Instant Reaction: Trump Delivers Joint Address To Congress
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As seen and heard live on Bloomberg television and radio, I'm Kayleigh Lyons alongside Joe Matthew in Washington, where, of course, we just heard President Trump covering a lot of ground. And the first time he has given an address like this in the House chamber in five years, he is still standing at the rostrum, Joe, soaking it all in as we still hear the applause from those who are gathered. And he will begin making his way out of the chamber, certainly expected to be.

to be greeting members of the body as he goes. Just like we saw on the way in, the White House did schedule the president to be in the chamber until about 11.20 p.m. Eastern time, so he's got some talking likely to do here as the sergeant at arms of the U.S. House

William McFarlane guides him out of the rostrum. If you're with us on Bloomberg TV and on YouTube, you see the glad handing already begin with members of the military. Kayleigh, when we consider the news that was made tonight and we can spend some time fact checking some of the stuff that we heard from the president, only a couple of real headlines.

that would be justified for our audience here with some of the issues that we were talking about. One of them, of course, tariffs when it comes to Canada and Mexico. It appears that the Commerce Secretary's remarks, Kayleigh, earlier were not accurate. These tariffs, at least from what we heard from the president, will not be rescinded tomorrow. And then the CHIPS Act, a redhead on the terminal about halfway through the speech. We're not going to give chip makers any money from the CHIPS Act anymore.

He said you should get rid of the CHIPS Act, Mr. Speaker. You should use the money to reduce the debt. And, of course, that was not his only ask of the Speaker or the other members of Congress who were gathered. He was pitching them on tax cuts that he would like to see implemented or at least extended through legislation, as well as funding for the border, something he touched on a lot. Both of those issues speaking to the mandate with which he believes he was elected in November for focusing on the economy issues.

and on immigration. We certainly heard a lot of that tonight as we see the president shaking hands with members on the floor. If you're with us on Bloomberg TV and on radio, of course, we are expecting that this will last for some time as we consider, Joe, and you mentioned

the notion here of all of the different things that we could talk about that we heard from the president. Many of us, many of it, of course, things we've heard from him repeatedly over the course of his six weeks in office thus far. That's for sure. Quite the scrum there on the floor of the House as he tries to make his way through

lawmakers and our signature panel is with us right now. They were watching and listening along with you. Bloomberg Politics contributors Rick Davis, partner at Stonecourt Capital, our Republican strategist alongside Democratic analyst Jeanne Shanzano, senior democracy fellow at the Center for the Study of the Presidency and Congress. An hour and 45 minutes. Rick, how did he do?

Yeah, I think that, you know, he made his case to the American people that his administration's on track and that he's accomplished more in a very short time that he's been in office than any other presidency in history, including, I would say, the comparisons he was making to George Washington. So he went back to the founding of our nation and graded himself successful. Mm-hmm.

I do think it was a chippy speech. I mean, he came in loaded for bear. Democrats also loaded for bear, caused quite a ruckus at the very beginning, something I've never seen the likes of in this kind of a dignified procession. And so it'll be interesting to see how much is reported on the inside the hall activity.

activity, protests, things that were going on that I think took a little bit from the chamber tonight. But he got through it all, and I think he will look at this as a successful night in his administration. Well, Jeannie, what Rick, of course, is alluding to is just three minutes into the president's remarks, Congressman Al Green, the Democrat from Texas, yelling and raising his cane, saying you have no mandate to cut Medicaid. He was actually escorted out of the chamber, removed from the chamber,

by the sergeant at arms. That was not the only time we saw Democrats interject. There was also a chance of lie when the president was talking specifically about the efforts of Doge, that they're finding hundreds of billions of dollars in fraud, citing what he said are different age groups that are receiving Social Security checks well into the hundreds. Obviously, that is not factually accurate. Those people may still be on the rolls, but that doesn't mean that they're receiving benefits. But what did you make of the response he was able to elicit at times from the other side of the aisle?

