1
00:00:02,560 --> 00:00:07,040
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

2
00:00:10,039 --> 00:00:13,200
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

3
00:00:13,240 --> 00:00:14,960
Speaker 2: are the stories we're following today.

4
00:00:15,120 --> 00:00:17,759
Speaker 3: Can we begin with the devastating flooding over the weekend

5
00:00:17,800 --> 00:00:21,239
Speaker 3: in Kerrville, Texas. At least eighty two people are dead

6
00:00:21,360 --> 00:00:25,720
Speaker 3: dozens more missing following flash floods in the region. Officials

7
00:00:25,720 --> 00:00:28,840
Speaker 3: are warning the casualty count we'll climb with more rain

8
00:00:28,920 --> 00:00:32,600
Speaker 3: in the forecast. Bloomberg meteorologist Craig Allen joins us with

9
00:00:32,720 --> 00:00:35,320
Speaker 3: the latest. Good morning, Craig, Good morning, Nathan.

10
00:00:35,440 --> 00:00:39,120
Speaker 4: You know, this is a situation here that it really

11
00:00:39,200 --> 00:00:43,040
Speaker 4: takes time to get a grasp of just how dire

12
00:00:43,200 --> 00:00:47,560
Speaker 4: the situation really is. With this extreme flooding. You've had

13
00:00:47,760 --> 00:00:52,240
Speaker 4: four months worth of rain in just about four to

14
00:00:52,360 --> 00:00:55,120
Speaker 4: five hours worth of time when it first began back

15
00:00:55,200 --> 00:00:58,840
Speaker 4: on July fourth, and now you're dealing with additional showers

16
00:00:58,840 --> 00:01:03,840
Speaker 4: and thunderstorms. Thing as long lasting. Nothing is widespread, but

17
00:01:04,160 --> 00:01:07,959
Speaker 4: anything at this point will exacerbate the problems that they

18
00:01:08,000 --> 00:01:11,600
Speaker 4: already have down there. To think about a wall of

19
00:01:11,720 --> 00:01:15,520
Speaker 4: water two stories high coming in at you, with these

20
00:01:15,640 --> 00:01:18,240
Speaker 4: rivers picking up all that rainfall in such a short

21
00:01:18,240 --> 00:01:22,959
Speaker 4: amount of time. It's hard to really imagine the situation

22
00:01:23,120 --> 00:01:26,200
Speaker 4: that is going on down there. The National Weather Service

23
00:01:26,319 --> 00:01:30,440
Speaker 4: continues with floodwatches that are in effect, and these floodwatches

24
00:01:30,560 --> 00:01:35,040
Speaker 4: include cities like San Angelo and round Rock and Colleen, Texas,

25
00:01:35,360 --> 00:01:38,759
Speaker 4: New bron Fells, San Antonio, this whole area and will

26
00:01:38,800 --> 00:01:42,440
Speaker 4: continue under a flash flood watch at least through this

27
00:01:42,520 --> 00:01:45,400
Speaker 4: afternoon and right on in two Monday evening.

28
00:01:45,760 --> 00:01:48,840
Speaker 2: All right, Bloomberg meteorologist Craig Allen, Craig, thank you. The

29
00:01:48,960 --> 00:01:52,440
Speaker 2: death toll includes twenty seven people at a girls' summer

30
00:01:52,480 --> 00:01:55,840
Speaker 2: camp in Kirk County, where ten children and a counselor

31
00:01:55,880 --> 00:01:59,200
Speaker 2: a camp Mystic remain un accounted for. Texas Governor Greg

32
00:01:59,240 --> 00:02:02,360
Speaker 2: Abbott discussed search and rescue efforts Sunday afternoon.

33
00:02:02,560 --> 00:02:06,520
Speaker 5: It was nothing short of horrific to see what those

34
00:02:06,600 --> 00:02:11,760
Speaker 5: young children went through, and we will remain one hundred

35
00:02:11,760 --> 00:02:15,120
Speaker 5: percent dedicated searching for every single one of the children.

36
00:02:15,280 --> 00:02:18,840
Speaker 2: Texas Governor Greg Abbott's's search and rescue efforts are expanding

37
00:02:18,880 --> 00:02:20,720
Speaker 2: beyond Kerrville and Karen.

