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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest developments in the trade war. President Donald Trump says he might stop trade in cooking oil with China. The President posted on social media that the US can easily produce it itself and does not
need to purchase it from China. That says China plans to impose new export restrictions on rare earth metals, and despite the latest flare up, both countries are set to meet for further trade talks ahead of a November one deadline for one hundred percent US tariffs on Chinese goods. Bloomberg Balance of Power hosts Joe Matthew has more from Washington.
Guys.
I don't know if this is going to be the path to a deal with China. The President is supposed to sit down with Shijinping in just a couple of weeks at the APEX summit in Korea. The administration, by way of the Treasury Secor Harry's still.
Saying that that meeting is on.
And we heard from ust our Career today saying they even have a time. We haven't seen that publicly, but they have a time to meet and that has not changed yet.
Bloomberg Balance of Power hosts Joe Matthew.
Both the President and Trade Representative Jamison Grier have expressed confidence that friction with China will ease through negotiations.
Now, let's get to the latest on the government shutdown, Nathan. It's day fifteen of the spending fight on Capitol Hill and President Trump is renewing his threat to cut federal programs. He says he'll have a list of priorities headed for the shopping block this Friday.
We're closing up programs that are Democrat programs that we wanted to close up, or that we never wanted to happen, and now we're closing them up, and we're not going to let him come back. The Democrats are getting.
Killed, President Trump spoke during a meeting with Argentinian President Javier Malay at the White House. Meantime, members of the military are set to miss their first paychecks today. House Minority Leader Hockey M. Jefferies is in sisting Republicans need to negotiate on democrats healthcare demands.
We also need to make sure that we take care of all of our hardworking federal civil servants, which is why Republicans should be back here in Washington working with us to reopen the government.
House Minority Leader Honking Jeffrey spoke on Capitol Hill. President Trump has directed the Defense Department to divert unspent research funds to pay the troops. House Speaker Mike Johnson has said he is the right to do that without congressional approval and.
As the government shut down. Lingers on Karen.
Massachusetts Democratic Senator Elizabeth Warren is criticizing President Trump over his decision to allocate twenty billion dollars in taxpayer funds to Argentina.
Warren spoke on Bloomberg's Bounce of Power.
Let me get this straight. Argentina hurts American farmers, and the President of the United States responds by giving twenty billion dollars to Argentina, plus Secretary best saying and a blank checks they need more.
That's Massachusetts Senator Elizabeth Warren.
Now, President Trump is suggesting the twenty billion dollar lifeline could be contingent on Libertarian leader jave Or Malay's success in Argentina's midterm elections. You can catch our full interview with Senator Warren on the Bloomberg Podcast channel on YouTube.
Nathan, let's get to the latest. Now in the Middle East, the Israeli military now says one of the four bodies handed over by Hamas yesterday is not that of a hostage. It comes as an Israeli military agency also says it would have the number of trucks allowed to bring humanitarian aid into Gaza over concerns that the militant group was returning the remains more slowly than agreed meantime, President Trump
demanded that Hamas return the bodies of deceased hostages. President Trump threatened the militant group with retaliation if it does not lay down its arms.
We have told them we want disarmed, and they will disarm.
And if they don't diss we will disarm them.
And it'll happen quickly and perhap aps violently, but they will disarmed.
You understand me.
President Trump says the disarmament would have to occurred within quote a reasonable period of time.
Well, Karen, we're watching stocks in France this morning. They're up two point four percent. That's after French Prime Minister Sebastian Lacorneo won the backing of the Socialist Party, boosting his chances of surviving two no confidence votes set for tomorrow, also boosting French shares. An earnings beat from Paris based LVMH, the owner of Louis Vuitton and Christian do Your unexpectedly
returned to sales growth in the third quarter. It suggests a slump in luxury demand is easing and shares of LVMH right now are up nearly fourteen percent and.
Return to the markets now Nathan where futures are higher. On optimism over raid cuts, yesterday, FED chair J. Powell reinforced bets and a cut later this month. Given a weakening labor market.
For the last few months, we've been able to maintain our strictive stance because the labor market was still pretty solid. I think that the data we got right after the July meeting showed that which adjusted back all the way through May, showed that the labor market has actually softened pretty considerably and puts us in a situation where the two risks are closer to being at balance.
FED J. J.
Powell made the comments yesterday at the National Association for Business economics in Philadelphia. The fed's next rate decision is two weeks from today. JP Morgan Chase CEO Jamie Diamond says he will offer to help zoorn Mom Donnie if Mondamie becomes the next mayor of New York City and we get more with Bloomberg's John Tucker.
Talk about strange Bedfellows. Diamond is head of the biggest US bank. Mom Donnie is the socialist candidate and Democratic front runner. Should Mom Donny win the mayor's race, Diamond says he will offer to help. As he put it, I have to deal with the world I got, you know, not the world I want. And if he becomes mayor, so be it. Mam Donnie has already held several sitdowns or private phone calls with executives in New York, including Diamond,
as part of a charm offensive. Diamond, who previously referred to Mom Donnie is more of a Marxist than a socialist, so that it's important for business leaders or in odds with local officials to get involved in grow up. He also added that it's odd to have the bashion of American capitalism with a socialists getting that job in New Yorkome John Tucker Bloomberg Radio.
