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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.

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Speaker 2: Karen, we begin in Washington, where debate continues in the

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Speaker 2: Senate on President Donald Trump's massive tax and spending cut bill.

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Speaker 2: This morning, senators kick off a marathon voting session on

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Speaker 2: dozens of amendments to the legislation. The process is likely

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Speaker 2: to take all day, but Senate Majority Leader John Thune

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Speaker 2: is hopeful it will get done in the end.

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Speaker 4: Republicans are united in our commitment to what we're doing

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Speaker 4: in this bill, securing our border, strengthing our national defense,

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Speaker 4: growing our economy, unleashing American energy, cutting waste, fraud and abuse,

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Speaker 4: and preventing tax hikes on hardworking Americans.

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Speaker 2: Majority Leader Thoon is going to be working behind the

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Speaker 2: scenes to ease republicans competing concerns. North Carolina's Tom Tilli

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Speaker 2: says the medicaid cuts in the bill go too far.

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Speaker 5: What do I tell six hundred and sixty three thousand

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Speaker 5: people and two years or three years when President Trump

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Speaker 5: breaks his promise by pushing them off of medicaid because

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Speaker 5: the funding's not there.

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Speaker 2: Republican Tom Tillis announced he will not seek reelection next

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Speaker 2: year after President Trump threatened to primary him for voting

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Speaker 2: against the bill. Other Republicans are pushing for even faster

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Speaker 2: Medicaid cuts to shrink the bill's price tag, and Elon

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Speaker 2: Musk is weighing in as well. The Tesla CEO and

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Speaker 2: former Trump advisor says cuts to electric vehicle and clean

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Speaker 2: energy text credits would be incredibly destructive to the country.

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Speaker 2: Republicans are racing to get the bill to President Trump's

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Speaker 2: desk by the end of this week.

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Speaker 3: Nathan, we have several developments on the trade front this morning.

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Speaker 3: The UK US trade deal is officially in effect. It

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Speaker 3: marks the only trade agreement the White House is implemented,

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Speaker 3: but nine days to go on its self imposed tariff pause.

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Speaker 3: Let's go to London and get the latest of Bloomberg's

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Speaker 3: un Potts. You and good morning, Karen, Nathan.

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Speaker 6: As global leaders scramble to agree tariff deals with the US,

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Speaker 6: the UK's is now in place. British car manufacturers can

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Speaker 6: now export to the US with a ten percent tariff,

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Speaker 6: down from the twenty five percent rate imposed on other countries,

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Speaker 6: and aerospace companies like rolls. Royce now face zero tariffs

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Speaker 6: on goods including engines and aircraft parts. However, there's no

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Speaker 6: sign of progress towards reducing levees on the UK's beleaked

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Speaker 6: steel industry. Those remain at twenty five percent in London.

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Speaker 6: I'm you in pots Bloomberg Radio.

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Speaker 7: Thanks you.

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Speaker 2: And trade taks between the US and Japan continue, and

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Speaker 2: President Trump's flooding the idea of keeping twenty five percent

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Speaker 2: tariffsign Japanese cars. That duty has emerged as one of

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Speaker 2: the key sticking points in the negotiations. Washington's focusing on

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Speaker 2: its large deficit in the auto sector, while Tokyo is

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Speaker 2: trying to protect a key pillar of its economy.

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Speaker 8: Nathan.

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Speaker 3: Canada is making a move to try to jumpstart trade

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Speaker 3: talks with the uare so it as withdrawing its digital

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Speaker 3: services tags on technology companies such as meta platforms in alphabet.

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Speaker 3: The tax, which has passed into law last year, would

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Speaker 3: have charged three percent of digital services revenue above fourteen

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Speaker 3: million dollars in a calendar year. The move infuriated President Trump,

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Speaker 3: who on Friday said he was ending all trade discussions

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Speaker 3: with Canada.

