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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, Karen.

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Speaker 3: The rising stocks comes as the US moves closer to

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Speaker 3: trade deals with major trading partners. In fact, this morning,

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Speaker 3: China has confirmed its signed to trade framework with the

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Speaker 3: US in recent days that echoes comments from Commerce Secretary

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Speaker 3: Howard lutt Nick heard on Bloomberg's Balance of Power that.

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Speaker 4: Deal was signed and sealed two days ago, their prime

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Speaker 4: minister and their parliament have to approve it, and the

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Speaker 4: President likes to close these deals himself. I mean, he's

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Speaker 4: the deal maker. He loves to close it. And then

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Speaker 4: what we're going to do is we're going to lay

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Speaker 4: out a structure of all the different kinds of tariff

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Speaker 4: arrangements with different countries and get that ready for July ninth.

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Speaker 3: Commerce Secretary Howard Ludnik says the agreement codifies terms laid

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Speaker 3: out earlier this month in talks between the US and

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Speaker 3: China in Geneva. He says the US has imminent plans

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Speaker 3: to reach agreements with a set of ten other major

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Speaker 3: trading partners. You could get the full conversation with the

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Speaker 3: Commerce Secretary on the Bloomberg podcast page on YouTube.

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Speaker 2: Nathan President Trump says a quote very big trade deal

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Speaker 2: could be signed soon that would open up the Indian

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Speaker 2: market to American business. Talks have been strained by Washington's

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Speaker 2: demand that India opened its market to genetically modified crops

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Speaker 2: and ask new Delhi has rejected.

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Speaker 4: Source to see.

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Speaker 2: A team of Indian trade officials is slated to hold

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Speaker 2: meetings with officials in Washington this week to resolve differences

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Speaker 2: and find a common ground.

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Speaker 3: And Karen The Treasury Departments announced to deal with G

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Speaker 3: seven countries to remove a controversial revenge tax from President

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Speaker 3: Trump's Tax and Spending Bill. Section eight ninety nine would

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Speaker 3: have targeted countries whose tax policies were deemed discriminatory by

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Speaker 3: the US, applying higher rates to those jurisdictions. Under the agreement,

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Speaker 3: American firms will be exempted from OECD broker fifteen percent

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Speaker 3: global minimum tax rates for big companies. We get more

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Speaker 3: from Bloomberg's Jill Desis.

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Speaker 5: The big news is that US companies are going to

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Speaker 5: be excluded from that pillar two. That's the global minimum

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Speaker 5: tax that was implemented in twenty twenty four. I do

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Speaker 5: believe at this point you've got obviously the US saying

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Speaker 5: that they've reached the STELG seven nations. I think this

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Speaker 5: still has to be formally approved by the OECD at

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Speaker 5: some point within the next week or so.

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Speaker 3: Bloomberg's Jill Lisis says section eight ninety nine in the

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Speaker 3: big tax cut bill had sparked fears on Wall Street,

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Speaker 3: and beyond that it would make it much more expensive

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Speaker 3: for foreign individuals and companies to invest in the US.

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Speaker 2: Nathan Donald Trump is once again criticizing fedch Heer J.

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Speaker 2: Powell for not cutting interest rates. The President spoke during

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Speaker 2: a tax bill event at the White House.

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Speaker 6: And if we had a person over at the FED

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Speaker 6: that would lower interest rates a little bit, that would

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Speaker 6: be helpful too. It's hard to believe this is on

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Speaker 6: top of you know, we have to fight this guy.

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Speaker 4: He's not doing the job.

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Speaker 2: Earlier this week, in congressional testimony, how Well suggested that

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Speaker 2: FED will remain on hold for now because of the

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Speaker 2: higher inflation outlook.

