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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 1: Karen, we begin with the latest on the Trump administration's

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Speaker 1: trade policy. President Trump announced on social media that his

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Speaker 1: sweeping new tariffs are in effect as of midnight East

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Speaker 1: Coast time, targeting what he calls countries that have taken

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Speaker 1: advantage of the United States for many years. The move

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Speaker 1: pushes US tariff rates to their highest level since World

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Speaker 1: War Two. Bloomberg's Bill Ferries says the ultimate goal of

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Speaker 1: on shoring manufacturing jobs could have secondary effects.

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Speaker 3: The US average tariff rate is now just over fifteen percent,

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Speaker 3: and it was below two point three percent last year

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Speaker 3: before President Trump took office. So from two percent to

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Speaker 3: fifteen percent certainly at some point that is going to

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Speaker 3: really wind its way through the US economy and show

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Speaker 3: up on the shelves of stores.

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Speaker 1: Bloomberg's Bill Ferry says trading partners including the European Union, Japan,

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Speaker 1: and South Korea negotiated a fifteen percent tariff right Switzerland

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Speaker 1: was assigned the highest tariff of any developed nation at

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Speaker 1: thirty nine percent after failing to reach a deal. When

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Speaker 1: its president visited Washington for an emergency visit yesterday.

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Speaker 2: And Nathan, the president assigned a much higher tariff on

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Speaker 2: monkey trading partner India. President Trump said yesterday he plans

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Speaker 2: to double tariffs on Indian goods to fifty percent as

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Speaker 2: a penalty for buying Russian oil.

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Speaker 4: As you know, we put a fifty percent tariff on

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Speaker 4: India on oil. They're the second largest, so very close

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Speaker 4: to China in terms of the purchase of oil from Russia.

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Speaker 3: Why are you singling India out for these additionals.

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Speaker 4: It's only been eight hours, so let's see what happens

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Speaker 4: over the next one. You're going to see a lot more.

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Speaker 4: So this is president, You're going to see a lot more.

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Speaker 2: President Trump added he may also punish China with additional

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Speaker 2: tariffs over its purchases have crued from Russia. Negotiations with

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Speaker 2: China are still ongoing, along with the US's other two

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Speaker 2: largest trade partners, Mexico and Canada.

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Speaker 1: Meanwhile, Karen, speaking of Russia, President Trump told reporters there's

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Speaker 1: a very good chance he'll meet President Vladimir Putin and

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Speaker 1: Ukraine's Vladimir Zelenski soon and another bid to broker piece.

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Speaker 1: The Kremlin says an agreement is in place for the

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Speaker 1: US and Russian presidents to meet in the coming days,

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Speaker 1: the location still to be determined', according to the Interfax

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Speaker 1: News service. In the Oval Office, President Trump addressed a

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Speaker 1: meeting between Putin and US Special ENVOYE.

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Speaker 5: Steve Whitcoff in Moscow.

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Speaker 4: We had some very good talks with President Putin today

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Speaker 4: and there's a very good chance that we could be

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Speaker 4: ending the ending the round, ending the end of that road.

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Speaker 4: Road was long and continues to be long. But there's

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Speaker 4: a good chance that there will be meeting very soon.

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Speaker 4: Excuse me, do you think you are sometimes people? Well, look,

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Speaker 4: I don't want to say I've been disappointed before.

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Speaker 5: President Trump informed allies he was positive about the possibility

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Speaker 5: of a sea firing Ukraine.

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Speaker 2: Well. Turning back to trade Nathan, President Trump additionally declared

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Speaker 2: plans for a new one hundred percent tariff on semiconductor imports.

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Speaker 2: Standing next to Apple's CEO Tim Cook and the Oval Office,

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Speaker 2: the President said the aim is to bring manufacturing back

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Speaker 2: to the US.

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Speaker 4: We'll be putting a terraphone of approximately one hundred percent

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Speaker 4: on chips and semiconductors, but if you're building in the

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Speaker 4: United States of America, there's no charge.

