Business News USA Roundup | Business News Today 17 August 2021 | Finance News | US News | Podcast

Business News USA Roundup | Business News Today 17 August 2021 | Finance News | US News | Podcast

[Music] live from the bloomberg interactive broker studios this is bloomberg daybreak for tuesday august 17th 2021 coming up this hour president biden defends his decision to pull troops from afghanistan the white house faces bipartisan criticism for its quick withdrawal from the country coronavirus booster shots could be coming as soon as next month and a big day on the retail front with july sales and walmart earnings on tap new york city is requiring vaccinations for entertainment and cultural institutions plus the death toll climbs from haiti’s earthquake i’m michael barr more ahead i’m john in sports the mets lost in san francisco yankees got by the angels play a split double header with the red sox today that’s all straight ahead on bloomberg daybreak on bloomberg 1130 new york bloomberg 1991 washington dc bloomberg 106.1 boston bloomberg 960 san francisco siriusxm 119 and around the world on bloombergradio.com and via the bloomberg business app good morning i’m nathan hager and i’m karen moscow and global stocks are falling this tuesday morning and we’re coming up to 501 on wall street and we checked the markets every 15 minutes throughout the trading day on bloomberg s p futures down 19 points dow futures down 150 nasdaq futures down 53 the dax in germany is down 3 tenths of a percent 10-year treasury of 1330 seconds yield 1.22 yield on the two-year 0.19 percent and imex crude oil is down 4 10 or 28 cents at 67.1 cents a barrel nathan all right karen we’ll get back to markets in a moment but we begin with the latest from afghanistan the taliban are promising to form an inclusive government after overrunning the capital kabul the militant group is set to hold talks with senior officials today led by former president ahmed karzai meantime president biden is defending his decision to pull u s troops even after the rapid collapse of afghan security i’m now the fourth american president to preside over war in afghanistan two democrats and two republicans i will not pass this responsibly on responsibility onto a fifth president speaking from the white house the president said the u.s will continue to fight terrorism in afghanistan but he’s honoring a commitment to end nearly 20 years of war i will not mislead the american people by claiming that just a little more time in afghanistan will make all the difference nor will i shrink from my share of responsibility for where we are today and how we must move forward from here i am president of the united states of america and the buck stops with me president biden returned to the white house from camp david to deliver his remarks he is back at camp david now yesterday saw desperate scenes play out at campbell’s international airport as thousands rushed to exit afghanistan the chaos and rapid advance of the taliban is spurred by partisan criticism of president biden’s quick withdrawal richard haas president of the council on foreign relations says the u.s presence was essential to stability in afghanistan it wasn’t going to give you peace it wasn’t going to give you a military victory what it was going to do is avoid bringing about exactly what we’re seeing on our screens and i i think sometimes in foreign policy you’ve got to measure success not by what you accomplish but but by what you avert richard haws said the u.s presence helped provide a military floor for the afghans we’re already seeing china and russia move to fill the void left by the u.s both indicate they’re engaged in talks with the taliban let’s turn to the pandemic now where we’re learning that booster shots could be coming as soon as next month it’s the latest attempt to fight the renewed wave of covet-19 infections fueled by the delta variant bloomberg’s renita young joins us live with the story good morning ranita good morning nathan bloomberg news has learned the biden administration is finalizing a plan that’s expected to recommend booster shots eight months after people received their second dose that means a fresh round of shots could start as soon as september though the proposal is subject to authorization from the fda if approved it would slow the pace of vaccine donations abroad until this month donations have been driven by surplus doses so far nearly 170 million americans have been vaccinated and could be eligible for boosters in new york i’m renita young bloomberg daybreak we need to thank you turning to asia now stocks in the region slid sharply overnight that’s after news that china will crack down on quote idle culture along with the broader entertainment industry bloomberg daybreak asia anchor brian curtis has more from hong kong the people’s daily says the entertainment industry has deformed values and lacks proper regulatory oversight a commentary says china suffers from irrational idol chasing behavior and unhealthy fan culture it says that culture interferes with what he calls the normal social and economic order as a result china will further regulate the sector and punish