Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today.
Speaker 2: Karen, we begin with the latest on the Global Trade Board.
Speaker 2: President Donald Trump has unveiled a wave of letters again
Speaker 2: threatening to impose higher tariff rates on key trading partners.
Speaker 2: They include twenty five percent levies on goods from Japan
Speaker 2: and South Korea, as well as tariff plans for more
Speaker 2: than a dozen other nations, including South Africa, Indonesia, Thailand,
Speaker 2: and Cambodia. But in a move reminiscent of previous delays,
Speaker 2: the President also teased the possibility of further talks.
Speaker 4: I would say firm, but not one hundred percent firm.
Speaker 4: If they call up and they say would like to
Speaker 4: do something a different way, we're going to be open
Speaker 4: to that. But essentially that's the way it is right now.
Speaker 2: President Trump spoke shortly after signing an executive order delaying
Speaker 2: the new rates from July ninth tomorrow to August first, first.
Speaker 2: That effectively buys countries an extra three weeks to cut
Speaker 2: a deal with the White House.
Speaker 3: Meanwhile, Nathan, a day after President Trump sent out those letters.
Speaker 3: Marco Rubio is making his first trip to Asia as
Speaker 3: the top US diplomat. The Secretary of State is heading
Speaker 3: to a summit in Malaysia for a gathering at the
Speaker 3: Association of Southeast Asian Nations. Malaysia's one of the countries
Speaker 3: that received a tariff letter yesterday.
Speaker 2: I meanwhile in Europe car and the EU is trying
Speaker 2: to lock in a preliminary trade deal with the US
Speaker 2: this week. Let's go to London get the latest of
Speaker 2: Bloomberg's un potts you and what is the latest?
Speaker 5: Nathan and Karen. Trump's tariff deadline may have been delayed,
Speaker 5: but Brussels isn't taking any chances. Bloomberg has learned the
Speaker 5: EU is seeking a preliminary trade settlement with the US
Speaker 5: this week that would allow it to lock in a
Speaker 5: ten percent tariff rate beyond August first. This is a negotiate,
Speaker 5: a more permanent agreement. We understand. The EU is also
Speaker 5: seeking an exemption for certain key products, including aircraft and
Speaker 5: aircraft parts, as well as wines and spirits. In London,
Speaker 5: I'm ewing pots and yet all.
Speaker 3: Right you and thanks now to the latest in the
Speaker 3: war in Ukraine. Just days after speaking with President Vladimir Zelenski.
Speaker 3: President Trump says he will send more weapons to the country.
Speaker 4: We're going to send some more weapons. They have to
Speaker 4: be able to defend themselves. They're getting hit very hard.
Speaker 4: Now they're getting hit very hard. We're going to have
Speaker 4: to send more weapons. You hat, defensive weapons primarily, but
Speaker 4: they're getting hit very, very hard.
Speaker 3: President Trump's decision comes after the Pentagon halted flows of
Speaker 3: some air defense missiles and artillery shells to Ukraine and Karen.
Speaker 2: It comes as President Trump hosted Israeli Prime Minister Benjamin
Speaker 2: Natan Yahoo at the White House last night. The Israeli
Speaker 2: leader keeped praise on the President as he pushes for
Speaker 2: a ceasefire in Gaza.
Speaker 6: He's forging peace as we speak, in one country and
Speaker 6: one region after the other. So I want to present
Speaker 6: to you President the letter I sent to the Normal
Speaker 6: Prize Committee. It's momenting you for the Peace Prize, which
Speaker 6: is well deserved and you should get it. Thank you
Speaker 6: very much.
Speaker 2: This I didn't know a Prime Minister Natanya who presented
Speaker 2: President Trump with that Nobel Peace Prize nomination in the
Speaker 2: Oval Office. The President has long sought the Nobel, He's
Speaker 2: expressed irritation that former President Barack Obama got it before
Speaker 2: surging troops into Afghanistan Natanya, whose visit comes weeks after
Speaker 2: the US dropped bombs on Iran's nuclear sites. President Trump
Speaker 2: says the US and Iran will meet soon and he's
Speaker 2: open till lifting sanctions now.
