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

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Lisa Matteo. Here are the

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Speaker 3: top stories we're following today.

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Speaker 4: Lisa, we begin this morning with a tense situation in

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Speaker 4: Los Angeles. Anti deportation protesters have been clashing with law

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Speaker 4: enforcement for three days, in some cases committing violence and

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Speaker 4: burning cars. LA Police Chief Jim McDonald says the demonstration

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Speaker 4: started peacefully, but things have gotten worse.

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Speaker 5: This violence that I've seen is disgusting. It's escalated now

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Speaker 5: since the beginning of this incident. What we saw the

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Speaker 5: first night was bad. What we've seen subsequent to that

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Speaker 5: is getting increasingly worse and more violent.

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Speaker 4: Los Angeles Police Chief Jim McDonald spoke after President Trump

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Speaker 4: deployed more than two thousand National Guard troops to LA

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Speaker 4: over the weekend. He says he would not wait for

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Speaker 4: Governor Gavin news to ask for the reinforcements.

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Speaker 6: That's a new thing.

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Speaker 7: Bit and worse.

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Speaker 4: You know what they throw at him, right and when

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Speaker 4: that happens, I have a little stacred.

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Speaker 2: They say they spit, we hit bud.

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Speaker 4: President Trump's move has local leaders saying it's only inflaming

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Speaker 4: the situation. Here's Los Angeles Mayor Karen Bass.

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Speaker 6: We're working with officials, we're organizing resources.

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Speaker 3: But what we're seeing in Los Angeles is chaos that

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Speaker 3: is provoked by the administration.

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Speaker 4: And California Governor Gavin Newsom says he has formally asked

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Speaker 4: the White House to rescind the quote unlawful deployment. He

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Speaker 4: also says he plans to sue the administration over the action.

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Speaker 3: Nathan Back here in Washington, Republican leaders are trying to

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Speaker 3: keep President Trump's tax and spending cut built on track

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Speaker 3: after the President's very republic falling out with Elon Musk.

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Speaker 3: How Speaker Mike Johnson is making it clear which side

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Speaker 3: he's on.

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Speaker 6: Elon's number one responsibilities to save his company. The President

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Speaker 6: and I have the responsibility to save in the country

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Speaker 6: and that's what this bill does. And we're really excited

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Speaker 6: and proud of this product and we're going to get

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Speaker 6: it delivered.

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Speaker 3: How Speaker Mike Johnson spoke on ABC's This Week Has

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Speaker 3: Heard Every Sunday on Bloomberg Radio. Senate Republicans appear to

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Speaker 3: be shrugging off Elon mus harsh criticism that the bill

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Speaker 3: will add to the deficit. The Senate Finance Committee is

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Speaker 3: expected to strip out some medicaid and Medicare cuts from

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Speaker 3: the House version of the bill that would have added

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Speaker 3: to its cost savings.

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Speaker 7: Well.

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Speaker 4: To turn to the latest developments over global trade, the

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Speaker 4: US and China are set to resume negotiations in London

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Speaker 4: today following a phone call between leaders President Trump and

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Speaker 4: Si Jinping. We get the latest from Bloomberg's Katya Dmitrieva.

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Speaker 8: There's certainly a lot more optimism in terms of what

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Speaker 8: could come out of these talks, and there was even

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Speaker 8: last year, and that's before the call happened. These talks

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Speaker 8: are really kind of a resetting, is how I would

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Speaker 8: put it, and how perhaps investors and economists are looking at.

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Speaker 2: It, because you know, there was sort of a back

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Speaker 2: and forth.

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Speaker 8: There was some lobbying of accusations, the US imposed some

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Speaker 8: more restrictions on China. There was this whole issue of

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Speaker 8: Chinese students coming to the US. How these talks are

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Speaker 8: sort of a way of resetting that after this call

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Speaker 8: happened last week between the two leaders.

