WEBVTT - US-China Trade Framework; Musk Regrets Posts about Trump 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Lisa Matteo. Here are the

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<v Speaker 3>top stories we're following today.

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<v Speaker 4>Lisa, we begin with a preliminary deal between the US

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<v Speaker 4>and China. The two countries have agreed on a framework

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<v Speaker 4>for how to implement the consensus they reached in a

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<v Speaker 4>prior round of trade talks in Geneva. The framework includes

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<v Speaker 4>China's pledge to speed up shipments of rare earth metals

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<v Speaker 4>and the US easing some of its export controls. Here's

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<v Speaker 4>Commerce Secretary Howard Lutnik, the two.

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<v Speaker 5>Largest economies in the world have reached a handshake, right

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<v Speaker 5>for a framework.

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<v Speaker 2>We're going to start to implement that framework upon.

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<v Speaker 5>The approval of President Trump, and the Chinese will get

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<v Speaker 5>the president cheese approval, and that's the process. So once

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<v Speaker 5>the President's approve it, we will then seek to implement it.

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<v Speaker 4>Commerce Secretary Howard Lutnik says the two sides negotiated for

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<v Speaker 4>more than twenty hours in London. The deal could still

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<v Speaker 4>be rejected by Presidents Trump and Sheet. Many issues remain unresolved,

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<v Speaker 4>including China's trade surplus with the US and concerns over

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<v Speaker 4>dumping goods on US markets.

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<v Speaker 3>Meanwhile, Nathan Bloomberg News has learned the European Union believes

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<v Speaker 3>trade negotiations with the US will extend beyond Donald Trump's

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<v Speaker 3>July ninth deadline. The date marks the end of President's

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<v Speaker 3>ninety day pause on most global tariffs. After that point,

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<v Speaker 3>US charges will increase dress drastically for many nations, with

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<v Speaker 3>EU facing a fifty percent levy if a deal can't

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<v Speaker 3>be struck and no extension is offered.

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<v Speaker 4>And Lisa, there is a legal victory for the president

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<v Speaker 4>on the trade front. A court has ruled that the

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<v Speaker 4>President can continue enforcing his global tariffs. The US Court

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<v Speaker 4>of Appeals for the Federal Circuit extended an earlier reprieve

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<v Speaker 4>for the Trump administration, which is challenging a lower court

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<v Speaker 4>ruling that blocked the tariffs. Arguments are scheduled for July

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<v Speaker 4>thirty first.

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<v Speaker 3>Well, now to the latest on the unrest in Los Angeles.

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<v Speaker 3>The city imposed a curfew last night in a stretch

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<v Speaker 3>of downtown that's seen the highest tensions over immigration rates.

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<v Speaker 3>Almost three hundred and eighty people have been arrested across

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<v Speaker 3>LA since the weekend, and clashes between protesters and law enforcement.

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<v Speaker 3>But after President Trump authorized the deployment of seven hundred

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<v Speaker 3>Marines and up to four thousand National Guard troops into

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<v Speaker 3>the city, California Governor Gavin Newsom is sounding a warning.

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<v Speaker 6>California maybe first, but it clearly will not end here.

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<v Speaker 6>Other states are next. Democracy is next. Democracy is under

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<v Speaker 6>assault before our eyes. This moment we have feared has arrived.

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<v Speaker 3>In a televised speech, Governor Gavin Newsom said ICE agents

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<v Speaker 3>have been jumping out of unmarked vans and detaining people

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<v Speaker 3>in heavily Latino neighborhoods. The Trump administration has said the

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<v Speaker 3>conditions in LA are spiraling and federal forces are needed

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<v Speaker 3>to support immigration agents and restore order.

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<v Speaker 2>And other political news, Lisa.

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<v Speaker 4>Two winners have emerged in the race to be the

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<v Speaker 4>next governor of New Jersey, and we get the very

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<v Speaker 4>latest on that from Bloomberg's John Tucker, John Man, Good

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<v Speaker 4>Morning Nathan.

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<v Speaker 7>Republican Jack Chitarelli and Democratic Congresswoman Minkey Cheryl won their

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<v Speaker 7>primary elections, Cheryl emerging from a crowded field on the

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<v Speaker 7>strength of her background as a Navy pilot and former prosecutor.

