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tv   Bloomberg Markets Balance of Power  Bloomberg  October 13, 2017 1:00pm-2:00pm EDT

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millions of jobs in our country to the benefit of other countries. we need negotiators who will much more strongly represent america's interests. providedar deal urgently needed relief from the intense domestic pressure to sanctions -- the sanctions had created. it also gave the regime in immediate financial boost. and over over $100 billion it could use to fund terrorists. the regime also received a of $1.7cash settlement billion from the unitedstates, wasrge portn of whic physically loaded onto an airplane and flown into iran. just imagine the side of those huge piles of money being hauled
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off by the iranians waiting at the airport for the cash. moneyer where all that went. worst of all, the deal allows iran to continue developing certain elements of its nuclear program and, importantly, in just a few years, as key restrictions disappear, iran can sprint toward a rapid nuclear weapons breakout. words, we got weak inspections in exchange for no more than a purely short-term and temporary delay in iran's path to nuclear weapons. what is the purpose of a deal that at best only delays iran's nuclear capability for a short. of time -- for a short time. this, as president of the united
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states, is on except double. in other countries, they think in terms of 100 year intervals, not just a few years at a time. the saddest part of the deal for the united states is that all of the money was paid up front which is unheard of rather than at the end of the deal when they have shown they have played by the rules. done and that's why we are where we are. the iranian regime has committed multiple violations of the agreement. for example, on two separate occasions, they have exceeded tons oft of 130 metric heavy water. until recently, the iranian regime has also failed to meet our expectations in its operation of advanced centrifuges.
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the iranian regime is also intimidated international inspectors into not using the full inspection authorities that the agreement calls for. iranian officials and military leaders have repeatedly claimed they will not allow inspectors onto military sites even though the international community suspects some of those sites were part of iran's plan for their nuclear weapon program. there are also many people who believe that iran is dealing with north korea. i am going to instruct our intelligence agencies to do a thorough analysis and report beyond whatindings they have already reviewed. by his own terms, the iran deal was supposed to contribute to regional and international peace and security.
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and yet, while the united states adheres to our commitment under the deal, the iranian regime conflict,to field terror, and turmoil throughout the middle east and beyond. importantly, iran is not living up to the spirit of the deal. today, in recognition of the increasing menace imposed by iran and after extensive consultations with our allies, i am announcing a new strategy to iran's the full range of destructive actions. first, we will work with our allies to counter the regimes destabilizing activities and for terrorist proxies in the region. we will place additional sanctions on the regime to block their financing of terror. hird, we will address the regimes pullover for asian --
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proliferation of weapons in global trade and threatens navigation. and finally, we will deny the regime all paths to a nuclear weapon. today, i am also announcing several major steps my administration has taken in pursuit of this strategy. the execution of our strategy begins with the long overdue step of imposing tough sanctions on iran's islamic revolutionary guard corps. the revolutionary guard is they iranian supreme leader's corrupt personal terror force and militia. it has hijacked large portions of iran's economy and sees massive religious endowments to fund war and terror abroad. this includes arming the syrian dictator, supplying proxies and
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partners with missiles and weapons to attack civilians in the region and even plotting to bomb a popular restaurant right here in washington, d.c. i am authorizing the treasury department to further sanction the entire islamic revolutionary guard corps for its support for terrorism and to apply sanctions to its officials, agents, and affiliates. i urge our allies to join us in taking strong actions to curb iran's continued dangerous and destabilizing behavior. including thorough sanctions outside the iran deal that target the regimes ballistic missile program in support for terrorism and all of its destructive activities of which there are many. finally, on the grave matter of iran's nuclear program, since
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the signing of nuclear agreement , the regime's dangerous aggression has only escalated. at the same time, it has received massive sanctions relief while continuing to develop its missiles program. iran has also entered into lucrative business contracts with other parties through the agreement. when the agreement was finalized in 2015, congress passed the iran nuclear agreement review act to ensure that congress's voice would be heard on the deal. among other conditions, this law requires the president or his to certify that the suspension of sanctions under the deal is appropriate and andortionate to measure other measures taken by iran to terminate its illicit nuclear program. record ithe factual