illegal profit hunting the aim is to build a healthy online environment in hong kong brian curtis bloomberg daybreak all right brian thank you kathy wood of arc investment’s been selling shares of chinese tech for months and now she says her arc innovation etf has fully exited chinese stocks i think the valuation of the market is going to stay down until for a long time until they become more inviting to foreign capital again and maybe want to integrate a little bit more into the world than they seem to right now kathy wood made the comments in an exclusive interview with bloomberg’s chanel basic you can hear more online at bloomberg.com meantime the head of the sec is issuing his most direct warning yet on investing in china chairman gary gensler says there’s a lot that american investors don’t know about chinese stocks listed on u.s stock exchanges i’ve asked staff that we take a pause for now when such listings of shell company issuers associated with china-based operating companies the comments from chairman gary gensler come just weeks after the sec put a pause on u.s ipos of chinese companies coming up on the economic front today traders will look for clues on future fed policy when chair jay powell hosts a town hall discussion with educators he’ll answer questions from participants around the country ahead of that we get the july reading on retail sales economists forecast a three-tenths percent decline back in the u.s a busy week of retail earnings kicks off today with walmart reporting we get more from bloomberg’s larry koski key themes of walmart’s second quarter results are likely to be its ability to expand its market share in groceries as well as e-commerce trends according to bloomberg intelligence sales comparisons remain difficult versus a year ago and could show how effective walmart is at keeping customers at gained during the pandemic same source sales are expected to rise two and a half percent larykovsky bloomberg daybreak all right larry thanks one of the biggest names in investing is making moves warren buffett trimmed his investment in general motors for the third quarter to roll while boosting a stake in supermarket chain kroger straight ahead your latest local headlines and a check of sports this is bloomberg it’s now 507 on wall street we’re at 74 degrees in central park got a lot of bridge and tunnel work this morning that janelle crispin will fill you in on in just a few minutes in traffic first let’s bring in michael barr to find out what else is going on in new york and around the world good morning michael good morning nathan new york city is expanding its vaccine mandate to museums and other entertainment and cultural institutions requiring both visitors and staff to have at least their first cover 19 shot starting today the move announced by mayor bill de blasio during his monday briefing expands an earlier vaccine requirement issued for indoor dining that goes into effect this week we made a decision weeks and weeks ago the whole ball game is vaccination and once you make that kind of profound strategic decision you throw everything you got at it we are not interested in half measures we’re interested in vaccination among those speaking at mayor de blasio’s daily briefing was new york movie director and producer spike lee about the spirit of the city rarigan new yorkers but we’re built that way and no matter what no matter what we’re gonna get through that’s just how we’re built movie director and producer spike lee mayor de blasio has failed so far to reach his june goal of fully vaccinating 5 million new yorkers despite providing 100 gift cards and other incentives according to city data only 4.7 million people are fully vaccinated meanwhile vaccine mandates are expanding in new york state the state ordered hospital and nursing home workers to get covet 19 inoculations new york lawmakers will issue the findings of a five-month investigation into the conduct of outgoing governor andrew cuomo despite a decision to drop impeachment proceedings cuomo said last week he would resign on august 24th following the fallout from a report from the attorney general’s office with 11 sexual harassment claims against the governor tropical depression grace has begun drenching haiti just days after a powerful earthquake struck the caribbean nation officials raised the earthquake’s death toll to more than 1400 tropical storm fred is tracking inland spreading heavy rain over the u.s southeast no deaths have been reported from fred the godfather of sudoku has died sudoku creator maki kaji whose life’s work was spreading the joy of puzzles has died at age 69 of cancer global news 24 hours a day on air and on bloomberg quick take powered by more than 2700 journalists and analysts more than 120 countries i’m michael barr and this is bloomberg nathan all right michael thanks almost 5 10 on wall street time for the bloomberg sports update here’s john stash hour thanks nathan it was just a few weeks ago that people weren’t sure if the yankees were going to be buyers at the trade deadline or just give up on the season to be sellers well they were very much buyers they brought in anthony rizzo