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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Prisoner. First,

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Speaker 1: US China Trade. Today, President Trump said he's signed a

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Speaker 1: deal with Beijing. He didn't elaborate. Later we heard from

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Speaker 1: Commerce Secretary Howard Lutnik, and he told us these two

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Speaker 1: countries have finalized their understanding, the one reached last month

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Speaker 1: in Geneva. This essentially codifies terms, including China's commitment to

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Speaker 1: deliver rare earth minerals.

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Speaker 2: That deal was signed and sealed two days ago. Their

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Speaker 2: Prime minister and their parliament have to approve it. And

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Speaker 2: the President likes to close these deals himself. I mean,

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Speaker 2: he's the deal maker. He loves to close it. And

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Speaker 2: then what we're going to do is we're going to

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Speaker 2: lay out a structure of all the different kinds of

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Speaker 2: tariff arrangements with different countries and get that ready for

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Speaker 2: July nine.

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Speaker 1: Howard Lutnik, their US Commerce Secretary. The Treasury Department announced

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Speaker 1: today a deal with G seven allies to exempt American

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Speaker 1: firms from some overseas taxes, and in exchange, the US

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Speaker 1: would scrap the so called revenge tax from the President's

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Speaker 1: latest tax bill. The measure is known as Section eight

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Speaker 1: ninety nine. It would have raised taxes on foreign countries,

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Speaker 1: targeting US multinational corporations. Treasury Secretary Scott Bessen called the

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Speaker 1: deal a cooperative step under the OECD's Global Tax Framework

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Speaker 1: and staying in Washington, a Republican plan to slash two

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Speaker 1: hundred and fifty billion dollars in medicaid and healthcare spending

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Speaker 1: hit a major hurdle today in the US Senate, the

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Speaker 1: Chambers Parliamentarian ruled key provisions ineligible for fast track consideration. Now,

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Speaker 1: these provisions would have limited state's ability to tax healthcare

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Speaker 1: providers to help fund Medicaid, and the provision would also

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Speaker 1: penalize states for using their own funding to provide health

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Speaker 1: coverage for undocumented migrants. Needless to say, all of this

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Speaker 1: complicates President Trump's push to pass his tax and spending

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Speaker 1: bill by July fourth. Now GOP leaders are reworking provisions

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Speaker 1: accordingly enable they will be able to restore many of

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Speaker 1: the cuts. We got reaction from New Hampshire Democrat Senator

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Speaker 1: Jean Shaheen.

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Speaker 3: The reality is the original bill that we were looking

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Speaker 3: at would have denied almost sixteen million people access to

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Speaker 3: healthcare in New Hampshire. Those people who benefit from Medicaid

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Speaker 3: include children, they include the disabled, those people on long

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Speaker 3: term care, and so it would have been a significant

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Speaker 3: cost to the state of New Hampshire. It would have

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Speaker 3: meant so many people who would lose their healthcare.

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Speaker 1: That is New Hampshire Democratic Senator Jean Shaheen. Now, in

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Speaker 1: regard to another aspect of this bill, New York Republican

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Speaker 1: Congressman nik Lolotas says he is quote disgusted with a

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Speaker 1: proposal from the Treasury Department, as it would weaken the

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Speaker 1: House cap for deductions on state and local taxes. We

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Speaker 1: go to New York City next, where Democratic Mayor Eric

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Speaker 1: Adams officially announced today that he is running for another

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Speaker 1: term in office, this time as an independent. Here is

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Speaker 1: Adams speaking earlier to his supporters, I'm.

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Speaker 4: So proud to be here to say to the people

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Speaker 4: of the City of New York. I am seeking read

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Speaker 4: lessons to be your mayor of the City of New York.

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Speaker 1: That was New York City Mayor Eric Adams. Meantime, Andrew

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Speaker 1: Cuomo is planning to stay in the race to become

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Speaker 1: New York City's mayor. He will appear on the ballot

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Speaker 1: in November as an independent despite pressure from donors and

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Speaker 1: advisors to drop out of the race. The Justice Department

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Speaker 1: says it will try Kilmar Abrego Garcia on federal smuggling

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Speaker 1: charges in Tennessee before pursuing deportation. This announcement came late Thursday,

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Speaker 1: and it followed concerns Abrego Garcia could be removed from

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Speaker 1: the US again by immigration officials. Back on June thirteenth,

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Speaker 1: the Brego Garcia pleaded not guilty to charges that his

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Speaker 1: attorneys characterized as an attempt to justify his mistaken expulsion

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Speaker 1: to El Salvador. Now, this case has become a flashpoint

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Speaker 1: for critics of the Trump administration's immigration policies. After the bell,

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Speaker 1: Nike posted sales for the latest quarter above forecast, even

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Speaker 1: though they were down eleven percent from last year. Revenue

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Speaker 1: was eleven point one billion dollars. The sportswhere Giant is

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Speaker 1: clearing inventory and shifting back toward performance focused products under

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Speaker 1: new CEO. Elliott Hill Punham Goyel is senior retail analyst

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Speaker 1: for Bloomberg Intelligence.

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Speaker 5: It tells me that they still have a lot of

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Speaker 5: work cut out for them unless we find out that

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Speaker 5: the mix of that inventory is more new inventory and

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Speaker 5: the old inventory is actually down more. This is not

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Speaker 5: good because we do need to see the inventory fall more.

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Speaker 5: Results were better, but I really want to know what

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Speaker 5: the mix of DI inventory looks like.

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Speaker 1: That is Bloomberg's Punham Goiel shares and Nike were up

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Speaker 1: as much as eleven percent in late New York trading.

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Speaker 1: And that is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Krisner and this is Bloomberg