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 developments in the trade war.
Speaker 3: President Donald Trump says he might stop trade in cooking
Speaker 3: oil with China. The President posted on social media that
Speaker 3: the US can easily produce it itself and does not
Speaker 3: need to purchase it from China. That says China plans
Speaker 3: to impose new export restrictions on rare earth metals, and
Speaker 3: despite the latest flare up, both countries are set to
Speaker 3: meet for further trade talks ahead of a November one
Speaker 3: deadline for one hundred percent US tariffs on Chinese goods.
Speaker 3: Bloomberg Balance of Power hosts Joe Matthew has more from Washington.
Speaker 4: Guys.
Speaker 5: I don't know if this is going to be the
Speaker 5: path to a deal with China. The President is supposed
Speaker 5: to sit down with Shijinping in just a couple of
Speaker 5: weeks at the APEX summit in Korea. The administration, by
Speaker 5: way of the Treasury Secor Harry's still.
Speaker 6: Saying that that meeting is on.
Speaker 5: And we heard from ust our Career today saying they
Speaker 5: even have a time. We haven't seen that publicly, but
Speaker 5: they have a time to meet and that has not
Speaker 5: changed yet.
Speaker 6: Bloomberg Balance of Power hosts Joe Matthew.
Speaker 3: Both the President and Trade Representative Jamison Grier have expressed
Speaker 3: confidence that friction with China will ease through negotiations.
Speaker 2: Now, let's get to the latest on the government shutdown, Nathan.
Speaker 2: It's day fifteen of the spending fight on Capitol Hill
Speaker 2: and President Trump is renewing his threat to cut federal programs.
Speaker 2: He says he'll have a list of priorities headed for
Speaker 2: the shopping block this Friday.
Speaker 7: We're closing up programs that are Democrat programs that we
Speaker 7: wanted to close up, or that we never wanted to happen,
Speaker 7: and now we're closing them up, and we're not going
Speaker 7: to let him come back. The Democrats are getting.
Speaker 2: Killed, President Trump spoke during a meeting with Argentinian President
Speaker 2: Javier Malay at the White House. Meantime, members of the
Speaker 2: military are set to miss their first paychecks today. House
Speaker 2: Minority Leader Hockey M. Jefferies is in sisting Republicans need
Speaker 2: to negotiate on democrats healthcare demands.
Speaker 8: We also need to make sure that we take care
Speaker 8: of all of our hardworking federal civil servants, which is
Speaker 8: why Republicans should be back here in Washington working with
Speaker 8: us to reopen the government.
Speaker 2: House Minority Leader Honking Jeffrey spoke on Capitol Hill. President
Speaker 2: Trump has directed the Defense Department to divert unspent research
Speaker 2: funds to pay the troops. House Speaker Mike Johnson has
Speaker 2: said he is the right to do that without congressional
Speaker 2: approval and.
Speaker 6: As the government shut down. Lingers on Karen.
Speaker 3: Massachusetts Democratic Senator Elizabeth Warren is criticizing President Trump over
Speaker 3: his decision to allocate twenty billion dollars in taxpayer funds
Speaker 3: to Argentina.
Speaker 6: Warren spoke on Bloomberg's Bounce of Power.
Speaker 9: Let me get this straight. Argentina hurts American farmers, and
Speaker 9: the President of the United States responds by giving twenty
Speaker 9: billion dollars to Argentina, plus Secretary best saying and a
Speaker 9: blank checks they need more.
Speaker 6: That's Massachusetts Senator Elizabeth Warren.
Speaker 3: Now, President Trump is suggesting the twenty billion dollar lifeline
Speaker 3: could be contingent on Libertarian leader jave Or Malay's success
Speaker 3: in Argentina's midterm elections. You can catch our full interview
Speaker 3: with Senator Warren on the Bloomberg Podcast channel on YouTube.
Speaker 2: Nathan, let's get to the latest. Now in the Middle East,
Speaker 2: the Israeli military now says one of the four bodies
Speaker 2: handed over by Hamas yesterday is not that of a hostage.
