Scott Bessent From Beijing 5/14/26

What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Borsten hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Bring in show music, please. Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, high stakes in Beijing are Eamon Javers reports. This is one of the great questions of history. Can the U.S. and China manage not to fall into that trap of competition and conflict and war? Treasury Secretary Scott Besant joins us exclusively from China. President Trump today told Xi Jinping that he wants to open up China and China should open up. Besant said our two countries would create an AI safety protocol to develop the technology. The U.S. is the undisputed leader in the world here. We have the greatest AI companies. Plus, chips, Taiwan, oil prices. West Texas crude six, nine months out is substantially lower. The curve is in substantial backwardation. A lot of news made in this conversation. You don't want to miss a moment. We're record production. We're an energy superpower. And we're just going to we're going to keep pumping. It's Thursday, May 14th, 2026. Squawk Pod begins right now. Stand under by three, two, one. Up and under. Good morning and welcome to Squawk Box right here on CNBC. We're live at the NASDAQ market site in Times Square. I'm Andrew Ross Sorkin, along with Joe Kern. And Becky is off today. We grappled with everything yesterday. Really warm PPI numbers. And remember, initially, the Dow had been down, but the NASDAQ was up 300, right? The Dow was down about 100. The S&P was flat. Those numbers came out, and the NASDAQ's gains got paired from 300 to about 70. Remember that? And the Dow, which had been down about 100, was down 300. By the end of the day, the Dow barely ended lower. The S&P was up 44 points to a new high, another new high. And the NASDAQ was up at one point almost 400. What's your explanation? I don't, chips, chips, China, chips. Did you see the NVIDIA news, which happened right before I was going to, at least Reuters was reporting it right before I was going to interview the Treasury Secretary about the H200. is apparently going to be. And I think, you know, you talked about that. One of the reasons that it picked old Jensen up in Alaska was because this is such an important thing for... To throw a last-minute deal into the mix. Yeah. Under the new situation, President Trump and I, fully aware of the expectations of our two nations and the international community, have had multiple meetings and phone calls and kept China-U.S. relations generally stable. Thank you again, President Xi, for this beautiful welcome. And tonight, it is my honor to extend an invitation to you and Madam Peng to visit us at the White House this September 24th. Key story of the day, President Trump meeting with Chinese leader Xi Jinping in Beijing. We're going to get straight over to Eamon Javers. He is on the ground in China this morning. Good morning. Yeah, good morning to you, Andrew. You're looking at live pictures now of President Trump arriving at the Great Hall of the People. This is for the banquet this evening. Remember, it is evening here in Beijing. And they have a star-studded cast of CEOs and political figures attending this state banquet at the Great Hall. You just saw the president arrive. They're about to get underway. We've seen cameras in the room. Elon Musk is there, along with a whole host of American CEOs as well. The president was greeted by pomp and ceremony earlier today at that same Great Hall of the People. We saw soldiers marching, adoring children. And, of course, this handshake, which was a large part of the reason that President Trump traveled halfway around the world to come to Beijing to signal friendly relations with the Chinese side. And he hopes to cut some significant business deals. The president at that meeting touted the size of his CEO contingent. Here's what he said. I just want to say on behalf of all of the great delegation that we have, we have the greatest businessmen, the biggest, and I guess the best in the world. We have amazing people, and they're all with me. Every single one of them, we asked the top 30 in the world, every single one of them said yes. And I didn't want the second or the third in the company. I wanted only the top. And they're here today to pay respects to you and to China. And they look forward to trade and doing business. So some fairly effusive remarks from President Trump at that bilateral meeting. We also saw comments from Xi Jinping at that meeting. Two warnings for the U.S. side from Xi Jinping. One was on Taiwan. The Chinese leader said that the Taiwan issue, if the U.S. doesn't handle it properly, could lead to a dangerous confrontation between the two countries. He said Taiwanese independence is not compatible with peace in the Strait of Taiwan. So a stern warning there on the issue of Taiwan and also the Chinese leader bringing up this concept of the Thucydides trap, the concept that the rising power in the world will always challenge the established power in the world and that will always lead to a conflict. Xi Jinping raising that sort of philosophical point to say that this is one of the great questions of history. Can the U.S. and China manage not to fall into that trap of competition and