July 3, 2025 • 4 mins
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Speaker 1 (00:01):
News when you want it with Bloomberg News Now, I'm
Doug Prisner. President Trump's Big Beautiful Bill. It's on its
way to becoming law. Early this afternoon, the House passed
this sweeping tax and spending plan. The President is planning
to sign it tomorrow at the fourth of July deadline.
This bill includes tax cuts and at curtails spending on
safety net programs. It also reverses much of the previous
(00:24):
administration's moved toward a clean energy economy. Here is President
Trump speaking this evening to supporters in Iowa.
Speaker 2 (00:32):
There could be no better birthday president for America than
the phenomenal victory we achieved just hours ago when Congress
passed the one, Big Beautiful bill to make America great again.
Speaker 1 (00:45):
That's President Trump's speaking there now. Democrats oppose the bill,
saying it will strip healthcare from millions of people who
depend on Medicaid. This was done in exchange for funding
tax cuts for the wealthy. Republicans are arguing it will
boost economic growth and restore sanity to Washington's spending habits.
A few Republicans did oppose the bill, Representative Thomas Massey
(01:06):
of Kentucky and Representative Brian Fitzpatrick of Pennsylvania both voted
against it, alongside the entire House Democratic Caucus. Also today,
President Trump said his administration may begin sending out letters
on tariffs to trading partners as soon as Friday. They
would set unilateral levies ahead of a July ninth deadline
(01:27):
for negotiations. Here's President Trump speaking earlier at Joint Base Andrews.
Speaker 2 (01:33):
So we have a couple of other deals, but you know,
my inclination is to send a letter out and saying
what tariff they're going to be paying. It's just much easier.
We have, you know, far more than one hundred and
seventy countries, and how many deals can you make? And
you can make good deals, but they're very much more complicated.
Speaker 1 (01:49):
President Trumps speaking there now, many major trading partners, such
as Japan, South Korea, and the European Union are still
working to finalize deals with the US. Meantime, President and
Trump has expressed optimism about reaching an agreement with India. However,
he has spoken harshly about prospects of a deal with Japan.
The Supreme Court said today that the Trump administration is
(02:11):
free to send eight migrants to South Sudan. The justices
rejected a trial judge's interpretation of a recent High court
ruling regarding special protections. Now, lawyers for the men say
they are at risk of torture and death. South Sudan
is on the State departments do not travel list given
an armed conflict. Liberal justices Sonya Sotomayor and Katanji Brown
(02:35):
Jackson descended the monthly employment report was stronger than forecast
and it seemed to temper worries over a slowing economy.
Non Farm payrolls rose by one hundred and forty seven thousand,
the unemployment rate fell to four point one percent, and
the jobs data reduced speculation on the FED cutting interest
rates anytime soon. We got reaction from Torsten Slock, the
(02:56):
chief economist at Apollo Global.
Speaker 3 (02:58):
I'll view that if they will only once this year,
simply because ratelessday high for longer, there is no need,
especially not with Powell at the same time saying that
he expects a meaningful rise inflation over the coming ones.
Speaker 1 (03:09):
Torsten Slock, the chief economist at Apollo Global Management, speaking
earlier to Bloomberg, by the way, the swaps market sees
no chance of a FED rate cut this month, and
the probability of a cut in September slipped to around
seventy percent. Today, yield spiked across the Treasury curve. The
two year was up nearly ten bases points, last quoted
in New York at three point eight seven percent. Treasury
(03:31):
Secretary Scott Bessen dismissed the idea that the dollar's recent
weakness raises concern about its status as the world's reserve currency.
Here is Besent, speaking earlier to Bloomberg.
Speaker 4 (03:42):
We are setting the stage for economic growth. We are
constraining inflation. We are making the United States the best
destination for global capital, and I think that's going to
continue to happen.
Speaker 1 (03:56):
You can hear more from Treasury Secretary Besant on the
Bloomberg Talk podcast. On Monday, the greenback closed out its
worst first half of any year since nineteen seventy three,
weakening by roughly ten percent. Now. That drop occurred against
a backdrop of concerns about President Trump's policies, including a
potential hit to economic growth from those tariffs, as well
(04:17):
as aggressive postures toward long standing allies that have historically
plowed money into the US. China is planning to offer
cash handouts to families as an incentive for couples to
have children. We are told the government is set to
provide the equivalent of five hundred three dollars a year
for each child born honor after January first this year,
(04:38):
until those children turned three.
Speaker 4 (04:40):
Now.
