November 3, 2025 • 21 mins
On today's podcast:
1) President Trump sat down with CBS' 60 Minutes - as heard on Bloomberg Radio - for a long-ranging discussion on the government shutdown, tariffs, and border security. Trump says immigration raids “haven’t gone far enough” despite videos showing physical confrontations among federal agents, immigrants and protesters. Trump also said that he could use the Insurrection Act to use professional military, instead of the National Guard, to US cities “if I wanted to.” The president’s comments come after his administration expanded a federal program that deputizes local police to enforce immigration laws, signing up nearly 16,000 officers across 40 states as part of an effort to boost deportations, according to data reviewed by Bloomberg News.
2) President Trump said he would skip attending the Supreme Court hearing this week over the legality of his worldwide tariffs regime. The court is scheduled on Wednesday to hear Trump’s appeal of a lower court’s ruling that many of his “Liberation Day” tariffs exceeded the president’s emergency power to regulate imports. Trump had said he felt an “obligation” to watch in person as the Supreme Court weighed his power to impose tariffs. If he had attended, he would have been the first sitting president in US history to attend oral arguments at the high court.
3) The summit between Chinese President Xi Jinping and President Trump was a breakthrough in bilateral relationship where the Asian giant was treated as an “equal partner” of the US, according to David Daokui Li, a regular policy adviser to Beijing. Speaking to Bloomberg TV on Monday, Li described a sense of enthusiasm among his peers in Beijing following the leaders’ meeting in South Korea last week. The exchange led to a one-year trade truce, although it didn’t address core differences between the world’s two largest economies.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the latest comments from President Donald Trump.
He gave a wide ranging interview to CBS's sixty Minutes
Heard here on Bloomberg Radio that covered his talks with
Chinese President Shi Jen Ping, immigration raids in major US cities,
and more. The President has said the status of Taiwan
never came up in his discussions with she. That prompted
(00:35):
this question from correspondent Nora O'Donnell, would you.
Speaker 4 (00:38):
Order US forces to defend Taiwan?
Speaker 5 (00:41):
You'll find out if it happens. And he understands the
answer to that. This never even came up yesterday as
a subject. He never brought it up. People were a
little surprised that he never brought it up, because he
understands it, and he understands it very well.
Speaker 3 (00:56):
And on the subject of immigration raids, the president was
asked if ice tactics against immigrants and protesters have gone
too far.
Speaker 5 (01:03):
No, I think they haven't gone far enough, because we've
been held back by the judges, by the liberal judges
that were put in by Biden and by Obama.
Speaker 3 (01:12):
President Trump repeated his claims that many detained immigrants have
criminal records, and he says he could invoke the Insurrection
Act to send regular military service members into cities rather
than National Guard if he wants to Well Nathan.
Speaker 2 (01:25):
President Trump also discussed the government shot down now and
it's thirty fourth day and on track to be the
longest ever this week, the President tells sixty Minutes he
won't be extorted, in his words, by Democrats who are
demanding an extension of Affordable Care Act subsidies that expire
at the end of the year.
Speaker 5 (01:41):
Obamacare is terrible. It's bad healthcare at far too high
a price. We should fix that. We should fix it,
and we can fix it with the Democrats. All they
have to do is let the country open and we'll
fix it.
Speaker 2 (01:56):
By Democratic Senator Mark Warner says the time for the
president to negotiate now.
Speaker 6 (02:00):
Everyone as of Saturday saw healthcare rates skywark. This is
an immediate crisis too. With bloom can we can date
and we can deal with this jointly, but it's going
to require the active intervention of the president.
Speaker 2 (02:14):
Senator Warner appeared on CBS's Face the Nation heard Sundays
on Bloomberg Radio, sixty minutes airs every Sunday evening at
eight pm on Bloomberg eleven three to zero in New York,
Bloomberg ninety two nine in Boston, and Bloomberg ninety nine
to one in Washington, DC.
Speaker 3 (02:29):
Well Karen, President Trump also says he will skip this
week's Supreme Court hearing on the legality of his worldwide
tariff regime. President spoke on Air Force One as he
returned to Washington from mar Alago last night.
Speaker 7 (02:41):
I think it's one of the biggest decisions in the
history of the Serviet book. Other countries used tariffs against
US if we weren't able to help openly and freely.
Elite used tariffs against I'll give you an example of
China that was going to be a disaster for the world,
and I was able to settle it very quick raised
because that example, these.
Speaker 3 (03:02):
Jars the Supreme Court is scheduled here the President's appeal
of a lower court ruling that many of his Liberation
Day tariffs exceeded emergency power to regulate imports.
Speaker 2 (03:12):
On Wednesday, Well, reactions still pouring into the US China
trade deal. Nathan, a regulatory advisor to Beijing, says a
summit was a breakthrough in bilateral relationships where China was
treated as an equal partner of the US. Some other developments,
the US is expected to suspend port fees for a
year on China linked vessels starting next week, and China
(03:33):
will effectively suspend the implementation of new export controls on
rare earth metals and and investigations into American companies in
the semiconductor supply chain. Still, Treasury Secretary of Scott Besson
has worn the US must still be cautious.
