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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today hearing.

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Speaker 3: We begin with the latest on trade, because there is

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Speaker 3: new uncertainty on that front as traders prepared to return

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Speaker 3: from the holiday shortened trading week. A federal appeals court

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Speaker 3: ruled on Friday that President Trump exceeded his authority by

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Speaker 3: imposing global tariffs through an emergency law, but the court

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Speaker 3: is allowing those levies to stay in place while the

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Speaker 3: case proceeds. It says the statute President Trump used does

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Speaker 3: not explicitly include the power to impose tariffs, duties, or taxes,

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Speaker 3: and that Congress did not delegate tariff power to the president.

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Speaker 3: Bloomberg News contributor Rick Davis says the decision extends the

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Speaker 3: suspense over whether the tariffs will ultimately stand.

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Speaker 4: He likes to show force, right, and the emergency powers

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Speaker 4: gave him that, but he does have other mechanisms. Tom

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Speaker 4: meant some portion of those tariffs. He might not be

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Speaker 4: able to do all of them with every country that

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Speaker 4: he had had under a tarf regime. Yes, but programs

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Speaker 4: like you know Section three oh one and others give

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Speaker 4: him the ability alone. You know the power of the

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Speaker 4: executive branch to implement some of those tariffs.

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Speaker 3: Bloomberg News contributor Rick Davis tells Bloomberg's Joe Matthew that

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Speaker 3: the Trump administration could potentially turn to the Supreme Court

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Speaker 3: for a final ruling, or could let the Court of

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Speaker 3: International Trade revisit the matter.

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Speaker 2: Even after this ruling, Nathan, President Trump says India has

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Speaker 2: offered to eliminate all its tariffs in response to new

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Speaker 2: US trade penalties. Neither the White House nor Indian officials

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Speaker 2: have confirmed any new trade discussions, but this comes days

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Speaker 2: after the White House imposed fifty percent levies on Indian

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Speaker 2: goods as punishment for its purchases of Russian oil. President

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Speaker 2: Trump's trade advisor Peter Navarro is once again attacking Indian

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Speaker 2: Prime Minister in Arrender Remodi.

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Speaker 5: It was a shame to see.

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Speaker 2: Mody getting in bed as the leader of the biggest

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Speaker 2: democracy in the world with the two biggest authoritarian.

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Speaker 6: Dictators in the world.

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Speaker 7: In Putin Assi in pick that doesn't make any sense.

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Speaker 2: Minos Trade advisor Peter Navarro spoke as Mody declared that

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Speaker 2: India and Russia have a special relationship at the start

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Speaker 2: of a bilateral meeting with Russian President Vladimir Putin in China.

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Speaker 7: Well.

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Speaker 3: Meanwhile, Karen Bloomberg News has learned that Brazil's President Luis

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Speaker 3: and Osio Lula de Silvas convening a virtual meeting of

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Speaker 3: bricks leaders next week to discuss President Trump's trade policies.

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Speaker 3: Sources tell us Lula's aiming to rally support for multilateralism

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Speaker 3: among fellow emerging market nations. The US has imposed varying

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Speaker 3: tariff rates across the bricks, and Lula reportedly does not

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Speaker 3: want the meeting to turn into an anti US summit.

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Speaker 2: Meanwhile, back in Washington, Nathan Congress is coming back from

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Speaker 2: its summer recess, and the Senate is likely to meet

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Speaker 2: its target to fast track Stephen Myron's confirmation to the

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Speaker 2: Federal Reserve before its next rate setting meeting in just

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Speaker 2: over two weeks. Bloomber's Amy Morris has more from Washington.

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Speaker 5: President Trump appointed Myron too to fill the last few

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Speaker 5: months of a term that was unexpectedly vacated by Fed

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Speaker 5: Governor Adriana Kugler. Myron can expect a grilling over Trump's

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Speaker 5: economic policies and efforts to influence the FED, and could

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Speaker 5: face questions from both Democrats and Republicans. The Democrats privately

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Speaker 5: acknowledge they can't block Myron's confirmation on their own, and

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Speaker 5: under the rules they can only hold it up briefly

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Speaker 5: in the committee, maybe for a few days on the

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Speaker 5: Senate floor. Myron's confirmation hearing is set for Thursday in Washington.

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Speaker 5: Amy Morris Bloomberg Radio, All.

