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Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Dan Schwartzman. Wall Street reacting to the Supreme Court ruling striking down President Trump's tariffs. As the Dow gained a half percent, the S&P 500 ended the session up seven tenths of a percent, with an asset gain nine tenths of one percent. The 10-year Treasury yield is at 4.084, the two years at 3.481.
Gold is trading close to $5,100 an ounce, while Bitcoin is above $67,600. President Trump announcing new tariffs after the Supreme Court struck down his sweeping global tariffs.
Today I will sign an order to impose a 10% global tariff under Section 122 over and above our normal tariffs already being charged. And we're also initiating several Section 301 and other investigations to protect our country from unfair trading practices of other countries and companies.
That's President Trump. In a 6-3 ruling, the court said Trump exceeded his authority by invoking a federal emergency powers law To impose his, quote, reciprocal tariffs across the globe, as well as targeted import taxes, the administration says address fentanyl trafficking. Trump has some choice words for the justices who voted against the tariffs.
When in fact they're just being fools and lapdogs for the rhinos and the radical left Democrats.
The court, though, did not address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion, which is more than half the total revenue Trump's tariffs have brought in. Treasury Secretary Scott Besson also weighed in on potentially having to refund the collected tariffs.
It's in dispute. Supreme Court did not rule on that today. They pushed it back down to the International Tax and Trade Court. And my sense is that could be dragged out for weeks, months, years.
That's Treasury Secretary Scott Besson speaking at the Economic Club of Dallas. European Union lawmakers are holding an emergency meeting to reassess the bloc's trade deal with the U.S. The European Parliament's Trade Committee had been expected to vote to move forward with the ratification process of the agreement, but the court's ruling is cast out on the timeline and the entire accord.
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Chapter 2: What was the Supreme Court's ruling on Trump's tariffs?
The president has said Iran has 10 to 15 days to strike a deal over its nuclear program. President Trump planning to travel to China from March 31st to April 2nd for a meeting with his counterpart Xi Jinping to navigate a trade relationship and tensions around Taiwan. Narrowing trade deficits is expected to be a focal point of conversations, with the U.S.
's annual shortfall with China shrinking in 2025 to around $202 billion, a 21-year low that's according to Commerce Department data. Trump also expects to welcome Xi to Washington later this year, where Xi expected to attend a meeting of the Group of 20 nations in Florida. The U.S.
economy growing less than expected at the end of last year, dragged down by a record-long government shutdown, consumer spending and trade. According to the government's initial estimate out Friday, inflation-adjusted gross domestic product increased an annualized 1.4 percent in the fourth quarter after rising 4.4 percent in the prior period.
Overall, the economy expanded 2.2 percent last year, data from the Bureau of Economic Analysis showed. The BEA said the reduction in federal services during the shutdown subtracted about one percentage point from GDP, which contradicted President Trump, who posted on social media an hour before the data was released that the shutdown would cost the U.S., quote, at least two points in GDP. U.S.
consumer sentiment rising less than expected in February as optimism among wealthier Americans was offset by declining confidence among those who haven't benefited from stock market gains. People's perception of their current financial situation did improve in February, but 46% of consumers mentioned that high prices were eroding their personal finances.
Norway continuing to dominate the medal count at the Milan Cortina Olympics with 37 total, with the U.S. now in second with 28. Norway has also won 17 gold medals, breaking their own record for most golds won at a Winter Olympics. The U.S. has won 10 gold medals. Currently, the U.S.
men's hockey team in action versus Slovakia, with the winner moving on to the gold medal game against Canada, who rallied late to beat Finland 3-2 in the other semifinal matchup. That's news when you want it with Bloomberg News Now. I'm Dan Schwartzman and this is Bloomberg.
As a place to do business, the UK stands apart.
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Chapter 3: What new tariffs did Trump announce after the ruling?
Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.
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