Speaker 8 (03:47):
I think and I hope after the agreement and the
good will between President She and President Trump in Korea
that we can depend on them to be more reliable
partners and the rest of the world can depend on them.
But we can't take that chance. We don't want to
do couple with China, but we're going to have to.
Speaker 2 (04:06):
Do risk and Treasury Secretary Scott Besson made the comments
on Fox News Sunday.
Speaker 3 (04:11):
Train to Markets Now. Karen stocks begin a new trading
month on a winning streak. The S and P five
hundreds gained for six straight months, while the Nasdaq one
hundred's done even better. It's up seven straight months. Wall
Street's looking at another busy week for earnings, with consumer
companies in focus, and we get a preview from Bloomberg's
Charlie Pellett.
Speaker 9 (04:29):
More than half of S and P five hundred companies
have reported quarterly results, and Uber and McDonald's earnings will
likely underscore deteriorating consumer sentiment in the US. Emily Rowland
is co Chief Investment Strategistic Manual Life Investment Management.
Speaker 4 (04:46):
You know, certainly, earnings have been a huge positive.
Speaker 10 (04:48):
This earning Season's been spectacular, ten and a half percent
earnings growth, eighty two percent beat rate.
Speaker 9 (04:56):
Also reporting this week, tech Names, Palanteer, Qualcommon, Door, Dash,
along with Warner Brothers, Discovery, Pfizer, and Young Brands in
New York. Charlie Palett, Bloomberg Radio.
Speaker 4 (05:07):
Thanks Charlie.
Speaker 2 (05:08):
One Big Earning's report over the weekend to get you
caught up on Warren Buffetts, Berkshire, Hathaway reported a thirty
four percent surge in operating earnings. The conglomerates cash files
sword to almost three hundred and eighty two billion dollars.
Speaker 3 (05:22):
Well Oil is moving a touch lower this morning. Karen
after Opec Plus announced plans to pause output increases at
the start of next year. The group and its allies
say they'll raise production by about one hundred and thirty
seven thousand barrels a day in December before taking a
break from January to March. The move comes as the
market contends with growing concerns about oversupply that have driven
(05:43):
Brent prices down by a round ten percent over the
past three months. This morning, Brent is down about two
tenths of one percent, trading below sixty five dollars a barrel.
West Texas Intermediate is down two tenths of one percent.
It's below sixty one dollars.
Speaker 2 (05:57):
It's staying with energy here, Nathan, BP as a great
vest stakes and US shale assets for one and a
half billion dollars as it seeks to shore up its
balance sheet and went back investor confidence. BP has pledged
to divest twenty billion dollars of assets by the end
of twenty twenty seven. Time now for look at some
of the other stories making news in New York and
(06:19):
around the world, and for that we're joined by Bloomberg's
John Tucker.
Speaker 11 (06:22):
John, Good morning, Good morning, Karen, seven hundred and thirty
five thousand New Yorkers have already cast their ballots in
early voting, and that has broken the record for a
megro election in New York. The early voting ended yesterday
with no lack of enthusiasm.
Speaker 5 (06:36):
Well, I really wanted to vote early because I wanted
my kid to be able to vote with me and
to see the voting process, and we talked about the issues.
Speaker 11 (06:44):
Affordability has been the key issue in this race to begin.
The city's one hundred eleventh mayor Democratic nominee, Zorin Bamdani
is the front runner. Day thirty four, the government shutdown
and delays, it getting worse at local airports and Bloomberg's
Monica Rix as that story.
Speaker 12 (07:00):
The Federal Aviation Administration issued a temporary groundstop for some
flights to Newark Liberty International Airports Sunday due to staffing issues.
But it's not just New Jersey. Thousands of flights were
delayed over the weekend over shortages nationwide, and US Transportation
Secretary Sean Duffy warrens it's only going to get worse
the longer the government shutdown continues.
Speaker 6 (07:22):
There is a level of risk that gets injected into
the system. When we have a controller that's doing two
jobs instead of one.
Speaker 12 (07:28):
More air traffic controllers and TSA agents have been calling
out sick rather than working without pay.
Speaker 4 (07:34):
Monica Rix.
Speaker 11 (07:35):
Bloomberg Radio Israel announced the remains of three hostages had
been handed over from Gaza and would be examined by
forensic experts. This is a franchial month o cease fire
holds a Hamas statement earlier, so the remains were found
in a tunnel in southern Gaza. If please say one
of two men arrested in connection with a mass stabbing
attack that spread fear and panic on a London bound
(07:56):
train Saturday has been released without charge. One person, a
heroic member of the railway staff, remains in a life
threatening condition. The only remaining suspect is a thirty two
year old British man, remains in custody on suspicion of
attempted murder. Global News twenty four hours a day and
whatever you wanted with Bloomberg News. Now, I'm John Tucker
and this is Bloomberg Karen.
Speaker 5 (08:18):
Thanks Jean.
Speaker 2 (08:19):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Speaker 10 (08:23):
Thanks Daren So Tonight Football was in Washington. Seattle got
four touchdown passes from Sam Darnold. The Seahawks beat the
Commanders thirty eight to fourteen, and AFC showdowns Buffalo in
Kansas City twenty eight to twenty one. Danvers six straight win,
four of them have been comebacks in the fourth quarter.
