June 17, 2025 • 19 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) President Donald Trump is set to depart the Group of Seven leaders’ summit in Canada a day early, after warning residents of Tehran to evacuate the city as Israel continued to bombard Iran in a bid to disable its nuclear program.
(2) President Donald Trump’s hasty exit from the Group of Seven conference in Canada deepened questions about his promise to bring peace to an increasingly violent world and added fresh evidence of his skepticism toward the institutions that have long underpinned US diplomacy.
(3) Oil jumped after US President Donald Trump called for the evacuation of Tehran, before paring gains, as the market remained on edge about an escalation in the conflict with Israel that could disrupt crude supply.
(4) Prime Minister Keir Starmer reached an agreement with US President Donald Trump to implement trading terms disclosed last month to slash US tariffs on key British exports and raise UK quotas on certain American agricultural products.
(5) US President Donald Trump and Japanese Prime Minister Shigeru Ishiba failed to reach an agreement on a trade package on the sidelines of the Group of Seven summit, an outcome that leaves the Asian nation inching closer to a possible recession as the pain of US tariffs hits its economy.
(6) The Bank of Japan left its benchmark rate unchanged and unveiled a plan to slow its withdrawal from the bond market from next year in a sign of caution following heightened market volatility.
(7) A damning report into group-based child sexual exploitation in England and Wales has found that the ethnicity of people involved in grooming gangs has been "shied away" from -- and not recorded in two-thirds of cases.
Podcast Conversation: Ken Griffin on Trump, Harvard and Why Novice Investors Can’t Win
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the Bloomberg Day ba Q, a podcast available
every morning on Apple, Spotify or wherever you listen. It's Tuesday,
the seventeenth of June in London. I'm Caroline Hepke.
Speaker 3 (00:18):
And I'm Stephen Carroll.
Speaker 1 (00:19):
Coming up today, the US President tells people to evacuate
Tehran as he leaves the G seven summit early.
Speaker 2 (00:26):
The US and UK finalize their tariff cutting agreement, as
the White House finds other pacts more elusive.
Speaker 1 (00:32):
Plus Billionaire insights Citadel Fender, Ken Griffin on Trump, Harvard,
amateur investors, and the Sweet Treaty turns to to keep
his cool.
Speaker 2 (00:41):
Let's start with a roundup of our top stories.
Speaker 1 (00:44):
US President Donald Trump has left the G seven leader
summit in Canada early hours after he called for the
evacuation of Iran's capital, Tehran. Trump's change of plans was
announced about an hour after he urged Iran's leadership to
sign a deal to limit its nuclear program and Israel
signaled strikes would continue. White House Press Secretary Carlin Levitt
said Trump was leaving for Washington due to what's going.
Speaker 3 (01:07):
On in the Middle East.
Speaker 1 (01:08):
The latest news comes after the US President said Iran
wants to talk about de escalating the conflict with Israel.
Speaker 3 (01:15):
I gave hern.
Speaker 4 (01:16):
Sixty days and they said no. And the sixty first
year saw what happened day sixty one. So I'm in
constant touch, And as I've been saying, I think a
deal will be signed or something will happen, but a
deal will be signed, and I think Iran is foolish
not to sign.
Speaker 1 (01:36):
One, the US President speaking there before he departed the
G seven. As the conflict shows no sign of letting up,
Iran fired several waves of drones and missiles over the
last twenty four hours, while Israel continued hitting Tehran, killing
one more senior military official and setting the state television
complex ablaze with a strike during a live broadcast. Israeli
(01:58):
officials have said their forces have taken can control over
much of Iranian airspace and severely damaged key facilities used
in Iran's missile and nuclear programs since the assault was
launched on Friday.
Speaker 2 (02:10):
Israeli politician Ron Dermer, who is a member of the
Israeli cabinet and former ambassador to the United States, says
that Israel will continue its military operations against Iran's missile
and nuclear programs, regardless of any potential US Iran negotiations.
Derma spoke to Bloomberg's Balance of Power podcast.
Speaker 5 (02:30):
And the President told the Prime minister, look, he wants
to give Iran a last chance to see if we
can reach a deal. But what were the outlines of
that deal is that Iran was going to have to
dismantle its military nuclear capability. That's what was put on
the table. And the President has been very clear about
this from the beginning. That's just the beginning of his presidency.
He's been saying this for years. Iran must never have
a nuclear weapon.
Speaker 2 (02:51):
Ron Dermer speaking there on Bloomberg's Balance of Power, as
the price of oil gained once again on the latest
development brand crude, advancing as much as two point two
percent before easing back. The market remains focused on the
straight of Horn moves and any sign that Tehran may
seek to disrupt crude flows through the waterway, where about
(03:11):
a fifth of the world's daily output passes.
Speaker 1 (03:15):
The UK Prime Minister Kiir Starmer and US President Donald
Trump have agreed a deal to implement their tariff cutting
agreement announced last month. British car exports WI see American
tariff slash to ten percent later this month on an
annual quota of one hundred thousand vehicles. That'll also be
reciprocal access to thirteen thousand metric tons of beef for
both US and British farmers, though the UK says any
(03:36):
imports will need to meet its food safety standards. Here's
the moment they signed off on the deal at the
G seven summit.
