1
00:00:02,480 --> 00:00:11,280
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

2
00:00:11,320 --> 00:00:14,560
Speaker 1: Daybreak Europe podcast. Good morning, It's Thursday, the twenty second

3
00:00:14,600 --> 00:00:17,880
Speaker 1: of January. I'm Stephen Caroly in London. Coming up today

4
00:00:18,360 --> 00:00:22,040
Speaker 1: a Greenland reversal. US President Donald Trump backs away from

5
00:00:22,079 --> 00:00:25,239
Speaker 1: his tariff threats against Europe as he tuts a framework

6
00:00:25,360 --> 00:00:29,400
Speaker 1: deal on the Arctic territory. Russia's president Vladimir Putin says

7
00:00:29,440 --> 00:00:33,160
Speaker 1: he's ready to commit frozen Russian assets to rebuild Ukraine.

8
00:00:33,680 --> 00:00:36,280
Speaker 1: Plus knocked off the top of the table. Why the

9
00:00:36,320 --> 00:00:40,760
Speaker 1: Premier League is losing ground in football's money rankings. Let's

10
00:00:40,800 --> 00:00:43,080
Speaker 1: start with a round up of our top stories. The

11
00:00:43,159 --> 00:00:45,879
Speaker 1: US President Donald Trump says he won't impose tariffs on

12
00:00:45,960 --> 00:00:50,480
Speaker 1: goods from European countries, opposed to his efforts to require Greenland.

13
00:00:50,880 --> 00:00:53,400
Speaker 1: In a social media post, Trump cited the framework of

14
00:00:53,440 --> 00:00:56,200
Speaker 1: a future deal reached with NATO as the reason for

15
00:00:56,240 --> 00:00:56,880
Speaker 1: the change.

16
00:00:57,240 --> 00:00:57,840
Speaker 2: It followed a.

17
00:00:57,760 --> 00:01:00,200
Speaker 1: Meeting with NATO Secretary General Mark Rutta at the World

18
00:01:00,280 --> 00:01:03,640
Speaker 1: Economic Forum in Davos. Speaking to reporters in the conference

19
00:01:03,680 --> 00:01:07,800
Speaker 1: center shortly afterwards, US President offered further insight into the deal.

20
00:01:08,640 --> 00:01:13,280
Speaker 3: It's a deal that people jumped at. Really fantastic for

21
00:01:13,360 --> 00:01:18,280
Speaker 3: the USA. It gets everything we wanted, including especially real

22
00:01:18,520 --> 00:01:22,280
Speaker 3: national security and internationals place.

23
00:01:22,400 --> 00:01:25,200
Speaker 4: Well, the deal is going to be put out pretty soon.

24
00:01:25,400 --> 00:01:26,240
Speaker 2: We'll saves.

25
00:01:26,920 --> 00:01:29,200
Speaker 3: It's right now a little bit in progress, but pretty

26
00:01:29,200 --> 00:01:32,160
Speaker 3: far along. It gets us everything we needed to get,

27
00:01:32,680 --> 00:01:33,360
Speaker 3: does as all us.

28
00:01:33,240 --> 00:01:35,319
Speaker 2: With the United States having an ownership of breathing like

29
00:01:35,360 --> 00:01:36,080
Speaker 2: you've said you wanted.

30
00:01:39,560 --> 00:01:41,200
Speaker 1: It's a long term deal.

31
00:01:42,240 --> 00:01:46,560
Speaker 3: It's the ultimate lovelier right. I think it puts everybody

32
00:01:46,560 --> 00:01:49,600
Speaker 3: in a really good pos issue, especially as a pretential

33
00:01:49,680 --> 00:01:53,440
Speaker 3: security and minerals over the VIT season. What happens is

34
00:01:54,240 --> 00:01:56,640
Speaker 3: people are out there and they're working in right now,

35
00:01:56,640 --> 00:01:58,560
Speaker 3: you're working in the details of the deal, but it's

36
00:01:58,880 --> 00:02:00,559
Speaker 3: it's what's COVID.

37
00:02:02,000 --> 00:02:04,720
Speaker 1: Despite Trump's optimism, the US President did not give any

38
00:02:04,760 --> 00:02:08,200
Speaker 1: details on what the agreement entails. The New York Times

39
00:02:08,240 --> 00:02:11,480
Speaker 1: reports of the discussions included a compromise in which Denmark

40
00:02:11,520 --> 00:02:15,040
Speaker 1: would give the US sovereignty over small pockets of land

41
00:02:15,360 --> 00:02:19,240
Speaker 1: on Greenland for the construction of military bases. The apparent

42
00:02:19,240 --> 00:02:22,720
Speaker 1: breakthrough came after Denmark had ruled out negotiations overseeding the

43
00:02:22,720 --> 00:02:24,840
Speaker 1: semi autonomous island to the US.