Speaker 2: It comes as an Israeli military agency also says it
Speaker 2: would have the number of trucks allowed to bring humanitarian
Speaker 2: aid into Gaza over concerns that the militant group was
Speaker 2: returning the remains more slowly than agreed meantime, President Trump
Speaker 2: demanded that Hamas return the bodies of deceased hostages. President
Speaker 2: Trump threatened the militant group with retaliation if it does
Speaker 2: not lay down its arms.
Speaker 7: We have told them we want disarmed, and they will disarm.
Speaker 6: And if they don't diss we will disarm them.
Speaker 7: And it'll happen quickly and perhap aps violently, but they
Speaker 7: will disarmed.
Speaker 10: You understand me.
Speaker 2: President Trump says the disarmament would have to occurred within
Speaker 2: quote a reasonable period of time.
Speaker 3: Well, Karen, we're watching stocks in France this morning. They're
Speaker 3: up two point four percent. That's after French Prime Minister
Speaker 3: Sebastian Lacorneo won the backing of the Socialist Party, boosting
Speaker 3: his chances of surviving two no confidence votes set for tomorrow,
Speaker 3: also boosting French shares. An earnings beat from Paris based LVMH,
Speaker 3: the owner of Louis Vuitton and Christian do Your unexpectedly
Speaker 3: returned to sales growth in the third quarter. It suggests
Speaker 3: a slump in luxury demand is easing and shares of
Speaker 3: LVMH right now are up nearly fourteen percent and.
Speaker 2: Return to the markets now Nathan where futures are higher.
Speaker 2: On optimism over raid cuts, yesterday, FED chair J. Powell
Speaker 2: reinforced bets and a cut later this month. Given a
Speaker 2: weakening labor market.
Speaker 10: For the last few months, we've been able to maintain
Speaker 10: our strictive stance because the labor market was still pretty solid.
Speaker 10: I think that the data we got right after the
Speaker 10: July meeting showed that which adjusted back all the way
Speaker 10: through May, showed that the labor market has actually softened
Speaker 10: pretty considerably and puts us in a situation where the
Speaker 10: two risks are closer to being at balance.
Speaker 6: FED J. J.
Speaker 2: Powell made the comments yesterday at the National Association for
Speaker 2: Business economics in Philadelphia. The fed's next rate decision is
Speaker 2: two weeks from today. JP Morgan Chase CEO Jamie Diamond
Speaker 2: says he will offer to help zoorn Mom Donnie if
Speaker 2: Mondamie becomes the next mayor of New York City and
Speaker 2: we get more with Bloomberg's John Tucker.
Speaker 11: Talk about strange Bedfellows. Diamond is head of the biggest
Speaker 11: US bank. Mom Donnie is the socialist candidate and Democratic
Speaker 11: front runner. Should Mom Donny win the mayor's race, Diamond
Speaker 11: says he will offer to help. As he put it,
Speaker 11: I have to deal with the world I got, you know,
Speaker 11: not the world I want. And if he becomes mayor,
Speaker 11: so be it. Mam Donnie has already held several sitdowns
Speaker 11: or private phone calls with executives in New York, including Diamond,
Speaker 11: as part of a charm offensive. Diamond, who previously referred
Speaker 11: to Mom Donnie is more of a Marxist than a socialist,
Speaker 11: so that it's important for business leaders or in odds
Speaker 11: with local officials to get involved in grow up. He
Speaker 11: also added that it's odd to have the bashion of
Speaker 11: American capitalism with a socialists getting that job in New
Speaker 11: Yorkome John Tucker Bloomberg Radio.
Speaker 2: Time Now for a look at some of the other
Speaker 2: stories making news in New York and around the world.
Speaker 2: And for that we're joined by Bloomberg's Michael Barr Michael,
Speaker 2: good Morning.
Speaker 4: Good Morning, Karen. A group of House Democrats marched into
Speaker 4: Speaker Mike Johnson's office on Capitol Hill Tuesday afternoon, demanding
Speaker 4: that he's swearing Representative elect out of Leader Grahava, a
Speaker 4: Democrat from Arizona. Johnson was not there. It comes as
Speaker 4: to push for a full release of the Epstein files
Speaker 4: is stalled because of the government shutdown. Grahava would be
Speaker 4: the final signature needed to force a House floor vote
Speaker 4: on the release of the Epstein files, but Republicans have
Speaker 4: chosen to keep the House out of session, delaying or
Speaker 4: swearing in Presentative elect Grivahava spoke in front of the
Speaker 4: Speaker's office.