Speaker 1 (04:41):
China abandoned its one child policy about a decade ago. However,
the country's population has declined for three straight years through
twenty twenty four. And that is news when you want
it with Bloomberg News. Now, I'm Doug Prisoner and this
is Bloomberg
News when you want it with Bloomberg News Now, I'm
Doug Prisner. President Trump's Big Beautiful Bill. It's on its
way to becoming law. Early this afternoon, the House passed
this sweeping tax and spending plan. The President is planning
to sign it tomorrow at the fourth of July deadline.
This bill includes tax cuts and at curtails spending on
safety net programs. It also reverses much of the previous
(00:24):
administration's moved toward a clean energy economy. Here is President
Trump speaking this evening to supporters in Iowa.
Speaker 2 (00:32):
There could be no better birthday president for America than
the phenomenal victory we achieved just hours ago when Congress
passed the one, Big Beautiful bill to make America great again.
Speaker 1 (00:45):
That's President Trump's speaking there now. Democrats oppose the bill,
saying it will strip healthcare from millions of people who
depend on Medicaid. This was done in exchange for funding
tax cuts for the wealthy. Republicans are arguing it will
boost economic growth and restore sanity to Washington's spending habits.
A few Republicans did oppose the bill, Representative Thomas Massey
(01:06):
of Kentucky and Representative Brian Fitzpatrick of Pennsylvania both voted
against it, alongside the entire House Democratic Caucus. Also today,
President Trump said his administration may begin sending out letters
on tariffs to trading partners as soon as Friday. They
would set unilateral levies ahead of a July ninth deadline
(01:27):
for negotiations. Here's President Trump speaking earlier at Joint Base Andrews.
Speaker 2 (01:33):
So we have a couple of other deals, but you know,
my inclination is to send a letter out and saying
what tariff they're going to be paying. It's just much easier.
We have, you know, far more than one hundred and
seventy countries, and how many deals can you make? And
you can make good deals, but they're very much more complicated.
Speaker 1 (01:49):
President Trumps speaking there now, many major trading partners, such
as Japan, South Korea, and the European Union are still
working to finalize deals with the US. Meantime, President and
Trump has expressed optimism about reaching an agreement with India. However,
he has spoken harshly about prospects of a deal with Japan.
The Supreme Court said today that the Trump administration is
(02:11):
free to send eight migrants to South Sudan. The justices
rejected a trial judge's interpretation of a recent High court
ruling regarding special protections. Now, lawyers for the men say
they are at risk of torture and death. South Sudan
is on the State departments do not travel list given
an armed conflict. Liberal justices Sonya Sotomayor and Katanji Brown
(02:35):
Jackson descended the monthly employment report was stronger than forecast
and it seemed to temper worries over a slowing economy.
Non Farm payrolls rose by one hundred and forty seven thousand,
the unemployment rate fell to four point one percent, and
the jobs data reduced speculation on the FED cutting interest
rates anytime soon. We got reaction from Torsten Slock, the
(02:56):
chief economist at Apollo Global.
Speaker 3 (02:58):
I'll view that if they will only once this year,
simply because ratelessday high for longer, there is no need,
especially not with Powell at the same time saying that
he expects a meaningful rise inflation over the coming ones.
Speaker 1 (03:09):
Torsten Slock, the chief economist at Apollo Global Management, speaking
earlier to Bloomberg, by the way, the swaps market sees
no chance of a FED rate cut this month, and
the probability of a cut in September slipped to around
seventy percent. Today, yield spiked across the Treasury curve. The
two year was up nearly ten bases points, last quoted
in New York at three point eight seven percent. Treasury
(03:31):
Secretary Scott Bessen dismissed the idea that the dollar's recent
weakness raises concern about its status as the world's reserve currency.
Here is Besent, speaking earlier to Bloomberg.
Speaker 4 (03:42):
We are setting the stage for economic growth. We are
constraining inflation. We are making the United States the best
destination for global capital, and I think that's going to
continue to happen.
Speaker 1 (03:56):
You can hear more from Treasury Secretary Besant on the
Bloomberg Talk podcast. On Monday, the greenback closed out its
worst first half of any year since nineteen seventy three,
weakening by roughly ten percent. Now. That drop occurred against
a backdrop of concerns about President Trump's policies, including a
potential hit to economic growth from those tariffs, as well
(04:17):
as aggressive postures toward long standing allies that have historically
plowed money into the US. China is planning to offer
cash handouts to families as an incentive for couples to
have children. We are told the government is set to
provide the equivalent of five hundred three dollars a year
for each child born honor after January first this year,
(04:38):
until those children turned three.
Speaker 4 (04:40):
Now.
Speaker 1 (04:41):
China abandoned its one child policy about a decade ago. However,
the country's population has declined for three straight years through
twenty twenty four. And that is news when you want
it with Bloomberg News. Now, I'm Doug Prisoner and this
is Bloomberg
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