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

. >> what do you think samantha treasury secretary bessent, howard lutnick leading the project, unclear how found will be capitalized trump previously pitched tariff money, to potentially fund it, of course, also talked about external revenue service largest in world norway china, hong kong emirates i think a great idea i wonder how it is funded i mentioned one analyst td cowen said treasury might fund some sources from fees paid to the government for auto and gas leases would find proceeds from selling stakes in fannie mae and freddie mac as one way to generate a funding. samantha: details need worked out deregulation unleashing domestic energy one way to legitimate royalties for me exciting because titans of business are back in washington, and folks know how to create wealth are going to bring skills to bear for the benefit of all americans, so this is a really intriguing idea that trump has said he wanted agencies to study and i think it is a good one. maria: yeah, make america wealthy again, we slip in a short break just getting started coming up white house senior counselor for tr

the first tit—for—tat, particularly with the eu, where it and the eu responded. this week of howard lutnickat they favour big blanket bans, because they're more powerful and effective, and that perhaps they'd be only used on a short—term basis to get what they want, of what we saw at the weekend with columbia, as well. is these sort of sweeping generalisations of a tariff, everything. on his campaign promise. beautiful word than tariffs. tariffs is the greatest weapon we have." and i think, you know, this is him following through on that on a particular good. and the one thing you mentioned, caitriona, you know, then we start looking at disruptions to supply chain, the us economy. so i do think timing also is an element here of, and we were talking about messaging on tariffs, of the white house press briefing. karoline leavitt, the new press secretary, holding her first briefing. the norm in recent times. and the amount of interest. seen the press room more crowded than i have in the last and the one with president trump yesterday. it was packed in there, it was 150, maybe 200 crowded night

howard lutnick, a billionaire. and obviously, donald trump himself says he's a very wealthy man. you have elon musk, the world's richest man. so you have this cadre of very wealthy individuals setting these policies and speaking to some people on wall street. the american economy, because, you know, they don't want the impact of that. but it's really interesting when you just look and see who's around andwhohe�*sgiving shout .. . . .. .. these various bills. what's your guy's view on that? it has to be the wealthiest cabinet in history. even his ambassador picks, right? you know, you've got tom barrack, who's been a long—time friend and donor. and as the ambassador of turkey, you have charles kushner, jared kushner's father for france. um, and and steve witkoff, envoy to the middle east and it's these, these people who are in the room with him. i mean, the one thing that, you know, i think we've all learned so it's whoever's in the room with him influencing how he's thinking about something, you know, influencing how you know, just talking about with, with foreign leaders, but al

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 point is that -- that tariff revenues play a very important role as part of a long-term transition, countries don't have to pay tariffs if they invest. host: let's talk about china. why 10% for china were an ally like canada? guest: we already had substantial tariffs. host: trump talked about 60% tariffs on china, is that on the table? guest: again i urge everyone to read the memorandum and we will proceed in a measured way using investigative studies that will be foundational. host: that is not super measured so it's not likely? guest: what jamieson greer will do is recalibrate section 301 tariffs on china and what exactly they've been doing. did they live up to the agreement they signed? stopped the seven deadly sins in intellectual property and

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

that's going to be under howard lutnick and scott bessent. it's a good whole thing. the thing, dasha. prior to 1913, i don't know if you know this, probably nobody knows this and less you're a hard-core looker, this government, united states was built on tariffs. jefferson, hamilton, mckinley. mckinley ran on a platform i am a tariff man running on a tariff platform. boss got this great charter imagine this work shows the percentage of revenue from tariffs. it's up there, right? it's like near 100%, goes on like this in the we passed the income tax and a ghost just like this, flatlined. point is that, that tariff revenues are going to play a very important role and is going to be part of a long-term transition period president trump loves to say, countries don't have to pay tariffs if they invest here. >> let's talk about china. because that is a big factor here. i am curious why 10% for china, never say but 25% for an ally like canada. >> well, it's the size of the market and the economy. we already have substantial tariffs on transfer trump talked to on the campaig

