WEBVTT - LA Clashes Escalate as Trump Deploys National Guard; US-China Trade Talks 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Lisa Matteo. Here are the

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<v Speaker 3>top stories we're following today.

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<v Speaker 4>Lisa, we begin this morning with a tense situation in

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<v Speaker 4>Los Angeles. Anti deportation protesters have been clashing with law

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<v Speaker 4>enforcement for three days, in some cases committing violence and

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<v Speaker 4>burning cars. LA Police Chief Jim McDonald says the demonstration

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<v Speaker 4>started peacefully, but things have gotten worse.

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

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<v Speaker 5>since the beginning of this incident. What we saw the

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<v Speaker 5>first night was bad. What we've seen subsequent to that

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<v Speaker 5>is getting increasingly worse and more violent.

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<v Speaker 4>Los Angeles Police Chief Jim McDonald spoke after President Trump

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<v Speaker 4>deployed more than two thousand National Guard troops to LA

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<v Speaker 4>over the weekend. He says he would not wait for

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<v Speaker 4>Governor Gavin news to ask for the reinforcements.

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<v Speaker 6>That's a new thing.

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<v Speaker 7>Bit and worse.

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<v Speaker 4>You know what they throw at him, right and when

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<v Speaker 4>that happens, I have a little stacred.

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<v Speaker 2>They say they spit, we hit bud.

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<v Speaker 4>President Trump's move has local leaders saying it's only inflaming

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<v Speaker 4>the situation. Here's Los Angeles Mayor Karen Bass.

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<v Speaker 6>We're working with officials, we're organizing resources.

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<v Speaker 3>But what we're seeing in Los Angeles is chaos that

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<v Speaker 3>is provoked by the administration.

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<v Speaker 4>And California Governor Gavin Newsom says he has formally asked

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<v Speaker 4>the White House to rescind the quote unlawful deployment. He

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<v Speaker 4>also says he plans to sue the administration over the action.

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<v Speaker 3>Nathan Back here in Washington, Republican leaders are trying to

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<v Speaker 3>keep President Trump's tax and spending cut built on track

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<v Speaker 3>after the President's very republic falling out with Elon Musk.

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<v Speaker 3>How Speaker Mike Johnson is making it clear which side

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<v Speaker 3>he's on.

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<v Speaker 6>Elon's number one responsibilities to save his company. The President

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<v Speaker 6>and I have the responsibility to save in the country

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

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<v Speaker 6>and proud of this product and we're going to get

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<v Speaker 6>it delivered.

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<v Speaker 3>How Speaker Mike Johnson spoke on ABC's This Week Has

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<v Speaker 3>Heard Every Sunday on Bloomberg Radio. Senate Republicans appear to

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<v Speaker 3>be shrugging off Elon mus harsh criticism that the bill

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<v Speaker 3>will add to the deficit. The Senate Finance Committee is

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<v Speaker 3>expected to strip out some medicaid and Medicare cuts from

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<v Speaker 3>the House version of the bill that would have added

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<v Speaker 3>to its cost savings.

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<v Speaker 7>Well.

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<v Speaker 4>To turn to the latest developments over global trade, the

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<v Speaker 4>US and China are set to resume negotiations in London

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<v Speaker 4>today following a phone call between leaders President Trump and

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<v Speaker 4>Si Jinping. We get the latest from Bloomberg's Katya Dmitrieva.

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<v Speaker 8>There's certainly a lot more optimism in terms of what

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<v Speaker 8>could come out of these talks, and there was even

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

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<v Speaker 8>are really kind of a resetting, is how I would

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<v Speaker 8>put it, and how perhaps investors and economists are looking at.

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<v Speaker 2>It, because you know, there was sort of a back

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<v Speaker 2>and forth.

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<v Speaker 8>There was some lobbying of accusations, the US imposed some

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<v Speaker 8>more restrictions on China. There was this whole issue of

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<v Speaker 8>Chinese students coming to the US. How these talks are

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<v Speaker 8>sort of a way of resetting that after this call

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<v Speaker 8>happened last week between the two leaders.

