Media Outlets to Sue Over White House Ban, Trump-Xi Summit, More

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What is the latest legal action against the White House ban on media outlets?

Caroline Hepker 0:00

AI is entering its most consequential phase where scale, safety, and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor Salesforce and supporting sponsors IDA Island and Schneider Electric. Learn more at BloombergLive.com slash. Slash Tech London.

Karen Moskow 0:31

News when you want it with Bloomberg News Now. I'm Karen Moscow. President Trump's move to block three major media outlets from the White House grounds is leading to new legal action. And Bloomberg's Megan Crane has more from Washington.

Unknown 0:45

CNN, MS Now, and Politico said they intended to sue over their um you know lack of access to the White House that Trump announced on Friday and seemed to have implemented on Saturday.

Karen Moskow 0:55

Bloomers Megan Crane reports the three outlets issued a joint statement saying they're filing the lawsuit to protect their First Amendment rights and defend the principle that the government does not decide what the press reports or publishes. The New York Times reports the White House removed CNN from its planned role, representing TV networks in the rotating pool that covers the President.

How are CNN, MS‑Now and Politico responding to being barred from the White House?

Karen Moskow 1:16

CNN was scheduled to travel with the President to the UN General Assembly this week. Now to this week's high stakes summit between President Trump and his Chinese counterpart, Xi Jinping. Ahead of Xi's arrival in Washington Wednesday, the US and China have agreed to open a new dialogue on AI. A spokesperson for China's foreign ministry says that China will work with the US to manage differences.

Unknown 1:39

During his visit, President Xi will have in depth exchange of views. with President Trump on major issues concerning bilateral ties and world peace and development. Head of state diplomacy plays an irreplaceable role in providing strategic guidance to China US relations.

Karen Moskow 1:54

And that's Chinese foreign ministry spokesperson Gua Jai Koon speaking through an interpreter. It comes as the US and China hail positive talks on AI ahead of the summit. Discussions between Trump and Xi are expected to center on trade, AI competition, semiconductor export policy, and potential Chinese EV manufacturing in the U.S. Meanwhile, diplomatic efforts currently are underway to end the conflict between Iran and the U.S. Tehran has sent Washington conditions through Qintari mediators to resume negotiations.

What are the key topics expected at the Trump‑Xi summit on AI and trade?

Karen Moskow 2:24

Iran's state-run media also commented on Iran's attendance. attendance at the UN General Assembly, saying quote, for representatives of Iran, there is absolutely no attraction in being in New York, but it is a stronghold that must not be abandoned. Hope from those talks, sending oil lower for its fourth day in a row, and Brent Crude is set for its longest run in decline since June. Crude and LNG flows through her moose are running at a six month high, according to the head of US Central Command. Still US retail diesel prices have topped six dollars fifty cents a gallon for the first time. Joe Quinlan, head of CIO market strategy for Merrill and Bank of America, told Bloomberg this weekend that high diesel prices could push the Fed to further raise interest rates.

Unknown 3:08

I just spent a lot of time in the Midwest talking to our a lot of the bank clients, aviation, truckers, you know, we're the manufacturers. That is their number one concern. It used to be immigration, the lack of workers, where's all the workers? Now it's the diesel cost. And when you look at Russia, China, the US, it's you know, we the capacity isn't there. It's been taking offline.

Why are diesel prices surging and how might they affect U.S. monetary policy?

Karen Moskow 3:27

And as Joe Quinlan with the Maryland Bank of America, global diesel supplies have been squeezed by the U.S. around war and Russia's ban on most exports of the fuel. The Trump administration says it's considering policy options to address the surge in prices. Federal Reserve Bank of Chicago President Austin Goolsby is warning the central bank cannot ignore repeated and persistent supply shocks and must respond in a way that may cause economic hardship.