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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 3: Karen, we begin this morning with the latest on US

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Speaker 3: China trade talks in Madrid. Treasury Secretary Scott Besson says

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Speaker 3: the White House has made good progress on technical details

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Speaker 3: with China. We get more from Bloomberg's Rosalind mathieson.

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Speaker 4: They had six hours of talks yesterday and then they

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Speaker 4: had a lower level technical talks continuing last night. So

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Speaker 4: there does seem to be a real impetus on both

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Speaker 4: sides to get towards a formal understanding on trade, because

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Speaker 4: that's all about paving the way for a meeting between

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Speaker 4: their leaders later this year. And you know, cgmping is

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Speaker 4: not going to agree to a meeting unless there's a

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Speaker 4: proper agreement that they can tout at the time. And

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Speaker 4: so the mood music from the US side, at least

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Speaker 4: what we're hearing this morning is pretty.

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Speaker 3: Good, and Bloomberg's ros mathis and reports Secretary best It

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Speaker 3: also said the US and China are very close to

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Speaker 3: resolving the TikTok issue. President Trump talked about TikTok before

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Speaker 3: he boarded Air Force one.

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Speaker 5: Negotiating TikTok right now, we may let it die or

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Speaker 5: we may I don't know. It depends up to China.

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Speaker 6: It doesn't matter too much. I'd like to do it

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Speaker 6: for the kids.

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Speaker 7: They like it.

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Speaker 5: I mean, selfishly speaking, I did very well in TikTok,

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Speaker 5: and I got the youth.

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Speaker 3: For TikTok, which is owned by China's Byte Dance, faces

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Speaker 3: a deadline this week to reach a deal to continue

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Speaker 3: operations in the US.

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Speaker 2: Meanwhile, Nathan As trade talks continued. China's market regulator says

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Speaker 2: a preliminary probe has found that Nvidia has violated anti

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Speaker 2: monopoly law and begin more with Bloomberg's Tom mackenzie.

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Speaker 8: Well Number one. It is interesting, of course, the timing,

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Speaker 8: because this happens as the talks of continuing between the

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Speaker 8: US and China im Madrid on trade, and no doubt

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Speaker 8: semiconductors in the chip industry will be part of that conversation.

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Speaker 8: Number two. It follows additional actions by China over the

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Speaker 8: last forty eight hours or so, including anti dumping measures

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Speaker 8: and further scrutiny of the sale of other chips into

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Speaker 8: the Chinese market. So it's a reminder that China is

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Speaker 8: signaling to the US that it has costs to play.

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Speaker 2: And as Bloomberg's Tom McKenzie and Vidia shares are down

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Speaker 2: more than two and a half percent in early trading and.

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Speaker 3: Karen, President Trump is also weighing in on the Federal

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Speaker 3: reserves highly anticipated rate decision this week. Policymakers are widely

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Speaker 3: expected to slash rates for the first time during the

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Speaker 3: Trump administration.

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Speaker 5: I think you have a big cut because I really

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Speaker 5: I don't think he can help with cutting. It's perfect

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Speaker 5: for cutting. And the thing that he's hurting ross is

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Speaker 5: housing for people. But because we're doing well and everything,

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Speaker 5: energy is way down, groceries are down, everything, almost everything

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Speaker 5: is way down. But housing because of the FED is

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Speaker 5: not what a shipper.

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Speaker 3: The FED makes its policy decision on Wednesday, stay tuned

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Speaker 3: for a special edition of Bloomberg's Surveillance on that day,

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Speaker 3: starting a one thirty pm All Street time on Bloomberg Radio,

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Speaker 3: Bloomberg Television, and the Bloomberg Podcast channel on YouTube.

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Speaker 2: Nathan. While most investors expect a quarter point rate cut

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Speaker 2: this week, former feder Reserve economist Claudius Salm says J.

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Speaker 2: Powell and company are in a tricky situation. She spoke

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Speaker 2: with Bloomberg surveillance.

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Speaker 9: The conversation and the and the rate decision is going

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Speaker 9: to hinge on the data and the FED are I mean,

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Speaker 9: they are grappling with a really tricky environment in the

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Speaker 9: inflation is inflation is too high? It is not, and

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Speaker 9: it's not moving towards the Fed's target right now. And

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Speaker 9: then you have employment that has really softened.

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Speaker 2: Former feder Reserve economists Claudius som Nos consumer prices rose

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Speaker 2: two point nine percent over the past year, the fastest

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Speaker 2: annual pace since January Karin.

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Speaker 3: The country continues to grapple with the killing of conservative

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Speaker 3: activist Charlie Kirk. Last night, the Trump administration held a

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Speaker 3: vigil for the Turning Point USA founder at the Kennedy Center.