38
00:02:20,760 --> 00:02:24,359
Speaker 3: President Trump has signed a disaster declaration for Kerr County.

39
00:02:24,400 --> 00:02:27,040
Speaker 3: He says he's working to provide more support for Texas.

40
00:02:27,240 --> 00:02:31,720
Speaker 6: We're working very close with representatives from Texas, and it's

41
00:02:31,760 --> 00:02:35,280
Speaker 6: a horrible thing that took place, absolutely.

42
00:02:34,680 --> 00:02:37,160
Speaker 3: Horrible, and the President adds he will probably visit the

43
00:02:37,160 --> 00:02:40,919
Speaker 3: affected areas later this week. Turning into politics, the focus

44
00:02:41,000 --> 00:02:44,760
Speaker 3: in Washington is shifting from taxes to tariff's. Trump administration

45
00:02:44,960 --> 00:02:47,919
Speaker 3: is preparing to send tariff letters to dozens of countries,

46
00:02:48,200 --> 00:02:51,440
Speaker 3: with the administration's ninety day tariff pause set to expire

47
00:02:51,560 --> 00:02:55,880
Speaker 3: on Wednesday. Speaking alongside Commerce Secretary Howard Ludnik, President Trump

48
00:02:55,880 --> 00:02:58,280
Speaker 3: said most nations will have a deal or a letter

49
00:02:58,400 --> 00:02:58,799
Speaker 3: by then.

50
00:02:59,240 --> 00:03:02,120
Speaker 6: They're going to be Tariffsaris are going to be the tariff.

51
00:03:02,480 --> 00:03:03,040
Speaker 1: I think we have.

52
00:03:03,080 --> 00:03:07,880
Speaker 6: Most countries done by July ninth. Yeall either a letter

53
00:03:08,040 --> 00:03:09,920
Speaker 6: or a deal, but.

54
00:03:10,040 --> 00:03:12,280
Speaker 7: They go into effect on August first.

55
00:03:12,760 --> 00:03:13,720
Speaker 4: Tariff's go into.

56
00:03:13,520 --> 00:03:16,239
Speaker 6: Effect August first, but the President is setting.

57
00:03:15,960 --> 00:03:18,560
Speaker 8: The rates and the deals right now.

58
00:03:18,600 --> 00:03:21,280
Speaker 3: Despite those comments from the President and the Commerce Secretary,

59
00:03:21,360 --> 00:03:24,760
Speaker 3: Treasury Secretary Scott bess Into signaling that some countries without

60
00:03:24,800 --> 00:03:27,480
Speaker 3: deals could negotiate before August first.

61
00:03:28,080 --> 00:03:28,400
Speaker 9: Nathan.

62
00:03:28,480 --> 00:03:31,560
Speaker 2: President Trump also announced on social media he'll and pose

63
00:03:31,600 --> 00:03:35,240
Speaker 2: an additional ten percent tariff on any country aligning itself

64
00:03:35,280 --> 00:03:39,080
Speaker 2: with what he called the anti American policies of bricks.

65
00:03:39,400 --> 00:03:42,600
Speaker 2: The Group of Nations, which includes Brazil, Russia, India, China,

66
00:03:42,680 --> 00:03:45,480
Speaker 2: and South Africa, held a summit over the weekend and

67
00:03:45,520 --> 00:03:48,240
Speaker 2: condemned US and Israeli attacks on Iran.

68
00:03:48,440 --> 00:03:51,320
Speaker 3: Now today, Karen Israel's has a negotiating team in Katar,

69
00:03:51,480 --> 00:03:55,080
Speaker 3: with Prime Minister Benjamin Netanyahoo visiting the White House later today,

70
00:03:55,120 --> 00:03:57,840
Speaker 3: and President Trump says he is optimistic about a possible

71
00:03:57,880 --> 00:03:59,040
Speaker 3: ceasefire in Gaza.

72
00:03:59,440 --> 00:04:01,240
Speaker 6: I think there's a good chance we have a deal

73
00:04:01,280 --> 00:04:05,880
Speaker 6: with Hamas during the week, during the coming week pertaining

74
00:04:05,960 --> 00:04:06,720
Speaker 6: to quite a few.

75
00:04:06,600 --> 00:04:09,160
Speaker 3: Of the US And that was the President speaking to

76
00:04:09,240 --> 00:04:11,240
Speaker 3: reporters in Morristown, New Jersey.

