1
00:00:00,840 --> 00:00:03,920
Speaker 1: The news when you want it with Bloomberg News Now,

2
00:00:04,080 --> 00:00:08,000
Speaker 1: I'm mad Kalegi. US Defense Secretary Pete Hegseth pressed US

3
00:00:08,160 --> 00:00:11,959
Speaker 1: partners in Asia to boost defense spending toward five percent

4
00:00:12,000 --> 00:00:15,560
Speaker 1: of gross domestic product, warning that more urgency is needed

5
00:00:15,600 --> 00:00:19,400
Speaker 1: to prepare for a potential Chinese invasion of Taiwan. Addressing

6
00:00:19,440 --> 00:00:23,560
Speaker 1: defense officials at a conference in Singapore, Hexath warned countries

7
00:00:23,600 --> 00:00:27,960
Speaker 1: against deepening economic ties with China while boosting defense relations

8
00:00:28,000 --> 00:00:31,320
Speaker 1: with the US, and he made clear President Donald Trump's

9
00:00:31,320 --> 00:00:35,120
Speaker 1: administration would apply the NATO model to the region, aggressively

10
00:00:35,159 --> 00:00:39,080
Speaker 1: demanding country spend more to defend themselves. The S and

11
00:00:39,120 --> 00:00:41,480
Speaker 1: P five hundred index has just wrapped up its best

12
00:00:41,520 --> 00:00:44,360
Speaker 1: months since nineteen ninety, up six percent. We get more

13
00:00:44,400 --> 00:00:45,960
Speaker 1: from Bloomberg's Charlie Pellett.

14
00:00:46,040 --> 00:00:51,000
Speaker 2: Markets were driven by headlines, particularly those related to tariffs,

15
00:00:51,040 --> 00:00:55,720
Speaker 2: with expectations that traditional drivers like earnings and fundamentals will

16
00:00:55,760 --> 00:00:59,280
Speaker 2: take over once trade clarity is achieved. The S and

17
00:00:59,280 --> 00:01:02,800
Speaker 2: P five hundred index advanced almost two percent this week,

18
00:01:03,160 --> 00:01:06,160
Speaker 2: following a slide that earlier reached one point two percent.

19
00:01:06,240 --> 00:01:09,120
Speaker 2: The S and P five hundred closed Friday little changed

20
00:01:09,440 --> 00:01:12,520
Speaker 2: heading into the new trading month and fifty nine eleven

21
00:01:12,880 --> 00:01:15,800
Speaker 2: of five tens of one percent on the year. In

22
00:01:15,840 --> 00:01:18,360
Speaker 2: New York Charlie Pellett Bloomberg.

23
00:01:17,959 --> 00:01:21,240
Speaker 1: Radio, President Trump said he would be increasing tariffs on

24
00:01:21,280 --> 00:01:24,440
Speaker 1: steel to fifty percent from twenty five percent, saying the

25
00:01:24,520 --> 00:01:27,240
Speaker 1: move would help protect American steel workers. During a visit

26
00:01:27,280 --> 00:01:30,240
Speaker 1: to a United States steel plant on Friday. Trump was

27
00:01:30,360 --> 00:01:33,360
Speaker 1: visiting the plant to champion an expected deal between US

28
00:01:33,360 --> 00:01:36,000
Speaker 1: Steel and Japan's new Pond Steel as one that would

29
00:01:36,120 --> 00:01:39,720
Speaker 1: ensure the iconic American firm remains US owned and operated,

30
00:01:40,040 --> 00:01:42,480
Speaker 1: even as the tails on the agreement remained vague. He

31
00:01:42,480 --> 00:01:45,959
Speaker 1: said the new tariffs would benefit the new ventures US operations.

32
00:01:46,520 --> 00:01:50,200
Speaker 1: Russia said it's sending a delegation to Istanbul Monday for

33
00:01:50,280 --> 00:01:53,120
Speaker 1: a second round of talks with Ukraine, amid wrangling over

34
00:01:53,200 --> 00:01:57,440
Speaker 1: Keep's insistence that Moscow outlined its peace proposals before any meeting.

