Balance of Power

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump’s campaign tax pledges — no taxes on tips and overtime pay, plus new tax breaks for car buyers and seniors — are the centerpiece of a multitrillion dollar package that will serve as Republicans’ signature legislative effort.In a draft version of the tax bill released on Monday, House Republicans highlighted the president’s populist priorities in a package that would enact those cuts through 2028. The bill would also make the lower individual tax rates Trump signed in 2017 permanent.The bill addressed a tax issue that has been dividing lawmakers since it was first restricted by Trump in 2017: the $10,000 cap on the state and local tax deduction. The plan raises the SALT limit to $30,000, but with limits for individuals earning more than $200,000 or couples making twice that. 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, Kailey speaks with: Spokesman for the Alliance for Competitive Taxation and Former Chair of the House Ways and Means Committee Kevin Brady. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Bloomberg's David Gura following his interview with Former US Ambassador to China Nicholas Burns. Groundwork Collaborative Senior Fellow Kitty Richards. Democratic Candidate for US Senate in Michigan Abdul El-Sayed. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to a joint statement and from officials in a briefing Monday in Geneva.“Both sides agree we do not want a generalized decoupling,” Treasury Secretary Scott Bessent said in a Bloomberg Television interview Monday. “The US is going to do a strategic decoupling in terms of the items that we discovered during Covid were of national security interests — whether it’s semiconductors, medicine, steel,” he said.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, Kailey and Bloomberg Senior Editor Michael Shepard speak with: Bloomberg Washington Correspondent Tyler Kendall. Bloomberg Economics Chief US Economist Anna Wong. Yale University Professor of China Studies Samm Sacks. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Bloomberg Contributor and Former Republican Congressman Patrick McHenry. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.US President Donald Trump floated an 80% tariff on China ahead of negotiations due to begin Saturday as he urged Beijing to do more to open their markets to US goods.“80% Tariff on China seems right! Up to Scott B,” Trump said in a social-media post Friday morning, referring to Treasury Secretary Scott Bessent. “CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!,” he said in a separate post.Bessent and US Trade Representative Jamieson Greer are set to begin talks with Chinese Vice Premier He Lifeng in Switzerland this weekend, the first public discussions between the world’s two largest economies on defusing a trade war that has seen Trump impose 145% levies on China and Beijing retaliate with 125% duties on many American goods.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, Kailey speaks with: Wiley Rein National Security Practice Group Lead and Former Assistant Secretary for Industry & Analysis at the International Trade Administration Nazak Nikakhtar. Bloomberg's Erik Wasson and Wendy Benjaminson. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Greenwich Media Strategies Founder and CEO Hagar Chemali. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church.Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world.“May peace be with you,” the new pope told a cheering crowd waving flags. The new leader inherits from his predecessor Pope Francis a church that is facing internal strife between progressives and conservatives over matters such as divorce and LGBTQ+ issues, while trying to navigate geopolitical tensions from Russia’s war in Ukraine to the conflict in the Middle East.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, Bloomberg Senior Editor Michael Shepard is in for Joe. Kailey and Joe speak with: Mary C. Boys, Professor of Practical Theology at Union Theological Seminary.  See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Treasury Secretary Scott Bessent, as top spokesman for President Donald Trump’s economic policies, endured a sometimes-fiery hearing at the House Wednesday, peppered with Democratic legislators’ objections to initiatives including DOGE and tariff hikes on consumer products.In his first exchange with Maxine Waters, Bessent was queried on a lack of a face-to-face meeting with the top Democrat on the House Financial Services Committee.“This is the first time we’ve met — is that correct?” Waters said at the hearing. Bessent responded, “No ma’am — we actually met one New Year’s Eve in the Bahamas.”Waters, who chaired the committee when the Democrats held the majority, said, “He didn’t make an impression.” The Treasury chief then quipped, “You were much better at the electric slide than I was.”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, they speak with: Bloomberg Washington Correspondent Tyler Kendall. Republican Congressman Greg Murphy of North Carolina. Bloomberg National Security Reporter Courtney McBride. Groundwork Collaborative Managing Director of Policy and Advocacy. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.US President Donald Trump said he would prescribe tariff levels and trade concessions for partners looking to avoid higher duties, appearing to move away from the idea that he would engage in back-and-forth negotiations.“We’re going to put very fair numbers down, and we’re going to say, here’s — what this country, what we want. And congratulations, we have a deal. And they’ll either say ‘great,’ and they’ll start shopping, or they’ll say, ‘not good,’” Trump said Tuesday at the White House as he met with Canadian Prime Minister Mark Carney. “It’s going to be a very fair number, it’ll be a low number. We’re not looking to hurt countries,” he added.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, Bloomberg Correspondent David Gura hosts. David speaks with: Bloomberg Executive Editor for Canada Derek Decloet. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Former US Ambassador to Canada Bruce Heyman. Bloomberg US Treasury Reporter Daniel Flatley. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump suggested that his administration could strike trade deals with some countries as soon as this week, offering the prospect of relief for trading partners seeking to avoid higher US import duties.“It could very well be,” Trump told reporters on Sunday when asked whether any trade agreements were coming this week. He didn’t specify any countries.“We’re negotiating with many countries, but at the end of this, I’ll set my own deals — because I set the deal, they don’t set the deal,” Trump said aboard Air Force One. “You keep asking the same question: ‘When will you agree?’ It’s up to me, it’s not up to them.”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: Democratic Governor Michelle Lujan Grisham of New Mexico. Bloomberg Politics Contributor Jeanne Sheehan Zaino and Echo Canyon Consulting CEO Jon Seaton. Bloomberg Deputy Washington Bureau Chief Laura Davison. Bloomberg Managing Editor for Media and Entertainment Lucas Shaw. Bloomberg Intelligence Senior Commodity Strategist Mike McGlone. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.US job growth was robust in April and the unemployment rate held steady, suggesting uncertainty over President Donald Trump’s trade policy has yet to have a material impact on hiring plans.Nonfarm payrolls increased 177,000 last month after the prior two months’ advances were revised lower, according to Bureau of Labor Statistics data out Friday. The unemployment rate was unchanged at 4.2%.The report suggests the labor market continues to cool gradually, a sign that businesses facing heightened uncertainty around tariffs and turmoil in financial markets didn’t significantly alter their hiring plans. Most economists anticipate the brunt of the impact from punishing levies will be seen in coming months.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 Economics Chief US Economist Anna Wong. Economic Policy Consultant Kathryn Edwards. Former OMB Director and former Acting White House Chief of Staff Mick Mulvaney. Democratic Congresswoman Mikie Sherrill of New Jersey, candidate for Governor of New Jersey. Democratic Michigan State Senator Mallory McMorrow, candidate for US Senate. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump blamed former President Joe Biden for weak economic data that sent stocks tumbling, arguing government data showing increased domestic investment signaled his tariffs are working.“I have to start off by saying, that’s Biden. That’s not Trump,” Trump said Wednesday during a Cabinet meeting.Inflation-adjusted gross domestic product decreased an annualized 0.3% in the first quarter, well below average growth of about 3%, according to initial government data published Wednesday.“Let’s give us a pass on the first month, we were sort of getting a little bit used to things,” Trump added.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's Michael McKee. American Action Forum President Douglas Holtz-Eakin. Bloomberg's Daniel Flatley. University of Michigan Professor of Public Policy and Economics Betsey Stevenson. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump is scheduled to sign an executive order easing the impact of his auto tariffs, preventing duties on foreign-made vehicles from stacking on top of other levies and lessening charges on parts from overseas used to make vehicles in the US.White House Press Secretary Karoline Leavitt said the administration would release the text of the directive, detailing the specifics of the action, later on Tuesday. The plan would change 25% tariffs on auto part imports, expected to start May 3, by allowing carmakers to claim an offset worth up to 3.75% of the value of a US-made vehicle for one year, a senior Commerce Department official said. 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's Molly Smith. Fireside Strategies Partner Alex Conant. Bloomberg's Tyler Kendall. Democratic Governor Laura Kelly of Kansas, Chair of the Democratic Governors Association. Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. See omnystudio.com/listener for privacy information.