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Speaker 3: Director of National Intelligence Vince Tulca Gabbard was there.

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Speaker 10: Charlie lived by the principle that no matter how horrible

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Speaker 10: another person's speech may be, their ideas must be defeated

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Speaker 10: by better ideas, not by resorting to violence.

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Speaker 3: President Trump was not at the vigil, but he says

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Speaker 3: he will attend Charlie Kirk's funeral next week and he

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Speaker 3: is continuing to blame the left for stoking political violence.

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Speaker 5: When you look at the agitators that you look at

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Speaker 5: the scum that speaks so badly of our country, the

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Speaker 5: American flag burnings all over the place, that's the left, that's.

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Speaker 11: Not the right.

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Speaker 3: Charlie Kirk was shot and killed last week at Utah

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Speaker 3: Valley University. Utah Governor Spencer Cox says the suspect, twenty

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Speaker 3: two year old Tyler Robinson, has a leftist ideology, but

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Speaker 3: Cox is taking a wider view on whom to blame.

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Speaker 12: I believe that social media has played a direct role

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Speaker 12: in every single assassination and assassination attempt that we have

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Speaker 12: seen over the last five six years. There is no

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Speaker 12: question in my mind that cancer probably isn't a strong

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Speaker 12: enough word.

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Speaker 3: Utah Governor Spencer Cox appeared on NBC's Meet the Press,

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Speaker 3: which you can hear every Sunday on Bloomberg Radio.

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Speaker 2: Well Ithan President Trump is against writtening to federalize Washington,

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Speaker 2: d C after his recent deployment of National Guard troops

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Speaker 2: in the nation's capital and a.

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Speaker 3: Trude social post. The President says.

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Speaker 2: D c's mayor Muriel Bowser has told the federal government

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Speaker 2: that local police will no longer cooperate with immigration and

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Speaker 2: customs enforcement. The President said that crime would come roaring

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Speaker 2: back if that were to happen, and if necessary, he'll

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Speaker 2: call a national emergency.

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Speaker 3: Turning to politics in New York City, now, Karen Democratic

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Speaker 3: mayoral nominee Zorn Mumdani has picked up a key endorsement,

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Speaker 3: and we get the details from Bloomberg's Gena Cervetti in Manhattan.

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Speaker 11: New York Governor Kathy Hokel is throwing her support behind

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Speaker 11: the thirty three year old front runner, whose candidacy has

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Speaker 11: not yet been fully embraced by members of his own party.

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Speaker 11: In an opinion piece published by The New York Times,

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Speaker 11: Hopel wrote that she and Mumdani will be we're lissen

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Speaker 11: confronting the President's extreme agenda, and that she is confident

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Speaker 11: Mam Donnie has the courage and urgency New York City needs.

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Speaker 11: The decision is a blow to incumbent Mayor Eric Adams

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Speaker 11: and former Governor Andrew Cuomo, both of whom are running

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Speaker 11: against Mom Donnie. A Democratic socialist, Mam Donnie campaigned on

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Speaker 11: sweeping affordability measures, including freezing rents for millions of New

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Speaker 11: Yorkers offering free childcare and establishing city run grocery stores.

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Speaker 11: President Donald Trump has frequently disparaged Mam Donnie, once calling

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Speaker 11: him a quote communist lunatic in New York Genus Cervetti

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Speaker 11: Bloomberg Radio.

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Speaker 2: Gina, thank you. Secretary of State Marco Rubio has arrived

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Speaker 2: in Israel as it intensifies attacks on northern Gaza. We

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Speaker 2: get more with Bloomberg's Jumana Borsecchi in the Middle East.

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Speaker 13: This was a trip that had been planned even before

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Speaker 13: that the hattack took place. Sexty of State Macarubio is

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Speaker 13: in Israel now it's part of a two day trip.

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Speaker 13: In anticipation of the trip, Macrubio said that he was

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Speaker 13: traveling there to seek answers on the path forward and

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Speaker 13: Gaza in light of last week's targeting of Hamas officials

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Speaker 13: in Doha, which of course have upended the mediation efforts

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Speaker 13: to broker the end of the war and achieve a ceasefire.

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Speaker 13: But it is a very obvious show of US support,

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Speaker 13: especially after the attack on Doha. Jew condemnation not just

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Speaker 13: from Arab countries but from countries all around the world.

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Speaker 2: And a Spoombergsyrmanda Percci, who adds, said Rubio plans to

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Speaker 2: reiterate the Trump administration support for defeating HAMAS and bringing

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Speaker 2: home the forty eight hostages held by the group in

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Speaker 2: the Gaza Strip. Time now for a look at some

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Speaker 2: of the other stories making news in New York and

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Speaker 2: around the world, and for that we're joined by Bloomberg's

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Speaker 2: Michael Barr.

