July 14, 2025 • 16 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) The EU is preparing to step up its engagement with other countries hit by Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter.
(2) Equity-index futures retreated and Asian shares edged down in a cautious start to the week after President Donald Trump dialed up trade tensions by announcing a 30% tariff on goods from the European Union and Mexico.
(3) Hiring by UK businesses plunged at the fastest pace in nearly two years, according to a survey that suggested that the fallout from a hike in payroll taxes is showing little sign of letting up.
(4) King Charles III will host US President Donald Trump for a state visit in September, the second time Trump will have received the highest honor offered to a visiting dignitary by the UK.
(5) President Emmanuel Macron said France will make a “new” and “historic” effort to increase defense spending to counter an acceleration of threats to freedom in Europe and the risk of outright war in the coming years.
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Episode Transcript
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Speaker 1 (00:00):
Bloomberg Audio Studios, podcasts, radio news. This is the Bloemberg
Day by cur podcast. Good morning, It's Monday, the fourteenth
of July. I'm Caroline Hepkeit in London.
Speaker 2 (00:15):
And I'm Stephen Caroline Brussels. Coming up today, the EU
lines up allies and countermeasures as Trump threatens a thirty
percent tariff from the first of August if no agreement
can be reached.
Speaker 1 (00:26):
Help wanted, but not by humans. UK hiring tumbles as
AI disrupts jobs and payroll costs search in another worrying
sign for Starmer and Reeves.
Speaker 2 (00:38):
Plus why Europe's defense ramp up is creating an opportunity
for Sweden's Grippen fighter jet to take off.
Speaker 1 (00:45):
Let's start with a roundup of our top stories.
Speaker 2 (00:47):
The European Union is looking to step up engagement with
other countries hit by Trump's tariffs following a slew of
new threats. Sources tell us that the EU has reached
out to nations including Canada and Japan and raise the
prospect of a coordinated response to US levies. The move
comes after President Trump unleashed his latest tariff ultimatum over
(01:09):
the weekend. The US President declared that the EU and
Mexico would face a thirty percent tariff if agreements can't
be reached by the first of August. European Commissioned President
or Slavonderlon says she's hopeful of a deal.
Speaker 3 (01:23):
We prefer a negotiated solution.
Speaker 1 (01:26):
This remains the case and we will use the time
that we have not the.
Speaker 4 (01:30):
First of August.
Speaker 2 (01:33):
Our Savanderlyn says the EU Opini Union will extend the
suspension of trade countermeasures against the US until the start
of next month in a bid to secure a deal.
At the same time, Germany's Chancellor Friedrich Martz said thirty
percent tariffs would hit exporters in Europe's largest economies to
the core if a negotiated solution in the trade conflict
can't be found.
Speaker 1 (01:54):
China's export growth has accelerated for the first time since March.
Exports rose on year by are higher than expected five
point eight percent in June to three hundred and twenty
five billion dollars. Bluebag's mid min Low says the pickup
was driven by a reduction in the US tariffs and
robust demand from key overseas markets.
Speaker 5 (02:15):
The exports are really basted by the trade trews the
front loading of shipment's economists have been telling us that
we really have to prepare for a potential, you know,
fall off in demand for exports in the second half
of the year. And of course we are still waiting
for the mid August deadline when the temporary truths will expire,
and some economists believe it's still a possibility that maybe
(02:36):
the tariff levels could still increase in the later half
of this year, So there's still a lot of uncertainty there.
Speaker 1 (02:41):
Mid min Low speaking there, the US tariffs on Chinese
goods have been cut back to around fifty five percent,
down from as high as one hundred and forty five
percent in early April. However, Beijing faces mounting risks from
Washington's evolving trade strategy. Treasury Sexuri Scott best Center is
expected to meet his Chinese counterpart in the coming weeks.
Speaker 2 (03:03):
Bloomberg understands that Jane Street has deposited over forty eight
billion rupees the equivalent of five hundred and sixty four
million dollars in an escrow account to comply with an
order from India's market regulator. It comes after these Securities
and Exchange Board of India temporarily banned the trading giant
from accessing the local market over allegations of index manipulation.