Speaker 4 (03:42):
This is a very good day for both of our
country as a real signum strength.
Speaker 6 (03:46):
So thank you again, Donald.
Speaker 3 (03:48):
A really important day for both.
Speaker 4 (03:49):
Of us, great people, great people.
Speaker 5 (03:51):
Thanks.
Speaker 1 (03:52):
Aerospace and steel exemptions are also in the deal, although
a quota on UK steel tariffs will be decided at
a later date. Kirs Starmer will sell the deal as
a vindication of his diplomatic approach to the US President.
Speaker 2 (04:05):
Japan and the United States, though failed to reach a
trade agreement at that summit. Japan's Prime Minister should go issue,
but hold reporters the two sides were still not on
the same page. Both countries had been talking up the
chances of a breakthrough at the summit, with Karrs being
the focus for negotiators The lack of an agreement leaves
Japan closer to a possible recession as the pain of
(04:28):
US tariffs hits the economy.
Speaker 1 (04:30):
The Bank of Japan has held interest rates steady and
revealed plans for a slower bond market withdrawal next year.
The Center Bank's board kept its benchmark policy rate at
zero point five percent following a two day meeting. Policymakers
also shared intentions to ease the pace at which monthly
bond purchases are trenmed to quarterly reductions of two hundred
(04:51):
billion yen from the current four hundred billion. The moves
are a sign of caution following heightened market volatility.
Speaker 2 (04:58):
A damning report into group based child sexual exploitation in
England and Wales has found that the ethnicity of people
involved in grooming gangs has been quote shied away from
and not recorded in two thirds of cases. Baroness Louise
Casey delivered a rapid review for the UK government, which
has accepted all her recommendations and has agreed to a
(05:19):
national inquiry. Casey spoke to a number of media organizations
about her frustrations, including to the BBC. Some of the
serious case reviews they rarely talk about the perpetrators. They
certainly don't talk about the ethnicity of the perpetration. Yeah,
you felt more and more frustrated, and I thought, well, sod.
Speaker 6 (05:38):
This, frankly, baroness.
Speaker 2 (05:40):
Casey's report also found that for three local police forces,
there was enough evidence to show a quote disproportionate number
of men from Asian ethnic backgrounds among suspects. In these
types of cases, The report concludes ignorance and a fear
of being seen as racist meant that organization's tasked with
protecting children turned up blind eye to abuse. Casey makes
(06:02):
a series of recommendations, particularly to improve data collection and
toughen the penalties for perpetrators.
Speaker 1 (06:11):
Citadel founder Ken Griffin has praised the Trump administration for
pushing back against cultural dynamics he believes have divided America.
In a wide ranging interview on Bloomberg's new show Bullish,
hosted by Shanali Bassak, the major Republican donor shared his
views on President Trump and his alma mater, Harvard's university.
Speaker 3 (06:32):
Look.
Speaker 7 (06:32):
I think what had happened at Harvard, which was the
rise of Wokism, a focus away from traditional values in education.
The emergence of a cancel culture. The anti Semitism that
we witness a campus was part of a larger dynamic
that was gripping America culture. And I think one of
(06:53):
the great parts of the Trump administration has been the
pushback on Wokism, on some of the culture dynamics I
think really poorized as US as a nation.
Speaker 1 (07:05):
Griffin's comments come as a US federal judge says Harvard
is likely to prove it would suffer a reparable harm
if the government is able to proceed with plans to
block international students from attending the university. Regarding the Trump
administration's approach to policy, the Citadel founders said that while
on many fronts the President has done a spectacular job,
(07:25):
it's still too early to grade him on economic policy.
Speaker 2 (07:29):
Well, those are our top stories for you this morning.
In a moment, we'll bring you more on what's been
said at the G seven on the Middle East and
on trade and what's happening indeed in the Iran is
Well conflict too.
Speaker 1 (07:42):
Well, I wanted to bring you a little bit more
of that conversation between Shnali bask and Ken Griffin, and
a moment that perhaps some of us can identify with let's.
Speaker 6 (07:50):
Listen in what does Ken Griffin look like under pressure?
Speaker 3 (07:54):
Right on your toughest day?
Speaker 8 (07:56):
How do you let off steam and how do you
navigate a tough time.
Speaker 7 (08:01):
A scroup of anil chip ice cream from Hagenda's with
hot fudge.
Speaker 3 (08:04):
Seriously?
Speaker 7 (08:06):
Oh yes, yes, no, there's a bit of a joke
that you can tell how stress al spent by how
much my waistlines grown over the last few months. And
one of my colleagues his waistline goes in exactly the
opposite direction. So there you go, love the hagen DAW's
vinold ship with hot fudge on that stressful day.