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Speaker 4: Bloomberg's coat Toe Dimitrievis says the toks aim to resolve

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Speaker 4: issues such as rare earth exports, tariffs and restrictions on

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Speaker 4: advanced technology and Nathan.

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Speaker 3: Those talks between the US and China come as the

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Speaker 3: latest data shows Chinese exports to the US saw the

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Speaker 3: worst drop in more than five years. Official figures from

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Speaker 3: AHOW shipments for America fell by thirty four percent.

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Speaker 4: All right, let's turn to markets now. Lisa's stocks are

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Speaker 4: at their highest level since February as investors away to

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Speaker 4: key bond sale and a pair of inflation reports.

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Speaker 2: Let's bring in Bloomberg, John Tucker for Mare, John and Nathan.

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Speaker 9: The S and P five hundred in fact closed Friday

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Speaker 9: just two point three percent below its February record. Since

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Speaker 9: it's April low, the index has climbed twenty percent over

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Speaker 9: At Goldblin's Sacks, Sharmbill says investers seem to have thrown

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Speaker 9: caution into the wind.

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Speaker 3: The risks are still very much that and the market

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Speaker 3: seems at the moment prepared to look through those risks.

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Speaker 9: MO strategists that City Group meantime at their year in

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Speaker 9: s and P five hundred target to sixty three hundred.

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Speaker 9: Investors looking for fresh catalysts will have several events this week.

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Speaker 9: There's those US China trade talks in London Wednesday. We're

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Speaker 9: to get a reading on inflation with the consumer pricing

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Speaker 9: index along with the producer price data the following day,

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Speaker 9: and that will long for Federal Reserve officials a final

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Speaker 9: look at inflation ahead of their policy meeting next week.

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Speaker 9: On Thursday, the Treasury is set to sell twenty two

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Speaker 9: billion dollars of thirty year government bonds that will be

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Speaker 9: closely watched as a tested market sentiment as investors push

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Speaker 9: back against growing government debt.

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Speaker 2: All right, thank you, John Plenty of company news.

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Speaker 3: This morning, we have Apple kicking off at annual Worldwide

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Speaker 3: Developers Conference in Coopertino.

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Speaker 2: Bloomberg's Tom Busby, how's a briview?

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Speaker 10: The highlight is expected to be a sweeping redesign of

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Speaker 10: the software interfaces for the iPhone, iPad, Mac Apple TV,

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Speaker 10: the Apple Watch on CarPlay, along with some tweaks to

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Speaker 10: the Vision Pro mixed reality headset. It's also rebranding at Software,

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Speaker 10: shifting from the current number based naming to a year

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Speaker 10: based system, so next year's update to the current iOS

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Speaker 10: eighteen will be iOS twenty six. There is little chance, though,

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Speaker 10: of any significant updates to its long delayed AI product

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Speaker 10: Apple Intelligence. The conference runs through this Friday, June thirteenth.

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Speaker 4: All right, Tom, thanks, and Bloomberg News has learned that

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Speaker 4: Meta Platforms is in talks to make a multi billion

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Speaker 4: dollar investment in AI startup Scale AI, valued at over

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Speaker 4: ten billion dollars. The funding would rank among the largest

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Speaker 4: ever for a private company. And we get more from

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Speaker 4: Bloomberg Technology reporter Sarah Fryar.

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Speaker 1: Scale has become really essential in the generative AI boom,

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Speaker 1: in part because what they specialize in is data quality.

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Speaker 1: They have a mixture of human and AI fixing of data,

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Speaker 1: where they're labeling images, they're categorizing things, they're improving models

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Speaker 1: through this accuracy and data accuracy is a really important

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Speaker 1: when you're trying to build the next big Elella.

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Speaker 4: Bloomberg Sarah Fryar says Scale AI generated about eight hundred

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Speaker 4: and seventy million dollars in revenue in twenty twenty four

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Speaker 4: and expects two billion this year.