Speaker 3: Nathan, Let's get you an update on the disaster in
Speaker 3: Texas Hill Country. They confirmed death toll now up to
Speaker 3: one hundred and four from the flash floods that tour
Speaker 3: through the region over the weekend. That includes twenty seven
Speaker 3: children and counselors from the Mystic Girls summer camp along
Speaker 3: the Guadalupe River. Kervell, Texas Mayor Joe Hering Junior, says
Speaker 3: there may be more heartache to come.
Speaker 2: Primary search continues and we remain hopeful every foot, every mile,
Speaker 2: every bend of the river.
Speaker 3: And as the search effort continues, authorities are facing questions
Speaker 3: about why the area lacked warning sirens and whether the
Speaker 3: forecasts warned enough about the risk of catastrophic flooding. Texas
Speaker 3: Senator Ted Crue says the focus should be on recovery.
Speaker 7: We will have a reasonable conversation about a are there
Speaker 7: any ways to have earlier detection, and some of that
Speaker 7: the limits of a flash flood. They're very difficult because
Speaker 7: they could arise so quickly.
Speaker 3: Senator Ted cru says President Trump has promised to provide
Speaker 3: any resource as the state needs for its response. The
Speaker 3: President says he'll visit Texas on Friday.
Speaker 2: Well, Kron, A big change maybe coming soon to airports security.
Speaker 2: Bloomberg News has learned the Transportation Security Administrations planning to
Speaker 2: update its policies so travelers no longer have to remove
Speaker 2: their shoes at standard screening checkpoints. The move would extend
Speaker 2: a benefit that's already available for those who pay for
Speaker 2: TSA pre check. The US would join other global aviation
Speaker 2: hubs like the European Union, Dubai, and Singapore that do
Speaker 2: not require travelers to remove their shoes.
Speaker 3: Nathan, let's turn to company news now, and Apple may
Speaker 3: be facing an exodus of top talent. Let's get the
Speaker 3: details a Bloomberg's John Tucker and John, where are they going?
Speaker 8: Well, Karen, A lot of them are going to meta platforms.
Speaker 8: One of the first out the door, Rubing Pang, a
Speaker 8: distinguished engineer and a manager in charge of the Apple
Speaker 8: Foundation Models Team AFM Meta dangled tens of millions of
Speaker 8: dollars a year in front of this engineer. He's going
Speaker 8: to work for Meta's new superintelligence group. A Pang's departure
Speaker 8: could be the start of a string of exits from AFM,
Speaker 8: with several engineers telling colleagues they're planning to leave in
Speaker 8: the near future. Tom Gunter, a top deputy to Pang,
Speaker 8: left Apple last month. A Pang's departure the most significant
Speaker 8: in Apple's AI ranks since the company started working on
Speaker 8: Apple Intelligence a few years ago. Now it's not going
Speaker 8: to help Apples push into AI, which has been described
Speaker 8: as flailing. A Meta CEO Mark Zuckerberg has on a
Speaker 8: hiring spree, bringing on major AI leaders who are going
Speaker 8: to work directly with him. You knoww York, John Tucker,
Speaker 8: Bloomberg Radio.
Speaker 2: All right, John, thank you.
Speaker 3: No.
Speaker 2: Vardes has on regulatory approval for the first medicine specifically
Speaker 2: designed to treat malaria in babies. The drugmaker says until now,
Speaker 2: infants with malaria were typically treated with tablets meant for
Speaker 2: older children, but adjusted for weight. In twenty twenty three,
Speaker 2: the World Health Organization said there were nearly six hundred
Speaker 2: thousand malaria related deaths children under five accounted for three
Speaker 2: and four of them.
Speaker 3: It's time now for a look at some of the
Speaker 3: other stories making news in New York and around the world,
Speaker 3: and for that we're joined by Bloomberg's Michael Barr Michael,
Speaker 3: Good Morning.
