Donald Trump Sits Down With Bloomberg Businessweek

Published Jul 16, 2024, 9:08 PM

Former President Donald Trump accepted the Republican nomination at the party’s convention this week, just two days after an attempted assassination at a campaign rally over the weekend. Prior to that attack, and shortly before his first debate with President Joe Biden, Trump laid out his vision for a second term in a wide-ranging, 90-minute interview with journalists from Bloomberg Businessweek

Reporter Nancy Cook and editor Brad Stone take host David Gura inside that conversation, where they dig into “Trumponomics,” how Trump plans to appeal to voters and business leaders who have turned their backs on him.

Read more: 

Corrects length of Powell’s term as chair of the Federal Reserve.

Bloomberg Audio Studios, podcasts, radio news. The Republican National Convention is underway in Milwaukee, Wisconsin, and former President Donald Trump is, of course at the center of it. Ladies and gentlemen, President, please welcome the next President of the United States, Donald J. Trump. It was the first time the public saw Trump sends an attempt on his life over the weekend, and Nancy Cook, who's a senior national political correspondent for Bloomberg, says we can expect to see a lot more of Trump over the coming days.

He is a showman at heart, you know, a huge part of his rise in politics is fueled by his reality TV career and his appearance on The Apprentice. I don't know if he'll talk every night, but I think visually he's going to be front and center the whole time.

The Trump campaign says Saturday's assassination attempt won't up end the rnc's plan, and the former president posted this on truth Social I cannot allow a shooter or potential assassin to force change to scheduling or anything else.

I think he sees this as a moment to really pick up independence. You know, white suburban women voters who maybe were nervous about him, but may have sympathy for him after the assassination attempt. I think he really really wants to win, and so I think he's doing things like putting forth a much more disciplined message as he has since the shooting, talking much more about unity. You know, he's approaching this in the most disciplined way that I've ever seen him since I've covered him since twenty fifteen.

Nancy says that more disciplined approach is unlike what we saw in Trump's previous campaigns.

This is not the Trump White House where there's people knife in each other and there's leaks all the time, and you know, there's policy pronouncements at six am over Twitter.

Nancy told me the former president staffers are exceeding this time around at keeping him focused on core issues, including the economy. The economic data look good when it comes to inflation and the jobs market, but there is still a disconnect between that and sentiment. How Americans feel about the economy and their prospects. And what Trump is promising is a return to the way things were before the COVID nineteen pandemic. But what's Trump's plan? How does he propose to do that well. Nancy was one of a small group of Bloomberg journalists who sat down with the former president a few days before that first presidential debate. Brad Stone was another. He's the editor of Bloomberg BusinessWeek, and he says that during a newsy hour and a half long interview, they pressed the candidate for details on trumppanomics.

It's low inflation, it's lower interest rates, it's higher growth, and you know, to him critically, it's bringing manufacturing back to the States.

They came back with a lot of news, new information about the former president's plans and about potential policies and personnel. I'm David Gura, and this is the big take from Bloomberg News Today. On the show, Donald Trump's conversation about the economy and his economic platform with Bloomberg BusinessWeek and his plans for a second term. Now, the former president is trying to appeal to voters and to business leaders who abandoned him. Bloomberg BusinessWeek's interview with Donald Trump took place in late June, just before the CNN presidential debate. Brat and Nancy have written a profile of the former president with Mario Parker and Josh Green, and you can find that and a transcript of their conversation at Bloomberg dot com. They had ninety minutes with Trump at his Mara a Lago club in Palm Beach, Florida. Set the scene for us. Are you in a ballroom? Are you in his office? What does it look like? I would say this was.

The clubhouse, one of the main gathering spaces and dining spaces for the club membership. You might imagine some very Trump style luxury, high vaulted ceilings, lots of mementos and celebrations of President Trump himself, including in the bathrooms.

The interview happened at a busy time, on the eve of what turned out to be a very consequential debate, as both candidates were ramping up their campaigning and their fundraising. Well, I ask Brad and Nancy why they thought Trump agreed to do the interview at such a pivotal moment, why he gave them so much time.

I mean, Trump is a transactional person, and so I think that he agreed to the interview with BusinessWeek because it's a magazine, and you know, as a product of you know, someone whose sort of height of popularity was the nineteen eighties or nineteen nineties in New York. He still likes being on the cover of magazines, and so I think he likes the idea of being on the cover of BusinessWeek. He likes the idea that it's business we can you know, his economic message is the one that he wants to lead with, and so he wants to talk about the business. He wants to talk about the economy. At one point, when the club manager came through and they were sort of talking about how this was the best club and the best location, Trump at the end sort of excuses him and says, well, you know, we've got to get back to our conversation. We've got to go macro, and the club manager leaves. And so I think he wants to associate with donors and CEOs and win them over, and and he views this as part of it.

