Trump's Tariffs, Harvard's Legal Win, and Fed Nominee Hearing | Bloomberg Daybreak

Trump's Tariff Case at the Supreme Court

• 🏛️ President Trump is asking the Supreme Court to uphold his global tariff regime, following a federal appeals court ruling that found he improperly imposed country-by-country duties.
• 💰 A defeat for Trump could cut the average US effective tariff rate by at least half and force the US to refund billions of dollars in import taxes.
• ⚖️ The administration's request for an expedited schedule places arguments in early November, with a potential ruling by the end of the year or early 2026.

Harvard University's Legal Victory

• 🎓 A federal court ruled that the US illegally froze over $2 billion in research funds to Harvard University.
• 🗣️ The court found the freeze violated the school's free speech rights and did not follow proper procedures, using anti-semitism as a "smokescreen for a targeted ideological motivated assault."
• 🏛️ The Trump administration plans to appeal the decision, stating Harvard has no constitutional right to taxpayer dollars.

Federal Reserve Nominee Hearing

• 🏦 The Senate Banking Committee is holding a confirmation hearing for Stephen Miran's appointment to the Federal Reserve Board.
• 🔒 Miran has stated his intention to preserve the Fed's independence and serve the American people.
• ⚠️ Senator Elizabeth Warren believes the Senate should hold an oversight hearing on President Trump's attacks on the Fed's independence, rather than proceeding with a "business as usual" approach.

Other Key Developments

• 💨 The US is working to withdraw permits for New England wind farm projects, disrupting East Coast wind development and drawing criticism from Massachusetts Governor Mora Healey.
• 🤖 Chinese platform Deepseek is targeting an AI agent release by year-end, aiming to compete with US rivals like OpenAI.
• 🔍 Apple is reportedly preparing to launch its own AI-powered web search engine next year, potentially challenging ChatGPT and Perplexity.
• 💔 Survivors of Jeffrey Epstein's abuse gathered to demand transparency, while President Trump dismissed the issue as a "hoax."