The Broncos won eighteen to fifteen at Houston. The Colts
loss for just the second time. They turned it over
(08:43):
six times in a twenty seven to twenty loss in
Pittsburgh and in Jacksonville's overtime win in Las Vegas. Can
Little Cake an NFL record sixty eight yard field goal.
That's a Bloomberg Sports update.
Speaker 2 (08:56):
Stay with us. More from Bloomberg day Break coming up
after this.
Speaker 1 (09:04):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 4 (09:12):
This is Bloomberg Daybreak.
Speaker 2 (09:15):
And let's start now to a conversation with President Trump.
He sat down with CBS's sixty Minutes or It's Sundays
on Bloomberg Radio for an extended conversation on the ongoing
government shutdown and near Strump. Speaking with CBS's Nora O'Donnell.
Speaker 13 (09:29):
We are now approaching the longest shutdown in American history.
Speaker 4 (09:34):
Democrats fault under your presidency.
Speaker 13 (09:36):
We're talking about more than a million federal workers who
are not getting a paycheck, including our air traffic controllers.
You see, there's traffic snarls out at the airports now.
This weekend, food aid for more than forty two million
Americans is set to expire. What are you doing as
president to end the shutdown.
Speaker 5 (09:55):
We what we're doing is we keep voting. I mean,
the Republicans are voting almost unanimously to end it, and
the Democrats keep voting against ending it. You know, they've
never had this. This has happened like eighteen times before.
The Democrats always voted for an extension, always saying, give
us an extension, we'll work it out. They've lost their way,
they become crazed lunatics. And all they have to do,
(10:18):
Nora is say let's vote.
Speaker 4 (10:22):
Senate.
Speaker 13 (10:22):
Democrats say they will vote to reopen the government if
Republicans agree to extend subsidies for over twenty million Americans
who use Obamacare for their health insurance.
Speaker 5 (10:34):
Obamacare is terrible. It's bad healthcare at far too high
a price. We should fix that. We should fix it,
and we can fix it with the Democrats. All they
have to do is let the country open and we'll
fix it. They have to me the country and I'll
sit down with the Democrats and we'll fix it. But
they have to let the country and.
Speaker 4 (10:54):
You know what that plan to do.
Speaker 5 (10:55):
All they have to do is raise five hands. We
don't need all of them.
Speaker 13 (10:58):
But so you're saying your plan is to tell the
Democrats to vote to.
Speaker 4 (11:02):
End the shutdown.
Speaker 5 (11:03):
Correct, very simple, and that.
Speaker 4 (11:05):
You will put forward a health care plan.
Speaker 5 (11:07):
No, we will work on fixing the bad health care
that we have right now. We have terrible health care
at too expensive for the people, not for the government,
for the people.
Speaker 13 (11:17):
You've been talking about fixing the healthcare futures.
Speaker 5 (11:20):
And you can't do it because of the Democrats.
Speaker 4 (11:22):
But since twenty fifteen you've said, you've been.
Speaker 5 (11:24):
Talking about it for a long time. We almost did it.
We were one vote short. We would have had great
health care.
Speaker 13 (11:29):
That was in twenty seventeen when Senate Republicans failed by
one vote or to partially repeal Obamacare.
Speaker 5 (11:36):
We can make it much less expensive for people and
give them much better healthcare.
Speaker 4 (11:41):
Where is that plan?
Speaker 5 (11:42):
Willing to work with the Democrats on it? The problem
is they want to give money to prisoners, to drug dealers,
to all these millions of people that were allowed to
come in with an open border from Biden. And nobody
can do that. Don you just one Republican would ever
do that?
Speaker 13 (12:00):
Is if those healthcare subsidies are not extended, premiums will
double for many of the people that are on it.
Speaker 4 (12:06):
I was looking into it.
Speaker 13 (12:08):
Three quarters of these people will see their healthcare premiums double.
Live in states where you won in the last election.
I mean even here in Florida has the highest number
of residents on Obamacare in the country.
Speaker 5 (12:21):
And I'm saying we can fix it.
Speaker 13 (12:22):
No, you have helped end these government shutdowns in the past,
what they came about it, and you did it by.
Speaker 5 (12:27):
Very good at it. I'm not members to do it
by I'm not going to do it by extortion. I'm
not going to do it by being extorted by the
Democrats who have lost their way. There's something wrong with
these people.
Speaker 4 (12:38):
Then what happens.
Speaker 5 (12:40):
Patient Shumer is a basket case and he has nothing
to lose. He's become I just left Japan. He's become
a kami kazi pilot.
Speaker 13 (12:48):
Sounds like it's not going to get solved. The shutdown,
it's going.
Speaker 5 (12:51):
To get sofia. Oh, it's going to get so how
we'll get it, sup Eventually they're going to have to vote.
Speaker 4 (12:56):
You're saying the Democrats will capitulate.
Speaker 5 (12:58):
I think they have to and if they don't vote,
that's their problem. Now I happen to agree to something else.
I think we should do the nuclear option. This is
a totally different nuclear by the way, it's called ending
the filibuster.
