Michael Cohen Testifies in Trump Trial | Balance of Power

Michael Cohen Testifies in Trump Trial | Balance of Power

>> FROM THE WORLD OF POLITICS TO THE WORLD OF BUSINESS, THIS IS "BALANCE OF POWER." LIVE FROM WASHINGTON, D.C. JOE: FROM BLOOMBERG’S WASHINGTON, D.C. STUDIOS TO OUR TV AND RADIO AUDIENCES WORLDWIDE, WELCOME TO "BALANCE OF POWER." KAILEY: MICHAEL COHEN TAKES THE STAND IN DONALD CRIMINAL TRIAL. WE WILL HAVE REACTION FROM FORMER FEDERAL PROSECUTOR. JOE: NEW POLLING SHOWS DONALD TRUMP LEADING PRESIDENT BIDEN IN FIVE SWING STATES WITH JOE BIDEN SUPPORT AMONG KEY DEMOGRAPHICS ERODING. OUR POLITICAL PANEL WILL BE WITH US FOR MORE. KAILEY: BOTH THE FRENCH PRESIDENT AND THE U.S. TREASURY SECRETARY WEIGH IN ON GLOBAL TRADE ISSUES. CERTAINLY, A LOT IN GEOECONOMICS COMING FOR OUR TV AND RADIO AUDIENCES BUT A LOT HAS HAPPENED AND DOMESTIC POLITICAL INTRIGUE TODAY WITH A LOT OF IT CENTERED IN A COURTROOM IN NEW YORK CITY. JOE: DONALD TRUMP’S FORMER FIXER FINALLY ON THE STAND. NOT THE FIRST TIME THIS HAS HAPPENED BUT TO SEE HIM IN CRIMINAL COURT WITH THE FORMER PRESIDENT ACROSS THE ROOM WAS REMARKABLE. WE HEARD FROM DONALD TRUMP AS HE MADE HIS WAY OUT OF THE COURTROOM IN LOWER MANHATTAN A SHORT TIME AGO AND HERE HE IS. >> THEY ARE DOING GREAT. THEY HAVE KEPT ME HERE FOR FOUR WEEKS INSTEAD OF CAMPAIGNING AND YET WE STILL HAVE THE BEST POLL NUMBERS THAT JUST CAME OUT FROM THE NEW YORK TIMES. KAILEY: FOR MORE ON THIS WE BEGIN WITH BLOOMBERG’S MIKE DORNING IN WASHINGTON. NEITHER OF THE THINGS HE SAID IS FACTUALLY INACCURATE. TO THIS POINT IN THE TRIAL WE HAVE NOT SEEN ANY DETERIORATION OF THE STRENGTH OF HIS CANDIDACY. >> AND FIVE OF THE SIX SWING STATES THAT MATTER, HE IS LEADING. AND THAT LEAD HAS STAYED PRETTY CONSISTENT OVER TIME EXCEPT FOR BIDEN DOING A LITTLE BETTER AFTER THE STATE OF THE UNION. HE HAS GENERALLY BEEN AHEAD IN THE STATES. THAT SAID, A LOT OF THIS SEEMS TO BE BASED ON DISCONTENT WITH THE ECONOMY AND SOME GROUPS THAT TEND TO TREND TOWARDS DEMOCRATS BUT HAVE PERHAPS BEEN DISPROPORTIONATELY IMPACTED BY THE ECONOMIC CHALLENGES. AND THEY ARE CONSEQUENTLY NOT YET ENTHUSED. THIS IS A GROUP THAT BIDEN COULD POTENTIALLY MAKE UP SOME SPACE WITH AND IN FACT, IN THE SENATE POLLING, THE DEMOCRATICS ARE LEADING. JOE: YOU ARE SEEING IN MANY CASES THE SENATE STAYING DEMOCRATIC IF THIS POLL WERE TO REFLECT THE ELECTION IF IT WERE TO BE HELD TODAY. IT WOULD BE A DEMOCRATICALLY CONTROLLED CONGRESS. 10% OF TRUMP VOTERS BACK THE DEMOCRATIC SENATE CANDIDATE AND 5% OF BIDEN SUPPORTERS BACK THE REPUBLICAN ONE. WHAT DO YOU DO ABOUT THAT? >> YOU LOOK AT THE CROSS TABS YOU SEE THOSE PEOPLE THAT ARE TRUMP VOTERS BACKING DEMOCRATIC CANDIDATES TEND TO BE YOUNG PEOPLE AND MEMBERS OF MINORITY GROUPS LIKE HAS BEEN ACCENT AFRICAN-AMERICANS WHO ARE NOT AS SUPPORTIVE OF BIDEN AS THEY HAVE BEEN IN THE PAST OF BIDEN PERSONALLY IN THE LAST ELECTION OR DEMOCRATS GENERALLY. SO YOU CAN REALLY SEE THIS IS A DISENCHANTMENT WITH THE STATUS QUO AND IF THERE IS ONE THING THAT DONALD TRUMP DOES REPRESENT, IT IS CHANGE. AND THAT IS WHAT — HE IS A DISRUPTIVE. THAT IS THE CHARACTER HE GETS ACROSS AND PEOPLE WANT CHANGE BUT THEY TEND TO STILL SUPPORT DEMOCRATS FOR A SENATE BECAUSE THOSE GROUPS HAVE TRADITIONALLY BEEN MORE ALIGNED WITH DEMOCRATIC POLICY. KAILEY: OUR OWN POLLING AT BLOOMBERG HAS SUGGESTED THAT THINGS DO CHANGE IF HE IS CONVICTED OF A CRIME. IF THE TESTIMONY WE HEARD FROM MICHAEL COHEN TODAY MAKES THE CASE FOR THE PROSECUTION, ULTIMATELY IF HE IS FOUND NOT GUILTY, WE ARE NOT THERE YET, COULD MAKE A TANGIBLE DIFFERENCE. >> THEY COULD MAKE A TANGIBLE DIFFERENCE WITH A LOT OF REPUBLICAN LEANING PEOPLE THAT DON’T TEND TO LIKE