Trump Announces New Set of Tariffs, Moves Deadline To August

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.The posturing on social media and at a Cabinet meeting on Tuesday came after traders initially shrugged off a series of letters and executive actions Trump issued Monday, pushing back the deadline for his so-called “reciprocal” tariffs while announcing the latest rates he planned for more than a dozen countries that had not succeeded in brokering quick trade agreements.That changed Tuesday as Trump signaled a renewed determination to push ahead with his plans to heavily tax foreign imports.On this edition of Balance of Power, Joe and Kailey speak with: Tyler Kendall, Bloomberg Washington correspondent Rep. Brian Babin (R-TX), Chairman of the House Science, Space and Technology Committee/US Representative from Texas's 36th Congressional District (2015-Present)/Republican/Dentist/Former-US Air Force Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Jeanne Sheehan Zaino, Senior Democracy Fellow with the Center for the Study of the Presidency & Congress and Bloomberg Politics Contributor Mick Mulvaney, former Acting White House Chief of Staff, former OMB Director, former Republican Congressman from South Carolina See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariffs rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug. 1.Trump also announced 25% rates on Malaysia and Kazakhstan, while South Africa would see a 30% tariff and Laos and Myanmar would face a 40% levy. The nations were the first in what the president promised would be a flurry of unilateral warnings and trade deals announced on Monday, two days before agreements are due from trading partners facing his April 2 so-called reciprocal levies.“Our relationship has been, unfortunately, far from Reciprocal,” Trump wrote in the letters.On this edition of Balance of Power, Joe and Kailey speak with: Tyler Kendall, Bloomberg Washington correspondent Sarah Bianchi, senior managing director and chief strategist of international political affairs and public policy at Evercore ISI/Former-Deputy U.S. Trade Representative Julie Fine, Bloomberg Dallas bureau chief Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Jeanne Sheehan Zaino, Senior Democracy Fellow with the Center for the Study of the Presidency & Congress and Bloomberg Politics Contributor Natasha Hall, Non-Resident Senior Associate, Geopolitics and Foreign Policy Department at the Center for Strategic & International Studies See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Donald Trump’s signature economic legislation stalled in the House Wednesday afternoon as the president worked to win over Republican fiscal conservatives angry over the $3.4 trillion cost of his massive tax and spending package.Republican congressional leaders delayed a key procedural vote for hours while the hardliners met in a room just off the House floor to refine their demands and then meet with the Trump’s budget director, Russ Vought. Vought told reporters the two sides were “making good progress” as he left the session late in the afternoon. Earlier in the day, Trump summoned the conservative holdouts to the White House to meet with them in person.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Republican Congressman Greg Murphy of North Carolina. Bloomberg Politics Contributor Rick Davis and Obama 2012 Campaign Manager Jim Messina. Bloomberg Washington Correspondent Tyler Kendall. Democratic Congresswoman Suzan DelBene of Washington. Republican Congressman Jim Jordan of Ohio. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.The US Senate handed President Donald Trump a major political victory with its Tuesday passage of a sweeping domestic policy bill, bringing him one step closer to a signature legislative achievement in an administration that has largely governed through executive power.The Senate’s narrow approval of the $3.3 trillion package, which likely has set the stage for the bill to be signed into law later this week, extends the tax breaks that were a centerpiece of Trump’s first administration while delivering on key 2024 campaign promises such as a no-tax-on-tips measure and funding for his border wall.That the bill survived defections from only three senators — Susan Collins of Maine, Thom Tillis of North Carolina and Rand Paul of Kentucky — hints at the tight grip Trump continues to have on his party. It also offers some validation for his tactical gambit of pursuing one mega-bill as a vehicle for his agenda, rather than of a slate of smaller ones.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Bloomberg Washington Correspondent Tyler Kendall. Former Republican Congressman Charlie Dent. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Yale Budget Lab Economics Director Ernie Tedeschi. Bloomberg Tech Co-Host Ed Ludlow. Bloomberg New York City and State Reporter Laura Nahmias. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. Republican Party leaders are rushing to overcome lingering internal fights over President Donald Trump’s massive tax and spending package as Democrats launch attacks to exploit the divisions. Senate Republicans were still at odds Monday over how much to cut Medicaid and other social safety-net programs and how rapidly to end Biden-era clean energy tax breaks as Democrats gained the chance to force votes on amendments to the package. Democrats, locked out of power in Washington, are planning to offer amendments during a marathon voting session to exploit the infighting and make the GOP goal of getting holdouts to back the bill as soon as Monday night more difficult. “I’m confident that the bill is going to progress as-is over the next few hours, and it will be on the president’s desk to sign on July 4,” Treasury Secretary Scott Bessent told Bloomberg Television on Monday morning. On this edition, Joe and Kailey