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So here's the lightsus this morning, President elec Donald Trump vowing to impose a twenty five percent tariff on products from Mexico and Canada and an additional ten percent terif on goods from China, calling it necessary to clamp down on the flow of migrants and illegal drugs crossing America's borders. Let's loop in Congress right now we can speak to the Republican Congressman Frendshill of Arkansas. Congressman here, welcome back to the show, sir. It's always wonderful to hear your
perspective on things. We want your reaction to this. How credible is this thread from President elect Donald Trump overnight?
Well, Jonathan, good morning, Happy Thanksgiving week to you and everybody at Bloomberg. This is a critical threat by President Trump because we have unprecedented border problems with particularly Mexico on Fitnall and nearly nine million people that are cross
the border. We've not been able to secure the border under the Biden hears at menas for This was a main major campaign point for President Trump, and so I believe that he's stepping up and making this statement about tariffs to tell both Canada and Mexico we have got to get our border security in the United States States
squared away. And then secondarily, I think he's very concerned about imports from other countries that are going to try to take advantage of the USMCA and bring in products through manufacturing in Mexico that may skirt some of the requirements of USMCA. So both those things I think are on the table, border security and trying to strengthen the parameters of usmcaa for some exports from outside manufacturing companies.
Congressman, So President like Trump sees immigration and legal immigration as the problem in tariffs as the remedy. But you just mentioned USMCA. If we have an executive order with these tariffs that overrides USMCA, should President elect be getting Congress on board members like yourself.
It's important to bring Congress into the discussion with the President as soon as possible. But remember when he was president, he worked very hard with Canada and Mexico to renegotiate the North American Free Trade Agreement and create the USMCA. During that time, he also had strong cooperation from Mexico on his remain in Mexico policy, which was to say, look, if you're seeking asylum in the United States, our loss, as you had to do that from a third country.
President Biden has just waived that rule and allowed millions of people to come into the US while they seek asylum. Probably ninety percent will be required to be deported because they're not eligible to seek asylum. So I believe President Trump's also using this tariff threat to tell the new government in Mexico City, let's get serious about the migrant flows across Mexico's border and get back to our remain in Mexico policy or remain in a third country policy.
So is it just that a threat or do you think come January he's going to follow through with ten percent on tariffs on China on top of others he says in twenty five percent when it comes to imports from Mexico and Canada.
Well, we know from his first term in office that he's willing to deliver on his threats on tariffs to bring other countries to the negotiating table, both on economic and trade issues as well as other matters. And I certainly consider border security a top issue coming out of this election. People are sick and tired of the crime impact, the ftanyl impact, the death in our communities, and the overwhelming loss of control from Tijuana to Browns Bow of
the Mexican American border. So I believe that yes, he would deliver on this, but he's also using it as a lever to get serious conversations in Ottawa and Mexico City with Washington. As we turn the page and have a new presidential administration.
Well, when Congress turns the page, we're going to be looking forward to hearing who is going to get the top committee post, the chairmanships of these committees, And in about two weeks time, we might know that. I know, Congressman, you're up for potentially leading the Finance Committee. What's the status of that.
Well, I'm making the case to my colleagues republic and colleagues and serve on the House Steering Committee that I believe that because of my long standing by Cameral communication and collaboration capabilities with the Senate, my leadership in the House over the last decade, and probably most importantly, the fact that I was in the private sector for decades and was regulated mightily by the federal government through both the securities regulators and the banking regulators that that private
sector experience, My experience on Capitol Hill and communication and collaboration, and also my work in the executive branch at the Treasurer in the White House makes me an ideal candidate to serve as the House Financial Services Committee. And Anne Marie, what's amazing about this is based on my research, we're this theory committee to select me for this important post.
I would be the first person with a banking and finance background before I entered Congress to serve as chairman since the Teddy Roosevelt administration, so it's a long time ago. So I hope that my background, my resume will be carry the day for leading the committee congressman.
Based on what we've heard from Donald Trump and some of his priorities when it comes to the financial sector, a lot of people are pointing to the potential for crypto being the first and the agenda of any financial chairman financial House Services Committee Chairman. Is that your take on it as well?
Well? I think that's very important. If we don't get our policies for digital assets market structure completed during the lame duck, I think it will be a top issue for the House Financial Services Committee and looking forward working with a new Banking Committee Chairman Tim Scott of South Carolina, we need a market structure bill that gives us the framework for digital assets so that innovation, coding, company formation can take place here in the United States and not
push that innovation off shore to other markets. And secondly, we do need a dollar back stable coin as a tokenized payment of the US dollar for use on a blockchain. Both these innovations will help support the future of Web three and continue to make the dollar of the strongest currency in the world and America the leading technology and innovation and capital of the world.
Is your background in finance an attribute or potentially not really even weighing in on this race at a time where a lot of people are pointing to simply past allegiance to Donald Trump.
I think the chairmanship is an important issue and back and talent, communication, collaboration are all top issues. I've worked extensively with the Trump administration previously. In the previous term in office, Jay Clayton at the SEC the Bank Supervisors were a major source of collaboration for me in reforming our regulatory system for both capital markets and the banking system, and I believe that'll be the case in the second
term of Donald Trump. Will I will work very closely with what I will presume to be excellent nominees from the FDIC to the CFPB to the SEC, and we will in fact make community banking great again through that regulatory and legislative cooperation.
A Congressman, I'm not in the endellcement business. I don't intend to stop, but it would be nice. I think I could say this on the behalf of our audience. It would be nice to have someone with financial services experience run the House Financial Services Committee, and we appreciate it. TIGN this morning, thank you, Congressman French hell there of our consult