Big Take

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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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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 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 — 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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

For the first time in history, Saudi Arabia is allowing international buyers to purchase property in Mecca. This regulatory shift has ignited a building boom, raising concerns over affordability and overdevelopment.  On today’s Big Take podcast, Bloomberg’s Zainab Fattah joins Sarah Holder to discuss what this property gold rush means for the city’s future and Saudi Arabia’s move away from oil. Read more: Saudi Arabia's MBS Opens Mecca Property Market in Investment Push Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Zainab Fattah; Edited by Tracey Samuelson. Fact-checking by Eleanor Harrison-Dengate and David Fox; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Inflation in the US has cooled from pandemic peaks, but there’s a grocery product telling a different story: beef. The price of uncooked ground beef soared by the most since June 2020 in government data released Friday. The broad beef and veal category is up 15% over the past year as of January. On today’s Big Take podcast, Bloomberg reporter Enda Curran  takes a peek into the American consumer’s grocery basket with host David Gura to understand the perfect storm of factors that’s setting beef apart. And a fifth-generation Oklahoma rancher reflects on the impact that a fragile market has had on her family business. Read more: America’s Vanishing Cattle Herd Drives 15% Price Hikes for Beef US Cattle Herd Stays at 75-Year Low, Keeping Beef Prices High A Deadly Parasite’s Return Threatens US Ranchers Too Young to Remember It Hosted by David Gura; Produced by Rachael Lewis-Krisky and David Fox; Reported by Enda Curran, Ilena Peng; Edited by Aaron Edwards; Fact-checking by Eleanor Harrison-Dengate and David Fox; Engineering by Alex Sugiura; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

In Episode 2 of The Sixth Bureau, a limited-run series from The Big Take, we learn how China’s Ministry of State Security recruits experts in the West — and why intelligence officers shouldn’t keep their secrets backed up to the cloud.See omnystudio.com/listener for privacy information.

It’s an open secret that the Chinese government has engaged in a global campaign to acquire intellectual property from foreign rivals. At the center of that campaign is the Ministry of State Security, China’s elusive intelligence agency. The US has apprehended hundreds of people accused of giving information to the MSS, but the agency’s inner workings have been a mystery — until now. Today, we’re bringing you Episode 1 of The Sixth Bureau, a limited-run series from The Big Take. The series 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 — and a cunning FBI sting — led to a stunning reversal: Xu Yanjun 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. The limited-run series will publish on Fridays in The Big Take. See omnystudio.com/listener for privacy information.

In July, American parents will be eligible to open Trump Accounts on behalf of their children. The administration touts these investment accounts as a way to help the next generation achieve the American dream. But are they the best way to save for college, home-ownership or retirement? And who stands to benefit most? On today’s Big Take podcast, Bloomberg’s Ben Steverman walks host Sarah Holder through the advantages — and criticisms — of this new program. Plus, economist Darrick Hamilton, whose federal “baby bonds” proposal inspired the Trump Accounts, weighs in on the immediate and long-term impacts the accounts could have on families and on the US economy. Read more: ‘Trump Accounts’ for Kids Get Another Billionaire Boost. What to Know. Hosted by Sarah Holder; Produced by Julia Press; Reported by Ben Steverman; Edited by Tracey Samuelson. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The latest jobs report from the US Bureau of Labor Statistics is a mixed bag. January’s numbers came in much stronger than expected — but revisions on 2025 data showed a weaker year than previously realized. The report comes on the heels of a number of high-profile job cut announcements, including at Amazon, the Washington Post and Nike. On today’s Big Take podcast, host Sarah Holder and Bloomberg US economy editor Molly Smith sift through the numbers and discuss the state of the labor market. Hosted by Sarah Holder; Produced by David Fox and Julia Press; Reported by Molly Smith Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Denate, Rachael Lewis-Krisky; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Japanese Prime Minister Sanae Takaichi secured a historic election win, positioning her as the nation’s strongest leader in the postwar era. On today's Big Take Asia Podcast, host Oanh Ha sits down with Bloomberg’s Sakura Murakami to discuss the reaction to Takaichi’s election gamble, her vision for a more assertive Japan and the uphill battle she faces to deliver her ambitious agenda. Read more: Takaichi Triumphs With Japan's Biggest Post-War Election Victory Further listening: All Eyes on Japan and China Tensions After Taiwan Hosted by K. Oanh Ha; Produced by Naomi Ng, Eleanor Harrison-Dengate and Yang Yang; Reported by Sakura Murakami; Edited by Paddy Hirsch;Fact-checking by Eleanor Harrison-Dengate; Engineering by Taka Yasuzawa and Alex Sugiura.Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The prospect of US military action in Iran and the possibility of regional war continue to loom over indirect talks between the two countries. Israeli Prime Minister Benjamin Netanyahu will meet with President Donald Trump in Washington on Wednesday to discuss the situation. On today’s Big Take Podcast, Iran reporter Golnar Motevalli joins host David Gura to lay out what the US and Iran each hope to achieve and what’s at stake if these negotiations fall apart. Read more: Iran Hardens Crackdown on Political Dissidents After US Talks Hosted by David Gura; Produced by Rachael Lewis-Krisky and Eleanor Harrison-Dengate; Reported by Golnar Motevalli; Edited by Tracey Samuelson. Fact-checking by David Fox; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

What is the best way to tell a climate story? This week on Zero, Akshat Rathi speaks with Booker Prize-winning novelist George Saunders. His new novel Vigil is an exploration of guilt, told on the deathbed of an oil executive haunted by ghosts. Rathi asks Saunders what he learned about climate change, his thoughts on whether AI complements or compromises human creativity, and why literature still matters in the era of TikTok. Listen now, and subscribe on Apple, Spotify or YouTube to get new episodes of Zero every Thursday.See omnystudio.com/listener for privacy information.

