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Speaker 1: News when you want it. With Bloomberg News Now, I'm

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Speaker 1: Doug Prisner. We begin in Texas, where nearly eighty people

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Speaker 1: have died and many children are missing after catastrophic flooding

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Speaker 1: in the Texas Hill Country. Authorities are now warning the

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Speaker 1: casualty count will climb as more rain as in the

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Speaker 1: forecast and with that increased risk of further flash floods

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Speaker 1: in the coming days. Here is Texas Governor Greg Abbott.

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Speaker 2: Even though we now are broadening the area that we're

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Speaker 2: focused on, we are not at all reducing our focus

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Speaker 2: on Curbill.

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Speaker 1: That is Texas Governor Greg Abbott. Meantime, President Trump assigned

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Speaker 1: a major disaster declaration for the county and the President

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Speaker 1: is expecting to travel to Texas on Friday. The deadline

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Speaker 1: is fast approaching for US trading partners to secure deals

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Speaker 1: and avoid higher reciprocal tariffs before that July ninth trade deadline.

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Speaker 1: This evening, President Trump signaled an extra ten percent tariff

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Speaker 1: on countries aligned with the Bricks Block. I'm called Bricks

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Speaker 1: policies Anti American. Now, India is a founding member of Bricks.

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Speaker 1: It's now exposed to additional levies as it scrambles to

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Speaker 1: get a trade deal done as soon as possible with

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Speaker 1: the US, China, Brazil, South Africa. They are also founding

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Speaker 1: members of Bricks. Earlier today, Treasury Secretary Besson suggested some

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Speaker 1: countries will have the option of a three week extension

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Speaker 1: to negotiate beston acknowledge the sheer number of ongoing trade

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Speaker 1: talks is complicating the final stages. Here is Beson speaking

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Speaker 1: on CNN's State of the Union.

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Speaker 3: We're going to be very busy over the next seventy

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Speaker 3: two hours. We are going to President Trump's going to

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Speaker 3: be sending letters to some of our trading partners saying

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Speaker 3: that if you don't move things along, then on August first,

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Speaker 3: you will boomerang back to your April second tariff level.

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Speaker 3: So I think we're going to see a lot of

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Speaker 3: deals very quickly.

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Speaker 1: That is Treasury Secretary Scott Besson speaking on CNN State

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Speaker 1: of the Union. President Trump's accent spending bill is now law,

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Speaker 1: and today House Speaker Mike Johnson pushed back against Democratic

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Speaker 1: criticism of the bill, saying that it will boost the economy.

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Speaker 1: Here's Johnson speaking to Fox News Sunday.

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Speaker 4: What we did in this bill is we made permanent

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Speaker 4: the twenty seventeen Trump's tax cuts, and that was geared

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Speaker 4: for lower and middle class Americans in spite of everything.

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Speaker 4: They said that the bottom twenty percent of earners saw

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Speaker 4: their Lewis federal tax rate in forty years. Now we're

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Speaker 4: building upon that. We just made that permanent, and we're

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Speaker 4: building upon it because now we cut tax on overtime

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Speaker 4: and tips and had more tax relief for seniors, and

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Speaker 4: we're giving everybody a tax cut, and that's going to

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Speaker 4: help the economy. It's going to be get fuel.

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Speaker 1: That is House Speaker Mike Johnson, speaking earlier on Fox

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Speaker 1: News Sunday. He went on to say that he is

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Speaker 1: expecting a second reconciliation bill by fall and a third

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Speaker 1: by spring, before the end of the current Congress. Meantime,

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Speaker 1: former US Treasury Secretary Larry Summers says that he disagrees

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Speaker 1: with this legislation. Summers spoke on ABC's This Week.

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Speaker 2: There is no economist anywhere without a strong political agenda

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Speaker 2: who is saying that this bill is a positive for

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Speaker 2: the economy, and the overwhelming view is that it is

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Speaker 2: probably going to make the economy worse.

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Speaker 1: That is Larry Summer's former US Treasury Secretary speaking to

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Speaker 1: ABC's This Week, we turned to the Middle East next

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Speaker 1: and President Trump saying there's a good chance that a

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Speaker 1: ceasefire deal with Hamas can be reached. Here's Trump.

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Speaker 5: I think there's a good.

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Speaker 2: Chance we have a deal with Amas.

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Speaker 3: During the week, during.

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Speaker 2: The coming week. Pertaining to quite a few of the

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Speaker 2: hostage Yes, you know, we've gotten a lot of the

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Speaker 2: hostages out, but pertaining to the remaining hostages.

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Speaker 4: Quite a few of them will be coming out.

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Speaker 2: We think we'll have that done this week.

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Speaker 1: That was President Trump speaking there. These comments come ahead

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Speaker 1: of Israeli Prime Minister Benjamin Etniyahoo's visit to the White

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Speaker 1: House tomorrow. Wall Street will return from a long holiday

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Speaker 1: weekend with US stocks at a record high. We have

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Speaker 1: a look ahead from Bloomberg's Charlie Pellett.

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Speaker 5: This week's focus is on the tariff deadline and FED minutes,

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Speaker 5: along with a smattering of earnings reports. Sylvia Jablonski is

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Speaker 5: chief investment officer at Defiance ETFs.

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Speaker 1: Earnings are expected to be five percent or more. My

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Speaker 1: take is that AI and some of that tech is

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Speaker 1: going to make that number look a little bit better, and.

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Speaker 4: Then you can get a rally for that.

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Speaker 2: You know, tariffs not as bad as we thought.

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Speaker 5: Among the company's schedule to report earnings this week Delta Airlines,

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Speaker 5: ConAgra Brands, and the newly public Circle Internet Group in

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Speaker 5: New York. Charlie Pellett Bloomberg Radio, and that is news

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Speaker 5: when you wanted with Bloomberg News. Now, I'm Doug Prisner,

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Speaker 5: and this is Bloomberg