Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with the latest on the trade wars
Speaker 3: and President Trump's latest effort to uphold his global teriff regime.
Speaker 3: The President is taking his case to the Supreme Court
Speaker 3: after a federal appeals court found he improperly imposed country
Speaker 3: by country duties under a nineteen seventy seven economic emergency law.
Speaker 3: The administration's asking the High Court to take up its
Speaker 3: case by September tenth. That's this coming Wednesday. It puts
Speaker 3: it on a highly expedited schedule with arguments. In early November,
Speaker 3: the President addressed the case in Oval Office, comments her
Speaker 3: live on Bloomberg Radio.
Speaker 4: I think we're going to have a big victory. These
Speaker 4: deals are all done. I guess would have to unwind them.
Speaker 4: The money coming in is incredible. If we didn't have them,
Speaker 4: they would use him on us and we would have
Speaker 4: no way to fight.
Speaker 3: And that was President Trump speaking from the Oval Office.
Speaker 3: Bloomberg Economic says a defeat for the President would cut
Speaker 3: the average US effective teriff rate at least in half
Speaker 3: and could force the US to refund billions of dollars
Speaker 3: in import taxes.
Speaker 2: Well, here's a defeat for the Trump administration in court.
Speaker 2: It lost to Harvard University. A federal court has ruled
Speaker 2: the US illegally froze more than two billion dollars in
Speaker 2: the Ivy League institution's research funds. The court found the
Speaker 2: move violated the school's free speech rights and did not
Speaker 2: follow proper procedures. Mister Lena at Golf of Pulu is
Speaker 2: head of Bloomberg's US legal news team.
Speaker 5: There wasn't an explicit explanation about whether the administration needs
Speaker 5: to release this funding immediately or whether the school is
Speaker 5: going to be able to get it, But the judge
Speaker 5: clearly laid out in this opinion, which was about eighty
Speaker 5: pages long, the way the administration went about freezing this
Speaker 5: fund these funds was illegal.
Speaker 2: And Bloomberg's mister Lana A. Golf of Pulu as the
Speaker 2: ruling stated that the administration used anti semism as a
Speaker 2: smoke screen for a targeted, ideological, motivated assault on Harvard
Speaker 2: and other universities. The Trump administration plans to appeal.
Speaker 3: Meantime, carrying. The White House is also engaged in another
Speaker 3: fight in Massachusetts, this one over wind farms. A court
Speaker 3: filing shows the US is working to withdraw permits for
Speaker 3: the New England Wind one and two projects off the
Speaker 3: coast of Nantucket. It's part of a broader crackdown that
Speaker 3: has disrupted at least four East Coast wind projects this year.
Speaker 3: Massachusetts Governor Mara Heely says the federal government should be
Speaker 3: working with states to build more power.
Speaker 6: As governor, I am very focused on loring costs for
Speaker 6: residents for businesses, that includes energy costs. One thing we
Speaker 6: don't need is energy supply to our region cut off.
Speaker 6: And unfortunately, that's what we're seeing by the Trump administration's
Speaker 6: move to kill jobs and to literally take away power
Speaker 6: by dismantling wind operations on the East Coast.
Speaker 3: Massachusetts Governor Maria Healey spoke with Bloomberg News in an
Speaker 3: interview from Our Boston. You can catch your full comments
Speaker 3: on the Bloomberg podcast channel on YouTube.
Speaker 2: Well in New York, Nathan Mayor Eric Adams is denying
Speaker 2: that he received an offer from the Trump administration to
Speaker 2: work at the Department of Housing and Urban Development. If
Speaker 2: all is a report from Politico that the mayor was
Speaker 2: offered a job at HUD as incentive to drop out
Speaker 2: of the race in an effort to consolidate around one
Speaker 2: candidate to take on front runners around Mam Donnie. A
Speaker 2: White House official neither confirm nor denied the report, and
Speaker 2: Mom Donnie is addressing it.
Speaker 4: The same president who will throw millions of New Yorkers
Speaker 4: off their health insurance is now seeking to undermine the
Speaker 4: very fabric of this city.
Speaker 2: And New York City mayoral candidates around Mam Donnie currently
Speaker 2: leads to Democrat Andrew Cuomo and Republican Curtis Sleewah for
Speaker 2: transparency Michael Bloomberg, who has endorsed Cuomo as founder and
Speaker 2: majority owner of Bloomberg LP, the parent company of Bloomberg Radio.