Speaker 2: I have not had one word from Speaker Johnson, not
Speaker 2: one word, and we sent a letter.
Speaker 6: Now our Attorney.
Speaker 12: General is getting involved because this is taxation without representative.
Speaker 4: Rey Havas says, if she were a Republican, she would
Speaker 4: have already been sworn in. MGM Resorts International pulled out
Speaker 4: of the competition to operate a casino in the New
Speaker 4: York area due to shifting economic and competitive conditions. Three
Speaker 4: companies are still in the running to operate casinos in
Speaker 4: New York. President Donald Trump posthumously awarded conservative activist Charlie
Speaker 4: Kirk the nation's highest civilian honor, the Presidential Medal of Freedom.
Speaker 4: President Trump at the Rose Garden ceremony, We're.
Speaker 7: Here to honor and remember a fearless warrior for liberty,
Speaker 7: beloved leader who galvanized the next generation like nobody I've
Speaker 7: ever seen before.
Speaker 4: Kirk was fatally shot on September tenth while speaking at
Speaker 4: Utah Valley University on the first stop of his The
Speaker 4: American Comeback Tour. Global News twenty four hours a day
Speaker 4: and whenever you want it with Bloomberg News Now. Michael Barr,
Speaker 4: this is Bloomberg Heren.
Speaker 2: Thanks Michael time now for our Bloomberg Sports update, and
Speaker 2: for that we bring in John stash Hour.
Speaker 13: Thanks Karen brilliant starting pitching as lift of the LA
Speaker 13: Dodgers to a two to nothing lead in the NLCS
Speaker 13: the night after Blake Snell went eight innings, allowed only
Speaker 13: one hit, Yashinobu Yamamoto went nine innings gave up just
Speaker 13: three hits. The Dodgers won five to one in Milwaukee.
Speaker 13: They go home up to nothing in the series. Game
Speaker 13: three of the ALCS. Tonight in Seattle, the Mariners lead
Speaker 13: Toronto two games to nine. Edmundton oiler is a two
Speaker 13: to nothing shut out of the Rangers, who are the
Speaker 13: first team ever to get shut out in each of
Speaker 13: their first three home games to start a season. That's
Speaker 13: a Bloomberg Sports update.
Speaker 6: Stay with us.
Speaker 2: More from Bloomberg day Break coming up after this.
Speaker 1: Coast to coast on Bloomberg Radio nationwide, Serious exam and
Speaker 1: around the world on Bloomberg dot Com and the Bloomberg
Speaker 1: Business app. This is Bloomberg Daybreak.
Speaker 3: Good morning, I'm Nathan Hager. Cooking oil is now heating
Speaker 3: up US China trade tensions. President Trump's threatening to stop
Speaker 3: buying it from China because Beijing isn't buying soybeans from America.
Speaker 3: It's rattling the market, even as US Trader Representative Jamison
Speaker 3: Greer saying things will work out between the world's two
Speaker 3: biggest economies.
Speaker 2: There's always some level of dramatics to it, where they
Speaker 2: will you know, if we take measures, you know, little
Speaker 2: measures here, and they they'll threaten to bring down hell
Speaker 2: fire and things like that.
Speaker 6: That was US Trade Rep.
Speaker 3: Jamison Greer on SANDBC before the president's latest trade salvo.
Speaker 3: For more were joined by Bloomberg News Chief Asia correspondent
Speaker 3: Rosalind Matheson and Roz. We've talked before about the US
Speaker 3: and China positioning, have trade talks expected later this month?
Speaker 6: How did cooking oil get caught in the middle? Good morning,
Speaker 6: Good morning.
