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

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we'll have more on the markets in a minute,

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Speaker 3: but we begin with the latest on the deadly shooting

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Speaker 3: spree in New York City. A gunman shot and killed

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Speaker 3: four people before turning the gun on himself at the

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Speaker 3: epicenter of American Finance, in a building that houses the

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Speaker 3: offices of the National Football League. Bloomberg's John Tucker joins

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Speaker 3: us from Manhattan with the very latest.

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Speaker 4: John and Nathan's security camera footage at three forty five

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Speaker 4: Park Cabinue who shows the shooter double Park is black.

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Speaker 4: BMW enter the lobby of the forty four story dark

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Speaker 4: glass tower with an assault rifle. He turns right and

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Speaker 4: immediately opens fire on an NYPD officer. He then shoots

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Speaker 4: a woman who took cover behind a pillar, and proceeds

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Speaker 4: through the lobby, spring it with gunfire. He makes his

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Speaker 4: way to the elevator bank, where he shoots a security

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Speaker 4: guard who is taking cover behind a desk. NYPD Commissioner

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Speaker 4: Jessica Tish goes up.

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Speaker 5: To the thirty third floor, which is Roodent Management and

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Speaker 5: begins to walk the floor, firing rounds as he traveled.

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Speaker 4: Mayor Eric Adams identifies the murdered police officer, who was

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Speaker 4: in uniform working security, as thirty six year old dar

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Speaker 4: Adel Islam, married with two young boys and a pregnant wife.

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Speaker 6: He's an immigrant from Bangladesh and he loved this city,

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Speaker 6: and everyone we spoke with stated he was in person

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Speaker 6: of faith.

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Speaker 4: Jessica Chen was attending a presentation on the second floor

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Speaker 4: with over one hundred colleagues when they heard the commotion.

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Speaker 4: Her first instinct was to text her loved ones.

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Speaker 7: Testing my parents that I love them.

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Speaker 8: I tested people good in.

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Speaker 7: My life that I love them. We were honestly, really

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Speaker 7: really scared.

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Speaker 4: Three forty five Park is home to Rudent Management, the

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Speaker 4: investment company blacks Stone KPMG, and the National Football League.

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Speaker 4: A Blackstone employee was among those killed. At ESPN reports

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Speaker 4: one NFL employee was seriously injured, and now law enforcement

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Speaker 4: officials are telling Bloomberg the gunman was targeting the NFL

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Speaker 4: but ended up on a Rootent Management floor by mistake.

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Speaker 4: The shooters identified as Las Vegas resident Shane Devon Tamara.

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Speaker 4: He was found dead from what's believed to be a

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Speaker 4: self inflicted gunshot wound, and his social media feed showed

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Speaker 4: he had a football career that ended after a head injury,

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Speaker 4: and he wrote that the NFL didn't do enough. He

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Speaker 4: has a documented history of mental health problems. He previously

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Speaker 4: worked as a security guard at a Las Vegas casino

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Speaker 4: and did hold a concealed Carrie permit for Nevada. In

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Speaker 4: New York Time, John Socker Bloomberg Radio.

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Speaker 2: Nathan, we want to turn out to the trade talks,

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Speaker 2: and Commerce Secretary Howard Lutnik is sounding optimistic that the

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Speaker 2: US and China will be able to extend their trade

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Speaker 2: truths in other ninety days.

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Speaker 9: They're talking right now. The decision maker, of course, with

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Speaker 9: President Trump. I'm sure the people with who are speaking

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Speaker 9: with China.

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Speaker 8: We're going to go discuss with.

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Speaker 9: President Trump how he wants to play it. He's got

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Speaker 9: an excellent relationship with President She and I think we'll

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Speaker 9: leave that to Donald Trump to decide how he wants

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Speaker 9: to do it. Is that a lively outcome, Sure it

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Speaker 9: seems that way, but let's leave it to President Trump

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Speaker 9: to decide.