Well, it is not what the Democratic leadership wanted, and they were very, very clear about that. And, you know, Al Green, I think, was the first, and then there were many. We even saw Rashida Tlaib. She was responding in real time with a whiteboard. I've never seen anything like that. But the reality is, is that by the time the speech ended, many Democrats had already left the floor out of protest,

You know, and the president engaged with them. We heard him use an unfortunate term to refer to the senator from Massachusetts, Elizabeth Warren. And so it was a very, very contentious speech. And I think it speaks to how divided the American public is. And that is something we have seen. Anybody who thought the president was going to come in tonight and speak to people

All Americans was wrong. As Rick mentioned, he came in and one of the first things he said is he compared himself to our amazing founders and said he is a better president than even George Washington. And that, of course, elicited groans and boos from Democrats. So this is a president who is doubling down, as he always has, on his base. And, you know, even the remarks he made pertaining to things like tariffs,

telling farmers, much to the dismay of even Republicans, that they would have fun, you know, as they battle with tariffs, which will make it very, very hard for them. Police officers, you know, he is going to, you know, think about and talk about

supporting police officers. You heard Democrats yell back, what about January 6th? Because, of course, those police officers did not feel that they were treated well. So, you know, it was a very contentious speech from start to finish. There was even a Democrat who held up a speech that said, this is not normal, that was ripped down by a Republican.

And it was not normal. President Trump has made his way out of the House chamber now, and obviously he'll have a couple of folks to talk to on his way out of the building. Kayleigh, he is scheduled to be there for a bit, and they do have a bit to talk about. But, Rick, I wonder, what will this be remembered for? The way it started? Lawmakers actually being escorted from the room? The chanting and so forth? Or some of the lines that Donald Trump managed to land? No, I think the circus nature of it will be forgotten pretty quickly, certainly.

Those things don't usually tend to lend a lasting impression. Look, I think we learned something important tonight, which was it sounds like the Ukraine relationship with the United States is is bad.

been mended and that we're going to start moving toward a more robust relationship with Ukraine again and that there are conversations that Trump's having with Putin and the Russian side toward some kind of a ceasefire or peace plan. So to me, that is a big moving part. But I think anybody who says that Trump isn't serious about

keeping these tariffs on is missing the whole speech tonight. To him, these were the soul of the country, these tariffs. And he's been preaching these for a long time. I think this is public policy. It's probably going to be priced in after tonight in a much longer term way than what it's been. Yeah, he said with the tariffs, there may be a bit of an adjustment period for the farmers specifically. And then later,

said that there will be a little disturbance, but we're okay with that. I guess we'll see how much pain there is and if everybody really is okay with that. Rick Davis and Jeannie Shanzano, our signature panel, will be sticking with us. But right now we want to check back in with Bloomberg's Anne-Marie Hordern, who is in Statuary Hall at the Capitol. And Anne-Marie, I would imagine people are now flooding out of the chamber and heading your way.

Absolutely. Flooding out of the chamber. Some Democratic senators we did see flood out a little bit earlier, like Senator Bernie Sanders, who left with there still being, you know, about 30 minutes ago when there was still some time left in this speech. I'd love to pick up on Rick's point there, though, about tariffs, because there was a little bit of nuance to what Trump said. Yes, 100 percent. Trump believes you tax us, we tax you. He reiterated the

timeline of when tariffs will be going on, especially April 2nd, when it comes to those reciprocal tariffs. But we heard earlier today from Commerce Secretary Howard Lutnick, who I'll be speaking to tomorrow morning, and he really opened the door for potentially some sort of deal, maybe bringing down the levy when it comes to Canada and Mexico. And Trump said something tonight that I think is being missed right now. He said he spoke to the heads of three major automakers today. We know that the auto

makers are the ones that if they are USFCA compliant, they want to be a carve out. So potentially there's room for tariffs maybe to stay on, but maybe the word exemptions is going to start to really percolate when it comes to how this administration is going to be talking about trade.

Bloomberg's Anne-Marie Hordern live on Capitol Hill. We'll be checking back with Anne-Marie. Interesting, Rick, as we fold the panel back in here to think that the Commerce Secretary stepped in front of the president today. Is that what happened? Yeah, look, I mean, he got a lot of attention today with the press by making some comments that somehow within the next 24 hours there'd be something new to report on tariffs. And maybe that's true, right? We don't take for granted the fact that Donald Trump is the sole competitor

you know, policy expert when it comes to these tariffs and he's going to make the decisions on them. But look, I think we're really talking around the edges. Tariffs are going to be a regime that Donald Trump uses to punish countries that don't do his bidding, to settle scores when it comes to trade, to equalize these reciprocal interests

tariffs in order to equalize it and lower our trade deficits and to take some pressure off American taxpayers who he is intent on lowering the burden of taxes on them. So it is a comprehensive approach.