Speaker 13 (13:10):
But to do that, he'd need send a majority leader,
John Thune to change Senate rules.
Speaker 4 (13:16):
Did you see John Thune said today.
Speaker 5 (13:18):
That No, No, John doesn't. Well, John and a few
other but you know what, the Republicans have to get tougher.
If we end the filibus so we can do exactly
what we want, We're not gonna lose power. The theory is, oh,
then we'll do it, but then when they get into
power someday they'll do That's true. But you know what,
so you think you're here right now? No, I like
John Thune. I think it's terrific, but I disagree with him.
Speaker 4 (13:39):
On this point, he said today he wasn't going to
do it.
Speaker 5 (13:42):
Well, that's too bad.
Speaker 2 (13:45):
President Trump. There speaking of CBS, as Nora O'Donnell on
sixty minutes, you can catch sixty minutes every Sunday at
eight pm Eastern on Bloomberg eleven three to yero in
New York, Bloomberg ninety two nine in Boston, and Bloomberg
ninety nine to one in Washington, d C.
Speaker 4 (14:00):
Nathan.
Speaker 3 (14:00):
All right, Karen, thank you. Let's turn back to the
nation's capital now and get more reaction to what we
just heard from President Trump. Joining us now is Terry Haines,
the founder of Pangaea Policy. Terry, it's great to speak
with you this morning. Now we are into day thirty
four of the government shut down. Did we hear anything
new from President Trump in that sixty minutes conversation as
(14:21):
to how this ends?
Speaker 14 (14:23):
Good morning, Good morning, Nathan. I don't think we heard
anything new, but I think what we heard was was
more transparent and expressed more plainly than the the fog
of negotiation, the fog of war that we've heard before.
What this is is Trump saying, essentially, I mean, of course,
(14:46):
reiterating the Trump and Republican position that they're not going
to negotiate the healthcare extension overholding the government, as they
would put it hostage. But what Trump is saying very
plainly is, look, you can actually have a victory, and
I'm interested in having you have one if you end
(15:07):
the government shutdown, and I'll engage in negotiations with you
to actually to make things better, faster, cheaper. And that's
a very plain message to Democrats and something that I
think they'll probably consider as a way of declaring victory
on this because all they need to do really to
(15:30):
end the shutdown is take Republican offers, whether it be
from the President here very plainly yesterday, or from congressional
Democrats earlier, to negotiate on the shutdown.
Speaker 3 (15:43):
How do you see that playing out, though, Terry, because
it's been more than a month now and the Democrats
have held pretty firm on their position that they want
to see an extension of those expiring subsidies for affordable
health care before they'll agree to to reopen the government.
Speaker 14 (16:02):
Well, I see it in a couple of ways. One
is that I've been saying this since before the shutdown started.
I see it a couple of ways. One is that
this is not a substanti This is not a substantive
position over healthcare. But until about two weeks before the shutdown,
it was not clear what grounds the Democrats might use
(16:22):
in order to shut the government down, and they eventually
picked healthcare because they thought it was a good issue
for them. But number one, number two, it's has much
more political, having to do with showing the base defiance,
showing the donors defiance, that sort of thing. But secondly,
(16:42):
I've also said since before the shutdown started that they've
set this up to not be about substance, to be technical,
and what I mean by that is that this is
not about the Democrats position is about how negotiations happen,
not whether the negotiations happen. Democrats continue to say that
(17:03):
Republicans refuse to negotiate with them on this. The President's
interview last night is the clearance evidence yet that Republicans
position is that they would like to negotiate this, but
they have to do it after the government reopens, not
as part of a not part of that process.
Speaker 3 (17:25):
The issue of snap benefits they were supposed to expire.
Over the weekend, there was a judge's decision that indicates
that that might not be the case that the food
assistants will continue. Could that extend the shutdown?
Speaker 14 (17:44):
Do you mean the legal wrangle over this, the.
Speaker 3 (17:48):
Fact that there could possibly be a further extension of
food assistants that understood?
Speaker 14 (17:55):
Yeah, yeah, you know, I don't think so. The you know,
the judges will, we'll run back and forth on whether
SNAP extensions are required not required. The biggest issue really though,
is a political issue, and you know how much more
Democrats want to take here Democrats have The Democrats have
(18:16):
a situation here where in terms of popularity have been
political people always talk about poles still have you mentioned them?
I don't defer to them, but let me mention them.
You get a situation where Democrats democrats favorability is much
lower than Republicans, and both parties are much lower than Trump's.
(18:39):
So you know, Trump has put another way, Trump is
a more popular politician than either political party right now.
But Democrats are really in a trough. Democrats and haven't
been really positively affected by the shutdown. So then you
get into a situation where practical problems, whether it be SNAP,
whether it be the air traffic problem, whether it be
(19:01):
the economic data impacting federal federal reserve interest rate action,
all these things. All these things start to accrue, and uh,
they accrue in ways that become Democrats disproportionately. Democrats fault
because they're the ones that are not reopening the government.
