Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Monica Ricks. Less than 24 hours after imposing a new 10% global tariff, President Trump has announced on Truth Social he's boosting that levy to 15%. The president's move is in response to the U.S. Supreme Court's ruling Friday, rejecting his sweeping tariffs.
But National Economic Council Director Kevin Hassett says Trump was prepared for this outcome.
President Trump told us from the beginning that we had to have a backup plan and a backup plan for the backup plan in case the Supreme Court ruled against his first try of doing it with AIPA. And so isn't it wonderful to think about how well organized he is that the same day that we get the Supreme Court ruling, we come out with a backup plan that's just as good.
Hassett on Fox News. Thousands of companies, meantime, have already sued or are getting ready to sue the Trump administration to get refunds for tariffs. But there's still a lot of uncertainty over how this will all shake out economically. Archie Hall is an economics editor at The Economist.
Whether that's done in a smooth and straightforward way, and lots of folks have said there should be a way for this to be done automatically, or whether it involves a huge amount of paperwork and the government tries to make it as hard as possible so they can cling on to those tariff revenues, that remains to be seen.
The federal government could be on the hook for about $170 billion, with major retailers like Costco down to small businesses lining up to get their money back. But Treasury Secretary Scott Besson said yesterday this process could take months or even years to play out in courts. Economists are also worried this could be piling on to a financial problem the Supreme Court just rejected.
Diane Swonk is chief economist at KPMG.
There's a downside to this in that the new kinds of tariffs that the president can use are not easily turned on and off. And the off part is the important part is that we're not going to be able to once they go through the investigations, those ones to replace the ones that were ruled illegal by the Supreme Court are going to be much harder to reverse once they go into place.
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Chapter 2: What recent changes did President Trump announce regarding global tariffs?
President Trump says he's considering limited strikes against Iran unless it agrees to a nuclear weapons deal in the next two weeks. Here at home, millions of people along the East Coast are bracing for another winter storm. Bloomberg meteorologist Rob Carolin is tracking it.
This is going to be a major winter storm from the New York City area on up across parts of southern New England. We're going to have high winds, heavy snowfall, blizzard conditions are possible in New York City Sunday night and into the day on Monday.
Accumulations 10 to 16 inches for much of New York City, 8 to 14 inches for the New York City suburbs, a foot and a half possible for Long Island, 12 to 18 inches in Boston, and maybe 20 inches in southeastern Massachusetts. I'm Rob Carolin, Bloomberg Radio.
FEMA says it's helping the District of Columbia clean up and make repairs to a section of sewer line that collapsed last month and caused a massive raw sewage spill in the Potomac River. President Trump blamed regional Democratic leaders, including Maryland Governor Wes Moore, of mismanaging waste systems. But Moore argues that failed pipe sits on federal land.
FEMA's now set to cover as much as 75 percent of the cost. We're learning more about the Justice Department's investigation of Netflix's $72 billion takeover bid of Warner Bros. Discovery, including scrutiny of the streaming giant's business practices and whether a deal would give it more powerful leverage over creators in negotiations for programming.
That's according to new documents reviewed by Bloomberg. Basically, an administrative subpoena that includes clear language showing the Trump administration's going beyond its standard deal review. This process could take months, which Netflix argues would benefit rival bidder Paramount's Skydance. Warner Bros.
still has a deal with Netflix, but the studio's given Paramount till Monday to submit its best and final offer. Investigators could start scaling back resources in their search for Savannah Guthrie's mother Nancy. The 84 year olds been missing for three weeks now and sources say authorities have made little progress.
A small task force could soon replace the 400 officers currently assigned to the case. There's going to be a changing of the guard on Capitol Hill when it comes to who's in charge of the government's purse strings. Bloomberg's Nathan Hager has more from Washington.
Several lawmakers with prime congressional spending slots are headed for the exits. Mitch McConnell gives up the gavel on the Senate Appropriations Defense Subcommittee after this year, and the top Republican seat on the House Defense Subcommittee could be up for grabs as well. Ken Calvert's in a tough re-election fight with fellow Republican Young Kim after his seat was redrawn.
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Chapter 3: How are businesses reacting to the new tariff increases?
Home to four of the world's top universities, it provides exceptional talent and breakthrough research. This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.
Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, head of government and economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond.
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