that I think, you know, he reiterated today. And sure, these tariffs can go up and down, but there'll be tariffs for the seeable future. Well, and obviously, to your point, Rick, he sees this as feeding into the overall revenue picture as he's pursuing tax cuts. He said in this address, and we've heard this floated a few times now, Jeannie, this notion that we're going to balance the federal budget. The plan's

that Congress currently has laid out on spending and taxes do not, we should point out, call for a balanced budget right now. That is not actually on the table. That is not on the table. Of course, we know Donald Trump added a lot to the debt in his first term. And with all the promises he's making about tax cuts, coupled with where we are at $36 trillion in debt, you're hard to imagine that they are going to get anywhere close to that.

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Special coverage on Bloomberg TV and radio. I'm Joe Matthew in Washington. Want to get back to Capitol Hill now, where Bloomberg's Anne-Marie Hordern is surrounded by a sea of dignitaries and lawmakers who were at the speech earlier. Anne-Marie.

It's absolutely packed here, especially when it comes to the president's cabinet. They're his secretaries. And specifically given the fact that he made a lot of news this evening when it comes to things like tariffs and energy. That's why we're so lucky right now to be joined by Energy Secretary Chris Wright, an individual who made the move from the business sector. You were an engineer as well, spent a lot of your entire career

career in energy, and now you're going to be leading the president's policies. I want to pick up on one thing he said today. The president keeps talking about raw minerals. What in the United States do we have in terms of rare earths or critical minerals that we can actually start building and digging here?

Oh, we have tremendous mineral resources, or I should say underground minerals. To make them resources, you've got to be able to permit a mine and build the mine and develop it. So the United States is historically a big mining country, but in the last years, it's become very hard to permit new mines.

But we have antimony, a key defense metal in this country that's not being mined today. We've got the ability to expand our copper production, a key metal for industrial growth. There's been a copper mine on hold in Arizona. What are the plans for that?

Exactly. And we'll dig into that one deeper. But that looks like a high-grade copper mine that should move forward, the resolution mine, I believe it's called. So we have a ton of resources. Our country has just become a place where it's hard to do something and it's easy to stop something. So part of our goal in the Trump administration is to make it easier for businesses and entrepreneurs to develop resources in the United States, create jobs here in the United States, and therefore push prices down. How long do you think it's going to take?

Mining has been historically very slow. The United States was recently ranked the second slowest country in the world to develop a mine. From finding a resource to developing a mine has averaged over 20 years. But there's projects further along that we want to nudge over the line and get into production. I guess I ask that question because the pendulum shifts so much so that if you're an investor...

potentially what happens in four years if you put money into a project like Keystone Pipeline and then it gets yanked with a new administration. How are you going to give the business community this confidence that they can invest and that investment is here to stay? That is a great question. Some of the things we can do, like an energy department, we just stopped permitting new LNG export terminals in the last administration. We've immediately started that back.

But other things, to your point, things that we need to change in law or in statute, they may take a little longer to happen, but we want to make some permanent changes. So the United States is the desired place to invest in again, as we have been historically.

But I think you've seen in this president's first 45 days announcements of enormous size investments coming to this country. So I think the feel of a different business climate, the feel of the return of common sense is there. But we do have to put more of this actually in the law so it's long lasting. We saw OPEC Plus say they're going to add more barrel to the market. They've been on hiatus with this for about two years. At the same time,

President Trump's Treasury Secretary talks about the United States adding 3 million more barrels. What's the price that's acceptable for consumers, but also enough for drillers to want to make sure that they're drilling again? So dependent upon costs. You know, historically, maybe that's been $70 to $80 the last four years. But I think with Trump administration, it's going to become easier and less risky to get permits. The cost to do business is going to go down. Even with tariffs?

I think so. The tariffs right now are on the margin to push investment into the United States, to make more materials and more support in the United States. But I think you're going to see break-even costs become lower in the United States. And we should see a drift downward in oil prices, as we've seen in the last two months. Do you have a price?

