WEBVTT - Trump Threatens Drug Tariffs; Hassett Frontrunner For Fed Chair

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we begin with new developments on tariffs. President Trump

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<v Speaker 3>says he's likely to impose levies on pharmaceuticals as soon

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<v Speaker 3>as the end of the month. While he didn't specify

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<v Speaker 3>a rate, any tariff would likely impact the likes of

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<v Speaker 3>Eli Lilly, MRK, and Pfizer, which all produced drugs overseas.

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<v Speaker 3>The President spoke to reporters and comments heard live on

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<v Speaker 3>Bloomberg Radio.

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<v Speaker 4>Farmatuticals will be tariff probably at the end of the month,

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<v Speaker 4>and we're going to start off with a low tariff

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<v Speaker 4>and give the pharmaceutical companies a year or so to bill,

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<v Speaker 4>and then we're going to make it a very high.

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<v Speaker 3>Terror and the President also says his timeline for implementing

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<v Speaker 3>tariffs on semiconductors is similar.

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<v Speaker 1>Nathan.

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<v Speaker 2>The President also predicted that he could strike two or

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<v Speaker 2>three trade deals with countries before implementing his so called

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<v Speaker 2>reciprocal tariffs on August first. He also says he's reached

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<v Speaker 2>a deal with Indonesia.

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<v Speaker 5>Indonesia's very strong on copper, but we have full access

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<v Speaker 5>to everything. We will pay no tariffs, So they are

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<v Speaker 5>giving us access into Indonesia which we never had. That's

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<v Speaker 5>probably the biggest part of the deal. And the other

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<v Speaker 5>part is they are going to pay nineteen percent and

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<v Speaker 5>we are going to pay nothing.

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<v Speaker 2>On social media, the President also said Indonesia has committed

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<v Speaker 2>to purchase fifteen billion dollars in US energy, four and

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<v Speaker 2>a half billion worth of agricultural products, and fifty Boeing jets.

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<v Speaker 3>And Karen the President is also continuing his criticism of

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<v Speaker 3>Jay Powell that says Bloomberg News has learned Kevin Hasset,

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<v Speaker 3>director of the White House National Economic Council, is the

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<v Speaker 3>early front runner to replace Powell as FED chair next year.

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<v Speaker 3>Treasury Secretary Scott Besson says the formal process to find

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<v Speaker 3>Powell's successor has already begun. In an interview heard right

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<v Speaker 3>here on Bloomberg Radio, Bess and suggested Powell should also

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<v Speaker 3>not rein on the fed's Board of Governors after his

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<v Speaker 3>term is chair ends.

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<v Speaker 6>There's been a lot of talk of a shadow fedchair

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<v Speaker 6>causing confusion in advance of his or her nomination, and

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<v Speaker 6>I can tell you I think it'd be very confusing

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<v Speaker 6>for the market for a former FED chair to stay on.

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<v Speaker 3>Also, Serajuri Secretary Scott Bessend also says he's part of

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<v Speaker 3>the decision making process, but the final decision will come

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<v Speaker 3>from President Trump.

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<v Speaker 2>He if in Congress is a step closer to clawing

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<v Speaker 2>back billions of dollars in funds for a public broadcasting

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<v Speaker 2>and foreign aid. The Senate has voted to advance nine

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<v Speaker 2>point four billion dollars in cuts on a fifty one

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<v Speaker 2>to fifty vote, with Vice President jd Vance breaking the tie.

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<v Speaker 2>The measure would cancel funds for the Corporation for Public Broadcasting,

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<v Speaker 2>which funds PBS and NPR. The networks have warned that

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<v Speaker 2>could force local stations to close, but HOWSE Speaker Mike

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<v Speaker 2>Johnson says public media have misused federal funds.

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<v Speaker 7>They're biased reporting, they're not objective, they pretend to be,

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<v Speaker 7>so they have for a long time, and the people

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<v Speaker 7>don't need to fund that.

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<v Speaker 2>Speaker Mike Johnson spoke before the White House offered assurances

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<v Speaker 2>to South Dakota Senator Mike Rouse that tribal radio stations

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<v Speaker 2>had received ten million dollars. The package now heads to

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<v Speaker 2>a vote rama of amendment votes before the Senate takes

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<v Speaker 2>final action today, Karen.

