Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we'll have more on the markets in a minute,
Speaker 3: but we begin with the latest on the deadly shooting
Speaker 3: spree in New York City. A gunman shot and killed
Speaker 3: four people before turning the gun on himself at the
Speaker 3: epicenter of American Finance, in a building that houses the
Speaker 3: offices of the National Football League. Bloomberg's John Tucker joins
Speaker 3: us from Manhattan with the very latest.
Speaker 4: John and Nathan's security camera footage at three forty five
Speaker 4: Park Cabinue who shows the shooter double Park is black.
Speaker 4: BMW enter the lobby of the forty four story dark
Speaker 4: glass tower with an assault rifle. He turns right and
Speaker 4: immediately opens fire on an NYPD officer. He then shoots
Speaker 4: a woman who took cover behind a pillar, and proceeds
Speaker 4: through the lobby, spring it with gunfire. He makes his
Speaker 4: way to the elevator bank, where he shoots a security
Speaker 4: guard who is taking cover behind a desk. NYPD Commissioner
Speaker 4: Jessica Tish goes up.
Speaker 5: To the thirty third floor, which is Roodent Management and
Speaker 5: begins to walk the floor, firing rounds as he traveled.
Speaker 4: Mayor Eric Adams identifies the murdered police officer, who was
Speaker 4: in uniform working security, as thirty six year old dar
Speaker 4: Adel Islam, married with two young boys and a pregnant wife.
Speaker 6: He's an immigrant from Bangladesh and he loved this city,
Speaker 6: and everyone we spoke with stated he was in person
Speaker 6: of faith.
Speaker 4: Jessica Chen was attending a presentation on the second floor
Speaker 4: with over one hundred colleagues when they heard the commotion.
Speaker 4: Her first instinct was to text her loved ones.
Speaker 7: Testing my parents that I love them.
Speaker 8: I tested people good in.
Speaker 7: My life that I love them. We were honestly, really
Speaker 7: really scared.
Speaker 4: Three forty five Park is home to Rudent Management, the
Speaker 4: investment company blacks Stone KPMG, and the National Football League.
Speaker 4: A Blackstone employee was among those killed. At ESPN reports
Speaker 4: one NFL employee was seriously injured, and now law enforcement
Speaker 4: officials are telling Bloomberg the gunman was targeting the NFL
Speaker 4: but ended up on a Rootent Management floor by mistake.
Speaker 4: The shooters identified as Las Vegas resident Shane Devon Tamara.
Speaker 4: He was found dead from what's believed to be a
Speaker 4: self inflicted gunshot wound, and his social media feed showed
Speaker 4: he had a football career that ended after a head injury,
Speaker 4: and he wrote that the NFL didn't do enough. He
Speaker 4: has a documented history of mental health problems. He previously
Speaker 4: worked as a security guard at a Las Vegas casino
Speaker 4: and did hold a concealed Carrie permit for Nevada. In
Speaker 4: New York Time, John Socker Bloomberg Radio.
Speaker 2: Nathan, we want to turn out to the trade talks,
Speaker 2: and Commerce Secretary Howard Lutnik is sounding optimistic that the
Speaker 2: US and China will be able to extend their trade
Speaker 2: truths in other ninety days.
Speaker 9: They're talking right now. The decision maker, of course, with
Speaker 9: President Trump. I'm sure the people with who are speaking
Speaker 9: with China.
Speaker 8: We're going to go discuss with.
Speaker 9: President Trump how he wants to play it. He's got
Speaker 9: an excellent relationship with President She and I think we'll
Speaker 9: leave that to Donald Trump to decide how he wants
Speaker 9: to do it. Is that a lively outcome, Sure it
Speaker 9: seems that way, but let's leave it to President Trump
Speaker 9: to decide.
Speaker 2: Commer Secretary Howard Lutnek spoke on Fox News. Treasury Secretary
Speaker 2: Scott Bessend is leading a delegation and a third round
Speaker 2: of talks with Chinese officials that's said to wrap up
Speaker 2: today in Sweden. Meantime, the President Taiwan appears to have
Speaker 2: canceled an overseas trip next week after the Trump administration
Speaker 2: failed to approve his stopover in the US. Sources to
Speaker 2: say there is growing concern that Lei Ching does visit
Speaker 2: could derail the China talks. In a possible summit between
Speaker 2: President Trump and Xieshin Ping on Truth's Social President Trump
Speaker 2: denied he's seeking a meeting with she that we said
Speaker 2: he could go to China if the President invites him well.