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<v Speaker 7>In her victory speech, the fifty three year old Cheryl

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<v Speaker 7>criticized Chittarelli as a lackey of Donald Trump and invoked

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<v Speaker 7>New Jersey's role in the American Revolution.

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<v Speaker 2>We are in.

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<v Speaker 8>An American crisis, but not in a war for independence,

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<v Speaker 8>in a fight for a future, to fight for justice,

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<v Speaker 8>for liberty, for opportunity, and for prosperity.

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<v Speaker 7>All the sixty three year old Chittarelli, a former state

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<v Speaker 7>lawmaker and small businessman, wasn't shy about his affinity with

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<v Speaker 7>the president.

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<v Speaker 9>Add to our most well known part time New Jersey resident,

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<v Speaker 9>who honored me with his endorsement and strong support.

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<v Speaker 7>Thank you, President Donald J. Trump thirty four percent of

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<v Speaker 7>the vote. Her closest competitor was Newark Mayor ros Barrocka

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<v Speaker 7>with twenty percent. Chittarelli had sixty eight percent, compared to

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<v Speaker 7>his closest competitor, Bill Spadia, who had twenty two percent.

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<v Speaker 7>New Jersey has been reliably democratic in senate and presidential

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<v Speaker 7>con that it's a can't contest for decades, but the

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<v Speaker 7>odd year races for governor had tended to swing back

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<v Speaker 7>and forth. New Jersey and Virginia the only states that

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<v Speaker 7>hold races for governor the year after a presidential election,

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<v Speaker 7>and results are often seen as an early barometer of

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<v Speaker 7>voter sentiment ahead of next year's congressional midterm. On John

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<v Speaker 7>Tucker Bloomberg.

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<v Speaker 3>Radio, all right, thanks for that, John Well. The debate

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<v Speaker 3>continues on Capitol Hill on President Trump's three trillion dollar

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<v Speaker 3>tax and spending cut bill. Senate Majority Leader John Thune

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<v Speaker 3>says Republicans will deliver on the president's campaign promises to

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<v Speaker 3>end taxes on tips, overtime, social security, and auto loans.

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<v Speaker 3>House Ways and Means Chairman Jason Smith says any bill

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<v Speaker 3>that doesn't would be dead on arrival.

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<v Speaker 10>Tax on tips, no tax on overtime. These are items

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<v Speaker 10>that the President spoke at every one of his rallies,

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<v Speaker 10>and seventy seven million people voted for him. The House

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<v Speaker 10>delivered on it. The Senate will deliver on it as well.

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<v Speaker 3>House Ways and Means chair Jason Smith spoke on Bloomberg's

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<v Speaker 3>Balance of Power. Meantime, the House Rules Committee is moving

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<v Speaker 3>ahead which changes to make the bill comply with Senate

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<v Speaker 3>budget rules. They include stripping out language targeting an energy

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<v Speaker 3>assistance program, medicaid provisions in the Social Security Act, and

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<v Speaker 3>a small amount of new Pentagon funds.

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<v Speaker 2>Of course, as you remember Lisa.

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<v Speaker 4>Disagreements over the text cut bill led to a major

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<v Speaker 4>falling out between President Trump and Elon Musk, now the

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<v Speaker 4>world's richest man. Maybe looking to patch things up, Let's

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<v Speaker 4>get that story from Bloomberg's Kimberly Adams and.

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<v Speaker 11>Posting on X in the middle of the night, the

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<v Speaker 11>billionaires said, quote, I regret some of my posts about

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<v Speaker 11>President Trump last week.

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<v Speaker 2>They went too far.

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<v Speaker 11>Musk had served as a close advisor and confidant to

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<v Speaker 11>the President until a bitter public falling out last week.

