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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 with the trade wars.

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Speaker 4: Optimism around the latest deals is pushing global equities to

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Speaker 4: record highs. Ahead of President Donald Trump's self imposed August

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Speaker 4: first tariff deadline, the US and the European Union are

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Speaker 4: progressing toward an agreement that would set a fifteen percent tariff.

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Speaker 4: Right In remarks heard live here on Bloomberg, President Trump

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Speaker 4: suggested he will not go below fifteen percent for his

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Speaker 4: so called reciprocal tariffs.

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Speaker 5: We're going to have a very very simple tariff for some.

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Speaker 2: Of the countries. Have so many countries, you can negotiate.

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Speaker 6: Deals with everyone.

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Speaker 5: So we'll have a straight simple tariff of anywhere between

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Speaker 5: fifteen and fifty percent. A couple of we have fifteen

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Speaker 5: because we haven't been getting along with those countries too well.

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Speaker 2: So we just say let's pay fifty. And that's the

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Speaker 2: way it is.

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Speaker 4: President Trump says the EU could pay a lower tariff

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Speaker 4: if it agrees to open up to American businesses. Other countries,

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Speaker 4: including South Korea and India, are also pushing for agreements

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Speaker 4: before the higher tariffs go into effect August first, Nathan.

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Speaker 3: The President is making a trip to the Federal Reserve

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Speaker 3: today to tour a construction site he has criticized for

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Speaker 3: cost overruns. The President has attacked FED chair J Powell

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Speaker 3: for not cutting rates and has repeatedly criticized the Fed's

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Speaker 3: two and a half billion dollar renovation project. Although he

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Speaker 3: says he does not plan to remove Powell before the

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Speaker 3: end of his term, President Trump has not fully closed

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Speaker 3: the door on that decision. Powell has called media reports

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Speaker 3: about the renovations inaccurate.

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Speaker 4: Last night, Karen, the Trump administration struck a deal with

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Speaker 4: Columbia University to restore its federal research funding and ease

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Speaker 4: a crisis that has upended the Ivy League schools finances

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Speaker 4: and leadership. Columbia will pay a two hundred million dollar

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Speaker 4: penalty to resolve multiple civil rights investigations. It'll pay an

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Speaker 4: additional twenty one million dollars to settle claims the Jewish

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Speaker 4: faculty and staff faced unlawful workplace discrimination. Columbia's deal could

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Speaker 4: serve as a template for other colleges negotiating with the government,

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Speaker 4: including Harvard.

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Speaker 3: Nathan we also continue to follow the latest developments in

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Speaker 3: the Jeffrey Epstein case. The Wall Street Journal is reporting

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Speaker 3: that the Justice Department and Attorney General Pam Bondi told

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Speaker 3: President Trump his name appears in documents related to Epstein,

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Speaker 3: along with many other high profile figures. Being mentioned in

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Speaker 3: the records is not a sign of wrongdoing. But last week,

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Speaker 3: the President told reporters that Bondi did not tell him

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Speaker 3: his name was in the files. A White House spokesman

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Speaker 3: says the Journal report his fake news.

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Speaker 4: Well, Meanwhile, Karen the House Oversight Committee has suboenat Epstein's

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Speaker 4: jailed ex girlfriend and accomplice, Gallaine Maxwell, to testify next month.

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Speaker 4: Tennessee Republican Tim Burchett serves on the committee.

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Speaker 2: He told ABC News what he hopes to find out.

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Speaker 6: I'd like to know the cash flow.

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Speaker 2: I'd like to know the client list.

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Speaker 7: I'd like to know the apparatus they use, their method.

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Speaker 6: Of getting these young follows folks.

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Speaker 8: I just like to know all of it.

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Speaker 2: And she's the last one standing.

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Speaker 4: In Tennessee Congressman Tim birch Att House Oversight Chairman James

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Speaker 4: Comer wrote in the subpoena that it is quote imperative

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Speaker 4: that Congress conduct oversight of the federal government's handling of

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Speaker 4: the Jeffrey Epstein case.

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Speaker 3: Nathan Muss turned out at Tech Earnings and a big miss,

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Speaker 3: and the mag seven Tesla missed already low Wall Street expectations.

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Speaker 3: Revenue for the ev maker felt twelve percent, its sharpest

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Speaker 3: decline in a decade. Tesla CEO Elon Musk is warning

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Speaker 3: that growth in the near term will be challenging.

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Speaker 9: We probably could have a few rough quarters. I'm not

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Speaker 9: saying it well, but we could Q four, Q one,

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Speaker 9: maybe Q two. But once you get to autonomy at

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Speaker 9: scale in the second half and half of next year,

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Speaker 9: certainly by the end of next year, I think the

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Speaker 9: I was surprised if Tesla's economics I'm not very compelling.