77
00:04:11,840 --> 00:04:15,720
Speaker 2: Also happening overseas, Nathan oil prices fell after OPEC Plus

78
00:04:15,720 --> 00:04:19,479
Speaker 2: agreed to a bigger than expected production increase from next month.

79
00:04:19,520 --> 00:04:21,880
Speaker 2: The group increased supply by five hundred and forty eight

80
00:04:21,880 --> 00:04:25,080
Speaker 2: thousand barrels a day, citing summer demand as reason for

81
00:04:25,120 --> 00:04:28,320
Speaker 2: optimism that the extra barrels could be absorbed by the market.

82
00:04:28,600 --> 00:04:31,080
Speaker 2: Checking the price of oil now and IMAX screwed is

83
00:04:31,120 --> 00:04:33,200
Speaker 2: down a tenth of up percent at sixty six dollars

84
00:04:33,320 --> 00:04:35,640
Speaker 2: ninety two cents a barrel, while Brent is up four

85
00:04:35,760 --> 00:04:38,919
Speaker 2: tenths of up percent at sixty eight dollars fifty nine cents.

86
00:04:39,160 --> 00:04:41,400
Speaker 3: Let's turn us some company news now, Karen. We're watching

87
00:04:41,480 --> 00:04:45,440
Speaker 3: Tesla shares this morning, and they are tumbling down nearly

88
00:04:45,520 --> 00:04:48,760
Speaker 3: seven percent in the pre market. That's after Tesla's CEO,

89
00:04:48,839 --> 00:04:52,120
Speaker 3: Elon muskinounst he's forming a third political party, he's calling

90
00:04:52,200 --> 00:04:56,479
Speaker 3: the America Party. That move comes after President Trump signed

91
00:04:56,520 --> 00:04:59,560
Speaker 3: his tax bill into law, and the President went on

92
00:04:59,720 --> 00:05:02,880
Speaker 3: to once again blast his former political ally.

93
00:05:03,240 --> 00:05:03,880
Speaker 2: And I think.

94
00:05:03,760 --> 00:05:06,200
Speaker 6: Starting a third party just adds to confusion.

95
00:05:06,760 --> 00:05:07,880
Speaker 1: It really seems to have.

96
00:05:07,839 --> 00:05:10,560
Speaker 6: Been developed for two parties. Third parties have never worked,

97
00:05:11,160 --> 00:05:13,320
Speaker 6: so he can have fun with it, but I think

98
00:05:13,320 --> 00:05:14,200
Speaker 6: it's ridiculous.

99
00:05:14,279 --> 00:05:17,200
Speaker 3: President Trump says, it's quote sad to watch Elon Muskow

100
00:05:17,279 --> 00:05:19,680
Speaker 3: and his words completely off the rails.

101
00:05:20,080 --> 00:05:23,000
Speaker 2: Meanwhile, Nathan, President Trump says the US will discuss a

102
00:05:23,200 --> 00:05:27,120
Speaker 2: TikTok agreement, which Shina today or tomorrow. He says, Washington

103
00:05:27,200 --> 00:05:30,440
Speaker 2: and Beijing quote pretty much have a deal. The Information

104
00:05:30,560 --> 00:05:33,039
Speaker 2: is reporting that TikTok is building a new version of

105
00:05:33,080 --> 00:05:36,239
Speaker 2: its app for American users. Which it plans to launch

106
00:05:36,240 --> 00:05:36,880
Speaker 2: in September.

107
00:05:37,120 --> 00:05:40,159
Speaker 3: And Wall Street returns after a long holiday weekend with

108
00:05:40,360 --> 00:05:42,960
Speaker 3: the stocks at a record Let's look ahead now with

109
00:05:43,000 --> 00:05:44,239
Speaker 3: Bloomberg's Charlie Pellett.

110
00:05:44,360 --> 00:05:47,760
Speaker 9: This week's focus is on the tariff deadline and FED minutes,

111
00:05:47,800 --> 00:05:52,040
Speaker 9: along with a smattering of earnings reports. Sylvia and Joblonski

112
00:05:52,160 --> 00:05:55,320
Speaker 9: is chief investment officer at Defiance ETFs.

113
00:05:55,520 --> 00:05:57,599
Speaker 8: Earnings are expected to be five percent or more.

