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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Karen, we begin with a major legal and political development.

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Speaker 2: Former FBI director James Comy is now facing a criminal indictment.

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Speaker 2: He's been charged with lying to Congress and obstruction over

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Speaker 2: testimony he gave in twenty twenty about leaks in the

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Speaker 2: Hillary Clinton investigation. The grand jury indictment was announced by

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Speaker 2: Lindsay Halligan, the federal prosecutor that President Trump hand picked

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Speaker 2: this week after her predecessor resigned under pressure. President Trump

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Speaker 2: was asked about the charges hours before they came out.

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Speaker 2: They're going to make a determination. I'm not making that determined.

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Speaker 4: I think i'd be allowed to get involved in it once,

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Speaker 4: but I don't really choose to do so.

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Speaker 5: I can only say that Comy's a bad person.

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Speaker 6: He's a sick person.

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Speaker 4: I think he's a sick guy.

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Speaker 5: Actually.

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Speaker 2: President Trump fired Comy in twenty seventeen while he was

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Speaker 2: overseeing the investigation into Russian interference in the twenty sixteen campaign.

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Speaker 2: Call Me responded to the charges in a message on Instagram.

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Speaker 7: My heart is broken for the Department of Justice. But

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Speaker 7: I have great confidence in the federal judicial system and

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Speaker 7: I'm innocent, So let's have a trial.

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Speaker 2: Former FBI director James Comy could face up to five

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Speaker 2: years in prison if convicted.

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Speaker 3: Another major story that we're following this morning, Nathan, involves

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Speaker 3: the ongoing trade war. President Trump has announced a fresh

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Speaker 3: round of tariffs on pharmaceuticals, heavy trucks, and furniture. Bloomberg's

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Speaker 3: John Tucker joins us with the very latest. John, Good morning, h.

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Speaker 4: Good morning Karen. Trump's announcement includes one hundred percent tariff

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Speaker 4: on patent drugs of US. The producer's building a manufacturing

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Speaker 4: plan in the US, It posted on social media. They

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Speaker 4: will start October first. The announcement short on details. We're

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Speaker 4: not sure which producer is going to be impacted. The

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Speaker 4: Deborah Elms, head of trade policy at the Hindrich Foundation,

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Speaker 4: had this reaction.

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Speaker 3: Trump is never going to be done with tariffs. So

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Speaker 3: anyone who thinks that this is the end, or at

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Speaker 3: any point that that would be the end of his

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Speaker 3: tariff game is delusional.

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Speaker 6: The man loves tariffs.

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Speaker 5: He'll continue to use them.

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Speaker 4: It doesn't stop at pharmaceuticals, import at heavy trucks, they'll

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Speaker 4: be subject to a twenty five percent duty, Kitchen cabinets

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Speaker 4: and bathroom vanities will be hit with a fifty percent charge,

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Speaker 4: and upholstered furniture imports will be taxed at thirty percent. Well,

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Speaker 4: the moves amount to a rapid expansion of Trump's tariff regime,

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Speaker 4: and it comes at a time and the President has

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Speaker 4: flanked his executive powers like none of his modern predecessors.

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Speaker 4: Most European drug makers slumped in early trading.

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Speaker 7: You know, York.

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Speaker 4: I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you. Indeed, President Trump assigned another

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Speaker 2: executive order, this one detailing plans to allow TikTok to

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Speaker 2: keep operating in the United States. Sloomberg Zamy Morris reports

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Speaker 2: from Washington.

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Speaker 8: As part of this new framework, Oracle will audit TikTok's algorithm.

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Speaker 8: Vice President JD. Vance, what this.

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Speaker 9: Deal ensures is that the American entity and the American

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Speaker 9: investors will actually control the algorithm. We don't want this

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Speaker 9: used as a propaganda tool by any foreign government. We

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Speaker 9: want to make sure that our people and our investors

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Speaker 9: actually make these decisions based on what's good for their business.

