WEBVTT - Record Blizzard Cleanup; Trump’s 10% Levy Takes Effect 0:00:02.520 --> 0:00:07.000 Bloomberg Audio Studios, Podcasts, radio News. 0:00:09.960 --> 0:00:13.160 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:13.160 --> 0:00:14.920 are the stories we're following today. 0:00:15.520 --> 0:00:18.480 Karen, let's begin with the tales on the historic blizzard 0:00:18.480 --> 0:00:22.200 that pounded the East Coast. Bloomberg meteorologist Craig Allen's been 0:00:22.200 --> 0:00:24.400 following the storm every step of the way, and it's 0:00:24.440 --> 0:00:26.600 here with us now. So Craig, what kind of accumulation 0:00:26.760 --> 0:00:27.840 totals are we looking at here? 0:00:28.640 --> 0:00:32.520 Indeed historic, because there are some history making numbers here, 0:00:32.840 --> 0:00:35.560 not so much DC. Let's start around DC and work 0:00:35.600 --> 0:00:37.760 our way on up. There was about two to four 0:00:37.760 --> 0:00:41.000 inches of a slushy snow around d C, but there 0:00:41.000 --> 0:00:44.599 were some areas that were closer to the five to 0:00:44.640 --> 0:00:47.120 ten inch mark if you were near the coast or 0:00:47.159 --> 0:00:50.400 in some of the suburbs on up to Philadelphia fourteen inches, 0:00:50.520 --> 0:00:54.120 New York City nineteen point seven inches. That puts it 0:00:54.160 --> 0:00:57.080 in the top ten snowiest storms for the New York 0:00:57.120 --> 0:01:00.320 City area eighteen to twenty four though in some of 0:01:00.360 --> 0:01:03.080 the suburbs, and even as much as thirty two inches 0:01:03.520 --> 0:01:06.640 for parts of Long Island and on up into coastal Connecticut, 0:01:06.880 --> 0:01:10.039 and then up to Boston thirty one point eight. But 0:01:10.120 --> 0:01:13.280 before we get to Boston, it was a record breaking 0:01:13.360 --> 0:01:17.560 snow in the history of record keeping for Providence, thirty 0:01:17.720 --> 0:01:21.600 eight inches of snow from this particular storm, highest snow 0:01:21.640 --> 0:01:25.600 totals ever. Highest wind totals were eighty to eighty five 0:01:25.800 --> 0:01:29.880 miles per hour. Out across Nantucket. In Montauk, temperatures this 0:01:29.959 --> 0:01:32.720 morning are in the twenties and obviously that means that 0:01:32.800 --> 0:01:35.280 we have some refreezing going on out there as well. 0:01:35.560 --> 0:01:35.800 Well. 0:01:35.840 --> 0:01:38.040 Are we expecting that we're going to get any break 0:01:38.080 --> 0:01:40.160 in the temperature so we can start to dig out 0:01:40.160 --> 0:01:40.640 of this thing? 0:01:41.319 --> 0:01:41.840 We will. 0:01:42.080 --> 0:01:44.520 It will get mild there for a while this weekend, 0:01:44.600 --> 0:01:48.080 but it doesn't come cheaply. It comes at a cost 0:01:48.160 --> 0:01:50.560 of more snow. There is a chance of snow, but 0:01:50.800 --> 0:01:53.960 light snow. These are not major systems, but there could 0:01:54.000 --> 0:01:56.840 be some snow, especially for New York City and Boston 0:01:56.880 --> 0:02:00.640 tonight into tomorrow, maybe about a one to three inch 0:02:00.680 --> 0:02:04.640 type system. Same thing again Wednesday night into Thursday, and 0:02:04.720 --> 0:02:07.280 believe it or not, early next week. So it's going 0:02:07.320 --> 0:02:09.760 to be a parade of systems. But I don't think 0:02:09.800 --> 0:02:11.959 there's going to be anything as epic as what we 0:02:12.200 --> 0:02:14.160 just had moving off the coast yesterday. 0:02:14.440 --> 0:02:17.120 All right, Bloomberg Meteorologists Craig Allen, and of course I'll 0:02:17.160 --> 0:02:19.919 be checking in with you all morning. Craig, Thank you well. 0:02:19.960 --> 0:02:22.560 As the digout continues in the Northeast, things are not 0:02:22.720 --> 0:02:25.359 back to normal just yet. And Bloomberg's John Tucker joins 0:02:25.440 --> 0:02:28.079 us with the very latest. John, Good morning, Good morning, Karen. 0:02:28.120 --> 0:02:30.520 It's going to be days before we dig out from 0:02:30.520 --> 0:02:34.079 the blizzard of twenty six after three canceled flights. This 0:02:34.200 --> 0:02:35.400 man spoke for many. 0:02:36.000 --> 0:02:37.120 How is my winter going? 