the day, right? thinking about something, you know, influencing, you know, what might come out of his mouth in the next and that extends, of course, to foreign policy in but also with those advisers who are around him day in, and i think having these, you know, ceos who are not only, you know, according to wall street, people looking out for the economy but also looking out coming

he signed an executive order on monday that charges treasury secretary scott bessent and howard lutnickould even be used to facilitate the sale of tiktok, which is currently industries 7 technologies 7 future. and technologies of the future. this of the us this announcement of the us sovereign wealth fund is news news that is heats that is iiikeiit; fantastic news that is likely to greatly accelerate us economic growth shore us economic grdwtbabta'sbors up us security economic grthbano'sbors up us security a economic grthbano'sbore up us security a time national security at a time when we are coming under iglcgeasing from when we are coming under insceasing from china. increasing threat from china. to answer your question, what is a sovereign wealth fund? it is a sovereign wealth fund? it is a sovereign wealth fund? it is a on the us government is a on which the us government would take equity stakes, it would take equity stakes, it would be acting as a giant venture capitalfirm, taking venture capital firm, taking equity in venture equity sta keslinjoint mental re are being equity sta

but scott bessent disclosed all these holdings. he then divested from dozens of funds and trusts to take the job as treasury secretary and to avoid any conflicts of interest. so what are we going to see publicly from elon musk, who is really above the treasury and secretary of state and all of these other departments? nothing. again, musk took $3 billion in federal contracts last year alone, nearly $20 billion over the past decade. and that is not all. that may not see the light of day tonight a watchdog group filing a lawsuit challenging the trump administration's attempt to keep doj's records secret until 2034. they are coming across the u.s. government and slashing things, and they want to keep the records secret until 20, 34, ten years. jeff zeleny is outfront live outside the white house. so, you know, jeff, just looking at this moment, and it was pretty incredible to watch today in the oval office, musk speaking for most of the time that, you know, fiscal imbalance where he's standing. and then of course, his child being esse

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megan costello. >> you also wonder what the relationship is between howard lutnick and scott. bessent in treasury and commerce. just kind of we're going to go to steve liesman in a second just to kind. of recap what. we heard there at the top, the sovereign wealth fund. i want everyone out there listening and watching to understand what we're talking about. and correct me if i'm wrong. >> well, let's see what we're talking about. >> i actually don't know the details. i'm going to make it up. >> but what. >> we know about sovereign wealth funds is this to kelly's point, you sell or you. >> sell. >> something, you raise money. and with those that money, you buy stuff and then you hopefully make. >> money investments. >> for the citizens. >> so if you have a lot of oil, look what alaska has done, something similar. you know, there are some u.s. states who have kind of tried to look at this model already, and it's a good idea, especially with something problematic like fossil fuels. you can give people revenue while you work on that transition. this is something they've been doing, and th

listen to scott bessent this week he says forget about federal reserve, president trump doesn't want instill policies, that on bringing rates natalie. crude oil dramatically 10% since inauguration if president there can pull you off more opportunities more drilling centerpiece the fed ignores talk about core nation they don't even pay attention to gasoline prices but everyone else has to live with it that is something that i think is critical this week, that the bond market, i know a little bit today but bond market seems, soothing sigh of reseefl particularly with scott bessent with doge, the financial media had hair on fire bond yields drifted throughout, headlines, headlines. >> can i respond to that charles makes a really important point the debate last week cheryl charles about trump's tariffs when inflationary to answer yes if you are going to raise tariffs that will put pressure on prices what everybody is missing from larry summers biden economists "new york times" almost everything donald trump is talking about doing is disinflationary you are right to produce more oil and g

scott bessent is coming up at the top of the hour. we will see if that interview o

treasury secretary will be a big part of this, scott bessent will be in a major position and upcoming trade talks. he wrote a recent opinion piece about this saying the truth is that other countries have taken advantage of the united states openness for far too long. because we allowed them to. tariffs are a means to stand up for americans. he also said this during his confirmation hearing. >> one will be for remedying unfair trade practices. two may be for a more generalized tariff as a revenue raiser for the federal budget. tariffs can be used for negotiations, whether it is for mexico on the fentanyl crisis, so i think you and the american people should think about those three broad categories. >> harris: wow. i tell you, the ball is moving. tell me what you forecast with china if you have any thoughts on that. >> i think you will see the same. >> harris: really? >> the precursor chemicals are coming if china. you need to work on every aspect of that supply chain. look what happened last time. just before the covid pandemic threw a wrench in everything president trump had negotiate