who until he got covered was a big addition and joey gallo who was somewhat struggling but gallo hit two home runs last saturday in chicago and in the first inning last night swung on line to right it is high head as far that is gone it is a two-run blast in the second deck and right joey jackson hey it’s a two run blast that ball got out of here in about a second and a half wfa had the call the angels had gotten a solo home run from justin upton top of the first so two to one in the first inning two to one the final score garrett cole back from covet teamed with four relievers on a two-hitter yanks have their sights set on an al wild card spot they’re only a game and a half behind oakland two behind boston yanks and red sox start a three-game series at the stadium with a day night doubleheader jordan montgomery will pitch he now returns from colvin metz in san francisco lost seven to five chris bryant hit two home runs two run shot in the fifth inning put the giants ahead he then went back to back with brandon belt in the seventh jonathan vr a two-run homer for the mets pete alonso a two-run triple but the mets dropped to 500. off the success of last week mlb set to announce the cubs and reds will play next year’s field of dreams game in iowa last time the knicks played the hawks it was the end of the next season in the playoffs they met in vegas the summer league much different rosters next one they got 26 points from quinton grimes who they just drafted in the first round josh dash our bloomberg sports nathan and john the atlanta falcons are entering the season with a perfect record for vaccinations the team has become the first nfl squad to have all its players complete their covet 19 shots s p futures down 17 points this is bloomberg bloomberg 11 30 weather cloudy showers and storms possible later today with a high near 80 degrees showers and storms in the afternoon tomorrow low 80s will be in the low 80s thursday as well with scattered showers and storms currently 74 in central park markets headlines and breaking news 24 hours a day at bloomberg.com the bloomberg business app and at bloomberg quick tape this is a bloomberg business flash [Music] i’m karen moscow global stocks are dropping for a second day and u.s stock index futures tumbling amid concern more economic shutdowns are becoming necessary to contain a fast spreading pandemic we check the markets every 15 minutes throughout the trading day on bloomberg s p futures down about 18 points now features down 147 nasdaq futures down 47 the dax in germany standard quarter percent 10-year treasury of 12 30 seconds yield 1.22 they yield on the two-year 0.19 percent nymex crude oil is down half percent or 31 cents at 66.99 cents a barrel comex gold up three-tenths percent or five dollars 20 cents at 17.95 an ounce the euro 1.1769 against the dollar british pound 1.3803 and the yen is at 109.33 and we are watching for a report on july retail sales at 8 30 wall street time at 9 15 its industrial production and capacity utilization and that’s a bloomberg business flash now here’s michael barr with more on what’s going on around the world michael good morning good morning karen a taliban official has announced a general amnesty for all in afghanistan and urged women to join its government a member of the taliban’s cultural commission made the comments today on afghan state television which the militants now control meanwhile president joe biden is calling the violent chaos at kabul’s airport gut-wrenching but he’s standing by america’s withdrawal from afghanistan u.s experts plan to recommend kova 19 vaccine boosters for all americans regardless of age eight months after they receive their second dose of the shot an announcement is expected this week with doses beginning to be administered widely once the fda formally approves the vaccines in major league baseball the yankees won the mets loss to the giants 7-5 the orioles and a’s lost global news 24 hours a day on air and on bloomberg quick take powered by more than 2 700 journalists and analysts to more than 120 countries i’m michael barr this is bloomberg nathan okay michael thank you it is 519 on wall street live from the bloomberg interactive broker studios this is bloomberg daybreak and for more what’s happening in afghanistan we’re joined once again by bloomberg’s executive editor for international government rosalind matheson roz uh good morning once again as we heard from michael barr in the news the taliban are promising an open inclusive government even inviting women to join in leadership it sounds as though the militant group is saying all the right things but i guess the question now is after 20 years of war whether they can be trusted well that’s right what we’re hearing in the taliban is saying that women are allowed to work within the limits of sharia law quite wherever they so choose and that includes potentially working in a taliban-led government and they’re saying of course that they’re going to allow women to work not just in the government but also girls to attend school as long as those schools again are compliant with sharia law so that’s all sounding good on the surface