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April 26, 2025 18:43-19:24 - CSPAN
40:52
Nikki Haley on Defense Investment
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Former U.S. Ambassador to the United Nations, Nikki Haley, speaks now about Europe's plan to boost defense investment and the war in Ukraine at a summit hosted by the Hudson Institute.
It's about 40 minutes.
All right.
Thank you very much.
Again, thanks to everyone who's here in person joining us.
Those of you watching us at home via the live stream on Hudson.org, or those of you across the country on C-SPAN who've joined us to listen to today's talk.
This is the luncheon session, the keynote, if you will, of our third Central and Eastern Europe Strategy Summit, a kind of keystone event for Hudson Center on Europe.
And I'm thrilled to be joined by two such wonderful colleagues and panelists here on stage.
It's hard to begin anywhere but the current economic situation, given that this is World Bank IMF spring week, and therefore this does have a geoeconomics hue to it.
And of course, the central geoeconomic question being asked is about the president's trade agenda and in particular the position of tariffs.
So I thought I'd go to you first, Ambassador Haley, and ask you, what do you think the administration's goals are on the tariffs?
And what do you think, if you can put on your clairvoyant hat, is going to be the end result of the tariff policy?
nikki haley ▲ ● ▼
I think this is something that President Trump talked about for a while.
It's the imbalance.
And I think what they're trying to do is change the entire global trade order to where we don't have such high surpluses.
We don't have such big deficits, but we actually have a balance there.
And so the thought process is if you can go and start working with these tariffs, you bring down those surpluses, you bring up those deficits.
And if you do that on a rolling three or four year term, then slowly you find some global order.
The issue is this is something where even to put up infrastructure can take up to five years.
To reskill workers can take up to 18 months to two years.
To try and shift where we need to go can take a while.
So the key would be, you know, let's start with national security items first and then work out.
I think what they wanted to do was blanket it and say, no, let's go ahead and knock it out, see what we can get done.
Now we're seeing it kind of walk back a bit and come to something of a more balanced conversation.
I think it's great news that we're starting to see talks with India and Japan.
I think that hopefully we'll start to hear about some trade deals going forward.
But the goal, I think, really has been not just the deficits and surpluses, but the non-tariff barriers and what we're doing about, you know, export controls and technology penalties and things like that.
And so, you know, I think at the end of the day, if you look at what they're looking for, they're looking for balance.
Is this the way to go about doing it?
It's a bit harsh.
unidentified
Well, Jan, the first time I met you was at a think tank conference in Prague.
But you said to me, look, I do this as a hobby.
I'm really a banker at heart.
So tell me, as a banker based in Prague, but who travels the globe, what is Europe's vantage point on these tariffs?
And don't be too hard on us.
Yeah, first and foremost, great to be here.
Hudson, second home for us.
Thanks for the leadership of John Volgaris and you guys and what you are doing for Transatonic Partnership.
It's really cool.
So I'm not only a banker, I teach economics to students.
And there are two things that every economic students got year one at college.
It's Adam Ricardo, which is about that trade is not a zero-sum game and that there are comparative win-win situations.
And then there's a second thing, it's not first year, maybe second year, and it's smooth holy effect.
So Herbert Hoover administration 1930.
And there is plenty of other data supporting theoretically and practically that cardee blanche, this kind of blanket tariffs, is a complicating situation not only for the world, but for the attacker.
And if you look on the data now, inflation, recession, et cetera, you know, the market reaction.
So as a banker and as a teacher, I would say it's a little bit harsh.
nikki haley ▲ ● ▼
But you know, I do want to say this.
I think that this has opened up a conversation that needed to be had because for too long the U.S. was taking the brunt of so much.
You know, we heard it whether it was talked about with NATO.
We see it with the trade imbalances.
This is a way that we're starting to see not just Europeans but all countries say, you know what, maybe we do need to balance this.
Maybe we are being too tough on U.S. goods.
Maybe we need to start to balance this out.
So what I appreciate is the willingness of countries to say maybe the U.S. has a point.
Maybe we should be doing more.
And I think that that's the biggest sign.
You know, the fact that so many have come to DC and said, let's have talks is a sign that one, they do acknowledge that there was an imbalance.
