A Looming Constitutional Showdown: Illinois Sues to Block Trump's National Guard Deployment to Chicago (Bloomberg)

Tensions over President Trump's National Guard deployments in US cities are reaching a fever pitch — both in the streets of major cities and in court, according to Axios.
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The lawsuit was filed hours after a judge in Portland, Oregon, issued an emergency order blocking a similar troop deployment to that state. The suit escalates a growing clash between Democratic-led states and President Trump over the use of National Guard troops in cities he describes as crime-ridden and incapable of protecting federal property.

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On Monday, Illinois Gov. JB Pritzker said the ICE immigration crackdown in Chicago had led to “unprecedented escalations of aggression against Illinois citizens and residents,” and that “none of it was in pursuit of justice, but all of it was in pursuit of social media videos."

On Monday, a federal judge declined to quickly issue a temporary order blocking the Trump administration’s plan to deploy National Guard members to Chicago to counter protests against the US immigration crackdown, while urging the government to delay the controversial plan until she rules. She set a hearing for Thursday for arguments on the request.

All eyes are on the appeals courts after a Trump-appointed judge blocked the president’s latest attempt to deploy the US military on the streets of America, according to Politico.

Politico's Playbook laid out why this is important to watch: 

Firstly: this has never happened before. If the courts decide an American president can freely deploy the military as a domestic law enforcement force, there may be no turning back.

Secondly: it won’t stop with Portland. White House Policy Chief Stephen Miller has vowed that Trump’s immigration laws will be enforced “in all fifty states,” and Defense Secretary Pete Hegseth has already approved additional Guard deployments beyond Oregon.

Thirdly: just listen to the rhetoric. The president told top generals that American cities should be used as “training grounds” for the US military to fight an “enemy within” that is “no different than a foreign enemy,” adding, “we have to take care of this little gnat that’s on our shoulder called the Democrats," Politico Playbook reported.

According to Bloomberg News, the legality of Trump’s use of the troops may ultimately be decided by the US Supreme Court, though it may take months for any of the lawsuits to reach that stage. 

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Read More: Why Trump’s Use of Military in US Is So Controversial (Bloomberg)

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Middle East Latest

Israel, Hamas Negotiations: Mediated Peace Talks Underway in Egypt to End Two Years of War (Bloomberg)

With today marking two years since the Hamas attack on Israel, mediated talks are underway in the Egyptian Red Sea resort of Sharm El-Sheikh as Israel and Hamas seek a breakthrough to end the two-year-long war in Gaza.

A key sign of progress will be whether Hamas frees about 20 remaining hostages, along with the remains of those who have died, in exchange for Israel releasing roughly 2,000 Palestinian prisoners.

Egyptian and Qatari mediators are working with both sides to set the terms for that exchange. The sides still face major sticking points, including the pace of Israel’s military withdrawal from Gaza and Hamas’s future role in governing the territory, but mediators say the talks are expected to last a few days.
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The Egypt talks mark the most optimistic moment for diplomacy yet in the conflict, which reaches its two-year mark today.

For US President Trump, a truce in the coming days and the freeing of the hostages could boost his campaign to win the Nobel Peace Prize, with the next winner to be announced on Oct. 10. Bloomberg has reported that the president’s public and behind-closed-doors push to get the award has intensified in recent days.

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The Future of Europe

The Bloomberg LSE European City Leadership Initiative kicked off in London on Monday, with Europe’s mayors bringing energy, ambition, and optimism to the table.

Joined by Mike Bloomberg, leaders from the London School of Economics and the Hertie School in Berlin, and peers from across the continent, they began four days of collaboration designed to strengthen local leadership and spark bold new ideas for their cities.
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West Yorkshire’s Mayor Tracy Brabin said the Bloomberg LSE European City Leadership Initiative “will help her city raise ambitions, learn from others, and lead with confidence,” while “delivering real change.”
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Turin’s Mayor Stefano Lo Russo highlighted the enduring value of Bloomberg Philanthropies’ support to advance local government, adding that he is proud to “participate in a programme that understands precisely what mayors need today—and where we belong: at the center of Europe’s future.”
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Madrid’s Mayor José Luis Martínez-Almeida emphasized that “public leadership today is about more than setting ambitious goals—it is also about delivering on them,” praising “the groundbreaking Initiative for helping cities do just that.”

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The mayors’ first day set the tone for what’s ahead: open dialogue, bold ideas, and a shared commitment to leading Europe’s future—together.

Learn more here. 

Day 1 of the Bloomberg LSE European City Leadership Initiative in London. Shared by Mike Bloomberg on LinkedIn. 

What I'm Reading

Latest on the Official Trump Coin: Treasury Defends Lawfulness of Minting a $1 Coin with Trump's Face On It (New York Times)

The Trump administration defended its plan to mint a $1 coin featuring President Trump for the nation’s 250th anniversary, arguing that the move is authorized under the Circulating Collectible Coin Redesign Act of 2020, despite an 1866 law banning living figures on US currency—a move critics say violates precedent and could face legal challenges.

Initial designs for the coins released by the US treasurer last week stirred controversy and accusations that the Trump administration was violating the law so that the president could honor himself by putting his face on a coin. The 1866 law enshrined a tradition that individuals could appear on US currency only posthumously to avoid the appearance that America was a monarchy.

TikTok of the Day: Trump Returns to TikTok After Monthslong Hiatus (Politico)

In videos announcing his return to TikTok, Trump celebrated approving a US-owned version of the app. Last month, he signed an executive order authorizing an American spinoff of TikTok and gave the US and China another 120 days to finalize a deal.