this chart as your secretary of the treasury, scott bessent, secretary of commerce, howard lutnick, to begin a process that will hopefully result in the creation of an american sovereign wealth fund. pres. trump: it's a very exciting event. we will have a sovereign wealth fund which we have never had. we have a lot of things that create wealth. you are seeing that over the last two weeks. i think we have created more wealth. other people have createde-we alth. we are creating a lot of wealth. scott, maybe you want to say something about it, howard, you want to say something about it? >> yes, sir, very exciting. we are going to extend this thing up within the next 12 months. we are going to monetize the asset side of the u.s. balance sheet for the american people. we are going to put the assets to work. i think it will be very exciting. going to be very exciting. we are going to study best practices from around the world. it will be a combination of liquid assets, assets we have within this country, as we work to bring them out for the american people. >> the extraordinary size and scal

but we had a few hours and i told my wife, we're going to take the kids to my buddy's house, howard lutnick's house. she said, do you really want to take our three kids, energetic and wound up to somebody's house and they're going to destroy somebody and embarrass us. howard's house, his wife's house actually, yes. we spent morning or afternoon with them and went to our seventh i'll never forget afterwards my wife looked at me and said we felt like the kids could gnus be kids. they didn't know howard and howard didn't know them, he was a good enough guy to make it possible forrous kids to just be kids. i think it's important to have the kind of person at commerce that can't joust do the job, because howard can certainly doj the job. hasn't just been wildly successful because of course he's been wildly successful, but is just a good dude. howard is a good dude and will make us proud as our next commerce secretary, but he makes me even prouder to call him a friend. god blessss you, man. [ applause ] >> mr. vice president, thank you, and welcome back. you must be very pleased to know your incomi

brooke rollins for agriculture secretary, howard lutnick for commerce secretconnor secretaryr hhs secretaryeffler for sba administrator who else? daniel driscoll for army secretary. kash patel for fbi director and tulsi gabbard director of national intelligence. all being held up because the democrats do not want them to get to the floor. if they get to the floor they're going to require cloture vote in order to get past the filibuster. so soon, to his credit they're working at night, the work over the weekend they're going through this process in order to hopefully to get most of these people through print and want to talk about three republicans in a moment. but i am not done. voted out of committee but they went for a floor vote rest for omb director, why? because he's a fiscal conservative they do not want him. i guess they want some leftist under donald trump. who else question released a phonic for un ambassador. what is the wait for? awaiting procedural floor vote on nomination. scott turner, hud secretary holding up the hud secretary? pam bondi for attorney general for attorney gene

you're going to have to ask the incoming commerce secretary, howard lutnick, about that.roup on digital assets to study is whether it's feasible to create either a bitcoin reserve or some sort of digital asset stockpile. and so we're going to be looking at that question. we haven't committed yet to doing it, but it's one of the first things we're going to be looking at. >> bitcoin prices up more than 40% since the election. also sort of commented that maybe an even higher priority is stablecoin legislation, which has big implications for the treasury as well. >> yeah, the bitcoin sold off as a result. i think there were just such great expectations that this administration already is going to make it a priority. so maybe lack of specific sort of market moving news. but clearly, you know, they are moving and they're they're looking at it. so i think market now is a show me with the bitcoin policies. after the break, we're going to take a closer look at elon musk's role in the trump administration, now designated as a special government employee. and also coming up on money

scott bessent and howard lutnick likely to lead the effort. the sale of tiktok. we've heard rumors of this in the past two years. lisa: there are a lot of questions. where are they going to get the money? is it from oil and gas the way it has in norway and some states? what are the parameters about what they can invest in? is it a matter of just investing in pharmaceutical companies you are buying syringes and vaccines from? is this something some kind of strategic fund that can be allocating in a very specific way to try to get money? there's a question of who's going to run this? it is the apollo global management co-founder leon black's son. there's a lot of questioning here that needs to be evaluated. it's actually an interesting idea and one that actually biden had a similar thought to. jonathan: do you remember the original deal? the original tiktok deal. this should be on a quiz at the end of the year. wasn't oracle and walmart? -- was it it oracle and walmart? the president argued treasury should get a cut for brokering the deal. does