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Speaker 2: Well Karen, President Trump says he's identified a buyer for

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Speaker 2: the US operations of TikTok, but he's not naming the

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Speaker 2: winning bidder. The news comes after US and Chinese officials

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Speaker 2: confirmed they had agreed on a trade framework last week.

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Speaker 2: Speaking in a pre taped interview with Fox News, the

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Speaker 2: President expanded on the TikTok terms.

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Speaker 9: We have a buyer for TikTok.

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Speaker 5: By the way, I think I'll need probably China.

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Speaker 9: I think Presidency will probably do it.

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Speaker 3: Was a group of very wealthy people.

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Speaker 2: I was President Trump speaking on Fox Now. January deadline

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Speaker 2: for TikTok's Chinese parent, Byte Dance to find a local

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Speaker 2: buyer was pushed back twice by the President. This month,

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Speaker 2: he extended that deadline again a further ninety days from

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Speaker 2: June nineteenth.

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Speaker 3: Nathan. President Trump also aid in on the Democratic nominee

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Speaker 3: for New York City mayor, Zooran Mamdani in that Fox

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Speaker 3: News interview.

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Speaker 1: He's a communist and he's a pure communist.

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Speaker 10: I think he admits it.

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Speaker 3: And the President raised the possibility of withholding federal funds

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Speaker 3: for the city if Mandani's elected in November. The thirty

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Speaker 3: three year old has described himself as a democratic socialist

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Speaker 3: and In an interview with NBC's Meet the Press, he

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Speaker 3: was asked if he thinks billionaires should exist.

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Speaker 9: I don't think that we should have billionaires because, frankly,

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Speaker 9: it is so much money in a moment of such inequality.

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Speaker 3: And Zoron Mandani says business leaders have told him the

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Speaker 3: high cost of living in the city is keeping them

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Speaker 3: from attracting and retaining talent. He also says there's no

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Speaker 3: room for anti Semitism in New York, but he declined

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Speaker 3: to condemn the phrase globalize the Intifato, which is offensive

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Speaker 3: to many Jewish people. You can hear Meet the Press

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Speaker 3: every Sunday on Bloomberg Radio.

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Speaker 2: Well back to the markets now, Karen Traders begin the

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Speaker 2: this week with stocks at all time highs. On Friday,

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Speaker 2: the S and P five hundred joined the Nasdaq one hundred,

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Speaker 2: closing at records. Stocks have made a stunning recovery from

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Speaker 2: April and the tariff turmoil that started the quarter, adding

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Speaker 2: almost ten trillion dollars in value after teetering on the

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Speaker 2: cusp of a bear market just two months ago. Troy

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Speaker 2: Gayski's chief market strategist at FS Investments.

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Speaker 8: Ernie's estimates have come down rightfully, but I think at

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Speaker 8: the end of the day, the technical strength of markets

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Speaker 8: continues to be underestimated, as well as the continued strength

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Speaker 8: and the consumer.

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Speaker 2: It's FS Investments Chief market strategist Troy Gayski. US equities

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Speaker 2: took in one hundred and sixty four billion dollars of

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Speaker 2: inflow so far this year. Bank of America says that's

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Speaker 2: on course for the third largest annual allocation in history.

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Speaker 3: Nathan Goldman sachs as US profit margins face a big

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Speaker 3: test in the upcoming reporting season as investors assess the

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Speaker 3: damage from President Trump's trade war. Goldman says the second

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Speaker 3: quarter earnings will capture the immediate effects of tariffs that

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Speaker 3: have increased by about ten percentage points since the start

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Speaker 3: of the year. Analysts expect a sharp slowdown in US

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Speaker 3: profit growth for the second quarter, with earnings per share

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Speaker 3: I expected to rise only two point six percent for

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Speaker 3: the April June period.

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Speaker 2: Well, legendary short seller Jim Chenos is sounding a warning, Karen.

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Speaker 2: While enthusiasm for all things artificial intelligence has helped propel

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Speaker 2: stocks to all time highs Chenos says the AI ecosystem

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Speaker 2: is getting close to a potential pullback. He spoke at

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Speaker 2: an odd Lot's podcast recording last week.