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have put forward, i am announcing today that we cannot and will not make this certification. we will not continue down a path whose predictable conclusion is more violence, more terror, and the very real threat of iran's nuclear breakout. that is why i am directing my administration to work closely with congress and our allies to a the deals many serious flaws so that the iranian regime can never threaten the world with nuclear weapons. these include the deals sunset clauses that in just a few years will eliminate key restrictions on iran's nuclear program. the flaws in the deal also enforcementfficient and near total silence on iran's
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missile programs. congress has already begun the work to address these problems. key house and senate leaders are drafting legislation that would amend the iran nuclear agreement review act to strengthen enforcement, prevent iran from inter-net -- this is so totally important -- an intercontinental ballistic missile and make all restrictions on iran's nuclear activity permanent under u.s. law, so important. i support these initiatives. however, in the event we are not able to reach a solution working with congress and their allies, then the agreement will be terminated. it is under continuous review and our participation can be canceled by me as president at
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any time. as we have seen in north korea, the longer we ignore a threat, the worst that threat becomes. determined that the world's leading sponsor of terrorism will never obtain nuclear weapons. in this effort, we stand in total solidarity with the iranian regime's longest summary -- suffering victims, its own people. the citizens of iran have paid a heavy price for the violence and extremism of their leaders. are longingpeople to reclaim their countries proud history, its culture, its civilization, it's cooperation with its neighbors. we hope that these new measures
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directed at the iranian dictatorship will compel the government to reevaluate its pursuit of terror at the expense of its people. we hope that our actions today will help bring about a future of peace, stability, and prosperity in the middle east come a future where sovereign nations respect each other and their own citizens. we pray for a future where young children, american and iranian, --lim, kristin, and jewish christian, and jewish can grope in a world free of violence, hatred, and terror. and until a blessed day comes, we will do what we must to keep america safe. bless you, and got bless america. thank you. that was president trump delivering a speech on strategy
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about iran, talking about a deal. the headline is that he will not make the certification of that deal with iran. he did not negated but said he could cancel it at any time as president of the united states and announce the issuance of new sanctions by the treasury department against the iranian revolutionary guard corps. for more details, let's bring in kevin cerrilli. let me start with neck. president talked about what led to it, nine months of deliberation in conversation with members of congress and talked to foreign allies as well. as i mentioned, october 15 is when the certification has to happen. there are reports this speech would happen sooner than today. what is the quality of those conversations and how single-minded has this president and the administration been an approach of this deal question mark >> i would say very
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single-minded. from the very start and throughout his campaign, president trump was clear that he basically despised the deal. what you are seeing today is his ofh to strengthen the terms u.s. treatment of iran, essentially ending a lot of what the administration sees as the fundamental flaws of the iran deal which is that many of its restrictions lift after 2025. it's a huge gamble. what president trump is essentially asking is for congress to take up the baton and pass legislation that would strengthen the terms of the deal. the problem is that to do that, he has to go through several people who he has been at war with over the last couple of weeks including bob corker, the head of the senate foreign relations committee. there are a lot of ways in which this plan that president trump outlined today could blow up and there are very few ways in which it can go right. it's a real tightrope act.
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expect president trump to amend the iran nuclear deal review akzo how would these changes come together with this certification of the nuclear deal? >> congress has their work cut out for them. ife people are saying that you think tax reform or health reform is rd, add another controversial item to that list. several permanent republicans including senator bob corker have come out against this action. it says they do not want the president to take this action. i'm told top republicans on capitol hill were not notified of the rollout the president plans to do in terms of this rollout. a lot of controversy. they've got 60 days to do this.
