News when you wanted with Bloomberg News. Now I'm Doug Prisoner. President Trump's tariffs will remain in place, at least for now. A federal appeals court has stayed a ruling issued laid yesterday by the Court of International Trade. It found the tariffs illegal, and the court said the President overstepped his use of the International Economic Emergency Powers Act to justify them. So in allowing the tariffs to remain, the Federal Appeals
Court said it needs time to consider challenges well. In the meantime, the Trump administration is reportedly developing a plan B. The Wall Street Journal reports the administration is considering a stopgap plan under a never before used provision of the Trade Act of nineteen seventy four. It includes language allowing for tariffs of up to fifteen percent for one hundred and fifty days to address trade imbalances with other countries.
It would then buy time for the Trump administration to devise individual tariffs for each major trade partner under a different provision of the same law. US Treasury Secretary Scott Besson says trade talks between the US and China are a bit stalled. Besson told Fox News a call may be required between President Trump and Chinese President Chi Jinping in order to reach a deal.
Given the magnitude of the talks, given the complexity that this is going to require both leaders to weigh in with each other. They have a very good relationship, and I am confident that the Chinese will come to the table.
That was US Treasury Secretary Scott Besson speaking to Fox News. President Trump will be holding a news conference with Elon Musk tomorrow at the White House. That is Friday in the US. The aim is to mark Musk's departure from his role leading DOGE, the effort to reduce the size and scope of the US government. We go to geopolitics. Next is Bill has accepted a new US proposal for a temporary ceasefire in Gaza. This would involve the release of all remaining hostages as well as a sixty day truce.
Here is White House Press Secretary Caroline Levit.
I can also confirm that those discussions are continuing, and we hope that a cesfire in Gaza will take place so we can return all of the hostages home. And that's been a priority from this administration from the beginning.
That is White House Press Secretary Caroline Levitt. She went on to say the administration is waiting for a response from Hamas the Securities and Exchange Commission moved to end its legal battle against the crypto exchange Binance Holdings, the SEC and Binance filed a joint motion to stay the case. It calls for dismissing the case with prejudice, which means
it can't be refiled. It was back in June twenty twenty three that the SEC sued Binance, alleging the firm and its co founder mishandled customer funds, misled investors and regulators, and violent red US securities laws. There is an obscure item buried in President Trump's spending bill and its setting off alarms for Wall Street. That story from Bloomberg Zamy Morris in Washington.
The proposed tax measure would increase tax rates for individuals and companies from countries with what the US deems discriminatory tax policies. Now, the concern is that this revenge measure, as it's becoming known, would further drive away foreign investors. Analysts warned that this provision could weaken the dollar, drive up long term interest rates, and further erode foreign investor's confidence in US assets, amounting to what analysts call a
weaponization of US capital markets into law. In Washington, Amy Morris Bloomberg Radio.
And we moved to earnings news. Next, cost Co Wholesale posted better than expected results for the latest quarter. The retailer's scale and devoted customer base helped it navigate tariffs and economic turbulence, and we got reaction from Bert Flickinger is made Managing director of Strategic Resource Group.
Costco is replacing shopping malls and shopping centers and the Roman empires of retail worldwide because Costco's a shopping center under itself and raising the standards of living when seventy percent of consumers are living paycheck to paycheck and Costco's prices are twenty to thirty percent below anybody else, with the exception of all the Trader Joe's and a couple others like Winco.
That is, Bert Flickinger from Strategic Resource Group shares in Costco. We're up three tents one percent. Former New York City Police Commissioner Bernard Carrick has died. Kerrick was NYPDC commissioner on ninety eleven. He later pleaded guilty to tax fraud before being pardoned. Bernard Carrick was sixty nine. And that is news when you want it. With Bloomberg News Now, I'm Doug Chrisner and this is Bloomberg