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

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest developments on trade. This morning,

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Speaker 3: Swiss President Karin Keller Sutter is on an emergency trip

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Speaker 3: to the United States, planning to meet with Secretary of

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Speaker 3: State Marco Rubio in an effort to lower the US

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Speaker 3: is thirty nine percent tariff on her country's goods. We

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Speaker 3: get more from Bloomberg News Senior editor Bill Ferries.

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Speaker 4: She's flying there basically without an invitation from the White House.

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Speaker 4: I'm sure she's hoping that she can meet with Rubio

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Speaker 4: and then continue over to sixteen hundred Pennsylvania and meet

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Speaker 4: with Trump. We'll see if that really happens. Anything lower

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Speaker 4: than thirty nine percent would be a win for Switzerland.

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Speaker 4: At this point, it's hard to know what they could offer.

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Speaker 4: They could look at buying more energy from the US.

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Speaker 4: They could look at making in estments the way countries

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Speaker 4: like Japan has. I think it's clear with this last

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Speaker 4: minute rush just how blind sided the Swiss government was

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Speaker 4: by that thirty nine percent tariff.

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Speaker 3: Bloomberg's Bill Ferry says that thirty nine percent tariff is

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Speaker 3: the highest rate on any developed nation and it is

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Speaker 3: set to take effect tomorrow now.

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Speaker 2: Nathan to the latest on the war in Ukraine. White

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Speaker 2: House Envoy Steve Witkoff is in Moscow, two days before

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Speaker 2: President Trump's August eighth deadline for Russia to reach a truce.

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Speaker 2: Russia's Interfacts News service reports Witcoff is meeting with Russian

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Speaker 2: President of Vladimir Putin. President Trump and threatened what he

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Speaker 2: calls secondary tariffs on buyers of Russian energy. He says

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Speaker 2: he hopes the economic blow will bring Putin to the table.

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Speaker 5: If energy goes down low enough, Putin's going to stop

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Speaker 5: killing people. That'll be nice, even though there are his

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Speaker 5: own people that are dying.

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Speaker 2: Him and Ukraine and President Trump spoke in an interview

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Speaker 2: with CNBC. Putin has said he won't stop the war,

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Speaker 2: but sources say the Kremlin might be will to stop

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Speaker 2: air strikes to avert any new economic penalties.

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Speaker 3: Well, Karen, President Trump maybe getting closer to naming a

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Speaker 3: successor to FED chair Jay Powell. In that same CNBC interview,

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Speaker 3: he said he has three or four names in mind,

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Speaker 3: but one of them is not Treasury Secretary Scott Bessant.

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Speaker 5: Well, I love Scott, but he wants to stay where

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Speaker 5: he is.

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Speaker 6: I will.

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Speaker 5: I'll take him off them because I asked him just

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Speaker 5: last night, is this something you want? Nope, I want

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Speaker 5: to stay where I am. He actually said, I want

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Speaker 5: to work with you. It's such an honor. I said,

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Speaker 5: that's very nice.

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Speaker 7: I appreciate that.

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Speaker 3: President Trump says, so'll make a decision on a replacement

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Speaker 3: for outgoing Fed Governor Adriana Kugler before the end of

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Speaker 3: the week.

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Speaker 2: Nathan Democratic and Republican lawmakers are escalating a fight over

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Speaker 2: redistricting that started in Texas and is now quickly spreading

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Speaker 2: across the country. President Trump has had a new congressional

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Speaker 2: map in Texas would add as many as five GOP

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Speaker 2: seats in the House next year. James Tella Rico, as

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Speaker 2: a Democratic congressman in Texas.

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Speaker 8: If the President wanted to campaign on his policies and

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Speaker 8: try to win base on the maps that we all

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Speaker 8: in twenty twenty one, that would be fine. That's how

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Speaker 8: this process is supposed to work. But that's not what's happening.

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Speaker 8: The President is trying to execute a power grab in

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Speaker 8: the state of Texas and we will not let him

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Speaker 8: cheat in order to hold onto power.

