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 begin with new developments on tariffs. President Trump
Speaker 3: says he's likely to impose levies on pharmaceuticals as soon
Speaker 3: as the end of the month. While he didn't specify
Speaker 3: a rate, any tariff would likely impact the likes of
Speaker 3: Eli Lilly, MRK, and Pfizer, which all produced drugs overseas.
Speaker 3: The President spoke to reporters and comments heard live on
Speaker 3: Bloomberg Radio.
Speaker 4: Farmatuticals will be tariff probably at the end of the month,
Speaker 4: and we're going to start off with a low tariff
Speaker 4: and give the pharmaceutical companies a year or so to bill,
Speaker 4: and then we're going to make it a very high.
Speaker 3: Terror and the President also says his timeline for implementing
Speaker 3: tariffs on semiconductors is similar.
Speaker 1: Nathan.
Speaker 2: The President also predicted that he could strike two or
Speaker 2: three trade deals with countries before implementing his so called
Speaker 2: reciprocal tariffs on August first. He also says he's reached
Speaker 2: a deal with Indonesia.
Speaker 5: Indonesia's very strong on copper, but we have full access
Speaker 5: to everything. We will pay no tariffs, So they are
Speaker 5: giving us access into Indonesia which we never had. That's
Speaker 5: probably the biggest part of the deal. And the other
Speaker 5: part is they are going to pay nineteen percent and
Speaker 5: we are going to pay nothing.
Speaker 2: On social media, the President also said Indonesia has committed
Speaker 2: to purchase fifteen billion dollars in US energy, four and
Speaker 2: a half billion worth of agricultural products, and fifty Boeing jets.
Speaker 3: And Karen the President is also continuing his criticism of
Speaker 3: Jay Powell that says Bloomberg News has learned Kevin Hasset,
Speaker 3: director of the White House National Economic Council, is the
Speaker 3: early front runner to replace Powell as FED chair next year.
Speaker 3: Treasury Secretary Scott Besson says the formal process to find
Speaker 3: Powell's successor has already begun. In an interview heard right
Speaker 3: here on Bloomberg Radio, Bess and suggested Powell should also
Speaker 3: not rein on the fed's Board of Governors after his
Speaker 3: term is chair ends.
Speaker 6: There's been a lot of talk of a shadow fedchair
Speaker 6: causing confusion in advance of his or her nomination, and
Speaker 6: I can tell you I think it'd be very confusing
Speaker 6: for the market for a former FED chair to stay on.
Speaker 3: Also, Serajuri Secretary Scott Bessend also says he's part of
Speaker 3: the decision making process, but the final decision will come
Speaker 3: from President Trump.
Speaker 2: He if in Congress is a step closer to clawing
Speaker 2: back billions of dollars in funds for a public broadcasting
Speaker 2: and foreign aid. The Senate has voted to advance nine
Speaker 2: point four billion dollars in cuts on a fifty one
Speaker 2: to fifty vote, with Vice President jd Vance breaking the tie.
Speaker 2: The measure would cancel funds for the Corporation for Public Broadcasting,
Speaker 2: which funds PBS and NPR. The networks have warned that
Speaker 2: could force local stations to close, but HOWSE Speaker Mike
Speaker 2: Johnson says public media have misused federal funds.
Speaker 7: They're biased reporting, they're not objective, they pretend to be,
Speaker 7: so they have for a long time, and the people
Speaker 7: don't need to fund that.
Speaker 2: Speaker Mike Johnson spoke before the White House offered assurances
Speaker 2: to South Dakota Senator Mike Rouse that tribal radio stations
Speaker 2: had received ten million dollars. The package now heads to
Speaker 2: a vote rama of amendment votes before the Senate takes
Speaker 2: final action today, Karen.
Speaker 3: A controversy that has split President Trump's voter base is
Speaker 3: now threatening a wider divide in the Republican party. This
Speaker 3: is over the administration's handling of documents related to disgraced
Speaker 3: financier Jeffrey Epstein. This month, the Justice Department said it
Speaker 3: had no new information to release on the case. That's
Speaker 3: after Attorney General Pam Bondi told Fox News earlier this
Speaker 3: year that she had Epstein's client list waiting on her desk. Now,
Speaker 3: Republicans like Missouri Senator Josh Holly are calling for more transparency.