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Speaker 3: Right, Amy, thanks, Before that hearing, Current FED Governor Lisa

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Speaker 3: Cook is still fighting President Trump's bid to oust her.

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Speaker 3: A federal judge spent about two hours on Friday questioning

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Speaker 3: lawyers for Cook and the Trump administration on whether the

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Speaker 3: President has caused to fire her over allegations of fraud

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Speaker 3: on her mortgages. The judge ended the hearing without a ruling.

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Speaker 3: Cook's attorneys are expected to file another legal brief today

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Speaker 3: addressing the judges questions and the administration's arguments.

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Speaker 2: Nathan, Let's turn to the markets.

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Speaker 6: Now.

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Speaker 2: In gold trading at a record driven by expectations for

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Speaker 2: a FED rate cuts and concerns of our central bank independence.

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Speaker 2: The price top three five hundred dollars an ounce as

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Speaker 2: investors loaded up on the safe haven asset, and the

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Speaker 2: latest run comes after fedhaer Jerome Powell cautiously open the

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Speaker 2: door to a reduction and as Jackson Hole comments, due

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Speaker 2: to a weakening jobs market.

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Speaker 8: Well.

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Speaker 3: Meanwhile, Karen futures are trading lower, with the record breaking

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Speaker 3: stock rally facing its next test later this week. In

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Speaker 3: the August jobs report, former Kansas City Fed President Esther

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Speaker 3: George says a week number does raise the chances for

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Speaker 3: a kut.

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Speaker 6: The economy looks to be performing pretty good. The decision

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Speaker 6: is do they see something ahead that suggests the economy

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Speaker 6: will slow and away the job market will be damaged

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Speaker 6: in a way that requires them to ease policy at

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Speaker 6: a time when inflation is holding in there pretty strong.

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Speaker 3: Former Kansas City Fed chief Ester George appeared on Bloomberg

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Speaker 3: Television ahead of this Friday's jobs.

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Speaker 2: Report, Nathan and Geopolitics. Russia's gas from has signed a

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Speaker 2: legally binding agreement to build the Power of Siberia two

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Speaker 2: gas pipeline at China, and what's being seen as a

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Speaker 2: major political win for the Kremlin. Discussions around the mega

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Speaker 2: project have been installed for years, but Russia has been

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Speaker 2: eager to advance the deal to compensate for lower European

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Speaker 2: deliveries following its invasion of Ukraine. The news comes amid

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Speaker 2: days of meetings at the Shanghai Cooperation Organization Summit.

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Speaker 3: Also in Asia, Karen, Japanese Prime Minister Shigiru Issheba's key ally,

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Speaker 3: Secretary General Hiroshi Morriyama, intends to resign to take responsibility

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Speaker 3: for an election Setbackshiba's repeated his intention to stay on

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Speaker 3: despite calls within his party to see him go, and

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Speaker 3: he has apologized for the many seats that his ruling

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Speaker 3: Liberal Democratic Party lost in July.

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Speaker 2: And just this morning, Nathan and North Korean leader Kim

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Speaker 2: Jong un arrived in China to attend a military parade

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Speaker 2: in Beijing. It's a rare overseas visit that underscores Kim's

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Speaker 2: ties with President Shijin Ping and Russian leader Vladimir Putin.

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Speaker 2: Marks Kim's first trip abroad since he traveled to Russia

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Speaker 2: in twenty twenty three. In his first trip to China

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Speaker 2: since January twenty nineteen.

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Speaker 3: And a plane carrying European Commission President Ursula Vonderline was

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Speaker 3: disrupted over the weekend. Karen authorities think it was Russia

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Speaker 3: interfering in Bulgaria. We get more from Bloomberg Suzanne Lynch

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Speaker 3: in Brussels.

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Speaker 9: The plane carrying Vanderlon, which was landing in Bulgarian on

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Speaker 9: Sunday as part of this four day tour, did land safely,

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Speaker 9: but it was the subject of GPS jamming. Now Bulgarian

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Speaker 9: authorities have said that this is the fault of Russia,

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Speaker 9: and in fact a lot of the ball of countries

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Speaker 9: have reported an increase in this kind of activity.

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Speaker 3: Bloomberg Suzanne Lynch says Vonderlin was touring the EU's eastern

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Speaker 3: most states on a campaign to build up military infrastructure.