speak with: Steve Ellis, President of Taxpayers for Common Sense Ashley Davis, Partner at S-3 Group and Republican Strategist Jeanne Sheehan Zaino, Senior Democracy Fellow with the Center for the Study of the Presidency & Congress and Bloomberg Politics Contributor Lisa Camooso Miller, Former RNC Communications Director and Republican Strategist Marc Goldwein, Senior Vice President and Senior Policy Director at the Committee for a Responsible Federal Budget See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.A sharply divided US Supreme Court limited the power of judges to block government policies nationwide but left unresolved a fight over President Donald Trump’s restrictions on automatic birthright citizenship.The 6-3 ruling Friday said Trump’s restrictions on birthright citizenship at a minimum won’t take effect for 30 days. The justices returned three cases to the lower courts to consider whether to keep the rules on hold for longer — at least in part of the country if not the whole nation.Trump hailed the decision as a “monumental victory.” By curbing so-called nationwide injunctions, the ruling could help Trump fend off other challenges to his ambitious agenda. Trump and his allies argued that a single judge generally shouldn’t have the power to block a federal government policy across the country. Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Bloomberg Washington Correspondent Tyler Kendall. Democratic Senator Dick Durbin of Illinois, Ranking Member of the Senate Judiciary Committee. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Robert McWhirter, Constitutional lawyer and practicing criminal defense and civil rights lawyer in Maricopa County, AZ. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.A Senate rulekeeper determination that several major provisions focused on cutting Medicaid spending violate the chamber’s rules deals a heavy blow to Senate Republicans’ tax and spending bill.Senators have been scrambling to finalize their tax bill—a major priority for President Donald Trump—this week to meet a self-imposed July 4 passage deadline. The chamber’s independent rulekeeper’s decision, announced early Thursday in a release from Senate Budget Committee ranking member Jeff Merkley (D-Ore.), could delay lawmakers’ attempts to pass the legislation (H.R. 1) under reconciliation without needing Democratic support.The rulings from Senate Parliamentarian Elizabeth MacDonough could result in more than $250 billion in health care cuts being removed from the bill, Sen. Ron Wyden (D-Ore.), ranking member on the Senate Finance Committee, said in a statement.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Bloomberg Washington Correspondent Tyler Kendall. Bipartisan Policy Center Senior Vice President Bill Hoagland. Republican Congressman Troy Downing of Montana. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Principal at WestExec Advisors and former Cyber Executive for the Intelligence Community Laura Galante. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.House Republicans from high-tax states signaled they’re inching closer to a deal on the state and local tax deduction following a Wednesday meeting with Treasury Secretary Scott Bessent. Young Kim of California and Andrew Garbarino of New York both said they made progress at the meeting but did not divulge details on the negotiations, which are crucial to passing President Donald Trump’s multi-trillion dollar tax and spending bill. “I’m working diligently so that we have a good product that we can all support,” Kim said after the meeting.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: National Association of Manufacturers President Jay Timmons. Bloomberg Politics Contributor Jeanne Sheehan Zaino and S-3 Group Partner Ashley Davis. Bloomberg New York City and State Reporter Laura Nahmias. Siena College Research Institute Director Don Levy. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Israel and Iran appeared to be honoring a ceasefire agreement unexpectedly announced by Donald Trump overnight, after the US president reacted angrily to reports of early breaches of the deal by both sides.Israeli Prime Minister Benjamin Netanyahu agreed to hold off on further strikes after a conversation with Trump on Tuesday, according to a statement from his office. Israel had destroyed a radar complex near Tehran after the truce came into effect as of 7 a.m. local time, in response to three missiles from Iran, the prime minister’s office said. Reports of attacks by both sides in the early hours of the peace accord triggered a furious reaction from Trump, who had declared the war over late Monday after 12 days of fighting. “DO NOT DROP THOSE BOMBS,” read one post on his Truth Social platform, directed at Israel in particular. “IF YOU DO IT IS A MAJOR VIOLATION.”Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Bloomberg Chief Political Correspondent Annmarie Hordern. Republican Congressman Michael McCaul of Texas. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Emerson College Polling Center Senior Director Matt Taglia. See omnystudio.com/listener for privacy information.

President Donald Trump announced that Israel and Iran had agreed to a tentative ceasefire in their conflict that would begin around midnight Washington time on Monday. Trump, who made the surprise announcement on his Truth Social platform days after ordering airstrikes on Iran’s nuclear facilities, said the accord is aimed at a lasting end to the fighting. “On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called “THE 12 DAY WAR.”   For instant reaction and analysis, host Doug Krizner spoke with Bloomberg Balance of Power cohost Joe Mathieu, and Jonathan Panikoff, director of the Scowcroft Middle East Security Initiative at the Atlantic Council's Middle East Program.  See omnystudio.com/listener for privacy information.