WEBVTT - Trump Sends Tariff Letters; Apple Loses Top AI Exec to Meta

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 3>stories we're following today.

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<v Speaker 2>Karen, we begin with the latest on the Global Trade Board.

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<v Speaker 2>President Donald Trump has unveiled a wave of letters again

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<v Speaker 2>threatening to impose higher tariff rates on key trading partners.

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<v Speaker 2>They include twenty five percent levies on goods from Japan

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<v Speaker 2>and South Korea, as well as tariff plans for more

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<v Speaker 2>than a dozen other nations, including South Africa, Indonesia, Thailand,

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<v Speaker 2>and Cambodia. But in a move reminiscent of previous delays,

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<v Speaker 2>the President also teased the possibility of further talks.

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<v Speaker 4>I would say firm, but not one hundred percent firm.

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<v Speaker 4>If they call up and they say would like to

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<v Speaker 4>do something a different way, we're going to be open

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<v Speaker 4>to that. But essentially that's the way it is right now.

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<v Speaker 2>President Trump spoke shortly after signing an executive order delaying

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<v Speaker 2>the new rates from July ninth tomorrow to August first, first.

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<v Speaker 2>That effectively buys countries an extra three weeks to cut

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<v Speaker 2>a deal with the White House.

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<v Speaker 3>Meanwhile, Nathan, a day after President Trump sent out those letters.

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<v Speaker 3>Marco Rubio is making his first trip to Asia as

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<v Speaker 3>the top US diplomat. The Secretary of State is heading

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<v Speaker 3>to a summit in Malaysia for a gathering at the

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<v Speaker 3>Association of Southeast Asian Nations. Malaysia's one of the countries

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<v Speaker 3>that received a tariff letter yesterday.

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<v Speaker 2>I meanwhile in Europe car and the EU is trying

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<v Speaker 2>to lock in a preliminary trade deal with the US

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<v Speaker 2>this week. Let's go to London get the latest of

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<v Speaker 2>Bloomberg's un potts you and what is the latest?

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<v Speaker 5>Nathan and Karen. Trump's tariff deadline may have been delayed,

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<v Speaker 5>but Brussels isn't taking any chances. Bloomberg has learned the

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<v Speaker 5>EU is seeking a preliminary trade settlement with the US

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<v Speaker 5>this week that would allow it to lock in a

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<v Speaker 5>ten percent tariff rate beyond August first. This is a negotiate,

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<v Speaker 5>a more permanent agreement. We understand. The EU is also

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<v Speaker 5>seeking an exemption for certain key products, including aircraft and

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<v Speaker 5>aircraft parts, as well as wines and spirits. In London,

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<v Speaker 5>I'm ewing pots and yet all.

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<v Speaker 3>Right you and thanks now to the latest in the

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<v Speaker 3>war in Ukraine. Just days after speaking with President Vladimir Zelenski.

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<v Speaker 3>President Trump says he will send more weapons to the country.

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<v Speaker 4>We're going to send some more weapons. They have to

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<v Speaker 4>be able to defend themselves. They're getting hit very hard.

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<v Speaker 4>Now they're getting hit very hard. We're going to have

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<v Speaker 4>to send more weapons. You hat, defensive weapons primarily, but

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<v Speaker 4>they're getting hit very, very hard.

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<v Speaker 3>President Trump's decision comes after the Pentagon halted flows of

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<v Speaker 3>some air defense missiles and artillery shells to Ukraine and Karen.

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<v Speaker 2>It comes as President Trump hosted Israeli Prime Minister Benjamin

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<v Speaker 2>Natan Yahoo at the White House last night. The Israeli

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<v Speaker 2>leader keeped praise on the President as he pushes for

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<v Speaker 2>a ceasefire in Gaza.

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<v Speaker 6>He's forging peace as we speak, in one country and

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<v Speaker 6>one region after the other. So I want to present

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<v Speaker 6>to you President the letter I sent to the Normal

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<v Speaker 6>Prize Committee. It's momenting you for the Peace Prize, which

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<v Speaker 6>is well deserved and you should get it. Thank you

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<v Speaker 6>very much.

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<v Speaker 2>This I didn't know a Prime Minister Natanya who presented

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<v Speaker 2>President Trump with that Nobel Peace Prize nomination in the

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<v Speaker 2>Oval Office. The President has long sought the Nobel, He's

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<v Speaker 2>expressed irritation that former President Barack Obama got it before

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<v Speaker 2>surging troops into Afghanistan Natanya, whose visit comes weeks after

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<v Speaker 2>the US dropped bombs on Iran's nuclear sites. President Trump

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<v Speaker 2>says the US and Iran will meet soon and he's

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<v Speaker 2>open till lifting sanctions now.

