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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.

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Speaker 3: Karen, we are seeing a sharp sell off in stocks

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Speaker 3: around the world with President Trump set to follow through

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Speaker 3: on his threat of tariffs against America's closest trading partners.

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Speaker 3: On Saturday, the President announced twenty five percent duties on

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Speaker 3: products from Canada and Mexico and ten percent on China,

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Speaker 3: starting just after midnight tonight. Trump admits American consumers might

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Speaker 3: take a hit.

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Speaker 4: We may have short term so a little pain, and

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Speaker 4: people understand that.

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Speaker 5: But long term, the United States has been.

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Speaker 4: Ripped off by virtually every country in the world. We

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Speaker 4: have deficits with almost every country, not every country, but allmost.

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Speaker 3: And Republican lawmakers are signaling they support the president's efforts.

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Speaker 3: Senator Lindsey Graham had this reaction on Fox News Sunday.

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Speaker 6: If you want tariffs to go away, Mexico and China,

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Speaker 6: stop poising Americans, stop sending ventanyl into America to kill Americans.

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Speaker 6: If you want to have a better relationship Mexico with

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Speaker 6: the United States, do your report on the other side.

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Speaker 3: Of the border, but Democratic Senator Mark Warner says tariffs

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Speaker 3: amount to what he calls a Donald Trump Super Bowl

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Speaker 3: tax less than a week before the big game. Remember,

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Speaker 3: Donald Trump got hired trying to lower grow saying he

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Speaker 3: was going to lower grocery prices.

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Speaker 4: Right two weeks in, He's doing something that's going to

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Speaker 4: do the absolute opposite.

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Speaker 3: Senator Warner spoke to CBS as Margaret Brennan on Face

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Speaker 3: the Nation and you can hear both Face the Nation

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Speaker 3: and Fox News Sunday every Sunday on Bloomberg Radio.

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Speaker 2: Well, Nathan Trump says he will have separate calls this

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Speaker 2: morning with Canadian Prime Minister Justin Trudeau as well as

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Speaker 2: with the Mexican leadership. The Canadian leader has already pledged

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Speaker 2: twenty five percent retaliatory tariffs on one hundred and seven

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Speaker 2: billion dollars worth of US goods. Trudeau says Trump's action

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Speaker 2: now risks job losses and price rises for Americans.

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Speaker 7: If President Trump wants to usher in a new golden

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Speaker 7: age for the United States, the better path is to

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Speaker 7: partner with Canada, not to punish US.

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Speaker 2: Canadian Prime Minister Justin Trude do other Canadian officials announce

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Speaker 2: their own measures. David Eby, the Premiere of British Columbia,

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Speaker 2: directed the provincially owned liquor distributor to remove some alcohol

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Speaker 2: brands made in Republican Led States from the shelves of

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Speaker 2: retail stores and to cease further purchases.

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Speaker 3: Well, as you mentioned, Karen, the PAESO is dropping to

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Speaker 3: its lowest level in almost three years. Mexican President Claudia

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Speaker 3: Shanebaum says she'll set out her response to US tariffs

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Speaker 3: later today. She says she hopes a resolution can be

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Speaker 3: found quickly.

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Speaker 8: That's a bit anise Nibo sovereignty is not negotiable to

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Speaker 8: this end. Yesterday, in my statement, I proposed to President Trump,

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Speaker 8: though we establish a working group, it is not with

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Speaker 8: the imposition of tariffs that the problems are resolved, but

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Speaker 8: speaking and dialoguing as we did.

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Speaker 3: Mexican President Claudia Shanebaum spoke there through an interpreter. President

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Speaker 3: Trump has said he may escalate US tariffs further response

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Speaker 3: to any retaliations.

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Speaker 2: Well Nathan China's reaction to Trump's tariffs, which come in

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Speaker 2: the middle of Lunar New Year holiday celebrations, has been

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Speaker 2: more muted. The country's Commerce Ministry issued a statement expressing

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Speaker 2: strong dissatisfaction and vowing corresponding countermeasures, without elaborating. Our Chief

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Speaker 2: North Asia correspondent Stephen Engels says China's reaction could yet

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Speaker 2: ramp up.

