Transcripts For BLOOMBERG Bloomberg Technology 20240712

Apple inching closer to a 2 trillion market cap. Bloomberg breaking news the news that apple is working on a subscription bundle to drive more revenue and kicking the ga paymentte over its policies. Abigail come you have been looking at materials. Abigail they had a very Strong Quarter and had a better outlook than expected and initially afterhours the stock was reacting well. The stock is up about 82 . , all over theer map. Must have a look at it it was what. They beat and put up a better outlook than expected. This is a company that makes the equipment to make the chips. This has implications in terms of the strong chip demand, which would suggest that the demand for the companys that use chips. This could be bullish overall, and relative to a different take on the day, yesterday, as you ciscogo reported reported come to supporting, weighing on the s p 500 and the nasdaq. The reason i am highlighting cisco, down 11 on the day, the worst day since 2011, and they had a disappointing outlook. You might wonder, what does that mean for the tech and corporate i. T. , especially given the fact that you have strength out of other tech companies. One of our Bloomberg Intelligence analysts told me, emily, that this might be isolated. It means that it has more to do with the recovery being slow as opposed to a black hole in terms of corporate i. T. Spending. Emily meantime, abigail, there were names that had a good day, apple being one of them. How is what you are seeing with cisco impacting the these other names out there . Abigail only time will tell. I know it seems like they are isolated apple, facebook, amazon, and others that are not technically tech names but Consumer Discretionary names, but they seem pretty isolated. Others are benefiting from the workfromhome trend. Cisco is one of the bestknown tech names out there. They have been reinventing themselves going into software, but they have not been eating up a record high going into 2000, but the question you ask is a good one. Back in 2007 had a similar situation where they put up a decent quarter, the october quarter, where they reported in november, so right after the alltime highs, and then the outlook really seems to be a shot across the bow for what happened in 2008. Lets hope that that doesnt happen here, that it is more isolated, and more a sign that this recovery, as so many economists have been say, could take longer as we are waiting with the students. Apple what is extraordinary about apple, up more than 100 from the march lows, and this is not a smallcap stock. This is the worlds biggest stock and the company more than doubling out of the march lows. As you know, the subscription bundle they are going to be offering starting in october, they have to continue to really deliver to keep shares of the stock so high, emily. Emily bloombergs abigail doolittle, thank you so much for giving us that update. More on apple. Make inapp pay and purchases from epic, which means they dont have to give apple the controversial cut. Apple has yanked the Parent Company of fortnite from the app store. Th in return. What is apple saying and what is epic saying . Thank you for having me. Apple said they removed the application because they purposely violated apple guidelines. They put out a statement saying they have remotely updated fortnite, obviously one of the most popular games in the world, to allow people to pay fortnite directly, saving them from giving the 30 cut to apple. Says we will not allow you to publicly make fun of us and circumvent the app store rules, so you are god. 15 minutes after apple did this, epic announced it is suing apple. Epic baited apple into removing the app so they had additional means to sue them. This is not a great situation for apple. This is a real boiling point amid the antitrust scrutiny, and it took a company like epic to stand up to apple, given its sheer size and wealth and financial ability. Emily right, certainly big news if you are a player of fortnite, but for other App Developers out there. In the lawsuit, epic talks about this is another example of apple flexing its an honest power to maintain 100 monopoly. Another company that has been pushing back against the fees that apple charges i got a statement from spotify in my inbox applauding epic games decision. We spoke to the ceo of epic games a couple weeks ago about this very issue. He has a problem with not just apple, but google and the way that they run their app store. Take a listen to what he had to say. It is a duopoly. They are two companies and they control 100 of the smartphone market, with Something Like 99. 