44
00:02:25,120 --> 00:02:26,280
Speaker 2: Speaking to Fox News.

45
00:02:26,160 --> 00:02:28,560
Speaker 1: NATO Secutary General Mark Ruta has said the talks focused

46
00:02:28,560 --> 00:02:32,400
Speaker 1: on how to implement Trump's vision while also protecting Greenland.

47
00:02:32,840 --> 00:02:35,320
Speaker 1: He was asked whether Greenland is still under the control

48
00:02:35,360 --> 00:02:37,520
Speaker 1: of Denmark under this framework deal.

49
00:02:38,440 --> 00:02:41,200
Speaker 4: That issue did not come up anymore in my conversation

50
00:02:41,240 --> 00:02:42,160
Speaker 4: for address to Pleasant.

51
00:02:42,240 --> 00:02:42,959
Speaker 2: He's very much.

52
00:02:42,840 --> 00:02:45,679
Speaker 4: Focused on what do we need to do to make

53
00:02:45,720 --> 00:02:49,680
Speaker 4: sure that that huge Arctic region where change is taking

54
00:02:49,680 --> 00:02:51,880
Speaker 4: place at the moment, where the Chinese reversions are more

55
00:02:51,919 --> 00:02:54,120
Speaker 4: and more active, how we can protect that. That's what

56
00:02:54,240 --> 00:02:55,880
Speaker 4: we needed to focus our discussions.

57
00:02:56,760 --> 00:02:59,320
Speaker 1: NATO Secretary General Marc Routa is speaking on Fox News

58
00:02:59,320 --> 00:03:02,600
Speaker 1: after the Danish Foreign minister welcomes the latest developments. In

59
00:03:02,639 --> 00:03:06,519
Speaker 1: an interview with National broadcaster Dr Lars Luker, Rasmundsen said

60
00:03:06,560 --> 00:03:09,919
Speaker 1: the day ends better than it started. However, he added

61
00:03:09,960 --> 00:03:12,320
Speaker 1: that it's obvious that Trump had not given up on

62
00:03:12,440 --> 00:03:16,079
Speaker 1: his ambition to gain control of Greenland, which remains a

63
00:03:16,120 --> 00:03:20,040
Speaker 1: red line for the Kingdom of Denmark. What Global stocks

64
00:03:20,040 --> 00:03:24,080
Speaker 1: are rallying after President Trump abandoned those tariff threats. Asian

65
00:03:24,120 --> 00:03:26,840
Speaker 1: shares are rising, momentum look set to carry into the

66
00:03:26,840 --> 00:03:30,480
Speaker 1: European session too, markets going risk gone and safe havens

67
00:03:30,480 --> 00:03:34,200
Speaker 1: such as gold dropping. Bloomberg's International Economics and Policy correspondent

68
00:03:34,240 --> 00:03:36,920
Speaker 1: Mike McKee says the pivot has driven markets.

69
00:03:37,680 --> 00:03:39,920
Speaker 5: The markets went way down and today they started go

70
00:03:40,000 --> 00:03:42,680
Speaker 5: back up again because everybody started to think, no, he

71
00:03:42,760 --> 00:03:47,360
Speaker 5: can't do this, and he's probably going to chicken out

72
00:03:48,160 --> 00:03:51,240
Speaker 5: as a taco trade, and so people started, you know,

73
00:03:51,840 --> 00:03:54,720
Speaker 5: buying risk assets again, and then the headline crosses that

74
00:03:54,800 --> 00:03:58,000
Speaker 5: he's backed down, and so everybody just piles back in again.

75
00:03:58,920 --> 00:04:01,840
Speaker 1: Mike mgee speaking there, the president's policy shift appeared to

76
00:04:01,960 --> 00:04:05,160
Speaker 1: vindicate investors who adhere to the taco trade, that is,

77
00:04:05,200 --> 00:04:08,120
Speaker 1: buying any dip caused by US tariff threats, because they

78
00:04:08,200 --> 00:04:11,680
Speaker 1: argue Trump always chickens out when there's a major market

79
00:04:11,800 --> 00:04:16,080
Speaker 1: sell off. Russia's president Vladimir Putin has said he's ready

80
00:04:16,080 --> 00:04:19,599
Speaker 1: to commit frozen Russian assets in the United States towards

81
00:04:19,680 --> 00:04:23,360
Speaker 1: rebuilding damaged regions of Ukraine once a deal to end