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Speaker 9: This is going to be a protracted process, So Beijing

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Speaker 9: has to process exactly what's going to be the end

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Speaker 9: result of tariffs.

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Speaker 10: Is it going to go up to sixty percent?

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Speaker 9: It's ten percent right now, and there's going to be

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Speaker 9: an economic impact to that. And I think right now,

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Speaker 9: especially as they're coming out of the long Lunar New

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Speaker 9: Year holiday, kind of crafting their message obviously, and.

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Speaker 2: Mutz Bloomberg Steven Angel reporting from Hong Kong.

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Speaker 3: And after announced those duties on China, Mexico, and Canada, Karen,

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Speaker 3: President Trump also ramped up threats to the European Union,

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Speaker 3: citing that block's large surplus with the US.

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Speaker 4: It will definitely happen with the European Union, I can

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Speaker 4: tell you that, because they've really taken advantage of us,

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Speaker 4: and you know, we have over three hundred billion dollar deficit.

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Speaker 4: They don't take our cars, they don't take our.

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Speaker 5: Farm products, they take almost nothing. Can we take everything

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Speaker 5: from them?

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Speaker 4: Millions of cars tremendous amounts of food and farm product.

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Speaker 3: President Trump's remarks came after an EU spokesperson said that

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Speaker 3: the BLOCK would respond firmly to any trading partner that

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Speaker 3: unfairly or arbitrarily imposes tariffs on EU goods.

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Speaker 2: Well, Nathan, President Trump's tariffs against Canada and Mexico may

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Speaker 2: result in consumers paying more for cars, and we get

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Speaker 2: that angle up the tariff story with Bloomberg's John Tucker

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Speaker 2: and John how much are we talking about here?

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Speaker 11: Well, Karen Research from automotive consultant Alex Partners says the

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Speaker 11: tariffs will add sixty billion dollars in cost to the

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Speaker 11: auto industry, a lot of which likely to be passed

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Speaker 11: on to consumers. Wolf Research analysts, so the average price

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Speaker 11: of a new car may climb by about three thousand dollars.

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Speaker 11: The duties would immediately hit almost a quarter of this

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Speaker 11: sixteen million vehicles that are sold in the US every year,

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Speaker 11: as well as the parts and components that go into them. Now,

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Speaker 11: car components can make their way back and forth across

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Speaker 11: US borders as many as eight times during the production

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Speaker 11: of the car. Automakers in Mexico they've been preparing by

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Speaker 11: preemptively importing both more components and vehicles that could ease

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Speaker 11: the blow in the first few weeks. But Flavio Volpi,

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Speaker 11: he's the president of Canada's Automotive Parts Manufacturers Association, predicts

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Speaker 11: his words now the auto sector is going to shut

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Speaker 11: down within a week. This morning, shares of GM down

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Speaker 11: seven percent, Stalantes is off almost six percent, and Ford

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Speaker 11: is down four percent. John Tucker, Bloomberg Radio.

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Speaker 3: John, thanks now the latest on another hot button issue

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Speaker 3: for President Trump, Panama. It's now promising free passage for

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Speaker 3: US warships through the Panama Canal and also says it

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Speaker 3: will withdraw from China's Belton Road initiative, making Panama the

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Speaker 3: first Latin American country to do so. The concessions came

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Speaker 3: after a Secretary of State Marco Rubio visited Panama over

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Speaker 3: the weekend.

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Speaker 12: Over time, it's the relationship had its ups and downs,

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Speaker 12: and today it's one of our strongest economic partners, certainly

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Speaker 12: in the hemisphere, and an important catalyst for so much

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Speaker 12: trade and commerce that happens in the United States that

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Speaker 12: effects and impacts so many people both going out and

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Speaker 12: coming in.

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Speaker 10: And that was Secretary of State Marco Rubio speaking over

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Speaker 10: the weekend.

