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On today's podcast:
1) President Trump rolls out plans for reciprocal tariffs on a host of trading partners President Trump has ordered his administration to consider imposing reciprocal tariffs on numerous trading partners to rebalance trade relations. The tariffs would be customized for each country, aiming to offset not just their own levies on US goods but also non-tariff barriers, and could take weeks or months to complete. The move is seen as a potential opening bid for negotiation, and Trump hopes to have a discussion with other nations about how existing policies have created an imbalanced trade environment.
2) The White House intensifies efforts to shrink the federal workforce The Trump administration is advising federal agencies to lay off thousands of probationary employees, with some exceptions, as part of its effort to rapidly downsize the federal government. Agencies such as the General Services Administration and the Department of Energy are making cuts, with the latter planning to dismiss 90% of its probationary employees for poor performance.
3) TikTok is back on the Apple and Google app stores Apple and Alphabet’s Google are restoring ByteDance TikTok to their app stores following assurances in a letter from US Attorney General Pam Bondi that a ban wouldn’t immediately be enforced. The two companies had removed TikTok in the US last month to comply with a law passed in 2024. By Thursday evening, the software had returned to the Apple App Store and Google Play store.
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On today's podcast:
1) President Trump speaks to Vladimir Putin with hopes of ending war in Ukraine President Donald Trump had a phone call with Russian President Vladimir Putin to start negotiating an end to the war in Ukraine, a shift from the previous US policy. The call and subsequent statements from Trump's administration have caused concern among European allies, who fear the US is giving in to Putin's demands without getting anything in return.
2) Trump's buyout offer to federal workers gets green light but may come up short About 75,000 federal employees signed up for a voluntary resignation program, falling short of the White House's goal of 5% to 10% of the 2.4 million civilian federal workforce. The resignation program, known as "Fork in the Road," closed after a federal judge lifted his order freezing the program, with any resignations received after 7:20 p.m. Washington time not being accepted.
3) The Senate confirms Tulsi Gabbard as next Director of National Intelligence Gabbard won support from key Republicans, including Senate Intelligence Committee Chairman Tom Cotton, due to her plans to slim down the organization and cut duplication. Gabbard has promised to "encourage a culture where tough questions, scrutiny and challenging of assumptions is welcome" and has defended her willingness to question US intelligence, citing her military experience and rejection of "regime-change wars".
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On today's podcast:
1) Trump Directs Federal Job Cuts as Musk Defends DownsizingPresident Donald Trump directed agencies to work with Elon Musk’s government cost-cutting effort to slash their workforces, according to a White House official, his latest move to gut the federal bureaucracy.Trump’s action orders agency heads to coordinate with Musk’s Department of Government Efficiency to “significantly reduce the size of the government” and “limit hiring to essential positions,” according to a White House fact sheet seen earlier Tuesday by Bloomberg News.
2) Trump Hails Russian Release of American as He Preps Peace PlanPresident Donald Trump hailed the release of an American who had been detained in Russia, saying he hoped the move would allow the two nations to work toward ending the war in Ukraine.“I think there’s goodwill, in terms of the war,” Trump said as he greeted Marc Fogel, a school teacher held in Russia since 2021. “I think this could be the very important element, you could be a big part of it, actually, because it could be a big, important part of getting the war over with Ukraine.”
3) US Core Inflation Seen Rising at Firm Pace in JanuaryInflation likely remained stubborn last month based on economists’ estimates, backing the Federal Reserve’s patient approach to lowering borrowing costs.The so-called core consumer price index that excludes food and energy is seen rising 0.3% in January from December in the Bureau of Labor Statistics report due Wednesday. From a year earlier, core CPI likely increased 3.1%, according to the median forecast in a Bloomberg survey.
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On today's podcast:
1) Trump Sets 25% Steel, Aluminum Tariffs, Widening Trade War
President Donald Trump ordered a 25% tariff on steel and aluminum imports, escalating his efforts to protect politically important US industries with levies hitting some of the country’s closest allies.
