WEBVTT - Deadly Flash Floods Devastate Texas; Trump Tariff Deadline Looms

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

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Can we begin with the devastating flooding over the weekend

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<v Speaker 3>in Kerrville, Texas. At least eighty two people are dead

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<v Speaker 3>dozens more missing following flash floods in the region. Officials

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<v Speaker 3>are warning the casualty count we'll climb with more rain

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<v Speaker 3>in the forecast. Bloomberg meteorologist Craig Allen joins us with

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<v Speaker 3>the latest. Good morning, Craig, Good morning, Nathan.

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<v Speaker 4>You know, this is a situation here that it really

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<v Speaker 4>takes time to get a grasp of just how dire

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<v Speaker 4>the situation really is. With this extreme flooding. You've had

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<v Speaker 4>four months worth of rain in just about four to

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<v Speaker 4>five hours worth of time when it first began back

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<v Speaker 4>on July fourth, and now you're dealing with additional showers

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<v Speaker 4>and thunderstorms. Thing as long lasting. Nothing is widespread, but

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<v Speaker 4>anything at this point will exacerbate the problems that they

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<v Speaker 4>already have down there. To think about a wall of

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<v Speaker 4>water two stories high coming in at you, with these

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<v Speaker 4>rivers picking up all that rainfall in such a short

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<v Speaker 4>amount of time. It's hard to really imagine the situation

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<v Speaker 4>that is going on down there. The National Weather Service

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<v Speaker 4>continues with floodwatches that are in effect, and these floodwatches

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<v Speaker 4>include cities like San Angelo and round Rock and Colleen, Texas,

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<v Speaker 4>New bron Fells, San Antonio, this whole area and will

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<v Speaker 4>continue under a flash flood watch at least through this

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<v Speaker 4>afternoon and right on in two Monday evening.

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<v Speaker 2>All right, Bloomberg meteorologist Craig Allen, Craig, thank you. The

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<v Speaker 2>death toll includes twenty seven people at a girls' summer

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<v Speaker 2>camp in Kirk County, where ten children and a counselor

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<v Speaker 2>a camp Mystic remain un accounted for. Texas Governor Greg

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<v Speaker 2>Abbott discussed search and rescue efforts Sunday afternoon.

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<v Speaker 5>It was nothing short of horrific to see what those

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<v Speaker 5>young children went through, and we will remain one hundred

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<v Speaker 5>percent dedicated searching for every single one of the children.

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<v Speaker 2>Texas Governor Greg Abbott's's search and rescue efforts are expanding

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<v Speaker 2>beyond Kerrville and Karen.

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<v Speaker 3>President Trump has signed a disaster declaration for Kerr County.

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<v Speaker 3>He says he's working to provide more support for Texas.

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<v Speaker 6>We're working very close with representatives from Texas, and it's

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<v Speaker 6>a horrible thing that took place, absolutely.

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<v Speaker 3>Horrible, and the President adds he will probably visit the

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<v Speaker 3>affected areas later this week. Turning into politics, the focus

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<v Speaker 3>in Washington is shifting from taxes to tariff's. Trump administration

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<v Speaker 3>is preparing to send tariff letters to dozens of countries,

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<v Speaker 3>with the administration's ninety day tariff pause set to expire

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<v Speaker 3>on Wednesday. Speaking alongside Commerce Secretary Howard Ludnik, President Trump

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<v Speaker 3>said most nations will have a deal or a letter

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<v Speaker 3>by then.

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<v Speaker 6>They're going to be Tariffsaris are going to be the tariff.

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<v Speaker 1>I think we have.

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<v Speaker 6>Most countries done by July ninth. Yeall either a letter

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<v Speaker 6>or a deal, but.

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<v Speaker 7>They go into effect on August first.

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<v Speaker 4>Tariff's go into.

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<v Speaker 6>Effect August first, but the President is setting.

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<v Speaker 8>The rates and the deals right now.

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<v Speaker 3>Despite those comments from the President and the Commerce Secretary,

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<v Speaker 3>Treasury Secretary Scott bess Into signaling that some countries without

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<v Speaker 3>deals could negotiate before August first.

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<v Speaker 9>Nathan.

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<v Speaker 2>President Trump also announced on social media he'll and pose

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<v Speaker 2>an additional ten percent tariff on any country aligning itself

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<v Speaker 2>with what he called the anti American policies of bricks.