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Speaker 3: The US built the Panama Canal at the start of

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Speaker 3: the twentieth century and seated it back in nineteen ninety

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Speaker 3: nine under a treaty signed by President Jimmy Carter in

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Speaker 3: nineteen seventy seven.

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Speaker 2: Nathan, we're also learning more about Elon Musk's plans for

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Speaker 2: government efficiency. He's sketching out plans for aggressive cuts that

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Speaker 2: include wiping out the US Agency for International Development. Much

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Speaker 2: said he has the President's blessing to end the US

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Speaker 2: Agency for International Development and fold what's left into the

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Speaker 2: State Department. The Tesla CEO says this move from his

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Speaker 2: Doze initiative should instill confidence in the Treasury market.

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Speaker 10: Well, let's check the markets once again, Karen raf. Stocks

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Speaker 10: are falling.

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Speaker 3: The dollar is rallying after President Trump and post tariffs

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Speaker 3: on Canada, Mexico, and China. The dollars up to its

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Speaker 3: highest level in more than two years. Checking it against

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Speaker 3: the euro right now, the euros at one point zero

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Speaker 3: two three seven, down one point two percent, the Mexican

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Speaker 3: peso down two percent, while the Canadian dollar is weaker

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Speaker 3: against the US dollar by about one percent.

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Speaker 10: Futures are sliding.

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Speaker 3: The S and P futures down one point six percent,

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Speaker 3: Down futures one point four percent lower, and Nasdaq futures

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Speaker 3: on the decline by one point eight percent. Oil is

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Speaker 3: rallying nine x, crudes up two and a half percent

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Speaker 3: seventy four dollars thirty two cents a barrel, and Bitcoin

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Speaker 3: is falling as well, down one point eight percent at

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Speaker 3: about ninety five thy three hundred dollars.

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Speaker 2: Well Nathan Earnings will also be in focus this week,

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Speaker 2: as two more members of the Magnificent Seven or pourt

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Speaker 2: quarterly results, and Bloomberg's Tom Busby has a preview.

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Speaker 7: Google parent Alphabet out with earnings is Tuesday. It's expected

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Speaker 7: to see revenue grow double digits thanks to ad sales

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Speaker 7: on its Google Search Engine, growth in its services and

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Speaker 7: cloud computing, and advancements in its generative AI capabilities. Also

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Speaker 7: expending its way moow robotaxi business to more cities. On Thursday,

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Speaker 7: we hear from Amazon. It's expected to benefit from a

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Speaker 7: burst of consumer spending ahead of the holidays and a

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Speaker 7: head of tariffs imposed by the Trump White House. Also

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Speaker 7: solid revenue from its Amazon Web Services cloud division. I'm

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Speaker 7: Tom buzzby Bloomberg Radio.

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Speaker 2: Time no offer look at some of the other stories

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

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Speaker 2: for that we're joined by Bloomberg's Michael Barr Michael.

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Speaker 13: Good Morning, Good morning, Karen. Authorities say they have recovered

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Speaker 13: the remains of fifty five of the sixty seven people

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Speaker 13: killed in last week's plane crash in the nation's capital.

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Speaker 13: John Donnelly of the Washington DC Fire and Ems Department

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Speaker 13: says they are committed to the dignified recovery of remains

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Speaker 13: as they prepare to lift wreckage from the Potomac River

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Speaker 13: as early as this morning. Don Lee also says he

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Speaker 13: has spoken with the families and kept them informed of

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Speaker 13: the timeline and the operations as they work. They are

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Speaker 13: a strong group of families that are focused on getting

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Speaker 13: their the ones back and I think that's the appropriate

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Speaker 13: place to be at this point. Officials in Philadelphia have

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Speaker 13: now located the black box of the medical flight that

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Speaker 13: crashed in a crowded city neighborhood Friday night. All six

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Speaker 13: people on the plane were killed, and one person on

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Speaker 13: the ground also died. At least twenty two people now

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Speaker 13: reported injured, including three in critical condition. Mayor Jael Parker

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Speaker 13: says federal, state, and local investigators have been working around

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Speaker 13: the clock at the scene.

