From Brussels to Beijing, the United States’ largest trading partners are digesting the Supreme Court’s decision to overturn President Trump’s signature tariffs — along with his threats to impose new, potentially stickier levies by other means.

On today’s Big Take podcast, Big Take Asia host K. Oanh Ha sits down with Bloomberg China economy and government editor Jenni Marsh and Bloomberg’s top trade editor Brendan Murray to discuss the global reaction to Trump’s tariff setback: how countries like China are pushing for more favorable terms, the additional levers Trump is using to build a “tariff wall” around the US and what this could mean for the future of global trade.

Hosted by K. Oanh Ha and Sarah Holder; Produced by Naomi Ng and Julia Press; Reported by Jenni Marsh and Brendan Murray; Edited by Paddy Hirsch;

Fact-checking by Eleanor Harrison-Dengate and David Fox; Engineering by Katie McMurran

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

From Brussels to Beijing, the United States&rsquo; largest trading partners are digesting the Supreme Court&rsquo;s decision to overturn President Trump&rsquo;s signature tariffs &mdash; along with his threats to impose new, potentially stickier levies by other means.
On today&rsquo;s Big Take podcast, Big Take Asia host K. Oanh Ha sits down with Bloomberg China economy and government editor Jenni Marsh and Bloomberg&rsquo;s top trade editor Brendan Murray to discuss the global reaction to Trump&rsquo;s tariff setback: how countries like China are pushing for more favorable terms, the additional levers Trump is using to build a &ldquo;tariff wall&rdquo; around the US and what this could mean for the future of global trade.
Hosted by K. Oanh Ha and Sarah Holder; Produced by Naomi Ng and Julia Press; Reported by Jenni Marsh and Brendan Murray; Edited by Paddy Hirsch;
Fact-checking by Eleanor Harrison-Dengate and David Fox; Engineering by Katie McMurran
Senior Producer: Naomi Shavin Deputy Executive Producer: Julia Weaver Executive Producer: Nicole Beemsterboer.

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

The Winners and Losers of Trump’s New Tariff Reality

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/949e6e1d-e182-41f8-8d66-b3fa01643209/transcript

The US Supreme Court on Friday handed President Donald Trump one of the biggest losses of his second term, striking down his signature tariff plan. On today’s Big Take podcast, Sarah Holder talks to one of the people at the heart of the drama: Rick Woldenberg, the CEO of Learning Resources, a toy company that was a lead plaintiff in the case. And she unpacks the decision and its implications with Supreme Court reporter Greg Stohr and global trade editor Brendan Murray.

The Big Take Asia followed Learning Resources throughout 2025 as it formulated its legal response to the new US tariffs and grappled with the challenges of shifting its supply chain from China to some lower-tariff neighbors. 

To hear more, listen to these Big Take Asia episodes:
Tariffed: The Toymaker That Took on Trump Part One 
Tariffed: The Toymaker That Took on Trump Part Two 
Tariffed: The Toymaker That Took on Trump Part Three
The American Toymaker Suing Trump Over Destructive Tariffs

Hosted by Sarah Holder; Produced by Julia Press and David Fox; Reported by Greg Stohr and Brendan Murray; Edited by Tracey Samuelson.

Fact-checking by Rachael Lewis-Krisky; Engineering by Alex Sugiura.

