June 28, 2025: Trump Tax Bill Clears Key Senate Vote, G7 Side-by-Side Deal, More

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Speaker 1 (00:01):
News when you want it with Bloomberg News Now, I
made Kleggy. A late night showdown in the Senate ended
with three holdouts voting yes, thus allowing President Trump's tax
and spending cut bill to clear a key test vote
in the Senate. As Republicans raced to get the measure
to the President's desk. Immediately after the vote passed, Senate

(00:22):
Democrats demanded a full reading of the bill. The US
and fellow G seven nations signed an agreement to create
a so called side by side system exempting US companies
from some elements of an existing global agreement, and, as
Bloomberg's Denise Pellegrini reports, this could help avert a global
tax war.

Speaker 2 (00:41):
US officials have agreed to remove the so called revenge
tax provision from President Trump's tax cut bill. It would
have increased taxes on the US income of non US
based businesses and individuals for those countries whose tax policies
Washington deems discriminatory. As part of the new agreement, the
other G seven members will support the US position in

(01:01):
negotiations with Group of twenty countries and with the Organization
for Economic Cooperation and Development, which has been hosting global
talks on corporate taxes Denise Pellgritty Bloomberg Radio.

Speaker 1 (01:12):
Democratic Former Minnesota House Speaker Melissa Hortman was honored for
her legislative accomplishments and her humanity during a funeral Saturday,
where former President Joe Biden and former Vice President Kamala
Harris joined the over one thousand mourners. Minnesota Governor Tim
Wall spoke at the service.

Speaker 3 (01:30):
Melissa Hortman will be remembered as the most consequential speaker
in Minnesota history. I get to remember as a close friend,
a mentor, and the most talented legislator I ever known.

Speaker 1 (01:41):
Hortman was shot to death in a pair of attacks
two weeks earlier by a man posing as a police
officer that Minnesota's chief federal prosecutor has called an assassination.
The shootings also left her husband Mark dead and a
state senator and his wife seriously wounded. Chief Justice John
Roberts on Saturday spoke on the role of the court.

Speaker 4 (02:00):
The only novel contribution of the Constitution to political science
is the notion of an independent judiciary with the authority
to say what.

Speaker 1 (02:12):
The law is speaking in a moment when threats against
judges are on the rise. Roberts warned Saturday that elected
officials heated words about judges can lead to threats or
acts of violence by others. Without identifying anyone by name,
Roberts clearly referenced to Republican President Donald Trump and Senate
Democratic leader Chuck Schumer of New York when he said

(02:32):
he has felt compelled to issue public rebukes of figures
in both parties in recent years. Hundreds of thousands of
people marched through Budapest Saturday, joining the city's pride parade
in one of the biggest displays of public defiance in
Hungary during Prime Minister Victor Orbond's fifteen year rule. Hungarians
and visitors from across Europe united in solidarity with the

(02:53):
LGBTQ community, which has frequently been the target of the
nationalist leader's policies, flout today government ban on the event
that drew many first time participants. President Trump gets the
so called golden share power in the deal between japan
based Nippon Steel and US Steel. Bloomberg's Amy Morris reports.

Speaker 5 (03:14):
New disclosures with the Securities in Exchange Commissions show President
Trump will control the Golden share that's part of the
national Security agreement, under which he allowed Nippon Steele to
buy out US Steel. The Golden Share is a provision
that gives Trump the power to appoint a board member
and to have a say in company decisions that impact
domestic steel production and competition with overseas producers. Under future presidents,

(03:39):
the Golden Share will revert to the Treasury and Commerce Departments.
In Washington, Amy Morris Bloomberg.

Speaker 1 (03:45):
Radio California Governor Gavin Newsom is suing Fox News for defamation.
Bloomberg's Karen Moscow has more.

Speaker 6 (03:51):
The suit stems from the network's coverage of a conversation
Governor Newsom had with President Trump about the use of
National Guard troops to respond to protest in Los Angeles.
In the lawsuit filed Friday and Delaware, Newsom accused the
network of deliberately misrepresenting comments made by himself and Trump
to claim that Newsom had lied about a phone conversation
between the two leaders. Newsom is seeking seven hundred and

(04:14):
eighty seven million dollars. That's roughly the same amount Fox
News paid to Dominion Voting Systems in twenty twenty three
to settle a separate defamation lawsuit over the network's election coverage.
Representatives at Fox News did not immediately respond to a
request for comment. Karen Moscow, Bloomberg Radio.

Speaker 1 (04:31):
After two rounds of live golf in Dallas, Patrick Reid
four under four the day nine under four of the tournament.
He will enter Sunday's final round with a three shot lead.
That's news. When you wanted with Bloomberg News. Now I
made Kleggy.

Speaker 6 (04:45):
This is Bloomberg