Speaker 1: News when you want it with Bloomberg News Now, I'm
Speaker 1: Doug Prisner. Republican Randy Fine has won a special election
Speaker 1: to the US House of Representatives in Florida's sixth congressional district.
Speaker 1: The seat was formerly held by Mike Waltz, who was
Speaker 1: tapped to become President Trump's National security advisor. At the
Speaker 1: same time, Republican Jimmy Patrons has won in Florida's first
Speaker 1: congressional district. That seat had been held by former Republican
Speaker 1: Congressman Matt Gates. We go to Wisconsin next, where the
Speaker 1: Democratic backed candidate in a closely contested judicial race has
Speaker 1: defeated her Conservative rival, Susan Crawford, a circuit court judge,
Speaker 1: beat former state Attorney General Brad Shimmel. Now this outcome
Speaker 1: preserves a liberal majority on Wisconsin State Supreme Court. The
Speaker 1: defeated Shimmel was supported by billionaire Elon Musk. For less
Speaker 1: than twenty four hours from President Trump's announcement on reciprocal tariffs,
Speaker 1: the White House has set an event at the Rows
Speaker 1: Garden tomorrow afternoon, four pm Wall Street time, and these
Speaker 1: new levees will immediately take effect. We are told there
Speaker 1: are several proposals under consideration. They include a tiered tariff
Speaker 1: system and a plan for customized reciprocal tariffs. Meantime, the
Speaker 1: head of the Richmond FED, Tom Barkin, says these tariffs
Speaker 1: could raise both inflation and unemployment and that in turn
Speaker 1: would create a big challenge for the FED. Here is Barkin.
Speaker 2: So far the tariffs that have been announced have been revised,
Speaker 2: and so I personally plan to give it some time
Speaker 2: to see if we can't figure out what a stable
Speaker 2: policy regime is, and then we can start thinking more
Speaker 2: about policy.
Speaker 1: Tom Barkin. There, he is the head of the Richmond FED,
Speaker 1: and his colleague Austin Goolsby, who is the head of
Speaker 1: the Chicago FED, is warning of a slow down in
Speaker 1: consumer spending or business investment, and he notes that tariffs
Speaker 1: may have a longer lasting impact on prices due to
Speaker 1: retaliatory tariffs and their effect on the cost of inner
Speaker 1: MEEATI goods. President Trump will be meeting tomorrow to consider
Speaker 1: a proposal for divesting TikTok's US operations from its Chinese
Speaker 1: parent company Bytdance. We are told this proposal includes Oracle
Speaker 1: and Blackstone in a joint venture. Oracle would provide security
Speaker 1: assurances for US data while potentially allowing TikTok's algorithm to
Speaker 1: remain in Chinese hands. Republican lawmakers are in the process
Speaker 1: of drafting a new tax bill behind closed doors. We
Speaker 1: are told it includes an increase in the state and
Speaker 1: local tax deduction known as salt. Bloomberg's Amy Morris has
Speaker 1: more from Washington.
Speaker 3: Sources tell Bloomberg the bill includes a salt cap increase
Speaker 3: of twenty five thousand dollars for an individual, a sizeable
Speaker 3: increase from the current ten thousand dollars limit that would
Speaker 3: be a big political victory for swing state House Republicans
Speaker 3: representing the New York City area and southern California. Sources
Speaker 3: say the plan also includes a renewal of President Trump's
Speaker 3: twenty seventeen tax reductions, with possibly offsetting the increase by
Speaker 3: reducing the deduction's corporations can claim. The plan is still
Speaker 3: in the process of being drafted. It is not yet
Speaker 3: final in Washington anymore. As Bloomberg Radio.
Speaker 1: New Jersey Democrat Corey Booker has broken the record for
Speaker 1: the longest continuous speech on the floor of the US Senate.
Speaker 1: Booker is using the time to protest the Trump administration
Speaker 1: speaking about cotts to government services as well as it's
Speaker 1: crackdown on immigration. Here is Booker talking about foreign policy.
Speaker 4: When our country stands up, we don't bully our neighbors
Speaker 4: like Canada, we don't frettn or allies like Iceland, like Greenland.
Speaker 4: We don't threaten smaller, weaker nations like Panama.
Speaker 1: That is New Jersey Senator Corey Booker there on the
Speaker 1: floor of the US Senate. Now, the previous record for
Speaker 1: speaking on the Senate floor belongs to strom Thurman of
Speaker 1: South Carolina, who filibustered for twenty four hours and eighteen
Speaker 1: minutes against the Civil Rights Act of nineteen fifty seven.
Speaker 1: House is reportedly preparing a cost estimate for a US
Speaker 1: takeover of Greenland. The move marks the Trump administration's most
Speaker 1: tangible effort yet toward annexation of the Danish territory. Now,
Speaker 1: The Washington Post says the White House Budget Office has
Speaker 1: begun to understand the cost of maintaining Greenland. It's also
Speaker 1: attempting to estimate what revenue to the US Treasury could
Speaker 1: be gained from Greenland's natural resources. By the way, calls
Speaker 1: for a US takeover have been rebuked by the governments
Speaker 1: of both Greenland and Denmark. And that is news when
Speaker 1: you want it with Bloomberg News. Now I'm Doug prisoner
Speaker 1: and this is Bloomberg