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Speaker 10: There is an ecosystem around the AI boom that is considerable,

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Speaker 10: as there was for TMT back in ninety nine and

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Speaker 10: two thousand, but it is a risk year revenue stream

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Speaker 10: because if people pull back, they can pull back CAPEX

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Speaker 10: very easily. Projects can get put on hold for six

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Speaker 10: months or nine months, and that immediately shows up in

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Speaker 10: disappointing revenues and earnings forecast if it happened.

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Speaker 2: Jim Chenos likens the dominance of AI companies to networking

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Speaker 2: giants like Cisco and Lucent that characterized the market in

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Speaker 2: the nineteen nineties and saw their stock soore as companies

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Speaker 2: upgraded their systems to handle the new Internet age.

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Speaker 3: Nathan Chairs of Junipers surging more than eight percent this morning.

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Speaker 3: The Justice Department has settled this lawsuit challenging Hewlett Packard

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Speaker 3: Enterprises thirteen billion dollar takeover of Juniper Networks. The agreement

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Speaker 3: will require the combined company to sell HPEES instant on

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Speaker 3: wireless networking business and auction off a license to Juniper's

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Speaker 3: competing missed business. Shares of Hewlett Packard they are up

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Speaker 3: more than four percent. The settlement comes less than two

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Speaker 3: weeks before a trial was set to start. Time now

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Speaker 3: for a look at some of the other stories making

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Speaker 3: news in New York and around the world. And for

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Speaker 3: that we're joined by Bloomberg's John Tucker. John, Good morning, and.

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Speaker 7: Good morning Karen. A fire on Canfield Mountain Quarterlane, Idaho,

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Speaker 7: appears to have been intentionally sent to set up an

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Speaker 7: ambush for firefighters. The local county sheriff, Bob Norris says

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Speaker 7: two of the responding firefighters were killed. One more is heard.

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Speaker 6: We believe based on.

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Speaker 2: The information that we've been able to collect, that we

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Speaker 2: believe that there was only one shooter.

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Speaker 7: Well. A suspect was later found dead of a gunshot wound.

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Speaker 7: Hours after the end of the pri parade at New York,

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Speaker 7: two people were injured in a shooting in Greenwich Village,

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Speaker 7: just blocks from the Stone Wall Inn. Please say shots

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Speaker 7: were fired at three Sheridan Square just after ten last night.

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Speaker 7: One person was shot in the head and was taken

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Speaker 7: to a hospital in critical condition. Another person was injured

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Speaker 7: in the leg. No resks have been made, but a

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Speaker 7: gun was recovered at the scene. President Trump says he's

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Speaker 7: not offering Iran anything and that he hasn't been talking

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Speaker 7: to them since the US struck Iran's nuclear facilities. The

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Speaker 7: President making the comments in a post on truth Social Earlier.

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Speaker 7: In comments on Fox News on Sunday, the President suggested

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Speaker 7: he might back eventual sanctions relief for Iran if, in

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Speaker 7: his words, they can be peaceful. In New York, jury

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Speaker 7: deliberations expected to start today at former rap music mogul

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Speaker 7: Sean P. Diddycalms sex trafficking trial. This follows closing arguments

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Speaker 7: of the case on Friday and twenty three. In me

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Speaker 7: is secure bankruptcy court approval to sell its genetic data

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Speaker 7: trove to its co founder and a related nonprofit for

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Speaker 7: three hundred and five million dollars. It includes the genetic

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Speaker 7: data of more than thirteen million customers. The sale comes

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Speaker 7: despite Staunch's pushback from a slew of states that raise

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Speaker 7: privacy concerns. Global News twenty four hours a day, whenever

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Speaker 7: you want it with Bloomberg News Now. I'm John Tucker

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Speaker 7: is Bloomberg, Karen and Nathan.

