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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's Big Beautiful Bill. It's on its

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Speaker 1: way to becoming law. Early this afternoon, the House passed

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Speaker 1: this sweeping tax and spending plan. The President is planning

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Speaker 1: to sign it tomorrow at the fourth of July deadline.

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Speaker 1: This bill includes tax cuts and at curtails spending on

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Speaker 1: safety net programs. It also reverses much of the previous

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Speaker 1: administration's moved toward a clean energy economy. Here is President

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Speaker 1: Trump speaking this evening to supporters in Iowa.

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Speaker 2: There could be no better birthday president for America than

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Speaker 2: the phenomenal victory we achieved just hours ago when Congress

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Speaker 2: passed the one, Big Beautiful bill to make America great again.

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Speaker 1: That's President Trump's speaking there now. Democrats oppose the bill,

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Speaker 1: saying it will strip healthcare from millions of people who

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Speaker 1: depend on Medicaid. This was done in exchange for funding

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Speaker 1: tax cuts for the wealthy. Republicans are arguing it will

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Speaker 1: boost economic growth and restore sanity to Washington's spending habits.

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Speaker 1: A few Republicans did oppose the bill, Representative Thomas Massey

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Speaker 1: of Kentucky and Representative Brian Fitzpatrick of Pennsylvania both voted

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Speaker 1: against it, alongside the entire House Democratic Caucus. Also today,

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Speaker 1: President Trump said his administration may begin sending out letters

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Speaker 1: on tariffs to trading partners as soon as Friday. They

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Speaker 1: would set unilateral levies ahead of a July ninth deadline

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Speaker 1: for negotiations. Here's President Trump speaking earlier at Joint Base Andrews.

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Speaker 2: So we have a couple of other deals, but you know,

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Speaker 2: my inclination is to send a letter out and saying

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Speaker 2: what tariff they're going to be paying. It's just much easier.

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Speaker 2: We have, you know, far more than one hundred and

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Speaker 2: seventy countries, and how many deals can you make? And

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Speaker 2: you can make good deals, but they're very much more complicated.

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Speaker 1: President Trumps speaking there now, many major trading partners, such

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Speaker 1: as Japan, South Korea, and the European Union are still

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Speaker 1: working to finalize deals with the US. Meantime, President and

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Speaker 1: Trump has expressed optimism about reaching an agreement with India. However,

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Speaker 1: he has spoken harshly about prospects of a deal with Japan.

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Speaker 1: The Supreme Court said today that the Trump administration is

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Speaker 1: free to send eight migrants to South Sudan. The justices

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Speaker 1: rejected a trial judge's interpretation of a recent High court

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Speaker 1: ruling regarding special protections. Now, lawyers for the men say

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Speaker 1: they are at risk of torture and death. South Sudan

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Speaker 1: is on the State departments do not travel list given

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Speaker 1: an armed conflict. Liberal justices Sonya Sotomayor and Katanji Brown

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Speaker 1: Jackson descended the monthly employment report was stronger than forecast

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Speaker 1: and it seemed to temper worries over a slowing economy.

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Speaker 1: Non Farm payrolls rose by one hundred and forty seven thousand,

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Speaker 1: the unemployment rate fell to four point one percent, and

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Speaker 1: the jobs data reduced speculation on the FED cutting interest

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Speaker 1: rates anytime soon. We got reaction from Torsten Slock, the

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Speaker 1: chief economist at Apollo Global.

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Speaker 3: I'll view that if they will only once this year,

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Speaker 3: simply because ratelessday high for longer, there is no need,

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Speaker 3: especially not with Powell at the same time saying that

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Speaker 3: he expects a meaningful rise inflation over the coming ones.

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Speaker 1: Torsten Slock, the chief economist at Apollo Global Management, speaking

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Speaker 1: earlier to Bloomberg, by the way, the swaps market sees

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Speaker 1: no chance of a FED rate cut this month, and

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Speaker 1: the probability of a cut in September slipped to around

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Speaker 1: seventy percent. Today, yield spiked across the Treasury curve. The

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Speaker 1: two year was up nearly ten bases points, last quoted

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Speaker 1: in New York at three point eight seven percent. Treasury

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Speaker 1: Secretary Scott Bessen dismissed the idea that the dollar's recent

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Speaker 1: weakness raises concern about its status as the world's reserve currency.

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Speaker 1: Here is Besent, speaking earlier to Bloomberg.

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Speaker 4: We are setting the stage for economic growth. We are

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Speaker 4: constraining inflation. We are making the United States the best

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Speaker 4: destination for global capital, and I think that's going to

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Speaker 4: continue to happen.

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Speaker 1: You can hear more from Treasury Secretary Besant on the

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Speaker 1: Bloomberg Talk podcast. On Monday, the greenback closed out its

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Speaker 1: worst first half of any year since nineteen seventy three,

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Speaker 1: weakening by roughly ten percent. Now. That drop occurred against

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Speaker 1: a backdrop of concerns about President Trump's policies, including a

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Speaker 1: potential hit to economic growth from those tariffs, as well

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Speaker 1: as aggressive postures toward long standing allies that have historically

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Speaker 1: plowed money into the US. China is planning to offer

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Speaker 1: cash handouts to families as an incentive for couples to

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Speaker 1: have children. We are told the government is set to

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Speaker 1: provide the equivalent of five hundred three dollars a year

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Speaker 1: for each child born honor after January first this year,

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Speaker 1: until those children turned three.

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Speaker 4: Now.

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Speaker 1: China abandoned its one child policy about a decade ago. However,

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Speaker 1: the country's population has declined for three straight years through

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Speaker 1: twenty twenty four. And that is news when you want

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Speaker 1: it with Bloomberg News. Now, I'm Doug Prisoner and this

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Speaker 1: is Bloomberg