Merz Aims to Rein In Macron, Powell to Attend Cook Hearing, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner. Some European leaders are taking a stand against President Trump's threat of new tariffs. Now, Trump announced a new 10 percent levy on eight EU countries opposed to his plan to seize Greenland.
What are the implications of Trump's new tariffs on the EU?
In response, French President Emmanuel Macron intends to request. the activation of the EU's strongest trade countermeasure. However, German Chancellor Friedrich Merz is trying to persuade Macron to tone down his response as Merz attempts to de-escalate tensions with the US.
We do not want this escalation. We do not want a trade dispute with the United States of America. But if we are confronted with tariffs that we consider inappropriate, then we are in a position to respond. And that is precisely what we will be discussing in Brussels on Thursday.
That is German Chancellor Friedrich Merz speaking through a translator. The International Monetary Fund has slightly raised its outlook for global growth this year. However, the IMF also voiced concern. about a bubble in artificial intelligence as well as tensions both trade and geopolitical.
How is Macron responding to U.S. trade tensions?
Here is IMF chief economist Pierre-Olivier Gorinchas.
Pierre-Olivier Gorinchas Global activity continues to show notable resilience despite significant trade disruptions and heightened uncertainty. According to our latest projections, global growth will hold steady at 3.3% this year. an upward revision of 0.2 percentage points compared to our October estimates.
That is IMF Chief Economist Pierre-Olivier Gorinchas. In the States, a federal judge is allowing the Trump administration to require a week's notice before members of Congress can visit immigration detention facilities. The judge concluded the Department of Homeland Security did not violate an earlier court order when it reimposed a seven-day notice requirement for congressional oversight visits to those ICE facilities. Congress is less than two weeks away from another government shutdown deadline. However, this time around, lawmakers may be able to avoid the fiscal cliff, as we hear from Bloomberg's Nathan Hager in Washington.
Memories are still fresh from the record 43-day shutdown at the end of last year. Right now, most of the government is still running on a stopgap through January 30th. But this week, the House is set to pass the final four of the 12 annual spending bills it needs to keep the government running. The compromise measures include cuts to the IRS and Environmental Protection Agency, but not nearly as deep as President Trump was looking for. In Washington, I'm Nathan Hager. Bloomberg Radio.
On Wednesday, the U.S. Supreme Court will be hearing oral arguments in Trump v. Cook and Fed Chair Jay Powell plans to attend. This case will decide whether the president has the power to fire Fed Governor Lisa Cook for alleged mortgage fraud. It was back in October that justices refused to allow Trump to immediately oust Cook while she sues to keep her job. Now, this case is critical because it will address the removal protection afforded members of the Fed's Board of Governors. Meantime, the next Fed meeting is just over a week away. Here is Stephen Stanley, chief economist at Santander U.S. Capital Markets.
What we're seeing now is the Fed has moved into pause mode. And there are at least some on the committee that would like to move further, I think. But what you heard from Powell in December, I thought was really important, where he said that the rate is now within the plausible range of neutrality. So there's no urgency to move.
That is Stephen Stanley of Saint-Anthier. Tomorrow, after the closing bell, Netflix is set to report its fourth quarter results. We know the company is facing a fierce takeover battle for Warner Brothers Discovery. Here is Bloomberg analyst Geeta Raghunathan.
I hope the focus really turns, and this is a distraction from this whole drama that we've seen. But fundamentals-wise, you're absolutely right. The company has never been in a stronger situation. We think they will absolutely deliver on their revenue growth expectations of about 17%.
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