Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now, I'm Doug Krisner. Some European leaders are taking a stand against President Trump's threat of new tariffs. Now, Trump announced a new 10% levy on eight EU countries opposed to his plans to seize Greenland. In response, French President Emmanuel Macron intends to request the activation of the EU's strongest trade countermeasure.
Chapter 2: What are the latest developments in the US-EU tariff dispute?
However, German Chancellor Friedrich Merz is trying to persuade Macron to tone down his response. At the same time, UK Prime Minister Keir Starmer criticised Trump's move.
Tariffs should not be used against allies in this way. In relation to the escalation, look, a tariff war is in nobody's interests. And we have not got to that stage. And my focus, therefore, is making sure we don't get to that stage. And that's what I'm doing at the moment.
That is British Prime Minister Keir Starmer. Meantime, the managing director of the IMF, Kristalina Georgieva, says it's too early to assess the impact of a potential new trade war between Europe and the U.S.
Too early to say what exactly the impacts of new trade tensions is, but we know that when we have more uncertainty, bad for business, bad for households. The best way forward...
Chapter 3: How is France responding to President Trump's tariff threats?
find a path to agreement. And that is going to be good for everybody, everywhere.
Kristalina Georgieva, the managing director of the IMF, speaking to Bloomberg from the sidelines of the World Economic Forum in Davos. In Japan, Prime Minister Sonei Takeichi has officially called an early election for next month. She is betting her ruling Liberal Democratic Party can strengthen its slim majority in Parliament during this election.
Here is Takeichi making the announcement, speaking through a translator.
To the people in Japan, as the Prime Minister, today I have decided to dissolve the House of Representatives on 23rd January. After dissolving the House of Representatives on 23rd January, the campaigning will start on 27th January, followed by the general election, which will be held on February 8th. I plan to hold the election immediately as such.
I, myself, am staking my career as Prime Minister.
That is Japanese Prime Minister Sanae Takeichi speaking through a translator. By the way, she also promised a temporary sales tax cut on food if she wins a fresh mandate for her new coalition. In the States, a federal judge is allowing the Trump administration to require a week's notice before members of Congress can visit immigration detention facilities.
The judge concluded the Department of Homeland Security did not violate an earlier court order when it reimposed a seven-day notice requirement for congressional oversight visits to those ICE facilities. On Wednesday, the U.S. Supreme Court will be hearing oral arguments in Trump v. Cook, and Fed Chair Jay Powell plans to attend.
This case will decide whether the president has the power to fire Fed Governor Lisa Cook for alleged mortgage fraud. It was back in October that justices refused to allow Trump to immediately oust Cook while she sues to keep her job. Now, this case is critical because it will address the removal protection afforded members of the Fed's Board of Governors.
Meantime, the next Fed meeting is just over a week away. Here is Stephen Stanley, Chief Economist at Santander U.S. Capital Markets.
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Chapter 4: What does the IMF say about the potential trade war impacts?
And that is news when you want it with Bloomberg News Now. I'm Doug Krisner and this is Bloomberg.