August 12, 2025 • 17 mins
On today's podcast:
1) China has urged local companies to avoid using Nvidia Corp.’s H20 processors, particularly for government-related purposes, complicating the chipmaker’s attempts to recoup billions in lost China revenue as well as the Trump administration’s unprecedented push to turn those sales into a US government windfall.
2) President Donald Trump extended a pause of higher tariffs on Chinese goods for another 90 days into early November, stabilizing trade ties between the world’s two largest economies.Trump signed an order extending the truce through Nov. 10, deferring a tariff hike set for Tuesday. The de-escalation first took effect when the US and China agreed to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies.
3) Donald Trump downplayed expectations for his upcoming meeting with Russian leader Vladimir Putin as the US president seeks to end the war in Ukraine, casting it as a “feel-out meeting” and saying he would confer with Ukrainian and European leaders after the sitdown.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the Bloomberg News exclusive. Sources tell
Bloomberg News that Chinese authorities are discouraging local firms from
using NVIDIAs less advanced each twenty processor, particularly for government
related purposes. We're told the directive also includes AI accelerators
from Advanced micro Devices, though it's unclear whether the notices
specifically mention AMD. We get more from Bloomberg's Min men
(00:39):
Low in Hong Kong.
Speaker 4 (00:40):
Definitely very significant, a timing as well, very significant, coming
on the day when President Trump had announced the extension
of the Tway Truths, and we know China had been
pushing so hard for the rolling back of these take cups,
and clearly China doesn't see the reversal of the decision
to sell each twenty chips to China as a win
or a concession at all.
Speaker 3 (01:00):
Bloomberg's Min Menlow reports Chinese regulators have raised security concerns
about nvidia's H twenty chip, and Vidia has repeatedly denied
any vulnerabilities, but checking the shares right now in Nvidia
is down about four tenths of one percent. Pre market
advanced micro devices is little changed.
Speaker 2 (01:18):
Well, Nathan. Elsewhere in US China relations, Washington and Beijing
have agreed to keep their tariffs at current levels for
another ninety days. The two sides initially reached a ninety
day pause in May. The extension that lasts until November tenth,
maintains this trade status quo between the world's two largest
economies and follows a series of tit for tat hikes
(01:38):
and export restrictions on rare earth magnets and certain technologies.
Wendy Cutler, vice president of the Asia Society Policy Institute, says,
even with the extension, negotiations will not be easy.
Speaker 5 (01:49):
There's not a lot of time for these negotiations to proceed,
so now they can really put their energies and attention
on the key outstanding issues including export controls, critical minerals,
access capacity, you name it. There's lots of issues on
the agenda and not a lot of time to come
up with negotiated solutions.
Speaker 2 (02:11):
Wendy Kutler with the Asia Society Policy Institute, spoke after
President Trump announced the extension of the truce in a
truth social post.
Speaker 3 (02:19):
Well, another announcement for the President that's getting a lot
of attention in the nation's capital, Karen is he plans
to take federal control of the police department in Washington,
d C. President said that in a news conference heard
right here on Bloomberg Radio, saying he'll also deploy eight
hundred National Guard troops in the district to fight crime.
Speaker 6 (02:38):
Today, we're declaring public safety emergency in the district of
Columbian Attorney General Pam Bondi, who's fantastic, is taking command
of the Metropolitan Police Department as of this moment, and
I'll be making the appropriate notifications to Congress.
Speaker 3 (02:55):
President Trump also threatened to insert federal personnel into other cities,
including New York and Chicago, if they don't crack down
on quote out of control crime. DC Mayor Muriel Bowser's
responding saying the President's announcements were, in her words, unsettling
and unprecedented.
Speaker 2 (03:10):
I can't say that given some of the rhetoric of
the past, that were totally.
Speaker 3 (03:16):
Surprised, as DC Mayor Muriel Bowser. Justice Department statistics show
violent crime in the nation's capital hit a thirty year
low in twenty twenty four.
Speaker 2 (03:25):
Well staying in DC Nathan. President Trump named E. J. Antony,
an economist with the conservative think tank the Heritage Foundation,
as the new head of the US Bureau of Labor Statistics.
The President dismissed the previous chief following a week jobs
report that included several revisions. The President claimed the report
was rigged against him. President Trump is promising future data
(03:45):
releases will be quote, honest and accurate. Bloombery Senior editor
Derek Wallbank says the faith in US economic data remains uncertain.
Speaker 7 (03:54):
Antony will be under an exorbitant amount of pressure to
prove to lawmakers and to prove to economists and to
market participants that the BLS numbers are accurate, They were accurate,
and they will be accurate.
Speaker 2 (04:08):
Bloomberg Senior editor Derek Wallbank, adding that Antony will still
need to be confirmed in the position by the Senate.
Speaker 3 (04:14):
Of course, another Senate confirmable position that's opening up. Karen Is,
the Federal Reserve chair, and two Trump administration officials tell
Bloomberg News FED vice chairs Michelle Bowman and Philip Jefferson,
along with Dallas FED President Lourie Logan, are under consideration
for the job when j Powell's term expires next spring.