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<v Speaker 3>Nathan, Let's get you an update on the disaster in

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<v Speaker 3>Texas Hill Country. They confirmed death toll now up to

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<v Speaker 3>one hundred and four from the flash floods that tour

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<v Speaker 3>through the region over the weekend. That includes twenty seven

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<v Speaker 3>children and counselors from the Mystic Girls summer camp along

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<v Speaker 3>the Guadalupe River. Kervell, Texas Mayor Joe Hering Junior, says

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<v Speaker 3>there may be more heartache to come.

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<v Speaker 2>Primary search continues and we remain hopeful every foot, every mile,

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<v Speaker 2>every bend of the river.

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<v Speaker 3>And as the search effort continues, authorities are facing questions

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<v Speaker 3>about why the area lacked warning sirens and whether the

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<v Speaker 3>forecasts warned enough about the risk of catastrophic flooding. Texas

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<v Speaker 3>Senator Ted Crue says the focus should be on recovery.

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<v Speaker 7>We will have a reasonable conversation about a are there

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<v Speaker 7>any ways to have earlier detection, and some of that

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<v Speaker 7>the limits of a flash flood. They're very difficult because

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<v Speaker 7>they could arise so quickly.

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<v Speaker 3>Senator Ted cru says President Trump has promised to provide

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<v Speaker 3>any resource as the state needs for its response. The

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<v Speaker 3>President says he'll visit Texas on Friday.

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<v Speaker 2>Well, Kron, A big change maybe coming soon to airports security.

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<v Speaker 2>Bloomberg News has learned the Transportation Security Administrations planning to

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<v Speaker 2>update its policies so travelers no longer have to remove

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<v Speaker 2>their shoes at standard screening checkpoints. The move would extend

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<v Speaker 2>a benefit that's already available for those who pay for

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<v Speaker 2>TSA pre check. The US would join other global aviation

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<v Speaker 2>hubs like the European Union, Dubai, and Singapore that do

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<v Speaker 2>not require travelers to remove their shoes.

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<v Speaker 3>Nathan, let's turn to company news now, and Apple may

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<v Speaker 3>be facing an exodus of top talent. Let's get the

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<v Speaker 3>details a Bloomberg's John Tucker and John, where are they going?

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<v Speaker 8>Well, Karen, A lot of them are going to meta platforms.

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<v Speaker 8>One of the first out the door, Rubing Pang, a

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<v Speaker 8>distinguished engineer and a manager in charge of the Apple

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<v Speaker 8>Foundation Models Team AFM Meta dangled tens of millions of

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<v Speaker 8>dollars a year in front of this engineer. He's going

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<v Speaker 8>to work for Meta's new superintelligence group. A Pang's departure

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<v Speaker 8>could be the start of a string of exits from AFM,

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<v Speaker 8>with several engineers telling colleagues they're planning to leave in

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<v Speaker 8>the near future. Tom Gunter, a top deputy to Pang,

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<v Speaker 8>left Apple last month. A Pang's departure the most significant

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<v Speaker 8>in Apple's AI ranks since the company started working on

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<v Speaker 8>Apple Intelligence a few years ago. Now it's not going

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<v Speaker 8>to help Apples push into AI, which has been described

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<v Speaker 8>as flailing. A Meta CEO Mark Zuckerberg has on a

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<v Speaker 8>hiring spree, bringing on major AI leaders who are going

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<v Speaker 8>to work directly with him. You knoww York, John Tucker,

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<v Speaker 8>Bloomberg Radio.

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<v Speaker 2>All right, John, thank you.

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<v Speaker 3>No.

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<v Speaker 2>Vardes has on regulatory approval for the first medicine specifically

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<v Speaker 2>designed to treat malaria in babies. The drugmaker says until now,

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<v Speaker 2>infants with malaria were typically treated with tablets meant for

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<v Speaker 2>older children, but adjusted for weight. In twenty twenty three,

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<v Speaker 2>the World Health Organization said there were nearly six hundred

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<v Speaker 2>thousand malaria related deaths children under five accounted for three

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<v Speaker 2>and four of them.

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<v Speaker 3>It's time now for a look at some of the

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<v Speaker 3>other stories making news in New York and around the world,

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<v Speaker 3>and for that we're joined by Bloomberg's Michael Barr Michael,

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<v Speaker 3>Good Morning.