(03:25):
The deposit enables Jane Street to resume trading in India,
but sources say the firm does not intend to return
to trading in local equity options. While Jane Street has
not commented on the latest development, it has previously stated
that it strongly rejects the premise and substance of the
regulator's order, calling it fundamentally mistaken about its trades now here.
Speaker 1 (03:47):
In the UK, hiring by businesses is down by the
most in nearly two years, according to data from the
consultancy KPMG and the Recruitment and Employment Confederation. The numbers
come as employers show signs of dialing back hiring for
jobs likely to be affected by artificial intelligence. Bloomberg tu
(04:08):
Adebayo has more.
Speaker 6 (04:09):
Online job postings in the UK have dropped thirty one
percent in the three months to May compared to twenty
twenty two. According to McKinsey analysis, The decline is being
felt most in sectors with the potential to be significantly
altered by AI, including areas such as tech and finance.
Data shows job for hostings for these sorts of roles
(04:31):
dropped almost twice as much as others. The trend presents
another drag on a job market already contending with tax
increases and stalling economic growth. In London, Tia Adebayo Bloomberg
Radio Britain.
Speaker 2 (04:45):
Has announced today for the state visit from US President
Donald Trump. The country will host the American leader from
the seventeenth of September after Prime Minister Keir Starmer invited
Trump for a rare second visit. Bloombergs James Wilcock has.
Speaker 7 (04:57):
More flashy can get you a long way. In Britain's case,
flattery seems to have helped Keir Starmer secure a twenty
percentage point lower tariff rate than that of the EU,
which would be a major coup if it holds and
global leaders admit to taking notes from this moment, Can.
Speaker 8 (05:15):
I present a letter from m King to take it
away in.
Speaker 9 (05:18):
Rash oh as well, well, that is really nice.
Speaker 8 (05:23):
A very special letter. I think the last state visit
was a tremendous success. His Matchley King wants to make
this even better than that. So this is this is
truly historic, an unprecedented second visit so can Stam perform
a second flourish and leave the UK's pageantry industry into
(05:43):
real gains on trade and security.
Speaker 7 (05:45):
From the US leader in London, James Wilcock, Bloomberg Radio.
Speaker 1 (05:50):
President Donald Chomp says that the US will send more
Patriot air defense batteries to Ukraine as long as Europe pays.
The move is a change of heart for the US leader,
who had argued that sending more arms would delay any
peace deal. Ukraine had been receiving US weapons, but only
with money remaining from Joe Biden's time in office. President
(06:11):
Trump says that he won't be footing the bill for
the new deliveries.
Speaker 9 (06:15):
I haven't agreed on the number yet, but they're gonna
have some because they do need protection. But the European
Union is paying for it. We're not paying any big port,
but we will send it. It'll be business for US,
and we will send them patriots, which they desperately need.
Speaker 1 (06:31):
The President added that he is very disappointed with Russian
President Vladimir Putin. NATO Chief Mark Russa is scheduled to
meet with Trump later today, as Axios reports that Trump
will announce a new plan for Ukraine that also includes
offensive weapons.
Speaker 2 (06:47):
And the Sports and Asianic Center is captured as first
Wimbledon title after defeating the defending champion, Carlos Alcaraz in
four sets. Speaking after the match, the Italian world number
one acknowledge the challenges he's faced this year.
Speaker 10 (07:00):
I'm very emotional now if I don't cry, but it
feels feels emotional because only me and the people who
are close to me know exactly what we have been
through on and off the court, and it has been
everything except easier.
Speaker 2 (07:16):
Alex Centner, who also served a three month doping ban
earlier in the year. Speaking there, that's where chelseacuins the
Football Club World Cup title, beating Paris anger Man three
nil in the final. The London side were presented with
the trophy by US President Donald Trump at the MetLife
Stadium in New Jersey.