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Speaker 2: And Texas Democrat James Tellerico has spoke on Bloomberg's balance

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Speaker 2: of power Now. Other states are talking about redrawing their

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Speaker 2: own maps. Democrats in California are vowing to fight fire

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Speaker 2: with fire as they consider asking voters to override the

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Speaker 2: state's independent redistricting panel. New York Governor Kathy Hogel has

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Speaker 2: called for disbanding her state's redistricting committee, though any changes

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Speaker 2: wouldn't happen before the midterms, and Republicans in Missouri are

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Speaker 2: studying whether to copy the plan in Texas.

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Speaker 3: And when it comes to the race for New York

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Speaker 3: City Mayor Karen, former Governor Andrew Cuomo says either he

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Speaker 3: or current Mayor Eric Adams will need to drop out

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Speaker 3: of the race in order to defeat Queen's assemblymanz Or

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Speaker 3: and Mumdani. Cuomo spoke with Bloomberg surveillance.

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Speaker 9: Everyone is petrified about electing a socialist whose type police

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Speaker 9: and I think you get to mid September and that's

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Speaker 9: going to be the let's call it the drop dead

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Speaker 9: date where you're gonna have to win her down the

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Speaker 9: field or people will think there is no way to

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Speaker 9: beat the assemblymen.

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Speaker 3: For the full conversation with former New York Governor and

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Speaker 3: independent mayoral candidate Andrew Cuomo, head over to the Bloomberg

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Speaker 3: podcast page on YouTube.

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Speaker 2: Well, Nathan, there are plenty of new developments in the

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Speaker 2: Jeffrey Epstein cage. The House Overside Committee has subpoena the

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Speaker 2: Justice Department for the quote full complete, unredacted Epstein files.

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Speaker 2: Committee chair James Comer also sent subpoenas to Bill and

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Speaker 2: Hillary Clinton and former FBI Director James Comy, though is

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Speaker 2: unclear what they'd add to the case. Meanwhile, the disgrace

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Speaker 2: financier's accomplice, Gallainne Maxwell, is fighting to keep the grandeury

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Speaker 2: testimony in her case from going public. She was moved

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Speaker 2: to a minimum security prison last week after meeting with

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Speaker 2: Deputy Attorney General Todd Blanche. President Trump says he does

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Speaker 2: not know anything about that.

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Speaker 10: Todd Blanche is one of the most highly respected people

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Speaker 10: you'll ever meet, so I know this. I didn't discuss

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Speaker 10: it with him, but anything he talked about with her,

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Speaker 10: or the fact that he did that not unusual. Number one,

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Speaker 10: and most importantly, is something that would be totally above board.

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Speaker 2: President Trump spoke at a White House news conference in

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Speaker 2: the subpoena gives the Justice Department until August nineteenth to

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Speaker 2: turn over the Epstein records.

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Speaker 3: It's turn of markets now, Karen. Futures are pointed higher

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Speaker 3: as earnings take center stage, both here in the US

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Speaker 3: and in Europe. Walt Disney leads almost three dozen companies

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Speaker 3: in the S and P five hundred reporting today. In Europe,

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Speaker 3: the selloff in Nova Nordisk shares continues right now. They're

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Speaker 3: down about one percent. Sales showed the weakest growth in

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Speaker 3: four years, as the Danish drug maker lost ground to

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Speaker 3: Eli Lilly in the crucial US market for obesity drugs.

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Speaker 2: Nathan Back on Wall Street Bank of America is pushing

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Speaker 2: its investment banking analysts to disclose if they've accepted jobs elsewhere,

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Speaker 2: and telling them they face redeployed. Meant if they do

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Speaker 2: show and we get more with the Bloomberg's Charlie Pillett.

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Speaker 7: It's the latest attempt by Wall Street lenders to stem

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Speaker 7: defections to private equity firms and other rivals. A source

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Speaker 7: tells Bloomberg. Junior bankers are being asked by their managers

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Speaker 7: to divulge whether they have a new employment opportunity. Wall

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Speaker 7: Street banks, including City Group and Goldman Sachs, are pushing

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Speaker 7: back on aggressive efforts by the private equity industry to

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Speaker 7: recruit junior bankers early in their careers. In New York,

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Speaker 7: Charlie Pellett Bloomberg Radio.