And two, they do want to try and see what they can do to help solve the situation.
unidentified
On national security, let's call it products, for sure.
We see it during the COVID.
It's not only about semiconductors or if we talk about renewable energy, so 96% dependency in solar and wind on China, for sure.
Also, during COVID, we saw it with drugs.
There are only two places in the world that manufacture a huge majority of over-the-counters, Hyderabad in India and Guangdong province, China.
And a little bit Tel Aviv.
They are smart.
So for sure, for sure.
But then, you know, I would say normal products, including maybe cars, where, if I'm not mistaken, the largest exporter of cars in the United States is a BMW.
So I think that to open a conversation about national security kind of trade part, for sure, we need to do our part as Europeans as well.
I think to be more self-reliant, this is an absolute must.
It cannot be free lunch, again, from basic economics.
So we've been living in a free lunch sphere, and our friends and partners for Germany, they've been even proud about it last 30 years, you know, that security from the U.S. and energy from Russia and trade to China, for sure.
I saw a smile cross Ambassador Haley's lips when BMW is mentioned.
So let's go to Spartanburg.
Most of the world knows you as UN Ambassador, because that's what drove a lot of your international travel.
But before that, you were, of course, governor of South Carolina, and you dealt a lot with European business and investment.
How do you view, as a former governor, European investment and trade with your home state or the U.S. at large?
nikki haley ▲ ● ▼
South Carolina was number one in foreign direct investment when I was governor.
And I will say that 65% of our foreign direct investment in this country is from Europeans.
So there is a big partnership that we have there.
And we do in South Carolina build more BMWs than any place in the world.
We're very proud of that.
And I think that what Americans also need to remember is in this talk of balance, when BMW came to South Carolina, that was thousands of jobs.
And when they brought thousands of jobs, they also brought suppliers around that created even more jobs.
And because of that, during my term, we were able to bring in Volvo.
We were able to bring in Mercedes-Benz.
So we have really benefited from the first move of BMW.
But South Carolina is a completely different state because of that investment.
And I think that's why we need to separate what's happening with trade.
One, on a national security level, that yes, during COVID, we don't want to get our pharmaceuticals from China.
We want to make sure we're getting it from allies like India and others.
But at the same time, when you look at an automobile, you know, I would always say we produce more BMWs than any place in the world.
President Trump would say, no, you assemble more BMWs than any place in the world.
And that's going to be the problem for manufacturers is if you look at BMW, those parts go back and forth multiple times in a lot of cases.
And so the cost of these automobiles is going to go way up.
What we need to do is be able to stagger that in that, yes, I am all for getting as much manufacturing in the U.S. as we can, but it's not going to happen in 30 days and it's not going to happen in 90 days.
So how do we do it in a way that rewards our partners like BMW who really believed in that foreign direct investment, helps our American workers who have thousands of jobs because of it, and doesn't hurt our consumers who want to buy American-made but don't want to be punished for it.
unidentified
Yeah, part of the impetus behind the Central Eastern Europe concept is that the Central Eastern European states have had rather impressive high growth over the years.
Poland is now regularly considered the European tiger.
And as you were talking, Ambassador Haley, you're mentioning some of the drivers of what might cause someone to invest or not to invest based on the tariffs.
Jan, since you are in the leadership position of a company that has tens of billions of dollars invested, how do you decide where to invest?
And in particular, maybe focus on some of your investments in Central and Eastern Europe since that is the theme of this conference.
I will try to connect it to, let's call it, transatlantic national security.
So we, and it's true, we live now in a different world than we lived last 30 years, happily.
And we are example, as a PPF, we used to be happy child of globalization.
In the same time, business in Kansas City, London, Moscow, China, and Jakarta.
So we used to be very a Euro-Asian company.
I lived six years in China and run business there.
We decided already before COVID that world is becoming, we can call it de-globalized or decoupled or fragmented or multipolar.
And we think that for us as a business, private conservative business, it's time to come home.
We believe that it's best to do business in democracies.
It's best to do mass market business.
We are a mass market company, telecommunication, e-commerce, finance.
To do it, there is a rule of law.
Not enough is being said about China being a communist country with no equality in front of the law on a local level.
Too much is Beijing, Washington, superpower, and there.
But it's real.
There is nationalism in Asia.