Speaker 1 (08:23):
So Ken Griffin there speaking to Shnali bask about how
he copes with stressful situations. Ken Griffin, I should remind you,
according to Boomberg's Billionaire's List, has a networth of over
forty eight billion dollars. Wow, and yet he still goes
for the ice cream.
Speaker 5 (08:36):
Yeah.
Speaker 2 (08:36):
Look, I thought it was really nice. It was a
lovely moment that you've highlighted, Stephen, because it does. It
brings to the full You know how people deal with stress,
They deal with stress in very different ways.
Speaker 6 (08:47):
Yeah, there's not.
Speaker 1 (08:49):
Some magic formula that I wasn't aware of that if
you had essentially infinite money that you couldn't there wouldn't
be something else that would be much much more effective.
So at least it's comforting to know that there isn't
an option out there that we didn't know about beforehand.
Speaker 2 (09:02):
But yeah, it was a great question though to how
to deal with stress on very very busy days. You can,
of course see the extended interview. It's on our New
Bullish program at Shanali Bassek interviewing Ken Griffin. It's on
Bloomberg dot com, and you can also tune in to
New Bullish episodes on Bloomberg TV on Tuesdays at six pm.
Speaker 1 (09:21):
On the markets, this morning, the Mscish Pacific Index is
up by a tenth of one percent. We're looking at
the Japanese yen a tenth of one percent weeker this
morning after the Bank of Japan decisions. One hundred and
forty four to fifty six is where that's trading amid
a touch of dollar weakness as well. On European stock futures,
they're pointing lower down six tenths of one percent for
eurostocks fifty after the games that we saw in those
(09:42):
markets yesterday, and futures on Wall Street are in the
red as well, down four tenths for smp EM and
E's this morning, as Nasdak futures are four tenths of
one percent lower as well.
Speaker 2 (09:51):
So those are the markets. Now, let's bring you up
to date on the latest developments in the Middle East
after President Trump warned that people should evacuate the Iranian capital.
Middle East Managing editor Honor And joins us Now for
more on a good morning in terms of the latest
from Israel and Iran this morning, what do we know
about the conflict now?
Speaker 9 (10:11):
The conflict is now in its fifth day and both
parties continue to exchange fire, with the Iranian side relying
on long range missile Barajas like it has since the
beginning of the conflict last Friday, whereas Israel seems to
have focused at least some of its firepower in the
(10:31):
Iranian capital Tehran. In the meantime, we have also seen
that US President Donald Trump way in on the conflict
more heavily than he has over the weekend. He was
in Canadian Rockies at the G seven meeting, where he
first said that he would have to leave, and he
did hastily so, saying that he would have to attend
(10:54):
to the Middle East matter, saying that he would like
to see a peace, but he still kept vague stands
on what is next for the US in terms of
this latest war in our region.
Speaker 1 (11:06):
We've paid a lot of attention to this comment where
President Trump, in his social media.
Speaker 3 (11:10):
Post called for people to leave Tehran.
Speaker 1 (11:13):
Was that thought to be a warning about something in
particular from the US president?
Speaker 9 (11:17):
It was thought to be so, but obviously we don't
actually know whether or not he was in particular aware
of any upcoming attack on Tehran. Having said that, that
tweet alone or those social media posts alone, had a
huge impact. We have seen videos of traffic jams in
Tehran as people tried to leave now. To be fair, though,
(11:39):
there were similar warnings from various Israeli officials throughout the
day before Trump's social media posts, so it is possible
that both those and Trump's comments themselves may have affected
people's thoughts, and some of them obviously felt obliged to
leave the capital as soon as possible.
Speaker 2 (11:58):
The G seven state and talks about Iran is the
principal source of regional instability. And terror, while also reiterating
support for the security of Israel. Are there any hopes
for talks or any hopes for de escalation in this fight?
Speaker 9 (12:15):
This is really the most tricky part. Since the conflict
began last week, we have seen Trump immediately dangle two
different outcomes for the administration in Iran. On the one hand,
he has been pushing them to reach a quick nuclear
deal to curb Iran's nuclear activities on the one hand,
(12:38):
but on the other he kept this vague stance on
whether or not he will support Israel in this offensive
against Iran and what exactly might happen to Iran itself.
He made comments suggesting really crippling Israeli military action targeting
nuclear and military sites in Tehran. So he's been trying
(12:59):
to show to Iran that a, on the one hand,
the US is open to a diplomatic solution, and b
on the other hand, if that doesn't work out, something
terrible will happen in Iran. And his most recent comments
while he was still in Canada on Monday, suggests that
there is there are efforts on the way to bring
(13:21):
is Iranian and American officials together, possibly the reign and
foreign Minister Arakchi and US Special Envoy to the Region
Witkov later this week, according to a report by Axios
earlier this morning. But all of this is highly uncertain,
and it looks though that missus Trump is keeping both
(13:42):
avenues open. On the one hand, yes, he is pushing
for a diplomatic solution. On the other hand, the US
is moving an aircraft carrier group to the region, which
is never a good sign. And basically, yeah, the US
is keeping it vague whether or not it will intervene.
It might intervene this war on the side of this release.