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Speaker 3: Elon Muski also blame the loss of government incentives for

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Speaker 3: electric vehicles for Tesla's performance. Tesla shares tumbled eighteen percent

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Speaker 3: this year, and shares this morning down another six percent.

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Speaker 4: I Meanwhile, Karen Google parent Alphabet is rebounding this morning

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Speaker 4: after beating Wall Street expectations for second quarter revenue. The

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Speaker 4: shares briefly slipped after the tech giant warned of higher

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Speaker 4: spending ahead Capex's forecast hit eighty five billion dollars this year.

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Speaker 2: It's up from an earlier estimate of seventy five billion.

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Speaker 4: Bloomberg Intelligence senior tech analyst man Deep Singh says Alphabet

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Speaker 4: CEO Soon Darpshi sees the investments as necessary to keep

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Speaker 4: up with consumer needs.

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Speaker 10: One third of their business is cloud and YouTube and

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Speaker 10: that's still growing north off twenty five percent. So to

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Speaker 10: my mind, they are showing ROI on all that AI spend,

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Speaker 10: and if they have more AI infrastructure capacity, the cloud

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Speaker 10: business would be growing even faster.

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Speaker 4: Mandeep sing of Bloomberg Intelligence says Alphabet shares did dip

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Speaker 4: but rebound in after hours trading. This morning, they're up

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Speaker 4: three percent.

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Speaker 3: Nathan, we continue to follow the massive cybersecurity breach involving

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Speaker 3: Microsoft Sharepoints software. According to this cyber firm, I security

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Speaker 3: hackers have now breached about four hundred government agencies, corporations,

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Speaker 3: and other entities. Microsoft has blamed the breach in part

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Speaker 3: on Chinese state backed hacker groups.

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Speaker 4: Man Karen Tech is front and center in Washington as well.

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Speaker 4: President Trump has signed a series of executive orders to

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Speaker 4: boost artificial intelligence development by loosening regulations and expanding energy

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Speaker 4: supplies for data centers. The AI Action Plan also calls

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Speaker 4: for revamping the permitting process and streamlining environmental standards to

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Speaker 4: speed AI related infrastructure projects. President Trump announced the plan

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Speaker 4: and comments heard on Bloomberg Radio.

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Speaker 5: Without question, the most brilliant place anywhere on Earth. America

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Speaker 5: is a country that started the AI race, and as

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Speaker 5: President of the United States, I'm here today to declare

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Speaker 5: that America is going to win it.

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Speaker 4: President Trump also confirmed that Nvidia will be allowed to

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Speaker 4: resume sales of its H twenty AI chip in China

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Speaker 4: as part of the trade truce with Beijing.

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

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

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Speaker 3: and for that were joined by Bloomberg's Michael Barr Michael,

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Speaker 3: good morning.

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Speaker 6: Good morning, Karen. Breaking news. A passenger plane with forty

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Speaker 6: nine people on board crashed in the remote area of

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Speaker 6: Russia's far East. The Antonov airplane went down nine miles

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Speaker 6: from Tinda with forty three passengers, including five children and

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Speaker 6: six crew and investigation has begun into the causes of

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Speaker 6: what appears to be the deadliest air crash in Russia

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Speaker 6: since twenty eighteen. A Federal Appeals Court in San Francisco

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Speaker 6: rule that President Donald Trump's limits on birthright citizenship are

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Speaker 6: unconstitutional and the latest setback for his immigration crackdown. The

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Speaker 6: decision by the ninth US Circuit Court of Appeals upholds

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Speaker 6: an earlier ruling by a judge in Seattle who blocked

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Speaker 6: mister Trump's executive order nationwide. In the case brought by

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Speaker 6: a group of Democratic state officials from Washington, Arizona, Illinois,

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Speaker 6: and Oregon, a federal judge as prohibitive the Trump administration

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Speaker 6: from taking k Abrego Garcia into immediate immigration custody if

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Speaker 6: he's released from jail in Tennessee while awaiting trial on

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Speaker 6: human smuggling charges. The judge ordered the government to provide

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Speaker 6: notice of seventy two hours if Immigration and Customs enforcement

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Speaker 6: intends to deport the man who worked and lived in Maryland.

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Speaker 6: A judge has ordered Brian Coberger to serve life in

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Speaker 6: prison without parole for killing four University of Idaho's students.

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Speaker 6: Friends and relatives delivered powerful statements at the sentencing hearing.

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Speaker 6: Coburger killed the students in their rental home in twenty

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Speaker 6: twenty two. Judge Stephen Hipler.