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<v Speaker 3>A controversy that has split President Trump's voter base is

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<v Speaker 3>now threatening a wider divide in the Republican party. This

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<v Speaker 3>is over the administration's handling of documents related to disgraced

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<v Speaker 3>financier Jeffrey Epstein. This month, the Justice Department said it

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<v Speaker 3>had no new information to release on the case. That's

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<v Speaker 3>after Attorney General Pam Bondi told Fox News earlier this

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<v Speaker 3>year that she had Epstein's client list waiting on her desk. Now,

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<v Speaker 3>Republicans like Missouri Senator Josh Holly are calling for more transparency.

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<v Speaker 6>I think all this stuff I'll be public.

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<v Speaker 7>I mean, I think all the documents should all be public.

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<v Speaker 7>I think we'd all want to be out of the open.

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<v Speaker 3>Another Republican, Kentucky Congressman Thomas Massey, says he'll force a

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<v Speaker 3>vote in the House to release documents in the case.

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<v Speaker 3>President Trump says Republicans should put Epstein behind them.

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<v Speaker 4>I don't understand it why they would be so interested.

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<v Speaker 4>He's dead for a long time. He was never a

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<v Speaker 4>big factor in terms of life.

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<v Speaker 3>The president says he thinks Attorney General Bondi has handled

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<v Speaker 3>the case well. He has suggested, without evidence that the

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<v Speaker 3>Epstein files were made up by Democrats. Shares of Nvidia

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<v Speaker 3>closed it an all time high. CEO Jensen Wong says

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<v Speaker 3>he should get the first batch of US licenses to

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<v Speaker 3>export H twenty AI chips to China soon, but he

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<v Speaker 3>says it's still unclear how many licenses the US will approve.

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<v Speaker 3>Speaking at a conference in Beijing, Jensen Wang praise China's

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<v Speaker 3>achievements in artificial intelligence models like deep.

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<v Speaker 8>Seek, Ali, Baba, Tensen, Mini Max and bay Do or

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<v Speaker 8>anybody our world class developed here and shared openly have

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<v Speaker 8>spurred AI developments were wide.

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<v Speaker 3>Jensen Wog's in Vidia MA history last week as the

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<v Speaker 3>first company to hit a four trillion dollar market value.

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<v Speaker 2>Shares of chip maker ASML are down almost eight percent

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<v Speaker 2>in Europe, and Nathan the company CEO, is walking back

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<v Speaker 2>the company's growth forecast for next year due to trade

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<v Speaker 2>disputes and global tensions. ASML forecasts for third quarternet sales

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<v Speaker 2>missed estimates. Plashan also in focus in Europe this morning.

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<v Speaker 2>In fact, UK inflation rose to its highest level since

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<v Speaker 2>January twenty twenty four. CPI taped up to three point

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<v Speaker 2>six percent in June from three point four percent previously.

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<v Speaker 2>Economists had expected the figure to remain unchanged. Time Now

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<v Speaker 2>for look at some of the other stories making news

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<v Speaker 2>in New York and around the world, and for that

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<v Speaker 2>we're joined by Bloomberg's Michael Barr. Michael, good morning, Good.

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<v Speaker 9>Morning, Karen. We're learning more about two women in New

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<v Speaker 9>Jersey who were killed after their vehicle was swept up

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<v Speaker 9>in floodwaters during a storm that moved across the northeast

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<v Speaker 9>Monday night. They were in their car on the road

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<v Speaker 9>when it was swept into the Cedar Brook during the

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<v Speaker 9>peak of the heavy rains. Governor Phil Murphy we.

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<v Speaker 10>Got crushed not just here in Berkeley Heights, but in

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<v Speaker 10>this part of the state in particular. Sadly, two losses

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<v Speaker 10>of life in Plainfield in a vehicle that was swept away,

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<v Speaker 10>and they sadly decease were extracted.

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<v Speaker 9>It is the second deadly weather system in the Plainfield

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<v Speaker 9>area this month. Early in July, three people died when

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<v Speaker 9>thunderstorms caused trees to fall. The Pentagon says that Defense

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<v Speaker 9>Secretary Pete Hegsath has ordered that two thousand California National

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<v Speaker 9>Guardsmen be withdrawn from the security mission in Los Angeles.