Speaker 1 (07:35):
Those are top stories for you this morning. Let's have
a look at markets where stop futures are tumbling right
now for Europe down by half of one percent for
the U of stocks, fifty futures, real concerns around President
Trump's tariff threat of thirty percent against europe s and
P five founded evening futures also annursing some declines, down
four tenths this morning, looking at the Euro marginally lower
(07:56):
against the dollar, down about a tenth of one percent
for the Euro one sixteen seventy five. The Mexican pay
so is also down two terms against the dollar because
it's another country in the sites of President Trump with tariff's.
Asian eggities are mixed. You've got the topics up at
the costpit also seeing some gains, but we've had some declines,
for example for the Taiwanese stock market looking at treasure
(08:18):
yields hovering about four forty one. The only other really
big notable move again is in bitcoin one hundred and
twenty one thousand dollars, so it's breaking has broken through
another record high for bitcoin. Those are the market.
Speaker 4 (08:29):
Stephen.
Speaker 2 (08:30):
In a moment, we'll bring you the latest on the
US EU trade moves, plus why Sweden's fighter jet industry
could be poised for takeoff. But another story we've been
reading this morning from our opinion Columnst. Howard Troy One
who has been writing about getting healthy again. While a
little bit older at sixty six, I decided to get
healthy again. As the essay that he's written for Bloomberg's
(08:52):
weekend edition with some interesting I mean, we've like to
feature Horod's writing a lot, because, yes, he writes beautifully
and in a very sort of relatable way about some
of the kind of challenges he's had, like taking up
running in his sixties. Again he gave it up earlier
because of an injury as well, and he's kind of
talking about the challenges of trying to be as active
(09:14):
as possible, yes, while also not compromising entirely on the
things that he enjoys in life, like eating out.
Speaker 4 (09:20):
Yeah.
Speaker 1 (09:20):
Absolutely, he's a Bob Vivarce. He just is such a
great writer also that he often goes back to, you know,
ancient texts, which I just love. You know, he brings
up lots of kind of Roman writers and he's got
all sorts of interesting quotes that he includes in kind
of philosophical thinking. But it was based on science because
he was looking at this recent scientific study that anybody
(09:42):
who might be a little bit older have probably spotted,
which is that apparently we age at certain points. It
doesn't sort of happen gradually, but around the age of
forty four and around the age of sixty, you can
kind of age quite rapidly, so he was trying to
reverse that target and just.
Speaker 2 (09:59):
Like that effect, you know, and just like that, you're
feeling much older than perhaps you were last week or
the week before. There's great advice in there though from
Horod too, and essentially, I mean a lot of it
just comes down to don't give up and doing a
little is better than doing nothing at all. And you
will put a link to the piece in our show notes.
It's a great read this morning.
Speaker 1 (10:17):
Now let's bring you more on our top story. So
the EU is preparing to step up contacts with the
likes of Canada and Japan after Donald Trump threatened to
impose tariffs of thirty percent on its exports. EU Trade
Minister is a meeting in Bussels today to discuss the
latest our Bussels Bureau chief Suzanne Lynch is joining us
now for more. Susan, good morning. What do we know
(10:39):
about the latest steps that the EU is planning. Is
this about trying to form alliances against the US?
Speaker 3 (10:47):
Well, we reported late last night that the EU is
preparing to step up engagement with other countries that are
hit by the Trump tariffs. Mainly, it seemed after this
week of Donald Trump digging down on his trade rhetoric,
sending those letters to various trading partners, and then at
the weekend announcing or threatening the European Union and Mexico
(11:10):
with new tariffs. So we know that there is plan
out coordinate a lot better on this. But at the
same time, we've got the EU at the other hand,
signally quite strongly by Ursula vonderlyon on Sunday that they
don't want to escalate at the moment, and that they're
holding back implementing any more countermeasures until they try and
(11:32):
get some kind of a deal before this new August
first deadline.
Speaker 2 (11:37):
Suzan, talk to us about the strategy that the EU
is taking here, Because the decision not to retaliate is
a choice, does it indicate that they are hopeful that
progress can be made between now and the first of August.