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there was a moderate proposal put forth by senator tom cotton and bob corker to deal with this. the only these of legislation right now that is significant theywill they've this that will likely take up a there are groups that support this. a lot republicans report this -- support this. the president campaigned on this for quite some time. the iran deal is something that has been completely criticized from the very get-go by top israeli government officials as well as republicans and even some democrats. david: the history here is important. a number of things the president talked about in his speech of looking at ballistic missiles and weapons and additional sanctions, these are things that were not part of the deal as was negotiated largely between secretary of state john kerry and his iranian counterpart. it seems like they were traveling back-and-forth to
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geneva every weekend. why weren't the component parts of the deal put in from the get-go? >> essentially, the philosophy behind the revis administration is that there are so many issues, some a challenges and so many tension points that the u.s. has with iran, let's just focus on the most urgent of those for the time being which was the nuclear program. let'srategy going and was try to get a deal on curtailing iran's nuclear program and that will then take this very contentious and volatile issue off the table and allow the u.s. and its european allies to then confront iran on all of those other issues the president mentioned. the hope was that we get the deal done in 2015 and by the time some of the restrictions on the program start to lift in 2025, maybe things will have changed and there will be a better atmosphere to work with iran or confront them on other
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activities such as the sponsorship of terrorism. >> iran is not going to agree to rewrite this nuclear deal. does this mean they will have to work with other countries tside thframework? >> the big question here is how much president trump is bringing leverage to bear on european allies to get them to come along . what the administration wants to do is say we will go back to a situation where we will isolate iran economically. that woman bring it to the table and force iran to negotiate new restrictions on its nuclear program and amend its other behavior. the question is whether the europeans will go a long. that's a huge risk. there is no indication they will be willing to restore the sanctions particularly on iran's oil. david: we will have more throughout the hour. thank you both for joining us. we have breaking news, we
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are hearing from the financial consideredan ipo is being shelved. it was targeted to come in the second half of next year. now we are hearing that this could be shelved altogether. we are hearing from the financial times that they are favoring a private share sale to the world's biggest sovereign wealth funds. they have been talking with some governments including china. we had reported on bloomberg that this ipo could be delayed into the latter half of 2019. we are now hearing it could get shelved altogether in favor of a private share sale. we will have plenty more coming up on bloomberg markets. stay tuned. this is bloomberg. ♪
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shari: this is bloomberg markets, balance of power. president trump this hour disavowing the iran nuclear deal. let's get some more insight into the deal with one of its main architects, john hughes who used to have the iran sanctions team at the state department under president obama. he is now a vice president at the old right stonebridge group and he joins us from washington. they give so much for joining us. given that you are part of crafting this iran nuclear deal, it give us a reaction to what you have seen today. >> i think the one certainty that comes out of that speech was this unambiguous undermined keep u.s. capability around the world. withan international deal not just the united states but also the united nations. for president trump to say he is not certifying it despite the fact that iran is completely in compliance is verified by the iaea, it makes the u.s. look
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that all away around. david: talk about a political lifeline to iran. there has been a complaint that the u.s. is not upheld its end of the bargain, the sanctions of not come as was expected. when you look at how this is played outcome have those sides upheld those ends of the bargain. >> they have, the u.s. did everything it was supposed to do under the deal. they lifted or wait all of the so-called secondary sanctions on iran. they targeted banking and energy sectors. what you have seen over the last couple of years as there is a lot of uncertainty especially in the business community because there has been so many sanctions against iran that i think banks in particular have been hesitant to go back in. when you see the iranians talk it being difficult to do
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it, that's what they are talking about. by this action today, that makes it worse. if you say we're not sure we are going to -- not going to uphold are part it being difficult to o it, that's what they are talking about. of the bargain, all that does is create more uncertainty and makes it that much harder for iran to get the benefit of its promise. the argument from the trump administration is that the iran nuclear deal does not go far enough in addressing other issues such as sponsoring terrorism. president trump said the deal allows iran to develop certain parts of its nuclear program. why weren't these parts initially tackled when the nuclear iran deal came to be born? it focused specifically on the iran nuclear program. it's a couple dated issue. of whatthe other issues iran is doing around the region, if you take the nuclear issue off the table, it becomes easier to address the other issues. it was never real sick -- it was never realistic to think you can include those other issues.
