WEBVTT - Looming US Tariff Ruling, Iran Internet Shutdown, Rio-Glencore Merger Talks

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is the Blueberg Day ba Q podcast. Good morning,

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<v Speaker 2>It's Friday, the ninth of January. I'm Caroline Hepkat in

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<v Speaker 2>London and.

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<v Speaker 3>I'm Stephen Caroline Brussels. Coming up today, the US Supreme

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<v Speaker 3>Court could decide as soon as today if Trump's sweeping

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<v Speaker 3>global tariffs are illegal.

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<v Speaker 2>Iran cntsaw phone and internet access as demonstrations across the

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<v Speaker 2>country grow.

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<v Speaker 3>Plus why starting a blog is the new Silicon Valley trend.

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<v Speaker 2>Let's start with the roundup of our top stories.

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<v Speaker 3>The US Supreme Court could rule as soon as today

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<v Speaker 3>on the legality of President Trump's sweeping tariffs rolled out

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<v Speaker 3>in April of last year. America's top court has scheduled

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<v Speaker 3>this Friday as an opinion day when it issues decisions,

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<v Speaker 3>and cases already argued. A ruling against Trump would leave

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<v Speaker 3>the US government on the hook for tens of billions

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<v Speaker 3>of dollars in tariff free funds. The levies and question

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<v Speaker 3>of so far generation had roughly one hundred and fifty

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<v Speaker 3>billion dollars for the US Treasury. Zoe Tillman is Bloomberg's

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<v Speaker 3>senior legal reporter in Washington.

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<v Speaker 1>Back in April, there were a handful of lawsuits filed

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<v Speaker 1>saying that the President simply doesn't have the authority to

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<v Speaker 1>rely on a nineteen seventy seven Emergency Powers law to

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<v Speaker 1>order these kinds of tariffs, and lower courts repeatedly agreed

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<v Speaker 1>with the challengers said he doesn't have authority to do this.

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<v Speaker 1>The case made its way to the Supreme Court, and

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<v Speaker 1>in the weeks after the court heard arguments on November fifth,

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<v Speaker 1>we've seen this onslaught of activity in court as companies

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<v Speaker 1>have come in with their own lawsuits saying we agree,

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<v Speaker 1>we don't think it's lawful, and if the Supreme Court

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<v Speaker 1>strikes this down, we want our money back.

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<v Speaker 3>Zoe Tillman, speaking there. The Trump administration has signaled that

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<v Speaker 3>if the Supreme Court rules the tariffs are illegal, it

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<v Speaker 3>intends to reimpose most, if not all, of them, under

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<v Speaker 3>different legal provisions.

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<v Speaker 2>Internet and phone services in a row and have been

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<v Speaker 2>cut off after protests ramped up overnight in the country.

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<v Speaker 2>Unverified social media videos show thousands taking to the streets

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<v Speaker 2>in the capital Tehran. The unrest started on the twenty

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<v Speaker 2>eighth of December in Tehran's Grand Bazaar, to sudden decline

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<v Speaker 2>in the value of Iran's currency and is emerging as

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<v Speaker 2>a challenge to the authority of Supreme Leader Iotola Ali Homne.

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<v Speaker 2>The US President Donald Trump says he has warned Iran's

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<v Speaker 2>regime not to resort to violence.

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<v Speaker 4>I have put Arano noticed that if they start shooting

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<v Speaker 4>at him. These people are totally unarmed people, and they

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<v Speaker 4>love their country. They want something to happen. Look at

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<v Speaker 4>their country. They've gone, They've gone back one hundred and

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<v Speaker 4>fifty years. But I've fold them that if they do

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<v Speaker 4>anything bad to these people, We're going.

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<v Speaker 5>To hit them very hard.

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<v Speaker 2>Despite President Chump's comments to Fox News, the Human Rights

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<v Speaker 2>News Agency estimates the state crackdown has already killed forty

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<v Speaker 2>two people.