9 , and if you look in a lot of territories, apple has the majority of revenue. In other countries come google has the majority of revenue. It is impossible to look at the territory and say that apple or google is not a monopoly. They have a monopoly and Business Practices that only a monopoly could get away with. Response, in its mark, apple is saying that all App Developers get treated equally and that epic wants a special deal. Is that the case . Is that the case . Welcome you could say that well, you could say they are trying to get a special deal. They say in the losses that they are not suing for monetary damages and they dont want apple to grant them an exception. It said that apple have to changes policies for all developers. Would epic the upset if they got a special deal from apple . Probably not. Is it ever going to happen . Probably not. They seem to be wanting largescale change. You saw spotify with the statement chiming in on this as well. This could create a reckoning if more companies are going to chime in. We are seeing basically Gaming Companies over the past week doing to apple what Congress Really didnt do. They let apple off the hook and to amazon andompared google and facebook, the situation with apple is not as that. Thats not as not as bad. Emily meantime, you broke another story that apple is working on a subscription bundle, putting all of its services into one package that would be cheaper to purchase, including i cant, apple tv services. Icloud, apple tv services. Talk to us about how you understand work. Mark basically what you would be able to do is instead of subscribing to all the Apple Services individually, you can subscribe to a bunch of them. Etc. , offer, news, one super price. What they will do is basically pay upwards of five dollars a month if you subscribe to several Apple Services. For apple this will create recurring revenue. For consumers, you might be saving a few bucks a month. Gurman,ll right, mark thank you so much for getting us those scoops today and joining us to wayne. Chat tiktoke downplaying the looming threat of a ban in the United States. Could have a big impact on Companies Like apple. We will discuss, coming up. That is next. This is bloomberg. Emily highest revenues in two pandemicinduced surge in business, for the massive conglomerate coming to turns with what a ban on u. S. Servicens of its wechat could mean for its business. That along with tiktok and a National Security concerns by President Trump. Thank you for joining us. 83 days to go until the election. What do you think trump is trying to accomplish with all of this . Well, theres a lot of things going on. There are longstanding legitimate concerns about china that the Trump Administration has been working on. But it is unavoidable that the last few weeks the Trump Administration has been upping tensions with china and using china issues as a way to push attention away from failures at home, the covid situation, and even from slumping trade agreement with china, the phase one trade dont that wasnt so big in the first place and hasnt really come to pass in the way it was intended. , china is saying it is going to bring this up at the next round of trade talks. Talk to us about what is at stake here. Right now there are executive orders that would ban u. S. Business with tiktok and tencent. It is the Parent Company of wechat that we have just been talking about. In your previous segment you were talking about fortnite, and they are owned partially by tencent as well. The reach of an order that would shut down tencent would be huge. It would make it very hard for people to engage in normal business and contact across the borders. If they went as far as they could, it could even result in pulling the apps out of app stores globally. There is really an enormous potential, but we dont know what might happen. There is several days several weeks left to negotiate. There is a lot of wiggle room for the administration to do what they feel they need to. We are standing by for the president to deliver one of his daily news briefings. Would you say this is inching closer towards the cold war type of scenario, or is that too extreme . Graham i think some people in the Trump Administration are trying to push towards Something Like a cold war scenario that would be durable and hard for the next administration, whether it comes next year or later on, to undo. There are people who wanted more conflict with china or believe it is already there and they want to cement it. I think that is strategically wrong and would break a lot of potential for mutually beneficial ties, and it would stop useful engagement to fix chinese misdeeds in human rights and markets around the world. But i think people are trying to build a new cold war. Emily what about the impact that this could have on a company like apple, walmart, companies that have apple, for example, the reason you buy an iphone in china is to use wechat, and it is a huge business for them, selling iphones in the country. What about the knock on effect this could have on u. S. Companies that President Trump is also trying to protect . Graham u. S. Companies really dependent great deal on supply chains that spread across the world, but especially in china. If Something Like a cold war or a really hard decoupling were to happen, that will cost a lot of money and a lot of effort to get new supply chains, and some diversification was already coming. Labor prices in china have been rising. Some manufacturing is going to Southeast Asia and india and elsewhere in the world. But forcing a rearrangement based on geopolitics and not on market demands is going to be very