Doing the Math in DC: Senators Thom Tillis & Elizabeth Warren 6/3/26

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**SPEAKER_4** (0:58)
Bring in show music, please.

**Cameron Costa** (1:02)
This is Squawk Pod and I'm CNBC producer Cameron Costa. On today's episode, we are squawking on Capitol Hill.
Two very outspoken lawmakers, two political parties, and one Senate Banking Committee.

**Andrew Ross Sorkin** (1:17)
This is like the firing line.

**Joe Kernen** (1:19)
Yes, sir, that's what happens in this town, I think.

**Cameron Costa** (1:22)
Republican Senator Thom Tillis, gearing up for retirement, holds nothing back.

**Thom Tillis** (1:27)
Whoever these people are in the White House need to get the hell out of the White House. I am tired of amateur hour.

**Cameron Costa** (1:33)
And Democrat Senator Elizabeth Warren, well, she's not retiring, but she doesn't hold back either.

**Elizabeth Warren** (1:39)
Jeff Bezos knows how to work the system, but the problem is for hundreds of millions of Americans, they don't get to work the system.

**Cameron Costa** (1:48)
Each lawmaker responds to the biggest DC headlines, like Bill Pulte, named as Acting Director of National Intelligence.

**Elizabeth Warren** (1:56)
Someone like that should be in charge of the deepest secrets in the United States. I don't think so, and I don't think anybody's gonna go for that.

**Cameron Costa** (2:04)
She could be right.

**Thom Tillis** (2:06)
I don't think he has a prayer being confirmed by the US. Senate.

**Cameron Costa** (2:08)
AI taxes, wealth taxes, presidential appointments, and so much more.

**Joe Kernen** (2:14)
We may start one place with no idea by the end of the day.

**Cameron Costa** (2:18)
It is Wednesday, June 3rd, and Squawk Pod begins right now.

**SPEAKER_4** (2:22)
Stand back you buy in three, two, one, cue please.

**Becky Quick** (2:28)
Good morning, everybody, and welcome to Squawk Box right here on CNBC. We are live from Washington, DC., where we are on Capitol Hill today. We are coming to you from the Senate Banking Committee room. And guys, we are here because Washington, DC is the one that sets the rules and regulations for American business and determines the fortunes for Wall Street. And we are going to be hearing straight from the sources themselves about changes that could be coming both for investors and for American business.

**Joe Kernen** (2:55)
The Trump administration is proposing some new tariffs on at least 10% on 60 trading partners. US. Trade Representative James Ingreer citing a failure by the countries, including China, India, Japan and South Korea, to ban goods with forced labor. It would also apply to imports from Canada, Mexico, the EU and the UK.
And President Trump signed an executive order yesterday asking AI companies to provide models to the federal government to assess their capabilities ahead of a full release participation in the so-called benchmarking process would be voluntary. The order was light on specific details. The president signed it in private just weeks after he postponed a signing ceremony with prominent tech CEOs saying he didn't like certain aspects of the order. There's a couple of little modifications. David Sacks, yes, David Sacks, he signed off on this latest thing.

**Andrew Ross Sorkin** (3:49)
Well, the voluntary piece is the sort of crucial difference between where they were a couple of weeks ago and where they are now.

**Becky Quick** (3:57)
And the questions are how much pressure comes with that voluntary status on that. If you don't do it, what are the end results? What are the repercussions if you don't go along with that?

**Joe Kernen** (4:07)
Remember when we got the news a couple weeks ago that he delayed it, it was like, we don't know how to feel. I was like, okay, good, because we don't wanna lose.
We don't want China getting ahead. We want a free market approach to this. But then at the same time, you're thinking, this is really powerful stuff.