114
00:05:57,760 --> 00:06:00,839
Speaker 1: My take is that AI and some of that tech

115
00:06:00,920 --> 00:06:03,000
Speaker 1: is going to make that number look a little bit better,

116
00:06:03,080 --> 00:06:04,599
Speaker 1: and then you can get a rally for that.

117
00:06:04,800 --> 00:06:06,680
Speaker 8: You know, tariffs not as bad as we thought.

118
00:06:06,880 --> 00:06:11,080
Speaker 9: Among the company's schedule to report earnings this week Delta Airlines,

119
00:06:11,200 --> 00:06:15,479
Speaker 9: ConAgra Brands, and the newly public Circle Internet Group. In

120
00:06:15,600 --> 00:06:21,359
Speaker 9: New York, Charlie Bloomberg Radio.

121
00:06:21,360 --> 00:06:22,600
Speaker 2: Time Now for a look at some of the other

122
00:06:22,720 --> 00:06:24,279
Speaker 2: stories making news in New York and.

123
00:06:24,279 --> 00:06:25,000
Speaker 9: Around the world.

124
00:06:25,040 --> 00:06:27,320
Speaker 2: And for that we're joined by Bloomberg's John Tucker.

125
00:06:27,440 --> 00:06:29,360
Speaker 9: John, Good morning, Yeah, Good morning, carrydy.

126
00:06:29,520 --> 00:06:33,159
Speaker 10: Israel's military launched air strikes early today targeting ports and

127
00:06:33,240 --> 00:06:37,240
Speaker 10: facilities held by Yemen's Hooty rebels. The attacks came after

128
00:06:37,240 --> 00:06:40,520
Speaker 10: an attack Sunday, targeting a Liberian flying ship of the

129
00:06:40,560 --> 00:06:43,880
Speaker 10: Red Sea that caught fire and took on water. A

130
00:06:43,920 --> 00:06:46,599
Speaker 10: three car accident led to an explosion at a Utah

131
00:06:46,760 --> 00:06:56,400
Speaker 10: Strip mall Saturday night. Over's sixty firefighters were on scene

132
00:06:56,440 --> 00:06:59,560
Speaker 10: with a powerful explosion destroyed one business, alert workers in

133
00:06:59,600 --> 00:07:03,200
Speaker 10: the adjacent and businesses told customers to evacuate. Three people

134
00:07:03,240 --> 00:07:05,880
Speaker 10: were taken to the hospital. There have been more meazels

135
00:07:05,920 --> 00:07:08,960
Speaker 10: cases in the US this year than any other since

136
00:07:09,000 --> 00:07:13,320
Speaker 10: the disease was declared eliminated a quarter century ago. According

137
00:07:13,360 --> 00:07:15,600
Speaker 10: to data from Johns Hopkins, there have been at least

138
00:07:15,840 --> 00:07:19,440
Speaker 10: twelve hundred confirmed cases of measles reported in the US.

139
00:07:19,840 --> 00:07:23,560
Speaker 10: In twenty twenty five. The sanitation workers strike in Philadelphia,

140
00:07:23,680 --> 00:07:25,960
Speaker 10: leaving piles of garbage on the streets of the city

141
00:07:26,000 --> 00:07:29,840
Speaker 10: and the brutal July heat talks stalled once again. City

142
00:07:29,880 --> 00:07:33,520
Speaker 10: sanitation worker Abdul Kadar has a message for Mayor Cherrell Parker.

143
00:07:34,000 --> 00:07:36,280
Speaker 8: Schero just needs to come to the table and give

144
00:07:36,320 --> 00:07:37,680
Speaker 8: us a better contracts.

145
00:07:37,200 --> 00:07:41,520
Speaker 10: Simple as that the sticking point remains, wage increases and benefits.

146
00:07:41,960 --> 00:07:44,960
Speaker 10: A series of shark sightings for its officials to repeatedly

147
00:07:45,040 --> 00:07:48,120
Speaker 10: close parts of Rockaway Beach over the long fourth of

148
00:07:48,240 --> 00:07:52,320
Speaker 10: July holiday weekend. State agencies have twenty eight camera equipped

149
00:07:52,360 --> 00:07:56,040
Speaker 10: drones to search for sharks. State and city protocol dictates

150
00:07:56,080 --> 00:07:59,920
Speaker 10: when a shark sighting is confirmed, swimming cannot resume until

151
00:08:00,000 --> 00:08:02,800
Speaker 10: at least an hour later. Global News twenty four hours

152
00:08:02,800 --> 00:08:05,080
Speaker 10: a day and whenever you want it with Bloomberg News.