costly for Many Companies, especially someone like apple who has invested so much in a highly advanced supplychain in china over the years. Tiktokmeantime, you have still doing business deals, striking a 10 million deal with the new york yankees. Do you believe tiktok and wechat are actual security threats . Graham well, it is a matter of degree. Any mobile app that collects a ton of information has a bit of a security concern, privacy concern, and it is heightened it certainly in the case of these countries because the Parent Companies are chinese. But you have to look at what the actual threat would be, and if you are not handling highly sensitive information, the personal privacy concerns when you are talking about the Chinese State spy agencies are a because ininative, most cases they are not going to be that interested. I think this is very different from Something Like huawei, where there are real serious concerns you might not want infrastructure run by machines that could be more easily controlled by a potential adversary. But those kind of differences are getting blurred together. Foxconn, which assembles iphones, has said that chinas days of the world factory are over. Foxconn is one of the companies diversifying its manufacturing outside china. Do you think that is true . Chinese staterun media has pushed back against this idea. Graham i dont think china is going to stop being a major manufacturing hub, put some diversification is called for. As i mentioned, labor prices have been going up for years in china as the country gets richer in general. And so capital wants to find cheaper labor, and some diversification is going to happen. I think it is going to be hard to overcome, though, the type of industrial clusters, the sort of rapid prototyping capabilities that you get in a place like shen jet. Shenzhen. Emily graham webster, thank you so much for joining us. Up, a relativeng newcomer in the redhot area of work is productivity. Workplace productivity. We will talk to the cofounder and ceo about taking on google and microsoft. This is bloomberg. Emily the Workplace Productivity company coda may be some years away from scaring off google and microsoft, the company not going unnoticed, just raising a huge round of funding, 80 million, bringing million. Tion to 630 joining us is cofounder and ceo shishir mehrotra, who worked at google and microsoft for many, many years. Obviously, work collaboration is in the spotlight with so many workers working remotely, and there is an even greater need for better tools to collaborate. What sets coda apart from google, google docs, microsoft w ord . Thanks hi, emily, wrapping me. As you mentioned, the world is changing really fast, and many workplace patterns accelerating. We are zooming a decade into the future in just a few months. Every form of that is being reconstructed. Coda is an allinone document that once together documents that blends blends together documents into one service. You can build docs as powerful as apps. You can close the gap between documentation and the real flow of how your business operates. Emily it seems like the vast majority of people are still using microsoft and google. What kind of traction is coded getting,and is coda and how do you see its amounting these incredibly entrenched giant companies . Shishir to be clear, we work sidebyside with many of those tools. I dont think it is necessarily a zerosum game that way. We have been doing really well we shipped coda 1. 0 about a year and a half ago, and we are about to 25,000 teams using coda around the world. This year has been particularly good. The momentum is quite high. It is early days, and a lot more to come. Emily how are your thoughts evolving about the future of work . What do you think would be fundamentally different if and when we come out of a pandemic and there is a vaccine . Do you think that things can come back, or is the workplace changed for good . Shishir i think it is change for good. And i spent six years working at google and microsoft before that. G some form for over a decade now. If the companys lean into that form of work and to being able to work remotely, the best practices you develop are come were if you do distributed well you are a Better Company in general. I think what we are watching, they wont want to go back when they realized it corrects for a lot of issues that companies naturally have stop i think it is here to stay. Emily we are standing by for the president ok, we are standing by for the president to take the podium at the white house. Im curious, fo you as a growing businessr, we have talked a lot about how Small Businesses are suffering and the pandemic. How do you expect businesses in Silicon Valley to change as we come out of this . Our companies out there that cannot raise funding right now, there are a lot of people will lost their jobs and a lot of layoffs in Silicon Valley. As somebody who has worked here for so many years, what do you think about her impact of this will be on Silicon Valley itself . Shishir it is fairly extreme. As you mentioned, there are some companies for whom the pandemic is devastating, and some companies for