Speaker 7: Training.
Speaker 3: The markets now Karen stocks and bonds have been rising
Speaker 3: in the pre market. Traders are anticipating a week jobs
Speaker 3: report tomorrow that could raise the prospect of a quarter
Speaker 3: percentage point rate cut at this month's FED meeting. FED
Speaker 3: Governor Christopher Waller tells CNBC the Central Bank should lawer
Speaker 3: rates this month and more months from there.
Speaker 8: For me, I think we need to start cutting rates
Speaker 8: at the next meeting, and then we don't have to
Speaker 8: go in a lock sequence of steps. We can kind
Speaker 8: of see where things are going. Because people are still
Speaker 8: worried about tariff inflation. I'm not what everybody else is.
Speaker 3: FED Governor Chris Waller is a contender to succeed j
Speaker 3: Powell as FED chair, and in a sign of labor
Speaker 3: market weakening, US job openings fell to their lowest level
Speaker 3: in ten months in July, and US economic activity saw
Speaker 3: little to no change across most of the country in
Speaker 3: recent weeks. That's according to the latest FED Beage Book
Speaker 3: survey of regional business contacts.
Speaker 2: Well, let's stick with the FED here, Nathan. The Senate
Speaker 2: Banking Committee is holding a confirmation hearing today on Stephen
Speaker 2: Myron's appointment to be a governor of the Federal Reserve.
Speaker 2: Massachusetts Senator Elizabeth Warren tells Bloomberg's Balance of Power that
Speaker 2: she believes the Senate Banking Committee should be having the hearing,
Speaker 2: but says there should be an oversight committee investigating the
Speaker 2: president's attacks on the Federal Reserve.
Speaker 9: It should not be a business as usual, Let's grease
Speaker 9: the skids and run through Donald Trump's nominee for the FED. Instead,
Speaker 9: we should be having an oversight hearing about Donald Trump's
Speaker 9: unprecedented attacks on the independence of the FED.
Speaker 2: Democratic Senator Elizabeth Warren spoke with Bloomberg Balance of Power.
Speaker 2: Hear her full comments on the Bloomberg podcast channel on YouTube.
Speaker 3: What's happening in geopolitics this morning, Karen. Ukrainian President Vladimir
Speaker 3: Zelenski is meeting with several European leaders in Paris today.
Speaker 3: He is expected to continue talks on security guarantees. This
Speaker 3: comes with concern that Russia is going to mount a
Speaker 3: new offensive on Ukraine. With peace stocks stalled. Russian President
Speaker 3: Vladimir Putin says he'd be willing to meet with Zelenski
Speaker 3: under the right circumstances.
Speaker 10: Donald asked me if it is possible to hold such
Speaker 10: a meeting.
Speaker 1: I said yes, it is possible.
Speaker 11: If Zelenski is ready, he should come to Moscow and
Speaker 11: the meeting will take place.
Speaker 3: Russian President Vladimir Putin spoke in Beijing there through an interpreter.
Speaker 3: President Trump says the US could increase its troop presence
Speaker 3: in Poland, neighboring Ukraine. He's indicating that more financial penalties
Speaker 3: could target Moscow as well.
Speaker 2: Well. Let's turn to Ai now, Nathan and Shiny's platform,
Speaker 2: deep Seek is targeting an AI agent release by the
Speaker 2: end of the year. It's looking to develop a model
Speaker 2: with more advanced features to compete with US rivals like
Speaker 2: Open Ai. The AI model is designed to carry out
Speaker 2: multiple or multi step actions on a person's behalf with
Speaker 2: minimal direction from the user, and to learn and improve
Speaker 2: based on its prior actions and Karen.
Speaker 3: Apple is gearing up to launch its own AI powered
Speaker 3: web search engine next year, directly challenging Chat, GPT and Perplexity.
Speaker 3: Bloomberg's Mark German reports Apple's gearing up to launch it
Speaker 3: next year.
Speaker 11: They haven't announced this yet. There's going to be an
Speaker 11: AI based web search product within Siri, competing with Chad
Speaker 11: GPT in Perplexity. If you're like me, I don't go
Speaker 11: to Google Search anymore, open Chatgypt to search it now
Speaker 11: for the first time Siri, we'll be able to get
Speaker 11: you detailed results from the web using its own technology.
