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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Prisoner.

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Speaker 1: President Trump said it's possible for the US to reach

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Speaker 1: a fresh trade deal with China despite current tension. Earlier

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Speaker 1: in the month, Trump slapped a ten percent tariff on

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Speaker 1: all Chinese imports. Here's President Trump speaking to reporters earlier

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Speaker 1: on Air Force One.

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Speaker 2: It's possible, but well, we did a great trade deal

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Speaker 2: with China. We did it great for the farmers, great

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Speaker 2: for manufacturers. They had a by fifty billion dollars worth

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Speaker 2: of our product and we were making them buy it.

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Speaker 2: The problem is that Biden didn't push them to adhere

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Speaker 2: to it.

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Speaker 1: That was President Trump speaking there. He did not describe

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Speaker 1: the parameters of a potential trade deal. At the same time,

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Speaker 1: Trump repeated his claim of a very good relationship with

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Speaker 1: Chinese President Chi Jinping. Earlier, Trump suggested that some savings

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Speaker 1: from his federal cost cutting effort could be sent back

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Speaker 1: to US taxpayers and another portion being used to reduce

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Speaker 1: the national deficit. Meantime, the US Defense Department is planning

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Speaker 1: to slash its budget. Defense Secretary Pete Hegseth is aiming

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Speaker 1: to reduce projected military spending by eight percent over the

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Speaker 1: next five years. Today, President Trump and Ukrainian President Vladimir

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Speaker 1: Zolensky traded blows on social media. Trump said Zelensky was

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Speaker 1: a quote dictator without elections, and that he'd better move

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Speaker 1: fast or he's not going to have a country left now. Zolensky,

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Speaker 1: for his part, accused Trump of being taken in by

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Speaker 1: Russian propaganda. Their comments come a day after the US

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Speaker 1: opened up talks with Russia on ending war in Ukraine.

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Speaker 1: Earlier today, National Security Advisor Mike Waltz spoke on the

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Speaker 1: relationship between these two leaders. Here's walt speaking on Fox News.

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Speaker 3: Well, it's one that's frustrated right now and clearly is

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Speaker 3: going in the wrong direction. But what President Trump is

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Speaker 3: focused on is ending the fighting.

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Speaker 1: That is National Security Advisor Mike walt speaking on Fox

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Speaker 1: News Time. President Trump is getting into the budget fight

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Speaker 1: on Capitol Hill ahead of key votes in the coming days.

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Speaker 1: More from Bloomberg's Nathan Hager in Washington.

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Speaker 4: In a truth social post, the president back to the

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Speaker 4: quote one big beautiful bill approach in the House that

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Speaker 4: includes a four and a half trillion dollar tax cut

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Speaker 4: rather than the Senate version that puts immigration spending First,

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Speaker 4: the president's statement could upset Senate Republicans' plans for a

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Speaker 4: vote on their bill this week. Here's Senate Democratic Leader

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Speaker 4: Chuck Schumer.

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Speaker 1: Donald Trump keeps changing his mind.

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Speaker 5: One day he says two bills is okay, and then

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Speaker 5: just this morning he wants one bill.

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Speaker 4: As for that one bill, House Republican Leader Steve Scalise

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Speaker 4: tells punch Bowl News it will get a vote next

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Speaker 4: week in Washington. I'm Nathan Hager Bloomberg Radio.

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Speaker 1: We go to New York City next, where the Trump

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Speaker 1: administration is moving to block the congestion pricing program. Now,

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Speaker 1: this will reverse a policy that makes drivers pay a

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Speaker 1: toll whenever they enter Manhattan Central Business District. This decision

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Speaker 1: quickly sparked a legal challenge by the u MTA. The

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Speaker 1: transit agency filed a lawsuit against the Trump administration in

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Speaker 1: federal court, and then, speaking at a press conference, New

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Speaker 1: York Governor Kathy Hokeel struck a defiant tone.

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Speaker 6: Million people who use the MTA to get to their

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Speaker 6: jobs and their lives and their doctor for nurses, doctors,

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Speaker 6: EMTs all that we need to get to their jobs

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Speaker 6: in a relable way. There's now going to be affected,

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Speaker 6: So I also have to raise a question. They look

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Speaker 6: at the pretexts for this rejection, and we have a

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Speaker 6: lot of legal reasons why we know we're going to

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Speaker 6: be victorious.

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Speaker 1: That is New York Governor Kathy Hockel there in a statement,

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Speaker 1: the MTA chief Geno Lieber said the tolling program would

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Speaker 1: remain in effect until there is a court ruling on

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Speaker 1: the matter. We go to the Federal Reserve next. Officials

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Speaker 1: were inclined to hold interest rates steady when they met

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Speaker 1: last month. Minutes from the last FED meeting show officials

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Speaker 1: want to see further progress on inflation before making additional

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Speaker 1: ad adjustments to the target range for the FED funds rate.

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Speaker 1: Here is Bloomberg's Michael McKee.

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Speaker 5: We don't see a lot of major policy changes from

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Speaker 5: administration to administration that would affect the economy in the

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Speaker 5: way that tariffs and immigration policy might tax cuts as well.

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Speaker 5: So it is unusual, but it is not an unusual

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Speaker 5: factor of Fed thinking over the last four or five months,

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Speaker 5: because they've been trying to parse out what might happen

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Speaker 5: and how that might affect the economy, and we still

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Speaker 5: don't have very many details about all that.

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Speaker 1: That is Bloomberg's Michael McKee. We also heard from FED

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Speaker 1: Vice Chair Philip Jefferson today. He said a strong economy

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Speaker 1: allows the FED to take its time before considering any

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Speaker 1: additional cuts to interest rates. And that is news when

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Speaker 1: you want it. With Bloomberg News Now, I'm Doug Chrisner,

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Speaker 1: and this is Bloomberg