Harris' Capital Gains Plan, Biden Plans to Block US Steel Takeover

Bloomberg Audio Studios, Podcasts, radio News. 0:00:09.840 --> 0:00:11.600 Good morning. I'm Nathan Hager. 0:00:11.520 --> 0:00:15.160 And I'm Karen Moscow. Here are the stories we're following today, Karen. 0:00:15.240 --> 0:00:18.040 Investors are in Wade and C mode ahead of tomorrow's 0:00:18.120 --> 0:00:20.760 key jobs report. More on that in a moment. But yesterday, 0:00:20.760 --> 0:00:23.840 after another week reading in the labor market, US two 0:00:23.880 --> 0:00:27.400 year note yields briefly fell below the ten year note. 0:00:27.640 --> 0:00:30.920 Stocks fell as well, led by tech shares. Joe Quinlan 0:00:31.000 --> 0:00:33.479 is head of CIO market Strategy for Maryland Bank of 0:00:33.520 --> 0:00:34.600 America Private Bank. 0:00:34.960 --> 0:00:37.080 Given the fact that we've had a really good run 0:00:37.159 --> 0:00:40.040 this year, I'm not surprised we're seeing some profit taking. 0:00:40.120 --> 0:00:43.160 September is always a rough month for the markets. There's 0:00:43.200 --> 0:00:46.520 concerns about the tightening of the race to the presidential race, 0:00:46.920 --> 0:00:49.760 and I think this pullback in megateech is healthy. Actually, 0:00:49.760 --> 0:00:53.280 I mean our clients conversations about the valuations of some 0:00:53.320 --> 0:00:55.840 of these companies. So and he pulled back here is healthy. 0:00:56.040 --> 0:00:59.040 US economy is chugging along. It's not great, but it's good. 0:00:59.120 --> 0:01:01.840 It's not stalling it. It's cooling down a little bit, 0:01:01.920 --> 0:01:04.080 but we're in good shape heading into the year end. 0:01:04.200 --> 0:01:07.000 Bank of America Private Banks show. Quinlan says he's advising 0:01:07.040 --> 0:01:08.759 clients to buy dips in the market. 0:01:09.360 --> 0:01:12.080 Well, Nathan, one of the stocks leading to clins in 0:01:12.200 --> 0:01:15.280 yesterday's session was in Vidia. It has now dropped eleven 0:01:15.319 --> 0:01:17.520 percent over the past two days. And let's get the 0:01:17.560 --> 0:01:20.760 latest from Bloomberg's John Tucker and John, here's some new 0:01:20.840 --> 0:01:23.279 information about a Justice Department probe here. 0:01:23.280 --> 0:01:26.839 Yeah, Karen. Invidia says it has not been subpoenaed. You'll 0:01:26.840 --> 0:01:31.000 recall we reported the Justice Department's conducting an anti trust investigation, 0:01:31.440 --> 0:01:34.480 and the dog often sends out requests for information in 0:01:34.520 --> 0:01:37.360 the form of what's known as a civil investigative demand, 0:01:37.800 --> 0:01:41.120 which is commonly referred to as a subpoena. Sources tell 0:01:41.160 --> 0:01:44.360 Bloomberg the DOJ has indeed sent such a request seeking 0:01:44.400 --> 0:01:48.800 information about Invidia's acquisition of run Ai and aspects of 0:01:48.840 --> 0:01:52.000 its chip business. The company says, quote, we are happy 0:01:52.040 --> 0:01:55.600 to answer questions regulators may have about our business. And 0:01:55.760 --> 0:01:59.080 Vidia has drawn regulatory scrutiny since becoming the world's most 0:01:59.200 --> 0:02:03.480 valuable chipman and a key beneficiary of the AI spending boom. 0:02:03.840 --> 0:02:06.720 In Vidio pre market is most active. Shares are up 0:02:06.760 --> 0:02:09.160 about seven tenths of a percent in New York. I'm 0:02:09.200 --> 0:02:10.880 John Tucker, Bloomberg Radio. 0:02:11.120 --> 0:02:11.960 Okay, John, thank you. 0:02:12.120 --> 0:02:14.240 Turning back to the economy, A key week for labor 0:02:14.280 --> 0:02:17.240 market data continues this morning. We get a preview from 0:02:17.240 --> 0:02:18.639 Bloomberg's Michael McKee. 