August 31, 2025: Trump Tariffs Ruling, Potential Chicago Crackdown Plans, More

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Episode Transcript

Speaker 1 (00:01):
News when you want it with Bloomberg News Now. I'm
Dan Schwartzman. A federal appeals court ruled that President Trump
acted illegally when he imposed global tariffs through emergency powers.
Judges said the law he used allows sanctions and asset freezes,
but not duties or taxes. We heard earlier from Republican
Senator James Langford of Oklahoma. He spoke to NBC's Meet

(00:21):
the Press, as heard on Bloomberg Radio.

Speaker 2 (00:23):
We have ten trade deals that have now been done
in seven very short months with major countries like the EU,
with the UK, with the Philippines, with Indonesia, South Korea, Japan.
And these are enormous trade agreements that have happened. And
so for the court to step in and say, hey
doesn't have the ability to be able to regulate trade
that is within the statute, and it is now going

(00:44):
to go to the Supreme courts to be able to
determine that.

Speaker 1 (00:45):
Oklahoma Senator James Langford speaking to enbc's Meet the Press.
The tariff's remained in effect while the legal battle continues.
Trillions of dollars in trade are at stake, along with
demands for refunds. Already paid. Chicago Mayor Brandon Johnson is
taking steps to yield the city from a potential federal deployment.
He signed an executive order on Saturday which bans federal
officers from disguising themselves, part of what he calls protecting residents' rights.

(01:10):
Here's Johnson speaking to reporters.

Speaker 3 (01:12):
We have received credible reports that we have days, not
weeks before our city see some type of militarized activity
by the federal government. It is unclear at this time
what that will look like exactly.

Speaker 1 (01:25):
President Trump has threatened to deploy the National Guard, as
he did in DC, and criticized Governor JB. Pritzker for
opposing outside intervention. Johnson said Chicago will resist any such move,
noting crime in the city's already down double digits across
major categories. Meantime, Homeland Security Secretary Christy Nomes says the
federal crime and immigration crackdown will not be limited to Chicago.

(01:46):
She spoke Sunday to CBS's Faced the Nation.

Speaker 4 (01:49):
We will continue to go after the worst of the
worst across the country, like President Trump has told us
to do, focusing on those that are perpetuating murder and
rape and trafficking of drugs and humans across our country.

Speaker 1 (02:01):
That's DHS Secretary Christinome. She noted that cities across the US,
including those in Republican led states, could see increased federal
deployments if crime rates rise. The New York Times reports
that Robert Muller, the former special counselor who led the
Russia investigation during President Trump's first term, was diagnosed with
Parkinson's disease four years ago. Citing a Muller family statement,

(02:22):
the Times added that Muller, a former FBI director, has
had difficulties speaking and experienced mobility issues. As a result.
A congressional committee has withdrawn a request from mister Muller
to give testimony this week and its inquiry into the
government's handling of the Jeffrey Epstein investigations. Israel says it
has eliminated Kihama spokesman Abu Obta in a Gaza City airstrike.

(02:44):
Obeta had become the face of Hamas's armed wing, often
appearing on television with his face covered by a kafia.
Azrael has been attacking Gaza City, one of the last
areas that is not under Israeli control. According to reports,
without Obeta Hamas has only three senior figures left in
the entire Gaza strip. We go to Business News next.
Spirit Aviation Holdings has filed for bankruptcy for the second

(03:05):
time in less than a year. That story from Bloomberg's
Charlie Pellett.

Speaker 5 (03:09):
The filing comes after it failed to turn around business
at its cash strapped airline. The carrier filed Chapter eleven Friday,
listing assets and liabilities of between one and ten billion dollars.
The filing comes amid active negotiations with some of its
largest lessors, secured note holders, and key stakeholders. In a
letter to customers, Spirits said the bankruptcy filing will not

(03:32):
impact the airline's operations and will have no impact on
tickets or its loyalty program. In New York, Charlie Pellett's
Bloomberg radio.

Speaker 1 (03:41):
Drug maker Stata is close to being sold to London
based bio firm cap Vest in a deal set to
near twelve billion dollars. According to reports, the deal could
be finalized as soon as Monday, if there aren't any
last minute hiccups, such as Stata's owners opting to pursue
an IPO rather than a sale, and that's news when
you want it. With Bloomberg News Now, I'm Dan Schwartzman
in This is Bloomberg