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-- now just a making you're just making addressing all the other issues harder. david: we know rex tillerson was having discussions with his counterparts in the u.k. if the u.s. were to remove itself from the deal, if president trump canceled the deal as he suggested he can do, what does it mean for integrity overall? french companies have sold airplanes to iran. could the deal continue in perpetuity without the u.s.? >> this is an international deal, not just between the u.s. and iran. president trump unilaterally cancel it is not true. the reason why sanctions in's iran working the first place is because you had entire international community together on this issue. i think it's almost certain that the eu is not going to go along with this. if the u.s. tries to pressure them by saying companies can't thoughness in iran even
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iran is upholding as part of the bargain, the eu will talk at that and take actions that companies could not comply with u.s. sanctions. shari: given that what you are saying and european countries may not go along with this, can we expect the administration to work outside the iran nuclear framework? >> certainly, they could try. the u.s. is always able to impose more sections on or off they want. i think that you're a looking at, is the u.s. willing to go so far to sanction major companies and our allies around the world? that would be a difficult decision to bacon would create unnecessary for with our allies. it would ultimately could harm the united states more than iran. david: let me ask you what this means for the prospects for further deals with other countries around the world? i mentioned, it harms u.s. credibility. it's very hard to imagine a look at now -- if you
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north korea as the other crisis right now in the nuclear realm, i cannot imagine the nuclear test the north koreans to sit down with president trump. i'm as and they will raise this issue in china puts them in a difficult spot to mount pressure with the north koreans. they have no reason to believe our word. david: thank you so much. coming up next, president trump is facing an uphill fight on capitol hill as he looks to dismantle the affordable health care act. seen as a win? this is bloomberg. ♪
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shari: a live picture of manhattan. this is bloomberg markets,
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balance of power. david: let's take a check of first word news. president trump says iran is not living up to what he called the spirit of the 2015 nuclear deal. speaking of the white house, the presence of the administration will seek to counter the iranian regime's " destabilizing activities and impose additional sanctions on the regime to block its financing of terrorism." the president says the united states can i continue down a a predictable conclusion of more violence and terror. >> the united states is far from the only target of the iranian dictatorship long campaign of bloodshed. mark: the president last of the nuclear deal as one of the worst and most one-sided transactions the u.s. has er entered into. republican susan collins of maine is staying in the u.s. senate.
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it ended speculation about a possible run for governor in 2018. she says she believes she could do more for maine by remaining in the sharply divided senate. percy is up for reelection in 2020. the european commission presence of the united kingdom must commit to paying the european union what it owes before brexit negotiations progressed. said theote speech, he process will take longer than initially thought. the eu brexit negotiator said yesterday that payment talks had reached what he called a disturbing deadlock. after withdrawing earlier this week, the kenyan opposition leader could reenter his countries presidential election on october 26. up the he would run government and commission accepted demands for reforms. his legal challenge led the
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kenyan supreme court to annul the presidents august reelection over irregularities. a day,news, 24 hours powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton, this is bloomberg. takingpresident trump some of the most dramatic steps yet to unwind the policies of his predecessor. he stopped just short of abandoning the iran nuclear deal. he framed the decertification as a new strategy and asked congress to hold off on sanctioning the country for now. on the topic of health care late last night, cutting of subsidies hours after issuing an executive order designed to draw people away from the laws coverage. moves going far enough to deliver on his campaign promises? we are joined by matt schlapp. great to have you with us.
