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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.

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Speaker 3: Karen, we begin with the latest on the trade wars

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Speaker 3: and President Trump's latest effort to uphold his global teriff regime.

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Speaker 3: The President is taking his case to the Supreme Court

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Speaker 3: after a federal appeals court found he improperly imposed country

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Speaker 3: by country duties under a nineteen seventy seven economic emergency law.

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Speaker 3: The administration's asking the High Court to take up its

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Speaker 3: case by September tenth. That's this coming Wednesday. It puts

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Speaker 3: it on a highly expedited schedule with arguments. In early November,

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Speaker 3: the President addressed the case in Oval Office, comments her

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Speaker 3: live on Bloomberg Radio.

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Speaker 4: I think we're going to have a big victory. These

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Speaker 4: deals are all done. I guess would have to unwind them.

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Speaker 4: The money coming in is incredible. If we didn't have them,

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Speaker 4: they would use him on us and we would have

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Speaker 4: no way to fight.

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Speaker 3: And that was President Trump speaking from the Oval Office.

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Speaker 3: Bloomberg Economic says a defeat for the President would cut

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Speaker 3: the average US effective teriff rate at least in half

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Speaker 3: and could force the US to refund billions of dollars

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Speaker 3: in import taxes.

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Speaker 2: Well, here's a defeat for the Trump administration in court.

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Speaker 2: It lost to Harvard University. A federal court has ruled

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Speaker 2: the US illegally froze more than two billion dollars in

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Speaker 2: the Ivy League institution's research funds. The court found the

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Speaker 2: move violated the school's free speech rights and did not

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Speaker 2: follow proper procedures. Mister Lena at Golf of Pulu is

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Speaker 2: head of Bloomberg's US legal news team.

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Speaker 5: There wasn't an explicit explanation about whether the administration needs

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Speaker 5: to release this funding immediately or whether the school is

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Speaker 5: going to be able to get it, But the judge

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Speaker 5: clearly laid out in this opinion, which was about eighty

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Speaker 5: pages long, the way the administration went about freezing this

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Speaker 5: fund these funds was illegal.

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Speaker 2: And Bloomberg's mister Lana A. Golf of Pulu as the

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Speaker 2: ruling stated that the administration used anti semism as a

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Speaker 2: smoke screen for a targeted, ideological, motivated assault on Harvard

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Speaker 2: and other universities. The Trump administration plans to appeal.

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Speaker 3: Meantime, carrying. The White House is also engaged in another

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Speaker 3: fight in Massachusetts, this one over wind farms. A court

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Speaker 3: filing shows the US is working to withdraw permits for

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Speaker 3: the New England Wind one and two projects off the

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Speaker 3: coast of Nantucket. It's part of a broader crackdown that

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Speaker 3: has disrupted at least four East Coast wind projects this year.

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Speaker 3: Massachusetts Governor Mara Heely says the federal government should be

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Speaker 3: working with states to build more power.

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Speaker 6: As governor, I am very focused on loring costs for

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Speaker 6: residents for businesses, that includes energy costs. One thing we

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Speaker 6: don't need is energy supply to our region cut off.

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Speaker 6: And unfortunately, that's what we're seeing by the Trump administration's

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Speaker 6: move to kill jobs and to literally take away power

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Speaker 6: by dismantling wind operations on the East Coast.

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Speaker 3: Massachusetts Governor Maria Healey spoke with Bloomberg News in an

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Speaker 3: interview from Our Boston. You can catch your full comments

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Speaker 3: on the Bloomberg podcast channel on YouTube.

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Speaker 2: Well in New York, Nathan Mayor Eric Adams is denying

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Speaker 2: that he received an offer from the Trump administration to

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Speaker 2: work at the Department of Housing and Urban Development. If

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Speaker 2: all is a report from Politico that the mayor was

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Speaker 2: offered a job at HUD as incentive to drop out

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Speaker 2: of the race in an effort to consolidate around one

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Speaker 2: candidate to take on front runners around Mam Donnie. A

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Speaker 2: White House official neither confirm nor denied the report, and

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Speaker 2: Mom Donnie is addressing it.

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Speaker 4: The same president who will throw millions of New Yorkers

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Speaker 4: off their health insurance is now seeking to undermine the

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Speaker 4: very fabric of this city.