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

The US Supreme Court on Friday handed President Donald Trump one of the biggest losses of his second term, striking down his signature tariff plan. On today&rsquo;s Big Take podcast, Sarah Holder talks to one of the people at the heart of the drama: Rick Woldenberg, the CEO of Learning Resources, a toy company that was a lead plaintiff in the case. And she unpacks the decision and its implications with Supreme Court reporter Greg Stohr and global trade editor Brendan Murray.
The Big Take Asia followed Learning Resources throughout 2025 as it formulated its legal response to the new US tariffs and grappled with the challenges of shifting its supply chain from China to some lower-tariff neighbors.&nbsp;
To hear more, listen to these Big Take Asia episodes:
<ul>
<li aria-level="1"><a href="https://link.podtrac.com/ixz2auas">Tariffed: The Toymaker That Took on Trump Part One</a>&nbsp;</li>
<li aria-level="1"><a href="https://link.podtrac.com/5gpg2cwb">Tariffed: The Toymaker That Took on Trump Part Two</a>&nbsp;</li>
<li aria-level="1"><a href="https://link.podtrac.com/94txii2w">Tariffed: The Toymaker That Took on Trump Part Three</a></li>
<li aria-level="1"><a href="https://link.podtrac.com/uqdsc0mp">The American Toymaker Suing Trump Over Destructive Tariffs</a></li>
</ul>
Hosted by Sarah Holder; Produced by Julia Press and David Fox; Reported by Greg Stohr and Brendan Murray; Edited by Tracey Samuelson.
Fact-checking by Rachael Lewis-Krisky; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

SCOTUS Strikes Down Trump’s Tariffs

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/81e459ae-7da7-4d0b-8703-b3f7016c0323/transcript

In Episode 3 of The Sixth Bureau, a series from The Big Take, we follow a spy from China’s Ministry of State Security to the Paris Air Show, and then watch him develop a valuable source, despite his bosses constantly getting in his way.

The Sixth Bureau from Bloomberg Newsfollows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness — and a cunning FBI sting — led to a stunning reversal: Xu Yanj un became the first Chinese intelligence officer ever convicted on American soil.

The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to Episode 1 and 2 here. 

In Episode 3 of The Sixth Bureau, a series from The Big Take, we follow a spy from China&rsquo;s Ministry of State Security to the Paris Air Show, and then watch him develop a valuable source, despite his bosses constantly getting in his way.
The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness &mdash; and a cunning FBI sting &mdash; led to a stunning reversal: Xu Yanj un became the first Chinese intelligence officer ever convicted on American soil.
The Sixth Bureau&nbsp;is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to Episode 1 and 2 <a href="https://www.bloomberg.com/features/the-sixth-bureau/">here</a>.&nbsp;

The Sixth Bureau Episode 3: Suck, Squeeze, Burn, Blow

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/06a4a26c-437b-4b7e-b351-b3f700f6cfed/transcript

The Department of Education has been a target of critics for decades. Republicans in the Oval Office have repeatedly tried to shrink the agency, and in his second term, President Trump has vowed to eliminate it altogether.

On today’s Big Take podcast, Bloomberg education reporter Liam Knox and host David Gura talk through what it takes to gut a congressionally approved federal agency: what’s behind the Trump administration’s ‘creative’ efforts to scale back or move some of the Education Department’s trademark programs and what the shift could mean for students, lawmakers and other federal agencies in the administration’s crosshairs. 

Read more: How to Shred a Federal Agency

Hosted by David Gura; Produced by Julia Press; Reported by Liam Knox; Edited by Tracey Samuelson.

Fact-checking by Editorial team; Engineering by Alex Sugiura.

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

The Department of Education has been a target of critics for decades. Republicans in the Oval Office have repeatedly tried to shrink the agency, and in his second term, President Trump has vowed to eliminate it altogether.
On today&rsquo;s Big Take podcast, Bloomberg education reporter Liam Knox and host David Gura talk through what it takes to gut a congressionally approved federal agency: what&rsquo;s behind the Trump administration&rsquo;s &lsquo;creative&rsquo; efforts to scale back or move some of the Education Department&rsquo;s trademark programs and what the shift could mean for students, lawmakers and other federal agencies in the administration&rsquo;s crosshairs.&nbsp;
Read more:&nbsp;<a href="https://www.bloomberg.com/graphics/2026-how-to-dismantle-education-department/?srnd=undefined">How to Shred a Federal Agency</a>
Hosted by David Gura; Produced by Julia Press; Reported by Liam Knox; Edited by Tracey Samuelson.
Fact-checking by Editorial team; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Trump’s Plan to Dismantle the Department of Education

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ea1308f9-4e17-483b-af58-b3f60129b6b3/transcript

The Winners and Losers of Trump’s New Tariff Reality

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