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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: Lizzie Burden.

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Speaker 2: And I'm Stephen Carroll.

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Speaker 1: US President Donald Trump is pushing ahead with his global

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Speaker 1: trade offensive, confirming a ten percent minimum global tariff and

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Speaker 1: higher rates for dozens of countries. The levees, many of

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Speaker 1: which were first announced in April, will come into effect

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Speaker 1: in a week. From a US trade negotiator, Stephen Olsen says,

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Speaker 1: it is a major moment.

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Speaker 3: What President Trump has done here is basically to have

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Speaker 3: fundamentally rewritten rules by which we've been conducting global trade

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Speaker 3: since the end of the Second World War. Instead of

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Speaker 3: a system in which countries are playing the game of

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Speaker 3: trade by a mutually a greed set of rules and

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Speaker 3: working constructively to reduce tariff and non tariff barriers, the

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Speaker 3: rule book, for all intents and purposes, has been thrown

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Speaker 3: out the window by the United States.

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Speaker 1: Also added that he's still waiting to see more details

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Speaker 1: as many countries are still trying to sign deals and

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Speaker 1: negotiate After the US president's deadline, which passed without the

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Speaker 1: fanfare of Trump's April tariff rollout, Imports from about forty

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Speaker 1: countries will face a fifteen percent rate and roughly a

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Speaker 1: dozen economies products will be hit with even higher duties.

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Speaker 1: Switzerland is one of the worst affected, with a thirty

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Speaker 1: nine percent levy. The Swiss government has expressed great regret

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Speaker 1: at the announcement, saying that the new tariff rate differs

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Speaker 1: significantly from a draft framework that the countries had been negotiating.

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Speaker 1: Taiwan has described its twenty percent duty as temporary and

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Speaker 1: says it expects a reduction after talks.

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Speaker 2: The tariff rollout has also underlined how the US president

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Speaker 2: is using trades to pressure countries politically. Some of the

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Speaker 2: major shifts from April's rates are countries facing Donald Trump's

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Speaker 2: aire injury. India has been hit with a twenty five

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Speaker 2: percent tariff after at tax over its membership of the

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Speaker 2: Bricks Group and before the midnight deadline. The US President

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Speaker 2: was asked about his social media post saying Canada backing

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Speaker 2: statehood for Palestine would make it very hard for them

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Speaker 2: to get a US trade deal.

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Speaker 1: That's your opinion.

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Speaker 4: I didn't like that.

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Speaker 3: Not a deal breaker, but we haven't spoken to Canada.

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Speaker 3: Today He's called and we'll we'll see.

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Speaker 2: President Trump later announcedate thirty five percent tariff for Canadian

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Speaker 2: imports not covered by the USMCA trade agreement.

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Speaker 1: Bloomberg Economics forecasts that the new trade regime will cut

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Speaker 1: USGDP by one point eight percent and lift core prices

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Speaker 1: by one point one percent over a period of two

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Speaker 1: to three years. They say that the full details of

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Speaker 1: the new levees will increase the average US tariff rate

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Speaker 1: from two point three percent last year to fifteen point

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Speaker 1: two percent when the new measures take effect next week.

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Speaker 1: A global stock sell off extended to a sixth day

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Speaker 1: on the news has growing concerned about economic growth as

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Speaker 1: starting to overshadow AI driven optimism.

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Speaker 2: Traders are bracing for an influx of copper into warehouses

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Speaker 2: for the London Metal Exchange. President Trump's decision not to

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Speaker 2: tariff the main traded form of the metal is sparked

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Speaker 2: a race for LM storage space. It comes after traders

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Speaker 2: had for months shipped copper to the US and built

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Speaker 2: up stockpiles to capture sharply higher prices.

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Speaker 1: A gauge of US inflation increased in June at one

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Speaker 1: of the fastest paces of the year, while consumer spending

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Speaker 1: barely rose. The core Personal Consumption Expenditure Index PCE rose

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Speaker 1: zero point three percent from May and two point eight

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Speaker 1: percent on an annual basis. Meanwhile, in inflation adjusted consumer

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Speaker 1: spending just edged up last month after declining in May.

