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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.

The president’s remarks in the Oval Office left open the possibility of ousting Powell for cause. Trump and his allies have lambasted the Fed chair over the central bank’s decision to hold interest rates steady and the cost of the central bank’s renovations of its Washington headquarters.

Today's show features:

• Lael Brainard, Distinguished Fellow at the Georgetown Psaros Center for Financial Markets and Policy and Former Vice Chair of the Federal Reserve, on President Donald Trump's continued pressure on Fed Chair Jerome Powell
• Ken Leon, Director of Equity Research at CFRA on bank earnings from Goldman Sachs, Morgan Stanley and Bank of America
• Simeon Hyman, Global Investment Strategist at ProShares on his firm’s mid-year outlook for markets and the economy
• Dr. Gracelin Baskaran, Director, Critical Minerals Security Program and Center for Strategic and International Studies on the booming market for rare-earth materials, including Apple’s $500 million deal to buy them from MP Materials

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AXIS is a global specialty commercial insurer that covers risks for businesses that can’t normally obtain standard insurance coverage. The commercial reinsurer boasts customers spanning a range of industries. Examples of the specialty coverage lines at AXIS include property, casualty, cyber, marine, energy, accident & health, sports insurance, terrorism, aviation, as well as coverage for the directors and officers of companies.

Vince Tizzio, the president and CEO of AXIS, discusses his company's risk mitigation strategy and how factors such as climate change can impact his business. Vince speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.

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Nvidia Corp.’s Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone.
Then, very suddenly, that all changed.

Late on Monday, the chipmaker said it received assurances that the US government would allow it to export some chips to the Asian nation. Advanced Micro Devices Inc., Nvidia’s chief rival, quickly followed with a similar announcement. These export license approvals could generate billions of dollars in total revenue for the companies this year — and they mark a dramatic reversal after the Trump administration said the issue wasn’t even up for debate.

Huang has taken almost every opportunity available to him — from the stage of tech events to Washington visits — to argue that a crackdown on China is counterproductive. During his appearances, he navigated a fine line between praising Trump policies aimed at bringing back chip manufacturing to the US and demanding more freedom to do business in China.
Just last week, Huang met with President Donald Trump at the White House.

Today's show features:

• Bloomberg News US Semiconductor & Networking Reporter Ian King on the news that Nvidia and AMD can resume AI chip sales to China
• Jayati Bharadwaj, Director in FX and EM Strategy at TD Securities on the US dollar’s reaction to June inflation data
• David George, Senior Research Analyst at Baird on the initial wave of quarterly bank earnings
• Bloomberg News Health Reporter Madison Muller on her Businessweek feature story on efforts by Hims & Hers Health to cash in on the GLP-1 drug craze

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A divided US Supreme Court let President Donald Trump resume dismantling the Department of Education, lifting a lower court order that required the reinstatement of as many as 1,400 workers.

Granting an emergency request from the administration, the justices put on hold a federal district court ruling that said the Trump purge would leave the department unable to perform duties required under US law. The Supreme Court order will apply while the case continues on appeal.

Bloomberg News Supreme Court reporter Greg Stohr breaks down the High Court's decision with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

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US President Donald Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine, while pledging 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.

Asked later if Trump meant to refer to the more widely known tool “secondary sanctions,” Commerce Secretary Howard Lutnick told reporters that sanctions and tariffs were “both tools in his toolbox” and that “you can do either one.” A White House official said Russia could face both measures if it fails to sign a ceasefire deal by early September.

Today's show features:

• Angela Stent, Senior Fellow at the Brookings Institution, on President Donald Trump latest military and economic threats against Russia as the War in Ukraine shows no signs of abating
• Bloomberg News Senior Technology Reporter Dana Hull on Elon Musk’s xAI ambitions using Tesla as a funding source
• Bloomberg News Federal Reserve Reporter Amara Omeokwe on President Donald Trump and his allies criticizing Jerome Powell's handling of the Federal Reserve's headquarters renovation
• Daniel Florness, CEO of Fastenal on earnings and the state of US manufacturing

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Cart.com was founded just over four years ago, and recently closed a $50 million funding round to bring the company's valuation to $1.6 billion. The company has grown rapidly and become one of the leading logistics and supply chain providers in the US. Revenue is nearing $400 million and the company has emerged as a viable pre-IPO candidate.

Omair Tariq, the founder and CEO of Cart.com, discusses the business of logistics and transportation amid a global trade war. Omair speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."

Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

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President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

The tariff level on Canada would take effect from Aug. 1, the president said. The announced rate is an increase from the current 25% tariff that’s imposed on US imports from Canada that aren’t shipped under the terms of the US-Mexico-Canada Agreement.

“Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, Non-Tariff, Policies and Trade Barriers, which cause unsustainable Trade Deficits against the United States,” Trump said in a letter to Canadian Prime Minister Mark Carney, posted on social media Thursday.
Trump’s announcement on Canada came as he told NBC News on Thursday that he’s also eyeing blanket tariffs of 15% to 20% on most trading partners. The current global baseline minimum tariff rate for nearly all US trading partners is 10%.

Today's show features:

• Bloomberg News Senior White House Correspondent Josh Wingrove on President Donald Trump's latest tariff announcements against Canada and his exclusive on Vietnam’s trade war response.
• Ann Miletti, Head of Equity Investments at Allspring Global Investments on the market outlook heading into earnings season
• Bloomberg News National Security Reporter Nick Wadhams on the latest developments from the War in Ukraine and the report that North Korea is supplying as much as 40% of Russia's ammunition
• CFO Briefing with Harmit Singh, Chief Financial and Growth Officer of Levi Strauss & Co. and Bloomberg News Senior Editor Nina Trentmann

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