even reaching into the creditworthiness of treasury bonds, this is democratic hogwash, has scott bessentound, controls for spending of previous biden administration were unacceptable. they were spending money out the door without knowing where the money was really going. end quote. last week scott bessent told me on this show, in washington d.c., quote, they are moving a lot of people's cheese here in the capitol. when you hear this squawking, and some status quo interest is not happy. end of riff. all right. joining me now, john yoo, former deputy assistance attorney general, and a berkeley law professor, john yoo welcome back. i heard you commenting on my commenting, i could not resist, i think i got it right, i think i got the story right, you tell me john yoo. >> larry, i was complimenting you for stealing best ideas from me. [ laughter ] because the way you describe it, it is right. every american we're go to go through process of paying our taxes, we open our books, show them to the our the accountant. musk is in position of outside expert that president trump, went his presidentia

morning man opened the doors of the treasury department to doge being sued treasury secretary scott bessent union groups filing lawsuit saying violating rights to prooifs giving musk access to information saying people must share information with federal government should not be forced, to share information with elon musk or his doge, and federal law says they do not have to, that is democrats, did something they rarely do work on a monday, they have press conferences rallies calling elon musk and his doge team a shadow government that is conducting a hostile takeover of our country no to give doge a chokehold on treasury statements outlandishly dangerous, he like a tiger into a petting zoo hoping for the best. >> we are living a nightmare created by donald trump and elon musk, and we need to wake up. >> doge not outsiders white house saying musk has official title special government employee department of government efficiency is part of the executive branch musk reacting to the democrats out outrage calling it hysterical, explaining why they need he access in first place only way to stop

exclusive... their fragile reality will plunge into disarray. ♪ stuart: plumb named treasury secretary scott bessentection bureau after formedder head was fired over the weekend. bessent in. check the markets, please. earl why this morning, president trump spoke with mexico's president and they have agreed to pause tariffs on both sides and we'll not be levying 25% on mexico. they won't be levying tariffs on us. it's paused for one month. mexico will send 10,000 troops to the border to stop the flow of strugglings into america. statement president trump spoke with canada's trudeau this morning. they will speak again at 3:00 this afternoon and there's some speculation that a deal is brewing. somehow or other get a similar pause of tariffs that you got with mexico and maybe now with canada. eddie ghabour joining me now. do you believe trump's hardball tactics are working, eddie? >> i do. the biggest thing going into today which is why we bought the selloff is we're negotiating from a position of strength and they'll go into a recession if the tariffs go into place and president trump will put the tari

. >> scott bessent and howard lutnick are leading the project over the sovereign wealth fund.s unclear how the fund will be capitalized but trump has previously pitched using tariff money the larger sovereign wealth fund of the world are owned by norway, china, hong kong and emirates in the view this morning from td cowan is the following we do not see how treasury can fund a sovereign wealth fund will treasury is using extraordinary measures to prevent the united states from defaulting on the debt. you have that playing out charger is tapping all available pools of cash to ensure the united states can pay its bill diverting funds from the stress sovereign wealth fund can bring forward the x state when the u.s. default on its debt that's also something to think about. >> are we waiting for this default on the debt every year every month when will this stop and how do you want the treasury to pay for this were the wealthiest country in the world and we have the money to do it and by the way we have the world's reserve currency so what if we. more to pay for or philip the wealth

and last week scott bessent told me on the show in washington dc "they're moving a lot of people easeheese here in the capitol and hear this squawking&in some status quo interest is not happy". end of rhode island all right. joining me aforementioned john yoo and assistant deputy i did and welcome back to the show. i heard you commenting on my commenting and i just couldn't resist because i think i got it right. i got the story right. you tell me, john yoo. >> larry, i was complimenting you for stealing the very fast ideas of me. because the way you describe it is exactly right and every american, we're going through the process of paying taxes. what do we do? we open our books, show to our accountant and musk is basically in the position of an outside president trump listen the presidential authority and showing to the government who he chooses and take a look at the books and musk doesn't have any power to stop the spending. he doesn't have any power to close departments or not. he's just making recommendations to the president and president trump and his cabinet are the ones that c

our southern border the mexicans will engage with the secretary of state marco rubio treasury scott bessent and commerce secretary nominee howard lutnick over security and trade the administration stressing that the tariffs are about illegal drugs and illegal migration not a trade war and some canadians are hopeful. >> i know they spoke about the border and trade and i expect that they will continue that conversation when they speak later this afternoon. i am certainly hopeful that we will find a pathway that is going to be a win-win pathway for the united states of america and for canada. >> white house officials telling me that they engaged with business industry groups as well as individual companies to see how this impact or the tears would impact the economy from the source. it looks like the canadian prime minister at this point begin. >> candida is very tough they're very, very tough to do business with and we can't let them take advantage of the u.s. they don't take her agricultural product for the most part they don't take our cars, they make cars but they basically don't take our