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Speaker 3: Let's turn to the latest developments from the Middle East. Now,

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Speaker 3: Karen Iran is denying that it'll hold nuclear talks with

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Speaker 3: the US next week. President Trump said there would be

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Speaker 3: negotiations when he left this week's NATO summit, but Iran's

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Speaker 3: Foreign minister abbas Urakchi told state television that speculation about

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Speaker 3: new discussions should not be taken seriously. Meantime, the Senate

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Speaker 3: received its first closed door briefing on last weekend's US

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Speaker 3: air strikes on Iran's underground nuclear facilities. Republican Lindsey Graham

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Speaker 3: says he is satisfied with how the White House has

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Speaker 3: described it.

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Speaker 4: Obliterated is a good word for me to use.

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Speaker 3: I can deal people in South Carolina. Nobody is going

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Speaker 3: to work in these three sites anytime soon. They're not

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Speaker 3: going to get into him anytime soon. Their operational capability

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Speaker 3: was obliterated by Democrat Adam Schiff of California says he

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Speaker 3: still has questions. We need a lot more information to

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Speaker 3: make any kind of determination of whether the run and

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Speaker 3: program was set back by.

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Speaker 4: A short period of middle period or.

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Speaker 7: A longer period.

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Speaker 3: For his party, i Ron's foreign minister says the damage

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Speaker 3: to the nuclear facilities is considerable and serious. He says

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Speaker 3: Iran does not currently intend to allow UN inspectors in

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Speaker 3: to do their own assessment.

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Speaker 2: Nathan Let's get to the latest.

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Speaker 4: Now.

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Speaker 2: In the New York City mayor's race, Eric Adams has

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Speaker 2: officially kicked off his re election campaign as an independent.

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Speaker 7: I'm so proud to be here to say to the

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Speaker 7: people of the City of New York, I am seek

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Speaker 7: and read lessen your mayor.

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Speaker 2: New York Mayor Adams dropped out of the Democratic primary

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Speaker 2: after he faced federal corruption charges that were later dismissed,

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Speaker 2: and after a Democratic Socialist so Ron Mom Donnie's stunning

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Speaker 2: win in the first round of that primary, sources tell

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Speaker 2: Bloomberg News, the man who came in second, former Governor

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Speaker 2: Andrew Cuomo, has no plans to drop out. That means

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Speaker 2: Cuomo's name will also appear on the November bellot as

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Speaker 2: an independent. And now some of Wall Street's elites are

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Speaker 2: looking for options. Billionaire Bill Ackman posted on x looking

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Speaker 2: for suggestions for the best centrist to take on Mondani,

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Speaker 2: the former Democrat turned Trump's supporter, says, if someone's ready

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Speaker 2: to raise their hand to take care of the fundraising.

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Speaker 3: Train to markets now, Karen, Futures are higher as we

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Speaker 3: close out the trading week. In fact, stocks enter today's

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Speaker 3: session near all time highs. One stock giving the s

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Speaker 3: and P five hundred A boost is Nike. Those shares

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Speaker 3: are up more than nine percent. In its latest earnings report,

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Speaker 3: the sports wh our company said it's year long sales

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Speaker 3: decline is starting to ease.

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Speaker 2: On economic front, Nathan, Inflation's going to be in focused

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Speaker 2: this morning, investors will get a key report on the

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Speaker 2: Personal Consumption Expenditures Price Index, the Fed's preferred gauge of

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Speaker 2: underlying inflation, and we get a preview with Bloomberg's and

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Speaker 2: Michael McKee.

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Speaker 8: The inflation narrative gets a little more complicated this morning.

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Speaker 8: Headline and core PCE changed little in May, according to

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Speaker 8: economists surveyed by Bloomberg. On an annual basis, However, the

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Speaker 8: inflation figures are forecast to rise. That would make a

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Speaker 8: July rate cut suggested by a couple of Federal Reserve

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Speaker 8: officials more difficult to justify. Because economists are pretty good

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Speaker 8: at calculating the likely monthly changes. The real focus will

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Speaker 8: be on individual sectors as policymakers look for tariff effects,

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Speaker 8: they will also be paying attention to the income and

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Speaker 8: spending numbers, particularly spending for any science consumers might be

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Speaker 8: pulling back. Michael McKee Bloomberg Radio.

