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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today, Karen.

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Speaker 4: The jump in futures comes as the US and the

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Speaker 4: European Union have agreed to a deal that will see

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Speaker 4: fifteen percent tariffs on most EU imports into the US.

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Speaker 4: The deal staves off an escalation and hostilities in the

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Speaker 4: world's biggest trading relationship, but many details still need to

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Speaker 4: be ironed out. President Trump announced the deal alongside European

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Speaker 4: Commissioned President Ursula Vonderline during his trip to Scotland.

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Speaker 5: We've reached a deal. It's a good deal for everybody,

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Speaker 5: I believe, and I think you were saying this is.

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Speaker 6: Probably the biggest deal ever.

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Speaker 5: Reached in any capacity trade or beyond true it is.

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Speaker 1: That's it's a giant deal with lots of countries.

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Speaker 4: And Bloomberg's Lizzie Burden is covering the president's trip. She

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Speaker 4: has more from Hernbury, Scotland.

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Speaker 7: We await the details, but what we know is that

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Speaker 7: fifteen percent is all inclusive, so Trump can't be stacking

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Speaker 7: extra levies on specific industries like drugs and chips and cars,

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Speaker 7: and without a deal, Boombog Economics had estimated that the

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Speaker 7: US average effective tariff rate in the EU would have

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Speaker 7: been eighteen percent from Friday from the August the first deadline.

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Speaker 7: Now that's about sixteen percent, and Vonderlyon admits that this

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Speaker 7: is the best she could get. Now, how did they

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Speaker 7: get it over the line. Well, as a sweetener a

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Speaker 7: bit like Japan had to offer, there was an agreement

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Speaker 7: to buy seven hundred and fifty billion dollars of American

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Speaker 7: energy products, to invest six hundred billion dollars in the

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Speaker 7: US on top of existing expenditures, and to buy vast

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Speaker 7: amounts of military equipment.

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Speaker 3: And as film versus. Lizzie Burden reporting from Scotland, where

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Speaker 3: President Trump will meet with UK Prime Minister Keir Starmer

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Speaker 3: later today. The British leader will be looking to finalize

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Speaker 3: his trade with the US and push for a lasting

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Speaker 3: ceasefire in Gaza.

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Speaker 4: On top of all that, Karen US and Chinese officials

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Speaker 4: are meeting in Sweden today to extend their trade truce

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Speaker 4: beyond it's August twelfth deadline. It'll be the third meeting

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Speaker 4: in less than three months for Treasury Secretary Scott Besant

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Speaker 4: and Chinese Vice Premier Huh Lee Fang. Bloomberg's Oliver Crook

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Speaker 4: is in Stockholm covering that meeting.

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Speaker 2: The expectations will.

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Speaker 8: Be somewhat more muted than what we got in Scotland

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Speaker 8: with the EU, which was amounted to the beginning of

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Speaker 8: the framework of a comprehensive deal between the EU and

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Speaker 8: the United States. This is really just an ability, an

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Speaker 8: endeavor to kick the can a little bit further down

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Speaker 8: the road, because if just to remind everybody where we

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Speaker 8: are on the US China tariffs, they were at one

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Speaker 8: hundred and twenty five percent. They were then reduced now

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Speaker 8: to the level that they rest at, which is thirty percent.

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Speaker 8: But that trade truce was basically set to run out

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Speaker 8: on August the twelfth, which is, as we know, just

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Speaker 8: about a week and a half away from here.

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Speaker 9: This is an.

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Speaker 8: Opportunity for them to begin to discuss some of the

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Speaker 8: main sort of issues to get a full deal, but

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Speaker 8: really also to extend that truce for another likely ninety data.

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Speaker 4: Bloomberg Zoali Crook says any breakthrough today could help set

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Speaker 4: the stage for President Trump to meet with his Chinese counterpart,

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Speaker 4: She Jinping later this year.

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Speaker 3: Nathan questions about the Jeffrey Epstein case are following President Trump.

