WEBVTT - Trump Deploys Marines to LA; US-China Trade Talks Resume

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Lisa Mateo. Here are the

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<v Speaker 3>top stories we're following today.

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<v Speaker 2>Lisa, we begin in Los Angeles, where tensions between police

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<v Speaker 2>and anti deportation demonstrators have stretched into a fourth night.

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<v Speaker 2>The Trump administration is escalating its response. It is mobilizing

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<v Speaker 2>seven hundred marines on top of the two thousand National

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<v Speaker 2>Guard troops that were activated over the weekend. LA Mayor

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<v Speaker 2>Karen Bass says the move doesn't make sense.

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<v Speaker 4>They're guarding the federal building here in downtown, and they're

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<v Speaker 4>guarding the Federal building in Westwood. That's what they're doing,

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<v Speaker 4>so they need marines on top of it. I don't

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<v Speaker 4>understand that. That's why I feel like we are part

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<v Speaker 4>of an experiment that we did not ask to.

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<v Speaker 5>Be a part of.

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<v Speaker 2>Now, the State of California is suing to try to

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<v Speaker 2>stop the deployments. Here's State Attorney General Rob Bonta.

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<v Speaker 6>The authority that the President say only allows for the

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<v Speaker 6>deployment of the National Guard by the president when there's

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<v Speaker 6>an invasion by a foreign nation, which there's not. When

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<v Speaker 6>there's a rebellion to overturn the leadership of the United

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<v Speaker 6>States of America.

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<v Speaker 2>Which there is not, and President Trump says activating the

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<v Speaker 2>guard was a great idea and he's back to comments

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<v Speaker 2>from White House borders Are Tom Holman, the California Governor

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<v Speaker 2>Gavin Newsom and other local leaders could be arrested if

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<v Speaker 2>they interfere with the response.

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<v Speaker 7>You can process if you want, you have that person,

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<v Speaker 7>I read right. But when you cross the line of

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<v Speaker 7>putting your hands on myself, sir, competing our enforcement operations

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<v Speaker 7>annoyingly harber cutsiel idealing we're ailing, that's a crime.

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<v Speaker 5>Borders Are.

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<v Speaker 2>Tom Holman was asked on CNN if Governor Newsom has

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<v Speaker 2>done anything to warrant arrest yet he said, quote, absolutely not.

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<v Speaker 3>And back in Washington, Nathan, debate continues over President Trump's

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<v Speaker 3>big tax and spending cut bill. House Speaker Mike Johnson

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<v Speaker 3>says he's trying to get Senate Republicans to do as

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<v Speaker 3>little as possible to change the forty one thousand dollars

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<v Speaker 3>cap on state and local tax deductions. House Republicans from

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<v Speaker 3>high tax states have threatened to block the bill if

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<v Speaker 3>the Senate waters down the write off, but no Senate

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<v Speaker 3>Republican is from a high tax state. Meanwhile, President Trump

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<v Speaker 3>is touting one small piece of the One Big, Beautiful

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<v Speaker 3>Bill savings accounts for babies.

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<v Speaker 8>For every US citizen born after December thirty first, twenty

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<v Speaker 8>twenty four. Before January first, twenty twenty nine, the federal

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<v Speaker 8>government will make a one time contribution of one thousand

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<v Speaker 8>dollars into a tax deferred account that will track the

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<v Speaker 8>overall stock market. In other words, it'll be pegged to

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<v Speaker 8>an index that we'll pick.

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<v Speaker 3>President Trump was joined at the White House by several

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<v Speaker 3>corporate executives. Dell CEO Michael Dell promised a dollar for

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<v Speaker 3>dollar match to the accounts for Dell employees, and Robin

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<v Speaker 3>Hood Market said it will provide technology and capital resources

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<v Speaker 3>for the initiative.

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<v Speaker 2>Lisa, let's turn down to the latest developments in trade

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<v Speaker 2>negotiations between the US and China. There continuing for a

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<v Speaker 2>second day in London. Both sides are looking to ease

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<v Speaker 2>tensions over rare earth supplies and tech exports. Treasury Secretary

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<v Speaker 2>Scott Bessett and Commerce Secretary Howard Ludnik have been leading

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<v Speaker 2>the US delegation. Ludnik says the talks have been fruitful.

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<v Speaker 2>President Trump is echoing that we are.