So now we invest 85% of our money, Europe, US, Middle East.
This is our turf.
And we are very happy about it.
And in case of Europe, you are absolutely right.
Three fastest-growing economies of Europe, Poland, Romania, and Croatia.
And all three countries, they're not that rich.
I don't want to say poor, but 10 years ago, it was different.
Now, and it's not only about highways or consumables and FMCGs, it's about also national security.
If you look at the Polish army, there are not enough tanks in the road that they can buy.
because they already buy everything here, so now they are going to Korea.
Romania, as a new Poland, you know, with a super large army as well.
Not only NATO-based, but United States, taking care of Black Sea, working on Moldova topic.
Romanians are smiling in the audience because we love Romanians.
We are very happy investors there.
So for us, we see this as a business opportunity as well.
We definitely support, by the way, and yes, we can talk whether it's harsh or too pushy, but we support that United States in a bipartisan manner, honestly, because previous administration was the same, telling us, hey, guys, you need to spend more.
And now Germany, with a new fiscal stimulus, it's a business opportunity.
One trillion Euro will be spent in next few years.
So basically, this push is good.
And if we won't overplay it in the relations between Washington and Europe, I think it's going to be fine.
I'd like to go to security in a minute.
But first, since you've mentioned China twice now, I think Ambassador Haley brought it up earlier as well.
Ambassador Haley, do you have any thoughts about how the U.S. and Europe can coordinate on China policy?
nikki haley ▲ ● ▼
Well, it looked like that's what we were starting to do before the Russian-Ukrainian war, was the conversation had gone to China.
And I think the main thing is we need to never forget that China is the one that gave us COVID and didn't tell the world about it.
Never forget how much intellectual property China continues to take.
Never forget how they're building up their military.
Never forget the aggression that they have on Taiwan every single day or how aggressive they're becoming with more cyber attacks or how they're continuing to try and figure out how they can have more dominance over the world.
Because while Russia changed the narrative, China's still out there waiting and watching, watching everything that Ukraine has done and the countries that have helped Ukraine, watching everything that Russia's doing, what they're getting right and what they're getting wrong.
And China's learning from that.
And I think the main thing that I would hope that our European brothers and sisters remember is it was an absolute mistake to ever be that dependent on Russia.
It is just as dangerous to be that dependent on China.
And I was in Europe a month ago and talking to many businesses, and they still want to do business with China.
And they still talk about how they need China.
And what I will say is that's fine.
If you choose to do business with China, it's fine.
But when Russia invaded Ukraine and the rug was pulled out completely in one day, look at what happened to business.
If that happens with China, it will be 10 times the level of what we all experience.
So the key we should be focused on is what national security items is Europe dependent on China for now?
And what national security items is America dependent on China now?
And we should be making that completely urgent.
That's the first thing we're looking at and saying how can we all work together to make sure that we're relying on each other for those things and not relying for Russia and China.
unidentified
Same question.
Amen.
Amen.
No, no, look, uh so from because a lot lot is written and said about semiconductors or I mentioned renewables.
But during COVID I lived in Hong Kong and we are we have a business in 25 countries and being old-fashioned conservative business we believe that it's important to give back.
So my owner and founder called me to Hong Kong and told me how uh how many millions, how much dollars, how many millions of dollars you want that you will buy sanitizers and masks for our employees and people in the countries.
I told him sizable number.
And then my procurement team in China started mainland started sourcing it.
And if you remember, China created a law, regulation that masks and sanitizers and so on are national security products.
And there was a ban on export.
And it was very, very complicated to get it.
And then the governments had to come to China, kiss the hand, even European governments, to get basic stuff like masks and sanitizers.
So when there are these bottlenecks, a lot of stuff can be weaponized, for sure.
And once again, I mentioned drugs.
So here in the U.S. you have Adevil.
In Europe, we have a similar drug called ibuprofenum.
There is not a single factory in Europe, not a single one.
Or ibuprofenum.
We are popping like candy.
Don't do that.
But yes.
So yeah, so I think this is a serious conversation.
Also, renewables, the same.
And now rare metals and so on.
All right.
Well, we've just talked about China.
We have to go to Russia because how can we not?
