June 27, 2025 • 5 mins
Listen for the latest from Bloomberg News
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
News when you want it with Bloomberg News Now, I
made kleggy. President Trump amped up pressure on Congress to
speed passage of his tax cut bill as Republicans reached
a tentative deal on the state and local tax deduction,
one of the key sticking points in the negotiations. The
new deadline before July fourth is somewhat of a reversal
for the president, two hours earlier, told reporters that it
(00:22):
wouldn't be the end all if Congress missed the self
imposed independent state goal. On Friday afternoon, the tentative Salt
deal suggested that Republicans may have momentum on their side.
Senator John Hoven told reporters the agreement involved raising the
limit on the state and local tax deduction to forty
thousand dollars a year forty five year period. New York
Republican Mike Lawler, a key negotiator, later confirmed the deal
(00:45):
and spoke with Bloomberg balance of power.
Speaker 2 (00:47):
Are your colleagues, including Congressman Lolota, on board and should
we assume that the Senate.
Speaker 3 (00:52):
Is to I'm not going to speak for all my
colleagues except to say that this obviously was a good
faith discussion with Secretary Besson and the administration, and I
know today that the Speaker and the Administration and Secretary
Besson spoke with the Senate about the parameters of this deal.
(01:13):
And it keeps the House language intact, which was critically
important to all of us, and certainly addressing the issue
of p tech, which is something many businesses throughout the
country have been concerned about. Many Senators are concerned about that, as.
Speaker 1 (01:33):
Well as New York Republican Congressman Mike Lawler. President Trump
said he thought a cease firing Gaza could be close,
perhaps in the next week. The President told reporters this
at the White House Friday afternoon. It did not provide
further details on how an agreement might unfold, or say
to whom he spoke about a possible halt in the
war that began with the Hamas assault on Israel on
(01:53):
October seventh, twenty twenty three. The Israeli embassy in Washington
didn't immediately respond to a request for comments. Friday evening,
President Trump said he was ending all trade discussions with
Canada in retaliation for the country's digital services tax, and
threatened to impose a fresh tariff rate within the next week.
It's not going to work out well for Canada. They
(02:14):
were foolish to do it. So I said, we're going
to stop all negotiations with Canada right now until they
straighten out their act. Canada and the US have one
of the world's largest bilateral trading relationships, exchanging more than
nine hundred billion dollars of goods and services last year.
Canada is proceeding with its digital services tax on technology
(02:34):
companies such as meta platforms, despite a Group of Seven
agreement that resulted in removing the Section eight ninety nine
revenge tax proposal from President Trump's tax Built on CNBC,
Treasury Secretary Scott Bessen talked about Canada planning the retroactive
digital tax on Monday.
Speaker 2 (02:51):
Canada has this digital services tax, and several other countries
do too. We disagree, and we think that they discriminated
against US companies. But what candidate did here as of Monday,
they're going to implement a retroactive tax, and we think
that we don't like the taxes, and obviously we think
(03:12):
it's patently unfair to do it retroactive.
Speaker 1 (03:15):
A three oh one investigation empowers the US Trade Representative
to investigate in counter unfair trade practices by foreign countries,
protecting US interests and enforcing trade agreements. A group of
large US banks comfortably cleared the Federal Reserves annual stress tests,
setting the stage for lenders to boost buybacks and dividends
for shareholders. Bloomberg selling Bakewell says this isn't a huge surprise,
(03:39):
as most analysts expected the banks to pass the tests.
Speaker 4 (03:42):
They have a huge impact on banks because they signal
whether the banks could likely plan to buy back more
stock and or raise their dividends, and the results of
the test determine exactly how much capital banks have to
hold as a kind of buffer to external shocks, and
thus determines how much they can increase.
Speaker 1 (03:59):
Pale to shewd In a statement, the Federal Reserve says
the lenders would withstand more than five hundred and fifty
billion dollars in losses, with the results showing that large
banks are well positioned to weather a severe recession. A
sharply divided US Supreme Court limited the power of judges
to block government policies nationwide, but left unresolved to fight
over President Trump's restrictions on automatic birthright citizenship the six
(04:22):
to three ruling Friday said Trump's restrictions on birthright citizenship
at a minimum won't take effect for thirty days. The
justices returned three cases to the lower courts to consider
whether to keep the rules on hold for longer, at
least in part of the country, if not the whole nation.