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Speaker 3: On his trip, the President was asked whether he rushed

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Speaker 3: to deal with the EU to draw attention away from

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Speaker 3: the matter.

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Speaker 2: Oh, you got to be kidding with it.

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Speaker 4: No, I had nothing to do with it.

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Speaker 5: Only you would think that.

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Speaker 3: But back in Washington, a pair of lawmakers have come

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Speaker 3: together on a bill that would force the House to

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Speaker 3: vote on releasing more documents about the pedophile financeer Republican

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Speaker 3: Thomas Massey.

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Speaker 2: It would force a full release of the files.

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Speaker 10: It has the force of law.

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Speaker 5: It's not a subpoena, it's not a pretty please would

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Speaker 5: you release the files. It's the force of law, and

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Speaker 5: it's got protections to redact victims' names and to prevent

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Speaker 5: release of child pornography.

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Speaker 3: And Democrat Rocana.

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Speaker 5: Pam Bondi says there's a client list that she says, no,

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Speaker 5: it's just a file. She's going to release them. I

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Speaker 5: didn't criticize them at all those first few months. But

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Speaker 5: when they refuse to release the files, when they said

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Speaker 5: there's nothing more to say, that's when we said transparency

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Speaker 5: demands the full release of the files.

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Speaker 3: Congress Members Rocanna and Thomas Massey appeared on ABC's This Week,

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Speaker 3: which can be heard every Sunday on Bloomberg Radio.

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Speaker 4: Turning to the economy, Now, Karen, we have two key

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Speaker 4: events awaiting investors this week. On Wednesday, the Fed makes

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Speaker 4: a rate decision that'll be followed two days later by

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Speaker 4: the July jobs report. We get a preview from Bloomberg's

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Speaker 4: Michael McKee.

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Speaker 6: It's a little like having dessert first. The Fed meets

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Speaker 6: on interest rates Wednesday, not expected to change anything. Inflation

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Speaker 6: is rising a little, but Trump's import tax increases haven't

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Speaker 6: really hit the economy yet. Investors are hoping the Central

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Speaker 6: Bank will hint at a move in September. That will

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Speaker 6: depend on the data. Of course, if job growth weekends

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Speaker 6: further or unemployment rises further, that could prompt a rate cut.

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Speaker 6: Economists are forecasting both happened during July, but July's jobs

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Speaker 6: report isn't due until Friday, after the Fed meets. Michael

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Speaker 6: McKee Bloomberg Radio.

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Speaker 3: All right, Mike, thank you. It's also a busy week

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Speaker 3: on the earnings front. Four tech giants will lead the way,

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Speaker 3: and we get a preview with Bloomberg's Charlie.

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Speaker 2: Pellin Apple, Amazon, Microsoft and METAP platforms will be among

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Speaker 2: this week's most closely watched, with AI and tariff some

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Speaker 2: major focus. John Stoltzfus's chief investment strategist at Oppenheimer.

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Speaker 11: So, you know, we think this is so far, so good.

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Speaker 11: That's the remarkable thing, and we like our call where

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Speaker 11: it is in terms of being bullish, but at the

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Speaker 11: same time recognizing that there's still some risk within this

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Speaker 11: tariff regime and where it arrives at.

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Speaker 2: Also this week, United Health, Boeing, Visa, along with eBay,

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Speaker 2: Cloud Flare, Starbucks, ups, Exon Mobile, and Chevron. In New

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Speaker 2: York Charlie Pellett's Bloomberg Radio, all right, Charlie, thank you.

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Speaker 4: And in more company news, Samsung will produce semiconductors for Tesla.

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Speaker 4: It's a sixteen and a half billion dollar deal lasting

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Speaker 4: until twenty twenty three, twenty thirty three. I should say

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Speaker 4: the contract is a win for or, South Korea's largest company.