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Speaker 2: Commer Secretary Howard Lutnek spoke on Fox News. Treasury Secretary

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Speaker 2: Scott Bessend is leading a delegation and a third round

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Speaker 2: of talks with Chinese officials that's said to wrap up

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Speaker 2: today in Sweden. Meantime, the President Taiwan appears to have

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Speaker 2: canceled an overseas trip next week after the Trump administration

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Speaker 2: failed to approve his stopover in the US. Sources to

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Speaker 2: say there is growing concern that Lei Ching does visit

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Speaker 2: could derail the China talks. In a possible summit between

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Speaker 2: President Trump and Xieshin Ping on Truth's Social President Trump

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Speaker 2: denied he's seeking a meeting with she that we said

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Speaker 2: he could go to China if the President invites him well.

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Speaker 3: Meanwhile, Karen, the trade agreement that the European Union just

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Speaker 3: reats with the US is facing outing criticism. The deal

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Speaker 3: would slap fifteen percent tariffs on most EU exports, while

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Speaker 3: the average duty on US goods should drop below one

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Speaker 3: percent once the agreement goes into effect. We get more

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Speaker 3: from Bloomberg News executive editor Paul Dobson.

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Speaker 10: It does seem like as people considered this deal, they

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Speaker 10: detected that there were some weaknesses within what the European

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Speaker 10: Union had conceded in order to get it done. So, yes,

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Speaker 10: having some sort of a deal removes that risk of escalation,

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Speaker 10: but it also sort of takes away the bargaining ships

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Speaker 10: that the authorities had to try to drive better deal.

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Speaker 10: In some parts of the business.

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Speaker 3: World, Bloomberg's Paul Dobson reports the US and EU are

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Speaker 3: working on a non legally binding joint statement by this Friday,

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Speaker 3: and then we'll start working on a legally binding text.

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Speaker 3: An EU official says that could take time. These kinds

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Speaker 3: of trade accords usually take years of negotiations.

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Speaker 2: Nathan, there may be a mega rail deal in the works.

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Speaker 2: Bloomberg News has learned United Union Pacific is near an

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Speaker 2: agreement for a stock and cash dealed by Norfolk Southern

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Speaker 2: would value the small Arrival at about three hundred and

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Speaker 2: twenty dollars a share. That price would represent a roughly

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Speaker 2: twenty three percent premium to Norfolk Southern stock price before

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Speaker 2: the first reports of a potential deal this month. If kimpleted,

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Speaker 2: this would be the rail industry's biggest ever tie up.

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Speaker 3: Certain of the equity markets now, Karen futures are pointed

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Speaker 3: higher as we enter the Tuesday session.

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Speaker 8: The SMP five hundred.

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Speaker 3: Eek got a gain yesterday to nach it's sixth consecutive

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Speaker 3: record close. Cameron Dawson is chief investment officer at New

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Speaker 3: Edge Wealth.

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Speaker 5: We've been thinking that the one risk to the upside

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Speaker 5: in the US is that we were calling it the

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Speaker 5: prints market, where we could sing, let's go crazy and

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Speaker 5: party like it's nineteen ninety nine. And there are certainly

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Speaker 5: aspects of this market that are starting to look very frothy.

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Speaker 5: We're starting to see huge rallies in the most speculative

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Speaker 5: portions of the market. You see a lot of options

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Speaker 5: activity that is only betting on the upside. All this

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Speaker 5: speculative fervor shows that there are investors that are absolutely

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Speaker 5: clamoring for risk and have zero for any potential downside.

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Speaker 3: New Edge welths Cameron Dawson thinks earnings will be the

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Speaker 3: key driver for markets going forward.

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Speaker 2: Well, speaking of earnings, Nathan, it'll be another busy day

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Speaker 2: with nearly three dozen companies in the S and P

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Speaker 2: five hundred reporting, and they include Boeing. We get a

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Speaker 2: preview with Bloomberg's Tom Busby.

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Speaker 8: Boeing is back.

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Speaker 11: Look for strong improvement in Boeing's cash burn and its

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Speaker 11: operations after it delivered a healthy one hundred and fifty

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Speaker 11: jets in the second quarter, more than expected and sixty

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Speaker 11: three percent more than the same period one year ago.

