Everybody's Business Trump's Hands On Economy, Is Sports Betting Ruining Sports?
Donald Trump has been back at the White House for little more than 6 months, but his mark on the US economy has been profound. If Adam Smith’s “invisible hand” was a symbol of the unfettered free market, the Republican president’s approach should perhaps be described as very hands on. This week on Everybody’s Business from Bloomberg Businessweek, Max Chafkin and Stacey Vanek Smith explore some of the industries being, well, handled by Trump.
Trump’s latest right-hand man, Treasury Secretary Scott Bessent, sat down with the magazine to talk about his views on everything from government data to interest rates and how he, just like his 79-year-old boss, desires greater government involvement in the US economy. Bloomberg Businessweek Editor Brad Stone joins us to break down the story.
The most impactful economic policy Trump has put in place so far is his “most beautiful word.” Most of Trump’s tariffs are still in flux and subject to ongoing litigation, but legal or not, the effect of 34% tariffs on goods from China and other major trading partners has started showing up in US pricing data, including wholesale prices this week from the embattled Bureau of Labor Statistics, which rose the most they have in years. But all imports and exports are not created equal. Trump’s recent talks with US chipmakers Nvidia and Intel portend increased government involvement in the industry, including the introduction of export taxes on chips sold to China, which Bessent said could be a potential model for other industries as well. Also on this episode:
-
A look at this week’s BLS inflation report. According to the government data, tariffs seem to be showing up on store shelves, especially in the coffee aisle, where prices are up more than 14% over last year. New York coffee lovers weigh in.
-
Bloomberg Businessweek’s Stone joins to talk Bessent, government data and government involvement in the chip industry.
-
Is sports betting ruining sports? Bloomberg News reporter Randall Williams joins to talk about the booming business of prop bets and why critics say it’s ruining games.
-
And finally the underrated story of the week: Artificial Intelligence gets personal. Many medical procedures and cancer screenings are now being assisted by AI. As is turns out, smarter technology could be making doctors dumber.
About the show: every week, hosts Stacey Vanek Smith and Max Chafkin take a look at the week’s business news and break down what you need to know with the help of Bloomberg journalists, experts and the people and businesses trying to navigate the economy every day.
See omnystudio.com/listener for privacy information.