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Speaker 4: It's steadily been losing ground in chip manufacturing. Bloomberg Intelligence

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Speaker 4: says the agreement could boost Samsung's foundry sales by up

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Speaker 4: to ten percent a year. In a social media post,

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Speaker 4: Tesla CEO Elon Musk said the strategic importance of the

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Speaker 4: deal was hard to overstate.

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Speaker 3: Time now for a look at some of the o

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Speaker 3: their stories making news in New York and around the world,

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Speaker 3: and for that we're joined by Bloomberg's Michael Barr.

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Speaker 12: Michael, good morning, Good morning, Karen. It is another hot

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Speaker 12: and humid day in the Northeast. Bloomberg Mediing religist Craig

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Speaker 12: Allen has the latest.

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Speaker 9: Over two dozen states with heat alerts in effect for

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Speaker 9: today right on through the mid portion of the week,

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Speaker 9: over one hundred million people with some kind of an alert.

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Speaker 9: There will be about twenty million people across the southeast

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Speaker 9: and East central States in an extreme heat risk right

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Speaker 9: on through Thursday.

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Speaker 12: Bloomberg Meeting religist Craig Allen. Temperatures are expected to reach

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Speaker 12: close to the mid nineties for the next several days.

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Speaker 12: Israel's military has begun a limited pause in fighting in

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Speaker 12: three populated areas of Gaza for ten hours a day

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Speaker 12: as part of humanitarian measures, including air drops for food

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Speaker 12: and medical supplies as concerns grow over hunger. Meanwhile, Israeli

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Speaker 12: Prime Minister Benjamin et Yahoo blamed Hamas for stealing aid

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Speaker 12: and called on the United nations to distribute it more effectively.

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Speaker 12: Stop lying, stop finding excuses, do what you have to do,

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Speaker 12: and stop accusing Israel deliberately of this egregious falsehood. Several

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Speaker 12: international organizations and doctors volunteering at hospitals in Gaza reports

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Speaker 12: starvation deaths among Palestinians there. Doctor Nick Maynard, a surgeon

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Speaker 12: based in the United Kingdom, volunteers in Gaza every time.

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Speaker 13: It's much worse than I expected. And the conditions that

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Speaker 13: I witnessed with my own eyes over the four weeks

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Speaker 13: I was there until just a few days ago, the

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Speaker 13: human mianitarian conditions are unfathomable.

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Speaker 12: Doctor Maynard said. Other doctors have brought in baby formula,

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Speaker 12: only to have it confiscated by IDF soldiers. Prosecutors say

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Speaker 12: they plan to file terrorism and assault with intent to

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Speaker 12: murder charges against the suspect. And a weekend NiFe attack

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Speaker 12: at a Walmart store in Michigan, eleven people were stabbed

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Speaker 12: over the weekend at the store in Traverse City. All

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Speaker 12: are expected to survive. Authorities say forty two year old

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Speaker 12: Bradford Gilly is in custody. Police say a group of

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Speaker 12: bystanders intervened and detained the suspect in the parking lot.

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Speaker 12: Global News twenty four hours a day and whenever you

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Speaker 12: want it with the Bloomberg News. Now, I'm Michael Barr,

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Speaker 12: and this is Bloomberg. Karen.

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Speaker 3: All right, Michael, thank you time now for the Bloomberg

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Speaker 3: Sports Update, brought to you by Flushing Bank. Here's Dan Schwartzman.

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Speaker 10: Dan, good morning, Good morning, Kroon and Nathan. Five new

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Speaker 10: members are welcomed into the National Baseball Hall of Fame,

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Speaker 10: each ro Suzuki becoming the first Japanese born player enshrined

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Speaker 10: each row, joined by CC Sabathia, Billy Wagner, and both

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Speaker 10: Dick Allen and Dave Parker, posthumously one of the best

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Speaker 10: potential trade candidates leading up to Baseball's trade deadline this Thursday,

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Speaker 10: will be off the market as last season's al Cian

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Speaker 10: Award runner up Seth Lugo and the Royals are finalizing

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Speaker 10: a two year, forty six million dollar contract. The Yankee

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Speaker 10: snapping the three game losing streak of the four to

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Speaker 10: three winner of the Phillies in the Bronx ground.

