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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 on the trade wars.

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Speaker 3: President Donald Trump is promising to press ahead with his

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Speaker 3: plans for aggressive tariffs. He says there will be no

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Speaker 3: extensions to the August first deadline for higher import rates.

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Speaker 3: That's after he said he was not one hundred percent

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Speaker 3: firm on the new date earlier this week.

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Speaker 4: It wasn't a change, it was August first. We don't

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Speaker 4: change very much. You know, every time we put out

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Speaker 4: a statement, they say he made a change. I didn't

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Speaker 4: make a change. Clarification maybe.

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Speaker 3: And at his latest cabinet meeting, heard live here on

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Speaker 3: Bloomberg Radio, President Trump said he will impose a fifty

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Speaker 3: percent tariff on copper products entering the US, and he

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Speaker 3: floated even higher rates on pharmaceuticals.

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Speaker 5: We're going to give people about a year a year

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Speaker 5: and a half to come in and after that they're

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Speaker 5: going to be tariffed. If they have to bring the

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Speaker 5: pharmaceuticals into the country, drugs and other things into the country,

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Speaker 5: they're going to be tariffed. At a very very high rate,

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Speaker 5: like two hundred percent.

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Speaker 3: Despite progress with the European Union, President Trump says he

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Speaker 3: may announce a new tariff rate on the block within

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Speaker 3: the next two days due to their taxes and fines

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Speaker 3: on US tech firms. The President says at least seven

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Speaker 3: countries could find out their trade status in letters later

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Speaker 3: this morning.

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Speaker 2: Nathan Meanwhile, Treasury Secretary's Scout Besson says the tariff hikes

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Speaker 2: are bringing in big money to the US. He also

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Speaker 2: spoke during the cabinet meeting.

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Speaker 6: We will take it in about one hundred billion dollars

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Speaker 6: in tariff income thus far this year, and that's with

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Speaker 6: the tariff the major tariff not having started toil the

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Speaker 6: second quarter, so we could expect that that could be

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Speaker 6: well over three hundred billion by the end of the year.

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Speaker 2: Treasury Secretary Scott Besson says a major jump in tariff

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Speaker 2: collection will start on August first, when new tariff rates

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Speaker 2: take effect.

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Speaker 3: Now, let's turned to the latest on the disaster recovery

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Speaker 3: in Central Texas. Karen search crews continue to slog through

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Speaker 3: thick mud and looking for any survivors of the catastrophic

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Speaker 3: flooding along the Guadalupe River, Texas Governor Greg Gabbott says

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Speaker 3: one hundred nine people are confirmed dead and at least

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Speaker 3: one hundred and sixty one may still be unaccounted for.

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Speaker 3: The Hearts of our fellow Texans are breaking every single

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Speaker 3: day because of what people of this community and the

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Speaker 3: surrounding area are going through. Governor Greg Gabbott toward the

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Speaker 3: disaster zone yesterday, Texas Game boardens say their crews have

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Speaker 3: searched more than twenty six river miles with helicopters, drones, boats,

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Speaker 3: and canine units. They say their team alone saved about

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Speaker 3: four hundred and forty four people and recovered thirty bodies.

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Speaker 3: President Trump plans to visit the area on Friday.

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Speaker 2: Nathan. The US will start charging interest again on student loans.

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Speaker 2: The Education Department says we'll begin collecting from an estimated

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Speaker 2: seven point seven million borrowers who've been in legal limbo

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Speaker 2: since a repayment plan created by former President Joe Biden

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Speaker 2: was blocked in court interest charges for people enrolled in

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Speaker 2: the Saving on a Valuable education or saved. We'll begin

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Speaker 2: on August first.

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Speaker 3: Turning to markets, now, Karen Apple is losing more talent.

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Speaker 3: Let's get the latest with Bloomberg's John Tucker. Who's leaving now, John.

