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

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Speaker 1: Monica Ricks. President Trump's moving ahead with his plan to

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Speaker 1: implement a global tariff and has already hiked it from

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Speaker 1: ten to fifteen percent, despite his legal setback with the

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Speaker 1: Supreme Court.

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Speaker 2: The very unpatriotic and disloyal to our constitution.

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Speaker 1: It's part of a new baseline tariff under Section one

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Speaker 1: twenty two of the nineteen seventy four Trade Act, which

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Speaker 1: allows the President to impose tariffs for one hundred and

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Speaker 1: fifty days without congressional approval. After that, securing that approval

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Speaker 1: would prove challenging, since Democrats and some Republicans have opposed

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Speaker 1: elements of Trump's trade policy. Legal experts are calling this

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Speaker 1: a major win for businesses, but the next part could

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Speaker 1: be messy, as many gets said to sue the government

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Speaker 1: for tariff refunds. Diane Swanks, chief economist at KPMG.

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Speaker 3: Our Trade in Customs practice is already working on many

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Speaker 3: businesses that are trying to submit refunds early. The problem

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Speaker 3: is the procedures have not been set up yet and

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Speaker 3: that is going to be very difficult. Even the Supreme

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Speaker 3: Court in their briefing use the word this will be

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Speaker 3: a mess.

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Speaker 1: Economist Diane Swank Sarah Albrecht is chair of the Liberty

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Speaker 1: Justice Center and the lead plaintiff in the Supreme Court's

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Speaker 1: tariff case.

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Speaker 4: When President Trump authorized tariffs using the IEPA statute, it

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Speaker 4: struck us as an abuse of power and did not

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Speaker 4: provide for tariffs, and it seemed very obvious that this

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Speaker 4: was not constitutional.

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Speaker 1: Many abroad are also looking for payback for exports, and

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Speaker 1: some US import partners who may have paid too much.

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Speaker 1: Business chiefs and government leaders around the world are now

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Speaker 1: pouring over the fallout of the Supreme Court decision, with

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Speaker 1: some already shrugging off Trump's global tariffs under different rules.

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Speaker 1: Oil prices are helping the US military build up its

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Speaker 1: presence now near Iran. Bloomberg's Dan Schwartzman has details.

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Speaker 5: As tensions grow between the US and Iran, with the

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Speaker 5: US building up a massive armada in the Middle East,

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Speaker 5: consisting of two aircraft carriers, hundreds of fighter jets and

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Speaker 5: refueling tankers, and thousands of true The oil market is

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Speaker 5: experiencing its strongest start to a year since twenty twenty two.

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Speaker 5: Brand Future is touching a seven month high of more

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Speaker 5: than seventy two dollars a battle on Friday, with some

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Speaker 5: analysts seeing a risk premium as much as ten dollars. Overall,

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Speaker 5: Brent is up about eighteen percent since the end of

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Speaker 5: last year, despite traders forecasting a record supply surplus. Dan

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Speaker 5: Schwartzman Bloomberg Radio.

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Speaker 1: Around's foreign minister says they expect to have an agreement

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Speaker 1: ready in the next few days, but United Nations spokesperson

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Speaker 1: Stefan Dujarek says there is global concern.

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Speaker 2: We encourage both the United States and the Islamic Republic

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Speaker 2: of Iran to continue to engage in diplomacy in order

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Speaker 2: to settle the differences.

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Speaker 1: This as the US military continues to bolster its presence

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Speaker 1: in the region. The US military says it carried out

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Speaker 1: another deadly strike on a vessel accused of trafficking drugs

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Speaker 1: in the Eastern Pacific. Southern Command confirms the strike killed

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Speaker 1: three people. It's the latest in a string of dozens

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Speaker 1: of attacks now on similar boats in the regions. In September,

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Speaker 1: have recovered the bodies of nine backcountry skiers killed in

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Speaker 1: an avalanche in California. Brutal weather and the threat of

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Speaker 1: more avalanches had kept rescuers from recovering their bodies for days.

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Speaker 1: They actually used water to break up a lot of

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Speaker 1: the snow in the area yesterday and flight radar today

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Speaker 1: to locate them. Meantime, blizzard warnings are an effect for

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Speaker 1: millions of Americans on the East Coast. Here's Bloomberg Meteorologist

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Speaker 1: Rob Carolyn.

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Speaker 6: While we'll see some snow developing across the district in

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Speaker 6: Baltimore through the day on Sunday and also into the

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Speaker 6: New York City area, the height of the storm for

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Speaker 6: the northeastern part of the country is going to be

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Speaker 6: Sunday night and into the day on Monday. That's when

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Speaker 6: snowfall rates are going to exceed one inch an hour.

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Speaker 6: It's also where we're going to see wind gus over

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Speaker 6: forty five miles an hour. Blizzard warnings an effect for

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Speaker 6: the Jersey Short New York City coastal Connecticut, Long Island,

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Speaker 6: Rhode Island, and all of eastern Massachusetts. Elsewhere across the Northeast,

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Speaker 6: we're looking at winter storm warnings. I'm Rob Carolyn, Bloomberg.

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Speaker 1: Radio New York City, mayor z or on mom Dummies

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Speaker 1: Already planning ahead.

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Speaker 2: New Yorkers can expect that Monday morning commute will be

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Speaker 2: extremely hazardous, with heavy snowfall and peak winds coinciding to

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Speaker 2: create slippery conditions and greatly reduced visibility.

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Speaker 1: It'll be the second snowstorm in New York in less

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Speaker 1: than a month, and the first blizzard in the city

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Speaker 1: since twenty sixteen. NASA's new Moon rocket has suffered another setback,

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Speaker 1: putting next month's mission in jeopardy. Experts say the rocket's

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Speaker 1: helium flow was interrupted overnight and may need repairs before launch.

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Speaker 1: The system's critical to get the rocket off the ground

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Speaker 1: for now, though liftoff is still set for March six.

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Speaker 1: And Team USA won a record setting eleven gold medals

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Speaker 1: thanks to its mixed aerials team today in Milano, Cortina.

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Speaker 1: That's the most for the entire team at any Winter Olympics,

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Speaker 1: surpassing the ten to one during the two thousand and

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Speaker 1: two games in Salt Lake City. Team USA has now

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Speaker 1: got thirty one medals total and could get at least

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Speaker 1: one more Sunday, with the US men's hockey team playing

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Speaker 1: in the gold medal game against Canada. It's the final

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Speaker 1: event before the Winter Game's closing ceremony, and that's news

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

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Speaker 1: Rich and this is blue Berg