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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug

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Speaker 1: Chrisner and we begin with trade. Tonight. President Trump said

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Speaker 1: he was likely to impose tariffs on pharmaceuticals as soon

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Speaker 1: as the end of the month. Here is Trump speaking

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Speaker 1: to reporters at Joint Base Andrews.

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Speaker 2: Pharmaceuticals will be tariff, probably at the end of the month.

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Speaker 2: And we're going to start off with the low tariff

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Speaker 2: and give the pharmaceutical companies a year or so to bill,

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Speaker 2: and then we're going to make it a very high tariff.

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Speaker 1: President Trump also said that levies on semiconductors could also

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Speaker 1: come soon, and he went on to say he could

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Speaker 1: strike trade deals before implementing his reciprocal tariffs on August first.

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Speaker 1: At the same time, Trump mentioned an agreement with India

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Speaker 1: as among the most likely. We go to Washington next,

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Speaker 1: where the Senate voted to advance a bill on spending

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Speaker 1: cuts worth nine point four billion dollars. This could lead

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Speaker 1: to a loss of federal funding for public broadcasting and

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Speaker 1: foreign aid programs. Here is Vice President jd Vance breaking

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Speaker 1: a tie vote.

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Speaker 3: On this vote, the Yaser fifty and the Naser fifty.

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Speaker 4: The Senate being equally divided, the Vice president votes.

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Speaker 3: In the affirmative, and the motion is agreed to.

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Speaker 1: That is Vice President J. D. Van speaking there now.

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Speaker 1: Passage would be a victory for President Trump, who overcame

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Speaker 1: reluctance on the part of some moderates by making political

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Speaker 1: threats and tweaking the bill to allay some objections. The

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Speaker 1: plan by House Republicans to pass a series of crypto

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Speaker 1: friendly regulatory measures hit a bump on Tuesday when an

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Speaker 1: important procedural vote failed. While that setback appears to be temporary,

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Speaker 1: because tonight President Trump announced on truth Social that he

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Speaker 1: met with House GOP lawmakers and they've agreed to vote

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Speaker 1: in favor of the rule. Treasury Secretary Scott Besson says

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Speaker 1: the formal process has already started to find a successor

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Speaker 1: to FED share J. Powell. Speaking earlier to Bloomberg Surveillance,

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Speaker 1: Besson said it could be confusing if Powell were to

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Speaker 1: remain on the Fed's Board of Governors after his term

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Speaker 1: as chair expires in May.

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Speaker 3: He's not looking to fire a chair Powell, And as

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Speaker 3: I've said, I'm not going to I'm not going to

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Speaker 3: comment on future policy or future mistakes the Federal make

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Speaker 3: I'll only comment on past mistakes, and look, they've had

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Speaker 3: some big forecasting errors and this may be one now.

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Speaker 1: That is Treasury Secretary Scott Bessont.

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Speaker 5: There.

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Speaker 1: He went on to say that he is part of

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Speaker 1: the decision making process, although the final decision will come

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Speaker 1: from President Trump at his speed. And you can hear

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Speaker 1: the full conversation with Treasury Secretary Bessant on the Bloomberg

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Speaker 1: Surveillance podcast. By the way, we're being told that National

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Speaker 1: Economic Council Director Kevin Hassett is an early front runner

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Speaker 1: to replace fed Share J. Powell. Today, President Trump said

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Speaker 1: Attorney General Pam Bondi should release whatever she thinks is

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Speaker 1: credible with regard to Jeffrey Epstein. Last week, the Department

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Speaker 1: of Justice published a two page memo declaring that the

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Speaker 1: alleged sex trafficker kept no incriminating client list. That's despite

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Speaker 1: Bondi previously claiming that she had been in possession of

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Speaker 1: such a document. Today, at a press conference, Bondi refused

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Speaker 1: to answer questions about mister Trump's statement.

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Speaker 5: This today is about fentanyl. This is about a wall

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Speaker 5: of people right outside this room who have died from

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Speaker 5: I appreciate your question, but this today is about finanyl

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Speaker 5: overdoses throughout our country and people who have lost loved

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Speaker 5: ones to fentanyl. That's the message that we're here to

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Speaker 5: send today. Nothing about Epstein. I'm not going to talk

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Speaker 5: about Epstein.

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Speaker 1: That is Attorney General Pam Bondi speaking there. Former National

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Speaker 1: Security Advisor Mike Waltz is vowing to challenge China if

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Speaker 1: confirmed as the next US ambassador to the United Nations. Today,

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Speaker 1: Waltz appeared before the Senate Foreign Relations Committee.

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Speaker 4: We should have one place in the world where everyone

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Speaker 4: can talk, where China, Russia, Europe, the developing world can

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Speaker 4: come together and resolve conflicts. But after eight it's drifted

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Speaker 4: from its core mission of peacemaking. We must return to

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Speaker 4: the UN's charter and first principles peacekeeping.

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Speaker 1: That is Mike Waltz there, who was fired back in

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Speaker 1: May as National Security Advisor. At today's hearing, Waltz said

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Speaker 1: he wants the UN to return to focusing on the

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Speaker 1: prevention and resolution of disputes. He also called it absurd

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Speaker 1: that China continues to receive favorable developing nation status from

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Speaker 1: the UN and at the same time. Today, Waltz drew

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Speaker 1: criticism from Democrats who say he failed to take accountability

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Speaker 1: for a signal group chat leak regarding US air strikes

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Speaker 1: in Yemen earlier this year. And that is news when

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Speaker 1: you want it with Bloomberg News Now, I'm Doug Chrisner,

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Speaker 1: and this is Bloomberg