Balance of Power

Most of President Donald Trump’s global tariffs were ruled illegal by a federal appeals court that found he exceeded his authority in imposing them, but the judges let the levies stay in place while the case is subject to further review.The US Court of Appeals for the Federal Circuit on Friday upheld an earlier ruling by the Court of International Trade that Trump wrongfully invoked an emergency law to issue the tariffs. But the appellate judges sent the case back to the lower court to determine if it applied to everyone affected by tariffs or just the parties involved in the case.Friday’s 7-4 decision by the Federal Circuit could extend the suspense over whether Trump’s tariffs will ultimately stand. The case had been expected to next go to the Supreme Court for a final ruling. The administration could now turn to the justices, who have largely backed the president on other matters. But the White House could also let the Court of International Trade revisit the matter first.“ALL TARIFFS ARE STILL IN EFFECT!” Trump said in a post on Truth Social shortly after the decision was issued. For instant reaction and analysis, Bloomberg Balance of Power cohost Joe Mathieu speaks with Harvard Kennedy School's Ash Center Democracy Visiting Fellow Jeanne Sheehan Zaino and Stonecourt Capital Partner Rick Davis, both Bloomberg politics contributors. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. Federal Reserve Governor Lisa Cook’s lawyers suggested that an unintentional “clerical error” may have been behind the mortgage dispute over which President Donald Trump wants her fired. Cook sued Thursday to block Trump’s “illegal attempt,” saying he’s using a phony pretext that doesn’t amount to sufficient “cause” to remove her from the US central bank. In court papers, her lawyers laid out for the first time a potential defense to allegations that she fraudulently listed homes in Michigan and Georgia as a “primary residence” when she obtained mortgages in 2021.On this edition, Joe speaks with: Bloomberg Washington Correspondent Tyler Kendall. Bloomberg International Economic and Policy Correspondent Michael McKee. Yale Budget Lab Co-Founder and President Natasha Sarin. Harvard Kennedy School's Ash Center Democracy Visiting Fellow Jeanne Sheehan Zaino and Stonecourt Capital Partner Rick Davis. Former Republican Congressman and Bloomberg Contributor Patrick McHenry. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.White House trade adviser Peter Navarro cranked up pressure on India to halt its purchases of Russian oil, repeating accusations that New Delhi is funding the Kremlin’s campaign in Ukraine and casting the conflict as “Modi’s war”.Speaking immediately after the Trump administration doubled tariffs on India to 50% — an effort to secure concessions on trade, while also pressuring Russia — Navarro reiterated that Prime Minister Narendra Modi was funding “the war machine.”“I mean Modi’s war, because the road to peace runs, in part, through New Delhi,” Navarro said Wednesday on Bloomberg Television’s Balance of Power.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe speaks with: Bloomberg Senior White House and National Security Editor Michelle Jamrisko. Bloomberg Washington Correspondent Tyler Kendall. Bloomberg International Economic and Policy Correspondent Michael McKee. Former US Deputy Attorney General Donald Ayer. Harvard Kennedy School's Ash Center Democracy Visiting Fellow Jeanne Sheehan Zaino and former RNC Communications Director Lisa Camooso Miller. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump imposed a crushing 50% tariff on Indian goods to punish the country for buying Russian oil, upending a decades-long push by Washington to forge closer ties with New Delhi.The new tariffs, the highest in Asia, took effect at 12:01 a.m. in Washington on Wednesday, doubling the existing 25% duty on Indian exports. The levies will hit more than 55% of goods shipped to the US — India’s biggest market — and hurt labor-intensive industries like textiles and jewelry the most. Key exports like electronics and pharmaceuticals are exempt, sparing Apple Inc.’s massive new factory investments in India for now.The move marks a sharp deterioration in ties for the two nations and an about-turn in Washington’s strategy over the years to court India as a counterweight to China. Trump has slammed India for buying Russian oil, which he said was funding President Vladimir Putin’s war in Ukraine. New Delhi has defended its ties with Russia and has called the US’s actions “unfair, unjustified and unreasonable.”Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe speaks with: Bloomberg Washington Correspondent Tyler Kendall. Advancing American Freedom Senior Fellow Joel Griffith. Economic Times of India Columnist Seema Sirohi. Joe Lavorgna, Counselor to US Treasury Secretary Scott Bessent. Bloomberg Tech Co-Host Caroline Hyde. Bloomberg Intelligence Senior Defense Research Analyst Wayne Sanders. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.Federal Reserve Governor Lisa Cook vowed to fight President Donald Trump’s move to oust her from the central bank following allegations that she falsified mortgage documents.“His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,” Cook’s lawyer, Abbe Lowell, said in a statement. Previously, Cook said she would “carry out my duties to help the American economy as I have been doing since 2022.”Cook’s challenge of Trump’s removal effort throws the future of the central bank’s board into further question after the president’s move Monday night, which represented a dramatic escalation in his battle for more control over monetary policy.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe speaks with: Bloomberg Economics US Economist Stuart Paul. Stonecourt Capital Partner Rick Davis and ROKK Solutions Partner Kristen Hawn. Bloomberg Washington Correspondent Tyler Kendall. Constitutional Attorney Robert McWhirter. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump and South Korean President Lee Jae Myung expressed optimism for close cooperation on North Korea, collective security and shipbuilding, though the US leader downplayed the chances for further concessions on Seoul’s tariff deal.