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<v Speaker 2>The Group of Nations, which includes Brazil, Russia, India, China,

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<v Speaker 2>and South Africa, held a summit over the weekend and

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<v Speaker 2>condemned US and Israeli attacks on Iran.

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<v Speaker 3>Now today, Karen Israel's has a negotiating team in Katar,

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<v Speaker 3>with Prime Minister Benjamin Netanyahoo visiting the White House later today,

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<v Speaker 3>and President Trump says he is optimistic about a possible

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<v Speaker 3>ceasefire in Gaza.

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<v Speaker 6>I think there's a good chance we have a deal

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<v Speaker 6>with Hamas during the week, during the coming week pertaining

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<v Speaker 6>to quite a few.

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<v Speaker 3>Of the US And that was the President speaking to

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<v Speaker 3>reporters in Morristown, New Jersey.

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<v Speaker 2>Also happening overseas, Nathan oil prices fell after OPEC Plus

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<v Speaker 2>agreed to a bigger than expected production increase from next month.

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<v Speaker 2>The group increased supply by five hundred and forty eight

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<v Speaker 2>thousand barrels a day, citing summer demand as reason for

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<v Speaker 2>optimism that the extra barrels could be absorbed by the market.

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<v Speaker 2>Checking the price of oil now and IMAX screwed is

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<v Speaker 2>down a tenth of up percent at sixty six dollars

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<v Speaker 2>ninety two cents a barrel, while Brent is up four

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<v Speaker 2>tenths of up percent at sixty eight dollars fifty nine cents.

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<v Speaker 3>Let's turn us some company news now, Karen. We're watching

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<v Speaker 3>Tesla shares this morning, and they are tumbling down nearly

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<v Speaker 3>seven percent in the pre market. That's after Tesla's CEO,

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<v Speaker 3>Elon muskinounst he's forming a third political party, he's calling

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<v Speaker 3>the America Party. That move comes after President Trump signed

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<v Speaker 3>his tax bill into law, and the President went on

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<v Speaker 3>to once again blast his former political ally.

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<v Speaker 2>And I think.

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<v Speaker 6>Starting a third party just adds to confusion.

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<v Speaker 1>It really seems to have.

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<v Speaker 6>Been developed for two parties. Third parties have never worked,

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<v Speaker 6>so he can have fun with it, but I think

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<v Speaker 6>it's ridiculous.

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<v Speaker 3>President Trump says, it's quote sad to watch Elon Muskow

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<v Speaker 3>and his words completely off the rails.

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<v Speaker 2>Meanwhile, Nathan, President Trump says the US will discuss a

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<v Speaker 2>TikTok agreement, which Shina today or tomorrow. He says, Washington

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<v Speaker 2>and Beijing quote pretty much have a deal. The Information

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<v Speaker 2>is reporting that TikTok is building a new version of

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<v Speaker 2>its app for American users. Which it plans to launch

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<v Speaker 2>in September.

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<v Speaker 3>And Wall Street returns after a long holiday weekend with

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<v Speaker 3>the stocks at a record Let's look ahead now with

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<v Speaker 3>Bloomberg's Charlie Pellett.

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<v Speaker 9>This week's focus is on the tariff deadline and FED minutes,

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<v Speaker 9>along with a smattering of earnings reports. Sylvia and Joblonski

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<v Speaker 9>is chief investment officer at Defiance ETFs.

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<v Speaker 8>Earnings are expected to be five percent or more.

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<v Speaker 1>My take is that AI and some of that tech

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<v Speaker 1>is going to make that number look a little bit better,

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<v Speaker 1>and then you can get a rally for that.

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<v Speaker 8>You know, tariffs not as bad as we thought.

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<v Speaker 9>Among the company's schedule to report earnings this week Delta Airlines,

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<v Speaker 9>ConAgra Brands, and the newly public Circle Internet Group. In

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<v Speaker 9>New York, Charlie Bloomberg Radio.

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<v Speaker 2>Time Now for a look at some of the other

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<v Speaker 2>stories making news in New York and.

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<v Speaker 9>Around the world.

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<v Speaker 2>And for that we're joined by Bloomberg's John Tucker.

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<v Speaker 9>John, Good morning, Yeah, Good morning, carrydy.