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<v Speaker 8>Doing well with China. China's not easy.

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<v Speaker 5>I think we're doing very well. They're over there now.

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<v Speaker 8>I'm only getting good reports.

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<v Speaker 2>The first day of talks lasted more than six hours,

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<v Speaker 2>the US signal that's willing to remove restrictions on some

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<v Speaker 2>tech exports in exchange for assurances that China is easing

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<v Speaker 2>limits on rare earth shipments, and the.

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<v Speaker 3>Trump administration making another sweeping move to reshape the federal government.

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<v Speaker 3>The Department of Health and Human Services is dismissing all

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<v Speaker 3>seventeen members of the committee that advises the government on vaccines.

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<v Speaker 3>Bloomberg's Amy Morris reports from Washington.

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<v Speaker 9>Health and Human Services Secretary Robert F. Kennedy Junior said

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<v Speaker 9>in an opinion piece in The Wall Street Journal that

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<v Speaker 9>quote a clean sweep is needed to re establish public

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<v Speaker 9>confidence in vaccine science, but public health officials call this

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<v Speaker 9>a blatantly political move that will further undermine trust in

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<v Speaker 9>vaccine safety. The group, known as the Advisory Committee on

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<v Speaker 9>Immunization Practices reviews the latest data and makes recommendations that

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<v Speaker 9>determine whether insurers cover shots, among other things. In Washington,

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<v Speaker 9>Amy Morris Bloomberg Radio Amy thanks President Trump's pict LEI.

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<v Speaker 9>The Commodity Futures Trading Commission goes before Senate confirmation hearing today.

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<v Speaker 9>Cryptolobbyist and former CFTC commissioner Brian Quinten's plans to tell

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<v Speaker 9>the Senate Agriculture Committee he is uniquely qualified to head

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<v Speaker 9>the derivatives Regulator as Congress considers giving it more authority

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<v Speaker 9>over digital assets. In prepared remarks, Quintens will say he

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<v Speaker 9>is well versed not just in policy issues that affect

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<v Speaker 9>farmers and ranchers who use futures to hedge price risks,

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<v Speaker 9>but in emerging technologies like blockchain and crypto.

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<v Speaker 3>We turn to the markets now, Nathan, Futures while they're

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<v Speaker 3>little change. As we head into Tuesday session, stocks in

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<v Speaker 3>the UK hit a record and in the US, Mark

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<v Speaker 3>Zuckerberg is making a major push into artificial intelligence at

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<v Speaker 3>meta platforms. Bloomberg's John Tucker joins us with the very

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<v Speaker 3>latest John sounds like a sci fi movie plot.

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<v Speaker 10>Yeah, it has everything, but an underground layer. Here Zuckerberg

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<v Speaker 10>recruiting for a secretive new team. He's got a pretty

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<v Speaker 10>audacious goal in mindly so he's trying to achieve Artificial

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<v Speaker 10>General Intelligence AGI. This is the idea that machines can

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<v Speaker 10>perform as well as humans. If Meta does achieve this milestone,

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<v Speaker 10>he could weave it into a range of AI tools.

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<v Speaker 10>He's personally going to hire a team of about fifty people.

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<v Speaker 10>This is called the Super Intelligence Group. Has already rearranged

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<v Speaker 10>the desk at the company's Menlo Park headquarters, so the

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<v Speaker 10>new staff is going to sit near him. Zuckerberg is

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<v Speaker 10>building this secret team in tandem with a planned multi

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<v Speaker 10>billion dollar investment in Scale AI. This is going to

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<v Speaker 10>be Meta's largest external investment to date. Zuckerberg is racing

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<v Speaker 10>against competitors like OpenAI and Google to become a market

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<v Speaker 10>leader for AI. To share is this morning pre market?

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<v Speaker 10>Little change in the New York I'm John Tucker, Bloomberg Radio.

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<v Speaker 5>All right, John, thank you.

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<v Speaker 2>Apple shares also a little change in the pre market

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<v Speaker 2>after the iPhone maker failed to ease concerns about its

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<v Speaker 2>position in AI. The shares fell more than one percent yesterday.

