Trump on Greenland, Netflix to Boost Program Spending, More

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Bloomberg News Now 5 min 5 speakers 4 chapters transcribed 2 months ago

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What is the main topic discussed in this episode?

Doug Krisner 0:00

News when you want it. With Bloomberg News Now, I'm Doug Krisner. The sell America trade was back in full force across U.S. financial markets today. President Trump's demand for U.S. control over Greenland stoked anxieties about potential worst-case scenarios.

How did President Trump's Greenland comments spark market concern and diplomatic backlash?

Doug Krisner 0:18

Now, that would include a rupture in the NATO alliance or perhaps a full-blown trade war between the U.S. and Europe. It was over the weekend that Trump announced a new 10 percent levy on eight EU countries opposed to Trump's plans to seize Greenland. And today, Trump faced backlash from UK Prime Minister Keir Starmer and French President Emmanuel Macron, although Trump played down their criticism.

Donald Trump 0:42

They always treat me well. They get a little bit rough when they're, you know, when I'm not around. But when I'm around, they treat me very nicely. And, you know, I like both of them. They're both liberal. They have two problems, immigration and energy.

Doug Krisner 0:57

President Trump speaking there. Now, as a result of Trump's threats, the European Union has effectively suspended the ratification of the trade deal reached with the U.S. last summer. Here is U.S. Trade Rep. Jameson Greer speaking on the sidelines of the World Economic Forum in Davos, Switzerland.

What tariffs and trade threats did Trump announce against EU countries over Greenland?

Jameson Greer 1:14

Europe has done nothing to implement the trade deal. Nothing. So it's actually for the EU to say, well, we're suspending it. What are they suspending? Their continued negotiations with us.

Bob Michael 1:25

It hasn't been ratified.

Jameson Greer 1:27

Yeah, for example, when we made the trade deal with the Europeans, shortly thereafter, we modified our tariffs to be much lower. We cut them a deal on autos that other people don't have.

How did European leaders and the U.S. Trade Representative respond to the dispute?

Jameson Greer 1:38

We cut them a deal on other products other people don't have. Europeans have not lowered a single tariff for us.

Doug Krisner 1:43

That is U.S. Trade Rep. Jameson Greer speaking on the sidelines of the World Economic Forum in Davos, Switzerland. Now, on Wednesday, President Trump is set to speak to this gathering. After the bell, Netflix delivered fourth quarter results that largely beat Wall Street estimates. However, the company issued a cautious forecast for the months ahead. Netflix also said it's planning to increase spending on films and TV shows by 10 percent this year, while at the same time moving ahead with plans to buy the studio and streaming businesses of Warner Brothers Discovery. We got reaction from David Joyce. He is senior analyst at Seaport Research Partners.

David Joyce 2:21

They did beat in the December quarter, but it's always about what are you going to do for me next? And while the revenue guide was a little better than expected, the margin was a little bit lighter for the guidance. So I think people are concerned that maybe the Warner Brothers discovery deal does have something to do with a long-term growth outlook that the management has that might not be as rosy as investors had. I don't think that's yet the case. I think that'll still take time to build.

Doug Krisner 2:51

David Joyce there from Seaport Research Partners. Shares in Netflix were down by around 4.8 percent in late U.S. trading. United Airlines Holdings beat Wall Street estimates for the fourth quarter. The carrier anticipates a strong year for 2026, driven by demand from high spending domestic passengers as well. As international passengers, UAL shares are up 2.7% in late trading. Federal prosecutors have served grand jury subpoenas to officials in Minnesota, and this list includes Governor Tim Walz, Attorney General Keith Ellison, as well as Minneapolis Mayor Jacob Frye. Now, these subpoenas are part of an investigation into whether officials obstructed federal immigration enforcement through their public statements.

Doug Krisner 3:38

Walls and Fry have been critical of federal immigration officials after the deadly shooting of Rene Good by an ICE agent in Minneapolis. Meantime, President Trump said today federal immigration agents sometimes make mistakes.

Donald Trump 3:53

They're going to make mistakes sometimes. ICE is going to be too rough with somebody. You know, they deal with rough people. They're going to make a mistake. Sometimes it can happen.

Doug Krisner 4:02

President Trump is ready to name his candidate for a new Fed chair, and analysts are saying the person will need to be a loyalist, someone who commands credibility with Wall Street and Trump's MAGA base, and who has a shot at Senate confirmation.