0:02:37.360 --> 0:02:37.920 In general? 0:02:38.720 --> 0:02:40.240 It's a little bit too long, if you ask me. 0:02:40.320 --> 0:02:42.440 I'm wondering if they'll let me become the new groundhog 0:02:42.480 --> 0:02:45.040 and I can decide if winter stays a little bit longer. 0:02:45.280 --> 0:02:46.520 Because this has been a bit much. 0:02:46.560 --> 0:02:49.440 More than eleven thousand flights have been grounded through today, 0:02:49.520 --> 0:02:52.880 more than five hundred thousand homes and businesses without power 0:02:53.000 --> 0:02:56.840 as of late yesterday. Mjay Transit says North Jersey Coastline 0:02:56.840 --> 0:03:00.800 at Raret and Valley Line service that remains suspended. Northeast 0:03:00.840 --> 0:03:03.880 Quarter trains operating on a President's Day schedule with some 0:03:04.040 --> 0:03:08.240 adjustments on the streets of Manhattan sidewalks are treacherous in 0:03:08.280 --> 0:03:11.040 spots where snow has turned to sheets of ice. In 0:03:11.120 --> 0:03:13.639 New York City, schools will be open for in person 0:03:13.680 --> 0:03:17.519 instruction this morning. And don't relax just yet. Winter is 0:03:17.560 --> 0:03:18.600 an over in New York. 0:03:18.639 --> 0:03:21.840 On John Bloomberg Radio, All right, John, thank you, We 0:03:21.919 --> 0:03:24.760 turned to politics now. Major story on that front's coming 0:03:24.840 --> 0:03:27.040 up tonight. As President Trump delivers his State of the 0:03:27.160 --> 0:03:30.520 Union address to a joint session of Congress. Affordability and 0:03:30.680 --> 0:03:34.320 tariffs are expected to be two key themes. We get 0:03:34.360 --> 0:03:37.200 a preview from Bloomberg's Amy Morris in Washington. 0:03:37.760 --> 0:03:41.720 President Trump's second year in office is struggling with erratic messaging, 0:03:41.800 --> 0:03:46.400 policy reversals, and sinking poll numbers. Former Republican Congressman Patrick 0:03:46.480 --> 0:03:50.080 McHenry of North Carolina, now a Bloomberg News contributor, tells 0:03:50.080 --> 0:03:53.160 Bloomberg Daybreak, there's plenty for the president to talk about. 0:03:53.000 --> 0:03:55.480 So the question of tariffs and how the President's going 0:03:55.520 --> 0:03:58.280 to respond to speak to this massive build up of 0:03:58.360 --> 0:04:02.839 troops and airpower in the Middle East and doing so 0:04:03.120 --> 0:04:08.840 in the midst of nearly fifty million people socked in 0:04:08.840 --> 0:04:10.040 in a blizzard. 0:04:09.720 --> 0:04:12.720 And while the President's economic agenda was thrown into chaos 0:04:12.720 --> 0:04:15.400 after the Supreme Court struck down his preferred method of 0:04:15.440 --> 0:04:19.200 imposing global tariffs. He's expected to continue to promote levies 0:04:19.240 --> 0:04:21.640 in the State of the Union in Washington, Amy Moore 0:04:21.640 --> 0:04:22.839 as Bloomberg Radio. 0:04:22.920 --> 0:04:25.840 Right, Amy, thank you. While President Trump has invited both 0:04:25.839 --> 0:04:29.239 the men's and women's Gold Metal hockey teams to attend 0:04:29.279 --> 0:04:31.800 the State of the Union address, the women's squad has 0:04:31.800 --> 0:04:34.159 declined the invite, while many of the men's teams said 0:04:34.480 --> 0:04:37.479 they plan to attend. And you can catch extended coverage 0:04:37.480 --> 0:04:39.479 of the State of the Union tonight with a special 0:04:39.600 --> 0:04:42.400 edition of Balance of Power. Coverage begins at eight pm 0:04:42.440 --> 0:04:45.159 Wall Street Time with Joe Matthew and Kaylee Lines on 0:04:45.160 --> 0:04:46.839 Bloomberg Radio and Television. 