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<v Speaker 10>Israel's military launched air strikes early today targeting ports and

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<v Speaker 10>facilities held by Yemen's Hooty rebels. The attacks came after

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<v Speaker 10>an attack Sunday, targeting a Liberian flying ship of the

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<v Speaker 10>Red Sea that caught fire and took on water. A

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<v Speaker 10>three car accident led to an explosion at a Utah

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<v Speaker 10>Strip mall Saturday night. Over's sixty firefighters were on scene

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<v Speaker 10>with a powerful explosion destroyed one business, alert workers in

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<v Speaker 10>the adjacent and businesses told customers to evacuate. Three people

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<v Speaker 10>were taken to the hospital. There have been more meazels

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<v Speaker 10>cases in the US this year than any other since

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<v Speaker 10>the disease was declared eliminated a quarter century ago. According

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<v Speaker 10>to data from Johns Hopkins, there have been at least

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<v Speaker 10>twelve hundred confirmed cases of measles reported in the US.

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<v Speaker 10>In twenty twenty five. The sanitation workers strike in Philadelphia,

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<v Speaker 10>leaving piles of garbage on the streets of the city

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<v Speaker 10>and the brutal July heat talks stalled once again. City

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<v Speaker 10>sanitation worker Abdul Kadar has a message for Mayor Cherrell Parker.

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<v Speaker 8>Schero just needs to come to the table and give

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<v Speaker 8>us a better contracts.

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<v Speaker 10>Simple as that the sticking point remains, wage increases and benefits.

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<v Speaker 10>A series of shark sightings for its officials to repeatedly

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<v Speaker 10>close parts of Rockaway Beach over the long fourth of

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<v Speaker 10>July holiday weekend. State agencies have twenty eight camera equipped

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<v Speaker 10>drones to search for sharks. State and city protocol dictates

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<v Speaker 10>when a shark sighting is confirmed, swimming cannot resume until

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<v Speaker 10>at least an hour later. Global News twenty four hours

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<v Speaker 10>a day and whenever you want it with Bloomberg News.

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<v Speaker 2>Now.

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<v Speaker 10>I'm John Tucker, and this is Bloomberg. Karen.

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<v Speaker 2>All right, John Tucker, thank you time now for the

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<v Speaker 2>Bloomberg Sports Update, brought to you by Flushing Bank. Here's

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<v Speaker 2>John stash Hour, John, Good.

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<v Speaker 9>Morning, I Morning Care.

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<v Speaker 7>In the end of the Subway series at Cityfield, Yankee

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<v Speaker 7>Hill runs by Austin Wells and Aaron Jeege. They led

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<v Speaker 7>five nothing, Mets cut it to five to four. It

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<v Speaker 7>was six four seventh in the Mets at Francisco the

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<v Speaker 7>door at first base with nobody out and Juan Soto

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<v Speaker 7>at the plate, and one what's on the left field.

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<v Speaker 3>And it's a brilliant shoe strain.

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<v Speaker 10>Show where the Franks HASTI shoe Street?

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<v Speaker 8>Where is Donald first?

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<v Speaker 7>On sn why Aaron Boone called it the Yankees play

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<v Speaker 7>of the Year. Yanks won sixty four to and their

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<v Speaker 7>six game losing streak. The Mets still won the series.

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<v Speaker 7>Manager is Carlos Mendoza.

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<v Speaker 11>We just came up short today, but Willy, were guys

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<v Speaker 11>coming off the bench, you know, Mauricio Baty ready to go,

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<v Speaker 11>Guys coming from the bullpen keeping it, you know, somehow

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<v Speaker 11>close there and giving the offense a chance.

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<v Speaker 9>Yeah.

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<v Speaker 11>Overall, not only today, but the whole series.

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<v Speaker 7>Part of the guys in DC red Sox beat the

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<v Speaker 7>national six to fourth, swept the series, and the last

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<v Speaker 7>place Nationals responded by firing longtime manager David Martinez and

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<v Speaker 7>GM Mike Rizzo. Together they won the World Series in

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<v Speaker 7>twenty nineteen, but they struggled ever since. Pictures and reserves

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<v Speaker 7>named for next week's All Star Game Max Streed and

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<v Speaker 7>Jazz Chisholm from the Yankees, Edwin Diaz and Pee Alonso

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<v Speaker 7>from the Mets. Alonzo will not be in the home

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<v Speaker 7>run derby. He's a two time champion in Houston. The

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<v Speaker 7>final of the Gold Cup soccer, the US and Mexico

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<v Speaker 7>tied at one seventy seventh minute, Mexico scored on a

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<v Speaker 7>controversial header. They originally called it offside, changed on video review.