conflict and war that we've seen time and time again throughout history? So we'll monitor this state dinner that you're seeing right here. Again, trying to get a sense as we look at these live pictures, guys, of who all is in the room. But it is a star-studded cast of CEOs and corporate executives there. Back over to you. Hey, Eamon, before you go, do you have any backstory, background on the whole Jensen pickup in Alaska story? And I asked because Joe and I were just talking about this headline this morning about these H200 NVIDIA chips that may be now in the offing as part of a deal to 10 Chinese firms. Obviously, it sounds like he wasn't on the original either invite list or manifest or something. Yeah. So a couple things. You know, I don't have all the detail on this, Andrew, so I have to be careful where we are. We don't have great communications. We haven't heard anything from the U.S. government. But we don't have any confirmation that anything new at all has happened with regard to NVIDIA and the chips, right? I mean, if you read that Reuters story very carefully that crossed this morning, it's getting a lot of attention, and rightfully so. But the story does not say that anything new has happened here at this summit. What the story appears to my read to be referring to is approvals that the U.S. government made for sales of these chips back in December and January, right? So months ago, these approvals were made. And the Reuters reporters have uncovered new details about what exactly those approvals were. And it appears to me, again, to my read only, it appears that what they're talking about is that those approvals have not made a difference for NVIDIA because the Chinese have not made the purchases that have been approved. Why did the Chinese not make those purchases? Well, because they're concerned of a couple of things. One is they're concerned about Huawei, their domestic competitor. They want to beef up that company, so they want to steer business to them. They're also concerned about potential U.S. intelligence manipulation of the chips that are sold to the Chinese side for surveillance purposes. So the whole context of that Reuters story is that these approvals happened months ago. They still haven't resulted in sales. Jensen Wang is at this state dinner in order to try to break that logjam and to try to sell some of those NVIDIA chips. If he can, if the Chinese announce major purchases, that would be a big deal for NVIDIA. But it's my understanding, again, based on the information that I have here, that nothing new has been signed with regard to NVIDIA as part of this trip. And I think that's as part of this trip. And I think that's why Treasury Secretary Besson told Joe earlier today in their conversation that he hadn't heard about that, that it was news to him. How do you know that? That's my read of what Besson. Oh, I'm sorry. It's hard for me to keep track of the time. zones here, Joe. I can't tell what's past and what's future now. I apologize if I'm jumping the gun on your exclusive, which was great. No, he punted. And he said, that's a commerce. That's a Department of Commerce situation. But even the Reuters piece, you're absolutely right, I mean, it was more interested or it was more delineating who the 10 firms were. This is what we know But then it in an afterthought almost said there been no deliveries made up to this point and Jensen Long really wants that happen and that that probably why he hopped on the plane um yeah so yeah but you right yeah we gonna play we gonna play it right so i just wanted to caution that that you know we got a few things you haven't yeah we got a few things you haven't already there's a couple of things you haven't already given away that that are still in that we can you know hopefully make some hay out of yeah okay very good although We should point out, if you were Treasury Secretary Besson, you let the president probably announce the biggest things. I wouldn't want to be front running President Trump. And I think Treasury Secretary Besson is very measured in the things he was able to say. But I did speak with him in the middle of the night here over there is like afternoon or something. and started by asking him to delineate any concrete progress that has come out of his meeting earlier with the vice premier and what is likely to come from the president's summit with President Xi. Here it is. Joe, the Chinese don't like any surprises, which is why President Trump is especially effective with them. But the vice premier and I, who have a very good working relationship, I think we've seen each other. This was either our eighth or ninth meeting. Worked on the agenda for today's meeting in terms of the economics, the deliverables. And so we talked about purchases. We talked about some issues that the Chinese side had. And we're going to talk about forming a board of trade for the bilateral trade between the U.S. and China. and we're going to talk about a board of investment that will be responsible for investment in non-sensitive areas. Mr. Secretary, you know, foreign investment in the U.S. is always a priority for this president, and I'm sure he'd like to announce a commitment that starts with the letter T, or trillions of dollars from China to make its way onto