Billions for Board of Peace, Former Prince Andrew Arrested, More
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News when you want it with Bloomberg News Now. I'm Karen Moscow. President Trump is meeting with his Board of Peace with representatives from more than 40 countries and observers from a dozen more taking part.
So today is a tremendous honor to welcome you all to the United States Institute of Peace. for the inaugural meeting of the Board of Peace, very important. I believe it's the most consequential board, certainly in terms of power.
Among the developments, the president said nine members agreed to pledge $7 billion for a Gaza relief package, and the U.S. will donate $10 billion more. He also said Hamas will be harshly met if they don't give up weapons, and he had more to say when it came to Iran.
And we do have some work to do with Iran. They can't have a nuclear weapon. It's very simple. They can't have — you can't have peace in the Middle East if they have a nuclear weapon. And they can't have a nuclear weapon, and they've been told that very strongly.
And the president made the comments as Iran and the U.S. are both applying naval pressure to the talks over Tehran's nuclear program. Tehran held drills today with Russia. Meanwhile, the U.S. brought another aircraft carrier closer to the Mideast. The movements of additional American warships and airplanes to the region don't guarantee a U.S. strike on Iran, but it does give President Trump the ability to carry out one should he choose to do so. We also had some breaking economic news this morning. Pending sales of existing homes in the U.S. continued to slide last month as buyers remain unmotivated by lower mortgage rates and slower price increases. An index of contract signings fell a tenth of a percent last month following a revised 7.4 percent decline in December.
Meanwhile, the U.S. trade deficit widened in December, capping a turbulent year of erratic tariff policy. The goods and services trade gap expanded from the prior month to $70.3 billion. The shortfall culminated in a full-year deficit of $901.5 billion, still one of the largest in data back to 1960.
What are the key points from President Trump's Board of Peace meeting?
Gold and pharmaceutical imports were particularly choppy as companies raced to beat higher duties. Bloomberg's Michael McKee has more on what this could mean for tomorrow's GDP numbers.
Basically, when people thought they were going to be tariffed, everybody moved their gold from Europe to the U.S., and now they're sending it out back again. So that's had a big impact on it. That doesn't go directly into GDP. So part of this goes away. It is the trade deficit rising as much as it did will make a little bit lower GDP numbers. But people aren't revising their forecast for tomorrow down too much.
And that's Bloomberg's Michael McKee. We get those GDP numbers at 8.30 Wall Street time tomorrow. Applications for U.S. unemployment benefits fell by the most since November, and that added to some evidence of stabilization in the labor market. Federal Reserve Bank of Minneapolis President Neal Kashkari said critical comments by National Economic Council Director Kevin Hassett about a New York Fed study on tariffs undermines the central bank's independence. Kashkari made the comments at an event in North Dakota. Hassett said the study, which showed U.S. companies bear most of the burden from President Trump's tariff hikes, is an embarrassment and that the researchers associated with it should be disciplined.
Now to the latest in the Jeffrey Epstein scandal. Andrew Mountbatten-Windsor, the brother of the U.K. 's King Charles, has been arrested on suspicion of misconduct in public office after further details emerged of his relationship with the convicted sex offender. We get more with Bloomberg's Louise Moon.
Being charged for offence of misconduct in public office in the UK is a very serious offence.
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