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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. Karen, we begin with

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Speaker 2: the latest on global trade. President Donald Trump says he

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Speaker 2: will substantially raise the tariff on India's exports to the US.

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Speaker 2: That's over the Asian nations purchases of Russian oil. We

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Speaker 2: get the very latest with Bloomberg Trade Zar Brendan Murray.

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Speaker 3: We've seen a pattern from President Trump that he will

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Speaker 3: escalate things, the rhetoric in particular to try to de

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Speaker 3: escalate things. So he is trying to put pressure on

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Speaker 3: India to make a deal. It's one of the big

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Speaker 3: countries that originally he said was going to be among

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Speaker 3: the first of the agreements that he would sign, but

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Speaker 3: it's not going to happen. And he's trying to put

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Speaker 3: pressure on not just India, but also in the Russia situation.

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Speaker 3: He has his envoy going to Moscow in the day

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Speaker 3: or two to try to end the war in Ukraine.

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Speaker 3: So he's using tariff's this tool of economic policy to

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Speaker 3: drive his foreign policy goals.

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Speaker 4: Bloomberg's Brendan Murray says President Trump did not say by

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Speaker 4: how much you would increase the levy. India says the

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Speaker 4: targeting of its country is unjustified and unreasonable.

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Speaker 2: Meanwhile, Nathan some US allies are headed to Washington to

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Speaker 2: press the Trump administration to reduce tariffs. Switzerland announced yesterday

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Speaker 2: it is ready to make a more attractive offer after

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Speaker 2: being hit with thirty nine percent tariffs on its exports

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Speaker 2: to the US. Begin more from Bloomberg Senior editor Derek Wallbank.

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Speaker 5: Switzerland and the US have a long standing relationship where

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Speaker 5: Switzerland is even a protecting power for the United States

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Speaker 5: and dealing with some countries that the US doesn't have

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Speaker 5: diplomatic relations with, So there's a lot of tight relations there,

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Speaker 5: and Switzerland had been seen as a country that might

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Speaker 5: be on the fast track, that was going to be

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Speaker 5: one of the first ones to get a deal. From

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Speaker 5: all accounts of Swisswold blindsided Bloombergy.

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Speaker 2: Derek Wallbank adds, unlike India, Switzerland is not talking about retaliation.

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Speaker 4: Well now to a developing story in Washington, D C. Karen,

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Speaker 4: the Justice Department has opened a criminal investigation into claims

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Speaker 4: that the Obama administration took part in a conspiracy to

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Speaker 4: link President Trump to Russian election interference in the twenty

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Speaker 4: sixteen campaign. Attorney General Pam Bondi is directing prosecutors to

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Speaker 4: look into declassified documents. The Director of National Intelligence, Tulca

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Speaker 4: Gabbard released last month the.

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Speaker 6: Evidence that we have found and that we have released

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Speaker 6: directly point to President Obama leading the manufacturing of this

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Speaker 6: intelligence assessment. There are multiple pieces of evidence and intelligence

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Speaker 6: that confirm that fact.

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Speaker 1: D n I.

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Speaker 4: Talci Gabbard spoke at a White House news conference in July.

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Speaker 4: She claimed then President Obama misled the public with an

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Speaker 4: intelligence assessment that Russia interfered in the election to help

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Speaker 4: President Trump and improperly included a salacious, unverified document as

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Speaker 4: an annex to that assessment. A spokesman for form where

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Speaker 4: President Obama is responding with a statement saying, quote, these

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Speaker 4: bizarre allegations are ridiculous and a weak attempt at distraction.

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Speaker 2: Well now to a political story in Texas, Nathan that's

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Speaker 2: making waves across the country. Texas Governor Greg Abbott is

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Speaker 2: ordering the arrest of Democratic lawmakers who left the state

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Speaker 2: to block a vote on new midterm congressional maps. Many

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Speaker 2: of those Democrats went to the Chicago area, where they're

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Speaker 2: getting support from members of Congress, including Jasmine Crockett. They

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Speaker 2: are the ones that had to leave their families. They're

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Speaker 2: the ones that have warrants out for their arrest.

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Speaker 6: They're the ones that are.

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Speaker 7: Doing things that, honestly, a lot of other people do

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Speaker 7: not have the audacity to do.

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Speaker 2: Democratic Congress foman Jasmine Crocketts spoke alongside the Texas Democrats

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Speaker 2: in Warrenville, Illinois. The arrest warrants don't carry criminal charges

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Speaker 2: and cannot be enforced across state lines. President Trump has

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Speaker 2: urged Texas Republicans to withdraw their map as a way

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Speaker 2: to retain GOP control of Congress in twenty twenty six.

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Speaker 2: The move has Democratic governors like have a New sum

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Speaker 2: of California and New York's Kathy Hogel talking about retaliating

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Speaker 2: with maps of their own s.