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<v Speaker 9>Good Morning Karen. A federal judge is ordering a Homeland

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<v Speaker 9>Security official to appear in court on Thursday and map

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<v Speaker 9>out the government's plans for Kilmar Abrego Garcia. It comes

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<v Speaker 9>after federal prosecutors said they would initiate deportation proceedings against

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<v Speaker 9>him if he is released from jail before trial on

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<v Speaker 9>human smuggling charges. Attorneys for Abrego Garcia requested he'd be

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<v Speaker 9>returned to Maryland from Tennessee, where he's being detained. Attorney

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<v Speaker 9>Simon Sandebald Motionenberg says Thursday's hearing is a sign the

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<v Speaker 9>judge is notably tired of hearing from prosecutors who claim

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<v Speaker 9>to not have information.

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<v Speaker 7>If they want to deport him to a third country,

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<v Speaker 7>they need to name that country, and they need to

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<v Speaker 7>describe the process by which they're going to give him

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<v Speaker 7>due process.

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<v Speaker 9>Attorney Motionenberg says Abrego Garcia was mistakenly deported to El Salvador.

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<v Speaker 9>He was living in Maryland with his wife and child,

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<v Speaker 9>both of whom are American citizens. The Mayor of Los

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<v Speaker 9>Angeles denies there was a hostile crowd threatening federal immigration

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<v Speaker 9>agents at MacArthur Park in LA. Approximately ninety armed National

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<v Speaker 9>Guard troops were deployed to protect ICE agents. Mayor Karen

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<v Speaker 9>Vass it.

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<v Speaker 10>Is outrageous and Unamerican that we have federal armed vehicles

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<v Speaker 10>in our parks when nothing is going on in the parks.

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<v Speaker 9>Meanwhile, in eighteen state court filing led by Californa YEAH

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<v Speaker 9>alleges that federal immigration agents are impeding on the Fourth

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<v Speaker 9>Amendment protection against Unreasonable search and seizure. Boston University is

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<v Speaker 9>cutting one hundred and twenty staff positions and one hundred

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<v Speaker 9>twenty vacancies to reduce spending by five percent for fiscal

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<v Speaker 9>twenty twenty six due to the Trump Administration's changes to

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<v Speaker 9>higher education funding. Boston University President Melissa gilliam says the

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<v Speaker 9>university is responding to a national renegotiation of how the

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<v Speaker 9>country's higher education model will be funded. Bu received five

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<v Speaker 9>hundred and seventy nine million dollars in research funding last year,

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<v Speaker 9>primarily from federal agencies. Global News twenty four hours a

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<v Speaker 9>day and whenever you want it with Bloomberg News Now,

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<v Speaker 9>Michael Barn, this is Bloomberg Karen.

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<v Speaker 3>All right, Michael Barr, thank you time now for the

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<v Speaker 3>Bloombergy Sports supdate. Here's John stash Hour, John, good morning.

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<v Speaker 1>Good morning. Caret quarter final begining today at Wimbledon. Two

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<v Speaker 1>time defending champion Carlos Alcarez takes on the brick. Cameron Noriri,

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<v Speaker 1>Taylor Fritz plays Karen catching off Fritz. One of two

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<v Speaker 1>Americans left in the men's singles. Ben Shelton's the other.

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<v Speaker 1>He'll face Top Seedyonick Center tomorrow Center. Yesterday played two cents,

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<v Speaker 1>lost them both, but won the match because Grigor Dimitrov

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<v Speaker 1>suffered an injury to his pectoral muscle and I had

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<v Speaker 1>to retire. Incredibly, It's the fifth consecutive Grand Slam tournament

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<v Speaker 1>where for various reasons that has happened to Demitrov. He

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<v Speaker 1>did not speak afterwards. Sinner on Center COURTD.

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<v Speaker 11>It's been sun lucky in the past in a couple

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<v Speaker 11>of years. An incredible an incredible player, a good friend

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<v Speaker 11>of mine also, and we understand each other where well

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<v Speaker 11>off the court too, and you know seeing him in

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<v Speaker 11>this position, it's honestly, you know, if there would be

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<v Speaker 11>a chance, you know that he could play, you know,

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<v Speaker 11>the next round, you know he would he would deserve center.