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Speaker 7: Michael, Good Morning, Good morning, Karen. Could the Long Island

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Speaker 7: Railroad go on strike? Three of the five the Allied

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Speaker 7: Double R unions have voted to authorize a walk out

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Speaker 7: if contract negotiations fail. More workers will decide today on

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Speaker 7: a potential strike. It could start as early as Thursday

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Speaker 7: and impact two hundred and seventy thousand daily writers. This

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Speaker 7: comes as the Ryder Cup begins September twenty s It's

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Speaker 7: located at Black Course at Death Page State Park in Farmingdale,

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Speaker 7: New York. Republican Congressman Michael McCall of Texas says he

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Speaker 7: won't seek reelection in twenty twenty six. The former chair

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Speaker 7: of the Homeland Security and Foreign Relations committees spoke on

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Speaker 7: ABC's This Week.

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Speaker 5: It's been an honor to serve for over two decades

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Speaker 5: in the Congress.

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Speaker 3: I'm looking now for a new.

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Speaker 7: Challenge, Congressman McCall on ABC's This Week, which can be

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Speaker 7: heard Sundays on Bloomberg. With cold and flu season closing

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Speaker 7: in California, lawmakers over the weekend made a last minute

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Speaker 7: move to secure access to vaccines. A passed bill to

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Speaker 7: protect the state's vaccine regulations from federal interference. Legislators and

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Speaker 7: the medical community hope Governor Gavin Newsom will sign him.

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Speaker 7: Doctor Peter chen Hung, infectious disease expert at the University

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Speaker 7: of California, San Francisco.

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Speaker 3: It's really important to have this right now because Fox

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Speaker 3: scenes assault at the.

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Speaker 7: High levels, Doctor Peter chin Honk. Netflix's Adolescence dominated the

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Speaker 7: limited series categories with six victories, including Best Limited Series.

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Speaker 7: Stephen Colbert won the Emmy for Outstanding Talk Show for

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Speaker 7: The Late Show in its last season. During his acceptance

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Speaker 7: speech aired on CBS, Colbert said he tried to make

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Speaker 7: a show about love, but that it turned out to

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Speaker 7: be a show about loss my.

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Speaker 3: Friends, I have never loved my country more desperately. God

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Speaker 3: bless America, stay strong, be.

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Speaker 12: Brave, and if the elevator tries to bring you down,

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Speaker 12: go crazy and punch a higher for.

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Speaker 7: Whoa Geane Smart won Best Actress in the comedy for Hacks.

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Speaker 7: Global News twenty four hours a day and whenever you

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Speaker 7: want it with Bloomberg News Now. Michael Barrn, this is

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Speaker 7: Bloomberg Carrot.

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Speaker 2: Well, thanks Michael. All time now for our Bloomberg Sports Update,

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Speaker 2: and for that we bring in John stash Hour.

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Speaker 6: Thanks againing the Super Bowl rematch at the same result

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Speaker 6: Philadelphia on in Kansas City, this time twenty to seventeen.

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Speaker 6: The Eagles are two and oh. The Chiefs were zero

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Speaker 6: and two for the first time. Is twenty fourteen Wild

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Speaker 6: Game in Dallas. The Cowboys beat the Giants for the

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Speaker 6: ninth straight time. It was forty to thirty seven overtime.

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Speaker 6: There were forty one points scored in the fourth quarter

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Speaker 6: with five lead changes. The Giants took the lead on

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Speaker 6: a long pass with twenty five seconds left, but the

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Speaker 6: Cowboys Brandon Aubrey tied the game with a sixty four

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Speaker 6: yard field goal and won it with a kick and

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Speaker 6: ot that to Bloomberg Sports Update.

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Speaker 2: Stay with us more from Bloomberg Day Break coming up

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Speaker 2: after this.

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

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

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Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.

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Speaker 3: Good morning. I'm Nathan Hager. Treasury Secretary Scott Bess and

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Speaker 3: his touting progress with China and a second day of

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Speaker 3: talks in Madrid. He says they're very close to resolving

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Speaker 3: the TikTok issue, though other issues could be cropping up.

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Speaker 3: And joining us for the latest is Bloomberg's Jill Desis

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Speaker 3: following developments from Hong Kong this morning. Jill, what is

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Speaker 3: the latest when it comes to those discussions. We heard

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Speaker 3: a lot of talk about getting the TikTok issue resolved.

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Speaker 3: At the same time, there may be new complications when

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Speaker 3: it comes to what China is doing with Nvidia. Good morning, Yes,

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Speaker 3: that's right.

