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Speaker 1: News when you wanted with Bloomberg News. Now, I'm Doug Prisner.

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Speaker 1: On Wednesday, the Supreme Court, we'll hear oral arguments on

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Speaker 1: whether President Trump overstepped federal law with many of his tariffs.

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Speaker 1: Earlier this year, a federal circuit court ruled many of

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Speaker 1: Trump's Liberation Day tariffs exceeded the president's emergency power to

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Speaker 1: regulate imports. Now Trump is calling the eventual ruling one

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Speaker 1: of the most important decisions in the history of the country.

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Speaker 1: Here is Trump speaking to CBS sixty Minutes.

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Speaker 2: I think our economy will go to hell. Look, because

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Speaker 2: of tariffs. We have the highest stock market we've ever

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Speaker 2: had because of tariff's. Four oh onek's at the highest level,

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Speaker 2: and this is millions and millions of people that we've

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Speaker 2: ever had four oh one CA's. I think it's the

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Speaker 2: most important subject discussed by the Supreme Court in one

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Speaker 2: hundred years.

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Speaker 1: That was President Trump speaking to CBS's sixty Minutes. This

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Speaker 1: was Trump's first interview with sixty Minutes in five years,

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Speaker 1: and his first interview with CBS since he sued parent

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Speaker 1: Mount over the program's twenty twenty four interview with Kamala

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Speaker 1: Harris over the weekend, the White House recapped some details

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Speaker 1: of the trade agreement made last week between President Trump

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Speaker 1: and Chinese President Chi Chenping. According to a fact sheet,

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Speaker 1: China will suspend implementation of additional export controls on rare

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Speaker 1: earth minerals, and in addition, China will terminate investigations targeting

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Speaker 1: US companies in the semiconductor supply chain. Now from the

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Speaker 1: US side, the Trump administration will pause some reciprocal tariffs

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Speaker 1: on China for an additional year, and the US will

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Speaker 1: halt plans to implement a one hundred percent tariff on

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Speaker 1: imported Chinese goods. In an interview with Fox News Sunday,

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Speaker 1: US Treasury Secretary Scott Besson said, despite the deal, the

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Speaker 1: US and its allies need to be wary of China.

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Speaker 3: The Chinese have cornered the market, and unfortunately at times

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Speaker 3: they proved to be unreliable partners. I think and I

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Speaker 3: hope after the agreement and the goodwill between President she

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Speaker 3: and President Trump in Korea, that we can depend on

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Speaker 3: them to be more reliable partners, and the rest of

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Speaker 3: the world can depend on them. But we can't take

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Speaker 3: that chance. We don't want to decouple with China, but

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Speaker 3: we're going to have to de risk.

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Speaker 1: US Treasury Secretary Scott Besson, speaking to Fox News Sunday,

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Speaker 1: OHPEK plus will make a modest increase in oil production

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Speaker 1: next month, and then the cartel will pause hiking output

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Speaker 1: during the first quarter of twenty twenty six. The cartel

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Speaker 1: is attempting to balance market share against signs of an

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Speaker 1: emerging surplus. Now OPEC plus delegates said the decision to

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Speaker 1: pause from January reflects an expectation for a seasonal slowdown.

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Speaker 1: The government shutdown has reached day thirty three. That's just

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Speaker 1: a few days shy of being the longest shutdown in

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Speaker 1: US history. Over the weekend, food Aid through SNAP benefits expired,

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Speaker 1: affecting over forty million Americans. Meantime, Democrat Mark Warner US

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Speaker 1: Senator from Virginia says he has hoped the shutdown could

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Speaker 1: come to an end this week with President Trump back

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Speaker 1: in the US following his trip to Asia. Here is

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Speaker 1: Warner speaking to CBS Face the nation.

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Speaker 4: But I hear people also very angry at this president.

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Speaker 4: I mean, we knew this wasn't going to end unless

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Speaker 4: Donald Trump was back in the country. He's now back

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Speaker 4: in the country. He got to go ahead and put

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Speaker 4: America first and sit down with us.

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Speaker 1: That is Democrat Mark Warner, US Senator from Virginia. He

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Speaker 1: went on to say that any further negotiations with Republicans

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Speaker 1: will require Trump in the room. The shutdown means there

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Speaker 1: is still no official data on the American economy. Even so,

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Speaker 1: many economists are confident that things are humming along thanks

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Speaker 1: to AI. More from Bloomberg S Nathan Hagar in Washington.

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Speaker 5: Businesses have poured investment into artificial intelligence. Equipment and software.

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Speaker 5: Data centers have provided a rare bright spot for US

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Speaker 5: builders and three tech giants, Microsoft, Facebook's Metal platforms, and

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Speaker 5: Google parent Alphabet reported seventy eight billion dollars in AI

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Speaker 5: spent in the latest quarter. It all has Harvard economist

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Speaker 5: Karen Dinan saying it's fair to say that AI has

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Speaker 5: been the main driver of US GDP growth this year.

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Speaker 5: Nathan Hager, Bloomberg Radio.

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Speaker 1: We go to New York City next, where candidates for

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Speaker 1: mayor delivered messages throughout the city urging voters to cast

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Speaker 1: their ballots on the last day of early voting before

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Speaker 1: election day on Tuesday. Now, the race is between Democratic

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Speaker 1: nominee Zoron Mamdani Independent Andrew Cuomo and Republican candidate Curtis Sliwa. Meantime,

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Speaker 1: House Minority Leader Hakim Jeffrey says he does not see

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Speaker 1: Mamdani as the future of the Democratic Party. Here is

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Speaker 1: Jeffrey speaking to CNN State of the Union.

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Speaker 6: The future of the Democratic Party is going to fall

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Speaker 6: as far as we're concerned, relative to the House Democratic

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Speaker 6: Caucus and members who are doing a great work all

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Speaker 6: across the country as it relates to our need to

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Speaker 6: both take back control of the House.

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Speaker 1: House Minority Leader Hakim Jeffrey speaking to CNN State of

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Speaker 1: the Union. Incidentally, Michael Bloomberg has endorsed Andrew Cuomo in

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Speaker 1: the mayor's race, and mister Bloomberg has donated to a

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Speaker 1: super pack supporting Cuomo. Michael Bloomberg is the founder and

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Speaker 1: majority owner of Bloomberg LP, the parent company of Bloomberg

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Speaker 1: TV and Radio. California Governor Gavin Newsom is taking on

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Speaker 1: a more aggressive tone against President Trump. Newsom is now

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Speaker 1: pushing back on efforts by GOP led states to redraw

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Speaker 1: house districts more favorable to Republicans. On Tuesday, Californians will

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Speaker 1: vote on mid term redistricting that could help the Democrats

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Speaker 1: win more seats in the US House of Representatives. Here

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Speaker 1: is Newsom speaking to NBC's Meet the Press.

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Speaker 5: He is not screwing around.

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Speaker 1: He's changing the rules.

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Speaker 4: He's rigging the game because he knows he'll lose if

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Speaker 4: all things are equal.

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Speaker 1: He did not expect California to fight fire with fire.

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Speaker 1: California Governor Gavin Newsom speaking to NBC's Meet the Press.

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Speaker 1: And that is news when you want it with Blomberg News. Now,

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

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Speaker 6: Mhm.