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Speaker 11: A potential strike by Machinist at its defense unit, the

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Speaker 11: maker of the F fifteen and FA eighteen fighter jets,

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Speaker 11: could weigh on its outlook, though Bloomberg consensus calls for

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Speaker 11: total revenue of twenty one point six to eight billion

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Speaker 11: dollars on a core loss per share of one dollar

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Speaker 11: forty cents on a negative cash flow of one point

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Speaker 11: seventy nine billion dollars.

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Speaker 8: Tom buzzby Bloomberg Radio.

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Speaker 3: All right, Tom, thanks, it's also a busy day for

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Speaker 3: earnings in Europe. Let's go to London check in with

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Speaker 3: Bloomberg's Ewan Pots for the very latest.

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Speaker 8: Good morning you and.

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Speaker 12: Nathan and Karen Treys. British bank Barclays have turned in

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Speaker 12: their best second quarter performance in three years, the twenty

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Speaker 12: six percent game recorded in the fixed income business, driven

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Speaker 12: by tariff induced volatility in markets. Tariff's also in focus

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Speaker 12: for carmakers. Dalantis, the Italian company behind Chrysler and Jeep,

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Speaker 12: says it expects to take a one point two billion

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Speaker 12: Euro hit in the second half following the EU's trade

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Speaker 12: deal with the United States, and we also had earnings

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Speaker 12: from the most valuable listed company in London, drug maker

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Speaker 12: AstraZeneca reporting better than expected sales and rising profit for

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Speaker 12: the second quarter, spurred by its stable of cancer medicines

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Speaker 12: and growth in the United States. In London. I'm un

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Speaker 12: pots Bloomberg Radio.

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Speaker 2: A right you and thank you. Another major bank once

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Speaker 2: its employees back in the office, HSBC is asking our

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Speaker 2: managing directors to return to their desks at least four

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Speaker 2: days a week starting in October. Five years after the

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Speaker 2: global pandemic field and unprecedented boom in remote work, bank

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Speaker 2: executives have become more volgal and insisting networker's return to

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Speaker 2: the office. Back in January, JP Morgan Chase told its

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Speaker 2: employees to come back five days a week.

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Speaker 8: And Karen the gold bull rush may not be over.

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Speaker 3: Fidelity says the commodity could hit four thousand dollars an

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Speaker 3: ounce by the end of next year. The firm sites

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Speaker 3: the Federal Reserve likely to cut rates to cushion the economy,

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Speaker 3: the falling dollar, and central banks adding to their holdings.

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Speaker 3: Checking gold prices right now, Comix golds up three tenths

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Speaker 3: of one percent, trading at thirty three hundred and seventy

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Speaker 3: seven dollars and fifty cents per ounce.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's Michael Barr.

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Speaker 8: Michael, Good morning, Good morning Karen.

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Speaker 13: This week, two hundred million Americans are under heat alerts

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Speaker 13: from South Dakota to the Northeast. In New York City,

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Speaker 13: temperatures could reach as high as one hundred degrees today.

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Speaker 13: In Boston, the highest forecast to hit ninety seven. The

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Speaker 13: temperature will be in the mid nineties in the nation's capital.

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Speaker 13: President Trump is putting pressure on Russia to make a

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Speaker 13: piece deal with the Ukraine. The President had given Vladimir

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Speaker 13: Putin fifty days until early September to make a peace

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Speaker 13: deal with Ukraine. Speaking in Scotland, the President now says

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Speaker 13: he's moving up that deadline.

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Speaker 14: I'm going to make a new deadline of about ten,

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Speaker 14: ten or twelve days from today.

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Speaker 8: There's no reason in waiting.