0:04:46.920 --> 0:04:49.760 The current President Trump's primetime speech comes as he begins 0:04:49.800 --> 0:04:53.799 to rebuild his trade agenda. The President's new ten percent 0:04:53.920 --> 0:04:56.800 global tariffs are now in effect, but he doesn't plan 0:04:56.880 --> 0:04:59.680 to stop there. As we hear from Bloomberg's Rosalind Matheson, 0:05:00.279 --> 0:05:00.720 we do. 0:05:00.800 --> 0:05:04.440 Know from an administration official telling Bloomberg that they're looking 0:05:04.520 --> 0:05:07.520 to see how they can raise that quickly to fifteen percent, 0:05:07.600 --> 0:05:10.279 the level that Donald Trump threatened and of course that's 0:05:10.279 --> 0:05:13.720 potentially bad news for some key US allies like Australia 0:05:14.040 --> 0:05:16.360 and the UK, which stand to be worse off than 0:05:16.720 --> 0:05:19.440 the parameters of the trade deals that they've been agreeing 0:05:19.480 --> 0:05:20.440 with the US. 0:05:20.520 --> 0:05:23.080 In response to the ten percent levy, Bloomberg's ros mathis 0:05:23.080 --> 0:05:26.360 it says the European Union has halted ratification of its 0:05:26.400 --> 0:05:28.560 trade deal with the US, and the White House is 0:05:28.600 --> 0:05:32.560 also launching investigations into imported batteries, cast iron, electrical and 0:05:32.600 --> 0:05:37.200 telecom equipment, plastics, and industrial chemicals. Those probes could lead 0:05:37.240 --> 0:05:40.039 to even more tariffs under Section two thirty two of 0:05:40.080 --> 0:05:41.200 the Trade Act. 0:05:41.240 --> 0:05:44.279 Meantime, Nathan and the rest bit from President Trump's larger 0:05:44.320 --> 0:05:47.840 tariffs could drive up cargo volumes at large ports, and 0:05:47.839 --> 0:05:50.479 that's what we're hearing from Port of Los Angeles executive 0:05:50.480 --> 0:05:52.160 director Eugene Soroco. 0:05:52.720 --> 0:05:56.840 Realistically speaking, it appears that the effective terriff frey will 0:05:56.880 --> 0:06:01.760 be lower for many who buy, especially from Asia countries 0:06:02.000 --> 0:06:05.320 that are shipping here to the United States. But all 0:06:05.400 --> 0:06:10.440 of this remains under one complication, and that's that announcements 0:06:10.520 --> 0:06:13.880 keep coming out so fast and furious that it's tough 0:06:14.040 --> 0:06:16.800 even for the most seasoned professional to keep up. 0:06:16.720 --> 0:06:19.719 With all of this import of La Director Eugene Siroca 0:06:19.760 --> 0:06:24.159 says import patterns have fluctuated based on trade policy announcements. 0:06:24.320 --> 0:06:28.279 At the same time, exports have consistently suffered, with shipments 0:06:28.279 --> 0:06:30.040 to China dramatically reduced. 0:06:30.200 --> 0:06:32.440 Now we want to turn to the latest tarn on 0:06:32.480 --> 0:06:37.080 a dangerous situation in Mexico. Turmoil continues south of the 0:06:37.120 --> 0:06:40.440 border after the Mexican army killed the country's most powerful 0:06:40.520 --> 0:06:43.719 drug lord. More than seventy people died in the attempt 0:06:43.720 --> 0:06:47.120 to capture the cartel chief known as Elmencho. The cartel 0:06:47.240 --> 0:06:51.560 responded with widespread violence, including roadblocks and setting fire to vehicles. 0:06:51.920 --> 0:06:54.800 Tourists in the area have been left stranded, unable to 0:06:54.800 --> 0:06:58.200 make a dangerous trip to the airport. Juan Carlos Guerrero 0:06:58.320 --> 0:07:00.680 is sheltering in place in Puerto Vio. 0:07:00.880 --> 0:07:02.880 We have not been able to find the flight back. 0:07:03.200 --> 0:07:06.680 Even if we hear that the airport is secure and 0:07:06.720 --> 0:07:11.160 there's military people around the airport keeping it safe. Getting 0:07:11.200 --> 0:07:14.040 there and the hour drive to the airport is the 0:07:14.080 --> 0:07:16.200 concerning part. We don't know what we may find along 0:07:16.240 --> 0:07:16.480 the way. 0:07:16.760 --> 0:07:19.920 The violence has prompted several Mexican states to cancel school 0:07:19.960 --> 0:07:22.120 and warn residents to stay inside. 0:07:22.720 --> 0:07:26.000 Now Nathan to the latest on tensions in the Middle East. 0:07:26.040 --> 0:07:29.160 President Trump is pushing back against concerns about the risks 0:07:29.160 --> 0:07:32.760 of an extended military campaign against Iran and a social 0:07:32.760 --> 0:07:35.800 media posts, the President said a conflict against Iran would 0:07:35.840 --> 0:07:38.680 be quote easily won, but he says he'd rather have 0:07:38.720 --> 0:07:42.160 a deal with Tehran. Bloombergy Stewart Livingstone Wallace says the 0:07:42.160 --> 0:07:44.680 President is likely considering four options. 