Speaker 3: Bloomberg's Mark German says Apple's aiming to turn its voice
Speaker 3: ASSISTANCERI into a robust answer engine with large language models.
Speaker 3: Apple shares in the pre market little changed, and it's time.
Speaker 2: Now for a look at some of their stories making
Speaker 2: news in New York and around the world, and when
Speaker 2: I were joined by Bloombergy's Michael Barr Michael, good Morning.
Speaker 7: Good Morning Karen. Survivors of Jeffrey Epstein's abuse gathered on
Speaker 7: Capitol Hill to demand the release of the sex trafficking
Speaker 7: investigation into the late financier Wednesday. They push back against
Speaker 7: President Donald Trump's dismissal of the issue as a hoax.
Speaker 7: During a news conference that women shared their experiences and
Speaker 7: called for trans transparency, and accountability. Liz Stein is one
Speaker 7: of those victims.
Speaker 12: I loved people, and people genuinely enjoyed being around me,
Speaker 12: but after meeting Jeffrey Epstein and Gallaine Maxwell, it felt
Speaker 12: like someone shut off the lights to my soul.
Speaker 7: At the White House, President Trump downplays the importance of
Speaker 7: releasing the full files.
Speaker 4: I think it's enough, because I think we should talk
Speaker 4: about the greatness of our country and the success that
Speaker 4: we're having. I think we're probably having, according to what
Speaker 4: I read even from two people in this room, we're
Speaker 4: having the most successful eight months of any president ever.
Speaker 4: And that's what I want to talk about. That's what
Speaker 4: we should be talking about, not the Epstein hoax.
Speaker 7: Lawmakers are divided on how to proceed, with some Republican
Speaker 7: supporting a bill to force the Department of Justice to
Speaker 7: release all of the records. The Republican controlled House Oversight
Speaker 7: Committee has released some documents. Portuguese emergency services say an
Speaker 7: electric street car that is one of Lisbon's big tourist
Speaker 7: attractions has derailed, killing fifteen people and injuring eighteen others.
Speaker 7: The yellow and white streetcar, which goes up and down
Speaker 7: a steep downtown hill, was lying on its side on
Speaker 7: the narrow road after Wednesday's accident. Eye witnesses said the
Speaker 7: streetcar carene down the hill, apparently out of control. In
Speaker 7: the West, dozens of large wildfires are burning in at
Speaker 7: least ten states. Near Raymond, California. Battalion Chief Mike Hauk
Speaker 7: of cal Fire says two fires just miles apart forced
Speaker 7: evacuations in parts of Mariposa and Madeira County.
Speaker 12: Everybody is out there.
Speaker 5: They are tireless nights that we are working, and they
Speaker 5: still give the same effort every fire.
Speaker 7: Outside New York City, hundreds of firefighters are trying to
Speaker 7: contain the Buckbear wildfire in a rural, heavily wooded area
Speaker 7: in Passaic County in northern New Jersey under investigation, global
Speaker 7: news twenty four hours a day and whenever you want
Speaker 7: it with the Bloomberg News. Now now Michael barrn this
Speaker 7: is Bloomberg.
Speaker 2: Karen, all right, Michael barr thank you, Thanks Michael. Time
Speaker 2: now for our Bloomberg scurce updating for abound you bring
Speaker 2: in John stash Houer.
Speaker 13: Thanks Karen. Tonight in Philadelphia, it's the start of the
Speaker 13: NFL season, the defended Super Bowl champion Eagles taking on
Speaker 13: the Dallas Cowboys. At the US Open, Janick Sinner moved
Speaker 13: into the men's semifinals. Naomi Osaka did for the women,
Speaker 13: and so did Amanda Anisimova. She upset Igaschiontech, the same
Speaker 13: player that Amisova lost to in the Wimbledon final six love,
Speaker 13: six love. The Yankees blew a big lead. They lost
Speaker 13: in Houston, eight to seven. That's your Bloomberg Sports Update.
Speaker 2: Stay with us. More from Bloomberg Day Break coming up
Speaker 2: after this.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
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Speaker 1: Bloomberg Business album. This is Bloomberg Daybreak.