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<v Speaker 3>The US is considering paying Greenland's residence up to one

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<v Speaker 3>hundred thousand dollars each. That's according to Reuter's, which sites

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<v Speaker 3>sources saying the payments would be intended to convince Greenland

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<v Speaker 3>to split from Denmark. Speaking to Fox News yesterday, US

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<v Speaker 3>Vice President JD Vance said Trump's warnings about the territory

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<v Speaker 3>should be heeded.

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<v Speaker 6>The President of the United States is saying very clearly,

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<v Speaker 6>you are not doing a good job with respect to Greenland.

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<v Speaker 6>We're going to make sure we defend America's interest and

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<v Speaker 6>I think the President's willing to go as far as

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<v Speaker 6>he has to to make sure he does that.

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<v Speaker 3>Yes, Vice President jd. Vance there was speaking after Francis

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<v Speaker 3>Emmanuel Macron criticized recent US actions during his annual speech

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<v Speaker 3>to French ambassadors yesterday.

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<v Speaker 7>That's the big risk of the international order that we

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<v Speaker 7>live under. The US as an established power, but one

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<v Speaker 7>that's gradually turning away from certain allies and moving away

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<v Speaker 7>from international rules promoted just recently, whether that's with regards

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<v Speaker 7>to trade and certain elements of security we.

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<v Speaker 3>Do as a Macron, speaking there at the Lisa's Conference

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<v Speaker 3>of Ambassadors, where he also highlighted what he called a

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<v Speaker 3>growing temptation to divide the world amongst great powers.

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<v Speaker 2>Now onto copp News, Rio Tinto is in talks to

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<v Speaker 2>buy rival glen Core. A tie up would create the

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<v Speaker 2>world's biggest mining company, with a market value of more

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<v Speaker 2>than two hundred billion dollars. The new negotiations come a

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<v Speaker 2>little over a year after previous talks between the two

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<v Speaker 2>firms collapsed. Clara Ferrera Marquez is Bloomberg's Managing editor for

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<v Speaker 2>Commodities and energy in Asia.

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<v Speaker 8>They were talking back in twenty twenty four. At that

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<v Speaker 8>point it was glen Core making a move for Reo.

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<v Speaker 8>It looks like this time it might be the reverse.

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<v Speaker 8>They're a very obvious combination. Rio has been interested in

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<v Speaker 8>iron ore and glen Core has a lot better coper

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<v Speaker 8>assets really than Rea does.

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<v Speaker 2>That was Clara Ferra Marquez speaking there, as demand for

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<v Speaker 2>copper has never been stronger than metal. Sword to record

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<v Speaker 2>highs above thirteen thousand dollars a ton earlier this week.

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<v Speaker 3>China's inflation is accelerating at the fastest pace in nearly

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<v Speaker 3>three years, as higher food price as hide deeper concerns.

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<v Speaker 3>December's CPI reading showed prices up zero point eight percent

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<v Speaker 3>compared to the previous year, in line with estimates. The

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<v Speaker 3>increase in food prices drove the rise, but the rest

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<v Speaker 3>of China's economy has been plagued by weak consumption and

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<v Speaker 3>price wars. Producer prices fell by two point one percent

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<v Speaker 3>in the same period, for the thirty ninth straight month

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<v Speaker 3>of declines.

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<v Speaker 2>Now to the UK, where there's been a surge in

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<v Speaker 2>the number of people at risk of losing their jobs.

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<v Speaker 2>That's according to New figures, which will likely set off

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<v Speaker 2>alarm bells at the Bank of England. To Bloomberg Tea

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<v Speaker 2>at a BAIO has more.

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<v Speaker 9>More British workers face losing their job now than at

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<v Speaker 9>any point in almost three years. That's according to fresh

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<v Speaker 9>data from the government's Insolvency Service about the number of

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<v Speaker 9>potential redundancies, which are at their second highest level since

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<v Speaker 9>the pandemic. It's a spike that's especially concerning given job

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<v Speaker 9>losses typically slow over the festive period. Now the pressure

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<v Speaker 9>is on policy makers at the Bank of England to

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<v Speaker 9>continue lowering interest rates this year as the labor market shakeout.

