September 26, 2025 • 16 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) President Donald Trump announced a fresh round of tariffs, including a 100% duty on branded or patented pharmaceuticals starting October 1, unless a company is building a manufacturing plant in America.
(2) Former FBI Director James Comey was charged with lying to Congress and obstruction related to testimony he gave in 2020, accelerating President Donald Trump’s push for legal action against his perceived political enemies.
(3) European diplomats warned the Kremlin this week that NATO is ready to respond to further violations of its airspace with full force, including by shooting down Russian planes, according to officials familiar with the exchange.
(4) Lorie Logan, president of the Federal Reserve Bank of Dallas, has proposed replacing the central bank’s benchmark federal funds rate — the primary tool the central bank has used to steer the nation’s economy since the 1980s — with a much more widely used market bellwether.
(5) Volkswagen is curbing volumes and introducing temporary shutdowns at two German factories as demand for its electric vehicles grows more slowly than predicted.
(6) UK Prime Minister Keir Starmer will try to relaunch his stuttering administration with a speech Friday announcing a plan for compulsory digital identity cards to help combat illegal migration, while also making a progressive case for his premiership as it comes under threat from internal rivals.
Podcast Conversation: Ryder Cup Golf Rowdiness Is Keeping the Sport Fun: Adam Minter
See omnystudio.com/listener for privacy information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg Day Baker podcast. Kimoni's Finding the
twenty sixth of September. I'm Caroline Hepget in London. Coming
up today, President Trump announces a one hundred percent duty
on patented drugs made by pharmaceutical firms not building plants
in the US. The former FBI director James Comy is
charged with lying to Congress as the President cheers plus
(00:32):
ready to strike, Europeans privately tell Moscow they are prepared
to shoot down Russian jets that enter their airspace. Let's
start with a roundup of our top stories. President Trump
has unveiled a fresh round of tariffs, including a one
hundred percent levy on any branded or patented pharmaceutical product,
that is, unless a company is building a drugs manufacturing
(00:54):
plant in America. The move was one of several industry
focused tariffs and now by the President. In a post
on truth social President Trump announcer fifty percent tariff on
kitchen cabinets, thirty percent levee on upholstered furniture, and a
twenty five percent tariff on heavy trucks imported into the US.
New charges will take effect next week on the first
(01:16):
of October. Deborah Elms, head of trade policy at the
Heindrich Foundation, speaks, now.
Speaker 3 (01:23):
This is an incredible, breathtaking expansion of tariff coverage that
will affect everyone, including those countries that thought that they
had a deal in place under those reciprocal tariffs that
are not covered by these sector specific new applications.
Speaker 2 (01:38):
So that was Deborah Elms had a trade policy at
the Heinrich Foundation. According to Bloomberg Economics, the levee on
pharmaceuticals could raise the average US tariff rate by up
to three point three percentage points. However, the impact may
be offset by the exemption for companies building American manufacturing facilities.
Former FBI direct to James Comy has been charged with
(02:02):
lying to Congress and obstruction in relation to testimony that
he gave in twenty twenty. Comy told Congress that he
never authorized anyone at the FBI to be an anonymous
source in news reports. The current charges say that that
was false. It comes days after President Trump demanded legal
action against Comy and other perceived political enemies. Comey reacted
(02:25):
to the announcement on Instagram.
Speaker 4 (02:28):
My family and I have known for years that there
are costs to standing up to Donald Trump, but we
couldn't imagine ourselves living any other way. We will not
live on our knees, and you shouldn't either. Somebody that
I love dearly recently said that fear is the tool
of a tyrant. And she's right. But I'm not afraid,
(02:48):
and I hope you're not either.
Speaker 2 (02:51):
James Comy, speaking there as the US Justice Department said
that he could face up to five years in prison.
President Trump, mean while, reacted positively to the news on
truth social describing Comy as quote bad for our country.
