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Speaker 1: News when you wanted with Bloomberg News. Now, I'm Doug Chrisner.

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Speaker 1: We begin in South Korea, where President yunsukiol has been

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Speaker 1: removed from office. The country's Constitutional Court upheld the decision

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Speaker 1: of South Korea's parliament to impeach Un over his declaration

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Speaker 1: of martial law in early December. Now, this paves the

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Speaker 1: way for a presidential election to take place within the

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Speaker 1: next sixty days. We got reaction from Ellen Kim, senior

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Speaker 1: fellow at the Center for Strategic and International Studies.

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Speaker 2: There is a higher percent of South cam public supporting

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Speaker 2: the UN's impeachment than the opposes the impeachment. So I

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Speaker 2: think that this situation actually pulls out our free out

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Speaker 2: of the political cases.

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Speaker 3: But also at the same time, that does not mean

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Speaker 3: that it's going to put an end to the ongoing

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Speaker 3: political instability that we might experience, as this country is

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Speaker 3: going to go straight into the election mode.

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Speaker 1: That is Ellen Kim of CSI s speaking there.

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Speaker 4: Now.

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Speaker 1: The next president of South Korea will be tasked with

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Speaker 1: a slew of challenges, including contending with President Trump's global

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Speaker 1: tariff campaign and a more emboldant North Korea. Speaking of tariffs,

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Speaker 1: the America first trade seems to be unraveling. President Trump's

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Speaker 1: tariff policy unleashed a meltdown in US risk assets. On Thursday,

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Speaker 1: we had the S and P five hundred tumbling more

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Speaker 1: than four point eight percent. That route erased roughly two

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Speaker 1: trillion dollars in market value. Semashaw Is, the chief Global

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Speaker 1: strategistic Principal Asset.

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Speaker 5: Management, say in the near term, it's very difficult to

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Speaker 5: see risk assets doing particularly well. MOSAM is a holding

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Speaker 5: back from producing downward revisions to the full cost, but

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Speaker 5: that is clearly underway.

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Speaker 1: See Mashaw there with Principal Asset Management now. The legendary

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Speaker 1: investor Bill Gross called this a deep market event with

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Speaker 1: little resolution in sight, and he advised clients to stay

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Speaker 1: on the sidelines. The trading desk over at Goldblin's saw

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Speaker 1: a level of activity that's practically unheard of apart from

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Speaker 1: stock market rebalancing days. More than twenty billion shares traded

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Speaker 1: hands across all US equity exchanges. Meantime, Apple seems to

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Speaker 1: be finding itself squarely in the crosshairs of President Trump's

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Speaker 1: new tariffs. They will affect Apple supply chain and manufacturing

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Speaker 1: centers in several countries, and as a result, Apple's bottom

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Speaker 1: line is under threat and the company may need to

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Speaker 1: raise prices. Here's Bloomberg's Mark German.

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Speaker 4: Now. The big picture here, though, is that Apple has

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Speaker 4: spent years diversifying its supply chain in an effort to

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Speaker 4: try to avoid situations like this. I'm not saying it backfired,

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Speaker 4: but it didn't work out as they probably would have hoped.

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Speaker 4: The tariffs against the people had expected for years. They're

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Speaker 4: not really China centric, right, China's just one piece of

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Speaker 4: the pie here. You have major terrors in India, you

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Speaker 4: have them in Vietnam, you have them in Malaysia, you

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Speaker 4: have them in Thailand, Taiwan. All the players here in

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Speaker 4: the apples ply chain are impacted.

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Speaker 1: That is Bloomberg's Mark German. Now. Apple shares were down

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Speaker 1: today by nine percent. We also saw steep declines in

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Speaker 1: Dell down nineteen percent, so no, No shares were off

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Speaker 1: more than seventeen percent, and HP Inc. Was down fourteen

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Speaker 1: point seven percent earlier today. While departing the White House,

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Speaker 1: President Trump responded to a reporter question about tariffs and

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Speaker 1: the reaction of the market.

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Speaker 3: I think it's going very well.

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Speaker 5: It was an operation like when a patient gets operated on,

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Speaker 5: and it's a big thing.

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Speaker 3: I said, this would exactly be the way it is.

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Speaker 6: We have six or seven trillion dollars coming into our

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Speaker 6: country and we've.

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Speaker 2: Never seen anything like it.

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Speaker 6: The markets are going to boom, the stop he's going

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Speaker 6: to boom. The county is going to boom.

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Speaker 4: Now.

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Speaker 1: A short time later, Trump told reporters aboard Air Force

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Speaker 1: One he was open to reducing tariff rates if other

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Speaker 1: nations were able to offer something quote phenomenal. Trump also

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Speaker 1: reiterated that he would be willing to offer tariff relief

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Speaker 1: for China if Beijing approved the sale of the US

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Speaker 1: operations of TikTok. By the way, the app is facing

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Speaker 1: a Saturday deadline for divestiture unless Trump offers an extension

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Speaker 1: as part of his efforts to broker a deal. We

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Speaker 1: go to New York State next, where Governor Kathy Hochel

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Speaker 1: said President Trump's tariffs are having a negative impact on

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Speaker 1: the states. Here is Hokel speaking to Bloomberg.

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Speaker 6: Up ty, what's going to happen? Wall Street goes down

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Speaker 6: next January, and I'm looking at my revenues that are

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Speaker 6: coming in from Wall Street bonuses where I fund a

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Speaker 6: lot of the generous programs we hear in our state

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Speaker 6: that's going to be lower. I'm going to have to

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Speaker 6: look at where we're going to have to cut there.

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Speaker 6: I have to look at the whole picture. Now in

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Speaker 6: the context of the budget, I'm negotiating the revenues I

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Speaker 6: count on the revenues I'm going to lose, but also

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Speaker 6: the impact on our businesses who may not be expanding. Now.

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Speaker 1: That is New York Governor Kathy Hochel speaking earlier to Bloomberg.

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Speaker 1: The director of the National Security Agency has reportedly been fired.

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Speaker 1: The Washington Post reports General Timothy Hall, who also heads

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Speaker 1: the US Cyber Command, was let go along with his

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Speaker 1: deputy at the NSA, Wendy Noble. The NSA is the

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Speaker 1: powerful wire tapping and cyber espionage service for the US government.

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Speaker 1: And that is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Chrisner, and this is Bloomberg