“We can do big progress with North Korea,” Trump said at the White House on Monday alongside Lee.The South Korean leader launched a charm offensive on Trump, praising stock-market gains, the gold finishes he added to the Oval Office and his peacekeeping efforts, and asked him to focus on ending tensions on the Korean peninsula. Lee even suggested that Trump could construct an eponymous tower in North Korea if peace is made.Still, Trump indicated that the agreement for a 15% tariff on South Korean imports would likely stick as-is, as they hash out unresolved details on the deal.“I hear they want to renegotiate the deal, but that’s OK, I don’t mind that. That doesn’t mean they’re going to get anything, but I don’t mind,” the US president said.On this edition of Balance of Power, Joe speaks with: Tyler Kendall, Bloomberg Washington correspondent Staurt Paul, Bloomberg Economics US Economist Dr. Christopher Smart, Founder and Managing Partner of Arbroath Group and former Special Assistant to the President at the National Economic Council during the Obama Administration Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Roger Fisk, Former Special Advisor to President Barack Obama and Democratic Strategist Spencer Cox, Governor of Utah (R) & Chris Levesque, President and CEO of TerraPower See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF. Federal Reserve Chair Jerome Powell carefully opened the door to an interest-rate cut in September, pointing to rising risks for the labor market even as worries over inflation remain. “The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance,” Powell said in remarks prepared for the Fed’s annual conference in Jackson Hole, Wyoming on Friday. “Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” Following Powell’s remarks, investors boosted bets that the Federal Open Market Committee would cut rates at its Sept. 16-17 meeting. Economists at Deutsche Bank, Barclays and BNP Paribas pulled forward their forecasts for the next rate cut to September. On this edition of Balance of Power, Tyler Kendall and Michael Shepard, in for Joe and Kailey, speak with: Michael McKee, Bloomberg International Economics and Policy Correspondent Lael Brainard, Former Director of the National Economic Council During the Biden Administration, Former Vice Chair of the Federal Reserve, Distinguished Fellow at the Georgetown Psaros Center for Financial Markets and Policy Brian Platt, Bloomberg Canada Government reporter Kathryn Edwards, Economic Policy Consultant & Bloomberg Opinion Contributor Myles Miller, Bloomberg Senior Reporter Jeanne Sheehan Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Democratic Strategist & Ashley Davis, Partner at S-3 Group and Republican Strategist See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.US Treasuries snapped two days of gains as traders pared bets on a September interest-rate cut ahead of the Federal Reserve’s gathering at Jackson Hole. The yield on the 10-year benchmark rose four basis points to 4.33%. The two-year yield — which is more sensitive to changes in monetary policy — moved up to 3.79% Thursday in New York. The selloff accelerated after Fed Bank of Cleveland President Beth Hammack said she wouldn’t support lowering interest rates if the meeting were tomorrow, citing inflation figures. Fed Chair Jerome Powell will deliver his remarks at the Jackson Hole, Wyoming, symposium on Friday morning.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Tyler Kendall and Michael Shepard are in for Joe and Kailey. They speak with: Bloomberg International Economics and Policy Correspondent Michael McKee. EY-Parthenon Senior Economist Lydia Boussour. Host of Bloomberg Law on Bloomberg Radio June Grasso. Bluestack Strategies Founder Maura Gillespie and Lift Our Voices Co-Founder Julie Rogisnky. Bloomberg Texas Bureau Chief Julie Fine. Republican Congresswoman Nicole Malliotakis of New York. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump called on Federal Reserve Governor Lisa Cook to resign after a staunch ally called for an investigation of the board member’s mortgages, intensifying his campaign on the central bank.Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees. Cook was nominated to the Fed by former President Joe Biden.Trump said Wednesday that Cook “must resign now,” citing Pulte’s allegations, while the FHFA head posted on social media that the accusations give Trump “cause to fire” her.Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Tyler Kendall and Michael Shepard are in for Joe and Kailey. They speak with: Bloomberg White House Correspondent Josh Wingrove. Bloomberg International Economics and Policy Correspondent Michael McKee. Ipsos US Public Affairs President Cliff Young. Bloomberg Markets Live Managing Editor Kristine Aquino. Republican Main Street Partnership President and CEO Sarah Chamberlain and Third Way Executive Vice President Matt Bennett. See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF. A package of security guarantees for Ukraine will take shape as soon as this week as leaders seize on President Donald Trump’s backing for a plan that involves sending European troops as part of a potential peace deal. After a White House summit on Monday yielded a firmer US commitment to guarantees, European leaders are looking to leverage Trump’s offer and place Kyiv in a stronger position ahead of a possible meeting between Presidents Vladimir Putin and Volodymyr Zelenskiy. A gathering of European officials on Tuesday focused on a plan to send British and French troops to Ukraine as part of a peace agreement, including the size and position of military personnel, according to people familiar with the matter. About 10 countries would be ready to send forces to the war-battered nation, they said on condition of anonymity. Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Tyler Kendall and Michael Shepard are in for Joe and Kailey. They speak with: Bloomberg National Security and Intelligence Reporter Natalia Drozdiak. Former UK Ambassador to the US Sir Peter Westmacott. Bloomberg Politics Contributor Jeanne Sheehan Zaino and BGR Group International Practice Principal Lester Munson. Former Deputy National Security Advisor for Cyber and Emerging Technology in the Biden Administration Anne Neuberger. See omnystudio.com/listener for privacy information.