Trump: We Have Greenland Framework, Apple's New AI Chatbot, 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 Amy Morris. President Trump says they have reached a framework on Greenland.
What framework has President Trump proposed for Greenland?
He says he'll refrain from imposing tariffs on goods from European nations that oppose his effort to take over Greenland, adding that he has a framework of a future deal with NATO Secretary General Mark Rutte. Trump says he wants Greenland for his so-called Golden Dome missile defense system.
I want Greenland for security. I don't want it for anything else. We have so much rare earth.
How will Trump's Greenland plans impact international relations?
We don't know what to do with it. We don't need it for anything else. And in terms of Greenland, you know, you have to go 25 feet down through ice to get it. It's not something that a lot of people are going to do or want to do. No, this is security we're talking about.
The president posted on social media that he will not impose those tariffs that were set to take effect February 1st and that more talks are being held. And all of this has moved stocks higher. We check markets for you all day long here at Bloomberg. The S&P 500 up 1.6 percent. NASDAQ up 1.8 percent. The Dow up 1.6 percent. The Russell 2000 index up more than 2 percent now. The 10-year Treasury yield at 4.25% and the two-year yield at 3.59%. We're also learning more about Apple's plans to revamp Siri later this year. The company says it will turn the digital assistant into Apple's first AI chatbot, jumping into the generative AI race dominated by OpenAI and Google. Sources tell Bloomberg the chatbot will be embedded into the iPhone, iPad, and Mac operating systems and replace the current Siri interface.
Now, this new update... would be above and beyond the previously promised non-chatbot update to Siri. In a potential policy shift, Apple and Google are discussing hosting the chatbot directly on Google's servers. The Supreme Court seems inclined to keep Federal Reserve Governor Lisa Cook in her job, casting doubt on President Trump's bid to wrest control of the nation's central bank. Cook's attorney, Paul Clement, argued that firing Cook would set a bad precedent.
No procedural due process before removal, no judicial review after removal, no preliminary injunction to preserve the status quo in a conception of cause so capacious that apparent misconduct or gross negligence suffices.
But Solicitor General John Sauer argues the president has broad discretion in the Cook case. The statutory language calls without further qualifications itself, and it's plain language, a broad, you know, conferral of authority on the president himself. Fed Governor Cook released a statement after the hearing saying that Congress chose to insulate the Federal Reserve from political threats while holding it accountable, and that as long as she serves at the Federal Reserve, she will uphold the principle of political independence. Jamie Dimon says President Trump's proposal to cap credit card interest rates would spell, quote, economic disaster for the U.S.
In the worst case, you'd have to have a drastic reduction of the credit card business. I mean drastic. I mean like 10 percent. I mean like 80 percent. It would remove credit from 80 percent of Americans.
Dimon says his firm will give a real analysis of the proposal to the government and that banks have argued an interest rate cap would force lenders to drastically pull back on credit they provide to consumers. National Economic Council Director Kevin Hassett says President Trump's tariff policy helped the bottom line and that they intend to reduce the deficit more over the coming year.
In the end, the bond yield really depends on what's going on for the U.S. with the deficit. And we've reduced the deficit by about $600 billion year over year. And we expect that we'll do more next year. And we've done it with real stuff, not smoke and mirrors. For example, cutting government employment by 270,000 workers.
National Economic Council Director Kevin Hassett spoke to Bloomberg Television from the World Economic Forum in Davos. Pending home sales plunged the most since the start of the pandemic.
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