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Speaker 1: News when you wanted with Lumberg News Now. I'm Brian

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Speaker 1: Curtis in Hong Kong. It's day two of Russian President

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Speaker 1: Vladimir Putin's state visit to Beijing. Putin and his Chinese

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Speaker 1: counterpart Shi Jinping have pledged to intensify cooperation against what

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Speaker 1: they call US containment of their countries. This as the

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Speaker 1: pair warned of growing nuclear tensions between the rival powers.

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Speaker 1: Putin and she accused the US of planning to station

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Speaker 1: missile systems that pose a threat to their nations. They're

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Speaker 1: also accusing the US of seeking to violate this strategic

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Speaker 1: nuclear balance to gain a decisive military advantage. President Joe

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Speaker 1: Biden has announced that the Justice Department is taking the

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Speaker 1: next step toward reclassifying marijuana. The move will change the

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Speaker 1: substance from a Schedule one to a Schedule three drug

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Speaker 1: under federal law. Biden called it a major move.

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Speaker 2: Today, my administration took a major step to reclassify marijuana

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Speaker 2: from a Schedule one drug to schedule It's an important

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Speaker 2: move toward reversing long standing inequities.

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Speaker 1: A sixty day public comment period will begin a day

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Speaker 1: after President Biden and former President Trump agreed to debate

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Speaker 1: this summer. The Vice presidential forum may be shaping up.

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Speaker 1: Bloomberg's Nathan Hager has more from Washington.

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Speaker 3: The Biden campaign says Vice President Harris is willing to

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Speaker 3: debate Trump's running mate either on July twenty third or

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Speaker 3: August thirteenth. CBS News has offered to host the forum

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Speaker 3: under the same rule as President Biden's requested for his debates,

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Speaker 3: including no live audience and Mike's turned off when it's

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Speaker 3: not a candidate's turn to speak. It's unclear if the

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Speaker 3: Trump campaign's going to accept those terms for the VP

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Speaker 3: debate or how much time his running mate will have

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Speaker 3: to prepare. Trump has said he plans to choose a

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Speaker 3: vice presidential nominee close to the Republican Convention in mid July.

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Speaker 3: In Washington, I'm Nathan Hager, Bloomberg Radio.

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Speaker 1: China's consumer spending slowed significantly in the month of April.

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Speaker 1: In the meantime, industrial production accelerated. It's another indication of

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Speaker 1: the uneven recovery in the Chinese economy. Retail sales expanding

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Speaker 1: two point three percent that was well below the estimate

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Speaker 1: of three point seven percent. On the other hand, industrial

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Speaker 1: output jumped six point seven percent from a year ago,

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Speaker 1: and that was a beat of the five point five

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Speaker 1: percent forecast. Well more FED talk today in the United States,

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Speaker 1: with officials drilling down on higher for longer rates. JP

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Speaker 1: Morgan's CEO Jamie Diamond tells Bloomberg inflation may prove very persistent.

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Speaker 4: We've had very big fiscal deficits, and I look at

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Speaker 4: the future like a lot of things. We look at

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Speaker 4: economy inflationary, the green economy, the remilitarization of the world,

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Speaker 4: the infrastructure requirements, the restructur to trade, fiscal deficits. So

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Speaker 4: I think there are a lot of inflationary forces in

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Speaker 4: front of us.

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Speaker 1: And we also heard from Cleveland FED President Lorettamester moving rates.

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Speaker 5: Down too soon or too quickly without sufficient evidence to

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Speaker 5: give us confidence than inflation is on a sustainable timely

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Speaker 5: path back to two percent. We're risk undoing the progress

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Speaker 5: we have made on inflation, and with labor markets and

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Speaker 5: economic growth both being very solid, we don't need to

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Speaker 5: take that risk.

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Speaker 1: Mester's comments were echoed by her New York and Richmond counterparts.

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Speaker 1: President Joe Biden's top economic advisor, Layel Brainerd is defending

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Speaker 1: new tariffs on Chinese imports. Brainard says the tariffs are

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Speaker 1: necessary to avoid economic turbulence.

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Speaker 6: China's using the same playbook it has before to power

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Speaker 6: its growth at the expense of others by investing in

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Speaker 6: significant industrial over capacity and flooding global markets with artificially

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Speaker 6: cheap exports.

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Speaker 1: In the meantime, the International Monetary Fund criticized the Biden

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Speaker 1: administration's tariffs on China. The Fund said that the rift

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Speaker 1: between the world's top two economies could hurt global trade

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Speaker 1: and growth. In Sporting News, Day one of the twenty

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Speaker 1: twenty four PGA Championship is in the books. Xander Chauffle

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Speaker 1: sits atop the leaderboard at nine hundred TiO after a

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Speaker 1: record sixty two. Tony Finow, Sahi Thigala, and Mark Hubbard

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Speaker 1: are three back at six under. Rory McElroy next at

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Speaker 1: five under par and other notables are Brooks Koepka and

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Speaker 1: Scottie Scheffler at four hunder. Sixty seven's Tiger Woods finds

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Speaker 1: himself in the middle of the pack after a seventy two.

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Speaker 1: That's news when you want it with Bloomberg News Now,

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Speaker 1: I'm Brian Curtis. This is Bloomberg