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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Karen, we begin in Washington, where President Donald Trump has

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Speaker 2: been working the phones and social media trying to get

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Speaker 2: Republicans in the Senate behind his multi trillion dollar tax

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Speaker 2: and spending cut bill. The legislation passed the House by

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Speaker 2: just one vote last month. The President can afford to

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Speaker 2: lose no more than three votes in the Senate. Republican

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Speaker 2: leaders plan to make many of the temporary tax cuts

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Speaker 2: in the House bill permanent. North Dakota Republican Kevin Kramer

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Speaker 2: says that will be key.

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Speaker 4: The biggest piece of the Tax Cuts and Jobs Act

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Speaker 4: from twenty seventeen that we need to fix is to

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Speaker 4: make those tax cuts permanent. Those are pro growth tax cuts,

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Speaker 4: and if we want to make a dynamic economy even

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Speaker 4: more dynamic, I think that's got to be the that's

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Speaker 4: got to be sort of the foundation of it all.

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Speaker 2: Republican Senator Kevin Kramer spoke on Blue Brigs balance of power,

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Speaker 2: but extending those tax cuts could put fiscal hawks ad

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Speaker 2: odds with moderate Republicans who are concerned about the bill's

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Speaker 2: cuts to Medicaid, which could encoverage for about seven point

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Speaker 2: seven million Americans. President Trump is pushing for the bill

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Speaker 2: to reach his desk by the fourth of July, but

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Speaker 2: any changes in the Senate would mean the House would

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Speaker 2: have to take up the bill again.

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Speaker 3: Nathan, we may soon see the impact of President Trump's

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Speaker 3: trade war on the global economy, and we give the

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Speaker 3: details with Bloomberg, John Tucker, John good Mardy.

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Speaker 5: Morning Karen. The Organization for Economic Cooperation and Development has

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Speaker 5: slashed its annual global growth forecast and it says the

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Speaker 5: United States will be especially hard hit. It places the

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Speaker 5: blame squarely on US tariffs. The OECD downgraded it's twenty

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Speaker 5: twenty five growth forecast for the US from two point

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Speaker 5: two percent to one point six percent, and they say

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Speaker 5: the world's biggest economy is expected to slow further next

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Speaker 5: year to one and a half percent. This is a

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Speaker 5: club of thirty eight rich nations. It says the combination

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Speaker 5: of trade barriers and uncertainty or hitting confidence holding back

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Speaker 5: the investment will also warning that protectionism is adding to

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Speaker 5: inflationary pressures for the US. The oec D sis curbs

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Speaker 5: on immigration and a sizeable reduction of the federal workforce

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Speaker 5: add to the trade related drag in the economy. It

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Speaker 5: also cautioned that the budget deficit will expand further as

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Speaker 5: the impact of weaker economic activity will more than offset

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Speaker 5: spending cuts and any revenues from tariffs. In New Yorkome,

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Speaker 5: John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thanks, so you do have some developments

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Speaker 2: on the trade wars this morning. The White House says

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Speaker 2: President Trump and Chinese President Si Jinping are likely to

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Speaker 2: speak this week, and Beijing has not commented on the

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Speaker 2: prospect of a direct conversation. But we get more from

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Speaker 2: Bloomberg News Senior editor Bill Ferries.

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Speaker 6: It's not clear to me who's going to blink first

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Speaker 6: here in this battle when you talk about the trade side.

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Speaker 6: Countries now know that there's a chance that some of

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Speaker 6: Trump's tariffs aren't even legal. The courts have ruled against it.

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Speaker 6: We'll wait and see how that plays out. But the

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Speaker 6: president's leverage I think has shrunk over the last week

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Speaker 6: or two weeks or so, and I think a lot

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Speaker 6: of his adversaries and friends who are negotiating over tariffs

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Speaker 6: know that.

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Speaker 2: When Bloomberg's Bill Ferry says Washington and Beijing I have

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Speaker 2: traded accusations they violated the terms of last month's broad

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Speaker 2: agreement that saw both sides reduce tariffs from astronomical highs.