CONVICTED FELONS RUNNING THE COUNTRY. SOME OF THE TESTIMONY IN THE TRIAL, WHILE IT MIGHT SEEM TO HAVE AN IMPACT ON OUR EVERY DAY TELEVISION COVERAGE, IT WOULD HAVE A BIGGER IMPACT IF IT WAS REINFORCED WITH A GUILTY VERDICT. THIS PARTICULAR TRIAL MAY NOT INVOLVE SOME OF THE KINDS OF STAKES THAT THE OTHER TRIALS WOULD. THIS IS ABOUT HUSH MONEY FOR A POOR AND START, ULTIMATELY NOTWITHSTANDING THE ELECTORAL LAW VIOLATIONS AND THAT MAY NOT BE AS BIG A CHALLENGE TO DONALD TRUMP’S CHARACTER AND PERSONA AS SOME OF THE ELECTION CASES. JOE: THE ANALYSIS FROM THE NEW YORK TIMES IS BRUTAL IF YOU ARE JOE BIDEN REMINDING US THAT THIS IS ESSENTIALLY AN UNCHANGED POLL SINCE THE LAST ONE IN NOVEMBER. SINCE THEN THE STOCK MARKET HAS GAINED 25%. THE CRIMINAL TRIAL OF DONALD HAS BEGUN. AND THE BIDEN CAMPAIGN HAS UNLEASHED TENS OF MILLIONS OF DOLLARS OF ADVERTISING FOR A LITTLE PERSPECTIVE ON THE NUMBERS WE ARE DISCUSSING, MICHAEL DOWNING, THANK YOU FOR THAT. JANET YELLEN SPOKE WITH BLOOMBERG PB EARLIER ABOUT COMPETITIVENESS ISSUES — JANET YELLEN SPOKE WITH BLOOMBERG TV EARLIER ABOUT COMPETITIVENESS ISSUES. >> PRESIDENT BIDEN BELIEVES THIS SHOULD BE TARGETED TO OUR COMPETITIVE CONCERNS AND NOT BROAD-BASED AND HOPEFULLY WE WILL NOT SEE A SIGNIFICANT CHINESE RESPONSE WITHOUT IS ALWAYS A POSSIBILITY. JOE: FOR MORE NOW ON THE ECONOMIC ISSUES BETWEEN THE U.S. AND CHINA AS WE ANTICIPATE TARIFFS AS EARLY AS TOMORROW, WE ARE JOINED AT THE TABLE BY OUR BLOOMBERG ANALYST. FOUR FOLD INCREASE IN EV TARIFFS. CHINESE MADE EV’S IS WHAT WE ARE REPORTING. THIS ANNOUNCEMENT COULD COME TOMORROW. IS THIS CAMPAIGN TURNING INTO A CONTEST OF ECONOMIC POPULISM? >> IT IS. PRESIDENT BIDEN’S FIRST STATE OF THE UNION ADDRESS, A LOT OF THE WORDS WE HEARD FROM HIM — BY AMERICA — BUY AMERICA AND OTHERS, THESE ARE ALL POPULIST MESSAGES. WE HAVE BEEN WAITING FOR TWO YEARS OR LONGER FOR TARIFF ANNOUNCEMENTS. WHAT IS INTERESTING IS THERE COULD POSSIBLY BE A QUADRUPLING OF TARIFFS ON ELECTRIC VEHICLES, SOLAR CELLS, BATTERIES COMING FROM CHINA. IT IS LARGELY SEEN AS SYMBOLIC. CHINA DOES NOT RELY ON THE U.S. FOR THESE MATERIALS. KAILEY: THE EXISTING TARIFFS HAVE BLOCKED THEM OUT OF THIS MARKET IN LARGE PART. THAT POINT IS WELL TAKEN. AND A DIFFICULT LINE FOR THE ADMINISTRATION TO WALK. YOU WANT TO BE HAWKISH ON CHINA WHICH IS POPULAR BUT IT COULD RUN COUNTER TO THINGS LIKE THE COUNTER AGENDA CONSIDERING WE ARE TALKING ABOUT GREEN TECHNOLOGIES THAT COULD LEAD TO INCREASED INFLATION IF YOU DON’T CALIBRATE THE TARIFF LEVELS CORRECTLY. AND THOSE COSTS ARE PASSED ON TO THE CONSUMER. >> IT IS ALMOST POLITICS VERSUS POLICY. YOU WILL GET A LOT OF RHETORICAL POINTS AND POLICY POINTS. IF BIDEN CAN USE THIS MOMENT TO SEND HIS CABINET MEMBERS AND DEPUTIES TO FAN OUT INCLUDING JANET YELLEN SPEAKING OUT ON BLOOMBERG TV TO TALK ABOUT THESE ISSUES TO GAIN SOME POINTS. BUT IN TERMS OF POLICY, IT COULD DAMAGE OTHER PARTS AS YOU ARE SAYING ABOUT CLIMATE AND INFLATION. JOE: TRYING TO MAKE UP GROUND ON THE ECONOMY. AND ON HIS POLICY ON ISRAEL AS WE BRING YOU TO THE WERE IN GAZA. ANTONY BLINKEN WARNED ABOUT THE PATH ISRAEL IS ON. THE CONVERSATION ON SUNDAY. >> ISRAEL IS POTENTIALLY ON A TRAJECTORY TO INHERIT AN INSURGENCY WITH AN ARM THOMAS OR IF IT LEAVES, VACUUM FILLED BY CHAOS AND ANARCHY AND REFILLED PROBABLY BY HAMAS. WE HAVE BEEN TALKING TO THEM ABOUT GETTING A BETTER AND ENDURING RESULTS. JOE: WE JUST SPENT TIME TALKING ABOUT THIS NEW SIENA POLL THAT DOESN’T BRING GREAT NEWS TO PRESIDENT BIDEN ON ANY FRONT. DOES ANYTHING SHORT OF A CEASE FIRE HELP HIM? >> I THINK IT NEEDS TO BE MORE UP YOUR THE PROTESTERS AND VOTERS SPECIFICALLY IN MICHIGAN, THEY WANT TO SEE MORE THAN JUST