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

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Speaker 1: Doug Chrisner. Dozens of nations that trade with the US

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Speaker 1: are seeking either reductions or exemptions from President Trump's tariffs,

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Speaker 1: and we are told that in exchange for doing so,

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Speaker 1: the White House is set to ask them to take

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Speaker 1: steps to limit China's manufacturing might. Today President Trump met

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Speaker 1: with a Japanese trade delegation. Isabelle Reynolds is Bloomberg's Tokyo

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Speaker 1: bureau chief.

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Speaker 2: From the Japanese side, obviously, the ask is very obvious.

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Speaker 2: They want all these tarifs removed, the subject at the

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Speaker 2: moment to the minimum ten percent tariff. Also, the vital

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Speaker 2: car industry is subject to twenty five percent tariffs already,

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Speaker 2: and of course they want to get away from the

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Speaker 2: prospect of having twenty four per cent tariffs across the board.

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Speaker 1: That is Isabelle Reynolds, Bloomberg's Tokyo Bureau chief.

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Speaker 3: Now.

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Speaker 1: After the meeting, President Trump said negotiators made big progress,

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Speaker 1: and from the Japanese side, the country's Economic Revitalization Minister

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Speaker 1: said Japan wants a broad agreement as soon as possible.

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Speaker 1: No discussion of the Japanese currency. Today's FED speak was

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Speaker 1: a little on the hawkish side. Chary J. Powell once

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Speaker 1: again said the FED must ensure tariffs do not trigger

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Speaker 1: more persistent inflation. Here is Powell at the Economic Club

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Speaker 1: of Chicago.

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Speaker 4: Trade now is the focus, and the effects of that

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Speaker 4: are likely to move us away from our goals. So

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Speaker 4: unemployment is likely to go up as the economy slows

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Speaker 4: in all likelihood, and inflation is likely to go up

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Speaker 4: as tariffs find their way and some part of those

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Speaker 4: tariffs come to the come to be paid by the

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Speaker 4: public now.

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Speaker 1: Powell also emphasized the need to keep longer term inflation

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Speaker 1: expectations well anchored. We also heard today from the head

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Speaker 1: of the Cleveland Fed, Beth Hammock. She suggested that FED

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Speaker 1: should hold rates steady until there is more clarity on

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Speaker 1: the impact of those tariffs. The Bank of Korea held

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Speaker 1: its benchmark interest rates steady today after an unexpected increase

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Speaker 1: in consumer inflation. The BOK held its policy rates steady

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Speaker 1: at two point seventy five percent. The same time, the

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Speaker 1: BOK is trying to foster stability for the Korean one.

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Speaker 1: Bloomberg Executive editor for Asian Markets Paul Dobson tells us

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Speaker 1: the currency was trading at a sixteen year low against

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Speaker 1: the dollar as a result of US tariffs.

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Speaker 5: Well, so we saw the one has been very volatile.

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Speaker 5: It got pushed to extremely weak levels and then rebounded

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Speaker 5: extremely strongly last week as well. That level of volatility

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Speaker 5: blaze the investment outlook across asset classes more difficult.

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Speaker 1: That is Bloomberg's Paul Dobson now. In its statement, the

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Speaker 1: BOK said growth weakened more than expected due to the

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Speaker 1: impacts of US trade policy as well as domestic political uncertainty.

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Speaker 1: Democratic Senator Chris van Holland of Maryland met today with

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Speaker 1: the vice president of El Salvador and pushed for the

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Speaker 1: release of Kilmar Abrego Garcia. Brego Garcia was wrongly deported

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Speaker 1: from Maryland to El Salvador's most notorious prison. Van Holland

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Speaker 1: asked why Brego Garcia is still being held if there's

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Speaker 1: no evidence that he's a gang member.

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Speaker 6: His answer was that the Trump administration is paying the

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Speaker 6: government of Al Salvador to keep him at Seacock, Maryland.

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Speaker 1: Senator Chris van Holland there he was denied a chance

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Speaker 1: to meet or speak with Abrego Garcia. Meantime, the White

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Speaker 1: House was quick to slam the senator's visit after it

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Speaker 1: was revealed that Abrego Garcia's wife petitioned for an order

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Speaker 1: of protection following two incidents of domestic violence back in

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Speaker 1: twenty twenty one. Here's White House Press Secretary Caroline Levitt.

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Speaker 7: Kilmar Abrego Garcia is an illegal alien MS thirteen gang

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Speaker 7: member and foreign terrorist who was deported back to his

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Speaker 7: home country. And when Abrego Garcia was originally arrested, he

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Speaker 7: was wearing a sweatshirt with rolls of money covering the

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Speaker 7: ear's mouth and eyes of presidents on various currency denominations.

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Speaker 7: This is a known MS thirteen gang symbol. Here no evil,

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Speaker 7: Speak no evil, See no evil.

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Speaker 1: That was White House Press Secretary Caroline Levitt. California Governor

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Speaker 1: Gavin Newsom is suing to halt President Trump's tariffs. The

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Speaker 1: state is challenging the President's use of emergency powers to

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Speaker 1: enact broad tariffs against Mexico, Canada, and China. Hears Newsom.

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Speaker 3: No state is poised to lose more than the state

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Speaker 3: of California. So that's our state of mind. That's why

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Speaker 3: we're asserting ourselves on behalf of forty million Americans, and

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Speaker 3: I imagine if you caucus those forty million Americans, you'd

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Speaker 3: find few I don't care where they were in the

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Speaker 3: last election that are celebrating this uncertainty, that are celebrating

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Speaker 3: the largest tax increase in modern US history.

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Speaker 1: That is California Governor Gavin Newsom, speaking earlier in Sacramento.

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Speaker 1: By the way, the state's Attorney General, Rob Bonta is

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Speaker 1: joining Newsom in seeking a court order to immediately block

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Speaker 1: these levies. Newsom warned the tariffs would lead to a

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Speaker 1: dip in economic growth as well as an increase in

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Speaker 1: our employment and higher inflation. And that is news when

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

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Speaker 1: and this is Bloomberg