European diplomats have privately warned the Kremlin that NATO is
(03:11):
ready to respond to further violations of its airspace by
shooting down Russian planes. Bloomberg understands that British, French and
German envoys had a meeting in Moscow about an incursion
by three fighter jets over Estonia last week, concluding after
the meeting that the violation was deliberate. Speaking to Bloomberg's
editor in chief, John Micklethwaite, the Secretary General Mark Ritchard
(03:35):
says that NATO is well prepared.
Speaker 5 (03:38):
Our fighter jet miners not exactly what to do for
fifty years now, from the sophiet days to now is Russia.
We have had these incursions before. They will assess the
danger and if the danger is such that they feel
they really have to take down the plane, then they can.
But they've also decided that there's no imminent threat, and
then they will escort them outside off the airspace.
Speaker 2 (04:00):
NATO Secretary General Mark Rutter speaking there, He also said
that Western militaries cannot afford to keep shooting down drones
with costly missiles. Russian officials have denied their planes crossed
into NATO airspace, and the Kremlin insists it's not trying
to test the alliance. One of the world's most closely
watched hedge fund managers is warning that unprecedented spending on
(04:23):
ai I may not pay off. Greenlight Capital founder David
Einhorn says that there's a reasonable chance that a tremendous
amount of capital destruction will occur.
Speaker 6 (04:34):
So now we have open ai today, they're a trillion
and they have like ten billion of revenue, So I
don't know where the trillion is going to come from.
These aren't like, you know, a trillion dollars is basically
the book equity of the mag seven and opening. I
want us to invest in this much in the next
number of years in data centers. This seems really really
strange to me. It seems to be a continued competition
(04:57):
of people throwing out numbers which sound really really big
and really really exciting, that are not really measurable.
Speaker 2 (05:04):
David Einhorn, who was speaking there to an audience at
the Simplify Asset Management event, he said that weak job
growth and stagnant productivity are signs that a recession may
be looming. Let's get to some news here in the UK.
When it's a Kiss, Starmer will announce a plan for
compulsory ID cards as part of efforts to tackle small
(05:26):
boat crossings. Blomberg has learned that every adult in Britain
will need a digital document to start a job or
rent a house. Silky Carlo from Big Brother Watch says
this run's counter to Britain's history of civil liberties.
Speaker 7 (05:40):
Employers already have a legal duty to check people's right
to work. Starmer has absolutely no mandate for this. Nobody
voted for this. This wasn't in the labor manifesto.
Speaker 2 (05:52):
The new scheme is kiss Starmer's latest attempt to reset
his government as political rivals like the Manchester mayor Andy
Burnham talk about replacing him. Bloomberg reported Kirstarma's allies had
been comparing the Manchester meir to Liz Truss, alleging that
he is a risk to bond markets. Liz Trust responded
to the Bloomberg story saying Burnham quote should be so lucky.
(06:15):
And lastly, corporate NEWSVW says it's cutting car production and
introducing temporary shutdowns at two German factories. Bloomberg's Mihul Kubala
has that story.
Speaker 8 (06:25):
While VW is benefiting from growing electric vehicle sales in Europe,
the overall rise in demand for its evs is slower
than the German automaker had predicted. The two sides where
it is cutting output produce EV's exclusively, making them especially
vulnerable to fluctuations in demand for battery powered models. The
(06:47):
announcement comes despite new figures released yesterday showing an uptick
in EV sales. European consumers continued to warm to electric
and hybrid models produced by the region's manufacturers in their
right back against Chinese rivals. In Brussels, Michal kobala Bloomberg Radio.
Speaker 2 (07:05):
So those are our top stories for you this morning.
Now President Trump back with further tariffs, the US stocks
healthcare index may underperform today. We've seen a sell off
in pharmaceutical and health stocks in Asia overnight. Stock futures
for Europe are up though over all half of one percent,
but we've seen the all country World index down a
(07:26):
tenth of one percent, the cost by slumping almost two
and a half percent this morning. We've also got, of
couse the PCE data, the inflation figures out on Friday.
Personal consumption expenditures expected to rise by two tenths of
one percent in August versus three tenths in July. And
in terms of the Fed money markets slightly cutting bets
(07:48):
on rate cut expectations forty basis points of this.
