Balance of Power — "White House Targets Food Costs"

Podcast: Balance of Power
Host: Bloomberg (Joe Mathieu & Tyler Kendall)
Date: November 14, 2025

Episode Overview

This episode unpacks the White House’s recent push to address high food costs via targeted tariff relief and exemption policies, against a backdrop of ongoing economic and political tensions in Washington. Hosts Joe Mathieu and Tyler Kendall break down new tariff deals, inflation pressures at the grocery store, and the political calculus driving these moves. The conversation then shifts to an array of Capitol Hill topics, such as the renewed push to release the Epstein files, bipartisan tensions after the government shutdown, the prospects for healthcare reform, and a controversial Senate provision enabling senators to sue the government. The hosts and a lineup of expert guests provide inside perspectives on policy impacts, political strategies, and the mood in Congress.

Key Segments & Discussion Points

1. White House Tariff Moves to Lower Food Costs

Starts at 00:55

• Big Day for Tariffs: The US announces a major deal with Switzerland to drop tariffs from 39% to 15%, plus framework agreements with Argentina, Guatemala, El Salvador, and Ecuador (00:55).
• Aim: Ease rising food costs, which are a growing electoral issue.
• Key Exemptions: Carve outs for products not easily made in the US, like beef, cocoa, and bananas.
• Political Flexibility: Recent actions represent a shift from the administration’s earlier hardline tariff stance, now adapting under voter pressure (01:33).

“Affordability is coming up time and time again with American voters.”
— Tyler Kendall (00:55)

• The policy’s origin tracks back to an executive order from former President Trump, asking Commerce and USTR to find exemption opportunities (02:07).

2. Inflation: Tariffs, Optics & Impact

Starts at 03:07

• Expert Insight: Stuart Paul (Bloomberg Economics) discusses how 25% of tariff costs are getting passed to consumers, per recent CPI data. But the real economic effect of new import deals is limited due to the small import volumes from countries like Argentina (05:22).

“We can’t say that this is all Biden inflation as Peter Navarro suggested.”
— Stuart Paul (03:53)

• Impact Timelines: While exemptions should quickly affect hard-to-source goods, aggregate impact is muted due to existing import patterns (coffee: import 20x more from Brazil than Argentina) (05:22).
• Politics vs. Policy: Stuart highlights that these carve-outs are more about optics and addressing voters’ pocketbook concerns, especially moving toward the 2026 midterms (06:56).

“This is more a matter of politics and recognizing that addressing things like cost of living and affordability is a winning political issue.”
— Stuart Paul (05:52)

3. Congress and the Epstein Files

Starts at 07:43

• New Developments: Congresswoman Adelita Grijalva of Arizona becomes the 218th signature on a petition to force a vote to release the Epstein files, emphasizing the importance of transparency regardless of political fallout (08:28).

“No one should want the label of protecting pedophiles.”
— Rep. Adelita Grijalva (08:28)

• Bipartisan Tensions: Former Rep. Barbara Comstock (VA) criticizes Republicans for inaction and highlights the political risks of not supporting release of the files, especially given their prior anti-human trafficking work. She warns of electoral consequences (“you do not want to have ads run against you being a pedophile protector”) (11:41).

4. Health Care Debate After Shutdown

Starts at 13:01

• Shutdown Fallout: Bipartisan urgency expressed to hammer out healthcare reforms before the next shutdown deadline (Jan 30).
• Political Stakes: Rising premiums are a flashpoint, especially as politicians don’t want to get “politically slaughtered next year” (13:29).

“If we don’t pass a solution, we are going to get politically slaughtered next year.”
— Barbara Comstock (14:18)

• Democratic Perspective: Rep. Grijalva argues the GOP has critiqued the ACA for 15 years “but don’t actually come to the table with any real solutions,” while Kristen Hahn (Democratic strategist) reinforces that Democrats win on healthcare but are internally divided (18:03, 19:21).

“Universal health care, I think should be the base of what the American people deserve.”
— Rep. Adelita Grijalva (18:03)

5. Democratic Infighting & The Schumer Question

Starts at 20:04

• Leadership Critiques: Some Democrats urge Chuck Schumer’s resignation due to perceived mismanagement and missed post-election opportunities.
• Strategic Calculus: The party is urged to avoid internal finger-pointing and focus on contrasts with a unified Republican Party (20:34).