a very serious person and understand also the technology well and i would put in the same can howard lutnicke to policy in the trump administration and saw lutnick in his recent hearing he believes in export controls and believes we need to be serious about clamping down to chinese access to u.s. technology and will see it through. i think that he and kratsios together will want to do what they can to maintain the u.s. lead in innovation. caroline: an interesting day for e.u.'s going into effect as well. thank you for speaking with us from american innovation. coming up, amy celico will discuss the impact of u.s. tariffs on china and the tech consumption and a.i. race. this is bloomberg technology. ♪ caroline: welcome back to bloomberg technology, i'm caroline hyde. jackie: i'm jackie from new york. caroline: volatility is the name of the day, the reverberation of tariffs that initially were going to be 25%, and china by 10% and may be delayed by a month is what the mexican president said. the lows down .08% and nowhere like we had with deepseek anxiety but tariff anxiety is clear. let's thi

have negotiations headed by secretary of state marco rubio, treasury secretary scott bessent and howard lutnick and high level representatives from mexico. i look forward to achieving a deal between our two countries. the president deployed some of his economic advisors to shows this morning to explain it wasn't about punishing consumers. it was about something else. >> president trump was absolutely 100% clear that this is not a trade war. this is a drug war. there are perhaps 100,000 people last year that died of fentanyl. fentanyl is coming in across the mexican and canadian borders, 95% of mexicans want the drug war to end and the same is true in canada. >> the only event on president trump's schedule later today at 3:00 p.m. celebrating the stanley cup win of the florida panthers and about the time he will talk to trudeau. we'll see if trudeau can head off the tariffs there for a month. will he talk to china's president xi who he is threatening with 10% tariffs as well? >> harris: peter, thank you very much. there will be as peter is pointing out, if something doesn't get worked out with c

howard lutnick specifically referred to this as bargaining chip and at expense of some short term painump will continue to use this tactic but most countries as evidenced by what's happening in mexico this morning will concede something and trump in turn will declare victory and our base case, stu, is that tariffs will only partially be implemented at best and probably prove to be temporary. stuart: this is a rosie scenario. if you can just fix the tax and figure out the tariff situation, you can move onto extending trump's tax cuts. then move onto doing something about interest rates because as a clash between jay powell and federal -- and president trump. this is a fairy rosie outlook right now. would you agree with that? >> from steve forbes' mouth to actor's ears. look, there's a lot that has to go right here and i'm sure we're going to have bumps along the way. the market pulled forward a tremendous amount of performance and end of the day, you need good tax cuts but above all and i said it last week, we need companies to deliver earning ands we're in the throes of earnings season

barrasso told me will probably have five confirmed cabinet members this week including pam bondi, howard lutnickout that, always a pleasure good to see you. >> newt gingrich, we'll be right back. where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management maria: welcome back a government agency can be completely shut down a president trump gets its way. cheryl casone with the details. >> knew this morning the staff with usa has been told overnight the agency headquarters will be closed today there to work remotely and thus are essential to be on site, this is a live shot of the building right there, in washington. elon musk did say that president trump agreed to shut it down he made on a live exit video session. watch. >> i went over it with them in detail and he agreed we should shut it down and i checked with them a few times are you sure yes, we are shutting it down. >> foxes

howard lutnick said maybe we can get a steak stake in some of te vaccine companies.idea. with this really be a case where the u.s. government is going to take stakes in apple, google, and exxon and other american countries? and with that i assume comes inevitably political control. >> was briefly going over getting the money. they have to raise taxes most who have a sovereign wealth fund have norway, saudi arabia natural resource like oil which is generating a lot of surpluses part you will notice we are not in the problem dealing with surpluses. they would have to raise a lot of taxes and people are not going to like that we have been to the debate what happens if the government invested in equities? at social security debate for the past two decades. this is not something that americans with a think about it once. do they really want to nationalize big tech companies? do they want to nationalize the big pharmaceutical companies? who then decides what products they make? is that something will have a committee and hhs decide to do? it raises the spectrum of huge int

maria: treasury secretary scott bessent and commerce secretary hopeful howard lutnick leading the project. it's unclear how the fund will be capitalized but trump previously pitched using tariff money to fund it. the largest sovereign wealth funds in the world are owned by norway, china, hong kong and the emirates. i think the question of who will fund this is the most important question because you don't see treasury funding a sovereign wealth fund when treasury is using extraordinary measures to prevent default, okay, and there's some analysts this morning at td co co cowen writig this, we worry this could be used to make politically motivated investments, we don't see either party turning over the fund to independent managers and who is going to fund this. your thoughts. >> you have other sources of revenue. maria: i love the idea, by the way. i'm trying to drill deeper. >> there will always be structural things that come up. i would love to manage it. we have the ability, we're the wealthiest cup tri in the world, we -- country in the world, we have the ability to create side projects