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decertifying iran with an executive order on health care, how lasting can these measures by president trump be if he does not go us far as changing legislation? wouldn't someone else come in and just unwind is measures? >> that's a great question. it's the obama legacy. words,aid with his own he said i would use my pen and my phone which means that obama got very little through congress even an overwhelmingly democratic congress. instead, he used his executive powers. on issue after issue, donald trump is doing simple what he said he would do and pulling back on this obama legacy. on iran specifically, the democrats made a big tactical mistake. they did not take this agreement with iran and put it into the hands of the senate in the appropriate way which would have
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been to pass on it as a treaty. instead, they handled it as a different matter that just took a majority vote. bamafiles can say this upsetsthe international world over. -- world order. now the present has greater authority to take steps to pull back from what he calls the worst agreement ever negotiated. david: as you talk about the supermajority, you talk about the president what he wants to a tax reform and health reform. what is your taken what congress has done or not done thus far? conservatives groups put a lot of money behind members of congress to get them to vote the way you want them to vote. conservatives are very frustrated with republicans. the heart and soul of the republican party are conservatives across this country. for the first time in my
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lifetime, a new republican president had a majority in the senate and a majority in the and, let's face it, they have not gotten a lot done. , most of the republicans have done the right thing and kept their promise. but we have too many senators who are playing games on the trump agenda and the promises they themselves made to the voters. susan collins is not running for governor in maine. because she would lose in a republican primary. republicans even in a blue state like maine have gone -- have grown frustrated with republicans like susan collins who promise they will do things like repeal obamacare. when i get the authority and that majority, they step away from their campaign promise. if we cannot get taxes done, this will be a real political problem for the republican party. shari: doesn't that just make the work of president trump more difficult? >> susan collins is making the
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work of president trump much more difficult. she is really doing nothing to help. these republicans like john mccain and susan collins and sometimes bob corker, what they are doing is just making the democrats case for them. what that will do to the republican party is cause a big split between conservatives who want to actually do what we said do and others who believe they should just tinker with these problems. the reason why president trump is so bold as to pull back on obama's prime agenda by shutting multiple deals like health the reason he is doing that because it's what he said he would do and obama had gone so far with his agenda, it's about time we had a republican who is fighting fire with fire david: you have this war on coal and senator mitch mcconnell
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issued a statement about susan collins and said she brings vicious smarts and leadership to every issue and her decision to remain in the senate is important for the people of maine but also for the nation as a whole. what is your message going forward of mitch mcconnell? >> i think mitch mcconnell gets the fact that republicans are anxious, sometimes frustrated and angry across the country. he knows he has to get obamacare repealed. he knows he has to get a big tax cut bill through. by the same token, he's in a tough spot. the also has to work with people like john mccain and susan collins. i would probably pull my hair out. he's got to keep 50 of these folk together so he is doing the right thing by trying to pull them along. there is no more frustrated person in thehe's country than h mcconnell when he see susan collins and john mccain basically helping chuck schumer. it frustrates the hell out of him. senate primary
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last month, did not play out the way president trump was expecting. are these moves now aggressive enough to appeal to his base? you're talking about the senate race in alabama? shari: that's right ,roy moore being elected. >> at the end of the day, the president might have made a mistake in who he endorsed. to of those candidates ran demonstrate that they were the closest to president trump and his agenda. that was the great irony. it was about who could be closest to the trump agenda. what you see in the primaries especially in a red state like alabama comments not as much of a republican primary but it is a trump riemer he. conservative values are eminent and the republican party. -- are dominant in the republican party. it's why they can't figure out why a republican agenda cannot be pushed through. david: great to get your perspective.
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thanks for joining us. much more on health care coming up and we will examine what hospitals and insurers are saying on the news. this is bloomberg. ♪
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david: welcome back to bloomberg markets, balance of power. hour isur stock of the pgn d with the potential connection to the deadly wildfires in california. julie hyman is here with that story. what is the connection? julie: it is not confirmed as of yet but local media in thatornia are reporting there may be a connection. the california regulator cal generallyvestigating
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the source of the fire but they are looking specifically at pg&e maintenance to see if it had something to do with the fire. in terms of the selling in reaction to it, it's a question of selling first and asking questions later. this investigation could go on for months and so this could remain an overhang on the company for quite some time because we won't have the conclusion for quite some time potentially. we are seeing a sharp reaction here in the stock. it's interesting you did not happen earlier in the week but gained momentum. we started to see a more sharp downturn as of yesterday. david: this is part of living in california as far as wildfires. pg&e has had experience with this kind of thing before. it has been connected to
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these type of events more directly before as well. in 2015, there was a fire, an investigation found that there are connected to the butte fire that burned more than 70,000 acres and resulted 2 deaths of a bigger deal for the company and the state was the san bruno gas pipeline explosion in 2010. the company was held liable for that. they had fines related to that and $500 million related to other penalties for that. if you look at the company's 10.4% on equity, it has a allowed return on equity by regulators. according to bloomberg it exceeds that in the wake of that fire in 2010. it has just now started to get back to the levels.