Speaker 8 (07:52):
Year.
Speaker 2 (07:53):
That's because of the strong GDP data we sort out
of the US yesterday. So those are the markets this morning.
Now in a moment, but we'll talk about NATO and
we'll also discuss the pharmaceutical levees that President Trump is
bringing in next week. But there's something else that caught
my eye, maybe a bit more fun, maybe a bit
louder and more raucous. So this is the Ryder Cup,
(08:15):
the forty fifth Ryder Cup that is taking place in
New York, haves every couple of years. Of course, cheers, boos, heckling.
It's going to be a wild weekend of golf. Our
opinion columnst Adam Mint has been writing about this, but
then I was also watching Carson Daily hosting the opening
ceremony event for the Ryder Cup. Of course it pits
a team of US golfers against a bunch of European golfers.
(08:37):
I mean, you have's done pretty well of course one
in Rome. So we're going to see huge rivalry and
the big question about whether the opening pairings, the people
going out first are going to be able to really drive.
At the first hot, I hit a really really long
shot three hundred and sixty five yards. It's going to
(08:57):
be fascinating. Sars at twelve to ten London time today,
a pretty early state side seven ten Am. I like
the fact that Adam Mint has gone into the details
about actually how many people are getting more interested in golf,
which has kind of been a bit of a dying
sport but is coming back, and a lot of that
is to do with not playing golf on the golf course,
(09:19):
but actually playing it indoors with your friends top golf.
Maybe that's something that you can think about for the weekend,
getting a team together and some bets and watching the
Ryder Cup.
Speaker 9 (09:28):
Of course.
Speaker 2 (09:28):
Anyway, that's something that I've been thinking about to date.
Let's also turn our attention though, to matters more serious,
a rapid expansion or of US tariff barriers in both
Chief Asia correspondent Ros Matheson joins me now to discuss
Good morning Ros on the farmer taris, what does this
exemption exception for building a US plant mean?
Speaker 10 (09:51):
Do you think this has started out really as just
Donald Trump announcing something on social media overnight and there
isn't a lot of detail and paperwork in practice what
this would be. But it does seem as though he's
announcing another round of tariffs on different goods, including kitchen
cabinets and heavy trucks, but also particularly pharmaceutical branded pharmaceuticals
(10:13):
pagented pharmaceuticals, so probably not generic pharmaceuticals.
Speaker 1 (10:17):
But you know, this is potentially.
Speaker 10 (10:19):
Impactful for a lot of big farmer companies around the world,
unless they have already started to break ground on production facilities.
Speaker 3 (10:28):
In the US.
Speaker 1 (10:29):
I mean, many of them are doing that, so they
may find they get an exemption, but some have promised
to do so and have not yet started, and it's
very unclear if they get impacted.
Speaker 3 (10:40):
And also how does this go.
Speaker 10 (10:42):
Against all the other trade deals that are being done
and the complex arrangements already. Does this get stacked on
top of other tariffs? Do you get an exemption if
you've already negotiated a full trade deal with the US.
So it's unclear just how significant this might be for
farmer company and it's potentially impactful, particularly for those in Europe,
(11:03):
but also in Singapore. But you can see from the
market reaction that people are kind of waiting really to
get more detail exactly how it's going to play out.
Speaker 2 (11:12):
Yeah, absolutely they are. You know, perhaps the upshot of
this is that the trade will might not end, it
might be an ongoing state. Roslin, thank you so much
for being with us. That in Bloomberg's chief Asia correspondent,
Roslyn Matheson speaking to me this morning. Stay with us.
More from Bloomberg daybaqube coming up after this. So European
(11:35):
leaders privately telling Moscow, that they're ready to shoot down
jets and encroach on their territory as Russia appears to
be testing native member countries and Mark Russia speaking to Bloomberg,
Well talking to us this morning, Ben Sills, Bloomberg's Managing
editor for European Economy and Government. Ben, good to have
you with me today. It seems like a real test
of NATO credibility at the moment. What has emerged you
(11:58):
think over the course of these past few days on
trying to counter Russia.
