Shutdown Delays Jobs Data, India Tariffs Drop to 18%, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. The Bureau of Labor Statistics will not release the January jobs report this Friday as scheduled because of the partial government shutdown. Same goes for the JOLTS data, which was set to come out tomorrow. That'll also have to be rescheduled. Bloomberg's Nathan Dean says this is temporary.
The good news is, is that I still think a government is going to reopen this week. There is not going to be a shutdown. I'll just say it right now. I don't think that there's going to be a there's probably a 10 percent chance of a shutdown one month before the election, which means that if you're looking at jobs data and you're looking at reports, you at least have enough data, I think, to get you through the rest of this year.
Bloomberg's Nathan Dean on Bloomberg's balance of power. There's a bill that could keep the government operating and would allow for two more weeks of discussion to come up with an agreement on ICE restrictions. Democrat Christian Menefee tells Bloomberg's balance of power he wants to abolish ICE.
I believe very deeply that we should not allow ICE to do what it's been doing. In Houston, we are a community of immigrants, folks from so many countries who participate in our economy, who run small businesses, who do fantastic work. And we believe in recognizing their dignity and their humanity.
Congressman Christian Menefee just won a special election in a Houston district in Texas on Saturday. President Trump says he's lowering his extra 25% tariff to Indian goods down to 18% after Prime Minister Narendra Modi agreed to stop buying Russian crude. Trump says Modi also agreed to reduce their tariff and non-tariff barriers against the U.S. to zero. And he says India will purchase more than $500 billion of U.S. energy, technology, agricultural, coal and other products. President Trump is set to launch a strategic critical mineral stockpile with $12 billion in seed money to insulate manufacturers from supply shocks. The venture is called Project Vault and will pair more than $1.6 billion in private capital with a $10 billion loan from the U.S.
Export-Import Bank to procure and store minerals for manufacturers. That includes rare earths, critical minerals used in products like iPhones, batteries, and jet engines. It is also expected to help reduce the U.S. reliance on Chinese rare earths and other metals.
What impact does the government shutdown have on jobs data?
Iran's president has reportedly ordered nuclear talks to resume with the U.S. after Supreme Leader Ayatollah Ali Khamenei warned over the weekend of a regional war if his country is attacked. Bloomberg's Patrick Sykes reports President Trump is downplaying the threat.
The ticking element is obviously that U.S. naval so-called armada, those naval assets coming into the region. And then you have rhetoric from Iran at the top level, from Khamenei there, saying it would be a regional war if one were to happen.
Bloomberg's Patrick Sykes reporting from Istanbul. A U.S. judge has ruled a wind farm off New York's Long Island can resume work halted by the federal government. The judge ruled the Sunrise Wind Project, which was losing $2.5 million every day while it sat idle, would be irreparably harmed unless work was allowed to continue during the legal fight. Stocks are moving higher after the latest data showed manufacturing bounced back the most since 2022 last month. Susan Spence is with the Institute for Supply Management.
What it's been saying... every month. When we have several months of expansion or growing new orders and backlog as a result, I will feel much better about it not being Just an uptick.
Susan Spence with the Institute for Supply Management.
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