0:07:45.240 --> 0:07:47.400 Option number one is the diplomatic track, the one they've 0:07:47.440 --> 0:07:49.520 been going down so far, and we have that meeting 0:07:49.560 --> 0:07:54.360 coming up on Thursday. Option two is cyber warfare and propaganda. 0:07:54.800 --> 0:07:56.960 It feels maybe a little bit late for that given 0:07:57.080 --> 0:07:59.280 amount of hardware that's now in the region. And then 0:07:59.440 --> 0:08:02.480 option three limited strikes, try and push the deal forward 0:08:02.600 --> 0:08:04.640 or try and get some more concessions out of Iran. 0:08:05.160 --> 0:08:08.000 And then option four, which is basically regime change, and 0:08:08.080 --> 0:08:11.520 that is effectively a multi week campaign. There are some 0:08:11.680 --> 0:08:15.720 doubts about whether you can achieve that purity with as strikes. 0:08:15.480 --> 0:08:19.080 And Bloombergy Stewart Lemingston Wallace says the State Department ordered 0:08:19.160 --> 0:08:22.760 non emergency personnel to leave the US embassy in Beiruti yesterday. 0:08:22.760 --> 0:08:24.720 The US has a mass, the largest force in the 0:08:24.760 --> 0:08:27.760 region since the Iraq invasion in two thousand and three. 0:08:28.080 --> 0:08:29.920 Well, there is a lot going on in the world, Karen. 0:08:29.960 --> 0:08:32.080 Let's take a moment to look at the markets now. 0:08:32.200 --> 0:08:36.200 Stock futures are higher after yesterday's AI fueled sell off. 0:08:36.400 --> 0:08:39.319 The Dow Jones Industrial Average film more than eight hundred points, 0:08:39.600 --> 0:08:43.120 or one point seven percent. IBM had its worst day 0:08:43.120 --> 0:08:47.480 in a quarter century, plunging thirteen percent. That's after anthropics 0:08:47.480 --> 0:08:50.680 that its clawed code tool could help modernize a dated 0:08:50.800 --> 0:08:55.320 programming language from IBM, American Express, MasterCard, and Capital One 0:08:55.400 --> 0:08:59.240 were among the top financial decliners. Sactrini Research mentioned them 0:08:59.280 --> 0:09:01.880 in a report to describing the potential risk AI could 0:09:01.960 --> 0:09:03.480 pose to the global economy. 0:09:03.840 --> 0:09:06.160 Nathan, we have new developments this morning and the takeover 0:09:06.280 --> 0:09:09.400 battle for Warner Brothers Discovery. A Bloomberg News has learned 0:09:09.440 --> 0:09:12.840 that Paramounts Guidance is raising his offer. Sources say the 0:09:12.920 --> 0:09:16.560 Nuance specified bid improves on Paramount's thirty dollars a share 0:09:16.600 --> 0:09:20.240 all cash proposal. Warner Brothers will consider the new offer, 0:09:20.320 --> 0:09:25.080 and if deemed superior, Netflix will have four days to respond, Karen. 0:09:25.160 --> 0:09:28.000 Jamie Diamond is sounding a warning this morning. The JP 0:09:28.120 --> 0:09:31.000 Morgan Chase CEO is telling investors he's starting to see 0:09:31.040 --> 0:09:33.280 parallels to the era before the two thousand and eight 0:09:33.320 --> 0:09:37.480 financial crisis, when a rush to make loans ended very badly. 0:09:38.160 --> 0:09:42.440 Unfortunately, we did see this five six and o seven, 0:09:43.360 --> 0:09:46.120 almost the same thing. The rising tide lifts in all boats. 0:09:46.559 --> 0:09:48.719 Everyone was making a lot of money. I don't know 0:09:48.760 --> 0:09:51.120 how long it's going to be great for everybody. I 0:09:51.200 --> 0:09:54.120 see a couple of people doing some dumb things. You know, 0:09:54.240 --> 0:09:57.439 they're just doing dumb things to create ANII or or 0:09:57.480 --> 0:09:59.959 say they're winning in the Marcus business or something like that. 0:10:00.720 --> 0:10:03.400 Jamie Diamond says he expects the credit cycle will eventually 0:10:03.440 --> 0:10:06.400 sour again, though he says he's not sure exactly when. 0:10:09.640 --> 0:10:11.440 Time now for a look at some of the stories 0:10:11.440 --> 0:10:13.400 making news in New York and around the world, and 0:10:13.440 --> 0:10:16.359 for that were joined by Bloomberg's Michael Barr Michael, Good Morning. 