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Speaker 3: All right, it's time now for a look at the

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Speaker 3: other stories making news in New York and around the

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Speaker 3: world that We're joined by Bloomberg's Michael bar Good morning, Michael, Good.

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Speaker 7: Morning, Lisa. A new Trump administration travel band takes effects

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Speaker 7: starting today, banning citizens of twelve countries from visiting the US.

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Speaker 7: Travelers from seven others would face restrictions. Former Department of

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Speaker 7: Homeland Security official Elizabeth Newman expects legal challenges.

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Speaker 11: There will be many, many challenges some of the new

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Speaker 11: countries that have been added. It would be wise of

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Speaker 11: the administration to disclose some of the evidence that they

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Speaker 11: have to demonstrate that they have these deficiencies.

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Speaker 7: Former Homeland Security official Elizabeth Newman tails ABC. The band

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Speaker 7: includes Afghanistan, Mean Mar, Haiti, Iron, Libya, and Yemen. Israeli

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Speaker 7: forress have stopped a Guzza bound aid boat and detained

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Speaker 7: Greta Tunberg and other activists on board. The Freedom Flotilla Coalition,

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Speaker 7: which had organized a voyage to deliver humanitarian aid to

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Speaker 7: the Gaza Strip and protest Israel's blockade and wartime conduct,

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Speaker 7: said the activists had been kidnapped by Israeli forces. Activists

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Speaker 7: spoke as IDF boarded the boat.

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Speaker 12: Everyone here is said, no one is wounded right now.

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Speaker 12: It's very important that no one is wounded until the

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Speaker 12: time they ordered our boat.

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Speaker 13: Okay.

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Speaker 7: Israel said the passengers would return to their home countries

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Speaker 7: and the aid would be delivered to Gaza through established channels.

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Speaker 7: There is tropical storm activity off Mexico's Pacific coast. Bloomberg

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Speaker 7: Media Religious Craig Allen has the latest.

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Speaker 14: Barbara has sixty five mile per hour winds and increasing,

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Speaker 14: but is moving away west northwest at about ten miles

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Speaker 14: per hour. So the Mexico coastline may wind up with

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Speaker 14: a flooding two to four inches of rain and rough

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Speaker 14: surf and swells right along the coastline in the vacation

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Speaker 14: areas in the mountainous terrain.

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Speaker 7: Bloomberg Media Religions Craig Allen Globe twenty four hours a

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Speaker 7: day and whenever you want it with Bloomberg News Now.

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Speaker 7: I'm Michael Barr. This is Bloomberg Lisa.

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Speaker 2: Thank you. Michael. Coast to coast on Bloomberg Radio, nationwide

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Speaker 2: on Sirius XM, and around the world on Bloomberg dot

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Speaker 2: Com and the Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 7: Good morning.

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Speaker 2: I'm Nathan Hager.

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Speaker 4: Three days of protest have gotten more intents over immigration

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Speaker 4: raids in Los Angeles. Local leaders are concerned deploying the

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Speaker 4: National Guard is further inflaming the situation, but President Trump says,

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Speaker 4: LA can expect even more of a show of force

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Speaker 4: if the violence continues.

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Speaker 2: We're gonna have troops everywhere.

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Speaker 8: We're not going to let this happen to our country.

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Speaker 3: We're not going to let our country be torn apart

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Speaker 3: like it was an to fight and is at open.

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Speaker 4: President Trump spoke with reporters on his way to Camp

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Speaker 4: David last night. This morning, we're joined by Bloomberg News

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Speaker 4: senior editor Bill Ferries just to get an update on

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Speaker 4: what's been happening over the last just a few days

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Speaker 4: in Los Angeles. Bill, it does seem like the tensions

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Speaker 4: have gotten quite a bit worse in just the last

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Speaker 4: twenty four hours.

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Speaker 12: Yeah, it does. We've had the third day now of

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Speaker 12: these anti deportation protesters. We've seen these clashes taking place.