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Speaker 7: Well, it's Apple's number two man, the chief operating officer,

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Speaker 7: Jeff Williams. He's retiring, but he's sixty two year old.

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Speaker 7: Williams was once considered a possible successor to the CEO,

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Speaker 7: Tim Cook. So b Cohn will replace Williams as CEO,

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Speaker 7: while Apple's design team that's going to shift to reporting

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Speaker 7: directly to the CEO Tim Cook. At Apple, Williams was

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Speaker 7: known for crafting a supply chain that can handle hundreds

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Speaker 7: of millions of devices a year while sourcing components from

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Speaker 7: thousands of suppliers around the world, a huge job. This

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Speaker 7: marks a major changing of the guard at an already

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Speaker 7: tumultuous time for the iPhone maker. Yesterday we told you

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Speaker 7: about the departure of Rooming Peng, a distinguished engineer and

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Speaker 7: manager in charge of the Apple Foundation Models team. He's

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Speaker 7: headed to Meta in New York. Ime, John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you. It was a disappointing first

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Speaker 2: day of prime sales, and that helped lead to a

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Speaker 2: drop of one point eight percent and Amazon shares momentum

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Speaker 2: commerce as sales fell almost fourteen percent in the first

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Speaker 2: four hours of the event compared to the same time

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Speaker 2: last year. Bloomberg Spenser Soaper says, there is one major

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Speaker 2: change this year.

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Speaker 8: It's a four day event this year, you know, as

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Speaker 8: opposed to two days. So it's still interesting to see

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Speaker 8: that out of the gate it was soft. But they've

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Speaker 8: spread this over four days now. So the question is

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Speaker 8: is there less of a sense of urgency among shoppers, like, Oh,

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Speaker 8: that's a good deal, I better buy it now before

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Speaker 8: we run out of time.

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Speaker 2: Bloomberg Spencer Soaper says Amazon launched Prime Day and twenty

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Speaker 2: fifteen to attract new subscribers who pay one hundred and

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Speaker 2: thirty nine dollars a year for shipping, discounts, video streaming,

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Speaker 2: and other benefits.

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Speaker 3: And another Tech news Karen OpenAI chief executive officer Sam

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Speaker 3: Altman says he has not yet spoken to Mark Zuckerberg

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Speaker 3: since the meta platform CEO poached some of his top engineers.

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Speaker 3: Altman talked about it with reporters at the Sun Valley

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Speaker 3: Conference Idaho.

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Speaker 9: I think we have.

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Speaker 10: An incredible I mean, obviously have an incredibly talented team,

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Speaker 10: and I think they really love what they're doing. Obviously,

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Speaker 10: some people will go to different places. There's a lot

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Speaker 10: of excitement, I guess we could say in the industry.

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Speaker 3: Open Ai chief executive Sam Altman says Meta offered people

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Speaker 3: as much as one hundred million dollars to jump ship.

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Speaker 3: He says he expects a meeting with Zuckerberg at the

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Speaker 3: Allen and Company gathering this week.

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Speaker 2: Nathan Sources tell Bloomberg that's SpaceX is discussing plans to

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Speaker 2: raise money and sell insider shares and a deal that

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Speaker 2: would value the company at four hundred billion dollars. Begin

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Speaker 2: more from Bloomberg Technology reporter Ed Ludlow.

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Speaker 11: Right now, the share price being discussed is two hundred

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Speaker 11: and eight dollars to two hundred and twelve dollars. There's

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Speaker 11: still a little way to go. It could change, but

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Speaker 11: it's quite a jump from the last valuation that we

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Speaker 11: reported of three hundred and fifty billion dollars. Part of

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Speaker 11: that reflects, of course, not just space exits position in

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Speaker 11: dominating commercial launch, but the Starling component as well.

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Speaker 2: And Bloomberg Technology reporter Ed Ludlow says this would mark

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Speaker 2: the largest valuation for a privately held US company.