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<v Speaker 7>Mexico won two to one too it. Wimbledon began with

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<v Speaker 7>the end of the fourth round and matches today for

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<v Speaker 7>a top seedyonic sinner seven times Chap Novak, Djokovic and

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<v Speaker 7>Ben Shelton. He and Taylor Fritz. Last Americans left for

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<v Speaker 7>the men to remain on the women's side, Amanda Issamoba

0:10:12.360 --> 0:10:15.439
<v Speaker 7>and Emma Navarro, who also plays today. John Stashey, We're

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<v Speaker 7>Bloomberg Sports Karen Nathan.

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<v Speaker 1>Coast to Coast on Bloomberg Radio, nationwide on Sirius Exam

0:10:23.480 --> 0:10:26.320
<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. Investors are heading into a

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<v Speaker 3>new trading week with a little more trade uncertainty. This morning,

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<v Speaker 3>President Trump is warning countries that are aligned with the

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<v Speaker 3>Bricks Nations they could face an additional ten percent tariff.

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<v Speaker 3>Other nations, he says, should be getting notice of their

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<v Speaker 3>new rates this week.

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<v Speaker 6>It could be maybe as many as fifteen or so.

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<v Speaker 7>And they'll be going out on.

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<v Speaker 6>Monday, and some we'll go out on Tuesday and Wednesday,

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<v Speaker 6>and I'll and we've we've made deals also, so we're

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<v Speaker 6>going to have a combination of letters and some deals

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<v Speaker 6>have been.

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<v Speaker 3>Made, as the President, speaking to reporters in Morristown, New

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<v Speaker 3>Jersey yesterday for more were joined by Roslind Mathis and

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<v Speaker 3>Bloomberg's news director for Europe, the Middle East and Africa

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<v Speaker 3>and Roz I think a lot of investors were braced

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<v Speaker 3>for the idea that we'd see a combination of deals

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<v Speaker 3>and new tariffs starting to be announced this week. But

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<v Speaker 3>where did this new threat of an extra ten percent

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<v Speaker 3>on bricks aligned nations come from?

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<v Speaker 8>Good morning, Good morning.

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<v Speaker 12>Well, obviously that's also the extra element in a week

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<v Speaker 12>that does feel quite uncertain. I mean, Donald Trump had

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<v Speaker 12>said these letters we're going to go out days ago.

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<v Speaker 8>Now he says they're going to start to go out, and.

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<v Speaker 12>They may come out over a period of days. And

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<v Speaker 12>of course nominating August I allows further room for negotiation

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<v Speaker 12>in all of that. So it does feel as though

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<v Speaker 12>we're not entirely sure what we're going to be looking at,

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<v Speaker 12>perhaps even in a week from now. And added to

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<v Speaker 12>that the element of saying what he might put ten

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<v Speaker 12>percent tariffs on what he calls the anti americanness of bricks, which,

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<v Speaker 12>of course this grouping which has been led by China, Brazil, India,

0:12:03.280 --> 0:12:06.480
<v Speaker 12>Russia and South Africa, and that group has been expanding

0:12:06.640 --> 0:12:10.480
<v Speaker 12>rapidly in recent years in the emerging market space in particular,

0:12:10.640 --> 0:12:13.320
<v Speaker 12>many many new members and a growing sense of it

0:12:13.400 --> 0:12:16.720
<v Speaker 12>being a bit of an alternate power block. Although unlikely

0:12:16.800 --> 0:12:20.439
<v Speaker 12>to supplant the US dollar anytime soon, and it's getting

0:12:20.440 --> 0:12:23.240
<v Speaker 12>Donald Trump's attention for now, it does seem to be

0:12:23.320 --> 0:12:25.920
<v Speaker 12>more of a poke than anything else. Because BRICKS has

0:12:25.960 --> 0:12:29.280
<v Speaker 12>been meeting over the weekend in Brazil. You can see

0:12:29.320 --> 0:12:32.400
<v Speaker 12>from the BRICKS members desired to not really respond to

0:12:32.480 --> 0:12:34.160
<v Speaker 12>it and maybe see it as a bit of a

0:12:34.200 --> 0:12:38.520
<v Speaker 12>needling attempt more than anything else. But it does add

0:12:38.520 --> 0:12:41.440
<v Speaker 12>that extra element of uncertainty. Is he serious about this

0:12:41.679 --> 0:12:44.360
<v Speaker 12>or was he just raising it in the minute because

0:12:44.400 --> 0:12:45.680
<v Speaker 12>Bricks happens to be meeting.

