WEBVTT - Trump Tariff Court Ruling; Nestle CEO Ousted

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

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today hearing.

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<v Speaker 3>We begin with the latest on trade, because there is

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<v Speaker 3>new uncertainty on that front as traders prepared to return

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<v Speaker 3>from the holiday shortened trading week. A federal appeals court

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<v Speaker 3>ruled on Friday that President Trump exceeded his authority by

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<v Speaker 3>imposing global tariffs through an emergency law, but the court

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<v Speaker 3>is allowing those levies to stay in place while the

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<v Speaker 3>case proceeds. It says the statute President Trump used does

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<v Speaker 3>not explicitly include the power to impose tariffs, duties, or taxes,

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<v Speaker 3>and that Congress did not delegate tariff power to the president.

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<v Speaker 3>Bloomberg News contributor Rick Davis says the decision extends the

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<v Speaker 3>suspense over whether the tariffs will ultimately stand.

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<v Speaker 4>He likes to show force, right, and the emergency powers

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<v Speaker 4>gave him that, but he does have other mechanisms. Tom

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<v Speaker 4>meant some portion of those tariffs. He might not be

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<v Speaker 4>able to do all of them with every country that

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<v Speaker 4>he had had under a tarf regime. Yes, but programs

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<v Speaker 4>like you know Section three oh one and others give

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<v Speaker 4>him the ability alone. You know the power of the

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<v Speaker 4>executive branch to implement some of those tariffs.

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<v Speaker 3>Bloomberg News contributor Rick Davis tells Bloomberg's Joe Matthew that

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<v Speaker 3>the Trump administration could potentially turn to the Supreme Court

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<v Speaker 3>for a final ruling, or could let the Court of

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<v Speaker 3>International Trade revisit the matter.

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<v Speaker 2>Even after this ruling, Nathan, President Trump says India has

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<v Speaker 2>offered to eliminate all its tariffs in response to new

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<v Speaker 2>US trade penalties. Neither the White House nor Indian officials

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<v Speaker 2>have confirmed any new trade discussions, but this comes days

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<v Speaker 2>after the White House imposed fifty percent levies on Indian

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<v Speaker 2>goods as punishment for its purchases of Russian oil. President

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<v Speaker 2>Trump's trade advisor Peter Navarro is once again attacking Indian

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<v Speaker 2>Prime Minister in Arrender Remodi.

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<v Speaker 5>It was a shame to see.

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<v Speaker 2>Mody getting in bed as the leader of the biggest

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<v Speaker 2>democracy in the world with the two biggest authoritarian.

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<v Speaker 6>Dictators in the world.

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<v Speaker 7>In Putin Assi in pick that doesn't make any sense.

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<v Speaker 2>Minos Trade advisor Peter Navarro spoke as Mody declared that

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<v Speaker 2>India and Russia have a special relationship at the start

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<v Speaker 2>of a bilateral meeting with Russian President Vladimir Putin in China.

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<v Speaker 7>Well.

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<v Speaker 3>Meanwhile, Karen Bloomberg News has learned that Brazil's President Luis

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<v Speaker 3>and Osio Lula de Silvas convening a virtual meeting of

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<v Speaker 3>bricks leaders next week to discuss President Trump's trade policies.

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<v Speaker 3>Sources tell us Lula's aiming to rally support for multilateralism

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<v Speaker 3>among fellow emerging market nations. The US has imposed varying

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<v Speaker 3>tariff rates across the bricks, and Lula reportedly does not

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<v Speaker 3>want the meeting to turn into an anti US summit.

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<v Speaker 2>Meanwhile, back in Washington, Nathan Congress is coming back from

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<v Speaker 2>its summer recess, and the Senate is likely to meet

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<v Speaker 2>its target to fast track Stephen Myron's confirmation to the

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<v Speaker 2>Federal Reserve before its next rate setting meeting in just

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<v Speaker 2>over two weeks. Bloomber's Amy Morris has more from Washington.