The official say Treasury Secretary Scott Bessett will interview additional
(04:37):
candidates in the coming weeks and make a recommendation to
President Trump on a shortlist. The Fed's next policy meeting
scheduled for September sixteenth and seventeenth, and head of.
Speaker 2 (04:47):
That policy meeting Nathan The Fed will get a sluet
economic data this week, including the first of two inflation reports.
This morning do out at eight thirty Wall Street time.
Bloomberg's Michael McKee joins us with a preview of the
jee high Consumer Price Index.
Speaker 8 (05:01):
This inflation report is one that should live up to
the hype The week jobs report August first convinced investors
the Fed will cut rates in September, but that will
require inflation remaining relatively benign. A small increase today should
open the door for a cut, although there's another CPI
report before the next FED meeting. A bigger tariff driven
increase would make a cut that much more problematic. Watch
(05:25):
to see if annual core inflation breaches the three percent mark.
Michael McKee, Bloomberg Radio.
Speaker 3 (05:30):
A Mike Thanks and other economic News Gold held a
loss after President Trump said imports of gold bars won't
be subject to tariffs. That was after Customs and Border
Protection ruled they would be. Gold has climbed more than
a quarter this year, supported by geopolitical and trade tensions,
along with central bank purchases. Comix Gold this morning is
down two tenths of one percent, trading at thirty three
(05:50):
hundred and ninety nine dollars an ounce Nathan.
Speaker 2 (05:53):
President Trump is downplaying his meeting with Russian President Vladimir Putin,
seattled for Friday in Alaska. The President says it's a
feel out meeting and that he'd speak with other world
leaders afterwards as he seeks a ceasefire in the war
in Ukraine. Ukraine's president Vladimir z Alensky has not been
invited to the summit and says he's skeptical about the
Kremlin's motives.
Speaker 9 (06:15):
Putin is determined only to present a meeting with America
as his personal victory and then continue acting exactly as before,
applying the same pressure on Ukraine as before. So far,
there is no indication whatsoever that the Russians have received
signals to prepare for a post war situation.
Speaker 2 (06:32):
Vladimir's Olenski, speaking through an interpreter, Ukraine and its European
allies have been pushing for a halt of the fighting
and freezing the current front line as a first step
before talks in a more enduring settlement.
Speaker 3 (06:43):
Man Back in Washington, Karen Treasury Secretary Scott Besson says
he thinks he could have made the markets react more
positively to President Trump's Liberation Day tariff announcement. In an
exclusive interview, Bloomberg BusinessWeek looks at how the Treasury secretary
has become the Trump cabinet member that Wall Street trusts
and we get more from Bloomberg's Jeff Bellinger.
Speaker 10 (07:03):
Many traders look to Scott Bessant as a moderator, someone
who reins in the White House's impulses, but the Treasury
Secretary tells Bloomberg BusinessWeek he merely advises President Trump, helping
him translate his populism into economic policy. The modest approach
can't hide that bessen has been tapped to take on
some of the most difficult assignments of Trump's second term.
(07:25):
But despite being the favorite on Wall Street, one area
of the Treasury Secretary has not yet managed to grip
is the US fiscal deficit, which he campaigned on getting
down to three percent, but is now set to grow
after blockbuster tax cuts in New York. Jeff Bellinger, Bloomberg Radio.
Speaker 3 (07:42):
All Right, Jeff, thank in our interview with Treasury Secretary
Scott Bessant. Is the cover story of the latest edition
of Bloomberg Business Week. He can check it out in
today's Bloomberg Big Take. It's on the Bloomberg terminal and
at Bloomberg dot Com.
Speaker 2 (07:57):
Time now for a look at some of the other
stories making new he was in New York and around
the world, and for that we're joined by Bloomberg's Michael Barr.
Speaker 10 (08:04):
Michael, good Morning, Good morning Karen.
Speaker 11 (08:05):
A federal judge in New York says transcripts of the
secret grand jury testimony that led to the sex trafficking
indictment of Jeffrey Epstein's former girlfriend, Gallaine Maxwell should not
be released. The judge suggested Monday, the Justice Department's real
motive for wanting the transcripts unsealed was to fool the
public with an illusion of transparency. Maxwell is serving a
(08:29):
twenty year prison term. Maxwell recently was interviewed by the
Justice Department and was moved from a prison in Florida
to a prison camp in Texas. Epstein died in jail
awaiting trial. An explosion at a US steel plant that
shook the ground near Pittsburgh left too dead and sent
at least ten to hospitals. An Allegheny County spokesperson says
(08:54):
an explosion followed by several smaller blasts happened Monday morning
at the Clareton Coke Works the West Steels Kurt Barshik.
Speaker 3 (09:02):
The rest of the plant is stable and secure, so
there's no additional impact as far as any gas or utilities.
Speaker 11 (09:12):
US Steals Kurt Barshik. Authorities say they are done with
the recovery phase of the operation and will now start
the investigation into what caused the blast. Police in Austin, Texas,
say a suspect is in custody after opening fire outside
a target store Monday afternoon, killing three people. Police say
they spotted the suspect as he hijacked a car and
(09:33):
then drove away. He crashed less than two miles down
the road, ditch that car, and then hijacked another vehicle.