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Speaker 4: Turn back to markets now, Karen. Futures once again are

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Speaker 4: higher after yesterday's rally on Wall Street, and this morning,

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Speaker 4: shares of Palenteer are up five percent. The data software

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Speaker 4: company reported a forty eight percent jump in second quarter

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Speaker 4: revenue to over one billion dollars that top to Wall

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Speaker 4: Street estimates. Palenteer cited the quote astonishing impact of artificial

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Speaker 4: intelligence technology on its business. Mandeep Singh is Global head

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Speaker 4: of Tech Research at Bloomberg Intelligence.

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Speaker 8: They needed numbers like this to really sustain the momentum,

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Speaker 8: so they delivered and the AI commentary is solid, So

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Speaker 8: there is no doubt that the momentum they have seen

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Speaker 8: with the business in terms of both acquiring new customers.

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Speaker 8: They called out over a million dollar deals. It was

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Speaker 8: the highest, so a lot of good metrics.

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Speaker 4: Mandeep sing of Bloomberg Intelligence says. Palenteer is also raising

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Speaker 4: its full year outlook.

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Speaker 2: Well, Nathan, big oil earnings are in focus in Europe

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Speaker 2: and go to London and get the very latest it

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Speaker 2: bloombergs you and parts you and good morning.

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Speaker 9: Karen and Nathan.

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Speaker 10: BP shares gaining today after the oil giant delivered earnings

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Speaker 10: comfortably ahead of expectations, and This City said that yesterday's

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Speaker 10: news of a major oil discovery in Brazil could push

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Speaker 10: investors to revisit the investment case. The firm Ortar says

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Speaker 10: it will see cost cuts beyond current targets. Over in

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Speaker 10: the Middle East, Saudi Aramco has reported a declining profit

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Speaker 10: for a tenth straight quarter as lower oil prices outweigh

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Speaker 10: the impact of higher production. The company's total dividend for

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Speaker 10: the quarter just over twenty one billion dollars, down from

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Speaker 10: thirty one billion dollars a year ago, and from oil

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Speaker 10: to a different type of lubrication. London based drinks Giant

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Speaker 10: Diagio one of the best performing stocks in Europe today.

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Speaker 10: That's after the maker of Johnny Walker Whiskey said it

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Speaker 10: expects to maintain sales go this year and announced more

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Speaker 10: cost cutting measures in London.

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Speaker 9: I'm youw in pots, Bloomberg.

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Speaker 4: Radio cheers you and thanks nin Deal News shares of

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Speaker 4: Star Surgical more than forty five percent. The California based

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Speaker 4: companies being bought by Swiss i care firm Alcon for

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Speaker 4: about one and a half billion dollars, and.

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Speaker 2: Nathan, a senior official, says that US is exploring ways

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Speaker 2: to equip chips with better location tracking capabilities. It's part

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Speaker 2: of the White House's broader plan to curtail smuggling and

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Speaker 2: ensure American technology remains dominant, and that includes working with

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Speaker 2: the industry to monitor the movements of sensitive components. Time

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Speaker 2: now for look at some of the other stories making

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Speaker 2: news in New York and around the world, and for

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Speaker 2: that we're joined by Bloomberg's John Tucker, John Goodmarty.

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Speaker 11: And Good Morning Karen.

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Speaker 8: More.

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Speaker 11: Air quality alerts have been posted in the Northeast because

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Speaker 11: of wildfires that are raging in Canada. Let's get the

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Speaker 11: update in this report from Bloomberg's Charlie Pellett Joshua Wise.

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Speaker 9: A forecast at the US Weather Prediction Center says there's

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Speaker 9: a big chunk of unhealthy air from Wisconsin to Maine,

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Speaker 9: which is expected to stick around at least through the

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Speaker 9: middle of the week. Air Quality alerts have been posted

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Speaker 9: in New York York City as hundreds of fires rage

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Speaker 9: across Canada from the Arctic Circle to southern Ontario. Air

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Speaker 9: Quality in New York became unhealthy for sensitive groups as

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Speaker 9: ground level concentrations of ozone, a byproduct of urban pollution,

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Speaker 9: and wildfire smoke TikTok in New York. Charlie Pellett's Bloomberg Radio.

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Speaker 11: A pair of victims of Jeffrey Epstein blasted the Trump

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Speaker 11: administration and the Justice Department for their attempts to unseal

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Speaker 11: grand jury testimony in their criminal case against the convicted

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Speaker 11: sex offender. They say government officials haven't listened to the

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Speaker 11: voices of people who were harmed by his actions. The

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Speaker 11: two victims, who weren't identified, asked in separate letters filed

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Speaker 11: in a Manhattan court yesterday that any files related to

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Speaker 11: Epstein be reviewed to protect their privacy. Epstein dined in

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Speaker 11: prison in twenty nineteen as he faced sex trafficking charges.