82
00:04:23,400 --> 00:04:27,599
Speaker 1: the war has been concluded. Putin told Russia's Security Council

83
00:04:27,760 --> 00:04:30,200
Speaker 1: that he could also give one billion dollars of the

84
00:04:30,200 --> 00:04:33,680
Speaker 1: assets for membership of President Trump's Board of Peace for

85
00:04:33,800 --> 00:04:38,360
Speaker 1: post war Gaza. Speaking in Davos, US Envoy Steve Whitkoff

86
00:04:38,440 --> 00:04:40,920
Speaker 1: gave an update on plans for the Peace Board, which

87
00:04:40,960 --> 00:04:42,320
Speaker 1: is still in its early stages.

88
00:04:43,400 --> 00:04:46,719
Speaker 6: We've got twenty or maybe twenty five leaders who have

89
00:04:46,839 --> 00:04:49,640
Speaker 6: already said yes, this is not such an easy place

90
00:04:49,680 --> 00:04:52,520
Speaker 6: to get to. We had many people who we weren't

91
00:04:52,560 --> 00:04:55,280
Speaker 6: sure if they were going to even want to get

92
00:04:55,320 --> 00:04:58,200
Speaker 6: an invitation. Now the calling up for invitation, so everyone

93
00:04:58,240 --> 00:04:59,760
Speaker 6: wants to be a part of this. What we're going

94
00:04:59,800 --> 00:05:01,960
Speaker 6: to do here, what the President is going to do

95
00:05:02,040 --> 00:05:05,640
Speaker 6: here will be It'll be game changing for the world.

96
00:05:06,600 --> 00:05:08,880
Speaker 1: Wikoff was speaking ahead of a meeting with Putin in

97
00:05:09,000 --> 00:05:12,120
Speaker 1: Moscow later today. The joint Russian offer is designed to

98
00:05:12,160 --> 00:05:16,440
Speaker 1: appeal to President Trump and avoid further economic sanctions, using

99
00:05:16,440 --> 00:05:19,760
Speaker 1: money frozen under the Biden administration, which the Kremlin does

100
00:05:19,800 --> 00:05:24,599
Speaker 1: not control. UK business leaders want to keep under pressure

101
00:05:24,720 --> 00:05:27,800
Speaker 1: Keir Starmer as Prime Minister, but are open to backing

102
00:05:27,880 --> 00:05:31,680
Speaker 1: Nigel Faraja's reform UK at the next election. The survey

103
00:05:31,680 --> 00:05:34,840
Speaker 1: of five hundred executives shared exclusively with Bloomberg showed nearly

104
00:05:34,920 --> 00:05:38,440
Speaker 1: half saw Starmer leaving Downing Street as a serious threat

105
00:05:38,440 --> 00:05:39,200
Speaker 1: to their business.

106
00:05:39,520 --> 00:05:40,239
Speaker 2: Bloomberg Exchange.

107
00:05:40,279 --> 00:05:45,120
Speaker 7: Wilcock has more businesses crave political stability, so it's not

108
00:05:45,160 --> 00:05:48,520
Speaker 7: necessarily a surprise they are worried about the Labor Party

109
00:05:48,560 --> 00:05:52,240
Speaker 7: toppling it's unpopular leader. But that does make it all

110
00:05:52,279 --> 00:05:55,120
Speaker 7: the more interesting that when asked to vote on behalf

111
00:05:55,160 --> 00:05:58,400
Speaker 7: of their companies at the next general election, executives will

112
00:05:58,440 --> 00:06:03,560
Speaker 7: split between backing and the untested Reform UK Party. The

113
00:06:03,600 --> 00:06:07,359
Speaker 7: other nugget in the Bradshaw Advisory poll business leaders reflect

114
00:06:07,440 --> 00:06:10,599
Speaker 7: the rest of Britain's fractured politics instead of the old

115
00:06:10,600 --> 00:06:14,040
Speaker 7: two party system. Five parties managed to secure at least

116
00:06:14,080 --> 00:06:17,080
Speaker 7: ten percent of the executives backing in London.

117
00:06:17,200 --> 00:06:20,160
Speaker 2: James Walcock, Bloomberg Radio, and.