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<v Speaker 5>President Trump appointed Myron too to fill the last few

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<v Speaker 5>months of a term that was unexpectedly vacated by Fed

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<v Speaker 5>Governor Adriana Kugler. Myron can expect a grilling over Trump's

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<v Speaker 5>economic policies and efforts to influence the FED, and could

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<v Speaker 5>face questions from both Democrats and Republicans. The Democrats privately

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

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<v Speaker 5>under the rules they can only hold it up briefly

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<v Speaker 5>in the committee, maybe for a few days on the

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

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<v Speaker 5>Amy Morris Bloomberg Radio, All.

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<v Speaker 3>Right, Amy, thanks, Before that hearing, Current FED Governor Lisa

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<v Speaker 3>Cook is still fighting President Trump's bid to oust her.

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<v Speaker 3>A federal judge spent about two hours on Friday questioning

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<v Speaker 3>lawyers for Cook and the Trump administration on whether the

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<v Speaker 3>President has caused to fire her over allegations of fraud

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<v Speaker 3>on her mortgages. The judge ended the hearing without a ruling.

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<v Speaker 3>Cook's attorneys are expected to file another legal brief today

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<v Speaker 3>addressing the judges questions and the administration's arguments.

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<v Speaker 2>Nathan, Let's turn to the markets.

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<v Speaker 6>Now.

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<v Speaker 2>In gold trading at a record driven by expectations for

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<v Speaker 2>a FED rate cuts and concerns of our central bank independence.

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<v Speaker 2>The price top three five hundred dollars an ounce as

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<v Speaker 2>investors loaded up on the safe haven asset, and the

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<v Speaker 2>latest run comes after fedhaer Jerome Powell cautiously open the

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<v Speaker 2>door to a reduction and as Jackson Hole comments, due

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<v Speaker 2>to a weakening jobs market.

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<v Speaker 8>Well.

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<v Speaker 3>Meanwhile, Karen futures are trading lower, with the record breaking

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<v Speaker 3>stock rally facing its next test later this week. In

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<v Speaker 3>the August jobs report, former Kansas City Fed President Esther

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<v Speaker 3>George says a week number does raise the chances for

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<v Speaker 3>a kut.

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<v Speaker 6>The economy looks to be performing pretty good. The decision

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<v Speaker 6>is do they see something ahead that suggests the economy

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<v Speaker 6>will slow and away the job market will be damaged

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<v Speaker 6>in a way that requires them to ease policy at

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<v Speaker 6>a time when inflation is holding in there pretty strong.

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<v Speaker 3>Former Kansas City Fed chief Ester George appeared on Bloomberg

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<v Speaker 3>Television ahead of this Friday's jobs.

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

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<v Speaker 2>legally binding agreement to build the Power of Siberia two

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<v Speaker 2>gas pipeline at China, and what's being seen as a

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<v Speaker 2>major political win for the Kremlin. Discussions around the mega

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<v Speaker 2>project have been installed for years, but Russia has been

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<v Speaker 2>eager to advance the deal to compensate for lower European

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<v Speaker 2>deliveries following its invasion of Ukraine. The news comes amid

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<v Speaker 2>days of meetings at the Shanghai Cooperation Organization Summit.

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

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<v Speaker 3>Secretary General Hiroshi Morriyama, intends to resign to take responsibility

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<v Speaker 3>for an election Setbackshiba's repeated his intention to stay on

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<v Speaker 3>despite calls within his party to see him go, and

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<v Speaker 3>he has apologized for the many seats that his ruling

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<v Speaker 3>Liberal Democratic Party lost in July.

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<v Speaker 2>And just this morning, Nathan and North Korean leader Kim

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<v Speaker 2>Jong un arrived in China to attend a military parade

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<v Speaker 2>in Beijing. It's a rare overseas visit that underscores Kim's

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<v Speaker 2>ties with President Shijin Ping and Russian leader Vladimir Putin.

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<v Speaker 2>Marks Kim's first trip abroad since he traveled to Russia

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<v Speaker 2>in twenty twenty three. In his first trip to China

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<v Speaker 2>since January twenty nineteen.