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<v Speaker 9>Intense advice in London, Ty had a Bayo Bloomberg Radio.

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<v Speaker 2>And those are our top stories for you this morning.

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<v Speaker 2>Looking at the markets, equities are trading within a really

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<v Speaker 2>narrow range because there are two big risk events that

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<v Speaker 2>we've just mentioned, the US payrolls report and this possible

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<v Speaker 2>Supreme Court ruling on President Trump's tariffs. The Japanese yen

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<v Speaker 2>above the one hundred and fifty seven level. The Swiss

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<v Speaker 2>franc is also ticking lower, and it looks like the

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<v Speaker 2>dollars in line for the best week since November. Oil

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<v Speaker 2>prices extending gains, so investors clearly a monitoring what's going

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<v Speaker 2>on in Venezuela and Iran. Break Crew futures up by

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<v Speaker 2>eight tenths of one percent, six two dollars forty seven

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<v Speaker 2>stop futures for the USOX swifty futures also gaining four

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<v Speaker 2>tenths of one percent. Those are the markets.

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<v Speaker 3>Well In a moment, more on what could be that

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<v Speaker 3>huge day for Ronald Trump's trade tariffs, Plus we'll hear

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<v Speaker 3>from Michelle Hassein's interview with Trump's trade advisor Peter Navarro.

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<v Speaker 3>Another story that we've been reading this morning on why

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<v Speaker 3>even the most high tech executives are going low tech.

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<v Speaker 3>Bloomberg depinion columnist Dave Lee has been writing about a

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<v Speaker 3>subject that plunges me certainly, right back to the middle

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<v Speaker 3>of the two thousands, blogging the simpler time on the Internet.

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<v Speaker 3>At the end of December, the Microsoft CEO sauch And

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<v Speaker 3>Nadalla started his personal blog called sn Scratchpad, and Dave

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<v Speaker 3>actually writes that it's the format rather than the content

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<v Speaker 3>that's most interesting about it. It's very minimal style, uses

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<v Speaker 3>a simple template, nobells or whistles. Nadella's name doesn't even

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<v Speaker 3>appear on the site, although there are two links to

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<v Speaker 3>his social media profiles. Why this approach, Dave says maybe

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<v Speaker 3>it's a new cliche in the tech world, allowing the

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<v Speaker 3>sectors visionaries to opine freely without a filter, although he

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<v Speaker 3>does point out the blog was read by two senior

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<v Speaker 3>Microsoft figures before being published.

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<v Speaker 2>Okay, I think this is really interesting. I mean, look,

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<v Speaker 2>on the downside, asking me to read your blog feels

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<v Speaker 2>a bit like having to do my HMRC tax forms.

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<v Speaker 2>But on the other hand, at least that it shows

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<v Speaker 2>that maybe ideas matter, maybe they are back in vogue.

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<v Speaker 2>Human content and thought perhaps are actually valuable to someone

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<v Speaker 2>out there. That gives me some hope.

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<v Speaker 3>I'm quite nostalgic about that moment when the blogger sphere

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<v Speaker 3>was a big thing on the Internet, you know, before

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<v Speaker 3>we all started screaming at each other on social media.

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<v Speaker 3>I think this could be a very interesting idea of

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<v Speaker 3>people moving more back to it. Of course, we've had

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<v Speaker 3>the substack phenomenon as well, which has attracted popstars Choice

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<v Speaker 3>Ivan among them, most recently joining the fact of being

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<v Speaker 3>able to try and publish those direct masters to people.

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<v Speaker 3>So perhaps another shift in the fabric of the Internet.

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<v Speaker 3>You can read Day's full piece a Bloomberg dot com

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<v Speaker 3>slash opinion.

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<v Speaker 2>Let's bringing more now on the expected decision today from

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<v Speaker 2>the US Supreme Court on whether President Trump exceeded his

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<v Speaker 2>powers in imposing his blanket tariffs last April. Our trades

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<v Speaker 2>are Brendan Murray joins us now for more on this.