And here, I'd just love to get Ambassador Haley's take on NATO writ large, the state of the alliance, what lessons it might have learned from the war in Ukraine to date as you see it and as you've been watching it.
nikki haley ▲ ● ▼
I think it was important.
President Trump in the last term said that NATO needed to be pulling their weight.
And I think they all realized that.
And so the goal at the time was 2% of defense spending.
You know, out of the 32 countries, 23 have already gotten to that point.
And I think that that showed great progress.
Now they want to take it to 5%.
You know, you look at Poland is already on its way.
You look at Estonia is on its way.
Lithuania is up at 4%.
So they are all starting to move, but they still need to move further.
And I think what the Russian-Ukrainian war did was really shed a light on why the U.S. was talking about it in the first place, is don't just rely on the U.S. for this.
We all have to kind of make sure we're lifting up together.
Now you look at the Russian-Ukrainian war.
I think it's hugely important that we always defend and fight for freedom-loving countries.
There's not that many of us.
And so when it comes to that, we always need to embrace, we always need to support, we always need to do that.
And I don't think we need to be writing blank checks to Ukraine.
I've always said that.
But I do think we should be supporting them with the ammunition and equipment that they need to win.
They have proven to be amazing military fighters.
They have proven to be a great friend and one to stand up when we needed them.
I know at the United Nations, Ukraine was a great friend to us when I was ambassador.
Now we're looking at a situation where Russia is trying to take advantage of the situation.
They see that the U.S. wants to do a ceasefire.
They want to do a deal.
Russia's playing along.
But what happens?
They're playing along just enough to say no, right?
What has Ukraine done?
Ukraine's agreed for a ceasefire.
Ukraine's agreed to, they wanted to extend the Easter ceasefire.
Russia keeps saying, okay, okay, but no.
And now Russia's saying there will be no ceasefire until there's a deal.
But yet they don't want to do a deal.
So we have to see this for what it is.
This is Putin being Putin.
And what they've done very well is the misinformation they've put out there about Ukraine.
We have seen it go rampant across the U.S.
They have continued to kind of just push us along to make us think they're doing something.
But at the end of the day, aggressors do what aggressors do.
If we allow this Russian aggression to be rewarded, they will do it again.
It's what he does.
If he sees he gains land and is not punished for it, he will do it again.
If we punish Ukraine for trying to protect themselves, what are you saying to freedom-loving countries everywhere?
There are only certain times that we can look back and say, we have to know the difference between right and wrong.
This is one of those times.
And history will show that if we go and take the side of wrong, we all suffer.
And the Central and Eastern European countries, they are the front line of defense.
They're next.
And so, you know, I would just strongly urge everyone to take a step back.
And when you're looking at this fight between Russia and Ukraine, look at who really did the best fighting, but remember who started it.
Who started this?
Ukraine didn't start it.
I don't think there's any way you can prove that Ukraine started this.
Why?
Because they wanted to be in NATO?
That would have been a good thing.
I think Ukraine and NATO would be a great thing.
They've proven their fight.
They've proven their might.
They would make us stronger, and Russia would be chilled by it.
So if you're not going to let them in, NATO, at least we should stand up to Russia and say, you cannot invade a freedom-loving country.
And every one of us should have no problem saying that.
Because if we forgive Putin for this, Poland and the Baltics are next.
And how many more do they have to go?
And that's going to give China the green light for Taiwan.
It really could create a snowball effect.
We still have time to do the right thing.
This is not about giving money to Ukraine.
This is about calling out right and wrong and standing firm in that.
unidentified
Jan. I saw you want to get in on this issue in general, but maybe I could also add to that a European flavor, which is from Prague's point of view or maybe your point of view in Prague, how do you balance these calls for strategic autonomy with the imperative of keeping transatlantic unity?
So first, big kudos to brave soldiers of Ukraine and the Ukrainian people.
God bless them, because this is our security.
The best security guarantee for Europe is now Army and Ukraine.
And then Poland and Romania and so on.
There is one thing that there is one little difference between, let's call it Western Europe and Central Eastern Europe.
In Central and Eastern Europe, we've always been quite cautious about Russia.
And I can add to this.
And there was always big love to the United States.
Our countries were created thanks to the United States, 1917, 1918, then FDR and Truman, then Ronald Reagan, then Bill Clinton and Mendel and Albright.