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Speaker 12: It tap back down the right beild line that'll.

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Speaker 10: Go over the car.

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Speaker 6: Standing scores Chishom scores.

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Speaker 2: Domingos will stop at third.

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Speaker 14: It's a two run.

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Speaker 12: Double for McMahon and the Yankees of todde the score.

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Speaker 10: That's Kurzy the Yes Network. Ry McMahon going two for

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Speaker 10: three while driving in two runs. Metts winners a seven

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Speaker 10: trade after sweeping the Giants in San Francisco five to three,

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Speaker 10: Mets getting homers from both Juan Soto and Ronnie Maurizio. Elsewhere,

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Speaker 10: Red Sox outlasting the Dodgers four to three, Orioles knocking

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Speaker 10: off the Rockies five to one, while the Nationals beat

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Speaker 10: the Twins seven to two. Meanwhile, baseball's home run leader

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Speaker 10: Cal Rawley hitting his forty first of the season and

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Speaker 10: a Mariners lost to the Angels, while Mike Trout reaches

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Speaker 10: a milestone to.

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Speaker 14: Centerfield rod Dy guys, rock Chap.

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Speaker 3: That's lay Wow.

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Speaker 10: That's courtesy of Roku Sports Channel. Trout driving in his

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Speaker 10: one thousandth runner with a home run in the win.

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Speaker 10: Bubba Wallace becoming the first black driver to win a

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Speaker 10: major race on Indianapolis Motor Speedway, winning the Breakyard four hundred,

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Speaker 10: holding off defending champion Kyle Larson for the win. The

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Speaker 10: Atcher Bloomberg Sports Update pom, Dan Schwartzman, Karen and.

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Speaker 1: Nathan coast to coast on Bloomberg Radio, nationwide on Sirius

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Speaker 1: Exam and around the world on Bloomberg dot Com and

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Speaker 1: the Bloomberg Business Appum. This is Bloomberg Daybreak.

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Speaker 4: Good morning, I'm Nathan Hager. After months of hard fought negotiations,

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Speaker 4: President Trump and European Commissioned President Ursula Vonderliners celebrating their

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Speaker 4: trade deal days before the US President's tariff deadline this Friday.

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Speaker 2: It's a very powerful deal.

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Speaker 3: It's a very big deal.

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Speaker 2: It's the biggest of all the deals.

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Speaker 7: It will be the biggest of all the deals.

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Speaker 4: It will bring stability, it will bring predictability that's very

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Speaker 4: important for our businesses on both sides of the Atlantic.

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Speaker 4: President's Vonderline and Trump announced the agreement at President Trump's

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Speaker 4: golf course in Turnbury, Scotland. Joining us with the details

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Speaker 4: is Bloomberg News Global Trade Editor Brendan Murray. And of course, Brendan,

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Speaker 4: the devil always is in the details. So what's the

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Speaker 4: devil we know?

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Speaker 14: Good morning morning. Yeah, So, the as one former trade

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Speaker 14: negotiator told us, the EU played a bad hand about

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Speaker 14: as well as it could have no country likes to

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Speaker 14: see it. It's tariff from another country go up to

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Speaker 14: even fifteen percent, but still that was half of what

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Speaker 14: the EU was facing from President Trump. So there's a

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Speaker 14: sense that they got about as good as a deal

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Speaker 14: as any other country they could have gotten. Their auto tariffs.

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Speaker 14: The European cars now face of fifteen percent tariff where

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Speaker 14: before it was twenty seven point five, so they can

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Speaker 14: point to a bit of relief there, But the European

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Speaker 14: auto industry is still says this is still going to

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Speaker 14: put some strains on them and their ability to sell

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Speaker 14: cars into the US. So there was a little bit

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Speaker 14: of a little bit of concessions on both sides. Both

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Speaker 14: leaders walked away saying this is a win for both

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Speaker 14: of us. But as you said, the devil is in

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Speaker 14: the details, and there are a lot of details to

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Speaker 14: sort out here just exactly how the breakdown of the

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Speaker 14: European purchases is going to is going to show us.

