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

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Speaker 1: Doug Prisner. President Trump has signed an executive order imposing

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Speaker 1: a twenty five percent tariff on all steel and aluminum

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Speaker 1: imports to the US. We got reaction from Joe Doe,

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Speaker 1: metals and mining reporter for Bloomberg News.

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Speaker 2: I don't think people thought he would be moving so quickly.

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Speaker 2: You got to remember last week he said he was

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Speaker 2: going to do across the board tariffs on Mexico and Canada.

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Speaker 2: And when he pulled back on that, most people I

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Speaker 2: talked to in the steel and aluminum industries thought, okay, great,

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Speaker 2: that means we've got till about March fourth before we

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Speaker 2: have to worry about tariffs again. So for him coming

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Speaker 2: out and saying steel on aluminum specific over the weekend

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Speaker 2: took a lot of people off guard.

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Speaker 1: That is Bloomberg's Joe Doe Now. The President is casting

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Speaker 1: this effort as one which will help bolster domestic production

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Speaker 1: and bring more jobs back to the United States. The

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Speaker 1: President also warned that the raid on metal tariffs may

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Speaker 1: go higher. These new rates, by the way, we'll go

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Speaker 1: into effect on March fourth. The Department of Justice has

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Speaker 1: directed federal prosecutors in Manhattan to drop the corruption charges

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Speaker 1: against New York City Mayor Eric Adams. According to a

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Speaker 1: memo attained by Bloomberg, the DOJ claims Adams's indictment last

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Speaker 1: fall came too near to the twenty twenty five mayoral

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Speaker 1: primary and it limited Adam's ability to cooperate in President

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Speaker 1: Trump's immigration crackdown. Here is Bloomberg's June Grosso.

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Speaker 3: Mayor Adams has come out and said he wants to

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Speaker 3: cooperate with the federal government. We know that he's gone

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Speaker 3: down tomorrow lago. He was at the President's inauguration, so

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Speaker 3: he's been i'll say, working the president and has said

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Speaker 3: that he would cooperate. But they're saying that because his

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Speaker 3: security clearance was taken away due to these charges, that

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Speaker 3: he can't cooperate. So that's the reason for dropping. It

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Speaker 3: has nothing to do with the strength of the charges.

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Speaker 1: That is Bloomberg's June Grosso. There Now, Adams did become

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Speaker 1: the first sitting mayor in modern New York City history

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Speaker 1: to be indicted and face charges of bribery and campaign

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Speaker 1: finance offenses. He has refused to step down, and he

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Speaker 1: has denied any wrongdoing. We go next to open Ai.

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Speaker 1: CEO Sam Altman has rejected a buyout offer from a

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Speaker 1: group led by Elon Musk. An unsolicited bid of ninety

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Speaker 1: seven point four billion dollars was made for the nonprofit

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Speaker 1: that controls open Ai. Mosk and Altman co founded open

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Speaker 1: ai as a charity back in twenty fifteen. Four years later,

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Speaker 1: after Musk left, Altman created a for profit subsidiary as

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Speaker 1: a vehicle to raise money from Microsoft and other investors.

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Speaker 1: Well today, Musk said it's time for open ai to

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Speaker 1: return to the force for good it once was. Here

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Speaker 1: is Bloomberg's Jackie Devalos.

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Speaker 4: Oubin Ai has been able to expand and roll out

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Speaker 4: more offerings because of the capital it has attracted, And

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Speaker 4: a large reason for that capital is because investors are

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Speaker 4: banking on this being able to be monetized, that they're

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Speaker 4: going to make a bang for their buck, this return

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Speaker 4: on investment, and you can't really do that in the

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Speaker 4: same way when it's simply a nonprofit.

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Speaker 1: That is Bloomberg's Jackie Devalos. In response to the Mosque

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Speaker 1: offer on x, Altman wrote, no, thank you, but we

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Speaker 1: will buy Twitter for nine point seventy four billion dollars

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Speaker 1: if you want. Today, US listed chairs and BP jump

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Speaker 1: by more than six percent. That's after activist investor Elliott

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Speaker 1: Management built a stake in the company. Elliott is seeking

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Speaker 1: to end years of underperformance by pushing for significant change.

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Speaker 1: Will Harris is senior Global Energy analyst for Bloomberg Intelligence.

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Speaker 5: There's four levers that I think Elliott might try and

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Speaker 5: pull here, and the first is transition business spin off,

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Speaker 5: so this can remove debt and capital intensity of these

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Speaker 5: businesses off the balance sheet. We think they'll push for

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Speaker 5: to focus on growing their oil production more. And I

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Speaker 5: think there could be a push for a board change.

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Speaker 5: The chairman of the board hel could learn to has

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Speaker 5: overseen BP since twenty seventeen and compared to peers, there's

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Speaker 5: been pretty underwhelming performance there. And then finally a primary

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Speaker 5: US list.

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Speaker 1: That is Bloomberg's Will Harris. So federal judge has ruled

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Speaker 1: the Trump administration must immediately unfreeze all three trillion dollars

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Speaker 1: in federal funds. The judge found the White House in

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Speaker 1: violation of his temporary restraining order by keeping some of

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Speaker 1: those dollars paused. The judge said the broad, categorical and

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Speaker 1: sweeping funding freeze is likely unconstitutional and per the ruling,

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Speaker 1: the administration must immediately clear all hurdles to restoring the

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Speaker 1: funds until the court decides on the government's motion for

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Speaker 1: a preliminary injunction. FED schir J. Powell will face tough

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Speaker 1: hearings on Capitol Hill beginning Tuesday. They are expected to

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Speaker 1: be hyper charged hearings overshadowed by President Trump. Bloomberg's Amy

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Speaker 1: Morris as a preview from Washington.

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Speaker 6: Democrats and Republicans are likely to question Powell on President

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Speaker 6: Trump's policies, including banking regulations and a rollback of diversity efforts.

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Speaker 6: During the FOMC news conference last month, Powell explained, they

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Speaker 6: are in a weight in c mode.

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Speaker 1: We need to let those policies be articulated before we

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Speaker 1: can even begin to make a plausible assessment of what

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Speaker 1: their implications for the economy will be.

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Speaker 6: Lawmakers are likely to raise concerns about the Fed's miss

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Speaker 6: of its two percent inflation target, its response to Donald

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Speaker 6: Trump's executive order on DEI policies, and it stands on

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Speaker 6: bank regulations, among other issues. In Washington, Amy Moore as

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Speaker 6: Bloomberg Radio

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Speaker 1: And that is news when you want it with Bloomberg

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Speaker 1: News now I'm Doug prisoner, and this is Bloomberg.