US, Taiwan Make Trade Deal, Machado Meets with Trump, Lawmakers, 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. The U.S. and Taiwan have agreed to a trade deal to lower tariffs on goods from Taiwan to 15 percent and see Taiwanese semiconductor companies increase financing for American operations.
What are the details of the US-Taiwan trade deal?
Bloomberg's Mike Shepard.
It's been a top priority for officials there in Taipei, but also here in Washington, because Taiwan is such a crucial source of the chips that go into artificial intelligence. And they wanted to make sure they get this locked into place.
Taiwan's technology industry would commit to making at least $250 billion in direct investments to expand advanced semiconductor energy and AI operations in the U.S., and the deal removes a major point of contention between the U.S. and Taiwan. Venezuelan opposition leader Maria Corina Machado met with President Trump at the White House, part of her push for greater influence two weeks after Nicolas Maduro was ousted. Machado told reporters outside the capital that she presented the president with her Nobel Peace Prize with a nod to the history between the U.S. and Venezuela.
I presented the president of the United States the medal. 200 years ago, General Lafayette... gave Simon Bolivar a medal as a sign of the brotherhood between the United States, people of the United States, and the people of Venezuela in their fight for freedom against tyranny.
Rather than installing Machado atop a new government in Venezuela, President Trump has so far thrown his support behind acting President Delcy Rodriguez.
How does Taiwan's semiconductor industry impact US technology?
Machado also met with lawmakers on Capitol Hill. President Trump has threatened to invoke the Insurrection Act and deploy troops to quell persistent protests against ICE officers in Minneapolis. Homeland Security Secretary Kristi Noem.
We did discuss the Insurrection Act. He certainly has the constitutional authority to utilize that. My hope is that this leadership team in Minnesota will start to work with us to get criminals off the street.
Dean of the UC Berkeley School of Law Erwin Chemerinsky says it would be an extraordinary move by the president.
This doesn't warrant the invocation of the Insurrection Act. There's no indication here that the existing federal and state local authorities can't keep the peace in Minnesota.
The Insurrection Act was last used in 1992 during the riots in Los Angeles. Federal prosecutors are charging 20 people including 15 former college basketball players in what they call a scheme to rig the NCAA and Chinese Basketball Association games. Andrew Bailey is deputy director at the FBI.
This case represents a powerful example of what coordinated law enforcement can accomplish. When individuals choose to manipulate fair competition, They do more than commit financial crimes. They erode confidence in institutions that bring Americans together.
Dozens of schools were affected by that scheme, including Fordham, Georgetown, Tulane, and East Carolina. The Trump administration continues to face criticism from high-level Republicans over the Justice Department probe into Fed Chair Jay Powell's congressional testimony. That includes House Financial Services Chairman French Hill.
I think it's a distraction to Treasury Secretary Besant's very able partnership with the president to identify a new Fed chair. And that this decision, whoever made the recommendation to do this, I think was a mistake.
House Financial Services Chair French Hill tells Bloomberg Surveillance he's spoken with Powell about the subpoenas and is working to schedule his semi-annual monetary policy testimony on Capitol Hill. JPMorgan CEO Jamie Dimon says there is, quote, absolutely, positively no chance he would ever be Fed chair. And he explained his view on Fed independence.
The question is only about when certain things take place, and think of lawsuits and stuff like that, does it chip away at that independence to some spectrum? So you can say a little bit, you can say a lot, but you don't want to chip away too much, because if you chip away too much, in my view, this is my opinion, it will drive rates higher, not lower.
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