“To all the young people of TikTok, I saved TikTok—you owe me big,” Trump said in his relaunch video.

His return marks a sharp shift from Trump’s first-term stance, when he sought to ban the Chinese-owned app over national security concerns.

Macron Seeks Last-Ditch Talks to Salvage France’s Government (Bloomberg)

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French President Emmanuel Macron has given outgoing Prime Minister Sébastien Lecornu 48 hours to strike a deal with rival parties and break France’s deepening political deadlock, after Lecornu resigned, citing gridlock among factions.

The stalemate leaves Macron facing tough choices: appoint a new prime minister, call new elections, or resign himself, as mounting instability drives up borrowing costs and threatens a government shutdown ahead of the Oct. 13 budget deadline.

Today at the White House: Canada Aims for Steel Tariff Relief as Carney Visits Trump Today (CBC News)

Mary Schapiro: Japan's Blueprint for Climate Finance Sets Global Standard (The Japan Times - Opinion)

Japan is emerging as a model for connecting clear climate policy, corporate disclosure, and finance to accelerate the low-carbon transition, writes Mary Schapiro, Bloomberg’s Vice Chair for Global Public Policy.

Mandatory climate and sustainability reporting, ¥20 trillion in government-issued Climate Transition Bonds, and detailed “green transformation” roadmaps for key sectors are giving investors confidence to fund decarbonization.

Schapiro notes that Japan’s coordinated, transparent approach, balancing policy ambition with practical implementation, offers a blueprint for other countries seeking to mobilize capital toward a more sustainable economy.

US-Brazil Talks: Lula Asks Trump to End Tariffs as Leaders Agree to Meet Soon (Bloomberg)

In their first substantive call, Brazil’s President Luiz Inácio Lula da Silva urged President Trump to lift US tariffs and sanctions on Brazilian officials, signaling a thaw in relations after years of trade tensions and agreeing to meet soon to deepen economic cooperation.

Bad Timing, Lula: Trump Tariff Pain Deepens for Brazil as Exports to US Drop Anew (Bloomberg)
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Tariff Tracker: Trump Says US Tariffs on Heavy Truck Imports to Begin Nov. 1 (Bloomberg)

President Trump announced a 25% tariff on imported medium- and heavy-duty trucks starting Nov. 1, following a national security probe and lobbying from Detroit automakers concerned about higher costs and supply disruptions.

Daily Read Podcast: Your daily dose of AI-powered news. Tune in on Spotify and  Apple Podcasts, and subscribe so you never miss an episode.

News on the Big Board: NY Stock Exchange Owner to Invest $2 Billion in Betting Platform Polymarket (Bloomberg)

Honor for Humanity: What to Know About the 2025 Nobel Prizes (New York Times)

The Nobel Prizes, established by Alfred Nobel, are among the world’s most prestigious awards, recognizing excellence in physiology or medicine, physics, chemistry, literature, peace, and economic sciences.

The 2025 Nobel Prize in Physiology or Medicine was awarded to Mary E. Brunkow, Fred Ramsdell, and Shimon Sakaguchi for discoveries showing how the immune system prevents rogue cells from attacking the body, while today’s Physics prize honored John Clarke, Michel Devoret, and John Martinis for their work in quantum mechanics and electric circuits. 

The remaining prizes will be announced this week: Chemistry (Wednesday), Literature (Thursday), Peace (Friday), and Economic Sciences (Oct. 13). Stay tuned for updates throughout the week on the latest Nobel laureates.

News at CBS News: Bari Weiss’s Journey From New York Times Resignation to Top TV News Gig (Wall Street Journal)

One Week Left: The New York Film Festival Presents Top Screenings Through Oct. 13 (Film Linc)

The 2025 New York Film Festival is now underway through Oct. 13, lighting up Lincoln Center and venues across New York City with screenings from morning to midnight.

Tickets are available on the NYFF website, featuring an exciting lineup of premieres and powerful stories.

Highlights include Ben Stiller’s heartfelt documentary Stiller & Meara: Nothing Is Lost, celebrating his legendary parents Jerry Stiller and Anne Meara, Laura Poitras and Mark Obenhaus’s riveting journalism exposé Cover-Up, and Bradley Cooper’s tender, funny drama Is This Thing On? starring Will Arnett and Laura Dern.

Plus, secret screenings throughout the festival promise thrilling surprises before the final curtain on Oct.13.
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Best of Late Night

"Why do Republicans talk about Trump the way a dog owner talks about a growling Chihuahua? They say 'oh, he doesn't mean it, he's just nervous. And this is how he expresses anxiety.'"
- Seth Meyers

On the Trump administration freezing $18 billion in federal funds for New York City's mass transit system:

"You think you can scare New Yorkers by making the subways worse? Really? I once saw a man on the F train crack open and eat an entre aluminum tray of chicken alfredo at 7:00 a.m. Nobody blinked."
- Stephen Colbert

On the Trump administration freezing $8 billion in climate projects across 16 blue and purple states:

"Oh, so just the blue and purple states. That's good because if we know anything about climate, it's that it doesn't cross state lines. You ever see a tornado go through the Holland Tunnel? No. Case closed."
- Stephen Colbert

And from Late Night with Seth Meyers: Seth takes a closer look at the party responses to the US government shutdown, the cutbacks to FEMA, and President Trump's involvement with Project 2025. Click the photo below to watch,