Speaker 3: Meanwhile, Karen, the trade agreement that the European Union just
Speaker 3: reats with the US is facing outing criticism. The deal
Speaker 3: would slap fifteen percent tariffs on most EU exports, while
Speaker 3: the average duty on US goods should drop below one
Speaker 3: percent once the agreement goes into effect. We get more
Speaker 3: from Bloomberg News executive editor Paul Dobson.
Speaker 10: It does seem like as people considered this deal, they
Speaker 10: detected that there were some weaknesses within what the European
Speaker 10: Union had conceded in order to get it done. So, yes,
Speaker 10: having some sort of a deal removes that risk of escalation,
Speaker 10: but it also sort of takes away the bargaining ships
Speaker 10: that the authorities had to try to drive better deal.
Speaker 10: In some parts of the business.
Speaker 3: World, Bloomberg's Paul Dobson reports the US and EU are
Speaker 3: working on a non legally binding joint statement by this Friday,
Speaker 3: and then we'll start working on a legally binding text.
Speaker 3: An EU official says that could take time. These kinds
Speaker 3: of trade accords usually take years of negotiations.
Speaker 2: Nathan, there may be a mega rail deal in the works.
Speaker 2: Bloomberg News has learned United Union Pacific is near an
Speaker 2: agreement for a stock and cash dealed by Norfolk Southern
Speaker 2: would value the small Arrival at about three hundred and
Speaker 2: twenty dollars a share. That price would represent a roughly
Speaker 2: twenty three percent premium to Norfolk Southern stock price before
Speaker 2: the first reports of a potential deal this month. If kimpleted,
Speaker 2: this would be the rail industry's biggest ever tie up.
Speaker 3: Certain of the equity markets now, Karen futures are pointed
Speaker 3: higher as we enter the Tuesday session.
Speaker 8: The SMP five hundred.
Speaker 3: Eek got a gain yesterday to nach it's sixth consecutive
Speaker 3: record close. Cameron Dawson is chief investment officer at New
Speaker 3: Edge Wealth.
Speaker 5: We've been thinking that the one risk to the upside
Speaker 5: in the US is that we were calling it the
Speaker 5: prints market, where we could sing, let's go crazy and
Speaker 5: party like it's nineteen ninety nine. And there are certainly
Speaker 5: aspects of this market that are starting to look very frothy.
Speaker 5: We're starting to see huge rallies in the most speculative
Speaker 5: portions of the market. You see a lot of options
Speaker 5: activity that is only betting on the upside. All this
Speaker 5: speculative fervor shows that there are investors that are absolutely
Speaker 5: clamoring for risk and have zero for any potential downside.
Speaker 3: New Edge welths Cameron Dawson thinks earnings will be the
Speaker 3: key driver for markets going forward.
Speaker 2: Well, speaking of earnings, Nathan, it'll be another busy day
Speaker 2: with nearly three dozen companies in the S and P
Speaker 2: five hundred reporting, and they include Boeing. We get a
Speaker 2: preview with Bloomberg's Tom Busby.
Speaker 8: Boeing is back.
Speaker 11: Look for strong improvement in Boeing's cash burn and its
Speaker 11: operations after it delivered a healthy one hundred and fifty
Speaker 11: jets in the second quarter, more than expected and sixty
Speaker 11: three percent more than the same period one year ago.
Speaker 11: A potential strike by Machinist at its defense unit, the
Speaker 11: maker of the F fifteen and FA eighteen fighter jets,
Speaker 11: could weigh on its outlook, though Bloomberg consensus calls for
Speaker 11: total revenue of twenty one point six to eight billion
Speaker 11: dollars on a core loss per share of one dollar
Speaker 11: forty cents on a negative cash flow of one point
Speaker 11: seventy nine billion dollars.
Speaker 8: Tom buzzby Bloomberg Radio.
Speaker 3: All right, Tom, thanks, it's also a busy day for
Speaker 3: earnings in Europe. Let's go to London check in with
Speaker 3: Bloomberg's Ewan Pots for the very latest.
Speaker 8: Good morning you and.