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Speaker 2: And in light of President Trump's announcement, companies including Apple, TSMC,

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Speaker 2: and Nvidia pledge to spend more than one trillion dollars

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Speaker 2: collectively in the US.

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Speaker 1: And part of that pledge from Apple Karen is a

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Speaker 1: promise to onshore one hundred percent of iPhone and watch

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Speaker 1: cover glass production in the US. It's part of an

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Speaker 1: expanded two and a half billion dollar partnership with Corning.

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Speaker 4: This is a significant step toward the ultimate goal of

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Speaker 4: ensuring that iPhone sold in the United States of America

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Speaker 4: also are made in America.

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Speaker 1: The President Trump singled out Apple as an example of

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Speaker 1: how to avoid increased levies, saying quote apples coming back

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Speaker 1: to America. CEO Tim Cook did tell the President that

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Speaker 1: final iPhone assembly will be elsewhere for a while.

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Speaker 2: Let's turn to the airline industry now, Nathan and the

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Speaker 2: tech issue grounding it outed air flights across major US airports.

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Speaker 2: United Airlines announced it's resuming flights after fixing a tech

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Speaker 2: issue that temporarily delayed hundreds of flights. The airline said

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Speaker 2: the underlying technology issue has been resolved, and while we

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Speaker 2: expect residual delays, our team is working to restore our

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Speaker 2: normal operations. That being a quote. A United spokesman said

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Speaker 2: the outage was not related to recent instances of cybersecurity

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Speaker 2: issues in the airline industry.

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Speaker 1: Turning to the broader economy, now Karen three Federal Reserve

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Speaker 1: officials are voicing fresh concerns over the labor market and

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Speaker 1: signaling a potential rate cut next month. San Francisco FED

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Speaker 1: President Mary Daily says policymakers need to prevent further deterioration

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Speaker 1: in the labor market.

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Speaker 6: Once the labor market stumbles, it falls, and it falls quickly,

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Speaker 6: and it falls hard. So you don't want to get

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Speaker 6: into that situation. So all this means, as you put

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Speaker 6: it together, that I think will you'd likely need to

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Speaker 6: adjust the policy rate sometime in the coming months.

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Speaker 1: San Francisco FED President Mary Daly's comments followed rhetoric from

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Speaker 1: Fed Governor Lisa Cook. She says downward revisions in the

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Speaker 1: jobs report are typical of turning points in the economy,

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Speaker 1: and Minneapolis Fed President Neil Cashcari told CNBC he expects

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Speaker 1: two interest rate cuts before the end of the year.

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Speaker 2: Well let's go to other FED news. Nathan. President Trump

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Speaker 2: indicated he'll likely nominate a temporary Federal Reserve governor within

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Speaker 2: the coming days. The President said he's considering probably three

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Speaker 2: candidates for the temporary position if ied. Announced on Friday

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Speaker 2: that FED Governor Adriana Coogler would resign from her seat

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Speaker 2: on the Bord of Governors before her term is up

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Speaker 2: in January.

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Speaker 1: And in earnings News, Karen topgall Callaway brands rose after

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Speaker 1: boosting guidance and saying promotions helped increase customer visits at

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Speaker 1: its venues. The golf company's Top Golf unit beat as

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Speaker 1: increased promotions in the quarter, like frozen margaritas and half

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Speaker 1: off golf during the week.

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Speaker 5: We're enough to lure swingers.

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Speaker 1: In CEO Arty Stars, says Top Golf Summer pass is

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Speaker 1: selling more than twice what it was offered three years ago.

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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 rejoined by Blueberry's John Tucker. John, Good

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Speaker 2: Morning Man.

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Speaker 7: Good morning Karen. The Trump administration is offering to simplify

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Speaker 7: its lawsuit with Harvard University. The shift is the latest

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Speaker 7: twist in the litigation over the government's attempt to revoke

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Speaker 7: Harvard's ability to enroll international students, citing claims of campus

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Speaker 7: anti Semitism and alleged ties to the Chinese Communist Party.

