1 00:00:00,960 --> 00:00:03,440 Speaker 1: News when you want it with Bloomberg News Now, I'm 2 00:00:03,480 --> 00:00:07,480 Speaker 1: Monica Ricks. Devastating flash floods in central Texas have now 3 00:00:07,560 --> 00:00:11,440 Speaker 1: killed at least forty nine people, including fifteen children from 4 00:00:11,480 --> 00:00:14,440 Speaker 1: a local girls camp. Dozens more are still missing, and 5 00:00:14,480 --> 00:00:17,000 Speaker 1: Governor Greg Abbott says they won't give up looking. 6 00:00:17,280 --> 00:00:23,320 Speaker 2: We will be relent this and going after and ensuring 7 00:00:23,360 --> 00:00:28,720 Speaker 2: that we locate every single person who's been a victim 8 00:00:29,000 --> 00:00:30,120 Speaker 2: of this flooding events. 9 00:00:30,200 --> 00:00:32,880 Speaker 1: President Trump says federal aid is also coming. 10 00:00:33,159 --> 00:00:36,160 Speaker 2: We're working with the governor, We're working with the go It's. 11 00:00:36,080 --> 00:00:38,960 Speaker 1: A terrible thing. Rescuers have pulled hundreds of people from 12 00:00:38,960 --> 00:00:41,519 Speaker 1: the flood water so far, and it's not over, with 13 00:00:41,680 --> 00:00:45,800 Speaker 1: even more rain on the way. Cerville City Manager Dalton Rice, this. 14 00:00:45,880 --> 00:00:47,640 Speaker 3: Was a massive tragedy, hands. 15 00:00:47,400 --> 00:00:49,600 Speaker 1: Down, he says. Floods in that same part of Texas 16 00:00:49,600 --> 00:00:52,120 Speaker 1: swept away dozens of kids and teachers from a church 17 00:00:52,200 --> 00:00:55,920 Speaker 1: camp almost to the day on July seventeenth, nineteen eighty seven. 18 00:00:56,320 --> 00:00:59,480 Speaker 1: Ten teenagers died that year. The East Coast is also 19 00:00:59,520 --> 00:01:03,440 Speaker 1: bracing for severe weather now, including possible flooding. Sean Tall 20 00:01:03,600 --> 00:01:06,759 Speaker 1: is expected to make landfall over South Carolina tomorrow morning, 21 00:01:06,800 --> 00:01:10,640 Speaker 1: as a weak tropical storm with conditions worsening tonight along 22 00:01:10,680 --> 00:01:14,240 Speaker 1: the coast Elon. Musk just announced a new political party 23 00:01:14,280 --> 00:01:17,720 Speaker 1: on X called the America Party. He says he launched 24 00:01:17,760 --> 00:01:20,600 Speaker 1: it to quote, give you back your freedom. This comes 25 00:01:20,600 --> 00:01:23,319 Speaker 1: a day after President Trump signed his massive tax cut 26 00:01:23,360 --> 00:01:26,800 Speaker 1: and spending bill that Musk previously denounced since it ends 27 00:01:26,800 --> 00:01:30,080 Speaker 1: federal tax credits for electric vehicle purchases. Later this year, 28 00:01:30,560 --> 00:01:33,080 Speaker 1: Musk had threatened to start a new political party and 29 00:01:33,120 --> 00:01:36,280 Speaker 1: boost his political spending during mid terms to unseat any 30 00:01:36,319 --> 00:01:39,760 Speaker 1: lawmakers who voted for the bill. The US and Canada 31 00:01:39,840 --> 00:01:42,880 Speaker 1: could reach a new trade deal soon, details from Bloomberg's 32 00:01:42,920 --> 00:01:43,600 Speaker 1: Dan Schwartzman. 33 00:01:43,840 --> 00:01:47,360 Speaker 3: US Ambassador to Canada, Pete Hoakstress says he is optimistic 34 00:01:47,400 --> 00:01:50,200 Speaker 3: about trade talks between the two countries and believes a 35 00:01:50,240 --> 00:01:53,560 Speaker 3: fair deal will emerge soon. Both President Trump and Canadian 36 00:01:53,560 --> 00:01:56,160 Speaker 3: Prime Minister Mark Carney have agreed on a July twenty 37 00:01:56,160 --> 00:01:59,440 Speaker 3: first deadline to reach an agreement, with Hoaxtra confident that 38 00:01:59,480 --> 00:02:02,440 Speaker 3: a deal will be reached, making both countries stronger and 39 00:02:02,520 --> 00:02:05,600 Speaker 3: better off. While the US and Canada have an existing 40 00:02:05,640 --> 00:02:10,000 Speaker 3: trade pact, the Trump administration placed import taxes on Canadian products, 41 00:02:10,240 --> 00:02:14,000 Speaker 3: leading Canada to post counter tariffs on US manufactured items. 42 00:02:14,360 --> 00:02:16,440 Speaker 3: Dan Schwartzman Bloomberg Radio. 43 00:02:16,560 --> 00:02:19,760 Speaker 1: Japan's chief trade negotiator held two phone meetings with US 44 00:02:19,800 --> 00:02:23,320 Speaker 1: Commerce Secretary Howard Lutnik today to discuss tariffs ahead of 45 00:02:23,360 --> 00:02:26,880 Speaker 1: President Trump's July ninth deadline. The two sides reaffirmed their 46 00:02:26,880 --> 00:02:30,800 Speaker 1: respective position on tariffs, with plans to continue coordinating, but 47 00:02:30,880 --> 00:02:33,360 Speaker 1: without an agreement soon. A ten percent across the board 48 00:02:33,440 --> 00:02:36,240 Speaker 1: levy on Japan's shipments to the US will revert back 49 00:02:36,280 --> 00:02:39,840 Speaker 1: to twenty four percent next week with additional tariffs on cars, 50 00:02:39,919 --> 00:02:43,880 Speaker 1: auto parts, steel, and aluminum. Bricks leaders are gearing up 51 00:02:43,919 --> 00:02:46,720 Speaker 1: to oppose a whole laundry list of President Trump's policies 52 00:02:46,720 --> 00:02:49,800 Speaker 1: and initiatives that they're gathering tomorrow in Brazil. More on 53 00:02:49,840 --> 00:02:51,520 Speaker 1: that from Bloomberg's Denise Pellegrini. 