dhs sent a letter to scott bessent requiring the irs provide agents for immigration enforcement effortsyou introduced a bill to send irs funding to help secure the border and you have another bill which grants president trump to sanction individuals who promotes illegal immigration. tell us about this. because i guess the questions are, look, biden hires 90,000 or whatever it was, 70,000 new irs agents to look under every rock to try to audit all of us and now you're saying or the government's saying, look, we're going to send those people to the southern border. what do they know about the border, senator? i mean, tha is that the right ue for them? i'm not against it. just how do you make that case? >> $41 billion in inflation reduction act instead of going to the irs to terrorize americans, how about taking illegal immigrants out of the country. it doesn't take much to recognize you're crossing our border illegally, go the other way. maria: yeah e g, great point. great to talk with you. we'll be watching your work. good luck with hearing this morning. thank you, sir. >> thank you very

of us to produce these things, safety and security in the country, handling stuff like that and scott bessent, treasury secretary, scott was a publisher of the first trump book memoir. the guy, they are the new blood, geniuses in their own right. it is a delight to work with them. scott will handle whether what foreigners can buy things, the currency manipulation and things like that, jamison greer, bob lighthizer's lieutenant, was united states trade representative, renegotiated, the terrible nafta treaty. that's coming up, four year review. the beauty of that, advocate that, i let people do their jobs. jamison point under the direction of the president and everybody has a hand on that. the chair of the council of economic advisors understands the macro aspects of tariffs. if donald trump succeeds like he wants to succeed we will shift the american economy overreliance on income taxes and internal revenue service to one which is reliant on tariff revenues and external revenue service which is going to be in the presidential memo, under howard lutnick and scott bessent and it is a beautiful t

you see pete hegseth, defense secretary talking to the treasury secretary scott bessent as well as othersis to peter doocy inside the room. peter, this originally was supposed to start at 5:10 eastern time. obviously the talks have continued and we still haven't had a two-minute warning. >> peter: we have not. just to kind of set the scene and i will have mark go a little bit wider than we would normally be, something that they are doing differently with this event than we saw over the last cup couple years i guess it would kind of be the first time we have seen this since the last trump white house. they are like five deep so they are are a handful of seats here. and then it's five deep in the aisle all the way back to the door. see, there -- someone is waiving one back. there are a lot of people here. on the u.s. side and a bunch on the israeli side, too. and this is the first time that president trump has done something like this with this format since returning to office. we understand that it is going to be -- they want it to be a more traditional two and two press conference, which

scott bessent treasury secretary, i know him well. he was the publisher of my first trump book memoir, got to know scotty really well. howard and scott are the new blood, they are like geniuses, it is a delight to work with them, scott handles what foreigners can buy, currency and fall of's -- bob renegotiated the terrible treaty that is coming up as a guest talked about, for your review. the beauty is i don't advocate, i let people do their jobs and have a handle. the other person's cabin, chair of economic advisers, understanding macro aspects, if -- if -- if -- if president trump succeeds we will have a structural shift in the economy from overreliance on the irs to one aligned -- reliance on external revenue. it is in the memo, under howard lutnick and scott bessent and it's a beautiful thing. gosh, nobody knows this. unless you are a hardcore looker . this country was built on tariffs. mckinley ran on a tariff platform, a great chart shows percentage of revenue. it's near 100% like this and it goes just like this, flat lines. the

to do with four and a half trillion dollars in tax cuts that expire at the end of the year and scott bessentary said this week they may simply not pay for that. that will probably put upward pressure on the bond yields. >> the market would like that were tax rates and more income to "the bottom line". it doesn't like higher bond yields there is some talk about tariffs being an offset to the lost revenue from tax cuts, what does the math say about that. >> the map is not great tariffs may raise to trillion another's over ten years that's a ballpark estimate that we've seen but that's big tariffs on almost everything that is entering through the united states and the big economic destruction and will lower the amount tax revenue that the government collects as well. on its own that's not nearly enough. >> you see fears about inflation showing up in the bond market, the treasury inflation protected securities and those risen to the highest level since 2023 and the rise in prices might be coming back. we've been talking about all of this we talked about elon musk but we haven't talked yet what d

secretary scott bessent who just got approved, by the way. where is scott? he just got approved. start. very impressed. got a lot of democrat votes. he got a lot of democratic votes. is that a good thing or a bad thing? i will have to think about that. secretary of homeland security. she will be fantastic. i know her so well. i know it is probably not complementary, because she is a woman, but she is tough. where is she? kristi, kristi, great. you have such an important job to do. really great. thank you very much. don't let that look for you. she is tough. she cannot stand that she is having to sit here and even listen to this today. howed an area that one year ago had thousands rushing into our country and today there was nobody. beautiful site. got home and is my friend, something special, something special. the numbers are unbelievable, what has happened. shut down. nobody thought that was possible. shut down. they showed an area that a year ago had thousands and thousands of people rushing into our country and today there was nobody there. it was a beautiful sight. senate ma