our shores. How do we balance such an increase in cooperation with all the ongoing security concerns we have with a country that we know wants to eventually eclipse the United States? Well, again, Joe, I'm not sure where this trillion-dollar investment number has come from. It's somehow gotten out into the ether. And the purpose of this board of investment is to decide up front what are the non-strategic, non-sensitive areas where it would be possible for the Chinese to invest. I chair something called CFIUS, the Committee on Foreign Investment in the United States. And what we want to do is make sure that these investments don't get referred to CFIUS. So this would pre-gain those investments just to make sure that they're not of a strategic, they are sensitive area. But look, there are plenty of things that the Chinese could invest in in the U.S. and we're trying to push the same thing in the U.S. President Trump today told Xi Jinping that he wants to open up China and China should open up. China's domestic economy has been weak. The Chinese consumer needs to get a larger share of wages or labor needs to get a larger share of the GDP. It all tends to go back into manufacturing now. And China really needs to create a bigger consumer economy. And President Trump and the entire administration have been pushing them to do that. So there's a report from Reuters that just came out that the U.S. has cleared around 10 Chinese firms to buy NVIDIA's second most powerful AI chip, the H200. no deliveries have been made so far, but this is obviously something that CEO Jensen Wong probably would like to see happen as far as a breakthrough. Can you confirm that's true and which companies would be allowed, approved, which Chinese firms to buy those chips? Yeah, Joe, this is news to me. I know there's been a lot of back and forth on the H200s, And we'll have to see on that. That's a Commerce Department function. OK. At the same time, there's some competing narratives about the overall environment that we're looking at there. China's export economy continues. Xi apparently wants to show that he will not be bullied. Meanwhile, China's feeling the pinch from a myriad of internal and external pressures that we talk about, whether it's real estate. And I think it's in their best interest to stabilize relations with the U.S. But at the same time, President Trump would probably like to announce some positive news at this point. He's brought all those business leaders. Who is in a stronger bargaining position in your view? Who needs a deal more, in your view, and has the upper hand? Again, the U.S. is the deficit nation in terms of trade. And I used to teach economic history and economic history would tell you that the deficit country always has a stronger position because we do have a deficit and we are China's largest customer. Although President Trump has brought the trade deficit down to, it seems crazy to say, only $200 billion. These ladies are focused on getting it into balance. And that's the goal here. And that can be done one of two ways. Either the U.S. receives fewer imports from China or we sell more to China. And we're trying to balance that out. What's happened to China over the past year has been President Trump put up the tariff wall and China continued to push out goods into their export market. But the U.S., much of that market was blocked and the goods went to the rest of the world. And there was a lot of price pressure on those goods. So I don't know if you're familiar with the old saying, Joe, is we lose a dollar on every item, but we make up for it in volume. So the Chinese have tried to make up for it in volume. They've got a tremendous trade surplus. But if you look at the statistics, the profitability of the Chinese firms is way down. And that is even with massive subsidies from the government. We had Steve Danes, the senator on yesterday, just returned from China after leading a delegation. the secretary told us, I hadn't heard this before, the three B's, Boeing, beef, and beans. Will those all be discussed? And what else? Well, those are big. I think we're going to see the large Boeing orders. Beef was more, they're non-tariff trade barriers against our great American ranchers. And then soybeans, we have a very large purchase commitment from the Busan agreement for the next three years. So beans are really all taken care of. Although if I were the Chinese, I'd probably buy more beans now because there's a weather pattern called El Nino that we're probably going to see this year that typically results in very high soybean prices. Could there be some breakthrough on tariffs? There's another report that the two presidents may discuss cuts on roughly $30 billion worth of imports. Do you know which sectors are on the table there? And is this a good way to do it, to pick winners and decide which ones we're going to allow in without tariffs and which ones we won't? So we're going to form a board of trade. And the idea will be for non-critical, non-strategic areas, things that the U.S. doesn't want to make that we're never going to reshore. So something like fireworks or very low-end consumer goods that are going to keep coming from China no matter what. So we can uncharacterize those. And then there are many things that