Walz Clashes With Noem Over ICE Shooting Probe; Trump’s Tariffs Face Supreme Court Test

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 another shooting involving federal agents, this
time in Portland, Oregon. Let's get the latest from Bloomberg's
John Tucker, John and Nathan.
The Department of Homeland Security sent a Border patrol agent
in Portland, quote fired a defensive shot at a vehicle
after the driver quote weaponized it and drove off. Oregon's
governor is Tina Kotek.
We are all shaken and outraged by another terrible, unnecessary,
violent event instigated by the reckless agenda of the Trump administration.
A Portland police chief, Bob Day, told reporters that two
people were later taken to a hospital. He did not
know their conditions.
We found a male and a female with apparent gunshot wounds.
Officers apply to tourniquet and some of emergency medical personnel.
The Portland shooting occurs a day after an ice officers
shot and killed woman in Minneapolis. In that shooting, the
FBI is taking control over the probe over the objections
of Governor Tim Waltz. A state authorities question whether a
federal probe could be trusted, especially given comments by Trump
administration officials but seem to exonerate the officer in that
fatal shooting. Homeland Security Secretary Christy Nolmes said Minnesota doesn't
have jurisdiction. Vice President JD. Vance said the agent who
fired the deadly shot is protected by absolute immunity. I'm
John Tucker, Bloomberg Radio.
All right, John, thank you. We want to get to
breaking news out of the White House. President Trump said
he's canceling a planned a second wave of strikes on
Venezuela and a truth social post overnight. The President said
the country is releasing large numbers of political prisoners as
a sign of seeking peace, and both countries are working
well together to rebuild Venezuela's oil and gas infrastructure. President
Trump's post comes as he prepares to host nearly twenty
US energy executives at the White House today. The President
also said he's open to meeting with Venezuela's opposition leader,
Maria Corino Machado.
I understand she's coming in next week sometime, and I
look forward to saying hello too.
And I've heard that she wants to do that to
be a great honor. President Trump spoke there on Fox
News and the truth is social posts. The President said
all ships will stay in place around Venezuela for safety
and security reasons.
In staying with Foreign Policy Karen, the US is reportedly
considering paying Greenland's residents up to one hundred thousand dollars each.
That's according to Reuters, which says the payments would be
intended to convince Greenland to split from Denmark. Wendy Schiller
is a professor of political science at Brown University.
They're probably gonna have to go home and they will
have to interact with the constituents, you know, most of
elect to avoid town hall now, and they're going to
explain why US resources are both in Venezuela and possibly
going after Greenland, which I think Congress would probably stand
up and say, no, you can't use US money to
buy Greenland or even go into Greenland for any length
of time.
Brown University's Wendy Schuller. Secretary of State Marco Rubio has
said he will meet with Danish officials next week.
Oh, we head to the Middle East now, Nathan, where
Iran is restricting internet and phone access after thousands of
demonstrators took to the streets across the country to protest
a lost of living crisis began. More from Bloomberg News
Middle East Managing editor Paul Wallace.
The unrest worsened last night quite significantly. We saw very
big crowds in Tehran. By all accounts. While information or
it's coming out of our own it's very hard to
verify at the moment, it does seem that what happened
last night was certainly the biggest protests in the capital
since this all began in late December.
And Bloomberg's Paul Wallace says the demonstration started after a
sharp decline in the value of Around's currency worsened a
cost of living crisis in the sanctions hit economy.
Turning back to the nation's capital, now, Karen, the Supreme
Court's got an opinion today and we could see some
major decisions handed down. Bloomberg's Amy Morris reports from Washington.
The justices could make a decision on the legality of
the Trump tariffs. The administration invoked the International Emergency Economic
Powers Act, normally used to address national security threats. Lower
courts have already struck down the president's use of that
Act to impose tariffs. A ruling against Trump would undercut
his signature economic policy and deliver his biggest legal defeat
since returning to the White House. The Court could also
rule in a major redistricting case that could help Republicans
keep control of Congress in this year's midterm elections. In Washington,
Amy Morris Bloomberg Radio.
