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

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Speaker 1: Krisner here in New York City. The polls are closed

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Speaker 1: and the counting is underway in the Democratic mayoral primary.

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Speaker 1: Bloomberg's Denise Pellegrini is here with the latest.

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Speaker 2: Denise, Doug, We've got some major developments. New York City

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Speaker 2: mayal primary will go to a rank choice count because

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Speaker 2: no candidate can win fifty percent of the vote. Here's

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Speaker 2: the breakdown. Ninety percent of the vote counted. Democratic Socialists

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Speaker 2: and Queen's Assemblyman Zora Mamdani making a way stronger than

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Speaker 2: expected forty three and a half percent, showing a different

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Speaker 2: picture for former Governor Andrew Cuomo. He has conceded in

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Speaker 2: the Democratic primary with thirty six point three percent to

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Speaker 2: the vote and ninety percent of the vote counted. Here's

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Speaker 2: Cuomo to supporters.

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Speaker 1: Tonight was not our night.

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Speaker 3: Tonight was Assemblyman Mandani's night.

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Speaker 4: Now.

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Speaker 2: Cuomo, i should point out, has previously said if he loses,

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Speaker 2: he would still run on his newly created Fight and

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Speaker 2: Deliver party ballot, so he's down but not out there.

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Speaker 2: Current Mayor Eric Adams has also says he plans to

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Speaker 2: run in the race in November as an independent and

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Speaker 2: looking at some other races, City Controller Brad Lander. He

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Speaker 2: got eleven point four percent in that mayoral primary, far

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Speaker 2: fewer than expected. A lot of his supporters just straight

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Speaker 2: out voting for Mamdani. It looks like and in other

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Speaker 2: races were also looking at mayor Manhattan District Attorney Alvin Bragg.

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Speaker 2: He's the winner in his primary. Denise Pelgrene Bloomberg Radio, and.

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Speaker 1: We should note that Michael Bloomberg, founder and majority owner

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Speaker 1: of Bloomberg Radio parent Bloomberg LP, has endorsed Andrew Cuomo

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Speaker 1: in the democratic primary. America's recent bombing of Iran's nuclear

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Speaker 1: sites may have fallen short of the claims issued by

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Speaker 1: the White House. A report produced by the Defense Intelligence

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Speaker 1: Agency says the strikes likely did not cripple the core

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Speaker 1: components of Iran's nuclear program below ground, including its centrifuges.

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Speaker 1: The report says the strikes did set back the program

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Speaker 1: several months to as much as a year, with considerable

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Speaker 1: damage on the surface. Here's General Frank McKenzie, former commander

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Speaker 1: of US Central Command.

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Speaker 5: We certainly should not consider it as defenditive. This still

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Speaker 5: very early after the attack. It'll take a little while

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Speaker 5: to come to finality on what the battle damage assessment is.

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Speaker 1: That is General Frank McKenzie, former commander of US Central Command. Meantime,

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Speaker 1: Israel and Iran appear to be honoring a ceasefire broken

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Speaker 1: by President Trump late Monday, there were reports of Israeli

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Speaker 1: air strikes and Iranian missile launches continuing past the deadline

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Speaker 1: at midnight Washington time. President Trump spoke to reporters earlier

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Speaker 1: today aboard Air Force One.

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Speaker 6: I'd like to see everything calm down as quickly as possible.

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Speaker 6: Regime James takes chaos, and ideally we don't want to

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Speaker 6: see so much chaos, so to see how it does.

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Speaker 6: You know, the Iranians are very good traders, very good

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Speaker 6: business people, and they got a lot of oil. They

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Speaker 6: should be fine. They should be able to rebuild and

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Speaker 6: do a good job. They're never going to have nuclear

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Speaker 6: but other than that, they should do a great job.

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Speaker 1: Now. Israel did acknowledge at least one strike following the deadline,

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Speaker 1: saying it responded to incoming Iranian missiles, and at the

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Speaker 1: same time, the UN Nuclear Watchdog says it's ready to

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Speaker 1: resume inspections in Iran Treasury Secretary Scott Besson said today

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Speaker 1: House and Senate Republicans can cut a deal on the

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Speaker 1: issue of state and local tax deductions within the next

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Speaker 1: two days. These comments suggest lawmakers may resolve one of

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Speaker 1: the key issues that has stymied President Trump's economic legislation.

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Speaker 1: Here is Beson speaking to reporters earlier on Capitol Hill.

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Speaker 3: I had a very successful lunch meeting with the Senators.

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Speaker 3: I think that we are on track for a hopefully

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Speaker 3: for a vote this Friday for July fourth. For the

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Speaker 3: tax bill. Is doing peace deals, tax deals, trade deals,

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Speaker 3: so you've done a peace steel I think we'd have

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Speaker 3: the tax ill done by July fourth, and then we

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Speaker 3: can finish with the.

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Speaker 1: Trade deals that is US Treasury Secretary Scott bessont there now,

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Speaker 1: lawmakers from high tax states are pushing to raise the

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Speaker 1: cap on state and local tax deductions to forty thousand dollars,

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Speaker 1: with a vote in the Senate expected as early as Friday.

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Speaker 1: Besson says the bill's passage would unlock the administration's ability

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Speaker 1: to wrap up key trade deals. After the bail FedEx

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Speaker 1: slashed it's earnings forecast for the current quarter. This reflects

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Speaker 1: the company's current economic outlook, and it assumes no further

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Speaker 1: negative developments in global trade or in the economic and

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Speaker 1: geopolitical environments. We got reaction from Craig Fuller. He is

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Speaker 1: the founder and CEO of the price reporting agency freight Waves.

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Speaker 4: I think the volatility that we're seeing in the logistics

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Speaker 4: market is in many ways unprecedented. It can be compared

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Speaker 4: to COVID, but a lot of uncertainty calls by policy decisions.

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Speaker 4: So really the war, because of the fact that it looks,

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Speaker 4: at least at this point contained, it's less of a factor.

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Speaker 4: What we're looking at is just US trade policy and

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Speaker 4: how it impacts the rest of the world, how they

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Speaker 4: respond to it.

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Speaker 1: That is Craig Fuller of Freightways speaking earlier to Bloomberg. Incidentally,

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Speaker 1: the shares and FedEx were down more than five percent

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Speaker 1: in late US trading, and that is news when you

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

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Speaker 1: this is Bloomberg