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 cars. >> president donald trump saying candida

pam bondi and howard lutnick expected to be confirmed next week as kash patel gets high marks after his gabbard and robert f. kennedy jr. sail through as well? if senator john barrasso is here on the president's cabinet and his agenda, next. ♪ ♪ maria: welcome back. the senate returns to capitol hill tomorrow to continue confirmation hearings for president trump's cabinet nominees including voting for cloture for pam bondi as u.s. attorney general expected sometime in the afternoon, then next friday republican senators are headed to the mar-a-lago, invited by president trump to hash out next steps on executing his bold agenda. joining me now is senate majority if whip, wyoming senator john barrasso. senator, thanks so much for joining us this morning. >> thank you, maria. maria: let's get right to it. you are on the senate finance committee that will vote on robert f. kennedy jr. on tuesday. do you believe kennedy has the votes to get confirmed as hhs secretary? >> we're working very hard to make sure that that happens on tuesday but first, maria, we are just two weeks into the trump ad

him and howard lutnick and others to make sure we can have a renaissance in u.s.y and our agriculture economy. we need to be the supplier to the world of food and agriculture products whether it's ethanol, poultry, dairy, any product. >> john: you are on the family farm there and those are impressive grain silos. i don't know if you come to us from the cab of a tractor or something else but impressive back drop you have there. senator rand paul was one of several republicans who expressed concerns that obviously tariffs could be a tool for leverage but if they go into effect they act as a tax on literally all americans. what do you say about that? >> yeah. if i look at canada as an example. we import potassium from canada. we don't have that in the united states. when that tax comes in or that tariff goes on at 25% it will cost us 25% more to produce that crop for that fertilizer need. so to make sure we live up to our commitment making sure we lower the cost to consumers -- >> john: looks like we've lost your audio there. i guess as modern as that tractor was it

state marco rubio, the treasury secretary scott bessent as well as commerce secretary nominee howard lutnickration officials who will work with mexico starting today to try and solidify a current deal as the president says, a current deal he wants to get in place, to avoid those tariffs permanently. you mentioned the phone call that happened this morning with the canadian prime minister justin trudeau and another phone call at 3:00 p.m. today and this could be part of that negotiation and again, as the governor said, we might see some sort of agreement or pause out of that phone call. we'll have to wait and see. fast developing story with mexico and now president trump confirming the tariffs on mexico are paused for one month. stuart: edward, thank you very much indeed. back to alaska's governor dunleavy. it really sounds like things are moving from your vantage point. is that the way you see it? >> yeah, absolutely. and these things are oftentimes -- when i say temporary, they're fast moving and agreements sooner than we this. it's great news out of mexico. again, we'll see the same thing w

. >> 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

>> howard lutnick is a dealmaker, and he said it best.re going to invest substantially in a company, if you're a private equity executive or if you're a foundation or you're giving must be to a private entity hike they did with the covid vaccine, the united states government should get some sort of equity participation in that. so i think you're going to see all sorts of things go into that. hopefully, a bunch of crypto. hopefully when hay sign a massive -- they sign massive contracts with enterprise, they get some equity in the participation to the upside that the taxpayer has funded. this is a turning point in america. it's time for us to stop being this broke nation of a fiat currency where we keep printing money into infinity, to start having some real monetary, financial assets that we can point to for the long-term health of our country. i'm really excited. stuart: it's a big switch. mike lee, appreciate president it, sir. >>> coming up, prime minister benjamin netanyahu is going to be at the white house later today. is he look to g

pam bondi and howard lutnick expected to be confirmed next week as kash patel gets high marks after his robert f. kennedy jr. sail through as well? if senator john barrasso is here on the president's cabinet and his agenda, next. ♪ before the spotlight— we struggled to keep the lights on. [young jayson] tatum with the ball. my ambitions were to make it to the league— and get my money right. [young jayson] dribbles up the court. i saw more for myself. [young jayson] crosses. and sofi gives members confidence to see more for themselves. helping them earn and save more money for their ambitions. [young jayson] spins—shoots. believe you can get there with the next generation of banking. [young jayson] and the crowd goes wild! join the official bank of the nba. sofi. get your money right. oh, it's cold outside. time to protect your vehicle from winter's wrath. of course, the hot sun can be tough on vehicles too. you need weathertech. laser measured floorliners and cargo liner will shield the carpeting from sand and snow. for your interior, there's seat protector and sunshade. plus, mud flaps

