1
00:00:01,360 --> 00:00:04,240
Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Chrisner.

2
00:00:04,519 --> 00:00:06,920
Speaker 1: The US Trade Court has dealt a major blow to

3
00:00:06,960 --> 00:00:11,240
Speaker 1: the Trump administration. It found the president's global tariffs are illegal,

4
00:00:11,600 --> 00:00:14,320
Speaker 1: and now these levees have been blocked. A panel of

5
00:00:14,360 --> 00:00:17,239
Speaker 1: three judges at the US Court of International Trade in

6
00:00:17,320 --> 00:00:21,599
Speaker 1: Manhattan sided with Democratic led states and a group of

7
00:00:21,640 --> 00:00:25,880
Speaker 1: small businesses. They successfully argue that Trump had wrongfully invoked

8
00:00:25,880 --> 00:00:29,640
Speaker 1: an emergency law to justify these tariffs. Here is Bloomberg's

9
00:00:29,720 --> 00:00:30,320
Speaker 1: Eric Larson.

10
00:00:30,400 --> 00:00:33,080
Speaker 2: There were three orders that the panel found were illegal,

11
00:00:33,560 --> 00:00:37,479
Speaker 2: one with his so called Liberation Day global tariffs, than

12
00:00:37,520 --> 00:00:41,440
Speaker 2: another executive order issuing more tariffs against countries that had

13
00:00:41,440 --> 00:00:46,000
Speaker 2: retaliated against the US. And then yet another executive order

14
00:00:46,720 --> 00:00:51,159
Speaker 2: issuing more tariffs against Canada, Mexico, and China over the

15
00:00:51,280 --> 00:00:56,160
Speaker 2: sentinel and drug trafficking crisis. And the court basically held

16
00:00:56,240 --> 00:01:00,000
Speaker 2: that when Congress created this law of the international Emergence

17
00:01:00,160 --> 00:01:03,560
Speaker 2: the economic powers at that it never intended to give

18
00:01:03,600 --> 00:01:05,520
Speaker 2: this kind of authority to the president.

19
00:01:05,600 --> 00:01:08,960
Speaker 1: That is Bloomberg's Eric Larson. Now the Trump administration has

20
00:01:09,000 --> 00:01:12,280
Speaker 1: filed a notice of appeal. This case may ultimately be

21
00:01:12,360 --> 00:01:15,560
Speaker 1: decided by the US Supreme Court, and it could impact

22
00:01:15,600 --> 00:01:18,600
Speaker 1: trillions of dollars in global trade. We go next to

23
00:01:18,640 --> 00:01:21,759
Speaker 1: the most important earnings report of the week after the Bell,

24
00:01:21,840 --> 00:01:24,600
Speaker 1: and Vidia gave a solid forecast for revenue in the

25
00:01:24,680 --> 00:01:28,440
Speaker 1: current quarter, even with a slowdown in China. In Vidia

26
00:01:28,560 --> 00:01:31,760
Speaker 1: is now expecting sales of about forty five billion dollars,

27
00:01:31,800 --> 00:01:35,759
Speaker 1: and that is after subtracting eight billion dollars in lost

28
00:01:35,880 --> 00:01:40,080
Speaker 1: sales in China because of export controls. Here is Nvidia

29
00:01:40,160 --> 00:01:44,520
Speaker 1: CEO Jensen Wong speaking to Bloomberg on the export control issue.

30
00:01:44,800 --> 00:01:49,280
Speaker 3: The limitations are quite quite stringent, quite limited, if you will.

31
00:01:50,160 --> 00:01:54,920
Speaker 3: H twenty is as far down as we could take

32
00:01:54,960 --> 00:01:57,760
Speaker 3: a hopper. We don't know how to make it even

33
00:01:57,840 --> 00:02:03,200
Speaker 3: less and so that's really the but but there aren't

34
00:02:03,200 --> 00:02:06,560
Speaker 3: there aren't, you know. The limitations are quite stringent, so

35
00:02:06,600 --> 00:02:09,200
Speaker 3: we have we have to really think through it. Whatever

36
00:02:09,240 --> 00:02:11,920
Speaker 3: we make ultimately has to add value to the market.

37
00:02:12,040 --> 00:02:15,560
Speaker 1: That was Nvidia CEO Jensen Wong speaking to Bloomberg earlier.

38
00:02:15,880 --> 00:02:18,440
Speaker 1: By the way, you can catch the full conversation with

39
00:02:18,639 --> 00:02:23,040
Speaker 1: Jensen Wong on the Bloomberg podcast channel on YouTube. Incidentally,

40
00:02:23,120 --> 00:02:25,359
Speaker 1: shares in Nvidia. We're up by more than four percent

41
00:02:25,400 --> 00:02:28,400
Speaker 1: in late US trading. Elon Musk says his time as

42
00:02:28,440 --> 00:02:31,280
Speaker 1: a formal advisor to President Trump is coming to an

43
00:02:31,480 --> 00:02:34,720
Speaker 1: end and it's raising questions about the future of the

44
00:02:34,760 --> 00:02:39,800
Speaker 1: Department of Government Efficiency. The effort Musk spearheaded. Musk's campaign

45
00:02:39,919 --> 00:02:43,040
Speaker 1: to slash the size of the US government sent shockwaves

46
00:02:43,080 --> 00:02:46,680
Speaker 1: through Washington. However, DOSEE fell short of its own high

47
00:02:46,720 --> 00:02:51,480
Speaker 1: expectations for cost savings, and Musk faced criticism and backlash

48
00:02:51,560 --> 00:02:55,280
Speaker 1: over his political work, and it sparked concerns among investors

49
00:02:55,320 --> 00:02:59,680
Speaker 1: over the fallout for his companies, including Tesla. The US

50
00:02:59,680 --> 00:03:03,560
Speaker 1: will be again revoking visas of Chinese students, including those

51
00:03:03,600 --> 00:03:08,119
Speaker 1: with connections to the Chinese government or studying in critical fields.