Speaker 12: Nathan and Karen Treys. British bank Barclays have turned in
Speaker 12: their best second quarter performance in three years, the twenty
Speaker 12: six percent game recorded in the fixed income business, driven
Speaker 12: by tariff induced volatility in markets. Tariff's also in focus
Speaker 12: for carmakers. Dalantis, the Italian company behind Chrysler and Jeep,
Speaker 12: says it expects to take a one point two billion
Speaker 12: Euro hit in the second half following the EU's trade
Speaker 12: deal with the United States, and we also had earnings
Speaker 12: from the most valuable listed company in London, drug maker
Speaker 12: AstraZeneca reporting better than expected sales and rising profit for
Speaker 12: the second quarter, spurred by its stable of cancer medicines
Speaker 12: and growth in the United States. In London. I'm un
Speaker 12: pots Bloomberg Radio.
Speaker 2: A right you and thank you. Another major bank once
Speaker 2: its employees back in the office, HSBC is asking our
Speaker 2: managing directors to return to their desks at least four
Speaker 2: days a week starting in October. Five years after the
Speaker 2: global pandemic field and unprecedented boom in remote work, bank
Speaker 2: executives have become more volgal and insisting networker's return to
Speaker 2: the office. Back in January, JP Morgan Chase told its
Speaker 2: employees to come back five days a week.
Speaker 8: And Karen the gold bull rush may not be over.
Speaker 3: Fidelity says the commodity could hit four thousand dollars an
Speaker 3: ounce by the end of next year. The firm sites
Speaker 3: the Federal Reserve likely to cut rates to cushion the economy,
Speaker 3: the falling dollar, and central banks adding to their holdings.
Speaker 3: Checking gold prices right now, Comix golds up three tenths
Speaker 3: of one percent, trading at thirty three hundred and seventy
Speaker 3: seven dollars and fifty cents per ounce.
Speaker 2: Time now for a look at some of the other
Speaker 2: stories making news in New York and around the world,
Speaker 2: and for that we're joined by Bloomberg's Michael Barr.
Speaker 8: Michael, Good morning, Good morning Karen.
Speaker 13: This week, two hundred million Americans are under heat alerts
Speaker 13: from South Dakota to the Northeast. In New York City,
Speaker 13: temperatures could reach as high as one hundred degrees today.
Speaker 13: In Boston, the highest forecast to hit ninety seven. The
Speaker 13: temperature will be in the mid nineties in the nation's capital.
Speaker 13: President Trump is putting pressure on Russia to make a
Speaker 13: piece deal with the Ukraine. The President had given Vladimir
Speaker 13: Putin fifty days until early September to make a peace
Speaker 13: deal with Ukraine. Speaking in Scotland, the President now says
Speaker 13: he's moving up that deadline.
Speaker 14: I'm going to make a new deadline of about ten,
Speaker 14: ten or twelve days from today.
Speaker 8: There's no reason in waiting.
Speaker 13: The President has threatened to hit Russia with quote very
Speaker 13: severe tariffs. Former Russian president Dmitri Medvedev Warren that President
Speaker 13: Trump's ultimatum is quote a step towards war between Russia
Speaker 13: and the US. Israeli Prime Minister Benjamin at Nahu says
Speaker 13: no one in Gaza is starving. President Trump disagrees and
Speaker 13: notes the images emerging of emaciated people. The World Health
Speaker 13: Organization says sixty three of the seventy four malnutrition related
Speaker 13: deaths in Gaza this year have occurred this month. Those
Speaker 13: included twenty four children under the age of five. UNICEF
Speaker 13: spokesman Ricardo is in Gaza.
Speaker 15: More part theers need to be open. More humanitarian aid
Speaker 15: needs to flow is through the sky. It's again very welcome,
Speaker 15: but it cannot replace the efficiency of trucks that actually
Speaker 15: go to communities and do not put them at risk.
Speaker 13: Israel has agreed to a temporary halt in the fighting
Speaker 13: in Gaza while air drops of food and medical supplies
Speaker 13: are being sent in. President Trump asked a judge to
Speaker 13: order Rupert Murdoch to set for a deposition within fifteen
Speaker 13: days in mister Trump's ten billion dollar libel lawsuit against
Speaker 13: the Wall Street Journal over a story about Jeffrey Epstein.