0:10:16.200 --> 0:10:20.359 Good Morning, Karen. New details and the disappearance of Nancy Guthrie. 0:10:20.400 --> 0:10:24.920 The investigation reportedly saw the masked man suspected of abducting 0:10:24.960 --> 0:10:28.040 the eighty four year old scared off by a camera 0:10:28.360 --> 0:10:32.080 and fled from her front door sometime before apparently returning 0:10:32.120 --> 0:10:36.160 the night she was taken. Former FBI agent Jason Peck. 0:10:36.720 --> 0:10:39.600 If it is the same person, it could indicate that 0:10:39.679 --> 0:10:44.160 the person was there surveilling the place before the abduction happened. 0:10:44.240 --> 0:10:46.719 The fact that there was preparation in planning, which makes 0:10:46.760 --> 0:10:50.800 it more of a sophisticated type of criminal activity than 0:10:51.040 --> 0:10:52.160 someone just showing up. 0:10:52.600 --> 0:10:56.320 Meanwhile, the disappearance of Today's Show host Savannah Guthrie's mother 0:10:56.400 --> 0:11:00.280 three weeks ago has inspired volunteers to launch their own 0:11:00.320 --> 0:11:05.040 searches in the dense desert near her home just outside Tucson. However, 0:11:05.120 --> 0:11:09.280 authorities are urging volunteers to stop and give investigators space 0:11:09.360 --> 0:11:12.160 to do jobs that are best left to the professionals. 0:11:12.800 --> 0:11:16.480 Director and actor Rob Reiner's son Nick Reiner, pleaded not 0:11:16.760 --> 0:11:19.559 guilty in court in the stabbing deaths of his parents. 0:11:19.920 --> 0:11:23.600 Reiner as a history of mental health and substance abuse problems. 0:11:23.840 --> 0:11:28.120 Los Angeles District Attorney Nathan Hockmann says Reiner could face 0:11:28.200 --> 0:11:29.040 the death penalty. 0:11:29.440 --> 0:11:30.640 The cases on track. 0:11:31.480 --> 0:11:35.360 We have provided the bulk of discovery to defense counsel, 0:11:35.679 --> 0:11:38.200 and we are now waiting for the coroner's report. When 0:11:38.240 --> 0:11:40.880 that is provided to the District Attorney's office, it will 0:11:40.920 --> 0:11:43.920 in turn be provided to defense counsel. 0:11:44.400 --> 0:11:47.680 Reiner could change his plea to not guilty by reason 0:11:47.720 --> 0:11:50.760 of insanity at any point down the road leading up 0:11:50.800 --> 0:11:54.120 to his trial. Police in Britain say Peter Mandelsson, the 0:11:54.280 --> 0:11:57.840 former UK ambassador to the United States, has been released 0:11:57.880 --> 0:12:01.280 on bail after he was arrested in the Jeffrey Epstein files. 0:12:01.320 --> 0:12:06.440 Misconduct probe authorities are investigating Mandelssohn over documents suggesting he 0:12:06.640 --> 0:12:10.520 passed sensitive government information to Epstein a decade and a 0:12:10.559 --> 0:12:15.319 half ago. Mandelssohn reportedly denies any wrongdoing. Global News twenty 0:12:15.360 --> 0:12:17.880 four hours a day and whenever you want it with 0:12:17.920 --> 0:12:21.400 the Bloomberg News Now Michael Barrn, this is Bloomberg, Karen. 0:12:22.200 --> 0:12:25.360 Thanks Michael. A time now for our Bloomberg Sports update, 0:12:25.440 --> 0:12:27.480 and for that we bring in John Stashauer. 0:12:27.679 --> 0:12:28.160 Thanks Karen. 0:12:28.200 --> 0:12:30.840 The big NBA game was in Detroit, San Antonio beat 0:12:30.840 --> 0:12:33.480 the Pistons one fourteen to one oh three. The Spurs 0:12:33.480 --> 0:12:35.720 of when nine in a row college hoops. The acc 0:12:35.920 --> 0:12:39.280 North Carolina held off Louisville seventy seven to seventy four 0:12:39.360 --> 0:12:42.880 seth Trimble score thirty in the Big twelve, Kansas beat 0:12:42.920 --> 0:12:45.880 Houston sixty nine fifty six thirds three loss with the Cougars, 0:12:45.880 --> 0:12:48.240 who were ranked number two in the country. Duke after 0:12:48.280 --> 0:12:50.880 the big win over Michigan is now ranked number one 0:12:50.880 --> 0:12:54.040 Detroit Tigers. As Trek Scoubel says, he will pitch for 0:12:54.120 --> 0:12:56.880 the USA and the World Baseball Classic, but only one game. 0:12:57.040 --> 0:12:58.679 That to Bloomberg Sports fifteen. 