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Speaker 11: His actions have made him the worst of the worst.

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Speaker 11: Even in pleading guilty, he is giving nothing hinting of

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Speaker 11: remorse or redemption, nothing suggesting even a recognition or understanding,

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Speaker 11: let alone regret for the pain that he has caused.

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Speaker 6: About one thousand workers who staff concession stands at Fenway Park,

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Speaker 6: home of the Boston Red Sox, and the MGM Music

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Speaker 6: Hall next door, are planning to strike after negotiations between

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Speaker 6: the union and Aramark failed. Union is seeking higher wages

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Speaker 6: and the rollback of self checkout systems. The Global Footprint

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Speaker 6: Network is marking the day as Earth Overshoot Day. It's

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Speaker 6: an estimated date for twenty twenty five to show that

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Speaker 6: humanity has already spent more resources than the planet can

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Speaker 6: regenerate in a single year. The network's founder Mathis vonder Knockel.

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Speaker 8: This overshoot makes ever more clear that the future is

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Speaker 8: far more predictable than we typically think we will be

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Speaker 8: in a word, with more climate change and resource constraints.

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Speaker 6: Global News twenty four hours a day and whenever you

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Speaker 6: want it with Bloomberg News Now Michael Barr, and this

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Speaker 6: is Bloomberg.

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Speaker 3: Karen, all right, Michael Barr, thank you time now for

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Speaker 3: the Bloombergy Spores update. Here's John stash Hour, John good Morning.

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Speaker 7: De Morny Kear comedy of errors for the Yankees in Toronto.

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Speaker 7: Throwing errors by Max Fried and Jazz Chisholm, fielding errors

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Speaker 7: by Ben Rice and Jason Dominguez, and with the score

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Speaker 7: tied in the sixth inning, Cody Bellinger completely lost sight

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Speaker 7: of a fly ball that turned into a triple that

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Speaker 7: led to the Blue Jays retaking the league. They went

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Speaker 7: on to win eight to four. So the Yanks played

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Speaker 7: seven games in Toronto the past month. They lost six

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Speaker 7: of them and that's why though Jays have a four

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Speaker 7: game lead for he took the loss after beating so

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Speaker 7: dominant in July. He's one in three with a six

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Speaker 7: and a half ERA home runs in defeat for Dominguez,

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Speaker 7: Anthony Volpe, and Aaron Judge at his thirty seven, three

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Speaker 7: hundred and fifty second home run of Judges' career. He's

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Speaker 7: now sixth on the Yankees all time home run list.

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Speaker 7: Matt's got a big home run third in eight Deplot second,

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Speaker 7: Ladora first Book, one out and that's on out to

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Speaker 7: lot center. Forget that you're a shot by a lot.

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Speaker 2: So with a second deck A three one.

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Speaker 6: Howit sir, at it's five to one. There you are.

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Speaker 2: Career Hall bought upper two hundred.

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Speaker 7: At forty eight and that leads Pete Alonzo four from

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Speaker 7: Darryl Strawberry's club record. That said, why the call Mets

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Speaker 7: met the Angels six to three. They sweep the series.

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Speaker 7: Sean Mny has got his first win, Edwin Diaz his

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Speaker 7: twenty first save, Red Sox a while nine to eight

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Speaker 7: eleven and win over the Phillies, so the Mets are

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Speaker 7: back in first place. The Nationals got shut out by

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Speaker 7: the Reds five to nothing. The Giants, as they began

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Speaker 7: training camp, made official that Russell Wilson will beat their

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Speaker 7: Week one starting quarterback and Wilson is so far impressed

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Speaker 7: with his new team.

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Speaker 12: Just to see the evolution of the guys daily and

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Speaker 12: the focus and the championship level that we want to

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Speaker 12: practice at and play at every day and the habits.

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Speaker 12: You know, your habits have to align as well, and

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Speaker 12: our guys have great habits and that's the good thing

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Speaker 12: about it.

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Speaker 7: Giants coach Brian Dabel did not reveal who the backup

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Speaker 7: QB will be, Jameis Winston or the Rookie Jackson, Dark

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Speaker 7: Jus Dashley Hoarnor Bloomberg Sports Karen Nathan.

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Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Serious x

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

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Speaker 1: The Bloomberg Business Apple. This is Bloomberg Daybreak.

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Speaker 2: Good morning. I'm Nathan Hager.

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Speaker 4: President Trump maybe setting a new floor when it comes

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Speaker 4: to what he's called reciprocal tariffs.

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Speaker 2: So with eight days to go till his trade.

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Speaker 4: Deadline, the President says most countries will see duty rates

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Speaker 4: between fifteen and fifty percent.

