Trump Targets Price Anxiety in Primetime Address; US Approves $11 Billion Arms Sale to Taiwan

Bloomberg Audio Studios, Podcasts, radio News.
Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Karen, we begin with President Donald Trump's effort to address
americans lingering economic concerns. The President used a primetime address
from the White House to say he is working to
rein in rising prices.
Good evening, America. Eleven months ago, I inherited a mess,
and I'm fixing it.
And in the speech heard live on Bloomberg Radio, President
Trump said he's starting with a holiday bonus for the military,
the Warrior Dividend.
In honor of our nations founding in seventeen seventy six.
We are sending every soldier one thousand, seven hundred and
seventy six dollars.
President Trump also announced plans for housing reforms in the
new year from his tax and spending cut bill, as
well as lower interest rates al soon.
And now our next chairman of the Federal Reserve, someone
who believes in lower interest rates by a lot, and
mortgage payments will be coming down even further.
And President Trump touted his efforts to stop drugs and
undocumented migrant flows, as well as his plan to replace
health insurance subsidies with direct payments to Americans, and he
defended his terriff regime, saying it's bringing in domestic manufacturing
and will help to pay for the military bonuses.
Well Nathan reactions already pouring into President Trump's speech. Bloomberg's
Romey Vargie says the President is showing he's got Americans
cause concerns in mind.
This warrior givenad is chef for seventeen seventy six, coming
around holiday times or service members really shows that they
are paying attention to the poll numbers and wanting to
see what they can do.
And that's Bloomberg Digital Politics editor romeyvar Geese and Bloomberg's
Joe Matthew says those concerns could linger well beyond the speech.
This issue around healthcare premiums rising in the country will
be likely once again the preeminent issue when we get
on the campaign trail for the midterm. So they're trying
to get their arms around this, and.
Bloomberg Balance a Power host Joe Matthew there a Writer's
Ipsos poll this week shows the president's approval rating near
isuloist level this term, at thirty nine percent.
Heading overseas Karen. The Trump administration has announced a massive
package of arm sales to Taiwan. It's valued at more
than ten billion dollars and includes medium range missiles, howitzers,
and drones. China's Foreign ministry has attacked the move, saying
it would violate diplomatic agreements between China and the US
and undermine regional stability.
Hovering Europe Nathan, EU leaders are gathering for a summit
aimed at agreeing on a massive loan to cover Ukraine's military.
Bloomberg's Oliver Crook is covering the high stakes meeting in Brussels.
I think it's fair to say that this is really
a do or die meeting for the Europeans on two
main issues. The first is on funding Ukraine, getting the
Ukrainians on financial footing for the next few years to
be able to support their war effort to defend against
the Russians. And the second on this an American trade
deal AMERCOS or trade deal that's been twenty five years
in the making. These two issues, which are massive issues
for the Europeans. You really can't undersell how big of
a deal this is, and trying to get these over
the line. We have no idea which way they're going
to go on both of these.
Issues, and Bloomer's Oliver Crook says. European Council President Antonio Costa,
who is cheering the meeting, is vowing to keep leaders
negotiating until an agreement is reached, even if it takes days.
Australia Karen is creating new hate speech laws following an
alleged Islamic State inspired terrorist attack at Bondai Beach that
killed fifteen Jewish people gathered to celebrate Hanukkah. Here's Australian
Prime Minister Anthony Albanesi.
Of course, I acknowledge that more could have been done,
and I accept my responsibility full of the part in
that as Prime Minister of Australia. But what I also
do is to accept my responsibility to lead the nation
and unite the nation.
Prime Minister Anthony Albanesi says the package will include aggravated
hate speech offenses for preachers and leaders who promote islands.
Now, Nathan, we want to update you on the manhunt
for the mass shooter at Brown University. The search is
now into US sixth a day and authorities are continuing
to press for more information. Providence, Rhode Island police have
released surveillance photos of a man scene walking past their
person of interest. And here's Providence Police Chief Oscar Perez.
And we see this person of interest and nearby the
vicinity is this other person. And so we're just trying
to trying to find out more and we believe that
this person may have relevant information that is really going
to help us.