0:13:00.120 --> 0:13:03.680 Day with us. More from Bloomberg Daybreak coming up after this. 0:13:07.800 --> 0:13:11.960 Coast to coast on Bloomberg Radio nationwide on Serious Exam 0:13:12.080 --> 0:13:14.920 and around the world on Bloomberg dot Com and the 0:13:14.960 --> 0:13:18.040 Bloomberg Business app. This is Bloomberg Daybreak. 0:13:18.120 --> 0:13:20.160 Good morning, I'm Nathan Hager, and we are hours away 0:13:20.160 --> 0:13:22.840 from President Donald Trump's first State of the Union address 0:13:22.840 --> 0:13:25.280 of his second term. Could be a chance to reset 0:13:25.360 --> 0:13:29.520 with more Americans concerned about the economy, immigration, enforcement, foreign policy, 0:13:29.559 --> 0:13:32.320 and more. Here's White House Press Secretary Caroline Levitt. 0:13:32.679 --> 0:13:35.840 It is going to be a very good and powerful speech, 0:13:35.880 --> 0:13:37.000 so everyone should tune in. 0:13:37.240 --> 0:13:40.520 That was White Housepokeswoman Carolinelevitt previewing this speech last week. 0:13:40.720 --> 0:13:43.560 This morning, we're joined by Bloomberg News Deputy Washington Bureau 0:13:43.640 --> 0:13:46.559 Chief Laura Davison. So, Laura, what can we expect from 0:13:46.559 --> 0:13:47.439 the President. 0:13:47.080 --> 0:13:50.480 Tonight, Well, we can expect in the President's own words, 0:13:50.480 --> 0:13:52.040 he said, this is going to be a long speech. 0:13:52.080 --> 0:13:54.560 There's a lot to cover. Two things that are really 0:13:54.600 --> 0:13:57.000 of key interest for folks that kind of the two 0:13:57.040 --> 0:14:00.160 issues dominating the headlines right now are one, tariffs. How 0:14:00.160 --> 0:14:01.880 does he address that? Does he lay out any more 0:14:01.920 --> 0:14:04.640 detailed plans for how he's going to proceed after the 0:14:04.640 --> 0:14:08.120 Supreme Court struck down his tariff plan last week. One 0:14:08.120 --> 0:14:10.520 of the key things to note that's really will introduce 0:14:10.559 --> 0:14:13.000 an interesting dynamic here is that the Supreme Court justices 0:14:13.040 --> 0:14:15.600 typically attend and they sit in the front row just 0:14:15.640 --> 0:14:18.880 feet away from where Trump will be speaking. He has 0:14:18.920 --> 0:14:21.200 been very critical of the Supreme Court decision, you know, 0:14:21.240 --> 0:14:24.600 personally attacking some of the justices who ruled against his tariff. 0:14:24.640 --> 0:14:28.720 So that is a very delicate dynamic going into tonight's speech. 0:14:28.920 --> 0:14:31.400 The second is iron You know, Trump has had a 0:14:31.480 --> 0:14:33.760 teased he might be interested in some sort of targeted strike. 0:14:33.800 --> 0:14:36.240 The US military is building up assets in the region, 0:14:36.640 --> 0:14:39.760 but it's not clear exactly where things proceed. That is 0:14:39.760 --> 0:14:41.720 the key foreign policy issue that people are watching for. 0:14:41.920 --> 0:14:44.680 And those are two key issues that are raising concerns 0:14:44.720 --> 0:14:48.360 for Americans. How does the president potentially reset that narrative 0:14:48.400 --> 0:14:50.280 to try to assuage some of those concerns. 0:14:51.480 --> 0:14:54.840 Yeah, Trump is going into this speech with his approval sagging, 0:14:54.960 --> 0:14:57.880 especially on the economy. He's facing a rebuke for members 0:14:57.880 --> 0:15:01.000 of his own party both on immigration and on tariff policy. 0:15:01.560 --> 0:15:04.120 This speech is intended to set the stage going into 0:15:04.120 --> 0:15:07.040 the midterms later this year. White House aids really want 0:15:07.080 --> 0:15:09.720 Trump to focus on the economy, focus on his tax 0:15:09.760 --> 0:15:12.800 cuts from last year, new proposals that they put out 0:15:12.840 --> 0:15:15.880 in regarding housing affordability. But it's not clear if there's 0:15:16.000 --> 0:15:17.800 enough meat on the bones there for Trump really to 0:15:17.840 --> 0:15:21.360 turn around how voters are feeling about the economy, you know, 0:15:21.400 --> 0:15:23.160 going in with just you know, eight or nine months 0:15:23.240 --> 0:15:24.040 until the elections. 