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Speaker 7: UCLA has entered into negotiations with the administration trying to

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Speaker 7: re state about four hundred and eighty four million dollars

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Speaker 7: in frozen federal research funding. The move comes after the

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Speaker 7: Trump Justice Department had given the school a Tuesday deadline

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Speaker 7: to enter into a resolution agreement. Five people are hurt

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Speaker 7: after an Army sergeant open fire and fellow soldiers at

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Speaker 7: Fort Stewart in Georgia. The a Q shooter now under arrest.

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Speaker 7: No word on a motive for the shooting or how

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Speaker 7: the shooter got his personal weapon onto the base. An

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Speaker 7: outbreak of Legionnaire's disease in Central Harlem in New York

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Speaker 7: that has now caused three deaths. Let's get more from

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Speaker 7: Bloomberg's Charlie Pellett.

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Speaker 8: Health officials are still trying to track down the source,

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Speaker 8: and the New York City Health Department says scores have

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Speaker 8: been sickened from the Legionella bacteria. The outbreak was identified

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Speaker 8: in central Harlem in late July after a handful of

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Speaker 8: people presented pneumonia like symptoms and tested positive for the disease.

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Speaker 8: Health officials have been testing nearby cooling towers as a

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Speaker 8: likely source of the bacteria and have found some positive

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Speaker 8: result VOLTZ in New York, Charlie Pellett Bloomberg Radio.

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Speaker 7: And Steve Bennon, a senior advisor to President Trump in

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Speaker 7: his first term and an influential voice in conservative circles,

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Speaker 7: is pushing for EJ. And Tony to lead the Bureau

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Speaker 7: of Labor Statistics. Antonis chief economist at the Conservative Heritage Foundation.

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Speaker 7: Trump fired the BLS commissioner on Friday after a week

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Speaker 7: jobs number of Bennon's podcast, and Tony added that the

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Speaker 7: absence of a Trumpet pick running the agency is part

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Speaker 7: of the reason why we continue to have all these

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Speaker 7: different data problems. Global News twenty four hours a day

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Speaker 7: and whatever you wanted with Bloomberg News. Now, I'm John

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Speaker 7: Tucker and this is Bloomberg Karen.

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Speaker 2: All right, John, thank you time now for the Bloomberg

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Speaker 2: Sports update. Here's John stash Hour, John, Good morning.

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Speaker 5: Good morning, Daren.

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Speaker 9: The Yankees were out to avoid in oh in six

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Speaker 9: roads if they hadn't gotten swept in Texas in fifteen years.

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Speaker 9: They beat the Rangers three to two on Paul Goldsmith's

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Speaker 9: pinch hit home run seventh inning of lefty reliever Robert Garcia.

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Speaker 9: Goldsmid against lefty pitching is batting over four hundred is

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Speaker 9: average versus right handers is just two thirty. It was

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Speaker 9: a game where cousins both pitched. Jack Lighters started for Texas.

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Speaker 9: Mark Lighter pitched generally for the Yanks. Matts got swept

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Speaker 9: by the Guardians and at City Field, Cleveland's Gavin.

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Speaker 5: Williams was two outs from a no hitter high fly.

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Speaker 10: Ball seventeen on how Martinez on the track hit the

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Speaker 10: wall to the pits Soto in the second base with

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Speaker 10: a double k. Now, they're going to say it did

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Speaker 10: clear defense and went out of the fourth for a

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Speaker 10: home run, and Soto ends the Big Rigs Big for

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Speaker 10: a no hitter with a solo homer in the bottom.

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Speaker 2: Of the nine.

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Speaker 9: I'm Guardian CD the Big Rig the nickname for the

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Speaker 9: six foot six inch Williams who threw one hundred and

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Speaker 9: twenty six pitches.

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Speaker 5: The Guardians won the game four.

