Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Prisoner.
Speaker 1: President Trump's tariffs will remain in place, at least for now.
Speaker 1: A federal appeals court has stayed a ruling issued laid
Speaker 1: yesterday by the Court of International Trade. It found the
Speaker 1: tariffs illegal, and the court said the President overstepped his
Speaker 1: use of the International Economic Emergency Powers Act to justify them.
Speaker 1: So in allowing the tariffs to remain, the Federal Appeals
Speaker 1: Court said it needs time to consider challenges well. In
Speaker 1: the meantime, the Trump administration is reportedly developing a plan B.
Speaker 1: The Wall Street Journal reports the administration is considering a
Speaker 1: stopgap plan under a never before used provision of the
Speaker 1: Trade Act of nineteen seventy four. It includes language allowing
Speaker 1: for tariffs of up to fifteen percent for one hundred
Speaker 1: and fifty days to address trade imbalances with other countries.
Speaker 1: It would then buy time for the Trump administration to
Speaker 1: devise individual tariffs for each major trade partner under a
Speaker 1: different provision of the same law. US Treasury Secretary Scott
Speaker 1: Besson says trade talks between the US and China are
Speaker 1: a bit stalled. Besson told Fox News a call may
Speaker 1: be required between President Trump and Chinese President Chi Jinping
Speaker 1: in order to reach a deal.
Speaker 2: Given the magnitude of the talks, given the complexity that
Speaker 2: this is going to require both leaders to weigh in
Speaker 2: with each other. They have a very good relationship, and
Speaker 2: I am confident that the Chinese will come to the table.
Speaker 1: That was US Treasury Secretary Scott Besson speaking to Fox News.
Speaker 1: President Trump will be holding a news conference with Elon
Speaker 1: Musk tomorrow at the White House. That is Friday in
Speaker 1: the US. The aim is to mark Musk's departure from
Speaker 1: his role leading DOGE, the effort to reduce the size
Speaker 1: and scope of the US government. We go to geopolitics.
Speaker 1: Next is Bill has accepted a new US proposal for
Speaker 1: a temporary ceasefire in Gaza. This would involve the release
Speaker 1: of all remaining hostages as well as a sixty day truce.
Speaker 1: Here is White House Press Secretary Caroline Levit.
Speaker 3: I can also confirm that those discussions are continuing, and
Speaker 3: we hope that a cesfire in Gaza will take place
Speaker 3: so we can return all of the hostages home. And
Speaker 3: that's been a priority from this administration from the beginning.
Speaker 1: That is White House Press Secretary Caroline Levitt. She went
Speaker 1: on to say the administration is waiting for a response
Speaker 1: from Hamas the Securities and Exchange Commission moved to end
Speaker 1: its legal battle against the crypto exchange Binance Holdings, the
Speaker 1: SEC and Binance filed a joint motion to stay the case.
Speaker 1: It calls for dismissing the case with prejudice, which means
Speaker 1: it can't be refiled. It was back in June twenty
Speaker 1: twenty three that the SEC sued Binance, alleging the firm
Speaker 1: and its co founder mishandled customer funds, misled investors and regulators,
Speaker 1: and violent red US securities laws. There is an obscure
Speaker 1: item buried in President Trump's spending bill and its setting
Speaker 1: off alarms for Wall Street. That story from Bloomberg Zamy
Speaker 1: Morris in Washington.
Speaker 4: The proposed tax measure would increase tax rates for individuals
Speaker 4: and companies from countries with what the US deems discriminatory
Speaker 4: tax policies. Now, the concern is that this revenge measure,
Speaker 4: as it's becoming known, would further drive away foreign investors.
Speaker 4: Analysts warned that this provision could weaken the dollar, drive
Speaker 4: up long term interest rates, and further erode foreign investor's
Speaker 4: confidence in US assets, amounting to what analysts call a
Speaker 4: weaponization of US capital markets into law. In Washington, Amy
Speaker 4: Morris Bloomberg Radio.
Speaker 1: And we moved to earnings news. Next, cost Co Wholesale
Speaker 1: posted better than expected results for the latest quarter. The
Speaker 1: retailer's scale and devoted customer base helped it navigate tariffs
Speaker 1: and economic turbulence, and we got reaction from Bert Flickinger
Speaker 1: is made Managing director of Strategic Resource Group.
Speaker 5: Costco is replacing shopping malls and shopping centers and the
Speaker 5: Roman empires of retail worldwide because Costco's a shopping center
Speaker 5: under itself and raising the standards of living when seventy
Speaker 5: percent of consumers are living paycheck to paycheck and Costco's
Speaker 5: prices are twenty to thirty percent below anybody else, with
Speaker 5: the exception of all the Trader Joe's and a couple
Speaker 5: others like Winco.
Speaker 1: That is, Bert Flickinger from Strategic Resource Group shares in Costco.
Speaker 1: We're up three tents one percent. Former New York City
Speaker 1: Police Commissioner Bernard Carrick has died. Kerrick was NYPDC commissioner
Speaker 1: on ninety eleven. He later pleaded guilty to tax fraud
Speaker 1: before being pardoned. Bernard Carrick was sixty nine. And that
Speaker 1: is news when you want it. With Bloomberg News Now,
Speaker 1: I'm Doug Chrisner and this is Bloomberg