0:02:18.880 --> 0:02:21.960 Jobs Week continues with two more inputs to economists thinking 0:02:21.960 --> 0:02:25.040 about what the August employment report will show on Friday. 0:02:25.600 --> 0:02:28.880 ADP's monthly jobs report, based on payrolls handled by the 0:02:28.960 --> 0:02:32.880 data processor, don't forecast the government numbers, but generally do 0:02:33.080 --> 0:02:37.120 capture the direction. They'll likely show a rebounded hiring last 0:02:37.120 --> 0:02:39.600 month if that's what we're likely to see on Friday. 0:02:40.560 --> 0:02:42.760 The claims report is for last week, so it won't 0:02:42.800 --> 0:02:46.079 reflect conditions during the payrolls survey week earlier in August, 0:02:46.480 --> 0:02:49.680 but it should suggest whether we are starting to see layoffs. 0:02:50.200 --> 0:02:53.320 So far, initial claims have remained low, with no sign 0:02:53.440 --> 0:02:57.600 companies are cutting workers, although rising continuing claims show it 0:02:57.680 --> 0:02:59.880 might be getting harder for those without a job to 0:02:59.880 --> 0:03:02.400 find a new one. Michael McKee, Bloomberg Radio. 0:03:02.639 --> 0:03:05.240 All right, Mike, thanks well as investors and the Fed 0:03:05.320 --> 0:03:08.560 await that key data. Oak Tree Capitals Howard Mark says 0:03:08.760 --> 0:03:11.840 US interest rates will settle in a range between three 0:03:11.880 --> 0:03:14.840 and four percent, he told a conference in Australia. Quote 0:03:14.880 --> 0:03:17.880 where not going back to zero or a half or one. 0:03:18.360 --> 0:03:21.760 Let's turn to politics now, Karen. Vice President Kamala Harris 0:03:21.840 --> 0:03:25.040 is talking about capital gains tax rates. She wants to 0:03:25.160 --> 0:03:29.399 pair back the increase that President Biden has proposed. Details 0:03:29.400 --> 0:03:30.840 from Bloomberg's Amy Morris. 0:03:31.200 --> 0:03:34.400 A campaign official tells Bloomberg the move aims to bolster 0:03:34.440 --> 0:03:37.800 Harris's efforts to court the business community and deep pocketed 0:03:37.840 --> 0:03:40.760 donors in her bid for the White House. Harris announced 0:03:40.760 --> 0:03:42.760 her plan at a rally in New Hampshire. 0:03:43.080 --> 0:03:45.840 If you earn a million dollars a year or more, 0:03:46.200 --> 0:03:49.240 the tax rate on your long term capital gains will 0:03:49.280 --> 0:03:51.760 be twenty eight percent under my plan. 0:03:52.080 --> 0:03:54.720 You might recall President Biden had proposed a series of 0:03:54.760 --> 0:03:57.760 increases on capital gains tax rates to between thirty nine 0:03:57.760 --> 0:04:00.840 point six and forty four point six rs. Is breaking 0:04:00.920 --> 0:04:04.320 from that, saying that when the government encourages investment, it 0:04:04.320 --> 0:04:07.760 can lead to broad based economic growth In Washington, Amy 0:04:07.800 --> 0:04:09.320 Moore as Bloomberg Radio, All. 0:04:09.240 --> 0:04:10.120 Right, Amy, thank you all. 0:04:10.120 --> 0:04:13.400 President Biden is making a decision that could have implications 0:04:13.400 --> 0:04:16.159 in the twenty twenty four race. Bloomberg News has learned 0:04:16.160 --> 0:04:19.400 the President is preparing to block Nippon Steele's fourteen point 0:04:19.440 --> 0:04:23.719 one billion dollar takeover of US Steel. Bloomberg's Martin Richie 0:04:23.800 --> 0:04:26.799 reports a decision could come as soon as this week. 0:04:27.160 --> 0:04:31.560 For Nippon Steel, it's a big blue They were hoping 0:04:31.680 --> 0:04:37.799 to expand their footprint globally as their as domestic demand 0:04:37.839 --> 0:04:42.600 for steel ebbs in Japan and for US Steel. You know, 0:04:42.680 --> 0:04:47.640 the company itself had agreed to this takeover. Their shares 0:04:48.120 --> 0:04:52.200 slumped down seventeen percent by close of business yesterday. 