of it as is the outreach that we see the taliban doing to countries across the world and perhaps some talks starting today or tomorrow in doha on that front the reality is what has really changed underneath for that with the taliban we’re seeing of course reports in the northern parts of the countries that they’re banning women from turning up to banks to go to work and so on and either way what we’re talking about is a reimposition of some level of fundamentalism in the education sector and elsewhere because compliance with sharia law does mean that there’ll be some limits on women either way so the question is really between the veneer of what they’re saying and the reality of what they’re doing uh what what are we expecting to see from the taliban in the next couple of weeks sorry about that do we have a sense rise of what is under that veneer after the months of talks that we saw between the taliban and the former afghan government brokered by moscow we do see a level of pragmatism the taliban realize that they do need countries to engage with them again particularly russia china and turkey and so on i mean if the us ends up cutting the taliban or financially there’s a conduit there that they need with china in terms of getting money into the country investment and so on and perhaps a channel for the commodities that lie in afghanistan so certainly a level of pragmatism that they need to present to the world and get countries to engage with them and that’s perhaps different from the last time when the taliban were very closed in on themselves inside the country and didn’t really want to engage with the rest of the world the question of course again is what’s the difference between what they’re saying overseas and doing overseas and what are they really doing at home in terms of the negotiations that we’re expecting where does this leave the us when we’re seeing russia once again and now china in a pretty significant way taking something of a lead when it comes to engagement with the taliban well that’s right we’re expecting talks to possibly start in doha between some senior officials former politicians primarily in afghanistan who have now taken upon themselves to start negotiating with the taliban in doha and those talks would probably be facilitated again by some other countries including russia and china because the u.s views the taliban as a terrorist group it’s very difficult for it to engage directly it’s a bit like the situation in iran where it has to go through intermediaries half the time and pass messages back and forth to do so because if the if the us really wants to affect the change that’s happening in afghanistan it will have to engage with the taliban beyond the talks that they’re just having at the moment which is about really securing the airport so you can expect to see some u.s diplomats trying to engage with them in doha on that front we only have about a minute left here but i got to ask you about the european response to how the u.s has handled this situation it seems as though our traditional allies have been pretty quick to point the finger about the chaos that’s going on what what where does this leave the relationship between the us and its traditional allies well certainly there’s a bit of frustration on the european side of the situation there and again they’re tying that to the speed with which the us has been pulling troops out at the same time nato was engaged in there as well and those members do include france the uk and germany so it the europeans aren’t entirely blameless in this scenario either what we’re seeing in fact is probably an effort to deflect away from the attention this is drawing them at home domestically and concerns about migrant influxes and so on so it’s very easy to redirect that and say well the blame for all of this lies with america so you can imagine that that’s going to sort of that that will continue but equally the us will see that for just a bit of rhetoric on the europeans part thanks for this ross good having you on with us this morning rosalind matheson is executive editor for international government at bloomberg news we’re going to continue to monitor the developments in terms of the talks we’re expecting between the taliban and senior afghan officials those are expected to get underway in doha qatar either today or tomorrow right now s p futures are down 15 points now futures down 120 nasdaq futures down 44. this is bloomberg bloomberg 11 30 weather cloudy today showers and storms possible later we’ll get up to near 80 degrees low 80s tomorrow and the next day with scattered afternoon showers and thunderstorms currently 74 degrees in central park broadcasting live from the bloomberg interactive brokers studio in new york bloomberg 11 30 to washington dc bloomberg 99.1 to boston bloomberg 1061 to san francisco bloomberg 960 to the country siriusxm channel 119 and around the globe the bloomberg business app and bloombergradio.com this is bloomberg daybreak [Music] it’s 5 30 on wall street good morning i’m nathan hager and i’m karen moscow we’re just about four hours away from the opening of u.s trading let’s get you up to date on