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

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Speaker 1: made kleggy. President Trump amped up pressure on Congress to

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Speaker 1: speed passage of his tax cut bill as Republicans reached

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Speaker 1: a tentative deal on the state and local tax deduction,

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Speaker 1: one of the key sticking points in the negotiations. The

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Speaker 1: new deadline before July fourth is somewhat of a reversal

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Speaker 1: for the president, two hours earlier, told reporters that it

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Speaker 1: wouldn't be the end all if Congress missed the self

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Speaker 1: imposed independent state goal. On Friday afternoon, the tentative Salt

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Speaker 1: deal suggested that Republicans may have momentum on their side.

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Speaker 1: Senator John Hoven told reporters the agreement involved raising the

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Speaker 1: limit on the state and local tax deduction to forty

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Speaker 1: thousand dollars a year forty five year period. New York

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Speaker 1: Republican Mike Lawler, a key negotiator, later confirmed the deal

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Speaker 1: and spoke with Bloomberg balance of power.

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Speaker 2: Are your colleagues, including Congressman Lolota, on board and should

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Speaker 2: we assume that the Senate.

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Speaker 3: Is to I'm not going to speak for all my

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Speaker 3: colleagues except to say that this obviously was a good

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Speaker 3: faith discussion with Secretary Besson and the administration, and I

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Speaker 3: know today that the Speaker and the Administration and Secretary

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Speaker 3: Besson spoke with the Senate about the parameters of this deal.

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Speaker 3: And it keeps the House language intact, which was critically

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Speaker 3: important to all of us, and certainly addressing the issue

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Speaker 3: of p tech, which is something many businesses throughout the

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Speaker 3: country have been concerned about. Many Senators are concerned about that, as.

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Speaker 1: Well as New York Republican Congressman Mike Lawler. President Trump

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Speaker 1: said he thought a cease firing Gaza could be close,

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Speaker 1: perhaps in the next week. The President told reporters this

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Speaker 1: at the White House Friday afternoon. It did not provide

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Speaker 1: further details on how an agreement might unfold, or say

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Speaker 1: to whom he spoke about a possible halt in the

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Speaker 1: war that began with the Hamas assault on Israel on

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Speaker 1: October seventh, twenty twenty three. The Israeli embassy in Washington

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Speaker 1: didn't immediately respond to a request for comments. Friday evening,

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Speaker 1: President Trump said he was ending all trade discussions with

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Speaker 1: Canada in retaliation for the country's digital services tax, and

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Speaker 1: threatened to impose a fresh tariff rate within the next week.

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Speaker 1: It's not going to work out well for Canada. They

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Speaker 1: were foolish to do it. So I said, we're going

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Speaker 1: to stop all negotiations with Canada right now until they

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Speaker 1: straighten out their act. Canada and the US have one

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Speaker 1: of the world's largest bilateral trading relationships, exchanging more than

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Speaker 1: nine hundred billion dollars of goods and services last year.

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Speaker 1: Canada is proceeding with its digital services tax on technology

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Speaker 1: companies such as meta platforms, despite a Group of Seven

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Speaker 1: agreement that resulted in removing the Section eight ninety nine

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Speaker 1: revenge tax proposal from President Trump's tax Built on CNBC,

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Speaker 1: Treasury Secretary Scott Bessen talked about Canada planning the retroactive

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Speaker 1: digital tax on Monday.

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Speaker 2: Canada has this digital services tax, and several other countries

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Speaker 2: do too. We disagree, and we think that they discriminated

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Speaker 2: against US companies. But what candidate did here as of Monday,

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Speaker 2: they're going to implement a retroactive tax, and we think

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Speaker 2: that we don't like the taxes, and obviously we think

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Speaker 2: it's patently unfair to do it retroactive.

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Speaker 1: A three oh one investigation empowers the US Trade Representative

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Speaker 1: to investigate in counter unfair trade practices by foreign countries,

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Speaker 1: protecting US interests and enforcing trade agreements. A group of

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Speaker 1: large US banks comfortably cleared the Federal Reserves annual stress tests,

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Speaker 1: setting the stage for lenders to boost buybacks and dividends

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Speaker 1: for shareholders. Bloomberg selling Bakewell says this isn't a huge surprise,

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Speaker 1: as most analysts expected the banks to pass the tests.

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Speaker 4: They have a huge impact on banks because they signal

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Speaker 4: whether the banks could likely plan to buy back more

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Speaker 4: stock and or raise their dividends, and the results of

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Speaker 4: the test determine exactly how much capital banks have to

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Speaker 4: hold as a kind of buffer to external shocks, and

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Speaker 4: thus determines how much they can increase.

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Speaker 1: Pale to shewd In a statement, the Federal Reserve says

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Speaker 1: the lenders would withstand more than five hundred and fifty

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Speaker 1: billion dollars in losses, with the results showing that large

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Speaker 1: banks are well positioned to weather a severe recession. A

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Speaker 1: sharply divided US Supreme Court limited the power of judges

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Speaker 1: to block government policies nationwide, but left unresolved to fight

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Speaker 1: over President Trump's restrictions on automatic birthright citizenship the six

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Speaker 1: to three ruling Friday said Trump's restrictions on birthright citizenship

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Speaker 1: at a minimum won't take effect for thirty days. The

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Speaker 1: justices returned three cases to the lower courts to consider

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Speaker 1: whether to keep the rules on hold for longer, at

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Speaker 1: least in part of the country, if not the whole nation.

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Speaker 1: Trump hailed the decision as a monumental victory. The Friday

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Speaker 1: numbers on Wall Street, the Dow gained four to thirty two,

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Speaker 1: Nasdaq was up one o five, The S and P

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Speaker 1: gained thirty two, closing at a new record high. The

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Speaker 1: ten year treasury yield at four point two seven percent,

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Speaker 1: the two year at three point seven four percent. That's

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Speaker 1: news when you want it with Bloomberg News Now I

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Speaker 1: made Kleggy. This is Bloomberg