RUSHING TO A CEASE FIRE. AND THAT RUSH IS NOT GOING TO HAPPEN, IT WOULD BE A SLOW WALK. AND JUST LIKE WE HEARD FROM ANTONY BLINKEN, THERE IS A SHIFT WANTING TO SEE CRITICAL MOVEMENT FROM ISRAEL ON POSTWAR PLANS. THE DEVIL IS IN THE DETAILS. IT WILL NOT JUST BE THE CEASE FIRE. KAILEY: AND EVEN IF THERE IS A CEASE FIRE, THERE ARE STILL MORE THAN 30,000 PALESTINIAN CIVILIANS THAT OF ALREADY DIED IN CONFLICT. COMING UP, WE WILL TAKE A CLOSER LOOK AT WHAT WE HEARD TODAY FROM MICHAEL COHEN WITH FORMER FEDERAL PROSECUTOR, JIM. THAT IS NEXT ON "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. ♪ KAILEY: THIS IS "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. A DRAMATIC DAY IN COURT TODAY FOR THE CRIMINAL TRIAL OF DONALD TRUMP. THE HUSH MONEY CASE WHERE MICHAEL COHEN TOOK THE STAND TODAY. HE HAS BEEN PAINTED AS THE PROSECUTION’S KEY WITNESS. FOR ANALYSIS, WE BRING IN A FORMER FEDERAL PROSECUTOR. ALWAYS GREAT TO HAVE YOU HERE ON "BALANCE OF POWER." THERE HAS BEEN A LOT OF TALK ABOUT WHETHER MICHAEL COHEN WAS A CREDIBLE WITNESS. HE HAS BEEN FOUND GUILTY OF LYING AND HAS SERVED TIME IN PRISON. THE CROSS-EXAMINATION HAS NOT STARTED BUT IN YOUR VIEW, HOW IS HE DOING SO FAR? GUEST: PRETTY WELL SO FAR. DIRECT EXAMINATION, PARTICULARLY WHERE HE HAS BEEN PREPARED BY THE PROSECUTION, IS USUALLY A PIECE OF CAKE WITH NO SURPRISES. HE TESTIFIED QUITE CONSISTENTLY WITH WHAT THE OTHER WITNESSES HAVE TESTIFIED TO AND WHAT THE MUTE WITNESSES, THE DOCUMENTS, WHAT THEY SAY. CROSS-EXAMINATION IS THE ULTIMATE TEST. THERE IS AN ART TO CROSS-EXAMINATION. AND THIS IS PARTICULARLY THE TYPE OF CROSS-EXAMINATION WHICH WILL BE DISTRACTIVE IN NATURE AND DESIGNED TO DESTROY MICHAEL COHEN’S CREDIBILITY. WE WILL HAVE TO SEE HOW THAT PLAYS OUT. IT HAS NOT YET STARTED. JOE: MICHAEL COHEN TESTIFIED THAT DURING THE 2016 PRESIDENTIAL ELECTION, THAT IS PARTLY WHAT WE ARE TALKING ABOUT, ELECTION INTERFERENCE THROUGH THE EYES OF ALVIN BRAGG. STORMY DANIELS THREATENED TO COME FORWARD DURING THE CAMPAIGN. DONALD TRUMP WAS FURIOUS. ACCORDING TO MICHAEL COHEN HE THOUGHT IT HAD BEEN HANDLED FIVE YEARS AGO. DONALD TRUMP TOLD MICHAEL COHEN TO DRAG OUT NEGOTIATIONS. IF I WIN IT HAS NO RELEVANCE AS I AM PRESIDENT AND IF I LOSE, I DON’T CARE. WHAT DOES THE DEFENSE DO WITHOUT THIS WEEK? >> THEY TRIED TO SHOW THAT MICHAEL COHEN IS NOT TO BE BELIEVED AND THAT HE MADE UP THE STORY AND THAT TRUMP NEVER SAID THAT. AND HE MAY HAVE MADE SOME REMARK ABOUT STORMY DANIELS BUT THAT IS NOT THE ISSUE. IF THEY DON’T BELIEVE MICHAEL COHEN BECAUSE HE IS A SERIAL LIAR, JUST LIKE DONALD TRUMP, THEN THEY WILL REJECT OR HAVE THE POWER TO REJECT EVERYTHING HE SAYS. AND WITHOUT MICHAEL COHEN, THERE REALLY IS NO CASE BECAUSE THE PROSECUTION CANNOT TIE DONALD TRUMP INDIRECTLY — IN DIRECTLY WITH THE HUSH MONEY PAYOFF SCHEME. KAILEY: THAT IS WHAT WE HAVE CONSISTENTLY HEARD. THE IDEA THAT MICHAEL COHEN PUTS THE PUZZLE PIECES TOGETHER. AFTER WE HEARD THE TESTIMONY BY THE PEOPLE HANDLING THE PAYMENTS AND FROM STORMY DANIELS TALKING ABOUT THE SALACIOUS NATURE OF THIS AFFAIR. WHICH IS PERHAPS WHY THERE WAS THE INCENTIVE TO BURY THIS THING. IF MICHAEL COHEN IS THE LINCHPIN, THE PROSECUTION HAS SUGGESTED THEY COULD WRAP UP THEIR SIDE OF THINGS THIS WEEK. >> HE COULD BE THE LAST WITNESS. I DON’T AND OTHER LAWYERS WHO ARE EXPERIENCED IN CRIMINAL TRIAL PRACTICE, DO NOT EXPECT DONALD TRUMP TO TAKE THE STAND. HIS LAWYER WOULD BE CRITICIZED IF HE ALLOWED HIM TO TAKE THE STAND BECAUSE THERE IS SO MUCH MATERIAL ON WHICH THEY COULD CROSS-EXAMINE HIM. AND IT IS MORE LIKELY THAN NOT THAT THEY WILL ARGUE REASONABLE DOUBT WITHOUT DONALD TRUMP TESTIFYING. SO THIS TRIAL COULD VERY WELL WRAP UP THIS