Trump Tours Ford Plant, Trump to Iran: "Help Is on Its Way," More
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Find us on Apple, Spotify, or anywhere you listen. News when you want it with Bloomberg News Now, I'm Amy Morris. President Trump is in Michigan to promote his efforts to boost U.S. manufacturing. During a tour of a Ford factory in Dearborn, the president said car manufacturers are moving their plants to the U.S. from other countries.
You know, we don't need cars made in Canada. We don't need cars made in Mexico.
We want to make them here. And that's what's happening. Everybody's moving here from Canada. They're coming here from Mexico, from Japan, from Germany, from all over the world. They're coming here. They're opening up their plants.
Trump will also speak at the Detroit Economic Club at the Motor City Casino. You can hear the president's remarks live on Bloomberg Radio or watch on Bloomberg Television or the Bloomberg podcast's page on YouTube. President Trump posted on social media that he has canceled talks with Iranian officials amid a protest crackdown, telling Iranian citizens, quote, Help is on its way. Trump did not offer details about what that help will entail, but has called on protesters to take over institutions in Iran and has repeatedly threatened Tehran with military action. Democratic Representative Pete Aguilar of California.
The president does not have the authority to go in, and this is part of this pattern. We don't know if this post is policy, but it's something that all of us are very mindful of.
Activists say the death toll from the nationwide protests in Iran is now spiked to at least 2,000. German Chancellor Friedrich Merz says Iran's regime is in its final days because of those protests, stating that when a regime can only hold on to power through violence, it is effectively finished. JPMorgan Chase does not like President Trump's call for a 10 percent cap on credit card rates. and says, quote, everything is on the table in pushing back against that proposal. Industry groups say a 10 percent interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners. J.P.
What did President Trump say during his visit to the Ford plant in Michigan?
Morgan CEO Jamie Dimon says the Justice Department's attacks on the Federal Reserve has the potential to undermine the independence of the central bank and possibly boost borrowing costs. JPMorgan Chase shares nearly 4% lower after Wall Street's biggest bank kicked off fourth quarter earnings season with mostly positive results. Herman Chen is a senior U.S. banks analyst for Bloomberg Intelligence.
The beats were really strong, especially on the market side. Revenues on the markets trading side looks like it's up 17% year over year. That's higher than consensus and higher than what they had outlined at a recent investor conference. So really strong results there. Investment banking fees look a touchdown relative to expectations. So that'll be a partial offset to really robust trading results.
Herman Chan with Bloomberg Intelligence says JPMorgan's investment banking fees fell unexpectedly, but the bank does expect more net interest income this year than analysts expected. And JPMorgan Chase led a slide in banks after those results. Traders driving stocks lower. We check those markets for you all day long here at Bloomberg. The S&P 500 down 0.3%, NASDAQ down 0.2%, and the Dow down 0.6%. The 10-year Treasury yield at 4.16% and the 2-year yield at 3.52%. Inflation data failed to alter any bets on a pause in Fed rate cuts. The first full read on inflation since the government shutdown came in mostly where economists expected. Bloomberg's Michael McKee.
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