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

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Speaker 1: made Kalengi. President Donald Trump on Friday announced a partnership

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Speaker 1: between United States Steel and Japan's New pon Steel, shocking

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Speaker 1: markets with an agreement he said would keep the once

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Speaker 1: iconic American firm in the US, but otherwise providing no specifics.

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Speaker 1: He stopped short of explicitly endorsing Neupon Steele's earlier proposed

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Speaker 1: fourteen point one billion dollar takeover of US Steel, but

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Speaker 1: shares of the company surged as much as twenty six

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Speaker 1: percent in late Friday trading, signaling optimism over the deal's prospects.

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Speaker 1: Statements from both companies on Friday, as well as from

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Speaker 1: Governor Josh Shapiro of US Steel's home state of Pennsylvania,

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Speaker 1: praised the agreement but were otherwise devoid of specifics. President

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Speaker 1: Trump Friday dug in on his threat to impose a

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Speaker 1: fifty percent tariff on the European Union and set a

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Speaker 1: potential twenty five percent charge on smartphones would apply to

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Speaker 1: all foreign made devices. It's the latest escalation of a

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Speaker 1: trade war that is rattling markets and confusing businesses. President

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Speaker 1: Trump on tariffing smartphones.

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Speaker 2: It would be also Samsung and anybody that makes that product.

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Speaker 2: Otherwise it wouldn't be fair. So anybody that makes that product,

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Speaker 2: and that'll start on I guess the end of June.

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Speaker 1: President Trump then commented on the EU.

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Speaker 2: They've treated us very badly over the years. It was

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Speaker 2: formed in order to hurt the United States, in order

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Speaker 2: to take advantage of the United States, and they've done that.

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Speaker 1: The President downplayed the ability of the EU too broke

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Speaker 1: or a lower tariff rate, which he said would hit

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Speaker 1: June first. A judge is temporarily blocking the Trump administration

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Speaker 1: from barring international students from attending Harvard University. This comes

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Speaker 1: after the Trump administration made a move to block the

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Speaker 1: school from enrolling international students. Harvard on Friday, sued the

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Speaker 1: Trump administration in response. Here's the President after an executive

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Speaker 1: order signing session Friday, when asked about his moves against Harvard.

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Speaker 3: They have fifty two billion dollars as an endowment. They

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Speaker 3: have fifty two billion dollars, and this country's paying billions

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Speaker 3: and billions of dollars and then give student loans and

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Speaker 3: have to pay back the loans.

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Speaker 2: So Harvard's going to have to change its ways.

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Speaker 1: Boeing has reached a tentative agreement with the US Justice

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Speaker 1: Department that would allow the plane maker to avoid criminal

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Speaker 1: charges for two fatal crashes of its seven thirty seven

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Speaker 1: Max jets more than six years ago. The settlement was

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Speaker 1: disclosed in a federal court filing Friday, just weeks before

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Speaker 1: a trial was set to start June twenty third in

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Speaker 1: Fort Worth, Texas. It calls for the company to pay

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Speaker 1: more than one point one billion dollars and strengthen quality

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Speaker 1: and safety measures. Supplies of both beef and cattle are dropping,

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Speaker 1: just as the Memorial Day holiday signals the unofficial startup

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Speaker 1: outdoor grilling season. We get more on this from Bloomberg's

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Speaker 1: Charlie Pellett.

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Speaker 4: To Department of Agriculture reports show any recovery in the

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Speaker 4: sector is still far away. The number of cattle bulking

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Speaker 4: up in feed lots declined to the lowest seasonal level

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Speaker 4: since twenty twenty body, while supplies of beef and cold

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Speaker 4: storage fell to about four hundred and eighteen million pounds

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Speaker 4: in April, the lowest for this time of the year

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Speaker 4: since twenty fourteen. The data come as Americans were already

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Speaker 4: paying record high costs for beef Elevated prices for other

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Speaker 4: goods from chicken to tomatoes to beer also mean that

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Speaker 4: cookouts will cost over four percent more than a year ago,

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Speaker 4: according to farmlander Rabobank in New York Charlie Pellett Bloomberg Radio.

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Speaker 1: First for Amazon owned whole Foods market stores, The National

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Speaker 1: Labor Relations Board has certified a union at one of

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Speaker 1: its Philadelphia locations, despite objections from the chain, which will

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Speaker 1: appeal with the decision. The bankrupt retailer Joe Anne Stores

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Speaker 1: for eighty years the go to place for fabrics and crafts,

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Speaker 1: announcing that it's closing down all of its remaining stores

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Speaker 1: for good, four hundred and forty of them nationwide. This

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Speaker 1: will happen at the end of this month, and that

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Speaker 1: all of its inventory, office, furniture, shelving, warehouse equipment, and

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Speaker 1: more is being sold. The Friday numbers on Wall Street

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Speaker 1: the Dow lost two fifty six, Nasdak shed one eighty eight,

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Speaker 1: the S and P dropping thirty nine. The tenure treasury

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Speaker 1: yield is at four point five percent, the two year

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Speaker 1: yield at three point nine nine percent. Pakistan's veiled nuclear

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Speaker 1: threat probes the limits of a theory that atomic weapons

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Speaker 1: deter all out war, but makes smaller conflicts more likely.

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Speaker 1: The India Pakistan conflict is testing the threshold for nuclear war.

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Speaker 1: You can read all about it in Bloomberg's weekend edition,

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Speaker 1: exploring the places where finance, life and culture meet. Find

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Speaker 1: it now on Bloomberg dot com in the Bloomberg Business app.

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Speaker 1: That's news when you want it with Bloomberg News Now.

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Speaker 1: I'm mid Kalki. This is Bloomberg