I think that, uh, that plays a role. I also
(19:23):
think the the elections tomorrow play a role, because what
you're going to have is you're going to have a
very muddled takeaway from Democrats where no one's in charge,
where Mundani is now the new bright, shining faith of
the party, and you have the the folks. Look, the
folks who haven't been paying attention to this nationally looking
more like the national leaders. The Schumers, the Jefferies, the
(19:47):
Kathy Hochals and the like are are are looking like
they're part of this this leftward surge. Uh that that
just happened in New York City and uh and that's
a look for Democrats as well. I think for a
lot of those reasons, Democrats are going to want to
frankly take yes for an answer and look for negotiations
(20:11):
with the president that they've gotten fairly serious assurances on
that they'll the president will and the White House will
follow through it.
Speaker 2 (20:25):
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Speaker 4 (21:09):
I'm Karen Moscow.
Speaker 3 (21:11):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Da Bray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the latest comments from President Donald Trump.
He gave a wide ranging interview to CBS's sixty Minutes
Heard here on Bloomberg Radio that covered his talks with
Chinese President Shi Jen Ping, immigration raids in major US cities,
and more. The President has said the status of Taiwan
never came up in his discussions with she. That prompted
(00:35):
this question from correspondent Nora O'Donnell, would you.
Speaker 4 (00:38):
Order US forces to defend Taiwan?
Speaker 5 (00:41):
You'll find out if it happens. And he understands the
answer to that. This never even came up yesterday as
a subject. He never brought it up. People were a
little surprised that he never brought it up, because he
understands it, and he understands it very well.
Speaker 3 (00:56):
And on the subject of immigration raids, the president was
asked if ice tactics against immigrants and protesters have gone
too far.
Speaker 5 (01:03):
No, I think they haven't gone far enough, because we've
been held back by the judges, by the liberal judges
that were put in by Biden and by Obama.
Speaker 3 (01:12):
President Trump repeated his claims that many detained immigrants have
criminal records, and he says he could invoke the Insurrection
Act to send regular military service members into cities rather
than National Guard if he wants to Well Nathan.
Speaker 2 (01:25):
President Trump also discussed the government shot down now and
it's thirty fourth day and on track to be the
longest ever this week, the President tells sixty Minutes he
won't be extorted, in his words, by Democrats who are
demanding an extension of Affordable Care Act subsidies that expire
at the end of the year.
Speaker 5 (01:41):
Obamacare is terrible. It's bad healthcare at far too high
a price. We should fix that. We should fix it,
and we can fix it with the Democrats. All they
have to do is let the country open and we'll
fix it.
Speaker 2 (01:56):
By Democratic Senator Mark Warner says the time for the
president to negotiate now.
Speaker 6 (02:00):
Everyone as of Saturday saw healthcare rates skywark. This is
an immediate crisis too. With bloom can we can date
and we can deal with this jointly, but it's going
to require the active intervention of the president.
Speaker 2 (02:14):
Senator Warner appeared on CBS's Face the Nation heard Sundays
on Bloomberg Radio, sixty minutes airs every Sunday evening at
eight pm on Bloomberg eleven three to zero in New York,
Bloomberg ninety two nine in Boston, and Bloomberg ninety nine
to one in Washington, DC.
Speaker 3 (02:29):
Well Karen, President Trump also says he will skip this
week's Supreme Court hearing on the legality of his worldwide
tariff regime. President spoke on Air Force One as he
returned to Washington from mar Alago last night.
Speaker 7 (02:41):
I think it's one of the biggest decisions in the
history of the Serviet book. Other countries used tariffs against
US if we weren't able to help openly and freely.
Elite used tariffs against I'll give you an example of
China that was going to be a disaster for the world,
and I was able to settle it very quick raised
because that example, these.
Speaker 3 (03:02):
Jars the Supreme Court is scheduled here the President's appeal
of a lower court ruling that many of his Liberation
Day tariffs exceeded emergency power to regulate imports.
Speaker 2 (03:12):
On Wednesday, Well, reactions still pouring into the US China
trade deal. Nathan, a regulatory advisor to Beijing, says a
summit was a breakthrough in bilateral relationships where China was
treated as an equal partner of the US. Some other developments,
the US is expected to suspend port fees for a
year on China linked vessels starting next week, and China
(03:33):
will effectively suspend the implementation of new export controls on
rare earth metals and and investigations into American companies in
the semiconductor supply chain. Still, Treasury Secretary of Scott Besson
has worn the US must still be cautious.
Speaker 8 (03:47):
I think and I hope after the agreement and the
good will between President She and President Trump in Korea
that we can depend on them to be more reliable
partners and the rest of the world can depend on them.
But we can't take that chance. We don't want to
do couple with China, but we're going to have to.
Speaker 2 (04:06):
Do risk and Treasury Secretary Scott Besson made the comments
on Fox News Sunday.
Speaker 3 (04:11):
Train to Markets Now. Karen stocks begin a new trading
month on a winning streak. The S and P five
hundreds gained for six straight months, while the Nasdaq one
hundred's done even better. It's up seven straight months. Wall
Street's looking at another busy week for earnings, with consumer
companies in focus, and we get a preview from Bloomberg's
Charlie Pellett.
Speaker 9 (04:29):
More than half of S and P five hundred companies
have reported quarterly results, and Uber and McDonald's earnings will
likely underscore deteriorating consumer sentiment in the US. Emily Rowland
is co Chief Investment Strategistic Manual Life Investment Management.