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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 Michael Barr Michael,

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Speaker 2: Good Morning.

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Speaker 7: Good Morning. Care and President Trump's tax bill as hit

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Speaker 7: a two hundred and fifty billion dollars healthcare snag in

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Speaker 7: the Senate. A Republican plan to cut the money in

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Speaker 7: Medicaid and other healthcare spending hit a procedural roadblock due

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Speaker 7: to a ruling by the Senate Parliamentarian. The Senate's legislative

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Speaker 7: rules keeper judged a series of key healthcare provisions in

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Speaker 7: the legislation ineligible for a special procedure. Republicans are using

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Speaker 7: to bypass the Senate's normal process so they can avoid

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Speaker 7: making concessions to Democrats.

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Speaker 6: President Trump the one big, beautiful bill to secure our borders,

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Speaker 6: tterpret charge our economy, and bring back the American dream.

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Speaker 7: That's what's happening to The President hosted senators at the

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Speaker 7: Whitehouse yesterday. The measure narrowly passed. The House Speaker Mike

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Speaker 7: Johnson was asked if he thinks the bill will still

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Speaker 7: pass by President Trump's July fourth deadline.

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Speaker 3: Well, it doesn't make it easier, but you know me,

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Speaker 3: Hope springs a journal and we're going to work around

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Speaker 3: the clock and trying to.

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Speaker 4: Meet the deadline.

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Speaker 7: Speaker Johnson urged the Senate not to make drastic changes

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Speaker 7: to the House passed bill. The defense will deliver closing

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Speaker 7: arguments today. In the Seawan Didnycombe sex trafficking and racketeering trial,

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Speaker 7: prosecutors wrapped up their closing argument yesterday. The prosecution believes

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Speaker 7: that the rap mogul ran his business like a criminal enterprise,

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Speaker 7: relying on loyal lieutenants. Colmbs has pleaded not guilty to

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Speaker 7: all charges. The Supreme Court is meeting today to decide

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Speaker 7: the final six cases of its term, including President Trump's

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Speaker 7: bid to enforce his executive order denying birthright citizenship to

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Speaker 7: US born children of parents who are in the country illegally.

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Speaker 7: The birthright citizenship order has been blocked nationwide by three

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Speaker 7: lower courts. The Trump administration made an emergency peal to

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Speaker 7: the Supreme Court. Global News twenty four hours a day

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Speaker 7: and whenever you want it with the Bloomberg News. Now,

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Speaker 7: I'm Michael Barr, and this is Bloomberg.

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Speaker 2: Karen all Right, Michael Barr thank you. Time Now for

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Speaker 2: the Bloomberg Sports Update, here's John Stanshawer. John, good morning, Good.

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Speaker 9: Morning, durn All. Scenes in the Mets have not had

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Speaker 9: the starting rotation they hope to have. Sean and Iya

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Speaker 9: has yet to pitch code I Sega just went down

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Speaker 9: with a hamstring injury, and two days later Tyler mcgillhurt

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Speaker 9: his elbow, and now two weeks after that what appears

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Speaker 9: to be a serious leg injuried to Griffin Cannon, who's

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Speaker 9: been a very pleasant surprise after going seven and thirteen

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Speaker 9: last season with the Angels. He's seven and three, but

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Speaker 9: in the thirty in the city field a rather freak

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Speaker 9: non contact a parent achilles injuries, so the Mets had

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Speaker 9: to use the bullpen the rest of the game, and

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Speaker 9: four relievers allot only two hits, and the Mets shut

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Speaker 9: out Atlanta four nothing to gain a split of the

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Speaker 9: four game series. Afterwards, Mets manager Carlos Mendoza asked about

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Speaker 9: Ken horrible.

