Trump Drops Tariff Threat, Stocks Rebound After Framework, More
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What is the main topic discussed in this episode?
News When You Want It with Bloomberg News Now, I'm Doug Krisner.
What are President Trump's latest tariff decisions regarding European nations?
President Trump will refrain from imposing tariffs on goods from those European nations opposed to his efforts to take possession of Greenland. Today in a post on Truth Social, Trump cited the framework of a future deal reached with NATO. Now, the post followed a meeting with NATO Secretary General Mark Rutte at the World Economic Forum in Davos. Afterwards, Trump spoke with reporters.
It's a long-term deal. It's the ultimate long-term deal. I think it puts everybody in a really good position, especially as it pertains to security and minerals.
Now, the New York Times is reporting the discussions on a framework included a compromise in which Denmark would give the U.S. sovereignty over small pockets of the territory's land for construction of military bases. Now, Trump's remarks on Greenland sparked a rally in stocks, bonds, and the dollar.
How did Trump's remarks on Greenland affect the stock market?
Small cap shares outperformed, with the Russell 2000 jumping 2%. The S&P 500 picked up nearly 1.2% today, wiping out its drop for all of this year. And we got reaction from Allison McCartney. She is Managing Director for Wealth Management at UBS Financial Services.
There seems to be or markets are telling us that this was a lot of noise. We happen to be doing this I think nicely in an earnings season which is going extremely well and underpinning the fact that this bull market that began in late 2022 the things that are motivating it and sustaining it have not changed in the last 48 hours.
Allison McCartney from UBS Alignment Partners. The Supreme Court seems wary of President Trump's effort to fire Fed Governor Lisa Cook over unproven allegations of mortgage fraud. More from Bloomberg's Amy Morris in Washington.
Solicitor General John Sauer argues that Cook isn't fit to serve.
The American people should not have their interest rates determined by someone who was, at best, grossly negligent in obtaining favorable interest rates for herself.
But those allegations are unproven, and the justices seem to acknowledge that firing Cook could upend the Fed's independence. Justice Brent Kavanaugh expressed skepticism of there being no judicial review of the actions of the president.
What is the Supreme Court's stance on Trump's attempt to fire Fed Governor Lisa Cook?
very low bar for cause that the president alone determines. And that would weaken, if not shatter, the independence of the Federal Reserve.
Fed Governor Cook released a statement saying that as long as she serves at the Federal Reserve, she will uphold the principle of political independence. In Washington, Amy Morris, Bloomberg Radio.
The notion of Fed independence was brought up repeatedly by all parties during oral arguments in the Lisa Cook case. But for Kevin Hassett, the director of the National Economic Council... The Fed crossed the line of being independent when Chair Powell warned about the impact of President Trump's tariffs.
For sure you want to talk about inflation, but precisely then, right when President Trump's coming in and setting his tariff agenda, to have the Fed criticize him so vehemently, I think is inconsistent with the desire for independence.
Kevin Hassett speaking there to Bloomberg on the sidelines of the World Economic Forum in Davos, Switzerland. Congress is one step closer to gaining the authority to review AI chip sales to China. Today, a House committee focused on foreign affairs approved bipartisan legislation calling for congressional oversight of advanced AI chip exports.
What legislation is Congress considering for AI chip sales to China?
Now, this move is likely to open a rift with the Trump administration over plans to allow NVIDIA to sell its powerful H200 processors to the Chinese market. The Trump administration has won a temporary reprieve in a lawsuit over ICE tactics in Minnesota. Today a U.S. appeals court put on hold an order from a lower court restricting officers from interfering with protesters in the state. Meantime, in Maine, ICE has launched an operation targeting people in the state with a significant Somali population. Local officials and residents have reported an increased presence of ICE agents in Maine, and some schools have reported a drop in attendance.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:02–0:05
2
What are President Trump's latest tariff decisions regarding European nations?
0:05–0:57
3
How did Trump's remarks on Greenland affect the stock market?
0:57–2:17
4
What is the Supreme Court's stance on Trump's attempt to fire Fed Governor Lisa Cook?
2:17–3:24
5
What legislation is Congress considering for AI chip sales to China?
3:24–4:19
6
How is ICE operating in Maine and what are the community impacts?
4:19–4:50
7
What is the forecast for the upcoming winter storm affecting the U.S.?
4:50–4:58
Speakers
6 identifiedMore from Bloomberg News Now
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