Speaker 13: The President argued and expedited schedule is justified due to
Speaker 13: the executive's advanced age. Meanwhile, Epstein's accomplice Kallay Maxwell, asked
Speaker 13: the Supreme Court to consider an appeal to overturn her
Speaker 13: sex trafficking conviction. Global News twenty four hours a day
Speaker 13: and whenever you want it with Bloomberg News. Now.
Speaker 8: I'm Michael Barn.
Speaker 13: This is Bloomberg Karen.
Speaker 2: All right, Michael Barr, thank you time now for the
Speaker 2: Bloomberg Scores update, brought to you by Flushing Bank. And
Speaker 2: here's John stash Hour. John, good morning.
Speaker 16: You want to care. The Mets took their seven game
Speaker 16: winning streak to San Diego, got a Markiento's grand slam
Speaker 16: of the fifth inning, only to have the Padres came
Speaker 16: right back with five runs in the bottom of the fifth.
Speaker 16: The Mets trailed six to five in the top of
Speaker 16: the nine, and he hits one of the air the tap,
Speaker 16: bright cutter, black coast.
Speaker 17: Tatis takes a.
Speaker 13: Look and this game is tied.
Speaker 17: Joddy Maarisio for the second straight night.
Speaker 16: What tight home on the top of the ninth.
Speaker 2: I have a Mets of cutting.
Speaker 8: Back even six to six?
Speaker 16: Yes, and why Maratio had that four hit nine total
Speaker 16: base game in Sundays win in San Francisco.
Speaker 8: The Padres, however.
Speaker 16: Scored bottom of the ninth off new met reliever Gregory Soto,
Speaker 16: who hurt himself with an error. Padres won seven to
Speaker 16: six Mets Day game and a half head of the Phillies,
Speaker 16: who lost with the White Sox at the Stadium. The
Speaker 16: Yankees had three hits in the first inning, score twice,
Speaker 16: and then did nothing in the rest of the game.
Speaker 16: Lost to Tampa Bay four to two. Lost a chance
Speaker 16: to gain ground on Toronto, who lost in Baltimore. The
Speaker 16: Jay's Day five and a half ahead. Red Sox lost
Speaker 16: in Minnesota five to four. Nationals won two to one
Speaker 16: in Houston the day after the inductions in Cooperstown. A
Speaker 16: Hall of Famer has passed away. Ryan Sandberg was sixty five,
Speaker 16: had battled kin through the past year and a half.
Speaker 16: Played fifteen years for the Cubs, a ten time All Star,
Speaker 16: nine Gold Gloves, the NLMVP in nineteen eighty four. There
Speaker 16: it's a statue of Sandburg outside Wrigby Field. Dean Sanders
Speaker 16: revealed that he's been battling ladder cancer. The NFL Hall
Speaker 16: of Famer current Colorado coach made his first comments with.
Speaker 14: Now wonderful people like this, I probably wouldn't be sitting
Speaker 14: here today because it grew so expeditiously. I could say, man,
Speaker 14: everybody get checked out, because I've been one for me
Speaker 14: getting tested for something else. They wouldn't have stumbled up
Speaker 14: on this. And make sure you go to the get
Speaker 14: the right care.
Speaker 16: Jon had successful surgeries, doctor said Sanders is healed.
Speaker 8: Johns Dashey or Bloomberg Sports.
Speaker 2: Karenamathan, all right, John, thank you, and Bloomberg Daybreak is
Speaker 2: brought to you by Flushing Bank. Life's more rewarding with
Speaker 2: Flushing Banks complete cash rewards program for personal and business
Speaker 2: accounts with twenty nine in New York metro locations, There's
Speaker 2: nothing more rewarding. Visit Flushingbank dot com member FDIC.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 8: Good morning. I'm Nathan Hager.
Speaker 3: The heart of New York City's financial district is reeling
Speaker 3: this morning after a deadly mass shooting inside the building
Speaker 3: that houses Blackstone, the NFL and many other businesses.
Speaker 8: New York City Mayor Eric Adams no.
Speaker 6: Hearts to heavy. Five innocent people shot tonight. We lost
Speaker 6: four souls to know the senseless act of gun violence.
Speaker 3: Mayor Adam spoke last night after the gunfire inside three
Speaker 3: p forty five Park Avenue. Joining us this morning, Bloomberg's
Speaker 3: Miles Miller, who's covered New York City for decades. Miles,
Speaker 3: good morning, what's the latest that we know about this shooting?
