Bloomberg News Now: Trade Talks, Fed Signals, Newark Flights, and Justice Souter

Newark Airport Flight Reductions

• ✈️ U.S. aviation officials and airlines are discussing voluntary flight cutbacks at Newark Airport due to radar and communication system failures.
• ⚠️ An incident involving a 90-second loss of communications and radar for air traffic controllers highlights the urgency.
• 🛠️ Transportation Secretary Sean Duffy has committed to upgrading the country's aging air traffic systems.

U.S.-China Trade Negotiations

• 📈 President Trump suggested an 80% tariff on China, while trade talks are set to begin in Geneva.
• 🎯 The Trump administration hopes for an agreement to reduce tariffs to under 60%, which would be considered a breakthrough.
• 🇨🇭 Switzerland has engaged in constructive trade talks with the U.S. regarding tariffs, non-tariff barriers, subsidies, and taxes.
• 📊 Current U.S. duties on many Chinese imports are at 145%, with China reciprocating at 125%.

Federal Reserve and Economic Outlook

• 🏦 New York Fed President John Williams indicated no immediate need to cut interest rates, citing the economy's current stability.
• 📊 Williams emphasized the need to collect more data on trade policy impacts before making policy decisions.
• 📉 Wall Street ended the week cautiously, with the S&P 500 down 0.1%, the Nasdaq flat, and the Dow down nearly 0.3%.

Regulatory Actions and Tax Policy

• ⚖️ President Trump is expected to sign three executive actions to reduce regulations, including one on criminal penalties for violations.
• 🎣 Another action aims to restore commercial fishing access off the coast of New England.
• 🏠 New York Representative Nicole Malliotakis supports increasing the state and local tax (SALT) deduction cap to $30,000.

Campus Protests and Justice Souter

• 🎓 Columbia University has suspended over 65 students and barred 33 individuals from campus following pro-Palestine protests.
• 🕊️ The Trump administration praised Columbia's acting President for her swift action against anti-Semitism.
• ⚖️ Former U.S. Supreme Court Justice David Souter, an appointee of George H.W. Bush, has died at age 85.
• 💡 Souter was known as one of the court's more liberal members, supporting gay and abortion rights, and limits on government support for religion.