118
00:06:20,120 --> 00:06:22,560
Speaker 1: Those are your top stories on the markets. Zuostocks fifty

119
00:06:22,600 --> 00:06:26,000
Speaker 1: features up by one percent, the Mscirish Pacific Index seven

120
00:06:26,080 --> 00:06:28,479
Speaker 1: tenths hire, the Caspian Soul hitting a new record, up

121
00:06:28,520 --> 00:06:31,000
Speaker 1: by seven tenths of one percent as well. Gold is

122
00:06:31,040 --> 00:06:33,120
Speaker 1: lower by two tenths of one percent, but not far

123
00:06:33,160 --> 00:06:36,719
Speaker 1: off those record highs it hit yesterday. Japanese government bonds

124
00:06:36,720 --> 00:06:38,560
Speaker 1: are rallying to for a second day in a row.

125
00:06:38,680 --> 00:06:42,120
Speaker 1: The thirty year JGB down five basis points this morning.

126
00:06:43,200 --> 00:06:45,480
Speaker 1: In a moment, we'll bring you more on the US

127
00:06:45,520 --> 00:06:47,880
Speaker 1: president pulling back on his tarer of threats, plus why

128
00:06:48,000 --> 00:06:51,120
Speaker 1: English football clubs are falling down a money making ranking.

129
00:06:51,600 --> 00:06:54,080
Speaker 1: But another story that we've been reading this morning. So

130
00:06:54,320 --> 00:06:57,159
Speaker 1: you may or may not trust AI to write emails

131
00:06:57,160 --> 00:06:59,320
Speaker 1: for you, but do you use it to make your

132
00:06:59,360 --> 00:07:04,360
Speaker 1: communication and more appropriate at workasie Pewski has been writing

133
00:07:04,360 --> 00:07:06,920
Speaker 1: about this for Bloomberg Business Week with examples from workers.

134
00:07:06,960 --> 00:07:11,400
Speaker 1: He used chat gpt to tone down pointed emails, especially

135
00:07:11,600 --> 00:07:14,320
Speaker 1: when you write exactly what you really think and then

136
00:07:14,360 --> 00:07:17,040
Speaker 1: get AI to tone it down. It can also be

137
00:07:17,160 --> 00:07:20,360
Speaker 1: used to help smooth over cultural differences in communications styles.

138
00:07:20,520 --> 00:07:22,440
Speaker 1: Next to you to the CEO of Oliver Wyman says

139
00:07:22,440 --> 00:07:25,480
Speaker 1: that he has a slightly English reserve when it comes

140
00:07:25,520 --> 00:07:28,640
Speaker 1: to how he communicates, so he uses their internal chatbot

141
00:07:28,680 --> 00:07:32,080
Speaker 1: to review emails and make them more effective for their audiences.

142
00:07:32,280 --> 00:07:33,680
Speaker 2: If you can read between the lines of that.

143
00:07:33,760 --> 00:07:36,000
Speaker 1: Another point that he makes is that AI can serve

144
00:07:36,040 --> 00:07:39,360
Speaker 1: as a sounding board for sensitive conversations that senior leaders

145
00:07:39,400 --> 00:07:43,080
Speaker 1: often can't share with those around them. And there's also

146
00:07:43,080 --> 00:07:45,640
Speaker 1: the question of AI being able to help with some

147
00:07:45,680 --> 00:07:48,760
Speaker 1: of the cognitive loads that many managers can feel. Another

148
00:07:48,840 --> 00:07:51,600
Speaker 1: executive that as he spoke to for this article described

149
00:07:51,640 --> 00:07:53,920
Speaker 1: how she tends to be too direct in communications and

150
00:07:53,960 --> 00:07:56,520
Speaker 1: actually was able to use chat GPT to prepare for

151
00:07:56,560 --> 00:08:01,360
Speaker 1: a difficult performance review with an employee rather than writing it,

152
00:08:01,560 --> 00:08:03,680
Speaker 1: waiting a day, and then coming back to it and

153
00:08:03,680 --> 00:08:05,560
Speaker 1: trying to revise it, which is the process she would

154
00:08:05,600 --> 00:08:08,280
Speaker 1: have used before. Now, in all of these examples, I

155
00:08:08,280 --> 00:08:11,040
Speaker 1: did note that these executives did also talk about there

156
00:08:11,080 --> 00:08:13,040
Speaker 1: being a human review, they would look over it, they

157
00:08:13,040 --> 00:08:16,160
Speaker 1: would still discuss it with colleagues as well. I find

158
00:08:16,160 --> 00:08:18,520
Speaker 1: that quite heartening because there is a worry and it's

159
00:08:18,520 --> 00:08:20,840
Speaker 1: something that is He highlights on the piece as well,

160
00:08:21,120 --> 00:08:23,480
Speaker 1: that there's an argument who made this It could actually

161
00:08:23,600 --> 00:08:26,520
Speaker 1: lead to a removal of compassion or the human element

162
00:08:26,560 --> 00:08:27,640
Speaker 1: to some of this communication that.