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<v Speaker 11>The dispute, which was triggered by Musk's opposition to the

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<v Speaker 11>tax cut bill Trump is pushing through Congress, posed a

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<v Speaker 11>threat to Musk's wealth when the President raised the prospect

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<v Speaker 11>of retaliating by cutting off his government contracts. Musk had

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<v Speaker 11>riled Trump by claiming credit for his election victory, endorsing

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<v Speaker 11>his impeachment, and even suggesting the President was implicated in

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<v Speaker 11>the sex crimes of Jeffrey Epstein, Kimberley Adams, Bloomberg Radio.

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<v Speaker 3>Thank you, Kimberly. Meanwhile, Elon Musk space company SpaceX is

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<v Speaker 3>calling off a mission that was supposed to take off today.

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<v Speaker 3>Four private astronauts, including the first Indian in space in

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<v Speaker 3>more than forty years, were scheduled to lift off to

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<v Speaker 3>the International Space Station with NASA and Axiom Space Well.

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<v Speaker 3>Now the launch is being delayed to fix a liquid

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<v Speaker 3>oxygen leak that was found during inspections of the Falcon

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<v Speaker 3>nine rocket. SpaceX says a new launch date for Axium

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<v Speaker 3>Mission four will be announced once the repairs are complete.

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<v Speaker 2>Hik Ker on Earthly.

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<v Speaker 4>So let's turn to the markets, and the econo I

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<v Speaker 4>mean futures are a touch lower this morning.

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<v Speaker 2>Is investors a way to key reading on inflation?

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<v Speaker 4>At eight thirty am Wall Street time, we get the

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<v Speaker 4>May Consumer Price Index and we get a preview now

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<v Speaker 4>from Bloomberg's Michael McKee.

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<v Speaker 12>Economists are certain that Trump import tax will push up inflation.

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<v Speaker 12>What they don't know is when, by how much and

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<v Speaker 12>for how long. Today's data should offer a first clue.

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<v Speaker 12>The consensus is the first inflation waves could be lapping

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<v Speaker 12>at the shore. Prices for imported goods like furnishing, apparel

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<v Speaker 12>and electronics and for used cars are expected to rise,

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<v Speaker 12>and that should push headline and core CPI up for

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<v Speaker 12>the first time since January. How much they rise, we'll

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<v Speaker 12>set the tone on Wall Street, although it will take

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<v Speaker 12>a few more months data for the FED to decide

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<v Speaker 12>whether there is a price problem. Michael McKee, Bloomberg Radio.

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<v Speaker 3>Thanks Mike. Meanwhile, a growing course of advisors inside and

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<v Speaker 3>outside the Trump administration are pushing for a familiar name

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<v Speaker 3>to succeed Jerome Powell as FED chair.

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<v Speaker 2>US Treasury Secretary.

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<v Speaker 3>Scott Besson, Bloomberg's Valery Titel says in Ves would likely

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<v Speaker 3>consider best in a safe choice to succeed Powell, but.

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<v Speaker 13>Be seen as very loyal to Trump, and we know

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<v Speaker 13>that Trump wants these FED cuts sooner rather than later,

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<v Speaker 13>So perhaps if he does emerge as a clear front runner,

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<v Speaker 13>the market might take that very dubbishly.

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<v Speaker 3>Bloomberg's Valery Tititel ads at President Trump said Friday he

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<v Speaker 3>would name a successor quote very soon. J Powell's term

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<v Speaker 3>as FED chair ends May twenty six.

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<v Speaker 4>In company news, Lisa General Motors is making a big

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<v Speaker 4>move in the US to help manage President Trump's tariffs.

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<v Speaker 4>GM plans to invest four billion dollars in US plants

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<v Speaker 4>over the next two years to boost output of some

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<v Speaker 4>of its top selling gas powered vehicles. GM says the

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<v Speaker 4>investments will allow it to produce more than two million

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<v Speaker 4>vehicles in the US each year, reduce its reliance on

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<v Speaker 4>Mexican factories, and add between three to four thousand US

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<v Speaker 4>jobs and.

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<v Speaker 3>A record for Nintendo. The company says it's sold three

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<v Speaker 3>and a half million plus units of the Switch to

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<v Speaker 3>in just four days. Nintendo has already sold more units

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<v Speaker 3>than the original, which did in its first month in

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<v Speaker 3>twenty seventeen, and it's on track to meet its target

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<v Speaker 3>of selling fifteen million units by March next year. Time

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<v Speaker 3>now for a look at some of the other stories

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<v Speaker 3>making news in New York and around the world. For that,

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<v Speaker 3>we're joined by Bloomberg's Michael Barr.