35
00:01:57,800 --> 00:02:01,080
Speaker 1: The warring sides have tussled over the parameters negotiations after

36
00:02:01,120 --> 00:02:04,520
Speaker 1: Turkey hosted the first direct talks between Russia and Ukraine

37
00:02:04,560 --> 00:02:06,920
Speaker 1: since the early months of the war on May sixteenth.

38
00:02:07,200 --> 00:02:09,800
Speaker 1: Moscow did not accept a US proposal for a thirty

39
00:02:09,880 --> 00:02:12,600
Speaker 1: day cease fire and used the meeting to repeat its

40
00:02:12,639 --> 00:02:15,720
Speaker 1: demands to end its invasion, now in its fourth year.

41
00:02:15,919 --> 00:02:19,960
Speaker 1: President Trump expressed confidence a talk with Chinese President Shijunping

42
00:02:20,120 --> 00:02:23,280
Speaker 1: could ease fresh trade tensions after White House officials vented

43
00:02:23,360 --> 00:02:27,320
Speaker 1: anger over Beijing's pace of issuing promised export licenses. The

44
00:02:27,400 --> 00:02:30,000
Speaker 1: dust up threatened to again upend trade and relations between

45
00:02:30,040 --> 00:02:32,880
Speaker 1: the world's two largest economies, which have been held together

46
00:02:32,919 --> 00:02:36,200
Speaker 1: by a fragile week's old tariff truce. It's unclear if

47
00:02:36,200 --> 00:02:38,720
Speaker 1: she would agree to a conversation with Trump. The last

48
00:02:38,760 --> 00:02:41,600
Speaker 1: known call between the two leaders took place days before

49
00:02:41,639 --> 00:02:46,680
Speaker 1: the US president's inauguration in January. JP Morgan Chase chief

50
00:02:46,720 --> 00:02:49,480
Speaker 1: executive officer Jamie Diamond Warren that a crack in the

51
00:02:49,520 --> 00:02:52,040
Speaker 1: bond market is coming after what he says is massive

52
00:02:52,040 --> 00:02:56,360
Speaker 1: overspending and quantitative easing by the US government and Federal Reserve.

53
00:02:56,520 --> 00:02:58,560
Speaker 2: It is going to happen. And I tell this to

54
00:02:58,600 --> 00:02:59,959
Speaker 2: my regular as someone who in this room.

55
00:03:00,280 --> 00:03:03,239
Speaker 1: I'm telling you what's going to happen, and you're gonna panic.

56
00:03:03,280 --> 00:03:04,120
Speaker 2: I'm not gonna panic.

57
00:03:04,360 --> 00:03:07,720
Speaker 1: Jamie Diamond, speaking at the Reagan National Economic Forum. US

58
00:03:07,840 --> 00:03:10,440
Speaker 1: treasuries are on track for their first monthly loss this

59
00:03:10,520 --> 00:03:15,200
Speaker 1: year as President Trump's abrupt policy shifts shake investor confidence.

60
00:03:15,480 --> 00:03:18,400
Speaker 1: Worry about the budget deficit picked up in May tied

61
00:03:18,400 --> 00:03:22,040
Speaker 1: to a tax cut bill moving through Congress. Elon Musk

62
00:03:22,120 --> 00:03:25,040
Speaker 1: said he will continue to advise President Trump, even after

63
00:03:25,080 --> 00:03:28,000
Speaker 1: stepping away from the Department of Government efficiency effort he

64
00:03:28,040 --> 00:03:31,280
Speaker 1: has spearheaded. Musk spoke fronting at a White House appearance.

65
00:03:31,480 --> 00:03:33,720
Speaker 2: So this is not the end of doors, but really

66
00:03:33,800 --> 00:03:36,800
Speaker 2: the beginning. My time as a special government point necessarily

67
00:03:36,800 --> 00:03:37,200
Speaker 2: had to end.