Right, Amy, thank you, staying in Washington, the House has
taken action on the expired health insurance subsidies that forrest
a government shut down. A band of swing state Republicans
join with Democrats to restore the Obamacare tax credits to
the rest of President Trump's term.
On this vote, the yays are two hundred and thirty
the nays or one ninety six. The bill is asked,
and while objection, the motion to reconsider.
Is laid on the table.
Seventeen House Republicans voted to send the three year extension
to the Senate. It's a blow to House Speaker Mike Johnson.
I think it's a really bad policy, and you know,
I wish, I wish they hadn't, but we.
Everybody had of both the conscience and House Democratic Leader
Hakeim Jeffrey says, now it's the Senate's turn to act.
John Thune needs to bring the bill up for a
vote immediately.
Senate Majority leader John Thune has said the bill is
dead on arrival. In his chamber. A group of Senators
led by main Republican Susan Collins is working on a
deal to revive the subsidies with modifications.
All right, let's turn to markets now, Karen. Futures are
a little bit higher this morning, while the dollar is
trading at a one month high. Ahead of this morning's
key jobs report, Economists anticipate seventy thousand new positions were
added to the US economy in December. We get more
from Bloomberg's Michael McKee.
Investors, analysts, economists, and politicians are awaiting the December jobs
numbers with great enthusiasm. October and November's data were affected
by the government shutdown. Last month's numbers will be the
first clean read since September. A lot is writing on
what that reading is. Job growth appears to have been
slowing or even falling for the past half year, but
unemployment has barely changed week. December jobs would suggest more
rate cuts from the Fed, but a drop in unemployment
which is forecast, would argue the opposite, although any conclusions
will be tempered because the shutdown meant there was no
October unemployment figure and we could see big revisions to
the delayed October and November numbers. The data may be clean,
but it's not certain how clear they will be in
setting a rate cut agenda. Michael McKee Bloomberg Radio.
All right, Mike, thank you. While President Trump is telling
The New York Times he's made up his mind on
his FED chair pick, but did not disclose his choice
to replace j Powell. Treasury Secretary Scott bess And says
he anticipates the will come this month.
I would expect presidents going to Davos, I think in
two weeks, so I.
Don't know whether it'll be right.
Before or right after.
And Besen says there are four candidates for the FED
chare National Economic Council Director Kevin Hassett, former FED Governor
Kevin Worsh, current FED Governor Christopher Waller, and Black Rock
executive Rick Reader.
In Company News, Karen, we may have a huge deal
in the works in the mining industry. Rio Tinto is
in talks to buy Glen Core. If completed, this would
create the world's biggest mining company, with a combined market
value of more than two hundred billion dollars. A tie
up between Rio and glen Core would represent the largest
ever deal in mining and create a new behemoth to
rival BHP.
Time now 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 Michael Barr Michael, good Morning, Good.
Morning, Karen, New York. Minnesota, and other Democratic led states
sue the Trump administration in a bid to restore ten
billion dollars in federal aid for childcare and of their
services for poor families. The administration announced the funding freeze Tuesday,
escalating a conflict that has grown over accusations that Minnesota
officials allowed massive fraud in programs supporting childcare. In their lawsuit,
the states accused the administration of freezing the assistants to
punish them for their political leadership. The director of the
White House Office of Administration and the architect working on
the President Trump White House ballroom revealed more details about
the destruction of the East Wing and future renovations they
envisioned for the White House. The two testified before the
National Capital Planning Commission Thursday. Architect Saloon Baranas offered new
specs for the ballroom and says a future plan will
include adding the second story to the historic west wing.
It's designed to accommodate one thousand approximately one thousand seated
guests at a formal dinner. Of the two above ground
visible East wing floors. That's two floors, including the colonnade
and the ballroom. Structure is just slightly over eighty nine thousand.
Square feet, architects Saloon Baronas investigators say, Wednesday shooting outside
of church in Salt Lake City that killed two people
and injured six others grew out of a dispute between
people who knew each other and were attending a funeral.