0:12:47.040 --> 0:12:49.440
<v Speaker 3>The word that really stood out from that announcement on

0:12:49.480 --> 0:12:53.800
<v Speaker 3>social media was anti American policies of the BRICKS nations.

0:12:53.840 --> 0:12:57.240
<v Speaker 3>Do we know what the president means by anti American policies?

0:12:57.280 --> 0:12:58.240
<v Speaker 3>What he's thinking about there?

0:12:58.760 --> 0:13:00.480
<v Speaker 12>Well, that's the other thing we don't know. I mean,

0:13:00.520 --> 0:13:04.200
<v Speaker 12>he has criticized BRICKS before. He used to be fairly

0:13:04.240 --> 0:13:06.679
<v Speaker 12>dismissive of it. He's become a bit more attuned to

0:13:06.720 --> 0:13:10.560
<v Speaker 12>it in recent years. Again this sense that perhaps bricks

0:13:10.679 --> 0:13:14.520
<v Speaker 12>nations are pushing for the use of alternate currencies in

0:13:14.559 --> 0:13:17.679
<v Speaker 12>global trade, so things like the yuan and what not,

0:13:18.040 --> 0:13:22.199
<v Speaker 12>and so that's caught his attention for the challenge potentially

0:13:22.240 --> 0:13:25.160
<v Speaker 12>to the global dominance of the US dollars. So maybe

0:13:25.160 --> 0:13:28.800
<v Speaker 12>he means countries that do trade in currencies outside the

0:13:28.880 --> 0:13:32.240
<v Speaker 12>US dollar, for example, as being an example of what

0:13:32.280 --> 0:13:34.680
<v Speaker 12>he would say is anti American activities.

0:13:34.679 --> 0:13:37.000
<v Speaker 8>But it's very unclear as you say, what he means

0:13:37.000 --> 0:13:38.760
<v Speaker 8>by that. It could be a very broad church.

0:13:38.920 --> 0:13:41.679
<v Speaker 12>And so that's why you can see bricks nations perhaps

0:13:41.720 --> 0:13:44.880
<v Speaker 12>wisely choosing the course of not really responding so far

0:13:45.240 --> 0:13:46.320
<v Speaker 12>in significant detail.

0:13:46.559 --> 0:13:49.679
<v Speaker 3>Of course, one of the bricks nations is the Eye India.

0:13:49.880 --> 0:13:52.679
<v Speaker 3>There had been some talk leading up to this that

0:13:52.880 --> 0:13:55.520
<v Speaker 3>the US and India may be close to a deal

0:13:55.559 --> 0:13:58.720
<v Speaker 3>that could be announced this week. Does this just sort

0:13:58.760 --> 0:14:01.240
<v Speaker 3>of upend things far as that goes now.

0:14:01.800 --> 0:14:05.040
<v Speaker 12>You'd imagine that the Indian government be probably choosing to

0:14:05.120 --> 0:14:07.800
<v Speaker 12>let this one fly by for now. As you say,

0:14:07.800 --> 0:14:09.439
<v Speaker 12>there's been a lot of chatter that India and the

0:14:09.520 --> 0:14:11.679
<v Speaker 12>US are getting close to an understanding.

0:14:11.679 --> 0:14:13.000
<v Speaker 8>Again, these are frameworks.

0:14:13.040 --> 0:14:16.960
<v Speaker 12>These aren't full board trade deals, the kinds that take

0:14:17.040 --> 0:14:20.560
<v Speaker 12>years to come together. These are framework understandings at a

0:14:20.600 --> 0:14:23.720
<v Speaker 12>top level, and it's an India's interests obviously to also

0:14:23.800 --> 0:14:27.240
<v Speaker 12>get some kind of arrangement by the deadline and the

0:14:27.280 --> 0:14:30.440
<v Speaker 12>senses they've been getting pretty close. Not there yet, but

0:14:30.480 --> 0:14:33.440
<v Speaker 12>for days they're inching forward, and you can imagine for

0:14:33.880 --> 0:14:35.960
<v Speaker 12>India the incentive is to get over the line, so

0:14:36.200 --> 0:14:38.880
<v Speaker 12>they'll probably let the bricks comment fly by for now.

0:14:39.400 --> 0:14:42.840
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<v Speaker 2>Ray