The US and Israel began striking targets across Iran, with President Donald Trump urging Iranians to overthrow the government in a conflict that threatens to spiral across the oil-rich Middle East.   

“The hour for your freedom is at hand,” Trump said, addressing Iranians in a video posted on Truth Social on Saturday. “When we’re finished, take over your government. It will be yours to take. This will be probably your only chance for generations.”   

The military campaign could be a defining moment for Trump, risking a drawn-out regional war that leads to a surge in energy prices and American casualties ahead of mid-term elections this year. Iran quickly responded by firing missiles on Israel and US bases around the region, and countries in the Persian Gulf closed their airspace.  

Israel’s military said the campaign would target “dozens of military targets,” and Iran media reported strikes on defensive and civilian sites, including more than 50 people dead in a strike on a school in Hormozgan, in the south of the country. Several large explosions were reported in the capital, Tehran.   
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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.

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• Bloomberg Washington Correspondent Tyler Kendall
• Council on Foreign Relations President Emeritus Richard Haass
• Bloomberg Wall Street Week Anchor David Westin
• Stonecourt Capital Partner Rick Davis and Harvard Kennedy School’s Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino
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Oil swung as traders parsed competing headlines on the status of negotiations between the US and Iran. 

West Texas Intermediate inched down 0.3% to settle above $65 a barrel, while Brent ended the day below $71, as the US and Iran wrapped up a third round of nuclear talks in Geneva, just days ahead of President Donald Trump’s deadline to strike a deal. Oman, a mediator in the discussions, said that talks are set to continue next week in Vienna at a “technical level,” allaying fears of imminent US military action.

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.
  Rapidan Energy Group Founder Bob McNally.
  Stonecourt Capital Partner Rick Davis and Democratic Strategist Meghan Hays.
  Bloomberg Senior Editor for Technology and Strategic Industries Michael Shepard.

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Addressing one of his biggest audiences at perhaps the lowest moment of his second term, President Donald Trump returned again and again in his State of the Union speech to the same message on the economy: Everything is going great. 

A resolute Trump was determined to will Americans into a better economic mood, seeking to paint over the affordability concerns at the center of upcoming midterm elections with statistics and self-congratulation. 

“Inflation is plummeting. Incomes are rising fast. The roaring economy is roaring like never before,” Trump boasted early in the nearly two-hour speech.

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.
• Republican Senator Steve Daines of Montana.
• Democratic Congresswoman Maggie Goodlander of New Hampshire.

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President Donald Trump delivered the longest State of the Union address of the television age Tuesday, declaring “a turnaround for the ages” as he tried to sell Americans on his economic program ahead of crucial midterm elections later this year.

The speech had all the ceremony, confrontation and chaos that have come to define the event in an era of narrow congressional majorities and partisan polarization. Democratic Representative Al Green was ejected from the chamber for disrupting the speech. Trump invited the gold-medal-winning men’s Olympic hockey team into the gallery amid chants of “USA! USA! USA!” He awarded several medals honoring veterans and active-duty service members.

And in more than 1 hour 47 minutes, the longest State of the Union in history, the president delivered a rally-like speech punctuated less by policy proposals than by political attacks.
For instant reaction and analysis, Bloomberg Balance of Power hosts Joe Mathieu and Kailey Leinz speak with:

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• Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Jeanne Sheehan Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Bloomberg Politics Contributor
• US Interior Secretary Doug Burgum

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The Pentagon warned Anthropic PBC that it would terminate the company’s military contracts on Friday if the artificial intelligence startup failed to meet government terms for use of its technology, according to people familiar with the matter.

During a meeting Tuesday between Chief Executive Officer Dario Amodei and Defense Secretary Pete Hegseth, US officials threatened to declare Anthropic a supply-chain risk or invoke the Defense Production Act to use the AI software even if the company didn’t comply, the people said.

The ultimatum marks an escalation in a growing dispute between the Defense Department and the AI startup over the company’s insistence on guardrails for use of its Claude AI tool. If carried out, the Pentagon’s threat would put at risk up to $200 million in work that Anthropic had agreed to do for the military.

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 Editor for Technology and Strategic Industries Michael Shepard.
• Stonecourt Capital Partner Rick Davis and Harvard Kennedy School's Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
• Center for Strategic and International Studies Senior Adviser Gregory Allen.

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A discussion of the Supreme Court's Feb. 20 ruling that the tariffs utilized by President Donald Trump under the International Economic Emergency Powers Act were unlawful -- and what is next after Trump has signaled a 15% tariff under Section 122 of the Trade Act -- led Bloomberg Intelligence’s Feb. 23 edition of the Washington Policy Pulse. Senior Litigation Analyst Holly Froum also discussed the likelihood for refunds for firms like Amazon, Walmart and Apple. We also previewed Trump's Feb. 24 State of the Union address with a focus on affordability and headline risk for firms like Bank of America and Blackstone.

The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC.

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The Supreme Court’s nixing of US President Donald Trump’s “reciprocal” tariffs is throwing fresh confusion over the raft of trade deals negotiated by global partners as the inescapable reality of ongoing levies remains a threat.

The European Union on Monday froze the ratification process of its agreement with Washington. The move injected economic turbulence into an already strained transatlantic relationship. 

Without mentioning the EU specifically, Trump warned nations against taking advantage of his legal setback.  

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 White House Correspondent Jeff Mason.
• Bloomberg International Economics and Policy Correspondent Michael McKee.
• American Economic Liberties Project Director Lori Wallach.
• Ipsos US Public Affairs Chair Cliff Young.
• Stonecourt Capital Partner Rick Davis and Harvard Kennedy School's Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.

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President Donald Trump rushed to salvage his signature tariffs after the Supreme Court struck down his global duties, pledging he would use different tools to work around the ruling and preserve import taxes he has cast as essential to his economic and foreign policy.

The president said Friday he planned to impose a flat 10% levy on foreign goods in the coming days, and that he would order a raft of trade investigations that should allow him to enact more permanent tariffs.

In a defiant and angry White House press conference hours after the decision, Trump vowed to forge ahead with his approach despite complaints from opponents who say it has undercut longtime trade partnerships and increased costs for Americans. The president has credited his tariff regime for driving substantial investments in the US and preventing foreign conflicts.

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.
• Bloomberg Surveillance Co-Host Tom Keene.
• Bloomberg News Senior Strategist Edward Harrison.
• Brookings Institution Foreign Policy Research Director Michael O'Hanlon.
• Harvard Kennedy School's Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino and Echo Canyon Consulting CEO Jon Seaton.

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The US Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.

Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.

The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump’s tariffs have brought in.

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with:

- Bloomberg Washington correspondent Tyler Kendall
- Bloomberg Legal Analyst and host of Bloomberg Law June Grasso
- Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners
- Dave Townsend, Partner with Dorsey & Whitney

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