So there is strong support to American flag and transatlantic values in every country here.
So we, and I think we are getting it a little bit earlier than our colleagues, for example, in South Europe, even though they are frequently here, leaders from South Europe.
We do our 2% NATO spending already and we will do more.
We need to be more active.
We need to spend more on national security.
There is a topic not only hardcore hardware, the tanks and Howitzers and so on.
There is topic of sourcing and procurement.
We touched China on this.
Russian energy.
I think we already learned how to live without Russian energy last two years, even Germany.
So I think that we shouldn't go back.
We shall decouple on this.
And this is the way where we can have, not us, because this is European Commission a right to negotiate trade, but to talk about LNG, to talk about transatlantic support in energy.
Nuclear, Czech Republic is a very pro-nuclear country like Poland and others here.
So there is the way how we can help each other also in this thing.
Finally, hybrid warfare.
It was touched by Vice Prime Minister of Romania before.
We as a PPF, we own the largest TV station, TV network in Romania.
Hybrid war is real.
TikTok aggression is real.
Disinformation is real.
Attack of Russian bots, Moldova, Romania, Bulgaria, and Congo.
It's very, very real.
So also this kind of debate is necessary.
Ma'am, you already mentioned that the CE is on the front lines geographically facing Russian aggression.
Can you talk a little bit about how you see this sort of sub-region, if we can call it that, Central and Eastern Europe?
Jan just mentioned hybrid warfare.
I saw you nodding along.
Just the way it's sort of postured and equipped and facing Russia.
nikki haley ▲ ● ▼
It's the cheapest form of warfare, and they've figured that out.
I mean, look at what they've done.
We saw it massively in the U.S.
The European countries are feeling that the same way, whether it's disinformation, whether it's cyber attacks.
It is about how do you weaken the Western countries?
I mean, that's what they're trying to do.
And I think Russia and China, Iran, and North Korea, they're all doing it.
And they're winning.
They're winning at this.
And until we acknowledge that what they're doing, that the hybrid warfare is real, you know, until you acknowledge that, yes, there is something to the fact that TikTok is not balanced by algorithms of individuals, it's managed by algorithms from the Communist Party, that we have to acknowledge the truth.
And so much of that, it's talked about on the side, but until we really face that, that's where they're really fighting, that's what they're doing.
Yes, we're talking about, you know, equipment and ammunition and drones and missiles, that's always going to be part of it.
But really, the undercurrent of what's changing the narrative of all of this is that hybrid warfare that we're talking about, that disinformation.
I mean, look back when the Ukraine-Russian war first started.
Everybody was with Ukraine.
Everybody was amazed that in five days, look at what they did, they were being hailed.
And then now you look at it today.
And what's the narrative?
It's different things about Zelensky, it's about corruption, it's about all these other things.
They are all Russian talking points.
Every single one of them is Russian talking points.
And Putin is smiling over it.
And so we do have to acknowledge that, look, let's see the truth of what this is.
And I think the other side of it is, we touched on this a little bit.
I think Europe still needs to say, okay, what else can we do?
18% of European countries are still getting their resources from Russia.
That's too much.
We can't have that.
I mean, that's the thing, is I think they made, you know, big gains when it came to oil.
But when it comes to LNG, again, Poland is getting more and more LNG from the U.S.
I think we're starting to see Czech Republic is now finally independent for the first time in 60 years.
But we need to have the Europeans start getting their LNG from us or from friendlies because one, that brings us closer together as allies, but it also gets us further away from the aggressor.
unidentified
Well, that's great.
That's a positive agenda item.
And maybe I'll send that question over to Jan, which is, if you got the phone call right now that the president wants to see you in the Oval Office and you need to come up with a positive agenda en route, what are two or three things that you would recommend for positive American-European relations going forward?
And I'm going to send the same question to Ambassador.
nikki haley ▲ ● ▼
Well, you might get the call before I get the call.
unidentified
Let's be clear.
So look, as a banker, I would be hypocritical not to understand the value of transaction and transactionalism.
It's absolutely fine.
So first, I would say first debate, and I got it in debates with current administration officials before we debated about, okay, we have Russia as a problem.
You have China as a problem.