In fact, most of what my colleagues talked about with Trump was the economy. President Biden has been campaigning on Bidenomics shorthand for his economic agenda. Rad and Nancy asked the former president about Trumppanomics.

There's perhaps not a lot of depth to it, which is why you're seeing a little bit of a struggle right now among the Trump campaign that distance itself from potential proxies that would try to define it. But you know what he said, how he answered is it's it's slow and inflation, it's lower interest rates, it's higher growth, and you know, to him critically, it's bringing manufacturing back to the States.

Nancy, I know that you look at and study polling, and when you look at kind of the latest survey results, a lot of Americans express optimism in how Donald Trump would shape the economy or direct the economy. What stands out to them Trump?

You know, inflation was not high during his presidency, and I think that Americans remember that, and he is really trying to lead with his economic message. You know that he feels like, given what he did on the Apprentice, given his background as a real estate developer, he is best positioned to really appeal to new voters, swing voters based on this idea that the economy was better under him than Biden. And that is the message that he's leading with.

Nancy. Does he have a plan for bringing down inflation?

So that's a good question. We pressed him several times on both what he would do with the Federal Reserve, which, as you know, Dave, it sets the interest rates to try to deal with inflation, and then also what his plan was to deal with inflation, And the most concrete response we got from him was that he would open up more oil drilling and energy exploration in the US as a means of increasing the supply of energy and bringing down gas prices. And that was sort of his answer to inflation.

A few months ago, the former president said, if he's reelected, he would remove the chair of the federally serve Jerome Powell. I know you asked him about that. Is that still his position that if he's reelected he wants a change in leadership at the US Central Bank?

He said there's a lot of false information out there. These were his words. And then we asked him if he would allow j. Powell to serve out the term that Biden appointed him to, and he said he would allow him to serve. He did add the caveat like, as long as I thought he was doing things right, I mean, my completely speculation, just as someone who's covered him for a long time, as I do think he was a little cod on that answer, But you know, that's what he said. He said he would allow j. Powell to serve.

And Nancy, he has opinions, it's clear of what the FED should be doing at this moment in time.

He does. And it was interesting because he said he did not think that they should cut interest rates before the election, sort of again implying that if they did, that would be like a political move to sort of help Biden. And also he sort of resisted several questions that we asked him about sort of nudging the FED or what he would do. You know, he did not give the impression that he was going to threaten the independence of the Federal Reserve, which is what a handful of his formal advisors has sort of talked about among themselves, and is not a plan that the Trump campaign or Trump has endorsed her gotten behind.

Is this likely to a lay fears about that?

I think it all lay fears for a little while. I also think that it seems like the FED will start cutting interest rates potentially by the time Trump takes office if he wins, and I feel like that would sort of remove a lot of this will he won't he with Powell.

As Nancy said, something the former president talks a lot about and has talked a lot about is trade and the power, as he sees it, of protectionist trade policies. Well, Trump's a big believer in tariffs, which are effectively taxes on imported goods, and he said he'll impose more of them and higher tariffs if he's elected again. It's a proposal that's gotten a lot of pushback. What did Donald Trump say in the face of data that suggests that higher, broader tariffs the likes of which he's proposing, would be devastating to the US economy? And what does he say to all those economists who were saying the exact same thing. Nancy, Well, I think that what.

He said to us at one point, you know, even really really smart people do not understand tariffs. And his response to the people who say that tariffs will raise prices erect the US economy is that they didn't wreck the US economy when he was president, and they have not wrecked the US economy when Biden was president. You have to remember, Biden kept in place the tariffs that Trump had imposed on China and also recently increase them, increase some of them on specific products. And so I think the Trump campaign feels very vindicated in their tariffs on China because the Democrats have sort of come around to their view, and I think he feels like this is an area where economists and pundits have really gotten things wrong.

In his interview with Bloomberg BusinessWeek, Trump talked about his relationships with world leaders and CEOs, including Apple's Tim Cook. After the break, Brad and Nancy fill us in on the former president's plans for policing big tech, his approach to China and Taiwan, and we get a sense of how the Trump campaign will move forward after the assassination attempt.

Trump is actually like sort of hospitable in person and like really kind of solicited in a way you wouldn't expect, which is true when he was president.

Nancy Cook and Bradstone interviewed Donald Trump a couple weeks ago with Josh Green and Mario Parker for a Bloomberg Business Week profile of the former president, and I asked Brad what it was like to be in the room with him.

