Bloomberg News Now: Marines in LA, Trump Tax Bill, US-China Trade, AI Developments

Deployment of Marines in Los Angeles

• 🚨 The Trump administration is deploying 700 Marines to Los Angeles, adding to the 2000 National Guard troops already activated.
• ⚖️ California is suing to stop the deployment, with the Attorney General arguing the president's authority is limited to foreign invasions or rebellions, neither of which apply.
• 🗣️ Former acting ICE Director Tom Homan suggested that California Governor Gavin Newsom could face arrest if he interferes with enforcement operations, though he later stated Newsom had not done anything to warrant arrest.

Trump's Tax and Spending Bill

• 💰 Debate continues over President Trump's tax and spending cut bill, with House Speaker Mike Johnson aiming to minimize changes from the Senate.
• 📈 A proposed component of the bill includes a $1,000 one-time contribution to a tax-deferred savings account for babies born after December 31st, 2024, pegged to the stock market.
• 🤝 Corporate executives like Michael Dell and Robinhood Markets have pledged support for this savings account initiative.

US-China Trade Negotiations

• 🤝 US and China are holding trade talks in London to ease tensions over rare earth supplies and tech exports.
• 💬 Treasury Secretary Scott Bessant and Commerce Secretary Howard Rudnick are leading the US delegation, with talks described as fruitful.
• 🇺🇸 The US has signaled willingness to lift restrictions on some tech exports in exchange for China easing limits on rare earth shipments.

Vaccine Advisory Committee and CFTC Nomination

• 💉 The Department of Health and Human Services is dismissing all 17 members of the committee that advises the government on vaccines, a move criticized by public health officials as political.
• 💼 Brian Quintets, President Trump's nominee to lead the Commodity Futures Trading Commission, will testify before a Senate confirmation hearing, highlighting his expertise in crypto and blockchain.

Meta's AI Ambitions

• 🤖 Mark Zuckerberg is recruiting for a new secretive team called the Super Intelligence Group with the goal of achieving artificial general intelligence (AGI).
• 🏢 Zuckerberg is personally hiring about 50 people for this team, which will be located next to him at Meta's headquarters.
• 💰 This initiative is being built alongside a multibillion-dollar investment in Scale AI, Meta's largest external investment to date, as Zuckerberg competes with OpenAI and Google in the AI space.