they want to buy from us. There was talk today about the Chinese buying more U.S. energy. And the U.S. is exporting a record amount of crude and LNG now, the only binding constraint. is our export facilities. We're going to be building more export facilities. We're going to be ramping up in Alaska, which is a natural for China. And given what's going on in the Mideast, we think that not only China, but countries all around the world are going to look to diversify away from the Middle East for a more stable source of energy. And what better place than the U.S.? But the idea of starting with 30 billion by 30 billion that both sides can designate, again, for non-critical areas and areas that we're not trying to reshore. Secker, do you have a sense on whether China will help with the strait and what China has communicated to us about the Strait of Hormuz? And I mean, that's obviously important to them as well. Do you think they're going to help? I think they're going to do what they can. And here China has a much bigger interest in reopening the street than the U does China gets about a third of its energy needs from the Gulf So a reopening of the strait benefits China. Unfortunately, they were the largest consumer of Iranian oil. They were buying about 90 percent of it. Iranian oil represented about 10% of their energy that they took in. But the rest of the countries in the Gulf were also substantial contributors, whether it was Saudi, UAE, Qatar. And China gets a substantial amount of their LNG from the Gulf also. You've talked about it. It's where we have. I'm sorry, sir. Go ahead. No, I was just going to say that China, it's very much in their interest to get the strait reopened. And I think they will be working with behind the scenes to the extent anyone has any say over the Iranian leadership. And the real problem here, Joe, is as you're aware, we didn't change the regime, but the regime changed. And it was several layers of leadership. They were decapitated, and it's very tough there just to communicate anything to anyone who is able to either act or get an overall agreement and speak on behalf of the Iranian leadership. Yeah. You've talked about this a lot, Mr. Secretary, and that is the strain that Iran is under right now, severe strain with the continuing blockade, hyperinflation, plunging currency, food and water shortages. The Supreme Leader allegedly, as you said, we're not sure who we're talking to at times, allegedly has begged companies to stop laying off workers for the good of Iran. Is there a breaking point for a regime whose priorities don't include the welfare of its people? Sure there is, Joe. And what we're seeing is the loading facility, the main loading facility for Iranian oil is a facility called Karg Island. We've seen that there have been no loadings in the past three days. We believe their storage is full. None of the ships are getting out. None are coming in. So they're not able to store oil on the waters. So they're going to start shutting down their production. We can see that that's happening from satellite photos. But more importantly, Joe, exactly as you said, this is a diabolical regime. Thus far this year, they executed 30,000, 40,000 people, many of them peaceful protesters. And so how do you deal with a regime like that? You squeeze them economically. And we believe we're at the point where soldiers aren't getting paid. They're not able to replenish their weapons stocks from abroad. So, you know, I think that they are on their last legs. And the blockade, President Trump's blockade, has been a resounding success. At the same time, it's still a blockade on oil. Oil is up at over $100 a barrel today just on West Texas, even higher on Brent. Do you still believe that the surge we've seen in gas prices and in inflation in general had some hot numbers, PPI yesterday, CPI earlier, they're hot. Do you view that as something that will be reversed quickly if the strait is reopened? And I guess I'd go on to say, do you think the president will accept no rate cuts right off the bat from the new Fed chief, Kevin Warsh? Well, a lot to unpack there, Joe. So let's do it one by one. I think in terms of what we're seeing here, we can see that crude, West Texas crude, six, nine months out is substantially lower. The curve is in substantial backwardation. That's when the front month is much higher than the back month. So I believe the crude will come down quickly. We've seen the UAE come out of OPEC. So the market's going to be very, very well supplied. I think all the other energy producers, having not gotten oil out for a long time, are going to pump like crazy. And as I said earlier, the U.S., we're at record production. We're an energy superpower. And we're just going to keep pumping. So I think there's the potential for energy, crude, gasoline to come trundling back very quickly, which will mean that the look through to inflation will also come down very quickly. I was never on Team Transient during COVID. And a lot of that had to do with what happened with a very expansionary fiscal policy that was financed by debt purchases from the central bank, kind of an experiment in modern monetary theory that caused inflation. But here, I firmly believe that nothing is more transient than a supply shock. And