and as yet unconfirmed, commerce secretary howard lutnick to be. >> leading the. >> united states negotiations around this issue. the sum total of this, though, is that. >> these 25%. >> tariffs on goods from mexico. >> kicked back. >> another month, something that the president said as recently as friday could. >> not be. >> done. >> saying he didn't want. >> any concessions. >> at that time. >> now, having been granted. >> some, the tariffs are delayed. >> and garrett, this. >> is. >> important that. >> we mention that this is actually happening in real time as we speak. the president. >> of mexico. >> holds her daily news conference from. the palace there. the presidential headquarters in. >> mexico city. she holds. >> these press conferences. >> every day. >> but this morning. she essentially led. >> that with. >> these statements. >> and. >> garrett, important. to underline. >> the 25%. >> tariff is put on. >> hold for. >> a month. >> the president. >> of mexico saying. >> that that was by mutual. >> accord, 10,000 soldiers, national guards. >> from mexico. >> will. >> be sent to the bord

she co-chaired the transition with howard lutnick. she campaigned, she campaigned to be commerce secretary. and at the 11th hour, when he didn't get treasury secretary, he hip checked her. she got department of education, and now she could be out of a job. hagar. jeff. susan. leanne, thank you all for starting us off this evening when we return. elon musk intensifies his crusade to slash government spending and in the process, has gained access to some very sensitive information. my question what does he plan to do with it? and later, fbi agents are now suing to protect the identities of the agents who did their jobs, who followed their assignments investigating donald trump and the capitol riot. the 11th hour just getting underway 11th hour just getting underway on a very serious tuesday night. so, what are you thinking? 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.

howard lutnick, $1.5 billion but likely more. many kelly loeffler, head of the small business administration worth $1.1 billion. robert f. kennedy jr., nominated for the department of health and human services, estimated to be worth about $15 million, and ep has refused to give up a lucrative arrangements with a law firm that will enable his family to make millions on vaccine related lawsuits. steven -- take this piece. elon musk plowed it at least $260 million into efforts to send donald trump back to the white house, a massive infusion that makes him one of the largest single underwriters of a presidential campaign and underscores the outsized influence of the world's wealthiest person in this year's election. thursday's filings with the federal election commission show that the tesla and spacex executive gave a total of $238 million to a super pac that he founded this year, american pac, which worked to turn out voters on trump's behalf in key states. but he was also the financial backer of other groups that cropped up in the

. >> with howard lutnick and others in the administration tell me that perhaps in march there's a window again. but most of this is so unpredictable. >> i mean, the president has decided now to make gas in the united states more expensive. he's decided to make groceries in the united states more expensive. and our retaliation is going to cost americans jobs that it's completely ridiculous. >> i think that's what's been so unnerving is the fact that this will, in fact, hurt american consumers as well. now, look, kate, no one's saying that canada would win a trade war with the united states. all canada is saying is we don't want a war at all. but again, this has turned into a cancel. america and anti-americanism that i have never seen. i want you to listen now here quickly to just one of the chorus of boos that we heard at at least one nba game, nhl games over the last 24 hours. i mean, kate, i've been to games and hockey games. we actually know the words to the u.s. anthem. we at least applaud politely afterwards. this has taken on a whole new tone in canada and canada, and i want to get

his commerce secretary, howard lutnick, would say, this is how we play ball.his is how, you know, we you know, we use a little muscle. >> well, if he's going. >> to do that, you would give more time, right, to actually negotiate. so the fact of the matter is tomorrow morning, february 1st, i mean, you know, it just doesn't make a lot of sense. i mean, once these tariffs get put in place, there's a whole host of uncertainty as and ceos don't like uncertainty. investors don't like uncertainty. i think that's one of the reasons why those oil stocks got hit so hard. so again. we can think about what the base case policies should be that make the most sense for our economy. and we also have a little bit of the playbook from the first administration. >> i just. >> think that this time they're going to use a bit more of a scalpel than they were just kind of, you know, using that hammer, which was really a threat back then. and now i think they really do want to implement this. >> okay, john, there are scores of americans, sad to say, that aren't watching this news or