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Speaker 13: The President has threatened to hit Russia with quote very

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Speaker 13: severe tariffs. Former Russian president Dmitri Medvedev Warren that President

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Speaker 13: Trump's ultimatum is quote a step towards war between Russia

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Speaker 13: and the US. Israeli Prime Minister Benjamin at Nahu says

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Speaker 13: no one in Gaza is starving. President Trump disagrees and

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Speaker 13: notes the images emerging of emaciated people. The World Health

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Speaker 13: Organization says sixty three of the seventy four malnutrition related

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Speaker 13: deaths in Gaza this year have occurred this month. Those

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Speaker 13: included twenty four children under the age of five. UNICEF

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Speaker 13: spokesman Ricardo is in Gaza.

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Speaker 15: More part theers need to be open. More humanitarian aid

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Speaker 15: needs to flow is through the sky. It's again very welcome,

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Speaker 15: but it cannot replace the efficiency of trucks that actually

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Speaker 15: go to communities and do not put them at risk.

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Speaker 13: Israel has agreed to a temporary halt in the fighting

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Speaker 13: in Gaza while air drops of food and medical supplies

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Speaker 13: are being sent in. President Trump asked a judge to

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Speaker 13: order Rupert Murdoch to set for a deposition within fifteen

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Speaker 13: days in mister Trump's ten billion dollar libel lawsuit against

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Speaker 13: the Wall Street Journal over a story about Jeffrey Epstein.

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Speaker 13: The President argued and expedited schedule is justified due to

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Speaker 13: the executive's advanced age. Meanwhile, Epstein's accomplice Kallay Maxwell, asked

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Speaker 13: the Supreme Court to consider an appeal to overturn her

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Speaker 13: sex trafficking conviction. Global News twenty four hours a day

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Speaker 13: and whenever you want it with Bloomberg News. Now.

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Speaker 8: I'm Michael Barn.

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Speaker 13: This is Bloomberg Karen.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Scores update, brought to you by Flushing Bank. And

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Speaker 2: here's John stash Hour. John, good morning.

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Speaker 16: You want to care. The Mets took their seven game

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Speaker 16: winning streak to San Diego, got a Markiento's grand slam

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Speaker 16: of the fifth inning, only to have the Padres came

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Speaker 16: right back with five runs in the bottom of the fifth.

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Speaker 16: The Mets trailed six to five in the top of

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Speaker 16: the nine, and he hits one of the air the tap,

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Speaker 16: bright cutter, black coast.

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Speaker 17: Tatis takes a.

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Speaker 13: Look and this game is tied.

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Speaker 17: Joddy Maarisio for the second straight night.

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Speaker 16: What tight home on the top of the ninth.

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Speaker 2: I have a Mets of cutting.

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Speaker 8: Back even six to six?

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Speaker 16: Yes, and why Maratio had that four hit nine total

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Speaker 16: base game in Sundays win in San Francisco.

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Speaker 8: The Padres, however.

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Speaker 16: Scored bottom of the ninth off new met reliever Gregory Soto,

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Speaker 16: who hurt himself with an error. Padres won seven to

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Speaker 16: six Mets Day game and a half head of the Phillies,

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Speaker 16: who lost with the White Sox at the Stadium. The

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Speaker 16: Yankees had three hits in the first inning, score twice,

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Speaker 16: and then did nothing in the rest of the game.

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Speaker 16: Lost to Tampa Bay four to two. Lost a chance

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Speaker 16: to gain ground on Toronto, who lost in Baltimore. The

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Speaker 16: Jay's Day five and a half ahead. Red Sox lost

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Speaker 16: in Minnesota five to four. Nationals won two to one

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Speaker 16: in Houston the day after the inductions in Cooperstown. A

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Speaker 16: Hall of Famer has passed away. Ryan Sandberg was sixty five,

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Speaker 16: had battled kin through the past year and a half.

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Speaker 16: Played fifteen years for the Cubs, a ten time All Star,

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Speaker 16: nine Gold Gloves, the NLMVP in nineteen eighty four. There

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Speaker 16: it's a statue of Sandburg outside Wrigby Field. Dean Sanders

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Speaker 16: revealed that he's been battling ladder cancer. The NFL Hall

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Speaker 16: of Famer current Colorado coach made his first comments with.