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<v Speaker 2>Brendan good to speak to what exactly, then, is the

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<v Speaker 2>court looking at.

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<v Speaker 10>So, the Court is looking specifically at the authority that

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<v Speaker 10>the President used to impose tariffs under this so called

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<v Speaker 10>International Emergency Economic Powers Act. The short term for it

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<v Speaker 10>is AEPA, and this is an acronym that applies to

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<v Speaker 10>about three quarters of the tariffs that President Trump has

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<v Speaker 10>collected so far in his second term, amounting to about

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<v Speaker 10>one hundred and fifty billion dollars of a total of

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<v Speaker 10>two hundred billions. So there's quite a lot at stake

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<v Speaker 10>here today. We don't know exactly whether the Supreme Court

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<v Speaker 10>is going to rule today. We just know they're going

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<v Speaker 10>to start reading some opinions around ten am Washington time.

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<v Speaker 10>And because this tariff case has been expedited, we do

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<v Speaker 10>expect it to be among the first of these opinions

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<v Speaker 10>to be addressed this year, so, but it could spill

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<v Speaker 10>into next week as well. But we are on high

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<v Speaker 10>alert for anything the court might say about ruling either

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<v Speaker 10>for or against the centerpiece of President Trump's economic policies.

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<v Speaker 3>So, if the court does decide that these the imposing

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<v Speaker 3>of these tariffs was illegal, what would it mean for

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<v Speaker 3>the tariffs that happened in force up at the now.

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<v Speaker 10>Well, it would mean he would have to come up

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<v Speaker 10>with other ways to collect revenue and impose tariffs. And

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<v Speaker 10>he has at least a handful of other legal ways

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<v Speaker 10>to do that, and they could do it pretty quickly.

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<v Speaker 10>The administration could impose a fifteen percent across the board

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<v Speaker 10>tariff on countries using a different authority under its code

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<v Speaker 10>in the law, under the number one twenty two we've

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<v Speaker 10>heard about two thirty two's. Those are authorities he can

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<v Speaker 10>use already he has on steel and aluminum and autos.

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<v Speaker 10>There's another authority with another number of the three to

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<v Speaker 10>zero ones, and those could also come and we expect

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<v Speaker 10>that the administration would move pretty quickly to essentially replicate

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<v Speaker 10>the tariffs that are out there under this other authority

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<v Speaker 10>that's being challenged with these new authorities, So tariffs aren't

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<v Speaker 10>going away. They just might be coming back around if

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<v Speaker 10>there will court rules against President Trump under these different

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<v Speaker 10>authorities that he has, So a lot.

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<v Speaker 2>Of people wondering, then what about the money that has

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<v Speaker 2>already been paid under these tariffs? What would happen?

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<v Speaker 10>Yeah, that's going to be the big question. You know,

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<v Speaker 10>one hundred and fifty billion dollars is a lot of money.

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<v Speaker 10>When you're talking about the amount of refunds that companies

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<v Speaker 10>could seek if these tariffs are ruled illegal, it's going

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<v Speaker 10>to be a messy situation. There are thousands and thousands

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<v Speaker 10>of companies that would want to apply for these refunds.

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<v Speaker 10>They essentially have to petition the government for these and

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<v Speaker 10>the Customs Agency recently said that they're going to go

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<v Speaker 10>to all electronic refunds starting in early February, so that

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<v Speaker 10>could help expedite the process. But it's going to be

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<v Speaker 10>an administrative nightmare really to try to return the funds

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<v Speaker 10>back to back to the companies that paid them. Remember,

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<v Speaker 10>many of them would have said to their foreign suppliers, hey,

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<v Speaker 10>can you give me a discount. Many of them would

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<v Speaker 10>have passed some of these cost increases along to consumers,

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<v Speaker 10>and so it gets really kind of It gets really

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<v Speaker 10>kind of complicated to see who actually paid for these tariffs.