WEEK OR EARLY NEXT WEEK. JOE: THE CONVENTIONAL WISDOM IS THAT THIS IS THE WEAKEST OF THE FOUR CASES PROP — POSSIBLY FACING DONALD TRUMP. SOME OF THE OTHER TRIALS MAY NOT HAPPEN OR MAY BE MOVED PAST THE ELECTION. DO YOU AGREE WITH THAT ASSESSMENT? >> I DON’T KNOW IF IT IS THE WEAKEST. I THINK IT IS AN IMPORTANT CASE BECAUSE IT INVOLVES ELECTION INTERFERENCE WHICH IS THE CRUCIAL ELEMENT HERE. AND ELECTION INTERFERENCE IN 2016 WAS THE CURTAIN RAISER, THE GATEKEEPER FOR THE ELECTION INTERFERENCE WHICH OCCURRED IN 2020 AND 2021 CULMINATING IN THE JANUARY 6 INSURRECTION. I THINK IT IS A VERY IMPORTANT CASE. I THINK THE PAPER TRAIL IS VERY IMPRESSIVE. I MEAN, DONALD TRUMP HIMSELF SIGNED NINE OF THE 11 CHECKS THAT WENT TO MICHAEL COHEN AND WERE CAST AS PAYMENT FOR LEGAL FEES WHICH THEY NEVER WERE. MICHAEL COHEN NEVER FUNCTIONED AS A LAWYER. HE FUNCTIONED AS A GUTTER CAMPAIGN MANAGER TRYING TO KILL STORIES THAT MIGHT BE UNFAVORABLE TO DONALD TRUMP IN THE RUN-UP TO THE 2016 ELECTION. SO, IT IS A VERY IMPORTANT CASE. AND IT IS AN IMPORTANT CASE BECAUSE IT REALLY SHOWS THE CHARACTER OF DONALD TRUMP, THE PRESIDENTIAL CANDIDATE, WHO IS SEEKING TO REGAIN THE OVAL OFFICE AND BE THE LEADER OF OUR COUNTRY. AND AN IMPORTANT QUESTION FOR THE VOTERS IS WHETHER DONALD TRUMP IS ACQUITTED HERE OR IF HE IS CONVICTED, PARTICULARLY IF HE IS CONVICTED OF A FELONY, IS THIS THE SORT OF MAN YOU WANT IN THE OVAL OFFICE? IS THIS THE SORT OF MAN YOU WANT IN YOUR HOME AT NIGHT. IS THIS THE SORT OF MAN THAT WILL TALK TO YOU ABOUT A VERY TROUBLED WORLD AND WILL WHO EVOLVE THE POLICIES AND ELABORATE THE POLICIES ON HOW TO DEAL WITH IT. KAILEY: AND WHETHER OR NOT HE IS ACQUITTED OR CONVICTED, THE AMERICAN PUBLIC, SHOULD THEY CHOOSE TO PAY ATTENTION HAVE ALREADY HEARD SALACIOUS DETAILS OF AN AFFAIR WITH A POOR AND START. A LOT WAS MADE LAST WEEK WHEN STORMY DANIELS TESTIFIED SAYING THE DEFENSE DID NOT OBJECT TO WHEN SHE WENT OVER AND ABOVE ON THE STAND. THEY DID NOT OBJECT TO MICHAEL COHEN MUCH AT ALL TODAY. WHAT DO YOU MAKE OF THAT? >> THERE HAS TO BE A BASIS FOR THE OBJECTION. STORMY DANIELS PROBABLY WENT TOO FAR IN DESCRIBING THE DETAILS OF WHAT HAPPENED. AS A MATTER OF FACT, FOR THE PURPOSES OF THE CASE, IT DOESN’T MATTER IF SHE HAD — IF HE HAD SEX WITH STORMY DANIELS OR NOT BECAUSE HE WAS WILLING TO PAY AND ADMITTEDLY IN A SUITE PAID MICHAEL COHEN TO REIMBURSE HIM FOR THE PAYOFF TO STORMY DANIELS. WHY DID HE DO IT? THE JURORS HAVE BEEN ASKED TO USE THEIR COMMON SENSE AS ALL JURIES ARE AND WHAT DOES YOUR COMMON TELL YOU? MICHAEL COHEN DID NOT BENEFIT FROM THE PAYOFF OF $130,000. THE ONLY PERSON THAT BENEFITED WAS DONALD TRUMP BECAUSE IT KEPT STORMY DANIELS QUIET ON THE HEELS OF THE BILLY BUSH TAPE UNTIL AFTER THE ELECTION. AND THAT IS WHY THE MONEY WAS PAID. JOE: JIM, GREAT TO HAVE YOU BACK AND WE APPRECIATE YOUR INSIGHTS TODAY AND WE WILL BE LOOKING FORWARD TO CROSS-EXAMINATION AND YOUR THOUGHTS ON THAT. COMING UP, WHAT JANET YELLEN HAD TO SAY EARLIER TODAY IN AN EXCLUSIVE CONVERSATION WITH BLOOMBERG ON THE U.S. RELATIONSHIP WITH CHINA. THAT IS NEXT ON "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. JOE: THIS IS "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. THANK YOU FOR JOINING US. EARLIER TODAY ANNMARIE HORDERN SAT DOWN WITH JANET YELLEN, AN IMPORTANT CONVERSATION AND THEY TALKED ABOUT THE U.S. RELATIONSHIP WITH CHINA AND AHEAD OF WHAT IS EXPECTED TO BE AN IMPORTANT TARIFF DECISION FROM PRESIDENT BIDEN ON CHINESE DVDS. HERE IS A BIT OF THAT CONVERSATION. SECRETARY YELLEN: HE BELIEVES IT IS UNACCEPTABLE, AS I DO, TO BE COMPLETELY DEPENDENT ON CHINA IN THESE AREAS. AND HE WANTS TO MAKE SURE, GIVEN THAT CHINA IS REALLY