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

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Speaker 1: Dan Schwartzman. President Trump and Chinese President Shi Jimping will

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Speaker 1: meet next week on the sidelines of the Asia Pacific

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Speaker 1: Economic Cooperation Summit in South Korea. As according to the

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Speaker 1: White House, the meeting will be the first face to

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Speaker 1: face for both leaders since Trump became president for his

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Speaker 1: second term. Here's President Trump.

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Speaker 2: Actually, on November first, the tariffun China goes to one

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Speaker 2: hundred and fifty seven percent, which is record setting territory.

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Speaker 2: And we don't want that because it's not sustainable for them.

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Speaker 2: They can't sustain that. We don't want them to have

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Speaker 2: to go through that. So a meeting with President Shean,

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Speaker 2: I would say the first we have some big issues

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Speaker 2: like with the farmers and various other things. But the

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Speaker 2: first question I'm going to be asking him about is

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Speaker 2: fent and all.

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Speaker 1: The meeting comes as a trade truce between Washington and

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Speaker 1: Beijing is set to expire on November tenth. President Trump

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Speaker 1: escalating trade talk tensions with Canada. On a post on

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Speaker 1: truth Social Trump said that all trade negotiations have now

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Speaker 1: been terminated. Trump cited an announcement from the Ronald Reagan Foundation,

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Speaker 1: which announced that quote, Canada has fraudulently used an advertisement

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Speaker 1: which is fake featuring Ronald Reagan speaking negatively about tariffs.

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Speaker 1: They continued on to say that quote they only did

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Speaker 1: this to interfere with the decision of the US Supreme

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Speaker 1: Court and other courts. Ford Motor expects a profit hit

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Speaker 1: of as much as two billion dollars after a fire

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Speaker 1: struck a key supply of aluminum back in September for

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Speaker 1: its F one to fifty pickup truck. The impact will

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Speaker 1: reduce Ford's production by around one hundred thousand vehicles this year,

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Speaker 1: although the company expects to largely recover that shortfall next year.

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Speaker 1: Here's Jim Farley, CEO Ford.

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Speaker 3: This is really a retiming of wholesale. What we lose

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Speaker 3: this year will gain most of it back next year.

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Speaker 3: Maybe a billion and a half to two and a

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Speaker 3: half billion of ebit this year a little bit heavier

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Speaker 3: on the cash because of how auto works, but we'll

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Speaker 3: be gaining at least a billion, if not more, of

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Speaker 3: that back next year.

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Speaker 1: That's Jim Farley's Ford speaking of Bloomberg. Intel gave an

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Speaker 1: up the revenue forecast after personal computer demand grew boosting

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Speaker 1: optimism about a comeback attempt by the Embattle chip maker.

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Speaker 1: In a statement, chief financial officer Dave's Listener said, quote,

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Speaker 1: current demand is outpacing supply, a trend they expect will

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Speaker 1: persistence the next year. We get reaction from Angelo Zeno,

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Speaker 1: equity analyst at cfr A Research.

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Speaker 4: Overall, the results were a bit better than expected in

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Speaker 4: terms of Q three. I think, you know, more importantly

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Speaker 4: was that Q four God. And you know, when you

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Speaker 4: strip out the fact that they are getting rid of

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Speaker 4: or have you sold Altera at this point in time,

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Speaker 4: you back that out and essentially is in line to

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Speaker 4: relatively where we were looking and the street was looking at.

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Speaker 4: So I think overall, you know, there was maybe some

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Speaker 4: fear about you know, tariff uncertainties as well as you know,

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Speaker 4: potential pulland and demand for PCs and what have you.

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Speaker 4: But overall, the Q three numbers look good. The Q

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Speaker 4: four numbers also look solid.

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Speaker 1: That's Angelo Zeno of cfr A Research. The United the

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Speaker 1: States has launched a ninth strike against allegedble carrying drugs

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Speaker 1: in the Pacific Ocean. President Trump says he doesn't believe

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Speaker 1: that the administration needs a formal declaration of war in

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Speaker 1: their campaign against drug trafficking in South America, but they

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Speaker 1: will brief Congress on the strikes.

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Speaker 2: I think we're just going to kill people that are

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Speaker 2: bringing drugs into our country. Okay, we're going to kill them.

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Speaker 2: You know, they're going to be like dead. Okay.

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Speaker 1: Meantime to send It is expected to vote next week

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Speaker 1: on a bipartisan resolution that would bar the United States

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Speaker 1: from engaging in hostilities inside Venezuela without explicit authorization by Congress.

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Speaker 1: The US government shutdown is now twenty three days long,

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Speaker 1: encounting lawmakers are not getting any closer to getting legislation

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Speaker 1: passed that would fund the government to reopen it. Democrats

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Speaker 1: are insisting that they want to open up discussions on

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Speaker 1: extending tax credits that are part of the Affordable Care Act,

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Speaker 1: but Republicans aren't willing to talk until the government reopens.

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Speaker 1: House Minoriti leader Hakim Jeffrey says President Trump's priorities are misplaced.

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Speaker 5: Throughout this shutdown. He's found more time to golf than

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Speaker 5: he has to engage with Democrats on Capitol Hill. Donald

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Speaker 5: Trump and his administration have found forty billion dollars to

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Speaker 5: bail out a right wing want to be dictator and

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Speaker 5: Argentina and can't find a dime to extend the Affordable

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Speaker 5: Care Act tax credits to keep healthcare affordable. And on

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Speaker 5: top of all of that, they are demolishing the East

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Speaker 5: wing of the White House in ways that have appropriately

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Speaker 5: horrified the American people.

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Speaker 1: That's House Minority Leader Hakim Jeffrey speaking with Bloomberg's David

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Speaker 1: Gura in Washington. Catch a full conversation on an upcoming

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Speaker 1: episode of The Big Take podcast. Meantime, the Senate rejected

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Speaker 1: a measure that would have paid some federal workers during

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Speaker 1: the shutdown, a day before more than a million workers

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Speaker 1: are set to miss a paycheck. The US Labor Department

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Speaker 1: has called furloughed employees back to work, though, to put

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Speaker 1: together the Consumer Price Index Report. Bloomberg TV's Mike Mickey

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Speaker 1: explains what September's numbers out tomorrow could show social Security.

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Speaker 6: This is a third quarter CPI average to determine next

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Speaker 6: year's cost of living increase for beneficiaries, which by law

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Speaker 6: must be published this month. The data had all been

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Speaker 6: collected by the time the government shut down on October first,

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Speaker 6: so it's simply a matter of collating it and making

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Speaker 6: the usual seasonal adjustments. Analysts expect we'll see no appreciable

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Speaker 6: slow down from August, with headline CPI rising four tenths

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Speaker 6: of percent during the month and core three tenths. That

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Speaker 6: would put the annual rate of inflation at three point

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Speaker 6: one percent for both, Another move in the wrong direction

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Speaker 6: for the Fed. Michael McKee Bloomberg

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Speaker 1: News and that's news when you want it with Bloomberg

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Speaker 1: News now on Dan Schwartzman and this is Bloomberg