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Speaker 14: Now wonderful people like this, I probably wouldn't be sitting

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Speaker 14: here today because it grew so expeditiously. I could say, man,

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Speaker 14: everybody get checked out, because I've been one for me

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Speaker 14: getting tested for something else. They wouldn't have stumbled up

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Speaker 14: on this. And make sure you go to the get

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Speaker 14: the right care.

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Speaker 16: Jon had successful surgeries, doctor said Sanders is healed.

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Speaker 8: Johns Dashey or Bloomberg Sports.

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Speaker 2: Karenamathan, all right, John, thank you, and Bloomberg Daybreak is

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Speaker 2: brought to you by Flushing Bank. Life's more rewarding with

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Speaker 2: Flushing Banks complete cash rewards program for personal and business

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Speaker 1: 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 Daybreak.

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Speaker 8: Good morning. I'm Nathan Hager.

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Speaker 3: The heart of New York City's financial district is reeling

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Speaker 3: this morning after a deadly mass shooting inside the building

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Speaker 3: that houses Blackstone, the NFL and many other businesses.

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Speaker 8: New York City Mayor Eric Adams no.

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Speaker 6: Hearts to heavy. Five innocent people shot tonight. We lost

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Speaker 6: four souls to know the senseless act of gun violence.

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Speaker 3: Mayor Adam spoke last night after the gunfire inside three

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Speaker 3: p forty five Park Avenue. Joining us this morning, Bloomberg's

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Speaker 3: Miles Miller, who's covered New York City for decades. Miles,

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Speaker 3: good morning, what's the latest that we know about this shooting?

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Speaker 8: Good morning.

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Speaker 17: What we know now is that the suspect in this

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Speaker 17: incident happened to have been targeting the National Football League

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Speaker 17: in this building that houses not only the National Football League,

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Speaker 17: but also Blackstone and KPMG. The National Football League occupies

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Speaker 17: the fifth floor. We're told that the suspect in his

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Speaker 17: back pocket had a note that made reference to a

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Speaker 17: chronic condition that a lot of football players have, known

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Speaker 17: as CTE. It's a condition that only is really studied

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Speaker 17: after a person who has it dies and they study

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Speaker 17: their brain, and it appears as though he was a

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Speaker 17: football player from Nevada, had played in high school, and

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Speaker 17: based off of those hits, he believes he had that condition,

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Speaker 17: and so that's why police believe he took this cross

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Speaker 17: country trip from Nevada, making stops in Colorado and then

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Speaker 17: most recently New Jersey, before carrying that M four rifle

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Speaker 17: into that building on Park Avenue and opening fire, killing

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Speaker 17: scores of people.

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Speaker 3: You said that the NFL headquarters is on the fifth floor,

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Speaker 3: but from what we understand, the gunman in this case

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Speaker 3: wound up on the thirty third floor.

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Speaker 8: How did that happen?

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Speaker 17: Yeah, the suspect in this incident walks in to the

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Speaker 17: building and the first person he encounters is a police

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Speaker 17: officer in uniform who's doing what's called a paid detail,

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Speaker 17: meaning it's his day off, but he's in uniform working

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Speaker 17: private security for an approved company. He shoots that police

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Speaker 17: officer in the back and then can kin use firing

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Speaker 17: in that lobby and gets into the first elevator bank

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Speaker 17: he sees. When he gets in that elevator bank there's

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Speaker 17: a woman already inside. She runs out. He doesn't shoot her.

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Speaker 17: But it's the elevator banks that have that are in

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Speaker 17: most corporate buildings now here in New York, where the

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Speaker 17: floor is picked outside. So he didn't pick the floor.

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Speaker 17: He got in, he got out, and when he reached

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Speaker 17: that floor, the thirty four that floor. He wound up

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Speaker 17: on the floor that is occupied by Rudin, a big

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Speaker 17: property management company here in New York. And it's there

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Speaker 17: where he is walking down the hallway firing left and right,

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Speaker 17: strikes a woman who works for that firm, and then

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Speaker 17: ultimately turns the gun on himself.

