Chapter 1: What is the main topic discussed in this episode?
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.
Chapter 2: 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.
Chapter 3: 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.
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Chapter 4: What did the IMF say about global economic growth and AI concerns?
Strong operating margin, strong free cash flow. They're expecting about $9 billion for the full year.
That is Gita Raghunathan from Bloomberg Intelligence. We'll get more bank earnings in the coming week. Regional and super-regional lenders will be reporting. This list includes Citizens Financial Group, Fifth Third, First Citizens Bank Shares, Huntington Bank Shares, and U.S. Bank Corp. Here is Bloomberg analyst Herman Chan.
We're seeing improving net interest income, some margin expansion, growing the balance sheet. We're seeing some acceleration in loan growth and deposit trends look good. And credit's really stable. So despite some of the economic uncertainties and potential issues surrounding unemployment, the banks are talking about really stable consumer trends. So we'd expect that to continue.
That is Herman Chan of Bloomberg Intelligence. Apple is once again the number one phone manufacturer in China. More from Bloomberg's Erika Herskowitz.
The jump comes after shipments of iPhone 17 devices soared 28 percent during the holiday quarter, with Apple's handsets accounting for one in every five shipments, despite a worsening shortage of vital memory chips. The growth comes at the expense of Huawei Technologies and Xiaomi, both of which experienced double-digit percentage declines.
Overall, shipments in the world's largest smartphone arena fell 1.6 percent. Erica Herskowitz, Bloomberg Radio.
And that is news when you want it. With Bloomberg News Now, I'm Doug Krisner, and this is Bloomberg.
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