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<v Speaker 2>After the iPhone maker kicked off it's annual Worldwide Developers

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<v Speaker 2>conference in California. Apple did reveal a sweeping new software

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<v Speaker 2>redesigned called liquid Glass. It's an interface that is said

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<v Speaker 2>to unify the user experience across all devices, from iPhones

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<v Speaker 2>to MacBooks. Bloomberg's Ed Ludlow covered WWDC in Cooper Tina.

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<v Speaker 11>A lot of liquid glasses inspiration comes from the work

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<v Speaker 11>that app We're done with Vision Pro, you know, literally

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<v Speaker 11>the UI and UX of that experience using vision Pro,

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<v Speaker 11>the translucency of it. And so by making it uniform,

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<v Speaker 11>you know, having the same look across iPhone, mac iPad

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<v Speaker 11>os and Vision Pro and watch, you know, it just

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<v Speaker 11>makes you more familiar and I guess open to using

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<v Speaker 11>the full hardware suite of products.

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<v Speaker 2>Bloomberg's Ed Ludlow says. Also, as part of rebranding efforts,

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<v Speaker 2>Apple confirmed it will use years rather than version numbers

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<v Speaker 2>to identify its newest operating systems.

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<v Speaker 3>And Nathan a departure at Goldman Sachs, Aaron Arthur is

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<v Speaker 3>retiring after nearly three decades at the Wall Street Powerhouse.

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<v Speaker 3>Arthur is a partner in Goldman's Financial and Strategic Investors Group.

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<v Speaker 3>Within investment banking, He helped shape the bank's global financing

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<v Speaker 3>group and investment banking franchises. Time now for a look

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<v Speaker 3>at some of the other stories making news in New

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<v Speaker 3>York and around the world. For that, we're joined by

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<v Speaker 3>Bloomberg's Michael Barr.

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<v Speaker 5>Good morning, Michael, Good morning, Lisa.

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<v Speaker 12>New York authorities are sending a message to anyone thinking

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<v Speaker 12>about violent protests in the city. In a speech, New

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<v Speaker 12>York City Mayor Eric Adams called for protesters to remain

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<v Speaker 12>peaceful and warrened. Authorities will not accept violence and lawlessness.

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<v Speaker 4>The escalation of protests in Los Angeles over the last

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<v Speaker 4>couple of days is unacceptable.

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<v Speaker 5>It will not be tolerant if attempted in our city.

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<v Speaker 12>There were a series of smaller protests held in New

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<v Speaker 12>York yesterday at Trump Tower in Midtown Manhattan. About twenty

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<v Speaker 12>to twenty five protesters were arrested after they entered the lobby.

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<v Speaker 12>The protests come as violent demonstrations broke out in Los

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<v Speaker 12>Angeles in response to immigration raids across the area. Today

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<v Speaker 12>is New Jersey's primary day. Six Democrats and five Republicans

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<v Speaker 12>are running to succeed term limited Democratic governor Phil Murphy.

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<v Speaker 12>Democrats in the race include US Representatives Josh Gotdheimer and

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<v Speaker 12>Mikey Sheryl. Also running, Newark Mayor ros Barackup. New Jersey

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<v Speaker 12>City Mayor Steve Phillip, New Jersey Education Association President Sean Spiller,

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<v Speaker 12>and former State Senate President Steve Sweeney in the Republican primary,

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<v Speaker 12>former State Assemblyman Jack Cinderelli, State Senator John Bramnick, former

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<v Speaker 12>Inglewood Chief Cliffs Mayor Mario Kranjak, radio hosts Bill Spadia,

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<v Speaker 12>and general contractor Justin BARBERA tropical storm Barbara strengthened into

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<v Speaker 12>a hurricane off Mexico's coast, the first of the Eastern

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<v Speaker 12>Pacific hurricane season. Bloomberg Media Religius Craig Allen as the latest.

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<v Speaker 13>The tropical season is still fairly active off the Mexico

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<v Speaker 13>coastline in the Pacific, and we do have Barbara, who

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<v Speaker 13>was the first hurricane of the season. Barbara had seventy

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<v Speaker 13>five mile per hour wins for about twelve hours or so,

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<v Speaker 13>but now has weakened and will continue to weaken about

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<v Speaker 13>two hundred miles off the central Mexico coastline. There will, however,

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<v Speaker 13>be rough surf and dangerous rip currents along the vacation

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<v Speaker 13>resorts all up and down the west coast of Mexico.