And Providence Police Chief Oscar Perez also released a map
showing the streets where the suspect was seen before and
after the shooting. He's asking the public for more video
from the area. Brown University says it has more than
twelve hundred security cameras in and around campus, but they're
not in every hallway or classroom.
Let's turn out Karen too. The latest on the death
of actor director Rob Reiner. The Hollywood Legend's son, Nick Reiner,
made his first court appearance in Los Angeles on two
counts of first degree murder in the deaths of his parents.
Here's Nick Reiner's attorney, Alan Jackson.
We asked that during this process, you allow the system
to move forward in the way that it was designed
to move forward, not with a rush to judgment, not
with jumping to conclusions, but with restraint and with dignity
and with the respect that this system and this process deserves,
and that the family deserves.
Attorney Alan Jackson says Nick Reiner's arraignment has been postponed
to January seventh.
Company News History this morning, for BP, the oil Giant
has appointed Meg O'Neill as its first female CEO. She
replaces Murrie Aunkinklaus after just two years in the job.
The management change comes as the oil giant struggles to
revive its fortunes following a botched pivot toward renewables.
Went back here in the US care and the AI
trades getting some good news this morning. Shares of Micron
Technology are up ten percent in early trading. The largest
US maker of computer memory chips gave an upbeat forecast
for the current quarter.
Well for look at some of the other stories making
news in New York and around the world, and for
that we're joined by Bloomberg's John Tucker, John Good.
Morning, and good morning, Karen. Moderate House Republicans have revolted
against Speaker Mike Johnson and joined with Democrats to force
a vote in January and expiring Obamacare subsidies. Republican Representive
Mike Lawler of New York signed on to the Democratic
Discharged petition, a way to force a vote and get
around GOP leadership. Speaking with our Joe Matthew on Bloomberg
Balance of Power, Lawler denies there's a lack of confidence
in the House Speaker.
Him and I have a very good relationship.
We've spoken repeatedly over the last twenty four hours.
I am more focused on finding a solution.
I don't think he has.
Anything to worry about with a motion of vacate.
New York Congressman Mike Lawler with Bloomberg's Joe Matthew. Get
the full conversation of the Bloomberg Balance of Power podcast.
A lot of people want to work for incoming New
York Mayor Zora Mumdani That story from Bloomberg's Charlie Pellett.
More than seventy four thousand people have applied for jobs
in the new administration, with an average age of twenty eight.
Mamdanie's administration is looking to hire an unspecified number of
roles across sixty agencies, ninety five mayor all offices, and
more than two hundred and fifty boards and commissions. Those
numbers are both a measure of enthusiasm for New York
City's incoming mayor under sign of how tough the job
market is for young people in the five boroughs. New
York City had a five point eight percent unemployment rate
overall in August. In New York, Charlie Pellett Bloomberg Radio Gilline.
Maxwell has asked to judge to throuder sex trafficking conviction
and twenty year prison sentence. It comes on the eve
of a deadline for the Justice Department to turn over
a trove of documents relating to her ex boyfriend, convicted
pedophile and sex trafficker Jeffrey Epstein. Ed Effy ID Deputy
director Dan Bongino says he's resigning from the Bureau next month.
The departure would be among the highest profile resignations of
the Trump administration, coming as the firing of career agents
has contributed to upheople at the bureau. Global News twenty
four hours a day and whenever you want it, we
et Bloomberg News.
Now.
I'm John Tucker, and this is Bloomberg Karen.
Thanks Sean time now for our Bloomberg Sports Update, and
for that we bring in John stash Hour.
Thanks Karen. A big game tonight and the NSC. The
Rams and Seahawks play in Seattle. Both teams are eleven
and three, tied for the best record in the conference.
The quarterback change in Miami despite two a tongue of
Malalog getting a two hundred and twelve million dollar extension,
being just midway through that deal, he leads the league
with fifteen interceptions. He's going to the bench, replaced by
rookie quinn Ewers. Luke Weaver, the reliever for the Yankees,
is signed with the Mets, the second time that's happened
to a relief pitcher in this offseason. That's a Bloomberg
Sports Update.
Stay with us more from Bloomberg day Break coming up after.
This Coast to coast on Bloomberg Radio, on Serious Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business Album. This is Bloomberg Daybreak.
