Comey Indicted, Trump Tariffs, and TikTok Valuation | Bloomberg Daybreak

James Comey Indictment

• ⚖️ Former FBI Director James Comey has been charged with lying to Congress and obstruction related to his 2020 testimony.
• 🏛️ The indictment was announced by a federal prosecutor handpicked by President Trump.
• 🗣️ President Trump commented that Comey is a "bad person" and a "sick guy."
• ✉️ Comey responded via Instagram, stating his heart is broken for the DOJ but he has confidence in the judicial system and is innocent.
• ⛓️ If convicted, Comey could face up to 5 years in prison.

Trump's New Tariffs

• 📈 President Trump announced a fresh round of tariffs on pharmaceuticals, heavy trucks, and furniture.
• 💊 A 100% tariff will be imposed on patented drugs unless producers build manufacturing plants in the US, starting October 1st.
• 🚚 Imported heavy trucks will face a 25% duty.
• 🛋️ Kitchen cabinets and bathroom vanities will be hit with a 50% charge, and upholstered furniture imports at 30%.
• 🌍 Analysts suggest Trump's use of tariffs is unlikely to end.

TikTok US Valuation and Ownership

• 📱 The US business of TikTok is proposed to be valued around $14 billion, significantly lower than previous projections.
• 🇺🇸 This valuation is seen as more akin to an energy or food company than a social media giant.
• 🤝 Oracle, Silver Lake, and MGX are in talks to invest in the US version and receive board seats.
• 💰 While the US government won't get an equity stake, Trump stated the US will profit from taxes on the deal.
• 🚫 The framework includes Oracle auditing TikTok's algorithm to prevent its use as a propaganda tool by foreign governments.

UN General Assembly and Israeli Prime Minister's Stance

• 🌍 At the 80th UN General Assembly, Israeli Prime Minister Benjamin Netanyahu is expected to deliver a defiant speech.
• 🇵🇸 He will argue against urging Palestinian statehood in the wake of the October 7th attacks, viewing it as rewarding terror.
• ⚔️ Netanyahu plans to emphasize the need to destroy Hamas completely, despite international accusations of genocide and famine.
• 💪 His government believes strength, not compromise, is the path forward.

Market and Economic Indicators

• 📊 Consumer spending remained strong in August, suggesting muted impact from tariffs or political uncertainty.
• 📈 Investors are watching Personal Consumption Price Indexes for clues on the Federal Reserve's next moves.
• 📉 Fed officials forecast headline inflation at 2.7% and core inflation at 2.9%, still above the 2% target.
• 🏦 Fed Governor Steven Myron advocates for aggressive rate cuts, warning against damaging the economy by delaying.

Other News and Developments

• 🏛️ A potential US government shutdown looms as Congress struggles to pass funding bills.
• 🏥 Democrats aim to preserve healthcare programs, highlighting potential increases in premiums and deductibles for millions.
• 🗣️ Protesters gathered outside federal plaza in New York, alleging inhumane conditions for migrants held by Immigration and Customs Enforcement.
• 🎤 A federal judge is expected to make a speedy decision on whether to dismiss prostitution-related charges against rapper Sean "Diddy" Combs.

Sports Update

• 🏈 In Thursday Night Football, Seattle defeated Cleveland 23-20 with a last-second field goal.
• ⚾ The Detroit Tigers secured a win against the Cleveland Guardians, tying them for first place.
• ⛳ The 45th Ryder Cup begins, with Europe having a strong recent record against the US.