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Speaker 11: This remains an ongoing investigation.

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Speaker 10: The situation is fluid and it is active.

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Speaker 13: The plane was on its way to Missouri and was

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Speaker 13: only in the air for a short time before it crashed.

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Speaker 13: Beyonce finally won air Grammy that has eluded her g

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Speaker 13: one Album of the Year, the sixty seventh Grammy Awards

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Speaker 13: last night, for the Country music song cow Boy Carter.

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Speaker 10: I just feel very full and very honored. It's been many,

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Speaker 10: many years.

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Speaker 13: To see of CBS Recording, Academy, Global News twenty four

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Speaker 13: hours a day and whenever you want it with Bloomberg

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Speaker 13: News Now Michael Barr, and this is Bloomberg Karen.

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Speaker 2: All right, Michael Barr, thank you any time now for

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Speaker 2: the Bloomberg Scores update. Brought to you by Tri State Outy.

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Speaker 2: Here's John stash Hour, John, good morning.

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Speaker 14: Good morning. Carry the NBA trade dadline now until Thursday.

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Speaker 14: But what a weekend it was. Saturday night brought the

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Speaker 14: stunning blockbuster Luca Donci to the Lakers, Anthony Davis to

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Speaker 14: Dallas last night, not to that level, but the Aaron

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Speaker 14: Fox and Zach Lamine, good players who've been All Stars,

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Speaker 14: and Fox was moved from Sacramento to San Antonio. Lavine

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Speaker 14: goes from Chicago to Sacramento. I mean, while Donsi released

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Speaker 14: a statement and said he thought he'd spent his entire

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Speaker 14: career in Dallas every one day. Last season, Doncis averaged

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Speaker 14: thirty four points a game, nine rebounds in ten assisted.

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Speaker 14: He led the Maps to the NBA Finals. So why

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Speaker 14: trade him? The Dallas Genteral manager is Nico Harrison.

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Speaker 1: You know, there's some unique things about his his contray

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Speaker 1: that we had to pay attention to. You know, there's

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Speaker 1: there's other teams that were flowing up. You know that

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Speaker 1: he was going to have he was gonna be able

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Speaker 1: to decide to make his own decision at some point

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Speaker 1: and whether he wants to be here or not, whether

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Speaker 1: we want a super maxim or not, or whether he

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Speaker 1: wants to opt out. So I think we had to

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Speaker 1: take all that into consideration and feel like we got

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Speaker 1: out in front of what could have been in tromoltuous summer.

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Speaker 14: Alongside MAV's owner Mark Cuban no longer the majority owner,

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Speaker 14: he was not involved in the decision the trade Donson

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Speaker 14: Jet the Garden Rangers three goals in the third period

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Speaker 14: beat Vegas for to two. The Islanders seven game winning

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Speaker 14: street came to an end at Florida six to three.

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Speaker 14: The Devils and Buffalo fell behind early three nothing lost

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Speaker 14: four to three for the third.

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Speaker 10: Time in the last four years.

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Speaker 14: Rory McElroy's first term of the year of victory his

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Speaker 14: first ever win at pebble Bee finished twenty one hunder

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Speaker 14: a par one by two over Shane Lowry. They both

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Speaker 14: had holes in one in the opening round. Former Baseball

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Speaker 14: Commissioner Fay Vincent has passed away at eighty six. John

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Speaker 14: stesha that I want Bloomberg Sports karnon Nathan Coast to

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Speaker 14: Coast on Bloomberg Radio nationwide, on Serious Exam and around

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Speaker 14: the world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 7: This is Bloomberg Daybreak.

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Speaker 10: Good morning, I'm Nathan Hager.

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Speaker 3: President Donald Trump's promise of tariffs on America's closest trading

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Speaker 3: partners is rippling through markets. After announcing twenty five percent

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Speaker 3: duties on Canada and Mexico and ten percent on China,

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Speaker 3: the President says the European Union is next.

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Speaker 4: They don't take our cars, they don't take our farm products.

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Speaker 5: They take almost nothing. Can we take everything?