Speaker 4 (04:46):
You know, certainly, earnings have been a huge positive.
Speaker 10 (04:48):
This earning Season's been spectacular, ten and a half percent
earnings growth, eighty two percent beat rate.
Speaker 9 (04:56):
Also reporting this week, tech Names, Palanteer, Qualcommon, Door, Dash,
along with Warner Brothers, Discovery, Pfizer, and Young Brands in
New York. Charlie Palett, Bloomberg Radio.
Speaker 4 (05:07):
Thanks Charlie.
Speaker 2 (05:08):
One Big Earning's report over the weekend to get you
caught up on Warren Buffetts, Berkshire, Hathaway reported a thirty
four percent surge in operating earnings. The conglomerates cash files
sword to almost three hundred and eighty two billion dollars.
Speaker 3 (05:22):
Well Oil is moving a touch lower this morning. Karen
after Opec Plus announced plans to pause output increases at
the start of next year. The group and its allies
say they'll raise production by about one hundred and thirty
seven thousand barrels a day in December before taking a
break from January to March. The move comes as the
market contends with growing concerns about oversupply that have driven
(05:43):
Brent prices down by a round ten percent over the
past three months. This morning, Brent is down about two
tenths of one percent, trading below sixty five dollars a barrel.
West Texas Intermediate is down two tenths of one percent.
It's below sixty one dollars.
Speaker 2 (05:57):
It's staying with energy here, Nathan, BP as a great
vest stakes and US shale assets for one and a
half billion dollars as it seeks to shore up its
balance sheet and went back investor confidence. BP has pledged
to divest twenty billion dollars of assets by the end
of twenty twenty seven. Time now for look at some
of the other stories making news in New York and
(06:19):
around the world, and for that we're joined by Bloomberg's
John Tucker.
Speaker 11 (06:22):
John, Good morning, Good morning, Karen, seven hundred and thirty
five thousand New Yorkers have already cast their ballots in
early voting, and that has broken the record for a
megro election in New York. The early voting ended yesterday
with no lack of enthusiasm.
Speaker 5 (06:36):
Well, I really wanted to vote early because I wanted
my kid to be able to vote with me and
to see the voting process, and we talked about the issues.
Speaker 11 (06:44):
Affordability has been the key issue in this race to begin.
The city's one hundred eleventh mayor Democratic nominee, Zorin Bamdani
is the front runner. Day thirty four, the government shutdown
and delays, it getting worse at local airports and Bloomberg's
Monica Rix as that story.
Speaker 12 (07:00):
The Federal Aviation Administration issued a temporary groundstop for some
flights to Newark Liberty International Airports Sunday due to staffing issues.
But it's not just New Jersey. Thousands of flights were
delayed over the weekend over shortages nationwide, and US Transportation
Secretary Sean Duffy warrens it's only going to get worse
the longer the government shutdown continues.
Speaker 6 (07:22):
There is a level of risk that gets injected into
the system. When we have a controller that's doing two
jobs instead of one.
Speaker 12 (07:28):
More air traffic controllers and TSA agents have been calling
out sick rather than working without pay.
Speaker 4 (07:34):
Monica Rix.
Speaker 11 (07:35):
Bloomberg Radio Israel announced the remains of three hostages had
been handed over from Gaza and would be examined by
forensic experts. This is a franchial month o cease fire
holds a Hamas statement earlier, so the remains were found
in a tunnel in southern Gaza. If please say one
of two men arrested in connection with a mass stabbing
attack that spread fear and panic on a London bound
(07:56):
train Saturday has been released without charge. One person, a
heroic member of the railway staff, remains in a life
threatening condition. The only remaining suspect is a thirty two
year old British man, remains in custody on suspicion of
attempted murder. Global News twenty four hours a day and
whatever you wanted with Bloomberg News. Now, I'm John Tucker
and this is Bloomberg Karen.
Speaker 5 (08:18):
Thanks Jean.
Speaker 2 (08:19):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Speaker 10 (08:23):
Thanks Daren So Tonight Football was in Washington. Seattle got
four touchdown passes from Sam Darnold. The Seahawks beat the
Commanders thirty eight to fourteen, and AFC showdowns Buffalo in
Kansas City twenty eight to twenty one. Danvers six straight win,
four of them have been comebacks in the fourth quarter.
The Broncos won eighteen to fifteen at Houston. The Colts
loss for just the second time. They turned it over
(08:43):
six times in a twenty seven to twenty loss in
Pittsburgh and in Jacksonville's overtime win in Las Vegas. Can
Little Cake an NFL record sixty eight yard field goal.
That's a Bloomberg Sports update.
Speaker 2 (08:56):
Stay with us. More from Bloomberg day Break coming up
after this.
Speaker 1 (09:04):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 4 (09:12):
This is Bloomberg Daybreak.
Speaker 2 (09:15):
And let's start now to a conversation with President Trump.
He sat down with CBS's sixty Minutes or It's Sundays
on Bloomberg Radio for an extended conversation on the ongoing
government shutdown and near Strump. Speaking with CBS's Nora O'Donnell.