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Speaker 3: Well Nathan, a former White House official, says any potential

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Speaker 3: trade deal between the world's top two economies hinges on

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Speaker 3: Donald Trump and Chi Jinping overcoming core differences in their

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Speaker 3: negotiation styles. We caught up with former acting White House

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Speaker 3: Chief of Staff McK mulvaney.

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Speaker 7: Trump wants to talk at the very highest levels. That's

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Speaker 7: not always how the Chinese want to do business, and

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Speaker 7: it'd be curious to see if they're able to make

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Speaker 7: any headway. Trump doesn't want to go through the back channels.

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Speaker 7: They just don't want to go through the ordinary course

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Speaker 7: of business. That's never been his style as a leader,

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Speaker 7: being in business or in his first term in office.

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Speaker 7: He wants to talk to the principal. He wants to

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Speaker 7: talk to President She himself.

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Speaker 3: And former Acting White House Chief of Staff McK mulvaney

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Speaker 3: also served as President Trump's budget director during his first term.

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Speaker 2: Well All deals with China and the European Union provolusive

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Speaker 2: Karen Commerce Secretary Howard Lutnix says he expects the US

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Speaker 2: and India to strike a trade agreement before higher tariffs

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Speaker 2: kick in. On July ninth, Lutnik spoke at the US

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Speaker 2: India Strategic Partnership Forum in Washington.

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Speaker 8: Earlier countries get a better deal, That's the way it is.

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Speaker 8: So those who come in, you know, July fourth to

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Speaker 8: July ninth is just going to be a pile, right, right,

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Speaker 8: But those who are earlier, and I think India is

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Speaker 8: trying hard to be one of the earlier countries, which

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Speaker 8: I appreciate.

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Speaker 2: Commerce Secretary Howard Lutnix says both countries are discussing bringing

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Speaker 2: their tariff rates down to a reasonable level. He says

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Speaker 2: President Trump's strong personal relationship with Indian Prime Minister Narendramodi

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Speaker 2: has made an easier path to trade negotiations.

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Speaker 3: Now Nathan to the latest on efforts to end the

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Speaker 3: war in Ukraine. Russia and Ukraine held the second round

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Speaker 3: of talks in Istanbul, but failed to reach a peace agreement.

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Speaker 3: The two sides did lay the roundwork for a new

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Speaker 3: prisoner swamp begin More from Bloomberg Russian Economics and Government

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Speaker 3: editor Greg Sullivan.

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Speaker 9: The Prisoner Exchange was the biggest element that came out

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Speaker 9: of this. Obviously, there was some talk about a ceasefire,

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Speaker 9: and both sides did exchange what they called memorandums outlining

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Speaker 9: what they need to reach either a temporary ceasefire or

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Speaker 9: a full peace, but that was not met at this meeting.

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Speaker 9: They instead exchanged these proposals, agreed to study them, and

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Speaker 9: the big thing that came out was an agreement to

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Speaker 9: prepare the groundwork for a prisoner exchange. Now the prisoners

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Speaker 9: that they agreed to exchange are the heavily wounded, those

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Speaker 9: that are young under the age of twenty five, as

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Speaker 9: well as some war did.

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Speaker 3: And Bloomberg's Greg Sullivan says Russia presented peace proposals that

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Speaker 3: include Ukraine's surrendering control of territory and four partially occupied regions,

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Speaker 3: while Ukraine demanded an unconditional truce and proposed another meeting

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Speaker 3: later this month.

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Speaker 2: Now to a developing story in Europe, Karen, the government

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Speaker 2: in the Netherlands has collapsed. Far right lawmaker Garrett Wilders

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Speaker 2: announced on social media that he's pulling his Freedom part

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Speaker 2: already out of the country's ruling coalition because the three

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Speaker 2: other main parties refuse to agree to his plans to

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Speaker 2: curb migration. We get more from Bloomberg's Oliver Crook.

