Live on Bloomberg TV

00:00We cannot solve our problems by making the same failed assumptions and repeating the same failed strategies of the past . All challenges demand new approaches my announcement today marks the beginning of a new approach to conflict between Israel and the Palestinians. In 1995 Congress adopted the Jerusalem Embassy Act urging the federal government to relocate the American embassy to Jerusalem and to recognized that that city and so importantly is Israel's capital this Act passed Congress by an overwhelming bipartisan majority and was reaffirmed by a unanimous vote of the Senate only six months ago. Yet for over 20 years every previous American president has exercise the laws waiver refusing to move the U.S. embassy to Jerusalem or to recognize Jerusalem as Israel's capital city. Presidents issued these waivers under the belief that delaying the recognition of Jerusalem would advance the cause of peace. Some say they lacked courage but they made their best judgments based on facts as they understood them at the time. Nevertheless the record is in. After more than two decades of waivers we are no closer to a lasting peace agreement between Israel and the Palestinians. It would be folly to assume that repeating the exact same formula would now produce a different or better result . Therefore I have determined that it is time to officially recognize Jerusalem as the capital of Israel .

No schedule data available.

Trump Recognizes Jerusalem as Capital of Israel

At the White House on Wednesday, President Donald Trump recognized Jerusalem as Israel’s capital. (Source: Bloomberg)

More From Bloomberg Markets
All episodes and clips

PxPixel