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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. Karen, we begin with

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Speaker 2: the latest on the global trade war. President Trump is

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Speaker 2: planning substantial tariff cuts in an effort to fight high

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Speaker 2: food prices. We get the details from Bloomberg's Monica Riggs.

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Speaker 3: President Trump's tariff cuts would address high food prices and

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Speaker 3: unveil new framework agreements with Argentina, Guatemala, El Salvador, and

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Speaker 3: Ecuador to help reduce tariffs on common grocery items like beef, bananas,

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Speaker 3: and coffee beans. The Trump administration claims lower trade barriers

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Speaker 3: in Latin American countries will help boost US businesses and

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Speaker 3: expects retailers and wholesalers to pass any benefits, including lower prices,

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Speaker 3: onto American consumers. The push follows big Democratic wins last

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Speaker 3: week and a number of key state and local races

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Speaker 3: where candidates focused on affordability. Monica Ricks Bloomberg Radio.

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Speaker 2: Monica thank you on Capitol Hill that Jeffrey Epstein files

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Speaker 2: are about to be front and center of the Houses,

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Speaker 2: heading for a vote next week on a bill that

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Speaker 2: would require the Justice Department to release its documents on

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Speaker 2: the late sex offender. Republican leaders have resisted the bill

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Speaker 2: since it was first introduced in July. Newly sworn in

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Speaker 2: congressoman at Alita Grihavo was the deciding signature on a

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Speaker 2: petition to bring it to the House floor.

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Speaker 4: I hope that it passes the House without any issue

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Speaker 4: and that the pressure then goes to senators, because regardless

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Speaker 4: of who is implicated, no one should want the label

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Speaker 4: of protecting pedophiles.

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Speaker 2: Democratic congressoman at Alita Grihalvo as a guest on Bloomberg's

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Speaker 2: Balance of Power. Catch the full conversation on the Bloomberg

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Speaker 2: podcast page on YouTube. This vote comes after Democrats released

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Speaker 2: emails from Epstein that suggested President Trump quote knew about

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Speaker 2: the girls. The White House says Democrats cherry picked the

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Speaker 2: documents to smear the President.

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Speaker 5: Well, Karen, Now that the government's shutdown is over, the

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Speaker 5: nation's airlines hope to get their schedules back on track

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Speaker 5: by Thanksgiving. The FAA has frozen flight cutbacks at forty

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Speaker 5: major airports at six percent. It's not saying when that

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Speaker 5: order will be lifted. Homeland Security Secretary Christi Nome is

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Speaker 5: saying that transportation security workers who worked through the shutdown

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Speaker 5: without pay are getting a ten thousand dollars bonus.

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Speaker 6: What that means is that we are going to not

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Speaker 6: only continue their paychecks like they should have received all along,

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Speaker 6: but also they're going to get a bonus check for

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Speaker 6: stepping up, taking on extra shifts, for showing up each

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Speaker 6: and every day, for serving the American people.

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Speaker 5: Homeland Security Secretary Christi Nome made the announcement at George

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Speaker 5: Bush inter Continental Airport in Houston. The airlines say they

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Speaker 5: should be back to full capacity within three to four

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Speaker 5: days once the order to limit flights is lifted.

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Speaker 2: Well, Nathan, the cancelation of flights is not only having

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Speaker 2: a big effect on passengers, it may also have a

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Speaker 2: major impact on the economy. Anawong is chief US economist

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Speaker 2: for Bloomberg Economics.

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Speaker 7: If Sean Duffy, the Transportation Secretary, and FAA indeed push

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Speaker 7: through this over ten percent cancelation of flights and Thanksgiving,

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Speaker 7: we could have an additional permanent GDP loss of point

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Speaker 7: two two point three percentage point for the quarter.

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Speaker 2: And Bloomersana Wong says Americans are estimated to spend around

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Speaker 2: sixty billion dollars on travel this Thanksgiving Well.

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Speaker 5: Karen, Doubts are growing on Wall Street this morning on

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Speaker 5: whether we'll see a December rate cut. Minneapolis Fed President

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Speaker 5: Neil Cashcari tells Bloomberg he did not support the Central

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Speaker 5: Bank's last cut, and he's still undecided on the best

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Speaker 5: course of action for next month. That's a point echoed

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Speaker 5: by San Francisco Fed President Mary Daily.