0:04:52.760 --> 0:04:56.800 Bloomberg's Martin Richie says US Steel CEO has warnt Plants 0:04:56.839 --> 0:04:59.640 could close and jobs could be lost if the deal 0:04:59.680 --> 0:05:02.719 doesn't go through. The merger is going through a review 0:05:02.800 --> 0:05:05.799 from this Secretive Committee on Foreign Investment in the US, 0:05:06.080 --> 0:05:08.560 and sources tell us Biden plans to kill it as 0:05:08.640 --> 0:05:10.120 soon as it lands on his desk. 0:05:10.279 --> 0:05:13.200 Well, Karen, Both Kamala Harris and former President Trump are 0:05:13.200 --> 0:05:16.599 getting ready for their first debate next week in Philadelphia. 0:05:16.720 --> 0:05:19.760 Trump was in Harrisburg, Pennsylvania, last night for an event 0:05:19.800 --> 0:05:22.920 hosted by Fox News. He said his debate strategy will 0:05:22.960 --> 0:05:25.640 be to let Harris talk, and he complained about some 0:05:25.680 --> 0:05:27.839 of the terms of the debate on ABC News. 0:05:28.160 --> 0:05:30.440 I agreed to do it because they wouldn't do any 0:05:30.440 --> 0:05:34.320 other network, She shield. The other thing is her best 0:05:34.320 --> 0:05:37.560 friend is the head of the network, her husband's best 0:05:37.600 --> 0:05:41.599 friend is married to the head of the network, and 0:05:41.640 --> 0:05:43.040 they're going to get the questions. 0:05:43.440 --> 0:05:46.680 And former President Trump's pushed to keep microphones turned on 0:05:46.680 --> 0:05:50.119 only when the candidate is speaking. ABC agreed to those rules, 0:05:50.120 --> 0:05:52.479 and says both campaigns had agreed to them as well, 0:05:52.760 --> 0:05:55.719 but the Harris campaign had pushed against it, saying that 0:05:56.880 --> 0:05:59.400 keeping the mics on would put her at a disadvantage. 0:05:59.440 --> 0:06:02.880 Our coverage of the ABC News presidential debate begins Tuesday 0:06:02.960 --> 0:06:05.520 night at eight pm Wall Street Time on a special 0:06:05.640 --> 0:06:08.440 edition of Balance of Power on Bloomberg Radio and Television. 0:06:08.760 --> 0:06:11.880 Well Nathan, As we await next week's debate, Harris is 0:06:11.960 --> 0:06:16.039 picking up the endorsement of a former Republican representative, Liz Cheney, 0:06:16.120 --> 0:06:19.400 says she will support Kamala Harris for president. Cheney, who 0:06:19.440 --> 0:06:22.799 co chaired the House investigation into the January sixth attach, 0:06:23.120 --> 0:06:25.920 became a fierce Trump critic. She was ousted in her 0:06:25.960 --> 0:06:29.320 twenty twenty two Republican primary in Wyoming as a result. 0:06:29.640 --> 0:06:32.480 Karen, a former Treasury secretary, has a warning about US 0:06:32.520 --> 0:06:35.720 policy against China. Speaking of a summit in Shanghai, Robert 0:06:35.760 --> 0:06:39.000 Rubin said politicians should be careful not to go too 0:06:39.040 --> 0:06:42.880 far with trade restrictions and tariffs on China while trying 0:06:42.880 --> 0:06:46.479 to safeguard national security. Back in May, President Biden announced 0:06:46.480 --> 0:06:50.560 plans to raise tariffs on Chinese imports, including semiconductors, solar cells, 0:06:50.600 --> 0:06:54.120 and critical minerals, with rates ranging from twenty five percent 0:06:54.160 --> 0:06:57.200 for batteries to one hundred percent for electric vehicles. 