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

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Speaker 1: Charlie Pellett. President Trump says he will be making his

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Speaker 1: decision on a replacement for outgoing Federal Reserve Governor Adrianna

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Speaker 1: Kugler this week. Speaking at the White House, the President

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Speaker 1: also said candidates he's considering for the post of FED

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Speaker 1: chair include former Federal Reserve Governor Kevin Walsh, a National

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Speaker 1: Economic Council director Kevin Hassett. The Department of Health and

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Speaker 1: Human Services will cancel contracts and pull funding for some

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Speaker 1: vaccines that are being developed to fight respiratory viruses like

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Speaker 1: COVID nineteen and the flu Robert F. Kennedy Junior announced

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Speaker 1: in a statement that twenty two projects totaling five hundred

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Speaker 1: million dollars to develop vaccines using mRNA technology will be halted.

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Speaker 1: Israel is weighing an expansion of its arm presence in Gaza.

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Speaker 1: That is despite concern by military chiefs and a majority

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Speaker 1: of the country's public that the move risks jeopardizing the

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Speaker 1: prospect of freeing the remaining hostages held by Hamas. Tammy

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Speaker 1: Bruce is a spokesperson for the State Department.

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Speaker 2: What I can tell you is that we would refer

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Speaker 2: you in that instance regarding Israel's plans to the Government

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Speaker 2: of Israel and regarding that reporting Again, reporting is one thing,

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Speaker 2: real plans might be another. We are not in the

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Speaker 2: business of interpreting statements from foreign governments when and if

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Speaker 2: they're made. We do remain focused on fering the hostages.

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Speaker 1: State Department spokesperson Tammy Bruce. The Trump administration has dismissed

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Speaker 1: five out of seven members on Puerto Rico's federal Control

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Speaker 1: Board that oversees the US territory's finances and with more

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Speaker 1: here's Bloomberg's Dan Schwartzmann.

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Speaker 3: It is sparking concern about the future of the island's

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Speaker 3: fragile economy. The five fired are all Democrats. A White

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Speaker 3: House official told the Associated Press on Tuesday that the

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Speaker 3: board quote has been run inefficiently and ineffectively by its

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Speaker 3: governing members for far too long, and it's time to

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Speaker 3: restore common sense leadership. The board was created in twenty

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Speaker 3: sixteen under the Obama administration, a year after Puerto Rico's

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Speaker 3: government declared he was unable to pay it's more than

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Speaker 3: seventy billion dollar public debt load and later filed for

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Speaker 3: the biggest municipal bankruptcy in US history. In New York,

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Speaker 3: Dan Schwartzman Bloomberg Radio.

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Speaker 1: President Trump says US tariffs on semiconductor and pharmaceutical imports

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Speaker 1: will be announced quote within the next week or so.

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Speaker 1: Trump says a tariff on pharmaceuticals will initially be small,

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Speaker 1: but would increase to one hundred and fifty percent and

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Speaker 1: then two hundred and fifty percent because quote, we want

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Speaker 1: pharmaceuticals made in our country. Sarah Bianki was Deputy US

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Speaker 1: Trade Representative during the Biden administration. She is now senior

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Speaker 1: Managing Director and chief Strategist of International Political Affairs and

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Speaker 1: Public Policy at evercore ISI.

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Speaker 4: I think it'll be interesting to see what part of

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Speaker 4: the drug chain supply chain is a president looking for.

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Speaker 4: There's all the way down from the very basic inputs

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Speaker 4: like API to generic drugs, many of those come from India,

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Speaker 4: to more some of the more advanced drugs from the EUS.

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Speaker 4: So I think we have a lot to learn from

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Speaker 4: the President about exactly what he is seeking to achieve here.

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Speaker 1: Sarah Bianki of evercore ISI. The Trump administration is proposing

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Speaker 1: a rule to allow more commercial drones to fly beyond

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Speaker 1: an operator's visual line of sight, a potential boon for

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Speaker 1: companies such as Alphabet's Wing unit and Walmart pushing to

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Speaker 1: deliver packages by autonomous aircraft. Here's Transportation Secretary Sean Duffy.

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Speaker 5: So often technology evolves in government rules and regulations don't

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Speaker 5: evolve with it. I want to be clear for us,

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Speaker 5: the backdrop of this is always safety, making sure our

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Speaker 5: communities and our people are safe. As the opportunity for

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Speaker 5: drone technology evolves and is deployed.

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Speaker 1: Rivian is warning of deeper losses this year, blaming changes

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Speaker 1: to US fuel economy rules under President Trump. The EV

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Speaker 1: maker now sees an adjusted loss of up to two

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Speaker 1: point twenty five billion, higher than analyst estimates. Rivian had

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Speaker 1: previously forecast a one point nine billion dollar loss. Stephanie

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Speaker 1: Valdis Street is director of industry Insights at Cox Automotive.

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Speaker 6: I think we're in a turning point, right. The training

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Speaker 6: wheels have been taken off with the ira E credit elimination,

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Speaker 6: so I think the market's going to have to adjust,

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Speaker 6: you know. I think the next few months the ira

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Speaker 6: credit is eliminated September thirtieth, so we're probably going to

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Speaker 6: see an uptick in EV sales during this timeframe and

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Speaker 6: then start to slow down.

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Speaker 1: Stephanie Valdez Streaty of Cox Automotive. A down day for

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Speaker 1: US stocks. The SMP was down thirty points, falling five

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Speaker 1: tenths of one percent, the Dow down sixty one, down

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Speaker 1: one tenth of one percent, while NASDAK was down six

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Speaker 1: tenths of one percent. And that's news when you want

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Speaker 1: it with blue Burg News Now, I'm Charlie Peloton. This

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Speaker 1: is Bloomfi