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<v Speaker 13>Bloomberg Media Religius, Craig Allen, Global News twenty four hours

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<v Speaker 13>a day and whenever you want it with Bloomberg News Now,

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<v Speaker 13>I'm Michael Barron.

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<v Speaker 12>This is Bloomberg Lisa.

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<v Speaker 3>Thank you, Michael Bie now for our Bloomberg Sports update

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<v Speaker 3>that's brought to you VI Rushing Bank. For that, we

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<v Speaker 3>bring in John stash Hour.

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<v Speaker 1>Good morning, John, Good morning Lisa. First two Stanley Cup

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<v Speaker 1>Final games went to overtime. The Panthers and Oilers split

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<v Speaker 1>down the series move to Florida in Game three was

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<v Speaker 1>a Panthers rat Brad Marshan who scored the game winner

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<v Speaker 1>and Edmonton scored fifty six seconds in the lead was

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<v Speaker 1>three to one in the second period, and.

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<v Speaker 14>Then Katschuk in against kling Bird puck play to the

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<v Speaker 14>line and.

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<v Speaker 9>It's taken away, up, break away.

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<v Speaker 14>The long story, it hands it on Bennett in.

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<v Speaker 9>Bennetts top shelf.

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<v Speaker 10>Of the Panthers take up for one lead with twelve

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<v Speaker 10>thirty four to go here in the second what a

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<v Speaker 10>shift per playoffs.

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<v Speaker 5>Sam, Panthers Radio.

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<v Speaker 1>Sam Bennett had scored fourteen playoff goals, that's four more

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<v Speaker 1>than anyone else. They added two more in the third,

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<v Speaker 1>both on power play. The final was six to one.

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<v Speaker 1>Florida leads the series two to one. Also from hockey,

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<v Speaker 1>TJ Oshe retiring at age thirty eight after sixteen seasons,

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<v Speaker 1>not a surprise.

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<v Speaker 5>Injuries kept him from playing this past season.

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<v Speaker 1>Os She played a big part in the Capitols winning

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<v Speaker 1>the Stanley Cup. T eighteen, Mets and the Yankees were off.

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<v Speaker 1>There were four extra inning games at Fenway. The Red

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<v Speaker 1>Sox tied the Rays in both the ninth and tenth,

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<v Speaker 1>but Tampa Bay onon ten eight.

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<v Speaker 5>In eleven, it was the major league debut for the Socks.

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<v Speaker 5>Top prospect Roman.

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<v Speaker 1>Anthony recently hit a home run of the Miners that

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<v Speaker 1>went four hundred and ninety seven feet. First game in Boston,

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<v Speaker 1>he went over four the Phillies end of the five game,

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<v Speaker 1>losing three. Scored twice in the eleventh, beat the Cubs

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<v Speaker 1>four to three. The Dodgers began a big series in

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<v Speaker 1>San Diego, winning eight to seven and ten, and Arizona

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<v Speaker 1>beat Seattle on a Joshnaeler walk off grand slam the

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<v Speaker 1>eleventh inn. It's the Mets and Nationals Tonight. Mets are

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<v Speaker 1>twenty four and seven at City Field. Yankees are in

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<v Speaker 1>Kansas City. The Yanks trying to avoid a third loss.

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<v Speaker 5>In a row.

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<v Speaker 1>They gave up twenty one runs in those last two

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<v Speaker 1>games in Boston. Running Back Nick Chubb, after seven seasons

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<v Speaker 1>in Cleveland injury rid of the last two, has signed

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<v Speaker 1>with Houston.

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<v Speaker 5>John Stashawer Bloomberg Sports, Lisa.

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<v Speaker 3>And Nathan, all right, thank you, John. Taking a quick

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<v Speaker 3>look at the markets right now, future as well, pretty

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<v Speaker 3>much treading water. We have SMP futures little change up

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<v Speaker 3>about a point down, Futures down about ten to f

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<v Speaker 3>percent forty two points, and NASZAK future is a little

0:12:03.760 --> 0:12:05.800
<v Speaker 3>changed up about nine. We have the two year yield

0:12:05.840 --> 0:12:08.560
<v Speaker 3>at three point nine eight percent, down two basis points,

0:12:08.720 --> 0:12:11.120
<v Speaker 3>and the yield on the tenure full point four five percent,

0:12:11.160 --> 0:12:12.720
<v Speaker 3>and that's down two basis points.