NOT PLAYING BY THE RULES IN THE SENSE THAT THEY HAVE W ENORMOUS SUBSIDIES AND CRITICAL AREAS OF ADVANCED MANUFACTURING RESULTING IN OVERCAPACITY. HE WANTS TO MAKE SURE THAT THE STIMULUS BEING PROVIDED THROUGH THE INFLATION REDUCTION ACT TO SUPPORT THESE INDUSTRIES AND THESE ARE INDUSTRIES THAT ARE CREATING GOOD MANUFACTURING JOBS IN PARTS OF THE COUNTRY — THAT HAVE BEEN OVERLOOKED OR THAT HAVE SUFFERED FROM DEINDUSTRIALIZATION IN THE PAST. THE PRESIDENT WANTS TO MAKE SURE HE PROTECTS THESE INVESTMENTS. AND I DON’T WANT TO GET AHEAD OF THE 301 REVIEW ON TARIFFS BUT THIS IS A COMMITMENT THAT PRESIDENT BIDEN HAS MADE AND I AGREE WITH IT. I WAS IN CHINA A COUPLE WEEKS AGO AND MADE CLEAR THAT WE WOULD NOT ALLOW CHINESE OVERCAPACITY TO HARM OUR EMERGING INDUSTRIES. >> DOES THE U.S. WANT A TRADE WAR WITH CHINA? SECRETARY YELLEN: WE BELIEVE WE SHOULD HAVE DEEP AND PRODUCTIVE, AND WE DO IN MOST AREAS, TRADE AND INVESTMENT RELATIONSHIPS. WE ARE WORKING TO STABILIZE OUR ECONOMIC RELATIONSHIP. WE DO NOT WISH TO DISENGAGE FROM CHINA ECONOMICALLY. WHAT WE DO THINK THE PLAYING FIELD SHOULD BE FAIR. AND CHINA ENGAGES IN UNFAIR PRACTICES LIKE MASSIVE SUBSIDIES OF INDUSTRIES THEY HAVE DECIDED ARE CRITICAL AND THOSE ARE CASES WHERE WE WILL ACT TO PROTECT OURSELVES. >> WE HAVE SEEN BEIJING RESPOND IN THE PAST. ARE YOU EXPECTING A RESPONSE WITH THEM GOING AFTER TESLA OR AMERICAN FARM PRODUCTS? SECRETARY YELLEN: PRESIDENT BIDEN BELIEVES THAT ANYTHING WE DO SHOULD BE TARGETED TO OUR CONCERNS AND NOT BROAD-BASED. AND HOPEFULLY, WE WILL NOT SEE A SIGNIFICANT CHINESE RESPONSE BUT, THAT IS ALWAYS A POSSIBILITY. KAILEY: THAT WAS PART OF ANNMARIE HORDERN’S INTERVIEW WITH TREASURY SECRETARY JANET YELLEN ON BLOOMBERG TV AND RADIO EARLIER TODAY. SHE IS TEASING AHEAD TO WHAT WE EXPECT TO HEAR FROM THE PRESIDENT TOMORROW, AND EXPANSION OF TARIFFS ALREADY IN PLACE ON CERTAIN THINGS BUT MORE CALIBRATED. JOE: NONE OF THIS IS BAKED. THEY ARE WORKING LATE ON THIS STORY TO FIGURE OUT EXACTLY WHAT WILL BE TARGETED. I FIND IT INTERESTING THAT WHILE SOME ITEMS WILL BE SPARED, NOTHING WILL BE REDUCED CURRENTLY ON THE BOOKS. WHEN WE GOT THE ANNOUNCEMENT, WE WILL BE PICKING THROUGH THEM TO SEE WHAT IT MEANS. KAILEY: WE WILL HAVE FULL COVERAGE ON "BALANCE OF POWER." COMING UP TODAY, BLOOMBERG’S EXCLUSIVE INTERVIEW WITH FRENCH PRESIDENT EMMANUEL MACRON. YOU ARE WATCHING "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. ♪ >> WALKING BACK TO GLOBAL NEWS, 24 HOURS A DAY, ON AIR AND ON QUICKTAKE BY BLOOMBERG, POWERED BY MORE THAN 2700 JOURNALISTS AND ANALYSTS IN OVER 120 COUNTRIES.. EMMANUEL MACRON SPOKE TO US EARLIER TODAY ON THE STATE OF GEOPOLITICAL SITUATIONS AND ECONOMICS. AS WELL AS INVESTMENT INTO FRANCE. HERE IS THAT CONVERSATION. >> WE DELIVERED A LOT OF REFORM. WE DECREASED FROM 33 POINTS. WE MADE A LOT OF REFORMS. AND UNEMPLOYMENT MECHANISMS. I DON’T SEE A LOT OF COUNTRIES AROUND US HAVING DONE SO. WE DELIVERED. IS WHY WE WILL LAUNCH THIS WEEK A NEW REFORM ON THE LABOR MARKET. A PACKAGE FOR FINANCE. WE HAVE ALREADY LAUNCHED A NEW SIMPLIFICATION. A BUNCH OF REFORMS ON LABOR MARKETS. FRANCE WAS LAGGING BEHIND. THERE WERE A LOT OF STRENGTHS THAT A LACK OF COMPETITIVENESS. I SEE THAT WE CLEARLY BRIDGED A GAP. MY CONCERN IS NOT AS FRANCE, IT IS EUROPE. IF YOU TAKE THE LAST THREE DECADES, WE CREATED HALF OF THE VALUE OF THE CAPITAL. BECAUSE OF LACK OF INVESTMENTS. THIS IS THE MAIN REASON. NOW MY TOP PRIORITY IS TO HAVE A EUROPEAN POLICY. WE HAVE TO BE MUCH MORE INNOVATIVE. AND CREATE CAPITAL MARKETS. AND FROM THE PRIVATE SECTOR. WE HAVE TO DELIVER IN PARALLEL. I BELIEVE THAT. >> YOU HAD FULL-SCALE ATTACK ON THE EUROPEAN ECONOMY. TO YOU THINK