Speaker 6: I think all this stuff I'll be public.
Speaker 7: I mean, I think all the documents should all be public.
Speaker 7: I think we'd all want to be out of the open.
Speaker 3: Another Republican, Kentucky Congressman Thomas Massey, says he'll force a
Speaker 3: vote in the House to release documents in the case.
Speaker 3: President Trump says Republicans should put Epstein behind them.
Speaker 4: I don't understand it why they would be so interested.
Speaker 4: He's dead for a long time. He was never a
Speaker 4: big factor in terms of life.
Speaker 3: The president says he thinks Attorney General Bondi has handled
Speaker 3: the case well. He has suggested, without evidence that the
Speaker 3: Epstein files were made up by Democrats. Shares of Nvidia
Speaker 3: closed it an all time high. CEO Jensen Wong says
Speaker 3: he should get the first batch of US licenses to
Speaker 3: export H twenty AI chips to China soon, but he
Speaker 3: says it's still unclear how many licenses the US will approve.
Speaker 3: Speaking at a conference in Beijing, Jensen Wang praise China's
Speaker 3: achievements in artificial intelligence models like deep.
Speaker 8: Seek, Ali, Baba, Tensen, Mini Max and bay Do or
Speaker 8: anybody our world class developed here and shared openly have
Speaker 8: spurred AI developments were wide.
Speaker 3: Jensen Wog's in Vidia MA history last week as the
Speaker 3: first company to hit a four trillion dollar market value.
Speaker 2: Shares of chip maker ASML are down almost eight percent
Speaker 2: in Europe, and Nathan the company CEO, is walking back
Speaker 2: the company's growth forecast for next year due to trade
Speaker 2: disputes and global tensions. ASML forecasts for third quarternet sales
Speaker 2: missed estimates. Plashan also in focus in Europe this morning.
Speaker 2: In fact, UK inflation rose to its highest level since
Speaker 2: January twenty twenty four. CPI taped up to three point
Speaker 2: six percent in June from three point four percent previously.
Speaker 2: Economists had expected the figure to remain unchanged. Time Now
Speaker 2: for look at some of the other stories making news
Speaker 2: in New York and around the world, and for that
Speaker 2: we're joined by Bloomberg's Michael Barr. Michael, good morning, Good.
Speaker 9: Morning, Karen. We're learning more about two women in New
Speaker 9: Jersey who were killed after their vehicle was swept up
Speaker 9: in floodwaters during a storm that moved across the northeast
Speaker 9: Monday night. They were in their car on the road
Speaker 9: when it was swept into the Cedar Brook during the
Speaker 9: peak of the heavy rains. Governor Phil Murphy we.
Speaker 10: Got crushed not just here in Berkeley Heights, but in
Speaker 10: this part of the state in particular. Sadly, two losses
Speaker 10: of life in Plainfield in a vehicle that was swept away,
Speaker 10: and they sadly decease were extracted.
Speaker 9: It is the second deadly weather system in the Plainfield
Speaker 9: area this month. Early in July, three people died when
Speaker 9: thunderstorms caused trees to fall. The Pentagon says that Defense
Speaker 9: Secretary Pete Hegsath has ordered that two thousand California National
Speaker 9: Guardsmen be withdrawn from the security mission in Los Angeles.
Speaker 9: That order will reduce by almost half the forty seven
Speaker 9: hundred federal iceed guards and marines sent to the city
Speaker 9: in early June to protect federal property and personnel following
Speaker 9: anti ICE protests. Los Angeles Mayor Karen bass I.
Speaker 11: Have said from the beginning that what is happening in
Speaker 11: Los Angeles is we are being used as a test case,
Speaker 11: and I am hoping that this experiment with the lives
Speaker 11: of people ends here.
Speaker 9: New York City mayoral candidate Zoron Mamdani told business leaders
Speaker 9: that he would begin to discourage the use of the
Speaker 9: phrase globalize the into fought up after being pressed on
Speaker 9: his views by Pfizer chief executive Albert Borlap, according to
Speaker 9: people with knowledge of the matter, the Democratic mayoral nominee
Speaker 9: met Tuesday with about one hundred business leaders from the
Speaker 9: Partnership for New York City. Ma'm Donnie an activists where
Speaker 9: Palestinian Causes, has been criticized for refusing to denounce the phrase,
Speaker 9: a reference to the armed Palestinian uprisings against Israel. Meanwhile,
Speaker 9: Senate Minority Leader Chuck Schumer was asked about it during
Speaker 9: a news conference yesterday.