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Speaker 3: Now, obviously, Miles, this is raising a lot of memories

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Speaker 3: just a few months ago of what happened outside the

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Speaker 3: meeting where the United Health CEO was killed. This has

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Speaker 3: got to raise questions about security inside bill things in Midtown.

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Speaker 8: What's being done about that?

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Speaker 13: Right?

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Speaker 17: If you know anything about Rudin, the one thing that

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Speaker 17: Rudin spends, you know, a lot of money on is

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Speaker 17: the security of their buildings. They are one of the

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Speaker 17: largest contributors to the Police Foundation here in New York.

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Speaker 17: In fact, I was at their gala a few months

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Speaker 17: ago and Rudin was honored because of their work with

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Speaker 17: this plate paid Detail unit. It has a lot of

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Speaker 17: folks who are both in property management but also just

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Speaker 17: generally in corporate In the corporate world, frightened because this

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Speaker 17: appears to be another targeting of an organization and potentially

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Speaker 17: its executives as it relates to a specific cause. And

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Speaker 17: you know that was the same thing that happened with

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Speaker 17: Luis Jimangion, right, a guy who had issues with United Healthcare,

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Speaker 17: who had back pain, who had that debilitating surgery and

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Speaker 17: was having issues with United Healthcare. We're seeing the same

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Speaker 17: thing happening here with Shane tomorre Or, a twenty seven

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Speaker 17: year old who you know, in his note that he

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Speaker 17: left in his pocket, has said he experienced significant pain

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Speaker 17: from his football career and he felt the NFL wasn't

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Speaker 17: doing anything about it. This is something that has been

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Speaker 17: on the mines of corporate America for the last couple

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Speaker 17: of months, and here it is rearing its ugli head.

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Speaker 3: Yet again, has there been any reaction as far as

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Speaker 3: we know from the NFL, not just in regards to

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Speaker 3: what this gunman had to say in this apparent manifesto,

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Speaker 3: but about what they're going to do in terms of

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Speaker 3: ramping up their own security.

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Speaker 13: Yeah.

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Speaker 17: So this this came out overnight, but you know, we're

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Speaker 17: worth mentioning that the NFL's head of security is the

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Speaker 17: former head of DC's Metropolitan Police Department, you know, and

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Speaker 17: so they will definitely be taking a look at what

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Speaker 17: they can do in terms of security of their facilities

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Speaker 17: and also security of the clubs around the country. Right,

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Speaker 17: this is not just narrowly focused on New York. It's

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Speaker 17: going to be something they look at around the country

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Speaker 17: at miles. What do we know at this point about

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Speaker 17: the victims. Of course, there's been a lot of attention,

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Speaker 17: at least at the outset on this officer who put

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Speaker 17: himself in harm's way last night. Right, we know that

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Speaker 17: at least one of the victims was an employee at Rudin.

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Speaker 17: We know that a Blackstone employee was among one of

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Speaker 17: those killed. And then we also know that this police

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Speaker 17: officer who was the first person shot was expecting a

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Speaker 17: baby in just about two months or about a month

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Speaker 17: and a half. His wife is currently pregnant. You know,

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Speaker 17: he had, you know, worked towards the American Dream, had

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Speaker 17: worked as a traffic agent before he joined the NYPD,

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Speaker 17: worked his way up to being a cop. He's a cop.

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Speaker 17: He was a cop in the Bronx and was working

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Speaker 17: to make ends meet. Now you know, they're live shattered,

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Speaker 17: the family's live shattered forever by what was truly a

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Speaker 17: senseless shooting and an alarming shooting in the middle of

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Speaker 17: midtown Manhattan.

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Speaker 8: And given that alarm miles.

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Speaker 3: So you have to wonder whether these businesses, so many

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Speaker 3: businesses housed the three forty five park, are going to

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Speaker 3: be able to even operate today. What have we heard

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Speaker 3: about that?

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Speaker 13: Right?