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Speaker 5: Mostly we'll be charging straight tariffs to most of the

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Speaker 5: rest of the world because we have over two hundred countries.

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Speaker 5: People don't realize it's a lot of that's a lot

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Speaker 5: of deals.

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Speaker 4: Was President Trump speaking in an AI Action summit in Washington.

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Speaker 2: Has heard on Bloomberg Radio.

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Speaker 4: Joining us this morning, Bloomberg News Global Trade Editor Brendan Murray,

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Speaker 4: You've been very busy, of course, keeping track of all

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Speaker 4: the changes in President Trump's tariff rhetoric and strategy. We

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Speaker 4: saw the deal with Japan yesterday on fifteen percent reports

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Speaker 4: the EU is heading to fifteen percent as well.

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Speaker 2: What happened to ten percent Brendan, good morning.

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Speaker 13: Good morning. Yeah, fifteen is the new ten percent, essentially,

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Speaker 13: that's the way it's shaping up in these global trade talks.

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Speaker 13: A lot of countries thought that they might get ten

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Speaker 13: percent a few weeks ago, but that's still become the

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Speaker 13: benchmark and the goal if you want to continue doing

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Speaker 13: trade with the United States, according to the Trump administration.

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Speaker 13: So we've got the European Union, what they're most concerned

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Speaker 13: about is not the fifteen percent, but the sectoral tariffs

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Speaker 13: on autos which are twenty five percent and steel aluminum

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Speaker 13: that are fifty percent. Those are crushing those industries in

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Speaker 13: Europe and they would like to see those come down,

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Speaker 13: or at least some sort of quota system set up

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Speaker 13: to where they can export to the US a certain

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Speaker 13: tonnage and then anything above that would be facing the

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Speaker 13: higher tariff. So there's some fine print that still needs

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Speaker 13: to be worked out, but it sounds like the way

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Speaker 13: the deals that the Trump administration have announced this week,

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Speaker 13: these number, these tariff numbers that are being handed out

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Speaker 13: are coming in less than they could have been threatened

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Speaker 13: that was, you know, that's a negotiating strategy of President Trump's.

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Speaker 13: He threatens you with a very large hammer, and then

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Speaker 13: he gives you a lower number, and you know, it

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Speaker 13: seems like it's not so bad, so that it seems

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Speaker 13: to be the pattern and where we're heading. We still

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Speaker 13: have South Korea, Taiwan, the European Union, the Swiss, a

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Speaker 13: number of other countries that want to get in get

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Speaker 13: these deals done by this August first headline.

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Speaker 4: Yeah, considering the fine print, those sectoral tariffs have got

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Speaker 4: to be a concern for a lot of these trading partners,

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Speaker 4: aren't they considering that Section two thirty two has a

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Speaker 4: lot firmer legal standing than perhaps some of these country

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Speaker 4: based tariffs that President Trump has seemed to be focusing

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Speaker 4: a lot more on.

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Speaker 13: Yeah. Actually, there's a court case next week concerning the

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Speaker 13: country based tariffs, and you know, they could ultimately be

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Speaker 13: thrown out by the court, leaving President Trump with only

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Speaker 13: these sectoral tariffs to impose on countries to accomplish what

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Speaker 13: he's trying to accomplish. So there's a you know, there's

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Speaker 13: a big question that the courts have to settle yet,

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Speaker 13: and hearing will be will be held next week that

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Speaker 13: will help tell us whether what direction the courts are

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Speaker 13: going to go in. But in the meantime, these reciproval

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Speaker 13: tariffs are being handed out fifteen to fifty percent in

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Speaker 13: the case of Brazil, which is what the President said

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Speaker 13: he will put on Brazil's products headed to the US

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Speaker 13: because of, you know, some issues he has there with

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Speaker 13: the political system.

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Speaker 2: Just thirty seconds, Brendan.

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Speaker 4: So what should we be looking for, particularly in the

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Speaker 4: EU negotiations.

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Speaker 13: We should be looking for how much the EU is

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Speaker 13: willing to how much pain the EU is willing to

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Speaker 13: accept when it comes to those autos, pharmaceuticals, chip tariffs

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Speaker 13: that are coming down the pipeline. The reciprocal rate seems

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Speaker 13: to be kind of settling around that fifteen percent, as

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Speaker 13: we said, But it's these it's these other industries. You know,

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Speaker 13: the German auto industry is going to be very important

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Speaker 13: in these talks, and Europe supplies a lot of chemical

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Speaker 13: to the US. So there's some of these sectors that

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Speaker 13: are key to the trade relationship overall that need to

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Speaker 13: be resolved to make sure that they're not damaged on

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Speaker 13: either side of the Atlantic.

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