Speaker 8: Good morning.
Speaker 17: What we know now is that the suspect in this
Speaker 17: incident happened to have been targeting the National Football League
Speaker 17: in this building that houses not only the National Football League,
Speaker 17: but also Blackstone and KPMG. The National Football League occupies
Speaker 17: the fifth floor. We're told that the suspect in his
Speaker 17: back pocket had a note that made reference to a
Speaker 17: chronic condition that a lot of football players have, known
Speaker 17: as CTE. It's a condition that only is really studied
Speaker 17: after a person who has it dies and they study
Speaker 17: their brain, and it appears as though he was a
Speaker 17: football player from Nevada, had played in high school, and
Speaker 17: based off of those hits, he believes he had that condition,
Speaker 17: and so that's why police believe he took this cross
Speaker 17: country trip from Nevada, making stops in Colorado and then
Speaker 17: most recently New Jersey, before carrying that M four rifle
Speaker 17: into that building on Park Avenue and opening fire, killing
Speaker 17: scores of people.
Speaker 3: You said that the NFL headquarters is on the fifth floor,
Speaker 3: but from what we understand, the gunman in this case
Speaker 3: wound up on the thirty third floor.
Speaker 8: How did that happen?
Speaker 17: Yeah, the suspect in this incident walks in to the
Speaker 17: building and the first person he encounters is a police
Speaker 17: officer in uniform who's doing what's called a paid detail,
Speaker 17: meaning it's his day off, but he's in uniform working
Speaker 17: private security for an approved company. He shoots that police
Speaker 17: officer in the back and then can kin use firing
Speaker 17: in that lobby and gets into the first elevator bank
Speaker 17: he sees. When he gets in that elevator bank there's
Speaker 17: a woman already inside. She runs out. He doesn't shoot her.
Speaker 17: But it's the elevator banks that have that are in
Speaker 17: most corporate buildings now here in New York, where the
Speaker 17: floor is picked outside. So he didn't pick the floor.
Speaker 17: He got in, he got out, and when he reached
Speaker 17: that floor, the thirty four that floor. He wound up
Speaker 17: on the floor that is occupied by Rudin, a big
Speaker 17: property management company here in New York. And it's there
Speaker 17: where he is walking down the hallway firing left and right,
Speaker 17: strikes a woman who works for that firm, and then
Speaker 17: ultimately turns the gun on himself.
Speaker 3: Now, obviously, Miles, this is raising a lot of memories
Speaker 3: just a few months ago of what happened outside the
Speaker 3: meeting where the United Health CEO was killed. This has
Speaker 3: got to raise questions about security inside bill things in Midtown.
Speaker 8: What's being done about that?
Speaker 13: Right?
Speaker 17: If you know anything about Rudin, the one thing that
Speaker 17: Rudin spends, you know, a lot of money on is
Speaker 17: the security of their buildings. They are one of the
Speaker 17: largest contributors to the Police Foundation here in New York.
Speaker 17: In fact, I was at their gala a few months
Speaker 17: ago and Rudin was honored because of their work with
Speaker 17: this plate paid Detail unit. It has a lot of
Speaker 17: folks who are both in property management but also just
Speaker 17: generally in corporate In the corporate world, frightened because this
Speaker 17: appears to be another targeting of an organization and potentially
Speaker 17: its executives as it relates to a specific cause. And
Speaker 17: you know that was the same thing that happened with
Speaker 17: Luis Jimangion, right, a guy who had issues with United Healthcare,
Speaker 17: who had back pain, who had that debilitating surgery and
Speaker 17: was having issues with United Healthcare. We're seeing the same
Speaker 17: thing happening here with Shane tomorre Or, a twenty seven
Speaker 17: year old who you know, in his note that he
Speaker 17: left in his pocket, has said he experienced significant pain
Speaker 17: from his football career and he felt the NFL wasn't
Speaker 17: doing anything about it. This is something that has been
Speaker 17: on the mines of corporate America for the last couple
Speaker 17: of months, and here it is rearing its ugli head.
Speaker 3: Yet again, has there been any reaction as far as
Speaker 3: we know from the NFL, not just in regards to
Speaker 3: what this gunman had to say in this apparent manifesto,
Speaker 3: but about what they're going to do in terms of
Speaker 3: ramping up their own security.
Speaker 13: Yeah.
