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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. Revised tariffs on US steel and aluminium imports

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Speaker 1: are now in effect. On Tuesday, President Trump ordered a

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Speaker 1: doubling of these levees to fifty percent. The increase raises

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Speaker 1: tensions as the US negotiates so called reciprocal duties with

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Speaker 1: its key trading partners. We go to South Korea next,

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Speaker 1: where Lee j mung has been sworn in as the

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Speaker 1: country's president. This ends years of conservative rule. Lee's victory

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Speaker 1: is expected to mark a turning point for South Korea

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Speaker 1: after former president yunsuk Joel's botched attempt to impose martial

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Speaker 1: law six months ago. Here is Lee speaking through a

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Speaker 1: translator at his inauguration Joyge makishin top one desong.

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Speaker 2: For the first duty I have entrusted me with. I

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Speaker 2: will make sure there is no more military kutta and

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Speaker 2: the power in trusted by the people would never be

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Speaker 2: used to intimidate people.

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Speaker 1: That is Lee j myung, south Korea's president, speaking through

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Speaker 1: a translator. Now, we will focus on reviving South Korea's

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Speaker 1: economy and improving relations with the US, China, and North Korea.

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Speaker 1: Elon musk Is called President Trump's signature tax bill a

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Speaker 1: budget busting abomination. His remarks come just days after leaving

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Speaker 1: a temporary assignment as head of the Doge initiative to

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Speaker 1: cut federal spending. And we got reaction from Senate Majority

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Speaker 1: Leader John Thun.

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Speaker 3: We obviously respect everything that Elon did with Doge on

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Speaker 3: this particular issue.

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Speaker 1: We have a difference of opinion that Senate Majority Leader

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Speaker 1: John Thun speaking there. According to his office, Thun said

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Speaker 1: the House deal on the salt cap will have to change.

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Speaker 1: We go to company news next. Shares and Toyota Industries

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Speaker 1: are down by more than ten percent in the Tokyo session.

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Speaker 1: This comes after Toyota Group unveiled a plan to privatize

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Speaker 1: the company worth thirty three billion dollars. Here is Bloomberg's reed, Stevenson, I.

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Speaker 2: Mean, we heard from a bunch of shareholders, analysts really

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Speaker 2: almost in one universal voice, saying this is a discount,

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Speaker 2: too much of a discount to the shares. Now, Essentially,

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Speaker 2: what Toyota's saying is that the offer on the table

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Speaker 2: sixteen three hundred yen per share, is a significant premium

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Speaker 2: to the price before Bloomberg broke the news in late

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Speaker 2: April that Tota Industries was considering this buyout by a

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Speaker 2: group led by Akio Toyota.

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Speaker 1: That was Bloomberg's Reid Stevenson. After more than seven years,

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Speaker 1: Wells Fargo has been released from an asset cap put

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Speaker 1: in place by the FED. This unprecedented sanction was imposed

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Speaker 1: back in twenty eighteen under then FED share Janet Yellen,

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Speaker 1: following a wave of misconduct scandals. Well Now, the FED

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Speaker 1: says Wells Fargo has met all requirements, including third party

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Speaker 1: reviews and internal reforms. Bloomberg Sally Bakewell says, this is

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Speaker 1: a huge deal for Wells Fargo go.

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Speaker 3: It ends an era of scandals. It's a huge deal

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Speaker 3: for Charlie Schaff can't be understated or underestimated, I think,

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Speaker 3: and I think perhaps the shares not being up so

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Speaker 3: much is because it was expected. We've seen a number

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Speaker 3: of consent or does come off this year, and the

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Speaker 3: bank has, the CEO in particularly has telegraphed that things

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Speaker 3: were going well that they did expect to have some

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Speaker 3: sort of resolution soon.

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Speaker 1: That is Bloomberg Sally Baquill. The removal of the cap

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Speaker 1: ends a costly era for Wells Fargo. One estimate projected

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Speaker 1: thirty nine billion dollars in lost profits. After the bell,

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Speaker 1: the cybersecurity firm CrowdStrike projected sales for the current quarter

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Speaker 1: below estimates. Revenue was expected to be one point one

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Speaker 1: five billion dollars, missing the average analyst estimate by ten

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Speaker 1: million dollars. Jessica Enskip is the director of investor research

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Speaker 1: at stockbrokers dot com. She says broad adoption of artificial

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Speaker 1: intelligence will be key for crowdstrikes growth.

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Speaker 4: From an enterprise level. To bring AI, you need to

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Speaker 4: go to the cloud, which means you need to have

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Speaker 4: data store there. To have that cloud infrastructure, it requires

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Speaker 4: a lot of security, and so it's really on the

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Speaker 4: enterprise level. But if there is no regulation requirements, it

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Speaker 4: may take a backseat and that could be a concern.

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Speaker 1: That is Jessica Inskip from Stockbrokers dot com. CrowdStrike is

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Speaker 1: still recovering from a software outage back in twenty twenty three.

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Speaker 1: The company recently laid off five hundred employees to help

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Speaker 1: it reach a ten billion dollar revenue target. Shares in

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Speaker 1: CrowdStrike we're down as much as seven percent in late

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Speaker 1: US trading, and that is news when you want it.

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Speaker 1: With Bloomberg News. Now I'm Doug prisoner, and this is

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Speaker 1: Bloomberg