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Speaker 10: Last week here Bilders put forward a ten point plan

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Speaker 10: on immigration. These points included using the military basically to

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Speaker 10: guard the land borders of the Netherlands, turning away all

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Speaker 10: asylum seekers, temporarily halting family reunification, also sending Syrians back

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Speaker 10: to Syria, which he considers now a safe place for

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Speaker 10: refugees and other migrants to be sent back. He said

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Speaker 10: that if the majority of these ten points are not

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Speaker 10: agreed to by the government, yesterday he threatened to pull

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Speaker 10: out of the government, and today on x we have

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Speaker 10: him saying no signature for our asylum plans, no changes

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Speaker 10: to the main outline agreement.

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Speaker 2: And Bloomberg's Oliver Quik reports this move now forces the

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Speaker 2: Netherlands into a snap election. The next vote wasn't scheduled

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Speaker 2: for another two years.

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Speaker 3: Well, we turned to the Marcus now Nathan, where futures

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Speaker 3: are lower following yesterday's gains on Wall Street. In company news,

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Speaker 3: there's more job cuts in Microsoft. The tech giant is

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Speaker 3: cutting hundreds of jobs in Microsoft spokesperson sent the latest

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Speaker 3: head count reduction is in addition to the six thousand

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Speaker 3: job cuts that were announced last month, and Microsoft's trying

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Speaker 3: to trim costs even as it plows billions of dollars

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Speaker 3: into artificial intelligence.

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Speaker 2: And Disney's cutting jobs as well, Karen, that company's laying

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Speaker 2: off several hundred employees across its film and TV divisions.

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Speaker 2: Disney's latest reductions follow roughly two hundred job cuts across

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Speaker 2: the ABC and Entertainment TV networks from March. In all,

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Speaker 2: Disney's eliminated more than eight thousand positions in recent years

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Speaker 2: as it seeks to improve profitability.

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Speaker 3: Time now for look at some of the other stories

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Speaker 3: making news in New York and around the world, and

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Speaker 3: for that we're joined by Bloomberry's Michael Barr.

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Speaker 11: Michael, good Morning, Good morning, Karen. Criminal charges have been

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Speaker 11: unveiled against the suspect and the Boulder, Colorado flamethrower attack.

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Speaker 11: Forty five year old Mohammed Soliman now faces a federal

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Speaker 11: hate crime charge and sixteen counts of attempted murder in

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Speaker 11: the first degree from the state in Sunday's attack. Boulder

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Speaker 11: District Attorney Michael Doherty.

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Speaker 12: Boulder is a beautiful and special place, but when not

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Speaker 12: immune from mass violence or hate crimes, including violent acts

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Speaker 12: of anti Semitism that impact far too many communities across

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Speaker 12: this country.

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Speaker 11: Officials saying the suspect yelled free Palestine as he launched

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Speaker 11: the attack. A former personal assistant to Sean Diddy Combs,

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Speaker 11: who says he raped her, defended the text messages she

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Speaker 11: sent to him for years after her job ended in

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Speaker 11: twenty seventeen, saying she was brainwashed. The testimony at the

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Speaker 11: Music Moguls sex trafficking and racketeering trial came Monday, as

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Speaker 11: a woman testifying under the pseudonym Mia, spent a third

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Speaker 11: day on the witness stand. The trial entered its fourth

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Speaker 11: week of witness testimony. The fifty five year old Combs

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Speaker 11: as pleaded not guilty to charges. Good news for New

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Speaker 11: Jersey's Newark Airport. A newly constructed runway is open and

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Speaker 11: more planes will soon be cleared for takeoff and landing.

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Speaker 11: This comes after recent headaches at Newark at delayed passengers

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Speaker 11: for hours and led to widespread cancelations. A telecommunications outage,

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Speaker 11: which led to air traffic controllers taking leave, also contributed

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Speaker 11: to the delays. Transportation Secretary Sean Duffy was there for

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Speaker 11: Monday's unveiling.

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Speaker 13: It can't be fixed overnight. It takes time to train

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Speaker 13: up on this airspace. But we've addressed the problem by

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Speaker 13: bringing more controllers to train up in the Philly Tree

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Speaker 13: con That again controls Newark.

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Speaker 11: Here Global News twenty four hours a day and whenever

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Speaker 11: you want it with the Bloomberg News Now Michael Barr

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Speaker 11: and this is Bloomberg.

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Speaker 7: Karen.