163
00:08:27,720 --> 00:08:29,240
Speaker 2: Makes it effective.

164
00:08:29,920 --> 00:08:32,640
Speaker 1: But a lot of professionals are seeing AI in these

165
00:08:32,920 --> 00:08:35,959
Speaker 1: large language models as a way to engage with people

166
00:08:36,040 --> 00:08:38,440
Speaker 1: more tactfully and gracefully that they might either have the

167
00:08:38,520 --> 00:08:41,319
Speaker 1: time or the ability to do on their own. Really

168
00:08:41,360 --> 00:08:43,400
Speaker 1: interesting piece with some great interviews. We'll put a link

169
00:08:43,400 --> 00:08:45,840
Speaker 1: to it in our podcast show notes. Well, let's bring

170
00:08:45,840 --> 00:08:48,160
Speaker 1: it the latest now on Donald Trump pulling back on

171
00:08:48,200 --> 00:08:51,040
Speaker 1: those tariff threats over Greenland or White House reporter Scarlet

172
00:08:51,120 --> 00:08:52,680
Speaker 1: what has joins us for more?

173
00:08:52,720 --> 00:08:54,040
Speaker 2: Scott A, good to talk to you.

174
00:08:54,200 --> 00:08:57,280
Speaker 1: Donald Trump says that he changed his mind over this

175
00:08:57,520 --> 00:09:00,680
Speaker 1: framework of a future deal over Greenland reached after talks

176
00:09:00,679 --> 00:09:02,120
Speaker 1: with NATO's Mark Rossa.

177
00:09:02,240 --> 00:09:04,560
Speaker 2: What do we know about this deal? Well?

178
00:09:04,600 --> 00:09:07,800
Speaker 8: President Trump last night, in an interview with CNBC after

179
00:09:07,840 --> 00:09:10,880
Speaker 8: his meeting with the NATO Secretary General, said he had

180
00:09:10,960 --> 00:09:13,839
Speaker 8: quote concepts of a plan, which is a term we've

181
00:09:13,920 --> 00:09:16,960
Speaker 8: heard from President Trump before. So I do think a

182
00:09:16,960 --> 00:09:20,240
Speaker 8: lot of those details are being hashed out. But what

183
00:09:20,280 --> 00:09:22,560
Speaker 8: we do know is that the President has sort of

184
00:09:22,600 --> 00:09:26,000
Speaker 8: walked back his uh you know, aggressive I guess stance

185
00:09:26,160 --> 00:09:29,560
Speaker 8: on you know, from the tariffs to he in his

186
00:09:29,600 --> 00:09:34,679
Speaker 8: speech yesterday at Davos, took off took using military force

187
00:09:34,720 --> 00:09:37,400
Speaker 8: off the table. So it does seem like he is

188
00:09:38,760 --> 00:09:42,760
Speaker 8: dialing down his tone. But I mean the President said,

189
00:09:42,800 --> 00:09:45,400
Speaker 8: like I said, concepts have a plan. So uh, I

190
00:09:45,400 --> 00:09:47,720
Speaker 8: think only President Trump really knows what he wants to

191
00:09:47,760 --> 00:09:49,480
Speaker 8: do right now, and that's something we're all trying to

192
00:09:49,480 --> 00:09:52,320
Speaker 8: figure out as we try and get inside the president.

193
00:09:52,480 --> 00:09:56,040
Speaker 8: President's mind as we try and understand what the next

194
00:09:56,040 --> 00:09:58,000
Speaker 8: steps are. But I do think this is something that

195
00:09:58,400 --> 00:10:01,000
Speaker 8: is still going to be a priority for for President Trump.

196
00:10:01,600 --> 00:10:03,880
Speaker 8: He just definitely walked back his tone as he tried

197
00:10:03,920 --> 00:10:07,640
Speaker 8: to well. As Secretary Vessent said earlier this week, he

198
00:10:07,679 --> 00:10:09,640
Speaker 8: told everyone to calm down and take a deep breath,

199
00:10:09,640 --> 00:10:11,959
Speaker 8: and that's sort of what President Trump did yesterday. He

200
00:10:12,080 --> 00:10:15,760
Speaker 8: sort of eased fears on what he was planning to do.

201
00:10:16,559 --> 00:10:17,280
Speaker 2: Are we clear?

202
00:10:17,320 --> 00:10:20,120
Speaker 1: And I understand getting inside the president's head is both

203
00:10:20,120 --> 00:10:22,240
Speaker 1: difficult and something that you do in a daily basis,

204
00:10:22,240 --> 00:10:24,920
Speaker 1: But are we clear whether or not Donald Trump has

205
00:10:24,960 --> 00:10:27,359
Speaker 1: given up on his ambition of owning Greenland.