68
00:03:37,240 --> 00:03:39,360
Speaker 1: It was a limited time things one hundred and thirty

69
00:03:39,360 --> 00:03:41,120
Speaker 1: four days, I believe, which ads in a few days.

70
00:03:41,360 --> 00:03:43,840
Speaker 1: Musk says he plans to remain in the President's orbit,

71
00:03:43,880 --> 00:03:46,840
Speaker 1: despite vows to pull back from Washington and prioritize his

72
00:03:46,880 --> 00:03:51,120
Speaker 1: business empire. President Trump spoke about Musk leaving American Zoe,

73
00:03:51,120 --> 00:03:53,800
Speaker 1: I'm a great debt of gratitude. So I just want

74
00:03:53,840 --> 00:03:57,920
Speaker 1: to thank Elon for his time as special government employee.

75
00:03:57,960 --> 00:04:01,200
Speaker 1: Can you imagine Nicoll him an employ a first from

76
00:04:01,240 --> 00:04:04,320
Speaker 1: Microsoft a contract with a US labor union. The deal

77
00:04:04,400 --> 00:04:06,480
Speaker 1: is heading for a vote by union members. It includes

78
00:04:06,520 --> 00:04:08,840
Speaker 1: a thirteen and a half percent rais in July for

79
00:04:08,880 --> 00:04:12,200
Speaker 1: about three hundred people who worked for Microsoft's Xenemax video

80
00:04:12,280 --> 00:04:15,400
Speaker 1: game studio. Ford's planned to make EV batteries at a

81
00:04:15,440 --> 00:04:18,480
Speaker 1: new plant in Michigan and hire seventeen workers There could

82
00:04:18,480 --> 00:04:21,520
Speaker 1: be at risk. That's if Congress cuts federal text credits

83
00:04:21,520 --> 00:04:24,119
Speaker 1: for clean energy, as outlined in the Trump Tax Cuts

84
00:04:24,279 --> 00:04:27,200
Speaker 1: and Spending bill that passed in the House and is

85
00:04:27,240 --> 00:04:30,880
Speaker 1: now headed to the Senate for debate next week. Loretta Switt,

86
00:04:30,880 --> 00:04:33,919
Speaker 1: who won two Emmy Awards playing Major Margaret Hulahan, the

87
00:04:33,920 --> 00:04:37,159
Speaker 1: demanding head nurse of a behind the line surgical unit

88
00:04:37,240 --> 00:04:40,440
Speaker 1: during the Korean War on the pioneering hit TV series Mash,

89
00:04:40,480 --> 00:04:43,799
Speaker 1: has died. She was eighty seven. Publicist Harlan Bole says

90
00:04:43,839 --> 00:04:46,000
Speaker 1: Swift died Friday at her home in New York City,

91
00:04:46,320 --> 00:04:49,599
Speaker 1: likely from natural causes. Swift and Alan Alder were the

92
00:04:49,720 --> 00:04:53,479
Speaker 1: longest serving cast members on Mash, which aired on CBS

93
00:04:53,480 --> 00:04:56,800
Speaker 1: from nineteen seventy two until it's finale to a record

94
00:04:56,839 --> 00:05:00,000
Speaker 1: audience in nineteen eighty three. The Friday numbers on Wall

95
00:05:00,040 --> 00:05:02,760
Speaker 1: Street the DOW gain fifty four, NASDAK lost sixty two.

96
00:05:02,839 --> 00:05:05,799
Speaker 1: The SNP was a fraction lower the tenure treasurer yield

97
00:05:05,800 --> 00:05:07,880
Speaker 1: as at four point three nine percent. The two year

98
00:05:07,960 --> 00:05:10,680
Speaker 1: is at three point nine percent. That's news when you

99
00:05:10,720 --> 00:05:13,839
Speaker 1: want it with Bloomberg News. Now I made Kalggy. This

100
00:05:13,960 --> 00:05:14,600
Speaker 1: is Bloomberg