the news you need to know at this hour beginning in afghanistan the taliban plan to hold talks with senior afghan officials including former president ahmed karzai about forming a new government meantime president biden said he stands squarely behind the decision to withdraw from afghanistan after the country’s rapid fall to the militants i’m deeply saddened by the facts we now face but i do not regret my decision to end america’s warfighting in afghanistan and maintain a laser focus on our missions there and other parts of the world in remarks from the white house the president noted that former president trump had already drawn down u.s forces and a continued presence in afghanistan is quote not what the american people want all right now let’s get the latest on the pandemic the us is now reporting more than 200 000 daily chronovirus infections for the first time since january that has the us government preparing to offer booster shots as soon as next month let’s get the details live from bloomberg cernita young grenita nathan bloomberg news has learned the biden administration is finalizing a plan that’s expected to recommend booster shots eight months after people receive their second dose that means a fresh round of shots could start as soon as september though the proposal is subject to authorization from the fda now if approved it would slow the pace of vaccine donations abroad until this month donations have been driven by surplus doses in new york i’m ranita young bloomberg daybreak all right we need to thank you the covet infection numbers are causing concerns in the markets u.s futures are lower a day after the dow and s p 500 closed at record highs in fact the s p 500 has now doubled since the pandemic low set back in march of last year coming up today traders will watch for clues on future fed policy when chairman jay powell hosts a town hall we also get july retail sales data and earnings from walmart and home depot and s p futures are down 17 points the dow futures down 133 nasdaq futures down 52 the decks in germany is down two tenths of a percent cac in paris down four tenths percent and the ft one ftse 100 is up a tenth of a percent 10-year treasury of 10 30 seconds yield 1.23 percent they yield on the two-year 0.19 percent nymex crude oil is down a quarter percent or 17 cents at 67.12 cents a barrel comex gold is up three tons percent or five dollars sixty cents at seventeen ninety five forty an ounce and the euro one point one seven six nine against the dollar straight ahead your latest local headlines plus a check of sports and this is bloomberg it’s 5 33 on wall street 74 degrees in central park we’ve got improvement on the major deegan after an earlier vehicle fire we’ll check your ride with janelle crispin in just a few minutes first michael barr has a check of what’s going on in new york and around the world good morning michael good morning nathan vaccine mandates are expanding in new york the state ordered hospital and nursing home workers monday to get to cover 19 inoculations and new york city is poised to start requiring today vaccinations for anyone in restaurant dining rooms gyms museums and many other leisure venues new york mayor bill de blasio i am absolutely certain this is going to motivate a lot of people to get vaccinated it’s going to be a reason for people get vaccinated particularly young people and we know how important that is we know one of the biggest areas of concern is reaching younger new yorkers our 20-somethings 30-somethings who need to be convinced that it’s so powerful to be vaccinated this is going to be one of the ways we do it mayor de blasio is also calling on new yorkers to help those an earthquake ravaged haiti we’re immediately mobilizing new yorkers to support haiti please let’s do that together let’s provide the resources they need because they’re going through so much and it’s just been one challenge after another de blasio’s comments come as the death toll has climbed to more than 1400 after 87.2 magnitude earthquake the caribbean nation is rushing to help survivors from heavy rain and wind from tropical depression grace brian johnson who is an advanced care paramedic with the non-profit group canadian medical assistant teams is in haiti it’s chaos right now there is no coordination of resources johnson says he’s helping the u.s coast guard evacuate as many people as they can fit into choppers tropical fred tropical storm fred made landfall over the florida panhandle lashing the coast with 65 mile an hour winds it has caused power outages but so far no depths there are serious allegations against singer bob dylan the 81 year old legendary musician is being sued for allegedly sexually abusing a 12-year-old girl in 1965. according to manhattan supreme court papers the now 68-year-old woman from connecticut is seeking unspecified damages and a jury trial dylan’s spokesperson denies the claims global news 24 hours a day on air and on bloomberg quick take powered by more than 2 700 journalists and analyst in more than 120 countries i’m michael barr and this is bloomberg nathan hi michael thanks coming up to 5 36 on wall street time for the