June 11, 2025 • 5 mins
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Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now I'm Doug Chrisner.
President Trump can continue to enforce his global tariffs, at
least for now. A federal appeals court has ruled these
levies can stay in place for longer. The court will
hear arguments on July thirty first. It's a short term
reprieve for the administration as it presses a challenge to
a lower court ruling last month that block those tariffs. Meantime,
(00:25):
the US and China have agreed in principle to a
framework for de escalating the trade war. These two sides
will implement the consensus they reached in Geneva last month.
Now this comes after two days of discussions over nearly
twenty hours in London. Here is Commerce Secretary Howard Lutnik.
Speaker 2 (00:43):
I think we have the two largest economies in the
world have reached a handshake, right for a framework. We're
going to start to implement that framework upon the approval
of President Trump, and the Chinese will get their president
cheese approval, and that's the process. So once the President's
approve it, we will then seek to implement it.
Speaker 1 (01:05):
That was Commerce Secretary Howard Lutnik at the same time,
US Trade Rep. Jamison Greer said no other meetings are scheduled,
but he added that American and Chinese sides will talk frequently.
We go to Los Angeles next, where a curfew for
certain parts of the downtown area will be enacted tonight
after several nights of unrest and vandalism. Here is LA
(01:26):
Mayor Karen Bass.
Speaker 3 (01:27):
The curfew has been in consideration for several days, but
clearly after the violence that took place last night, twenty
three businesses looted, and just the extensive widespread nature of
the vandalism, we reached a tipping point.
Speaker 1 (01:42):
That was Los Angeles Mayor Karen Bass. Now this move
comes after marines deployed by President Trump arrived in the
LA area with orders to protect federal property and officers.
We know the President and California Governor Gavin Newsom have
sparred over the handling of those protest Here is Newsom
speaking tonight in a virtual address. This moment we have
(02:05):
feared has arrived.
Speaker 2 (02:07):
He's taking a wrecking ball, a wrecking ball to our
founding father's historic project, three co equal branches of independent government.
Speaker 1 (02:16):
That was California Governor Gavin Newsom. We go to New
Jersey politics next primary. Voters in the state have chosen
their GOP nominee for governor, a candidate endorsed by President Trump.
Jack Chettarelli notched the Republican win, and at the same time,
US Representative Mikey Cheryl won the Democratic primary in the
race for governor of New Jersey. The US and Mexico
(02:39):
are closing in on a deal to partially remove President
Trump's fifty percent tariffs on steel imports. We are told
under its current terms, US buyers would be allowed to
import Mexican steel duty free as long as they kept
total shipments below a level based on historical trade volumes. However,
the new cap would be higher than the previous one.
(03:00):
Here is Bloomberg's Joe Doe.
Speaker 4 (03:02):
What we're getting here is very similar to something we
saw in the first term. During the first term, there
were twenty five percent terraffs on steel imports coming from
everywhere in the world, but Mexico and Canada in particular
were upset by this because they were the close trading partners.
Speaker 1 (03:19):
That is Bloomberg's Joe Doe. Now, this deal has not
yet been finalized, and President Trump would need to sign
off on it. Mexican officials are waiting for a response
from the US later this week. General Motors is planning
to invest four billion dollars in its US manufacturing plants
over the next two years. The aim is to boost
output of both electric and gas powered vehicles. The British
(03:44):
government has sanctioned two Israeli government ministers for inciting violence
against Palestinian communities. These sanctions include asset freezes and travel bands.
Speaker 5 (03:54):
Now.
Speaker 1 (03:54):
Israel called the move outrageous and said it will decide
a response to the British decision. Here is UK Prime
Minister Keir Starmer.
Speaker 6 (04:02):
Including questions of sanctions. My strong belief is when we
make a move, if we're able to do that in
company of other countries, that's a stronger move than doing
it on our own. So that's the basic approach that
we're taking. But we are working on what more we
can do in a pretty short term now.
Speaker 1 (04:17):
That is British Prime Minister Keir Starmer.
Speaker 3 (04:20):
Now.
Speaker 1 (04:20):
The UK government is also urging Israel to cease expansion
of illegal settlements in the West Bank, which it says
undermine a future Palestinian state. A Key House Committee chairman
has warned the Senate against passing a tax bill that
fails to deliver on two of President Trump's campaign promises.
Bloomberg's Amy Morris has more from Washington.
Speaker 7 (04:42):
Houseways and Means Chair Jason Smith says any bill that
doesn't include an exemption for tips and overtime pay from
taxes won't get very far in the House.
Speaker 5 (04:51):
It would be dead on arrival. The senators need to
know that we have followed through. We pass this one big,
beautiful bill. It's what the President is asked. They need
to do the same thing.
Speaker 7 (05:01):
Several Republican Senators are skeptical about the cost and the
economic wisdom of those exemptions. Senators have instead called for
funds to be used to make temporary business tax breaks permanent.
Smith has already said that it's a deal breaker. The
Senator is now considering the package, which passed the House
by a single vote last month. In Washington, Amy Moore
as Bloomberg Radio, and.
Speaker 1 (05:22):
That is news when you want it with Bloomberg News. Now,
I'm Doug Prisoner and this is Bloomberg
News when you wanted with Bloomberg News. Now I'm Doug Chrisner.