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<v Speaker 4>Bloomberg's coat Toe Dimitrievis says the toks aim to resolve

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<v Speaker 4>issues such as rare earth exports, tariffs and restrictions on

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<v Speaker 4>advanced technology and Nathan.

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<v Speaker 3>Those talks between the US and China come as the

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<v Speaker 3>latest data shows Chinese exports to the US saw the

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<v Speaker 3>worst drop in more than five years. Official figures from

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<v Speaker 3>AHOW shipments for America fell by thirty four percent.

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

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<v Speaker 4>at their highest level since February as investors away to

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<v Speaker 4>key bond sale and a pair of inflation reports.

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

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<v Speaker 9>The S and P five hundred in fact closed Friday

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<v Speaker 9>just two point three percent below its February record. Since

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<v Speaker 9>it's April low, the index has climbed twenty percent over

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<v Speaker 9>At Goldblin's Sacks, Sharmbill says investers seem to have thrown

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<v Speaker 9>caution into the wind.

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<v Speaker 3>The risks are still very much that and the market

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<v Speaker 3>seems at the moment prepared to look through those risks.

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<v Speaker 9>MO strategists that City Group meantime at their year in

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<v Speaker 9>s and P five hundred target to sixty three hundred.

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<v Speaker 9>Investors looking for fresh catalysts will have several events this week.

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

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<v Speaker 9>to get a reading on inflation with the consumer pricing

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<v Speaker 9>index along with the producer price data the following day,

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<v Speaker 9>and that will long for Federal Reserve officials a final

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<v Speaker 9>look at inflation ahead of their policy meeting next week.

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<v Speaker 9>On Thursday, the Treasury is set to sell twenty two

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<v Speaker 9>billion dollars of thirty year government bonds that will be

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<v Speaker 9>closely watched as a tested market sentiment as investors push

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<v Speaker 9>back against growing government debt.

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<v Speaker 2>All right, thank you, John Plenty of company news.

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<v Speaker 3>This morning, we have Apple kicking off at annual Worldwide

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<v Speaker 3>Developers Conference in Coopertino.

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<v Speaker 2>Bloomberg's Tom Busby, how's a briview?

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<v Speaker 10>The highlight is expected to be a sweeping redesign of

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<v Speaker 10>the software interfaces for the iPhone, iPad, Mac Apple TV,

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<v Speaker 10>the Apple Watch on CarPlay, along with some tweaks to

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

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<v Speaker 10>shifting from the current number based naming to a year

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<v Speaker 10>based system, so next year's update to the current iOS

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<v Speaker 10>eighteen will be iOS twenty six. There is little chance, though,

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<v Speaker 10>of any significant updates to its long delayed AI product

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<v Speaker 10>Apple Intelligence. The conference runs through this Friday, June thirteenth.

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<v Speaker 4>All right, Tom, thanks, and Bloomberg News has learned that

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<v Speaker 4>Meta Platforms is in talks to make a multi billion

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<v Speaker 4>dollar investment in AI startup Scale AI, valued at over

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<v Speaker 4>ten billion dollars. The funding would rank among the largest

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<v Speaker 4>ever for a private company. And we get more from

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<v Speaker 4>Bloomberg Technology reporter Sarah Fryar.

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<v Speaker 1>Scale has become really essential in the generative AI boom,

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<v Speaker 1>in part because what they specialize in is data quality.

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<v Speaker 1>They have a mixture of human and AI fixing of data,

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<v Speaker 1>where they're labeling images, they're categorizing things, they're improving models

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<v Speaker 1>through this accuracy and data accuracy is a really important

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<v Speaker 1>when you're trying to build the next big Elella.

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<v Speaker 4>Bloomberg Sarah Fryar says Scale AI generated about eight hundred

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<v Speaker 4>and seventy million dollars in revenue in twenty twenty four

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<v Speaker 4>and expects two billion this year.

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<v Speaker 3>All right, it's time now for a look at the

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<v Speaker 3>other stories making news in New York and around the

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

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<v Speaker 7>Morning, Lisa. A new Trump administration travel band takes effects

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<v Speaker 7>starting today, banning citizens of twelve countries from visiting the US.

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<v Speaker 7>Travelers from seven others would face restrictions. Former Department of

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<v Speaker 7>Homeland Security official Elizabeth Newman expects legal challenges.

