Senate Passes Russia Sanctions Bill, Trump Vows Appeal of Ballroom Defeat, More
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What new Russia sanctions bill did the Senate just pass?
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News when you want it with Bloomberg News Now, I'm Erika Herskowitz. The U.S. Senate passed a new Russia sanctions bill today authorizing punishing tariffs on China, India, and other top buyers of the country's oil and gas, as well as extended Iran sanctions. The legislation, received bipartisan support, passing on an 86-11 vote and must still pass the House. Democratic Senator Richard Blumenthal speaking during a news conference following the vote initiated by the late Senator Lindsey Graham.
President Zelensky is watching in Ukraine. Vladimir Putin is watching in Moscow. I'd like to think Lindsey Graham is watching as well and proud of what we've done, because today we send a message to Vladimir Putin, you will not win this war.
Republican Senator Darlene Graham. This legislation was deeply important to my brother, Lindsey, and I'm grateful that this bill has achieved such a wide coalition of support. He believed that this was the most consequential piece of legislation that he had ever led. The bill will allow President Trump to levy tariffs on the top five buyers of Russian crude and natural gas and extend the Iran Sanctions Act of 1996 through 2031. President Trump said he will appeal to the Supreme Court after a federal appeals court ruled he lacks the legal authority to build his sprawling White House ballroom without congressional approval. A split three-judge panel for the U.S. Court of Appeals for the District of Columbia Circuit earlier today ordered construction to stop on the 90,000-square-foot ballroom, but stayed its decision for two weeks to allow the administration time to appeal.
We get more from Bloomberg's Josh Wingrove.
So he's going to take this to the Supreme Court, essentially keeps the fight going. He's talking about it on the stump. I was with him when he gave a speech in Vegas a couple of days ago. And the question is whether that is ultimately what voters will respond to, right? Polls are showing voters are very frustrated with the state of the economy, that Trump is underwater on his handling of the economy, which is normally a strong suit for him in polls.
Bloomberg's Josh Wingrove. The decision marks a blow for Trump, who has focused intensely on his construction projects in Washington, of which his planned ballroom is the centerpiece. The latest snapshot from the Labor Department shows a sharp slowdown in the U.S. jobs market. Employers unexpectedly cut 23,000 jobs last month. We also saw downward revisions to prior months, which suggests that hiring is weaker than what was first reported. Meantime, the unemployment rate dipped to 4.1 percent, but fewer people are actively looking for a job. The labor force participation rate is now the lowest level since early 2021. New Century Advisors Chief Economist Claudia Somm says this will take pressure off the Fed to hike interest rates next month.
The thing that would get the Fed moving towards rate hikes the fastest were if there was any sign of overheating in the labor market. This is exactly the opposite.
How will the sanctions target China, India and other top buyers of Russian oil?
Claudia Somm of New Century Advisors was a guest on Bloomberg Surveillance. Markets are pushing back bets on the next rate hike until December. President Trump says he'd like rates to come down before the November midterms. But in an interview with Punchbowl News, he acknowledged Fed Chair Kevin Warsh can't do it on his own without the Fed board. This week, Bloomberg News reported the president has spoken to Warsh several times since he took over as Fed chair. White House economic advisor Kevin Hassett says that shouldn't come as a surprise.
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