THIS IS A BIGGER LONG-TERM CHALLENGE? >> THIS IS CLEARLY LINKED TO WHAT IS HAPPENING. FRANCE IS ONE OF THE LEADING ECONOMIES. IF YOU TAKE JOB CREATION, WE ARE NUMBER ONE IN THE EURO ZONE. WE ARE HERE. WE HAVE THIS ISSUE. BECAUSE WE HAD LOW ENERGY COSTS. A MARKET FOR EXPORTS. THESE PILLARS ARE BEING COMPLETELY REVISED. TOTALLY. WE HAVE TO REINVENT BY CREATING MUCH MORE OUR OWN. GOOD JOBS WITH VALUE ON OUR CONTINENT. MUCH MORE PRODUCTIVITY. ESPECIALLY OUR ELECTRICITY POLICY. WE CAN DELIVER LOW CARBON ENERGY. WE NEED MUCH MORE INVESTMENT. WE NEED ONE TRILLION MORE. >> YOU HAVE HERE AN EXAMPLE. YOU ARE THE EURO ZONE’S MOST SUCCESSFUL BANK. WORTH $80 MILLION. J.P. MORGAN IS WORTH MORE THAN THAT. NINE TIMES AS MUCH. BANK OF AMERICA IS FOUR TIMES AS BIG. BNP PARIBAS CANNOT EXPAND THROUGH THE EUROPEAN UNION AND TAKE OVER OTHER BANKS. WOULD YOU LIKE TO SEE A TAKEOVER A GERMAN OR ITALIAN BANK? >> WE NEED AN ACTUAL DOMESTIC MARKET. WE HAVE TO THE WITH 27 REGULATIONS. ENERGY AND FINANCE ARE THE KEY SECTORS WHERE A SINGLE MARKET DOES NOT EXIST. WE NOW HAVE TO OPEN THIS BOX AND DELIVER A SINGLE MARKET. TO HAVE A SINGLE SYSTEM OF RESOLUTION. AND SUPERVISION. IN A MUCH MORE INTEGRATED MARKET. >> WOULD YOU BE HAPPY WITH THEM BUYING AS PART OF THAT? >> DOING THE EUROPEAN MARKETS NAME CONSOLIDATION. FOR SURE. THIS IS FOR THE BANKING UNION. NOW WE HAVE TO DO IT FOR THE CAPITAL MARKETS. WHICH IS BROADER AND MORE DIFFICULT. I THINK WE CAN FIND AN AGREEMENT. 75% OF OUR FINANCING GOES THROUGH BANKS. WE NEED MUCH MORE CONSOLIDATION. WE NEED THE CLEAR CIRCULATION OF SAVINGS ALL OVER THE PLACE. TO BE MUCH MORE EFFICIENT. TO MAKE SURE OUR SAVINGS ARE INVESTED IN THE RIGHT SECTORS. EVERY YEAR, 3 MILLION IN SAVINGS GOES TO FINANCE THE U.S. ECONOMY BECAUSE WE ARE NOT ATTRACTIVE. WE CLEARLY NEED TO HAVE THE SAME PLAYING FIELD AS THE U.S. THERE ARE REGULATIONS THAT PREVENT YOU FROM INVESTING IN EQUITY. THAT IS EXACTLY WHAT WE NEED. I THINK WE DID MUCH BETTER DURING THIS. NOW THIS IS A TOTALLY NEW WORLD. WE DO NEED THIS NEW BUSINESS NOVEL FOR EUROPEANS. AN IRRELEVANT POLICY. WE ARE TOO NAIVE AND OPEN. YOU HAVE MOVED YOUR PRIMARY LISTING AWAY FROM FRANCE. EXACTLY. THIS IS MY POINT. THIS IS MY POINT. WE CAN REALIGN OURSELVES. >> I WOULD ASK YOU ANOTHER QUESTION. NOBODY HAS DONE BETTER. HIS WEALTH HAS INCREASED. WE CAN BOTH SAY BRAVO TO HIM. HE HAS DONE IT IN A PEACEFUL WAY. BUT YOU LOOK AT THE PEOPLE RIGHT AT THE VERY TOP OF THE WEALTHIEST PEOPLE IN FRANCE. MOST OF THEM ARE IN FASHION. I WONDER IF THAT IS THE KIND OF FRANCE YOU TALKED ABOUT CREATING. >> YOU ARE RIGHT. I DON’T THINK IT IS AN OLD STYLE OF BUSINESS. FRANCE IS A GREAT PLACE. I THINK IT IS VERY GOOD. THIS IS A CHANCE FOR US. WE TALK ABOUT A LOT OF JOBS LOCATED IN FRANCE. THIS IS ADDED VALUE. WE CONSOLIDATED THE MARKET ELSEWHERE. AND THE VALUE. WE ARE THE SECOND LARGEST PLACE IN THE WORLD. TO LIST YOUR COMPANY. BUT THERE IS A TENSION. THEY HAVE DONE SPECTACULARLY WELL. OUT OF GLOBALIZATION. IN TERMS OF YOUR HAVING TOUGHER RULES WITH CHINA. IN A COUPLE OF MONTHS TIME, THE EUROPEANS WILL SAY HE WILL COME BACK AND PUT TARIFFS ON COGNAC. THAT WILL HELP THOSE VERY SUCCESSFUL FRENCH BUSINESSPEOPLE. >> THIS IS EXACTLY THE MISTAKE WE MADE 20 YEARS AGO. I AM VERY SIMPLE. I DO NOT LECTURE OR BLACKMAIL ANYBODY. WHEN YOU ARE TAXED LIKE THAT, AND YOU GO TO THE CHINESE MARKET , ALL THE DIFFERENT SECTORS, WHAT WE WANT IS A LEVEL PLAYING FIELD. WHAT WE ASK FOR IS EXACTLY THAT. WE HAVE A FAIR COMPETITION. IT IS NOT A GEOPOLITICAL AGENDA. IT IS FAIR TO LAUNCH THAT. AND REVISE IT. YOU CAN HAVE THOSE MEASURES. YOU JUST DON’T DO WHAT YOU HAVE TO DO. THAT IS WHY WE DECIDED TO NOT PUT THOSE MEASURES