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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 unveiled a litany of new tariffs.

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Speaker 1: He said the US will impose a one hundred percent

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Speaker 1: tariff on any branded or patented pharmaceutical product unless a

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Speaker 1: company is building their pharmaceutical manufacturing plant in America. Here

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Speaker 1: is Deborah Elms, head of trade policy at the Heinrich Foundation.

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Speaker 2: These negotiations have been largely about what we're called the

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Speaker 2: reciprocal tariffs, that is, those tariffs imposed under emergency powers

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Speaker 2: originally on April second, had been revised since then. That's

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Speaker 2: where the focus has been, and what the Trump administration

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Speaker 2: has been doing is moving more and more tariff coverage

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Speaker 2: to the sector specific tariffs on increasingly now everything as

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Speaker 2: you can see, including now the kitchen cabinet and the

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Speaker 2: couch in the living room.

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Speaker 1: Deborah ELM's there, head of trade policy at the Heinrich Foundation.

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Speaker 3: Now.

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Speaker 1: Trump also announced a fifty percent tariff on kitchen cabinets,

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Speaker 1: thirty percent levies on upholstered furnace, and twenty five percent

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Speaker 1: tariffs on heavy trucks. Incidentally, these new tariffs are set

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Speaker 1: to take effect October first. Former FBI Director James Comy

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Speaker 1: has been indicted on two of three criminal accounts sought

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Speaker 1: by federal prosecutors. He's been charged with making a false

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Speaker 1: statement and obstruction now. This case was filed days after

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Speaker 1: President Trump appeared to urge his Attorney general to prosecute

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Speaker 1: the former FBI director and other perceived political enemies. This

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Speaker 1: makes Comy the first former senior government official to face

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Speaker 1: prosecution in connection with one of Trump's chief grievances, the

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Speaker 1: long concluded investigation into Russian interference in the twenty sixteen election.

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Speaker 1: Komy reacted on Instagram.

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Speaker 4: My family and I have known for years that there

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Speaker 4: are costs to standing up to Donald Trump, but we

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Speaker 4: couldn't imagine ourselves living any other way. We will not

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Speaker 4: live on our knees, and you shouldn't either. Somebody that

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Speaker 4: I love dearly recently said that fear is the tool

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Speaker 4: of a tyrant, and she's right. But I'm not afraid,

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Speaker 4: and I hope you're not either.

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Speaker 1: That is former FBI Director James Comi. Meantime, President Trump

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Speaker 1: has formalized an agreement for a group of American investors

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Speaker 1: to take control of TikTok's US operations and the president

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Speaker 1: said Oracle will secure the algorithm on the American version

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Speaker 1: of this platform. Now, Vice President jd Vance played a

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Speaker 1: central role in crafting this deal. Vance said the company

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Speaker 1: is valued at around fourteen billion dollars.

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Speaker 5: We actually think this is a good deal for investors,

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Speaker 5: but ultimately the investors are going to make the determination

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Speaker 5: about what they want to invest in and what they

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Speaker 5: think is a proper value.

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Speaker 1: Vice President jd Vance. There Now, the composition of the

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Speaker 1: buyer's group is not yet official. We are told Oracle,

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Speaker 1: along with a private equity firm Silver Lake, and the

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Speaker 1: Abu Dhabi based investment company MGX, would each have a stake.

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Speaker 1: Here is Bloomberg Sarah, So.

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Speaker 3: What Trump thinks he has here is a solution that

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Speaker 3: will satisfy not just the law but the Chinese government.

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Speaker 3: And we're not really hearing anything from China. We're not

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Speaker 3: really hearing anything from by Dance. So it's possible. But

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Speaker 3: you know, if this is so solid, if this is

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Speaker 3: so solid that it's going to be announced with these stakes,

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Speaker 3: why does it need one hundred and twenty days?

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Speaker 1: Bloomberg Sarah Fryar. Amazon has agreed to pay two and

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Speaker 1: a half billion dollars in penalties and refunds to settle

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Speaker 1: a lawsuit by the FTC. Amazon was accused of misleading

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Speaker 1: millions of customers into signing up for Prime and then

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Speaker 1: making it intentionally difficult to cancel. As part of this settlement,

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Speaker 1: Amazon will change its process for how to cancel a

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Speaker 1: Prime subscription. The company will also make payouts to customers.

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Speaker 1: Here is Bloomberg Spenser, soaper.

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Speaker 5: People will be refunded automatically if it was found they

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Speaker 5: were affected by this case, and you're looking at about

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Speaker 5: fifty bucks per affected consumers, So it's no huge windfall

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Speaker 5: for consumers, and even for Amazon. Two and a half

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Speaker 5: billion dollars is probably like a parking ticket for you

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Speaker 5: and me. But it puts this thing to bed and

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Speaker 5: prevents Amazon from going to a trial, which probably would

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Speaker 5: have been pretty embarrassing.

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Speaker 1: That is Bloomberg Spencer's Soper. Another down day for the

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Speaker 1: US equity market three in a row, in fact, and

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Speaker 1: if you're wondering, that is the longest slide in a month.

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Speaker 1: More from Bloomberg's Charlie Pellett.

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Speaker 6: The S and P five hundred index is now just

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Speaker 6: above sixty six hundred, with valuation worries overshadowing data showing

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Speaker 6: the US economy is holding up. Mirrapanda is Global Market

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Speaker 6: Strategistic JP Morgan Asset Management.

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Speaker 7: So when I think about whether the market is overvalued,

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Speaker 7: it's certainly highly valued. But a lot of the companies

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Speaker 7: underneath the surface are producing and being resilient in faces

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Speaker 7: some of these headwinds.

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Speaker 6: Investors are awaiting the Fed's next rate move and a

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Speaker 6: crucial earning season, while the threat of a US this

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Speaker 6: government shutdown is growing more severe in New York. Charlie

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Speaker 6: Pellett Bloomberg Radio, and that.

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Speaker 1: Is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Prisoner and this is Bloomberg