Speaker 12: Look to what the globalized into FOD and means is
Speaker 12: really wrong and should be condemned, and I look forward
Speaker 12: to my discussions with mister Mamdani.
Speaker 9: And Mamdani picked up the backing yesterday from the largest
Speaker 9: Union for City Workers DC thirty seven and from New
Speaker 9: York Democrat Congressman Adriano Espion. Global News twenty four hours
Speaker 9: a day and whenever you want it for the Bloomberg News.
Speaker 9: Now him, Michael Barne, This is Bloomberg Herry.
Speaker 2: All right, Michael barr thank you time now for the
Speaker 2: Bloomberg Sports Update. It's brought to you by Flushing Bank,
Speaker 2: and here's John Stanshower.
Speaker 12: John, good morning, Good morning, Karen. There's never been in
Speaker 12: an NLB All Star Game, or at least a finish
Speaker 12: like this. One in Atlanta looked like a National League
Speaker 12: route at Ketel Marte two runs single before the Al
Speaker 12: got an out and stayed two to nothing until a
Speaker 12: Pete Alonso three run opposite field homers six. Then he
Speaker 12: first met with an All Star homer since David Ryan
Speaker 12: two thousand and six, Corbin Carol Homer. The nl had
Speaker 12: six to nothing. Back came the Al. The Ads, Brent Rooker.
Speaker 12: Three run shot to get him on the board, and
Speaker 12: then two runs in the ninth. They tied the game
Speaker 12: with an infield single. With two out no extra innings,
Speaker 12: it was instead time for a swing off. Each team
Speaker 12: picked three players to swing three times, and Kyle Schwarber
Speaker 12: hit all three of his out for home runs the
Speaker 12: NL one. Schwarberg was MVP. He spoke on Fox on
Speaker 12: the field.
Speaker 13: Afterwards, just trying to not hit a home run. I
Speaker 13: guess is trying to stick short because if I would
Speaker 13: have tried to hit a home run or I would
Speaker 13: probably hit my guys over there. But I'm just happy
Speaker 13: that it worked out for US and National League's going
Speaker 13: home with one.
Speaker 12: You get Urt Philly to be an All Star. MVPs
Speaker 12: and Johnny Tallison at Chase Stadium in nineteen sixty four,
Speaker 12: day after the Jets locked up white out Garrett Wilson
Speaker 12: with a four year extension, they did likewise with cornerback
Speaker 12: Sauce Gardner. They drafted both players among the first ten
Speaker 12: picks of the twenty twenty two draft. Tomorrow begins the
Speaker 12: one hundred and fifty third Open Championship, just the third
Speaker 12: ever at royal Port Rush in Northern Ireland, and this tournament,
Speaker 12: like all of them, now begins with world number one
Speaker 12: Scottie Scheffler as the betting paper.
Speaker 7: No matter what happens, we're always onto the next week.
Speaker 7: And so that's one of the beautiful things about golf,
Speaker 7: and it's also one of the frustrating things because you
Speaker 7: can have such great accomplishments, but you know, the show
Speaker 7: goes on and that's just how it is. You know,
Speaker 7: it's great to win tournaments, it's a lot of fun.
Speaker 7: Sometimes the feeling only lasts about two minutes. It seems
Speaker 7: like Chef.
Speaker 12: With Tea's off about twenty four hours from now, just
Speaker 12: to happen. Defending Jams, Anderschomp, John Stashan were Bloomberg Sports Karen.
Speaker 1: Nias 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 3: Good morning, I'm Nathan Hager. President Trump's trade negotiations maybe
Speaker 3: heading into the final stretch, with just sixteen days to
Speaker 3: go until the August first tariff deadline. The President says
Speaker 3: higher rates for pharmaceuticals could be coming sooner rather than later,
Speaker 3: and only a few more trade deals may still be
Speaker 3: in the works.
Speaker 4: We're working on probably five or six. Up the five
Speaker 4: or six, I'm not sure I.
Speaker 5: Really want to do them.
Speaker 9: You know, you want.
Speaker 4: Somebody to notice how to negotiate, but we'll probably have
Speaker 4: two or three.
