Shutdown Delays Jobs Data, Trump Drops India Tariff 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 on Friday as scheduled because of the partial government shutdown. Same for the JOLTS data, which was set to come out tomorrow that will also be rescheduled. Bloomberg's Nathan Dean says this got the market's attention.
Anytime you're going to tell a market when it comes to a government shutdown, most market impacts, they really aren't there. Even for contractors, they're not really there.
Yeah.
But for reports, they are there. And as we saw in the shutdown last year, a lot of traders were not happy about this lack of data out there. And this is just another consequence of a shutdown.
Bloomberg's Nathan Dean on Bloomberg balance of power. House Speaker Mike Johnson is trying to muscle the funding package through to end the shutdown as debate intensifies over the Trump administration's sweeping immigration enforcement operations. The U.S. and India have reportedly reached a trade agreement significantly reducing tariffs on Indian goods. President Trump posted on social media that he will lower his 25 percent tariff on Indian goods to 18 percent after Prime Minister Narendra Modi agreed to stop buying Russian oil. Trump says India will also reduce their tariffs and non-tariff barriers against the U.S. to zero and purchase more than a half trillion dollars of U.S. products. President Trump is set to launch Project Vault.
It's a new strategic critical mineral stockpile with $12 billion in seed money, most of which will come from the U.S. Export-Import Bank. The stockpile will include rare earths and critical minerals used in products like iPhones, batteries and jet engines. Bloomberg's Joe Doe reports the private sector is already involved.
Some of the OEMs that are partnered with this, according to the reporting that we have out today, include Stellantis, GM. Boeing just to give listeners an example of the types of companies that in the case of an emergency would need things like gallium, things like cobalt.
The idea is to reduce the U.S.
What impact does the government shutdown have on jobs data?
reliance on China. 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.
Earlier today, we had the spokesman of Iran's foreign ministry saying that messages were coming and going between Iran and the U.S. And he was saying that Iran hopes that they will bear some kind of fruit in the coming days.
Bloomberg's Patrick Sykes reporting from Istanbul. President Trump has built an unprecedented war chest to help keep Republican control of Congress in the November elections with his political committees and the Republican National Committee amassing $483 million. MAGA alone has taken in $313 million since Trump's 2024 election victory. Still, the president knows incumbent presidents almost always lose some ground in midterms, and national polls show most voters do not approve of how Trump is handling the economy, among other issues. Data from the Institute for Supply Management show manufacturing bounced back in January at its fastest pace since 2022. Bloomberg's Michael McKee.
Manufacturing PMI. At 52.6, that's up from 47.9. We were expecting a 48.5 reading, so expecting contraction and getting expansion. New orders is 57.1 from 47.4, so that's a big change. Production, 55.9 from 50.9. Employment still contracting 48.1 but that's up from 44.8 so not as bad.
Bloomberg's Mike McKee. The dollar steadied as metals and equities rebounded from intraday lows.
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