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Speaker 9: To one at Fenway, Kansas City ended the Red Sox

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Speaker 9: seven game wins Drink seven to three in DC Nationals

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Speaker 9: end of the six game losing streak two to one

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Speaker 9: over the A's in Denver, Toronto won twenty to one.

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Speaker 9: The Blue Jays swept the series from the Rockies by

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Speaker 9: a combined score of forty five to six. There's sixty

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Speaker 9: three hit since, the most a team has had in

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Speaker 9: a three game series since at least nineteen hundred. NFL

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Speaker 9: preseason tonight, including the Raiders and Seahawks in Seattle, so

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Speaker 9: the first game for Las Vegas's new coach, seventy three

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Speaker 9: year old Pete Cattle is back where perrel coast for

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Speaker 9: fourteen years. The Patriots played the Commanders tomorrow in Foxborough.

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Speaker 9: Two teams at a joint practice and a fight broke

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Speaker 9: out in the New Patriots coach Mike Rabel jumped in

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Speaker 9: to help break it up emerged with a bloody face.

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Speaker 5: John Staneshawer Bloomberg Sports.

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Speaker 6: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 6: and around the world on Bloomberg dot Com and the

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Speaker 6: Bloomberg Business app.

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Speaker 5: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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Speaker 1: After months of threats, reversals, negotiations and prices, President Donald

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Speaker 1: Trump's sweeping new tariffs on almost every US trading partner

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Speaker 1: are now in effect, and now investors, companies and global

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Speaker 1: leaders are bracing for impact. Fabian A Fideli, a CIO

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Speaker 1: for Multi Asset and Sustainability at MNG Investments.

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Speaker 11: Until now, we really haven't seen the impact of tariffs

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Speaker 11: on markets besides some uncertainty among the companies, and our

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Speaker 11: concern is that going forward we are starting to see

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Speaker 11: some of that impact, and so we'll have to see

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Speaker 11: how the next six months spent out.

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Speaker 1: That's Fabia Fidelli with MG Investments from War We're joined

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Speaker 1: by Bloomberg's Jill Desis.

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Speaker 5: Jill, Good morning.

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Speaker 1: The change is here and now at least what we

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Speaker 1: do know is tariff rates in this country are now

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Speaker 1: as high as they've been since World War Two. Walk

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Speaker 1: us through the change. Good morning, Yes, good morning, Nathan.

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Speaker 12: Well, I think really to kind of drive that point home,

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Speaker 12: you just look at what the average US tariff rate

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Speaker 12: is right now under these latest Trump actions. So Bloomberg

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Speaker 12: Economics estimates it's now up to fifteen point two percent.

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Speaker 12: Just for comparison's sake. Last year it was two point

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Speaker 12: three percent. So I mean we're talking massive, massive jumps

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Speaker 12: in terms of how much these you know, sort of

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Speaker 12: so called reciprocal tariffs that Trump has handed down really

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Speaker 12: really going to impact how global trade is shaped here.

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Speaker 12: All that being said, I mean, look, there are some

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Speaker 12: deals that Trumps announced or has reached with some of

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Speaker 12: these major trading partners that I think are obviously really

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Speaker 12: worth noting here. You know, the European Union, Japan, South Korea,

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Speaker 12: they accepted fifteen percent levies on their products, you know,

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Speaker 12: trying to stay away from some of the even higher

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Speaker 12: tariffs that Trump is negotiated. But I would also point out, Nathan,

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Speaker 12: that there are still some trade agreements that seem kind

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Speaker 12: of mired in ongoing negotiations. I mean, look at India,

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Speaker 12: for example, another important US trading partner. They were slapped

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Speaker 12: to the twenty five percent tariff last week. Now you've

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Speaker 12: got Trump threatening over the next couple of weeks to

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Speaker 12: increase that level into some fifty percent. You've still got

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Speaker 12: you know, sort of this back and forth with what

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Speaker 12: you know, potential China levees could look like. So that's

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Speaker 12: another sort of open question here. So The one thing

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Speaker 12: that I would just point out when it comes to

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Speaker 12: a lot of this trade policy is that you know,

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Speaker 12: we still I think, have to see what this ultimately

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Speaker 12: looks like long term. I mean, you know, in the

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Speaker 12: olden days, like literally just a year ago, you know,

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Speaker 12: you would imagine these trade agreements would take not just

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Speaker 12: you know, days or months, but ultimately years to effectively negotiate.