206
00:10:28,080 --> 00:10:30,120
Speaker 8: I do not think the President has given up on

207
00:10:30,280 --> 00:10:34,720
Speaker 8: his hopes to take over Greenland. I think one thing

208
00:10:34,760 --> 00:10:38,600
Speaker 8: that was interesting from his speech yesterday was pretty much

209
00:10:38,679 --> 00:10:42,040
Speaker 8: leading up to Davos, the White House the administration had

210
00:10:42,080 --> 00:10:44,440
Speaker 8: been chouting that this was going to be a speech

211
00:10:44,440 --> 00:10:48,240
Speaker 8: about affordability and housing costs in the US, and the

212
00:10:48,240 --> 00:10:51,679
Speaker 8: President totally took a different pivot, and in the speech

213
00:10:51,720 --> 00:10:53,559
Speaker 8: he even joked about how he wasn't going to bring

214
00:10:53,640 --> 00:10:57,000
Speaker 8: up Greenland and then pretty much focused solely on Greenland

215
00:10:57,000 --> 00:10:59,240
Speaker 8: and NATO and his speech yesterday, So I think that

216
00:10:59,400 --> 00:11:01,679
Speaker 8: just shows how how much of a priority this is

217
00:11:01,720 --> 00:11:05,599
Speaker 8: for the president. Just like what we saw with Venezuela,

218
00:11:06,760 --> 00:11:10,000
Speaker 8: that was something that the administration had been hinting at

219
00:11:10,040 --> 00:11:11,880
Speaker 8: for quite a bit, and I think with green Line,

220
00:11:11,880 --> 00:11:14,880
Speaker 8: it's going to be the same picture. I think, look,

221
00:11:14,960 --> 00:11:18,959
Speaker 8: President Trump, you know, he might make some aggressive claims,

222
00:11:19,000 --> 00:11:21,840
Speaker 8: and what history has shown so far is in some

223
00:11:22,000 --> 00:11:25,640
Speaker 8: shape or form, he does tend to get his way,

224
00:11:25,880 --> 00:11:29,559
Speaker 8: you could say, but I think, you know, he definitely

225
00:11:29,640 --> 00:11:32,360
Speaker 8: has scaled back his tone on he said he's not

226
00:11:32,400 --> 00:11:35,040
Speaker 8: going to use military force, but I do think he

227
00:11:35,120 --> 00:11:38,240
Speaker 8: is going to continue to push these discussions on how

228
00:11:38,320 --> 00:11:42,760
Speaker 8: the US can find a way to take over Greenland,

229
00:11:42,800 --> 00:11:44,600
Speaker 8: if not take over parts of Greenland.

230
00:11:44,960 --> 00:11:45,400
Speaker 2: It's gott of.

231
00:11:45,440 --> 00:11:47,959
Speaker 1: This whole affair has been hugely damaging to what was

232
00:11:48,000 --> 00:11:51,960
Speaker 1: already a fragile relationship between the US and its European allies.

233
00:11:52,040 --> 00:11:55,199
Speaker 1: We've seen European Parliament, for example, suspend implementation of the

234
00:11:55,679 --> 00:11:59,319
Speaker 1: trade deal. Does any of that matter to the Trump administration.

235
00:12:00,080 --> 00:12:02,560
Speaker 8: I think the Trump administration, I do think they value

236
00:12:02,600 --> 00:12:05,680
Speaker 8: their relationships with allies. I think one thing they have

237
00:12:05,840 --> 00:12:10,040
Speaker 8: done since returning back to the White House, lash year

238
00:12:10,320 --> 00:12:15,160
Speaker 8: is disrupted sort of global affairs, especially with what we saw,

239
00:12:15,360 --> 00:12:18,760
Speaker 8: you know, essentially on Liberation Day with President Trump rolling

240
00:12:18,800 --> 00:12:22,280
Speaker 8: out his various tariff policies. So I do think they

241
00:12:22,360 --> 00:12:26,040
Speaker 8: valued their relationships. But I mean it really comes as

242
00:12:26,080 --> 00:12:28,839
Speaker 8: no surprise. I mean, look, the President is known for

243
00:12:29,480 --> 00:12:31,839
Speaker 8: truthing that he is going to do something and then

244
00:12:31,880 --> 00:12:34,120
Speaker 8: taking a step back, which is really what we saw

245
00:12:35,240 --> 00:12:37,920
Speaker 8: with Visa and Green with the tariffs, he was threatening

246
00:12:37,920 --> 00:12:41,880
Speaker 8: to slap on the EU and the UK, you know.

