Bloomberg News Now May 5, 2025: Pentagon Cuts, Trump Halts New Harvard Grants, More
May 6, 2025
Explore the fallout from military cuts and the Trump administration's controversial decisions, including the surprising federal funding rejections for a prestigious university. Discover how a new 100% tariff on overseas films impacts major corporations like Netflix and Disney, sending their stock prices tumbling. Experts weigh in on the rising tensions in the film industry and the broader market's nervous response to these sweeping changes.
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Military Leadership Cuts Insight
- The Trump administration plans to cut 20% of active-duty military four-star generals to increase efficiency.
- Critics worry these cuts could politicize the military, despite claims of strategic readiness improvement.
Harvard Grant Suspension Insight
- The Trump administration declared Harvard University ineligible for new federal research grants.
- This marks an escalation in tensions between the White House and an Ivy League institution.
Newark Air Traffic Incident
- Newark Liberty's air traffic controllers lost radar and radio communication for over a minute, triggering delays.
- Senate Minority Leader Chuck Schumer urges an investigation by the inspector general into the incident.