1
00:00:00,360 --> 00:00:02,880
Speaker 1: News when you want it with Bloomberg News Now. I'm

2
00:00:03,000 --> 00:00:06,560
Speaker 1: Charlie Pellett. President Trump has declared plans for a one

3
00:00:06,720 --> 00:00:11,120
Speaker 1: hundred percent tariff on semiconductor imports, while promising to exempt

4
00:00:11,160 --> 00:00:14,920
Speaker 1: companies such as Apple that move production back to the US,

5
00:00:15,280 --> 00:00:19,720
Speaker 1: triggering a scramble among trading partners and companies worldwide to

6
00:00:19,760 --> 00:00:22,680
Speaker 1: make sense of the threat. The President made the command

7
00:00:22,720 --> 00:00:25,280
Speaker 1: at the White House or the gathering of tech leaders.

8
00:00:25,440 --> 00:00:28,880
Speaker 2: I've discussed it with the people here chips and semiconductors,

9
00:00:28,920 --> 00:00:33,599
Speaker 2: and will be putting tariffs on companies that aren't coming in,

10
00:00:34,360 --> 00:00:38,240
Speaker 2: will be putting a tariff very shortly, probably are hearing.

11
00:00:38,280 --> 00:00:42,120
Speaker 2: Will be putting a fairly substantial tariff or not that high,

12
00:00:42,159 --> 00:00:46,159
Speaker 2: but fairly substantial tariff, with the understanding that if they

13
00:00:46,200 --> 00:00:50,080
Speaker 2: come into the country, if they're coming in, building planning

14
00:00:50,080 --> 00:00:52,280
Speaker 2: to come in, there will not be a tariff.

15
00:00:52,440 --> 00:00:55,040
Speaker 1: The President also weighed in on the New York City

16
00:00:55,040 --> 00:00:55,800
Speaker 1: mayoral race.

17
00:00:56,000 --> 00:00:59,560
Speaker 2: I'd prefer not to have a communist mayor of New

18
00:00:59,640 --> 00:01:02,880
Speaker 2: York City. And you know that's what he is based

19
00:01:02,920 --> 00:01:04,920
Speaker 2: on his policy if you look at his statements in

20
00:01:04,959 --> 00:01:09,240
Speaker 2: the past. So I would I would like to see

21
00:01:09,720 --> 00:01:13,199
Speaker 2: two people drop out and have it be one on one,

22
00:01:13,760 --> 00:01:15,280
Speaker 2: and I think that's a race they could be.

23
00:01:15,319 --> 00:01:18,760
Speaker 1: One Friday, we get the first jobs reports since President

24
00:01:18,800 --> 00:01:22,400
Speaker 1: Trump fired the leader of the Bureau of Labor Statistics

25
00:01:22,640 --> 00:01:25,160
Speaker 1: and with more. Here's Bloomberg's Lisa Matteo.

26
00:01:25,520 --> 00:01:29,600
Speaker 3: The president's firing a former BLS commissioner, Erica mcintarfer, was

27
00:01:29,640 --> 00:01:33,080
Speaker 3: in response to disappointing employment data for July. The question

28
00:01:33,160 --> 00:01:36,000
Speaker 3: now is will economists look at the data differently and

29
00:01:36,040 --> 00:01:38,960
Speaker 3: will the market's second guest the numbers. Claudia sam is

30
00:01:39,040 --> 00:01:41,320
Speaker 3: chief Economists at New Century Advisors.

31
00:01:41,440 --> 00:01:44,360
Speaker 4: It's going to be complicated, but it is not complicated

32
00:01:44,360 --> 00:01:47,440
Speaker 4: because our data are falling apart. It's complicated because the

33
00:01:47,480 --> 00:01:51,280
Speaker 4: economy is complicated when we have these moments where labor's

34
00:01:51,320 --> 00:01:55,320
Speaker 4: supply is moving one direction, labor demands moving, and it's really.

35
00:01:55,320 --> 00:01:57,960
Speaker 3: Hard Some ads that the job's data is the best

36
00:01:58,000 --> 00:02:00,800
Speaker 3: read we have on the US labor market. Lisa Matteo,

37
00:02:00,920 --> 00:02:01,840
Speaker 3: Bloomberg Radio.

38
00:02:02,000 --> 00:02:05,160
Speaker 1: President Trump is asking the US Supreme Court for permission

39
00:02:05,200 --> 00:02:10,160
Speaker 1: to fire FTC Commissioner Rebecca Kelly Slaughter. The move challenges

40
00:02:10,280 --> 00:02:15,480
Speaker 1: a ninety year old president, limiting presidential power over independent agencies.