0:07:00.800 --> 0:07:02.080 And it's time now for a look at some of 0:07:02.080 --> 0:07:04.279 the other stories making news in New York and around 0:07:04.320 --> 0:07:07.200 the world, and for that we're joined by Bloomberg's Michael Barr. Michael, 0:07:07.240 --> 0:07:08.240 good Morning, Good. 0:07:08.000 --> 0:07:11.320 Morning, Karen. Tips about online posts threatening a school shooting 0:07:11.400 --> 0:07:15.239 last year led Georgia police to interview a young teenage boy, 0:07:15.280 --> 0:07:19.360 but investigators didn't have enough evidence for an arrest. Yesterday, 0:07:19.400 --> 0:07:22.640 officials said the now fourteen year old opened fire at 0:07:22.640 --> 0:07:26.600 a high school outside Atlanta, killing four people and wounding nine. 0:07:26.960 --> 0:07:30.600 Authorities say the teen, identified as Colt Gray, has been 0:07:30.720 --> 0:07:33.640 charged as an adult in the depths of two Appalachi 0:07:33.760 --> 0:07:38.040 High School students and two teachers. Barrow County Sheriff jud Smith. 0:07:38.600 --> 0:07:41.760 All of our victims that are at the hospital are 0:07:42.720 --> 0:07:45.480 gonna make it and gonna recover well, as we've been told, 0:07:45.480 --> 0:07:48.040 and we don't expect any more fatalities at this time. 0:07:48.480 --> 0:07:50.320 Georgia Governor Brian Kemp. 0:07:50.760 --> 0:07:54.840 This is everybody's worst nightmare, and I just want to 0:07:54.880 --> 0:07:58.440 offer my sincere condolences and our thoughts and prayers to 0:07:58.520 --> 0:08:02.520 the families of that have lost loved ones for those 0:08:02.600 --> 0:08:05.559 that are injuring and injured and continuing to fight. 0:08:06.040 --> 0:08:10.320 Governor Kemp. Authority say the suspect who surrendered is cooperating. 0:08:11.120 --> 0:08:14.680 Attempts by Russia to influence the twenty twenty four presidential 0:08:14.720 --> 0:08:19.040 election have brought to indictments and warnings from the Justice Department. 0:08:19.400 --> 0:08:22.640 The Biden administration alleges that senior aide to Russian leader 0:08:22.640 --> 0:08:25.960 of Vladimir Plutin engaged in a sweeping operation aimed at 0:08:26.000 --> 0:08:30.320 supplying millions of Americans with disinformation to sow division and 0:08:30.400 --> 0:08:34.920 secure Russia's preferred outcome of re electing Donald Trump. Attorney 0:08:34.920 --> 0:08:36.480 General Mary Garland. 0:08:36.520 --> 0:08:40.640 The Justice Department is seizing thirty two Internet domains that 0:08:40.679 --> 0:08:44.040 the Russian government and the Russian sponsored actors have used 0:08:44.480 --> 0:08:48.920 to engage in a covert campaign to interfere and influence 0:08:49.840 --> 0:08:52.360 the outcome of our country's elections. 0:08:52.679 --> 0:08:55.720 The Biden administration also says Russia tried to peddle pro 0:08:55.800 --> 0:09:00.440 Russian propaganda, especially related to the war in Ukraine. O'biden 0:09:00.440 --> 0:09:03.080 will announce seven point three billion dollars in awards for 0:09:03.120 --> 0:09:06.720 more than a dozen rural electric cooperatives during a trip 0:09:06.760 --> 0:09:10.439 to Wisconsin today. The funding is expected to help underwrite 0:09:10.440 --> 0:09:13.840 the purchase of clean energy, as well as investments in 0:09:13.920 --> 0:09:19.360 transmission line, substation upgrades and software to help lower energy costs. 0:09:19.720 --> 0:09:22.080 Global News twenty four hours a day and whenever you 0:09:22.120 --> 0:09:24.280 want it, we have the Bloomberg News Now. I'm Michael Barr, 0:09:24.360 --> 0:09:25.920 and this is Bloomberg Karen. 0:09:26.120 --> 0:09:33.000 All right, Michael Barr, thank you time now for the 0:09:33.000 --> 0:09:35.400 Bloomberg Sports outdate with Dan Schwartzman. 0:09:35.480 --> 0:09:37.240 Dan, good morning, Good morning, Karen. 0:09:37.240 --> 0:09:40.000 American Jessica Pegola advancing to the semi finals at the 0:09:40.040 --> 0:09:41.760 US SOAP with the straight sets win. 0:09:41.640 --> 0:09:43.400 Over top seated EGS FIATK. 