Speaker 9: Good Morning Karen. A federal judge is ordering a Homeland
Speaker 9: Security official to appear in court on Thursday and map
Speaker 9: out the government's plans for Kilmar Abrego Garcia. It comes
Speaker 9: after federal prosecutors said they would initiate deportation proceedings against
Speaker 9: him if he is released from jail before trial on
Speaker 9: human smuggling charges. Attorneys for Abrego Garcia requested he'd be
Speaker 9: returned to Maryland from Tennessee, where he's being detained. Attorney
Speaker 9: Simon Sandebald Motionenberg says Thursday's hearing is a sign the
Speaker 9: judge is notably tired of hearing from prosecutors who claim
Speaker 9: to not have information.
Speaker 7: If they want to deport him to a third country,
Speaker 7: they need to name that country, and they need to
Speaker 7: describe the process by which they're going to give him
Speaker 7: due process.
Speaker 9: Attorney Motionenberg says Abrego Garcia was mistakenly deported to El Salvador.
Speaker 9: He was living in Maryland with his wife and child,
Speaker 9: both of whom are American citizens. The Mayor of Los
Speaker 9: Angeles denies there was a hostile crowd threatening federal immigration
Speaker 9: agents at MacArthur Park in LA. Approximately ninety armed National
Speaker 9: Guard troops were deployed to protect ICE agents. Mayor Karen
Speaker 9: Vass it.
Speaker 10: Is outrageous and Unamerican that we have federal armed vehicles
Speaker 10: in our parks when nothing is going on in the parks.
Speaker 9: Meanwhile, in eighteen state court filing led by Californa YEAH
Speaker 9: alleges that federal immigration agents are impeding on the Fourth
Speaker 9: Amendment protection against Unreasonable search and seizure. Boston University is
Speaker 9: cutting one hundred and twenty staff positions and one hundred
Speaker 9: twenty vacancies to reduce spending by five percent for fiscal
Speaker 9: twenty twenty six due to the Trump Administration's changes to
Speaker 9: higher education funding. Boston University President Melissa gilliam says the
Speaker 9: university is responding to a national renegotiation of how the
Speaker 9: country's higher education model will be funded. Bu received five
Speaker 9: hundred and seventy nine million dollars in research funding last year,
Speaker 9: primarily from federal agencies. Global News twenty four hours a
Speaker 9: day and whenever you want it with Bloomberg News Now,
Speaker 9: Michael Barn, this is Bloomberg Karen.
Speaker 3: All right, Michael Barr, thank you time now for the
Speaker 3: Bloombergy Sports supdate. Here's John stash Hour, John, good morning.
Speaker 1: Good morning. Caret quarter final begining today at Wimbledon. Two
Speaker 1: time defending champion Carlos Alcarez takes on the brick. Cameron Noriri,
Speaker 1: Taylor Fritz plays Karen catching off Fritz. One of two
Speaker 1: Americans left in the men's singles. Ben Shelton's the other.
Speaker 1: He'll face Top Seedyonick Center tomorrow Center. Yesterday played two cents,
Speaker 1: lost them both, but won the match because Grigor Dimitrov
Speaker 1: suffered an injury to his pectoral muscle and I had
Speaker 1: to retire. Incredibly, It's the fifth consecutive Grand Slam tournament
Speaker 1: where for various reasons that has happened to Demitrov. He
Speaker 1: did not speak afterwards. Sinner on Center COURTD.
Speaker 11: It's been sun lucky in the past in a couple
Speaker 11: of years. An incredible an incredible player, a good friend
Speaker 11: of mine also, and we understand each other where well
Speaker 11: off the court too, and you know seeing him in
Speaker 11: this position, it's honestly, you know, if there would be
Speaker 11: a chance, you know that he could play, you know,
Speaker 11: the next round, you know he would he would deserve center.
Speaker 1: Also dealing with an elbow injuries having MRI today, Nick
Speaker 1: made official naming Mike Brown their new coach. Saint in
Speaker 1: the stated that Brown brings a championship pedigree. He has
Speaker 1: won four NBA titles as an assistant. The next season
Speaker 1: ended with that loss at Indiana Tyres. Halliburton then tore's
Speaker 1: achilles in Game seven of the finals, and the Pacers
Speaker 1: made official that Halliburton will not play at all next season.