“There’s always room for a changing of the guard and new leadership and new blood.”
— Kristen Hahn (24:31)

• Looking Ahead: State of the Union will reflect ongoing partisan and internal tensions, with calls for new Democratic leadership and more aggressive response to the administration’s messaging (25:07).

6. Controversial Senate Provision: Lawsuits Against the Government

Starts at 29:15

• Provision Details: Hidden in the government funding bill was a clause enabling eight senators (impacted by DoJ data collection during Jan 6th investigations) to sue the government for $500k+.
• Panel Reaction: Outrage on both sides—seen as “self-dealing” and reinforcing a two-tiered justice system not available to ordinary Americans.

“They have given these eight senators a right that is denied to all of the rest of us.”
— Jeannie Shanz Zaino (33:22)

• Likely Reversal: The House is expected to overwhelmingly vote to eliminate the provision, putting pressure on the Senate to follow suit (35:10).
• Larger Implications: Underscores dysfunction and lack of transparency in congressional process, with urgent calls for equal treatment and oversight processes, not special carveouts (36:32).

7. Wall Street & Macroeconomic Perspective

Starts at 14:45

• Brief update: Market volatility with a sharp rally following early losses; focus on Federal Reserve statements and anticipation of next policy moves.

Notable Quotes & Timestamps

• “Affordability is coming up time and time again with American voters.”
  — Tyler Kendall (00:55)

• “It does look like consumers are feeling some of the effects of tariffs...but we can’t say that this is all Biden inflation.”
  — Stuart Paul (03:53)

• “This is more a matter of politics and recognizing that addressing things like cost of living and affordability is a winning political issue.”
  — Stuart Paul (05:52)

• “No one should want the label of protecting pedophiles.”
  — Adelita Grijalva (08:28)

• “If we don’t pass a solution, we are going to get politically slaughtered next year.”
  — Barbara Comstock (14:18)

• “Universal health care, I think should be the base of what the American people deserve.”
  — Adelita Grijalva (18:03)

• “There’s always room for a changing of the guard and new leadership and new blood.”
  — Kristen Hahn (24:31)

• “They have given these eight senators a right that is denied to all of the rest of us.”
  — Jeannie Shanz Zaino (33:22)

Episode Structure & Flow

1. Tariffs, Food Prices & Voter Sentiment (00:55–07:43)
   Hosts and guests explore the administration’s evolving tariff strategy, intended to lower food costs, and its limited direct impact.

2. Politics of Inflation & Consumer Pain (03:07–07:43)
   Stuart Paul (Bloomberg Economics) clarifies the political optics, limited policy impact, and ongoing inflation pain.

3. Epstein Files & Congressional Math (07:43–13:01)
   New developments on the push to release Epstein-related documents, with bipartisan implications and narrative framing.

4. Healthcare, Shutdown Fallout & Democratic Messaging (13:01–26:33)
   The looming healthcare debate, shutdown aftereffects, leadership challenges within the Democratic party.

5. Senate Provision Allowing Lawsuits Against Government (29:15–41:59)
   In-depth discussion by Rick Davis and Jeannie Shanz Zaino on the controversial clause, its legislative implications, and public backlash.

Takeaways for Listeners

• The White House’s latest food cost strategies are highly political, designed to demonstrate action on inflation rather than fundamentally alter price dynamics.
• Tariff carve-outs are framed as responsive governance, but have marginal effect on aggregate food prices; real relief requires larger-scale deals with major trade partners.
• The reopening of government immediately reignited fights over healthcare, transparency (Epstein files), and internal party direction — signaling more turbulence ahead.
• A hidden Senate provision granting select senators special legal privileges faces near-universal condemnation, highlighting transparency issues and the dangers of legislative shortcuts.
• Both parties are under substantial pressure from voters on affordability, healthcare, and government trust — issues likely to dominate heading into the 2026 midterms.

For next week: Listeners can expect further battles around healthcare reform, possible votes to roll back controversial Senate statutes, and continued realignment of congressional strategies as lawmakers react to voter anxiety over prices and government dysfunction.