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Speaker 3: I Think, Charlie and Bloomberg News has learned Open AI

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Speaker 3: as in early talks about a potential sale of stock

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Speaker 3: for current and former employees, an evaluation of about five

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Speaker 3: hundred billion dollars. The companies targeting a secondary stock sale

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Speaker 3: in the billions. Existing investors, including Thrive Capital, have approached

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Speaker 3: open ai about buying some of the employee shares. If

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Speaker 3: the deal goes ahead, it would elevate open ais on

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Speaker 3: paper price tag by roughly two thirds. Its previous valuation

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Speaker 3: stood at three hundred billion dollars.

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Speaker 2: Time now for a look at some of the o

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Speaker 2: their stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's John Tucker, John can.

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Speaker 11: Martin and Good Marny Karen. Israel is weighing an expansion

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Speaker 11: of its arm presence in Ganza. Prime Minister Ntya who

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Speaker 11: considering whether to deploy the Israeli defense forces into the

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Speaker 11: twenty five percent of the Palestinian territory not already under

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Speaker 11: its control. Israel's foreign minister spoke at the UN yesterday.

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Speaker 6: Hamas is responsible for beginning this war by invading Israel

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Speaker 6: and committing the October seventh atrocities. Hamas is also responsible

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Speaker 6: for the continuation of this war.

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Speaker 11: Several international governments have spoken out against this spiraling humanitarian

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Speaker 11: toll on Ganza's two million plus population. A federal judges

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Speaker 11: blocked the Trump administration from reallocating four billion dollars mental

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Speaker 11: health communities protect against natural disasters. That story this morning

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Speaker 11: from Bloomberg's Amy Morris.

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Speaker 1: US District Judge Richard Stearns in Boston granted a preliminary

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Speaker 1: injunction sought by twenty Democrat led states while their lawsuit

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Speaker 1: over the funding moves forward. The States argue that Congress

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Speaker 1: allocated the four billion dollars in funds, so FEMA doesn't

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Speaker 1: have the authority to and the Building Resilient Infrastructure and

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Speaker 1: Communities program, which aims to harden infrastructure around the country

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Speaker 1: against potential storm damage. FEMA initially announced it was ending

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Speaker 1: the program, but has later said in a court filing,

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Speaker 1: it is evaluating it. In Washington, Amy Morris, Bloomberg Radio.

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Speaker 11: The Department of Health and Human Services is scaling back

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Speaker 11: on mRNA vaccine development. The move the latest under Health

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Speaker 11: and Human Services Secretary Robert F. Kennedy Junior, changing how

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Speaker 11: the nation's health department funds, develops, and reviews vaccines. Global

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Speaker 11: News twenty four hours a day and whenever you want

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Speaker 11: it with Bloomberg News Now. I'm John Tucker. This is

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Speaker 11: Bloomberg Karen.

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Speaker 2: All right, John, thank you time now for the bloombergy

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Speaker 2: Spores update. And here's John stash Hour.

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Speaker 5: John, Good morning, Good morning hearing.

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Speaker 12: These are tough times for New York baseball. Yankees and

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Speaker 12: Mets keep losing, the teams ahead of them in the

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Speaker 12: standings keep winning. The Yanks in Texas this time got

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Speaker 12: great pitching from Will Warren, but the Rangers Nathan Valdi

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Speaker 12: even better, came in with MLB's lowest DRA and then

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Speaker 12: lowered it even more, down to one point three to eighth.

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Speaker 12: The Yanks in eight innings against Devaldi, had only one hit.

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Speaker 12: The game was scoreless of the eighth when Texas loaded

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Speaker 12: the bases had rowdy Tullez at the plate against Devin Williams.

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Speaker 3: What out bases loaded full top, Now they're coming to

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Speaker 3: their feet.

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Speaker 7: Tenth pitch of the event, the US left to de

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Speaker 7: center looks time base hit.