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if the results of an investigation find that they are connected and it ends up being material, that could suppress the return on equity once again. david: thank you very much. shari: coming up on the program, nasa renegotiations continue the fourth round in washington with the u.s. levying one of their biggest demands on that story is coming up next. this is bloomberg. ♪
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shari: this is bloomberg markets, balance of power. david: last night, the trump administration announced an end to the cost-sharing subsidies to help health insurers. it helps lower income americans some say the move could unravel the obamacare marketplace. let's bring in alex wayne. also a columnist the covers
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health care. this shiftyou about in strategy. we heard repeal and replace for so long and now we see the white house is trying to work with congress on legislative changes to this particular law. what caused this about-face and what more can the administration doing a comes to be formal care act? >> they can do a lot of damage just with executive authority. what they cannot do is replace it. what we might -- what we might wind up with his is effectively repeal with no replacement and real disruption to u.s. insurance markets. shari: we are already seeing that impact. health care stocks are already falling after not only the executive order last night but also the subsidies being cut. we are seeing the biggest risk in hospitals taking a hit. how big of an impact will this
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be to an already fragile health care market? >> i think it will be a big impact essentially. there are action separate from the executive order and not continuing to pay the subsidies, it will have an impact as well. for example, cutting funds to advertise the exchanges and cutting navigator groups to help people sign up. this will have a combined effect on a roman with increased it could divide the market further. this is done in part with great flair and there was a ceremony at the white house yesterday when the president signed this executive order. it's happening immediately, there is no transition so how does that complicate this process? they could not have picked a more complicated time to do it. this comes after they have already committed to enter certain markets and set their
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premiums for the most part. there is relatively little bacon due to react to protect himself. there is the potential that some insurers will still pull out. that was an option for them in some of these contracts. since there was so little noticeit makes things messier from what would have been messy no matter what. shari: we are already hearing pushback from democrats saying that instead of working to lower health care costs for americans, it seems that president trump will single-handedly hike american health premiums which is a spiteful act of sabotage. given that many of these health insurers dramatically raise premiums for next year thinking they could not be getting the subsidies given the president's rhetoric, how much will this actually hurt? >> what i don't think has been factored into primas for next year is how badly -- into primas for next year is how bad enrollment will be this year.
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the advertising has been shrunk and funds to help people sign up have been nearly eliminated and now they have created a new insurance option for small businesses that will probably suck more people out of the individual market. i think enrollment will be really bad and premiums will go up by an enormous amount again for 2019. i really don't know how donald trump that in an election year. the presentning to yesterday, got the sense that he wants this to be catalytic. he is holding out hope that if this goes badly, it will increase the odds that congress will take up this issue again. how likely is that to happen? we have seen senator lamar alexander working with patty murphy, will that fuel that even more? is the appetite for working on health care diminished? genuinely believe that he can leverage democrats to the bargaining table by undermining obamacare by seven touching it. i think patty -- by sanitizing
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it -- sabotaging it. i'm not sure chuck schumer is willing to negotiate with a guy who really is trying to undermine the law and force them into a negotiation. i'll think democrats are seeing much good faith from the president at this point. shari: talking about the subsidies themselves, we know some people who by obamacare actually get a federal government help to do that. if the premiums rise, wouldn't that add to the bill the government has to pay? >> the ironic thing is that even though they are punting that's a the congress a may wind up spending more due to the premium increases, the one part of the market the gets left out his forle to rich to qualify the subsidies but not quite wealthy enough to afford the premium increases. those are older middle-class americans.