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<v Speaker 9>That order will reduce by almost half the forty seven

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<v Speaker 9>hundred federal iceed guards and marines sent to the city

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<v Speaker 9>in early June to protect federal property and personnel following

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<v Speaker 9>anti ICE protests. Los Angeles Mayor Karen bass I.

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<v Speaker 11>Have said from the beginning that what is happening in

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<v Speaker 11>Los Angeles is we are being used as a test case,

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<v Speaker 11>and I am hoping that this experiment with the lives

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<v Speaker 11>of people ends here.

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<v Speaker 9>New York City mayoral candidate Zoron Mamdani told business leaders

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<v Speaker 9>that he would begin to discourage the use of the

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<v Speaker 9>phrase globalize the into fought up after being pressed on

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<v Speaker 9>his views by Pfizer chief executive Albert Borlap, according to

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<v Speaker 9>people with knowledge of the matter, the Democratic mayoral nominee

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<v Speaker 9>met Tuesday with about one hundred business leaders from the

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<v Speaker 9>Partnership for New York City. Ma'm Donnie an activists where

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<v Speaker 9>Palestinian Causes, has been criticized for refusing to denounce the phrase,

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<v Speaker 9>a reference to the armed Palestinian uprisings against Israel. Meanwhile,

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<v Speaker 9>Senate Minority Leader Chuck Schumer was asked about it during

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<v Speaker 9>a news conference yesterday.

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<v Speaker 12>Look to what the globalized into FOD and means is

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<v Speaker 12>really wrong and should be condemned, and I look forward

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<v Speaker 12>to my discussions with mister Mamdani.

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<v Speaker 9>And Mamdani picked up the backing yesterday from the largest

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<v Speaker 9>Union for City Workers DC thirty seven and from New

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<v Speaker 9>York Democrat Congressman Adriano Espion. Global News twenty four hours

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<v Speaker 9>a day and whenever you want it for the Bloomberg News.

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<v Speaker 9>Now him, Michael Barne, This is Bloomberg Herry.

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<v Speaker 2>All right, Michael barr thank you time now for the

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<v Speaker 2>Bloomberg Sports Update. It's brought to you by Flushing Bank,

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<v Speaker 2>and here's John Stanshower.

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<v Speaker 12>John, good morning, Good morning, Karen. There's never been in

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<v Speaker 12>an NLB All Star Game, or at least a finish

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<v Speaker 12>like this. One in Atlanta looked like a National League

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<v Speaker 12>route at Ketel Marte two runs single before the Al

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<v Speaker 12>got an out and stayed two to nothing until a

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<v Speaker 12>Pete Alonso three run opposite field homers six. Then he

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<v Speaker 12>first met with an All Star homer since David Ryan

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<v Speaker 12>two thousand and six, Corbin Carol Homer. The nl had

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<v Speaker 12>six to nothing. Back came the Al. The Ads, Brent Rooker.

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<v Speaker 12>Three run shot to get him on the board, and

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<v Speaker 12>then two runs in the ninth. They tied the game

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<v Speaker 12>with an infield single. With two out no extra innings,

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<v Speaker 12>it was instead time for a swing off. Each team

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<v Speaker 12>picked three players to swing three times, and Kyle Schwarber

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<v Speaker 12>hit all three of his out for home runs the

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<v Speaker 12>NL one. Schwarberg was MVP. He spoke on Fox on

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<v Speaker 12>the field.

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<v Speaker 13>Afterwards, just trying to not hit a home run. I

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<v Speaker 13>guess is trying to stick short because if I would

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<v Speaker 13>have tried to hit a home run or I would

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<v Speaker 13>probably hit my guys over there. But I'm just happy

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<v Speaker 13>that it worked out for US and National League's going

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<v Speaker 13>home with one.

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<v Speaker 12>You get Urt Philly to be an All Star. MVPs

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<v Speaker 12>and Johnny Tallison at Chase Stadium in nineteen sixty four,

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<v Speaker 12>day after the Jets locked up white out Garrett Wilson

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<v Speaker 12>with a four year extension, they did likewise with cornerback

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<v Speaker 12>Sauce Gardner. They drafted both players among the first ten

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<v Speaker 12>picks of the twenty twenty two draft. Tomorrow begins the

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<v Speaker 12>one hundred and fifty third Open Championship, just the third

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<v Speaker 12>ever at royal Port Rush in Northern Ireland, and this tournament,

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<v Speaker 12>like all of them, now begins with world number one

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<v Speaker 12>Scottie Scheffler as the betting paper.