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Speaker 8: To my mind, it's premature to say definitely no cut

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Speaker 8: or definitely cut. What's more important is to say the

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Speaker 8: direction of change in policy is looking like it be

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Speaker 8: towards neutral.

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Speaker 5: San Francisco Fed Chief Mary Daily and the rest of

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Speaker 5: the central banks next right decision comes December tenth. Right now,

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Speaker 5: traders are pricing that about a fifty to fifty chance.

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Speaker 9: Of a cut.

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Speaker 2: Nathan concerns the Fed will stan pat next month are

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Speaker 2: taking their toll on stocks. Futures are lower once again

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Speaker 2: following yesterday's tech driven selloff. The NASDAK dropped two point

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Speaker 2: three percent. Still, Mike Wilson, Sheef, us secrety strategist at

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Speaker 2: Morgan stan Lacy's good signs in the stock market.

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Speaker 10: We are now seeing double digit earnings growth on the

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Speaker 10: ear of year basis for the median stock and that's

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Speaker 10: the first time we've seen that kind of growth in

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Speaker 10: four years. So I think there are early signs that

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Speaker 10: we're seeing a broadening of the earning story and that's

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Speaker 10: what ultimately will lead to better broader performance in the

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Speaker 10: stock market next year.

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Speaker 2: Morgan Stanley's Mike Wilson's bullcase for stocks next year. She's

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Speaker 2: the S and P five hundred hitting seventy two hundred,

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Speaker 2: that's more than six percent above current levels.

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Speaker 5: And Karen the head of City Group, is weighing in

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Speaker 5: on the markets and the economy. We spoke this morning

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Speaker 5: with CEO Jane Fraser on the sidelines of the City

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Speaker 5: China conference in Shanghai.

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Speaker 11: I don't think we're out of the woods yet and

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Speaker 11: as a sensor, that may be another issue to drop.

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Speaker 11: It could be entire or in the labor market, could

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Speaker 11: be in the asset prices that are quite high in

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Speaker 11: the States. But all of that said, we're quite optimistic

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Speaker 11: about twenty six.

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Speaker 5: City Group CEO Jane Fraser not it's one of the

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Speaker 5: biggest challenges for the FED. We'll be dealing with the

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Speaker 5: fallout from the government shutdown. You can get our full

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Speaker 5: conversation with City Group CEO Jane Fraser on the Bloomberg

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Speaker 5: Podcast channel on YouTube.

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Speaker 2: In company news this morning, Nathan Verizon Communications is discussing

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Speaker 2: plans to announce job cuts that could downsize the company

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Speaker 2: by as much as twenty percent. This is a major

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Speaker 2: step and a transformation led by new CEO Dan Schulman.

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Speaker 2: We're told that the plan cuts could impact fifteen tho

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Speaker 2: to twenty thousand workers.

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Speaker 5: This morning, Karen, there's labor piece at Boeing factory, workers

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Speaker 5: in the Saint Louis area voted to end the longest

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Speaker 5: strike at the planemaker since nineteen forty eight. The accepted

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Speaker 5: terms will increase average wages by a total of twenty

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Speaker 5: four percent of workers a six thousand dollars signing bonus.

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Speaker 5: Average base pay will go from seventy five to one

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Speaker 5: hundred and nine thousand dollars.

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Speaker 2: And Nathan Jeff Bezos's Blue Origin successfully launched its second

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Speaker 2: flight of the New Glen rocket from Cape Canaveral, Florida,

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Speaker 2: with no humans on board. It carried two Rocket Lab

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Speaker 2: built spacecraft and a trajectory toward Mars for its first

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Speaker 2: NASA mission. Effective and the rockets boosters separated from its

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Speaker 2: upper stage, descended back to Earth and landed on a

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Speaker 2: barge in the Atlantic Ocean after firing engines to slow

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Speaker 2: itself down. The successful mission puts Blue Origin on track

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Speaker 2: to challenge SpaceX's grip on the launch industry. Time now

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Speaker 2: for a look at some of the other stories making

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Speaker 2: news in New York and around the world. And for

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Speaker 2: that we're joined by Bloomberg's Michael Barr. Michael, good Morning, Good.