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Speaker 3: All Right, John Tucker, thank you time now for the

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Speaker 3: Bloomberg Sports update, brought to you by Flashing Bank. Here's

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Speaker 3: John Stashauer. John, Good morning, Good morning, Garon.

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Speaker 9: No one had a worst weekend than the Mets, the

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Speaker 9: worst three game series in team history. Even the one

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Speaker 9: hundred and twenty lost nineteen six sixty two Mets never

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Speaker 9: lost three games by twenty six runs. The Pirates won

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Speaker 9: nine to one and then nine to two. Then the

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Speaker 9: Mets tell the players only team meeting and lost twelve

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Speaker 9: to one, so outscored thirty to four. Carlos Mendoza's team

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Speaker 9: has lost thirteen to the last sixteen.

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Speaker 10: We are all frustrated.

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Speaker 11: Obviously, We're not gonna lie.

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Speaker 10: We're better than that, and they know that.

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Speaker 3: You know, it's a tough stretch, but.

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Speaker 1: We got to be better.

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Speaker 11: You know, it starts with me.

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Speaker 9: You know, we believe in those guys.

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Speaker 7: Off day tomorrow and then we got another.

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Speaker 9: Good team coming into town.

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Speaker 11: You know, on the Brewers.

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Speaker 9: The Rulers might be good, the Pirates are not. That's

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Speaker 9: what made this series so shocking. Pittsburgh has lost fifty

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Speaker 9: games since in last place. Mets are in second game

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Speaker 9: of half Pine the Phillies. The Yankees lead on Tampa

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Speaker 9: Bay and the Alias just one and a half. Yanks

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Speaker 9: at the Stadium beat the Ages twelve to five. Aaron

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Speaker 9: Judge with his twenty ninth and thirtieth home runs of

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Speaker 9: the season. Jazz Chisholm Howard also had a three run triple.

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Speaker 9: Marcus Stroman beat the one time Yankee yas Luis Sevarinos.

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Speaker 9: Stroman's first game since early April, lost at Toronto five

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Speaker 9: to three. The Nationals meet the Angels seven to four.

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Speaker 9: NBA free agency begins today, but the biggest names are stained,

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Speaker 9: but that includes Lebron James In his twenty third season,

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Speaker 9: Lebron will make fifty two point six million for the Lakers.

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Speaker 9: James Harden also staying in LA with the Clippers two

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Speaker 9: years eighty one million, and the ex Nick Julius Randall,

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Speaker 9: a year ago traded in Minnesota. Timberwolves just gave Randall

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Speaker 9: a new three year, one hundred million dollar deal. Wimbledon

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Speaker 9: begins today early this morning. Matches for Americans Francis Tiafo

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Speaker 9: and Madison Keys, as well as the women's South Cita

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Speaker 9: Rita Sablenka. Patrick Harrington won the Senior Open golf at

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Speaker 9: Colorado Springs. One of thoroughbred racing's greatest trainers has died.

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Speaker 9: D Wayne Lucas was eighty nine. His horse has won

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Speaker 9: fifteen Triple Crown.

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Speaker 1: Races coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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

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Speaker 1: Bloomberg Business app. This is Bloomberg Day Break.

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Speaker 2: Good Morning on Nathan Hager, and the race is on

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Speaker 2: in the Senate to get President Donald Trump's big tax

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Speaker 2: and spending cut bill done by the end of the week.

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Speaker 2: But as a marathon round of amendment votes begins today,

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Speaker 2: at least one Republican North Carolina's Tom Tillis is urging

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Speaker 2: his colleagues to slow things down.

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Speaker 5: We've got a view on an artificial deadline on July

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Speaker 5: fourth that means nothing but another date in Tom.

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Speaker 2: It was North Carolina Senator Tom Tillis speaking on the

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Speaker 2: Senate floor this morning. We're joined by Bloomberg New Senior

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Speaker 2: Editor Bill Ferries and Bill We've seen so much drama

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Speaker 2: surrounding this bill, Senator even on Senator Tillis saying he's

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Speaker 2: not going to seek re election after opposing the legislation.

