1 00:00:01,200 --> 00:00:03,480 Speaker 1: News when you wanted with Bloomberg News. Now, I'm Doug 2 00:00:03,520 --> 00:00:07,040 Speaker 1: Chrisner in the US. Last Friday, President Trump struck a 3 00:00:07,120 --> 00:00:10,000 Speaker 1: nerve with talk of a fifty percent tariff on imports 4 00:00:10,039 --> 00:00:13,720 Speaker 1: from the European Union effective June first. Trump said it 5 00:00:13,800 --> 00:00:17,840 Speaker 1: was in response to what he called unsatisfactory trade negotiations 6 00:00:17,920 --> 00:00:21,400 Speaker 1: with Brussels. Well, now the President says he's agreed to 7 00:00:21,480 --> 00:00:25,800 Speaker 1: extend that fifty percent tariff for the EU until July ninth. 8 00:00:26,120 --> 00:00:28,880 Speaker 1: Trump made the change after a phone call with European 9 00:00:28,880 --> 00:00:33,159 Speaker 1: Commissioned President Ursula vonder lyon Here is Bloomberg's Tony Chuccica. 10 00:00:33,400 --> 00:00:35,080 Speaker 2: There's been this kind of merry go round with the 11 00:00:35,120 --> 00:00:41,600 Speaker 2: EU last week or last Friday. I believe it brought 12 00:00:41,640 --> 00:00:46,360 Speaker 2: a very sort of dark cloud over this huge economic 13 00:00:46,400 --> 00:00:50,800 Speaker 2: relationship when Trump said that tariffs would go up within 14 00:00:50,840 --> 00:00:51,200 Speaker 2: a week. 15 00:00:51,640 --> 00:00:54,960 Speaker 1: That is Bloomberg's Tony Chucka. Now July ninth is the 16 00:00:55,000 --> 00:00:57,720 Speaker 1: same day that Trump's ninety day pause on those so 17 00:00:57,800 --> 00:01:01,760 Speaker 1: called reciprocal tariffs are set to end. We moved next 18 00:01:01,800 --> 00:01:04,600 Speaker 1: to the war in Ukraine for a third day. Prisoner 19 00:01:04,640 --> 00:01:08,759 Speaker 1: exchanges took place between Russia and Ukraine. After a second 20 00:01:08,920 --> 00:01:12,720 Speaker 1: night of deadly missile and drone strikes by Russia. Ukrainian 21 00:01:12,720 --> 00:01:16,480 Speaker 1: officials say at least twelve people were killed. President Trump 22 00:01:16,600 --> 00:01:19,640 Speaker 1: gave his reaction to the events when he spoke earlier 23 00:01:19,680 --> 00:01:20,440 Speaker 1: with reporters. 24 00:01:20,760 --> 00:01:23,640 Speaker 3: I'm not happy with what Putin's doing. He's killing a 25 00:01:23,640 --> 00:01:25,479 Speaker 3: lot of people, and I don't know what the hell 26 00:01:25,560 --> 00:01:28,479 Speaker 3: happened to Putin. I've known him a long time, always 27 00:01:28,520 --> 00:01:31,959 Speaker 3: gotten along with him. But he's sending rockets into cities 28 00:01:32,120 --> 00:01:35,560 Speaker 3: and killing people, and I don't like it at all. Okay, 29 00:01:36,319 --> 00:01:38,720 Speaker 3: we're in the middle of talking and he's shooting rockets 30 00:01:38,720 --> 00:01:41,640 Speaker 3: into Kiev and other cities. I don't like it at all. 31 00:01:41,640 --> 00:01:44,520 Speaker 1: President Trump, speaking earlier to reporters, He went on to 32 00:01:44,560 --> 00:01:48,840 Speaker 1: say that he's absolutely considering new sanctions against Russia as 33 00:01:48,880 --> 00:01:53,240 Speaker 1: a result of Moscow's missile attack on Ukraine. President Trump's 34 00:01:53,280 --> 00:01:55,280 Speaker 1: new tax bill is now in the hands of the 35 00:01:55,320 --> 00:01:59,240 Speaker 1: Senate after narrowly passing the House last week. Today, House 36 00:01:59,280 --> 00:02:01,880 Speaker 1: Speaker Mike Johnson said cuts in the bill will give 37 00:02:01,920 --> 00:02:06,680 Speaker 1: the American people historic savings. Here's Johnson speaking on CBS 38 00:02:06,680 --> 00:02:07,320 Speaker 1: Face the Nation. 39 00:02:08,240 --> 00:02:10,760 Speaker 4: In the calculation here, there's more than one point five 40 00:02:10,880 --> 00:02:13,760 Speaker 4: trillion dollars in savings for the people. That's the largest 41 00:02:13,760 --> 00:02:17,200 Speaker 4: amount of biggest cut in government really in at least 42 00:02:17,280 --> 00:02:20,240 Speaker 4: thirty years, and if you adjust for inflation, probably the 43 00:02:20,320 --> 00:02:22,240 Speaker 4: largest in the history of government. 