US Tariffs on Canada Go into Effect, Roberts Allows Ballroom Work, More

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Bloomberg News Now 6 min 4 speakers 6 chapters transcribed 25 days ago

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What new 50% tariffs are the U.S. imposing on Canadian imports?

Elise Hugh 0:00

Add a little curiosity into your routine with TED Talks Daily, the podcast that brings you a new TED Talk every weekday. In less than 15 minutes a day, you'll go beyond the headlines and learn about the big ideas shaping your future. Coming up, how AI will change the way we communicate, how to be a better leader, and more. Listen to TED Talks Daily, wherever you get your podcast.

Ed Kalecki 0:24

News when you want it. With Bloomberg News Now, I'm Ed Kaleggi. US Canada trade talks fell apart at the last minute with fresh fifty percent tariffs on billions of dollars of Canadian goods taking effect. And prompting Prime Minister Mark Carney to vow to retaliate dollar for dollar. Tariffs will kick in on hundreds of items the US buys from Canada, such as plywood, liquor, electrical equipment, and hockey gear, totaling around twenty billion dollars. Canadian Prime Minister Mark Carney said his country would match the tariffs dollar for dollar to protect our workers and businesses. The two sides blamed each other for the collapse. US Trade Representative Jamison Greer said the Canadian negotiators' eleventh hours demands had upset the balance worked out over days of negotiations.

How is the Supreme Court handling President Trump's White House ballroom project?

Ed Kalecki 1:10

U.S. Chief Justice John Roberts says President Trump can keep building his new White House ballroom while the Supreme Court considers a longer term order. Bloomberg legal analyst June Grasso weighs in.

Unknown 1:35

They were gonna let the ballroom go ahead. I mean, there have been two times I can think of in big cases where they've stopped President Trump. So this shouldn't be a surprise, really.

Ed Kalecki 1:44

You can listen to June Grasso's full analysis on the Bloomberg Business Week Daily Podcast. The Trump administration argues the President has total authority to renovate the White House, and the ballroom project must be complete because it is considered a national security concern. The White House is threatening new sanctions against other countries that trade with Iran. China is Iran's major buyer of oil, but former national security advisor John Bolton does not see that as a cause for concern. Bolton talked about it on Bloomberg's balance of power.

John Bolton 2:14

Our blockade against Iranian exports or imports through the Strait of Hormuz is extremely effective.

What are the latest U.S. sanctions targeting countries that trade with Iran?

John Bolton 2:21

They could ship some through the Caspian to Russia, but by and large, Iran's export route is through the Strait of Hormuz, and if we cut that off, it really doesn't matter what China thinks about it. There's just no oil coming out from Iran.

Ed Kalecki 2:37

California Governor Gavin Newsom says he'd prefer a settlement of the state attorney general's lawsuit opposing Paramount Sky Dance's one hundred and ten billion dollar acquisition of Warner Brothers Discovery. If it's a good deal,

Gavin Newsom 2:49

earlier this week, you you heard the attorney general himself say he'd prefer this settled in uh the boardroom, not the courtroom. Uh so I think there's some universal sentiment there if that's possible. And the question is is that possible? And what's the best deal? What's the landing? That has to be worked through. And uh that's a process that's unfolding, I

Ed Kalecki 3:07

assure you, in real time. As of last week, Paramount had won regulatory clearance from sixty-eight jurisdictions around the world for the deal, leaving a group of states led by California Attorney General Rob Bonta as the final impediment to a closing. They argue the merger would hurt film and television distribution and result in fewer jobs in the entertainment industry.

Why are California officials opposing the Paramount‑Warner Bros. Discovery merger?

Ed Kalecki 3:28

TikTok and Chinese parent Byteance agreed to pay four hundred million dollars to resolve a Biden era lawsuit by the Justice Department, accusing the popular social media app of collecting data on children in violation of an online privacy law. The settlement comes several months after Byteance closed a long-awaited deal to transfer parts of its US operations to American investors to resolve national security concerns. Apple is cutting jobs across teams responsible for the Siri Digital Assistant and the Vision Pro headset, part of an effort to focus on new devices and artificial intelligence. Apple is also laying off employees and its intelligence systems experience.