Ukraine President warns of Russian hypersonic missiles, US Senators visit Taiwan, and more

Yahoo Finance Contributor Kevin Cirilli joins the Live show to discuss the latest political news including bipartisan support for Ukraine and Taiwan, as well as Trump's latest endorsements for candidates such as J.D. Vance.

Video Transcript

BRIAN SOZZI: Hey, all right. We're keeping a close eye on a busy week in Washington. Let's head down to DC with Yahoo Finance contributor Kevin Cirilli. Kevin, always great to see you here. So what's on your radar screen?

KEVIN CIRILLI: Well, the first thing is hypersonic missiles, because President Zelensky over the weekend, in that great interview by CNN's Jake Tapper, warning Ukrainians to stockpile on radiation pills in case Russia President Vladimir Putin should utilize a nuclear weapon. But it comes as the United States, including Defense Secretary Lloyd Austin, who testified on Capitol Hill earlier this month, are warning that the US is behind in hypersonic missiles against Russia and China.

I'm struck by this because the Biden administration has to walk a very narrow geopolitical tightrope. On the one hand, they want to drive funding for hypersonic missile research, but on the other hand, they don't want to put too much political fire on this to embolden Russia or China in their research endeavors. So hypersonics is definitely something that a lot of Midwestern states are trying to track in terms of getting funding and research and definitely something the administration is trying to push for as well.

JULIE HYMAN: And Kevin, it's great to see you from me, too. As we were talking about relations, international relations, particularly with China, recently, there was talk that Nancy Pelosi might be visiting Taiwan. She then came down with COVID so she did not make it there, but some other lawmakers are making it there. So what should we be watching for around that visit?

KEVIN CIRILLI: Julie, it was remarkable to see six senators visit Taiwan in a surprise appearance, including senators Lindsey Graham, Bob Menendez, Richard Burr, Rob Portman, Ben Sasse, and Congressman Ronny Jackson. Now I was struck by what Senator Lindsey Graham said. He said, quote, "We are going to start making China pay a greater price for what they are doing all over the world. The support for Putin must come with a price. To abandon Taiwan would be to abandon democracy and freedom."

But remember that here in the United States, this semiconductor chip investment and research bill, USICA, as it's known in the Senate, is in conference now, and then ultimately could be the last bipartisan bill that gets to President Biden before the midterms. But in Taiwan, they've actually passed their cabinet some additional legislation that would make it more difficult, Julie, for China to steal Taiwan's intellectual property on semiconductor chips.

So this is what is quickly becoming one of the most important geopolitical manufacturing stories of our time. Chips, candidly, are going to be just as, if not more important, than oil. And I think that what you're seeing here is the United States showing bipartisan support for Taiwan. And over the next couple of years, that story, as has been predicted by this administration and Republicans, could even eclipse, unfortunately, the situation in Ukraine.

BRIAN SOZZI: And Kevin, of course, markets are also starting to begin to pay more attention to the midterm elections. And hanging over these elections now increasingly, lurking, and that's former President Donald Trump.

KEVIN CIRILLI: You know, Julie knows this. I am still a political junkie at heart. And what's happening in the state of Ohio is remarkable. JD Vance, who is, of course, that author of "Hillbilly Elegy," is running as a Republican. And in the state of Ohio, he got the Trump endorsement. This was shocking to MAGA world because everyone thought that Trump was going to endorse State Treasurer Josh Mandel. But Ukraine has been coming to fruition on the campaign trail.

And JD Vance said that, quote, "I think it is a huge catastrophic mistake for us to get more and more involved in what's going on in Russia and Ukraine, especially when we have our own problems right here at home." So it's interesting because here in Washington, where I am, the Republicans are all-- virtually all of them, with the exception of a few fringe-- coming out to support Ukraine. But this libertarian streak is seems to be what JD Vance is positioning in the battleground state of Ohio.

JULIE HYMAN: Well, and it's also interesting, Kevin, because it's not only in sort of the echo chamber of Washington, but if you look at sort of public polls, people seem broadly supportive of the Ukraine support by the US, right?

KEVIN CIRILLI: Absolutely. I mean, the latest poll had it at, like, 92%, according to the latest network polls that were released in terms of Ukraine. It's remarkable because we're living in such a hyperpolarized time, and yet the one issue that brought everybody together was support for Ukraine. And I think, candidly, it really reassured a lot of folks up on Capitol Hill that bipartisanship is alive and well in the United States.

BRIAN SOZZI: Kevin Cirilli, Yahoo Finance contributor, always good to see you. We'll talk to you soon.