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Speaker 7: From their?

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Speaker 3: President spoke to reporters outside Washington last night, joining us

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Speaker 3: this morning from the nation's capital, Terry Haynes, the founder

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Speaker 3: of Pangaea Policy. As we watch stocks sell off and

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Speaker 3: the dollar rally this morning, Terry, should the market have

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Speaker 3: seen this coming?

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Speaker 10: Good morning?

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Speaker 15: Hi, Good morning, Nathan, And yes, I think they should have.

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Speaker 15: Markets have spent the last few months talking themselves into

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Speaker 15: a GRADUALI history even you know this isn't happening. It's

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Speaker 15: all negotiation stance, And yes it is negotiation, but it's

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Speaker 15: negotiation based not from a trade war perspective, but I

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Speaker 15: think from an overall conflict perspective, a broader geopolitical context,

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Speaker 15: among others.

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Speaker 3: So what is the chance, then, Terry, that the President

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Speaker 3: actually does follow through on these He announced they're going

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Speaker 3: to kick in just after midnight tonight. At the same

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Speaker 3: time he's saying that he will have discussions with Canada

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Speaker 3: and Mexico today.

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Speaker 15: I think the markets should assume that some tariffs are coming.

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Speaker 15: I think the size and shape are still very much

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Speaker 15: up in the air, and markets are going to have

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Speaker 15: to get used to volatility here. Frankly, in the realm

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Speaker 15: of political decision making. You know, my instinct, and it

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Speaker 15: is only instinct, is that it's not at all beyond

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Speaker 15: the question that the tariffs go in as announced. It's

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Speaker 15: also not beyond the question that they go in with

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Speaker 15: some lowered modifications. You can look one way you can

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Speaker 15: look at this is Trump testing the markets on reaction,

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Speaker 15: and he's also tested politically the reaction of our border

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Speaker 15: partners to do specific things to actually improve the border

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Speaker 15: and stop the flow of fentanyl.

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Speaker 10: Is this a test on fellow Republicans as well?

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Speaker 15: It is to some extent, yes, but I think it's

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Speaker 15: in so far they've been supportive. But what you got

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Speaker 15: to remember over the last decade, and it's been a

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Speaker 15: decade since since tariff policy became part of geopolitical policy

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Speaker 15: in the United States, is that Congress has supported the

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Speaker 15: means in which the how Trump imposes these tariffs, whether

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Speaker 15: it was Trump one, whether it was Biden then now

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Speaker 15: whether it's Trump too. You know, Congress supports the how.

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Speaker 15: There will be some dissent on the when or why.

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Speaker 15: That's rooted as much in the partisan politics as anything else,

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Speaker 15: but there's not going to be any serious move to

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Speaker 15: try to stop Trump from doing any of these things.

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Speaker 3: Do you think there are any further concessions that Canada

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Speaker 3: or Mexico could make after the concessions that they've say

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Speaker 3: that they have made before the President announced these duties

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Speaker 3: over the weekend.

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Speaker 15: My unsolicited advice to those countries is very simple is

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Speaker 15: that you get as you get as specific. If they

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Speaker 15: want to stop the tariffs, you get as specific, and

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Speaker 15: to talk about how well and how much you can

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Speaker 15: partner as possible. If Trump realizes, I think, unlike the

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Speaker 15: first that he's going to need support from his his

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Speaker 15: border partners and and very much wants those things.

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Speaker 10: And in just thirty seconds, is this about partnerships?

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Speaker 3: Is this about the fentanyl and immigration flows or is

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Speaker 3: this more about the trade deficits.

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Speaker 15: I think it's about both. But at root, you know,

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Speaker 15: the Trump always says that his top priority is securing

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Speaker 15: the border, and I think you have to take the

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Speaker 15: border strategy both seriously and literally as part of the

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Speaker 15: broader geopolitical strategy and the broader economic strategy which are

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Speaker 15: out there, which exists, even if they're being ignored by markets. Today.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

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Speaker 10: And I'm Nathan Hager.

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Speaker 3: Join us again tomorrow morning for all the news you

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