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Speaker 8: And Man says the US version of TikTok will be

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Speaker 8: valued around fourteen billion dollars. Oracle silver Lake and the

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Speaker 8: Abu Dhabi based investment company MGX are in talks to

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Speaker 8: invest in a US version and receive board seats in

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Speaker 8: the new venture. The US will not get an equity

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Speaker 8: stake in TikTok, but Trump says the US government will

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Speaker 8: make money in taxes from the deal. In Washington, Amy

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Speaker 8: Morris Bloomberg Radio, all right.

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Speaker 2: Amy, thank you, and some analysts say that fourteen billion

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Speaker 2: dollar price tag values TikTok more like a stuffield energy

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Speaker 2: or food company than a leading global social media company.

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Speaker 3: Well, Nathan, The eightieth You and General Assembly continues in

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Speaker 3: New York today. Is really a Prime Minister Benjamin Netanyahu

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Speaker 3: will be among those speaking. Israel Bureau Chief Evan Bronner

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Speaker 3: is in New York covering the closely watched speech.

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Speaker 5: The Prime Minister will be utterly defiant. He will tell

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Speaker 5: the world that it has misunderstood what's going on. That

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Speaker 5: to urge Palestinian statehood in the wake of what happened

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Speaker 5: on October seventh, twenty twenty three, is to reward terror

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Speaker 5: and to drive the wrong side of history. He's going

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Speaker 5: to explain why the only solution is to destroy completely

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Speaker 5: Hamas despite whatever cost he's accused of making happen there,

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Speaker 5: including of course accusations of genocide and famine and enormous

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Speaker 5: and increasing global isolation. But this government has come to

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Speaker 5: the conclusion that the future is in its hands as

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Speaker 5: long as it shows strength rather than compromise.

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Speaker 3: And Nathan, we turn out to markets and the economy

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Speaker 3: and it will get another key rating on consumers spending

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Speaker 3: and inflation before this morning's opening bill, and we get

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Speaker 3: a preview with Bloomberg's Michael McKee.

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Speaker 6: Consumers hung in there during August. The economists say the

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Speaker 6: consensus is spending remained strong during back to school season,

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Speaker 6: suggesting any impact from tariffs or Trump uncertainty was muted.

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Speaker 6: The August data comes a day after the government reported

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Speaker 6: spending was stronger than expected in the second quarter. Investors

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Speaker 6: are also watching the personal consumption price indexes for clues

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Speaker 6: to the fed's plans ahead. FED officials have already forecast

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Speaker 6: headline inflation of two point seven percent and a core

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Speaker 6: of two point nine, still moving away from their two

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Speaker 6: percent target. Michael McKee, Bloomberg Radio.

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Speaker 2: Mike, Thanks Meanwhile, FED Governor Stephen Myron's renewing his call

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Speaker 2: for aggressive rate cuts, and an interview heard right here

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Speaker 2: on Bloomberg Radio, Myron said the FED risks damaging the

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Speaker 2: economy by not quickly lowering rates.

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Speaker 10: I would rather act proactively, right and sort of we

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Speaker 10: know that we just had the biggest population growth shocks

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Speaker 10: in many people's lifetimes, mine included, Right, would we know

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Speaker 10: what the consequence of those are economically? I would rather

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Speaker 10: act proactively in lower rates as a result ahead of time,

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Speaker 10: rather than wait for some you know, giant catastrophe to occur,

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Speaker 10: because you suddenly wake up and find out that you

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Speaker 10: are sort of resuming those dynamics.

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Speaker 2: Thank Governor Stephen Myron spoke on Bloomberg Surveillance ahead of yesterday.

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Speaker 2: Stronger than expect the GDP report.

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Speaker 3: Wethern Company News Nathan Costco reported better than expected profit

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Speaker 3: for the fourth quarter. The nation's largest warehouse club operated

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Speaker 3: posted both earnings per share and comp sales above consensus.

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Speaker 3: Big box stores have seen strong sales growth despite the

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Speaker 3: risk of tariff driven inflation. Time now, for look at

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Speaker 3: some of the other stories making news in New York

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Speaker 3: and around the world, and for that We're joined by

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Speaker 3: bloomberg S Michael Barr, Michael, good.