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<v Speaker 3>And a plane carrying European Commission President Ursula Vonderline was

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<v Speaker 3>disrupted over the weekend. Karen authorities think it was Russia

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<v Speaker 3>interfering in Bulgaria. We get more from Bloomberg Suzanne Lynch

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<v Speaker 3>in Brussels.

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<v Speaker 9>The plane carrying Vanderlon, which was landing in Bulgarian on

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<v Speaker 9>Sunday as part of this four day tour, did land safely,

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<v Speaker 9>but it was the subject of GPS jamming. Now Bulgarian

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<v Speaker 9>authorities have said that this is the fault of Russia,

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<v Speaker 9>and in fact a lot of the ball of countries

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<v Speaker 9>have reported an increase in this kind of activity.

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<v Speaker 3>Bloomberg Suzanne Lynch says Vonderlin was touring the EU's eastern

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<v Speaker 3>most states on a campaign to build up military infrastructure.

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<v Speaker 2>There's a major corporate news in Europe. Nathan Nestley has

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<v Speaker 2>dismissed its CEO, Lorent Fres after only a year, due

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<v Speaker 2>to an undisclosed workplace affair with a direct subordinate. We

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<v Speaker 2>get more with the Bloomberg's Jennifer Creary.

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<v Speaker 8>So we know that there was an internal investigation from

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<v Speaker 8>the company and this was after the matthe was breeze

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<v Speaker 8>to the company via an internal platform called speak Up.

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<v Speaker 8>The company couldn't substantiate the allegations after that, and so

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<v Speaker 8>they brought in an external council to conduct another investigation

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<v Speaker 8>and that is the result that we see.

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<v Speaker 2>Today Bloomberg Jennifer Creary says Nesley has named Philip Navratill

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

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<v Speaker 2>coffee brand, and checking shares of Neslei this morning, they're

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<v Speaker 2>down more than one percent.

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<v Speaker 3>And In more coffee news, Karen Starbucks says its fall

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<v Speaker 3>product launch drove a record week of sales and that

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<v Speaker 3>of course, included the return of the pumpkin spiced latte.

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<v Speaker 3>Starbucks CEO Brian Nichol is leading a turnaround at the

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<v Speaker 3>US coffee giant that's focused on improving customer service, revamping

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<v Speaker 3>the menu, and making the stores more welcoming.

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<v Speaker 2>It's time now for look at some many of their

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<v Speaker 2>stories making news in New York and around the world,

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<v Speaker 2>and for that were joined by Bloomberg's Michael Barr Michael,

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<v Speaker 2>good Morning.

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<v Speaker 7>Good Morning, Karen. Nine former CDC directors are calling out

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<v Speaker 7>Health and Human Services Secretary Robert F. Kennedy Junior in

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<v Speaker 7>a collective op ed. The former CDC directors who served

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<v Speaker 7>Republican and Democratic administrations from Carter to Trump. Writing in

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<v Speaker 7>a New York Times op ed that Kennedy has quote

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<v Speaker 7>severely weakened programs designed to protect Americans from cancer, heart attacks, strokes,

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<v Speaker 7>and more. They argue Kennedy, a long time vaccine skeptic,

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<v Speaker 7>has focused on unproven treatments while downplaying vaccines amid the

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<v Speaker 7>biggest measles outbreak in the generation. At the Labor Day

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<v Speaker 7>rally in Chicago, officials celebrated the power of organized labor.

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<v Speaker 7>They also turned their attention to the possibility of National

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<v Speaker 7>Guard troops patrolling the city to fight crime, as suggested

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<v Speaker 7>by President Trump. Mayor Brandon Johnson. This is the city

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<v Speaker 7>of Chicago where we.

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<v Speaker 2>Have given paid time off for over a million workers,

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<v Speaker 2>ten days off, the biggest city.

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<v Speaker 5>In America to ever do it.

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<v Speaker 7>This is the labor movie you all, Mayor Johnson says.