this charges your secretary of the treasury scott bessent and your secretary of commerce, howard lutnick to begin a process that will hopefully result in the creation of an american sovereign wealth fund. >> it's a very exciting event. we're going to have a sovereign wealth fund, which we've never had. we have a lot of things that create wealth. and you've seen that over the last two weeks. i think we've created more wealth. other people have created the wealth. the people, my predecessors, we're creating a lot of wealth. scott, maybe you'd like to say something about it. and i'd ask also howard to say something about it. >> yes, sir. there's a very exciting. we're going to stand this thing up within the next 12 months. we're going to. monetize the asset side of the u.s. balance sheet for the american people. we are going to put the assets to work. and i think it's going to be very exciting. we're going to study best practices that's done around the world. it will be a combination of liquid assets, assets that we have in this country as we work to bring them out for the american people.

well, here's what commerce secretary nominee howard lutnick said about the issue. >> if we are going. >> billion covid vaccines. maybe we should have some warrants and some equity in these companies and have that grow for the help of the american people. >> and your next guest wrote a piece questioning the idea of a sovereign wealth fund. when trump first floated the idea on the campaign trail, he actually talked about it in his first time in office. biden then also talked about it, and now trump is talking about it again. you follow all that. joining us now is douglas holtz-eakin. he is the president of the american action forum. douglas trump was sort of hot on it in his first term. biden actually floated the idea last year. now president trump is signing an order to explore the creation of it. why wouldn't it be a good idea? >> well. >> it looks like a solution. searching for a problem. you know, they've mentioned a bunch of uses of the sovereign wealth fund. so vaccines. well, we have the nih and you can fund that infrastructure. we had a bipartisan infrastructure bill. we can do

. >> howard lutnick is laughing. i don't think trump was kidding, though, when he was. his anger about this, this editorial and how they're how they were viewing his his trade moves. >> no, not at all. i mean, we know how much he pays attention to those headlines. and by the way, also watches the market. i did ask a source today about whether the wall street journal headline, whether seeing the futures go down had an impact on him sort of backing off of this. i got two different answers from two different people i talked to. one said absolutely. the other said no. he really believes that immigration and this drug crisis are his biggest mandates. and he spent the day with laken riley family, and that shook him to the core. and he's not watching for what anyone else is doing. he wants to deliver for for these families. but we know he's watching. >> yeah, he kind of dismissed the stock market when jeff zeleny was asking him there about it. but i mean, he does care and value the stock market a lot. it's one of the biggest indicators maybe to him. >> well, it's another examp

who remember howard lutnick ran the transition. and what was the number one quality?effrey beauregard sessions or h.r. mcmaster or jim mattis. there are none of those people to say, no, sir. that's not how the government works. instead, they're saying, thank you, sir. may i have another? >> yeah, i. >> would go, please. >> and i would argue that this didn't just start on january 20th. this started on january 7th, 2021, when his own party refused to hold him accountable. and if you're not going to grow a spine when the mob is coming at you personally, directly, and you are hiding in your office in the basement, then you're not growing one ever. and they basically just let him go and go without accountability. and they proved that he can. so, you know, what amazes me is that we've been watching him for so long, and no one ever seems to learn the pattern and try to get ahead of it. and that's why i'm like, what are the democrats doing? like, you know what he's going to do? try to think of a new way to do this. pretend that you're mitch mcconnell, and you have to get real

so the next step on that front will be for marco rubio, scott bessent and howard lutnick to lead negotiations with mexico over the next month to see if a more permanent deal can be worked out. mike. >> all right. megan. >> nine hours left. >> plenty can happen. >> as. >> we've seen in that span of time. megan. cassella thank you. let's bring in dan greenhaus from solus alternative. >> asset management, wells fargo investment institute. >> sameer samana and invesco's kristina hooper to talk about. >> how all. this applies. >> to markets. so, dan. i guess. >> you have to have some kind. >> of theory of the case here. if you're an investor, about the probabilities of the various tariffs taking effect, how long, what the. >> passthroughs are. i mean, all. >> of these things feels. >> like. this kind of. >> decision chain. you have. >> to go down if. >> you choose to. >> all of which is very easy to do. exactly. so the point is, do you try? >> do you try to. >> be precise about it, or how. >> do you think the. >> market is. >> just digesting. >> all the probabilities? >> i don't think there's any.