Speaker 1: The Celtics have not yet said that about their star
Speaker 1: Jason Tatum had the same injury. In the playoffs against
Speaker 1: the Knicks at Fenway. Red Sox beeat Colorado nine to three,
Speaker 1: Toronto one again eight to four over the White Sox.
Speaker 1: That's nine wins in a row. The Red Hot Blue
Speaker 1: Jays leave the Yankees by three and a half games.
Speaker 1: The Yanks are home tonight to play Seattle. The Mariners
Speaker 1: are led by catcher Cal Rawley thirty five home runs,
Speaker 1: so two more than Aaron Judge. They both have seventy
Speaker 1: four RBIs Metts start a series in Baltimore. The Nationals
Speaker 1: are in Saint Louis. The that's just fired their manager
Speaker 1: Davey Martinez. His bench coach Miguel Cairo is taking over.
Speaker 1: John Stashawa Bloomberg Sport.
Speaker 9: Karen Nathan.
Speaker 1: Coast to Coast on Bloomberg Radio One on Serious Exam
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app.
Speaker 5: This is Bloomberg Daybreak.
Speaker 6: Good morning.
Speaker 2: I'm Nathan Hager. President Donald Trump is putting a handful
Speaker 2: of countries on notice that they've got about three more
Speaker 2: weeks to reach deals or face higher teriff rates around
Speaker 2: the level of the April second announcement. But the President
Speaker 2: is suggesting he may still be open to negotiation around
Speaker 2: the new August first deadline.
Speaker 4: I would say firm, but not one hundred percent firm.
Speaker 4: If they call up and they say would like to
Speaker 4: do something a different way, We're going to be open
Speaker 4: to that.
Speaker 2: And that was the President speaking at a White House
Speaker 2: dinner last night. For more were joined by Bloomberg's Jill
Speaker 2: Deesis in Hong Kong. So, Jill, we've gotten a chance
Speaker 2: to digest these tariff letters more than a dozen sent
Speaker 2: out yesterday, a lot of focus on Japan and South
Speaker 2: Korea in particular. How are those nations taking this sort
Speaker 2: of reprieve when it comes to the April second tariffs?
Speaker 12: Good morning, Yes, good morning, Nathan. I think that's the
Speaker 12: right way to think about it, honestly, is that it's
Speaker 12: a bit of a reprieve. I mean, this is essentially
Speaker 12: a delay and all. But name we were, you know,
Speaker 12: the ninety day deadline coming up this week. Now you
Speaker 12: not only have August first positioned as the deadline when
Speaker 12: tariffs are going to effect, but then you've also got,
Speaker 12: as we just heard from Trump himself there saying, you know,
Speaker 12: that's not even necessarily one hundred percent. It does seem
Speaker 12: like there's room to negotiate when it comes to Japan
Speaker 12: in South Korea in particular. I think these have been
Speaker 12: really really interesting countries to watch over the last several weeks,
Speaker 12: Japan especially because there have been a lot of pretty
Speaker 12: major sticking points with that country. A lot of this
Speaker 12: does come down to automotive tariffs, so those tariffs on
Speaker 12: cars and car parts. That's one thing that Trump has
Speaker 12: kind of indicated that he's not willing to really compromise on.
Speaker 12: We did hear from the Japanese Prime Minister sugar Ushiba
Speaker 12: earlier today, you know, talking about the fact that you
Speaker 12: know that Japan is still really interested in trying to
Speaker 12: reach a deal, although you know it has previously avoided
Speaker 12: making what he called easy compromises. So you do get
Speaker 12: the sense that while Tokyo is very interested in trying
Speaker 12: to move something further, it's not necessarily clear what exactly
Speaker 12: that is going to look like, although obviously yes, they
Speaker 12: do have some time bought. I think, you know, South Korea,
Speaker 12: you know, we have seen some optimism there. Certainly it
Speaker 12: does seem like Soul is interested in moving forward with something.