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<v Speaker 7>President Trump has shifted the largest concentration of wealth into

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<v Speaker 7>the hands of the few. Meanwhile, Homeland Security Secretary Christy

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<v Speaker 7>Nomes spoke about immigration enforcement operations in any of the

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<v Speaker 7>cities beyond Chicago. She told CBS has faced the nation.

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<v Speaker 7>Nothing is off the table.

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<v Speaker 6>We have hundreds and hundreds of agreements with local law enforcements, sheriffs,

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<v Speaker 6>city administrators and mayors across the country that want to

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<v Speaker 6>solve problems.

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<v Speaker 7>CBS has faced the nation can be heard on Bloomberg Radio.

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<v Speaker 7>President Donald Trump says he's awarding former New York commit

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<v Speaker 7>Mayor Rudy Giuliani the Presidential Medal of Freedom, announcing the

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<v Speaker 7>honor two days after his longtime political ally was badly

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<v Speaker 7>injured in a traffic accident. Was once allouded for leading

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<v Speaker 7>New York after the September eleventh attacks, and later sanctioned

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<v Speaker 7>by courts and disbarred for amplifying false claims about the

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<v Speaker 7>twenty twenty election. Global News twenty four hours a day

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<v Speaker 7>and whenever you want it with Bloomberg News Now Michael

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<v Speaker 7>Barr and this is Bloomberg here.

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<v Speaker 2>Thanks Michael. Time now for our Bloomberg Scores updated form

0:10:21.000 --> 0:10:22.880
<v Speaker 2>that we bring in John stash.

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

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<v Speaker 10>go well as North Carolina Tariill scored a touchdown four

0:10:29.679 --> 0:10:32.600
<v Speaker 10>minutes ten. By the time they scored again, TCU was

0:10:32.640 --> 0:10:35.360
<v Speaker 10>ahead forty one to seven. The Horn fronts one in

0:10:35.520 --> 0:10:39.960
<v Speaker 10>Chapel Hill forty eight to fourteen. US opened Coco Golf

0:10:40.000 --> 0:10:43.319
<v Speaker 10>lost to the fourth Mountain Naomi Osaka, four time Grand

0:10:43.320 --> 0:10:47.280
<v Speaker 10>Slam champion. This will be her first quarterfinal since twenty

0:10:47.440 --> 0:10:52.120
<v Speaker 10>twenty one. Quarterfinals begin today. Novak Djokovic plays Taylor Fritz tonight.

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<v Speaker 10>That's to Bloomberg Sports Update.

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<v Speaker 2>Stay with us. More from Bloomberg day Break coming up

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<v Speaker 2>after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:11:07.320 --> 0:11:10.160
<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 5>Good morning, I'm Nathan Hager.

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<v Speaker 3>Wall Street is heading back to a holiday shortened trading

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<v Speaker 3>week in a traditionally difficult month for stocks. Already, investors

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<v Speaker 3>are facing new uncertainty when it comes to President Trump's

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<v Speaker 3>trade policies. Country by country tariffs have been declared illegal

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<v Speaker 3>in court, though a judge is keeping them in place

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

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<v Speaker 3>and here we are Valerie. Futures pointed lower this morning.

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<v Speaker 3>Are we already starting to see a market reaction to

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<v Speaker 3>this new trade uncertainty?

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<v Speaker 5>Good morning, Good morning, Nathan.

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<v Speaker 11>Well, there is some nuance to this story here, one

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<v Speaker 11>of which being we're looking at the timeline of when

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<v Speaker 11>this case will now be presented and decided upon by

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<v Speaker 11>the Supreme Court. If the Supreme Court does decide to

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<v Speaker 11>prioritize this, they could have the case ruling at some

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

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<v Speaker 11>could be waiting almost a year for our final decision

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<v Speaker 11>on the Supreme Court. So that maybe has given some

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<v Speaker 11>relief to market participants. And also, if we look at

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<v Speaker 11>the vote that was in this appeals court, it was

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<v Speaker 11>seven to four, which is better than the original case

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<v Speaker 11>when that was made earlier. When terms of the vote splits,

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<v Speaker 11>the vote split does appear more balanced. So net net,

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<v Speaker 11>if you look through the details, there is I guess

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<v Speaker 11>a bit more solace for markets that this Supreme Court

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<v Speaker 11>case might not be the final decision. We might not

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<v Speaker 11>see that final decision for a few months to come.