41
00:02:15,919 --> 00:02:17,919
Speaker 1: More from Bloomberg's Greg Storm.

42
00:02:17,960 --> 00:02:23,720
Speaker 5: A federal appeals court ordered the commissioner reinstated. Said, I'm

43
00:02:23,760 --> 00:02:25,519
Speaker 5: not going to order Trump to are not going to

44
00:02:25,639 --> 00:02:28,760
Speaker 5: let Trump fire her right now. Trump is now at

45
00:02:28,800 --> 00:02:32,120
Speaker 5: the Supreme Court, has gone there and said, hey, let

46
00:02:32,160 --> 00:02:34,440
Speaker 5: me do it right away while this litigation goes forward,

47
00:02:34,720 --> 00:02:37,120
Speaker 5: and while you're at it, grant full review so we

48
00:02:37,160 --> 00:02:39,800
Speaker 5: can get this issue resolved once and for all.

49
00:02:40,120 --> 00:02:45,120
Speaker 1: Bloomberg's Greg Storm. President Trump's pick four the Federal Reserve Board,

50
00:02:45,320 --> 00:02:49,920
Speaker 1: Stephen Myron, sought to ease concerns about political interference. In

51
00:02:49,960 --> 00:02:54,480
Speaker 1: his Senate confirmation hearing, Myron promised to act independently at

52
00:02:54,480 --> 00:02:57,639
Speaker 1: the Central Bank, even as he acknowledged plans to keep

53
00:02:57,680 --> 00:02:59,520
Speaker 1: his White House advisory role.

54
00:02:59,720 --> 00:03:01,720
Speaker 6: Look, I'm committed to the independence of the feder Reserve.

55
00:03:01,880 --> 00:03:05,280
Speaker 6: I have in the past proposed a suite of reforms

56
00:03:05,280 --> 00:03:08,000
Speaker 6: to improve governance of the Federal Reserve. That suite was

57
00:03:08,040 --> 00:03:10,480
Speaker 6: a package deal. It was a system of checks and

58
00:03:10,520 --> 00:03:13,720
Speaker 6: balances designed to diffuse political power and isolate the FED

59
00:03:13,760 --> 00:03:17,480
Speaker 6: from political interference. It would be inappropriate to take one

60
00:03:17,600 --> 00:03:19,720
Speaker 6: check or balance away from the entire suite.

61
00:03:19,760 --> 00:03:22,840
Speaker 1: It is possible that Myron is confirmed in time for

62
00:03:22,919 --> 00:03:27,280
Speaker 1: the fed's next policy meeting on September sixteenth and seventeenth.

63
00:03:27,760 --> 00:03:31,400
Speaker 1: The Justice Department has opened a criminal probe into Federal

64
00:03:31,400 --> 00:03:35,920
Speaker 1: Reserve Governor Lisa Cook, escalating President Trump's effort to remove her.

65
00:03:36,240 --> 00:03:40,520
Speaker 1: Sources tell Bloomberg that prosecutors have issued subpoenas seeking information

66
00:03:40,840 --> 00:03:45,840
Speaker 1: relating to allegations that Cook misrepresented information on mortgage applications.

67
00:03:46,240 --> 00:03:49,760
Speaker 1: Layel Brainerd, former Vice chair of the FED, spoke on

68
00:03:49,840 --> 00:03:51,440
Speaker 1: Bloomberg's balance of power.

69
00:03:51,520 --> 00:03:55,040
Speaker 7: What's important, though, is because of the independence of the

70
00:03:55,080 --> 00:03:58,840
Speaker 7: Federal Reserve and the connection it has to having a

71
00:03:58,880 --> 00:04:02,960
Speaker 7: strong economy with low inflation and low interest rates, that

72
00:04:03,080 --> 00:04:07,240
Speaker 7: what matters here is making sure there's a really good process.

73
00:04:07,400 --> 00:04:10,960
Speaker 7: As you know, the Federal Reserve board members are not

74
00:04:11,040 --> 00:04:14,000
Speaker 7: supposed to be fired except for cause.

75
00:04:14,320 --> 00:04:18,640
Speaker 1: Former FED Vice Chair Lael Brainerd interviewed on Bloomberg's balance

76
00:04:18,640 --> 00:04:21,159
Speaker 1: of power, and that's news when you want it with

77
00:04:21,200 --> 00:04:25,040
Speaker 1: Bloomberg News Now. I'm Charlie Pelatan. This is Bloomberg