0:15:24.280 --> 0:15:26.440 How much of a bounce do we typically see for 0:15:26.520 --> 0:15:29.320 the president's party from a State of the Union address 0:15:29.360 --> 0:15:31.760 ahead of the midterms. Does it have a wave all 0:15:31.800 --> 0:15:32.760 the way into November? 0:15:34.200 --> 0:15:36.880 It is highly unlikely, particularly with the news cycles that 0:15:36.920 --> 0:15:38.960 we experience now, that this is not going to be, 0:15:39.240 --> 0:15:41.760 you know, something that we're all talking about you know, 0:15:41.840 --> 0:15:43.440 as we head into the fall or even you know, 0:15:43.480 --> 0:15:45.920 next week or two weeks from now. But this does 0:15:46.000 --> 0:15:48.800 at least give members of Congress, you know, particularly Republicans 0:15:48.840 --> 0:15:52.280 who are facing an uphill battle as they go into 0:15:52.320 --> 0:15:54.920 this midterm election, some key talking points that they can 0:15:54.920 --> 0:15:56.480 at least point to and say, hey, look, this is 0:15:56.480 --> 0:15:58.400 what the president, this is what the Republican Party is 0:15:58.440 --> 0:16:01.240 going to do for you. Years that Republicans have is 0:16:01.280 --> 0:16:04.160 that Trump is not going to skip stick to the script, 0:16:04.240 --> 0:16:07.960 not focus on those domestic pocketbook issues, and instead either 0:16:07.960 --> 0:16:11.440 go off script and create a new controversy or focus 0:16:11.520 --> 0:16:13.480 on things that aren't of top concern to voters. 0:16:13.680 --> 0:16:15.880 In our last minute, Laura has the White House tip 0:16:15.920 --> 0:16:19.560 that's hand on any specific policy proposals that the President 0:16:19.600 --> 0:16:21.360 could roll out here. I mean, we've been waiting for 0:16:21.400 --> 0:16:24.040 the meat on the bones of a housing policy, for example. 0:16:25.280 --> 0:16:26.960 They have not you know, that is one of the 0:16:27.000 --> 0:16:29.160 key areas that keeps being brought up, you know, being 0:16:29.200 --> 0:16:31.680 teased that a housing policy plan is coming. We've seen 0:16:31.760 --> 0:16:35.040 very few details there. Another thing is is ai The 0:16:35.320 --> 0:16:39.080 White House is looking at getting technology companies to pledge 0:16:39.240 --> 0:16:42.360 to cover the cost of data center energy to reduce 0:16:42.400 --> 0:16:44.280 some of the pressure that households have been feeling about 0:16:44.320 --> 0:16:48.640 increasing energy energy cost. That's another area that is happening here. 0:16:48.680 --> 0:16:50.800 But all of these so far have really been unbinding, 0:16:50.880 --> 0:16:53.280 not something super actionable, and lacking a lot of the 0:16:53.320 --> 0:16:55.520 specifics that people are looking for to actually see that 0:16:55.560 --> 0:16:57.680 real dollars and cents boost in their paychecks. 0:16:57.880 --> 0:17:01.360 Bloomberg Deputy Washington Bureau Chief Lay Davis and Laura thank you. 0:17:01.400 --> 0:17:03.760 Ahead of the State of the Union address at nine 0:17:03.800 --> 0:17:07.560 pm Wall Street Time. Our coverage begins at eight on 0:17:07.640 --> 0:17:10.320 a special edition of Balance of Power with Joe Matthew 0:17:10.359 --> 0:17:12.720 and Kaylee Lines. You can catch it on Bloomberg Radio 0:17:13.080 --> 0:17:14.600 and television this evening. 0:17:14.720 --> 0:17:18.399 Karen Nathan. Another major story, we're following the blizzard of 0:17:18.480 --> 0:17:21.600 twenty twenty six and much of the Northeast still digging 0:17:21.640 --> 0:17:24.760 out from where we're joined by Bloomberg meteorologists Craig Allen 0:17:24.840 --> 0:17:28.199 and Craig Let's start with the snow totals. Was it 0:17:28.240 --> 0:17:29.640 Rhode Island that was herdest hit? 0:17:30.680 --> 0:17:34.199 Yes, it was Providence, setting an all time record of 0:17:34.600 --> 0:17:37.520 thirty eight inches thirty seven point nine to be exact, 0:17:37.800 --> 0:17:42.400 and so that set many records for Providence itself. Boston 0:17:42.520 --> 0:17:45.479 wasn't far behind with thirty