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Speaker 9: Morning, Karen. Lawyers for former fbhind director James Comy and

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Speaker 9: New York Attorney General Letitia James teamed up in federal

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Speaker 9: court on Thursday to ask a judge to throw out

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Speaker 9: the criminal indictments against their clients. They say the appointment

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Speaker 9: of Lindsay Helligan as US Attorney for the Eastern District

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Speaker 9: of Virginia was illegally installed. Helligan, a former personal attorney

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Speaker 9: to President Trump, was named to the post after her predecessor,

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Speaker 9: Eric Siebert, stepped down after resisting pressure to bring charges

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Speaker 9: against Komi and James citing lack of evidence. The judges

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Speaker 9: promised ruling before Thanksgiving. Prosecutors allege a mobster made a

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Speaker 9: family business out of targeting gen Z gamblers. New Jersey

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Speaker 9: Attorney General Matthew Platkin announced the arrest of fourteen people

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Speaker 9: as part of an ould time million dollar betting ring

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Speaker 9: that included college students and athletes.

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Speaker 5: Organized crime family seem to have a hard time breaking

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Speaker 5: this old habit, so we're going to break it for.

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Speaker 9: Them, prosecutors say. Luksey crime family soldier financed his son

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Speaker 9: to enlist his college and high school friends in the

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Speaker 9: gambling ring that made more than two million dollars. More

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Speaker 9: lawsuits have now been filed in the infant formula Bachelism outbreak.

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Speaker 9: The parents are two infants who got sick are assuing

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Speaker 9: the makers a Buy Hard Baby formula, which issued a

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Speaker 9: nationwide recall claiming the company was negligent. Stephen Dexter of Flagstaff,

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Speaker 9: Arizona told the FDA about his four month old daughter.

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Speaker 1: She was getting more weak.

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Speaker 5: But then I came home from work and she was

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Speaker 5: sleeping and went to pick her up to feed her,

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Speaker 5: and I couldn't wake her up. She was breathing, but

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Speaker 5: she just she wouldn't wake up.

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Speaker 9: At least fifteen infants have been hospitalized in twelve states.

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Speaker 9: Global News twenty four hours a day and whenever you

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Speaker 9: want it with Bloomberg News Now Michael Barr and this

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Speaker 9: is Bloomberg Karen.

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Speaker 3: Thanks Michael.

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Speaker 2: A time now for our Bloomberg Sports update, and for

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Speaker 2: that we bring in John stash Hour.

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Speaker 12: Thanks dammit. Thursday Night football will begin week. The Patriots

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Speaker 12: stay red hot. They won their eighth game in a row,

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Speaker 12: beat the Jets in Foxborough twenty seven to fourteen, three

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Speaker 12: touchdowns for New England's Rooie running back Trebon Henderson. The

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Speaker 12: MVP is the same as last year, show aol Tony

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Speaker 12: winning for the fourth time. It was unanimous and Aaron

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Speaker 12: Judges third al MVP award in a closer vote with

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Speaker 12: Cal Rawley, who hit sixty home runs. Judge hit fifty

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Speaker 12: three and he won the batting title. That's your Bloomberg

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Speaker 12: Sports update.

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Speaker 2: Stay with us more from Bloomberg day Break coming up

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Speaker 2: after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 5: Good morning, I'm Nathan Hager. President Donald Trump is putting

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Speaker 5: a new focus on affordability after Democrats elect election wins

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Speaker 5: last week. I'm significant tariff cuts and new trade frameworks

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Speaker 5: with Latin American countries to address voter concerns. National Economic

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Speaker 5: Council Director Kevin Hasset says it's been on the administration's

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Speaker 5: mind for a while. One of the things that people

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Speaker 5: have been talking about just the last few days is,

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Speaker 5: you know, thinking about changing tariffs for foodstuffs. White House

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Speaker 5: Economic Advisor Kevin Hassett spoke with Bloomberg host David Rubinstein

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Speaker 5: at the Economic Club of Washington. We're joined now by

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Speaker 5: Bloomberg Breaking News editor Alexander Pearson and alex What is

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Speaker 5: it exactly now that the Trump administration is thinking about

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Speaker 5: when it comes to addressing these concerns.

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Speaker 13: Good morning, Good morning Nathan right now. Yeah, as you say,

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Speaker 13: the affordability issue is quite large in the administration's mind

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Speaker 13: after the Democrats school some impressive wins in recent weeks.

