1 00:00:01,720 --> 00:00:04,720 Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Prisoner. 2 00:00:05,120 --> 00:00:08,680 Speaker 1: President Trump's tariffs will remain in place, at least for now. 3 00:00:09,039 --> 00:00:12,119 Speaker 1: A federal appeals court has stayed a ruling issued laid 4 00:00:12,200 --> 00:00:15,440 Speaker 1: yesterday by the Court of International Trade. It found the 5 00:00:15,440 --> 00:00:18,880 Speaker 1: tariffs illegal, and the court said the President overstepped his 6 00:00:19,040 --> 00:00:23,279 Speaker 1: use of the International Economic Emergency Powers Act to justify them. 7 00:00:23,840 --> 00:00:27,000 Speaker 1: So in allowing the tariffs to remain, the Federal Appeals 8 00:00:27,040 --> 00:00:30,960 Speaker 1: Court said it needs time to consider challenges well. In 9 00:00:31,000 --> 00:00:34,800 Speaker 1: the meantime, the Trump administration is reportedly developing a plan B. 10 00:00:35,440 --> 00:00:38,680 Speaker 1: The Wall Street Journal reports the administration is considering a 11 00:00:38,720 --> 00:00:43,000 Speaker 1: stopgap plan under a never before used provision of the 12 00:00:43,040 --> 00:00:47,279 Speaker 1: Trade Act of nineteen seventy four. It includes language allowing 13 00:00:47,320 --> 00:00:50,400 Speaker 1: for tariffs of up to fifteen percent for one hundred 14 00:00:50,440 --> 00:00:54,040 Speaker 1: and fifty days to address trade imbalances with other countries. 15 00:00:54,520 --> 00:00:57,200 Speaker 1: It would then buy time for the Trump administration to 16 00:00:57,280 --> 00:01:01,480 Speaker 1: devise individual tariffs for each major trade partner under a 17 00:01:01,520 --> 00:01:05,880 Speaker 1: different provision of the same law. US Treasury Secretary Scott 18 00:01:05,880 --> 00:01:09,040 Speaker 1: Besson says trade talks between the US and China are 19 00:01:09,080 --> 00:01:12,360 Speaker 1: a bit stalled. Besson told Fox News a call may 20 00:01:12,360 --> 00:01:16,000 Speaker 1: be required between President Trump and Chinese President Chi Jinping 21 00:01:16,400 --> 00:01:18,040 Speaker 1: in order to reach a deal. 22 00:01:18,240 --> 00:01:22,720 Speaker 2: Given the magnitude of the talks, given the complexity that 23 00:01:23,280 --> 00:01:27,640 Speaker 2: this is going to require both leaders to weigh in 24 00:01:28,480 --> 00:01:31,720 Speaker 2: with each other. They have a very good relationship, and 25 00:01:32,000 --> 00:01:37,920 Speaker 2: I am confident that the Chinese will come to the table. 26 00:01:38,160 --> 00:01:41,880 Speaker 1: That was US Treasury Secretary Scott Besson speaking to Fox News. 27 00:01:42,160 --> 00:01:45,160 Speaker 1: President Trump will be holding a news conference with Elon 28 00:01:45,319 --> 00:01:48,000 Speaker 1: Musk tomorrow at the White House. That is Friday in 29 00:01:48,040 --> 00:01:51,880 Speaker 1: the US. The aim is to mark Musk's departure from 30 00:01:51,880 --> 00:01:55,680 Speaker 1: his role leading DOGE, the effort to reduce the size 31 00:01:55,760 --> 00:01:59,000 Speaker 1: and scope of the US government. We go to geopolitics. 32 00:01:59,040 --> 00:02:02,640 Speaker 1: Next is Bill has accepted a new US proposal for 33 00:02:02,720 --> 00:02:06,480 Speaker 1: a temporary ceasefire in Gaza. This would involve the release 34 00:02:06,600 --> 00:02:10,640 Speaker 1: of all remaining hostages as well as a sixty day truce. 35 00:02:11,040 --> 00:02:13,760 Speaker 1: Here is White House Press Secretary Caroline Levit. 36 00:02:13,880 --> 00:02:17,600 Speaker 3: I can also confirm that those discussions are continuing, and 37 00:02:17,639 --> 00:02:20,320 Speaker 3: we hope that a cesfire in Gaza will take place 38 00:02:20,360 --> 00:02:22,320 Speaker 3: so we can return all of the hostages home. And 39 00:02:22,360 --> 00:02:24,680 Speaker 3: that's been a priority from this administration from the beginning. 