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Speaker 12: They have tended to be more peaceful during the day

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Speaker 12: and then later in the day getting a little bit

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Speaker 12: more violent. There were a number of cars waymo cars

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Speaker 12: set on fire as well. And really the escalation of

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Speaker 12: the rhetoric between both sides here, between the Trump administration

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Speaker 12: and California has really helped fan some of the concerns

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Speaker 12: that the violence will continue, or that it might even

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Speaker 12: spread to other cities in the state or other states.

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Speaker 12: So far, that hasn't really happened so far, thankfully. But

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Speaker 12: it is hard to see from the last seventy two

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Speaker 12: hours how this de escalates in the coming days.

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Speaker 4: And it's also an escalation really between President Trump and

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Speaker 4: local leaders as well. Just from the fact that the

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Speaker 4: National Guard was deployed over the head of Governor Newsome,

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Speaker 4: this kind of takes us into uncharted territory.

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Speaker 12: It's almost unprecedented to see this kind of deployment. The

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Speaker 12: White House saying that it authorized the deployment of two

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Speaker 12: thousand National Guard troops. I think so far we know

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Speaker 12: that at least three hundred have been sent into the streets. Usually,

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Speaker 12: of course, it's the governor who has control over National

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Speaker 12: Guard forces or asked the White House to deploy them.

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Speaker 12: I think you have to go back to the civil

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Speaker 12: rights era in the sixties to see a federalized National

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Speaker 12: Guard force, you know, working in opposition to a governor.

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Speaker 12: So how that plays out on the coming days, we'll

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Speaker 12: have to see the California side that Mayor Karen Bass

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Speaker 12: and Governor Newsom have said that that deployment of the

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Speaker 12: National Guard is what is actually escalating tensions on the

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Speaker 12: street right now, I don't think those Guard troops are

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Speaker 12: going to be going away or back to their home.

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Speaker 12: So Monday morning, as that begins in California, we're gonna

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Speaker 12: have to see how this plays out again.

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Speaker 4: And we've also heard Defense Secretary heg Seth and President

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Speaker 4: Trump support the idea of bringing in Marines from Camp

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Speaker 4: Pendleton if things continue to escalate, how seriously to take

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Speaker 4: that potential threat, you know, that would take.

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Speaker 12: It to another level as well. I mean, of course,

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Speaker 12: there is this law from the late eighteen hundreds of

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Speaker 12: Possecomatatis law that says you really you cannot deploy active

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Speaker 12: duty US forces on US soil in that way, So

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Speaker 12: it would be an unprecedented move if the Trump administration

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Speaker 12: tried to go in that direction. So far, we haven't

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Speaker 12: seen that full two thousand troops that were authorized by

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Speaker 12: the White House out there. I would expect that would

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Speaker 12: be the next step if this does continue to escalate.

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Speaker 4: And while we see this fight now between President Trump

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Speaker 4: and local leaders in California, it seems as though Republicans

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Speaker 4: are trying to get past the fight between President Trump

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Speaker 4: and Elon Musk over the big beautiful bill. Where does

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Speaker 4: that stand in our last minute bill?

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Speaker 12: Yeah, the bill is I listen. The Senate Finance Committee

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Speaker 12: is expected to put out their draft of that legislation

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Speaker 12: anytime early this week, most likely. You know, we know

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Speaker 12: what the sticking points are going to be. The salt

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Speaker 12: of state local tax deduction is going to be a

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Speaker 12: big part of that. That puts a three hundred and

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Speaker 12: fifty billion dollars hale in the budget that the Senate

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Speaker 12: Republicans may be looking to tweak. It's also those changes

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Speaker 12: to Medicaid that some Republicans have been speaking out against

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Speaker 12: ever since that legislation passed the House. It's not going

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Speaker 12: to be the same bill as the House passed. That

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Speaker 12: means it will have to go back to the House.

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Speaker 12: It's going to be a lot of very tough negotiating

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Speaker 12: to get to the President's desk by July fourth.

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Speaker 2: Lisa Matteo.

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