How we can help each other, how we can be more active to support the United States in Pacific.
And this is normal.
Second, okay, let's talk about defense spending.
Already, with even Spain and Italy saying that they will go to 2% GDP on military spending, now if we calculate it, there will be $400 billion a year more money on military spending.
Okay, let's talk about it, that, you know, big chunk, because it's government contracts, unlike, you know, retail, et cetera.
You cannot, we are not in command economies.
But this can be debated because these governments, okay, we will spend chunk of this money here with old-fashioned hardware and new companies like software guys who are important and drones, etc.
So that's second number two.
And third, again, strategic thing, again, government can push it.
It's energy.
Because in many countries of Europe, we have either national providers of electricity or public-private, starting from France, finishing with Czech Republic.
So in Czech Republic, Czech government is majority owner of major energy company.
So Czech government, as majority owner, can say, hey, it's going to be from U.S.
So these three things, it's possible for the governments.
And I think this is on the table and it's absolutely fine, I think.
Ma'am, same question to you.
Now you are in White House.
You're back at the UN.
nikki haley ▲ ● ▼
You know, I think the main thing is domestically, I think we have to applaud President Trump on what he's done with illegal immigration.
I mean, that was out of control.
We see it's really been reined in.
That's a big win.
I think we have to applaud him for reducing the size of government.
We all saw that as a problem, and we see that starting to be acknowledged.
And Republicans, once again, are starting to understand the value of a dollar.
That's a win.
We're seeing energy prices go down.
That was really important, making sure that we pull back on the regulations and really start allowing those permits to flow.
That's all been good.
The main thing that we have to deal with, one, obviously the economy, getting our tax cuts expanded, all that.
So I think Trump should be praised for moving everything in the right direction the way it needs to go.
When it comes to foreign policy, the one thing I would want to say to President Trump is America is strong, but the only way we're going to keep her strong is make sure you don't let Russia and China play you.
That's the biggest thing, because right now they are.
China is doing that in the way that they're with this tariff war.
We see what they're doing.
They're holding strong.
There's no way they're giving in.
They're going to wait and see who blinks first.
And trust me, it's not going to be China.
And Russia is holding on and thinking he can wait out Trump because eventually they'll just walk away from Russia and Ukraine.
That's what they're waiting on.
Those are ways they would play them.
And you said that you would say to President Trump, your issue is China, our issue is Russia.
I would say our issue is Russia and China.
We have the same enemies.
And right now, we have to bring the key is the best way to overcome your enemies is to strengthen your friendships.
And we should be strengthening our relationships so much that it makes China and Russia shake in their boots.
And we have the ability to do that.
That's the main thing the President could do going forward.
And America would be strong and a leader for a very long time if we did that.
unidentified
Jan, I've heard some reports that these tariffs have cooled the environment for some American companies operating in Europe and there's less of an inclination to go American, for example, in the defense space.
On the other hand, the President argues that tariffs are going to encourage and pull companies to invest in the US to be able to leap over the tariff wall.
Which of those two trends do you think is more likely to win out?
Second one.
So look, hey, look, it's again, to push for trade policy is absolutely fine.
And if there is one thing that we as Europeans were very scared while pushing our Green Deal and super complicated ESG and thousands of papers just in our company written on disclosures, super big headache.
And then your previous administration created IRA.
Very, very simple law.
That yes, we thought a lot, okay, for our manufacturing, because we also have heavy machinery companies, we will have to go to the United States.
So to push trade policy either this way or that way, it's possible if it's simple enough, stable enough, and predictable enough.
Anything else, again, we are not in command economies.
Czech government cannot push Czech investors to go to the United States at the end.
So unpredictability is a big problem.
It's one thing.
Second thing, and this is again basic economics.
So it's good, guys, for you that you are a service-driven country.
It's good that you don't have an agriculture base like somewhere in Africa or that you are not doing cheap manufacturing.
From security national security perspective, you need to have more, for sure.
As I said, semicondresses, pharmacy, et cetera.
But, you know who will do the manufacturing jobs here?
Just look on your employ unemployment rate.
And you don't want to have immigration.
In Europe, we need more workers.
That's why we are s o open to let's call it high quality immigration.
If you don't want to do it, who will work in those factories?