I will say that spending time with President Trump at mar A Lago, you know, one thing that comes through is his inordinate and almost ridiculous pride in the club itself. So you know, he met us in the clubroom. He walked us around a little bit, trying to find a comfortable seat. He of course offered us cox and trotted out his familiar riff, which I think debuted about ten years ago on Twitter about dia coke and how only overweight people ordered dia coke. He introduced a hat, a Maga hat that said Trump was right about everything, and then at the end of the interview he tried to give me the hat, which of course I politely declined.

Before Brad became the editor of Bloomberg business Week earlier this year, spent decades covering technology, so of course he had a few questions for the former president about big tech and the titans of Silicon Valley.

Let me just say, when it comes to tech and Trump, they're two strong and almost opposite forces. You know, one is the pride in US companies, the evangelism for US companies in addition to the skepticism of social media companies. And then you also have the fear and the skepticism of China and the desire to bring manufacturing and keep a US tech primacy here in the States. So Facebook, you know, Mark Zuckerberg committed the cardinal sin in trump'size of booting him off the platform after January sixth. TikTok is a Chinese company owned by byte Dance that Trump for a long time was skeptical of and even discussed banning, and now says he supports. He's very popular on the TikTok platform and one of the major investors of byte Dance, a US financier named jeff yass is a supporter of President Trump. And so the politics of personal loyalty, of the injuries that he seems to carry, they kind of conflict here.

Brow you bring up Mark Zuckerberg, I think also of Tim Cook, who did seem to have at least a working relationship with the president. Does that continue, Does he continue to have what seemed like admiration for the head of Apple the first.

Time around, Apple I think won some exemptions from the Trump tariffs in part because Tim Cook, the CEO of Apple, went to the White House, you know, talked to President Trump and then announced or at least re announced, perhaps a manufacturing facility in Austin, Texas where they were going to make one of the models of the MacBook. So I think Tim Cook is a great example of how, you know, CEOs can kind of navigate these terriffs, but also kind of Trump policy through a combination of big landmark announcements of bringing manufacturing back to the US and taking the time to go and show President Trump the respect that he seems to crave.

Because of the growth we're seeing in artificial intelligence, there's a lot of demand for high end microchips, most of which are manufactured in Taiwan, which has added to Washington's concern about the safety and security of that country. What did he say about a role that the United States would play under his leadership if China were to threaten in Taiwan.

He was very cool to the idea of the US sort of standing up for and protecting Taiwan against Chinese aggression. And his whole rationale for that was what have they done for us? He made the argument that Taiwan has basically stolen all of the US chips business. You know, they should be paying us for our protection. He called the US like an insurance policy for them, and he basically made it clear that if he was president, like the US defending Taiwan all the time like that would be a policy that would be very much up for grabs and very much could change. And I think it just shows like if he becomes president again, he will not only shift the way the US economy runs and business runs, but there will be huge shifts globally, not just on trade but also on these foreign policy questions. I know allies in Europe are really freaking out about that, over the potential for ten percent, these global minimum terists. But I think that everyone's just very worried about sort of the world order in general and how it could be reordered if he's president.

Uncertainty abounds about what to expect if there is a second Trump administration. Now he'd approached the economy and foreign policy, but also about something more personal. Rad you wanted to talk a lot about the economy, economic policy. Of course, the backdrop to that conversation was Donald Trump's recent conviction here in New York. What's his thinking on sort of his legal vulnerability going into a second term if he wins.

When Nancy talked about his answer on the FED feeling kind of coached, I think it was the same here, and he said he wouldn't pardon himself. But look, I mean the grievance over these cases and over the convey I think is still strongly held. You know, he lashed out of President Biden, no surprise. He feels that these cases are politically motivated and thinks he'll be vindicated. Believes or even or least says that this was a political process, and the least claims to let the justice process play out and.

Believes he'll be vindicated. On Monday, Judge A. Lean Cannon dismissed the case against Trump. The Justice Department had accused him of mishandling classified information. Minutes later, the former president reacted to the judge's decision on truth social using a familiar phrase. This should be the first step, he wrote, followed quickly by the dismissal of all the witch hunts. You can find Bloomberg BusinessWeek's profile of Donald Trump online now at Bloomberg dot com, and you can also read a transcript of what was a wide ranging interview at the former president, including an exchange about Trump's plans to overhaul the immigration system. This is the Big Take from Bloomy News. I'm David Gerret. This episode was produced by Julia Press, David Fox, and Thomas lou It was edited by Stacey Vanock Smith and Caitlin Kenney and fact checked by Jessica Beck. It was mixed by Blake Maples. Special thanks to Angel Ressio. Our senior producers are Kim Gittleson and Naomi Shaven, and our senior editor is Elizabeth Ponso. Nicole Beemster bor is our executive producer. Sage Bauman is Bloomberg's head of podcasts. Thanks so much for listening. Please follow and review The Big Take wherever you get your podcasts. It helps new listeners find the show. We'll be back tomorrow.

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