0:12:15.000 --> 0:12:19.040
<v Speaker 5>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:12:19.320 --> 0:12:22.160
<v Speaker 5>and around the world on Bloomberg dot com and the

0:12:22.200 --> 0:12:25.240
<v Speaker 5>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 2>Good morning. I'm Nathan Hager. The stakes have been raised

0:12:27.480 --> 0:12:30.319
<v Speaker 2>even higher. After four days of protests and Los Angeles,

0:12:30.400 --> 0:12:33.360
<v Speaker 2>President Trump is deploying seven hundred marines to join the

0:12:33.360 --> 0:12:36.360
<v Speaker 2>two thousand National Guard members he activated over the weekend.

0:12:36.559 --> 0:12:39.760
<v Speaker 2>California suing over that move. But the President says Governor

0:12:39.800 --> 0:12:41.600
<v Speaker 2>Gavin Newsom should be thanking him.

0:12:41.840 --> 0:12:42.560
<v Speaker 5>He should only be.

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<v Speaker 8>Happy I sent in the military, because if I didn't

0:12:44.920 --> 0:12:47.560
<v Speaker 8>send him in, you would add a problem. They're the

0:12:47.720 --> 0:12:49.800
<v Speaker 8>likes of which we haven't seen in a long time.

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<v Speaker 2>That was President Trump at the White House yesterday. This morning,

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<v Speaker 2>we're joined by Bloomberg New Senior editor Derek Wallbank and Derek,

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<v Speaker 2>this latest show of military force in LA seems to

0:12:59.559 --> 0:13:01.040
<v Speaker 2>raise things to a whole new level.

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<v Speaker 14>Good morning, Good morning, Nathan. Yes, it certainly does. It

0:13:05.240 --> 0:13:09.439
<v Speaker 14>is a move that does not have any recent precedent

0:13:10.000 --> 0:13:13.560
<v Speaker 14>to it, and it is one that the states, state

0:13:13.640 --> 0:13:17.240
<v Speaker 14>and local leaders have said is actually inflaming tensions, which

0:13:17.280 --> 0:13:21.600
<v Speaker 14>is contrary exactly what the President said. We did see

0:13:21.760 --> 0:13:25.960
<v Speaker 14>overnight additional clashes there. We also saw protests spreading to

0:13:26.000 --> 0:13:29.360
<v Speaker 14>a number of other cities, many of them peaceful, some

0:13:29.400 --> 0:13:34.240
<v Speaker 14>of them were protesters clashed in with police, including in Austin,

0:13:34.280 --> 0:13:38.480
<v Speaker 14>Texas by the state capitol. But look, there are there

0:13:38.520 --> 0:13:45.920
<v Speaker 14>are no signs right now that the demonstrations over immigration

0:13:46.040 --> 0:13:50.000
<v Speaker 14>customs enforcement detentions are going away anytime soon.

0:13:50.040 --> 0:13:51.120
<v Speaker 5>This is a live issue.

0:13:51.120 --> 0:13:54.080
<v Speaker 14>This is an issue that the Trump administration wants to

0:13:54.120 --> 0:13:56.760
<v Speaker 14>have as a central issue. If you're sort of thinking

0:13:56.760 --> 0:13:59.880
<v Speaker 14>about the stories that have been that have been written recently,

0:13:59.880 --> 0:14:02.640
<v Speaker 14>including on the Musk feud, or you know, sort of

0:14:02.679 --> 0:14:06.120
<v Speaker 14>what's in the One Big Beautiful Bill and difficulties in

0:14:06.160 --> 0:14:09.360
<v Speaker 14>passing that, or some other things, the Musk team would

0:14:09.640 --> 0:14:12.080
<v Speaker 14>or the Trump team would very much rather have the

0:14:12.080 --> 0:14:17.040
<v Speaker 14>conversation about immigration. They would much rather have the conversation

0:14:17.200 --> 0:14:21.360
<v Speaker 14>being had over photos of burning taxis on the streets

0:14:21.400 --> 0:14:26.520
<v Speaker 14>of Los Angeles, with with be masked protesters wearing, you know,

0:14:26.560 --> 0:14:29.520
<v Speaker 14>waving Mexican flags. There is a certain like iconography there

0:14:29.520 --> 0:14:33.400
<v Speaker 14>that the Trump administration in this fight is candidly quite

0:14:33.440 --> 0:14:33.960
<v Speaker 14>happy to have.

