WEBVTT - May 29,  2025: Appeals Court Halts Tariffs Ruling, US-China Talks Status, More

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<v Speaker 1>News when you wanted with Bloomberg News. Now I'm Doug Prisoner.

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<v Speaker 1>President Trump's tariffs will remain in place, at least for now.

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<v Speaker 1>A federal appeals court has stayed a ruling issued laid

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<v Speaker 1>yesterday by the Court of International Trade. It found the

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<v Speaker 1>tariffs illegal, and the court said the President overstepped his

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<v Speaker 1>use of the International Economic Emergency Powers Act to justify them.

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<v Speaker 1>So in allowing the tariffs to remain, the Federal Appeals

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<v Speaker 1>Court said it needs time to consider challenges well. In

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<v Speaker 1>the meantime, the Trump administration is reportedly developing a plan B.

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<v Speaker 1>The Wall Street Journal reports the administration is considering a

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<v Speaker 1>stopgap plan under a never before used provision of the

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<v Speaker 1>Trade Act of nineteen seventy four. It includes language allowing

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<v Speaker 1>for tariffs of up to fifteen percent for one hundred

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<v Speaker 1>and fifty days to address trade imbalances with other countries.

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<v Speaker 1>It would then buy time for the Trump administration to

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<v Speaker 1>devise individual tariffs for each major trade partner under a

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<v Speaker 1>different provision of the same law. US Treasury Secretary Scott

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<v Speaker 1>Besson says trade talks between the US and China are

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<v Speaker 1>a bit stalled. Besson told Fox News a call may

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<v Speaker 1>be required between President Trump and Chinese President Chi Jinping

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<v Speaker 1>in order to reach a deal.

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<v Speaker 2>Given the magnitude of the talks, given the complexity that

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<v Speaker 2>this is going to require both leaders to weigh in

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<v Speaker 2>with each other. They have a very good relationship, and

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<v Speaker 2>I am confident that the Chinese will come to the table.

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<v Speaker 1>That was US Treasury Secretary Scott Besson speaking to Fox News.

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<v Speaker 1>President Trump will be holding a news conference with Elon

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<v Speaker 1>Musk tomorrow at the White House. That is Friday in

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<v Speaker 1>the US. The aim is to mark Musk's departure from

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<v Speaker 1>his role leading DOGE, the effort to reduce the size

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<v Speaker 1>and scope of the US government. We go to geopolitics.

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<v Speaker 1>Next is Bill has accepted a new US proposal for

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<v Speaker 1>a temporary ceasefire in Gaza. This would involve the release

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<v Speaker 1>of all remaining hostages as well as a sixty day truce.

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<v Speaker 1>Here is White House Press Secretary Caroline Levit.

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<v Speaker 3>I can also confirm that those discussions are continuing, and

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<v Speaker 3>we hope that a cesfire in Gaza will take place

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<v Speaker 3>so we can return all of the hostages home. And

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<v Speaker 3>that's been a priority from this administration from the beginning.

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<v Speaker 1>That is White House Press Secretary Caroline Levitt. She went

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<v Speaker 1>on to say the administration is waiting for a response

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<v Speaker 1>from Hamas the Securities and Exchange Commission moved to end

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<v Speaker 1>its legal battle against the crypto exchange Binance Holdings, the

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<v Speaker 1>SEC and Binance filed a joint motion to stay the case.

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<v Speaker 1>It calls for dismissing the case with prejudice, which means

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<v Speaker 1>it can't be refiled. It was back in June twenty

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<v Speaker 1>twenty three that the SEC sued Binance, alleging the firm

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<v Speaker 1>and its co founder mishandled customer funds, misled investors and regulators,

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<v Speaker 1>and violent red US securities laws. There is an obscure

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<v Speaker 1>item buried in President Trump's spending bill and its setting

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<v Speaker 1>off alarms for Wall Street. That story from Bloomberg Zamy

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<v Speaker 1>Morris in Washington.

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<v Speaker 4>The proposed tax measure would increase tax rates for individuals

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<v Speaker 4>and companies from countries with what the US deems discriminatory

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<v Speaker 4>tax policies. Now, the concern is that this revenge measure,

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<v Speaker 4>as it's becoming known, would further drive away foreign investors.

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<v Speaker 4>Analysts warned that this provision could weaken the dollar, drive

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<v Speaker 4>up long term interest rates, and further erode foreign investor's

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<v Speaker 4>confidence in US assets, amounting to what analysts call a

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<v Speaker 4>weaponization of US capital markets into law. In Washington, Amy

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<v Speaker 4>Morris Bloomberg Radio.

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<v Speaker 1>And we moved to earnings news. Next, cost Co Wholesale

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<v Speaker 1>posted better than expected results for the latest quarter. The

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<v Speaker 1>retailer's scale and devoted customer base helped it navigate tariffs

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<v Speaker 1>and economic turbulence, and we got reaction from Bert Flickinger

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<v Speaker 1>is made Managing director of Strategic Resource Group.

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<v Speaker 5>Costco is replacing shopping malls and shopping centers and the

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<v Speaker 5>Roman empires of retail worldwide because Costco's a shopping center

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<v Speaker 5>under itself and raising the standards of living when seventy

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<v Speaker 5>percent of consumers are living paycheck to paycheck and Costco's

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<v Speaker 5>prices are twenty to thirty percent below anybody else, with

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<v Speaker 5>the exception of all the Trader Joe's and a couple

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<v Speaker 5>others like Winco.

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<v Speaker 1>That is, Bert Flickinger from Strategic Resource Group shares in Costco.

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<v Speaker 1>We're up three tents one percent. Former New York City

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<v Speaker 1>Police Commissioner Bernard Carrick has died. Kerrick was NYPDC commissioner

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<v Speaker 1>on ninety eleven. He later pleaded guilty to tax fraud

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<v Speaker 1>before being pardoned. Bernard Carrick was sixty nine. And that

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<v Speaker 1>is news when you want it. With Bloomberg News Now,

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<v Speaker 1>I'm Doug Chrisner and this is Bloomberg