Blizzard Blankets Northeast, Trump Amps Up Tariff Threats, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. The shovels are out in New York City. And it's not over yet. A powerful blizzard continues to bear down in the Northeast, dumping more than a foot of snow on New York's Central Park, knocking out power to more than a half million homes and businesses, and scrubbing more than 10,000 flights so far. It's a big test for New Jersey's new governor, Mikey Sherrill.
We extended the travel ban until noon. After our early morning briefs, really indicated that roads are not safe. We're hearing whiteout conditions. Snow is still coming down in many, if not most, parts of the state.
And it's doing a number on New England as we hear from Bloomberg meteorologist Rob Carroll in Berkeley, Massachusetts.
Massachusetts, West Warwick, Rhode Island. They've checked in with 17 and a half inches of snow. They're going to add to that. There's going to be spots on central and eastern Long Island that come in probably at two feet. And that's also probably going to hold true across southeastern Massachusetts. Think Boston.
It's easily a foot from this storm. And Bloomberg meteorologist Rob Carolyn says the storm's already cracked the top 10 biggest snows ever for New York City. A storm of uncertainty is building over President Trump's trade agenda. The European Union is freezing its deal with the U.S. after the Supreme Court struck down the president's emergency tariffs. The president is responding with a flurry of social media posts threatening much higher tariffs on countries that, quote, play games with the court's ruling and arguing that he doesn't need congressional approval to raise tariffs. President Trump's already announced a 15 percent global rate under Section 122 of the Trade Act. We get more from Bloomberg's Kasia Kleem
A lot of people, including some lawmakers, even Republicans, came out questioning this step from President Trump.
What impact is the blizzard having on the Northeast?
And trade partners around the world described it actually as chaos, asked the U.S. to provide more clarification, to clarify, to set one clear goal. trade policy agenda.
Bloomberg's Kasia Klimashinska in the nation's capital. The uncertainty has stocks moving lower now. The S&P 500 is off by six-tenths of one percent. The Dow Jones industrial average is leading the declines down 1.3 percent or more than 640 points. The Nasdaq composite is down a half percent. Tensions are building in the Middle East. The State Department's ordered non-essential personnel to leave the U.S. embassy in Lebanon. That's ahead of the latest round of talks between the U.S. and Iran. They're set for this Thursday in Geneva. But the New York Times reports if diplomacy or an initial targeted strike don't work out, President Trump could consider a much bigger attack in coming months. aimed at regime change.
Bloomberg's Paul Wallace reports from Dubai.
The two sides met in Geneva last week, Tuesday. The conclusion to that was that Iran would give written proposals to the U.S., the U.S.
How is New Jersey's governor responding to the snowstorm?
would look at them, and then if they were satisfied, say, OK, let's go to the third round of talks. But if they do happen on Thursday, I think that's a pretty good sign for those who want diplomacy to work and want to avert strikes.
Bloomberg's Paul Wallace in Dubai, and it all comes ahead of President Trump's first State of the Union address since his return to office. That is set for tomorrow night. 9 p.m. Wall Street time. Our coverage begins at 8 on a special edition of Balance of Power with Joe Matthew and Kaylee Lines. Find it on Bloomberg Radio, Bloomberg Television and Bloomberg.com slash videos. President Trump's calling on Mexico to step up its effort on cartels and drugs. A raid over the weekend in the western state of Jalisco killed the top cartel leader known as El Mencho.
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