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<v Speaker 1>Also dealing with an elbow injuries having MRI today, Nick

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<v Speaker 1>made official naming Mike Brown their new coach. Saint in

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<v Speaker 1>the stated that Brown brings a championship pedigree. He has

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<v Speaker 1>won four NBA titles as an assistant. The next season

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<v Speaker 1>ended with that loss at Indiana Tyres. Halliburton then tore's

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<v Speaker 1>achilles in Game seven of the finals, and the Pacers

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<v Speaker 1>made official that Halliburton will not play at all next season.

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<v Speaker 1>The Celtics have not yet said that about their star

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<v Speaker 1>Jason Tatum had the same injury. In the playoffs against

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<v Speaker 1>the Knicks at Fenway. Red Sox beeat Colorado nine to three,

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<v Speaker 1>Toronto one again eight to four over the White Sox.

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<v Speaker 1>That's nine wins in a row. The Red Hot Blue

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<v Speaker 1>Jays leave the Yankees by three and a half games.

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<v Speaker 1>The Yanks are home tonight to play Seattle. The Mariners

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<v Speaker 1>are led by catcher Cal Rawley thirty five home runs,

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<v Speaker 1>so two more than Aaron Judge. They both have seventy

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<v Speaker 1>four RBIs Metts start a series in Baltimore. The Nationals

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<v Speaker 1>are in Saint Louis. The that's just fired their manager

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<v Speaker 1>Davey Martinez. His bench coach Miguel Cairo is taking over.

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<v Speaker 1>John Stashawa Bloomberg Sport.

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<v Speaker 9>Karen Nathan.

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<v Speaker 1>Coast to Coast on Bloomberg Radio One on Serious Exam

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app.

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<v Speaker 5>This is Bloomberg Daybreak.

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<v Speaker 6>Good morning.

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<v Speaker 2>I'm Nathan Hager. President Donald Trump is putting a handful

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<v Speaker 2>of countries on notice that they've got about three more

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<v Speaker 2>weeks to reach deals or face higher teriff rates around

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<v Speaker 2>the level of the April second announcement. But the President

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<v Speaker 2>is suggesting he may still be open to negotiation around

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<v Speaker 2>the new August first deadline.

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<v Speaker 4>I would say firm, but not one hundred percent firm.

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<v Speaker 4>If they call up and they say would like to

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<v Speaker 4>do something a different way, We're going to be open

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<v Speaker 4>to that.

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<v Speaker 2>And that was the President speaking at a White House

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<v Speaker 2>dinner last night. For more were joined by Bloomberg's Jill

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<v Speaker 2>Deesis in Hong Kong. So, Jill, we've gotten a chance

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<v Speaker 2>to digest these tariff letters more than a dozen sent

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<v Speaker 2>out yesterday, a lot of focus on Japan and South

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<v Speaker 2>Korea in particular. How are those nations taking this sort

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<v Speaker 2>of reprieve when it comes to the April second tariffs?

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<v Speaker 12>Good morning, Yes, good morning, Nathan. I think that's the

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<v Speaker 12>right way to think about it, honestly, is that it's

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<v Speaker 12>a bit of a reprieve. I mean, this is essentially

0:12:04.920 --> 0:12:07.320
<v Speaker 12>a delay and all. But name we were, you know,

0:12:07.640 --> 0:12:10.600
<v Speaker 12>the ninety day deadline coming up this week. Now you

0:12:10.679 --> 0:12:14.440
<v Speaker 12>not only have August first positioned as the deadline when

0:12:14.480 --> 0:12:16.400
<v Speaker 12>tariffs are going to effect, but then you've also got,

0:12:16.400 --> 0:12:18.920
<v Speaker 12>as we just heard from Trump himself there saying, you know,

0:12:19.040 --> 0:12:21.440
<v Speaker 12>that's not even necessarily one hundred percent. It does seem

0:12:21.440 --> 0:12:23.880
<v Speaker 12>like there's room to negotiate when it comes to Japan

0:12:24.280 --> 0:12:26.120
<v Speaker 12>in South Korea in particular. I think these have been

0:12:26.200 --> 0:12:29.240
<v Speaker 12>really really interesting countries to watch over the last several weeks,

0:12:29.320 --> 0:12:32.400
<v Speaker 12>Japan especially because there have been a lot of pretty

0:12:32.440 --> 0:12:35.680
<v Speaker 12>major sticking points with that country. A lot of this

0:12:35.760 --> 0:12:38.320
<v Speaker 12>does come down to automotive tariffs, so those tariffs on

0:12:38.679 --> 0:12:41.480
<v Speaker 12>cars and car parts. That's one thing that Trump has

0:12:41.559 --> 0:12:44.840
<v Speaker 12>kind of indicated that he's not willing to really compromise on.