one and a half inches 0:17:45.520 --> 0:17:48.719 of snow, and neither actually were parts of the New 0:17:48.800 --> 0:17:51.879 York City area. Long Island had twenty five to thirty 0:17:51.920 --> 0:17:55.080 two inches of snow. New York City itself put itself 0:17:55.119 --> 0:17:57.920 into the top ten with a nineteen and a half 0:17:57.960 --> 0:18:02.720 inch snowstorm, and well, fortunately it wasn't all that bad. 0:18:02.800 --> 0:18:06.040 The farthest south you went, Philadelphia did pick up between 0:18:06.040 --> 0:18:09.520 ten and fifteen, but down towards Washington it was only 0:18:09.760 --> 0:18:12.520 a two to four inch slushy accumulation, with the highest 0:18:12.520 --> 0:18:16.920 amounts over towards the coastline around the DC, well, let's 0:18:16.920 --> 0:18:20.120 say Maryland's eastern shore, and then on off through Delaware, 0:18:20.200 --> 0:18:23.320 So that's where it actually began, and the worst of 0:18:23.359 --> 0:18:25.919 it just kept pounding the northeast coast. 0:18:26.359 --> 0:18:28.720 You know, growing up in New England, Craig, the blizzard 0:18:28.760 --> 0:18:31.600 of seventy eight was always the benchmark. Does this give 0:18:31.720 --> 0:18:34.520 us a new bench meet? Yes? Remember I remember it? Well, 0:18:34.560 --> 0:18:35.560 how does this compare? 0:18:36.840 --> 0:18:39.360 Well, you know, in terms of the way the storm 0:18:39.760 --> 0:18:43.119 was set up, the intensity of the storm, the storm structure, 0:18:43.520 --> 0:18:46.840 it definitely compares. Now, there was more to the snowstorm 0:18:46.840 --> 0:18:50.880 in seventy eight from DC on up all the way 0:18:50.920 --> 0:18:54.959 to Boston, some places picking up anywhere from fifteen to 0:18:55.040 --> 0:18:59.399 thirty inches of snowfall, with about thirty thirty five forty 0:18:59.440 --> 0:19:01.880 inches of snow in some of the suburbs. And the 0:19:01.920 --> 0:19:06.159 winds were similar, So there were some reports, as you 0:19:06.200 --> 0:19:09.280 know from this one. I was mentioning before about eighty 0:19:09.320 --> 0:19:13.080 to eighty five mile per hour gusts out towards Montalk 0:19:13.200 --> 0:19:16.680 and Nantucket, Cape Cod, the islands out there, seventy five 0:19:16.720 --> 0:19:20.080 to eighty five. That's hurricane force. And so this too 0:19:20.760 --> 0:19:23.639 had similarities in the way it looked on the weather 0:19:23.680 --> 0:19:26.960 maps and the satellite photographs to be very similar to 0:19:27.040 --> 0:19:30.040 seventy eight. Every once in a while, the atmosphere just 0:19:30.240 --> 0:19:34.439 really has to release, and that's basically what this was. 0:19:34.960 --> 0:19:39.360 A release of energy throughout the Northeast coast this time around. 0:19:39.640 --> 0:19:41.840 So they'll be talking about this one for years to 0:19:41.840 --> 0:19:44.919 come as well. It seems so you're also talking about 0:19:45.000 --> 0:19:48.000 more snow. Aheads say it isn't so, but what are 0:19:48.000 --> 0:19:48.480 we in for? 0:19:50.440 --> 0:19:53.160 Yes, I am, And you should see the looks on 0:19:53.240 --> 0:19:56.000 some faces that I get after I say that. The 0:19:56.119 --> 0:19:59.960 first two possibilities are coming up one four tonight, late 0:20:00.080 --> 0:20:03.480 tonight and into the early part of Wednesday. Looks minor 0:20:03.640 --> 0:20:06.840 and looks very wet. There could actually be some rain 0:20:06.960 --> 0:20:09.840 mixing in and where if there is some snow accumulation, 0:20:10.040 --> 0:20:13.639 especially on colder surfaces, it would be about an inch 0:20:13.760 --> 0:20:15.880 or two from New York City on up to Boston, 0:20:15.960 --> 0:20:20.960 not much down towards DC. Another chance during Thursday into 0:20:21.040 --> 0:20:26.640 Thursday evening. Same thing minor, but talk is already starting 0:20:26.760 --> 0:20:30.679 about next Monday night into Tuesday, not being as intense 0:20:30.680 --> 0:20:32.720 as what we just went through, but that would be 0:20:32.800 --> 0:20:36.680 the more important storm, a bigger storm again early part 0:20:36.880 --> 0:20:37.639