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Speaker 11: Israel's cabinet voted to terminate the country's attorney general, but

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Speaker 11: Israel's Supreme Court quickly issued an injunction to block the move.

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Speaker 11: The attorney general drawn fire from the Dayton Yahoo government

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Speaker 11: for insisting get a binded by a court ruling that

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Speaker 11: ends a decades long exemption for ultra Orthodox Jewish Men

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Speaker 11: from serving in the military. And Drew Pond and two

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Speaker 11: other companies will pay New Jersey up to two billion

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Speaker 11: dollars to settle environmental claim stemming from so called forever chemicals.

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Speaker 11: The state says the deal is the largest such settlement

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Speaker 11: in the state's history. Global News twenty four hours a

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Speaker 11: day and whenever you wanted with Bloomberg News Now, I'm

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Speaker 11: John Tucker. This is Bloomberg.

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Speaker 2: Karen all right, John, thank you time now for the

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Speaker 2: Bloomberg Sports update and here's John stash Hour John.

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Speaker 1: Good morning, Good morning, Karen. The Yankees had a one

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Speaker 1: and six road trip a month ago. This one may

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Speaker 1: end up being even worse. Got swept in Miami, went

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Speaker 1: to Texas, couldn't win even with a three to nothing lead,

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Speaker 1: and ace pitcher Max Breed on the mount even when

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Speaker 1: John Gillis Stanton gave them the lead back with a

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Speaker 1: two on homer. The Yanks took a five to four

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Speaker 1: lead of the ninth inning and Jack Peterson had a

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Speaker 1: pinch sh had homer off Devin Williams and the tenth

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Speaker 1: Aaron Boone intentionally walked Wyatt Langford so Jake Bird could

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Speaker 1: pitch to Josh Young.

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Speaker 8: Nap ball is hit in the air left field, indep

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Speaker 8: they wanted to face Young.

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Speaker 9: Hey Peter, they walk off three run over as Texas.

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Speaker 9: He's the Yankees. Another gut punch loss.

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Speaker 1: On the s Derek Rangers won eight to five.

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Speaker 9: Yanks.

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Speaker 1: Strand did ten, went three for fifteen with the runners

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Speaker 1: in scoring position. It left Boone yet again having to

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Speaker 1: be asked about his underachievt.

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Speaker 7: Gotta get over, I mean, we gotta, we gotta win games.

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Speaker 7: You know, the season's getting shorter. In a hurry, so

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Speaker 7: it's no time for excuses and feeling bad. And I

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Speaker 7: know everyone feels like crap, but we gotta we gotta

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Speaker 7: go take it and haven't been able to do that

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Speaker 7: on this road trip.

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Speaker 1: So the only good news at Aaron judgment turns tonight.

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Speaker 1: But Toronto won fifteen to one at Colorado, and the

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Speaker 1: Red Sox won their sixth in a row, eight five

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Speaker 1: over Kansas City. The Yanks a third place team, they're

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Speaker 1: barely ahead for a wildcard. Mets also lost in tenants.

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Speaker 1: They trailed Cleveland five nothing. Pete Lonzo almost single handedly

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Speaker 1: led them back at three run homer an RBI single

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Speaker 1: on the eighth innings is fourth end of the game,

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Speaker 1: but the Guardians won seven to six. In ten of

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Speaker 1: Brett baty Era was costly and the Phillies beat the

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Speaker 1: Orioles thirteen to three, so they lead now by a

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Speaker 1: game and a half. The NCAA is keeping the basketball

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Speaker 1: tournament at sixty eight teams, at least for next season.

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Speaker 1: There was talk of expanding the field. John Stanshleyware Bloomberg.

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Speaker 2: Sports, Karen Nathan.

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Speaker 12: Coast to Coast on Bloomberg Radio Nationwide on Sirius XM

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Speaker 12: and around the world on Bloomberg dot Com and the

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Speaker 12: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 9: Good morning.

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Speaker 4: I'm Nathan Hager. With two days until higher terriff freights

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Speaker 4: kick in on the world. President Trump is amping pressure

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Speaker 4: on India, threatening substantially higher tariffs in his words, for

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Speaker 4: its purchases.

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Speaker 9: Of Russian oil.

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Speaker 4: Vandana Hari with then the Insights says, this would be

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Speaker 4: a sharp reversal from the start of the war in Ukraine,

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Speaker 4: when the US was encouraging those purchases.

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Speaker 13: They actually needed and wanted India and China to absorb

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Speaker 13: all the Russian crew that was now being shut out

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Speaker 13: of Europe.