Yes, so it's a very complex issue.
My advice would be there is a trade as free as possible.
This is good for everyone.
And again, economics, who is on the top, and the United States as the richest country in the world and most powerful, they are benefiting.
And then national security topics, much more than today.
And yes, it at the end should be maybe subsidized by the governments if you want to have a manufacturing here of certain products that are needed.
But I would be skeptical.
All right.
Well, since you said skeptical is your last word, I can't let that be the last intervention.
And I noticed on the presidential campaign trail that Ambassador Haley liked to always end on a positive, uplifting, joyous note.
So I'm not even going to ask a question.
I'm just going to say on the topic of transatlantic relations, please bring us home with a positive message.
nikki haley ▲ ● ▼
Well, and I can do it very sincerely and genuinely.
I mean, we are brothers and sisters that appreciate freedom, and that matters.
And I think that trade brings us together closer.
And I think that there will be trade deals that will happen.
I think that they are already saying in D.C. that they're working on multiple trade deals.
I fully expect that to happen.
I think that's what we all want to see.
You know, the one thing I'll say is don't let, you know, it hasn't even been 100 days yet.
So don't let the roller coaster of what this 100 days have been define where we go.
I think what we need to remember is things are going to start to settle out.
And what we need to remember is who are our friends and who are our enemies.
And let's make sure we keep that in check.
I will always say America can never be so arrogant to think we don't need friends.
After 9-11, we needed a lot of friends.
And, you know, to get a friend, you have to be a friend.
And so the United States needs to always remember to be friends.
But our European friends need to understand, too, that what we are trying to do is tough love.
And tough love means, you know what, we know you can do more on national security.
We know you can bring down some of those export penalties.
We know that you can balance out trade a little bit.
Let's all do that because it has to be tough love and remembering at the end of the day we're united.
And I think if we do that, truly all of us will get through this stronger.
I have no doubt about that.
We see that with the Europeans already saying we're going to go and support Ukraine whether the U.S. does or not.
That's an amazing move by the Europeans to say we're going to find our strength.
And I think that's something we need to, and the U.S. appreciates that.
We'll respect that.
And so I think that's really important.
And the U.S. needs to understand too that we're better together with our friends.
And so I think we're going to end up in the right place through all of this.
It might be a little messy, but we'll get there.
unidentified
Well, thanks.
And this is the penultimate session.
So there's one more to come on Ukraine.
But before Dan Kochis announces whatever comes next, a break or that we roll right into the last session, please join me in thanking Ambassador Haley and Yanruzhika for their comments today.
Today, watch the White House Correspondents Association Dinner live on C-SPAN from the Washington Hilton Hotel.
First, join us online for exclusive red carpet arrivals at 6 p.m. Eastern at c-span.org.
Then our live coverage of the White House Correspondents Dinner starts at 8 p.m.
Former Trump White House Press Secretary Sean Spicer and veteran journalist Frank Cesno will join us in studio during the dinner to discuss the annual event, the role of the Press Corps, and its relationship with the Trump administration.
And we'll take your calls to get your thoughts on the president's decision not to attend this year.
Watch C-SPAN's live coverage of the White House Correspondents Association dinner today, starting at 6 p.m. Eastern with arrivals online.
Then at 8 p.m. Eastern, live dinner coverage on C-SPAN.
C-SPAN Now, our free mobile app, and online at C-SPAN.org.
Democracy.
It isn't just an idea.
It's a process.
A process shaped by leaders elected to the highest offices and entrusted to a select few with guarding its basic principles.
It's where debates unfold, decisions are made, and the nation's course is charted.
Democracy in real time.
This is your government at work.
This is C-SPAN, giving you your democracy unfiltered.
Steve Bannon, who served in the first Trump administration, spoke about populism, trade policy, taxation, and Elon Musk during the Semaphore News 2025 World Economy Summit.
He was also critical of Commerce Secretary Howard Lutnick.
This is about 20 minutes.
Please welcome Steve Bannon, chief strategist to the 45th President and founder and host of Bannon's War Room, and Ben Smith, co-founder and editor-in-chief, Semaphore.
ben smith ▲ ● ▼
Well, thank you for joining all these globalists here at the World Economy Summit, Steve.
unidentified
Honored to be here.
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