Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump denied he is seeking to remove Federal Reserve Chair Jerome Powell, after raising the idea in a closed-door meeting with congressional Republicans that leaked to the media.

“No, we’re not planning on doing anything,” Trump told reporters on Wednesday. He later added, “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.”

A White House official, speaking on the condition of anonymity earlier Wednesday, said they expected Trump to soon move against the Fed chief after his meeting with members of Congress visiting the White House to discuss cryptocurrency legislation. Some lawmakers also left that Tuesday evening meeting with that impression, and Trump acknowledged that he had polled the participants about dismissing Powell.

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 Michael Shepard is in for Joe. Kailey and Mike speak with:

• Bloomberg Capitol Influence Team Lead Megan Scully.
• Republican Congressman Jason Smith of Missouri, Chairman of the House Ways and Means Committee.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Bloomberg Chief Political Correspondent Annmarie Hordern.
• Bloomberg International Economics and Policy Correspondent Michael McKee.
• Bloomberg Contributor and former Republican Congressman Patrick McHenry.

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Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Nvidia Corp. and Advanced Micro Devices Inc. plan to resume sales of some AI chips in China after securing Washington’s assurances that such shipments would get approved, a dramatic reversal from the Trump administration’s earlier stance on measures designed to limit Beijing’s AI ambitions.

US government officials told Nvidia they would green-light export licenses for its H20 artificial intelligence accelerator, the company said in a blog post on Monday — a move that may add billions to Nvidia’s revenue this year, restoring its ability to fulfill orders it had written off as lost due to government restrictions. Nvidia designed the less-advanced H20 chip to comply with earlier China trade curbs from Washington, which Trump’s team tightened in April to block H20 sales to the Asian country without a US permit.

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 and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Bloomberg Senior Editor for Technology and Strategic Industries Michael Shepard.
• Ashton Analytics Founder and Former China Analyst at the Department of Defense Anna Ashton.
• Bloomberg Politics Contributor Jeanne Sheehan Zaino and Bluestack Strategies Founder Maura Gillespie.

See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

US President Donald Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine even as he pledged fresh weapons supplies for Kyiv.

“We’re going to be doing very severe tariffs if we don’t have a deal in 50 days, tariffs at about 100%,” Trump said Monday during a meeting with NATO Secretary General Mark Rutte at the White House.

Trump said the levies would come in the form of “secondary tariffs,” without providing details. The US president has used the term in the past to describe duties imposed on countries for trading with American adversaries.

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 and Kailey speak with:

• Bloomberg Washington Deputy Bureau Chief Laura Davison.
• Center for Strategic and International Studies Director the Europe, Russia, and Eurasia Program Max Bergman.
• Foundation for Defense of Democracies Senior Fellow Retired Rear Admiral Mark Montgomery.

See omnystudio.com/listener for privacy information.