One month after Trump’s “Liberation Day” tariffs, Q1 earnings reports for a range of US companies are in. 

On today’s episode, Bloomberg’s Shelly Banjo joins host Sarah Holder to talk through what those reports are revealing about companies’ reactions to Trump’s trade war. Are they pausing, pivoting or panicking?

Read more of Shelly Banjo’s work.

One month after Trump&rsquo;s &ldquo;Liberation Day&rdquo; tariffs, Q1 earnings reports for a range of US companies are in.&nbsp;
On today&rsquo;s episode, Bloomberg&rsquo;s Shelly Banjo joins host Sarah Holder to talk through what those reports are revealing about companies&rsquo; reactions to Trump&rsquo;s trade war. Are they pausing, pivoting or panicking?
<a href="https://www.bloomberg.com/authors/ASkbVJ3fYAA/shelly-banjo">Read more of Shelly Banjo&rsquo;s work.</a>

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

Earnings Are In. Companies Can’t Hide From Tariffs Anymore

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/d4b7a46b-8114-4e0a-a595-b2d0015af284/transcript

ICE has been open about its aggressive detention and deportation targets. And now, the agency has its sights set on a new kind of facility to house the people it arrests: converted warehouses that could detain 5,000 or more people.

On today’s Big Take podcast, Bloomberg reporters Fola Akinnibi and Sophie Alexander take host Sarah Holder inside their team’s reporting on the agency’s latest push to expand its detention capacity, the lucrative government contracts that companies are vying for and mounting concerns around safety for detainees.

Read more: 
ICE Plans Detention Expansion With Deal to Design ‘Mega Centers’
Companies With No Detention Experience Want to Run Trump’s ICE Camps

Further listening: Why Small Towns Are Hooked on ICE Detention

Hosted by Sarah Holder; Produced by Julia Press; Reported by Sophie Alexander and Fola Akinnibi; Edited by Aaron Edwards; Fact-checking by Rachael Lewis-Krisky and David Fox; Engineering by Katie McMurran; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

ICE has been open about its aggressive detention and deportation targets. And now, the agency has its sights set on a new kind of facility to house the people it arrests: converted warehouses that could detain 5,000 or more people.
On today&rsquo;s Big Take podcast, Bloomberg reporters Fola Akinnibi and Sophie Alexander take host Sarah Holder inside their team&rsquo;s reporting on the agency&rsquo;s latest push to expand its detention capacity, the lucrative government contracts that companies are vying for and mounting concerns around safety for detainees.
Read more:&nbsp;
<ul>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2025-12-18/ice-plans-to-greatly-expand-detention-capacity">ICE Plans Detention Expansion With Deal to Design &lsquo;Mega Centers&rsquo;</a></li>
<li aria-level="1"><a href="https://www.bloomberg.com/news/features/2025-08-15/trump-s-ice-camps-turn-to-contractors-with-no-detention-experience">Companies With No Detention Experience Want to Run Trump&rsquo;s ICE Camps</a></li>
</ul>
Further listening:&nbsp;<a href="https://podcasts.apple.com/us/podcast/small-towns-are-getting-hooked-on-ice-detention/id1578096201?i=1000708502921">Why Small Towns Are Hooked on ICE Detention</a>
Hosted by Sarah Holder; Produced by Julia Press; Reported by Sophie Alexander and Fola Akinnibi; Edited by Aaron Edwards; Fact-checking by Rachael Lewis-Krisky and David Fox; Engineering by Katie McMurran; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Inside ICE’s Plan to Build Detention ‘Mega Centers’

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ec8bf090-199c-4057-a604-b3d8016e731d/transcript

This week marks the end of President Trump’s first year back in office. His busy economic agenda included global tariffs, deregulation, tax cuts and so much more.

The deep and dramatic changes the Trump administration proposed and imposed have fundamentally changed the way the US does business. On today’s Big Take podcast, host David Gura and Bloomberg’s Nancy Cook and Mark Niquette discuss which initiatives have had the biggest impact so far and which are likely to last.

Hosted by David Gura; Produced by Julia Press; Reported by Nancy Cook and Mark Niquette; Edited by Tracey Samuelson and Patrick Hirsch; Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

This week marks the end of President Trump&rsquo;s first year back in office. His busy economic agenda included global tariffs, deregulation, tax cuts and so much more.
The deep and dramatic changes the Trump administration proposed and imposed have fundamentally changed the way the US does business. On today&rsquo;s Big Take podcast, host David Gura and Bloomberg&rsquo;s Nancy Cook and Mark Niquette discuss which initiatives have had the biggest impact so far&nbsp;and which are likely to last.
Hosted by David Gura; Produced by Julia Press; Reported by Nancy Cook and Mark Niquette; Edited by Tracey Samuelson and Patrick Hirsch;&nbsp;Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Trump’s Economy, One (Second) Year In

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/43d9ccfe-4587-4b7f-9442-b3d4016f84c3/transcript

For Beijing, the US capture of Venezuelan President Nicolás Maduro was a mixed bag -- an embarrassing surprise, a wake-up call over its alliances in Latin America and an opening to step up on the world stage, according to Nicholas Burns, the former US ambassador to China.

On today’s Big Take, host David Gura and Ambassador Burns discuss how President Donald Trump’s military actions and threats are reshaping China’s relationships across the Pacific and the Taiwan Strait—and how the so-called “Donroe Doctrine” could ultimately hand China a global edge.

Read more: How Maduro’s Removal Could Help China in Venezuela and Latin America

Hosted by David Gura; Produced by Rachael Lewis-Krisky; Edited by Jeffrey Grocott.

Fact-checking by Yang Yang and Naomi Ng; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

For Beijing, the US capture of Venezuelan President Nicol&aacute;s Maduro was a mixed bag -- an embarrassing surprise, a wake-up call over its alliances in Latin America and an opening to step up on the world stage, according to Nicholas Burns, the former US ambassador to China.
On today&rsquo;s Big Take, host David Gura and Ambassador Burns discuss how President Donald Trump&rsquo;s military actions and threats are reshaping China&rsquo;s relationships across the Pacific and the Taiwan Strait&mdash;and how the so-called &ldquo;Donroe Doctrine&rdquo; could ultimately hand China a global edge.
Read more: <a href="https://www.bloomberg.com/news/newsletters/2026-01-13/how-maduro-s-removal-could-help-china-in-venezuela-and-latin-america?srnd=undefined">How Maduro&rsquo;s Removal Could Help China in Venezuela and Latin America</a>
Hosted by David Gura; Produced by Rachael Lewis-Krisky; Edited by Jeffrey Grocott.
Fact-checking by Yang Yang and Naomi Ng; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Domino Effect of the ‘Donroe Doctrine’

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b1a69f55-7c69-4d33-90ac-b3d4016cfacc/transcript

Earnings Are In. Companies Can’t Hide From Tariffs Anymore

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