I can't predict the future. I'd be an oil trader. But what we want is lower prices, lower prices for oil, lower prices for gasoline and diesel, electricity and home heating, all of those. We want to increase supply and therefore drive down price. Energy Secretary Chris Wright, thank you so much for your time. That was, of course, the new Energy Secretary, Chris Wright, repeating what we hear a lot from this president, lower energy prices.

Drill, baby, drill. Got a big applause in the chamber this evening. Bloomberg's Anne-Marie Hordern, thank you so much. We'll check back in with her in just a moment, but we return first to our signature panel in Bloomberg Politics contributors Rick Davis and Jeannie Shanzano. Jeannie, I want to get your reaction quickly while we can to Senator Alyssa Slotkin's response that we just heard. Anne-Marie was talking to the Energy Secretary there about tariffs. Senator Slotkin says...

A trade war will hurt manufacturing and farmers if he's not careful. Speaking of the president, he could walk us right into a recession. Did she have the right message?

I think she did. I mean, her broad message overall on the economy and security was that there is a right way to make change. And she said change is needed and there's a reckless way to do it. And she said Donald Trump is veering on the reckless end of that. And she gave as an example, you know, Elon Musk talking about the fact that Social Security is the greatest Ponzi scheme. That was just a reminder to what she says is the reckless way in which change

Trump, both on the economy and on national security, is pursuing these policies. So it's a tough speech to give, but I thought her tone, particularly in contrast to Donald Trump's, was right on. What did you think of this atypically thankless speech?

if not a humiliating one, to deliver the party response. Democrats chose to make it clean. No kitchen tables, just a bunch of American flags. Play it straight to the camera. Did she deliver the message? Yeah, I think she delivered a Republican message. I mean, like, which side is she on? I mean, she's talking about Ronald Reagan. She's talking about national debt. She's, I mean, like...

very, very centrist message for Democrats and a very, very similar message you'd hear from a mainstream Republican who would be giving a speech like that after a Democratic president would have come to the chamber. I mean...

I don't think she made any mistakes. There's a lot that I think a lot of voters are going to like about that. But she is way to the right of her party. I mean, while she's giving that speech, you have Bernie Sanders who decided to leave early so that he could give his own version of this speech. And I don't know what he said tonight because we were listening to the sometimes Republican Alyssa Slotkin. But like.

That's the problem with the Democratic Party. There's no one party. There's the left, represented by Bernie Sanders, and a moderate middle, more represented by Lisa Slotkin. Well, we're going to hear from a prominent Democrat right now who might take issue with that characterization. Bloomberg's Anne-Marie Hordern is joined now live from Capitol Hill by California Senator Adam Schiff. Anne-Marie?

Thanks so much, Joe. Yeah, let's get the senator's take on what Rick was just talking about. You're talking about the fact that you have Senator Slotkin giving the response a little bit more of a moderate Democrat. At the same time, Bernie Sanders decided to leave the speech to give his own speech. Is the Democratic Party at this moment able to talk about policy with one voice?

Well, I think we're quite united on the fact that Donald Trump tonight gave Americans no reason to believe he was going to do anything about the struggles they're facing, nothing about bringing down the cost of goods. He spent more time talking about Greenland and about the Panama Canal than he did what he's doing to reduce prices. And, of course...

In that department, he's been an abject failure. No wonder he wanted to avoid the subject. But, you know, keeping the focus on what he said, what he didn't say, so much firehood of falsehood about Social Security, so many hypocritical claims supporting law enforcement and then pardoning the people that beat police officers in this very space where we're standing. There was a lot to...

analyzing the president's speech, and none of it particularly good. Is there something that you think you can work with your Republican colleagues on the rest of the year?

Well, it really depends on whether they're willing to stand up to this president. I would love to work with my Republican colleagues on supporting Ukraine, something that the vast majority of them believe, that we shouldn't be essentially catering to the Kremlin dictator. But you heard none of that in the speech tonight, no willingness to stand up to Putin. I would love to work on...

providing continued support for Ukraine. I'd love to work with my Republican colleagues on bringing down the cost of things. That is not the president's priority, though. And at this point, they are still in lockstep with him, as destructive as that march is. Senator Adam Schiff, thank you so much for your time this evening. Thank you. Joe, Kayleigh, of course, the senator from California, thinks the party can unite on just making sure they're targeting Ukraine.

what they don't like, the criticisms they see when it comes to things like this evening, when you have Trump speaking on the chamber's floor?