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Speaker 3: All right, Michael Barry, thank you time now for our

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Speaker 3: Bloomberg Scores update, brought to you by Flushing Bank. And

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Speaker 3: here's John stash Hour, John, good morning.

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Speaker 14: Good morning, Karen. The Metz road triple end in Denver

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Speaker 14: against the halfless Rockies, but it began with a four

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Speaker 14: game series in Los Angeles against the world champion Dodgers

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Speaker 14: at the site where last season ended for the Mets

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Speaker 14: in the NLCS. The series and road trip could not

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Speaker 14: have had a better start. And he gets this one

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Speaker 14: of the year in a deep right field.

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Speaker 3: Teoscarnis goes back, takes a look at it's out of

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Speaker 3: here from a sixth ton.

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Speaker 14: This year, Francisco Lindor has let off a game with

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Speaker 14: a home run number fourteen for Lindor, six leadoff home

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Speaker 14: mons times and with Otani for the most in baseball,

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Speaker 14: and just like that, the Mets jump in front on

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Speaker 14: Sny showey Otani later homer for La his twenty third.

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Speaker 14: Dodgers tied the game bottom of the ninth first blown

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Speaker 14: save of the year for Edwin Diaz. He had been

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Speaker 14: thirteen for thirteen. Mets scored twice to the tenth Inny.

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Speaker 14: Dodgers got one back Mets one, four to three. They've

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Speaker 14: won twenty seven games in a row when Lindor has homered.

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Speaker 14: At Fenway, the Angels hit three home runs and a

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Speaker 14: six to one first inning, then held on beat the

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Speaker 14: Red Sox seven to six. Saturday. When the Yankees lost

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Speaker 14: that game to the Dodgers eighteen to two, they wanted

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Speaker 14: to give their closer, Luke Weavers some he heard his hamstring.

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Speaker 14: Weavers going to be out for four to six weeks.

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Speaker 14: He's been sensational out of the bullpen, pitching to an

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Speaker 14: era just over one. Quarterfinals begin this morning at the

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Speaker 14: French Open up first the women's top seed Arena Sablenka,

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Speaker 14: yet to lose the set, and today trying to reach

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Speaker 14: a Grand Slam semifinal for the ninth time in her

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Speaker 14: last ten Slams. Two Americans are still in the men's singles.

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Speaker 14: Francis Tiafo plays today, and then Tommy Paul takes on

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Speaker 14: defending Champ Carlos Alcareza.

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Speaker 11: Blow to the.

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Speaker 14: Detroit Lions, who went fifteen to two last season. There.

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Speaker 14: Four time Pro Bowl center Frank ragnow citing health concerns,

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Speaker 14: retiring at age twenty nine after only seven seasons. A

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Speaker 14: new GM for the Utah Jazz a familiar last name,

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Speaker 14: Austin Ainge. His father Danny hired him. He's the team CEO.

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Speaker 14: Austin Ainge had been the Celtics assistant GM. John Staneshawer

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Speaker 14: Bloomberg Sports, Ken.

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Speaker 1: Nacom Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 14: Good morning. I'm Nathan Hager.

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Speaker 2: President Donald Trump's putting pressure on Senate Republicans to pass

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Speaker 2: the Houses so called one big, beautiful bill of tax

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Speaker 2: and spending cuts and get it to his desk by

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Speaker 2: the fourth of July. But that deadline's just thirty one

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Speaker 2: days away, and fiscal hawks like Kentucky Republican Rand Paul

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Speaker 2: are saying they won't be swayed unless they see even

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Speaker 2: bigger spending cuts.

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Speaker 7: It's just not a conservative thing to do.

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Speaker 1: And I told him I can't support the building.

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Speaker 2: I was Kentucky Senator Ran Paul joining us now is

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Speaker 2: Bloomberg new senior editor Bill Ferries.

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Speaker 11: And Bill.

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Speaker 2: It sounds like as this debate shifts to the Senate,

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Speaker 2: a lot of the same dynamics that we're in play

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Speaker 2: at the House are still in play, the fight between

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Speaker 2: getting bigger tax cuts and bigger spending cuts.

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Speaker 6: Good morning, Good morning, Nathan.