Speaker 9 (12:04):
Hi, good morning, Caroline. Yeah, I think you're right. I
think I would say that. You know, this year NATO
has faced two major challenges. The first one kind of
concluded at the beginning of the summer with that summit
where Mark Rutter managed to persuade Donald Trump to kind
of renew the US commitment to the alliance, which I
(12:26):
think had been, you know, a source of some concern
for European leaders. And now you have a series of
incursions by various Russian aircraft, thrones and fighter jets along
the eastern Eastern border. That the worrying thing about that
(12:51):
is that for years, ever since really the start of
the war in Ukraine, security analysts have been saying that
when if Russia wants to threaten Europe beyond Ukraine, the
way that begins is with some kind of hybrid attack
which sows confusion, and by confusing or disguising their intentions,
(13:14):
the Russians are seeking to divide the allies. And you
have seen that this week with the governments in Eastern Europe,
the Polls, the Estonians, the Lithuanians, all calling for really
assert of response to further further incursions, including potentially shooting
(13:38):
down Russian jets, whereas the Germans, for example, happened publicly
much more cautious. But what we learned from this, from
from this reporting yesterday is that actually in private, the Germans,
French and the British have been delivering a fairly fairly
strong message to the Russians saying, actually, yeah, you do that,
and we are prepared to shoot down your jets.
Speaker 2 (14:00):
That is interesting, isn't it. Mark Rutterer telling Bloomberg that
President Trump's statement on Ukraine that it could maybe take
back all of its territory is fantastic. I mean, that's
the other layer, isn't it. It is just about what
the US position on NATO is.
Speaker 9 (14:19):
Yeah, that was quite surprising from Trump this week, I thought,
you know, and there were different layers to it, you know. Obviously,
it was a really strong endorsement of the Ukrainian position
on the face of it, and a very bleak assessment
from a Russia point of view of both their economy
and their military situation. At the same time, Trump clearly
(14:47):
is distancing the US from the conflict in Ukraine, and
the role that he defined for the US is essentially
selling weapons to the Europeans so that they can ship
them to Ukraine. So kind of, on the one hand,
you do have the reassurance that it looks like a
(15:07):
prosh one between the US and Russia is further away
and it's been for some time. You also have less
fewer restrictions on the face of it, on the weapons
that Ukraine can access if they can find the money,
but less skin in the game for the US.
Speaker 11 (15:27):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Streets and beyond.
Speaker 2 (15:33):
Look for us on your podcast feed every morning on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 11 (15:40):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (15:45):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepca.
Speaker 11 (15:54):
And I'm Stephen Carroll. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg day Break Europe
Speaker 10 (16:13):
M
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg Day Baker podcast. Kimoni's Finding the
twenty sixth of September. I'm Caroline Hepget in London. Coming
up today, President Trump announces a one hundred percent duty
on patented drugs made by pharmaceutical firms not building plants
in the US. The former FBI director James Comy is
charged with lying to Congress as the President cheers plus
(00:32):
ready to strike, Europeans privately tell Moscow they are prepared
to shoot down Russian jets that enter their airspace. Let's
start with a roundup of our top stories. President Trump
has unveiled a fresh round of tariffs, including a one
hundred percent levy on any branded or patented pharmaceutical product,
that is, unless a company is building a drugs manufacturing
(00:54):
plant in America. The move was one of several industry
focused tariffs and now by the President. In a post
on truth social President Trump announcer fifty percent tariff on
kitchen cabinets, thirty percent levee on upholstered furniture, and a
twenty five percent tariff on heavy trucks imported into the US.
New charges will take effect next week on the first
(01:16):
of October. Deborah Elms, head of trade policy at the
Heindrich Foundation, speaks, now.
Speaker 3 (01:23):
This is an incredible, breathtaking expansion of tariff coverage that
will affect everyone, including those countries that thought that they
had a deal in place under those reciprocal tariffs that
are not covered by these sector specific new applications.