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<v Speaker 14>Michael, thank you very much. Lisa Representative Lamonica mcgiver has

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<v Speaker 14>been indicted on federal charges alleging she assaulted and interfered

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<v Speaker 14>with immigration officers during a skirmish outside of New Jersey

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<v Speaker 14>detention center. Mcgiver has disputed the allegations as baseless. The

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<v Speaker 14>skirmish happened last month as Newark's mayor was arrested after

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<v Speaker 14>trying to join mcgiver and two fellow Democratic representatives who

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<v Speaker 14>said they went to conduct congressional oversight at Delaney Hall.

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<v Speaker 14>Police bodycam video shows mcgiver's elbows pushing into an officer,

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<v Speaker 14>but it is not clear from the video whether that

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<v Speaker 14>contact was intentional. Employees walked out at the CDC Tuesday,

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<v Speaker 14>one day after Health and Human Services Secretary Robert F.

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<v Speaker 14>Kennedy Junior removed all seventeen sitting members of the Centers

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<v Speaker 14>for Disease Control and Prevention's Vaccine Advisory Committee. Some experts

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<v Speaker 14>are concerned during this could backfire as the flu and

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<v Speaker 14>cold season rolls around in the fall. Emergency medicine physician

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<v Speaker 14>doctor Darien Sutton.

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<v Speaker 15>In the short term, there's typically nothing that is significantly changing,

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<v Speaker 15>and typically the advisory committee makes recommendations that then leads

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<v Speaker 15>to the approval by the Health and Human Services Secretary

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<v Speaker 15>and then, inevitably, vaccine companies will typically cover that vaccine

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<v Speaker 15>and provide coverage and access. So we have to wait

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<v Speaker 15>and see how these changes will take effect in the fall,

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<v Speaker 15>especially with the upcoming flu season.

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<v Speaker 14>Doctor Sutton spoke to ABC. Austria has declared a three

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<v Speaker 14>day period of national mourning following a massacre at a

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<v Speaker 14>school in the city of Gratz. Police say investigators found

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<v Speaker 14>a good bind letter and a non functional pipe bomb

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<v Speaker 14>when they search the home of a one year old

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<v Speaker 14>man who opened fire at his former school, killing nine

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<v Speaker 14>teenagers and a teacher before taking his own life. The

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<v Speaker 14>Air Force has reduced its request to Congress for f

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<v Speaker 14>thirty fives from forty eight to twenty four. It's a

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<v Speaker 14>significant cut that may reflect the Defense Secretary's plan to

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<v Speaker 14>reduce US military spending by eight percent over the next

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<v Speaker 14>five years. Global News twenty four hours a day and

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<v Speaker 14>whenever you want it with the Bloomberg News. Now Now

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<v Speaker 14>Michael Barne, this is Bloomberg Lease.

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<v Speaker 3>Thank you, Michael. Time now for the Bloomberg Sports Update.

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<v Speaker 3>For that we bring in John stash Our. Good morning John,

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<v Speaker 3>Good morning Lisa.

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<v Speaker 16>The Yankees were coming off Sundays lost to Boss to

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<v Speaker 16>the game where Aaron Judge had two run homers in

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<v Speaker 16>the first and ninth innings in Kansas City. He came

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<v Speaker 16>up again with a man on in the first.

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<v Speaker 9>Swigging a deep blast way on into my field. Judge, chance, stop,

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<v Speaker 9>loot stop, why money to run jackular first nothing again, unbelievable.

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<v Speaker 16>Yes, Network, the call they got out the tape measure

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<v Speaker 16>four hundred and sixty nine feet for Judges twenty fourth

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<v Speaker 16>on run the ball landed on the roof of the

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<v Speaker 16>Royals Hall of Fame. Austin Wells had a three run shot,

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<v Speaker 16>then a two run double. Yankees all over the Royals

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<v Speaker 16>ten to two. Max Freed is now nine and one.