54 00:02:51,639 --> 00:02:54,440 Speaker 4: In a draft statement, the Bricks Nations agreed to voice 55 00:02:54,560 --> 00:02:57,919 Speaker 4: serious concerns about the rise of unilateral tariff and non 56 00:02:57,960 --> 00:03:01,400 Speaker 4: tariff measures that they say distort trey and are inconsistent 57 00:03:01,440 --> 00:03:05,560 Speaker 4: with international trade rules. They also condemn economic sanctions and 58 00:03:05,600 --> 00:03:09,079 Speaker 4: criticize military strikes against Iran and the situation in the 59 00:03:09,120 --> 00:03:13,600 Speaker 4: occupied Palestinian territory. The leaders of Brazil, Russia, India, China, 60 00:03:13,680 --> 00:03:16,560 Speaker 4: South Africa, Iran and others also express alarm at the 61 00:03:16,600 --> 00:03:19,560 Speaker 4: increase in global military spending, and they say they backed 62 00:03:19,560 --> 00:03:22,440 Speaker 4: the Paris Climate Agreement and they're calling for global governance 63 00:03:22,440 --> 00:03:25,959 Speaker 4: of artificial intelligence. Denise Peligriden Blimberg Radio. 64 00:03:25,840 --> 00:03:28,840 Speaker 1: Opek plus will increase oil production even more rapidly than 65 00:03:28,880 --> 00:03:31,800 Speaker 1: expected next month, as the group, led by Saudi Arabia 66 00:03:31,840 --> 00:03:35,520 Speaker 1: seeks to capitalize on strong summer demand. Key Alliance members 67 00:03:35,520 --> 00:03:38,000 Speaker 1: agreed to race supply by five hundred and forty eight 68 00:03:38,040 --> 00:03:41,920 Speaker 1: thousand barrels a day earlier today to help reclaim market share. 69 00:03:42,480 --> 00:03:46,000 Speaker 1: The Secret Service's Global Investigative Operations Center says it's now 70 00:03:46,040 --> 00:03:49,080 Speaker 1: training law enforcement in more than sixty countries to help 71 00:03:49,120 --> 00:03:53,480 Speaker 1: them combat digital crimes. Agency scammers target victims with fake 72 00:03:53,520 --> 00:03:58,080 Speaker 1: cryptocurrency investment sites and show initial profits to encourage more investments, 73 00:03:58,280 --> 00:04:00,920 Speaker 1: then disappear with the money for odd tied to digital 74 00:04:00,920 --> 00:04:04,200 Speaker 1: currencies now driving a majority of US Internet crime losses. 75 00:04:04,880 --> 00:04:08,080 Speaker 1: Despite signs of weakness, this week's jobs report takes pressure 76 00:04:08,080 --> 00:04:11,240 Speaker 1: off the federal reserve. Bloomberg's Charlie Pellett explains. 77 00:04:11,480 --> 00:04:15,080 Speaker 5: According to the Bureau of Labor Statistics, US employers added 78 00:04:15,120 --> 00:04:18,920 Speaker 5: one hundred and forty seven thousand jobs last month, exceeding estimates, 79 00:04:19,160 --> 00:04:22,560 Speaker 5: while the unemployment rate take lower to four point one percent. 80 00:04:23,080 --> 00:04:27,000 Speaker 5: Despite solid headline numbers, the report masked weakness in private 81 00:04:27,040 --> 00:04:30,960 Speaker 5: payrolls and other potential warning signs of deterioration in the 82 00:04:31,040 --> 00:04:34,560 Speaker 5: labor market. The report gives the Federal Reserve room for 83 00:04:34,640 --> 00:04:37,680 Speaker 5: a wait and see approach to easing policy, with many 84 00:04:37,760 --> 00:04:41,000 Speaker 5: analysts expecting the Fed to wait until September to move 85 00:04:41,160 --> 00:04:45,080 Speaker 5: on interest rates. In New York, Charlie Pellet Bloomberg. 86 00:04:44,680 --> 00:04:47,200 Speaker 1: Radio and if you're one of millions of people traveling 87 00:04:47,240 --> 00:04:51,120 Speaker 1: this holiday weekend, prepare for traffic at airports and on 88 00:04:51,200 --> 00:04:54,599 Speaker 1: the road tomorrow. TRIPAA reports Sunday is expected to be 89 00:04:54,640 --> 00:04:57,320 Speaker 1: the busiest travel day after it predicted that more than 90 00:04:57,400 --> 00:05:00,240 Speaker 1: seventy two million Americans would fly or hit the road 91 00:05:00,320 --> 00:05:03,400 Speaker 1: for the fourth And it's mostly because gas prices are down. 92 00:05:03,480 --> 00:05:05,960 Speaker 1: Right now, the average for a gallon of regular is 93 00:05:06,080 --> 00:05:09,840 Speaker 1: three dollars and fifteen cents, about forty cents cheaper than 94 00:05:09,920 --> 00:05:12,799 Speaker 1: last year. That's news when you want it with Bloomberg 95 00:05:12,880 --> 00:05:15,920 Speaker 1: News Now I'm Monica Rix, and this is Bloomberg.