Trump Rattles CEOs With Edicts, Pushes Venezuelan Oil Plan, More
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Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, Head of Government and Economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond. Listen to new episodes every Wednesday and follow Trumponomics wherever you listen.
News when you want it with Bloomberg News Now. I'm Monica Ricks. Corporate executives are on guard over President Trump's recent edicts. In the last week, the president has made a series of demands and orders aimed at C-suites, from pressing defense contractors to cut buybacks and calling out Raytheon, to pushing major oil producers to invest in Venezuela, all in service of shoring up his political fortunes ahead of midterm elections. But many CEOs aren't exactly embracing Trump's approach to business. In fact, many have pushed back against his policies, including more than 1,000 firms that have joined lawsuits contesting his tariffs. If the Supreme Court overturns them, the government could be on the hook for billions.
It's unclear when justices could decide, but more opinions are expected next week. President Trump's oil plan in Venezuela is also getting a bit of backlash now. ExxonMobil CEO Darren Woods was one of about 20 executives who met with the president at the White House yesterday, and he's skeptical.
We've had our assets seized there twice, and so you can imagine to reenter a third time would require some pretty significant changes.
Trump has said oil companies will have total safety, but Energy Secretary Chris Wright tells Bloomberg U.S. troops aren't part of that plan.
President Trump, of course, never rules out options, but that is definitely not in the plans. That is not the plan. The plan is to use the military power that's manning the blockade of the oil so we can stop the criminals and stop our adversaries from taking oil out of Venezuela and have a more orderly, safe process from what's going on.
Energy Secretary Chris Wright on Bloomberg's balance of power. He says oil production could be ramped up by the summer and companies could be pumping 3 million barrels of oil a day over the next 8 to 12 years. Ukraine's President Volodymyr Zelensky says he's discussing a potential free trade agreement with the U.S. aimed at helping Ukraine's recovery after its war with Russia. Zelensky says he wants to personally discuss specifics with President Trump just in case Russia renews aggressions. He's seeking something more concrete than mere promises. Iran's attorney general warns anyone participating in protests against his government will now be considered an enemy of God and face death penalty charges.
Arash Azizi is a contributing writer for The Atlantic and says Iran's opposition is emboldened by what's happened in Venezuela.
The fall of Maduro was important because the regime lost its most important global ally.
President Trump's promise to intervene if deadly clashes continue. At least 65 people have died. Protesters in Minneapolis made noise all night in hopes of driving ice out of the city following Renee Good's shooting death. Today, Democratic Senator Amy Klobuchar of Minnesota sent a message to protesters.
What recent actions has Trump taken that concern corporate executives?
I feel like some things are being said to try to trigger us, and people should not take the bait. They should not take the bait. They should listen to Renee Good's wife's words, which is, you know, go with compassion, don't go with hate, don't take the bait here.
Klobuchar also says she's implored federal investigators to collaborate on the shooting investigation. So far, they've barred state and local officials from accessing evidence in the case. But White House officials linked new body cam video online. They say it shows the officer feared for his life and acted in self-defense. President Trump's calling for a one-year cap on credit card interest rates at 10% starting January 20th.
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