0:12:35.600 --> 0:12:39.120
<v Speaker 3>Although it's interesting, even after this court ruling, we saw

0:12:39.240 --> 0:12:42.200
<v Speaker 3>this post on social media from President Trump saying that

0:12:42.240 --> 0:12:46.240
<v Speaker 3>India's offered to cut its tariffs on US goods to

0:12:46.520 --> 0:12:51.440
<v Speaker 3>zero after the President posted fifty percent tariffs on India

0:12:51.600 --> 0:12:53.920
<v Speaker 3>over its purchases of Russian oil. We've got a lot

0:12:54.000 --> 0:12:58.440
<v Speaker 3>going on in China meetings between India and Russia. There

0:12:58.920 --> 0:13:00.319
<v Speaker 3>is that part of what's going on.

0:13:00.600 --> 0:13:04.480
<v Speaker 11>Well, it wasn't clear when exactly this offer from India

0:13:04.679 --> 0:13:07.000
<v Speaker 11>was made and whether the White House even plans to

0:13:07.080 --> 0:13:10.520
<v Speaker 11>reopen trade talks with India. But this was Trump posting

0:13:10.559 --> 0:13:15.560
<v Speaker 11>on social media. Maybe perhaps in response to India's Modi meeting,

0:13:15.800 --> 0:13:19.360
<v Speaker 11>China's Shijing Ping and President Vladimir Putin. There were some

0:13:19.440 --> 0:13:22.560
<v Speaker 11>images yesterday of all of them holding hands, So perhaps

0:13:22.800 --> 0:13:25.280
<v Speaker 11>he wanted to make sure that he had his final

0:13:25.400 --> 0:13:27.559
<v Speaker 11>say when it came to these India tariffs. And they

0:13:27.559 --> 0:13:31.800
<v Speaker 11>have slapped on fifty five percent charge on Indian exports

0:13:32.000 --> 0:13:34.360
<v Speaker 11>to the US, and that has been on the back

0:13:34.480 --> 0:13:38.840
<v Speaker 11>of maybe seen as punishment for its purchases of Russian oil.

0:13:38.920 --> 0:13:41.920
<v Speaker 11>So maybe perhaps this is a way of Trump trying

0:13:41.920 --> 0:13:47.120
<v Speaker 11>to meangle that three party handshake that he saw yesterday

0:13:47.120 --> 0:13:48.560
<v Speaker 11>on social media.

0:13:48.200 --> 0:13:51.320
<v Speaker 3>And is if trade uncertainty weren't enough in our last minute,

0:13:51.360 --> 0:13:54.320
<v Speaker 3>We've got another major catalyst coming up from markets at

0:13:54.320 --> 0:13:57.160
<v Speaker 3>the end of the week in the August jobs report.

0:13:57.480 --> 0:13:59.880
<v Speaker 3>How much is this going to seal in expectations for

0:14:00.080 --> 0:14:00.440
<v Speaker 3>rate cut.

0:14:00.840 --> 0:14:04.079
<v Speaker 11>It's a big one, especially after Jerome Powell re emphasize

0:14:04.120 --> 0:14:07.120
<v Speaker 11>how important the labor market data is. This Friday, we

0:14:07.160 --> 0:14:10.320
<v Speaker 11>have non farm payrolls consensus is for seventy five K

0:14:10.520 --> 0:14:12.640
<v Speaker 11>print and for the unemployment rate to tick higher to

0:14:12.720 --> 0:14:15.760
<v Speaker 11>four point three percent, And with the market already pricing

0:14:15.800 --> 0:14:18.240
<v Speaker 11>in a ninety percent chance of that September rate cut,

0:14:18.320 --> 0:14:21.840
<v Speaker 11>a week print could perhaps have the market pricing in further.

0:14:21.920 --> 0:14:24.800
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<v Speaker 2>Bray