Speaker 2 (01:38):
So that was Deborah Elms had a trade policy at
the Heinrich Foundation. According to Bloomberg Economics, the levee on
pharmaceuticals could raise the average US tariff rate by up
to three point three percentage points. However, the impact may
be offset by the exemption for companies building American manufacturing facilities.
Former FBI direct to James Comy has been charged with
(02:02):
lying to Congress and obstruction in relation to testimony that
he gave in twenty twenty. Comy told Congress that he
never authorized anyone at the FBI to be an anonymous
source in news reports. The current charges say that that
was false. It comes days after President Trump demanded legal
action against Comy and other perceived political enemies. Comey reacted
(02:25):
to the announcement on Instagram.
Speaker 4 (02:28):
My family and I have known for years that there
are costs to standing up to Donald Trump, but we
couldn't imagine ourselves living any other way. We will not
live on our knees, and you shouldn't either. Somebody that
I love dearly recently said that fear is the tool
of a tyrant. And she's right. But I'm not afraid,
(02:48):
and I hope you're not either.
Speaker 2 (02:51):
James Comy, speaking there as the US Justice Department said
that he could face up to five years in prison.
President Trump, mean while, reacted positively to the news on
truth social describing Comy as quote bad for our country.
European diplomats have privately warned the Kremlin that NATO is
(03:11):
ready to respond to further violations of its airspace by
shooting down Russian planes. Bloomberg understands that British, French and
German envoys had a meeting in Moscow about an incursion
by three fighter jets over Estonia last week, concluding after
the meeting that the violation was deliberate. Speaking to Bloomberg's
editor in chief, John Micklethwaite, the Secretary General Mark Ritchard
(03:35):
says that NATO is well prepared.
Speaker 5 (03:38):
Our fighter jet miners not exactly what to do for
fifty years now, from the sophiet days to now is Russia.
We have had these incursions before. They will assess the
danger and if the danger is such that they feel
they really have to take down the plane, then they can.
But they've also decided that there's no imminent threat, and
then they will escort them outside off the airspace.
Speaker 2 (04:00):
NATO Secretary General Mark Rutter speaking there, He also said
that Western militaries cannot afford to keep shooting down drones
with costly missiles. Russian officials have denied their planes crossed
into NATO airspace, and the Kremlin insists it's not trying
to test the alliance. One of the world's most closely
watched hedge fund managers is warning that unprecedented spending on
(04:23):
ai I may not pay off. Greenlight Capital founder David
Einhorn says that there's a reasonable chance that a tremendous
amount of capital destruction will occur.
Speaker 6 (04:34):
So now we have open ai today, they're a trillion
and they have like ten billion of revenue, So I
don't know where the trillion is going to come from.
These aren't like, you know, a trillion dollars is basically
the book equity of the mag seven and opening. I
want us to invest in this much in the next
number of years in data centers. This seems really really
strange to me. It seems to be a continued competition
(04:57):
of people throwing out numbers which sound really really big
and really really exciting, that are not really measurable.
Speaker 2 (05:04):
David Einhorn, who was speaking there to an audience at
the Simplify Asset Management event, he said that weak job
growth and stagnant productivity are signs that a recession may
be looming. Let's get to some news here in the UK.
When it's a Kiss, Starmer will announce a plan for
compulsory ID cards as part of efforts to tackle small
(05:26):
boat crossings. Blomberg has learned that every adult in Britain
will need a digital document to start a job or
rent a house. Silky Carlo from Big Brother Watch says
this run's counter to Britain's history of civil liberties.
Speaker 7 (05:40):
Employers already have a legal duty to check people's right
to work. Starmer has absolutely no mandate for this. Nobody
voted for this. This wasn't in the labor manifesto.
Speaker 2 (05:52):
The new scheme is kiss Starmer's latest attempt to reset
his government as political rivals like the Manchester mayor Andy
Burnham talk about replacing him. Bloomberg reported Kirstarma's allies had
been comparing the Manchester meir to Liz Truss, alleging that
he is a risk to bond markets. Liz Trust responded
to the Bloomberg story saying Burnham quote should be so lucky.