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Speaker 17: A number of the companies that are based there have

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Speaker 17: told their employees that they're able to be working from home.

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Speaker 17: You know, it's worth noting that this is an area

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Speaker 17: that is filled with finance firms. Right, we're talking about

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Speaker 17: Citadel in the neighborhood. Obviously, we know JP Morgan has

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Speaker 17: a huge building that they're building there, but also it's

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Speaker 17: a major campus for them. It's their headquarters out of there.

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Speaker 17: We know that they're going to be stepping up their security.

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Speaker 2: Right.

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Speaker 17: Jeffries is based in a neighborhood as well. My friend

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Speaker 17: just took a job chief of security at B and

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Speaker 17: Y formerly B and Y Melon, and you know, second

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Speaker 17: day on the job, he's going to have to be

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Speaker 17: meeting with folks to figure out how they're going to

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Speaker 17: keep their employees safe. You know, it's going to be

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Speaker 17: a look at Okay, if we have police on the perimeter,

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Speaker 17: you know, is that enough to stop a threat? I mean,

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Speaker 17: this guy walked in to this building toting an M

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Speaker 17: four in the middle of Manhattan, double parked his car.

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Speaker 17: Will the NYPD supplement their units and bring back their

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Speaker 17: counter terrorism and Strategic Response group so that they can

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Speaker 17: quickly mobilize to things like this happening? And you saw

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Speaker 17: yesterday the mobilization from the NYPD was immediate and really

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Speaker 17: trying to sweep that building to make sure that everybody

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Speaker 17: was okay once the threat was neutralized.

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Speaker 8: All right, Myles, thank you for this.

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Speaker 3: That's veteran Bloomberg New York City reporter Miles Miller with

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Speaker 3: us this morning. We're going to be checking back with

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Speaker 3: Miles for updates throughout the morning. It's just about five

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Speaker 3: point twenty four on Wall Street. Let's get to the

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Speaker 3: latest now on some of those trade discussions. A second

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Speaker 3: day of talks between Treasury Secretary Scott Bessant and his

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Speaker 3: Chinese counterparts is underway in Stockholm, Sweden, where we find

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Speaker 3: Bloomberg's Oliver Crook this morning. Oliver, great to have you

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Speaker 3: with us, walk us through what we know so far.

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Speaker 3: It sounded like everybody was kind of mum coming out

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Speaker 3: of talks on day one yesterday.

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Speaker 8: Good morning, Yeah, that's.

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Speaker 7: Right, good morning, they said, about five hours speaking yesterday

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Speaker 7: here in sweet they've been inhabiting the Prime Minister of

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Speaker 7: Sweden's offices, which is very kindly lent out for these

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Speaker 7: trade negotiations between the Chinese Vice Premiere at Scott Fessant

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Speaker 7: and Jamison Greer. Five hours of discussions yesterday. We've just

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Speaker 7: watched them walk in about thirty or forty five minutes ago,

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Speaker 7: So we have to imagine that the meeting is now

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Speaker 7: underway and we'd hope to hear from them at some

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Speaker 7: point later in the afternoon. The real deliverable here, what

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Speaker 7: we're expecting to get and hoping to get from the

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Speaker 7: Chinese and the United States is another extension to that

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Speaker 7: truce that was struck after that trade war escalated between

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Speaker 7: China and the United States. You'll recall that tariff rates

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Speaker 7: reached one hundred and twenty five percent at one point,

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Speaker 7: basically precluding any trade between the two largest economies in

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Speaker 7: the world. That has now come down, But that trade

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Speaker 7: truce has is set to expire on August of twelfth.

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Speaker 7: So the ambition here is trying to make some forward

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Speaker 7: progress on a getting that truce forward, but then also

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Speaker 7: laying the groundwork for potentially a longer term trade deal

443
00:22:50,000 --> 00:22:51,440
Speaker 7: with China, and of course there's been a lot of

444
00:22:51,480 --> 00:22:55,240
Speaker 7: discussion potentially about Trump traveling to China meeting directly with Shijiping,

445
00:22:55,400 --> 00:22:56,480
Speaker 7: and so those are going to be the things that

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00:22:56,480 --> 00:22:57,400
Speaker 7: are circulating in the air.