Speaker 3 (11:51):
Well, it's interesting timing because today, as you mentioned, EU
trade ministers are meeting here in Brussels, but today is
also the deadline by which as suspended tariffs on stealing
aluminum expire. So the EU had a choice today as
it happens, whether to extend that suspension or to enact
that suspension again. And those tariffs again. So we've heard
(12:13):
very strongly from vonder lyon that at the moment today
the EU won't do that that it will allow that
suspension to continue. So it did have that option if
you like, and they have chosen not to do that. Now,
what it's interesting is that we you know, we're hearing that,
for example, from President Macron. If you look at the
language he used on Saturday when he responded to this
(12:35):
kind of shock move by Trump. He talked about the
fact that the Commission has to protect European interests. He
talked about preparing series of countermeasures, including this trade tool
called the anti coercion instruments that could you know, allow
the EU to hit back even stronger. He mentioned those things. Now,
the EU hasn't gone there yet, and I say it
(12:55):
is at this moment deciding not to go any further.
But it will be interesting to see, you know, if
there is some pushback now today when EU trade ministers
meeting that some countries perhaps believe, look, the EU needs
to be stronger on this because you know, as we've
discussed before, the EU does have these other measures that
can take It has other sanctions that it can implement
if it chooses to do so.
Speaker 1 (13:17):
Okay, well, let's watch that closely. Suzanne, thank you so
much for being with us this morning. That is Bloomberg's
Brussels pier A chief, Suzanne Lynch.
Speaker 2 (13:25):
The move to ramp up defense spending in Europe is
presenting an opportunity for the gripp and Jet, made by
Sweden's SAAB. The company hasn't secured an export order since
twenty fourteen, but that might be about to change. Our
reporter Christopher Youngstadt joins us now for more from Stockholm. Christopher,
good morning. Is this the moment then for the Grip
and fighter jet?
Speaker 4 (13:43):
It should does look like it's a moment definitely. As
you mentioned, it's been over a decade since saw one
a major export order for it. It's grouping chats, but
in the past year both Thailand and Columbia have decided
that they do want to place orders and these are
now being negotiated with SAB targeting deals being finalized this
year and the next in line could be ordered from
Peru and the Philippines, with Brazil potentially also boosting its
(14:07):
existing contract for thirty six jets by twenty five percent.
And as SAB CEO Michael Johansson said in his typical
understated fashion, it's been a while since the company was
in such an intensive period on the glip in front.
Speaker 1 (14:21):
Well, lot Keith Martin's F thirty five fighter jets of
course of dominated order books in Europe, but here too,
countries sort of looking for alternatives.
Speaker 4 (14:31):
Right, Yeah, Thirteen European countries are our current F thirty
five customers, and that's including Sweden's neighbors Norway, Denmark and Finland,
while SAB in its turn, has just leased griepin jet
to the Czech Republic and Hungary. The fact that Sweden
hasn't been a NATO member has historically been one of
their competitor's main arguments for not buying the Glippen, but
(14:52):
with Sweden now a member, that's of course gone from
their playbooks. What's potentially an even bigger change, however, is
the foreign policy shift of the Trumpet administration, pulling back
support as we all know, for Ukraine and raising doubts
about US commitment to Europe's defense, which is quite frankly
uncharted territory for European leaders.
Speaker 2 (15:11):
So what's the hope then, in terms of new orders
for the GREEP and JATA and for SAB that makes
it well.
Speaker 4 (15:16):
SAW executives have long emphasized that the procurement of a
fighter jet is as much a political process as it
is a purely technical one. Buying weapons and military gear
from the US has long been viewed as a fool
proof method to reach guaranteed friendship and support, but that
is now, of course no longer the case, with some
security analysts believing that trust in the US will never
(15:39):
go back to pre Trump levels. Consequently, European countries are
now trying to tow the line between lessening their dependence
on the US and maintaining a healthy relationship as allies.
Some are starting to consider jewel fleets, that is, mixing
European made fighters with their thirty fives and this to
make up for a potentially lower level of US air
support in the reas, and some analysts expect European countries
(16:02):
to spend a far smaller portion of its defense spending
on US equipment over time, as such supplies more of
a song fighter aircarecraft.
Speaker 2 (16:10):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 1 (16:16):
Look for US on your podcast feed every morning on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 2 (16:22):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 1 (16:28):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepka and.
Speaker 2 (16:37):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg Daybreak Europe
Bloomberg Audio Studios, podcasts, radio news. This is the Bloemberg
Day by cur podcast. Good morning, It's Monday, the fourteenth
of July. I'm Caroline Hepkeit in London.
Speaker 2 (00:15):
And I'm Stephen Caroline Brussels. Coming up today, the EU
lines up allies and countermeasures as Trump threatens a thirty
percent tariff from the first of August if no agreement
can be reached.
Speaker 1 (00:26):
Help wanted, but not by humans. UK hiring tumbles as
AI disrupts jobs and payroll costs search in another worrying
sign for Starmer and Reeves.
Speaker 2 (00:38):
Plus why Europe's defense ramp up is creating an opportunity
for Sweden's Grippen fighter jet to take off.
Speaker 1 (00:45):
Let's start with a roundup of our top stories.
Speaker 2 (00:47):
The European Union is looking to step up engagement with
other countries hit by Trump's tariffs following a slew of
new threats. Sources tell us that the EU has reached
out to nations including Canada and Japan and raise the
prospect of a coordinated response to US levies. The move
comes after President Trump unleashed his latest tariff ultimatum over
(01:09):
the weekend. The US President declared that the EU and
Mexico would face a thirty percent tariff if agreements can't
be reached by the first of August. European Commissioned President
or Slavonderlon says she's hopeful of a deal.
Speaker 3 (01:23):
We prefer a negotiated solution.
Speaker 1 (01:26):
This remains the case and we will use the time
that we have not the.
Speaker 4 (01:30):
First of August.
Speaker 2 (01:33):
Our Savanderlyn says the EU Opini Union will extend the
suspension of trade countermeasures against the US until the start
of next month in a bid to secure a deal.
At the same time, Germany's Chancellor Friedrich Martz said thirty
percent tariffs would hit exporters in Europe's largest economies to
the core if a negotiated solution in the trade conflict
can't be found.
Speaker 1 (01:54):
China's export growth has accelerated for the first time since March.
Exports rose on year by are higher than expected five
point eight percent in June to three hundred and twenty
five billion dollars. Bluebag's mid min Low says the pickup
was driven by a reduction in the US tariffs and
robust demand from key overseas markets.
Speaker 5 (02:15):
The exports are really basted by the trade trews the
front loading of shipment's economists have been telling us that
we really have to prepare for a potential, you know,
fall off in demand for exports in the second half
of the year. And of course we are still waiting
for the mid August deadline when the temporary truths will expire,
and some economists believe it's still a possibility that maybe
(02:36):
the tariff levels could still increase in the later half
of this year, So there's still a lot of uncertainty there.
Speaker 1 (02:41):
Mid min Low speaking there, the US tariffs on Chinese
goods have been cut back to around fifty five percent,
down from as high as one hundred and forty five
percent in early April. However, Beijing faces mounting risks from
Washington's evolving trade strategy. Treasury Sexuri Scott best Center is
expected to meet his Chinese counterpart in the coming weeks.
Speaker 2 (03:03):
Bloomberg understands that Jane Street has deposited over forty eight
billion rupees the equivalent of five hundred and sixty four
million dollars in an escrow account to comply with an
order from India's market regulator. It comes after these Securities
and Exchange Board of India temporarily banned the trading giant
from accessing the local market over allegations of index manipulation.
(03:25):
The deposit enables Jane Street to resume trading in India,
but sources say the firm does not intend to return
to trading in local equity options. While Jane Street has
not commented on the latest development, it has previously stated
that it strongly rejects the premise and substance of the
regulator's order, calling it fundamentally mistaken about its trades now here.
Speaker 1 (03:47):
In the UK, hiring by businesses is down by the
most in nearly two years, according to data from the
consultancy KPMG and the Recruitment and Employment Confederation. The numbers
come as employers show signs of dialing back hiring for
jobs likely to be affected by artificial intelligence. Bloomberg tu
(04:08):
Adebayo has more.
Speaker 6 (04:09):
Online job postings in the UK have dropped thirty one
percent in the three months to May compared to twenty
twenty two. According to McKinsey analysis, The decline is being
felt most in sectors with the potential to be significantly
altered by AI, including areas such as tech and finance.
Data shows job for hostings for these sorts of roles
(04:31):
dropped almost twice as much as others. The trend presents
another drag on a job market already contending with tax
increases and stalling economic growth. In London, Tia Adebayo Bloomberg
Radio Britain.
Speaker 2 (04:45):
Has announced today for the state visit from US President
Donald Trump. The country will host the American leader from
the seventeenth of September after Prime Minister Keir Starmer invited
Trump for a rare second visit. Bloombergs James Wilcock has.
Speaker 7 (04:57):
More flashy can get you a long way. In Britain's case,
flattery seems to have helped Keir Starmer secure a twenty
percentage point lower tariff rate than that of the EU,
which would be a major coup if it holds and
global leaders admit to taking notes from this moment, Can.
Speaker 8 (05:15):
I present a letter from m King to take it
away in.
Speaker 9 (05:18):
Rash oh as well, well, that is really nice.
Speaker 8 (05:23):
A very special letter. I think the last state visit
was a tremendous success. His Matchley King wants to make
this even better than that. So this is this is
truly historic, an unprecedented second visit so can Stam perform
a second flourish and leave the UK's pageantry industry into
(05:43):
real gains on trade and security.
Speaker 7 (05:45):
From the US leader in London, James Wilcock, Bloomberg Radio.
Speaker 1 (05:50):
President Donald Chomp says that the US will send more
Patriot air defense batteries to Ukraine as long as Europe pays.
The move is a change of heart for the US leader,
who had argued that sending more arms would delay any
peace deal. Ukraine had been receiving US weapons, but only
with money remaining from Joe Biden's time in office. President
(06:11):
Trump says that he won't be footing the bill for
the new deliveries.
Speaker 9 (06:15):
I haven't agreed on the number yet, but they're gonna
have some because they do need protection. But the European
Union is paying for it. We're not paying any big port,
but we will send it. It'll be business for US,
and we will send them patriots, which they desperately need.
Speaker 1 (06:31):
The President added that he is very disappointed with Russian
President Vladimir Putin. NATO Chief Mark Russa is scheduled to
meet with Trump later today, as Axios reports that Trump
will announce a new plan for Ukraine that also includes
offensive weapons.
Speaker 2 (06:47):
And the Sports and Asianic Center is captured as first
Wimbledon title after defeating the defending champion, Carlos Alcaraz in
four sets. Speaking after the match, the Italian world number
one acknowledge the challenges he's faced this year.
Speaker 10 (07:00):
I'm very emotional now if I don't cry, but it
feels feels emotional because only me and the people who
are close to me know exactly what we have been
through on and off the court, and it has been
everything except easier.
Speaker 2 (07:16):
Alex Centner, who also served a three month doping ban
earlier in the year. Speaking there, that's where chelseacuins the
Football Club World Cup title, beating Paris anger Man three
nil in the final. The London side were presented with
the trophy by US President Donald Trump at the MetLife
Stadium in New Jersey.
Speaker 1 (07:35):
Those are top stories for you this morning. Let's have
a look at markets where stop futures are tumbling right
now for Europe down by half of one percent for
the U of stocks, fifty futures, real concerns around President
Trump's tariff threat of thirty percent against europe s and
P five founded evening futures also annursing some declines, down
four tenths this morning, looking at the Euro marginally lower
(07:56):
against the dollar, down about a tenth of one percent
for the Euro one sixteen seventy five. The Mexican pay
so is also down two terms against the dollar because
it's another country in the sites of President Trump with tariff's.
Asian eggities are mixed. You've got the topics up at
the costpit also seeing some gains, but we've had some declines,
for example for the Taiwanese stock market looking at treasure
(08:18):
yields hovering about four forty one. The only other really
big notable move again is in bitcoin one hundred and
twenty one thousand dollars, so it's breaking has broken through
another record high for bitcoin. Those are the market.
Speaker 4 (08:29):
Stephen.
Speaker 2 (08:30):
In a moment, we'll bring you the latest on the
US EU trade moves, plus why Sweden's fighter jet industry
could be poised for takeoff. But another story we've been
reading this morning from our opinion Columnst. Howard Troy One
who has been writing about getting healthy again. While a
little bit older at sixty six, I decided to get
healthy again. As the essay that he's written for Bloomberg's
(08:52):
weekend edition with some interesting I mean, we've like to
feature Horod's writing a lot, because, yes, he writes beautifully
and in a very sort of relatable way about some
of the kind of challenges he's had, like taking up
running in his sixties. Again he gave it up earlier
because of an injury as well, and he's kind of
talking about the challenges of trying to be as active
(09:14):
as possible, yes, while also not compromising entirely on the
things that he enjoys in life, like eating out.
Speaker 4 (09:20):
Yeah.
Speaker 1 (09:20):
Absolutely, he's a Bob Vivarce. He just is such a
great writer also that he often goes back to, you know,
ancient texts, which I just love. You know, he brings
up lots of kind of Roman writers and he's got
all sorts of interesting quotes that he includes in kind
of philosophical thinking. But it was based on science because
he was looking at this recent scientific study that anybody
(09:42):
who might be a little bit older have probably spotted,
which is that apparently we age at certain points. It
doesn't sort of happen gradually, but around the age of
forty four and around the age of sixty, you can
kind of age quite rapidly, so he was trying to
reverse that target and just.
Speaker 2 (09:59):
Like that effect, you know, and just like that, you're
feeling much older than perhaps you were last week or
the week before. There's great advice in there though from
Horod too, and essentially, I mean a lot of it
just comes down to don't give up and doing a
little is better than doing nothing at all. And you
will put a link to the piece in our show notes.
It's a great read this morning.
Speaker 1 (10:17):
Now let's bring you more on our top story. So
the EU is preparing to step up contacts with the
likes of Canada and Japan after Donald Trump threatened to
impose tariffs of thirty percent on its exports. EU Trade
Minister is a meeting in Bussels today to discuss the
latest our Bussels Bureau chief Suzanne Lynch is joining us
now for more. Susan, good morning. What do we know
(10:39):
about the latest steps that the EU is planning. Is
this about trying to form alliances against the US?
Speaker 3 (10:47):
Well, we reported late last night that the EU is
preparing to step up engagement with other countries that are
hit by the Trump tariffs. Mainly, it seemed after this
week of Donald Trump digging down on his trade rhetoric,
sending those letters to various trading partners, and then at
the weekend announcing or threatening the European Union and Mexico
(11:10):
with new tariffs. So we know that there is plan
out coordinate a lot better on this. But at the
same time, we've got the EU at the other hand,
signally quite strongly by Ursula vonderlyon on Sunday that they
don't want to escalate at the moment, and that they're
holding back implementing any more countermeasures until they try and
(11:32):
get some kind of a deal before this new August
first deadline.
Speaker 2 (11:37):
Suzan, talk to us about the strategy that the EU
is taking here, Because the decision not to retaliate is
a choice, does it indicate that they are hopeful that
progress can be made between now and the first of August.
Speaker 3 (11:51):
Well, it's interesting timing because today, as you mentioned, EU
trade ministers are meeting here in Brussels, but today is
also the deadline by which as suspended tariffs on stealing
aluminum expire. So the EU had a choice today as
it happens, whether to extend that suspension or to enact
that suspension again. And those tariffs again. So we've heard
(12:13):
very strongly from vonder lyon that at the moment today
the EU won't do that that it will allow that
suspension to continue. So it did have that option if
you like, and they have chosen not to do that. Now,
what it's interesting is that we you know, we're hearing that,
for example, from President Macron. If you look at the
language he used on Saturday when he responded to this
(12:35):
kind of shock move by Trump. He talked about the
fact that the Commission has to protect European interests. He
talked about preparing series of countermeasures, including this trade tool
called the anti coercion instruments that could you know, allow
the EU to hit back even stronger. He mentioned those things. Now,
the EU hasn't gone there yet, and I say it
(12:55):
is at this moment deciding not to go any further.
But it will be interesting to see, you know, if
there is some pushback now today when EU trade ministers
meeting that some countries perhaps believe, look, the EU needs
to be stronger on this because you know, as we've
discussed before, the EU does have these other measures that
can take It has other sanctions that it can implement
if it chooses to do so.
Speaker 1 (13:17):
Okay, well, let's watch that closely. Suzanne, thank you so
much for being with us this morning. That is Bloomberg's
Brussels pier A chief, Suzanne Lynch.
Speaker 2 (13:25):
The move to ramp up defense spending in Europe is
presenting an opportunity for the gripp and Jet, made by
Sweden's SAAB. The company hasn't secured an export order since
twenty fourteen, but that might be about to change. Our
reporter Christopher Youngstadt joins us now for more from Stockholm. Christopher,
good morning. Is this the moment then for the Grip
and fighter jet?
Speaker 4 (13:43):
It should does look like it's a moment definitely. As
you mentioned, it's been over a decade since saw one
a major export order for it. It's grouping chats, but
in the past year both Thailand and Columbia have decided
that they do want to place orders and these are
now being negotiated with SAB targeting deals being finalized this
year and the next in line could be ordered from
Peru and the Philippines, with Brazil potentially also boosting its
(14:07):
existing contract for thirty six jets by twenty five percent.
And as SAB CEO Michael Johansson said in his typical
understated fashion, it's been a while since the company was
in such an intensive period on the glip in front.
Speaker 1 (14:21):
Well, lot Keith Martin's F thirty five fighter jets of
course of dominated order books in Europe, but here too,
countries sort of looking for alternatives.
Speaker 4 (14:31):
Right, Yeah, Thirteen European countries are our current F thirty
five customers, and that's including Sweden's neighbors Norway, Denmark and Finland,
while SAB in its turn, has just leased griepin jet
to the Czech Republic and Hungary. The fact that Sweden
hasn't been a NATO member has historically been one of
their competitor's main arguments for not buying the Glippen, but
(14:52):
with Sweden now a member, that's of course gone from
their playbooks. What's potentially an even bigger change, however, is
the foreign policy shift of the Trumpet administration, pulling back
support as we all know, for Ukraine and raising doubts
about US commitment to Europe's defense, which is quite frankly
uncharted territory for European leaders.
Speaker 2 (15:11):
So what's the hope then, in terms of new orders
for the GREEP and JATA and for SAB that makes
it well.
Speaker 4 (15:16):
SAW executives have long emphasized that the procurement of a
fighter jet is as much a political process as it
is a purely technical one. Buying weapons and military gear
from the US has long been viewed as a fool
proof method to reach guaranteed friendship and support, but that
is now, of course no longer the case, with some
security analysts believing that trust in the US will never
(15:39):
go back to pre Trump levels. Consequently, European countries are
now trying to tow the line between lessening their dependence
on the US and maintaining a healthy relationship as allies.
Some are starting to consider jewel fleets, that is, mixing
European made fighters with their thirty fives and this to
make up for a potentially lower level of US air
support in the reas, and some analysts expect European countries
(16:02):
to spend a far smaller portion of its defense spending
on US equipment over time, as such supplies more of
a song fighter aircarecraft.
Speaker 2 (16:10):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 1 (16:16):
Look for US on your podcast feed every morning on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 2 (16:22):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 1 (16:28):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepka and.
Speaker 2 (16:37):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg Daybreak Europe
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