0:12:45.000 --> 0:12:48.119
<v Speaker 12>We did hear from the Japanese Prime Minister sugar Ushiba

0:12:48.240 --> 0:12:51.160
<v Speaker 12>earlier today, you know, talking about the fact that you

0:12:51.160 --> 0:12:53.560
<v Speaker 12>know that Japan is still really interested in trying to

0:12:53.600 --> 0:12:57.199
<v Speaker 12>reach a deal, although you know it has previously avoided

0:12:57.240 --> 0:13:00.400
<v Speaker 12>making what he called easy compromises. So you do get

0:13:00.400 --> 0:13:03.800
<v Speaker 12>the sense that while Tokyo is very interested in trying

0:13:03.840 --> 0:13:07.960
<v Speaker 12>to move something further, it's not necessarily clear what exactly

0:13:08.040 --> 0:13:10.079
<v Speaker 12>that is going to look like, although obviously yes, they

0:13:10.120 --> 0:13:12.960
<v Speaker 12>do have some time bought. I think, you know, South Korea,

0:13:13.320 --> 0:13:16.200
<v Speaker 12>you know, we have seen some optimism there. Certainly it

0:13:16.240 --> 0:13:18.800
<v Speaker 12>does seem like Soul is interested in moving forward with something.

0:13:18.800 --> 0:13:21.280
<v Speaker 12>But again, I think really the big takeaway here is

0:13:21.280 --> 0:13:23.920
<v Speaker 12>that it doesn't really feel like we're under this extreme

0:13:23.960 --> 0:13:26.760
<v Speaker 12>immediate time pressure here. Maybe there is some time for

0:13:26.800 --> 0:13:29.719
<v Speaker 12>these nations to hash out for their talks with Washington, But.

0:13:29.679 --> 0:13:31.880
<v Speaker 2>I guess the question is whether three more weeks is

0:13:32.000 --> 0:13:34.360
<v Speaker 2>enough time, given the fact that we've had more than

0:13:34.400 --> 0:13:35.600
<v Speaker 2>three months up to now.

0:13:36.120 --> 0:13:38.720
<v Speaker 12>Well, I mean, I would also argue, first of all,

0:13:38.760 --> 0:13:42.640
<v Speaker 12>that ninety days is certainly an incredibly ambitious timescale by

0:13:42.640 --> 0:13:45.160
<v Speaker 12>which to negotiate any trade deal. Let alone you know,

0:13:45.280 --> 0:13:47.680
<v Speaker 12>up to you know, dozens upon dozens of trade deals

0:13:47.679 --> 0:13:50.120
<v Speaker 12>with countries all over the world. I think that one

0:13:50.160 --> 0:13:52.880
<v Speaker 12>way to think about this, quite frankly, is when you've

0:13:52.880 --> 0:13:54.679
<v Speaker 12>got Trump saying that not, you know, not even that

0:13:55.320 --> 0:13:57.840
<v Speaker 12>three weeks out that August first deadline is necessarily a

0:13:57.880 --> 0:14:00.800
<v Speaker 12>one hundred percent done firm commitment. That does indicate that,

0:14:00.960 --> 0:14:02.720
<v Speaker 12>you know, maybe maybe the White House is sitting here

0:14:02.720 --> 0:14:04.079
<v Speaker 12>thinking like, yeah, I mean, you know, some of these

0:14:04.080 --> 0:14:06.120
<v Speaker 12>things actually do take time. And it would also point

0:14:06.120 --> 0:14:08.800
<v Speaker 12>out that even if you do get something that's in

0:14:08.280 --> 0:14:10.840
<v Speaker 12>the vein of like a preliminary deal, I look at,

0:14:10.880 --> 0:14:13.480
<v Speaker 12>you know, for example, what happened with the United Kingdom

0:14:13.640 --> 0:14:16.360
<v Speaker 12>a few weeks ago, that doesn't necessarily mean that that

0:14:16.440 --> 0:14:18.640
<v Speaker 12>resolves all of the trade issues. I mean, first of all,

0:14:18.679 --> 0:14:21.080
<v Speaker 12>remember that this is a really complicated system that the

0:14:21.640 --> 0:14:23.680
<v Speaker 12>washing the White House is really drawn up here, right.