Speaker 3: Good morning, I'm Nathan Hagar, And as promised, President Donald
Speaker 3: Trump is taking his tariffs to the Supreme Court. That's
Speaker 3: after an appeals court found he imposed his duties illegally
Speaker 3: under an emergency law. The President says, the stakes in
Speaker 3: this case could not be higher.
Speaker 4: Our country has a chance to be unbelievably rich again,
Speaker 4: but it can also be unbelievably poor again. If we
Speaker 4: don't win that case, our country is going to suffer
Speaker 4: so greatly.
Speaker 3: And that was the President speaking in Oval office, comments
Speaker 3: heard live on Bloomberg Radio. And this morning, we are
Speaker 3: joined by Bloomberg's Global Trade Bizar Brendan Murray. Brendan, good morning.
Speaker 3: Let's talk about the stakes in this case. What could
Speaker 3: be on the line for the president if the Supreme
Speaker 3: Court does take this up.
Speaker 13: Good morning.
Speaker 10: Yeah, the President is making this case that the economy
Speaker 10: will suffer greatly if he's not allowed to impose import
Speaker 10: taxes on American companies. But it's a bit of an exaggeration.
Speaker 10: He actually has a lot of other tools that he
Speaker 10: could use that have already survived challenges. He's already used
Speaker 10: these kinds of tariffs on steel, aluminum, and autos. So
Speaker 10: what the President is asking for here is the broad
Speaker 10: authority to impose tariffs uh uh on on various countries
Speaker 10: and raise those or lower lower those as he see fits.
Speaker 10: And that is what the court uh that now the
Speaker 10: Supreme Court is going to be asked to to to
Speaker 10: rule on if the president's already lost in a couple
Speaker 10: of lower courts, so that he's asking the justices to
Speaker 10: to overturn what's already been decided in in federal court
Speaker 10: and then and and an appeals court decision in late August. So,
Speaker 10: but the with the framing of his argument, at least
Speaker 10: publicly will We'll have to wait and see what they
Speaker 10: say in court. But is that you know, they're collecting
Speaker 10: a lot of revenue at the moment, and they are
Speaker 10: renegotiating lots of trade ray agreements with various countries, and
Speaker 10: all of that hinges on his ability to use these
Speaker 10: uh so called reciprocal tariffs that he initially announced on
Speaker 10: April second.
Speaker 3: Yeah, So it gets down to the fundamental question, doesn't it,
Speaker 3: as to whether Congress has essentially delegated that authority, the
Speaker 3: power of the purse to the president under this law.
Speaker 10: Yeah, exactly, Congress has delegated a couple a couple of
Speaker 10: different statutes to the executive branch, and this is one
Speaker 10: of them, and it's never been used as broadly as
Speaker 10: President Trump is using these for tariff they're often this
Speaker 10: particular statute is used more frequently for sanctions. So the
Speaker 10: President and his advisors are really betting a lot on
Speaker 10: his ability and the Supreme Court's willingness to go along
Speaker 10: with how his interpretation of this particular law.
Speaker 3: So in our last minute, Brandon, while we wait to
Speaker 3: see whether the Supreme Court takes this up and whether
Speaker 3: arguments are going to begin, what does this mean for
Speaker 3: the trade regime? What does this mean for countries? Are
Speaker 3: they sort of in limbo waiting for this to get
Speaker 3: to sided.
Speaker 10: Well, first of all, companies are continuing to pay the tariffs.
Speaker 10: They're still in effect according to the way the Appeals
Speaker 10: Court laid down its ruling, and so the levees are
Speaker 10: still in effect for companies that have to pay them
Speaker 10: to import goods from overseas. For the countries that are negotiating,
Speaker 10: the read by some of the analysts that we're talking
Speaker 10: to is, you know, they're in no hurry now to
Speaker 10: speed up those talks. They're going to wait and see
Speaker 10: how this case plays out. It could be November before
Speaker 10: the Supreme Court has any sort of hearings, and then,
Speaker 10: you know, maybe we get a judgment at the end
Speaker 10: of the year or in the first quarter of twenty
Speaker 10: twenty six. But it's not going to be resolved in
Speaker 10: the next couple of weeks. This is a cloud of
Speaker 10: uncertainty that hangs over the US economy and the global
Speaker 10: economy really for several more months.
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