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Speaker 7: Morning, Good morning, Karen. If Congress does not pass a

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Speaker 7: bill to keep the federal government funded past September, it

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Speaker 7: is likely to shut down starting Wednesday. The House approved

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Speaker 7: a Republican proposal to keep the federal government funded into November,

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Speaker 7: but the measure failed in the Senate. Democrats are pushing

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Speaker 7: to preserve healthcare programs as part of any deal. House

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Speaker 7: Minority Leader Hakim Jeffries.

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Speaker 11: Because of the Republican refusal to address the affordable care

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Speaker 11: tax credit issue, at least twenty million Americans are about

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Speaker 11: to experience dramatic increases in their healthcare premiums, co pays,

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Speaker 11: and deductibles.

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Speaker 7: This week, President Trump posted on his social media platform

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Speaker 7: that he no longer intended to meet with Democrats to

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Speaker 7: discuss a path forward. Republican Congressman Marlin Stutzman of Indiana

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Speaker 7: says this isn't just about President Trump.

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Speaker 12: We all know Republicans have the majority in both the

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Speaker 12: House and the Senate, and so it's up to Republicans

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Speaker 12: to drive the agenda. Democrats have said they don't agree,

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Speaker 12: and they decide that they're going to obstruct and that's

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Speaker 12: what shuts the government down.

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Speaker 7: The White House Budget Office is telling federal agencies to

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Speaker 7: prepare plans for mass firings during a possible government shutdown.

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Speaker 7: A large group of protesters gathered outside twenty six Federal

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Speaker 7: Plaza in New York City, where they say that Immigration

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Speaker 7: and Customs Enforcement is holding migrants without due process. It

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Speaker 7: is the same building holdingburg. Several elected officials in New

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Speaker 7: York were arrested during a protest last week. The demonstration

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Speaker 7: comes just one day after a sniper opened fire on

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Speaker 7: an ice Field office in Dallas, but New York protesters

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Speaker 7: weren't deterred.

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Speaker 3: I believe in peace. I believe in the possibility of

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Speaker 3: peace every day, and I believe we can solve all

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Speaker 3: these problems with a commitment to peace.

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Speaker 7: Protesters say people are being held in unsafe and inhumane conditions.

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Speaker 7: A federal judge in New York is promising a speedy

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Speaker 7: decision after hearing arguments Thursday on whether to throw out

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Speaker 7: two prostitution related charges that rapper Sean Diddy Combs was

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Speaker 7: convicted of in July. If the charges stand, Combs will

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Speaker 7: be sentenced next week. Global News twenty four hours a

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Speaker 7: day and whenever you want it with the Bloomberg News

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Speaker 7: Now Michael Barr and this is Bloomberg Karen.

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Speaker 3: Thanks Michael. Time now for our Bloomberg Sports update, and

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Speaker 3: for that we bring in John stash Hour.

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Speaker 2: Thanks Garreth.

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Speaker 13: Thursday football in Phoenix, see I don't have two touchdown

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Speaker 13: lead was six minutes to go to Kyler Murray touchdown

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Speaker 13: passes one with twenty eight seconds left tied the game,

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Speaker 13: but Jason Myers of fifty two yardfield goal at the end.

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Speaker 13: Seattle won twenty three twenty Detroit Tiger's finally got a

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Speaker 13: win four to two at Cleveland. The Tigers and Guardians

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Speaker 13: are tied for first going too the final weekend. The

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Speaker 13: Ryder Cup forty fifth edition starts this morning at Bethpage

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Speaker 13: Black on Long Island. Europe has won eight of the

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Speaker 13: last eleven ten at the last fourteen. That's your Bloomberg

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Speaker 13: Sports update.

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Speaker 2: Stay with us.

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Speaker 3: More from Bloomberg day Break coming up after.

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Speaker 1: This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. President Trump has been pushing

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Speaker 2: for legal action against officials he perceives as his political enemies. Now,

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Speaker 2: the FBI director he fired nearly a decade ago, James Comey,

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Speaker 2: has been charged with obstruction in line to Congress. Comy

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Speaker 2: is already responding. He says he's innocent.

