News when you want it with Bloomberg News Now, I'm Doug Prisner. Republican Randy Fine has won a special election to the US House of Representatives in Florida's sixth congressional district. The seat was formerly held by Mike Waltz, who was tapped to become President Trump's National security advisor. At the same time, Republican Jimmy Patrons has won in Florida's first congressional district. That seat had been held by former Republican
Congressman Matt Gates. We go to Wisconsin next, where the Democratic backed candidate in a closely contested judicial race has defeated her Conservative rival, Susan Crawford, a circuit court judge, beat former state Attorney General Brad Shimmel. Now this outcome preserves a liberal majority on Wisconsin State Supreme Court. The
defeated Shimmel was supported by billionaire Elon Musk. For less than twenty four hours from President Trump's announcement on reciprocal tariffs, the White House has set an event at the Rows Garden tomorrow afternoon, four pm Wall Street time, and these new levees will immediately take effect. We are told there are several proposals under consideration. They include a tiered tariff
system and a plan for customized reciprocal tariffs. Meantime, the head of the Richmond FED, Tom Barkin, says these tariffs could raise both inflation and unemployment and that in turn would create a big challenge for the FED. Here is Barkin.
So far the tariffs that have been announced have been revised, and so I personally plan to give it some time to see if we can't figure out what a stable policy regime is, and then we can start thinking more about policy.
Tom Barkin. There, he is the head of the Richmond FED, and his colleague Austin Goolsby, who is the head of the Chicago FED, is warning of a slow down in consumer spending or business investment, and he notes that tariffs may have a longer lasting impact on prices due to retaliatory tariffs and their effect on the cost of inner MEEATI goods. President Trump will be meeting tomorrow to consider a proposal for divesting TikTok's US operations from its Chinese
parent company Bytdance. We are told this proposal includes Oracle and Blackstone in a joint venture. Oracle would provide security assurances for US data while potentially allowing TikTok's algorithm to remain in Chinese hands. Republican lawmakers are in the process of drafting a new tax bill behind closed doors. We are told it includes an increase in the state and local tax deduction known as salt. Bloomberg's Amy Morris has more from Washington.
Sources tell Bloomberg the bill includes a salt cap increase of twenty five thousand dollars for an individual, a sizeable increase from the current ten thousand dollars limit that would be a big political victory for swing state House Republicans representing the New York City area and southern California. Sources say the plan also includes a renewal of President Trump's twenty seventeen tax reductions, with possibly offsetting the increase by
reducing the deduction's corporations can claim. The plan is still in the process of being drafted. It is not yet final in Washington anymore. As Bloomberg Radio.
New Jersey Democrat Corey Booker has broken the record for the longest continuous speech on the floor of the US Senate. Booker is using the time to protest the Trump administration speaking about cotts to government services as well as it's crackdown on immigration. Here is Booker talking about foreign policy.
When our country stands up, we don't bully our neighbors like Canada, we don't frettn or allies like Iceland, like Greenland. We don't threaten smaller, weaker nations like Panama.
That is New Jersey Senator Corey Booker there on the floor of the US Senate. Now, the previous record for speaking on the Senate floor belongs to strom Thurman of South Carolina, who filibustered for twenty four hours and eighteen minutes against the Civil Rights Act of nineteen fifty seven. House is reportedly preparing a cost estimate for a US takeover of Greenland. The move marks the Trump administration's most
tangible effort yet toward annexation of the Danish territory. Now, The Washington Post says the White House Budget Office has begun to understand the cost of maintaining Greenland. It's also attempting to estimate what revenue to the US Treasury could be gained from Greenland's natural resources. By the way, calls for a US takeover have been rebuked by the governments of both Greenland and Denmark. And that is news when
you want it with Bloomberg News. Now I'm Doug prisoner and this is Bloomberg