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Speaker 2: And New York City mayoral candidates around Mam Donnie currently

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Speaker 2: leads to Democrat Andrew Cuomo and Republican Curtis Sleewah for

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Speaker 2: transparency Michael Bloomberg, who has endorsed Cuomo as founder and

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Speaker 2: majority owner of Bloomberg LP, the parent company of Bloomberg Radio.

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Speaker 7: Training.

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Speaker 3: The markets now Karen stocks and bonds have been rising

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Speaker 3: in the pre market. Traders are anticipating a week jobs

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Speaker 3: report tomorrow that could raise the prospect of a quarter

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Speaker 3: percentage point rate cut at this month's FED meeting. FED

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Speaker 3: Governor Christopher Waller tells CNBC the Central Bank should lawer

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Speaker 3: rates this month and more months from there.

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Speaker 8: For me, I think we need to start cutting rates

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Speaker 8: at the next meeting, and then we don't have to

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Speaker 8: go in a lock sequence of steps. We can kind

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Speaker 8: of see where things are going. Because people are still

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Speaker 8: worried about tariff inflation. I'm not what everybody else is.

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Speaker 3: FED Governor Chris Waller is a contender to succeed j

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Speaker 3: Powell as FED chair, and in a sign of labor

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Speaker 3: market weakening, US job openings fell to their lowest level

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Speaker 3: in ten months in July, and US economic activity saw

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Speaker 3: little to no change across most of the country in

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Speaker 3: recent weeks. That's according to the latest FED Beage Book

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Speaker 3: survey of regional business contacts.

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Speaker 2: Well, let's stick with the FED here, Nathan. The Senate

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Speaker 2: Banking Committee is holding a confirmation hearing today on Stephen

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Speaker 2: Myron's appointment to be a governor of the Federal Reserve.

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Speaker 2: Massachusetts Senator Elizabeth Warren tells Bloomberg's Balance of Power that

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Speaker 2: she believes the Senate Banking Committee should be having the hearing,

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Speaker 2: but says there should be an oversight committee investigating the

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Speaker 2: president's attacks on the Federal Reserve.

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Speaker 9: It should not be a business as usual, Let's grease

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Speaker 9: the skids and run through Donald Trump's nominee for the FED. Instead,

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Speaker 9: we should be having an oversight hearing about Donald Trump's

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Speaker 9: unprecedented attacks on the independence of the FED.

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Speaker 2: Democratic Senator Elizabeth Warren spoke with Bloomberg Balance of Power.

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Speaker 2: Hear her full comments on the Bloomberg podcast channel on YouTube.

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Speaker 3: What's happening in geopolitics this morning, Karen. Ukrainian President Vladimir

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Speaker 3: Zelenski is meeting with several European leaders in Paris today.

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Speaker 3: He is expected to continue talks on security guarantees. This

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Speaker 3: comes with concern that Russia is going to mount a

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Speaker 3: new offensive on Ukraine. With peace stocks stalled. Russian President

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Speaker 3: Vladimir Putin says he'd be willing to meet with Zelenski

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Speaker 3: under the right circumstances.

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Speaker 10: Donald asked me if it is possible to hold such

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Speaker 10: a meeting.

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Speaker 1: I said yes, it is possible.

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Speaker 11: If Zelenski is ready, he should come to Moscow and

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Speaker 11: the meeting will take place.

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Speaker 3: Russian President Vladimir Putin spoke in Beijing there through an interpreter.

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Speaker 3: President Trump says the US could increase its troop presence

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Speaker 3: in Poland, neighboring Ukraine. He's indicating that more financial penalties

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Speaker 3: could target Moscow as well.

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Speaker 2: Well. Let's turn to Ai now, Nathan and Shiny's platform,

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Speaker 2: deep Seek is targeting an AI agent release by the

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Speaker 2: end of the year. It's looking to develop a model

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Speaker 2: with more advanced features to compete with US rivals like

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Speaker 2: Open Ai. The AI model is designed to carry out

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Speaker 2: multiple or multi step actions on a person's behalf with

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Speaker 2: minimal direction from the user, and to learn and improve

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Speaker 2: based on its prior actions and Karen.

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Speaker 3: Apple is gearing up to launch its own AI powered

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Speaker 3: web search engine next year, directly challenging Chat, GPT and Perplexity.

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Speaker 3: Bloomberg's Mark German reports Apple's gearing up to launch it

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Speaker 3: next year.