whom it is enabling or accelerating. But is in the latter camp, there are Many Companies that are struggling through it. I think moments of disruption have tended to be positive for Silicon Valley in general. The crisis in 2009 led to a number of really Great Companies getting created. I think for a region that thrives on change and innovation, any change is a good time for people to try new behaviors, new tools. Butain businesses hurt, other businesses flourish. I think we will see a lot of division in this pinnovation in this period. Emily technology has thrived as a result of being such a driver of some of this work. Stay connected while sheltering in place. At the same time you are intense scrutiny in washington of big tech companies. Thatu have any concern these companies will become more powerful as a result of the pandemic and that it will be harder for Smaller Companies and smaller startups to actually break through . I amir you know, generally of the mindset that ispanies getting too large not good for the industry, and there is a healthy balance to be struck. I have seen both sides of how Companies Operate when they are checked and left unchecked. I wouldnt be extreme on either side of that. I think we are clearly in a world where many of the behaviors of the company are indicative of having a scale that is unprecedented for most marketplaces. I think they could be pulled back. Emily we will have to leave it there. The president speaking. Lets listen in. Pres. Trump announced by attorney general barr that they tafaro,he killer of horribly shot young man, wonderful young man. We have just this just came out two minutes ago. Attorney general barr Just Announced as you know, we named operation legend after legend tafaro. We will be entering the process of helping out cities throughout our country that have difficulty with crime and particularly certain types of crime. That is really good news. They caught the killer of legend. Today we saw joe biden continue to politicize the pandemic and to show his appalling lack of respect for the American People, is what it is. At every turn, biden has been wrong about the virus, ignoring the Scientific Evidence and putting leftwing politics before facts and evidence. Sleepy joe opposed both the china and the europe travel bans, you know that. He opposed the china travel ban that i instituted the early and the york travel ban that i instituted quite early. If he had followed, if he went advice, listen to his hundreds of thousands of more people would have died. This is according to many people. I believe that dr. Fauci agreed with that. He said that President Trump made a great decision when he put the ban on china. Joe biden wants to flin open american bordersg, allowing the pandemic to infiltrate every u. S. Community based on his policies. Ridiculous open borders. Ive been saying from the first day i started campaigning for this great office that you have open borders, you dont have a country, you dont have a country with open borders. So he wants open orders. The democrats want open borders. If you take a look at our southern border, we would have criminals poring through. Paul is getting close to the wall is getting close to 290 miles long and it is having a huge impact. So we disagree with him on that. That is one of the many that is one of the many things that we disagree with. But while joe biden would allow criminals and illegal aliens to move three in our country, he tots the federal government ensure a sweeping new mandate to lawabiding citizens. President of United States to order over 300 million american citizens to wear a mask for a minimum of three straight months. He thinks its good politics, i guess. No matter where they live and no matter their surroundings. Different states are much different, both in terms of the atmosphere itself and also in terms of the corona problem. He does not identify what authority the president has to issue such a mandate, or how federal Law Enforcement could possibly enforce it, or why we would be stepping on governors throughout our country, many of whom have done a very good job and know what is needed. Our 50 states are doing the job at a level that, frankly, people are really surprised, including foreign governments calling us constantly and asking us for advice. I just want to say our governors have worked very hard, and they have worked with Vice President pence and myself and everybody else who has been going. We have scott now involved. Scott, congratulations. Birx. Fauci, dr. If the president has the power to order every single citizen to cover their face in nearly all instances, what are the powers what other powers does he have . Thats why he refused, biden, to take questions. He could not answer any of them. He never takes questions. I take questions. He never takes questions. You wonder what is going on, because they are not that difficult. Some can be nasty, but they are not that difficult. He never takes questions. I did not see it, but i guess he just left the podium, to put it in your minds. My administration has urged americans to wear masks, and i emphasized this is a patriotic thing to do. Maybe they