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<v Speaker 11>There will be many, many challenges some of the new

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<v Speaker 11>countries that have been added. It would be wise of

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<v Speaker 11>the administration to disclose some of the evidence that they

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<v Speaker 11>have to demonstrate that they have these deficiencies.

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<v Speaker 7>Former Homeland Security official Elizabeth Newman tails ABC. The band

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<v Speaker 7>includes Afghanistan, Mean Mar, Haiti, Iron, Libya, and Yemen. Israeli

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<v Speaker 7>forress have stopped a Guzza bound aid boat and detained

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<v Speaker 7>Greta Tunberg and other activists on board. The Freedom Flotilla Coalition,

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<v Speaker 7>which had organized a voyage to deliver humanitarian aid to

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<v Speaker 7>the Gaza Strip and protest Israel's blockade and wartime conduct,

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<v Speaker 7>said the activists had been kidnapped by Israeli forces. Activists

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<v Speaker 7>spoke as IDF boarded the boat.

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<v Speaker 12>Everyone here is said, no one is wounded right now.

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<v Speaker 12>It's very important that no one is wounded until the

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<v Speaker 12>time they ordered our boat.

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<v Speaker 13>Okay.

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<v Speaker 7>Israel said the passengers would return to their home countries

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<v Speaker 7>and the aid would be delivered to Gaza through established channels.

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<v Speaker 7>There is tropical storm activity off Mexico's Pacific coast. Bloomberg

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<v Speaker 7>Media Religious Craig Allen has the latest.

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<v Speaker 14>Barbara has sixty five mile per hour winds and increasing,

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<v Speaker 14>but is moving away west northwest at about ten miles

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<v Speaker 14>per hour. So the Mexico coastline may wind up with

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<v Speaker 14>a flooding two to four inches of rain and rough

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<v Speaker 14>surf and swells right along the coastline in the vacation

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<v Speaker 14>areas in the mountainous terrain.

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<v Speaker 7>Bloomberg Media Religions Craig Allen Globe twenty four hours a

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<v Speaker 7>day and whenever you want it with Bloomberg News Now.

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<v Speaker 7>I'm Michael Barr. This is Bloomberg Lisa.

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<v Speaker 2>Thank you. Michael. Coast to coast on Bloomberg Radio, nationwide

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<v Speaker 2>on Sirius XM, and around the world on Bloomberg dot

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<v Speaker 2>Com and the Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 7>Good morning.

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<v Speaker 2>I'm Nathan Hager.

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<v Speaker 4>Three days of protest have gotten more intents over immigration

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<v Speaker 4>raids in Los Angeles. Local leaders are concerned deploying the

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<v Speaker 4>National Guard is further inflaming the situation, but President Trump says,

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<v Speaker 4>LA can expect even more of a show of force

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<v Speaker 4>if the violence continues.

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<v Speaker 2>We're gonna have troops everywhere.

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<v Speaker 8>We're not going to let this happen to our country.

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<v Speaker 3>We're not going to let our country be torn apart

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<v Speaker 3>like it was an to fight and is at open.

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<v Speaker 4>President Trump spoke with reporters on his way to Camp

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

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<v Speaker 4>senior editor Bill Ferries just to get an update on

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<v Speaker 4>what's been happening over the last just a few days

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<v Speaker 4>in Los Angeles. Bill, it does seem like the tensions

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<v Speaker 4>have gotten quite a bit worse in just the last

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<v Speaker 4>twenty four hours.

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

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<v Speaker 12>these anti deportation protesters. We've seen these clashes taking place.

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<v Speaker 12>They have tended to be more peaceful during the day

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<v Speaker 12>and then later in the day getting a little bit

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<v Speaker 12>more violent. There were a number of cars waymo cars

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<v Speaker 12>set on fire as well. And really the escalation of

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<v Speaker 12>the rhetoric between both sides here, between the Trump administration

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<v Speaker 12>and California has really helped fan some of the concerns

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<v Speaker 12>that the violence will continue, or that it might even

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<v Speaker 12>spread to other cities in the state or other states.