we can look through that because before the Iranian conflict began, core inflation was coming down. So I think core inflation will continue coming down. We'll get to the other side of this. And I don't know whether it's a few days or a few weeks. And energy inflation will come back down. And we've got the start of the Warsh Fed. Kevin was confirmed last night. Only one Democrat, John Fetterman from Pennsylvania, voted for him. It just shows the dysfunction of the Democratic Party. He got a 99 voice vote when he was a governor last time. And I think that he's going to bring an open mind to this. And I actually think he's going to be in a very good position because we may get a series one, two more hot inflation numbers. But then I think we're going to see substantial disinflation. We're going to pause that interview for just a moment because President Trump is beginning to speak in Beijing right now, and let's take that live. And for so graciously hosting us on this very historic state visit, we had extremely positive and productive conversations and meetings today with the Chinese delegation earlier. And this evening is another cherished opportunity to discuss among friends some of the things that we discussed today, all good for the United States and for China. And it was a great honor to be with you. Please. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice. Think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. You're listening to Squawk Pod from CNBC. and today's newsmaking interview with Treasury Secretary Scott Besant, traveling as part of President Trump's delegation to China. Thank you. That's it. Thank you. That's it. Joe Kernan takes things from here. There we have that toast. And let's get back to our conversation with Secretary, Treasury Secretary Besant. And I asked him how he sees the U.S. navigating through the AI revolution. Well, all three of the leading companies, Anthropic OpenAI and Google slash Gemini, their large language models are increasing in power very, very quickly. We saw a step function jump with Anthropic Mythos. I think we're going to see a big step function jump with OpenAI's next release. And I think in a few months, we're going to see a big step function jump with Gemini. And Joe, first of all, the good news is the U.S. is the undisputed leader in the world here. We have the greatest AI companies. We're actually going to be discussing the AI guardrails with the Chinese. Well, because the Chinese are substantially behind us, but they have a very advanced AI industry here. So the two AI superpowers are going to start talking. We're going to set up a protocol in terms of how do we go forward with best practices for AI to make sure non-state actors don't get a hold of these models. And you know Joe what I will tell you is all three of the big players have been very good partners with the U government because what we don want to do is stifle innovation So our responsibility is to come up with the highest performance calculus where we can get the most innovation and the highest level of safety And I am very satisfied that we are well on our way to that. Everything has been voluntary by the companies and they have been very good partners with the U.S. government. And we will be open to working with the leading companies, whether it's anthropic, there's not, will there be eventually some type of resolution to some of the issues, whether it's mythos, whether it's supply chain issues with anthropic? Will that be handled? What can you tell us? Again, I'm not going to speak for the Department of War. I would isolate their issue with anthropic. Anthropic has been very engaged with the White House, with Treasury in terms of mythos and all their new releases. So I think, Joe, the way to think about it here is with these large language models now, we had a big step function increase. And the U.S. government has begun consulting with the firms. And again, we don't want to stifle innovation. We're just consulting with them. They've been very good partners. And going forward, I would think that we will be much more on a ramp than a step function in terms of what we see, how the models affect the business community. And we're going to be working with the companies to ensure that everything, where there are vulnerabilities, they get patched at Treasury. We've been working with the 11 largest banks, and now we're taking that down to the super regionals. And they are compiling data for us that we will then start sharing with the small and community banks. So, again, the process is working very smoothly, and I am highly confident that we can have a very good transition into this exciting new technology. And sitting here in China right now, it is of the utmost importance that the U.S. maintain our lead in AI. The reason we are able to have fulsome discussions with the Chinese on AI is because we are in the lead. I do not think we would be having the same discussions if they were this far ahead of us. So, you know, we're going to put in U.S., the best practices, U.S. values on this, and then roll those out to the world. So many times I've, and this will be a final question. I know you've got to run, Mr. Secretary, but you have so many different hats. I'm going to ask you, it's kind of a Treasury, kind of a Secretary of War question, I guess. Will Taiwan come up? Do you know whether President Xi is going to ask President Trump to change the longstanding strategic ambiguity? Or will there be any requests from President Xi to limit arms sales to Taiwan at this point? Do you know? Can you comment on that at all? Sure, Joe. It wouldn't be a U.S.