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<v Speaker 10>But the bottom line is the importer of record is

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<v Speaker 10>the one that paid for them, and they're going to

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<v Speaker 10>want their money back from Uncle Sam if the Supreme

0:12:53.800 --> 0:12:55.280
<v Speaker 10>Court rules against Trump today.

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<v Speaker 3>Okay, Brandon Murray, our trades are thank you very much.

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<v Speaker 1>Us.

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<v Speaker 3>More from Bloomberg Daybreak Europe coming up after this.

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<v Speaker 2>Now, US President Donald Trump's tough talk about China and

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<v Speaker 2>tariffs can be traced back, in large part to the

0:13:11.520 --> 0:13:15.280
<v Speaker 2>economist Peter Navarro. He's a well known China corehawk. He's

0:13:15.320 --> 0:13:18.160
<v Speaker 2>written books arguing that Beijing poses a threat to the

0:13:18.240 --> 0:13:22.000
<v Speaker 2>US economy and its national security. Now, on this week's

0:13:22.320 --> 0:13:26.840
<v Speaker 2>The Michelle Hussein Show, Navarro talks about US China relations

0:13:26.960 --> 0:13:31.720
<v Speaker 2>and the upcoming Supreme Court ruling that could unravel many

0:13:31.760 --> 0:13:33.200
<v Speaker 2>of President Trump's tariffs.

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<v Speaker 5>Let's start with the case itself.

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<v Speaker 11>The case is about whether you can use the emergency

0:13:39.480 --> 0:13:42.400
<v Speaker 11>powers of the president to impose terror and it was.

0:13:42.320 --> 0:13:45.040
<v Speaker 12>Your advice that he could. You you were clear that

0:13:45.120 --> 0:13:47.840
<v Speaker 12>this was the way the IEEPA, this was the act.

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<v Speaker 11>If the Supreme Court wants to essentially ratify the president's

0:13:53.040 --> 0:13:56.600
<v Speaker 11>use of terrorists under AIPA. The law is on its

0:13:56.679 --> 0:13:59.800
<v Speaker 11>side and our side, and the law is simply this.

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<v Speaker 11>There's two salient points for your viewers.

0:14:03.960 --> 0:14:05.040
<v Speaker 5>One is the.

0:14:05.040 --> 0:14:10.000
<v Speaker 11>Question of whether a tariff is a tax, and in

0:14:10.040 --> 0:14:13.319
<v Speaker 11>this context, in an emergency context, it's absolutely not.

0:14:14.240 --> 0:14:19.320
<v Speaker 5>Teriffs. Tax revenues are incidental.

0:14:19.560 --> 0:14:25.520
<v Speaker 11>Now. The other, the other issue is a language issue,

0:14:25.600 --> 0:14:30.400
<v Speaker 11>is whether teriffs are legitimate form of import restriction, and

0:14:30.480 --> 0:14:34.240
<v Speaker 11>of course they are. So the Supreme Court has has

0:14:34.320 --> 0:14:37.800
<v Speaker 11>the ability now with respect to Plan B. Whatever Plan

0:14:37.960 --> 0:14:41.120
<v Speaker 11>B is will not be as good as Plan A.

0:14:41.400 --> 0:14:45.320
<v Speaker 11>So we have to recognize that this will be because.

0:14:45.720 --> 0:14:49.360
<v Speaker 12>Doctor lots of companies will have to be compensated, won't

0:14:49.400 --> 0:14:51.320
<v Speaker 12>they for m depends.

0:14:50.960 --> 0:14:54.720
<v Speaker 5>On what the discs. Let's not go there until we

0:14:54.760 --> 0:14:55.400
<v Speaker 5>have to go there.

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<v Speaker 11>I mean, I'm very confident that we have a very

0:14:59.280 --> 0:15:01.600
<v Speaker 11>very good chance. I mean, the laws on our side,

0:15:02.240 --> 0:15:05.680
<v Speaker 11>the laws on our side here, So let's win that. Now,

0:15:06.000 --> 0:15:09.680
<v Speaker 11>if we don't win, there's the whole alphabet number soup

0:15:09.840 --> 0:15:12.400
<v Speaker 11>of things we've got. We've got the Section two thirty

0:15:12.400 --> 0:15:16.840
<v Speaker 11>two's which we are using aggressively already on things like

0:15:16.880 --> 0:15:21.920
<v Speaker 11>steel and aluminum, on lumber, on critical minerals on pharmaceuticals.