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<v Speaker 7>No matter what happens, we're always onto the next week.

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<v Speaker 7>And so that's one of the beautiful things about golf,

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<v Speaker 7>and it's also one of the frustrating things because you

0:09:55.600 --> 0:09:58.000
<v Speaker 7>can have such great accomplishments, but you know, the show

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<v Speaker 7>goes on and that's just how it is. You know,

0:10:01.960 --> 0:10:04.360
<v Speaker 7>it's great to win tournaments, it's a lot of fun.

0:10:04.920 --> 0:10:08.120
<v Speaker 7>Sometimes the feeling only lasts about two minutes. It seems

0:10:08.160 --> 0:10:09.360
<v Speaker 7>like Chef.

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<v Speaker 12>With Tea's off about twenty four hours from now, just

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<v Speaker 12>to happen. Defending Jams, Anderschomp, John Stashan were Bloomberg Sports Karen.

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<v Speaker 1>Nias Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

0:10:22.320 --> 0:10:25.160
<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. President Trump's trade negotiations maybe

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<v Speaker 3>heading into the final stretch, with just sixteen days to

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<v Speaker 3>go until the August first tariff deadline. The President says

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<v Speaker 3>higher rates for pharmaceuticals could be coming sooner rather than later,

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<v Speaker 3>and only a few more trade deals may still be

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<v Speaker 3>in the works.

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<v Speaker 4>We're working on probably five or six. Up the five

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<v Speaker 4>or six, I'm not sure I.

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<v Speaker 5>Really want to do them.

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<v Speaker 9>You know, you want.

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<v Speaker 4>Somebody to notice how to negotiate, but we'll probably have

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<v Speaker 4>two or three.

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<v Speaker 3>The President spoke to reporters at joined Basse Andrews outside

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<v Speaker 3>Washington last night, and this morning we're joined by Bloomberg

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<v Speaker 3>News senior editor Bill Ferries. Bill, wasn't that long ago

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<v Speaker 3>we were hearing maybe a dozen, maybe eighteen trading partners

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<v Speaker 3>could be coming up for deals. Now it seems like

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<v Speaker 3>that window is narrowing.

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<v Speaker 14>Good morning, Good morning, Nathan. Yeah, it is narrowing. We

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<v Speaker 14>you know, we've had this fourth country, I guess, get

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<v Speaker 14>some sort of an agreement, whether you want to call

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<v Speaker 14>it a deal or a framework, with Indonesia getting nineteen

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<v Speaker 14>percent tariffs on their products in return agreeing to buy

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<v Speaker 14>apparently about nineteen billion dollars in goods and some Boeing

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<v Speaker 14>jets and things like that. That would be basically the

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<v Speaker 14>fourth deal you can count on. And you heard President

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<v Speaker 14>Trump there. I think he went on to say that

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<v Speaker 14>he's still hoping that India might be among the countries

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<v Speaker 14>who get some sort of an agreement, and that would

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<v Speaker 14>obviously be a really big one that's been hanging out there,

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<v Speaker 14>But that leaves a whole lot of countries. You know,

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<v Speaker 14>we're very far away from those ninety d and ninety

0:12:00.760 --> 0:12:03.320
<v Speaker 14>days that we heard about in April, but there's still

0:12:03.360 --> 0:12:06.440
<v Speaker 14>you know, the President has signaled that there's a chance

0:12:06.520 --> 0:12:11.640
<v Speaker 14>that this August deadline might also be extended. Scott Bessen said,

0:12:11.679 --> 0:12:15.560
<v Speaker 14>almost certainly that would happen for China as they continue

0:12:15.800 --> 0:12:18.760
<v Speaker 14>working out the details of their agreement. But a lot

0:12:18.760 --> 0:12:21.839
<v Speaker 14>of countries still feel like the last two weeks is

0:12:22.160 --> 0:12:25.760
<v Speaker 14>time is time they can use well to maybe get

0:12:25.880 --> 0:12:28.160
<v Speaker 14>under the get through the finish line here with the

0:12:28.200 --> 0:12:29.040
<v Speaker 14>Trump administration.