Speaker 17: So this this came out overnight, but you know, we're
Speaker 17: worth mentioning that the NFL's head of security is the
Speaker 17: former head of DC's Metropolitan Police Department, you know, and
Speaker 17: so they will definitely be taking a look at what
Speaker 17: they can do in terms of security of their facilities
Speaker 17: and also security of the clubs around the country. Right,
Speaker 17: this is not just narrowly focused on New York. It's
Speaker 17: going to be something they look at around the country
Speaker 17: at miles. What do we know at this point about
Speaker 17: the victims. Of course, there's been a lot of attention,
Speaker 17: at least at the outset on this officer who put
Speaker 17: himself in harm's way last night. Right, we know that
Speaker 17: at least one of the victims was an employee at Rudin.
Speaker 17: We know that a Blackstone employee was among one of
Speaker 17: those killed. And then we also know that this police
Speaker 17: officer who was the first person shot was expecting a
Speaker 17: baby in just about two months or about a month
Speaker 17: and a half. His wife is currently pregnant. You know,
Speaker 17: he had, you know, worked towards the American Dream, had
Speaker 17: worked as a traffic agent before he joined the NYPD,
Speaker 17: worked his way up to being a cop. He's a cop.
Speaker 17: He was a cop in the Bronx and was working
Speaker 17: to make ends meet. Now you know, they're live shattered,
Speaker 17: the family's live shattered forever by what was truly a
Speaker 17: senseless shooting and an alarming shooting in the middle of
Speaker 17: midtown Manhattan.
Speaker 8: And given that alarm miles.
Speaker 3: So you have to wonder whether these businesses, so many
Speaker 3: businesses housed the three forty five park, are going to
Speaker 3: be able to even operate today. What have we heard
Speaker 3: about that?
Speaker 13: Right?
Speaker 17: A number of the companies that are based there have
Speaker 17: told their employees that they're able to be working from home.
Speaker 17: You know, it's worth noting that this is an area
Speaker 17: that is filled with finance firms. Right, we're talking about
Speaker 17: Citadel in the neighborhood. Obviously, we know JP Morgan has
Speaker 17: a huge building that they're building there, but also it's
Speaker 17: a major campus for them. It's their headquarters out of there.
Speaker 17: We know that they're going to be stepping up their security.
Speaker 2: Right.
Speaker 17: Jeffries is based in a neighborhood as well. My friend
Speaker 17: just took a job chief of security at B and
Speaker 17: Y formerly B and Y Melon, and you know, second
Speaker 17: day on the job, he's going to have to be
Speaker 17: meeting with folks to figure out how they're going to
Speaker 17: keep their employees safe. You know, it's going to be
Speaker 17: a look at Okay, if we have police on the perimeter,
Speaker 17: you know, is that enough to stop a threat? I mean,
Speaker 17: this guy walked in to this building toting an M
Speaker 17: four in the middle of Manhattan, double parked his car.
Speaker 17: Will the NYPD supplement their units and bring back their
Speaker 17: counter terrorism and Strategic Response group so that they can
Speaker 17: quickly mobilize to things like this happening? And you saw
Speaker 17: yesterday the mobilization from the NYPD was immediate and really
Speaker 17: trying to sweep that building to make sure that everybody
Speaker 17: was okay once the threat was neutralized.
Speaker 8: All right, Myles, thank you for this.
Speaker 3: That's veteran Bloomberg New York City reporter Miles Miller with
Speaker 3: us this morning. We're going to be checking back with
Speaker 3: Miles for updates throughout the morning. It's just about five
Speaker 3: point twenty four on Wall Street. Let's get to the
Speaker 3: latest now on some of those trade discussions. A second
Speaker 3: day of talks between Treasury Secretary Scott Bessant and his
Speaker 3: Chinese counterparts is underway in Stockholm, Sweden, where we find
Speaker 3: Bloomberg's Oliver Crook this morning. Oliver, great to have you
Speaker 3: with us, walk us through what we know so far.
Speaker 3: It sounded like everybody was kind of mum coming out
Speaker 3: of talks on day one yesterday.
Speaker 8: Good morning, Yeah, that's.