Speaker 12: But again, I think really the big takeaway here is
Speaker 12: that it doesn't really feel like we're under this extreme
Speaker 12: immediate time pressure here. Maybe there is some time for
Speaker 12: these nations to hash out for their talks with Washington, But.
Speaker 2: I guess the question is whether three more weeks is
Speaker 2: enough time, given the fact that we've had more than
Speaker 2: three months up to now.
Speaker 12: Well, I mean, I would also argue, first of all,
Speaker 12: that ninety days is certainly an incredibly ambitious timescale by
Speaker 12: which to negotiate any trade deal. Let alone you know,
Speaker 12: up to you know, dozens upon dozens of trade deals
Speaker 12: with countries all over the world. I think that one
Speaker 12: way to think about this, quite frankly, is when you've
Speaker 12: got Trump saying that not, you know, not even that
Speaker 12: three weeks out that August first deadline is necessarily a
Speaker 12: one hundred percent done firm commitment. That does indicate that,
Speaker 12: you know, maybe maybe the White House is sitting here
Speaker 12: thinking like, yeah, I mean, you know, some of these
Speaker 12: things actually do take time. And it would also point
Speaker 12: out that even if you do get something that's in
Speaker 12: the vein of like a preliminary deal, I look at,
Speaker 12: you know, for example, what happened with the United Kingdom
Speaker 12: a few weeks ago, that doesn't necessarily mean that that
Speaker 12: resolves all of the trade issues. I mean, first of all,
Speaker 12: remember that this is a really complicated system that the
Speaker 12: washing the White House is really drawn up here, right.
Speaker 12: I Mean, you've got what it calls these reciprocal tariffs,
Speaker 12: the Liberation Day tariffs. That was the deadline that's now
Speaker 12: been pushed off to August first. But then you've also
Speaker 12: got all of these sectoral tariffs. In the case of
Speaker 12: the United Kingdom, you know, maybe they reached a deal
Speaker 12: with the Trump administration on some things, but there's still
Speaker 12: this big overhang in the form of those sectoral steel tariffs,
Speaker 12: for example, that is still something that needs to be
Speaker 12: hashed out. So I would argue that even if you
Speaker 12: do have something that they're able to work out over
Speaker 12: the next few weeks, you know, as you mentioned, that's
Speaker 12: still kind of a tall task. You've still got some
Speaker 12: many things in the way of you know, potential additional
Speaker 12: sectoral tariffs. Remember, the US Commerce Department is investigating whether
Speaker 12: there's more that they I want to implement in those
Speaker 12: types of tariffs. I will remind you, are I think
Speaker 12: going to be quite a bit harder to challenge in
Speaker 12: the United States than say, you know, Trump's executive order
Speaker 12: tariffs would be. So, you know, I realized I'm talking
Speaker 12: very quickly and I'm saying a lot, but I think
Speaker 12: this is all just to say, this is still a
Speaker 12: very wonky, you know, very very big process that needs
Speaker 12: to unfold here. I wouldn't necessarily count on all of
Speaker 12: this being wrapped up within the next three weeks.
Speaker 2: In just thirty seconds. What about the issue of the
Speaker 2: president wanting to open markets to US goods is that
Speaker 2: something that Japan and South Korea are open to.
Speaker 12: I mean, I think that again, really, when it comes
Speaker 12: to Japan and South Korea, their biggest you know concerns
Speaker 12: right now, I would argue, are really about the automotive
Speaker 12: side of this. I mean, You've got some of the
Speaker 12: world's biggest you know, automotive companies that are based in
Speaker 12: Japan and South Korea, and so their sticking point with
Speaker 12: the with the United States, I think remains trying to
Speaker 12: figure out a way around some of those sectoral tariffs. Again,
Speaker 12: I'm not really sure how much of that is actually
Speaker 12: going to be entering into the conversation over the next
Speaker 12: three weeks, because once again, those are somewhat different from
Speaker 12: the reciprocal terrorists that Trump initially announced on these two countries.
Speaker 12: But when I'm looking at them, that's really I think
Speaker 12: where my area of focus remains.
Speaker 3: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 9: Dave Ray