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Speaker 12: Two runs cut into the point of the Rangers of

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Speaker 12: loveless hope.

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Speaker 9: What the Rangers.

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Speaker 12: Sports Network Texas won two nothing Yankees on this road

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Speaker 12: trip ro and five trip ends this afternoon. Mets man

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Speaker 12: has only four hits. Cleveland won at City Field three

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Speaker 12: to two. Mets have lost seven of eight, and manager

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Speaker 12: Carlos Mendoza asked about their struggles against left handers.

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Speaker 13: Eventually, he's gonna turn, you know, but as a whole,

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Speaker 13: we're having a hard time putting a rally together and

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Speaker 13: being consistent against leftis. So again, We'll continue to believe

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Speaker 13: in those guys. They're really good hitters and where there's

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Speaker 13: left these rities right now, they got our numbers, but

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Speaker 13: you know, I'm anticipating.

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Speaker 7: These to turn here quickly.

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Speaker 12: The Philly shut out the Oriols five nothing. The Mets

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Speaker 12: down trail the Fields by two and a half games.

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Speaker 12: In the Al East, Toronto won ten four at Colorado

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Speaker 12: and the Red Hot Red Sox beat Kansas City sixty two.

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Speaker 12: They're seventh win in a row. That Jays lead the

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Speaker 12: Socks by three and the Yanks have fallen six and

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Speaker 12: a half out of first. They're only a half game

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Speaker 12: ahead for a wild card. ESPN and the NFL have

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Speaker 12: now made of fish. So the story that broke last

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Speaker 12: week about the network taking over NFL media properties, the

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Speaker 12: league mine at ten percent interest in ESPN. Keenan Allen

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Speaker 12: for eleven years, the Chargers top white Out. He spent

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Speaker 12: last season in Chicago. He was a free agent. He

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Speaker 12: has signed to return in LA Johns Dashawer, Bloomberg Sports

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Speaker 12: Karen Nathan.

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Speaker 4: Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and.

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Speaker 8: Around the world on Bloomberg dot Com and the Bloomberg

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Speaker 8: Business app.

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Speaker 1: This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. With less than twenty four

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Speaker 3: hours to go until ramped up tariff's take effect, President

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Speaker 3: Trump is ramping up his rhetoric, saying he will announce

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Speaker 3: higher duties on drugs and chips in the next week

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Speaker 3: or so, and even higher tariffs, he says on content

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Speaker 3: countries like India that buy Russian energy.

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Speaker 5: We settled on twenty five percent, but I think I'm

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Speaker 5: going to raise that very substantially over the next twenty

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Speaker 5: four hours because they're buying Russian oil, They're fueling the

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Speaker 5: war machine, and are they going to do that, then

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Speaker 5: I'm not going to be happy.

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Speaker 3: That was the President in an interview on CNBC this morning.

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Speaker 3: We're joined by Bloomberg's news director for Europe, the Middle

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Speaker 3: East and Africa, Roslind Mathieson and Roz The stakes are

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Speaker 3: getting higher here now, with President Trump's Middle East en

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Speaker 3: voice Steve Whitkoff reportedly meeting right now with Russian President

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Speaker 3: Vladimir Putin ahead of this Friday ceasefire deadline.

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Speaker 7: Give us the latest. Well, that's right.

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Speaker 14: So we know that Wikoff is in Russia today having

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Speaker 14: meetings in the Kremlin, and the question is what is

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Speaker 14: he asking for and what is Russia, if anything, willing

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Speaker 14: to give. We know from our own reporting that there

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Speaker 14: is a conversation in the Kremlin about potentially offering to

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Speaker 14: stop airstrikes on Ukraine in a temporary fashion. That's not

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Speaker 14: Vladimir Putin, by the way, agreeing to a cease fire

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Speaker 14: or to stop his war. He seems to have every

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Speaker 14: intention of continuing it, but perhaps making that as a

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Speaker 14: gesture to try and get Donald Trump to stand down

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Speaker 14: on some of these threats, including to try and penalize

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Speaker 14: buyers of Russian energy, particularly India, as you were saying,

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Speaker 14: and try and cut off those markets for Russia which

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Speaker 14: have been very important to the Russian economy throughout the

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Speaker 14: past few years of its war in Ukraine, and so

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Speaker 14: penalizing India in particular. No great word by the way

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Speaker 14: about China, but that seems to be a separate matter

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Speaker 14: for Donald Trump. And so what can we expect from

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Speaker 14: those talks today? Will there be some kind of offer

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Speaker 14: that comes from the Kremlin out of that unlikely again

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Speaker 14: to be a full cease fire, because Vladimir Putin does

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Speaker 14: seem determined either way to press on with his war.

