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

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Speaker 1: Open Ai is close to finalizing a forty billion dollar

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Speaker 1: funding round led by soft Bank. We are told the

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Speaker 1: deal is set to value open Ai at three hundred

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Speaker 1: billion dollars. That is nearly double the company's previous valuation

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Speaker 1: of one hundred and fifty seven billion dollars from last year.

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Speaker 1: President Trump assigned an executive order imposing a twenty five

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Speaker 1: percent tariff on all foreign made cars. Here's Trump, if

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Speaker 1: they're made in the United States is absolutely no terror.

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Speaker 2: We start off with a two and adred percent base,

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Speaker 2: which is what we were at, and we go to

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Speaker 2: twenty five percent.

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Speaker 3: And basically, as you know, and as you've been.

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Speaker 2: Saying, not reporting as accurately as it should be reported,

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Speaker 2: because it's a massive story, business is coming back to

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Speaker 2: the United States so that they don't have to pay tariffs.

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Speaker 1: That is President Trump speaking earlier at the White House.

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Speaker 1: Last year, US auto imports to the US were valued

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Speaker 1: at more than two hundred forty billion dollars. Meantime, in Canada,

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Speaker 1: Prime Minister Mark Karney said these auto tariffs are a

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Speaker 1: direct attack on his country. Here is Carney speaking earlier

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Speaker 1: to reporters.

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Speaker 4: We're also providing the option of major liquidity for our companies.

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Speaker 4: We put in place an ability for companies to delay

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Speaker 4: tax payments. We've put in place a large facility for

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Speaker 4: our largest companies, some of them which may be affected

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Speaker 4: by this, would be affected by this. Ought to draw

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Speaker 4: on liquidity in various forms so that they can take

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Speaker 4: longer term decisions without undue pressure from short term, unjustified action.

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Speaker 1: That was Canadian Prime Minister Mark Carney speaking there. He

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Speaker 1: went on to say that he needs to see the

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Speaker 1: details of Trump's executive order before taking retaliatory measures. Treasury

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Speaker 1: Secretary Scott Bessent saying tonight, the Ukrainian government is reviewing

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Speaker 1: a new proposal for an economic partnership with the US. Now,

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Speaker 1: this latest version is longer than the original agreement on

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Speaker 1: critical minerals, and Besant is hoping it can be signed

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Speaker 1: by the two parties as soon as next week. Here

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Speaker 1: is Beson speaking earlier to Fox News.

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Speaker 2: So the original document was a four page agreement. We

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Speaker 2: took advantage of the gap in time to move to

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Speaker 2: a completed agreement. So I am sure that we will

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Speaker 2: move along and get this signed quickly.

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Speaker 1: That was Secretary of the Treasury Scott Besson, speaking earlier

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Speaker 1: on Fox News. He also said sanctions relief will be

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Speaker 1: determined by the next moves from the Russian government. Senator

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Speaker 1: Elizabeth Warren is concerned that President Trump could fire FED

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Speaker 1: Shair J. Powell, and she's also concerned by Trump's actions

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Speaker 1: to undermine the Consumer Financial Protection Bureau. Warren said, pulling

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Speaker 1: back on regulations that protect investors risk weakening the appeal

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Speaker 1: of US capital markets and ultimately the country's economy. Here

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Speaker 1: is Warren speaking exclusively to Bloomberg.

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Speaker 5: He can just mow through the Consumer Financial Protection Bureau.

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Speaker 5: It's a form of lawlessness and all the power belongs

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Speaker 5: to the king that it suggests nobody is safe, not

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Speaker 5: even the chairman of the Federal Reserve.

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Speaker 1: Now, Senator Warren contends the President's actions are illegal. You know,

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Speaker 1: she originally opposed Powell's reappointment by President Biden because the

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Speaker 1: FED chairs supported reduced financial regulations. However, Warren said she

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Speaker 1: stands behind the independence of the FED as well as

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Speaker 1: agencies like the Federal Trade Commission and others. By the way,

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Speaker 1: you can hear the full interview with Senator Elizabeth Warren

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Speaker 1: on the Bloomberg Talks podcast feed. It's available wherever you

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Speaker 1: get your podcast. One member of the FED says it's

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Speaker 1: not clear any inflationary impact from tariffs will prove temporary.

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Speaker 1: The head of the Saint Louis FED, Albertu Musalem, says

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Speaker 1: secondary effects could prompt officials to hold interest rates steady

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Speaker 1: for longer.

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Speaker 3: If you look at market measures of inflation expectations, they

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Speaker 3: have actually decreased over the last few months, and they're

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Speaker 3: stable and anchored. So the part of inflation next expectations

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Speaker 3: that has been rising is the near term, the next

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Speaker 3: year or two, and the reason clearly is expectations about tariffs.

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Speaker 1: That is the fed's Albertu Musalem. Speaking at an event

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Speaker 1: in Paducah, Kentucky, he said there's greater risk inflation could

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Speaker 1: stall above the fed's two percent goal or even move

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Speaker 1: higher because of changes to tariffs and other factors. Last week,

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Speaker 1: by the way, Fedshair Jay Powell said any inflation effects

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Speaker 1: from tariffs are likely to be transitory, and that is

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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, and this is Bloomberg News