Speaker 3 (14:02):
Okay, all around our metalleas managing editor.
Speaker 2 (14:04):
Well, the statement from the G seven was agreed after
President Trump announced that he'd be leaving the meeting in
Canada early to return to Washington. That means that some
leaders hoping for a chance to talk about trade were
left disappointed, but President Trump announced progress on implementing the
tariff deal with the UK. Our correspondent Oliver Crook has
been monitoring developments for US and he joins US now.
(14:26):
Good morning, Oliver. So the UK was the first country
to get a deal with the Trump White House so
lower tariffs last month. What did Trump and Kis Starmer
agree to in Canada.
Speaker 6 (14:36):
Yeah, good morning, Caroline.
Speaker 8 (14:37):
This is broadly sort of an implementation of the framework
that we had announced a little while ago between the
UK and the United States, and as you say, the
first of what we've been promised of many many, many
trade deals that are supposed to be coming over the
next couple of weeks, but one that has taken, you know,
a little bit of time to actually get over the line.
You know, they had this, they showed this sort of
folder and they showed them kind of this agreement that
(14:58):
they put together, and it basically includes measures on many
of the things we've talked about throughout this sort of
tariff war about cars, agriculture, excuse me, agricultural products, and
you know, for one of the things, it's interesting because
the United you know, the UK, and it's auto exports
for example. Though, so that tariff came down from about
thirty percent twenty seven and a half percent down to
(15:19):
ten percent. They're also going to be adding quotas of
about one hundred thousand vehicles to export into the United States.
There were also some things struck on aluminum and steel.
It's a little bit less clear what was struck there
because it's a little bit more complicated. They want the
US to implement some guarantees in terms of securing the
supply chain because of course the US government, the UK
(15:39):
government controls are British steal but its legal.
Speaker 6 (15:42):
Owner is Chinese.
Speaker 8 (15:43):
We should say that this is at a time when
the Trump administration itself just to prove the acquisition of
US steal by a Japanese group, albeit with some sort
of caveats and important things there. But I think that
really the big puiketure here when you take a step back, remember,
the UK is arguably one of the countries that poses
the sort of small all his trade threat.
Speaker 6 (16:00):
To the United States.
Speaker 8 (16:01):
It was one of the only nations that had a
deficit with the United States. So it's maybe not that
impressive that this is the deal that got signed while
all the others are still sort of waiting, when by
sort of Trump standards, you know, the United States is
already taking advantage of the United Kingdom. If you basically,
you know, accept the Trump logic, the trade surplus means
you're taking advantage of the other This is the lowest
(16:22):
hanging fruit, and it's taken a little while to get
over the line.
Speaker 3 (16:24):
Oliver.
Speaker 1 (16:24):
We had been discussing Donald Trump's early departure from the
g SAVNA and a post on social media now saying
that he has, I suppose added to some of the
commentary that's come both from the White House but other
world leaders as well, that perhaps he was returning to
Washington to make progress on efforts in the Middle East,
and his post on social media says that that's wrong.
(16:46):
He says that he's not going back to work on
a ceasefire in Washington. He says it's much bigger than that,
and he's taken a bit of a job at Emmanuel
Macro and the French president for suggesting that the departure
was to do with working on a ceasefire in the
Middle East. So that's perhaps some more information for those
leaders who were left disappointed by the fact that they
(17:06):
didn't get a chance to meet Donald Trump at this event,
because many had been hoping to talk to him about trade.
Speaker 8 (17:13):
Yeah, I mean, I think that if we've learned anything
about Donald Trump, it's probably better not to speak for him,
otherwise you will get corrected and maybe you know a
lot worse. But as you say, you know, I mean,
these G seven formats theoretically are a sort of form
for collective action by like minded Western developed nations in
order to try to bring economic, military, social political stability
(17:33):
across the globe. And this is not a moment in
which a year is any sort of collective action that
is being led by the United States, because this is
a system in which that you know, the Trump administration
fundamentally does not believe in. And it is a time
when you went into the meeting with a highly tense
situation in Iran, in Iran.
Speaker 6 (17:51):
In Israel, and you leave with an even more explosive one.
Speaker 8 (17:53):
So all of those, I would say, are kind of
failures to the architecture of the G seven. What it
did provide theoretically was an opportunity for a lot of
bilateral meetings with the Trump administration. With Donald Trump himself,
we understand he met with Emmanuel Macon, Keir Starmer, We
saw Ursua, Lavanderline, Georgia Maloney.
Speaker 6 (18:09):
He had been scheduled to meet with Frederick Mertz.
Speaker 8 (18:12):
But at this point, you know, there was not a
great deal of progress, it seems, made on any of
the other sort of trade fronts, certainly with the European Union.
I think that it has sort of been accepted by
the Trump administration and maybe the Europeans that they're kind
of last in line in terms of getting a negotiation.