ON COGNAC. I THINK IT IS A NORMAL APPROACH. THE EUROPEAN UNION IS THE MOST OPEN PLACE IN THE WORLD. BUT YOU CANNOT SURVIVE IF YOU HAVE THESE CAPACITIES IN CHINA. IT DOES NOT FLY. >> SO EUROPE HAS TO GET TOUGHER NOW? >> THIS IS NOT A NECESSITY. WE ARE NOT PROTECTIONISTS. >> THE GERMANS DO NOT AGREE WITH YOU ON THAT. >> FROM WHICH PERSPECTIVE? IT IS TRUE THAT SOME GERMAN COMPANIES WHEN THEY ARE INCORPORATED IN CHINA, IT IS NOT JUST GERMAN. IT IS EUROPEAN AND AMERICAN. TO SELL THEMSELVES AND THEIR CAPACITIES IN CHINA AND THE REST OF THE WORLD. AND ESPECIALLY EUROPEAN MARKETS. THEY WANT TO ALIGN WITH THE FRENCH ECONOMIES INTERESTS. CREATING JOBS, CREATING VALUE. PROTECTING YOUR BUSINESS AND YOUR PEOPLE. IT IS NORMAL. IT IS PART OF THE BUSINESS. FOR ME, IT IS A NO-BRAINER. >> IN CONVERSATION WITH FRENCH PRESIDENT EMMANUEL MACRON EARLIER TODAY. COMING UP, DONALD’S FINAL LAWYER TESTIFYING IN THE HUSH MONEY TRIAL UNDERWAY IN NEW YORK. A NEW POLL SHOWS JOE BIDEN TRAILING TRUMP IN FIVE SWING STATES. WE WILL BREAK IT ALL DOWN. ♪ >> I AM HERE FOR THE SIMPLE REASON TO SHOW SUPPORT FOR A FRIEND. HE IS ACTUALLY IN GREAT SPIRITS. >> I AM A FRIEND OF HIS. >> I AM ALSO HERE TO SUPPORT PRESIDENT TRUMP. THE CASE IS CALLED THE PEOPLE OF NEW YORK VERSUS DONALD TRUMP. WITH THE PEOPLE OF NEW YORK KNOW THIS IS A SHAM TRIAL. >> SENATORS ALONGSIDE A CONGRESSWOMAN FROM NEW YORK SHOW THEIR SUPPORT FOR FORMER PRESIDENT DONALD TRUMP. THAT WAS JUST OUTSIDE THE COURTHOUSE THIS MORNING. AND THEY ARE NOT THE FIRST FROM SUPPORTERS WHO HAVE MADE THEIR WAY TO COURT TO BE PART OF THIS. OUR POLITICAL PANEL IS WITH US NOW. GREAT TO HAVE YOU BOTH WITH US. NOW THAT YOU HAVE A DAY OF MICHAEL COHEN TESTIMONY IN THE BAG, I WONDER YOUR THOUGHTS ON THE IMPACT THIS MIGHT BE HAVING POLITICALLY. THIS STORY IS KNOWN. DOES IT MATTER IN THE COURT OF PUBLIC OPINION? >> WE HAVE NOT SEEN EVIDENCE OF THAT SO FAR. THE MOST WE SEEN OUR POLLS THAT SHOW IF HE IS FOUND GUILTY, ABOUT 1/5 OF HIS SUPPORTERS MAY CONSIDER NOT VOTING FOR HIM. I’M NOT SURE I TRUST THOSE POLLS. WE HAVE NOT SEEN EVIDENCE OF A REAL POLITICAL IMPACT YET. YOU HAVE THE PEOPLE RUNNING TO BE VICE PRESIDENT AUDITIONING OUT THERE. IT IS ABSOLUTELY SURREAL. >> YOU DO NOT TRUST SOME HOLES WE ARE SEEING THIS EARLY, BUT WE DID GET A POLL OF SWING STATES. TRUMP IS LEADING BITING IN SOME OF THESE — BIFDEN IN SOME OF THE STATES. THIS IS A PATTERN WE HAVE SEEN. SHOULD WE BELIEVE IT? >> THIS OBVIOUSLY SHOWS A WEAKNESS OF JOE BIDEN. THE BLUE WALL FOR HIM IS PERFORMING A LITTLE BIT BETTER. BUT HE IS TIED OR LOSING IN OTHER STATES. I KNOW THIS IS EARLY IN THE PROCESS. EVERYBODY SHOULD TAKE A DEEP BREATH ON THESE. BUT YOU’RE GETTING CLOSE TO DOUBLE DIGITS IN SOME STATES. THESE ARE REAL NUMBERS THAT WILL BE HARD TO OVERCOME. IF JOE BIDEN WERE MORE POPULAR, DONALD TRUMP WOULD BE IN SERIOUS TROUBLE. IT IS HIS LACK OF POPULARITY AND HIS LACK OF CONFIDENCE IN THE ECONOMY THAT IS KEEPING DONALD TRUMP IN THIS RACE. THEY CITE THE TESTIMONY TODAY FROM MICHAEL COHEN IN THE TRIAL JUST BOUNCES OFF OF HIM BECAUSE HE IS ALREADY AS LOW AS HE CAN GO. IT’S JUST THAT BIDEN IS FINDING NEW LEVELS OF LOW. >> THIS YEAR FROM TRUMP FROM THE JERSEY SHORE THIS WEEKEND. >> INSTEAD OF A TAX HIKE, I WILL GIVE YOU A MIDDLE-CLASS BIG TAX CUT. YOU ARE GOING TO HAVE THE BIGGEST TAX CUT. >> HE HAD A BIG TURNOUT. I DON’T KNOW IF SNOOKIE WAS THERE. WHAT DO YOU THINK OF THE LANGUAGE WE JUST HEARD? >> I LOVE THE FACT THAT ROGER STONE TWEETED OUT A PICTURE OF THIS TRYING TO SHOW HOW BIG THE CROWD WAS. HE TWEETED OUT ONE THAT GOT A LOT OF PUSHBACK BECAUSE IT WAS FROM YEARS AGO. SOMEWHERE DOWN IN LATIN AMERICA. DONALD TRUMP, THIS BY BEING ON TRIAL, IT