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<v Speaker 16>At City Field, Mets trailed Washington for two in the

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<v Speaker 16>eighth inny Uan Soto, who had homered earlier with an

0:12:23.000 --> 0:12:25.280
<v Speaker 16>RBI double, and then Pete Alonzo drove him in to

0:12:25.320 --> 0:12:28.000
<v Speaker 16>tie the game, and then Jeff McNeil a walk off

0:12:28.080 --> 0:12:30.199
<v Speaker 16>hit tenth inning, Mets won five to four. They'd won

0:12:30.280 --> 0:12:33.000
<v Speaker 16>thirteen of the last sixteen. The Giants have won six

0:12:33.040 --> 0:12:34.880
<v Speaker 16>in a row, and all by one run. They scored

0:12:34.920 --> 0:12:37.360
<v Speaker 16>four to the ninth to beat Colorado Red Sox, a

0:12:37.400 --> 0:12:39.679
<v Speaker 16>three to one win over Tampa Bay Thunder and Pacers

0:12:39.720 --> 0:12:42.679
<v Speaker 16>tied at one. Game three the NBA Finals tonight at

0:12:42.760 --> 0:12:46.240
<v Speaker 16>Indianapolis one. It's worth Indiana zero to three in Game threes,

0:12:46.800 --> 0:12:48.920
<v Speaker 16>thirteen and two in all the other games. The Knick

0:12:48.960 --> 0:12:51.000
<v Speaker 16>search for a new coach had them reportedly asked for

0:12:51.080 --> 0:12:55.920
<v Speaker 16>permission to interview Houston coach Jimmy Udoka and Minnesota's Chris Finch,

0:12:55.960 --> 0:13:00.400
<v Speaker 16>and both times permission denied. Running back JK Dobbins signed

0:13:00.400 --> 0:13:03.920
<v Speaker 16>with Denver, played previously with the Ravens and Chargers. First

0:13:03.920 --> 0:13:07.080
<v Speaker 16>look at Aaron Rodgers in a Steelers uniform and after

0:13:07.120 --> 0:13:10.080
<v Speaker 16>his mini camp workout, he was asked why he chose

0:13:10.120 --> 0:13:11.520
<v Speaker 16>to play for Pittsburgh.

0:13:11.840 --> 0:13:13.840
<v Speaker 17>It starts with Mike Tummlin and then I've been a

0:13:13.840 --> 0:13:16.959
<v Speaker 17>fan of his for a long time. There's a few

0:13:17.240 --> 0:13:20.240
<v Speaker 17>iconic franchises in the NFL. I played for one of

0:13:20.280 --> 0:13:23.120
<v Speaker 17>them for eighteen years. This is another one of those.

0:13:24.000 --> 0:13:28.280
<v Speaker 17>There's something special about, obviously this area. So many great

0:13:28.360 --> 0:13:29.800
<v Speaker 17>quarterbacks are from Pittsburgh.

0:13:29.840 --> 0:13:33.040
<v Speaker 16>The forty one year old lifelong bachelor, Rogers revealed he

0:13:33.080 --> 0:13:33.880
<v Speaker 16>recently got.

0:13:33.840 --> 0:13:36.119
<v Speaker 2>Married John Stashawi, Bloomberg Sports.

0:13:35.880 --> 0:13:38.320
<v Speaker 3>Lisa Henry, all right, thank you, John. Taking a look

0:13:38.320 --> 0:13:40.760
<v Speaker 3>at the markets once again, future still following. We have

0:13:40.840 --> 0:13:43.880
<v Speaker 3>NAZAC futures down to ten percent, twenty seven points down,

0:13:43.880 --> 0:13:47.360
<v Speaker 3>futures down ten percent, sixty nine points, a SP futures

0:13:47.360 --> 0:13:49.559
<v Speaker 3>falling a ten that for percent or nine points. The

0:13:49.600 --> 0:13:52.680
<v Speaker 3>two year yield four point zero two percent, that is

0:13:52.720 --> 0:13:54.920
<v Speaker 3>little chains and the yield on the tenure four point

0:13:54.920 --> 0:13:57.280
<v Speaker 3>four to eight percent, and that's up one basis.