(06:15):
And lastly, corporate NEWSVW says it's cutting car production and
introducing temporary shutdowns at two German factories. Bloomberg's Mihul Kubala
has that story.
Speaker 8 (06:25):
While VW is benefiting from growing electric vehicle sales in Europe,
the overall rise in demand for its evs is slower
than the German automaker had predicted. The two sides where
it is cutting output produce EV's exclusively, making them especially
vulnerable to fluctuations in demand for battery powered models. The
(06:47):
announcement comes despite new figures released yesterday showing an uptick
in EV sales. European consumers continued to warm to electric
and hybrid models produced by the region's manufacturers in their
right back against Chinese rivals. In Brussels, Michal kobala Bloomberg Radio.
Speaker 2 (07:05):
So those are our top stories for you this morning.
Now President Trump back with further tariffs, the US stocks
healthcare index may underperform today. We've seen a sell off
in pharmaceutical and health stocks in Asia overnight. Stock futures
for Europe are up though over all half of one percent,
but we've seen the all country World index down a
(07:26):
tenth of one percent, the cost by slumping almost two
and a half percent this morning. We've also got, of
couse the PCE data, the inflation figures out on Friday.
Personal consumption expenditures expected to rise by two tenths of
one percent in August versus three tenths in July. And
in terms of the Fed money markets slightly cutting bets
(07:48):
on rate cut expectations forty basis points of this.
Speaker 8 (07:52):
Year.
Speaker 2 (07:53):
That's because of the strong GDP data we sort out
of the US yesterday. So those are the markets this morning.
Now in a moment, but we'll talk about NATO and
we'll also discuss the pharmaceutical levees that President Trump is
bringing in next week. But there's something else that caught
my eye, maybe a bit more fun, maybe a bit
louder and more raucous. So this is the Ryder Cup,
(08:15):
the forty fifth Ryder Cup that is taking place in
New York, haves every couple of years. Of course, cheers, boos, heckling.
It's going to be a wild weekend of golf. Our
opinion columnst Adam Mint has been writing about this, but
then I was also watching Carson Daily hosting the opening
ceremony event for the Ryder Cup. Of course it pits
a team of US golfers against a bunch of European golfers.
(08:37):
I mean, you have's done pretty well of course one
in Rome. So we're going to see huge rivalry and
the big question about whether the opening pairings, the people
going out first are going to be able to really drive.
At the first hot, I hit a really really long
shot three hundred and sixty five yards. It's going to
(08:57):
be fascinating. Sars at twelve to ten London time today,
a pretty early state side seven ten Am. I like
the fact that Adam Mint has gone into the details
about actually how many people are getting more interested in golf,
which has kind of been a bit of a dying
sport but is coming back, and a lot of that
is to do with not playing golf on the golf course,
(09:19):
but actually playing it indoors with your friends top golf.
Maybe that's something that you can think about for the weekend,
getting a team together and some bets and watching the
Ryder Cup.
Speaker 9 (09:28):
Of course.
Speaker 2 (09:28):
Anyway, that's something that I've been thinking about to date.
Let's also turn our attention though, to matters more serious,
a rapid expansion or of US tariff barriers in both
Chief Asia correspondent Ros Matheson joins me now to discuss
Good morning Ros on the farmer taris, what does this
exemption exception for building a US plant mean?
Speaker 10 (09:51):
Do you think this has started out really as just
Donald Trump announcing something on social media overnight and there
isn't a lot of detail and paperwork in practice what
this would be. But it does seem as though he's
announcing another round of tariffs on different goods, including kitchen
cabinets and heavy trucks, but also particularly pharmaceutical branded pharmaceuticals
(10:13):
pagented pharmaceuticals, so probably not generic pharmaceuticals.
Speaker 1 (10:17):
But you know, this is potentially.
Speaker 10 (10:19):
Impactful for a lot of big farmer companies around the world,
unless they have already started to break ground on production facilities.
Speaker 3 (10:28):
In the US.
