Speaker 1: News when you wanted with Bloomberg News. Now, I'm Doug Chrisner.
Speaker 1: We begin in South Korea, where President yunsukiol has been
Speaker 1: removed from office. The country's Constitutional Court upheld the decision
Speaker 1: of South Korea's parliament to impeach Un over his declaration
Speaker 1: of martial law in early December. Now, this paves the
Speaker 1: way for a presidential election to take place within the
Speaker 1: next sixty days. We got reaction from Ellen Kim, senior
Speaker 1: fellow at the Center for Strategic and International Studies.
Speaker 2: There is a higher percent of South cam public supporting
Speaker 2: the UN's impeachment than the opposes the impeachment. So I
Speaker 2: think that this situation actually pulls out our free out
Speaker 2: of the political cases.
Speaker 3: But also at the same time, that does not mean
Speaker 3: that it's going to put an end to the ongoing
Speaker 3: political instability that we might experience, as this country is
Speaker 3: going to go straight into the election mode.
Speaker 1: That is Ellen Kim of CSI s speaking there.
Speaker 4: Now.
Speaker 1: The next president of South Korea will be tasked with
Speaker 1: a slew of challenges, including contending with President Trump's global
Speaker 1: tariff campaign and a more emboldant North Korea. Speaking of tariffs,
Speaker 1: the America first trade seems to be unraveling. President Trump's
Speaker 1: tariff policy unleashed a meltdown in US risk assets. On Thursday,
Speaker 1: we had the S and P five hundred tumbling more
Speaker 1: than four point eight percent. That route erased roughly two
Speaker 1: trillion dollars in market value. Semashaw Is, the chief Global
Speaker 1: strategistic Principal Asset.
Speaker 5: Management, say in the near term, it's very difficult to
Speaker 5: see risk assets doing particularly well. MOSAM is a holding
Speaker 5: back from producing downward revisions to the full cost, but
Speaker 5: that is clearly underway.
Speaker 1: See Mashaw there with Principal Asset Management now. The legendary
Speaker 1: investor Bill Gross called this a deep market event with
Speaker 1: little resolution in sight, and he advised clients to stay
Speaker 1: on the sidelines. The trading desk over at Goldblin's saw
Speaker 1: a level of activity that's practically unheard of apart from
Speaker 1: stock market rebalancing days. More than twenty billion shares traded
Speaker 1: hands across all US equity exchanges. Meantime, Apple seems to
Speaker 1: be finding itself squarely in the crosshairs of President Trump's
Speaker 1: new tariffs. They will affect Apple supply chain and manufacturing
Speaker 1: centers in several countries, and as a result, Apple's bottom
Speaker 1: line is under threat and the company may need to
Speaker 1: raise prices. Here's Bloomberg's Mark German.
Speaker 4: Now. The big picture here, though, is that Apple has
Speaker 4: spent years diversifying its supply chain in an effort to
Speaker 4: try to avoid situations like this. I'm not saying it backfired,
Speaker 4: but it didn't work out as they probably would have hoped.
Speaker 4: The tariffs against the people had expected for years. They're
Speaker 4: not really China centric, right, China's just one piece of
Speaker 4: the pie here. You have major terrors in India, you
Speaker 4: have them in Vietnam, you have them in Malaysia, you
Speaker 4: have them in Thailand, Taiwan. All the players here in
Speaker 4: the apples ply chain are impacted.
Speaker 1: That is Bloomberg's Mark German. Now. Apple shares were down
Speaker 1: today by nine percent. We also saw steep declines in
Speaker 1: Dell down nineteen percent, so no, No shares were off
Speaker 1: more than seventeen percent, and HP Inc. Was down fourteen
Speaker 1: point seven percent earlier today. While departing the White House,
Speaker 1: President Trump responded to a reporter question about tariffs and
Speaker 1: the reaction of the market.
Speaker 3: I think it's going very well.
Speaker 5: It was an operation like when a patient gets operated on,
Speaker 5: and it's a big thing.
Speaker 3: I said, this would exactly be the way it is.
Speaker 6: We have six or seven trillion dollars coming into our
Speaker 6: country and we've.
Speaker 2: Never seen anything like it.
Speaker 6: The markets are going to boom, the stop he's going
Speaker 6: to boom. The county is going to boom.
Speaker 4: Now.
Speaker 1: A short time later, Trump told reporters aboard Air Force
Speaker 1: One he was open to reducing tariff rates if other
Speaker 1: nations were able to offer something quote phenomenal. Trump also
Speaker 1: reiterated that he would be willing to offer tariff relief
Speaker 1: for China if Beijing approved the sale of the US
Speaker 1: operations of TikTok. By the way, the app is facing
Speaker 1: a Saturday deadline for divestiture unless Trump offers an extension
Speaker 1: as part of his efforts to broker a deal. We
Speaker 1: go to New York State next, where Governor Kathy Hochel
Speaker 1: said President Trump's tariffs are having a negative impact on
Speaker 1: the states. Here is Hokel speaking to Bloomberg.
Speaker 6: Up ty, what's going to happen? Wall Street goes down
Speaker 6: next January, and I'm looking at my revenues that are
Speaker 6: coming in from Wall Street bonuses where I fund a
Speaker 6: lot of the generous programs we hear in our state
Speaker 6: that's going to be lower. I'm going to have to
Speaker 6: look at where we're going to have to cut there.
Speaker 6: I have to look at the whole picture. Now in
Speaker 6: the context of the budget, I'm negotiating the revenues I
Speaker 6: count on the revenues I'm going to lose, but also
Speaker 6: the impact on our businesses who may not be expanding. Now.
Speaker 1: That is New York Governor Kathy Hochel speaking earlier to Bloomberg.
Speaker 1: The director of the National Security Agency has reportedly been fired.
Speaker 1: The Washington Post reports General Timothy Hall, who also heads
Speaker 1: the US Cyber Command, was let go along with his
Speaker 1: deputy at the NSA, Wendy Noble. The NSA is the
Speaker 1: powerful wire tapping and cyber espionage service for the US government.
Speaker 1: And that is news when you want it with Bloomberg News. Now,
Speaker 1: I'm Doug Chrisner, and this is Bloomberg