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Speaker 2: There's a major corporate news in Europe. Nathan Nestley has

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Speaker 2: dismissed its CEO, Lorent Fres after only a year, due

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Speaker 2: to an undisclosed workplace affair with a direct subordinate. We

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Speaker 2: get more with the Bloomberg's Jennifer Creary.

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Speaker 8: So we know that there was an internal investigation from

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Speaker 8: the company and this was after the matthe was breeze

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Speaker 8: to the company via an internal platform called speak Up.

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Speaker 8: The company couldn't substantiate the allegations after that, and so

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Speaker 8: they brought in an external council to conduct another investigation

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Speaker 8: and that is the result that we see.

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Speaker 2: Today Bloomberg Jennifer Creary says Nesley has named Philip Navratill

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Speaker 2: as Frex's replacement. He currently runs in Nesley's, an espresso

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Speaker 2: coffee brand, and checking shares of Neslei this morning, they're

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Speaker 2: down more than one percent.

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Speaker 3: And In more coffee news, Karen Starbucks says its fall

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Speaker 3: product launch drove a record week of sales and that

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Speaker 3: of course, included the return of the pumpkin spiced latte.

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Speaker 3: Starbucks CEO Brian Nichol is leading a turnaround at the

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Speaker 3: US coffee giant that's focused on improving customer service, revamping

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Speaker 3: the menu, and making the stores more welcoming.

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Speaker 2: It's time now for look at some many of their

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: and for that were joined by Bloomberg's Michael Barr Michael,

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Speaker 2: good Morning.

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Speaker 7: Good Morning, Karen. Nine former CDC directors are calling out

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Speaker 7: Health and Human Services Secretary Robert F. Kennedy Junior in

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Speaker 7: a collective op ed. The former CDC directors who served

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Speaker 7: Republican and Democratic administrations from Carter to Trump. Writing in

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Speaker 7: a New York Times op ed that Kennedy has quote

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Speaker 7: severely weakened programs designed to protect Americans from cancer, heart attacks, strokes,

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Speaker 7: and more. They argue Kennedy, a long time vaccine skeptic,

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Speaker 7: has focused on unproven treatments while downplaying vaccines amid the

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Speaker 7: biggest measles outbreak in the generation. At the Labor Day

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Speaker 7: rally in Chicago, officials celebrated the power of organized labor.

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Speaker 7: They also turned their attention to the possibility of National

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Speaker 7: Guard troops patrolling the city to fight crime, as suggested

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Speaker 7: by President Trump. Mayor Brandon Johnson. This is the city

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Speaker 7: of Chicago where we.

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Speaker 2: Have given paid time off for over a million workers,

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Speaker 2: ten days off, the biggest city.

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Speaker 5: In America to ever do it.

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Speaker 7: This is the labor movie you all, Mayor Johnson says.

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Speaker 7: President Trump has shifted the largest concentration of wealth into

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Speaker 7: the hands of the few. Meanwhile, Homeland Security Secretary Christy

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Speaker 7: Nomes spoke about immigration enforcement operations in any of the

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Speaker 7: cities beyond Chicago. She told CBS has faced the nation.

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Speaker 7: Nothing is off the table.

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Speaker 6: We have hundreds and hundreds of agreements with local law enforcements, sheriffs,

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Speaker 6: city administrators and mayors across the country that want to

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Speaker 6: solve problems.

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Speaker 7: CBS has faced the nation can be heard on Bloomberg Radio.

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Speaker 7: President Donald Trump says he's awarding former New York commit

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Speaker 7: Mayor Rudy Giuliani the Presidential Medal of Freedom, announcing the

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Speaker 7: honor two days after his longtime political ally was badly

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Speaker 7: injured in a traffic accident. Was once allouded for leading

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Speaker 7: New York after the September eleventh attacks, and later sanctioned

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Speaker 7: by courts and disbarred for amplifying false claims about the

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Speaker 7: twenty twenty election. Global News twenty four hours a day

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Speaker 7: and whenever you want it with Bloomberg News Now Michael

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Speaker 7: Barr and this is Bloomberg here.

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Speaker 2: Thanks Michael. Time now for our Bloomberg Scores updated form

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Speaker 2: that we bring in John stash.

