Balance of Power – "Trump Wraps Up UK Visit"

Podcast: Balance of Power
Host: Bloomberg
Date: September 18, 2025

Episode Overview

This episode, hosted by Joe Mathieu and Kailey Leinz, delivers a detailed analysis of President Trump’s state visit to the UK, a major Nvidia-Intel investment announcement, escalating political divisions over violence and speech in America, budget negotiations threatening a government shutdown, the politicization of entertainment, and Las Vegas’s federal tax fight. Featuring on-the-ground reporting from Anne Marie Hordern, political contributors Rick Davis, Arshi Siddiqui, and a policy deep dive with former Speaker pro Tem Patrick McHenry and Congresswoman Dina Titus, the episode offers both timely headlines and broader context for ongoing U.S.-U.K. relations, tech sector maneuvering, and the dynamics on Capitol Hill.

Key Discussion Points & Insights

1. Trump’s UK Visit: Ceremony, Business, and Geopolitics

State Visit Framed as a Success

• [02:25] Anne Marie Hordern (outside Windsor Castle): The White House considers the trip "a massive win for the U.S. administration," highlighting Trump's unprecedented second state visit invitation.
• Both Trump and Prime Minister Keir Starmer emphasized the enduring, close U.S.-U.K. relationship.
  • Trump: "It's really an inheritance, beautiful inheritance." ([01:44])
  • "I think it's an unbreakable bond we have. Regardless of what we're doing today." ([01:59])

Diplomacy with Disagreements—Recognition of Palestine

• Contentious issues handled diplomatically:
  • Starmer is set to recognize Palestinian statehood, marking a split: “We have a few disagreements, but then he stopped there. He didn’t go on to try to change the prime minister’s mind in front of the press." ([02:25])
  • Trump repeatedly pressed for all hostages to be released from Gaza, avoiding direct comment on Israel’s withdrawal or pressuring Netanyahu. ([05:04])
  • Anne Marie: "They both somehow got out of that press conference and a lot of questions from the press unscathed…there potentially could have been squabbles… but they left it as such." ([02:25]–[03:41])

2. Breaking Tech News: Nvidia’s $5 Billion Investment in Intel

Deal Announcement & Political Timing

• [07:19] Joe Mathieu & Mike Shepard: Shocking headline during the UK trip: Nvidia invests $5B in Intel.
  • Shepard: "Deals like this don't happen overnight...there is coincidence and then there is politics."
  • The investment also includes plans for two new products and is seen as a “shot in the arm for Intel.”
  • Analyst view: “Nvidia’s investment less about money and more about influence.” ([08:16])

Political Capital and Tech Policy

• Intel-Nvidia deal entwined with Trump administration regulatory approval, especially Chinese sales:
  • Shepard: "When we're thinking of Nvidia, we also have to think about the permission that Trump's administration has granted...to sell its H20AI chips in China. That comes with a catch, the 15% cut that will go to Uncle Sam." ([09:33])
• Intel stock surged over 30% after the announcement.

3. Political Violence, Partisan Blame, and ‘Cancel Culture’

Political Violence—Not Just ‘One Side’

• Recent Texas arrest (anti-Muslim threats to NY mayoral candidate Zoran Mamdani) and aftermath of the Charlie Kirk shooting prompt debate.
  • VP (clip): “That is not a both sides problem. My friend is dead because of left-wing political radicalization." ([11:32])
• Arshi Siddiqui urges lowering the political temperature: "We can only solve this if we’re in it together." ([13:25])
• Rick Davis notes House censure vote on Ilhan Omar is “performative,” tied to individual members’ ambitions. ([14:44])

Antifa, Proud Boys, and the Limits of Targeting

• Debate on designating Antifa a terrorist organization:
  • Siddiqui: "Not many people know what Antifa is but they have a negative connotation...easy poster child." ([15:51])
  • Rick Davis: “Nobody can tell you what an Antifa is...the greatest threat is not from terrorist organizations outside the country, but those that are resident inside this country.” ([16:38])

Legislative Dysfunction & Government Shutdown Prospects

• Corrosive partisanship jeopardizes budget deals, notably ACA (Obamacare) insurance subsidies:
  • Rick Davis: "The caustic environment...is taking its toll...the reality is, it’s a failure of the budget process as much as anything." ([19:25])
  • Arshi Siddiqui: "We're talking about up to 75% increase in ACA premiums coming in October...5 million Americans are going to lose their health care if these aren't extended." ([20:54])

4. The Politics of Corporate Influence and State Capitalism

Patrick McHenry (Former Speaker pro Tem) Analysis

• Bloomberg’s Patrick McHenry ([24:34] onward):
  • The state of U.S. ‘state capitalism,’ especially as corporations like Nvidia align with Trump for regulatory advantages (e.g., chips export licenses):
    • “That's why one of the wealthiest men...is there at a state dinner to make sure that he is tight with this administration.” ([27:16])
  • Critiques direct government investment: "State-based capitalism is called socialism. Not in the interest of the American taxpayer...Politicians do an atrocious job traditionally of doing this.” ([28:36])
  • Points to “permitting” as the real bottleneck to onshoring chip manufacturing, not lack of capital.