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Speaker 13: And what we saw yesterday was the administration commands say

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Speaker 13: they've signed framework agreements trade agreements with full Latin American

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Speaker 13: countries Argentina, Guatemala, El Salvador, and Ecuador, and the idea

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Speaker 13: there is to not low overall tariffs, but lower tariffs

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Speaker 13: on certain grocery ideas that have seen pretty high prices

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Speaker 13: in recent months in the US. So that includes things

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Speaker 13: like beef, coffee, and bananas.

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Speaker 5: Is this a taskit acknowledgment that the tariffs have raised

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Speaker 5: costs on consumers. The administration has sort of resisted that

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Speaker 5: idea for a while.

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Speaker 13: I think so it's a fair interpretation because before the elections,

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Speaker 13: and certainly before you know, the Democrats one of those elections,

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Speaker 13: the affordability sort of talking point wasn't very strong among

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Speaker 13: White House officials or Trump, and now they seem they're

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Speaker 13: very much mentioning it to the public or when they

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Speaker 13: speak with journalists. And the timing certainly is very interesting

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Speaker 13: that they've decided to announce these new framework deals within

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Speaker 13: weeks of an election that was very much defined by affordability.

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Speaker 5: Yeah, the timing is very interesting considering that Democrats might

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Speaker 5: still be looking to keep healthcare affordability as an issue

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Speaker 5: following the end of the government shutdown. Walk us through

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Speaker 5: the contrast here. How could this play out over the

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Speaker 5: next few months in terms?

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Speaker 13: I mean, the Democrats will definitely want to build on

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Speaker 13: the momentum that they had in the elections recently as

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Speaker 13: we move towards the midterms next year, and certainly if

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Speaker 13: prices you know, stay elevated on certain grocery items, if

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Speaker 13: inflations just stays around that three percent level that we've

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Speaker 13: been seeing in recent months, then that's something that they

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Speaker 13: think they'll be able to cash in on electorally. And also, yes,

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Speaker 13: as you say, in terms of the healthcare subsidies, that

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Speaker 13: is an issue that has not yet been resolved. There's

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Speaker 13: supposed to be a vote on that in mid decembit

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Speaker 13: in terms of extending certain subsidies for the Affordable Care Act,

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Speaker 13: and if that doesn't happen, premiums are probably going to,

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Speaker 13: you know, increase quite significantly for many Americans. And that's

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Speaker 13: something that the Democrats will also want to certainly zero

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Speaker 13: in on as they look towards the midterms next year.

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Speaker 5: Now, when it comes to these trade frameworks that the

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Speaker 5: White House has announced with these four Latin American countries,

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Speaker 5: we're talking about beef, bananas, and coffee beans. I mean,

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Speaker 5: that's just kind of on the margins, isn't it. Overall

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Speaker 5: teriff rates are still going to beware is fairly elevated.

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Speaker 13: Yeah, that's right. I mean, in terms of for three

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Speaker 13: of these countries, including Argentina, it stays at around ten percent.

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Speaker 13: For Ecuador's stays at fifteen percent. So we are really

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Speaker 13: talking about margins. We're talking about very specific products that

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Speaker 13: you know, a lot of Americans buy every day. But yeah,

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Speaker 13: in terms of overall trade flows, this is not really

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Speaker 13: going to make a dent, and certainly in terms of

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Speaker 13: the global wild in terms of global trade, it's not

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Speaker 13: going to make much of a dent. These four countries

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Speaker 13: are important, but certainly don't compare to the likes of

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Speaker 13: China or Europe as trading partners for the United States.

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Speaker 5: And in our last thirty seconds, Alex, when we're talking

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Speaker 5: about improving access to beef in places like Argentina and Brazil,

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Speaker 5: what could that mean for American cattle ranchers.

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Speaker 13: They probably will not be very pleased. So Trump had

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Speaker 13: already signaled that he would try to get beef prices down,

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Speaker 13: which has you know, a lot of people who regularly

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Speaker 13: eat beef, and part of that was to increase inputs

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Speaker 13: from Argentina that already occurred before yesterday's announcement that they

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Speaker 13: would increase beef imports, and that annoyed the ranching lobby

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Speaker 13: in the US understandably, and so this new framework agreement

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Speaker 13: with Argentina is probably going to only add to their

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Speaker 13: annoyance with this administration and could set up a fight

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Speaker 13: in the future.

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