You know, we heard from Howard Lutnik last week saying
that he's optimistic that a deal could get there, but
basically that the Europeans will be the very the very last,
(18:34):
because of course, this is an enormous trading relationship worth
more than a trillion dollars, So for the Europeans and
the United States, it's both fundamentally important that they get
it right. That being said, we are counting down to
that deadline for the European Union to strike some kind
of deal July the ninth, at which point, basically the
United States would put up fifty percent tariffs on the EU.
(18:55):
The EU has said that they're committed to hitting that target,
but you know, from our reporting, we may not get
kind of final deal there. We may see the same
structure that we start from the UK, a broad framework
that basically buys from more time because this is going
to be a complex negotiation.
Speaker 1 (19:09):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (19:15):
Look for us on your podcast feed every morning on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (19:21):
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Speaker 3 (19:35):
I'm Caroline Hepka and I'm Stephen Carroll.
Speaker 1 (19:37):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg day
Break Europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the Bloomberg Day ba Q, a podcast available
every morning on Apple, Spotify or wherever you listen. It's Tuesday,
the seventeenth of June in London. I'm Caroline Hepke.
Speaker 3 (00:18):
And I'm Stephen Carroll.
Speaker 1 (00:19):
Coming up today, the US President tells people to evacuate
Tehran as he leaves the G seven summit early.
Speaker 2 (00:26):
The US and UK finalize their tariff cutting agreement, as
the White House finds other pacts more elusive.
Speaker 1 (00:32):
Plus Billionaire insights Citadel Fender, Ken Griffin on Trump, Harvard,
amateur investors, and the Sweet Treaty turns to to keep
his cool.
Speaker 2 (00:41):
Let's start with a roundup of our top stories.
Speaker 1 (00:44):
US President Donald Trump has left the G seven leader
summit in Canada early hours after he called for the
evacuation of Iran's capital, Tehran. Trump's change of plans was
announced about an hour after he urged Iran's leadership to
sign a deal to limit its nuclear program and Israel
signaled strikes would continue. White House Press Secretary Carlin Levitt
said Trump was leaving for Washington due to what's going.
Speaker 3 (01:07):
On in the Middle East.
Speaker 1 (01:08):
The latest news comes after the US President said Iran
wants to talk about de escalating the conflict with Israel.
Speaker 3 (01:15):
I gave hern.
Speaker 4 (01:16):
Sixty days and they said no. And the sixty first
year saw what happened day sixty one. So I'm in
constant touch, And as I've been saying, I think a
deal will be signed or something will happen, but a
deal will be signed, and I think Iran is foolish
not to sign.
Speaker 1 (01:36):
One, the US President speaking there before he departed the
G seven. As the conflict shows no sign of letting up,
Iran fired several waves of drones and missiles over the
last twenty four hours, while Israel continued hitting Tehran, killing
one more senior military official and setting the state television
complex ablaze with a strike during a live broadcast. Israeli
(01:58):
officials have said their forces have taken can control over
much of Iranian airspace and severely damaged key facilities used
in Iran's missile and nuclear programs since the assault was
launched on Friday.
Speaker 2 (02:10):
Israeli politician Ron Dermer, who is a member of the
Israeli cabinet and former ambassador to the United States, says
that Israel will continue its military operations against Iran's missile
and nuclear programs, regardless of any potential US Iran negotiations.
Derma spoke to Bloomberg's Balance of Power podcast.
Speaker 5 (02:30):
And the President told the Prime minister, look, he wants
to give Iran a last chance to see if we
can reach a deal. But what were the outlines of
that deal is that Iran was going to have to
dismantle its military nuclear capability. That's what was put on
the table. And the President has been very clear about
this from the beginning. That's just the beginning of his presidency.
He's been saying this for years. Iran must never have
a nuclear weapon.
Speaker 2 (02:51):
Ron Dermer speaking there on Bloomberg's Balance of Power, as
the price of oil gained once again on the latest
development brand crude, advancing as much as two point two
percent before easing back. The market remains focused on the
straight of Horn moves and any sign that Tehran may
seek to disrupt crude flows through the waterway, where about
(03:11):
a fifth of the world's daily output passes.
Speaker 1 (03:15):
The UK Prime Minister Kiir Starmer and US President Donald
Trump have agreed a deal to implement their tariff cutting
agreement announced last month. British car exports WI see American
tariff slash to ten percent later this month on an
annual quota of one hundred thousand vehicles. That'll also be
reciprocal access to thirteen thousand metric tons of beef for
both US and British farmers, though the UK says any
(03:36):
imports will need to meet its food safety standards. Here's
the moment they signed off on the deal at the
G seven summit.
Speaker 4 (03:42):
This is a very good day for both of our
country as a real signum strength.
Speaker 6 (03:46):
So thank you again, Donald.
Speaker 3 (03:48):
A really important day for both.
Speaker 4 (03:49):
Of us, great people, great people.
Speaker 5 (03:51):
Thanks.
Speaker 1 (03:52):
Aerospace and steel exemptions are also in the deal, although
a quota on UK steel tariffs will be decided at
a later date. Kirs Starmer will sell the deal as
a vindication of his diplomatic approach to the US President.