bloomberg sports update with john stashon nathan there was a lot of talk about the mets before the trade deadline acquiring a slugger from the cubs and they did get one they got javi baez but he’s injured the mets were also said to be in talks to get chris bryant he instead went to the giants and he did in the mets last night 2-1 the pitch is hit to center field going back on it is nimble still going back at the wall it’s gone up over the center field wall chris bryant a two-run homer it puts the giants ahead four to three and br had the call two innings later bryant homer again went back to back with brandon belt who had a pinch hit homer the major league leading giants improved to 41 and 18 at home they beat the mets 7-5 kevin gossman with his league leading 12th win miguel castro lost in relief the mets at 59 and 59 have a 500 record for the first time since may 6th when they were 13 and 13. atlanta won 12-2 in miami the braves three and a half games ahead yankees and angels make up game at the stadium the yanks won two to one all the scoring in the first inning justin upton homered off garrett cole who made his return from covin but joey gallo with a laser two run shot his third homer in three days that was all the scoring cole and four relievers allowed only one hit over the last eight innings and the yanks make it 13 of their last 17 day night doubleheader with the red sox today if the yanks sweep they’re tied with boston for second place in a wild card joe walton played tight end for the giants later the head coach of the jets in the 1980s and then coached robert morris college in pittsburgh for 20 years joe walton passed away at 85. john stash hour bloomberg sports thank you all right john thank you it’s 5 37 on wall street time for the tri-state business report with bloomberg’s ed corey state street will leave its two new york city offices making good on plans to transition its manhattan-based staff to a hybrid work model the boston-based firm plans to close its to midtown manhattan offices its new york-based staff will work remotely or from buildings in new jersey and connecticut a gauge of new york state manufacturing moderated in august after expanding at an unprecedented pace a month earlier the federal reserve bank of new york’s business conditions index fell to 18.3 from 43 a month earlier a measure of selling prices advanced to a fresh record synchrony will now be issuing two new walgreens credit cards focused on health and wellness the stamford based company says my walgreens card holders can earn cash rewards worth ten percent of the price of eligible goods and rewards worth five percent of the price of other eligible purchases that’s your bloomberg tri-state business report i’m ed corey thank you ed it’s 5 38 on wall street bloomberg radio is on the air from san francisco to new york london to hong kong let’s check in with our global news team for some of the top stories heard on our 300 affiliate radio stations around the world i’m gina cervetti and for wcco in minneapolis i’m reporting that 3m will be facing almost 6 000 patient lawsuits alleging that warming blankets cause severe infections i’m courtney donahoe on kfab in omaha warren buffett’s berkshire hathaway boosted its staking kroger in the third quarter i’m caroline heck of blue back dab digital radio in london we’re reporting on the government’s plan to unlock 4 billion pounds of investment in hydrogen production to help the uk move towards net zero emissions i’m steve potus and on 10 10 wins in new york we’re talking about how sales of sandwiches and coffee are re-entering a bear market on wall street i’m ed corey on wtam in cleveland i’m reporting an ohio board has approved a 100 million dollar loan for a cleveland clinic pathogen center those are some of the stories our 2700 bloomberg journalists and analysts are working on this morning around the world let’s take a closer look at some of the moves made by warren buffett his berkshire hathaway has also trimmed its investment in general motors for the third quarter in a row more on that from bloomberg’s charlie pellet berkshire also pulled back on its pharmaceutical bets while boosting a stake in kroger according to our regulatory filing the conglomerates gm investment was valued at 3.55 billion dollars at the end of june berkshire’s kroger stake was up 21 percent during the second quarter while the firm trimmed its bets on pharmaceutical companies including abbvie and bristol myers squibb the filing no longer showed a stake in biogen berkshire has held gm shares for more than nine years in new york charlie pellet bloomberg daybreak all right charlie thank you s p futures down 18 points now futures down 143 nasdaq futures lower by 57 points the 10-year treasury is up 10 30 seconds yield 1.23 percent yield on the two-year 0.19 stay with us for more on what’s happening in afghanistan we’ll be speaking with the u.s director of the eurasia group next this is bloomberg bloomberg 11 30 weather cloudy showers and storms later today with a high near 80 degrees afternoon showers and storms tomorrow and thursday both days in the low 80s currently 74 and cloudy in central park markets