are great and maybe they are just good. Maybe they are not so good. But, frankly, what do you have to lose . You have nothing to lose. So we do. Themve been saying to wear when it is appropriate, especially if you cant distance enough. But again, it is up to the governors. We want to have a certain freedom. Thats what we are about. At the same time, we also understand that each state is different and is facing unique circumstances. You have different states facing very unique circumstances. We have entrusted the governors by the state, elected people, to develop and enforce their own Mask Policies and other policies, following guidance from the federal government and cdc. We are working with each state to implement a plan based on the facts of science. Urgell continue to residents to wear a mask when they cannot socially distance, but there is no need to bring the full weight of the government down on lawabiding americans to accomplish this call. Americans must have their freedoms. I trust the American People and their governors very much. They want to do the right thing to make the smart decisions. Not know too much. Unlike the biden approach, our approach is guided by science. That is why we are focused on protecting high risk americans. That is why we are delivering effective medical treatments to dramatically reduce the fatality rate, and that is why we are developing a vaccine and there are a few dixie in record time and therapeutics in record time. Sleepy joe rejects the scientific approach in favor of locking all americans in their basements for months on end, which i think is something that scott would be very opposed to. We have been dealing pretty strongly over the last number of weeks. He wants them in the basement for months on end. Can you have governors who are in theirct about houses, wherever they may be, their apartments. Frankly, i dont think the results are necessarily better than other results, but he wants to shut down our economy, close our schools, and ride society to a halt grind society to a halt. And one and done by a federal decree. This would lead to a crippling, longlasting depression. Yesterday i showed you the numbers about how well we are auto, coming back with sales and auto manufacturing and used car sales and housing sales at numbers that nobody would have believed. It is almost a straight up v. We will discuss that over the next couple of days. But the economy is coming back in the and the employment numbers are a record. We will be back next year. I think we might be Even Stronger than the previous year. By the way, our stockmarket numbers are very close to record, and nasdaq is actually a record over the last 14 days, for 14 times now it has been a record. That is during what we hope will be the more final stages of the pandemic. Wanted towhat biden do, it would shut down our Health Care System and lead to a massive increase in mortality, including suicide, overdose, heart disease, and countless other mental and physical harms. It is very bad on the other side of the equation when you do Something Like that. Punitive. Are very they hurt a lot of people in a a lot of different ways, through depression, through suicide, through a lot of different things, alcohol, drugs. Bidens approach is aggressive, antiscientific, and it is very defeatist. It would be very bad for our country. While joe biden has been playing politics from the sidelines, he has no clue. We have been delivering results. The most robust testing system on the planet. The number one producer of ventilators in the world. Unprecedented industrial mobilization, biggest since world war ii. Operation warp speed to deliver lifesaving treatments and, very soon, a vaccine. Biden hasn by joe actually laid out would do, we have really already accomplished. Sety single thing that we , we did, and we did them well. Biden has no idea on his own. He only knows what he thinks we should do. Guess yout out, and i could say plagiarize is. Plagiarizes. Every single one of the events was something we have already done. Will defeat the virus, but not by hiding in our basements. We will defeat this virus through a common mitigation about, shielding those risk and on my sheeting and unleashing medical and scientific genius. We are going to have something very special in pharma therapeutics and vaccines. To joe, i would say to stop playing politics with the virus. Partisan politics is no place here. It is a shameful situation for everybody to try and score political points while we are working to save lives and defeat the pandemic. In times of national challenge, america and americans and by the way, we are working with countries from all over the world, and they are trying to learn from us. Some of the countries you spoke most well about our having a tremendous surge right now, but it will work out. But americans must unite together and put politics aside and have to really unite for a common good. Are in the final stage of clinical trials. They are doing really well. We are producing the most promising vaccine candidates in advance. As you know, part of the largest industrialization ever. It is incredible what i meet with heads of