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Speaker 3: And Keren we may have a big deal on the

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Speaker 3: way in the drug industry, The Financial Times is reporting

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Speaker 3: Merks closing in on a ten billion dollar acquisition of

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Speaker 3: respiratory drug maker Verona Pharma. The paper says Mirk would

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Speaker 3: pay one hundred and seven dollars per American Depository share

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Speaker 3: for the biotech company. That's a twenty three percent premium

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Speaker 3: to yesterday's closing price.

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

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Speaker 2: 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 and Michael Barr. Michael,

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Speaker 2: good morning, Good.

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Speaker 12: Morning, Karen. After nine days, there is late word of

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Speaker 12: a settlement in the city workers' strike in Philadelphia.

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Speaker 9: Ask me.

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Speaker 12: District Council thirty three has been fighting for better pay. Meanwhile,

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Speaker 12: the strike may be over, but across the city at

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Speaker 12: many of the sixty plus trash drop off sites, the

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Speaker 12: mixture of rainy conditions over the long weekend and heat

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Speaker 12: left a massive smelly headache. Residents have to walk past

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Speaker 12: the mountains of garbage at night.

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Speaker 4: The trash is well real bid and this fission there

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Speaker 4: or of crabs in there is kind of like a

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Speaker 4: bed owner.

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Speaker 12: On top of sanitation workers. DC thirty three represents employees

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Speaker 12: across multiple city departments, including police dispatchers and maintenance workers

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Speaker 12: at Philadelphia International Airport. President Trump says that he is

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Speaker 12: not happy with the Russian president Vladimir Putin over the

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Speaker 12: ongoing strikes in Ukraine. This comes after reports that the

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Speaker 12: Trump administration, specifically the Defense Department, was going to pause

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Speaker 12: a weapon shipment to Ukraine, but the President refuted that

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Speaker 12: and said he wants to send more weapons to Ukraine.

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Speaker 12: Reporters asked the President about legislation champion by Republican Senator

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Speaker 12: Lindsey Graham to sanctioned Russia.

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Speaker 9: Further, it's an optional bill.

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Speaker 5: It's totally at my option.

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Speaker 4: They passed it totally at my option, and to terminate

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Speaker 4: totally at my option, and I'm looking at it very strongly.

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Speaker 12: It comes as Russia launched more tacks today on Ukraine.

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Speaker 12: Los Angeles Mayor Aaron Bass has joined legal action against

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Speaker 12: the Trump administration, calling the immigration raids in her city

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Speaker 12: unlawful and designed to instill fear. Pass said the mapped

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Speaker 12: ice agents grabbing people off the street could be anyone.

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Speaker 10: Aside from the fact that this is unconstitutional, how do

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Speaker 10: we know the difference between this and the kidnapping.

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Speaker 12: Global news twenty four hours a day and whenever you

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Speaker 12: want it with Bloomberg News Now. I'm Michael Barr, and

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Speaker 12: this is Bloomberg Karen.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports Update. Here's John stash Hour, John.

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Speaker 9: Good morning, Good morning, Karen.

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Speaker 1: After a day off, but followed playing each other, Mets

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Speaker 1: and the Yankees, who've both been slumping the past two weeks,

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Speaker 1: both had victories. Easy for the Yanks at the Stadium,

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Speaker 1: a five runs sixth inning with John Carlos standing in

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Speaker 1: a three run homer, Austin Wells a two run shot.

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Speaker 1: He's Howard in three straight games, and then in inning

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Speaker 1: later four more runs with Aaron Judge hitting home run

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Speaker 1: number thirty four.

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Speaker 9: Yanks all loibil the Mariners ten to three.

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Speaker 1: Needed the win because Toronto beat the White Sox six

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Speaker 1: to one. Of the Blue Jays have won ten games

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Speaker 1: in a row, they stay three and a half games ahead.

