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

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Speaker 1: made Kleggi. President Trump said he would impose an additional

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Speaker 1: one hundred percent tariff on China and export controls on

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Speaker 1: any and all critical software beginning November one, hours after

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Speaker 1: threatening to cancel an upcoming meeting with the countries later

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Speaker 1: Shijun Ping. The declaration came after Trump earlier Friday threatened

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Speaker 1: trade actions against China, citing hostile export controls Beijing placed

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Speaker 1: on rare earth minerals. Trump also said there seemed to

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Speaker 1: be no reason to follow through with a planned meeting

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Speaker 1: with she on the sidelines of the APEX summit in

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Speaker 1: South Korea later this month, though the timing of the

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Speaker 1: newly announced tariff still leaves room for that meeting to

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Speaker 1: occur before they go into effect. Bloomberg News Economic Statecraft

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Speaker 1: reporter Jojo says a face to face does matter.

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Speaker 2: The President being able to see Shijinping face to face,

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Speaker 2: you know, maybe maybe a little bit of the bluster

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Speaker 2: that we see kind of publicly posted can ease a

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Speaker 2: little bit and they can have a more pointed conversation.

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Speaker 1: Bloomberg's Joe Doe steep losses for stocks on Friday, we

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Speaker 1: get that story from Bloomberg's Charlie Pellet.

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Speaker 3: The catalyst President Trump's threat of a massive increase in

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Speaker 3: China tariffs at shook Wall Street, sending the S and

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Speaker 3: P five hundred down two point seven percent, the tech

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Speaker 3: heavy Neztak one hundred down three and a half percent.

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Speaker 3: All of this at the end of it already volatile

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Speaker 3: week that saw concern build about a bubble in AI stocks.

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Speaker 3: Big downward moves in risky assets have been a rarity

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Speaker 3: of late, which may itself have been a factor in

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Speaker 3: the stock market sell off on the week. S and

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Speaker 3: P down two point seven percent, the Dow this week

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Speaker 3: down two point seven percent, Nestak this week down two

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Speaker 3: point five percent. In New York Charlie Pellett Bloomberg Radio.

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Speaker 1: President Trump announced his plans to travel to Cairo and

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Speaker 1: Jerusalem to herald an agreement that has halted the fighting

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Speaker 1: in Gaza and set the stage for Hamas to release

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Speaker 1: hostages the militant group is holding. Trump told reporters Friday

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Speaker 1: he would be meeting with a lot of leaders from

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Speaker 1: all over the world who had been invited to visit

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Speaker 1: Cairo for a ceremony celebrating a deal between Israel and

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Speaker 1: Hamas that would see a truce and the release of hostages.

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Speaker 1: The President said he also planned to address the Canasseid

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Speaker 1: in Israel to mark the agreement and a reminder, we

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Speaker 1: will bring you the latest throne President Trump's travel to

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Speaker 1: the Middle East when it happens right here on Bloomberg.

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Speaker 1: The White House Office of Management and Budget has begun

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Speaker 1: laying off what is being called a substantial number of

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Speaker 1: federal workers, focusing on agencies that were augmented by Democratic majorities.

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Speaker 1: Former Congressman Patrick McHenry tells Bloomberg the shutdown will end

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Speaker 1: when enough pain has been inflicted.

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Speaker 4: OMB has these massive powers to take very specific action

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Speaker 4: by individual agencies. You can either meet out pain to

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Speaker 4: your opponents or help your friends. And in this case,

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Speaker 4: I think OMB is being quite adept targeted who they're

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Speaker 4: sharing pain with and targeted who they're helping.

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Speaker 1: Meanwhile, Democratic Congressman Brad Sherman tells Bloomberg there is no

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Speaker 1: endgame in ste site for the shutdown.

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Speaker 5: This is going to last a long time. Both sides

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Speaker 5: are digging in the base of each party isn't saying

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Speaker 5: how do you put this together? They're saying, stand up

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Speaker 5: for our position. As long as the focus is on healthcare,

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Speaker 5: and that is where we have put the focus, the

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Speaker 5: people will be with us.

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Speaker 1: President Trump has announced a deal with astrozenic At a

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Speaker 1: slash consumer prices on some of the company's drugs in

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Speaker 1: exchange for tariff relief, and the second major deal between

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Speaker 1: the White House and a pharmaceutical company seeking to reduce

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Speaker 1: healthcare costs for Americans. The deal similar to a pact

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Speaker 1: announced last week by Pfizer. We'll see Astrozeneca slash what

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Speaker 1: it charges for its medicines in exchange for three years

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Speaker 1: of relief from threatened tariffs on the pharmaceutical industry. President

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Speaker 1: Dmanuel Mantcrone reappointed Sebastian le Cornu to be Francis Prime Minister,

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Speaker 1: giving the centrist ally another shot naming a new cabinet

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Speaker 1: and getting a budget through a fractious parliament. Le Cornew

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Speaker 1: must propose a twenty twenty six budget on Monday in

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Speaker 1: order to get the legislation adopted by the end of

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Speaker 1: the year through the normal process. Otherwise, the National Assembly

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Speaker 1: may need to pass an emergency bill to keep the

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Speaker 1: government funded. The Friday number is on Wall Street the

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Speaker 1: downfell eight hundred and seventy eight. NASDAK lost a twenty,

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Speaker 1: the SMP dropping one't eighty two, the ten year treasurer

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Speaker 1: yield at four point zero five percent, the two year

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Speaker 1: yield at three point five two percent. That's news when

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Speaker 1: you want it with Bloomberg News Now, I made Kleggi.

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Speaker 1: This is Bloomberg