Speaker 2 (04:05):
Japan and the United States, though failed to reach a
trade agreement at that summit. Japan's Prime Minister should go issue,
but hold reporters the two sides were still not on
the same page. Both countries had been talking up the
chances of a breakthrough at the summit, with Karrs being
the focus for negotiators The lack of an agreement leaves
Japan closer to a possible recession as the pain of
(04:28):
US tariffs hits the economy.
Speaker 1 (04:30):
The Bank of Japan has held interest rates steady and
revealed plans for a slower bond market withdrawal next year.
The Center Bank's board kept its benchmark policy rate at
zero point five percent following a two day meeting. Policymakers
also shared intentions to ease the pace at which monthly
bond purchases are trenmed to quarterly reductions of two hundred
(04:51):
billion yen from the current four hundred billion. The moves
are a sign of caution following heightened market volatility.
Speaker 2 (04:58):
A damning report into group based child sexual exploitation in
England and Wales has found that the ethnicity of people
involved in grooming gangs has been quote shied away from
and not recorded in two thirds of cases. Baroness Louise
Casey delivered a rapid review for the UK government, which
has accepted all her recommendations and has agreed to a
(05:19):
national inquiry. Casey spoke to a number of media organizations
about her frustrations, including to the BBC. Some of the
serious case reviews they rarely talk about the perpetrators. They
certainly don't talk about the ethnicity of the perpetration. Yeah,
you felt more and more frustrated, and I thought, well, sod.
Speaker 6 (05:38):
This, frankly, baroness.
Speaker 2 (05:40):
Casey's report also found that for three local police forces,
there was enough evidence to show a quote disproportionate number
of men from Asian ethnic backgrounds among suspects. In these
types of cases, The report concludes ignorance and a fear
of being seen as racist meant that organization's tasked with
protecting children turned up blind eye to abuse. Casey makes
(06:02):
a series of recommendations, particularly to improve data collection and
toughen the penalties for perpetrators.
Speaker 1 (06:11):
Citadel founder Ken Griffin has praised the Trump administration for
pushing back against cultural dynamics he believes have divided America.
In a wide ranging interview on Bloomberg's new show Bullish,
hosted by Shanali Bassak, the major Republican donor shared his
views on President Trump and his alma mater, Harvard's university.
Speaker 3 (06:32):
Look.
Speaker 7 (06:32):
I think what had happened at Harvard, which was the
rise of Wokism, a focus away from traditional values in education.
The emergence of a cancel culture. The anti Semitism that
we witness a campus was part of a larger dynamic
that was gripping America culture. And I think one of
(06:53):
the great parts of the Trump administration has been the
pushback on Wokism, on some of the culture dynamics I
think really poorized as US as a nation.
Speaker 1 (07:05):
Griffin's comments come as a US federal judge says Harvard
is likely to prove it would suffer a reparable harm
if the government is able to proceed with plans to
block international students from attending the university. Regarding the Trump
administration's approach to policy, the Citadel founders said that while
on many fronts the President has done a spectacular job,
(07:25):
it's still too early to grade him on economic policy.
Speaker 2 (07:29):
Well, those are our top stories for you this morning.
In a moment, we'll bring you more on what's been
said at the G seven on the Middle East and
on trade and what's happening indeed in the Iran is
Well conflict too.
Speaker 1 (07:42):
Well, I wanted to bring you a little bit more
of that conversation between Shnali bask and Ken Griffin, and
a moment that perhaps some of us can identify with let's.
Speaker 6 (07:50):
Listen in what does Ken Griffin look like under pressure?
Speaker 3 (07:54):
Right on your toughest day?
Speaker 8 (07:56):
How do you let off steam and how do you
navigate a tough time.
Speaker 7 (08:01):
A scroup of anil chip ice cream from Hagenda's with
hot fudge.
Speaker 3 (08:04):
Seriously?
Speaker 7 (08:06):
Oh yes, yes, no, there's a bit of a joke
that you can tell how stress al spent by how
much my waistlines grown over the last few months. And
one of my colleagues his waistline goes in exactly the
opposite direction. So there you go, love the hagen DAW's
vinold ship with hot fudge on that stressful day.
Speaker 1 (08:23):
So Ken Griffin there speaking to Shnali bask about how
he copes with stressful situations. Ken Griffin, I should remind you,
according to Boomberg's Billionaire's List, has a networth of over
forty eight billion dollars. Wow, and yet he still goes
for the ice cream.
Speaker 5 (08:36):
Yeah.
Speaker 2 (08:36):
Look, I thought it was really nice. It was a
lovely moment that you've highlighted, Stephen, because it does. It
brings to the full You know how people deal with stress,
They deal with stress in very different ways.
Speaker 6 (08:47):
Yeah, there's not.
Speaker 1 (08:49):
Some magic formula that I wasn't aware of that if
you had essentially infinite money that you couldn't there wouldn't
be something else that would be much much more effective.
So at least it's comforting to know that there isn't
an option out there that we didn't know about beforehand.