headlines and breaking news 24 hours a day at bloomberg.com the bloomberg business app and at bloomberg quick tape this is a bloomberg business flash [Music] and i’m karen moscow and global stocks are dropping for a second day u.s stock index futures are tumbling amid concern more economic shutdowns are becoming necessary to contain a fast spreading pandemic we checked the markets every 15 minutes throughout the trading day on bloomberg s p future is down 19 points now features at 151 nasdaq futures down 58 the decks in germany’s down a quarter percent 10-year treasury of 10 30 seconds yield 1.23 percent they yield on the two-year 0.19 percent nymex crude oil is down half percent or 34 cents at 66.95 cents a barrel comex gold up a third of a percent or six dollars 20 cents at 17.96 an ounce the euro 1.1776 against the dollar british pound 1.3805 and the nz 109.30 and that’s a bloomberg business flash now here’s michael barr with more on what’s going on around the world michael karen thank you very much president joe biden is calling the violent chaos at cobbles airport gut wrenching but he’s standing by america’s withdrawal from afghanistan biden spoke from the white house in his first in-person remarks since the taliban over the weekend rolled over an afghan military and government that american forces had spent two decades building meanwhile the associated press reports the taliban today urged women to join a government led by the group the u.s state department lowered its india travel advisory to the second lowest level as the virus situation there eases following one of the world’s most deadly resurgences in major league baseball the yankees won the mets lost to the giants 7-5 the orioles and a’s lost global news 24 hours a day on air and on bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries i’m michael barr and this is bloomberg nathan all right michael thank you it’s 549 on wall street and we are live from the bloomberg interactive broker studios you’re listening to bloomberg daybreak on this tuesday morning i want to get some more analysis now of what’s happening in afghanistan and president biden’s reaction uh to the chaotic withdrawal of u.s forces and the return of for two power of the taliban this morning we’re joined by clayton allen u.s director of the eurasia group clayton it’s good to speak with you this morning and i’d like to start off by getting your reaction to what we heard from the president yesterday returning to the white house from camp david to say he stands squarely behind his decision to withdraw despite all we’ve seen over the last few days what’s your takeaway from that well first thank you very much for having me um i think that the president’s speech yesterday is really interesting for a couple of reasons it was clear very early that president biden inherited sort of a long list of not not really any good options when he came to afghanistan withdrawing troops from afghanistan and his speech reiterated that this was certainly not the outcome that anyone wanted but that his rationale for doing that is still sort of still strong it’s still something that very much stands behind and that certainly you know reflects i think a commitment to the policy from the white house now that doesn’t excuse the failure in execution uh the lack of coordination and sort of a lack of real message and clarity uh all of those are still issues but biden is very clearly standing behind this decision and elucidating very clearly his rationale for actually moving forward with this withdrawal time frame got to ask you whether the rationale to withdraw is still strong was it the withdrawal predicated on a stable afghan government not led by the taliban part of the reason to pull u s forces out so i don’t know that i would necessarily frame it that way if you look at it from biden’s perspective the u.s has now spent close to two trillion dollars in 20 years in afghanistan and at that you know the culmination at the end of that we’re in a position where the us was not winning but the taliban was also not losing we were locked in a stalemate uh you know moving that or changing that was not really from the white house’s perspective something that was possible you have a commitment from former president trump to withdrawal u.s troops who had a drawdown in u.s presence reversing that or moving away from the commitments made in the prior administration would have created the possibility of renewed conflict with the taliban and to address that biden would likely have needed to surge u.s troop presence in afghanistan against u.s public opinion um that’s not to say that you know the the rationale for us withdrawal the the reasoning behind us withdrawal was was always that you know we were kind of leading them to their own devices but i think that to say that it was predicated entirely on a stable government is maybe not exactly the way the white house would have framed it so i think that’s what biden’s trying to communicate and trying to get across to the u.s public i don’t know that that makes much difference to critics and to the to those who certainly point out that this is still very much a failure