0:09:43.640 --> 0:09:46.040 This marks the first time Pegoula has advanced past the 0:09:46.160 --> 0:09:48.040 quarterfinal round of a Grand Slam. 0:09:48.160 --> 0:09:52.440 After being oz and six previously. Pagoula talking about her performance, I. 0:09:52.480 --> 0:09:57.360 Thought I played, yeah, really clean match, served pretty well, 0:09:57.480 --> 0:09:59.480 returned well. I feel like I didn't really do anything 0:09:59.559 --> 0:10:01.599 that bad and was able to kind of jump on 0:10:01.679 --> 0:10:04.040 her really early, and I think frustrate her and was 0:10:04.080 --> 0:10:05.839 able to keep my level even when she picked it 0:10:05.920 --> 0:10:08.559 up from the second set. So yeah, I think I 0:10:08.679 --> 0:10:10.360 just played all around really good tennis team. 0:10:10.800 --> 0:10:12.080 That's Kersey the US Open. 0:10:12.200 --> 0:10:14.599 In the other matchup, Krolino Muchova knocking out beat with 0:10:14.679 --> 0:10:17.960 Sadad Maya in straight sets in the Mendra Top Seedyonic 0:10:18.000 --> 0:10:21.040 Center dominates Daniel Medvedev to advance the Semis, while Jack 0:10:21.120 --> 0:10:23.000 Draper has yet to lose a set so far this 0:10:23.160 --> 0:10:26.680 tournament after beating Alex Deminar in trade sets. Coming up 0:10:26.679 --> 0:10:30.040 this evening, Arena, Sabalanca faces Emma Navarro while Pegoula plays 0:10:30.080 --> 0:10:33.480 Musheva in the Semis. NFL regular season kicking off tonight 0:10:33.480 --> 0:10:36.640 in Kansas City, the defending Super Bowl champion Chiefs hosting 0:10:36.679 --> 0:10:39.360 the Baltimore Ravens Mets. When they're seventh in a row 0:10:39.400 --> 0:10:41.400 eight to three over the Red Sox Mets, remaining a 0:10:41.440 --> 0:10:44.120 half game behind the Braves in the NL Wildcard race 0:10:44.200 --> 0:10:46.439 after the Braves knock off the Rockies five to two. 0:10:46.559 --> 0:10:48.000 Meanwhile, the Yankees. 0:10:47.640 --> 0:10:49.760 Remaining a half game behind the Orioles in the AL 0:10:49.800 --> 0:10:52.440 East a ten to six loss at the Rangers, while 0:10:52.480 --> 0:10:55.040 Baltimore falls to the White Sox eight to one, Chicago 0:10:55.360 --> 0:10:57.280 snapping a twelve game losing streak. 0:10:57.640 --> 0:10:59.839 Elsewhere, the Nationals faull to the Marlins four to three. 0:11:00.080 --> 0:11:03.000 I'm in backsbeat the Giant six to four, Athletics getting 0:11:03.040 --> 0:11:05.400 dominated by the Mariners sixteen to three. 0:11:05.800 --> 0:11:08.880 That that's your Bloomberg Sports Support Sports Update. I'm Dan Schwartzman, 0:11:09.000 --> 0:11:10.040 Karen and Nathan. 0:11:12.280 --> 0:11:16.320 Coast to Coast on Bloomberg Radio nationwide on Sirius XM, 0:11:16.520 --> 0:11:19.360 and around the world on Bloomberg dot Com and the 0:11:19.440 --> 0:11:23.520 Bloomberg Business app. This is Bloomberg Daybreak. Good morning. 0:11:23.559 --> 0:11:26.720 I'm Nathan Hager. Taxes and the economy. They are emerging 0:11:26.800 --> 0:11:29.320 as key themes ahead of the first debate for Donald 0:11:29.360 --> 0:11:32.280 Trump and Kambala Harris next week. The Vice President is 0:11:32.360 --> 0:11:35.400 making a pitch for higher capital gains taxes as she 0:11:35.640 --> 0:11:37.600 flushes out her economic policy. 0:11:37.920 --> 0:11:42.160 We know when the government encourages investment, it leads to 0:11:42.360 --> 0:11:47.000 broad based economic growth, and it creates jobs, which makes 0:11:47.160 --> 0:11:48.559 our economy stronger. 0:11:48.960 --> 0:11:50.880 That was the Vice president as she called for a 0:11:50.960 --> 0:11:54.319 twenty eight percent rate for capital gains taxes during a 0:11:54.360 --> 0:11:57.280 speech in Portsmouth, New Hampshire. Joining us this morning is 0:11:57.360 --> 0:12:00.400 Bloomberg News Senior editor Bill Ferry Spill. 0:12:00.640 --> 0:12:01.200 Good morning. 