Ed Kalegi

West, including California, which depends on snow for its annual water supplies.

Storms have either brought too much rain, even at high elevations, or, as was the case through most of January, they haven't arrived at all.

Just in time for tax season, the Treasury Department and the IRS have released new guidance on restrictions to clean energy tax credits under President Trump's tax and spending cut law.

Bloomberg's Nathan Hager has the story from Washington.

Western officials say China increased its support for Russia's war in Ukraine in 2025 and is likely to deepen cooperation with Moscow further this year, casting doubt on efforts by European leaders to improve relations with Beijing.

President Xi Jinping has become more assertive and confident in his supporting Russia's Vladimir Putin, and attempts by the Europeans to persuade their Chinese counterparts to help end the war have become more challenging over the past year.

Russia's war in Ukraine wouldn't be able to continue without ongoing Chinese support, particularly the export of dual-use components and critical minerals used in Russian drone production.

Checking the medal count at the Winter Olympics, Norway leads with 20, Italy is second with 18, the U.S.

third with 17.

That's news when you want it with Bloomberg News Now.

I'm Ed Kalecki.

This is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Ed Kalege.

Secretary of State Marco Rubio says Europe's fate is intertwined with the U.S.

while faulting the continent for what he said was a drift away from their shared Western values.

The double-edged message offered some reassurance to allied leaders gathered at the Munich Security Conference, but did little to temper their push for more independence from Washington.

Rubio spoke with Bloomberg News Editor-in-Chief John Micklethwaite.

Secretary Rubio speaking with Bloomberg News Editor-in-Chief John McWithwaite.

Prepare to pay more for steaks and burgers over the next few years.