0:13:56.960 --> 0:14:04.000
<v Speaker 1>Point coast on Bloomberg radio nationwide on Sirius Exam and

0:14:04.120 --> 0:14:07.359
<v Speaker 1>around the world on Bloomberg dot Com and the Bloomberg

0:14:07.400 --> 0:14:09.880
<v Speaker 1>Business app. This is Bloomberg Daybreak.

0:14:10.000 --> 0:14:11.280
<v Speaker 2>Good morning, I'm Nathan Hager.

0:14:11.280 --> 0:14:14.280
<v Speaker 4>It took two days of marathon talks, but the US

0:14:14.280 --> 0:14:17.440
<v Speaker 4>and China have reached an agreement to restart flows of

0:14:17.480 --> 0:14:21.400
<v Speaker 4>sensitive goods that they agreed to start in Geneva just

0:14:21.440 --> 0:14:24.520
<v Speaker 4>a month ago. Commerce Secretary Howard Lutnix spoke after the

0:14:24.520 --> 0:14:26.720
<v Speaker 4>negotiations wrapped up in London last night.

0:14:27.000 --> 0:14:29.960
<v Speaker 5>First we had to get sort of the negativity out,

0:14:30.600 --> 0:14:33.040
<v Speaker 5>and now we can go forward to try to do

0:14:33.200 --> 0:14:38.200
<v Speaker 5>positive trade, growing trade and beneficial to both China and

0:14:38.280 --> 0:14:39.120
<v Speaker 5>to the United States.

0:14:39.160 --> 0:14:43.160
<v Speaker 4>From now, Commerce Secretary Howard Lutnix, speaking in London overnight

0:14:43.200 --> 0:14:46.840
<v Speaker 4>this morning. We're joined by Bloomberg New Senior Editor Bill Ferries. So, Bill,

0:14:46.960 --> 0:14:49.320
<v Speaker 4>is this kind of back to where we started from

0:14:49.640 --> 0:14:50.640
<v Speaker 4>for the US and China?

0:14:50.680 --> 0:14:53.440
<v Speaker 2>Good morning, Hey, Good morning, Nathan, Thanks for having me.

0:14:53.560 --> 0:14:55.760
<v Speaker 18>It is a little bit It depends on how far

0:14:55.800 --> 0:14:57.640
<v Speaker 18>you want to roll the calendar back, but it is,

0:14:57.960 --> 0:15:00.440
<v Speaker 18>you know, roughly back to where the US was at

0:15:00.520 --> 0:15:03.800
<v Speaker 18>least a month ago when Scott Bessen and his Chinese

0:15:03.880 --> 0:15:07.680
<v Speaker 18>counterpart reached a deal in Geneva that was supposed to

0:15:07.840 --> 0:15:10.960
<v Speaker 18>get trade talks on the right track. It didn't really

0:15:11.000 --> 0:15:14.000
<v Speaker 18>work out that way, but the two sides had two

0:15:14.040 --> 0:15:18.280
<v Speaker 18>intensive days there in London and they really did seem

0:15:18.360 --> 0:15:21.000
<v Speaker 18>to find an agreement. We're still waiting for the details

0:15:21.360 --> 0:15:23.960
<v Speaker 18>of what was in that accord, but Howard Lutnick, when

0:15:23.960 --> 0:15:26.560
<v Speaker 18>he spoke to reporters afterwards, made it clear that one

0:15:26.720 --> 0:15:30.520
<v Speaker 18>key issue was resolved, at least from the US perspective,

0:15:30.560 --> 0:15:34.239
<v Speaker 18>and that is the export of these rare earth magnets

0:15:34.280 --> 0:15:38.200
<v Speaker 18>that are so critical to businesses from the defense industry

0:15:38.240 --> 0:15:40.640
<v Speaker 18>to the auto industry. And it's really believed that that

0:15:40.880 --> 0:15:43.320
<v Speaker 18>is what put the pinch on the US to try

0:15:43.360 --> 0:15:44.680
<v Speaker 18>to get a deal done quickly.