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<v Speaker 12>So far, that hasn't really happened so far, thankfully. But

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<v Speaker 12>it is hard to see from the last seventy two

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<v Speaker 12>hours how this de escalates in the coming days.

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<v Speaker 4>And it's also an escalation really between President Trump and

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<v Speaker 4>local leaders as well. Just from the fact that the

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<v Speaker 4>National Guard was deployed over the head of Governor Newsome,

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<v Speaker 4>this kind of takes us into uncharted territory.

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<v Speaker 12>It's almost unprecedented to see this kind of deployment. The

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<v Speaker 12>White House saying that it authorized the deployment of two

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<v Speaker 12>thousand National Guard troops. I think so far we know

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

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<v Speaker 12>of course, it's the governor who has control over National

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<v Speaker 12>Guard forces or asked the White House to deploy them.

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<v Speaker 12>I think you have to go back to the civil

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<v Speaker 12>rights era in the sixties to see a federalized National

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<v Speaker 12>Guard force, you know, working in opposition to a governor.

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<v Speaker 12>So how that plays out on the coming days, we'll

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<v Speaker 12>have to see the California side that Mayor Karen Bass

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<v Speaker 12>and Governor Newsom have said that that deployment of the

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<v Speaker 12>National Guard is what is actually escalating tensions on the

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<v Speaker 12>street right now, I don't think those Guard troops are

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<v Speaker 12>going to be going away or back to their home.

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<v Speaker 12>So Monday morning, as that begins in California, we're gonna

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<v Speaker 12>have to see how this plays out again.

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<v Speaker 4>And we've also heard Defense Secretary heg Seth and President

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<v Speaker 4>Trump support the idea of bringing in Marines from Camp

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<v Speaker 4>Pendleton if things continue to escalate, how seriously to take

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<v Speaker 4>that potential threat, you know, that would take.

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<v Speaker 12>It to another level as well. I mean, of course,

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<v Speaker 12>there is this law from the late eighteen hundreds of

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<v Speaker 12>Possecomatatis law that says you really you cannot deploy active

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<v Speaker 12>duty US forces on US soil in that way, So

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<v Speaker 12>it would be an unprecedented move if the Trump administration

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

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<v Speaker 12>seen that full two thousand troops that were authorized by

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<v Speaker 12>the White House out there. I would expect that would

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<v Speaker 12>be the next step if this does continue to escalate.

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<v Speaker 4>And while we see this fight now between President Trump

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<v Speaker 4>and local leaders in California, it seems as though Republicans

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<v Speaker 4>are trying to get past the fight between President Trump

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<v Speaker 4>and Elon Musk over the big beautiful bill. Where does

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<v Speaker 4>that stand in our last minute bill?

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<v Speaker 12>Yeah, the bill is I listen. The Senate Finance Committee

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<v Speaker 12>is expected to put out their draft of that legislation

0:11:57.240 --> 0:12:00.480
<v Speaker 12>anytime early this week, most likely. You know, we know

0:12:00.520 --> 0:12:02.760
<v Speaker 12>what the sticking points are going to be. The salt

0:12:02.800 --> 0:12:05.040
<v Speaker 12>of state local tax deduction is going to be a

0:12:05.080 --> 0:12:07.280
<v Speaker 12>big part of that. That puts a three hundred and

0:12:07.280 --> 0:12:11.199
<v Speaker 12>fifty billion dollars hale in the budget that the Senate

0:12:11.240 --> 0:12:14.520
<v Speaker 12>Republicans may be looking to tweak. It's also those changes

0:12:14.559 --> 0:12:18.280
<v Speaker 12>to Medicaid that some Republicans have been speaking out against

0:12:18.320 --> 0:12:21.320
<v Speaker 12>ever since that legislation passed the House. It's not going

0:12:21.360 --> 0:12:23.640
<v Speaker 12>to be the same bill as the House passed. That

0:12:23.720 --> 0:12:25.360
<v Speaker 12>means it will have to go back to the House.

0:12:25.360 --> 0:12:27.439
<v Speaker 12>It's going to be a lot of very tough negotiating

0:12:27.640 --> 0:12:29.680
<v Speaker 12>to get to the President's desk by July fourth.

0:12:29.880 --> 0:12:32.880
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