247
00:12:42,000 --> 00:12:44,720
Speaker 8: So I mean, for anyone who's trying to maintain a relationship,

248
00:12:44,760 --> 00:12:46,760
Speaker 8: that's maybe not the best way to go about it,

249
00:12:46,840 --> 00:12:49,680
Speaker 8: but I mean that's the President's style, and it's sort

250
00:12:49,720 --> 00:12:53,280
Speaker 8: of just how do you know leaders around the world

251
00:12:53,320 --> 00:12:55,480
Speaker 8: adapt to that. But I would imagine that, you know,

252
00:12:56,280 --> 00:12:59,319
Speaker 8: the President wants to keep those relationships because he does

253
00:12:59,360 --> 00:13:01,160
Speaker 8: I think understand ended at the end of the day,

254
00:13:01,520 --> 00:13:03,800
Speaker 8: he has to have those relationships. And I think there's

255
00:13:03,840 --> 00:13:07,679
Speaker 8: people in his orbit who recognize that. But you know,

256
00:13:07,800 --> 00:13:10,200
Speaker 8: this is really the President sort of leading with that.

257
00:13:10,960 --> 00:13:13,920
Speaker 8: Even though there's been argument to how America first is this,

258
00:13:13,920 --> 00:13:16,480
Speaker 8: this is him basically trying to you know assert his

259
00:13:16,559 --> 00:13:21,880
Speaker 8: dominance that the US is, you know, the superpower, but

260
00:13:22,360 --> 00:13:26,280
Speaker 8: within that he's going to understand that he does need

261
00:13:26,280 --> 00:13:28,480
Speaker 8: to maintain those relationships.

262
00:13:28,920 --> 00:13:31,000
Speaker 1: Okay, Scotter, thanks so much for joining us our White

263
00:13:31,040 --> 00:13:34,760
Speaker 1: House reporter Scotler, what has there stay with us? More

264
00:13:34,800 --> 00:13:38,880
Speaker 1: from Bloomberg Daybreak Europe coming up after this. Now, for

265
00:13:38,920 --> 00:13:41,440
Speaker 1: the first time in twenty nine years, there's no English

266
00:13:41,480 --> 00:13:44,840
Speaker 1: football team in the top of Deloitte's Money League, which

267
00:13:44,880 --> 00:13:48,480
Speaker 1: tracks revenue generated by clubs across Europe. The top four

268
00:13:49,000 --> 00:13:52,199
Speaker 1: are Real Madrid FC, Barcelona, Barron Munich and Parisermin, with

269
00:13:52,240 --> 00:13:55,200
Speaker 1: Liverpool in fifth place. Our reporter team out of buyos

270
00:13:55,200 --> 00:13:59,000
Speaker 1: here with the details. Why is this significant milestone for

271
00:13:59,000 --> 00:13:59,760
Speaker 1: English football?

272
00:14:00,160 --> 00:14:00,920
Speaker 2: Well, I think it's.

273
00:14:00,760 --> 00:14:04,199
Speaker 9: Really significant in what it says really about the propulsive

274
00:14:04,400 --> 00:14:06,200
Speaker 9: power of the Premier League.

275
00:14:06,240 --> 00:14:07,640
Speaker 2: So despite winning.

276
00:14:07,400 --> 00:14:10,320
Speaker 9: The Premier League, Liverpool, as you mentioned, only fifth in

277
00:14:10,360 --> 00:14:13,280
Speaker 9: these money rankings. And that's even though the Premier League

278
00:14:13,320 --> 00:14:16,480
Speaker 9: is considered by many to be the most competitive league

279
00:14:16,520 --> 00:14:19,120
Speaker 9: in the world. That's also the most watched around the world.

280
00:14:19,200 --> 00:14:23,520
Speaker 9: So this is really a milestone in terms of showing

281
00:14:23,560 --> 00:14:27,040
Speaker 9: that perhaps the quality of football doesn't match the quality

282
00:14:27,080 --> 00:14:29,920
Speaker 9: of earnings here. But I also think it's a milestone

283
00:14:29,920 --> 00:14:33,560
Speaker 9: in terms of the internal earnings rankings for the English clubs.