Time Now for a 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. A group of House Democrats marched into Speaker Mike Johnson's office on Capitol Hill Tuesday afternoon, demanding that he's swearing Representative elect out of Leader Grahava, a Democrat from Arizona. Johnson was not there. It comes as to push for a full release of the Epstein files
is stalled because of the government shutdown. Grahava would be the final signature needed to force a House floor vote on the release of the Epstein files, but Republicans have chosen to keep the House out of session, delaying or swearing in Presentative elect Grivahava spoke in front of the Speaker's office.
I have not had one word from Speaker Johnson, not one word, and we sent a letter.
Now our Attorney.
General is getting involved because this is taxation without representative.
Rey Havas says, if she were a Republican, she would have already been sworn in. MGM Resorts International pulled out of the competition to operate a casino in the New York area due to shifting economic and competitive conditions. Three companies are still in the running to operate casinos in New York. President Donald Trump posthumously awarded conservative activist Charlie Kirk the nation's highest civilian honor, the Presidential Medal of Freedom.
President Trump at the Rose Garden ceremony, We're.
Here to honor and remember a fearless warrior for liberty, beloved leader who galvanized the next generation like nobody I've ever seen before.
Kirk was fatally shot on September tenth while speaking at Utah Valley University on the first stop of his The American Comeback Tour. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. Michael Barr, this is Bloomberg Heren.
Thanks Michael time now for our Bloomberg Sports update, and for that we bring in John stash Hour.
Thanks Karen brilliant starting pitching as lift of the LA Dodgers to a two to nothing lead in the NLCS the night after Blake Snell went eight innings, allowed only one hit, Yashinobu Yamamoto went nine innings gave up just three hits. The Dodgers won five to one in Milwaukee. They go home up to nothing in the series. Game three of the ALCS. Tonight in Seattle, the Mariners lead
Toronto two games to nine. Edmundton oiler is a two to nothing shut out of the Rangers, who are the first team ever to get shut out in each of their first three home games to start a season. That's a Bloomberg Sports update.
Stay with us.
More from Bloomberg day Break coming up after this.
Coast to coast on Bloomberg Radio nationwide, Serious exam and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. Cooking oil is now heating up US China trade tensions. President Trump's threatening to stop buying it from China because Beijing isn't buying soybeans from America. It's rattling the market, even as US Trader Representative Jamison Greer saying things will work out between the world's two biggest economies.
There's always some level of dramatics to it, where they will you know, if we take measures, you know, little measures here, and they they'll threaten to bring down hell fire and things like that.
That was US Trade Rep.
Jamison Greer on SANDBC before the president's latest trade salvo. For more were joined by Bloomberg News Chief Asia correspondent Rosalind Matheson and Roz. We've talked before about the US and China positioning, have trade talks expected later this month?
How did cooking oil get caught in the middle? Good morning, Good morning.
Well, yes, it's now moved from shipping to cooking oil, it seems. And Donald Trump, as you was saying, using that to say that he might retaliate for what he sees as Beijing's refusal to buy American soybeans. The interesting thing in all of this is that cooking oil is actually only a very small import for China. Only a small amount of cooking oil does come in from China to the US in terms of specifically just how much soybeans China has, you know, typically imported from the US.
So it's a bit of an asymmetrical thing to come at in terms of Donald Trump's comments overnight, because again soybean's far Outwait, whatever the US brings in when it comes to processed food all. But it's just now the sign of how broad and complex these trade tensions are. So we've gone from you know, rare earths and high tech and chips, to shipping to soy and now to cooking oil. And obviously there are other aspects of the
trade relationship potentially to come. And is this again simply positioning before a potential meeting between Queen Cjmping and Donald Trump. We do know from US officials at least that the lines of communication are open. I mean, Jamison Greer said that as well, that there was a meeting as recently as Monday between some unnamed US and Chinese officials, so
they are at least talking to each other. The question is, in all of this tit for tat that's going on, desire the country overstep in a way that puts the other country in a difficult spot and makes a meeting impossible for Trump and Seed to agree to.
Do we know anything further ras about what's come out of those talks that the Trump administration has talked about this week, other than the idea that they are still talking, No, we know very.
Little about those conversations and again we don't even know from Jameson Greer who was involved in that conversation that potentially happened at the start of this week. We also know that the US Treasury Secretary, Scott Besson said that he was expecting to meet the Chinese Vice president one
more time before the end of the month. Is this about trying to get the foundations for Sieging Ping and Donald Trump to sit in a room and come out with something, either extension of the trade truth that they've got or something more tangible and lasting. And it seems to be that they're obviously trying to clear the pathway through all these different tension points to get there, but we have very little sense so far of what exactly those conversations have been like.
Well, that raises the question then about whether all these threats are just that threats, or whether we could see something concrete in terms of shifting purchases or even that thread of one hundred percent tariffs on Chinese imports on November first? Is November one the next tipping point here? We got about a minute left.
Potentially, and obviously a lot would depend on that meeting and what comes out of it and how much they use their personal rapport with each other to come to an agreement. But you know, you've got Sieging Ping who's got a lot at stake at home with his economy, versus Donald Trump, who can be quite impulsive in the minute in announcing things or deciding things, and we've seen that before, and he can also change his mind very quickly. So that does inject a high level of uncertainty into
this into this meeting. Does Trump just feel in the minute he's not got what he wanted and so he slaps extra tariffs on It's very hard to say, but certainly this climate of constant you know, tit for tat action and threats against each other is not conducive to going into it to a meeting where you're hoping to get some kind of tangible outcome.
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I'm Karen Moscow and I'm Nathan Hager.
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