0:14:34.600 --> 0:14:38.600
<v Speaker 2>Interesting when you have the president seeming to endorse this

0:14:38.720 --> 0:14:41.720
<v Speaker 2>idea that his borders are Tom Homan put out that

0:14:42.320 --> 0:14:46.760
<v Speaker 2>if there's interference with the response that the governor could

0:14:46.760 --> 0:14:49.360
<v Speaker 2>be arrested, where does this go from here?

0:14:49.440 --> 0:14:52.920
<v Speaker 14>Derek, Well, you know one thing I should say before

0:14:52.960 --> 0:14:54.520
<v Speaker 14>the start of the answer to that is that Holman

0:14:54.640 --> 0:14:58.800
<v Speaker 14>did walk that back a little bit in a late interview.

0:14:59.120 --> 0:15:02.080
<v Speaker 14>But I will say, look, you know, it raises the

0:15:02.080 --> 0:15:04.640
<v Speaker 14>stakes and one of the things that I'm particularly interested

0:15:04.720 --> 0:15:08.280
<v Speaker 14>in here, Nathan, is that there is a certain you know,

0:15:08.560 --> 0:15:12.600
<v Speaker 14>cometh the hour cometh the man's situation for Gavin Newsom,

0:15:13.120 --> 0:15:16.400
<v Speaker 14>who has emerged as Trump's main foil. Look, we've sat

0:15:16.480 --> 0:15:18.920
<v Speaker 14>here talking to you and I for five months about

0:15:18.960 --> 0:15:21.800
<v Speaker 14>how Democrats have been struggling for a message and a

0:15:21.840 --> 0:15:27.040
<v Speaker 14>messenger to sort of talk about Donald Trump in a

0:15:27.080 --> 0:15:32.480
<v Speaker 14>contrasting sort of way, and up into circumstance steps Gavin Newsom.

0:15:32.560 --> 0:15:36.720
<v Speaker 14>You know, he's I think widely thought to be interested

0:15:36.760 --> 0:15:41.120
<v Speaker 14>in a twenty twenty eight run for president himself. So

0:15:41.160 --> 0:15:43.680
<v Speaker 14>he may or may not be happy to have the

0:15:43.720 --> 0:15:47.640
<v Speaker 14>contrast moment. But Newsom has become one of the most

0:15:47.680 --> 0:15:51.160
<v Speaker 14>prominent Democrats in the country now trying to offer a

0:15:51.200 --> 0:15:54.640
<v Speaker 14>contrasting period with Trump as Democrats are trying to find

0:15:54.680 --> 0:15:58.040
<v Speaker 14>their own message. So that is I think going to

0:15:58.080 --> 0:16:02.560
<v Speaker 14>be something that is under scoring, under girding all of

0:16:02.600 --> 0:16:05.880
<v Speaker 14>this going forward. You really can't lose sight of the

0:16:05.920 --> 0:16:09.160
<v Speaker 14>political aspect to it as well. At the same time,

0:16:09.520 --> 0:16:12.680
<v Speaker 14>look on the policy, as they said, the Trump administration

0:16:12.880 --> 0:16:16.840
<v Speaker 14>wants this fight the immigration, the deportations that is central

0:16:17.080 --> 0:16:21.800
<v Speaker 14>as a plank to the Republican platform under Trump, and

0:16:21.840 --> 0:16:24.680
<v Speaker 14>this is something that he says he was elected to do,

0:16:24.760 --> 0:16:25.960
<v Speaker 14>and he wants to go do it.

0:16:27.440 --> 0:16:30.880
<v Speaker 2>This is Bloomberg Daybreak, your morning podcast on the story's

0:16:30.920 --> 0:16:34.000
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0:17:12.680 --> 0:17:13.880
<v Speaker 5>I'm Nathan Hager.

0:17:13.760 --> 0:17:16.399
<v Speaker 3>And I'm Lisa Matteo. Join us again tomorrow morning for

0:17:16.480 --> 0:17:18.560
<v Speaker 3>all the news you need to start your day right

0:17:18.560 --> 0:17:20.040
<v Speaker 3>here on Bloomberg Daybreak