President Trump can continue to enforce his global tariffs, at
least for now. A federal appeals court has ruled these
levies can stay in place for longer. The court will
hear arguments on July thirty first. It's a short term
reprieve for the administration as it presses a challenge to
a lower court ruling last month that block those tariffs. Meantime,
(00:25):
the US and China have agreed in principle to a
framework for de escalating the trade war. These two sides
will implement the consensus they reached in Geneva last month.
Now this comes after two days of discussions over nearly
twenty hours in London. Here is Commerce Secretary Howard Lutnik.
Speaker 2 (00:43):
I think we have the two largest economies in the
world have reached a handshake, right for a framework. We're
going to start to implement that framework upon the approval
of President Trump, and the Chinese will get their president
cheese approval, and that's the process. So once the President's
approve it, we will then seek to implement it.
Speaker 1 (01:05):
That was Commerce Secretary Howard Lutnik at the same time,
US Trade Rep. Jamison Greer said no other meetings are scheduled,
but he added that American and Chinese sides will talk frequently.
We go to Los Angeles next, where a curfew for
certain parts of the downtown area will be enacted tonight
after several nights of unrest and vandalism. Here is LA
(01:26):
Mayor Karen Bass.
Speaker 3 (01:27):
The curfew has been in consideration for several days, but
clearly after the violence that took place last night, twenty
three businesses looted, and just the extensive widespread nature of
the vandalism, we reached a tipping point.
Speaker 1 (01:42):
That was Los Angeles Mayor Karen Bass. Now this move
comes after marines deployed by President Trump arrived in the
LA area with orders to protect federal property and officers.
We know the President and California Governor Gavin Newsom have
sparred over the handling of those protest Here is Newsom
speaking tonight in a virtual address. This moment we have
(02:05):
feared has arrived.
Speaker 2 (02:07):
He's taking a wrecking ball, a wrecking ball to our
founding father's historic project, three co equal branches of independent government.
Speaker 1 (02:16):
That was California Governor Gavin Newsom. We go to New
Jersey politics next primary. Voters in the state have chosen
their GOP nominee for governor, a candidate endorsed by President Trump.
Jack Chettarelli notched the Republican win, and at the same time,
US Representative Mikey Cheryl won the Democratic primary in the
race for governor of New Jersey. The US and Mexico
(02:39):
are closing in on a deal to partially remove President
Trump's fifty percent tariffs on steel imports. We are told
under its current terms, US buyers would be allowed to
import Mexican steel duty free as long as they kept
total shipments below a level based on historical trade volumes. However,
the new cap would be higher than the previous one.
(03:00):
Here is Bloomberg's Joe Doe.
Speaker 4 (03:02):
What we're getting here is very similar to something we
saw in the first term. During the first term, there
were twenty five percent terraffs on steel imports coming from
everywhere in the world, but Mexico and Canada in particular
were upset by this because they were the close trading partners.
Speaker 1 (03:19):
That is Bloomberg's Joe Doe. Now, this deal has not
yet been finalized, and President Trump would need to sign
off on it. Mexican officials are waiting for a response
from the US later this week. General Motors is planning
to invest four billion dollars in its US manufacturing plants
over the next two years. The aim is to boost
output of both electric and gas powered vehicles. The British
(03:44):
government has sanctioned two Israeli government ministers for inciting violence
against Palestinian communities. These sanctions include asset freezes and travel bands.
Speaker 5 (03:54):
Now.
Speaker 1 (03:54):
Israel called the move outrageous and said it will decide
a response to the British decision. Here is UK Prime
Minister Keir Starmer.
Speaker 6 (04:02):
Including questions of sanctions. My strong belief is when we
make a move, if we're able to do that in
company of other countries, that's a stronger move than doing
it on our own. So that's the basic approach that
we're taking. But we are working on what more we
can do in a pretty short term now.
Speaker 1 (04:17):
That is British Prime Minister Keir Starmer.
Speaker 3 (04:20):
Now.
Speaker 1 (04:20):
The UK government is also urging Israel to cease expansion
of illegal settlements in the West Bank, which it says
undermine a future Palestinian state. A Key House Committee chairman
has warned the Senate against passing a tax bill that
fails to deliver on two of President Trump's campaign promises.
Bloomberg's Amy Morris has more from Washington.
Speaker 7 (04:42):
Houseways and Means Chair Jason Smith says any bill that
doesn't include an exemption for tips and overtime pay from
taxes won't get very far in the House.
Speaker 5 (04:51):
It would be dead on arrival. The senators need to
know that we have followed through. We pass this one big,
beautiful bill. It's what the President is asked. They need
to do the same thing.
Speaker 7 (05:01):
Several Republican Senators are skeptical about the cost and the
economic wisdom of those exemptions. Senators have instead called for
funds to be used to make temporary business tax breaks permanent.
Smith has already said that it's a deal breaker. The
Senator is now considering the package, which passed the House
by a single vote last month. In Washington, Amy Moore
as Bloomberg Radio, and.
Speaker 1 (05:22):
That is news when you want it with Bloomberg News. Now,
I'm Doug Prisoner and this is Bloomberg
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