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Speaker 1: A dramatic win for the Mets, their biggest comeback of

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Speaker 1: the season. In Baltimore, they were down six to two

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Speaker 1: in the eighth inning, two run homers by Francisco Lindor

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Speaker 1: and Pete Alonzo to tie the game, and then Juan

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Speaker 1: Soto with a game when he hit tenth inning to

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Speaker 1: beat the Oriel seven to six. Of the Metster back

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Speaker 1: into a tie for first with the Phillies, who lost

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Speaker 1: to the Giants four to three in San Francisco. Patrick

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Speaker 1: Bailey wanted on a walk off inside the park home

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Speaker 1: run tenth inning Red Sox over the Rockies ten to two.

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Speaker 1: The Nationals under new manager Miguel Cairo, lost in Saint

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Speaker 1: Louis four to two. The Dodgers lost their fifth in

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Speaker 1: a row three to one at Milwaukee. Mike Brown introduced

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Speaker 1: as the knicks thirty second coach in team history and

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Speaker 1: grateful to get the job.

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Speaker 13: Talk about historic franchise, Madison Square Garden Tychonic are fans

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Speaker 13: that are the most knowledgeable and passionate probably in all

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Speaker 13: of sports.

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Speaker 1: A lot of those fans were wondering why the Knicks

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Speaker 1: fired Toime Thibodeau after the most successful season a twenty

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Speaker 1: five years. They'll be rooty for Brown to take the

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Speaker 1: team a little bit further in the playoffs and wimbled.

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Speaker 1: Then they'll wrap up the quarterfinals.

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Speaker 12: Today.

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Speaker 1: Jonnick Center the Top Scene taking on the American Ben Shelton,

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Speaker 1: John Stasheward, Bloomberg Sports count Ethan coast to coast on

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Speaker 1: Bloomberg Radio nationwide on Serious Exam and around the world

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Speaker 1: on Bloomberg dot Com and The Bloomberg Business Apple.

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Speaker 9: This is Bloomberg Daybreak. Good morning. I'm Nathan Hager.

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Speaker 3: President Donald Trump appears to be holding firm now to

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Speaker 3: his new deadline for countries around the world to reach

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Speaker 3: trade deals with the US.

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Speaker 4: August first, they pay, and everybody pays. Everybody has to pay.

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Speaker 4: And the incentive is that they have the right to

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Speaker 4: deal in the United States. If they don't want to,

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Speaker 4: they don't have to pay, and they don't have to deal.

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Speaker 11: Here.

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Speaker 3: I was the President speaking in a cabinet meeting heard

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Speaker 3: live on Bloomberg Radio this morning. We're joined by Bloomberg

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Speaker 3: News Senior editor Bill Ferries. Of course, Bill, just a

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Speaker 3: couple of days ago, the President said he wasn't one

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Speaker 3: hundred percent firm on the August first deadline. Now it

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Speaker 3: sounds like things may be firming up.

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Speaker 9: Good morning, Good morning, Nathan.

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Speaker 14: Yeah, I mean it's basically a three week additional extension, right,

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Speaker 14: so a lot can happen in that time. I mean,

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Speaker 14: I think three weeks in the current universes is a

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Speaker 14: very long time for further negotiations and other deals to

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Speaker 14: be made. I mean, this all goes back to April. Now,

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Speaker 14: April second was Liberation Day. That was when tarifs were

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Speaker 14: coming into place or announced, and then it was kicked

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Speaker 14: to July ninth. Well, we're at July ninth, and now

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Speaker 14: it's August first. So the markets, I think yesterday we're

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Speaker 14: betting that maybe Donald Trump wouldn't hold too firm on

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Speaker 14: that deadline, and I think he woke up to that

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Speaker 14: news on Tuesday and wanted to squash it. But I

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Speaker 14: think we'll only know for sure when it's August first.

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Speaker 3: On the other hand, we did see a pretty sharp

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Speaker 3: reaction in the copper market when the President said he

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Speaker 3: could float fifty percent duties on copper products entering the US.

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Speaker 9: What could that mean for that market?