companies that are doing this, that are the best companies in the world. It is incredible how they are doing and the speed with which they are doing it. And also, the speed with which things. Is approving by any other standard, you would have been two or three years away from being at the point we are at. By the end of this week, we will have shipped 1846 rapid care testing devices to Nursing Homes, which are very important not handlingat are the plane from china very well. This week alone, we are sending 992 testing devices and 450,000 tests to more than 950 Nursing Homes across the country. These tests are incredible. These are tests that are allnew, very modern, and we are tests that are not done immediately, with the five to 15 minute timing, when they are sent to a lab, they come back in three days, which is about as good as you can do. You have one day of delivery, one day of receiving, and one day in the lab. We are also requiring all Nursing Homes to test all members of their staff at least weekly. We have delivered effective treatments. The case fatality rate for americans over 70 has declined by about 85 . That is a fantastic number. That is case fatality. It has declined by 85 . Moree has seen 40 percent excess mortality than the United States, compared to a nonpandemic year. Numbers. Ar the those numbers are very interesting, but thats the way it is. We continue to urge all americans to wash her hands, socially distance, wear a mask when necessary if you cannot distance and protect. It is important to protect people who are older or have problems with heart or diabetes or some other problem. Earlier today, very big news all over the world. They are talking about it all over the world. Its amazing. We finalized days stored Peace Agreement between israel and the united arab emirates. They will formally normalize their diplomatic relations. People not something imagine what happen for a long time. This is the most Historic Deal since the israelegypt Peace Agreement. We have the ambassador to israel, david friedman, here. Thank you, david. You would agree this was a big day for israel and a big day for the world. Thank you, david. You have been a fantastic ambassador and representative of our country. The deal that was reached today will enable muslims to have far greater ability to visit many Historic Sites in israel, and to peacefully parade at the alaqsa mosque. You are going to have other countries come forward. They want to make a deal. You could have peace in the middle east. That would be fantastic. Israel is also suspending settlements in the west bank, which is a big deal, able to step toward achieving peace. A bold step toward achieving peace. Israel and the unite states have agreed to accelerate Scientific Collaboration to develop vaccines to defeat the china virus. Virtually every country has been hit, 188 countries. And to save lives in the region and in the world. So they are working very much on the vaccines, also, with us. Some great news is going to take place with respect to that. Our unprecedented diplomatic engagements laid the groundwork for this historic Peace Agreement, which was announced a little while ago today. We will not rest as we continue to work toward a world of greater harmony and prosperity for all. I want to thank Prime Minister Benjamin Netanyahu of israel and crown parents mohammed bin syed of the united arab emirates, two fantastic people, for their leadership and vision. I look forward to hosting them at the white house soon to formally sign the agreement over the next three weeks. They will be coming to washington. That was a tremendous day, a tremendous thing that happened. Great sign we have a lot of other interesting things going on with other nations, also having to do with Peace Agreements. A lot of big news is coming over the next few weeks. I am sure you will be very impressed. It is great for the country and world. Thank you very much. Reporter i want to ask you about schoolage kids and food. One of the problems when you shut down schools, these are kids on reduced and free lunch programs. They need these meals to make it through their day, and with districts running down schools, what can the federal government do to make sure the kids still get decent meals as long as the schools are out . Pres. Trump we do not want the schools shut down. We want the schools open. All children, but especially young children, handle it very well. We want schools open. We dont want to be in that position. We have made for a bit we have made payment, and if the school is not open, we would much rather follow the child with the payment. Let the parents do what they have to do, including bringing the child to another school, because we are finding that whether it is parents or children, people want to get back to school. They want to have their life back. Some people say the democrats dont want schools open because thats where you have a lot of polling booths. Youou have a school closed, cant very easily have polling booths at the school. Able to show be that as fact, but that is another thing they are doing to try and keep people away from the polls. We have to look into