President Donald Trump shared a letter on social media Monday night, addressed to Federal Reserve Board Governor Lisa Cook stating he had made the decision to remove her from her position.

It immediately launched a legal fight over the validity of Trump’s move and raised concerns about the future of Fed independence.

On today’s Big Take podcast, Bloomberg international economics and policy correspondent Michael McKee joins host Sarah Holder to discuss the immediate fallout — and the potential long term ramifications.

Read more: Trump Moves to Fire Fed’s Cook, Setting Up Historic Fight

President Donald Trump shared a letter on social media Monday night, addressed to Federal Reserve Board Governor Lisa Cook stating he had made the decision to remove her from her position.
It immediately launched a legal fight over the validity of Trump&rsquo;s move and raised concerns about the future of Fed independence.
On today&rsquo;s Big Take podcast, Bloomberg international economics and policy correspondent Michael McKee joins host Sarah Holder to discuss the immediate fallout &mdash; and the potential long term ramifications.
Read more: <a href="https://www.bloomberg.com/news/articles/2025-08-26/trump-removes-fed-governor-lisa-cook-effective-immediately?srnd=homepage-americas">Trump Moves to Fire Fed&rsquo;s Cook, Setting Up Historic Fight</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

Why Trump Is Trying to Fire Lisa Cook

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/238757cf-954c-4d98-88ee-b345015e22b5/transcript

As Chinese President Xi Jinping makes his first visit to Washington in over a decade, trade and the AI race will likely dominate talks with Donald Trump.

On today’s Big Take Asia podcast, host K. Oanh Ha and Bloomberg’s John Liu unpack what each leader hopes to gain and why they may have no choice but to cooperate on AI safety.

Read more: The Tough AI Questions Looming Over the Trump-Xi Summit

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by K.Oanh Ha; Produced by Yang Yang and Naomi Ng; Edited by Crispina Robert and Paddy Hirsch Engineering by Alex Sugiura

As Chinese President Xi Jinping makes his first visit to Washington in over a decade, trade and the AI race will likely dominate talks with Donald Trump.
On today&rsquo;s Big Take Asia podcast, host K. Oanh Ha and Bloomberg&rsquo;s John Liu unpack what each leader hopes to gain and why they may have no choice but to cooperate on AI safety.
Read more:&nbsp;<a href="https://www.bloomberg.com/news/articles/2026-09-21/trump-xi-meeting-china-us-ai-rivalry-poses-questions-for-summit">The Tough AI Questions Looming Over the Trump-Xi Summit</a>
We have a special Bloomberg subscription offer for podcast listeners at<a href="https://www.bloomberg.com/subscriptions/podcasts"> Bloomberg.com/podcastoffer.</a>
Hosted by K. Oanh Ha; Produced by Yang Yang and Naomi Ng; Edited by Crispina Robert and Paddy Hirsch Engineering by Alex Sugiura

US-China AI Race to Take Center Stage at Trump-Xi Meeting

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/3644e6f0-bf3c-4dea-a458-b4cd0148cb12/transcript

The Iran War is likely to take center stage when President Trump meets with Gulf leaders on the sidelines of this week's UN General Assembly. Houthi attacks in Saudi Arabia and rising energy prices underscore the widening global toll of a war that has cost the US more than $43 billion, according to the Pentagon's latest estimate.

On today's Big Take podcast, Bloomberg Global Defense Editor Gerry Doyle and Bloomberg Economics Defense Lead Becca Wasser join Sarah Holder to break down the conflict’s latest costs – the rising tab for the US's six-month-long blockade of the Strait of Hormuz, the drawdown of US munitions stockpiles and the deepening toll on military personnel – and how the war has changed the US's ability to defend itself in future conflicts.

Read more: Iran Blockade Costs Are Draining America’s Global Military Power

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by Sarah Holder; Reported by Gerry Doyle and Becca Wasser;  Produced by Julia Press; Edited by Jeffrey Grocott; Engineering by Emma Munger.

The Iran War is likely to take center stage when President Trump meets with Gulf leaders on the sidelines of this week's UN General Assembly. Houthi attacks in Saudi Arabia and rising energy prices underscore the widening global toll of a war that has cost the US more than $43 billion, according to the Pentagon's latest estimate.
On today's Big Take podcast, Bloomberg Global Defense Editor Gerry Doyle and Bloomberg Economics Defense Lead Becca Wasser join Sarah Holder to break down the conflict&rsquo;s latest costs &ndash; the rising tab for the US's six-month-long blockade of the Strait of Hormuz, the drawdown of US munitions stockpiles and the deepening toll on military personnel &ndash; and how the war has changed the US's ability to defend itself in future conflicts.
Read more:&nbsp;<a href="https://www.bloomberg.com/graphics/2026-us-iran-war-blockade/?srnd=undefined">Iran Blockade Costs Are Draining America&rsquo;s Global Military Power</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by Sarah Holder; Reported by Gerry Doyle and Becca Wasser;&nbsp; Produced by Julia Press; Edited by Jeffrey Grocott; Engineering by Emma Munger.

How Much Is the Hormuz Blockade Costing the US?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/55ce8a34-b94e-44fd-84ef-b4cc014839d7/transcript

American pharma giants are increasingly turning to Chinese labs to discover, test and develop cutting-edge drugs.

On the Big Take Asia podcast, Bloomberg’s Amber Tong and Robert Langreth join Oanh Ha to break down why global drugmakers are sourcing their next big breakthroughs from China — and what that means for US biotech dominance.

Read more: Big Pharma Is Hooked on Chinese Licensing Deals

Hosted by K. Oanh Ha; Produced by Naomi Ng and David Fox; Guests: Amber Tong and Robert Langreth; Edited by Paddy Hirsch and Crispina Robert.

Fact-checking by Brunella Tipismana Urbano; Engineering by Alex Suguira.

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

American pharma giants are increasingly turning to Chinese labs to discover, test and develop cutting-edge drugs.
On the Big Take Asia podcast, Bloomberg&rsquo;s Amber Tong and Robert Langreth join Oanh Ha to break down why global drugmakers are sourcing their next big breakthroughs from China &mdash; and what that means for US biotech dominance.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-08-19/china-drug-deals-keep-luring-us-pharma-despite-pressure-in-washington?srnd=undefined">Big Pharma Is Hooked on Chinese Licensing Deals</a>
Hosted by K. Oanh Ha; Produced by Naomi Ng and David Fox; Guests: Amber Tong and Robert Langreth; Edited by Paddy Hirsch and Crispina Robert.
Fact-checking by Brunella Tipismana Urbano; Engineering by Alex Suguira.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Big Pharma Needs New Drugs. China Has Them

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/71bba0aa-d95f-4764-bc49-b4c90142c238/transcript

Why Trump Is Trying to Fire Lisa Cook

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