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Speaker 14: Good morning, Nathan. So, first of all, you know, on

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Speaker 14: these TikTok issues, we've got Bess in meeting with his

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Speaker 14: Chinese counterparts today in Madrid. Those talks are ongoing. We

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Speaker 14: may have more to hear from Bess and on those

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Speaker 14: in just a few hours from now, but ultimately he's

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Speaker 14: saying that the US and China, as you mentioned, are

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Speaker 14: very close. He did say that the Chinese side made

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Speaker 14: what he called an aggressive ask in talks. We're not

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Speaker 14: entirely sure what that was about, but I think does

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Speaker 14: just kind of stress that this is a bit of

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Speaker 14: a complicated matter here, and so I think there's likely

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Speaker 14: more to come on that front. Remember that there is

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Speaker 14: a deadline for a TikTok sale that the US has

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Speaker 14: imposed for Wednesday, although Trump has kind of floated the

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Speaker 14: idea that that may be something that's delayed. So I think,

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Speaker 14: you know, we'll have to see what the outcome of

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Speaker 14: these talks are. But as you mentioned, all of this

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Speaker 14: is really kind of brewing. As we've just heard that

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Speaker 14: China ruled that in Nvidia Corporation violated anti monopoly laws

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Speaker 14: with a really high profile twenty twenty deal, and so

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Speaker 14: I think that dropping Obviously, the timing is really really

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Speaker 14: interesting coming during the middle of these talks, and we've

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Speaker 14: yet to see whether that complicates things.

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Speaker 3: Yeah, it is interesting to see that come up just

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Speaker 3: now when we've also got new economic data coming out

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Speaker 3: of China that shows a pretty significant slow down continues

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Speaker 3: in that country. You've got to think there's got to

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Speaker 3: be some level of pressure on China to come to

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Speaker 3: some kind of middle with the US.

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Speaker 14: Yes, I do think that it kind of, you know,

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Speaker 14: brings that idea into question of, you know, how exactly

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Speaker 14: is China going to resolve some of these issues, because,

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Speaker 14: as you mentioned it, that China data, I mean really

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Speaker 14: poor investment data in particular, I think worst outside of

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Speaker 14: worse on record outside of just during the twenty twenty

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Speaker 14: coronavirus pandemic. So you're seeing some really poor numbers. They're

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Speaker 14: raising some expectations about whether or not China actually steps

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Speaker 14: in with some kind of stimulus. But when you've got

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Speaker 14: some of these unresolved issues with the United States, is

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Speaker 14: they're more on trade? You know, we do have Trump

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Speaker 14: just in recent days floating the idea of really hefty

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Speaker 14: tariffs on China because of its purchases of Russian energy.

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Speaker 14: So I think all of that really does kind of

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Speaker 14: enter the equation here. And ultimately what we're waiting for

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Speaker 14: is this prospect too of a potential meeting between Donald

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Speaker 14: Trump and Chinese President Chijinping that could come some time

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Speaker 14: within the next six weeks. But you do have to

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Speaker 14: wonder whether, you know, any kind of resolution on some

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Speaker 14: of these issues that the US and China are working

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Speaker 14: through whether that be TikTok now in Nvidia, maybe you know,

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Speaker 14: trade relations, whether that could potentially styin me those efforts

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Speaker 14: to bring Trump and Sheet to the table together.

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Speaker 3: Just thirty seconds left here, But as we're seeing signs

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Speaker 3: of our own economic slow down in the US, particularly

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Speaker 3: the labor market, these comments from President Trump saying he

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Speaker 3: expects a big cut from the Fed this week, what

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Speaker 3: could we be set up for?

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Speaker 14: Yeah, I mean, so you had, you know, President Donald

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Speaker 14: Trump is saying, I think you have to have a

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Speaker 14: big cut. That's a direct quote from Trump telling reporters

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Speaker 14: on Sunday he said, it's perfect for cutting. I think,

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Speaker 14: you know, obviously, the really really important thing to remember

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Speaker 14: here is that, you know, while Trump has obviously long

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Speaker 14: criticized Jerown Powell and the Federal Reserve over their progress

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Speaker 14: on cutting interest rates, the idea of some kind of

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Speaker 14: an outsized cut that's really far from median expectations right

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Speaker 14: now the media and US made from Bloomberg survey of

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Speaker 14: economists is for a twenty five basis point reduction. You know,

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Speaker 14: that's something that we're seeing price into markets. But you know,

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Speaker 14: I think that does just kind of hit at this

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Speaker 14: idea that I think Trump has you know, pretty aggressively

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Speaker 14: made known his feelings on the Federal Reserve, obviously has

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Speaker 14: tried to work to shape the Board of Governors more

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Speaker 14: in his favor. This to me is very classic Trump,

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Speaker 14: just continuing to appine on the Fed in a way

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Speaker 14: that we really have rarely seen with you know, with

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Speaker 14: the presidents before.

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