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Speaker 6: Somebody that I love dearly recently said that fear is

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Speaker 6: the tool of a tyrant, and she's right.

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Speaker 3: But I'm not afraid, and I hope you're not either.

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Speaker 2: That was former FBI director James Comy in a post

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Speaker 2: on Instagram. For more, we're joined by Terry Haynes, the

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Speaker 2: founder of Pangaea Policy. Terry, good morning, your reaction to

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Speaker 2: this indictment.

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Speaker 14: Good morning, Nathan. Three points on this. First, this is lawfair,

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Speaker 14: pure and simple, with the objective of ruin, where the

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Speaker 14: process is punishment. But I don't think people ought to

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Speaker 14: be crowing about or ringing their garments, about brending their

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Speaker 14: garments about Comy. You know, people that sow the wind

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Speaker 14: reaped the whirlwind. And there's been plenty of lawfair tossed

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Speaker 14: around over the last decade on both sides. So people

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Speaker 14: need to remember that. I think number one, number two,

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Speaker 14: the case depends entirely on the fact. That's the element.

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Speaker 14: But I pointed out to say, the facts aren't known,

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Speaker 14: and so we'll need to look at the strength of

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Speaker 14: the case to assess it. The fact that prior prosecutors

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Speaker 14: didn't want to bring the case tells us something, but

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Speaker 14: I think doesn't tell us everything. So we'll need to

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Speaker 14: look at that going forward. Finally, there's a bigger point here.

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Speaker 14: The bigger point is whether you're restoring or destroying government credibility.

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Speaker 14: There'll be disagreements about that as well, but the Trump

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Speaker 14: people think they're trying to restore government credibility in no

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Speaker 14: small part because you ask yourself the basic question, what

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Speaker 14: in Heaven's name was Komy doing back in twenty sixteen,

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Speaker 14: twenty seventeen by having personally or having the department leaking

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Speaker 14: documents back and forth, not just on Trump but on

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Speaker 14: the Secretary Clinton as well. So lots of questions here,

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Speaker 14: but this looks to me like, in part on an

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Speaker 14: opportunity from the Trump perspective, for people to re litigate

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Speaker 14: the Inspector General's report that found Comy at fault in

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Speaker 14: a lot of different ways.

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Speaker 2: Well, let's get into that point in particular. I mean,

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Speaker 2: coming into this second term, President Trump talked about wanting

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Speaker 2: to end the weaponization of the Justice Department. Doesn't this

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Speaker 2: undermine that fundamental message?

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Speaker 14: You know, I was on your ear. I think you

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Speaker 14: and I talked directly about the wisdom of letting all

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Speaker 14: this go and how heartening that seemed to be. My

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Speaker 14: only response is that consistency is the hob goblin of

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Speaker 14: little minds, as Emerson said, And you know, I think

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Speaker 14: this is a case where the lesser instincts are taking

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Speaker 14: over from the higher.

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Speaker 2: There's also a question about whether the president himself had

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Speaker 2: an influence over this. He was asked about it directly

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Speaker 2: in the Oval office yesterday. He said he's not making

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Speaker 2: the determination, but he feels like he could if he

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Speaker 2: wanted to. And he hand picked the prosecutor that brought

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Speaker 2: these charges with the grand jury after the last one

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Speaker 2: resigned under pressure. Is there presidential influence here?

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Speaker 14: Well, you know, I think the president wants it both ways.

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Speaker 14: I'm not saying that in a nefarious sort of way.

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Speaker 14: I'm saying in a public relations sense. On the one hand,

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Speaker 14: he wants it to be known that this is the

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Speaker 14: result that he wanted and that that's apparent from his

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Speaker 14: statements just over the last week or so, but at

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Speaker 14: the same time trying to stay away from the more

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Speaker 14: granular questions of just how much influence he had, you know.

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Speaker 14: But bottom line, it bears understanding that, you know, the

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Speaker 14: Justice Department is a creature of the executive and exercises

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Speaker 14: executive power. The President certainly can involve himself in these things,

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Speaker 14: and he's not the first to do so.

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