0:15:44.920 --> 0:15:46.960
<v Speaker 4>Now you look at the market reaction this morning, a

0:15:46.960 --> 0:15:51.800
<v Speaker 4>modest dip in futures, with some of those details still

0:15:51.880 --> 0:15:56.400
<v Speaker 4>waiting to be released here, particularly in terms of the

0:15:56.440 --> 0:16:00.560
<v Speaker 4>export controls that the US had put on China. There's

0:16:00.600 --> 0:16:02.680
<v Speaker 4>still a lot of questions to be answered there.

0:16:03.600 --> 0:16:06.560
<v Speaker 18>Yeah, before this deal was reached, there was a lot

0:16:06.560 --> 0:16:11.760
<v Speaker 18>of talk about the US potentially lifting its restrictions on

0:16:11.880 --> 0:16:18.880
<v Speaker 18>things like chip software design. Chip software design software and

0:16:19.760 --> 0:16:22.840
<v Speaker 18>jet part jet engine parts and things like that. It's

0:16:22.880 --> 0:16:26.000
<v Speaker 18>not clear what the US conceded in this side. We

0:16:26.080 --> 0:16:30.040
<v Speaker 18>have seen Asian stocks, particularly some of the consumer electronics stuff,

0:16:30.320 --> 0:16:32.800
<v Speaker 18>doing quite well today. It's a bit of a contrast

0:16:32.840 --> 0:16:35.080
<v Speaker 18>with the reaction in the US market, which, as you said,

0:16:35.120 --> 0:16:37.800
<v Speaker 18>has been a little bit of a little bit down

0:16:37.800 --> 0:16:38.840
<v Speaker 18>in terms of the futures.

0:16:39.480 --> 0:16:41.760
<v Speaker 4>So while we're waiting for some of those details to

0:16:41.840 --> 0:16:45.600
<v Speaker 4>come out, we've got negotiations going on on multiple fronts,

0:16:45.680 --> 0:16:48.760
<v Speaker 4>including with the European Union. It sounds like they're trying

0:16:48.800 --> 0:16:51.000
<v Speaker 4>to reach a framework deal of their own before the

0:16:51.080 --> 0:16:52.400
<v Speaker 4>July ninth deadline.

0:16:53.160 --> 0:16:56.960
<v Speaker 18>Yeah, it sounds like they are looking at potentially getting

0:16:56.960 --> 0:17:00.560
<v Speaker 18>an extension already in those talks that you know that

0:17:00.640 --> 0:17:05.360
<v Speaker 18>July ninth deadline is just under a month away, and

0:17:05.440 --> 0:17:08.120
<v Speaker 18>they are hoping to get some kind of a framework agreement.

0:17:08.440 --> 0:17:12.200
<v Speaker 18>But that would allow kind of talks to continue without

0:17:12.640 --> 0:17:17.000
<v Speaker 18>without those tariffs kicking back in those suspended tariffs, So

0:17:17.080 --> 0:17:19.320
<v Speaker 18>that's something, you know, It is a sign, I suppose

0:17:19.359 --> 0:17:22.359
<v Speaker 18>of progress, but also I think just a recognition that

0:17:22.400 --> 0:17:23.960
<v Speaker 18>you're not going to be able to work through all

0:17:23.960 --> 0:17:27.320
<v Speaker 18>this in the span of just another thirty days or so.

0:17:27.640 --> 0:17:30.879
<v Speaker 4>All right, turning from the trade talks to I guess

0:17:30.880 --> 0:17:36.280
<v Speaker 4>domestic politics, the situation in Los Angeles continues to unfold.

0:17:36.320 --> 0:17:40.000
<v Speaker 4>There's an overnight curfew, and the war of words between

0:17:40.080 --> 0:17:44.000
<v Speaker 4>President Trump and California's governor just is not letting up.

0:17:44.000 --> 0:17:45.400
<v Speaker 2>Bill that's right.

