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

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Speaker 1: Doug Prisner. We begin in Washington, where President Trump has

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Speaker 1: launched an investigation into the need for tariffs on critical minerals. Now,

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Speaker 1: the aim here is to evaluate the impact of these

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Speaker 1: materials on America's security and resilience. Here is Bloomberg's Kate Sullivan.

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Speaker 2: Trump has talked specifically a lot about protecting supply chains

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Speaker 2: and the national security implications, So you know, the order

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Speaker 2: today says that if the Commerce Secretary finds that critical

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Speaker 2: mineral imports do threaten to impair national security, and Trump

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Speaker 2: decides to impose the tariffs, that those tariffs would then

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Speaker 2: take the place of the reciprocal tariffs on trading partners.

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Speaker 1: That is Bloomberg's Kate Sullivan. It was just last month

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Speaker 1: that President Trump invoked emergency powers to boost the production

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Speaker 1: of critical minerals in the US. Shares in Nvidia fell

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Speaker 1: six percent in late US trading. This is after the

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Speaker 1: chip makers said the US government will begin requiring a

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Speaker 1: license for the company to export it's H twenty chips

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Speaker 1: to China, and as a result, in Vidia now sees

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Speaker 1: first quarter charges of five and a half billion dollars

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Speaker 1: associated with those H twenty products. Here is Bloomberg's Annabel Jewelers.

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Speaker 3: Essentially the H twenty chip. This is important because it's

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Speaker 3: a chip that Nvidia has created specifically to meet the

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Speaker 3: export controls that are already in place on advanced technology

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Speaker 3: to China. Now this brings this new technology into the fray,

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Speaker 3: and so the concern from the White House and from

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Speaker 3: the Trump administration is essentially the H twenty is just

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Speaker 3: too advanced. Essentially, it can still be diverted or used

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Speaker 3: to create some sort of supercomputer in China. That's the

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Speaker 3: concern from officials.

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Speaker 1: That is Bloomberg's Anabel Jewelers. In Vidia has said a

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Speaker 1: further tightening of restrictions will only reinforce China's determination to

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Speaker 1: make itself independent of US technology. Former President Joe Biden

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Speaker 1: returned to the National Spotlight earlier tonight. In his first

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Speaker 1: major speech since leaving office, Biden spoke out against the

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Speaker 1: Trump administration's cuts to the Social Security Administration.

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Speaker 4: Here is Biden, fewer than one hundred days, this through

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Speaker 4: administration has made done so much dammage and so much destruction,

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Speaker 4: it's kind of breathtaking.

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Speaker 3: It could happen that soon.

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Speaker 4: I've taken a hassid to soci Security administration.

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Speaker 1: That is former President Joe Biden speaking in Chicago. He

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Speaker 1: went on to say that people have earned their Social

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Speaker 1: Security benefits. President Trump is calling on China to reach

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Speaker 1: out for trade negotiations. Washington and Beijing have not engaged

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Speaker 1: in talks aimed at resolving their escalating trade fight. Instead,

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Speaker 1: both nations have traded insults and increased tariffs. Here, as

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Speaker 1: White House Press Secretary Caroline Levitt, the.

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Speaker 5: Ball is in China's court. China needs to make a

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Speaker 5: deal with us. We don't have to make a deal

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Speaker 5: with them. There's no difference between China and any other country,

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Speaker 5: except they are much larger, and China wants what we have. Whatever.

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Speaker 5: Every country wants what we have the American consumer, or

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Speaker 5: to put in another way, they need our money.

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Speaker 1: That is White House Press Secretary Caroline Levitt. Meantime, the

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Speaker 1: administration has said it is negotiating with dozens of other

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Speaker 1: trading partners on lowering their trade barriers to US products.

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Speaker 1: China has ordered its domestic airlines to stop taking deliveries

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Speaker 1: of Boeing aircraft. Beijing is also halting the purchase of

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Speaker 1: aircraft related equipment and parts from US companies. This move

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Speaker 1: is seen as a retaliatory measure in the ongoing trade

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Speaker 1: war between the two countries. Here is Jennifer Welsh of

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Speaker 1: Bloomberg Economics.

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Speaker 6: This is Beijing striking in a way in which it

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Speaker 6: can right terrifs tenter hurt China. It also doesn't have

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Speaker 6: as much of an advantage as the US does, given

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Speaker 6: it is much more reliant on experts in the US

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Speaker 6: than vice versa. But what it does have an advantage

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Speaker 6: over is market access for major US firms and also

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Speaker 6: over critical inputs that the US depends on like rare earth,

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Speaker 6: which is also part of China's retaliation package.

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Speaker 1: That is Jennifer Welsh of Bloomberg Economics. Now, this standoff

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Speaker 1: is a significant blow to Boeing. It's already seen its

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Speaker 1: market share in China decline in recent years due to

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Speaker 1: trade tensions and some other issues as well. This afternoon,

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Speaker 1: Justice Department lawyer has appeared before a federal judge in

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Speaker 1: Maryland in the wrongful deportation case of Kilmar Abrego Garcia.

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Speaker 1: This follows a decision from the US Supreme Court last

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Speaker 1: week directing the Trump administration to facilitate Abrego Garcia's return.

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Speaker 1: Here is Bloomberg's Greg Store.

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Speaker 7: Well, the judge is saying she's going to order expedited discovery,

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Speaker 7: which means that Abrego's Garcia's lawyers will have the right

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Speaker 7: to get evidence from the government, including conducting depositions interviewing

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Speaker 7: Trump administration officials. But she said that's going to take

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Speaker 7: place over the course of a couple weeks, so it

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Speaker 7: does not appear we're going to have a resolution of

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Speaker 7: this anytime in the immediate future.

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Speaker 1: That is Bloomberg's Greg's Store. Now, today's hearing comes after

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Speaker 1: El Salvador's president, Naipu Kelly said yesterday that he would

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Speaker 1: not return Abrego Garcia to the US, And that is

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Speaker 1: news when you want it with Bloomberg News. Now, I'm

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Speaker 1: Doug Prisner, and this is Bloomberg