0:12:29.320 --> 0:12:31.640
<v Speaker 3>And even if we get closer to that finish line bill,

0:12:31.720 --> 0:12:36.319
<v Speaker 3>the president's talking more about sectoral tariffs as well, including

0:12:36.800 --> 0:12:39.960
<v Speaker 3>potentially pharmaceutical tariffs. He had said maybe those would be

0:12:40.160 --> 0:12:43.000
<v Speaker 3>raised by two hundred percent in a year or more,

0:12:43.040 --> 0:12:44.720
<v Speaker 3>but maybe that's coming sooner.

0:12:44.960 --> 0:12:47.520
<v Speaker 14>Yeah, he said that August first, or at the end

0:12:47.559 --> 0:12:50.000
<v Speaker 14>of this month could be when he decides to go

0:12:50.280 --> 0:12:53.959
<v Speaker 14>forward at a much lower level with pharmaceutical tariffs, and

0:12:54.000 --> 0:12:58.360
<v Speaker 14>he even said semiconductors. With the pharmaceuticals he has talked

0:12:58.400 --> 0:13:02.520
<v Speaker 14>about two hundred percent, he says that that would potentially

0:13:02.559 --> 0:13:05.200
<v Speaker 14>be phased in over a year, or at one point

0:13:05.280 --> 0:13:07.880
<v Speaker 14>he said a year and a half. The idea being

0:13:07.920 --> 0:13:10.200
<v Speaker 14>to try to get these companies, many of the big

0:13:10.240 --> 0:13:12.719
<v Speaker 14>ones which are in Europe, to move more of their

0:13:12.720 --> 0:13:15.680
<v Speaker 14>production into the United States. He seems to acknowledge that

0:13:15.679 --> 0:13:19.640
<v Speaker 14>that would take some time, but he doesn't have unlimited patients.

0:13:19.960 --> 0:13:21.559
<v Speaker 14>It's hard to know whether a year, a year and

0:13:21.600 --> 0:13:23.640
<v Speaker 14>a half is really enough. Two hundred percent would be

0:13:23.679 --> 0:13:26.559
<v Speaker 14>a huge increase, so that might be the leverage he's

0:13:26.600 --> 0:13:28.160
<v Speaker 14>trying to use to get them to the table.

0:13:28.440 --> 0:13:31.880
<v Speaker 3>And speaking of unlimited patients, we're not seeing much of

0:13:31.880 --> 0:13:34.920
<v Speaker 3>that when it comes to FED Shair J. Powell and

0:13:35.040 --> 0:13:38.440
<v Speaker 3>interest rates. And now we're hearing more about how the

0:13:38.440 --> 0:13:41.319
<v Speaker 3>search process for a replacement is going, maybe even sooner

0:13:41.320 --> 0:13:41.960
<v Speaker 3>than expected.

0:13:42.400 --> 0:13:47.360
<v Speaker 14>Yeah, it sounds like Scott Besson said the formal process

0:13:47.480 --> 0:13:51.880
<v Speaker 14>of starting to pick the next FED chair has already begun,

0:13:52.160 --> 0:13:55.599
<v Speaker 14>and Besson, of course has long been on the shortlist

0:13:55.760 --> 0:13:59.040
<v Speaker 14>for that. But President Trump's saying that he likes the

0:13:59.160 --> 0:14:01.880
<v Speaker 14>job best and is doing a Treasury, so he might

0:14:01.920 --> 0:14:05.920
<v Speaker 14>not really be the leading candidate at this point. One

0:14:05.960 --> 0:14:09.080
<v Speaker 14>person who we do think is probably the leading candidate

0:14:09.200 --> 0:14:11.840
<v Speaker 14>right now is Kevin Hassett, the head of the National

0:14:11.880 --> 0:14:16.160
<v Speaker 14>Economic Council and an advisor economic advisor who's been close

0:14:16.200 --> 0:14:19.040
<v Speaker 14>to Trump for really better part of a decade. At

0:14:19.040 --> 0:14:22.000
<v Speaker 14>this point, he seems to be perhaps in the pole position,

0:14:22.920 --> 0:14:26.479
<v Speaker 14>and Chris Waller, former Fed governor, also on that shortlist.

0:14:26.800 --> 0:14:30.240
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