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Speaker 14: President Trump said this was going to lead to seven

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Speaker 14: hundred and fifty billion dollars worth of energy exports from

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Speaker 14: the US to Europe and six hundred billion dollars worth

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Speaker 14: of investments that they weren't already going to make so

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Speaker 14: we need to know what the timetable is on those

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Speaker 14: and the breakdown of energy products and what kinds of

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Speaker 14: investments we're talking about.

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Speaker 4: So it sounds like a lot of similar questions to

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Speaker 4: what's being asked about the five hundred and fifty billion

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Speaker 4: dollar investment agreement that we heard about with Japan as well.

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Speaker 4: So walk us through what we are looking for from

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Speaker 4: these details.

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Speaker 14: Well, the two sides. I mean, the main thing that

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Speaker 14: they did was that things are not going to escalate

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Speaker 14: on August first, and so that means that the tariff

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Speaker 14: of thirty percent is not going to take effect. They

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Speaker 14: will spend the coming weeks going through the fine print

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Speaker 14: and carrying out the sort of broad outlines of this

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Speaker 14: preliminary deal that they've announced. So obviously things can change

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Speaker 14: and people can misunderstand what their intentions are. But if

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Speaker 14: they keep working at the negotiating table, they can iron

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Speaker 14: out this deal that President Trump says is the biggest

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Speaker 14: of all of them. But once you add it all up,

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Speaker 14: we'll want to take a look under the microscope at

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Speaker 14: what exactly the fine princess.

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Speaker 4: I guess there's still a question as well, isn't there

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Speaker 4: about some of the other sectoral tariffs besides automobiles, particularly

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Speaker 4: around pharmaceuticals and stealing aluminum.

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Speaker 14: Yeah, exactly, So the pharmaceuticals, stealing aluminum, cars, semiconductors, those

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Speaker 14: are all being dealt with under a separate authority. The

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Speaker 14: President has to impose tariffs. So they've dealt with the

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Speaker 14: cars at fifteen percent. There's also a pledge in yesterday's

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Speaker 14: agreement to keep pharmaceuticals at fifteen percent. But the other

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Speaker 14: question is now what happens with semiconductors. There is a

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Speaker 14: you know, there are some there's a large Dutch semiconductor

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Speaker 14: maker that would you know, have a lot at stake

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Speaker 14: in in what that tariff rate would be. There's also

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Speaker 14: copper tariffs coming and those you know, we don't know

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Speaker 14: how broad those are going to be, but there was

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Speaker 14: Europe is a big supplier of machinery and chemicals and

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Speaker 14: industrial supplies to the US, so copper tariffs are also

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Speaker 14: going to be factored in here in the overall tariff

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Speaker 14: burden that European exports are going to face trying to

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Speaker 14: get into the US market.

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Speaker 4: In our last minute, Brendan, we're waiting for a third

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Speaker 4: round of talks between the US and China. What should

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Speaker 4: we be expecting there?

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Speaker 14: Yeah, those are getting up underway in a few hours.

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Speaker 14: We wouldn't did, and they last through tomorrow. This is

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Speaker 14: basically the first in what the US hopes will be

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Speaker 14: a regular conversation with their counterparts in China to make

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Speaker 14: sure that the relationship, the rivalry stays stable and that

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Speaker 14: neither side starts escalating things or limiting the exports of

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Speaker 14: certain things that the other party needs. And so we

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Speaker 14: would expect this to be a dialogue that produces an

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Speaker 14: extension of the truth that they already have. So we're

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Speaker 14: looking at maybe another ninety days into what would be

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Speaker 14: no November of both sides saying we're not going to

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Speaker 14: raise tariffs on each other, and that will provide some

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Speaker 14: stability as the two largest economies try to sort their

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Speaker 14: problems out.

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