Entertainment, Free Speech, and Cancel Culture

• Trump’s late-night social post celebrating Jimmy Kimmel’s firing:
  • "Great news for America. Congratulations to ABC for finally having the courage to do what had to be done. Kimmel has zero talents." ([24:34])
• McHenry: Culture wars over late night TV comedians have become “exhausting to watch” and out of touch; decries cancel culture from both left and right. ([34:07])
• On calls to revoke TV licenses for “bad publicity”: Rep. Dina Titus: “It’s astounding...these regulatory agencies that are supposed to be watchdogs have just become lap dogs...What has happened to the Constitution, the Bill of Rights?" ([39:25])

5. Capitol Hill Showdown: Shutdown, Healthcare, and Las Vegas

Congresswoman Dina Titus on the Looming Shutdown

• Democrats united against CR lacking health care provisions:
  • "If you can't help people who need health care, what's the point? ... They just take advantage of that and use it to cut more programs." ([36:42])
• On ACA subsidies cost: “You’ve got very selective use of statistics...If this shuts down because they won't provide those subsidies, then they're going to have to do the explaining because it's going to all be on them.” ([37:32])

Las Vegas Issues—Tourism and Gambling Taxation

• Tourism in Las Vegas is hurt by tariffs and diplomatic rows, says Titus. Jimmy Kimmel might “perk up the Strip.” ([40:23])
• Titus champions restoring full federal tax deduction for gambling losses, arguing partial limits incentivize illegal betting. ([42:10])
  • “You don’t tax somebody on money they don’t have. It’s like ghost money, phantom money.” ([42:10])
• Las Vegas is likely to host the 2029 Super Bowl, boosting the city’s tourism and “sports town” credentials. ([44:00])

Notable Quotes & Memorable Moments

• Trump, on U.S.–UK Relations: “It's really an inheritance, beautiful inheritance... I think it's an unbreakable bond we have. Regardless of what we're doing today.” ([01:44]–[02:03])
• Anne Marie Hordern: "They both somehow got out of that press conference and a lot of questions from the press unscathed." ([02:25])
• Mike Shepard: “Nvidia’s investment less about money and more about influence.” ([08:16])
• Rick Davis: “Nobody can tell you what an Antifa is...the greatest threat is not from terrorist organizations outside the country, but those that are resident inside this country.” ([16:38])
• Patrick McHenry: “State-based capitalism is called socialism. This is not exactly, in a very traditional economic sense, the right approach for that type of connectivity here.” ([28:36])
• Dina Titus: “It’s astounding to me that the President would say we’re going to take away freedom of speech... What has happened to the Constitution, the Bill of Rights?” ([39:25])
• On Gambling Tax: “You don’t tax somebody on money they don’t have. It’s like ghost money, phantom money.” (Dina Titus, [42:10])

Timestamps for Key Segments

• 01:44 – Trump & Starmer: U.S.–UK “unbreakable bond”
• 02:25 – Anne Marie Hordern live from Windsor Castle: Press conference and differences over Palestinian recognition
• 07:19 – Nvidia’s $5B investment in Intel – Mike Shepard analysis
• 11:32 – Vice President addresses left-wing political violence (Charlie Kirk shooting)
• 14:44 – House censure vote on Ilhan Omar & partisan performance
• 16:38 – Antifa, Proud Boys, domestic terror, and political rhetoric
• 19:25–22:20 – Congressional dysfunction threatens shutdown; ACA subsidies debate
• 24:34–35:10 – Patrick McHenry on state capitalism, comedy, and cancel culture
• 36:42–44:00 – Rep. Dina Titus: government shutdown, ACA, and Las Vegas tourism/tax policy

Summary Conclusion

This episode provided a tapestry of the current U.S. political climate—from diplomatic tightrope walks and massive business deals abroad to divisions, gridlock, and culture wars at home. A rare bipartisan echo on the need for cooler political discourse briefly shone through the polarization. Major corporate investment was shown as deeply tied to regulatory risk and political favor. Meanwhile, the fate of millions’ healthcare coverage and local economies like Las Vegas rests on high-stakes negotiations dragging on in a politically fraught Capitol, with Congress members and experts offering both inside knowledge and pointed critiques.