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Speaker 2: How much more drama can we expect today? Good morning,

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Speaker 2: Good morning.

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Speaker 11: Yeah, it's going to be a very interesting day. The

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Speaker 11: Senate coming back in after a late night they should

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Speaker 11: be in around nine am to start this so called

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Speaker 11: vote rama where they start taking up the amendments to

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Speaker 11: this legislation. And I think Republican leader John Thune behind

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Speaker 11: the scenes will be continue to be doing a lot

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Speaker 11: of armed time seen to get this through. Now that

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Speaker 11: voting on amendments, I mean, it's hard to know how

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Speaker 11: long that could take. It's in the pass gone anywhere

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Speaker 11: from twelve to fifteen hours, So in terms of a

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Speaker 11: final vote on the legislation, we could be talking about

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Speaker 11: very late Monday night, sometime early Tuesday morning there on

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Speaker 11: the East coast, but it's you know, that would be

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Speaker 11: that's the deadline they have to really meet if they

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Speaker 11: want to get it back to the House and have

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Speaker 11: this thing on the President's desk by July fourth. You

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Speaker 11: mentioned Tom Tillis, he was already under a lot of pressure.

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Speaker 11: Ran Paul looks like he's not supportive of the legislation.

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Speaker 11: So that's two of the three votes Republicans can afford

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Speaker 11: to lose and still pass this. So it's going to

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Speaker 11: be very much down to the wire.

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Speaker 2: Who are you watching in terms of Republicans who could

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Speaker 2: be wavering on this legislation.

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Speaker 11: Well, sure, I mean two at the top of the list,

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Speaker 11: it's going to be Susan Collins of Maine Lisa Murkowski

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Speaker 11: of Alaska. They have both had a lot of concerns

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Speaker 11: about some of the cuts to Medicaid benefits and say,

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Speaker 11: you know, they've expressed concern that too many people could

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Speaker 11: lose health coverage if this bill passes. So the Republicans

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Speaker 11: cannot afford to lose both of them. They could lose

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Speaker 11: one and still have JD Vance as a tiebreaker, but

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Speaker 11: if they lose both, the bill dies there and they'll

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Speaker 11: I think the Republican leadership will have to figure out

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Speaker 11: how to pick up the pieces.

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Speaker 2: And in the meantime, it seems like the price tag

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Speaker 2: on this legislation keeps rising when you look at what's

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Speaker 2: coming out of the Congressional Budget Office, and you have

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Speaker 2: to think a lot of Republicans, no matter which side

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Speaker 2: they stand on the spending cuts, have to be thinking

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Speaker 2: about the impact on the midterms next year.

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Speaker 11: Absolutely, the CBO scoring on this bill on the Senate

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Speaker 11: version so that I think it costs five hundred billion

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Speaker 11: dollars more over the coming decade than the House version.

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Speaker 11: That is going to be very difficult for particularly Republican

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Speaker 11: members in the House the stomach. They already any of

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Speaker 11: them already thought the bill was too expensive. Seeing it

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Speaker 11: increase by that much over the decade is going to

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Speaker 11: be it's going to be hard for them to support that.

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Speaker 11: So that's some of the arm twisting and tweaks I

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Speaker 11: think we might see in the amendments that come up

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Speaker 11: in the coming hours once the Senate's back in session.

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Speaker 2: Only about thirty seconds left. We got medicaid cuts to

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Speaker 2: think about, as well as the tax cut promises that

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Speaker 2: President Trump promised the middle class. What's the potential political

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Speaker 2: impact of this bill.

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Speaker 11: Well, I think if you do get you know, if

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Speaker 11: you do pass something that reduces taxes on tips, I

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Speaker 11: think that's going to be seen as a big win

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Speaker 11: by Trump and the Republicans. I think we have to

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Speaker 11: see if that salt tax deduction is something that Republicans

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Speaker 11: in the Northeast are happy with when this goes back

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Speaker 11: to the House.

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