News when you wanted with Bloomberg News. Now, I'm Doug Chrisner. We begin in Washington, d C. Where Senate Democratic Leader Chuck Schumer has dropped his threat to block a Republican spending bill. Now this will pave the way to avoid a US government shutdown. Schumer addressed the Senate, saying there will almost certainly be enough Democratic votes to advance the House funding bill on Friday.
While the cr bill is very bad, the potential for a shutdown has consequences for America that are much much worse.
That was Senate Democratic Leader Chuck Schumer speaking there. He went on to say that a shutdown would give Donald Trump and Elon Musk carte blanche. An American Airlines flight was diverted tonight to the Denver International Airport after experiencing engine vibrations. This Boeing seven thirty seven eight hundred landed safely, but then a jet engine caught fire while the aircraft was taxing to the gate. The FAA says it did
prompt the evacuation of dozens of passengers. The flight had one hundred and seventy two passengers and a crew of six on board, traveling from Colorado Springs to Dallas. Now, some of the passengers were evacuated from the aircraft using slides. Nine people, we are told, suffered minor injuries. The US equity market retreated into a correction today after some heated
rhetoric in the trade war. Now, the Trump administration's policy on tariffs is expected to lead to much slower growth, even a possible recession, but former US Treasury Secretary Stephen Mnuschhan pushed back on that notion today. Here is muchI speaking earlier to Bloomberg.
I know there's some talk about are we going to go into a recession. I don't see us at all going into a recession. I think we could have a little bit of a slowdown in the economy as we pull back on government spending. But I don't think investors should be concerned about a recession.
Former US Treasury Secretary Steve imminution there he also advised not to overreact to the current selloff in stocks. The S and P five hundred is now down ten percent from its peak in mid February, meeting the accepted definition of a correction, and since that all time high, the SNP has lost about five trillion dollars in market value. Earlier today, President Trump threatened to enact a two hundred percent levy on European wine, champagne, and other alcoholic beverages.
He made the threat in response to the EU's plan to tax American whiskey. Commerce Secretary Howard Lutnik tells Bloomberg the EU's duties are disrespectful.
If you make him unhappy, he responds, unhappy, But come on, let's get back to the core basics here, which is a trading policy that says America has allowed the world to lean on us, to take from us, to grow off of us, and now it's time for a little balance. We've got a two trillion dollar budget deficit. We want to bring certain jobs home. Let the President do the right thing for America.
That is Commerce Secretary Howard Lutnik speaking there now. President Trump also said he would not repeal tariffs on steel and aluminum those that took effect earlier in the week, nor would Trump back off on plans for sweeping reciprocal tariffs on global trading partners. Those are set to start as soon as April second. So if investors believe the Fed will come to the rescue in this situation. Should
tariffs damage the economy, they may be wrong. That's according to the former president of the New York Fed, Bill Dudley.
I think the problem is that the terrors are bad for growth and bad for inflation, which puts to the FED in a bind. Basically, they're missing by more on both sides of their mandate. So I think in the near term the Fed's could basically be on hold waiting for more information.
Bill Dudley there. He is the former head of the New York Fed. He's also a Bloomberg Opinion columnist. He went on to say the FED could be in a bind if tariffs lead to slower growth and high inflation expectations. You can read more in Dudley's latest column for Bloomberg Opinion at Bloomberg dot com, slash opinion or opi and go on the Bloomberg terminal. Canada's top minister believes his country's change in leadership may provide a chance to reset
its troubled relationship with the US. Mark Karney will become Prime Minister on Friday, and he's expected to talk to President Trump in the coming days. Here is Canada's industry minister, Francois Philippe Champinn.
I think that we insisted that they may take that opportunity to engage with the new Prime minister in a different way, with respect and certainly looking at opportunities that we can work together and make sure that you know we changed in Mavia Bidde channel about looking at opportunities and competitiveness in North America.
That is Canada's Industry Minister, Francois Philippe Champinn speaking now. Canadian officials have struck an upbeat tone, although it does remain unclear whether President Trump will retaliate against Canada's countermeasures on his steel and aluminium tariffs. And that is news when you want it with Bloomberg News. Now, I'm dead, prisoner, and this is Bloomberg