WAS A PRETTY GOOD RALLY. HE IS ENERGETIC. NEW JERSEY IS DEEP BLUE BUT HE CAME OUT AND SAID THAT NEW JERSEY MIGHT IT — BE UP FOR GRABS AT THIS POINT. HE IS HAVING A PRETTY GOOD WEEK. JOE BIDEN LOOKING AT THIS WE’LL TRY TO GO SURE OF THE AFRICAN-AMERICAN VOTE, WHICH IS SUFFERING. WE SEE THAT. THE NEXT FEW DAYS, WATCH FOR HIM TO BE OUT IN ATLANTA, AT MOREHOUSE, TALKING TO SOME OF THE PLAINTIFFS, THE NAACP, AND ELSEWHERE TRY TO SHORE UP THE CRITICAL ASPECT OF THE BOAT THAT IS KIND OF SLIPPING AWAY FROM HIM AT THE LATEST POLLS. >> WE HAVE JUST ABOUT A MINUTE LEFT BUT IT WAS WORTH NOTING IT WAS NOT JUST DONALD TRUMP ON THE JERSEY SHORE. THE GOVERNOR OF NORTH DAKOTA WAS WITH HIM. >> HE IS HIGHLY COMPETITIVE. J.D. VANCE GOING TO THE TRIAL TODAY WON SOMETHING. THAT IS A DANGEROUS SPACE. ALL OF THESE GUYS ARE OVER PERFORMING RIGHT NOW. THEY ARE JUMPING THROUGH HOOPS TO TRY TO GET ATTENTION. WE WILL SEE WHAT IT COMES DOWN TO. I KIND OF LIKE J.D. VANCE IS THE BLUE-COLLAR SENATOR. >> FASCINATING. WHEN THE DEMOCRATS START SHOWING UP THE COURTHOUSE? >> I DON’T THINK THEY WILL. I AM ALL FOR DOUG BURGUM. HE DID A GOOD JOB. I THINK DEMOCRATS SHOULD STAY AWAY FROM THIS. THEY SHOULD LET DONALD TRUMP BE AT THIS TRIAL AND THEN THEY SHOULD GO OUT AND SPEAK TO THE VOTERS. >> OUR SIGNATURE POLITICAL PANEL PICKING THINGS OFF FOR US THIS WEEK. THANK YOU SO MUCH. FOR MORE COVERAGE, CHECK OUT THE WASHINGTON EDITION NEWSLETTER. >> AND JOIN US FOR TARIFFS TUESDAY. WE WILL HAVE A LOT TO TALK ABOUT TOMORROW. YOU CAN FIND THAT HERE ON GLOBAL NEWS, 24 HOURS A DAY, ON AIR AND ON QUICKTAKE BY BLOOMBERG, POWERED BY MORE THAN 2700 JOURNALISTS AND ANALYSTS IN OVER 120 COUNTRIES.

“Balance of Power” focuses on the intersection of politics and global business. On the show today, Former Federal Prosecutor, Jim Zirin, breaks down Michael Cohen testifying in court in former President Trump’s hush money trial. US Treasury Secretary Janet Yellen talks about the United States’ relationship with China, and President of France Emmanuel Macron speaks on geopolitical situations, economics, and investment into the country.

00:00 Balance of Power Begins
10:47 Former Federal Prosecutor Jim Zirin
19:01 US Treasury Secretary Janet Yellen
23:10 French President Emmanuel Macron
40:58 Political Panel with Stonecourt Capital Partner Rick Davis & Iona University Political Science Professor
——–
More on Bloomberg Television and Markets

Like this video? Subscribe and turn on notifications so you don’t miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9
Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more.

Connect with Bloomberg Television on:
X: https://twitter.com/BloombergTV
Facebook: https://www.facebook.com/BloombergTelevision
Instagram: https://www.instagram.com/bloombergtv/

Connect with Bloomberg Business on:
X: https://twitter.com/business
Facebook: https://www.facebook.com/bloombergbusiness
Instagram: https://www.instagram.com/bloombergbusiness/
TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en
Reddit: https://www.reddit.com/r/bloomberg/
LinkedIn: https://www.linkedin.com/company/bloomberg-news/

More from Bloomberg:
Bloomberg Radio: https://twitter.com/BloombergRadio

Bloomberg Surveillance: https://twitter.com/bsurveillance
Bloomberg Politics: https://twitter.com/bpolitics
Bloomberg Originals: https://twitter.com/bbgoriginals

Watch more on YouTube:
Bloomberg Technology: https://www.youtube.com/@BloombergTechnology
Bloomberg Originals: https://www.youtube.com/@business
Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake
Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol
Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts