1
00:00:00,120 --> 00:00:07,080
Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

2
00:00:10,039 --> 00:00:13,240
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

3
00:00:13,240 --> 00:00:14,960
Speaker 2: are the stories we're following today.

4
00:00:15,160 --> 00:00:18,800
Speaker 3: Karen, we begin with new developments on tariffs. President Trump

5
00:00:18,840 --> 00:00:22,239
Speaker 3: says he's likely to impose levies on pharmaceuticals as soon

6
00:00:22,239 --> 00:00:24,920
Speaker 3: as the end of the month. While he didn't specify

7
00:00:24,920 --> 00:00:27,600
Speaker 3: a rate, any tariff would likely impact the likes of

8
00:00:27,600 --> 00:00:31,600
Speaker 3: Eli Lilly, MRK, and Pfizer, which all produced drugs overseas.

9
00:00:31,960 --> 00:00:34,600
Speaker 3: The President spoke to reporters and comments heard live on

10
00:00:34,680 --> 00:00:35,800
Speaker 3: Bloomberg Radio.

11
00:00:35,840 --> 00:00:39,040
Speaker 4: Farmatuticals will be tariff probably at the end of the month,

12
00:00:39,600 --> 00:00:41,560
Speaker 4: and we're going to start off with a low tariff

13
00:00:42,240 --> 00:00:45,640
Speaker 4: and give the pharmaceutical companies a year or so to bill,

14
00:00:46,240 --> 00:00:47,880
Speaker 4: and then we're going to make it a very high.

15
00:00:47,800 --> 00:00:51,440
Speaker 3: Terror and the President also says his timeline for implementing

16
00:00:51,440 --> 00:00:53,519
Speaker 3: tariffs on semiconductors is similar.

17
00:00:53,680 --> 00:00:54,000
Speaker 1: Nathan.

18
00:00:54,040 --> 00:00:56,720
Speaker 2: The President also predicted that he could strike two or

19
00:00:56,840 --> 00:01:00,480
Speaker 2: three trade deals with countries before implementing his so called

20
00:01:00,520 --> 00:01:04,440
Speaker 2: reciprocal tariffs on August first. He also says he's reached

21
00:01:04,440 --> 00:01:05,520
Speaker 2: a deal with Indonesia.

22
00:01:05,840 --> 00:01:10,039
Speaker 5: Indonesia's very strong on copper, but we have full access

23
00:01:10,040 --> 00:01:13,360
Speaker 5: to everything. We will pay no tariffs, So they are

24
00:01:13,400 --> 00:01:17,560
Speaker 5: giving us access into Indonesia which we never had. That's

25
00:01:17,640 --> 00:01:20,480
Speaker 5: probably the biggest part of the deal. And the other

26
00:01:20,560 --> 00:01:24,120
Speaker 5: part is they are going to pay nineteen percent and

27
00:01:24,200 --> 00:01:25,560
Speaker 5: we are going to pay nothing.

28
00:01:26,040 --> 00:01:29,400
Speaker 2: On social media, the President also said Indonesia has committed

29
00:01:29,400 --> 00:01:32,520
Speaker 2: to purchase fifteen billion dollars in US energy, four and

30
00:01:32,560 --> 00:01:36,800
Speaker 2: a half billion worth of agricultural products, and fifty Boeing jets.

31
00:01:36,760 --> 00:01:39,679
Speaker 3: And Karen the President is also continuing his criticism of

32
00:01:39,800 --> 00:01:42,560
Speaker 3: Jay Powell that says Bloomberg News has learned Kevin Hasset,

33
00:01:42,600 --> 00:01:44,960
Speaker 3: director of the White House National Economic Council, is the

34
00:01:45,000 --> 00:01:48,960
Speaker 3: early front runner to replace Powell as FED chair next year.

35
00:01:49,400 --> 00:01:52,919
Speaker 3: Treasury Secretary Scott Besson says the formal process to find

36
00:01:52,960 --> 00:01:56,400
Speaker 3: Powell's successor has already begun. In an interview heard right

37
00:01:56,440 --> 00:01:59,440
Speaker 3: here on Bloomberg Radio, Bess and suggested Powell should also

38
00:01:59,600 --> 00:02:02,440
Speaker 3: not rein on the fed's Board of Governors after his

39
00:02:02,640 --> 00:02:03,920
Speaker 3: term is chair ends.

40
00:02:04,240 --> 00:02:07,160
Speaker 6: There's been a lot of talk of a shadow fedchair

41
00:02:07,680 --> 00:02:12,799
Speaker 6: causing confusion in advance of his or her nomination, and

42
00:02:12,919 --> 00:02:15,080
Speaker 6: I can tell you I think it'd be very confusing

43
00:02:15,120 --> 00:02:19,120
Speaker 6: for the market for a former FED chair to stay on.

44
00:02:19,360 --> 00:02:23,080
Speaker 3: Also, Serajuri Secretary Scott Bessend also says he's part of

45
00:02:23,120 --> 00:02:26,240
Speaker 3: the decision making process, but the final decision will come

46
00:02:26,280 --> 00:02:27,240
Speaker 3: from President Trump.

47
00:02:27,360 --> 00:02:29,360
Speaker 2: He if in Congress is a step closer to clawing

48
00:02:29,440 --> 00:02:32,320
Speaker 2: back billions of dollars in funds for a public broadcasting

49
00:02:32,480 --> 00:02:35,239
Speaker 2: and foreign aid. The Senate has voted to advance nine

50
00:02:35,280 --> 00:02:37,919
Speaker 2: point four billion dollars in cuts on a fifty one

51
00:02:37,960 --> 00:02:41,640
Speaker 2: to fifty vote, with Vice President jd Vance breaking the tie.

52
00:02:41,760 --> 00:02:45,600
Speaker 2: The measure would cancel funds for the Corporation for Public Broadcasting,

53
00:02:45,639 --> 00:02:49,359
Speaker 2: which funds PBS and NPR. The networks have warned that

54
00:02:49,400 --> 00:02:52,720
Speaker 2: could force local stations to close, but HOWSE Speaker Mike

55
00:02:52,800 --> 00:02:56,120
Speaker 2: Johnson says public media have misused federal funds.

56
00:02:56,520 --> 00:02:59,840
Speaker 7: They're biased reporting, they're not objective, they pretend to be,

57
00:03:00,080 --> 00:03:02,800
Speaker 7: so they have for a long time, and the people

58
00:03:03,040 --> 00:03:03,960
Speaker 7: don't need to fund that.

59
00:03:04,639 --> 00:03:08,280
Speaker 2: Speaker Mike Johnson spoke before the White House offered assurances

60
00:03:08,320 --> 00:03:11,880
Speaker 2: to South Dakota Senator Mike Rouse that tribal radio stations

61
00:03:11,919 --> 00:03:15,040
Speaker 2: had received ten million dollars. The package now heads to

62
00:03:15,080 --> 00:03:17,799
Speaker 2: a vote rama of amendment votes before the Senate takes

63
00:03:17,800 --> 00:03:19,560
Speaker 2: final action today, Karen.

64
00:03:19,560 --> 00:03:22,360
Speaker 3: A controversy that has split President Trump's voter base is

65
00:03:22,400 --> 00:03:25,000
Speaker 3: now threatening a wider divide in the Republican party. This

66
00:03:25,040 --> 00:03:28,399
Speaker 3: is over the administration's handling of documents related to disgraced

67
00:03:28,400 --> 00:03:32,040
Speaker 3: financier Jeffrey Epstein. This month, the Justice Department said it

68
00:03:32,120 --> 00:03:35,000
Speaker 3: had no new information to release on the case. That's

69
00:03:35,040 --> 00:03:38,040
Speaker 3: after Attorney General Pam Bondi told Fox News earlier this

70
00:03:38,120 --> 00:03:41,720
Speaker 3: year that she had Epstein's client list waiting on her desk. Now,

71
00:03:41,840 --> 00:03:45,840
Speaker 3: Republicans like Missouri Senator Josh Holly are calling for more transparency.

72
00:03:46,160 --> 00:03:47,600
Speaker 6: I think all this stuff I'll be public.

73
00:03:47,800 --> 00:03:52,360
Speaker 7: I mean, I think all the documents should all be public.

74
00:03:53,320 --> 00:03:54,880
Speaker 7: I think we'd all want to be out of the open.

75
00:03:55,160 --> 00:03:58,640
Speaker 3: Another Republican, Kentucky Congressman Thomas Massey, says he'll force a

76
00:03:58,720 --> 00:04:00,960
Speaker 3: vote in the House to release documents in the case.

77
00:04:01,400 --> 00:04:04,080
Speaker 3: President Trump says Republicans should put Epstein behind them.

78
00:04:04,520 --> 00:04:07,640
Speaker 4: I don't understand it why they would be so interested.

79
00:04:08,240 --> 00:04:11,520
Speaker 4: He's dead for a long time. He was never a

80
00:04:11,520 --> 00:04:13,880
Speaker 4: big factor in terms of life.

81
00:04:14,160 --> 00:04:16,800
Speaker 3: The president says he thinks Attorney General Bondi has handled

82
00:04:16,800 --> 00:04:19,359
Speaker 3: the case well. He has suggested, without evidence that the

83
00:04:19,360 --> 00:04:23,160
Speaker 3: Epstein files were made up by Democrats. Shares of Nvidia

84
00:04:23,240 --> 00:04:26,160
Speaker 3: closed it an all time high. CEO Jensen Wong says

85
00:04:26,200 --> 00:04:28,560
Speaker 3: he should get the first batch of US licenses to

86
00:04:28,600 --> 00:04:32,039
Speaker 3: export H twenty AI chips to China soon, but he

87
00:04:32,080 --> 00:04:35,560
Speaker 3: says it's still unclear how many licenses the US will approve.

88
00:04:35,880 --> 00:04:39,600
Speaker 3: Speaking at a conference in Beijing, Jensen Wang praise China's

89
00:04:39,640 --> 00:04:42,919
Speaker 3: achievements in artificial intelligence models like deep.

90
00:04:42,800 --> 00:04:49,160
Speaker 8: Seek, Ali, Baba, Tensen, Mini Max and bay Do or

91
00:04:49,160 --> 00:04:55,919
Speaker 8: anybody our world class developed here and shared openly have

92
00:04:56,040 --> 00:04:57,919
Speaker 8: spurred AI developments were wide.

93
00:04:58,760 --> 00:05:01,440
Speaker 3: Jensen Wog's in Vidia MA history last week as the

94
00:05:01,480 --> 00:05:04,640
Speaker 3: first company to hit a four trillion dollar market value.

95
00:05:04,680 --> 00:05:08,240
Speaker 2: Shares of chip maker ASML are down almost eight percent

96
00:05:08,279 --> 00:05:11,080
Speaker 2: in Europe, and Nathan the company CEO, is walking back

97
00:05:11,160 --> 00:05:14,120
Speaker 2: the company's growth forecast for next year due to trade

98
00:05:14,240 --> 00:05:19,560
Speaker 2: disputes and global tensions. ASML forecasts for third quarternet sales

99
00:05:19,600 --> 00:05:23,200
Speaker 2: missed estimates. Plashan also in focus in Europe this morning.

100
00:05:23,240 --> 00:05:26,080
Speaker 2: In fact, UK inflation rose to its highest level since

101
00:05:26,160 --> 00:05:29,520
Speaker 2: January twenty twenty four. CPI taped up to three point

102
00:05:29,600 --> 00:05:32,520
Speaker 2: six percent in June from three point four percent previously.

103
00:05:32,839 --> 00:05:39,600
Speaker 2: Economists had expected the figure to remain unchanged. Time Now

104
00:05:39,640 --> 00:05:41,440
Speaker 2: for look at some of the other stories making news

105
00:05:41,440 --> 00:05:43,240
Speaker 2: in New York and around the world, and for that

106
00:05:43,279 --> 00:05:46,640
Speaker 2: we're joined by Bloomberg's Michael Barr. Michael, good morning, Good.

107
00:05:46,400 --> 00:05:49,160
Speaker 9: Morning, Karen. We're learning more about two women in New

108
00:05:49,279 --> 00:05:52,160
Speaker 9: Jersey who were killed after their vehicle was swept up

109
00:05:52,160 --> 00:05:55,680
Speaker 9: in floodwaters during a storm that moved across the northeast

110
00:05:55,720 --> 00:05:58,799
Speaker 9: Monday night. They were in their car on the road

111
00:05:58,960 --> 00:06:01,800
Speaker 9: when it was swept into the Cedar Brook during the

112
00:06:01,839 --> 00:06:04,800
Speaker 9: peak of the heavy rains. Governor Phil Murphy we.

113
00:06:04,720 --> 00:06:08,160
Speaker 10: Got crushed not just here in Berkeley Heights, but in

114
00:06:08,200 --> 00:06:12,479
Speaker 10: this part of the state in particular. Sadly, two losses

115
00:06:12,520 --> 00:06:16,320
Speaker 10: of life in Plainfield in a vehicle that was swept away,

116
00:06:16,360 --> 00:06:19,360
Speaker 10: and they sadly decease were extracted.

117
00:06:20,320 --> 00:06:23,480
Speaker 9: It is the second deadly weather system in the Plainfield

118
00:06:23,600 --> 00:06:27,000
Speaker 9: area this month. Early in July, three people died when

119
00:06:27,080 --> 00:06:31,000
Speaker 9: thunderstorms caused trees to fall. The Pentagon says that Defense

120
00:06:31,040 --> 00:06:35,640
Speaker 9: Secretary Pete Hegsath has ordered that two thousand California National

121
00:06:35,640 --> 00:06:39,480
Speaker 9: Guardsmen be withdrawn from the security mission in Los Angeles.

122
00:06:39,880 --> 00:06:43,000
Speaker 9: That order will reduce by almost half the forty seven

123
00:06:43,040 --> 00:06:46,560
Speaker 9: hundred federal iceed guards and marines sent to the city

124
00:06:46,720 --> 00:06:51,120
Speaker 9: in early June to protect federal property and personnel following

125
00:06:51,200 --> 00:06:55,120
Speaker 9: anti ICE protests. Los Angeles Mayor Karen bass I.

126
00:06:55,080 --> 00:06:57,400
Speaker 11: Have said from the beginning that what is happening in

127
00:06:57,440 --> 00:07:00,000
Speaker 11: Los Angeles is we are being used as a test case,

128
00:07:00,720 --> 00:07:03,400
Speaker 11: and I am hoping that this experiment with the lives

129
00:07:03,440 --> 00:07:05,320
Speaker 11: of people ends here.

130
00:07:06,480 --> 00:07:10,240
Speaker 9: New York City mayoral candidate Zoron Mamdani told business leaders

131
00:07:10,280 --> 00:07:12,440
Speaker 9: that he would begin to discourage the use of the

132
00:07:12,480 --> 00:07:16,720
Speaker 9: phrase globalize the into fought up after being pressed on

133
00:07:16,800 --> 00:07:21,160
Speaker 9: his views by Pfizer chief executive Albert Borlap, according to

134
00:07:21,160 --> 00:07:24,240
Speaker 9: people with knowledge of the matter, the Democratic mayoral nominee

135
00:07:24,240 --> 00:07:27,120
Speaker 9: met Tuesday with about one hundred business leaders from the

136
00:07:27,160 --> 00:07:30,400
Speaker 9: Partnership for New York City. Ma'm Donnie an activists where

137
00:07:30,400 --> 00:07:34,560
Speaker 9: Palestinian Causes, has been criticized for refusing to denounce the phrase,

138
00:07:34,800 --> 00:07:39,320
Speaker 9: a reference to the armed Palestinian uprisings against Israel. Meanwhile,

139
00:07:39,400 --> 00:07:41,960
Speaker 9: Senate Minority Leader Chuck Schumer was asked about it during

140
00:07:42,000 --> 00:07:43,600
Speaker 9: a news conference yesterday.

141
00:07:43,560 --> 00:07:47,480
Speaker 12: Look to what the globalized into FOD and means is

142
00:07:47,520 --> 00:07:50,320
Speaker 12: really wrong and should be condemned, and I look forward

143
00:07:50,320 --> 00:07:52,880
Speaker 12: to my discussions with mister Mamdani.

144
00:07:53,320 --> 00:07:56,000
Speaker 9: And Mamdani picked up the backing yesterday from the largest

145
00:07:56,080 --> 00:07:59,280
Speaker 9: Union for City Workers DC thirty seven and from New

146
00:07:59,360 --> 00:08:03,880
Speaker 9: York Democrat Congressman Adriano Espion. Global News twenty four hours

147
00:08:03,880 --> 00:08:05,960
Speaker 9: a day and whenever you want it for the Bloomberg News.

148
00:08:05,960 --> 00:08:08,160
Speaker 9: Now him, Michael Barne, This is Bloomberg Herry.

149
00:08:08,320 --> 00:08:15,120
Speaker 2: All right, Michael barr thank you time now for the

150
00:08:15,120 --> 00:08:18,400
Speaker 2: Bloomberg Sports Update. It's brought to you by Flushing Bank,

151
00:08:18,440 --> 00:08:19,640
Speaker 2: and here's John Stanshower.

152
00:08:19,760 --> 00:08:21,880
Speaker 12: John, good morning, Good morning, Karen. There's never been in

153
00:08:21,920 --> 00:08:24,160
Speaker 12: an NLB All Star Game, or at least a finish

154
00:08:24,400 --> 00:08:26,960
Speaker 12: like this. One in Atlanta looked like a National League

155
00:08:27,040 --> 00:08:29,880
Speaker 12: route at Ketel Marte two runs single before the Al

156
00:08:29,960 --> 00:08:31,800
Speaker 12: got an out and stayed two to nothing until a

157
00:08:31,920 --> 00:08:35,120
Speaker 12: Pete Alonso three run opposite field homers six. Then he

158
00:08:35,240 --> 00:08:37,800
Speaker 12: first met with an All Star homer since David Ryan

159
00:08:37,880 --> 00:08:40,679
Speaker 12: two thousand and six, Corbin Carol Homer. The nl had

160
00:08:40,760 --> 00:08:44,400
Speaker 12: six to nothing. Back came the Al. The Ads, Brent Rooker.

161
00:08:44,480 --> 00:08:46,120
Speaker 12: Three run shot to get him on the board, and

162
00:08:46,120 --> 00:08:48,480
Speaker 12: then two runs in the ninth. They tied the game

163
00:08:48,920 --> 00:08:52,280
Speaker 12: with an infield single. With two out no extra innings,

164
00:08:52,360 --> 00:08:55,480
Speaker 12: it was instead time for a swing off. Each team

165
00:08:55,520 --> 00:08:59,040
Speaker 12: picked three players to swing three times, and Kyle Schwarber

166
00:08:59,440 --> 00:09:02,079
Speaker 12: hit all three of his out for home runs the

167
00:09:02,240 --> 00:09:05,880
Speaker 12: NL one. Schwarberg was MVP. He spoke on Fox on

168
00:09:05,880 --> 00:09:06,520
Speaker 12: the field.

169
00:09:06,280 --> 00:09:10,719
Speaker 13: Afterwards, just trying to not hit a home run. I

170
00:09:10,760 --> 00:09:12,600
Speaker 13: guess is trying to stick short because if I would

171
00:09:12,600 --> 00:09:13,720
Speaker 13: have tried to hit a home run or I would

172
00:09:13,760 --> 00:09:17,080
Speaker 13: probably hit my guys over there. But I'm just happy

173
00:09:17,120 --> 00:09:20,199
Speaker 13: that it worked out for US and National League's going

174
00:09:20,200 --> 00:09:20,600
Speaker 13: home with one.

175
00:09:20,679 --> 00:09:22,880
Speaker 12: You get Urt Philly to be an All Star. MVPs

176
00:09:22,920 --> 00:09:26,240
Speaker 12: and Johnny Tallison at Chase Stadium in nineteen sixty four,

177
00:09:26,400 --> 00:09:28,520
Speaker 12: day after the Jets locked up white out Garrett Wilson

178
00:09:28,559 --> 00:09:31,920
Speaker 12: with a four year extension, they did likewise with cornerback

179
00:09:32,040 --> 00:09:35,280
Speaker 12: Sauce Gardner. They drafted both players among the first ten

180
00:09:35,320 --> 00:09:38,360
Speaker 12: picks of the twenty twenty two draft. Tomorrow begins the

181
00:09:38,400 --> 00:09:41,200
Speaker 12: one hundred and fifty third Open Championship, just the third

182
00:09:41,200 --> 00:09:44,240
Speaker 12: ever at royal Port Rush in Northern Ireland, and this tournament,

183
00:09:44,360 --> 00:09:47,280
Speaker 12: like all of them, now begins with world number one

184
00:09:47,360 --> 00:09:49,400
Speaker 12: Scottie Scheffler as the betting paper.

185
00:09:49,840 --> 00:09:51,880
Speaker 7: No matter what happens, we're always onto the next week.

186
00:09:52,080 --> 00:09:53,960
Speaker 7: And so that's one of the beautiful things about golf,

187
00:09:53,960 --> 00:09:55,559
Speaker 7: and it's also one of the frustrating things because you

188
00:09:55,600 --> 00:09:58,000
Speaker 7: can have such great accomplishments, but you know, the show

189
00:09:58,040 --> 00:10:01,960
Speaker 7: goes on and that's just how it is. You know,

190
00:10:01,960 --> 00:10:04,360
Speaker 7: it's great to win tournaments, it's a lot of fun.

191
00:10:04,920 --> 00:10:08,120
Speaker 7: Sometimes the feeling only lasts about two minutes. It seems

192
00:10:08,160 --> 00:10:09,360
Speaker 7: like Chef.

193
00:10:09,160 --> 00:10:11,400
Speaker 12: With Tea's off about twenty four hours from now, just

194
00:10:11,440 --> 00:10:15,440
Speaker 12: to happen. Defending Jams, Anderschomp, John Stashan were Bloomberg Sports Karen.

195
00:10:15,280 --> 00:10:22,199
Speaker 1: Nias Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

196
00:10:22,320 --> 00:10:25,160
Speaker 1: and around the world on Bloomberg dot Com and the

197
00:10:25,200 --> 00:10:28,280
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

198
00:10:28,400 --> 00:10:31,960
Speaker 3: Good morning, I'm Nathan Hager. President Trump's trade negotiations maybe

199
00:10:32,000 --> 00:10:34,960
Speaker 3: heading into the final stretch, with just sixteen days to

200
00:10:35,000 --> 00:10:38,360
Speaker 3: go until the August first tariff deadline. The President says

201
00:10:38,400 --> 00:10:41,760
Speaker 3: higher rates for pharmaceuticals could be coming sooner rather than later,

202
00:10:41,880 --> 00:10:44,480
Speaker 3: and only a few more trade deals may still be

203
00:10:44,559 --> 00:10:45,120
Speaker 3: in the works.

204
00:10:45,280 --> 00:10:48,680
Speaker 4: We're working on probably five or six. Up the five

205
00:10:48,760 --> 00:10:50,040
Speaker 4: or six, I'm not sure I.

206
00:10:50,000 --> 00:10:50,839
Speaker 5: Really want to do them.

207
00:10:50,880 --> 00:10:51,679
Speaker 9: You know, you want.

208
00:10:51,520 --> 00:10:55,720
Speaker 4: Somebody to notice how to negotiate, but we'll probably have

209
00:10:55,800 --> 00:10:56,360
Speaker 4: two or three.

210
00:10:56,760 --> 00:10:59,600
Speaker 3: The President spoke to reporters at joined Basse Andrews outside

211
00:10:59,760 --> 00:11:02,320
Speaker 3: Washington last night, and this morning we're joined by Bloomberg

212
00:11:02,360 --> 00:11:05,440
Speaker 3: News senior editor Bill Ferries. Bill, wasn't that long ago

213
00:11:05,480 --> 00:11:09,000
Speaker 3: we were hearing maybe a dozen, maybe eighteen trading partners

214
00:11:09,040 --> 00:11:12,080
Speaker 3: could be coming up for deals. Now it seems like

215
00:11:12,240 --> 00:11:13,880
Speaker 3: that window is narrowing.

216
00:11:14,000 --> 00:11:17,600
Speaker 14: Good morning, Good morning, Nathan. Yeah, it is narrowing. We

217
00:11:18,200 --> 00:11:21,840
Speaker 14: you know, we've had this fourth country, I guess, get

218
00:11:21,920 --> 00:11:23,640
Speaker 14: some sort of an agreement, whether you want to call

219
00:11:23,720 --> 00:11:28,200
Speaker 14: it a deal or a framework, with Indonesia getting nineteen

220
00:11:28,280 --> 00:11:32,920
Speaker 14: percent tariffs on their products in return agreeing to buy

221
00:11:33,120 --> 00:11:36,480
Speaker 14: apparently about nineteen billion dollars in goods and some Boeing

222
00:11:36,559 --> 00:11:40,520
Speaker 14: jets and things like that. That would be basically the

223
00:11:40,600 --> 00:11:43,040
Speaker 14: fourth deal you can count on. And you heard President

224
00:11:43,080 --> 00:11:44,720
Speaker 14: Trump there. I think he went on to say that

225
00:11:45,240 --> 00:11:48,360
Speaker 14: he's still hoping that India might be among the countries

226
00:11:48,960 --> 00:11:51,840
Speaker 14: who get some sort of an agreement, and that would

227
00:11:51,880 --> 00:11:54,760
Speaker 14: obviously be a really big one that's been hanging out there,

228
00:11:55,440 --> 00:11:57,880
Speaker 14: But that leaves a whole lot of countries. You know,

229
00:11:57,920 --> 00:12:00,679
Speaker 14: we're very far away from those ninety d and ninety

230
00:12:00,760 --> 00:12:03,320
Speaker 14: days that we heard about in April, but there's still

231
00:12:03,360 --> 00:12:06,440
Speaker 14: you know, the President has signaled that there's a chance

232
00:12:06,520 --> 00:12:11,640
Speaker 14: that this August deadline might also be extended. Scott Bessen said,

233
00:12:11,679 --> 00:12:15,560
Speaker 14: almost certainly that would happen for China as they continue

234
00:12:15,800 --> 00:12:18,760
Speaker 14: working out the details of their agreement. But a lot

235
00:12:18,760 --> 00:12:21,839
Speaker 14: of countries still feel like the last two weeks is

236
00:12:22,160 --> 00:12:25,760
Speaker 14: time is time they can use well to maybe get

237
00:12:25,880 --> 00:12:28,160
Speaker 14: under the get through the finish line here with the

238
00:12:28,200 --> 00:12:29,040
Speaker 14: Trump administration.

239
00:12:29,320 --> 00:12:31,640
Speaker 3: And even if we get closer to that finish line bill,

240
00:12:31,720 --> 00:12:36,319
Speaker 3: the president's talking more about sectoral tariffs as well, including

241
00:12:36,800 --> 00:12:39,960
Speaker 3: potentially pharmaceutical tariffs. He had said maybe those would be

242
00:12:40,160 --> 00:12:43,000
Speaker 3: raised by two hundred percent in a year or more,

243
00:12:43,040 --> 00:12:44,720
Speaker 3: but maybe that's coming sooner.

244
00:12:44,960 --> 00:12:47,520
Speaker 14: Yeah, he said that August first, or at the end

245
00:12:47,559 --> 00:12:50,000
Speaker 14: of this month could be when he decides to go

246
00:12:50,280 --> 00:12:53,959
Speaker 14: forward at a much lower level with pharmaceutical tariffs, and

247
00:12:54,000 --> 00:12:58,360
Speaker 14: he even said semiconductors. With the pharmaceuticals he has talked

248
00:12:58,400 --> 00:13:02,520
Speaker 14: about two hundred percent, he says that that would potentially

249
00:13:02,559 --> 00:13:05,200
Speaker 14: be phased in over a year, or at one point

250
00:13:05,280 --> 00:13:07,880
Speaker 14: he said a year and a half. The idea being

251
00:13:07,920 --> 00:13:10,200
Speaker 14: to try to get these companies, many of the big

252
00:13:10,240 --> 00:13:12,719
Speaker 14: ones which are in Europe, to move more of their

253
00:13:12,720 --> 00:13:15,680
Speaker 14: production into the United States. He seems to acknowledge that

254
00:13:15,679 --> 00:13:19,640
Speaker 14: that would take some time, but he doesn't have unlimited patients.

255
00:13:19,960 --> 00:13:21,559
Speaker 14: It's hard to know whether a year, a year and

256
00:13:21,600 --> 00:13:23,640
Speaker 14: a half is really enough. Two hundred percent would be

257
00:13:23,679 --> 00:13:26,559
Speaker 14: a huge increase, so that might be the leverage he's

258
00:13:26,600 --> 00:13:28,160
Speaker 14: trying to use to get them to the table.

259
00:13:28,440 --> 00:13:31,880
Speaker 3: And speaking of unlimited patients, we're not seeing much of

260
00:13:31,880 --> 00:13:34,920
Speaker 3: that when it comes to FED Shair J. Powell and

261
00:13:35,040 --> 00:13:38,440
Speaker 3: interest rates. And now we're hearing more about how the

262
00:13:38,440 --> 00:13:41,319
Speaker 3: search process for a replacement is going, maybe even sooner

263
00:13:41,320 --> 00:13:41,960
Speaker 3: than expected.

264
00:13:42,400 --> 00:13:47,360
Speaker 14: Yeah, it sounds like Scott Besson said the formal process

265
00:13:47,480 --> 00:13:51,880
Speaker 14: of starting to pick the next FED chair has already begun,

266
00:13:52,160 --> 00:13:55,599
Speaker 14: and Besson, of course has long been on the shortlist

267
00:13:55,760 --> 00:13:59,040
Speaker 14: for that. But President Trump's saying that he likes the

268
00:13:59,160 --> 00:14:01,880
Speaker 14: job best and is doing a Treasury, so he might

269
00:14:01,920 --> 00:14:05,920
Speaker 14: not really be the leading candidate at this point. One

270
00:14:05,960 --> 00:14:09,080
Speaker 14: person who we do think is probably the leading candidate

271
00:14:09,200 --> 00:14:11,840
Speaker 14: right now is Kevin Hassett, the head of the National

272
00:14:11,880 --> 00:14:16,160
Speaker 14: Economic Council and an advisor economic advisor who's been close

273
00:14:16,200 --> 00:14:19,040
Speaker 14: to Trump for really better part of a decade. At

274
00:14:19,040 --> 00:14:22,000
Speaker 14: this point, he seems to be perhaps in the pole position,

275
00:14:22,920 --> 00:14:26,479
Speaker 14: and Chris Waller, former Fed governor, also on that shortlist.

276
00:14:26,800 --> 00:14:30,240
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

277
00:14:30,320 --> 00:14:33,320
Speaker 2: making news from Wall Street to Washington and beyond.

278
00:14:33,600 --> 00:14:36,000
Speaker 3: Look for us on your podcast feed by six am

279
00:14:36,040 --> 00:14:39,440
Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen.

280
00:14:39,640 --> 00:14:42,480
Speaker 2: You can also listen live each morning starting at five

281
00:14:42,520 --> 00:14:45,240
Speaker 2: am Wall Street time on Bloomberg eleven three to zero

282
00:14:45,240 --> 00:14:48,160
Speaker 2: in New York, Bloomberg ninety nine to one in Washington,

283
00:14:48,200 --> 00:14:52,160
Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on serious

284
00:14:52,360 --> 00:14:54,080
Speaker 2: XM Channel one twenty one.

285
00:14:54,320 --> 00:14:57,040
Speaker 3: Plus listen coast to coast on the Bloomberg Business app

286
00:14:57,080 --> 00:14:59,840
Speaker 3: now with Apple CarPlay and Android Atto interfaces.

287
00:15:00,120 --> 00:15:03,120
Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's

288
00:15:03,160 --> 00:15:05,880
Speaker 2: the latest news whenever you want it. In five minutes

289
00:15:06,000 --> 00:15:09,120
Speaker 2: or less. Search Bloomberg News Now on your favorite podcast

290
00:15:09,160 --> 00:15:13,320
Speaker 2: platform to stay informed all day long. I'm Karen Moscow.

291
00:15:13,080 --> 00:15:15,640
Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for

292
00:15:15,680 --> 00:15:17,600
Speaker 3: all the news you need to start your day right

293
00:15:17,640 --> 00:15:19,080
Speaker 3: here on Bloomberg Dbreak