Speaker 2 (09:02):
But yeah, it was a great question though to how
to deal with stress on very very busy days. You can,
of course see the extended interview. It's on our New
Bullish program at Shanali Bassek interviewing Ken Griffin. It's on
Bloomberg dot com, and you can also tune in to
New Bullish episodes on Bloomberg TV on Tuesdays at six pm.
Speaker 1 (09:21):
On the markets, this morning, the Mscish Pacific Index is
up by a tenth of one percent. We're looking at
the Japanese yen a tenth of one percent weeker this
morning after the Bank of Japan decisions. One hundred and
forty four to fifty six is where that's trading amid
a touch of dollar weakness as well. On European stock futures,
they're pointing lower down six tenths of one percent for
eurostocks fifty after the games that we saw in those
(09:42):
markets yesterday, and futures on Wall Street are in the
red as well, down four tenths for smp EM and
E's this morning, as Nasdak futures are four tenths of
one percent lower as well.
Speaker 2 (09:51):
So those are the markets. Now, let's bring you up
to date on the latest developments in the Middle East
after President Trump warned that people should evacuate the Iranian capital.
Middle East Managing editor Honor And joins us Now for
more on a good morning in terms of the latest
from Israel and Iran this morning, what do we know
about the conflict now?
Speaker 9 (10:11):
The conflict is now in its fifth day and both
parties continue to exchange fire, with the Iranian side relying
on long range missile Barajas like it has since the
beginning of the conflict last Friday, whereas Israel seems to
have focused at least some of its firepower in the
(10:31):
Iranian capital Tehran. In the meantime, we have also seen
that US President Donald Trump way in on the conflict
more heavily than he has over the weekend. He was
in Canadian Rockies at the G seven meeting, where he
first said that he would have to leave, and he
did hastily so, saying that he would have to attend
(10:54):
to the Middle East matter, saying that he would like
to see a peace, but he still kept vague stands
on what is next for the US in terms of
this latest war in our region.
Speaker 1 (11:06):
We've paid a lot of attention to this comment where
President Trump, in his social media.
Speaker 3 (11:10):
Post called for people to leave Tehran.
Speaker 1 (11:13):
Was that thought to be a warning about something in
particular from the US president?
Speaker 9 (11:17):
It was thought to be so, but obviously we don't
actually know whether or not he was in particular aware
of any upcoming attack on Tehran. Having said that, that
tweet alone or those social media posts alone, had a
huge impact. We have seen videos of traffic jams in
Tehran as people tried to leave now. To be fair, though,
(11:39):
there were similar warnings from various Israeli officials throughout the
day before Trump's social media posts, so it is possible
that both those and Trump's comments themselves may have affected
people's thoughts, and some of them obviously felt obliged to
leave the capital as soon as possible.
Speaker 2 (11:58):
The G seven state and talks about Iran is the
principal source of regional instability. And terror, while also reiterating
support for the security of Israel. Are there any hopes
for talks or any hopes for de escalation in this fight?
Speaker 9 (12:15):
This is really the most tricky part. Since the conflict
began last week, we have seen Trump immediately dangle two
different outcomes for the administration in Iran. On the one hand,
he has been pushing them to reach a quick nuclear
deal to curb Iran's nuclear activities on the one hand,
(12:38):
but on the other he kept this vague stance on
whether or not he will support Israel in this offensive
against Iran and what exactly might happen to Iran itself.
He made comments suggesting really crippling Israeli military action targeting
nuclear and military sites in Tehran. So he's been trying
(12:59):
to show to Iran that a, on the one hand,
the US is open to a diplomatic solution, and b
on the other hand, if that doesn't work out, something
terrible will happen in Iran. And his most recent comments
while he was still in Canada on Monday, suggests that
there is there are efforts on the way to bring
(13:21):
is Iranian and American officials together, possibly the reign and
foreign Minister Arakchi and US Special Envoy to the Region
Witkov later this week, according to a report by Axios
earlier this morning. But all of this is highly uncertain,
and it looks though that missus Trump is keeping both
(13:42):
avenues open. On the one hand, yes, he is pushing
for a diplomatic solution. On the other hand, the US
is moving an aircraft carrier group to the region, which
is never a good sign. And basically, yeah, the US
is keeping it vague whether or not it will intervene.
It might intervene this war on the side of this release.
Speaker 3 (14:02):
Okay, all around our metalleas managing editor.
Speaker 2 (14:04):
Well, the statement from the G seven was agreed after
President Trump announced that he'd be leaving the meeting in
Canada early to return to Washington. That means that some
leaders hoping for a chance to talk about trade were
left disappointed, but President Trump announced progress on implementing the
tariff deal with the UK. Our correspondent Oliver Crook has
been monitoring developments for US and he joins US now.
(14:26):
Good morning, Oliver. So the UK was the first country
to get a deal with the Trump White House so
lower tariffs last month. What did Trump and Kis Starmer
agree to in Canada.
Speaker 6 (14:36):
Yeah, good morning, Caroline.