-China summit without the Taiwan issue coming up. And I'm confident that President Trump understands the issues around that and is very, very resolute in his answers. And I'm sure we'll be hearing more from him in the coming days on that. Do you think at this point that the president would, I don't know, give a concession to President Xi and perhaps, I don't know, like I say, change the longstanding practice that we've had? I don't even, it's so ambiguous, it's hard to even describe, but we're kind of like don't have an opinion on whether Taiwan should be part of the mainland or not. Do you think that'll change? Again, I'm not going to get out ahead of the president. You'll be hearing more from him either this evening, tomorrow. But again, President Trump understands the issues here and understands the sensitivities around all this. And anyone who's been saying otherwise does not understand the negotiating style of Donald Trump. Great interview. Fascinating stuff. Trying to figure out. So President, he's not going to say something ahead of the president about Taiwan, obviously. But he said the president is sensitive to the the issues in China of of Taiwan. That almost had President Xi come out quite publicly. Right. Right. But I didn't know that at the time. Right. But since then, he has effectively warned President Trump that this could lead to extreme problems. Well, it almost sounded like Secretary Bess was saying the president is aware of the Chinese concerns and sympathetic to the concerns. I mean, that's what people have been warning the president not to do is to acquiesce on how we've handled it. Because Taiwan could end up being the most important cog or one of the most important cogs in the AI race and everything else. What did you make of the trillion dollar part of your conversation? Because I don't know whether people bandied about it. In the past, the president has used the T-word a lot. I think he said that we're at $15 trillion for investment into the U.S. since he took office, foreign investment. So hadn't you seen the trillion? No, it is. But it's interesting because there's been a whole bunch of coverage in the last 24 or 48 hours where people have suggested that maybe this is not going to be like some of the deals. Treasure Secretary. And it felt like the Treasury Secretary was effectively saying, yeah, I don't know where that I don't know where that headlines coming out of this in terms of massive corporate deals, unless that's I don't want to front run the president and the president will do it and then surprise everybody. Well, that's why I asked the other question is like, OK, really? We want a trillion dollars worth of Chinese involvement in our economy when we know full well that their whole M.O. is to steal IP and to. Well, and that's what's so interesting and complicated about this situation. You want it, but it's the whole. And then the other thing that didn't seem to come up in at least a meaningful way or hasn't come up yet is the whole question of Iran. With even though I when I was asking. You raised it, but I'm saying we don't know. We don't we don't know what's really happening behind the scenes. One of the last things that President Trump did say on the way over when someone asked about Iran, he goes, oh, I don't even know if that's going to come up. Right. So I think we all thought. that the Iran piece of this, even more than, I mean, Taiwan apparently has already now emerged as an issue, but I think people thought, walking into this, that China has an implicit, if not explicit interest. I guess there's three ways China could continue to supply parts for drones if that's been alleged, or at least, you know, being allied with Iran, or they could do nothing, which is what it sounds like about the strait, or maybe they could actually urge Iran to back off on closing down the oil. They got a lot of stockpiles of oil, but they're going to need it. They're going to run out eventually, I think, in China. You're going to see more of this. But it gives us a chance. I got up at 11 p.m. so that we can relax on the show and we don't have to talk. I appreciate that. Joe, great job. Thank you. We should tell the audience, you did this interview at what time? It was supposed to be at 1.30. 1.30 in the morning. A.m. A.m. Eastern time. It was 2.15. 2.15. In Anglewood Cliffs. An angle with cliffs. So thank you on behalf of the viewers. We'll be right back. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. That's it. Another newsy edition of Squawk Pod. Thanks for listening today or whenever you do. Squawk Box is hosted by Joe Kernan, Becky Quick and Andrew Ross Sorkin. We're on TV weekday mornings on CNBC at 6 Eastern. or get the best of Squawk Box right into your ears in this podcast. Follow Squawk Pod wherever you like to listen. We will meet you right back here tomorrow. We are clear. Thanks, guys. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts.