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

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 4: Karen, we begin in Washington, d C, where President Donald

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Speaker 4: Trump has weighed in on trade negotiations with China.

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Speaker 2: In an early morning social media post.

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Speaker 4: The President went on truth Social just after two fifteen

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Speaker 4: this morning Washington time to write quote, I like President

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Speaker 4: She of China, always have, always will, but he is

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Speaker 4: very tough and extremely hard to make a deal with.

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Speaker 4: The post is raising questions about whether the two leaders

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Speaker 4: will have a call in the near future, as the

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Speaker 4: White House has promised. We get more from Bloomberg News

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Speaker 4: Executive editor for Asia Markets, Paul Dobson.

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Speaker 5: We've heard all through this week commentary from the US

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Speaker 5: side talking about don't worry, I'll I'll be all right.

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Speaker 5: Trump and She will get together and I'll have this meeting.

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Speaker 5: But China has been completely silent on the matter. Now

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Speaker 5: you can read something into that both ways, right either side,

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Speaker 5: because they're just leaving the US hanging, or maybe there's

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Speaker 5: something coming and you know they don't want to get

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Speaker 5: ahead of it.

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Speaker 2: Bloomberg's Paul Dobson reports.

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Speaker 4: All this comes as both sides have accused each other

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Speaker 4: of violating terms of their trade agreement in Geneva. The

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Speaker 4: US has imposed new limits on chips and jet engine parts.

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Speaker 4: Has also discussed revoking Chinese student visas, while the US

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Speaker 4: has accused China of slowing exports of rare earth minerals.

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Speaker 3: Meanwhile, Nathan, President Trump has followed through on a promise

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Speaker 3: to raise steel and aluminum tariffs to fifty percent. He

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Speaker 3: announced it to steel workers in Pittsburgh last Friday.

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Speaker 6: At twenty five percent, they can so to get over

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Speaker 6: that fence.

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Speaker 7: At fifty percent, they can no longer get over the fence.

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Speaker 3: President Trump's new metal tariffs took effect at a minute

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Speaker 3: after midnight this morning. The new rate does not apply

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Speaker 3: to British steel or aluminum. The UK is getting a

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Speaker 3: five week reprieve to negotiate the details of its framework

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Speaker 3: trade agreement with the US.

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Speaker 2: I mean well caring.

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Speaker 4: There are harsh words this morning about President Trump's tax

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Speaker 4: cut bill from Elon Musk, and we get the very

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Speaker 4: latest on that now from Bloomberg's John Tucker.

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Speaker 8: John and Nate, in a post on X must says

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Speaker 8: Donald Trump's proposed tax bill more than defeats all the

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Speaker 8: cost savings achieved by the Doze team at great personal cost,

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Speaker 8: at risk. Earlier Must said, this massive, outrageous Porkfield Congressional

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Speaker 8: spending bill is a disgusting abomination and shame on those

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Speaker 8: who voted for it. House Speaker Mike Johnson felt compelled

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Speaker 8: to respond yesterday with all due respect, my friend Elon

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Speaker 8: is terribly wrong about the one big, beautiful bill. Well,

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Speaker 8: the remarks could stiffen resistance and delay enactment of the

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Speaker 8: tax cuts and debt sealing increase. One Republican fiscal hawk,

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Speaker 8: Senator Mike Lee of Utah, appeared to endurese Must criticism.

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Speaker 8: This all highlights the risk that must public stands will

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Speaker 8: complicate passage. Ali said, in his words, the Senate must

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Speaker 8: make this bill better. In New York on John Tucker

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Speaker 8: Bloomberg Radio, all.

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Speaker 3: Right, John, thank you. Meanwhile, send a majority. Leader John

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Speaker 3: Thune believes the deal that led to the House to

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Speaker 3: increase the maximum deduction for state and local taxes to

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Speaker 3: forty thousand dollars will have to be changed. In his chamber.

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Speaker 3: Republican lawmakers from states like New York and California demanded

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Speaker 3: that the salt capy raised well above the ten thousand

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Speaker 3: dollars limit established in Trump's twenty seventeen tax overhaul. House

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Speaker 3: Speaker Mike Johnson eventually agreed to the new forty thousand

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Speaker 3: dollars cap well.

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Speaker 4: Later this month, Karen, President Trump will attend the NATO

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Speaker 4: summit at the Hague as he seeks to rally member

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Speaker 4: nations to step up the fence spending.

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Speaker 2: We get more from Bloomberg Zamy Morris in Washington.

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Speaker 9: White House Press Secretary Caroline Lovett I.

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Speaker 3: Can confirm he will be going to the NATO summit.

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Speaker 10: Yes.

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Speaker 9: President Trump has said he wants members of the Alliance

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Speaker 9: to spend five percent of GDP on the military. That's

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Speaker 9: a substantial increase for many nations. The Alliance will discuss

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Speaker 9: a target that would see nations commit to spending three

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Speaker 9: and a half percent of GDP on core defense and

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Speaker 9: another one and a half percent in defense related outlays

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Speaker 9: on areas including infrastructure, cyber defense, and civilian preparedness. The

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Speaker 9: summit on twenty fourth and twenty fifth will come shortly

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Speaker 9: after the Group of Seven leaders are expected to meet

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Speaker 9: in Canada. The status of the war in Ukraine is

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Speaker 9: likely to be high on the agenda at both meetings

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Speaker 9: in Washington. Amy Morris Bloomberg Radio.

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Speaker 3: All right, Amy, thank you. We turned to the markets now,

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Speaker 3: and stocks around the world have hit a record high.

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Speaker 3: The MSCI All Country World Index hit an all time

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Speaker 3: peak for the first time since February, as signs of

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Speaker 3: a resilient US economy overshadowed uncertainty around trade negotiations. The

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Speaker 3: S and P five hundred is more than two percent

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Speaker 3: below peak said earlier this year.

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Speaker 2: Thanks for individual stocks.

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Speaker 4: This morning, Karen Shares of Crowdstriker down six and a

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Speaker 4: half percent. The cybersecurity firm projected sales for the current

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Speaker 4: quarter below estimates. Jessica Inskip as director of investor research

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Speaker 4: at stockbrokers dot Com. She says broad adoption of artificial

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Speaker 4: intelligence will be key for crowdstrikes growth.

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Speaker 11: From an enterprise level. To bring AI, you need to

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Speaker 11: go to the cloud, which means you need to have

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Speaker 11: data store there to have that cloud infrastructure fires a

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Speaker 11: lot of security, and so it's really on the enterprise level.

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Speaker 11: But if there is no regulation requirements, it may take

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Speaker 11: a backseat and that could be a concern.

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Speaker 4: Stockbroker dot COM's Jessica Inskip says the results were crowd

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Speaker 4: strikes fourth quarterly updates since last year's software update that

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Speaker 4: crashed Windows operating systems around the world.

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Speaker 3: Nathan. After more than seven years, Wells Fargo has been

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Speaker 3: released from an asset cap put in place by the FED.

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Speaker 3: The unprecedented sanction was imposed in twenty eighteen under then

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Speaker 3: FED shair Janet Yellen after a wave of misconduct scandals. Now,

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Speaker 3: the Fed says Wells Fargo has met all requirements, including

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Speaker 3: third party reviews and internal reforms. Bloomberg Sally Bakewell says

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Speaker 3: this is a huge deal for Wells Fargo's CEO, Charlie Sharf.

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Speaker 12: But ends an era of scandals. It's a huge deal

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Speaker 12: for Charlie Shaff. Can't be understated or underestimated, I think,

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Speaker 12: and I think perhaps the shar has not been up

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Speaker 12: so much is because it was expected. We've seen a

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Speaker 12: number of consentals come off this year. The bank has

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Speaker 12: the CEO of particularly has telegraphed that things were going

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Speaker 12: well and that they did expect to have some sort

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Speaker 12: of resolution soon.

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Speaker 3: Bloomberg Sally bake Well says the removal of the cap

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Speaker 3: ends a costly era for Wells Fargo. One estimate projected

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Speaker 3: thirty nine billion dollars in lost profits. And shares are

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Speaker 3: up about four percent this morning.

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Speaker 4: And shares of Airbus are up more than three percent

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Speaker 4: this morning. Karen Bloomberg News has learned that China is

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Speaker 4: considering placing an order for hundreds of Airbus aircraft as

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Speaker 4: soon as next month. The deal could involve around three

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Speaker 4: hundred planes. The order would be a significant win for Airbus.

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Speaker 4: It has gained an upper hand in the Chinese market

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Speaker 4: due to trade tensions and issues affecting Airbus rival Boeing.

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Speaker 3: Nathan, a top drinks maker, is feeling the impact of

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Speaker 3: global tariffs. Konyak maker Remy quantrou is withdrawing its long

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Speaker 3: term sales guidance. It's blaming tariff policies in America and

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Speaker 3: China and a stunted recovery in the US market. Remy

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Speaker 3: and rivals like pernar Rico are facing a ricard rather

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Speaker 3: are facing challenges that include the suspension of duty free

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Speaker 3: sales channels in China and the prospect of escalating trade

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Speaker 3: tariffs in the US. Time now for look at some

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

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Speaker 3: around the world, and from that. We're joined by Bloomberg's

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Speaker 3: Michael Barr Michael, good Morning.

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Speaker 13: Good Morning, Karen. The Department of Homeland Security says the

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Speaker 13: wife and five children of the suspect and Sunday's Boulder,

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Speaker 13: Colorado flamethroaware attack r and i's custody. DHS Secretary Christy

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Speaker 13: nomesaid the family of Mohammed Solomon is being investigated.

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Speaker 14: All Mohammed's despicable actions will be prosecuted to the fullest

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Speaker 14: extent of the law, but we're also investigating to what

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Speaker 14: extent his family knew about the horrific attack, if they

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Speaker 14: had any knowledge of it, or if they provided support

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Speaker 14: to it.

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Speaker 13: Secretary Nomes says Solomon is an Egyptian national who is

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Speaker 13: in the country illegally after overstaying his tourist visa. At

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Speaker 13: least twelve people were injured in the attack, including an

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Speaker 13: eighty eight year old woman who's the Holocaust. South Korea's

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Speaker 13: new president Lee J. Mung says he'll pursue dialogue with

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Speaker 13: North Korea while bolstering a trine lateral partnership with the

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Speaker 13: US and Japan. Lee won a snap election Tuesday for

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Speaker 13: a five year term. The Justice Department says two Chinese

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Speaker 13: nationals smuggled a potential agro terrorism weapon into the US.

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Speaker 13: It's a fungus that's known to kill crops and be

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Speaker 13: harmful to humans. The two suspects were allegedly receiving Chinese

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Speaker 13: government funding for their research. Former counter terrorism official John

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Speaker 13: Cohen told ABC. In the wrong hands, the fungus could

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Speaker 13: have disastrous effects on the country.

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Speaker 7: A fungus such as this could be used to damage

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Speaker 7: our agricultural industry, infect our food supply, impact our economy,

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Speaker 7: and harm large numbers of people.

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Speaker 13: The mayor of Newark, New Jersey, isssuing his state's top

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Speaker 13: federal prosecutor following his arrest during a protest at an

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Speaker 13: iced attention center last month. The lawsuit from Oz Baraka

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Speaker 13: accused his acting US attorney, Alena Hobbo, and a Homeland

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Speaker 13: Security official of false arrest and malicious prosecution. Baraco was

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Speaker 13: arrested for trespassing, although Habba's office later dropped the charge.

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Speaker 13: Baraka is running for New Jersey governor in next week's

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Speaker 13: Democratic primary. Wildfire smoke from a series of blazes burning

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Speaker 13: in the Canadian Prairie has drifted across New York, contributing

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Speaker 13: to a series of air quality alerts in the area

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Speaker 13: that's threatening breathing problems with children and older adults. Global

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Speaker 13: News twenty four hours a day and whenever you want

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Speaker 13: it with Bloomberg News Now. Michael Barn, this.

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Speaker 3: Is Bloomberg Karen all right, Michael Barr, thank you time

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Speaker 3: now for the Bloomberg Sports some Day, brought to you

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Speaker 3: by Flushing Bank. Here's John Stanshawer, John, Good morning.

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Speaker 2: Good morning, Careen.

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Speaker 6: Big reason why so many were surprised with the knixt

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Speaker 6: decision to fire coach Tom Thibodeau is because of how

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Speaker 6: bad the Knicks were before Thibodeau arrived twenty years only

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Speaker 6: in one playoff series victory. They had gone through twelve

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Speaker 6: different coaches in a sixteen year period. Divida on his

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Speaker 6: first season, took the Knicks from a win percentage of

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Speaker 6: thirty two up to fifty seven. He was NBA Coach

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Speaker 6: of the Year, and this season, his fifth, was his best.

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Speaker 6: Only four NBA teams had more regular season wins. Only

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Speaker 6: two went further in the playoffs. Leon Rose wins. The

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Speaker 6: Knicks never talks to the media, did release a statement

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Speaker 6: that said they want to go in another direction. Perhaps

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Speaker 6: it's to Michael Malone, a New York native who just recently.

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Speaker 2: Got fired in Denver.

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Speaker 6: Mets in LA down four to one early, they came

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Speaker 6: back once Sot with a two on omer.

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Speaker 2: Mets led five to four. The ninth that he did

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Speaker 2: not use.

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Speaker 6: Their closer, Edwin Diz and Max Munsey with his second

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Speaker 6: home run of the game, tied things up.

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Speaker 2: They went to the Tenthony th left good back coming

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Speaker 2: back out of the Warner check.

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Speaker 1: It is hopping around from second, a walk get off

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Speaker 1: as Temmy Edman Freddie Freeman gets it done opposite field

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Speaker 1: double the.

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Speaker 6: N C The car Dodgers won six to five. Yankees

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Speaker 6: at Stadium got back to back home run seventh and

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Speaker 6: Ain't from Jazz Chisholm and Anthony Volfy Chishom in his

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Speaker 6: first game back from injury. Strong pitching from Carlos Rodan.

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Speaker 6: They beat Cleveland three to two. National has lost of

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Speaker 6: the Cubs eight to three, Red Sox loss of the

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Speaker 6: Angels four to three. The Snops have dropped eight at

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Speaker 6: their last ten. They'll drop the puck tonight in Edmonton,

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Speaker 6: Game one of the Stanley Cup Final, a rematch of

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Speaker 6: last year when Florida blew a three nothing series lead

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Speaker 6: but one game seven over the Oilers. In all American

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Speaker 6: women's quarterfinal match about to start at the French Open,

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Speaker 6: it's Coco Golf against Madison Keys, who is eleven to

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Speaker 6: zero in Grand Slam matches this year.

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Speaker 2: He just won the Australian Open.

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Speaker 6: The men today have Novak Djokovic against Atlex Saverro Johns Stashemmer.

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Speaker 2: Bloomberg Sports Candy n.

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Speaker 10: Coast to Coast on Bloomberg Radio, nationwide on Sirius Exam and.

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Speaker 6: Around the world on Bloomberg dot Com and the Bloomberg

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Speaker 6: Business app.

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Speaker 2: This is Bloomberg day Break. Good morning, I'm Nathan Hager.

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Speaker 2: On early morning.

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Speaker 4: Social media post is raising a whole host of questions

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Speaker 4: about US China relations. President Donald Trump wrote on truth

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Speaker 4: Social overnight that China's she Jinping is quote very tough

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Speaker 4: and extremely hard to make a deal with end quote,

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Speaker 4: raising a point former Acting White House Chief of STAPH

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Speaker 4: Mick mulvaney made to us this week.

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Speaker 15: Trump doesn't want to go through the back channels. You

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Speaker 15: just don't want to go through the ordinary course of business.

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Speaker 15: That's never been his style as a leader, meaning in

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Speaker 15: business or in his first term in office. He wants

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Speaker 15: to talk to the principal. He wants to talk to

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Speaker 15: President She himself.

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Speaker 4: Now, that was Acting White House Chief of STAPH mcmulvaney

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Speaker 4: speaking with Bloomberg from Singapore this week. Joining us this

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Speaker 4: morning is Bloomberg News Global Trade editor Brendan Murray. And Brendan,

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Speaker 4: we've talked before about whether President's Trump and she could

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Speaker 4: have a chat anytime soon. Where does this overnight post

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Speaker 4: leave that prospect?

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Speaker 10: Good morning, Well, it seems like the Chinese are really

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Speaker 10: digging in their heels and not giving President Trump that

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Speaker 10: call that he's been consistently asking for and White House

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Speaker 10: officials have been saying could be coming within days. So

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Speaker 10: it looks like it's at least, you know, weeks, weeks

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Speaker 10: in the future, if if, if it's going to happen

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Speaker 10: at all. In the meantime, you know, we've got a

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Speaker 10: story Bloomberg's reporting today that China is looking at buying

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Speaker 10: a bunch of Airbus airplanes. So you know that's not

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Speaker 10: going to be good for Boeing. So it seems that

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Speaker 10: that China is sort of playing the Europeans off on

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Speaker 10: on the US, and you know that can only make

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Speaker 10: Trump even more frustrated given that, you know, but he's trying,

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Speaker 10: he's trying to make this trade relationship and these talks

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Speaker 10: come together, and that doesn't look like it's going to

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Speaker 10: happen as they predicted.

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Speaker 4: So where does that leave the Geneva agreement that seems

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Speaker 4: now like it was months ago.

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Speaker 2: It was only abouts ago, wasn't it?

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Speaker 10: Yeah, it was three and a half weeks ago, and

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Speaker 10: it was it seemed both sides are pointing fingers at

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Speaker 10: each other saying, you know, you didn't live up to

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Speaker 10: your end of the bargain. The US is withholding Chinese

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Speaker 10: high tech chips that China wants, you know, access to,

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Speaker 10: and and and China's withholding uh these rare earth magnets

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Speaker 10: that are important for UH car production and other kinds

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Speaker 10: of high tech manufacturing. So you got both sides, basically, UH,

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Speaker 10: withholding in things that are important in global supply chains

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Speaker 10: from each other and seeing who's gonna who's going to

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Speaker 10: crack first? And UH, it would appear that uh, you know,

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Speaker 10: President Trump had a lot of leverage to begin with,

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Speaker 10: but that that China has a fair amount of its

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Speaker 10: own leverage.

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Speaker 4: We've had the new US ambassador to China, David Perdue

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Speaker 4: meeting with the Chinese foreign minister in Beijing, uh and uh.

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Speaker 4: From what we understand, China used that encounter to tell

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Speaker 4: the US to get the relations back on track.

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Speaker 2: How does that happen, Brandon?

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Speaker 10: Yeah, exactly. It just fits with the pattern of Beijing

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Speaker 10: saying We're not going to have any meaningful discussion with

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Speaker 10: you until you stop, uh, you know, treating us the

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Speaker 10: way you're treating us. You know, the US is had

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Speaker 10: this crackdown on Chinese student visas last week, there was

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Speaker 10: there was, you know, the a lot of things that

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Speaker 10: happened geopolitically that the US doesn't like. Marco Rubio was

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Speaker 10: out talking about the Tieneman Square victims today and so that,

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Speaker 10: you know, all that kind of stuff is just not

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Speaker 10: going to make China very happy. So it would seem

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Speaker 10: the hawks and the doves within the Trump administration aren't

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Speaker 10: really aligned, and that if you want to do a

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Speaker 10: deal with China, you know, you can't be coming out

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Speaker 10: with all these other geopolitical type issues that only anger

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Speaker 10: the Beijing.

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Speaker 4: Just thirty seconds left, does the doubling of steel and

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Speaker 4: aluminum tariffs to fifty percent raise Another source spot for

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Speaker 4: China as well well.

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Speaker 10: It raises a source spot with a lot of other

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Speaker 10: countries that the US needs to help in their efforts

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Speaker 10: with China. So it's if you're going to if you're

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Speaker 10: going to confront China and it's over capacity and it's

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Speaker 10: in the deflation that it's sending around the global economy,

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Speaker 10: you want the help of your trading partners, and those

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Speaker 10: are Germany and they're you know, places like South Korea

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Speaker 10: and Japan. And if you want their help, that's not

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Speaker 10: going to The fifty percent steel tariff is only going

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Speaker 10: to increase tensions with them at a time when you

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Speaker 10: need them to stand together against China. So it's it's

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Speaker 10: a complicated situation.

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Speaker 3: This is Bloomberg day Break, your morning podcast and the

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Speaker 2: I'm Nathan Hager.

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Speaker 4: Join us again tomorrow morning for all the news you

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Speaker 4: Ray