AP: Bovino to Leave Minneapolis, South Korean Tariffs Rise, More
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News when you want it with Bloomberg News Now, I'm Doug Krisner and we begin in Minneapolis where a senior border patrol commander and some agents are reportedly expected to leave the city as early as Tuesday. The Associated Press reports the departure of Commander Greg Bovino comes as President Trump dispatched Border Czar Tom Homan to Minnesota to take charge of ICE operations. We got some analysis from Bloomberg's Anne-Marie Hordern.
This is a shift. I also think the president, in his latest truth, is trying to at least say to the American people, I am taking charge of this now. I'm sending Tom home in there, who's the borders are, and I'm going to be the one that he then debriefs After this, there has been a lot of pushback from even Republicans on Congress about what is going on and the tragedy and the horrific scenes coming out of Minnesota. And there's been pushback as well, specifically from Democrats that want Secretary Noem gone.
That is Bloomberg's Anne-Marie Hordern. Now, the situation in Minneapolis is impacting the passage of an appropriations bill. Democrats are moving toward a potential government shutdown over the bill's inclusion of DHS funding. Here is Bloomberg's Amy Morris.
The fatal shooting of Alex Preddy by Border Patrol agents on Saturday quickly led to a Senate Democratic revolt against funding the Department of Homeland Security without new safeguards. White House Press Secretary Caroline Leavitt is urging lawmakers to move forward with the spending deal.
The White House supports the bipartisan work that was done to advance the bipartisan appropriations package, and we want to see that passed.
A shutdown would have little practical effect on ICE and the Border Patrol, which has already received massive funding in President Trump's tax bill last year. The deadline for a spending deal is this weekend. In Washington, Amy Morris, Bloomberg Radio.
President Trump said today in a post on Truth Social he is increasing a tariff on some South Korean goods to 25 percent. Here's Bloomberg's Josh Wingrove.
He's essentially ripping up, or at least for now, the deal and saying that's because the Koreans are slow walking it. I should note that there were a lot of question marks, including from what the American position was about this deal. We still, for instance, don't know what the shipbuilding cooperation will look like. And so this is another case for countries that are looking at this, including the EU and the UK that had their deals and then saw the Greenland tariff threat come in. The Trump's deals aren't necessarily locked in.
That is Bloomberg's Josh Wingrove. We go to business news next. NVIDIA has announced an additional $2 billion investment in CoreWeave. Now, the funding is aimed at speeding up an effort to add more than 5 gigawatts of AI computing capacity by 2030. However, the investment has sparked concern about circular financing. NVIDIA CEO Jensen Huang pushed back and said the investments represent confidence in the growth and business models of the companies. Here is Bloomberg's Ed Ludlow.
So to NVIDIA's mind, $2 billion is not a lot of money in the grand scheme of what CoreWeave is going to have to go to the capital markets to raise. NVIDIA makes lots and lots of investments, $2 billion equivalent, and they do it through buying common stock. His evidence is that that's completely normal for them and so widespread across the AI stack is their investments that it's not circular, particularly when those don't include quid pro quos.
That is Bloomberg's Ed Ludlow. Shares in major U.S. insurers fell sharply in late U.S. trading. That was after the government said it would hold payments to private Medicare plans flat next year. Analysts had expected an increase in payments by as much as 6%. Shares in UnitedHealth Group fell 8% in late trading. CVS Health was down 8% and HumanaShares sank 12%. The heaviest winter storm in years dropped mounds of snow on New York City. Here is Bloomberg's Miles Miller on the economic cost.
We know that more than 3,000 flights were canceled Monday following roughly 11,600 canceled on Sunday, the most since the COVID-19 pandemic.
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