40 00:02:24,680 --> 00:02:27,840 Speaker 1: That is White House Press Secretary Caroline Levitt. She went 41 00:02:27,880 --> 00:02:30,800 Speaker 1: on to say the administration is waiting for a response 42 00:02:31,040 --> 00:02:34,920 Speaker 1: from Hamas the Securities and Exchange Commission moved to end 43 00:02:34,960 --> 00:02:39,120 Speaker 1: its legal battle against the crypto exchange Binance Holdings, the 44 00:02:39,160 --> 00:02:43,000 Speaker 1: SEC and Binance filed a joint motion to stay the case. 45 00:02:43,200 --> 00:02:46,560 Speaker 1: It calls for dismissing the case with prejudice, which means 46 00:02:46,840 --> 00:02:49,760 Speaker 1: it can't be refiled. It was back in June twenty 47 00:02:49,760 --> 00:02:53,680 Speaker 1: twenty three that the SEC sued Binance, alleging the firm 48 00:02:53,760 --> 00:02:58,880 Speaker 1: and its co founder mishandled customer funds, misled investors and regulators, 49 00:02:58,919 --> 00:03:03,040 Speaker 1: and violent red US securities laws. There is an obscure 50 00:03:03,120 --> 00:03:06,639 Speaker 1: item buried in President Trump's spending bill and its setting 51 00:03:06,680 --> 00:03:09,799 Speaker 1: off alarms for Wall Street. That story from Bloomberg Zamy 52 00:03:09,800 --> 00:03:10,760 Speaker 1: Morris in Washington. 53 00:03:11,160 --> 00:03:15,240 Speaker 4: The proposed tax measure would increase tax rates for individuals 54 00:03:15,280 --> 00:03:19,760 Speaker 4: and companies from countries with what the US deems discriminatory 55 00:03:19,919 --> 00:03:23,800 Speaker 4: tax policies. Now, the concern is that this revenge measure, 56 00:03:23,880 --> 00:03:27,480 Speaker 4: as it's becoming known, would further drive away foreign investors. 57 00:03:27,800 --> 00:03:31,520 Speaker 4: Analysts warned that this provision could weaken the dollar, drive 58 00:03:31,600 --> 00:03:35,040 Speaker 4: up long term interest rates, and further erode foreign investor's 59 00:03:35,080 --> 00:03:38,680 Speaker 4: confidence in US assets, amounting to what analysts call a 60 00:03:38,800 --> 00:03:43,160 Speaker 4: weaponization of US capital markets into law. In Washington, Amy 61 00:03:43,160 --> 00:03:44,560 Speaker 4: Morris Bloomberg Radio. 62 00:03:44,400 --> 00:03:47,560 Speaker 1: And we moved to earnings news. Next, cost Co Wholesale 63 00:03:47,600 --> 00:03:50,960 Speaker 1: posted better than expected results for the latest quarter. The 64 00:03:51,040 --> 00:03:55,560 Speaker 1: retailer's scale and devoted customer base helped it navigate tariffs 65 00:03:55,600 --> 00:03:59,280 Speaker 1: and economic turbulence, and we got reaction from Bert Flickinger 66 00:03:59,760 --> 00:04:02,680 Speaker 1: is made Managing director of Strategic Resource Group. 67 00:04:02,920 --> 00:04:08,000 Speaker 5: Costco is replacing shopping malls and shopping centers and the 68 00:04:08,120 --> 00:04:12,440 Speaker 5: Roman empires of retail worldwide because Costco's a shopping center 69 00:04:12,480 --> 00:04:15,880 Speaker 5: under itself and raising the standards of living when seventy 70 00:04:15,920 --> 00:04:19,520 Speaker 5: percent of consumers are living paycheck to paycheck and Costco's 71 00:04:19,560 --> 00:04:22,280 Speaker 5: prices are twenty to thirty percent below anybody else, with 72 00:04:22,360 --> 00:04:25,360 Speaker 5: the exception of all the Trader Joe's and a couple 73 00:04:25,400 --> 00:04:26,719 Speaker 5: others like Winco. 74 00:04:26,960 --> 00:04:31,440 Speaker 1: That is, Bert Flickinger from Strategic Resource Group shares in Costco. 75 00:04:31,440 --> 00:04:35,080 Speaker 1: We're up three tents one percent. Former New York City 76 00:04:35,120 --> 00:04:39,520 Speaker 1: Police Commissioner Bernard Carrick has died. Kerrick was NYPDC commissioner 77 00:04:39,520 --> 00:04:43,039 Speaker 1: on ninety eleven. He later pleaded guilty to tax fraud 78 00:04:43,160 --> 00:04:47,159 Speaker 1: before being pardoned. Bernard Carrick was sixty nine. And that 79 00:04:47,320 --> 00:04:49,680 Speaker 1: is news when you want it. With Bloomberg News Now, 80 00:04:50,000 --> 00:04:52,000 Speaker 1: I'm Doug Chrisner and this is Bloomberg