Good morning. I'm Nathan Hager. Affordability It was the issue
that powered democrats wins in last month's elections by many analyzes,
but with cost of living concerns still lingering into the holidays.
President Trump is touting what he's accomplished in the last
eleven months.
A border is secure, inflation has stopped, wages are up,
prices are down. Our nation is strong, America is respected,
and our country is back stronger than ever before.
President Trump at a primetime addressed to the nation you
heard live on Bloomberg Radio this morning, were joined by
Terry Haynes, the founder of Pangaea Policy. No, you heard
the speech last night, Terry, your reaction to it in
the message that the president says he is trying to
fix the problems that he says he inherited from the
Biden administration.
Good morning, Good morning, Nathan. You know what I heard
last night was the most popular politician in the United
States because not that I hold a Trump brief, because
I don't, but he is by far essentially deciding to
do twenty twenty five's greatest hits and spice that with
a reminder to the public of why they hired him
in the first place. The entire speech, you know, the
speeches these days are you know, kind of sound bite collections,
and you know this this was one, so you can
pick your SoundBite and move along. If you remember the public,
and crucially, I think for him, he promised more hits
that this the greatest hits package was at the end,
but was kind of the beginning. So he's setting the
stage to try to in the next ten or eleven months,
you know, not only make the case that he's done something,
but that he is going to do something, did something,
try to instill some confidence in the public and his
base that he's going to go about fixing the affordability
problems just as he fixed other sorts of problems.
And in terms of specific hits to term it that way,
we heard the President talking about so called warrior dividends,
seventeen hundred and seventy six dollars checks to military service
members to arrive before Christmas, and a promise of housing
reforms from the big tax and spending cut bill. Are
those the kind of things that are going to resonate
with voters into twenty twenty six, Well, I think it's.
A little early. Frankly, you're right to point all those
things out, and I think there will be a lot more.
President is not going to be constrained by ideology, and
I think that's an important point for markets because people
tend to look at how closely some politician or another
adheres to what's viewed as democratic or Republican orthodoxy. I
don't think the Trump or his people are going to
care about that. I sometimes I liken the politicians to painters,
and you know, I see Trump as Jackson Pollock more
than anything else. He'll throw around the paint cans, however
he needs to in order to get the kind of
picture he wants regardless, So there's that. How I would
look at the speech last night from an affordability perspective
is we're still in the spaghetti phase here. We're throwing
They're throwing messages up against the wall to see what sticks.
How they describe what they're going to do, which is,
you know, kind of the press problem is a and
the selling problem is important, but it's not the only problem.
They've actually got to do a bunch of things, and
they're they're going to both try to do both. But
I think the message is very much still a work
in progress and it's going to take him a while
to arrive on it.
Well.
In terms of the spaghetti we've heard a lot of
talk as well about these health insurance subsidies that are
due to expire at the end of the year. The
President once again touted his idea of funneling those payments
directly to Americans form of direct payments. But is this
issue going to linger when we've got to vote on
extending the subsidies coming up at the at the beginning
of next month.
Yes, it will. My two cents to markets on this
is that Republicans don't look at this as a one
and done. Don't look at this what's happening this week
is a one off something. There are three opportunities Republicans
have in the next four months to try to do
something about making the Obamacare program more affordable for people.
First is this week before the end of twenty twenty five,
and the Republican moderates who are agitating on this say
that the week's not over, and they're right. Secondly, by
the end of January twenty twenty six, when government funding
hangs in the balance, and you know, the Democrats that
helped nd the shutdown over this issue may well decide
that they you know, they have more leverage here now
and we're willing to do something about it. Thirdly, in
spring twenty twenty six, I'd say by March April. The
very latest, you're going to get an almost certain big
beautiful bill two dot oh that Senate Budget Chair Graham
has already talked about as including Republican only solutions to
stem Obamacare costs. So you know they've clearly got all
this in their sights. The last time the Republicans had
a trifecta and tried to do something about Obamacare was
twenty seventeen. They came very close but barely failed, and
we'll see if they've got it in them to try
it again this time.
Thanks for this, Terry. Great having you back this morning
after this speech. You know it was a late night
for you as well, so thanks again for being here.
