WEBVTT - US Tariffs on Canada Go into Effect, Roberts Allows Ballroom Work, More 

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<v Speaker 1>News when you want it with Bloomberg News Now, I

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<v Speaker 1>made KELLEGI. US Canada trade talks fell apart at the

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<v Speaker 1>last minute, with fresh fifty percent tariffs on billions of

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<v Speaker 1>dollars of Canadian goods taking effect and prompting Prime Minister

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<v Speaker 1>Mark Carney to vow to retaliate dollar for dollar. The

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<v Speaker 1>tariffs will kick in on hundreds of items the US

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<v Speaker 1>buys some Canada, such as plywood, liquor, electrical equipment, and

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<v Speaker 1>hockey gear, totaling around twenty billion dollars. Canadian Prime Minister

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<v Speaker 1>Mark Carney said his country would match the tariff's dollar

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<v Speaker 1>for dollar to protect our workers and businesses. The two

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<v Speaker 1>sides blamed each other for the collapse. US Trade representative

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<v Speaker 1>Jamison Greer said the Canadian negotiators eleventh hours demands had

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<v Speaker 1>upset the balance worked out over days of negotiations. US

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<v Speaker 1>Chief Justice John Roberts says President Trump can keep building

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<v Speaker 1>his new White House ballroom while the Supreme Court considers

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<v Speaker 1>a longer term order. Bloomberg legal analyst June Grosso wiyhs in.

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<v Speaker 2>It takes five justices to issue a stay, so that

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<v Speaker 2>will be coming up, and I anticipate that the Chief

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<v Speaker 2>Justice wouldn't have issued this if he didn't think that

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<v Speaker 2>let the ballroom go ahead. I mean, there have been

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<v Speaker 2>two times I can think of, in big cases where

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<v Speaker 2>they've stopped President Trump. So this shouldn't be a surprise.

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<v Speaker 3>Really.

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<v Speaker 1>You can listen to June Grosso's full analysis on the

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<v Speaker 1>Bloomberg BusinessWeek Daily Podcast. The Trump administration argues the President

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<v Speaker 1>has total authority to renovate the White House and the

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<v Speaker 1>ballroom project must be complete because it is considered a

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<v Speaker 1>national security concern. The White House is threatening new sanctions

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<v Speaker 1>against other countries that trade with Iran. China is Iran's

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<v Speaker 1>major buyer of oil, but former National Security Advisor John

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<v Speaker 1>Bolton does not see that as a cause for concern.

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<v Speaker 1>Bolton talked about it on Bloomberg's Balance of Power.

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<v Speaker 4>Our blockade against Iranian exports or imports through the straight

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<v Speaker 4>or war moves is extremely effective. They could shift some

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<v Speaker 4>through to Caspy into Russia, but by and large Iran's

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<v Speaker 4>export root is through the strait of horror moves, and

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<v Speaker 4>if we cut that off, it really doesn't matter what

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<v Speaker 4>China thinks about it. There's just no oil coming out

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<v Speaker 4>from Iran.

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<v Speaker 1>Former National Security advisor John Bolton. California Governor Gavin Newsom

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<v Speaker 1>says he'd prefer a settlement of the state Attorney General's

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<v Speaker 1>lawsuit opposing Paramount Sky Dances one hundred and ten billion

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<v Speaker 1>dollar acquisition of Warner Brothers Discovery, if it's a good deal.

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<v Speaker 3>Earlier this week you heard the Attorney General himself say

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<v Speaker 3>he'd prefer this settled in the boardroom, not the courtroom.

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<v Speaker 3>So I think there's some universal sentiment there if that's possible.

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<v Speaker 3>The question is is that possible, and what's the best deal?

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<v Speaker 3>What's the landing that has to be worked through? And

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<v Speaker 3>that's a process. It's unfolding, I assure you, in real time.

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<v Speaker 1>As of last week, Paramount had won regulatory clearance from

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<v Speaker 1>sixty eight jurisdictions around the world for the deal, leaving

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<v Speaker 1>a group of states led by California Attorney General Rob

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<v Speaker 1>Bonta as the final impediment into a closing. They argue

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<v Speaker 1>the merger would hurt film and television distribution and result

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<v Speaker 1>in fewer jobs in the entertainment industry. TikTok and Chinese

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<v Speaker 1>parent by Dance agreed to pay four hundred billion dollars

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<v Speaker 1>to resolve a Biden era lawsuit by the Justice Department

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<v Speaker 1>accusing the popular social media app of collecting data on

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<v Speaker 1>childen and violation of an online privacy law. The settlement

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<v Speaker 1>comes several months after by Dance closed along the Way

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<v Speaker 1>to deal to transfer parts of its US operations to

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<v Speaker 1>American investors to resolve national security concerns. Apple is cutting

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<v Speaker 1>jobs across teams responsible for the Serie Digital Assistant and

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<v Speaker 1>the Vision Pro headset, part of an effort to focus

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<v Speaker 1>on new devices and artificial intelligence. Apple is also laying

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<v Speaker 1>off employees and its Intelligent Systems Experience, a team within

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<v Speaker 1>its software engineering organization responsible for some of the AI

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<v Speaker 1>features on its devices. As part of the changes, the

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<v Speaker 1>company is largely shutting down a Vision Pro team focused

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<v Speaker 1>on gaming for the headset, and reducing the size of

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<v Speaker 1>a unit responsible for producing the device's immersive video content.

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<v Speaker 1>White House Press Secretary Caroline Levitt says she will return

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<v Speaker 1>to MAGA Incorporated, the President's super Political Action Committee when

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<v Speaker 1>she leaves her post later this month. Levit announced earlier

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<v Speaker 1>this month that she would step down from her role

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<v Speaker 1>as Press secretary, one of a number of high profile

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<v Speaker 1>White House departures ahead of November's mid term elections. The

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<v Speaker 1>Pentagon Friday fied the editor in chief of Stars and Stripes,

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<v Speaker 1>as well as its publisher and a reporter. The editor

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<v Speaker 1>said this. He said he was dismissed for insubordination after

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<v Speaker 1>an interview he gave that objected to potential censorship by

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<v Speaker 1>the US military. Eric Slavin, editor in chief of the

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<v Speaker 1>military newspaper that is partly funded by the Pentagon but

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<v Speaker 1>has a long legacy of editorial independence, told the Associated

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<v Speaker 1>Press that he and the others had received notices of separation.

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<v Speaker 1>The Friday number is on Wall Street. The Dow gained

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<v Speaker 1>five seventeen, NASDAK added one thirteen. The S and P

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<v Speaker 1>five hundred was up thirty three. The tenure treasury yield

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<v Speaker 1>as at four point seven three percent. The two year

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<v Speaker 1>is at four point two three percent. That's news when

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<v Speaker 1>you want it with Bloomberg News. Now I made Koleggi.

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<v Speaker 1>This is Bloomberg