Speaker 3: The President spoke to reporters at joined Basse Andrews outside
Speaker 3: Washington last night, and this morning we're joined by Bloomberg
Speaker 3: News senior editor Bill Ferries. Bill, wasn't that long ago
Speaker 3: we were hearing maybe a dozen, maybe eighteen trading partners
Speaker 3: could be coming up for deals. Now it seems like
Speaker 3: that window is narrowing.
Speaker 14: Good morning, Good morning, Nathan. Yeah, it is narrowing. We
Speaker 14: you know, we've had this fourth country, I guess, get
Speaker 14: some sort of an agreement, whether you want to call
Speaker 14: it a deal or a framework, with Indonesia getting nineteen
Speaker 14: percent tariffs on their products in return agreeing to buy
Speaker 14: apparently about nineteen billion dollars in goods and some Boeing
Speaker 14: jets and things like that. That would be basically the
Speaker 14: fourth deal you can count on. And you heard President
Speaker 14: Trump there. I think he went on to say that
Speaker 14: he's still hoping that India might be among the countries
Speaker 14: who get some sort of an agreement, and that would
Speaker 14: obviously be a really big one that's been hanging out there,
Speaker 14: But that leaves a whole lot of countries. You know,
Speaker 14: we're very far away from those ninety d and ninety
Speaker 14: days that we heard about in April, but there's still
Speaker 14: you know, the President has signaled that there's a chance
Speaker 14: that this August deadline might also be extended. Scott Bessen said,
Speaker 14: almost certainly that would happen for China as they continue
Speaker 14: working out the details of their agreement. But a lot
Speaker 14: of countries still feel like the last two weeks is
Speaker 14: time is time they can use well to maybe get
Speaker 14: under the get through the finish line here with the
Speaker 14: Trump administration.
Speaker 3: And even if we get closer to that finish line bill,
Speaker 3: the president's talking more about sectoral tariffs as well, including
Speaker 3: potentially pharmaceutical tariffs. He had said maybe those would be
Speaker 3: raised by two hundred percent in a year or more,
Speaker 3: but maybe that's coming sooner.
Speaker 14: Yeah, he said that August first, or at the end
Speaker 14: of this month could be when he decides to go
Speaker 14: forward at a much lower level with pharmaceutical tariffs, and
Speaker 14: he even said semiconductors. With the pharmaceuticals he has talked
Speaker 14: about two hundred percent, he says that that would potentially
Speaker 14: be phased in over a year, or at one point
Speaker 14: he said a year and a half. The idea being
Speaker 14: to try to get these companies, many of the big
Speaker 14: ones which are in Europe, to move more of their
Speaker 14: production into the United States. He seems to acknowledge that
Speaker 14: that would take some time, but he doesn't have unlimited patients.
Speaker 14: It's hard to know whether a year, a year and
Speaker 14: a half is really enough. Two hundred percent would be
Speaker 14: a huge increase, so that might be the leverage he's
Speaker 14: trying to use to get them to the table.
Speaker 3: And speaking of unlimited patients, we're not seeing much of
Speaker 3: that when it comes to FED Shair J. Powell and
Speaker 3: interest rates. And now we're hearing more about how the
Speaker 3: search process for a replacement is going, maybe even sooner
Speaker 3: than expected.
Speaker 14: Yeah, it sounds like Scott Besson said the formal process
Speaker 14: of starting to pick the next FED chair has already begun,
Speaker 14: and Besson, of course has long been on the shortlist
Speaker 14: for that. But President Trump's saying that he likes the
Speaker 14: job best and is doing a Treasury, so he might
Speaker 14: not really be the leading candidate at this point. One
Speaker 14: person who we do think is probably the leading candidate
Speaker 14: right now is Kevin Hassett, the head of the National
Speaker 14: Economic Council and an advisor economic advisor who's been close
Speaker 14: to Trump for really better part of a decade. At
Speaker 14: this point, he seems to be perhaps in the pole position,
Speaker 14: and Chris Waller, former Fed governor, also on that shortlist.
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 anywhere 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 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 Atto 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 on your favorite podcast
Speaker 2: platform to stay informed all day long. I'm Karen Moscow.
Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for
Speaker 3: all the news you need to start your day right
Speaker 3: here on Bloomberg Dbreak