No suspect is in custody. Global News twenty four hours
a day and whenever you want it with the Bloomberg News. Now,
I'm Michael Barron. This is Bloomberg Heart.
Thanks Michael.
All time now for our Bloomberg Sports update, and for
that we bring in John stash Hour.
Thanks Darren. What a game in Phoenix College football Playoffs
semi finals Miami and Ole miss six lead changes four
in the fourth quarter, three in the last five minutes.
Miami quarterback Carston Back scored on a three yard touchdown
run with eighteen seconds ago. The Hurricanes won thirty one
to twenty seven. They'll play for the national championship and
they'll get the play that game at home against the
winner of tonight's game in Atlanta between Indiana and Oregon.
Speaking of Miami, the Dolphins fired coach Mike McDaniel. That's
your Bloomberg Sports update.
Stay with us.
More from Bloomberg day Break coming up after this.
Coast to coast on Bloomberg Radio, nationwide on Sirius Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business Apple. This is Bloomberg Daybreak.
Good morning. I'm Nathan Hager, and Wall Street is watching
to see whether this is the day the Supreme Court
decides on President Trump's emergency tariffs. The justices are scheduled
to release their first opinions of the year later this morning.
White House Trade advisor Pete Navarro is watching.
We think that the most important thing to do now
is focus on winning that case.
As to the Supreme Court, that's where we're at.
If we lose, then we have a plan B.
That was White House Trade Advisor Peter Navarro on the
latest episode of Bloomberg's Michelle Hussein showed this morning. We're
joined by Bloomberg News Global Trade editor Brendan Murray. And Brendan,
we should emphasize that we don't know for certain whether
the Supreme Court is going to rule on the President's
tariffs this morning, but what are the potential plan bees
for the White House?
Good morning, Good morning. The White House has a couple
of options should they lose this case today, and again,
like you said, we don't know. At ten am and Washington,
they'll start reading some opinions and one of those might
be this tariff case. But the main option that most
people think that the US government could use is something
known as the Section one twenty two, and that would
basically let the president issue a blanket fifteen up to
a fifteen percent tariff on all trading partners. But that's
pretty time limited. It's one hundred and fifty days, and
so that is really just a band aid. But that
should buy them time to come around with some other
authorities that they could use. We've heard them talk about
three to zho ones and are the ones that are
currently used against China, and there are other pending two
thirty two cases. Those are that's the authority that's used
to impose tariffs on steel and aluminum and cars already.
So there are things powers that the President has waiting
in the wings that they could kind of roll out,
but it's definitely going to be disruptive and create some
uncertainty going forward as to the timing and the level
of any new tariffs. Again, should the President lose, we
don't really know how the Justices are going to are
going to come down on this, but the hearing that
they held two months ago suggested that at least a
couple of the conservatives were leaning We're pretty skeptical of
the president's case in this regard.
Those are some interesting numbers that you mentioned there. Out
of the nineteen seventy four Trade Act. We've heard the
section two thirty two mentioned a lot, but one twenty two,
three oh one are how tested are these potential provisions
when it comes to levying tariffs.
Well, the two thirty two's and the three zero ones
are as legally sound as as as any of these
get The one twenty two hasn't been used much at all,
but legal experts would say that that is the route,
and lower courts when they struck down when they ruled
against Trump in the lower courts have said, that's probably
the authority you should be using here, So, uh that
we would expect and you and you played the tape
of Piter Navarro and we've heard Howard Lutnik and he's
the Commerce Secretary say that, uh, these are these these
these these numbers that they've thrown out. There are the
are the plan b's that they would roll out, probably
fairly quickly, maybe not you know, hours after, but you know,
within days they would have these ready to go. The
President posted on social media last night that you know,
he hopes the Supreme Court is aware of how resilient
the US economy has been, and he called this, you know,
this is the most important decision ever. Obviously, you know,
more hyperbole, but obviously the President thinks that this is
really crucial to his ability to negotiate trade deals, bring
manufacturing jobs home. If he doesn't have this, these other
authorities are going to have to take their place.
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
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