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Speaker 10: Hour, Thanks Darry Bill. Belichick's college coaching debut did not

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Speaker 10: go well as North Carolina Tariill scored a touchdown four

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Speaker 10: minutes ten. By the time they scored again, TCU was

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Speaker 10: ahead forty one to seven. The Horn fronts one in

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Speaker 10: Chapel Hill forty eight to fourteen. US opened Coco Golf

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Speaker 10: lost to the fourth Mountain Naomi Osaka, four time Grand

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Speaker 10: Slam champion. This will be her first quarterfinal since twenty

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Speaker 10: twenty one. Quarterfinals begin today. Novak Djokovic plays Taylor Fritz tonight.

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Speaker 10: That's to Bloomberg Sports Update.

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Speaker 2: Stay with us. More from Bloomberg day Break coming up

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Speaker 2: after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 5: Good morning, I'm Nathan Hager.

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Speaker 3: Wall Street is heading back to a holiday shortened trading

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Speaker 3: week in a traditionally difficult month for stocks. Already, investors

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Speaker 3: are facing new uncertainty when it comes to President Trump's

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Speaker 3: trade policies. Country by country tariffs have been declared illegal

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Speaker 3: in court, though a judge is keeping them in place

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Speaker 3: for now. For more, We're joined by Bloomberg's Valerie Titel,

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Speaker 3: and here we are Valerie. Futures pointed lower this morning.

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Speaker 3: Are we already starting to see a market reaction to

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Speaker 3: this new trade uncertainty?

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Speaker 5: Good morning, Good morning, Nathan.

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Speaker 11: Well, there is some nuance to this story here, one

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Speaker 11: of which being we're looking at the timeline of when

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Speaker 11: this case will now be presented and decided upon by

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Speaker 11: the Supreme Court. If the Supreme Court does decide to

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Speaker 11: prioritize this, they could have the case ruling at some

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Speaker 11: time beginning of next year. But if they don't, we

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Speaker 11: could be waiting almost a year for our final decision

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Speaker 11: on the Supreme Court. So that maybe has given some

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Speaker 11: relief to market participants. And also, if we look at

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Speaker 11: the vote that was in this appeals court, it was

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Speaker 11: seven to four, which is better than the original case

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Speaker 11: when that was made earlier. When terms of the vote splits,

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Speaker 11: the vote split does appear more balanced. So net net,

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Speaker 11: if you look through the details, there is I guess

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Speaker 11: a bit more solace for markets that this Supreme Court

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Speaker 11: case might not be the final decision. We might not

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Speaker 11: see that final decision for a few months to come.

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Speaker 3: Although it's interesting, even after this court ruling, we saw

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Speaker 3: this post on social media from President Trump saying that

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Speaker 3: India's offered to cut its tariffs on US goods to

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Speaker 3: zero after the President posted fifty percent tariffs on India

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Speaker 3: over its purchases of Russian oil. We've got a lot

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Speaker 3: going on in China meetings between India and Russia. There

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Speaker 3: is that part of what's going on.

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Speaker 11: Well, it wasn't clear when exactly this offer from India

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Speaker 11: was made and whether the White House even plans to

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Speaker 11: reopen trade talks with India. But this was Trump posting

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Speaker 11: on social media. Maybe perhaps in response to India's Modi meeting,

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Speaker 11: China's Shijing Ping and President Vladimir Putin. There were some

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Speaker 11: images yesterday of all of them holding hands, So perhaps

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Speaker 11: he wanted to make sure that he had his final

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Speaker 11: say when it came to these India tariffs. And they

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Speaker 11: have slapped on fifty five percent charge on Indian exports

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Speaker 11: to the US, and that has been on the back

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Speaker 11: of maybe seen as punishment for its purchases of Russian oil.

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Speaker 11: So maybe perhaps this is a way of Trump trying

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Speaker 11: to meangle that three party handshake that he saw yesterday

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Speaker 11: on social media.

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Speaker 3: And is if trade uncertainty weren't enough in our last minute,

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Speaker 3: We've got another major catalyst coming up from markets at

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Speaker 3: the end of the week in the August jobs report.

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Speaker 3: How much is this going to seal in expectations for

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Speaker 3: rate cut.

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Speaker 11: It's a big one, especially after Jerome Powell re emphasize

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Speaker 11: how important the labor market data is. This Friday, we

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Speaker 11: have non farm payrolls consensus is for seventy five K

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Speaker 11: print and for the unemployment rate to tick higher to

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Speaker 11: four point three percent, And with the market already pricing

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Speaker 11: in a ninety percent chance of that September rate cut,

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Speaker 11: a week print could perhaps have the market pricing in further.

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