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Speaker 3: Yeah, to that point, I mean, is there any sense

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Speaker 3: that Russia could be swayed by this idea of secondary

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Speaker 3: tariffs as the President has termed it, given all the

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Speaker 3: economic pressure that's been brought to bear on Russia over

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Speaker 3: the last three plus years hasn't stopped the war.

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Speaker 14: Well, that's right, and Vladimir Putin does seem particularly willing

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Speaker 14: to tolerate quite a lot of pressure on his economy

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Speaker 14: either way. We've seen that over the years of all

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Speaker 14: the sanctions that have been put on, the efforts to

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Speaker 14: chase Russia's shadow fleet, to curb its very supplies and

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Speaker 14: sources of income. And so he's willing to do that,

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Speaker 14: and he's got his economy on a war footing producing

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Speaker 14: lot and that's generating its own benefit internally, masking obviously

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Speaker 14: the underlying weakness that you can really see in the

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Speaker 14: Russian economy. The question is what does it due potentially

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Speaker 14: to energy prices for Russia. How much would it depress

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Speaker 14: energy prices for Russia and that source of income for

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Speaker 14: him If Donald Trump were particularly to target India in

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Speaker 14: all of that, we can see from India, by the way,

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Speaker 14: so far today a sense that they're not minded to

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Speaker 14: stop buying energy from Russia either way, despite this pressure

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Speaker 14: from Donald Trump. So the question is would it have

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Speaker 14: an impact on prices and therefore would it impact Vladimir

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Speaker 14: Putin and what is his ultimate pain point really for

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Speaker 14: his economy.

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Speaker 3: Along with this Friday ceasefire deadline from President Trump in Ukraine,

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Speaker 3: there's also the deadline of tomorrow for higher tariffs to

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Speaker 3: kick in, and Switzerland's president is in Washington trying to

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Speaker 3: get out of the highest tariffs for any developed nation.

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Speaker 3: Is there a chance that we could see some kind

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Speaker 3: of deal come out of whatever discussions could happen with

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Speaker 3: the Swiss president.

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Speaker 14: Well, it's certainly a big challenge for her because all

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Speaker 14: we know so far of her trip she seemed to

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Speaker 14: have gotten on the plane on the fly and gone

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Speaker 14: to Washington without meetings set up. We do know she's

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Speaker 14: going to now meet with the Secretary of State Marco Rubio,

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Speaker 14: but his remit is not trade policy, and he's not

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Speaker 14: really there in the capacity to be able to have

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Speaker 14: deep negotiations on trade. His remit, obviously is more foreign policy.

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Speaker 14: Does that mean that maybe there's some kind of avenue

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Speaker 14: for the Swiss, for example, to promise to buy more

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Speaker 14: US planes, more fighter jets? Is that a way to

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Speaker 14: give Donald Trump something to get him to stand down

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Speaker 14: a bit on the tariff levels for Switzerland. But the

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Speaker 14: fact that she's not at this point lined up to

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Speaker 14: meet anyone seriously on the trade side, including Donald Trump himself,

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Speaker 14: And she doesn't have that rapport with Donald Trump, that

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Speaker 14: history with him that other leaders do, including in India

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Speaker 14: for example. She doesn't have an avenue to him, and

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Speaker 14: so for he with these meetings, it's it's a real challenge.

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Speaker 14: The question is can the Swiss offer anything that you

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Speaker 14: know would would counter at Donald Trump's intention to put

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Speaker 14: very high tariffs on them.

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