The tariffs will apply widely to all US imports of steel and aluminum, including from Canada and Mexico, among the country’s top foreign suppliers of the metals. The levies, which also include finished metal products, are meant to crack down on what administration officials said were efforts by countries like Russia and China to circumvent existing duties.
2) EU Says It Will Impose Countermeasures Against US Tariffs
The European Union vowed to respond to 25% tariffs President Donald Trump said the US will impose on steel and aluminum imports, escalating a potential trade dispute with one of Washington’s closest allies.
“I deeply regret the US decision to impose tariffs on European steel and aluminum exports,” European Commission President Ursula von der Leyen said in a Tuesday statement. “Unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures.”
3) Altman Says ‘No Thank You’ to Musk-Led Group’s OpenAI Bid
A group of investors led by Elon Musk has offered to buy the nonprofit that controls OpenAI for $97.4 billion, escalating a clash between the Tesla chief executive and the artificial intelligence company he co-founded.
With the unsolicited bid, Musk said he hopes to return OpenAI to being “the open-source, safety-focused force for good it once was,” according to a statement. In response, OpenAI Chief Executive Officer Sam Altman posted on Musk’s X social-media platform: “No thank you but we will buy twitter for $9.74 billion if you want.”
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On today's podcast:
1) Eagles Defeat Chiefs 40-22 To Win Their Second Super Bowl
A ferocious Philadelphia Eagles defense tormented and frustrated Patrick Mahomes while Hurts made all the plays the offense needed. So much for the Kansas City Chiefs’ quest for a Super Bowl three-peat. It wasn’t even close. Cooper DeJean got a pick-6 on his 22nd birthday, Josh Sweat pressured Mahomes all night and the Eagles routed the Chiefs 40-22 on Sunday to secure the franchise’s second Super Bowl championship.
2) Trump Plans Tariffs on Steel, Aluminum Imports
President Donald Trump plans to impose 25% tariffs on all imports of steel and aluminum into the US, broadening his trade restrictions to some of the country’s top trading partners and seeking to protect domestic industries that helped him win battleground states last year.
3) BP Shares Jump After Activist Investor Elliott Builds Stake
BP Plc shares surged the most since 2020 after one of the world’s most aggressive activist investors built a stake in the company, seeking to end years of under-performance. Elliott Investment Management, led by Paul Singer, has amassed a significant holding in the British energy giant, Bloomberg reported on Saturday. This is typically the first step in a playbook it has deployed to successfully push for change at many other big public companies. Over the years, the fund’s efforts have led to strategy shifts, CEO departures and even corporate breakups.
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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.
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On today's podcast:
1) Judge Temporarily Halts Trump, Musk Federal Worker ‘Buyout’ A judge temporarily delayed the deadline for millions of federal workers to decide whether to accept the Trump administration offer to resign with the promise of months of full pay.
2) Amazon, Echoing Microsoft, Says It Can’t Keep Up With AI DemandAmazon.com Inc. warned investors that it could face capacity constraints in its cloud computing division despite plans to invest some $100 billion this year.
3) Alaska Crash Marks Third Air Tragedy in US in Just Two WeeksA plane carrying 10 people that went missing in rural Alaska on Thursday during bad weather looks set to be the third deadly aviation disaster in the US over a span of just two weeks.
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On today's podcast:
1) GOP Senators Break With House Over Trump’s Budget Strategy
2) Musk ‘Buyout’ Taken by 40,000 Federal Workers as Deadline Nears
3) Bessent Says Trump Wants Lower 10-Year Yields, Not Fed Cuts
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On today's podcast:
1) President Trump calls for US to take over the Gaza Strip
2) Apple caught in cross hairs of US-China trade tensions
3) Tech shares lower on disappointing earnings from Alphabet and AMD
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On today's podcast:
1) China Hits Back Against Trump’s Tariffs With Targeted Actions
2) UBS Extends Decline as Executives Discuss Capital Rules
3) Netanyahu Set for Trump Meeting With Fragile Grip on Power
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