Blizzard Batters Northeast, Global Trade Confusion Returns, More
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What is the impact of the winter storm on the Northeast?
Now, I'm Nathan Hager. I'm sick of it. I don't want to see it anymore. So especially here in the Jersey Shore, we're waiting for the summer to come in. Summer nowhere in sight on the Jersey Shore or much else of the East Coast today. A massive winter storm has much of the New York City area under a travel ban through noon today. More than a half million homes and businesses across the Northeast are in the dark. The message from New Jersey Governor Mikey Sherrill.
still be very dangerous to be out without four-wheel drive or without a vehicle that can get through some of this. So the best bet right now is to stay home.
And Bloomberg meteorologist Rob Carolin says this nor'easter is one for the record books.
It looks like totals in New York are going to be many locations up or over foot to as high as 16, 17 inches. Long Island, it's going to be 20 to 26 inches from this storm. And we'll have parts of southeastern New England that end up with about 20 to 26 inches of snow from this storm.
Bloomberg meteorologist Rob Carolin says the blizzard's already one of the 10 biggest on record for New York City. The record is still being written on President Trump's trade policies. Now that the Supreme Court has struck down emergency tariffs, the European Union is freezing final approval of its trade deal with the U.S., and India has called off a trip to Washington as well to put the finishing touches on their agreement. President Trump posted on Truth Social that he'll put much higher tariffs on countries that, quote, play games with the high court ruling. Bloomberg's Brendan Murray reports the president's already announced a 15 percent tariff under Section 122 of the Trade Act.
The message from the administration is same policy, different tools. But in the interim, it means companies, governments that have trade deals with the U.S., are asking for details, uncertainty returns like it did, like we had last year.
Brendan Murray is Bloomberg's global trade editor. And while some companies are pushing for refunds, House Ways and Means chairman Jason Smith says he doesn't see that coming through Congress.
You're going to look at over the course of President Trump's administration, he's going to continue to use those tariff revenues to bring down the deficits.
House Ways and Means Chair Jason Smith was a guest on Bloomberg Television, ahead of President Trump's first State of the Union address since his return to office. That is set for tomorrow night at 9 p.m. Wall Street time. Our coverage begins at 8 on a special edition of Balance of Power with Joe Matthew and Kayleigh Lyons. Catch our coverage on Bloomberg Radio, Bloomberg Television, and Bloomberg. and Bloomberg.com slash videos. The new trade uncertainty has stocks falling and treasuries climbing. Right now, the S&P 500 is down 1.2%. The Dow Jones Industrial Average is lower by 1.2%. That's a drop of more than 800 points. The Nasdaq Composite is down 1.4%. The 10-year Treasury is up 14.32%, bringing the yield down more than five basis points to 4.02%.
Oil is on the rise. West Texas Intermediate is up six-tenths of one percent on renewed tensions in the Middle East. The State Department's ordered non-emergency personnel to leave the U.S. embassy in Beirut ahead of another round of nuclear talks between the U.S. and Iran. The New York Times is reporting if diplomacy or an initial targeted strike don't work, President Trump could consider a larger attack in the coming months aimed at regime change. Bloomberg's Jumana Bersetchi has more from Dubai.
The question here is whether there actually can be a compromise between the two sides, because the U.S.
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