of of execution that there still was very little coordination with u.s allies there was still very little forward thought given to sort of the timing or or cadence of u.s control and certainly those are failures to get by knowns but i think that he’s trying to explain that that’s not necessarily what was driving his decision to withdraw in the first place speaking with clayton allen this morning u.s director of the eurasia group as we continue to monitor developments in afghanistan and it really does seem clayton as though the president is banking on the idea that continued lack of u.s voter support for an ongoing conflict in afghanistan is is going to buoy him here but with the taliban in control do you think that that support for a us withdrawal will continue from american voters we don’t have any reason to think that it won’t and it’s really important to note that u.s support with full withdrawal is very strong across party lines uh you know most recent polling is roughly 56 percent 56 percent of republicans and 73 percent of independents sort of the the voting block that you would expect to be most critical or perhaps potentially most critical of buying is decision making we’re behind a withdrawal that’s you know a relatively high amount of u.s public support and to be very frank this is an issue that you know outside of the last several days has really not been front of mind for most americans for quite some time this is certainly a tragedy on epic proportions for a huge number of people but the war in afghanistan is not the po political force that it once was in us life and i think that that’s something that the white house has also recognized well that is certainly the case when the president for the last few months has really been trying to focus american attention on his domestic policy agenda particularly infrastructure spending and the so-called human infrastructure package that he wants to see past fairly quickly here obviously a lot of distraction from that agenda over the last few days and given the amount of criticism that the president has faced from not just republicans but even some democrats in terms of the handling of these last few days does that potentially risk the president losing support for that domestic agenda i don’t know necessarily that it would i think that these are two these are two separate or two relatively distinct issue sets for one we have expected or we’ve really seen very clearly indicated that democrats will be the driving force behind this next spending sort of effort certainly behind a reconciliation package um and so you’re you’re really kind of looking at this and saying well republicans will certainly criticize biden over afghanistan policy but they weren’t necessarily the key to the next largest spending package the senate’s already passed their version of the infrastructure bill uh the house will decide when to pick that up but the key to the process now is what happens with this reconciliation bill and that’s very squarely in the democrats hands uh democrats for that matter understand the importance of blind domestic agenda it’s what’s underpinning the democratic campaign message heading into next year certainly and into midterm elections and while you are seeing very strong criticism of guidance actions from some of them some very more hawkish democrats uh i don’t know that that’s that should be taken as an indication that they’re willing to split with the rest and honestly largest part of bibe’s policy agenda in our last minute here clayton where do you think the this episode leaves president biden politically i’ve seen some commentary that the president after these last few days is facing a crisis of competence does that oversell things or could this really define his presidency i think that it’s still too early to say whether or not this will be a defining moment in president biden’s first term um maybe perhaps his only term i think maybe it’s it’s worth comparing this you know we’ve seen a lot of uh parallels drawn between this and the fall of cycon the fall of saigon happened further into uh president ford’s term than the fall of kabul to i guess phrase it similarly has happened in biden’s and the fall of saigon was not necessarily a defining moment in the next campaign [Music] this is something though that could become a defining issue for biden but with that long list of domestic policy items and policy agendas that you’ve just touched on it seems like there’s going to be a lot of other things that will have to underpin his political legacy not just his foreign policy that said i think it is worth noting this represents a pretty substantial failure in execution of a makes the u.s foreign and national security policy and that’s certainly troubling when you think about the rest of the issue thank you for this clayton allen us director of the eurasia group with us on this tuesday morning futures moving lower you’re listening to bloomberg daybreak
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Business News USA Roundup | Business News Today 17 August 2021 | Finance News | US News | Podcast

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