0:14:23.720 --> 0:14:26.240
<v Speaker 12>I Mean, you've got what it calls these reciprocal tariffs,

0:14:26.240 --> 0:14:28.560
<v Speaker 12>the Liberation Day tariffs. That was the deadline that's now

0:14:28.600 --> 0:14:31.320
<v Speaker 12>been pushed off to August first. But then you've also

0:14:31.360 --> 0:14:33.360
<v Speaker 12>got all of these sectoral tariffs. In the case of

0:14:33.400 --> 0:14:35.840
<v Speaker 12>the United Kingdom, you know, maybe they reached a deal

0:14:35.880 --> 0:14:38.400
<v Speaker 12>with the Trump administration on some things, but there's still

0:14:38.520 --> 0:14:41.440
<v Speaker 12>this big overhang in the form of those sectoral steel tariffs,

0:14:41.440 --> 0:14:43.240
<v Speaker 12>for example, that is still something that needs to be

0:14:43.240 --> 0:14:45.520
<v Speaker 12>hashed out. So I would argue that even if you

0:14:45.600 --> 0:14:47.720
<v Speaker 12>do have something that they're able to work out over

0:14:47.760 --> 0:14:49.960
<v Speaker 12>the next few weeks, you know, as you mentioned, that's

0:14:50.360 --> 0:14:53.000
<v Speaker 12>still kind of a tall task. You've still got some

0:14:53.200 --> 0:14:55.360
<v Speaker 12>many things in the way of you know, potential additional

0:14:55.400 --> 0:14:58.920
<v Speaker 12>sectoral tariffs. Remember, the US Commerce Department is investigating whether

0:14:58.960 --> 0:15:00.920
<v Speaker 12>there's more that they I want to implement in those

0:15:00.960 --> 0:15:03.760
<v Speaker 12>types of tariffs. I will remind you, are I think

0:15:03.800 --> 0:15:05.920
<v Speaker 12>going to be quite a bit harder to challenge in

0:15:05.960 --> 0:15:08.360
<v Speaker 12>the United States than say, you know, Trump's executive order

0:15:08.400 --> 0:15:11.880
<v Speaker 12>tariffs would be. So, you know, I realized I'm talking

0:15:11.960 --> 0:15:13.520
<v Speaker 12>very quickly and I'm saying a lot, but I think

0:15:13.520 --> 0:15:15.640
<v Speaker 12>this is all just to say, this is still a

0:15:15.760 --> 0:15:18.960
<v Speaker 12>very wonky, you know, very very big process that needs

0:15:19.000 --> 0:15:21.320
<v Speaker 12>to unfold here. I wouldn't necessarily count on all of

0:15:21.360 --> 0:15:23.120
<v Speaker 12>this being wrapped up within the next three weeks.

0:15:23.200 --> 0:15:25.440
<v Speaker 2>In just thirty seconds. What about the issue of the

0:15:25.480 --> 0:15:29.520
<v Speaker 2>president wanting to open markets to US goods is that

0:15:29.640 --> 0:15:31.800
<v Speaker 2>something that Japan and South Korea are open to.

0:15:32.120 --> 0:15:34.400
<v Speaker 12>I mean, I think that again, really, when it comes

0:15:34.440 --> 0:15:37.640
<v Speaker 12>to Japan and South Korea, their biggest you know concerns

0:15:37.720 --> 0:15:40.240
<v Speaker 12>right now, I would argue, are really about the automotive

0:15:41.240 --> 0:15:43.360
<v Speaker 12>side of this. I mean, You've got some of the

0:15:43.360 --> 0:15:46.120
<v Speaker 12>world's biggest you know, automotive companies that are based in

0:15:46.200 --> 0:15:48.560
<v Speaker 12>Japan and South Korea, and so their sticking point with

0:15:48.600 --> 0:15:51.960
<v Speaker 12>the with the United States, I think remains trying to

0:15:51.960 --> 0:15:54.880
<v Speaker 12>figure out a way around some of those sectoral tariffs. Again,

0:15:54.920 --> 0:15:56.640
<v Speaker 12>I'm not really sure how much of that is actually

0:15:56.640 --> 0:15:58.880
<v Speaker 12>going to be entering into the conversation over the next

0:15:58.920 --> 0:16:01.920
<v Speaker 12>three weeks, because once again, those are somewhat different from

0:16:02.200 --> 0:16:05.360
<v Speaker 12>the reciprocal terrorists that Trump initially announced on these two countries.

0:16:05.400 --> 0:16:07.680
<v Speaker 12>But when I'm looking at them, that's really I think

0:16:07.720 --> 0:16:09.360
<v Speaker 12>where my area of focus remains.

0:16:09.600 --> 0:16:13.040
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