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Speaker 11: They haven't announced this yet. There's going to be an

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Speaker 11: AI based web search product within Siri, competing with Chad

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Speaker 11: GPT in Perplexity. If you're like me, I don't go

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Speaker 11: to Google Search anymore, open Chatgypt to search it now

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Speaker 11: for the first time Siri, we'll be able to get

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Speaker 11: you detailed results from the web using its own technology.

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Speaker 3: Bloomberg's Mark German says Apple's aiming to turn its voice

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Speaker 3: ASSISTANCERI into a robust answer engine with large language models.

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Speaker 3: Apple shares in the pre market little changed, and it's time.

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Speaker 2: Now for a look at some of their stories making

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Speaker 2: news in New York and around the world, and when

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Speaker 2: I were joined by Bloombergy's Michael Barr Michael, good Morning.

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Speaker 7: Good Morning Karen. Survivors of Jeffrey Epstein's abuse gathered on

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Speaker 7: Capitol Hill to demand the release of the sex trafficking

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Speaker 7: investigation into the late financier Wednesday. They push back against

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Speaker 7: President Donald Trump's dismissal of the issue as a hoax.

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Speaker 7: During a news conference that women shared their experiences and

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Speaker 7: called for trans transparency, and accountability. Liz Stein is one

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Speaker 7: of those victims.

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Speaker 12: I loved people, and people genuinely enjoyed being around me,

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Speaker 12: but after meeting Jeffrey Epstein and Gallaine Maxwell, it felt

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Speaker 12: like someone shut off the lights to my soul.

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Speaker 7: At the White House, President Trump downplays the importance of

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Speaker 7: releasing the full files.

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Speaker 4: I think it's enough, because I think we should talk

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Speaker 4: about the greatness of our country and the success that

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Speaker 4: we're having. I think we're probably having, according to what

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Speaker 4: I read even from two people in this room, we're

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Speaker 4: having the most successful eight months of any president ever.

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Speaker 4: And that's what I want to talk about. That's what

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Speaker 4: we should be talking about, not the Epstein hoax.

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Speaker 7: Lawmakers are divided on how to proceed, with some Republican

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Speaker 7: supporting a bill to force the Department of Justice to

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Speaker 7: release all of the records. The Republican controlled House Oversight

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Speaker 7: Committee has released some documents. Portuguese emergency services say an

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Speaker 7: electric street car that is one of Lisbon's big tourist

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Speaker 7: attractions has derailed, killing fifteen people and injuring eighteen others.

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Speaker 7: The yellow and white streetcar, which goes up and down

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Speaker 7: a steep downtown hill, was lying on its side on

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Speaker 7: the narrow road after Wednesday's accident. Eye witnesses said the

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Speaker 7: streetcar carene down the hill, apparently out of control. In

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Speaker 7: the West, dozens of large wildfires are burning in at

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Speaker 7: least ten states. Near Raymond, California. Battalion Chief Mike Hauk

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Speaker 7: of cal Fire says two fires just miles apart forced

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Speaker 7: evacuations in parts of Mariposa and Madeira County.

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Speaker 12: Everybody is out there.

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Speaker 5: They are tireless nights that we are working, and they

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Speaker 5: still give the same effort every fire.

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Speaker 7: Outside New York City, hundreds of firefighters are trying to

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Speaker 7: contain the Buckbear wildfire in a rural, heavily wooded area

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Speaker 7: in Passaic County in northern New Jersey under investigation, global

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Speaker 7: news twenty four hours a day and whenever you want

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Speaker 7: it with the Bloomberg News. Now now Michael barrn this

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Speaker 7: is Bloomberg.

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Speaker 2: Karen, all right, Michael barr thank you, Thanks Michael. Time

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Speaker 2: now for our Bloomberg scurce updating for abound you bring

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Speaker 2: in John stash Houer.

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Speaker 13: Thanks Karen. Tonight in Philadelphia, it's the start of the

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Speaker 13: NFL season, the defended Super Bowl champion Eagles taking on

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Speaker 13: the Dallas Cowboys. At the US Open, Janick Sinner moved

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Speaker 13: into the men's semifinals. Naomi Osaka did for the women,

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Speaker 13: and so did Amanda Anisimova. She upset Igaschiontech, the same

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Speaker 13: player that Amisova lost to in the Wimbledon final six love,

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Speaker 13: six love. The Yankees blew a big lead. They lost

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Speaker 13: in Houston, eight to seven. That's your Bloomberg 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 album. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hagar, And as promised, President Donald

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Speaker 3: Trump is taking his tariffs to the Supreme Court. That's

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Speaker 3: after an appeals court found he imposed his duties illegally

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Speaker 3: under an emergency law. The President says, the stakes in

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Speaker 3: this case could not be higher.

