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

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Speaker 1: Dan Schwartzman. President Trump celebrating the July fourth holiday at

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Speaker 1: the White House along with military families, officially signing the

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Speaker 1: newly passed Big Beautiful Bill, his signature tax and spending bill.

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Speaker 1: Trump gave some of the highlights.

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Speaker 2: We're adding things like the biggest tax cut in the

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Speaker 2: history of our country, a child tax credits. So many

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Speaker 2: things are being added that we wouldn't even have time

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Speaker 2: to discuss them.

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Speaker 1: The President was also optimistic about the future of the

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Speaker 1: United States.

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Speaker 2: The golden age of America is upon us. We are

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Speaker 2: in the Golden Age. It's going to be a period

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Speaker 2: of time the likes of which I don't think this

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Speaker 2: country has ever experienced before. We're going to make America

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Speaker 2: great again, and it's happening very fast.

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Speaker 1: That's President Trump speaking before signing his Big Beautiful Bill.

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Speaker 1: Texas suffering heavy range with the death toll now increased

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Speaker 1: to twenty four people, with more than twenty girls at

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Speaker 1: a summer camp still on accounted for. With search teams

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Speaker 1: conducting search and rescue. At least ten inches of rain,

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Speaker 1: which would be equivalent to months worth of rain, fell

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Speaker 1: over night in Kirk County, leading to flash flooding. Oil

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Speaker 1: prices fell for second straight day as OPEC plus delegates

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Speaker 1: say that Cartel is considering increasing production by more than

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Speaker 1: a half a million bows per day by September, despite

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Speaker 1: the price of old dropping by close to nine dollars

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Speaker 1: per barrel in just the last few weeks. The move

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Speaker 1: will be made to reclaim market share from non OPECK

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Speaker 1: plus producers, despite the risk of a global oversupply that

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Speaker 1: could further lower prices. West Texas Intermediate slid below sixty

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Speaker 1: seven dollars a barrel. OPEK plus will be holding a

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Speaker 1: virtual meeting on Saturday. The New York Times reports that

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Speaker 1: Hamas responded positively to the latest truce proposal, which calls

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Speaker 1: for a sixty day ceasefire with Israel. The proposal calls

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Speaker 1: for a hostage for prisoner swap, as well as negotiations

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Speaker 1: leading to a permanent end to the war. Israel has

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Speaker 1: already agreed to the conditions for a temporary truce. President

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Speaker 1: Trump has been exerting pressure on both sides and the war,

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Speaker 1: and has called this proposal a final One. US Ambassador

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Speaker 1: to Canada, Pete Hoakshrest says he is optimistic about trade

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Speaker 1: talk between the two countries and believes the fair deal

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Speaker 1: will emerge soon. Both President Trump and Canadian Prime Minister

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Speaker 1: Mark Carney have agreed on a July twenty first deadline

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Speaker 1: to reach an agreement with hoax for confident that a

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Speaker 1: deal will be reached, making both countries stronger and better off.

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Speaker 1: While the US and Canada have an existing trade pact,

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Speaker 1: the Trump administration placed import taxes on Canadian products, leading

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Speaker 1: Canada to post counter tariffs on US manufactured items. President

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Speaker 1: Trump says the US is starting to notify trading partners

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Speaker 1: of new tariffs on their exports effective August first. Trump

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Speaker 1: stated that around ten to twelve letters would go out,

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Speaker 1: with additional letters coming over the next few days. The

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Speaker 1: tariffs could range anywhere from ten to twenty percent all

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Speaker 1: the way up to sixty to seventy percent. New analysis

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Speaker 1: THO shows those tariffs could cost some US employers more

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Speaker 1: than eighty two billion dollars. Here's Bloomberg's Amy Morris.

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Speaker 3: This latest report finds a critical group of US employers

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Speaker 3: would face direct costs from Trump's current tariff plans that

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Speaker 3: might be managed through price hikes, layoffs, hiring freezes, or

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Speaker 3: lower margins. The JP Morgan Chase Institute analysis is among

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Speaker 3: the first to measure the direct costs created by the

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Speaker 3: import taxes on businesses with ten million to one billion

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Speaker 3: dollars in annual revenue. This category includes a third of

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Speaker 3: private sector US workers. The retail and wholesale sectors would

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Speaker 3: be especially vulnerable to the Trump import taxes. Amy Morris Bloomberg.

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Speaker 1: Radio reports also say that some European Union automakers are

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Speaker 1: looking for an agreement with the US that would allow

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Speaker 1: for tarafleief in return for increasing investments in the country.

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Speaker 1: Ukrainian President Vladimir Zelensky holding a phone call with President

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Speaker 1: Trump this morning after Trump spoke with Russian President Vladimir

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Speaker 1: Putin yesterday, after which Trump said he was quote very

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Speaker 1: disappointed by the conversation. The call with Zelenski happening hours

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Speaker 1: after Russia attacked Keiv with hundreds of missiles and drones overnight.

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Speaker 1: The US of Ukraine agreed to cooperate on air defense

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Speaker 1: during the phone call, with teams from both governments set

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Speaker 1: to meet the US this week, deciding to suspend the

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Speaker 1: transfer of artillery rounds and air defenses to US. Ukraine

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Speaker 1: claiming American stocks were low, a move that kot Zelenski's

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Speaker 1: government and European allies off guard. UPS plans to offer

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Speaker 1: voluntary buyouts to union represented delivery drivers for the first

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Speaker 1: time in the company's history. Bloomberg's Karen Moscow has more

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Speaker 1: is all part of.

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Speaker 4: An effort to boost profit by slimming down its operations

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Speaker 4: drivers who receive a quote generous financial package if they

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Speaker 4: choose to leave UPS, in addition to any earned retirement

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Speaker 4: benefits including pension and healthcare. The Atlanta based couriers carrying

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Speaker 4: out a sweeping plan to shrink its network to improve

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Speaker 4: efficiency and response to a decline in parcel volumes. This

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Speaker 4: follows the pandemic driven boom and e commerce. UPS is

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Speaker 4: also navigating industry wide challenges posed by President Trump's tariffs,

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Speaker 4: which have complicated cross border good shipments and choked off

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Speaker 4: key global shipping lines. The union strongly criticize the initiative

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Speaker 4: as a quote corporate scheme that will directly violate the

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Speaker 4: union's national contract. Karen Moscow Bloomberg Radio.

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Speaker 1: Joey Chester returned after a one year absence to the

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Speaker 1: Nathan's famous hot dog eating contesting Coney Island, New York,

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Speaker 1: downing seventy and a half dogs to win for the

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Speaker 1: seventeenth time, while Mickey Pseudo won the women's division for

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Speaker 1: an eleventh time after eating thirty three hot dogs. Chestnut

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Speaker 1: missed last year's competition after being in a contract dispute

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Speaker 1: with Major League Eating, which sanctions the event. That's news

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Speaker 1: when you want it with Bloomberg News. Now. I'm Dan Schwartzman,

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Speaker 1: and this is Bloomberg