Trump $82 Million Bond Spree, Brazil Tariffs 'Too High,' More
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump went on a bit of a shopping spree this fall. Bloomberg's Ed Kalecki explains.
President Trump has continued his purchases of municipal and corporate debt this fall, including bonds of companies affected by his administration's policies. New disclosures posted Saturday by the Office of Government Ethics show that Trump's purchases of at least $82 million include bonds from Netflix, UnitedHealth Group, Boeing, MetaPlatforms, Home Depot, Broadcom, and Intel. of which the U.S. government acquired a stake under his administration. Trump also purchased municipal bonds from U.S. cities and local school districts, utilities and hospitals. Ed Kalecki, Bloomberg Radio.
Leaders in Brazil say the tariffs are still too high. Goods like coffee, beef and tropical fruits like bananas and pineapples will still face a 40 percent tariff in the U.S., despite President Trump's recent move to reduce some import taxes. Brazil says it was an additional surcharge tacked on by Trump back in July, on top of the reciprocal tariffs he imposed in April. That puts it at a disadvantage now against countries like Vietnam, whose coffee exports are now fully exempted. The U.S. government's still working to reschedule economic data releases impacted by the government shutdown, but there will be plenty for investors to watch for in the week ahead. Here's Bloomberg's Karen Moscow.
The week begins with a report on Empire Manufacturing and comments from Fed Governor Christopher Waller as well as New York Fed President John Williams. Tuesday, we get earnings from Home Depot and Wednesday, NVIDIA. Market expectations are high after NVIDIA recently became the first company to hit a $5 trillion market cap. The Fed also releases minutes from its October meeting, shedding light on an unusual split among policymakers after a decision to cut rates by a quarter point. Thursday, we get existing home sales and earnings from Walmart, and consumer sentiment is out on Friday. Karen Moscow, Bloomberg Radio.
U.S. lawmakers are also set to discuss banning themselves from trading stocks this week. The House administration committee will meet on Wednesday to talk about it. Proponents of a ban say it would help boost Americans' trust in Congress, but the effort faces significant obstacles in both chambers. People in Charlotte, North Carolina are protesting the arrival of federal agents now as part of President Trump's expanding immigration crackdown in Democrat-led cities. Carlos Maga lives in nearby Concord and says people are afraid to leave their homes.
It's terrifying to pretty much know that at any moment a federal agent can just come out and abuse you just because of the way you look.
Border Patrol says it's taking bad guys off the street, but Charlotte's mayor says it's causing unnecessary fear and uncertainty. The Transportation Department's abandoning an effort now started by the Biden administration that required airlines to compensate passengers affected by significant flight disruptions. In a recent filing, the Trump administration said the department isn't authorized to require reimbursements and isn't convinced that they'd yield meaningful improvements either. Former Transportation Secretary Pete Buttigieg, who helmed the effort, said the initiative was important in protecting flyers' rights. It comes as the FAA reduces significant flight cuts during the government shutdown due to staffing shortages.
About 100 flights have been canceled nationwide this morning. More than 600 are delayed. President Trump's now dropping his plans to sue the BBC over how his January 6th speech was edited.
They cheated. They changed the words coming out of my mouth.
The president threatened to sue unless he received an apology and compensation from the broadcaster.
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