today we are considering the nomination of howard let nick -- howard lutnick. congratulations on this important nomination. i know there are many members of this committee interested in hearing from you. as the secretary of commerce, mr. lutnick will be responsible for implementing not only major aspects of president trump's agenda but carrying out some of the most sweeping laws congress has passed in the last few years, like the chips and science act. he is well-qualified to accomplish this. the story embodies the american spirit of resilience and achievement. son of a history professor and an artist, he was born and raised in new york and last most of his book -- both of his parents by the time he was 18. he put himself through haverford college with the help of a generous scholarship. immediately after graduating, he started at cantor fitzgerald, one of the world's leading financial services firms, becoming its chairman at just 35 years old. on september 11, 2001, terrorists killed his brother and 658 cantor fitzgerald employees who were working on five floo

treasury, and yet to be confirmed, but assuming that will be done soon, secretary of commerce howard lutnickitive, some positive comments, positive developments and being reflected of course, with an s&p well off the lows of the session now down some 0.6%, nasdaq down about 1%. what does this all though going to mean for the global supply chain overall. well let's turn to lori ann larocco. she's our reporter on that has more on the states that could see the biggest impact lori ann. >> yes, yes. david. so when it comes to the states that are going to be impacted, it's actually the businesses, right, that that reside in those states. and we've got fresh data here for the audience. according to research firm trade partnership worldwide, they actually compile all of this data from customs. and so the business of the states in the states of texas, california, michigan, illinois, ohio and georgia, they will be paying the most tariffs, tariffs. texas actually tops. >> that tariff. >> list at $47 billion. now, based on what companies paid in tariffs from june to november of last year, the new rates

have donald trump in the middle, scott bessent on one side -- a bond representative, and then howard lutnickn the other side in some ways the stock and growth representative, trying to get other things across. who has the louder voice come the louder influence of the man in the middle, donald trump, when there are a lot of competing egos and wishes? it isn't clear how constrained to some of those people are going to be by saying the 10 year yield. ed: i guess my flippant answer would be the last person who spoke to him. that is what we have seen countless times. he has once again instilled what we call a team of rivals. we see this elsewhere, too. on trade and tariffs, there is a huge match between team econ, scott bessent's world, versus team tariff, that is let nick and jamieson greer. he is having his hearing today for u.s. trade representative, peter navarro. what i have been instructed to do when i'm listening to all of these competing voices is to find areas of commonality. that is going to be the likely policy. one of the things that i think that the market has been missing is the mos

another thing, howard lutnick, everyone remember the name.trump's nominee for commerce secretary, i believe. he is a crypto king. they are about to affect the largest robbery in u.s. history. they have moved the crypto operations into el salvador, where the president of el salvador himself is heavily invested in crypto. trump and elon are invested in crypto. we the american people have to keep up the pressure. we have to be more vocal. we have to be more organized and we have to go to these places and take physical control of all of the mechanisms that elon musk and these people are employing to steal our information. they are taking our taxpayer numbers, dose -- our social security numbers and what is paid to us. they are trying to destroy our country. host: i am going to jump in because there are two stories related. the first from "roll call" on the nomination. "the senate commerce, science nomination to lead 16-12 with all but one democrat in opposition. although his promise to bring supply chains on shore and boost competitiveness on art

howard lutnick is his nominee to be commerce secretary, he's a key player on this. bessent, treasury secretary. besant comes from a hedge fund background and understands markets really well so he'll play an interesting role as the president tries to figure out how to crack policies without freaking out markets. besent is a key player there. host: we saw the markets after the announcement of the tariffs against market -- canada and mexico, we saw them go down. guest: it definitely was a way of gauging market reaction and markets were unhappy and you could see when markets opened on monday, they opened way down and then once it was clear that at least with mexico and then eventually with canada, too, that things were paused, you saw an immediate market rebound. the question is whether this was always sort of how they wanted things to go, right. and actually, it's kind of interesting if you think about it because he did put a 10% additional tariff on china and people were so relieved that he didn't put the tariffs on canada and mexico, it was a muted market reaction so