Speaker 13 (09:29):
We are now approaching the longest shutdown in American history.
Speaker 4 (09:34):
Democrats fault under your presidency.
Speaker 13 (09:36):
We're talking about more than a million federal workers who
are not getting a paycheck, including our air traffic controllers.
You see, there's traffic snarls out at the airports now.
This weekend, food aid for more than forty two million
Americans is set to expire. What are you doing as
president to end the shutdown.
Speaker 5 (09:55):
We what we're doing is we keep voting. I mean,
the Republicans are voting almost unanimously to end it, and
the Democrats keep voting against ending it. You know, they've
never had this. This has happened like eighteen times before.
The Democrats always voted for an extension, always saying, give
us an extension, we'll work it out. They've lost their way,
they become crazed lunatics. And all they have to do,
(10:18):
Nora is say let's vote.
Speaker 4 (10:22):
Senate.
Speaker 13 (10:22):
Democrats say they will vote to reopen the government if
Republicans agree to extend subsidies for over twenty million Americans
who use Obamacare for their health insurance.
Speaker 5 (10:34):
Obamacare is terrible. It's bad healthcare at far too high
a price. We should fix that. We should fix it,
and we can fix it with the Democrats. All they
have to do is let the country open and we'll
fix it. They have to me the country and I'll
sit down with the Democrats and we'll fix it. But
they have to let the country and.
Speaker 4 (10:54):
You know what that plan to do.
Speaker 5 (10:55):
All they have to do is raise five hands. We
don't need all of them.
Speaker 13 (10:58):
But so you're saying your plan is to tell the
Democrats to vote to.
Speaker 4 (11:02):
End the shutdown.
Speaker 5 (11:03):
Correct, very simple, and that.
Speaker 4 (11:05):
You will put forward a health care plan.
Speaker 5 (11:07):
No, we will work on fixing the bad health care
that we have right now. We have terrible health care
at too expensive for the people, not for the government,
for the people.
Speaker 13 (11:17):
You've been talking about fixing the healthcare futures.
Speaker 5 (11:20):
And you can't do it because of the Democrats.
Speaker 4 (11:22):
But since twenty fifteen you've said, you've been.
Speaker 5 (11:24):
Talking about it for a long time. We almost did it.
We were one vote short. We would have had great
health care.
Speaker 13 (11:29):
That was in twenty seventeen when Senate Republicans failed by
one vote or to partially repeal Obamacare.
Speaker 5 (11:36):
We can make it much less expensive for people and
give them much better healthcare.
Speaker 4 (11:41):
Where is that plan?
Speaker 5 (11:42):
Willing to work with the Democrats on it? The problem
is they want to give money to prisoners, to drug dealers,
to all these millions of people that were allowed to
come in with an open border from Biden. And nobody
can do that. Don you just one Republican would ever
do that?
Speaker 13 (12:00):
Is if those healthcare subsidies are not extended, premiums will
double for many of the people that are on it.
Speaker 4 (12:06):
I was looking into it.
Speaker 13 (12:08):
Three quarters of these people will see their healthcare premiums double.
Live in states where you won in the last election.
I mean even here in Florida has the highest number
of residents on Obamacare in the country.
Speaker 5 (12:21):
And I'm saying we can fix it.
Speaker 13 (12:22):
No, you have helped end these government shutdowns in the past,
what they came about it, and you did it by.
Speaker 5 (12:27):
Very good at it. I'm not members to do it
by I'm not going to do it by extortion. I'm
not going to do it by being extorted by the
Democrats who have lost their way. There's something wrong with
these people.
Speaker 4 (12:38):
Then what happens.
Speaker 5 (12:40):
Patient Shumer is a basket case and he has nothing
to lose. He's become I just left Japan. He's become
a kami kazi pilot.
Speaker 13 (12:48):
Sounds like it's not going to get solved. The shutdown,
it's going.
Speaker 5 (12:51):
To get sofia. Oh, it's going to get so how
we'll get it, sup Eventually they're going to have to vote.
Speaker 4 (12:56):
You're saying the Democrats will capitulate.
Speaker 5 (12:58):
I think they have to and if they don't vote,
that's their problem. Now I happen to agree to something else.
I think we should do the nuclear option. This is
a totally different nuclear by the way, it's called ending
the filibuster.
Speaker 13 (13:10):
But to do that, he'd need send a majority leader,
John Thune to change Senate rules.
Speaker 4 (13:16):
Did you see John Thune said today.
Speaker 5 (13:18):
That No, No, John doesn't. Well, John and a few
other but you know what, the Republicans have to get tougher.
If we end the filibus so we can do exactly
what we want, We're not gonna lose power. The theory is, oh,
then we'll do it, but then when they get into
power someday they'll do That's true. But you know what,
so you think you're here right now? No, I like
John Thune. I think it's terrific, but I disagree with him.
Speaker 4 (13:39):
On this point, he said today he wasn't going to
do it.
Speaker 5 (13:42):
Well, that's too bad.