153
00:08:05,080 --> 00:08:05,200
Speaker 2: Now.

154
00:08:05,240 --> 00:08:07,480
Speaker 10: I'm John Tucker, and this is Bloomberg. Karen.

155
00:08:07,680 --> 00:08:14,360
Speaker 2: All right, John Tucker, thank you time now for the

156
00:08:14,360 --> 00:08:17,400
Speaker 2: Bloomberg Sports Update, brought to you by Flushing Bank. Here's

157
00:08:17,480 --> 00:08:19,080
Speaker 2: John stash Hour, John, Good.

158
00:08:18,920 --> 00:08:19,760
Speaker 9: Morning, I Morning Care.

159
00:08:19,760 --> 00:08:22,119
Speaker 7: In the end of the Subway series at Cityfield, Yankee

160
00:08:22,160 --> 00:08:24,880
Speaker 7: Hill runs by Austin Wells and Aaron Jeege. They led

161
00:08:24,880 --> 00:08:27,040
Speaker 7: five nothing, Mets cut it to five to four. It

162
00:08:27,120 --> 00:08:30,000
Speaker 7: was six four seventh in the Mets at Francisco the

163
00:08:30,040 --> 00:08:32,800
Speaker 7: door at first base with nobody out and Juan Soto

164
00:08:32,920 --> 00:08:36,240
Speaker 7: at the plate, and one what's on the left field.

165
00:08:36,280 --> 00:08:40,040
Speaker 3: And it's a brilliant shoe strain.

166
00:08:46,320 --> 00:08:48,680
Speaker 10: Show where the Franks HASTI shoe Street?

167
00:08:48,840 --> 00:08:51,520
Speaker 8: Where is Donald first?

168
00:08:51,880 --> 00:08:54,600
Speaker 7: On sn why Aaron Boone called it the Yankees play

169
00:08:54,640 --> 00:08:56,679
Speaker 7: of the Year. Yanks won sixty four to and their

170
00:08:56,840 --> 00:08:59,720
Speaker 7: six game losing streak. The Mets still won the series.

171
00:09:00,040 --> 00:09:01,600
Speaker 7: Manager is Carlos Mendoza.

172
00:09:01,800 --> 00:09:04,839
Speaker 11: We just came up short today, but Willy, were guys

173
00:09:05,000 --> 00:09:08,600
Speaker 11: coming off the bench, you know, Mauricio Baty ready to go,

174
00:09:09,080 --> 00:09:12,880
Speaker 11: Guys coming from the bullpen keeping it, you know, somehow

175
00:09:12,920 --> 00:09:15,720
Speaker 11: close there and giving the offense a chance.

176
00:09:16,440 --> 00:09:16,680
Speaker 9: Yeah.

177
00:09:17,040 --> 00:09:19,440
Speaker 11: Overall, not only today, but the whole series.

178
00:09:20,280 --> 00:09:22,800
Speaker 7: Part of the guys in DC red Sox beat the

179
00:09:22,880 --> 00:09:25,079
Speaker 7: national six to fourth, swept the series, and the last

180
00:09:25,120 --> 00:09:29,480
Speaker 7: place Nationals responded by firing longtime manager David Martinez and

181
00:09:29,640 --> 00:09:32,720
Speaker 7: GM Mike Rizzo. Together they won the World Series in

182
00:09:32,800 --> 00:09:35,800
Speaker 7: twenty nineteen, but they struggled ever since. Pictures and reserves

183
00:09:35,880 --> 00:09:38,160
Speaker 7: named for next week's All Star Game Max Streed and

184
00:09:38,240 --> 00:09:41,320
Speaker 7: Jazz Chisholm from the Yankees, Edwin Diaz and Pee Alonso

185
00:09:41,320 --> 00:09:43,719
Speaker 7: from the Mets. Alonzo will not be in the home

186
00:09:43,800 --> 00:09:46,520
Speaker 7: run derby. He's a two time champion in Houston. The

187
00:09:46,520 --> 00:09:49,360
Speaker 7: final of the Gold Cup soccer, the US and Mexico

188
00:09:49,480 --> 00:09:53,120
Speaker 7: tied at one seventy seventh minute, Mexico scored on a

189
00:09:53,240 --> 00:09:57,520
Speaker 7: controversial header. They originally called it offside, changed on video review.