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Speaker 12: And so I do think that there is that possibility

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Speaker 12: that things could continue to evolve, if not even just

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Speaker 12: over the next few months, maybe over the course of

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Speaker 12: Trump's Terman office.

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Speaker 1: Now it raises the questions once again, specifically on some

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Speaker 1: of the countries you mentioned and others, including Switzerland. We

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Speaker 1: saw the president of Switzerland come to Washington at literally

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Speaker 1: the last minute trying to get out from under thirty

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Speaker 1: nine percent tariffs, walking away without a deal. Is there

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Speaker 1: still a possibility that even with these new teriff rates

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Speaker 1: officially in effect, we could see even more negotiations going on.

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Speaker 12: Yeah, I think, And you know, Trump World, you know,

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Speaker 12: everything's in negotiation, right. Yes, when you're looking at Switzerland,

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Speaker 12: obviously you do have that incredibly steep tarrat thirty nine percent,

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Speaker 12: you know, potentially upending you know, they're you know, there

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Speaker 12: massive gold trades, you know, watches, pharmaceuticals in particular, although

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Speaker 12: you know, I'd also point out Trump's got separate threats

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Speaker 12: on pharmaceutical goods that are just independent from you know,

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Speaker 12: these individual nation tariffs that he's announced. I do think that,

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Speaker 12: you know, there is that possibility that Trump could ultimately

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Speaker 12: change his mind and maybe something comes up where you

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Speaker 12: do get lower rates in the future. I mean, certainly,

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Speaker 12: I think you know, traders are looking at some of

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Speaker 12: those possibilities. We've already seen so much change over the

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Speaker 12: last several months since Trump initially you know, announced tariffs,

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Speaker 12: and I think you know, when you've also just got

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Speaker 12: you know, various sectors or you know, even sometimes nations

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Speaker 12: try to play kate Trump with investment deals, you know.

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Speaker 12: I mean, look at you know, the EU, Japan, you know,

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Speaker 12: announcing these big investment deals in the United States that

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Speaker 12: seems to have helped drive things a bit lower for

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Speaker 12: them in terms of that overall teriff rate. It does

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Speaker 12: seem like maybe there's you know, more on the table

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Speaker 12: here still, even if you've been slapped with a particularly

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Speaker 12: high rate.

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Speaker 1: Now in the last thirty seconds, Jill there's still the

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Speaker 1: overarching question of whether these tariffs are going to make

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Speaker 1: the ultimate goal of spurring more US manufacturing.

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Speaker 12: Yeah, I mean, you know, I obviously that's some you know,

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Speaker 12: Trump's got a massive gambit here on reshaping the entirety

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Speaker 12: of global trade. He's claiming, you know, these are going

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Speaker 12: to trash slash trade deficits, These will push companies to

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Speaker 12: move manufacturing back to the United States. I mean, certainly,

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Speaker 12: you've got major companies that are already announcing, you know,

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Speaker 12: major manufacturing programs and investments in the United States. But

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Speaker 12: you know that could potentially take years before you actually

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Speaker 12: see some of the fruits of those labors. In meantime,

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Speaker 12: I mean, you know, obviously, some of Trump's biggest critics

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Speaker 12: are going to say this could continue to cause inflationment,

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Speaker 12: inflation to spiral out of control, cause shortages on store shelves.

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Speaker 12: So I think, you know, we're obviously witnessing a very

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Speaker 12: dramatic realignment of global trade, and we'll have to see

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Speaker 12: how things can out.

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