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Speaker 11: Yeah.

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Speaker 6: I mean when this bill and it was a you know,

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Speaker 6: it was a dogfight to get it through the House.

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Speaker 6: When it went over to the Senate, there were already

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Speaker 6: Republicans speaking out about a number of different provisions in

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Speaker 6: the legislation you mentioned and the tax cuts. There's a

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Speaker 6: concern about the Medicare Medicaid impacts from this. There's estimates

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Speaker 6: that maybe seven to seven and a half million people

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Speaker 6: might find themselves without Medicaid coverage if this legislation passes

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Speaker 6: as it is. That's something that some Republican senators are

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Speaker 6: saying is going too far, and then on the other hand,

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Speaker 6: you have people who are you know, you have Tom

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Speaker 6: Tillis or I'm sorry, Kevin Kramer from North Carolina who's

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Speaker 6: looking at the salt deductions that passed the House, that's

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Speaker 6: the state and local tax deductions and saying, you know,

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Speaker 6: it was at ten thousand dollars, it's now in the

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Speaker 6: House bill forty thousand. Maybe there's some room for negotiation

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Speaker 6: in between there. That's going to be really alarming news

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Speaker 6: to a lot of Republicans in the Northeast who really

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Speaker 6: fought for much more than forty thousand dollars. So quite

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Speaker 6: a bit of horse trading that's going to probably go

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Speaker 6: on here. The Senate Republicans can really only afford to

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Speaker 6: lose I think three votes for the legislation to pass.

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Speaker 6: If they change it, it goes back to the House.

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Speaker 6: And I don't want to say we're at square one,

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Speaker 6: but it's going to drag things out past the president's deadline.

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Speaker 2: So how important is it for the president to get

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Speaker 2: this legislation done by the fourth of July. How much

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Speaker 2: sway does he have on these lawmakers when there really

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Speaker 2: is such a thin margin for error.

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Speaker 6: You know, President Trump has always shown an ability to

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Speaker 6: really twist arms when it comes down to crunch time.

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Speaker 6: So I think he will give the Senate time to

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Speaker 6: come up with a draft bill. I think we even

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Speaker 6: heard that. I think Tom Tillis was talking about having

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Speaker 6: some kind of a draft out there by this weekend.

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Speaker 6: So you'll start to get feedback on that. They'll start

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Speaker 6: to work it. But you know, I think as we

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Speaker 6: creep up on July fourth, if it doesn't look like

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Speaker 6: something has gotten the consensus from both sides of Capitol Hill,

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Speaker 6: I think the President's going to have to really weigh

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Speaker 6: in hard. And even then, July fourth is going to

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Speaker 6: be a tight deadline.

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Speaker 2: On the subject of twisting arms. It sounds like that's

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Speaker 2: what the President's try to do as well, with Chinese

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Speaker 2: President Xi Jinping talking about getting on the phone with

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Speaker 2: him as soon as this week, Is there any evidence

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Speaker 2: though that these two leaders could get to talking with

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Speaker 2: both sides still pretty far apart on the trade front.

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Speaker 6: Yeah, So, first of all, the Chinese never talk about

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Speaker 6: this stuff. They never preview calls or anything like that

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Speaker 6: more than maybe a few hours in advance. But I

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Speaker 6: was looking back through our coverage, this is the third

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Speaker 6: time in recent months that the President of the White

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Speaker 6: House has said they want to have or they expect

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Speaker 6: to have a call with Shi Jinping soon or eminently.

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Speaker 6: It hasn't happened yet. And really US China ties have

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Speaker 6: actually been kind of worsening over the past couple of weeks.

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Speaker 6: We saw the US restricting sales of jet parts to China,

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Speaker 6: the software used to design chips, and we've seen them

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Speaker 6: canceling student visas the Chinese. The Chinese on the other side,

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Speaker 6: are you know, they've looked at restraint or slowing down

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Speaker 6: the sale of rare earth minerals to the US. Both

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Speaker 6: sides have complaints. I don't know if that means a

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Speaker 6: talk call is more likely or less likely. We'll have

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Speaker 6: to see how this plays out.

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