447
00:22:57,720 --> 00:22:57,920
Speaker 8: Yeah.

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00:22:57,960 --> 00:23:01,000
Speaker 3: We heard some measured optimism from Commerce Secretary of Howard

449
00:23:01,080 --> 00:23:03,560
Speaker 3: Ludnik on Fox News yesterday saying that there probably is

450
00:23:03,600 --> 00:23:06,199
Speaker 3: going to be an extension of that trade truce. And

451
00:23:06,240 --> 00:23:09,879
Speaker 3: there's been a little bit of ranker I guess you

452
00:23:09,880 --> 00:23:14,119
Speaker 3: could say, around the lead up to a potential meeting

453
00:23:14,119 --> 00:23:16,679
Speaker 3: between Presidents Trump and She, particularly when it comes to

454
00:23:17,400 --> 00:23:18,680
Speaker 3: Taiwan's president.

455
00:23:20,040 --> 00:23:24,080
Speaker 7: Yeah, so we understand that the US administration has basically forbidden,

456
00:23:24,160 --> 00:23:26,359
Speaker 7: or at least sort of encouraged the Chaiwanese bresdent not

457
00:23:26,440 --> 00:23:28,600
Speaker 7: to pass through the United States, and that comes at

458
00:23:28,640 --> 00:23:31,440
Speaker 7: a time when the administration here on the United States

459
00:23:31,440 --> 00:23:33,639
Speaker 7: has been taken a sort of softer tone with China.

460
00:23:33,840 --> 00:23:35,880
Speaker 7: What I think is really interesting is to think about

461
00:23:35,880 --> 00:23:38,399
Speaker 7: the contrast that we're seeing between the negotiations we had

462
00:23:38,400 --> 00:23:40,360
Speaker 7: with the European Union and the ones that we're having

463
00:23:40,440 --> 00:23:43,320
Speaker 7: with China and the United States. The Europeans are much

464
00:23:43,359 --> 00:23:46,440
Speaker 7: more willing to accept concessions and to potentially go the

465
00:23:46,520 --> 00:23:49,400
Speaker 7: root of pragmatism a trade deal that's not really that good,

466
00:23:49,560 --> 00:23:52,199
Speaker 7: but are not willing to retaliate. For the Chinese, it's

467
00:23:52,280 --> 00:23:54,520
Speaker 7: a very different story. The Chinese have been spending the

468
00:23:54,600 --> 00:23:58,440
Speaker 7: last few decades boosting their status economically, boosting their status

469
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Speaker 7: on the global stage. They are going to put pride

470
00:24:01,440 --> 00:24:04,480
Speaker 7: and the ability to not even theatrically bow as many

471
00:24:04,520 --> 00:24:06,280
Speaker 7: of the European countries have and many of the US

472
00:24:06,359 --> 00:24:08,840
Speaker 7: trading partners have. They're much more unwilling to do that,

473
00:24:08,880 --> 00:24:10,359
Speaker 7: which is why it's going to be a much tougher

474
00:24:10,400 --> 00:24:12,600
Speaker 7: negotiation for the United States, and we're going to have

475
00:24:12,600 --> 00:24:14,320
Speaker 7: to see how much appetite there is from the Trump

476
00:24:14,359 --> 00:24:17,359
Speaker 7: administration to really fight very hard, because of course, this

477
00:24:17,400 --> 00:24:19,720
Speaker 7: has been one of the great campaign pledges of Donald Trump,

478
00:24:19,760 --> 00:24:22,600
Speaker 7: which is to fix the relationship, the trading relationship with China,

479
00:24:22,640 --> 00:24:25,080
Speaker 7: which he says has continuously ripped off the United States

480
00:24:25,080 --> 00:24:25,880
Speaker 7: for many decades.

481
00:24:26,119 --> 00:24:29,520
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482
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