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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 has followed through with threats to

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Speaker 1: impose twenty five percent tariffs on imported goods from Canada

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Speaker 1: and Mexico. So a trade war has been instigated and

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Speaker 1: global supply chains will likely be reshaped. Now Canada and

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Speaker 1: Mexico have pledged retaliatory tariffs. It was earlier this evening

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Speaker 1: that President Trump spoke with reporters at Joint Base Andrews.

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Speaker 2: I'm speaking with Prime Minister Drudeau tomorrow morning, and I'm

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Speaker 2: also speaking with Mexico tomorrow morning. And I don't expect

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Speaker 2: anything very dramatic.

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Speaker 3: And we put tariffs on. They owe us a lot

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Speaker 3: of money, and I'm sure they're going to pay.

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Speaker 1: That's President Trump there. He also said that tariffs will

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Speaker 1: definitely happen with the European Union. And then there's China.

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Speaker 1: Trump has imposed ten percent duties on Chinese products, and

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Speaker 1: Beijing has vowed corresponding countermeasures, although it did not immediately

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Speaker 1: announce any new tariffs. Here is Bloomberg Steven Engel.

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Speaker 4: This is going to be a protracted process, so Beijing

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Speaker 4: has to process exactly what's going to be the end

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Speaker 4: result of tariffs, is it going to go up to

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Speaker 4: sixty percent. It's ten percent right now, and there's going

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Speaker 4: to be an economic impact to that.

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Speaker 1: Bloomberg Stephen Engel. Now, China has also pledged to file

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Speaker 1: a complaint with a World trade organization. Beijing is also

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Speaker 1: calling on the US to quote manage differences on the

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Speaker 1: basis of equality, mutual benefit, and mutual respect. China's domestic

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Speaker 1: economy is also facing a more precarious situation. Bloomberg Economics

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Speaker 1: estimates China's initial levey could knock out forty percent of

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Speaker 1: Chinese exports to the US, and that in turn would

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Speaker 1: jeopardize nearly one percent of China's GDP. And as this

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Speaker 1: tit for tat continues to play out, members of the

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Speaker 1: Trump administration are weighing in. Homeland Security Secretary Christy Noms

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Speaker 1: says Canada, Mexico, and China will feel pain as the

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Speaker 1: consequence of not acting sufficiently on border security. Here is

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Speaker 1: Nomes speaking earlier to NBC's Meet the Press.

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Speaker 3: These countries have an opportunity to get on board with

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Speaker 3: the President of the United States and to partner with

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Speaker 3: US to deal with the legal immigration to take back

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Speaker 3: they're individuals that have been in our country illegally. We

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Speaker 3: want to repatriate them home and they can be partners.

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Speaker 3: So economically, yes, they will feel pain.

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Speaker 1: That is US Homeland Security Secretary Christy Nomes speaking there.

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Speaker 1: She went on to say any blame for price increases

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Speaker 1: for US consumers is because Canada, Mexico, and China did

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Speaker 1: not fully agree to President Trump's demands. Now, the latest

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Speaker 1: on last week's deadily mid air collision in Washington, d C.

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Speaker 1: John Donnelly is fire chief for the district. He said

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Speaker 1: the remains of more victims were recovered from the Potomac River.

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Speaker 1: So far, fifty five victims have been positively identified from

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Speaker 1: this aircraft this accident, that is Fire Chief John Donnelly

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Speaker 1: speaking there. Now, divers will begin lifting wreckage from the

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Speaker 1: crash out of the river on Monday. US Secretary of

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Speaker 1: State Marco Rubio met over the weekend with leaders in

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Speaker 1: Panama and said the US would protect its rights under

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Speaker 1: the Panama Canal Treaty, that is, if Panama did not

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Speaker 1: move to house Chinese connected companies near the canal. Rubio

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Speaker 1: spoke earlier at the US Embassy in Panama City.

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Speaker 2: Over time, it's the relationship had its ups and downs,

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Speaker 2: and today it's one of our strongest economic partners, certainly

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Speaker 2: in the hemisphere, and an important catalyst for so much

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Speaker 2: trade and commerce that happens in the United States that

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Speaker 2: affects and impacts so many people, both going out and

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Speaker 2: coming in.

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Speaker 1: That is US Secretary of State to Marco Rubio. He

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Speaker 1: claimed China's influence in the region is a threat to

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Speaker 1: the canal and a violation of the treaty now. A

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Speaker 1: readout of the meeting quotes Panama's President Jose Raoul Malino

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Speaker 1: saying he didn't sense any real threat to the treaty

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Speaker 1: or the use of military force to take over the canal. Now,

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Speaker 1: China's influence has been growing in the region. Back in

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Speaker 1: twenty seventeen, a previous Panamanian government severed diplomatic ties with

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Speaker 1: Taiwan and declared that there was only one China. Elon

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Speaker 1: Musk is claiming his DOGE team is shutting down payments

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Speaker 1: to federal contractors. This suggests that Musk may have access

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Speaker 1: to sensitive systems at the US Treasury. In a post

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Speaker 1: on x, Musk alleged US payment approval officers were instructed

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Speaker 1: to always approve payments, even to fraudulent or terrorist groups,

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Speaker 1: and never denied a payment. Musk said DOGE was shutting

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Speaker 1: down payments to Lutheran Family Services, a faith based charity

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Speaker 1: that has been providing social services to refugees. We go

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Speaker 1: to sports next. Rory McElroy has won the Pebble Beach

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Speaker 1: Pro M. This marks the twenty seventh win during McElroy's

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Speaker 1: PGA tour career. It's the music industry's biggest night of

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Speaker 1: the year. Still under way in Los Angeles, the Grammy Awards.

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Speaker 1: Kendrick Lamar has one Record of the Year for Not

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Speaker 1: Like Us. Beyonce won Best Country Album for Cowboy. Carter

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Speaker 1: and Chapel Rone won Best New Artist. 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: dead prisoner and this is Bloomberg