284
00:14:33,600 --> 00:14:36,560
Speaker 9: It's the first time we've seen Liverpool be the top

285
00:14:36,680 --> 00:14:39,640
Speaker 9: of that group in these rankings. Previously we've seen the

286
00:14:39,680 --> 00:14:43,480
Speaker 9: dominance of mega clubs like Manchester United sorry twenty man

287
00:14:43,600 --> 00:14:45,480
Speaker 9: United fans that they lost out on a lot of

288
00:14:45,480 --> 00:14:48,400
Speaker 9: broadcast revenue last year due to poor performance in the

289
00:14:48,440 --> 00:14:51,520
Speaker 9: Premier League, and it seems that's only continued that they

290
00:14:51,520 --> 00:14:54,920
Speaker 9: didn't qualify for the top flight of European football, and

291
00:14:55,000 --> 00:14:57,960
Speaker 9: the similar thing happened to their direct rivals Manchester City

292
00:14:58,000 --> 00:15:00,640
Speaker 9: as well, So it could be a changing of the

293
00:15:00,640 --> 00:15:03,960
Speaker 9: god in that sense. But it also it really seems

294
00:15:04,000 --> 00:15:06,880
Speaker 9: overall that the Premier League is no longer the ticket

295
00:15:06,960 --> 00:15:10,120
Speaker 9: to financial success that it once was for these clubs.

296
00:15:10,360 --> 00:15:12,640
Speaker 1: So what's driven the revenue of those clubs that did

297
00:15:12,680 --> 00:15:14,920
Speaker 1: emerge on top I meant in the foreig names there.

298
00:15:15,520 --> 00:15:18,080
Speaker 9: Well, It's interesting because I think this shift really speaks

299
00:15:18,160 --> 00:15:21,600
Speaker 9: to perhaps the quality of Premier League football. In some ways,

300
00:15:21,800 --> 00:15:24,120
Speaker 9: you could say that the Premier League is a victim

301
00:15:24,160 --> 00:15:27,400
Speaker 9: of its own success and that it's so competitive now

302
00:15:27,400 --> 00:15:30,640
Speaker 9: that the eras of one or two clubs dominating has

303
00:15:30,680 --> 00:15:34,200
Speaker 9: really passed, and in comparison in Europe, that's exactly what's

304
00:15:34,240 --> 00:15:38,040
Speaker 9: been driving revenue. The most lucrative clubs and names like

305
00:15:38,560 --> 00:15:41,760
Speaker 9: Real Madrid or Buying Munich, Paris Sin Jerman they almost

306
00:15:41,800 --> 00:15:46,640
Speaker 9: always win domestic trophies and also qualify for the Champions League.

307
00:15:46,680 --> 00:15:49,480
Speaker 9: So that's a much safer bet for investors, and that

308
00:15:49,640 --> 00:15:53,640
Speaker 9: is really something we've seen being picked up, especially in

309
00:15:53,680 --> 00:15:56,240
Speaker 9: parts of the women's game that are looking to kind

310
00:15:56,280 --> 00:16:00,720
Speaker 9: of build steady revenue streams. The very popular nwe's The

311
00:16:00,840 --> 00:16:03,760
Speaker 9: US Women's League is a closed league, so there's no

312
00:16:03,800 --> 00:16:07,560
Speaker 9: promotion or relegation, and really the argument there is that

313
00:16:07,560 --> 00:16:11,600
Speaker 9: that attracts much bigger sponsorship and investment because it's a

314
00:16:11,640 --> 00:16:14,040
Speaker 9: safe bet that that team will continue to be in

315
00:16:14,080 --> 00:16:15,240
Speaker 9: top flight football.

316
00:16:16,640 --> 00:16:19,400
Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the

317
00:16:19,440 --> 00:16:22,520
Speaker 1: stories making news from London to Wall Street and beyond.

318
00:16:22,840 --> 00:16:26,000
Speaker 10: Look for us on your podcast feed every morning on Apple,

319
00:16:26,160 --> 00:16:28,920
Speaker 10: Spotify and anywhere else you get your podcasts.

320
00:16:29,000 --> 00:16:32,040
Speaker 1: You can also listen live each morning on London DAB Radio,

321
00:16:32,080 --> 00:16:34,600
Speaker 1: the Bloomberg Business app, and Bloomberg dot Com.

322
00:16:34,840 --> 00:16:37,600
Speaker 10: Our flagship new York Station is also available on your

323
00:16:37,640 --> 00:16:42,320
Speaker 10: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

324
00:16:42,560 --> 00:16:43,880
Speaker 10: I'm Caroline Hipka and.

325
00:16:43,840 --> 00:16:46,480
Speaker 1: I'm Stephen Carroll. Join us again tomorrow morning for all

326
00:16:46,520 --> 00:16:48,920
Speaker 1: the news you need to start your day right here

327
00:16:48,960 --> 00:16:54,200
Speaker 1: on Bloomberg Daybreak Europe