Speaker 12: Well, yes, it's now moved from shipping to cooking oil,
Speaker 12: it seems. And Donald Trump, as you was saying, using
Speaker 12: that to say that he might retaliate for what he
Speaker 12: sees as Beijing's refusal to buy American soybeans. The interesting
Speaker 12: thing in all of this is that cooking oil is
Speaker 12: actually only a very small import for China. Only a
Speaker 12: small amount of cooking oil does come in from China
Speaker 12: to the US in terms of specifically just how much
Speaker 12: soybeans China has, you know, typically imported from the US.
Speaker 12: So it's a bit of an asymmetrical thing to come
Speaker 12: at in terms of Donald Trump's comments overnight, because again
Speaker 12: soybean's far Outwait, whatever the US brings in when it
Speaker 12: comes to processed food all. But it's just now the
Speaker 12: sign of how broad and complex these trade tensions are.
Speaker 12: So we've gone from you know, rare earths and high
Speaker 12: tech and chips, to shipping to soy and now to
Speaker 12: cooking oil. And obviously there are other aspects of the
Speaker 12: trade relationship potentially to come. And is this again simply
Speaker 12: positioning before a potential meeting between Queen Cjmping and Donald Trump.
Speaker 12: We do know from US officials at least that the
Speaker 12: lines of communication are open. I mean, Jamison Greer said
Speaker 12: that as well, that there was a meeting as recently
Speaker 12: as Monday between some unnamed US and Chinese officials, so
Speaker 12: they are at least talking to each other. The question is,
Speaker 12: in all of this tit for tat that's going on,
Speaker 12: desire the country overstep in a way that puts the
Speaker 12: other country in a difficult spot and makes a meeting
Speaker 12: impossible for Trump and Seed to agree to.
Speaker 3: Do we know anything further ras about what's come out
Speaker 3: of those talks that the Trump administration has talked about
Speaker 3: this week, other than the idea that they are still talking, No,
Speaker 3: we know very.
Speaker 12: Little about those conversations and again we don't even know
Speaker 12: from Jameson Greer who was involved in that conversation that
Speaker 12: potentially happened at the start of this week. We also
Speaker 12: know that the US Treasury Secretary, Scott Besson said that
Speaker 12: he was expecting to meet the Chinese Vice president one
Speaker 12: more time before the end of the month. Is this
Speaker 12: about trying to get the foundations for Sieging Ping and
Speaker 12: Donald Trump to sit in a room and come out
Speaker 12: with something, either extension of the trade truth that they've
Speaker 12: got or something more tangible and lasting. And it seems
Speaker 12: to be that they're obviously trying to clear the pathway
Speaker 12: through all these different tension points to get there, but
Speaker 12: we have very little sense so far of what exactly
Speaker 12: those conversations have been like.
Speaker 3: Well, that raises the question then about whether all these
Speaker 3: threats are just that threats, or whether we could see
Speaker 3: something concrete in terms of shifting purchases or even that
Speaker 3: thread of one hundred percent tariffs on Chinese imports on
Speaker 3: November first? Is November one the next tipping point here?
Speaker 3: We got about a minute left.
Speaker 12: Potentially, and obviously a lot would depend on that meeting
Speaker 12: and what comes out of it and how much they
Speaker 12: use their personal rapport with each other to come to
Speaker 12: an agreement. But you know, you've got Sieging Ping who's
Speaker 12: got a lot at stake at home with his economy,
Speaker 12: versus Donald Trump, who can be quite impulsive in the
Speaker 12: minute in announcing things or deciding things, and we've seen
Speaker 12: that before, and he can also change his mind very quickly.
Speaker 12: So that does inject a high level of uncertainty into
Speaker 12: this into this meeting. Does Trump just feel in the
Speaker 12: minute he's not got what he wanted and so he
Speaker 12: slaps extra tariffs on It's very hard to say, but
Speaker 12: certainly this climate of constant you know, tit for tat
Speaker 12: action and threats against each other is not conducive to
Speaker 12: going into it to a meeting where you're hoping to
Speaker 12: get some kind of tangible outcome.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 6: I'm Karen Moscow and I'm Nathan Hager.
Speaker 3: Join us again tomorrow morning for all the news you
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Speaker 6: Dabray