Absolutely. With Ukraine among the topics we heard the president speaking about, Anne-Marie, thank you so much. And on the note of Ukraine, we turn back to Rick Davis and Jeanne Shanzano. Rick, it is notable the president once again was talking about the money the U.S. has spent toward Ukraine, actually inflating it. He says it's $350 billion. The actual amount appropriated by Congress is $183 billion. And all of that even went directly to Ukraine. But when we consider that there were lawmakers, including the speaker

of the House who was behind him for the duration of this address who were supportive of passing that aid. Do you sense here that there could be a U.S. shift back toward Ukraine, given some of the other remarks President Trump made about how he was happy to receive that letter from Zelensky today? Yeah, look, I mean, I think we're in a period of time where the Republican Party is singularly defined by Donald Trump. So if Donald Trump says,

that extra support to Ukraine would help give him a card to play with Vladimir Putin to get him to the peace table, they'll do that. If he says cut off aid like he did yesterday and suspend military assistance, they're going to say OK with us. So I think what we saw tonight is

was a president completely in command of his party. They stood up every time he finished a sentence and applauded. This is a party that he will dictate terms of their legislative agenda and the national agenda, and they will pull that rope anywhere he tells them to go. So I think, yes, I mean, I think that as long as Donald Trump

Has it in his mind that additional support to Ukraine, strengthen his hands to get peace? He made it totally clear he wants to stop the bloodshed on the border between Ukraine and Russia. And Ukraine will either benefit from that or pay a price. Let's bring our audience right back to Capitol Hill now live. Bloomberg's Anne-Marie Hordern has another member of the Trump administration standing by. Anne-Marie.

LISA DESJARDINS: That's right, new secretary for Housing and Urban Development, Scott Turner. Thank you so much for joining us this evening. So, the president outlined his agenda and a lot of his policies, but you're a brand-new secretary. What are you hoping to achieve?

Well, you know, tonight was really a fantastic time and a powerful time. And President Trump outlined an America first agenda. And as the secretary of HUD, you know, we also have an America first agenda to serve the American people at HUD. We serve the most vulnerable citizens in our country. And as far as priorities, you know, we have a homeless housing affordability crisis in our country.

And so we want to bring up the supply and decrease the costs, either by regulatory reform, by public-private partnerships. A couple weeks ago, we took down the AFFH.

which was really a social engineering of neighborhoods. And so we want to bring back local control, decrease the cost, work with localities, bring federal costs down. And so homelessness in our nation went up 18%. Doesn't so much of this have to do with where mortgage rates are right now? And that's pretty much out of your control. Do you see the housing market being able to move further?

if mortgage rates are not coming down? Well, you know, since President Trump came in, you know, mortgage rates have been coming down every week. And that's a big problem, you know, in America. People can't afford to buy housing because inflation is up, mortgage rates are up, the cost is up. And so we want to bring the cost down and increase the supply. And so President Trump on the first day signed an executive order, you know, to restore housing affordability and decrease the cost for every American in our country.

We do know that the Biden administration had a goal of making sure individuals, especially in rural areas, were able to access the Internet through broadband.

Now we're seeing a lot of reports that potentially they want to do away with that, but have individuals access Starlink. Do you think Elon Musk's Starlink should be used? I imagine this would come under your purview. Well, actually, you know, HUD is housing. And as you know, when the hurricane hit North Carolina, Elon and Starlink were some of the first to restore Starlink.

the Internet for people there in North Carolina. It really saved a lot of people's lives and families. And so we are hopeful, you know, that we can get more broadband and Starlink out to our rural families. And, yes, you know, with housing, we also need housing in rural areas, workforce and affordable housing. And so working together with the other agencies, with our DOGE task force, with the president and the White House, we will restore and bring in housing to rural, urban and tribal communities in our country.

Housing, it was a big issue for this election. Secretary, thank you so much for your time this evening. Of course, that was new Secretary of Housing and Urban Development, Scott Turner there. His key focus, as you might expect, housing.