On today’s Big Take podcast, professional sports gambler Rufus Peabody discusses why he has shifted more of his betting to prediction markets like Kalshi and Polymarke. And markets reporter Justina Lee and sports business reporter Ira Boudway sit down with host David Gura to discuss why these markets are drawing pros like Peabody — and the concerns the platforms raise for regulators and traditional sportsbooks. Read more: How Polymarket and Kalshi Are Gamifying Truth Hosted by David Gura; Produced by Julia Press; Reported by Justina Lee and Ira Boudway; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Shares of Novo Nordisk were down Thursday morning after Hims & Hers introduced a compounded version of its Wegovy pill. The dip came two days after Novo predicted its sales could drop as much as 13% this year as the company factors in competition from generic drugs that could crop up as its patents expire around the world. On today’s Big Take podcast, Bloomberg reporters Naomi Kresge and Amber Tong talk to host David Gura about the year ahead for weight-loss drugs, from compounded products cutting into leading companies’ market share to generics that could upend the market globally. Read more: Generic Ozempic Makers Are Coming to Upend the Obesity Market Further listening:  Welcome To Ozempictown, USA (No, It’s Not Hollywood) Cheap Ozempic Copycats Are Everywhere. Are They Safe? Hosted by David Gura; Produced by David Fox and Rachael Lewis-Krisky; Reported by Amber Tong and Naomi Kresge; Edited by Aaron Edwards. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

AI anxiety is coursing through the stock market right now. From Tuesday’s global selloff in software and technology stocks to last week’s $381 billion Microsoft rout, investors are skittish over any sign of an AI bubble. On today’s Big Take podcast, Bloomberg Big Tech editor Sarah Frier joins host Sarah Holder to discuss the coming AI reckoning and why pressure is building on tech companies to prove all their AI investments will pay off big — and soon.   Hosted by Sarah Holder; Produced by David Fox; Reported by Sarah Frier; Edited by Tracey Samuelson. Fact-checking by Rachael Lewis-Krisky and Eleanor Harrison-Dengate; Engineering by Katie McMurran and Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Four years after Thailand became the first country in Asia to decriminalize cannabis, its booming market is at a crossroads. Initial high hopes for a tourism surge and a billion-dollar industry have been replaced by an oversupply of shops and a fierce public backlash. On today’s Big Take Asia Podcast, host K. Oanh Ha talks to Bloomberg’s Patpicha Tanakasempipat about what went wrong and whether the industry can weather a political firestorm. Read more: Weed Backlash Grows in Thailand as Kids Turn to CannabisHosted by K. Oanh Ha; Produced by Yang Yang, Naomi Ng; Reported by Patpicha Tanakasempipat; Edited by Paddy Hirsch, Julia Weaver Fact-checking by Eleanor Harrison-Dengate; Engineering by Taka Yasuzawa Senior Producer Naomi Shavin; Deputy Executive Producer Julia Weaver; Executive Producer Nicole BeemsterboerSee omnystudio.com/listener for privacy information.

The Department of Justice released another batch of documents from the so-called Epstein Files on Friday. It brings the total number of pages the DOJ has made public since December to nearly 3.5 million. On today’s Big Take, host David Gura is joined by Bloomberg investigative reporter and podcast host Jason Leopold to discuss what was and wasn’t in the latest document release — and what we’ve learned about Epstein and his business connections. Further listening:  Jason’s Disclosure podcast What to Expect in the DOJ Epstein Files Release Hosted by David Gura; Produced by Julia Press; Reported by Jason Leopold; Edited by Jeff Grocott. Fact-checking by David Fox and Rachael Lewis-Krisky; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

In the AI industry, there's always a hot new thing. First it was ChatGPT. Then it was the image generators. There was the DeepSeek moment. In the latter half of last year, everyone was excited about how good Google's Gemini was. In January 2026, the new hot thing everyone is talking about is Claude Code. But of course, the AI models have been able to generate lines of code for a long time now. So what is it about Claude Code that has people so excited? Why is it that people are asking: "Is this AGI?" On this episode of Bloomberg's Odd Lots, hosts Joe Weisenthal and Tracy Alloway speak with Noah Brier, the co-founder of Alpehic, a consultancy firm that helps large organizations implement AI technology. Noah has been using the Large Language Models for longer than just about anyone, since even before ChatGPT existed. He explains the evolution of AI-assisted coding, what Claude Code actually is, and why it is that traditional software firms have been getting destroyed in the stock market lately. Read more:Meta Begins Job Cuts as It Shifts From Metaverse to AI DevicesAI Coding Startup Replit Nears Funding at $9 Billion Valuation Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.