0:15:21.920 --> 0:15:25.520
<v Speaker 11>We have that, we have the three oh one section

0:15:25.680 --> 0:15:29.760
<v Speaker 11>which we used on China to impose tariffs, which we

0:15:29.840 --> 0:15:30.360
<v Speaker 11>can do.

0:15:30.240 --> 0:15:32.920
<v Speaker 5>On any country in the world that's cheating us. It

0:15:32.960 --> 0:15:33.240
<v Speaker 5>is wrong.

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<v Speaker 12>If this case goes against you, it will affect your standing,

0:15:37.000 --> 0:15:38.840
<v Speaker 12>won't it in the White House? Because you are the

0:15:38.840 --> 0:15:42.360
<v Speaker 12>one who was convinced that this route was the right

0:15:42.400 --> 0:15:44.880
<v Speaker 12>one to go down with the bulk of tariff policy.

0:15:44.920 --> 0:15:47.280
<v Speaker 12>Would you consider resigning if the case is lost?

0:15:47.880 --> 0:15:51.240
<v Speaker 11>Of course, that's silly, I mean, and why I just like,

0:15:51.320 --> 0:15:54.320
<v Speaker 11>I'm part of a trade team. We've got Scott Bessett

0:15:54.600 --> 0:15:58.560
<v Speaker 11>as the Treasury Secretary, Howard Latnik is the Commerce Secretary,

0:15:59.160 --> 0:16:05.200
<v Speaker 11>Jamison Career as the United States Trade Representative, and myself

0:16:06.200 --> 0:16:10.280
<v Speaker 11>with a JD. Vance weying in. And the only person

0:16:10.280 --> 0:16:15.320
<v Speaker 11>who matters is President Trump. Okay, So we are proceeding

0:16:15.520 --> 0:16:19.920
<v Speaker 11>as the vision of how to go about this was

0:16:20.000 --> 0:16:23.600
<v Speaker 11>crafted not by me, but by a group of people.

0:16:23.600 --> 0:16:28.760
<v Speaker 11>We're doing exactly what we should be doing. We've anticipated contingencies,

0:16:29.360 --> 0:16:31.960
<v Speaker 11>but we think that the most important thing to do

0:16:32.000 --> 0:16:35.280
<v Speaker 11>now is focus on winning that case. As the Supreme Court,

0:16:35.360 --> 0:16:38.520
<v Speaker 11>that's where we're at. If we lose, then we have

0:16:38.600 --> 0:16:41.280
<v Speaker 11>a plan. B. It's not for me to talk about

0:16:41.280 --> 0:16:44.080
<v Speaker 11>that to the world because I don't think we're going to.

0:16:44.120 --> 0:16:46.880
<v Speaker 5>Lose, but if we do, we are certainly prepared.

0:16:47.320 --> 0:16:51.680
<v Speaker 12>Imagine the refund bill, which Thomas saying could be as

0:16:51.760 --> 0:16:53.240
<v Speaker 12>much as one hundred billion dollars.

0:16:53.720 --> 0:16:57.320
<v Speaker 11>I think you're basically making the case why what we've

0:16:57.360 --> 0:16:58.400
<v Speaker 11>done is a very good thing.

0:16:58.720 --> 0:16:59.400
<v Speaker 5>I mean, think about it.

