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

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Speaker 1: Harvard University has been hit with a two point two

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Speaker 1: billion dollar funding freeze from the federal government, as comes

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Speaker 1: after Harvard turned down a deal from the Trump administration

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Speaker 1: earlier today. It would have required Harvard to reform its

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Speaker 1: governance to end its diversity programs and curb the power

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Speaker 1: of certain students and faculty. Harvard said the administration's demands

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Speaker 1: went beyond prior request and a represented direct governmental regulation

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Speaker 1: of the university's intellectual conditions. Here is Bloomberg Politics contributor

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Speaker 1: Genie Shanzano, and.

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Speaker 2: The reality is is that Harvard is saying, we will

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Speaker 2: comply with all valid laws, and they're looking at Title six.

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Speaker 2: Their problem is this push to curtail how Harvard admits students,

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Speaker 2: what faculty teaches is a violation of the law. And

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Speaker 2: so you know, if the administration wants to change the law,

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Speaker 2: they're saying they need to go through Congress, have that

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Speaker 2: passed and signed.

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Speaker 1: That was Bloomberg Politics contributor Genie shan Zeno. In the

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Speaker 1: Trump administration is pressing forward on investigations on semiconductors and

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Speaker 1: pharmaceutical imports as precursors to imposing tariffs. We have more

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Speaker 1: from Bloomberg Sammy Morris.

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Speaker 3: In Washington, the Commerce Department is leading probes into the

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Speaker 3: impact of semiconductor and pharmaceutical imports on national security. This

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Speaker 3: could royal a chip's industry that notched more than six

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Speaker 3: hundred billion dollars in global sales of chips essential to

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Speaker 3: products ranging from cars to airplanes and mobile phones to

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Speaker 3: consumer electronics. The move toward pharma tariffs will mostly impact Ireland,

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Speaker 3: with a fifty four billion dollar trade surplus with the US,

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Speaker 3: but the US biotech industry, which drives a lot of

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Speaker 3: the innovation in drug development, is also vulnerable. In Washington,

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Speaker 3: Amy Morris Bloomberg Radio.

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Speaker 1: Meantime, US Trade rep. Jamison Greer saying tonight President Trump

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Speaker 1: is expecting to speak with Chinese leader Shei Chenping at

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Speaker 1: some point. Here is Greer speaking to Fox News.

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Speaker 4: China is the only country that actually implemented its retaliation

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Speaker 4: and set it on this course, So obviously that's concerning,

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Speaker 4: and the President has been very clear that he's willing

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Speaker 4: to talk to his counterpart and that he expects that

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Speaker 4: at some point we'll have talks. We're not there yet,

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Speaker 4: but that's his expectation, and I share that expectation.

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Speaker 1: That was US Trade Rep. Jamison Grier speaking to Fox News.

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Speaker 1: US Treasury Secretary Scott Besson sought to calm nerves today

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Speaker 1: given concerns about the recent selloff in US treasuries and

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Speaker 1: questions over the Fed's independence, as well as the anxiety

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Speaker 1: when it comes to tariffs. Here is Best in speaking

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Speaker 1: exclusively to Bloomberg and Buenos Aires.

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Speaker 5: I don't think there's a dumping, and I think we

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Speaker 5: saw in the TIC data either today or Friday that

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Speaker 5: actually foreign ownerships picked up. We had three big auctions

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Speaker 5: last week, and on the longer end auction ten year,

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Speaker 5: thirty year, we saw increase foreign competition. So I actually

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Speaker 5: think this is one of those occasional var shocks that

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Speaker 5: you get in the trading community. I think a lot

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Speaker 5: of people got very leverage, maybe out over their skis.

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Speaker 1: That is US Treasury Secretary Scott Bessant. President Trump said

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Speaker 1: today he's exploring possible temporary exemptions to his tariff policy

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Speaker 1: on imported vehicles and parts. This as a way of

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Speaker 1: giving auto companies more time to set up their US manufacturing.

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Speaker 1: Here is Trump speaking earlier at the White House. I'm

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Speaker 1: looking at something to help some of the car companies

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Speaker 1: with switching to parts that were made in Canada, Mexico

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Speaker 1: and other places.

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Speaker 5: And they need a little bit of time because they're

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Speaker 5: going to make them here, but they need a little

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Speaker 5: bit of time.

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Speaker 4: So I'm talking about things like that.

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Speaker 1: President Trump speaking earlier at the White House. Now, his

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Speaker 1: comments could potentially bring relief to automakers reeling from his

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Speaker 1: duties on auto imports, but they could also inject further uncertainty.

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Speaker 1: Today's shares in gm Ford and Stilantis all hit session

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Speaker 1: highs after the president's comments. Mark Zuckerber testified in federal

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Speaker 1: court today as the first witness in the government's antitrust

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Speaker 1: trial seeking to break up Meta platforms. Here is Jenniferree

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Speaker 1: of Bloomberg Intelligence.

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Speaker 6: They basically just maintained this monopoly they had in personal

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Speaker 6: social networking and what it's and by just buying up everybody,

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Speaker 6: they own them all. They keep Facebook blue, they call

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Speaker 6: it the original, and Instagram separate. They're two different products

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Speaker 6: even though they're both owned by Meta, and that they

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Speaker 6: maintain this monopoly over personal social networking and what that

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Speaker 6: results in is lack of choice for consumers, lack of quality.

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Speaker 6: Maybe there's less privacy protections, there are more ads. Maybe

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Speaker 6: if you had some competitor, you'd have better options as consumers.

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Speaker 6: That's the allegation.

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Speaker 1: Here, Jenniferree there from Bloomberg Intelligence. Now, if the FTC

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Speaker 1: does prevail, a spinoff of Instagram and WhatsApp would undo

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Speaker 1: years of integration between the apps. The trial is expected

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Speaker 1: to last about two months. It will also feature testimony

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Speaker 1: from former Meta executive Cheryl Sandberg. And that is news

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Speaker 1: when I want it with Bloomberg News. Now I'm Doug prisoner,

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Speaker 1: and this is Bloomberg

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Speaker 6: M