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Speaker 1: News. You want it with Bloomberg News Now, I'm Doug Prisner.

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Speaker 1: A US district judge has granted Harvard University a temporary

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Speaker 1: restraining order blocking the Trump Administration's ban on international students

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Speaker 1: entering the US now. This ban was part of a

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Speaker 1: proclamation issued by President Trump. He cited national security risk

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Speaker 1: due to Harvard's refusal to provide records about the misconduct

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Speaker 1: of international students. This ruling is a legal setback for

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Speaker 1: the administration in its feud with a university. Harvard has

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Speaker 1: sued over the ban, as well as the freezing of

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Speaker 1: federal funding, claiming retaliation and violation of free speech rights.

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Speaker 1: After a day of back and forth on social media,

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Speaker 1: Elon Musk says SpaceX will not decommission its Dragon spacecraft.

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Speaker 1: This is a reversal from a threat Musk made just

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Speaker 1: hours earlier as part of a broader back and forth

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Speaker 1: today a bit of a meltdown with President Trump. The

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Speaker 1: two clashed publicly on Thursday, with Trump threatening to cut

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Speaker 1: off federal contracts to Musk's companies. Here's Trump speaking earlier

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Speaker 1: to reporters in the Oval Office.

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Speaker 2: Elon's upset because we took the EV mandate and you know,

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Speaker 2: which was a lot of money for electric vehicles, and

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Speaker 2: you know they're having a hard time the electric vehicles,

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Speaker 2: and they want us to pay billions of dollars in subsidy.

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Speaker 2: And you know, I Elon knew this from the beginning.

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Speaker 1: That is President Trump speaking with reporters earlier in the

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Speaker 1: Oval Office. Today on social media, Musk fired back, calling

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Speaker 1: Trump's statements lies while saying his tariffs will lead to

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Speaker 1: a second half recession. Meantime, Shares and Tesla were down

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Speaker 1: fourteen percent today for their steepest drop since twenty twenty,

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Speaker 1: and we got reaction from Ross Gerber, president and co

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Speaker 1: founder at Gerbert Kawasaki.

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Speaker 3: This is a disaster for Mosque.

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Speaker 4: I don't know if I can spin it in a

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Speaker 4: positive way because it's just so beyond any intelligent businessman's

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Speaker 4: behavior would be.

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Speaker 3: I can't imagine after putting.

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Speaker 4: Trump in there, that he would then turn Trump into

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Speaker 4: an enemy of all things because he's still the president

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Speaker 4: of the United States.

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Speaker 3: And Elon just tweeted.

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Speaker 4: Something like, well, I'm going to be around for another

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Speaker 4: forty years and he'll only be around for another three

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Speaker 4: and a half.

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Speaker 3: And I think that's really ignorant thinking.

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Speaker 1: That is Ross Gerber of Gerber Kawasaki. Now, Trump's Big

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Speaker 1: Beautiful Bill would end key EV tax credits, potentially cutting

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Speaker 1: Tesla's profits by more than a billion dollars. Meantime, President

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Speaker 1: Trump and Chinese President chi Jinping agreed on Thursday to

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Speaker 1: resume trade talks after months installed negotiations. These leaders spoke

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Speaker 1: for ninety minutes and they focused on tariffs and rare

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Speaker 1: earth supplies. Here's Bloomberg Steven Engel in Hong Kong.

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Speaker 5: You know there were no grenades loved between Trump and

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Speaker 5: Jen Ping. They said the right things, according to the readouts.

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Speaker 5: At least we didn't hear the phone call. Obviously. Donald

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Speaker 5: Trump agreeing with Jen Ping and Chien Ping agree with

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Speaker 5: him that they will further trade talks. They'll get him

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Speaker 5: back on track.

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Speaker 1: That is Bloomberg, Steven Engel in Hong Kong. Now, Trump

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Speaker 1: told reporters earlier that he had accepted an invitation to

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Speaker 1: visit China, and he extended his own invitation to President

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Speaker 1: Chichin Ping to visit the US. Analysts say expectations for

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Speaker 1: a breakthrough do remain low, despite signs of diplomatic movement.

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Speaker 1: FED Governor Adriana Kugler said large price increases related to

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Speaker 1: President Trump's tariffs are likely, and Kugler said she supports

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Speaker 1: holding interest rate steady if upside risk to inflation. Linger

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Speaker 1: Coogler spoke earlier at the Economic Club of New York.

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Speaker 6: In addition to increases in US import tarks, I'm retaliate

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Speaker 6: for increases in the times that foreign countries applied to

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Speaker 6: US exports. Other policy changes, either proposed or already underway,

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Speaker 6: relate to immigration, to fiscal policy, and to regulation. Those

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Speaker 6: policies could affect economic conditions.

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Speaker 1: That's fed Governor Adriana Kougler. She went on to say

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Speaker 1: that officials are more concerned now about inflation than a

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Speaker 1: potential economic slowdown. US jobless claims rose last week to

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Speaker 1: their highest level since October. However, continuing claims fell slightly

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Speaker 1: to one point nine million. Nella Richardson is chief economist

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Speaker 1: at ADP and a Bloomberg contributor.

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Speaker 7: They're still not at a worry point, but the second

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Speaker 7: week in a row of an increase is something to

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Speaker 7: keep a watch on. I don't think people will get

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Speaker 7: really excited until we get well above the levels that

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Speaker 7: we are now.

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Speaker 1: That is ADP chief economist Nella Richardson. Now the focus

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Speaker 1: will shift to Friday's jobs report for the month of May.

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Speaker 1: Those numbers are due at eight thirty am All Street time.

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Speaker 1: And that is news when you want it, with Bloomberg

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Speaker 1: News Now, I'm Doug Chrisner, and this is Bloomberg