Speaker 8 (14:37):
This is broadly sort of an implementation of the framework
that we had announced a little while ago between the
UK and the United States, and as you say, the
first of what we've been promised of many many, many
trade deals that are supposed to be coming over the
next couple of weeks, but one that has taken, you know,
a little bit of time to actually get over the line.
You know, they had this, they showed this sort of
folder and they showed them kind of this agreement that
(14:58):
they put together, and it basically includes measures on many
of the things we've talked about throughout this sort of
tariff war about cars, agriculture, excuse me, agricultural products, and
you know, for one of the things, it's interesting because
the United you know, the UK, and it's auto exports
for example. Though, so that tariff came down from about
thirty percent twenty seven and a half percent down to
(15:19):
ten percent. They're also going to be adding quotas of
about one hundred thousand vehicles to export into the United States.
There were also some things struck on aluminum and steel.
It's a little bit less clear what was struck there
because it's a little bit more complicated. They want the
US to implement some guarantees in terms of securing the
supply chain because of course the US government, the UK
(15:39):
government controls are British steal but its legal.
Speaker 6 (15:42):
Owner is Chinese.
Speaker 8 (15:43):
We should say that this is at a time when
the Trump administration itself just to prove the acquisition of
US steal by a Japanese group, albeit with some sort
of caveats and important things there. But I think that
really the big puiketure here when you take a step back, remember,
the UK is arguably one of the countries that poses
the sort of small all his trade threat.
Speaker 6 (16:00):
To the United States.
Speaker 8 (16:01):
It was one of the only nations that had a
deficit with the United States. So it's maybe not that
impressive that this is the deal that got signed while
all the others are still sort of waiting, when by
sort of Trump standards, you know, the United States is
already taking advantage of the United Kingdom. If you basically,
you know, accept the Trump logic, the trade surplus means
you're taking advantage of the other This is the lowest
(16:22):
hanging fruit, and it's taken a little while to get
over the line.
Speaker 3 (16:24):
Oliver.
Speaker 1 (16:24):
We had been discussing Donald Trump's early departure from the
g SAVNA and a post on social media now saying
that he has, I suppose added to some of the
commentary that's come both from the White House but other
world leaders as well, that perhaps he was returning to
Washington to make progress on efforts in the Middle East,
and his post on social media says that that's wrong.
(16:46):
He says that he's not going back to work on
a ceasefire in Washington. He says it's much bigger than that,
and he's taken a bit of a job at Emmanuel
Macro and the French president for suggesting that the departure
was to do with working on a ceasefire in the
Middle East. So that's perhaps some more information for those
leaders who were left disappointed by the fact that they
(17:06):
didn't get a chance to meet Donald Trump at this event,
because many had been hoping to talk to him about trade.
Speaker 8 (17:13):
Yeah, I mean, I think that if we've learned anything
about Donald Trump, it's probably better not to speak for him,
otherwise you will get corrected and maybe you know a
lot worse. But as you say, you know, I mean,
these G seven formats theoretically are a sort of form
for collective action by like minded Western developed nations in
order to try to bring economic, military, social political stability
(17:33):
across the globe. And this is not a moment in
which a year is any sort of collective action that
is being led by the United States, because this is
a system in which that you know, the Trump administration
fundamentally does not believe in. And it is a time
when you went into the meeting with a highly tense
situation in Iran, in Iran.
Speaker 6 (17:51):
In Israel, and you leave with an even more explosive one.
Speaker 8 (17:53):
So all of those, I would say, are kind of
failures to the architecture of the G seven. What it
did provide theoretically was an opportunity for a lot of
bilateral meetings with the Trump administration. With Donald Trump himself,
we understand he met with Emmanuel Macon, Keir Starmer, We
saw Ursua, Lavanderline, Georgia Maloney.
Speaker 6 (18:09):
He had been scheduled to meet with Frederick Mertz.
Speaker 8 (18:12):
But at this point, you know, there was not a
great deal of progress, it seems, made on any of
the other sort of trade fronts, certainly with the European Union.
I think that it has sort of been accepted by
the Trump administration and maybe the Europeans that they're kind
of last in line in terms of getting a negotiation.
You know, we heard from Howard Lutnik last week saying
that he's optimistic that a deal could get there, but
basically that the Europeans will be the very the very last,
(18:34):
because of course, this is an enormous trading relationship worth
more than a trillion dollars, So for the Europeans and
the United States, it's both fundamentally important that they get
it right. That being said, we are counting down to
that deadline for the European Union to strike some kind
of deal July the ninth, at which point, basically the
United States would put up fifty percent tariffs on the EU.
(18:55):
The EU has said that they're committed to hitting that target,
but you know, from our reporting, we may not get
kind of final deal there. We may see the same
structure that we start from the UK, a broad framework
that basically buys from more time because this is going
to be a complex negotiation.
Speaker 1 (19:09):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (19:15):
Look for us on your podcast feed every morning on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (19:21):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (19:27):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
Speaker 3 (19:35):
I'm Caroline Hepka and I'm Stephen Carroll.
Speaker 1 (19:37):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg day
Break Europe
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