Speaker 1 (10:29):
I mean, many of them are doing that, so they
may find they get an exemption, but some have promised
to do so and have not yet started, and it's
very unclear if they get impacted.
Speaker 3 (10:40):
And also how does this go.
Speaker 10 (10:42):
Against all the other trade deals that are being done
and the complex arrangements already. Does this get stacked on
top of other tariffs? Do you get an exemption if
you've already negotiated a full trade deal with the US.
So it's unclear just how significant this might be for
farmer company and it's potentially impactful, particularly for those in Europe,
(11:03):
but also in Singapore. But you can see from the
market reaction that people are kind of waiting really to
get more detail exactly how it's going to play out.
Speaker 2 (11:12):
Yeah, absolutely they are. You know, perhaps the upshot of
this is that the trade will might not end, it
might be an ongoing state. Roslin, thank you so much
for being with us. That in Bloomberg's chief Asia correspondent,
Roslyn Matheson speaking to me this morning. Stay with us.
More from Bloomberg daybaqube coming up after this. So European
(11:35):
leaders privately telling Moscow, that they're ready to shoot down
jets and encroach on their territory as Russia appears to
be testing native member countries and Mark Russia speaking to Bloomberg,
Well talking to us this morning, Ben Sills, Bloomberg's Managing
editor for European Economy and Government. Ben, good to have
you with me today. It seems like a real test
of NATO credibility at the moment. What has emerged you
(11:58):
think over the course of these past few days on
trying to counter Russia.
Speaker 9 (12:04):
Hi, good morning, Caroline. Yeah, I think you're right. I
think I would say that. You know, this year NATO
has faced two major challenges. The first one kind of
concluded at the beginning of the summer with that summit
where Mark Rutter managed to persuade Donald Trump to kind
of renew the US commitment to the alliance, which I
(12:26):
think had been, you know, a source of some concern
for European leaders. And now you have a series of
incursions by various Russian aircraft, thrones and fighter jets along
the eastern Eastern border. That the worrying thing about that
(12:51):
is that for years, ever since really the start of
the war in Ukraine, security analysts have been saying that
when if Russia wants to threaten Europe beyond Ukraine, the
way that begins is with some kind of hybrid attack
which sows confusion, and by confusing or disguising their intentions,
(13:14):
the Russians are seeking to divide the allies. And you
have seen that this week with the governments in Eastern Europe,
the Polls, the Estonians, the Lithuanians, all calling for really
assert of response to further further incursions, including potentially shooting
(13:38):
down Russian jets, whereas the Germans, for example, happened publicly
much more cautious. But what we learned from this, from
from this reporting yesterday is that actually in private, the Germans,
French and the British have been delivering a fairly fairly
strong message to the Russians saying, actually, yeah, you do that,
and we are prepared to shoot down your jets.
Speaker 2 (14:00):
That is interesting, isn't it. Mark Rutterer telling Bloomberg that
President Trump's statement on Ukraine that it could maybe take
back all of its territory is fantastic. I mean, that's
the other layer, isn't it. It is just about what
the US position on NATO is.
Speaker 9 (14:19):
Yeah, that was quite surprising from Trump this week, I thought,
you know, and there were different layers to it, you know. Obviously,
it was a really strong endorsement of the Ukrainian position
on the face of it, and a very bleak assessment
from a Russia point of view of both their economy
and their military situation. At the same time, Trump clearly
(14:47):
is distancing the US from the conflict in Ukraine, and
the role that he defined for the US is essentially
selling weapons to the Europeans so that they can ship
them to Ukraine. So kind of, on the one hand,
you do have the reassurance that it looks like a
(15:07):
prosh one between the US and Russia is further away
and it's been for some time. You also have less
fewer restrictions on the face of it, on the weapons
that Ukraine can access if they can find the money,
but less skin in the game for the US.
Speaker 11 (15:27):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Streets and beyond.
Speaker 2 (15:33):
Look for us on your podcast feed every morning on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 11 (15:40):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (15:45):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepca.
Speaker 11 (15:54):
And I'm Stephen Carroll. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg day Break Europe
Speaker 10 (16:13):
M
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