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Speaker 4: You know, the sucks.

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Speaker 10: You hate to see it, especially the way he went

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Speaker 10: down right away, and once you get there and you know,

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Speaker 10: you're asking what's going on, and then just how everything

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Speaker 10: develop after that, you know, I feel sorry for the guy,

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Speaker 10: especially how big he's been for us in the way

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Speaker 10: he's been throwing the ball the whole year.

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Speaker 9: The Mets are back in first place because the Phillies

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Speaker 9: got swept in Houston. The Astros won two to one

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Speaker 9: after earlier wins one to nothing and two to nothing.

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Speaker 9: The Rays blank the A's eight to nothing. That's the

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Speaker 9: A's fiftieth loss of the season. They start a series

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Speaker 9: with the Yankees tonight in the Bronx. The Mets this

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Speaker 9: weekend playing Pittsburgh, and the Pirates have also lost fifty games.

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Speaker 9: Looks like labor p through twenty thirty in the NHL,

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Speaker 9: where they've had three lockouts the last two decades. The

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Speaker 9: current deal ends after next season. Two sides said to

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Speaker 9: be close to agreeing to a four year extension that

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Speaker 9: would make for an eighty four game regular season, two

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Speaker 9: games longer than now. Justin Tucker is the most accurate

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Speaker 9: kicker in NFL history, but the longtime Baltimore Raven was

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Speaker 9: recently cut. He missed ten kicks last season, and he

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Speaker 9: was accused by sixteen massage therapists of sexual misconduct. The

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Speaker 9: NFL has given Tucker a ten game suspension to any

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Speaker 9: team that signs them doesn't get him until November. John

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Speaker 9: Stashedwer Bloomberg Sports, Karen Nathan.

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Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 7: Good morning.

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Speaker 3: I'm Nathan Hager. Turning now to our exclusive conversation with

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Speaker 3: Commerce Secretary Howard Lutnik on Bloomberg's Balance of Power with

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Speaker 3: Joe Matthew and Kaylee Lines. He told them the US

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Speaker 3: and China had signed a trade framework deal two days ago,

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Speaker 3: and the President Trump suggested the US as close to

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Speaker 3: a deal with India. He also talked about the White

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Speaker 3: House doing more deals ahead of the July ninth, so

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Speaker 3: called reciprocal tariff deadline. Let's listen to part of that discussion.

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Speaker 4: The tariff program is in the power of the presidency, right.

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Speaker 4: Congress has given the president the power to work on

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Speaker 4: these tariffs and to set these tariffs. So that's presidential power.

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Speaker 4: So what's really interesting is this big, beautiful bill does

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Speaker 4: not count the eighty eight billion dollars of tariff revenue

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Speaker 4: we've received, and now we're earning up to thirty billion

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Speaker 4: a month in tariff revenue so far, and as you

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Speaker 4: get to July ninth, that number is only going to

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Speaker 4: go higher. We're going to announce a whole bunch of

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Speaker 4: deals over the next week or so, and then we're

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Speaker 4: just going to send letters out to everybody who's responded

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Speaker 4: to us put them in the right category, very an

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Speaker 4: awful go. So there's going to be tens of billions

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Speaker 4: per month, and there it's not included in the bill.

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Speaker 4: So when they talk about the deficit, when they're talking

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Speaker 4: about the bill, they're only talking about the things that

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Speaker 4: that bill touches. The extra four hundred or five hundred

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Speaker 4: billion dollars a year that the tariffs bring in, the

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Speaker 4: new tariffs bring in, that just doesn't count for the bill.

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Speaker 4: But of course, of course that Kayosh, counts for America.

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Speaker 11: Mister Secretary, you just said that you're going to announce

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Speaker 11: a whole bunch of deals over the course of the

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Speaker 11: next week with what countries, And does that include the

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Speaker 11: China deal the President suggested was signed yesterday?