Trump hailed the decision as a monumental victory. The Friday
numbers on Wall Street, the Dow gained four to thirty two,
(04:43):
Nasdaq was up one o five, The S and P
gained thirty two, closing at a new record high. The
ten year treasury yield at four point two seven percent,
the two year at three point seven four percent. That's
news when you want it with Bloomberg News Now I
made Kleggy. This is Bloomberg
News when you want it with Bloomberg News Now, I
made kleggy. President Trump amped up pressure on Congress to
speed passage of his tax cut bill as Republicans reached
a tentative deal on the state and local tax deduction,
one of the key sticking points in the negotiations. The
new deadline before July fourth is somewhat of a reversal
for the president, two hours earlier, told reporters that it
(00:22):
wouldn't be the end all if Congress missed the self
imposed independent state goal. On Friday afternoon, the tentative Salt
deal suggested that Republicans may have momentum on their side.
Senator John Hoven told reporters the agreement involved raising the
limit on the state and local tax deduction to forty
thousand dollars a year forty five year period. New York
Republican Mike Lawler, a key negotiator, later confirmed the deal
(00:45):
and spoke with Bloomberg balance of power.
Speaker 2 (00:47):
Are your colleagues, including Congressman Lolota, on board and should
we assume that the Senate.
Speaker 3 (00:52):
Is to I'm not going to speak for all my
colleagues except to say that this obviously was a good
faith discussion with Secretary Besson and the administration, and I
know today that the Speaker and the Administration and Secretary
Besson spoke with the Senate about the parameters of this deal.
(01:13):
And it keeps the House language intact, which was critically
important to all of us, and certainly addressing the issue
of p tech, which is something many businesses throughout the
country have been concerned about. Many Senators are concerned about that, as.
Speaker 1 (01:33):
Well as New York Republican Congressman Mike Lawler. President Trump
said he thought a cease firing Gaza could be close,
perhaps in the next week. The President told reporters this
at the White House Friday afternoon. It did not provide
further details on how an agreement might unfold, or say
to whom he spoke about a possible halt in the
war that began with the Hamas assault on Israel on
(01:53):
October seventh, twenty twenty three. The Israeli embassy in Washington
didn't immediately respond to a request for comments. Friday evening,
President Trump said he was ending all trade discussions with
Canada in retaliation for the country's digital services tax, and
threatened to impose a fresh tariff rate within the next week.
It's not going to work out well for Canada. They
(02:14):
were foolish to do it. So I said, we're going
to stop all negotiations with Canada right now until they
straighten out their act. Canada and the US have one
of the world's largest bilateral trading relationships, exchanging more than
nine hundred billion dollars of goods and services last year.
Canada is proceeding with its digital services tax on technology
(02:34):
companies such as meta platforms, despite a Group of Seven
agreement that resulted in removing the Section eight ninety nine
revenge tax proposal from President Trump's tax Built on CNBC,
Treasury Secretary Scott Bessen talked about Canada planning the retroactive
digital tax on Monday.
Speaker 2 (02:51):
Canada has this digital services tax, and several other countries
do too. We disagree, and we think that they discriminated
against US companies. But what candidate did here as of Monday,
they're going to implement a retroactive tax, and we think
that we don't like the taxes, and obviously we think
(03:12):
it's patently unfair to do it retroactive.
Speaker 1 (03:15):
A three oh one investigation empowers the US Trade Representative
to investigate in counter unfair trade practices by foreign countries,
protecting US interests and enforcing trade agreements. A group of
large US banks comfortably cleared the Federal Reserves annual stress tests,
setting the stage for lenders to boost buybacks and dividends
for shareholders. Bloomberg selling Bakewell says this isn't a huge surprise,
(03:39):
as most analysts expected the banks to pass the tests.
Speaker 4 (03:42):
They have a huge impact on banks because they signal
whether the banks could likely plan to buy back more
stock and or raise their dividends, and the results of
the test determine exactly how much capital banks have to
hold as a kind of buffer to external shocks, and
thus determines how much they can increase.
Speaker 1 (03:59):
Pale to shewd In a statement, the Federal Reserve says
the lenders would withstand more than five hundred and fifty
billion dollars in losses, with the results showing that large
banks are well positioned to weather a severe recession. A
sharply divided US Supreme Court limited the power of judges
to block government policies nationwide, but left unresolved to fight
over President Trump's restrictions on automatic birthright citizenship the six
(04:22):
to three ruling Friday said Trump's restrictions on birthright citizenship
at a minimum won't take effect for thirty days. The
justices returned three cases to the lower courts to consider
whether to keep the rules on hold for longer, at
least in part of the country, if not the whole nation.
Trump hailed the decision as a monumental victory. The Friday
numbers on Wall Street, the Dow gained four to thirty two,
(04:43):
Nasdaq was up one o five, The S and P
gained thirty two, closing at a new record high. The
ten year treasury yield at four point two seven percent,
the two year at three point seven four percent. That's
news when you want it with Bloomberg News Now I
made Kleggy. This is Bloomberg
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.