August 25, 2025: Trump Removes Fed's Cook, Failure to Launch for SpaceX Starship, More
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This message is brought to you by Apple Card. Isn't it time you earn daily cash back on your everyday purchases? Apply for Apple Card in the Wallet app to see your credit limit offer. Subject to credit approval, Apple Card issued by Goldman Sachs Bank USA, Salt Lake City branch. Terms and more at applecard.com. News when you want it with Bloomberg News Now. I'm Doug Krisner. We begin with breaking news tonight regarding the Federal Reserve. President Trump has removed Governor Lisa Cook effective immediately. You may recall last Friday, Trump said he would fire Cook if she did not resign over accusations about alleged mortgage fraud. Here is Bloomberg's Zenda Curran. On face value, the president appears to have removed a governor at a very critical juncture for Fed policy.
at a time when key appointments are coming up for vacancy, at a time when the president is very critical of the Fed for not bringing down interest rates. So certainly it would suggest that if this vacancy does come through, it's an opportunity for the president to put someone in there who shares his view on the economy. And a current there, he is global economy reporter from Bloomberg News, joining from Washington. Well, tonight it was failure to launch for SpaceX. The 10th test flight of the Starship rocket was postponed for the second consecutive night, this time due to weather conditions. Sad news, not going to launch today. Weather got in our way, but... You can only control so much.
What recent changes occurred at the Federal Reserve?
You can't always control the weather. Can't control the weather. I wish we could control the weather. We're not there yet. That is SpaceX mission control there. Now, according to SpaceX, Sunday's cancellation was due to a ground system's liquid oxygen leak. We go to the White House next, where earlier today, President Trump met with South Korea's President Lee Jae-myung for their first in-person meeting. Now, prior to the meeting, Trump blasted South Korea for political instability. Well, those remarks had the potential to create a rocky visit. Instead, the two leaders voiced optimism on cooperation over North Korea, along with security and shipbuilding. Bloomberg's Skylar Woodhouse is at the White House.
What we've heard so far is South Korea today mentioned $150 billion investment around shipbuilding. President Trump said that the U.S. would be buying ships from South Korea and then South Korea, vice versa, would then be building ships here in the U.S. Bloomberg Skyler Woodhouse at the White House, and indeed, President Lee did offer to arrange a summit between President Trump and North Korean leader Kim Jong-un at the APEC meeting this fall. Canadian Trade Minister Dominic LeBlanc is in Washington this week to meet with U.S. Commerce Secretary Howard Lutnick. Now, this comes just days after Ottawa dropped most of its retaliatory tariffs on American goods. LeBlanc said Canada is expecting improvements in its trade position in return, although Canadian tariffs do remain in place on U.S.-made steel, aluminum, and autos.
It was last Friday when Prime Minister Mark Carney announced the tariff rollback with the aim of easing tensions ahead of next year's review of the USMCA trade pact. President Trump has signed a pair of executive orders aimed at ending cashless bail. The president called it a driver of violent crime. Now, one order applies immediately to Washington, D.C. The other threatens to strip funding from cities that continue the practice. Trump spoke to reporters earlier in the Oval Office. Somebody kills somebody, they go in, don't worry about it, no cash, come back in a couple of months, we'll give you a trial. You never see the person again. And, I mean, they kill people and they get out, cashless bail. Now, supporters of cashless bail say it disproportionately hurts lower income Americans.
However, critics say it poses a risk to public safety and they point to high rates of recidivism by repeat offenders. Meantime, the president defended the prospect of deploying the National Guard to high crime cities like Chicago and New York.
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