No surprise there. Bloomberg's Anne-Marie Hordern in Statuary Hall. Thank you so much. Rick Davis and Jeannie Shanzan are our signature political panel still with us. Jeannie, we did hear a bit about mortgage rates from the president today. He suggested that he's going to bring them down or they will bring them down. That was one element of his economic messaging. But when you think about the speech in totality, all 100 minutes of it, was there enough of that in there for the American voter, given what we've seen suggested in polling leading up to this?

You know, I don't think there was. I mean, I think the president really missed an opportunity tonight. And that opportunity was to speak to the American public about what they are experiencing as they go to the grocery store. You know, this is a man who, what, 24 hours ago put in place enormous tariffs, which will have impacts directly on the American public.

And he didn't take the opportunity tonight to explain to them why they would be feeling this pain. In fact, he told farmers who are going to be feeling it to have some fun. And so it is that kind of message that just falls flat. And that's why, as you juxtapose that to what the senator from Michigan was talking about,

She is 100% right that there is a way to achieve change. She won in the same state Donald Trump did. There's a way to do things responsibly, and there's a recklessness. And he has been reckless with the economy so far, and he's been reckless with security. How's this going to feel tomorrow, Rick? Everyone has a chance to sleep on it. We get a bunch of analysis, wake up to morning columns. Then we're going to look at futures when they open, reflecting on what you said earlier about the heart

of this speech tonight being tariffs. Yeah, anybody who was trading on the idea that Howard Lutnick was espousing earlier today that somehow these tariffs were going to be modified to a point where they didn't have a big impact, they're going to wake up with another sensibility. I think there's no daylight in this speech on what the Trump administration plans to do with the use of tariffs. And I was surprised. The one thing

that I thought was something that the Trump administration could have bought into was the CHIPS Act. I mean, the idea that we've allocated billions of dollars to spur chip development in the United States, I thought was an agenda item that Donald Trump would take from the Biden administration and embrace. But, oh, no, any monies that were not spent

up to this point in time on the CHIPS Act are going to be recaptured and used to reduce the debt, at least based on what Donald Trump said tonight. And at the same time, announcing that TSMC just yesterday was going to build a

massive commitment of tens of billions of dollars to build more facilities here in the United States. So, look, I mean, I think there are a lot of people in the business community who will be looking with a fine-tooth comb to figure out what the pathway is going to be. I think you're

you're going to see pretty much what you would have expected at the beginning of this administration. I will point out that the Commerce Secretary, Howard Letnick, just caught up with some reporters in Statuary Hall after leaving the chamber. He reiterated that there will be an announcement on tariffs on Canada and Mexico tomorrow. Jeannie, should we really expect this? It almost is tomorrow, in fact. It's 23 minutes to midnight. I am holding my breath. I can't wait to find out because the speech we heard, the president seemed to be doubling down on those tariffs. Could he change his mind?

Certainly, and perhaps the Commerce Secretary knows what is coming, but it does not seem like what we heard from the president tonight. He seems very invested in pursuing a policy of tariffs, and it is a long-term commitment from the president. Do you think we see a signing ceremony soon with President Zelensky?

I do think it's possible. He sounded like it would be possible tonight. I thought he was going to come down from the rafters at one point. Yeah, yeah. And of course, you know, that would be welcomed by all of us. And the president, Zelensky, sent a very conciliatory message today. The president reiterated that. So if that is doable and that is possible, that is certainly welcome news. And I think that was the biggest news that was made tonight, in addition to the tariffs, was that we may see a deal with Zelensky.

We have less than a minute left here, Rick, but obviously we heard a lot from the president tonight about what he's done in the last six weeks. Can he keep up this pace for the next six weeks on tariff announcements or anything else? Yeah, look, I mean, obviously hundreds of executive orders aren't going to be replicated in the course of, you know, every six months.

But the reality is that they are up to a fast pace. And I would imagine as these cabinet secretaries dig into their agencies, they're going to find things that they're going to be reversing and engineering on their own. So, yeah, I think this is going to be an administration, whether it's sustainable over years,

We'll see. But I think this is going to be a year of massive change in Washington, and it's going to go on for quite some time to come. This has been a great conversation with our signature panel, and many thanks to Jeannie Shanzano and Rick Davis for being with us on a special edition of Balance of Power. Many thanks to you as well. And get a jump on trading tomorrow morning, 8 a.m. Eastern Time. Bloomberg TV and radio interviewing Commerce Secretary Lutnick and Marie will have that conversation for us.

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