0:17:45.440 --> 0:17:47.240
<v Speaker 18>I mean, it was a little bit of an even

0:17:47.320 --> 0:17:51.399
<v Speaker 18>quieter day and night compared to really compared to the

0:17:51.440 --> 0:17:54.359
<v Speaker 18>weekend when you had all those cars getting burned. Things

0:17:54.359 --> 0:17:58.000
<v Speaker 18>have calmed down a bit on the streets. The rhetoric

0:17:58.080 --> 0:18:00.840
<v Speaker 18>has not really calmed down at all. There is a

0:18:01.000 --> 0:18:04.600
<v Speaker 18>curfew in about a one square mile section of Los Angeles,

0:18:04.760 --> 0:18:09.200
<v Speaker 18>fairly confined area where a lot of businesses were attacked

0:18:09.600 --> 0:18:12.879
<v Speaker 18>or looted overnight, according to that's according to Mayor Karen

0:18:12.960 --> 0:18:17.439
<v Speaker 18>Bass And there are now up to four thousand National

0:18:17.440 --> 0:18:20.959
<v Speaker 18>Guard troops and seven hundred Marines who have been authorized

0:18:20.960 --> 0:18:24.800
<v Speaker 18>to deploy to the city. California Governor Gavin Newsom getting

0:18:24.840 --> 0:18:28.960
<v Speaker 18>on the air today addressing his state, saying that California

0:18:29.040 --> 0:18:32.000
<v Speaker 18>may be the first to face these policies from the administration,

0:18:32.119 --> 0:18:35.960
<v Speaker 18>but saying it clearly won't be the last, and so

0:18:36.640 --> 0:18:39.879
<v Speaker 18>that rhetoric is continuing to escalate, even as the situation

0:18:40.000 --> 0:18:42.400
<v Speaker 18>on the streets has perhaps quieted a little bit.

0:18:43.280 --> 0:18:46.440
<v Speaker 4>Our last minute, while we haven't really been talking much

0:18:46.480 --> 0:18:49.200
<v Speaker 4>about the war of wards between President Trump and Elon

0:18:49.320 --> 0:18:52.720
<v Speaker 4>Musk with what's been happening in La but Elon Musk

0:18:52.720 --> 0:18:55.240
<v Speaker 4>looks like he's trying to dial things back there.

0:18:56.200 --> 0:18:57.040
<v Speaker 12>Yeah.

0:18:57.160 --> 0:18:59.640
<v Speaker 18>Elon Musk is not, I don't think, known for making

0:18:59.720 --> 0:19:02.639
<v Speaker 18>a lot of apologies, saying that he regrets some of

0:19:02.680 --> 0:19:05.840
<v Speaker 18>the posts he put up about Donald Trump last week,

0:19:05.960 --> 0:19:09.000
<v Speaker 18>saying that they went too far. Of course, you you'll

0:19:09.160 --> 0:19:13.159
<v Speaker 18>remember that he said that there were mentions of Donald

0:19:13.200 --> 0:19:16.359
<v Speaker 18>Trump in the Epstein files and he said have a

0:19:16.440 --> 0:19:20.200
<v Speaker 18>nice day DJT after posting that. He never provided any

0:19:20.240 --> 0:19:22.880
<v Speaker 18>evidence for it, but it was seen as a particularly

0:19:22.960 --> 0:19:27.320
<v Speaker 18>low blow against the president, and obviously, you know, part

0:19:27.320 --> 0:19:30.640
<v Speaker 18>of the bigger meltdown we've seen these two, these two

0:19:30.680 --> 0:19:31.159
<v Speaker 18>leaders have.

0:19:31.840 --> 0:19:34.840
<v Speaker 19>This is Bloomberg day Break, your morning podcast on the

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<v Speaker 19>story's making news from Wall Street to Washington and beyond.

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<v Speaker 19>You can also listen live each morning starting at five am.

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<v Speaker 19>Wall Street Time on Bloomberg eleven three to zero in

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<v Speaker 3>Plus listen coast to coast. It's on the Bloomberg Business

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<v Speaker 19>And don't forget to subscribe to Bloomberg News Now. It's

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<v Speaker 2>Stay informed all day long. I'm Nathan Hager.

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<v Speaker 3>And I'm Lisa Matteo. Join us again tomorrow morning for

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<v Speaker 3>all the news you need to start your day right

0:20:22.960 --> 0:20:24.440
<v Speaker 3>here on Bloomberg Daybreak