44 00:02:22,280 --> 00:02:26,200 Speaker 1: House Speaker Mike Johnson there speaking to CBS Face the Nation. However, 45 00:02:26,360 --> 00:02:29,320 Speaker 1: some Senate Republicans are saying they will not vote for 46 00:02:29,360 --> 00:02:33,880 Speaker 1: the House version. Wisconsin Senator Ron Johnson says he's concerned 47 00:02:33,919 --> 00:02:36,919 Speaker 1: the bill does not address reducing the US fiscal deficit. 48 00:02:37,000 --> 00:02:39,919 Speaker 1: Here is Johnson on CNN State of the Union. 49 00:02:40,440 --> 00:02:43,399 Speaker 5: One of my disappointments with what the House process is about. 50 00:02:43,440 --> 00:02:45,200 Speaker 5: The only number we've ever heard about was one point 51 00:02:45,240 --> 00:02:48,560 Speaker 5: five trillion, which sounds like a lot, but it's only 52 00:02:48,560 --> 00:02:51,320 Speaker 5: one hundred and fifty million dollars per year. And this 53 00:02:51,400 --> 00:02:53,799 Speaker 5: is put in context of the fact that in twenty 54 00:02:53,880 --> 00:02:57,280 Speaker 5: nineteen we spent four point four trillion. This year, we'll 55 00:02:57,280 --> 00:02:59,880 Speaker 5: spend over seven trillion dollars. 56 00:03:00,160 --> 00:03:04,240 Speaker 1: Ron Johnson there the Wisconsin senators speaking to CNN State 57 00:03:04,320 --> 00:03:07,720 Speaker 1: of the Union. Today marks five years since the death 58 00:03:07,760 --> 00:03:11,400 Speaker 1: of George Floyd by Minneapolis police. Ben Crump was an 59 00:03:11,440 --> 00:03:13,080 Speaker 1: attorney for the Floyd family. 60 00:03:14,000 --> 00:03:19,080 Speaker 6: History will record these moments, how we stood up for 61 00:03:19,600 --> 00:03:23,520 Speaker 6: our children. We spoke up for our children, and we 62 00:03:23,840 --> 00:03:27,880 Speaker 6: fought for our children to get equal justice fund and. 63 00:03:27,880 --> 00:03:31,560 Speaker 1: Allowed Ben Crump their attorney for the family of George Floyd. 64 00:03:32,240 --> 00:03:36,160 Speaker 1: SoftBank founder Masayoshi's son has reportedly floated the idea of 65 00:03:36,280 --> 00:03:40,280 Speaker 1: creating a joint US Japan sovereign wealth fund. The aim 66 00:03:40,360 --> 00:03:43,119 Speaker 1: would be to make large scale investments in both tech 67 00:03:43,160 --> 00:03:46,840 Speaker 1: and infrastructure across the US. The Financial Times reports the 68 00:03:46,920 --> 00:03:49,920 Speaker 1: idea has been raised at very high political levels in 69 00:03:49,960 --> 00:03:54,600 Speaker 1: both Washington and Tokyo. Now, under the suggested fund structure, 70 00:03:54,640 --> 00:03:57,920 Speaker 1: the US Treasury and the Japanese Ministry of Finance would 71 00:03:57,920 --> 00:04:01,200 Speaker 1: be joint owners and operators of the fund, each with 72 00:04:01,320 --> 00:04:05,600 Speaker 1: a significant stake. Last Friday, President Trumps shocked markets and 73 00:04:05,640 --> 00:04:09,840 Speaker 1: announced a partnership between US Steel and Japan's Nipon Steel. 74 00:04:10,040 --> 00:04:13,560 Speaker 1: Trump said the partnership would create at least seventy thousand 75 00:04:13,640 --> 00:04:17,520 Speaker 1: jobs and add fourteen billion dollars to the American economy. Now, 76 00:04:17,520 --> 00:04:20,159 Speaker 1: the bulk of the investment would occur, according to Trump, 77 00:04:20,160 --> 00:04:24,480 Speaker 1: in the next fourteen months. Bloomberg Intelligence senior analyst Richard 78 00:04:24,480 --> 00:04:28,440 Speaker 1: Bork says the partnership could change the competitive landscape for 79 00:04:28,520 --> 00:04:30,560 Speaker 1: the American steel industry. 80 00:04:30,680 --> 00:04:36,920 Speaker 7: Nippon world's third largest steel maker, and financial strength can 81 00:04:37,640 --> 00:04:42,240 Speaker 7: support US Steel. US Steel needs a lot of capital 82 00:04:42,360 --> 00:04:45,800 Speaker 7: spending to bring its assets up to par to compee 83 00:04:45,839 --> 00:04:47,520 Speaker 7: against Newhorn Steel Dynamics. 84 00:04:47,600 --> 00:04:50,880 Speaker 1: Richard Bork there from Bloomberg Intelligence. And that is news 85 00:04:50,880 --> 00:04:53,720 Speaker 1: when you want it with Bloomberg News. Now, I'm Doug Chrisner, 86 00:04:53,800 --> 00:04:54,799 Speaker 1: and this is Bloomberg