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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: Doug Prisner. Republican Randy Fine has won a special election

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Speaker 1: to the US House of Representatives in Florida's sixth congressional district.

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Speaker 1: The seat was formerly held by Mike Waltz, who was

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Speaker 1: tapped to become President Trump's National security advisor. At the

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Speaker 1: same time, Republican Jimmy Patrons has won in Florida's first

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Speaker 1: congressional district. That seat had been held by former Republican

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Speaker 1: Congressman Matt Gates. We go to Wisconsin next, where the

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Speaker 1: Democratic backed candidate in a closely contested judicial race has

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Speaker 1: defeated her Conservative rival, Susan Crawford, a circuit court judge,

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Speaker 1: beat former state Attorney General Brad Shimmel. Now this outcome

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Speaker 1: preserves a liberal majority on Wisconsin State Supreme Court. The

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Speaker 1: defeated Shimmel was supported by billionaire Elon Musk. For less

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Speaker 1: than twenty four hours from President Trump's announcement on reciprocal tariffs,

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Speaker 1: the White House has set an event at the Rows

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Speaker 1: Garden tomorrow afternoon, four pm Wall Street time, and these

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Speaker 1: new levees will immediately take effect. We are told there

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Speaker 1: are several proposals under consideration. They include a tiered tariff

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Speaker 1: system and a plan for customized reciprocal tariffs. Meantime, the

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Speaker 1: head of the Richmond FED, Tom Barkin, says these tariffs

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Speaker 1: could raise both inflation and unemployment and that in turn

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Speaker 1: would create a big challenge for the FED. Here is Barkin.

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Speaker 2: So far the tariffs that have been announced have been revised,

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Speaker 2: and so I personally plan to give it some time

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Speaker 2: to see if we can't figure out what a stable

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Speaker 2: policy regime is, and then we can start thinking more

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Speaker 2: about policy.

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Speaker 1: Tom Barkin. There, he is the head of the Richmond FED,

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Speaker 1: and his colleague Austin Goolsby, who is the head of

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Speaker 1: the Chicago FED, is warning of a slow down in

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Speaker 1: consumer spending or business investment, and he notes that tariffs

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Speaker 1: may have a longer lasting impact on prices due to

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Speaker 1: retaliatory tariffs and their effect on the cost of inner

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Speaker 1: MEEATI goods. President Trump will be meeting tomorrow to consider

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Speaker 1: a proposal for divesting TikTok's US operations from its Chinese

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Speaker 1: parent company Bytdance. We are told this proposal includes Oracle

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Speaker 1: and Blackstone in a joint venture. Oracle would provide security

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Speaker 1: assurances for US data while potentially allowing TikTok's algorithm to

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Speaker 1: remain in Chinese hands. Republican lawmakers are in the process

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Speaker 1: of drafting a new tax bill behind closed doors. We

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Speaker 1: are told it includes an increase in the state and

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Speaker 1: local tax deduction known as salt. Bloomberg's Amy Morris has

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Speaker 1: more from Washington.

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Speaker 3: Sources tell Bloomberg the bill includes a salt cap increase

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Speaker 3: of twenty five thousand dollars for an individual, a sizeable

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Speaker 3: increase from the current ten thousand dollars limit that would

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Speaker 3: be a big political victory for swing state House Republicans

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Speaker 3: representing the New York City area and southern California. Sources

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Speaker 3: say the plan also includes a renewal of President Trump's

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Speaker 3: twenty seventeen tax reductions, with possibly offsetting the increase by

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Speaker 3: reducing the deduction's corporations can claim. The plan is still

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Speaker 3: in the process of being drafted. It is not yet

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Speaker 3: final in Washington anymore. As Bloomberg Radio.

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Speaker 1: New Jersey Democrat Corey Booker has broken the record for

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Speaker 1: the longest continuous speech on the floor of the US Senate.

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Speaker 1: Booker is using the time to protest the Trump administration

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Speaker 1: speaking about cotts to government services as well as it's

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Speaker 1: crackdown on immigration. Here is Booker talking about foreign policy.

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Speaker 4: When our country stands up, we don't bully our neighbors

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Speaker 4: like Canada, we don't frettn or allies like Iceland, like Greenland.

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Speaker 4: We don't threaten smaller, weaker nations like Panama.

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Speaker 1: That is New Jersey Senator Corey Booker there on the

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Speaker 1: floor of the US Senate. Now, the previous record for

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Speaker 1: speaking on the Senate floor belongs to strom Thurman of

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Speaker 1: South Carolina, who filibustered for twenty four hours and eighteen

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Speaker 1: minutes against the Civil Rights Act of nineteen fifty seven.

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Speaker 1: House is reportedly preparing a cost estimate for a US

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Speaker 1: takeover of Greenland. The move marks the Trump administration's most

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Speaker 1: tangible effort yet toward annexation of the Danish territory. Now,

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Speaker 1: The Washington Post says the White House Budget Office has

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Speaker 1: begun to understand the cost of maintaining Greenland. It's also

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Speaker 1: attempting to estimate what revenue to the US Treasury could

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Speaker 1: be gained from Greenland's natural resources. By the way, calls

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Speaker 1: for a US takeover have been rebuked by the governments

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Speaker 1: of both Greenland and Denmark. And that is news when

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Speaker 1: you want it with Bloomberg News. Now I'm Doug prisoner

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Speaker 1: and this is Bloomberg