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Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 12 February 2026
⏱️ 39 minutes
🧾️ Download transcript
Summary
The latest in finance, economics and investment.
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyThursday, February 12th, 2026
Featuring:
1) Peter Navarro, Senior Counselor to the President for Trade and Manufacturing, on the House's rebuke of Canada tariffs and the January jobs report.
2) Brian Belski, CEO & CIO at Humilis Investment Strategies, examines the rotation from mega cap growth to value.
3) Monica DiCenso, Head of Global Investment Strategy at JPMorgan Private Bank, examines the software bear market amid AI disruption fears.4) Martha Gimbel, Executive Director & Co-Founder of Yale Budget Lab, discusses the state of the US labor market.
See omnystudio.com/listener for privacy information.
Transcript
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| 0:00.0 | Bloomberg Audio Studios. |
| 0:04.7 | Podcasts, Radio, News. |
| 0:11.9 | This is the Bloomberg Surveillance Podcasts, |
| 0:15.3 | Catch us live weekdays at 7 a.m. Eastern on Apple, CarPlay, or Android Android Auto with the Bloomberg business app. Listen on demand, |
| 0:23.3 | wherever you get your podcasts, or watch us live on YouTube. I have known Peter Navarro for decades. |
| 0:29.5 | He's a pinata for so many in America. I want to reaffirm who Dr. Navarro is. In 1994, a bombshell of a book came out of the University of California, Irvine. |
| 0:41.8 | It was called The Coming China Wars, and Peter Navarro, agree or disagree, invented a franchise and |
| 0:49.3 | conversation point on America and China. A guy up in New York, Donald Trump citizen, looked at Mr. Navarro and said, |
| 0:57.8 | hey, I can agree with that. And of course, Peter Navarro advises our second term president of the |
| 1:04.4 | United States, a senior counselor to the president. Dr. Navarro, thank you so much for joining Bloomberg |
| 1:09.8 | today. I want to get right to it, |
| 1:11.4 | Peter. When you were to Irvine, you lectured on McKinley's capitulation on tariffs. McKinley was the |
| 1:19.6 | arch-Trump-like protectionist of the 19th century, and he did the Buffalo Pivot, where he said, |
| 1:26.9 | we've got to get more open. Are we in the process now of a modern Buffalo Pivot? |
| 1:33.7 | Tom, first of all, I just want to let the Bloomberg audience know how much I admire you for years. I've just, I just love what you do. So let me get that out of the way. |
| 1:46.0 | McKinley, Henry Clay, Abraham, Lincoln, Alexander Hamilton. These are like the four |
| 1:56.0 | people on the Mount Rushmore of American tariffs. And we are not in any pivot away from that. |
| 2:04.6 | We are fully embracing a structural shift engineered by Donald Trump |
| 2:12.6 | in the entire international global trading system |
| 2:16.6 | in a way which will make that system better and more |
| 2:20.7 | prosperous. The problem we've had, Tom, is under the rules, the very rules of the World |
| 2:26.5 | Trade Organization, specifically the most favored nation rule. Every other nation in the world has had a license to cheat us |
... |
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