0:17:00.280 --> 0:17:04.440
<v Speaker 11>Did from the Democrats who spent money, as we say

0:17:04.480 --> 0:17:07.159
<v Speaker 11>on this side of the pond, like drunken sailors. Okay,

0:17:07.480 --> 0:17:12.880
<v Speaker 11>just totally fiscally irresponsibile, like crazy stuff. And we were

0:17:12.920 --> 0:17:16.879
<v Speaker 11>looking when we got into office at a fiscal cliff

0:17:16.960 --> 0:17:20.240
<v Speaker 11>that was going to crush us with higher interest rates,

0:17:20.280 --> 0:17:25.720
<v Speaker 11>inability to fancy and and this tariff revenue, if you

0:17:25.960 --> 0:17:30.679
<v Speaker 11>just cost it out, is the difference between a dangerous

0:17:31.240 --> 0:17:35.160
<v Speaker 11>deficit and a healthy pay down in our debt.

0:17:35.359 --> 0:17:37.760
<v Speaker 12>We're coming towards towards the end of the conversation. And

0:17:37.840 --> 0:17:40.760
<v Speaker 12>I quite often ask people what they do at the weekends,

0:17:40.840 --> 0:17:44.040
<v Speaker 12>and I'm conscious, like, what are your weekends like work?

0:17:44.600 --> 0:17:47.439
<v Speaker 11>When you look, it's like when you're working for the

0:17:47.440 --> 0:17:51.480
<v Speaker 11>White House, It's it's like being at sea or being

0:17:51.520 --> 0:17:53.119
<v Speaker 11>on deployment for the military.

0:17:53.720 --> 0:17:55.160
<v Speaker 5>You're working every day.

0:17:55.480 --> 0:18:00.440
<v Speaker 11>And I know better than most because I remember the

0:18:00.560 --> 0:18:03.560
<v Speaker 11>last day from the first term and it was like,

0:18:03.880 --> 0:18:05.560
<v Speaker 11>you know, you're living in well.

0:18:05.600 --> 0:18:06.720
<v Speaker 5>There was some stuff we.

0:18:06.720 --> 0:18:08.400
<v Speaker 11>Left on the table we could have should have got

0:18:08.440 --> 0:18:11.200
<v Speaker 11>done and we didn't. And I try to tell people

0:18:11.920 --> 0:18:15.800
<v Speaker 11>who there, it's like, look, the clock's ticking and we

0:18:15.920 --> 0:18:16.560
<v Speaker 11>got a lot.

0:18:16.440 --> 0:18:18.040
<v Speaker 5>Of work to do for the American people.

0:18:18.760 --> 0:18:22.720
<v Speaker 11>Spend as much time as you can without it influencing

0:18:23.280 --> 0:18:24.800
<v Speaker 11>or harming your family time.

0:18:25.600 --> 0:18:29.359
<v Speaker 5>But this job is not a job. It's not a job.

0:18:29.400 --> 0:18:31.560
<v Speaker 5>It's a mission. I mean, there's no I.

0:18:31.600 --> 0:18:34.359
<v Speaker 11>Mean it's like, if this were just a job, I

0:18:34.359 --> 0:18:38.600
<v Speaker 11>wouldn't be doing it because I'm at the retirement age

0:18:39.280 --> 0:18:43.280
<v Speaker 11>and I could just as easily be working on my

0:18:43.440 --> 0:18:44.480
<v Speaker 11>next book or whatever.

0:18:46.000 --> 0:18:48.760
<v Speaker 3>This is Bloomberg Daybreak Europe, your morning brief on the

0:18:48.800 --> 0:18:51.880
<v Speaker 3>stories making news from London to Wall Streets and beyond.

0:18:52.200 --> 0:18:55.359
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0:18:58.359 --> 0:19:01.399
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0:19:01.440 --> 0:19:04.159
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0:19:04.200 --> 0:19:06.960
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0:19:07.000 --> 0:19:11.679
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0:19:11.920 --> 0:19:13.240
<v Speaker 2>I'm Caroline Hepka and.

0:19:13.200 --> 0:19:15.840
<v Speaker 3>I'm Stephen Carol. Join us again tomorrow morning for all

0:19:15.880 --> 0:19:18.280
<v Speaker 3>the news you need to start your day right here

0:19:18.320 --> 0:19:23.520
<v Speaker 3>on Bloomberg Daybreak Europe