0:12:01.440 --> 0:12:04.320 It's a higher rate, but not as high as President 0:12:04.360 --> 0:12:07.480 Biden has called for. So what's the contrast she's trying 0:12:07.480 --> 0:12:08.000 to draw here? 0:12:09.040 --> 0:12:12.120 Well, she's you know, we're what two months out, and 0:12:12.679 --> 0:12:16.319 there's been some questions about whether how she would differentiate 0:12:16.440 --> 0:12:19.480 herself from President Joe Biden. So maybe this is the 0:12:19.600 --> 0:12:22.000 start of that. In the kind of home stretch of 0:12:22.040 --> 0:12:24.480 the campaign, she said she would like to see a 0:12:24.520 --> 0:12:27.760 twenty eight percent capital gains tax rate on people earning 0:12:27.880 --> 0:12:32.080 one million dollars or more. That's down from the thirty 0:12:32.200 --> 0:12:36.439 nine point six percent rate that President Joe Biden had supported, 0:12:36.559 --> 0:12:40.480 So you know a little bit of a differentiation there. 0:12:41.480 --> 0:12:44.120 Kamala Harris has started to put more flesh on her 0:12:44.200 --> 0:12:47.599 economic plan. That comes after some a few weeks of 0:12:47.679 --> 0:12:51.839 criticism that wasn't clear what her policies were, so we're 0:12:52.000 --> 0:12:54.559 heading into this debate now starting to see that the 0:12:54.640 --> 0:12:58.719 Capitol Games tax is won. We've seen her propose a 0:12:58.840 --> 0:13:02.920 tax deduction for startup costs for small businesses that would 0:13:02.920 --> 0:13:05.560 go up to fifty thousand dollars from five thousand dollars, 0:13:05.880 --> 0:13:07.760 and said she said she's going to set a goal 0:13:07.840 --> 0:13:11.559 of trying to get twenty five million new business applications 0:13:11.640 --> 0:13:14.480 in the first term of her administration. That would be 0:13:14.559 --> 0:13:17.360 an increase from about nineteen million under Biden so far. 0:13:17.559 --> 0:13:20.240 So we're starting to hear a few more details. I 0:13:20.240 --> 0:13:23.880 think she'll show up at that debate less likely to 0:13:24.000 --> 0:13:26.520 face criticism that people don't know what her policies are. 0:13:26.800 --> 0:13:28.600 Are you expecting that We're going to hear many more 0:13:28.640 --> 0:13:32.640 details on former President Trump's economic proposals, a lot of 0:13:32.720 --> 0:13:37.080 calls for tax cuts across the board when he speaks 0:13:37.160 --> 0:13:39.360 before the Economic Club of New York later today. 0:13:40.280 --> 0:13:43.480 Yeah, I think you know, one of his signature achievements 0:13:43.520 --> 0:13:47.199 I think of his administration was that twenty seventeen tax 0:13:47.280 --> 0:13:50.520 bill at lower taxes, primarily on businesses. I think you 0:13:50.600 --> 0:13:53.360 know he views that as kind of the winning issue 0:13:53.400 --> 0:13:56.360 across the board. There's been some questions about how much 0:13:56.400 --> 0:13:59.360 it would cost. It's one study has put it in 0:13:59.480 --> 0:14:05.199 the several trillion dollars over ten years. So he hasn't 0:14:05.240 --> 0:14:08.120 really explained how he would pay for that beyond he 0:14:08.240 --> 0:14:11.360 says it would boost economic growth and that would kind 0:14:11.400 --> 0:14:14.160 of pay for itself. I think there's still gonna be 0:14:14.160 --> 0:14:16.839 a lot of questions about that, but you'll have to, 0:14:17.240 --> 0:14:21.320 you know, two dueling economic plans to see get debated 0:14:21.480 --> 0:14:24.800 next next next week when we have this first debate 0:14:24.920 --> 0:14:26.120 between the two candidates. 0:14:26.560 --> 0:14:29.800 I wonder if we're going to see much political impact 0:14:30.040 --> 0:14:33.560 on this. Reporting that President Biden as soon as this 0:14:33.840 --> 0:14:37.720 week could move to block the US steel takeover by 0:14:37.880 --> 0:14:39.040 Japan's Nippon Steel. 