Speaker 7: Right, good morning, they said, about five hours speaking yesterday
Speaker 7: here in sweet they've been inhabiting the Prime Minister of
Speaker 7: Sweden's offices, which is very kindly lent out for these
Speaker 7: trade negotiations between the Chinese Vice Premiere at Scott Fessant
Speaker 7: and Jamison Greer. Five hours of discussions yesterday. We've just
Speaker 7: watched them walk in about thirty or forty five minutes ago,
Speaker 7: So we have to imagine that the meeting is now
Speaker 7: underway and we'd hope to hear from them at some
Speaker 7: point later in the afternoon. The real deliverable here, what
Speaker 7: we're expecting to get and hoping to get from the
Speaker 7: Chinese and the United States is another extension to that
Speaker 7: truce that was struck after that trade war escalated between
Speaker 7: China and the United States. You'll recall that tariff rates
Speaker 7: reached one hundred and twenty five percent at one point,
Speaker 7: basically precluding any trade between the two largest economies in
Speaker 7: the world. That has now come down, But that trade
Speaker 7: truce has is set to expire on August of twelfth.
Speaker 7: So the ambition here is trying to make some forward
Speaker 7: progress on a getting that truce forward, but then also
Speaker 7: laying the groundwork for potentially a longer term trade deal
Speaker 7: with China, and of course there's been a lot of
Speaker 7: discussion potentially about Trump traveling to China meeting directly with Shijiping,
Speaker 7: and so those are going to be the things that
Speaker 7: are circulating in the air.
Speaker 8: Yeah.
Speaker 3: We heard some measured optimism from Commerce Secretary of Howard
Speaker 3: Ludnik on Fox News yesterday saying that there probably is
Speaker 3: going to be an extension of that trade truce. And
Speaker 3: there's been a little bit of ranker I guess you
Speaker 3: could say, around the lead up to a potential meeting
Speaker 3: between Presidents Trump and She, particularly when it comes to
Speaker 3: Taiwan's president.
Speaker 7: Yeah, so we understand that the US administration has basically forbidden,
Speaker 7: or at least sort of encouraged the Chaiwanese bresdent not
Speaker 7: to pass through the United States, and that comes at
Speaker 7: a time when the administration here on the United States
Speaker 7: has been taken a sort of softer tone with China.
Speaker 7: What I think is really interesting is to think about
Speaker 7: the contrast that we're seeing between the negotiations we had
Speaker 7: with the European Union and the ones that we're having
Speaker 7: with China and the United States. The Europeans are much
Speaker 7: more willing to accept concessions and to potentially go the
Speaker 7: root of pragmatism a trade deal that's not really that good,
Speaker 7: but are not willing to retaliate. For the Chinese, it's
Speaker 7: a very different story. The Chinese have been spending the
Speaker 7: last few decades boosting their status economically, boosting their status
Speaker 7: on the global stage. They are going to put pride
Speaker 7: and the ability to not even theatrically bow as many
Speaker 7: of the European countries have and many of the US
Speaker 7: trading partners have. They're much more unwilling to do that,
Speaker 7: which is why it's going to be a much tougher
Speaker 7: negotiation for the United States, and we're going to have
Speaker 7: to see how much appetite there is from the Trump
Speaker 7: administration to really fight very hard, because of course, this
Speaker 7: has been one of the great campaign pledges of Donald Trump,
Speaker 7: which is to fix the relationship, the trading relationship with China,
Speaker 7: which he says has continuously ripped off the United States
Speaker 7: for many decades.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories
Speaker 2: making news from Wall Street to Washington and beyond.
Speaker 3: Look for us on your podcast feed by six am
Speaker 3: Eastern each morning on Apple Spotify, or manywhere else you listen.
Speaker 2: You can also listen live each morning starting at five
Speaker 2: am Wall Street Time on Bloomberg eleven three to zero
Speaker 2: in New York, Bloomberg in ninety nine to one in Washington,
Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on serious
Speaker 2: XM Channel one twenty one.
Speaker 3: Plus listen coast to coast on the Bloomberg Business app
Speaker 3: now with Apple CarPlay and Android auto interfaces.
Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's
Speaker 2: the latest news whenever you want it in five minutes
Speaker 2: or less. Search Bloomberg News Now and your favorite podcast
Speaker 2: platform to stay informed all day long. I'm Karen Moscow.
Speaker 8: And I'm Nathan Hager.
Speaker 3: Join us again tomorrow morning for all the news you
Speaker 3: need to start your day right here on Bloomberg day
Speaker 3: Break