that, but you have been reading about it, i have been reading about it, and i dont like it. We would like to see the schools open, and we dont have that problem. Good question. Reporter what is your understanding of how long israel will suspend its west Bank Annexation plan . Pres. Trump what do you think . [inaudible] we have an agreement with the emirates. We are going to mail them all the details. Then we will have satellites out to the rest of the region. How long that takes, i cant tell you, but we have put our ties for peace over the sovereignty movement. We will give peace everything chance. Want the what do you palestinians to take away from this deal . Pres. Trump that they are supported largely by some of the countries we are talking to and have already signed, in case of the one country, but others will be following. Willnk the palestinians very much want to be a part of what we are doing. Seek the palestinians peace between israel and the palestinians. I see that happening. I think as these big, powerful, wealthy countries come in, i think the palestinians will follow. Reporter [indiscernible] pres. Trump say it again . Reporter do you think the deal could be reached without israels agreement to temporarily suspend annexation . Pres. Trump what do you think, david . I think you cant do both at the same time. Prioritize peace at every opportunity. Reporter have you allowed israel to consider abandoning no, this is a temporary process. Reporter before you had said you did not want to fund the u. S. Postal service as democrats are trying to extend voting by mail. Vetoare you threatening to any legislation that includes funding for the Postal Service . Pres. Trump not at all. Reporter so you would sign something that does include funding. Pres. Trump a separate thing, i would do it, but one of the reasons the post office needs that much money is because of all the ballots coming from nowhere, and nobody knows from where and where they are going. , virginia hads 500,000 applications coming in all over the state. Nobody knows where they came from. You saw what happened in new york, which was a disaster, with congresswoman carolyn maloney. It was a disaster. You see paterson, new jersey, and we can give you many other locations. What has happened is that is part of a big negotiation. That is actually a small part of a big negotiation to get more money to people whose fault it was not, it was chinas fault. Want 3. 5rt is they billion just for the ballots themselves. Why it is so much, i dont know, but thats what the democrats want. But if the bill is not going to get done, that means the post offices will my get funded and the 3. 5 billion will not be taking care of. I dont know how you can possibly use these mailin ballots. Absentee ballots are fine, but the universal male ends where people can universal where people can sign wherever they want, thats what we are against. Reporter but that is the problem, you will not give money for the post office in this coronavirus legislation. They needed to so they will be prepared when the election happens and people dont feel safe to vote in person. They can vote by mail and it can be safe and secure. Pres. Trump if we can agree to a bill, the overall bill, which is obviously a much bigger number than just the post office, that would be fine, but they have the post office as one of their requests. Reporter this morning, you said you were against it, didnt you . Pres. Trump i am against doing anything where the people are not taken care of, and the people are not being taken care of properly. We want people to get money. It was not their fault that they got shut down. They got shut down by china. Whether it is the post office or 3. 5 billion you know, they are asking for 3. 5 billion just for the universal mailin ballots, but they are not willing to make a deal. These are two points within a big deal. The thing they want more than anything else is bailout money for the states and cities that are in trouble, which are, for the most part, democrat run states and cities. Problem,has a california has a problem, and others. They want to be able to bail out these states, and we dont want to be doing that, or certainly do it to the extent they are looking for, 1 trillion. Reporter but this morning you said they need that money to make the post office work and they can take all those millions of ballots, and you said that would be fraudulent. Pres. Trump i said it would end up being fraudulent, because when you look at what has happened over the last few weeks, just look at the few instances where this has happened. When you look at new york, it was fraudulent. Paterson, new jersey, was fraudulent. The whole thing is a mess. Carolyn maloneys opponent has gone crazed. He said they took the election away from him, and they may be right. I think they should redo that election. Virginia is terrible. Look at california, where they found a million noneligible voters. That was done by judicial watch. We have to have an honest election. If it is not going to be an honest election, people need to think long and hard about it. Notif the post office is going to approve a bill and the post office will not have a money, and that they are not going to approve a bigger bill, and they are not going to have reply 5 billion for universal mailing votes, how are you going to have those boats . People would have to go to the polls and vote, like the old days. It does not say anybody is taking the photo way, but it means that the universal male in dont work. Absentees do work. You send an application and they send you a ballot. It is different. There is nothing wrong with voting i want them to vote but that would mean they have to go to a voting booth, like they used to, and vote. Reporter people want to vote by mail because pres. Trump they are going to have to feel safe, and we will make sure they are safe. We are not going to have to spend 3. 