Bloomberg Businessweek

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A federal appeals court offered President Donald Trump a temporary reprieve from a ruling threatening to throw out the bulk of his sweeping tariff agenda, offering at least some hope to a White House now facing substantial new restrictions on its effort to rewrite the global trading order.

The administration celebrated the order from the US Court of Appeals for the Federal Circuit as validating its vow to aggressively challenge a ruling issued Wednesday night by the Court of International Trade blocking sweeping parts of Trump’s tariffs over his use of the International Emergency Economic Powers Act, or IEEPA.

“I can assure you, American people, that the Trump tariff agenda is alive, well, healthy, and will be implemented to protect you, to save your jobs and your factories,” trade adviser Peter Navarro told reporters on Thursday.

Even as Navarro celebrated the temporary stay, the possibility that the appeals court could ultimately back the original ruling and block Trump’s tariff policy hung heavy over the White House. Separately, a second federal judge declared a number of Trump’s levies enacted using emergency powers unlawful, but limited his decision to the family-owned business that sued and delayed the order from taking effect for 14 days to allow the Justice Department time to appeal.

Today's show features:

• Bloomberg News US Legal Reporter Erik Larson and Jimmy Gurulé, Professor of Law at Notre Dame Law School and Founder and Director of the Exoneration Justice Clinic
• Elizabeth Economy, Hargrove Senior Fellow and co-chair of the Program on the US, China, and the World at Stanford University’s Hoover Institution
• Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management

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Bloomberg News Chief Correspondent for Global Macro Markets Liz McCormick explains why Asian investors are rethinking their strategy of investing in US assets. The trend has been driven by concerns over the US budget deficit, political polarization, and the impact of Trump's policies on the dollar.

The shift away from US assets could lead to a significant unwinding of dollar investments, with potential beneficiaries including emerging markets, Europe, and Japan, and a possible appreciation of Asian currencies.

This story is the subject of the latest Bloomberg Big Take. You can read the full story, and more from Bloomberg The Big Take on the Bloomberg Terminal and at Bloomberg.com/bigtake.

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Nvidia, the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results. Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg.

Nvidia shares rose about 4% in extended trading following the announcement. The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers.

For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg Intelligence Senior Tech Industry Analyst Mandeep Sing
• Joe Kaiser, Managing Director at Mercato Partners

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Nvidia Corp., the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results.
Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg. 

The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers. 

As part of that push, the company is increasingly offering its chips as part of whole computer systems — a move it says is necessary to speed up the deployment of more complex and powerful technology. Nvidia expects AI infrastructure to eventually transform much of the economy, part of what Chief Executive Officer Jensen Huang refers to as a new industrial revolution.

Today's show features:

• Jay Goldberg, Senior Analyst at Seaport Research Partners on Nvidia earnings
• Bloomberg Businessweek Senior Reporter Max Chafkin
• Bloomberg News Cross-Asset Reporters Emily Graffeo and Vildana Hajric

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Sukhinder Singh Cassidy, Chief Executive Officer of cloud software company Xero, discusses the New Zealand-based company's outlook and its push to grow its small-business customer base in the United States.

Xero is a global small business platform that helps customers supercharge their business by bringing together the most important small business tools, including accounting, payroll and payments. Singh Cassidy cites strong revenue growth in the US from its most recent earnings report, and also explains how the emergence of artificial intelligence could help lift her business to new heights.

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Wall Street kicked off the week with a rally in stocks as consumer confidence rebounded sharply while the US and the European Union sped up trade talks. A global surge in bonds also helped sentiment.

As equities halted a four-day slide, the S&P 500 climbed 2%. Nvidia Corp. paced gains in megacaps ahead of its results. Treasuries got a boost, pushing the 30-year yield below 5% on signs Japan will be ready to calm jittery debt markets. The moves in the US extended after a sale of two-year notes was met with solid bidding metrics. The dollar rose against all developed-market currencies.

President Donald Trump noted he was encouraged the EU is speeding up negotiations on trade, days after he said the bloc would face 50% tariffs if they fail to reach a deal with the US. Trump extended a deadline for those taxes to take effect to July 9 after a call with European Commission President Ursula von der Leyen.
Today's show features:

• Meghan Robson, Head of US Credit Strategy for BNP Paribas
• Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman
• Bloomberg News Managing Editor for Deals Liana Baker
• Nate Rempe, President and Chief Executive Officer of Omaha Steaks

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Marc Morial, President and CEO of the National Urban League, speaks on what has transpired in the five years since the killing of George Floyd. Plus his thoughts on the US Steel & Nippon Steel "partnership"

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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

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President Donald Trump said that the tariffs he threatened against Apple Inc. earlier Friday would also be aimed at a wider range of device makers including Samsung Electronics Co. to spur them into moving manufacturing of their products to the US.
“It would be more,” Trump said when asked at the White House whether his tariff threat would only apply to Apple. “It would be also Samsung and anybody that makes that product, otherwise it wouldn’t be fair.” Trump indicated that the import levies would be “appropriately done” and ready for implementation by the end of June but provided no other details.

The president’s remarks clarified his social media post from earlier in the day warning that Apple would face tariffs of 25% if the Cupertino, California-based company failed to shift production of its iconic iPhone to the US from overseas. The warning came days after a Tuesday meeting between Trump and Apple Chief Executive Officer Tim Cook at the White House, a US official said.
“He said he’s going to India to build plants. I said, that’s okay to go to India, but you’re not going to sell into here without tariffs, and that’s the way it is,” Trump said. Apple’s stock fell as much as 3.9% in New York trading. Separately Friday, Trump also threatened a 50% tariff on the European Union that would go into effect June 1, which weighed on the broader market.
Today's show features:

• Bloomberg News White House Editor Jordan Fabian on Trump's 25% Tariff Threat on Apple
• CFO Briefing: Jill Woodworth, Chief Financial Officer of Prenuvo and Bloomberg News Senior Editor Nina Trentmann
• Rod Baltzer, Chief Executive Officer of Deep Isolation and Bloomberg News Energy Reporter Will Wade

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Ben Reinhardt, CEO of Speculative Technologies and Businessweek Contributing Writer, breaks down how the US should study China's playbook, create new manufacturing paradigms, and preserve American strengths, such as its scientific and technological leadership and its relationships with allies.
He argues this can be achieved by attracting foreign investment, building industrial hubs, developing new technologies like artificial intelligence, and fostering a welcoming environment for skilled immigrants, rather than relying on tariffs and isolationist policies

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