190
00:09:57,600 --> 00:10:00,280
Speaker 7: Mexico won two to one too it. Wimbledon began with

191
00:10:00,320 --> 00:10:02,360
Speaker 7: the end of the fourth round and matches today for

192
00:10:02,440 --> 00:10:05,960
Speaker 7: a top seedyonic sinner seven times Chap Novak, Djokovic and

193
00:10:06,040 --> 00:10:09,440
Speaker 7: Ben Shelton. He and Taylor Fritz. Last Americans left for

194
00:10:09,480 --> 00:10:12,319
Speaker 7: the men to remain on the women's side, Amanda Issamoba

195
00:10:12,360 --> 00:10:15,439
Speaker 7: and Emma Navarro, who also plays today. John Stashey, We're

196
00:10:15,440 --> 00:10:17,119
Speaker 7: Bloomberg Sports Karen Nathan.

197
00:10:19,200 --> 00:10:23,320
Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius Exam

198
00:10:23,480 --> 00:10:26,320
Speaker 1: and around the world on Bloomberg dot Com and the

199
00:10:26,360 --> 00:10:29,439
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

200
00:10:29,600 --> 00:10:32,080
Speaker 3: Good morning, I'm Nathan Hager. Investors are heading into a

201
00:10:32,080 --> 00:10:35,400
Speaker 3: new trading week with a little more trade uncertainty. This morning,

202
00:10:35,440 --> 00:10:37,840
Speaker 3: President Trump is warning countries that are aligned with the

203
00:10:37,880 --> 00:10:41,239
Speaker 3: Bricks Nations they could face an additional ten percent tariff.

204
00:10:41,520 --> 00:10:43,679
Speaker 3: Other nations, he says, should be getting notice of their

205
00:10:43,679 --> 00:10:45,200
Speaker 3: new rates this week.

206
00:10:45,720 --> 00:10:47,599
Speaker 6: It could be maybe as many as fifteen or so.

207
00:10:48,280 --> 00:10:49,400
Speaker 7: And they'll be going out on.

208
00:10:49,400 --> 00:10:52,280
Speaker 6: Monday, and some we'll go out on Tuesday and Wednesday,

209
00:10:52,320 --> 00:10:56,000
Speaker 6: and I'll and we've we've made deals also, so we're

210
00:10:56,000 --> 00:10:59,000
Speaker 6: going to have a combination of letters and some deals

211
00:10:59,000 --> 00:10:59,480
Speaker 6: have been.

212
00:10:59,320 --> 00:11:02,280
Speaker 3: Made, as the President, speaking to reporters in Morristown, New

213
00:11:02,360 --> 00:11:05,360
Speaker 3: Jersey yesterday for more were joined by Roslind Mathis and

214
00:11:05,400 --> 00:11:08,240
Speaker 3: Bloomberg's news director for Europe, the Middle East and Africa

215
00:11:08,280 --> 00:11:10,959
Speaker 3: and Roz I think a lot of investors were braced

216
00:11:10,960 --> 00:11:14,120
Speaker 3: for the idea that we'd see a combination of deals

217
00:11:14,240 --> 00:11:17,440
Speaker 3: and new tariffs starting to be announced this week. But

218
00:11:17,800 --> 00:11:19,840
Speaker 3: where did this new threat of an extra ten percent

219
00:11:19,920 --> 00:11:22,040
Speaker 3: on bricks aligned nations come from?

220
00:11:22,080 --> 00:11:23,240
Speaker 8: Good morning, Good morning.

221
00:11:23,240 --> 00:11:25,920
Speaker 12: Well, obviously that's also the extra element in a week

222
00:11:25,960 --> 00:11:29,400
Speaker 12: that does feel quite uncertain. I mean, Donald Trump had

223
00:11:29,440 --> 00:11:31,240
Speaker 12: said these letters we're going to go out days ago.

224
00:11:31,360 --> 00:11:33,319
Speaker 8: Now he says they're going to start to go out, and.