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Speaker 2: What is that?

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Speaker 4: So the China deal? We inked the deal. You remember

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Speaker 4: we had a trip to Geneva and then that was

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Speaker 4: being slow played. We got back together in London and

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Speaker 4: that deal was signed and sealed two days ago. President

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Speaker 4: just said it, and then he also suggested that we are,

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Speaker 4: of course at the very close finish line with India.

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Speaker 4: Of course, the way these deals happen is their Prime

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Speaker 4: Minister and their parliament have to approve it, and the

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Speaker 4: President likes to close these deals himself. I mean, he's

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Speaker 4: the deal maker. He loves to close it. I think

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Speaker 4: we have deal after deal after deal. The President's going

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Speaker 4: to make his calls. He's going to decide exactly the

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Speaker 4: finishing touches on them, and then what we're going to

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Speaker 4: do is we're going to lay out a structure of

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Speaker 4: all the different kinds of tariff arrangements with different countries.

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Speaker 4: Right there are countries with huge deficits, there are countries

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Speaker 4: that are balanced. We're going to set that all up

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Speaker 4: and get that ready for July ninth.

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Speaker 12: So it sounds to me, the Secretary correct me if

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Speaker 12: I'm wrong as I listen to you, that we either

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Speaker 12: get eighty eight deals announced in the next two weeks

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Speaker 12: or there's going to be action one way or the

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Speaker 12: other by this administration. That July ninth will be conclusive.

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Speaker 12: If there's no deal, here's the new RECIC world tariff.

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Speaker 4: Is that right, of course? So what we're going to

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Speaker 4: do is we'll announce some deals. But basically the deals

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Speaker 4: we're going to announce are the are sort of the

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Speaker 4: head of the class, the structural spot in the line,

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Speaker 4: and then all the other countries will fit behind those categories. Right,

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Speaker 4: So we're going to do top ten deals, put them

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Speaker 4: in the right category, and then these other countries will

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Speaker 4: fit behind. So you'll have South American deals and you'll

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Speaker 4: have African deals. You'll have it all structured and set up,

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Speaker 4: and that's the model how you do leadership. And we

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Speaker 4: will put these people in their proper buckets on July ninth,

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Speaker 4: So those who have deals will have deals at everybody

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Speaker 4: else who's been negotiating with us, they'll get a response

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Speaker 4: from us, and then they'll go into that package and

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Speaker 4: July ninth will go forward. And as the President said,

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Speaker 4: if people want to come back and negotiate further, they're

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Speaker 4: entitled to, but that tariff rate will be set and

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Speaker 4: off will go.

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Speaker 11: Where does Europe fall in that sequence, mister Secretary, there

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Speaker 11: was reporting that the European Commission has received the latest

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Speaker 11: offer from the US. Are you expecting that offer to

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Speaker 11: potentially be accepted by next week?

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Speaker 4: I think that Europe has done an excellent job. They

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Speaker 4: are working hard. They remember it was a very very

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Speaker 4: slow process, if you remember, the and put out a

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Speaker 4: truth kind of motivated them. With that truth, as Donald

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Speaker 4: Trump is capable of doing, they came to the table.

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Speaker 4: Then they started negotiating. They really put it on the table.

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Speaker 4: And I'm actually I've become optimistic. I think if you

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Speaker 4: had asked me three weeks ago before that truth, I

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Speaker 4: would have said no way. But since that truth by

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Speaker 4: the President, I really feel I'm optimistic. I think we

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Speaker 4: could get a deal done now Europe will be right

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Speaker 4: at the end. But you got to remember there are

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Speaker 4: largest trading partners. For the fact that they come at

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Speaker 4: the very end makes some sense. It's deep, it's complex,

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Speaker 4: but I'm kind of optimistic now. I wasn't optimistic three

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Speaker 4: weeks ago, but now since the President got involved, I'm

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Speaker 4: pretty optimistic.

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