5 billion to do it. It would be wonderful if we had voting id. Some states have it and some states dont because they cant get it passed. Most states want it. We want people to vote so that when they vote, it means one vote, not ballots all over the place. You saw what happened in virginia, where piles of ballot applications are dropped all over the state. They had been named after dogs, after dead people. We want to have an accurate vote. I am not doing this for a reason. Maybe it turns out in my advantage, i cant tell you that, but i just want an accurate vote. It is a fair question, by the way. So does everybody else. Reporter how does the deal today between israel and the uae help struggling and persecuted christians in the middle east . Pres. Trump i think it is going to. I think it is a big start, and you are right about that. Christians have been persecuted by some countries in the middle east. I think this is a big start, a very powerful start, and it is something that i will tell you, i have told david and every one of our negotiators, if you look at the way russians have been treated christians have been treated in some countries, it is beyond disgraceful. If i had information and absolute proof of some of the stories we have heard, which are not easy to get, i would go in and do a number to those countries like you would not believe. What they do to christians in the middle east, it is disgraceful. It is a big part of the overall negotiation, and as countries come in for instance, the uae has agreed to represent us. I think they will, very well, with respect to christianity. In the middle east, it is treated horribly and very unfairly. And it is criminal, what has happened. That is for many years. It is a very unfair situation. Reporter they are saying there was a routine check and call with china on the phase one trade deal. What if they bring up tiktok and we chat . Would you engage them . Pres. Trump we have a deadline of september 15. Whether it is microsoft or others negotiating, we have said it is worthless if we do not allow them into the country, so we said the United States treasury is going to be adding something out of this deal, something very substantial. We have a deadline of september 15. Microsoft and others are interested, but it has to be proven to be totally secure. We dont want to have any information going into china from what we have been through. You mentioned the phase one deal. The phase one deal is a very interesting situation. Hearing then largest order of corning history , of soybeans, of beef. They have done more than they have ever done. You are going to have to figure that out. Towarde my attitude china, not friendly. But they have gone into orders that are extremely large, extremely large, and our farmers are very happy with what they did with respect to the pandemic , the plague that came in from china. It is a different feeling. It is an incredible deal, but i have a very different feeling. But they are giving our farmers among the largest soybeans they have ever seen. About 40 of what they are selling now is going to china. Mebe they are trying to make change my mind and little bit a little bit, because you know my attitude with china. It has not been very good. Reporter [inaudible] pres. Trump we are not talking to them, we are talking to the companies. A company within china, that means china. The deal would have to be beneficial to the United States, and we need total security. Can you say whether you yourself think annexation should be off the table for israel, and if so, have you communicated that . Pres. Trump it is something they have discussed, but israel has not agreed to do that. Importantat is very and it was a great concession by israel, and i think it was a very smart concession by israel, but, david, do you have anything further . Reporter the Prime Minister was pretty clear today at his own press conference that he considers this a temporary concession, and that the deal would still be open to him at some point in the future. What would you do . Pres. Trump right now it is off the table. I cant talk about sometime in the future, but right now it is off the table. Is that correct, mr. Ambassador . Yes. The wording was chosen carefully by both parties. It is temporarily off the table, but not for good. You said you want an accurate vote, yet you directed the postmaster general to reverse some of the policy