52
00:03:08,400 --> 00:03:11,360
Speaker 1: The announcement was made this evening by Secretary of State

53
00:03:11,400 --> 00:03:15,760
Speaker 1: Marco Rubio in a post on x President Trump doesn't

54
00:03:15,800 --> 00:03:20,560
Speaker 1: like the nickname Taco trade Taco as in Trump always

55
00:03:20,720 --> 00:03:24,000
Speaker 1: chickens out. It's a phrase coined by a columnist at

56
00:03:24,000 --> 00:03:27,600
Speaker 1: the Financial Times, and it's been adopted by traders trying

57
00:03:27,639 --> 00:03:31,440
Speaker 1: to navigate Trump's trade policy and betting on him backing down.

58
00:03:31,919 --> 00:03:34,680
Speaker 1: Trump has said his repeated retreats are part of a

59
00:03:34,720 --> 00:03:38,920
Speaker 1: strategy to exert concessions. Here is Bloomberg's Catherine Lucy.

60
00:03:39,040 --> 00:03:41,080
Speaker 4: Well, certainly Trump wants to play to work. I think

61
00:03:41,120 --> 00:03:43,200
Speaker 4: he's really bristling at the idea that he I mean,

62
00:03:43,360 --> 00:03:47,040
Speaker 4: I don't think calling Trump a chicken. He does not

63
00:03:47,080 --> 00:03:51,240
Speaker 4: appreciate that. You saw. He took great umbradge of that idea.

64
00:03:51,400 --> 00:03:54,440
Speaker 4: And he likes a big threat. He likes to have

65
00:03:54,520 --> 00:03:56,720
Speaker 4: a big stick, and so I think he's going to

66
00:03:56,760 --> 00:04:00,880
Speaker 4: continue to probably escalate with some of these Traine negotiations.

67
00:04:00,920 --> 00:04:03,280
Speaker 4: The question is does the suggestion of being a chicken

68
00:04:03,640 --> 00:04:04,880
Speaker 4: amp them up a little bit more?

69
00:04:05,000 --> 00:04:08,640
Speaker 1: That is Bloomberg's Catherine Lucy speaking there. The Trump administration

70
00:04:08,920 --> 00:04:12,360
Speaker 1: is restricting the sale of chip design software to China.

71
00:04:12,680 --> 00:04:15,040
Speaker 1: We are told the Commerce Department has sent letters to

72
00:04:15,080 --> 00:04:18,799
Speaker 1: at least some of the leading providers of electronic design

73
00:04:18,920 --> 00:04:23,000
Speaker 1: automation telling them to halt shipments to Chinese customers. Now

74
00:04:23,000 --> 00:04:26,920
Speaker 1: it's unclear how broad these restrictions will be, although we

75
00:04:26,960 --> 00:04:30,279
Speaker 1: are told it could mean an effective ban on dooing

76
00:04:30,320 --> 00:04:35,480
Speaker 1: business in China. Salesforce has raised its annual forecast for revenue.

77
00:04:35,520 --> 00:04:39,080
Speaker 1: It's assigned the company's latest AI product is on a

78
00:04:39,160 --> 00:04:42,839
Speaker 1: path to contribute significant sales. We have more from Bloomberg's

79
00:04:43,040 --> 00:04:43,880
Speaker 1: Charlie Pellett.

80
00:04:44,160 --> 00:04:47,760
Speaker 5: For the year ending in January twenty twenty six, Salesforce's

81
00:04:47,839 --> 00:04:51,039
Speaker 5: revenue of forty one to forty one point three billion,

82
00:04:51,440 --> 00:04:54,320
Speaker 5: up from an earlier forecast of forty point five to

83
00:04:54,440 --> 00:04:59,120
Speaker 5: forty point nine billion. Leading technology platforms such as Salesforce,

84
00:04:59,440 --> 00:05:03,239
Speaker 5: Microsoft off dan Service Now are competing to offer AI

85
00:05:03,400 --> 00:05:07,600
Speaker 5: agents software that can complete tasks such as customer service

86
00:05:07,839 --> 00:05:11,719
Speaker 5: without needing direction from a person in New York. Charlie

87
00:05:11,760 --> 00:05:13,320
Speaker 5: Pellette Bloomberg.

88
00:05:12,880 --> 00:05:14,960
Speaker 1: Radio and that is news when you want it with

89
00:05:15,000 --> 00:05:18,400
Speaker 1: Bloomberg News Now. I'm Doug Chrisner, and this is Bloomberg