225
00:11:33,280 --> 00:11:37,080
Speaker 12: They may come out over a period of days. And

226
00:11:37,160 --> 00:11:41,760
Speaker 12: of course nominating August I allows further room for negotiation

227
00:11:42,120 --> 00:11:44,480
Speaker 12: in all of that. So it does feel as though

228
00:11:44,720 --> 00:11:46,760
Speaker 12: we're not entirely sure what we're going to be looking at,

229
00:11:46,800 --> 00:11:49,200
Speaker 12: perhaps even in a week from now. And added to

230
00:11:49,240 --> 00:11:51,800
Speaker 12: that the element of saying what he might put ten

231
00:11:51,840 --> 00:11:57,439
Speaker 12: percent tariffs on what he calls the anti americanness of bricks, which,

232
00:11:57,520 --> 00:12:02,880
Speaker 12: of course this grouping which has been led by China, Brazil, India,

233
00:12:03,280 --> 00:12:06,480
Speaker 12: Russia and South Africa, and that group has been expanding

234
00:12:06,640 --> 00:12:10,480
Speaker 12: rapidly in recent years in the emerging market space in particular,

235
00:12:10,640 --> 00:12:13,320
Speaker 12: many many new members and a growing sense of it

236
00:12:13,400 --> 00:12:16,720
Speaker 12: being a bit of an alternate power block. Although unlikely

237
00:12:16,800 --> 00:12:20,439
Speaker 12: to supplant the US dollar anytime soon, and it's getting

238
00:12:20,440 --> 00:12:23,240
Speaker 12: Donald Trump's attention for now, it does seem to be

239
00:12:23,320 --> 00:12:25,920
Speaker 12: more of a poke than anything else. Because BRICKS has

240
00:12:25,960 --> 00:12:29,280
Speaker 12: been meeting over the weekend in Brazil. You can see

241
00:12:29,320 --> 00:12:32,400
Speaker 12: from the BRICKS members desired to not really respond to

242
00:12:32,480 --> 00:12:34,160
Speaker 12: it and maybe see it as a bit of a

243
00:12:34,200 --> 00:12:38,520
Speaker 12: needling attempt more than anything else. But it does add

244
00:12:38,520 --> 00:12:41,440
Speaker 12: that extra element of uncertainty. Is he serious about this

245
00:12:41,679 --> 00:12:44,360
Speaker 12: or was he just raising it in the minute because

246
00:12:44,400 --> 00:12:45,680
Speaker 12: Bricks happens to be meeting.

247
00:12:47,040 --> 00:12:49,440
Speaker 3: The word that really stood out from that announcement on

248
00:12:49,480 --> 00:12:53,800
Speaker 3: social media was anti American policies of the BRICKS nations.

249
00:12:53,840 --> 00:12:57,240
Speaker 3: Do we know what the president means by anti American policies?

250
00:12:57,280 --> 00:12:58,240
Speaker 3: What he's thinking about there?

251
00:12:58,760 --> 00:13:00,480
Speaker 12: Well, that's the other thing we don't know. I mean,

252
00:13:00,520 --> 00:13:04,200
Speaker 12: he has criticized BRICKS before. He used to be fairly

253
00:13:04,240 --> 00:13:06,679
Speaker 12: dismissive of it. He's become a bit more attuned to

254
00:13:06,720 --> 00:13:10,560
Speaker 12: it in recent years. Again this sense that perhaps bricks

255
00:13:10,679 --> 00:13:14,520
Speaker 12: nations are pushing for the use of alternate currencies in

256
00:13:14,559 --> 00:13:17,679
Speaker 12: global trade, so things like the yuan and what not,

257
00:13:18,040 --> 00:13:22,199
Speaker 12: and so that's caught his attention for the challenge potentially

258
00:13:22,240 --> 00:13:25,160
Speaker 12: to the global dominance of the US dollars. So maybe

259
00:13:25,160 --> 00:13:28,800
Speaker 12: he means countries that do trade in currencies outside the

260
00:13:28,880 --> 00:13:32,240
Speaker 12: US dollar, for example, as being an example of what

261
00:13:32,280 --> 00:13:34,680
Speaker 12: he would say is anti American activities.

262
00:13:34,679 --> 00:13:37,000
Speaker 8: But it's very unclear as you say, what he means

263
00:13:37,000 --> 00:13:38,760
Speaker 8: by that. It could be a very broad church.