Speaker 2 (13:45):
President Trump. There speaking of CBS, as Nora O'Donnell on
sixty minutes, you can catch sixty minutes every Sunday at
eight pm Eastern on Bloomberg eleven three to yero in
New York, Bloomberg ninety two nine in Boston, and Bloomberg
ninety nine to one in Washington, d C.
Speaker 4 (14:00):
Nathan.
Speaker 3 (14:00):
All right, Karen, thank you. Let's turn back to the
nation's capital now and get more reaction to what we
just heard from President Trump. Joining us now is Terry Haines,
the founder of Pangaea Policy. Terry, it's great to speak
with you this morning. Now we are into day thirty
four of the government shut down. Did we hear anything
new from President Trump in that sixty minutes conversation as
(14:21):
to how this ends?
Speaker 14 (14:23):
Good morning, Good morning, Nathan. I don't think we heard
anything new, but I think what we heard was was
more transparent and expressed more plainly than the the fog
of negotiation, the fog of war that we've heard before.
What this is is Trump saying, essentially, I mean, of course,
(14:46):
reiterating the Trump and Republican position that they're not going
to negotiate the healthcare extension overholding the government, as they
would put it hostage. But what Trump is saying very
plainly is, look, you can actually have a victory, and
I'm interested in having you have one if you end
(15:07):
the government shutdown, and I'll engage in negotiations with you
to actually to make things better, faster, cheaper. And that's
a very plain message to Democrats and something that I
think they'll probably consider as a way of declaring victory
on this because all they need to do really to
(15:30):
end the shutdown is take Republican offers, whether it be
from the President here very plainly yesterday, or from congressional
Democrats earlier, to negotiate on the shutdown.
Speaker 3 (15:43):
How do you see that playing out, though, Terry, because
it's been more than a month now and the Democrats
have held pretty firm on their position that they want
to see an extension of those expiring subsidies for affordable
health care before they'll agree to to reopen the government.
Speaker 14 (16:02):
Well, I see it in a couple of ways. One
is that I've been saying this since before the shutdown started.
I see it a couple of ways. One is that
this is not a substanti This is not a substantive
position over healthcare. But until about two weeks before the shutdown,
it was not clear what grounds the Democrats might use
(16:22):
in order to shut the government down, and they eventually
picked healthcare because they thought it was a good issue
for them. But number one, number two, it's has much
more political, having to do with showing the base defiance,
showing the donors defiance, that sort of thing. But secondly,
(16:42):
I've also said since before the shutdown started that they've
set this up to not be about substance, to be technical,
and what I mean by that is that this is
not about the Democrats position is about how negotiations happen,
not whether the negotiations happen. Democrats continue to say that
(17:03):
Republicans refuse to negotiate with them on this. The President's
interview last night is the clearance evidence yet that Republicans
position is that they would like to negotiate this, but
they have to do it after the government reopens, not
as part of a not part of that process.
Speaker 3 (17:25):
The issue of snap benefits they were supposed to expire.
Over the weekend, there was a judge's decision that indicates
that that might not be the case that the food
assistants will continue. Could that extend the shutdown?
Speaker 14 (17:44):
Do you mean the legal wrangle over this, the.
Speaker 3 (17:48):
Fact that there could possibly be a further extension of
food assistants that understood?
Speaker 14 (17:55):
Yeah, yeah, you know, I don't think so. The you know,
the judges will, we'll run back and forth on whether
SNAP extensions are required not required. The biggest issue really though,
is a political issue, and you know how much more
Democrats want to take here Democrats have The Democrats have
(18:16):
a situation here where in terms of popularity have been
political people always talk about poles still have you mentioned them?
I don't defer to them, but let me mention them.
You get a situation where Democrats democrats favorability is much
lower than Republicans, and both parties are much lower than Trump's.
(18:39):
So you know, Trump has put another way, Trump is
a more popular politician than either political party right now.
But Democrats are really in a trough. Democrats and haven't
been really positively affected by the shutdown. So then you
get into a situation where practical problems, whether it be SNAP,
whether it be the air traffic problem, whether it be
(19:01):
the economic data impacting federal federal reserve interest rate action,
all these things. All these things start to accrue, and uh,
they accrue in ways that become Democrats disproportionately. Democrats fault
because they're the ones that are not reopening the government.
I think that, uh, that plays a role. I also
(19:23):
think the the elections tomorrow play a role, because what
you're going to have is you're going to have a
very muddled takeaway from Democrats where no one's in charge,
where Mundani is now the new bright, shining faith of
the party, and you have the the folks. Look, the
folks who haven't been paying attention to this nationally looking
more like the national leaders. The Schumers, the Jefferies, the
(19:47):
Kathy Hochals and the like are are are looking like
they're part of this this leftward surge. Uh that that
just happened in New York City and uh and that's
a look for Democrats as well. I think for a
lot of those reasons, Democrats are going to want to
frankly take yes for an answer and look for negotiations
(20:11):
with the president that they've gotten fairly serious assurances on
that they'll the president will and the White House will
follow through it.
Speaker 2 (20:25):
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
Speaker 3 (20:31):
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Speaker 2 (20:37):
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Speaker 3 (20:52):
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Speaker 2 (20:58):
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Speaker 4 (21:09):
I'm Karen Moscow.
Speaker 3 (21:11):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
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