News when you wanted with Bloomberg News. Now, I'm Doug Chrisner. We begin in South Korea, where President yunsukiol has been removed from office. The country's Constitutional Court upheld the decision of South Korea's parliament to impeach Un over his declaration of martial law in early December. Now, this paves the way for a presidential election to take place within the next sixty days. We got reaction from Ellen Kim, senior fellow at the Center for Strategic and International Studies.
There is a higher percent of South cam public supporting the UN's impeachment than the opposes the impeachment. So I think that this situation actually pulls out our free out of the political cases.
But also at the same time, that does not mean that it's going to put an end to the ongoing political instability that we might experience, as this country is going to go straight into the election mode.
That is Ellen Kim of CSI s speaking there.
Now.
The next president of South Korea will be tasked with a slew of challenges, including contending with President Trump's global tariff campaign and a more emboldant North Korea. Speaking of tariffs, the America first trade seems to be unraveling. President Trump's tariff policy unleashed a meltdown in US risk assets. On Thursday, we had the S and P five hundred tumbling more than four point eight percent. That route erased roughly two
trillion dollars in market value. Semashaw Is, the chief Global strategistic Principal Asset.
Management, say in the near term, it's very difficult to see risk assets doing particularly well. MOSAM is a holding back from producing downward revisions to the full cost, but that is clearly underway.
See Mashaw there with Principal Asset Management now. The legendary investor Bill Gross called this a deep market event with little resolution in sight, and he advised clients to stay on the sidelines. The trading desk over at Goldblin's saw a level of activity that's practically unheard of apart from stock market rebalancing days. More than twenty billion shares traded
hands across all US equity exchanges. Meantime, Apple seems to be finding itself squarely in the crosshairs of President Trump's new tariffs. They will affect Apple supply chain and manufacturing centers in several countries, and as a result, Apple's bottom line is under threat and the company may need to raise prices. Here's Bloomberg's Mark German.
Now. The big picture here, though, is that Apple has spent years diversifying its supply chain in an effort to try to avoid situations like this. I'm not saying it backfired, but it didn't work out as they probably would have hoped. The tariffs against the people had expected for years. They're not really China centric, right, China's just one piece of the pie here. You have major terrors in India, you have them in Vietnam, you have them in Malaysia, you
have them in Thailand, Taiwan. All the players here in the apples ply chain are impacted.
That is Bloomberg's Mark German. Now. Apple shares were down today by nine percent. We also saw steep declines in Dell down nineteen percent, so no, No shares were off more than seventeen percent, and HP Inc. Was down fourteen point seven percent earlier today. While departing the White House, President Trump responded to a reporter question about tariffs and the reaction of the market.
I think it's going very well.
It was an operation like when a patient gets operated on, and it's a big thing.
I said, this would exactly be the way it is.
We have six or seven trillion dollars coming into our country and we've.
Never seen anything like it.
The markets are going to boom, the stop he's going to boom. The county is going to boom.
Now.
A short time later, Trump told reporters aboard Air Force One he was open to reducing tariff rates if other nations were able to offer something quote phenomenal. Trump also reiterated that he would be willing to offer tariff relief for China if Beijing approved the sale of the US operations of TikTok. By the way, the app is facing a Saturday deadline for divestiture unless Trump offers an extension
as part of his efforts to broker a deal. We go to New York State next, where Governor Kathy Hochel said President Trump's tariffs are having a negative impact on the states. Here is Hokel speaking to Bloomberg.
Up ty, what's going to happen? Wall Street goes down next January, and I'm looking at my revenues that are coming in from Wall Street bonuses where I fund a lot of the generous programs we hear in our state that's going to be lower. I'm going to have to look at where we're going to have to cut there. I have to look at the whole picture. Now in the context of the budget, I'm negotiating the revenues I count on the revenues I'm going to lose, but also
the impact on our businesses who may not be expanding. Now.
That is New York Governor Kathy Hochel speaking earlier to Bloomberg. The director of the National Security Agency has reportedly been fired. The Washington Post reports General Timothy Hall, who also heads the US Cyber Command, was let go along with his deputy at the NSA, Wendy Noble. The NSA is the powerful wire tapping and cyber espionage service for the US government. And that is news when you want it with Bloomberg News. Now, I'm Doug Chrisner, and this is Bloomberg