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Speaker 4: Vandanah Harry is founder of Founda Insights for More were

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Speaker 4: joined by Bloomberg New Senior Editor Bill Ferries and Bill

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Speaker 4: it is very interesting to see this kind of reversal,

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Speaker 4: particularly when you think about India being among the first

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Speaker 4: to engage in trade negotiations with the US. Now it

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Speaker 4: really looks like the President is singling out India.

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Speaker 12: Good morning, good morning. It really does. I mean, this

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Speaker 12: is a relationship that has just gone on a complete

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Speaker 12: roller coaster. President Trump and a Prime Minister Modi had

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Speaker 12: very close personal relationship. During Trump's first term, they both

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Speaker 12: hosted each other both in India and the US, and

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Speaker 12: it seemed like that was going to continue in this term.

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Speaker 12: In this second term, it's really taken an unpredictable swing here.

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Speaker 12: It's now India is kind of one of the outliers

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Speaker 12: really getting continually hammered by President Trump over its tariff's policy,

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Speaker 12: over its purchases of both Russian oil and Russian weaponry.

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Speaker 12: And it's not clear how what the exit ramp is

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Speaker 12: here the government. India's government has kind of struggled to

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Speaker 12: respond to this. They've been defiant. They are continuing to

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Speaker 12: take the Russian oil. So how this ends is still

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Speaker 12: a little bit unclear.

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Speaker 4: And it's interesting as well when you consider that China

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Speaker 4: buys a lot more Russian oil than India does, and

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Speaker 4: China's on a tariff pause right now.

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Speaker 12: Yeah, it's definitely not being consistently applied. China and India

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Speaker 12: have both been big purchasers not just of Russian oil,

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Speaker 12: but also of Iranian oil, and that is also sanctioned.

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Speaker 12: That hasn't come up so far with the White House,

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Speaker 12: but it is definitely seen to be They seem to

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Speaker 12: be singling out India for special treatment. I guess you

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Speaker 12: could say, So, what are.

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Speaker 4: The biggest sticking points between India and the US right now?

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Speaker 4: You mentioned the Modi government holding firm in its demands.

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Speaker 4: What are those demands right now? Is there any chance

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Speaker 4: that things could be smoothed over by August seventh, two

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Speaker 4: days away?

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Speaker 12: Well, Modi's in a really tight political position now because

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Speaker 12: this is not the first episode or run in he's

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Speaker 12: had with Trump. President Trump took credit for using tariffs

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Speaker 12: to get India and Pakistan to step back from their

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Speaker 12: conflict just a couple months ago. India disputed that that

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Speaker 12: characterization of the conflict. They did not like having President

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Speaker 12: Trump out there claiming credit. So this goes back there's

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Speaker 12: more than trade involved here. When it comes to those

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Speaker 12: trade talks, agriculture has been a big issue. The US

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Speaker 12: would like to have more access. India is really drawing

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Speaker 12: a line on that front.

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Speaker 4: So far, there's the focus on Russian oil purchases. There's

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Speaker 4: also a focus in Washington now and what's been termed

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Speaker 4: Russia Gate, with the Justice Department now opening a criminal

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Speaker 4: investigation into the claims that D and I, Tulca Gabbard

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Speaker 4: made about the Obama administration last month.

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Speaker 12: Yeah, this all goes back to Tulsa Gabbert's claims that

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Speaker 12: she well her claims that the Obama administration politicized and

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Speaker 12: manufactured intelligence to go after what she said was a

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Speaker 12: year's long coup against President Trump. She so she made

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Speaker 12: that she she sent that over to Justice Department. The

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Speaker 12: Justice Department, now under Attorney General Pam Bondi, is asking

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Speaker 12: prosecutors to use a grand jury to investigate those claims.

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Speaker 12: It's not clear really what specific actions they think were

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Speaker 12: against the law here, but they you know, this is

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Speaker 12: Donald Trump has long been upset about how he felt

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Speaker 12: like he was treated in that first term that you know,

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Speaker 12: in the impeachment process that followed, and they're going to

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Speaker 12: continue pushing this for the foreseeable future.

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Speaker 4: I mean, it's got to be very unusual for a

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Speaker 4: current administration to convene a grand jury against a prior

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Speaker 4: administration when past investigations like this have been handled by

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Speaker 4: special councils, isn't it?

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Speaker 12: That's true? And listen, this has been something that's been

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Speaker 12: well investigated both on Capitol Hill and elsewhere, including a

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Speaker 12: big report that came out that was led by now

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Speaker 12: Secretary of State Marco Rubio that concluded that Russia did

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Speaker 12: try to interfere in the twenty sixteen election in Donald

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Speaker 12: Trump's favor. So it has you know, this is not

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Speaker 12: the first time they've looked at it, and all the

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Speaker 12: previous investigations have backed up the original findings, so I'm

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Speaker 12: not sure what new evidence they're going to go to here.

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