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Speaker 14: Well, it's interesting because the President first talked about tariffs

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Speaker 14: on copper back in February, and ever since then, you've

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Speaker 14: seen traders directing more copper into the US into inventory,

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Speaker 14: really stockpiling that the US still needs I think about

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Speaker 14: forty percent of its copper demand to be imported, so

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Speaker 14: it's it's not going to be self sufficient for a

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Speaker 14: very long time. And I mean we're talking about you know,

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Speaker 14: everything from you know, car batteries to just basic industry

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Speaker 14: that needs needs copper to function. So there's going to

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Speaker 14: continue to be a dependence on imports for that for

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Speaker 14: probably the you know, several years ahead. So I think

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Speaker 14: I think that's a potential inflation early inflation indicator there

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Speaker 14: if we do hit that fifty percent tariff in August.

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Speaker 3: Now on top of the twenty five percent tariffs you've

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Speaker 3: already heard about for steal and.

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Speaker 9: Aluminum as well.

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Speaker 3: And then there's this talk of up to two hundred

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Speaker 3: percent on drug companies if they don't onshore into the

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Speaker 3: US in the next year or so.

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Speaker 9: How serious to take that?

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Speaker 14: Yeah, I mean it's something pharmaceuticals has been a focus

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Speaker 14: for this president. He wants to see more of the

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Speaker 14: pharma industry back inside the United States. Two hundred percent

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Speaker 14: would be huge, of course, if you know, particularly if

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Speaker 14: it's the you know, the drug that you need for

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Speaker 14: your particular illness, that would be a huge cost. So

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Speaker 14: he did, he did put out there the idea that

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Speaker 14: it could take a year, a year and a half

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Speaker 14: or so before that would go into effect, he'd want

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Speaker 14: to see the pharma companies building their production facilities in

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Speaker 14: the US shifting production over here.

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Speaker 9: So there's a little longer of a.

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Speaker 14: Runway on that kind of a change, but it would

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Speaker 14: certainly be a major disruption in the market.

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Speaker 3: I mean, are those the kind of things though that

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Speaker 3: could affect the ongoing country by country trade negotiations that

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Speaker 3: are happening. When you think about the pharmaceutical industry in particular,

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Speaker 3: a lot of those companies are based in the European Union,

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Speaker 3: and there's supposed to be some kind of announcement about

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Speaker 3: the EU. Were thinking this week, still, isn't there.

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Speaker 14: Yeah, the administration has said, you know, maybe within the

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Speaker 14: next two days we'd have some sort of a framework

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Speaker 14: deal with the EU. The EU, of course, was facing

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Speaker 14: up to a fifty percent tariff. What we know from

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Speaker 14: our reporting is that negotiators have really focused on some

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Speaker 14: key sectors that they want to get carveouts for. So

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Speaker 14: that would include things like aerospace with Airbus, it would

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Speaker 14: include German automakers like BMW and Mercedes who have factories

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Speaker 14: in the United States, And it would include things like

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Speaker 14: alcohol shipments on the EU. So it's that's you know,

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Speaker 14: that just gives you a taste. I think of the

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Speaker 14: number of exceptions that might be coming through when we

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Speaker 14: announce a deal, but there will be quite a few

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Speaker 14: products if it stays at the current levels that get

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Speaker 14: hit with a fifty percent tariff.

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Speaker 3: So in our last thirty seconds bill, what should we

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Speaker 3: be looking for in the next few days here? I

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Speaker 3: think we heard the President say of several countries could

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Speaker 3: get letters like we've seen this week.

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Speaker 14: Later on this morning, Yeah, they said up to a

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Speaker 14: dozen more countries could be getting letters. I think you

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Speaker 14: know you mentioned the EU. I think we're also looking

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Speaker 14: to see what the status is with India. That has

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Speaker 14: been a priority for the administration, and that's one that

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Speaker 14: we haven't heard a lot about. So that's that's the

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Speaker 14: next one on my list.

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