That is Terry Hayes. He is the founder of Pangaeopolicy.
Karen nathan Le's repeat some of our top stories. The
US has approved one of his biggest arm sales ever
to Taiwan, worth up to eleven billion dollars. It includes missiles,
drones and artillery. China's Foreign Ministry says it strongly opposes
and condemns this sale. Australia is expanding its hate speech
laws after the Hanuka terror attack at Sydney's Bondai Beach
and police in Providence, Rhode Island have released more surveillance
photos as a search for the Brown University mass shooter continues,
and investors are waiting for November inflation data ahead of
the opening bell. Bloomberg Economics says the consumer price index
will show terrorf related inflation is peaking or has already peaked.
And we have more in those stories coming up on
Bloomberg Daybreak.
Nathan, all right, Karen, thank you. It's now five twenty
on Wall Street. Want to turn to one of our
other top stories of the morning, the summit underway in
Brussels on backing financial support for Ukraine as the pressure
is on from the US to bring the war with
Russia to an end. Joining us from the Belgian capitol.
This morning is Bloomberg Daybreak. Europe Banker Stephen Carroll, Steven,
Good morning. There has been a lot of run up
to this summit. How crucial is it for something to
get agreed to today?
Good morning, Good morning, Nathan. For Ukraine, it is absolutely crucial.
The financing needs the country has going into next year
are not currently being met and they need an agreement
on support from the European Union to unlock, for example,
imf aid down the line and keep its war effort
underway and really the lights on into next year as well.
The key proposal up for debate here by European leaders
is whether they can use Russian assets that are frozen
in the European Union, mainly at the Euroclear Clearinghouse in Belgium,
to back a reparations loan for Ukraine. That's the term
that they've decided on to describe it. There has been
objections from Belgium to that they fear both the financial
risks but also possibly wider risks coming from retaliation from
Russia if those assets were to be seized, and over
the past more than a month now there has been
an effort at a European level to convince Belgium that
there is a legally sound proposal that will give them
backing from other European member states if the worst were
to happen on that front and there were to be
a legitimate financial call on those assets in the future.
Going into this meeting, we spoke to Kaya Kalas, the
High Representative and Foreign Affairs from the EU earlier on
the program. She told us it was a fifty to
fifty chance that was the chance that she'd giveth there
would be a deal done. Today, we've heard from Germany's leader,
Friedrich Martz, saying that he expects that this is the
best option using these frozen assets to help fund Ukraine.
We're talking about loans of about ninety billion euros. Vladimir Zelenski,
the Ukrainian President, is in Brussels to apply pressure really
to those European leaders to come to an agreement as well.
We heard from the Belgian Prime minister this morning as well.
He doubled down it as opposition to this plan, warning
that using the assets could be a violation of international
law and may weaken the Euro on international markets. It
looks like a long day of negotiations here ahead. The
President of the European Council has warned that they will
debate over this for as long as it takes until
they get an agreement.
What kind of pressure, Stephen, is the European Union feeling
from the United States, with President Trump pressuring for the
war itself to come to an end in this twenty
point piece plan that's been under negotiation for weeks now.
Well, I asked Kaya Callas about this this morning and
she says that you know the where the plan is
now the Europeans. There are lots of European elements to
what's being discussed. She says, it concerns European security, so
it needs to have the Europeans involved. They've been trying
to insert themselves into the process as we've seen these
talks and the shuttling back and forth between Moscow and
Washington as well. But what Kayak Kallis's point was is
there's as yet no indication from Russia that they are
willing to concede on anything or indeed move towards a
peace plan. So even if there is an agreement that's reached,
whether or not Russia will agree to it and sign
up is going to be a key part of this
as well. But this actually ties back to the point
about Russian assets. The EU knows that it needs to
send a clear signal that it supports Ukraine, a signal
to Russia that they can't outlast the Ukrainian efforts to
resist them, and also to the US that they're doing
and this is what Kayak Kalas said this morning, that
they're taking very strong steps to support Ukraine as well.
So it's a decision that comes down, as so much does,
to money and where the money will come from, but
a very important signal on issue being decided on by
the European leaders gathering this morning.
This is Bloomberg Daybreak, your morning podcast on the stories
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