264
00:13:38,920 --> 00:13:41,679
Speaker 12: And so that's why you can see bricks nations perhaps

265
00:13:41,720 --> 00:13:44,880
Speaker 12: wisely choosing the course of not really responding so far

266
00:13:45,240 --> 00:13:46,320
Speaker 12: in significant detail.

267
00:13:46,559 --> 00:13:49,679
Speaker 3: Of course, one of the bricks nations is the Eye India.

268
00:13:49,880 --> 00:13:52,679
Speaker 3: There had been some talk leading up to this that

269
00:13:52,880 --> 00:13:55,520
Speaker 3: the US and India may be close to a deal

270
00:13:55,559 --> 00:13:58,720
Speaker 3: that could be announced this week. Does this just sort

271
00:13:58,760 --> 00:14:01,240
Speaker 3: of upend things far as that goes now.

272
00:14:01,800 --> 00:14:05,040
Speaker 12: You'd imagine that the Indian government be probably choosing to

273
00:14:05,120 --> 00:14:07,800
Speaker 12: let this one fly by for now. As you say,

274
00:14:07,800 --> 00:14:09,439
Speaker 12: there's been a lot of chatter that India and the

275
00:14:09,520 --> 00:14:11,679
Speaker 12: US are getting close to an understanding.

276
00:14:11,679 --> 00:14:13,000
Speaker 8: Again, these are frameworks.

277
00:14:13,040 --> 00:14:16,960
Speaker 12: These aren't full board trade deals, the kinds that take

278
00:14:17,040 --> 00:14:20,560
Speaker 12: years to come together. These are framework understandings at a

279
00:14:20,600 --> 00:14:23,720
Speaker 12: top level, and it's an India's interests obviously to also

280
00:14:23,800 --> 00:14:27,240
Speaker 12: get some kind of arrangement by the deadline and the

281
00:14:27,280 --> 00:14:30,440
Speaker 12: senses they've been getting pretty close. Not there yet, but

282
00:14:30,480 --> 00:14:33,440
Speaker 12: for days they're inching forward, and you can imagine for

283
00:14:33,880 --> 00:14:35,960
Speaker 12: India the incentive is to get over the line, so

284
00:14:36,200 --> 00:14:38,880
Speaker 12: they'll probably let the bricks comment fly by for now.

285
00:14:39,400 --> 00:14:42,840
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

286
00:14:42,920 --> 00:14:45,920
Speaker 2: making news from Wall Street to Washington and beyond.

287
00:14:46,200 --> 00:14:48,560
Speaker 3: Look for us on your podcast feed by six am

288
00:14:48,600 --> 00:14:52,000
Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen.

289
00:14:52,240 --> 00:14:55,080
Speaker 2: You can also listen live each morning starting at five

290
00:14:55,120 --> 00:14:57,840
Speaker 2: am Wall Street Time on Bloomberg eleven three to zero

291
00:14:57,840 --> 00:15:00,760
Speaker 2: in New York, Bloomberg in ninety nine one in Washington,

292
00:15:00,800 --> 00:15:04,760
Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on serious

293
00:15:04,960 --> 00:15:06,520
Speaker 2: XM Channel one twenty one.

294
00:15:06,920 --> 00:15:09,640
Speaker 3: Plus listen coast to coast on the Bloomberg Business app

295
00:15:09,680 --> 00:15:13,640
Speaker 3: now with Apple CarPlay and Android auto interfaces, and don't forget.

296
00:15:13,360 --> 00:15:16,480
Speaker 2: To subscribe to Bloomberg News Now. It's the latest news,

297
00:15:16,600 --> 00:15:19,560
Speaker 2: whenever you want it in five minutes or less. Search

298
00:15:19,600 --> 00:15:22,600
Speaker 2: Bloomberg News Now on your favorite podcast platform to stay

299
00:15:22,640 --> 00:15:25,880
Speaker 2: informed all day long. I'm Karen Moscow.

300
00:15:25,680 --> 00:15:28,200
Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for

301
00:15:28,280 --> 00:15:30,200
Speaker 3: all the news you need to start your day right

302
00:15:30,200 --> 00:15:31,440
Speaker 3: here on Bloomberg Day.

303
00:15:31,520 --> 00:15:31,640
Speaker 2: Ray