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Speaker 1: Lail Brainard, who's former director of the National Economic Council,

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Speaker 1: says the figures are concerning.

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Speaker 4: We've already seen substantial slowing in the second quarter in

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Speaker 4: terms of underlying private domestic final demand. Consumers look like

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Speaker 4: they are feeling a little bit cautious. We can see

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Speaker 4: that even in today's personal consumption expenditures data, which really

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Speaker 4: was very modest growth. So yes, I do believe there's

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Speaker 4: some risk.

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Speaker 1: Mail brain On speaking that the US jobs dataughout later

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Speaker 1: today could be pivotal, with many watching for signs of

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Speaker 1: weakness in the labor market.

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Speaker 2: Apple reporters it's fastest quarterly revenue growth in more than

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Speaker 2: three years, surpassing Wall Street estimates after demand picked up

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Speaker 2: for its iPhone and products in China. The tech giant

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Speaker 2: reported sales up by nine point six percent to ninety

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Speaker 2: four billion dollars in its third quarter, as CEO Tim

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Speaker 2: Cook hailed an acceleration of growth around the world. Our

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Speaker 2: chief technology correspondent Mark German says that while US tariffs

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Speaker 2: have increased Apple's business costs. They've also had a positive

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Speaker 2: effect on sales.

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Speaker 5: Revenue growth of over one thousand percent in some stores

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Speaker 5: because people were flooding the stores to buy phones because

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Speaker 5: they thought the prices were going to shoot up. There

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Speaker 5: were these completely baseless headlines on social media saying the

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Speaker 5: iPhone's going to cost three thousand dollars, a US phone's

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Speaker 5: going to cost one hundred thousand dollars. All these complete

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Speaker 5: nonsense headlines.

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Speaker 2: That helped Apple out a lot.

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Speaker 5: We'll see what this means in the quarters to come,

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Speaker 5: but at least for this June quarter, the proof is

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Speaker 5: in the pudding.

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Speaker 2: Bloomberg's Mark German was speaking as Apple told analysts it's

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Speaker 2: open to further acquisitions and is looking to increase invent

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Speaker 2: Smint and AI and pre market trading on Wall Street,

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Speaker 2: Apple shares are up by two percent.

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Speaker 1: And the UK's business leaders are feeling pessimistic about the economy.

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Speaker 1: In fact, new data shows that current sentiment has fallen

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Speaker 1: to even lower levels than during the pandemic. Bloomberg's t

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Speaker 1: were at a bio has more.

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Speaker 6: During the coronavirus pandemic, the country shut down, experiencing multiple

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Speaker 6: periods of complete lockdown, but still British executives felt more

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Speaker 6: confident about the UK's economic prospects than they do now.

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Speaker 6: A new survey from the Institute of Directors showed their

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Speaker 6: measure of economic confidence plunged to minus seventy two in July.

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Speaker 6: That's worse and the minus sixty nine recorded in April

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Speaker 6: twenty twenty after the UK first went into COVID lockdown.

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Speaker 6: That survey may concern Prime Minister Keir Starmer, whose Labour

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Speaker 6: government has put economic growth at the heart of its mission.

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Speaker 6: In London, t were at a bio Bloomberg Radio.

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Speaker 2: Those are your top stories on the markets. The stock

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Speaker 2: six hundred down one point one percent, the Kaca one

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Speaker 2: and a half percent lower, the Dack's down by one

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Speaker 2: and a half percent as well. The foot Tea one

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Speaker 2: hundred is down seven tenths of per one percent. Looking

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Speaker 2: at the currency markets, we're seeing the Swiss franc four

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Speaker 2: tenths weaker against the Euro and the dollar this morning.

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Speaker 2: And just in individual shares. With watching pre market on

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Speaker 2: Wall Street, Amazon down over seven percent, SMP minifeatures are

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Speaker 2: eight tents lower, nasdak features down by nine tens of

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Speaker 2: one percent.

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Speaker 1: That's news when you want it with Bloomberg News Now.

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Speaker 1: I'm Lizzie Burden, and I'm

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Speaker 2: Stephen Carroll, and this is Bloomberg