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presencebe part of the voting base and they will be impact of the most. it could be a really bad impact. shari: thank you so much for joining us. let's turn to trade and other issues. the latest nafta negotiations are underway in the nation's capital. joined by eric martin live from washington to tell us what's been going on. are automobile rules. what are they and what have the negotiators on the u.s. hope will change? u.s.te last night, the presented to mexico and canada its proposal to tighten the rules of origin for light vehicles that, that is to increase from 52.5% original content requirement it has at and have new 85%
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requirements that 50% of a car exported from mexico or canada must originate from the u.s.. it's extremely controversial, something the auto industry has pushed back against strongly as well as the u.s. chamber of commerce. they say is potentially one of the most conflict provoking proposals we could see in its entire nafta process. shari: we have been talking about the presence stand when it comes to nafta, that he is being aggressive in order to derail the talk some have a justification to pull out from the agreement altogether. what are you hearing from the ground when they try to understand the president's motives in putting forth such aggressive demands? about thise talked agenda being america first, american second, and american third. it's upsetting to the negotiators from mexico and canada. when i talk to
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people is to continue the dialogue and continue working and remain at the table to try to find an agreement that can benefit all three nations. given the proposals that have already come out from the u.s. as well as a sunset clause like it into the agreement after five years unless everyone agrees to remain, that will be increasingly harder to do, to make a victory for everyone out of this process. david: what would this mean for automakers? if we were to see this, what would it mean for automakers customer >> all of the automakers who have factories in mexico import some of their products from elsewhere. it's things like computer chips and the technology that goes into cars. right now, they can import as much as 37.5 percent from places outside north america like china, japan, europe. andicular semiconductors the high-technology components of cars, that's important.
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kralev these companies, many of them are taking full advantage of the window they have to import from outside the region. when you talk about increasing by 20%, what we are hearing is that's not possible. are not there and supply chains need to be built a new simply cannot overnight build an entire computer chip industry that does not exist. right now it's not economically competitive with imports from asia. david: i think we are getting some play back from the president leaving the white house. >> we will have congress take a look at it and i'm a very will do that. but i like the two-step process much better. >> [indiscernible] >> it's got great support. >> [indiscernible] they have already lost a big
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chunk. is very popular. you will have millions and millions of people sign up under that. i'm not doing the consciously but i will say this, the democrats should come to me. i would even go to them because i'm only interested in one thing, getting great health care for this country. that was a big chunk. as for as the subsidy is concerned, i don't want to make the insurance companies rich. if you look at their stock price of a last number of years, take a look at what has happened with those insurance companies. they are making a fortune by getting the kind of money. >> [indiscernible] >> we will see what happens with iran. we are very unhappy with iran. they have not treated us with the kind of respect that they should be treating.
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they should have thanked barack obama for making the deal. there were gone, they were economically gone. he infused $150 billion into their economy. he gave them 1.7 million dollars in cash -- $1.7 billion in cash and they should thank him. they did not say that. >> [indiscernible] >> we are stuttering -- we are studying national emergency. doing national emergency is a very big statement. we will be doing that, my wife, millennia, finds that subject to be of such vital importance. she is very much involved. she is on the committee and wants to be involved in that process. >> [indiscernible] they would love me to say it only for one reason.
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look at the kind of money being spent. iran is spending money and very countries. i have always said it might say to them, don't do anything and don't worry about it. take all the money you can get. they are all friends of mine. actually, emcalluel up any talk to me and i said they just gaverenault a lot of money. take their money and enjoy yourself but we will see what happens. iran has to behave much differently. >> [indiscernible] >> if you look at the csr payments, that money is going to insurance companies to prop up insurance companies. that money is going to insurance companies to lift up their stock price and that's not what i'm about. take a look at the insurance companies and who they support. i guarantee you one thing, it's not donald trump. >> [indiscernible]
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did that meet the bar for you? >> we will take a look at what happens. we will see what they come back with. he make him back with something that's very satisfactory to me. if they don't, within a short. of time, i will terminate the deal. as far as puerto rico, i love puerto rico. >> [indiscernible] you said we won't stay there forever. >> we have done a great job. done a great job in puerto rico. puerto rico has to get the infrastructure going. we are helping them with their infrastructure. but most important on puerto rico is there electric plans are essentially gone. they were gone before the hurricane. they were in bankruptcy and of $9 billion, i think it was $9 billion. disasterlectric was a and after the storm even more
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so. we have to help them get the grid rebuilt. that's a long-term project but we have to help them. i love the people of puerto rico and we will help them. do you want to make sure the re remains a bright line between hurricane relief and debt relief? pres. trump: we will also have to do something with all the money that has been invested, mostly private. the government will have to come before that money, because the government will want security. they have to come before that money, and i am sure we will be able to work it out. the puerto rican people have tremendous spirit. when i look at the way and what they have to go through, they have a lot of problems, we are going to help them straighten it out. where are you on north korea? you raised some eyebrows with "the calm before the storm." what is next wh

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