0:14:39.920 --> 0:14:42.760 Yeah, there's really no political support in the US at 0:14:42.800 --> 0:14:47.400 this point in either party for this proposal. It seems 0:14:47.560 --> 0:14:51.360 like the President's opposition to it, along with Vice President 0:14:51.400 --> 0:14:55.600 Harris's opposition Donald Trump's opposition, it seems like that would 0:14:55.600 --> 0:14:58.280 be sufficient to kill this off at least for the 0:14:58.360 --> 0:15:01.920 foreseeable future. It was a fourteen billion dollar takeover proposal. 0:15:02.680 --> 0:15:05.640 The companies on both sides, Nippon Steele and US Steel 0:15:05.680 --> 0:15:08.240 of course in support of it. But it's you know, 0:15:08.480 --> 0:15:10.680 this is a US Steel is a company based in 0:15:11.080 --> 0:15:13.840 the biggest swing stake state of the MA all Pennsylvania. 0:15:14.360 --> 0:15:17.760 The unions are not for it, So you know, both 0:15:17.840 --> 0:15:21.240 parties going after those working class voters. You have to 0:15:21.320 --> 0:15:25.040 really question the timing of the proposal and why why 0:15:25.280 --> 0:15:28.360 Nippon Steele thought that was that, right in the middle 0:15:28.360 --> 0:15:30.680 of a presidential campaign was the time to throw this 0:15:30.760 --> 0:15:32.960 out there. It does seem to be dead in the water. 0:15:33.120 --> 0:15:35.320 Just thirty seconds left. I wonder what you make of 0:15:35.640 --> 0:15:38.360 former President Trump saying his debate strategy is going to 0:15:38.400 --> 0:15:41.080 be to let Harris talk when there's been all this 0:15:41.520 --> 0:15:43.720 back and forth about whether to keep the mics on 0:15:43.920 --> 0:15:44.760 during the whole debate. 0:15:45.880 --> 0:15:46.040 Yeah. 0:15:46.160 --> 0:15:49.400 Well, you know, Republicans have said that they've criticized Kamala 0:15:49.440 --> 0:15:51.800 Harris for saying that some of her answers don't get 0:15:51.840 --> 0:15:55.000 to the point that she speaks in word salads. I 0:15:55.120 --> 0:15:57.760 think that's what the president is going for or hoping 0:15:57.880 --> 0:16:01.240 for in this case. But he also said, listen, he 0:16:01.360 --> 0:16:04.320 used that Mike Tyson quote about everyone has a strategy 0:16:04.440 --> 0:16:06.600 till they get punched in the face. He said he's 0:16:06.640 --> 0:16:09.440 willing to willing to shift gears. I don't think we 0:16:09.600 --> 0:16:11.560 know what's going to happen. I think it could be 0:16:11.680 --> 0:16:13.320 a real free for all, but we'll all have to 0:16:13.360 --> 0:16:14.040 tune in and see. 0:16:14.440 --> 0:16:17.320 This is Bloomberg day Break Today, your morning brief on 0:16:17.440 --> 0:16:20.920 the story's making news from Wall Street to Washington and beyond. 0:16:21.240 --> 0:16:23.960 Look for us on your podcast feed at six am 0:16:24.080 --> 0:16:27.680 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:27.800 --> 0:16:28.760 get your podcasts. 0:16:29.080 --> 0:16:31.760 You can also listen live each morning starting at five 0:16:31.840 --> 0:16:34.400 am Wall Street time, on Bloomberg eleven three to zero 0:16:34.480 --> 0:16:37.280 in New York, Bloomberg ninety nine to one in Washington, 0:16:37.440 --> 0:16:40.280 Bloomberg one oh six to one in Boston, and Bloomberg 0:16:40.400 --> 0:16:42.040 ninety sixty in San Francisco. 0:16:42.440 --> 0:16:45.560 Our flagship New York station is also available on your 0:16:45.640 --> 0:16:51.000 Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. 0:16:51.120 --> 0:16:54.520 Listen coast to coast on the Bloomberg Business app, SERIUSXM, 0:16:54.640 --> 0:16:57.600 the iHeartRadio app, and on Bloomberg dot Com. 0:16:57.760 --> 0:16:59.800 I'm Nathan Hager and I'm Karen Moscow. 0:17:00.120 --> 0:17:02.760 Join us again tomorrow morning for all the news you 0:17:02.960 --> 0:17:06.080 need to start your day, right here on Bloomberg Daybreak