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Speaker 4: Our country has a chance to be unbelievably rich again,

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Speaker 4: but it can also be unbelievably poor again. If we

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Speaker 4: don't win that case, our country is going to suffer

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Speaker 4: so greatly.

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Speaker 3: And that was the President speaking in Oval office, comments

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Speaker 3: heard live on Bloomberg Radio. And this morning, we are

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Speaker 3: joined by Bloomberg's Global Trade Bizar Brendan Murray. Brendan, good morning.

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Speaker 3: Let's talk about the stakes in this case. What could

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Speaker 3: be on the line for the president if the Supreme

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Speaker 3: Court does take this up.

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Speaker 13: Good morning.

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Speaker 10: Yeah, the President is making this case that the economy

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Speaker 10: will suffer greatly if he's not allowed to impose import

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Speaker 10: taxes on American companies. But it's a bit of an exaggeration.

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Speaker 10: He actually has a lot of other tools that he

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Speaker 10: could use that have already survived challenges. He's already used

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Speaker 10: these kinds of tariffs on steel, aluminum, and autos. So

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Speaker 10: what the President is asking for here is the broad

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Speaker 10: authority to impose tariffs uh uh on on various countries

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Speaker 10: and raise those or lower lower those as he see fits.

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Speaker 10: And that is what the court uh that now the

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Speaker 10: Supreme Court is going to be asked to to to

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Speaker 10: rule on if the president's already lost in a couple

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Speaker 10: of lower courts, so that he's asking the justices to

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Speaker 10: to overturn what's already been decided in in federal court

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Speaker 10: and then and and an appeals court decision in late August. So,

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Speaker 10: but the with the framing of his argument, at least

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Speaker 10: publicly will We'll have to wait and see what they

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Speaker 10: say in court. But is that you know, they're collecting

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Speaker 10: a lot of revenue at the moment, and they are

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Speaker 10: renegotiating lots of trade ray agreements with various countries, and

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Speaker 10: all of that hinges on his ability to use these

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Speaker 10: uh so called reciprocal tariffs that he initially announced on

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Speaker 10: April second.

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Speaker 3: Yeah, So it gets down to the fundamental question, doesn't it,

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Speaker 3: as to whether Congress has essentially delegated that authority, the

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Speaker 3: power of the purse to the president under this law.

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Speaker 10: Yeah, exactly, Congress has delegated a couple a couple of

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Speaker 10: different statutes to the executive branch, and this is one

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Speaker 10: of them, and it's never been used as broadly as

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Speaker 10: President Trump is using these for tariff they're often this

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Speaker 10: particular statute is used more frequently for sanctions. So the

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Speaker 10: President and his advisors are really betting a lot on

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Speaker 10: his ability and the Supreme Court's willingness to go along

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Speaker 10: with how his interpretation of this particular law.

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Speaker 3: So in our last minute, Brandon, while we wait to

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Speaker 3: see whether the Supreme Court takes this up and whether

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Speaker 3: arguments are going to begin, what does this mean for

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Speaker 3: the trade regime? What does this mean for countries? Are

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Speaker 3: they sort of in limbo waiting for this to get

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Speaker 3: to sided.

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Speaker 10: Well, first of all, companies are continuing to pay the tariffs.

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Speaker 10: They're still in effect according to the way the Appeals

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Speaker 10: Court laid down its ruling, and so the levees are

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Speaker 10: still in effect for companies that have to pay them

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Speaker 10: to import goods from overseas. For the countries that are negotiating,

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Speaker 10: the read by some of the analysts that we're talking

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Speaker 10: to is, you know, they're in no hurry now to

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Speaker 10: speed up those talks. They're going to wait and see

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Speaker 10: how this case plays out. It could be November before

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Speaker 10: the Supreme Court has any sort of hearings, and then,

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Speaker 10: you know, maybe we get a judgment at the end

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Speaker 10: of the year or in the first quarter of twenty

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Speaker 10: twenty six. But it's not going to be resolved in

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Speaker 10: the next couple of weeks. This is a cloud of

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Speaker 10: uncertainty that hangs over the US economy and the global

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Speaker 10: economy really for several more months.

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