Police chased him to South Austin. They finally caught up
with him, tased them and arrested them. Today and tomorrow
some Americans might be able to witness one of the
most active media showers of the year. The Persea Meta
(09:54):
Shower will peak for North America specifically early Wednesday, but
the American he to your Society, Warren's particular bright moon
might make it hard for it the sea. Derek Pitts
is the chief astronomer at the Franklin Institute. It can
show us as many as one hundred met years per
hour if we go outside and take a look at
(10:16):
the night sky under clear dark skies. Astronomer Derek Pitts
Global News twenty four hours a day and whenever you
want it with Bloomberg News Now. I'm Michael Barrn.
Speaker 2 (10:24):
This is Bloomberg Heart all right, Michael Barry, thank you
time now for the Bloomberg Sports Update, brought to you
by Flushing Bank. And here is John stash Hour.
Speaker 1 (10:37):
John, Good morning, Morny Carriages with the Yankees needed when
in need of a win. A visit from the Minnesota Twins,
where the Yanks have been dominating seemingly forever, in fact,
since two thousand and two. The Yanks against the twins
one hundred and twenty four wins, forty four losses. They
use the long wall at the stadium. Cody Bellinger homer
of the first, hitting John Carlos Stanton and Ben Rice
(10:57):
back to back in the third. Jazz Chisholm the eighth,
all four homer solo shot. Solid pitching from Will Warn
the rare time when a Yankee starter actually worked into
the seventh inning. Yanks won six to two. Red Sox
lost seven to six in Houston. It was Alex Bregman's
first game back where he played for nine years, and
he homeward in the first inning. The Phillies won four
to one at Cincinnati to go six games ahead of
(11:19):
the Mets. Too are at City Field tonight against Atlanta.
After againting swept in Milwaukee. Carlos Bendoza sounded like the
manager of a team with a seven game losing streak.
Speaker 7 (11:28):
Fuck.
Speaker 6 (11:28):
He's saying, we got the talent, we got the players,
but until we start playing.
Speaker 2 (11:32):
Better and getting the jumped on, you know.
Speaker 10 (11:35):
You know, we don't think to believe in the guys,
you know, and we will. You know, he stopped I know,
he stopped them.
Speaker 11 (11:40):
Right now.
Speaker 1 (11:40):
He's very frustrating.
Speaker 3 (11:42):
We're all very frustrated, you know, but you gotta keep going.
Speaker 1 (11:46):
As for those red hot Brewers, a tenth winn in
a row, seven to one over Pittsburgh, first time ever
that Texas Longhorns will begin a season ranked number one,
but in another first, they'll be an underdog, and their
season opener at Ohio State, who in the AP preseason
Poulo's ranked third, just behind Penn State. Buck Guys are second,
and the coaches Paul third. Round Tennis and Cincinnati womens
(12:06):
for top Seedionic Center and Americans Taylor Fitz and Francis
Tiafo Tommy Paul lost women's top seed are into Stabalanka
beat Emma rad Acconoty when a third said tiebreak, just
one of her last sixteen time break Josh dashehead Bloomberg
Sports Karen.
Speaker 2 (12:19):
Nabe stay with us more from Bloomberg day Break coming
up after this.
Speaker 1 (12:29):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 10 (12:38):
This is Bloomberg Daybreak.
Speaker 3 (12:40):
Good morning, I'm Nathan Hager with a tariff truce between
the US and China may be extended another ninety days,
but plenty of tension points remain, not the least of
which is access to US chips, and Bloomberg News has
learned China is now urging its local companies to avoid
using Nvidia's H twenty processor, just as the Trump administration
has been pushing to turn sales of those chips in
China to a government windfall. For more on this, we're
(13:01):
joined by Bloomberg's Critty Gupta Cretty.
Speaker 1 (13:04):
Good morning.
Speaker 3 (13:04):
What more do we know about this reported directive from
the Chinese government?
Speaker 12 (13:08):
Well, Nathan, good morning. This is an ongoing issue and
one that has been a source of tension between the
United States and China for some time. What we do
know is that theres were letters that were not really
a directive, but more of guidance by some of the
regulators and the authorities in China towards not only various
government departments that may have a dependence on these kind
(13:30):
of chips, but also smaller businesses as well that may
be looking to grow and grow their dependence specifically on
those American chips. Again, these were letters deployed a couple
of months ago that have now kind of made it
to the surface, but I think it speaks to this
broader point of the US and China, not only the
trade tensions, but also how competitive China can be when
(13:51):
it comes to not only the chip space, but the
AI space as well. And this is something that a
theme that we explored earlier this year with a Deep
Seat conversation. Suddenly the market got very scared of the
idea that actually there could be an alternate offering from China.
And that's exactly where the fear lies when it comes
to these H twenty chips and Nvidia in that if
(14:11):
you start to lower your dependence from China, which is
a major kind of revenue contributor for Nvidia's bottom line,
does that mean China has an alternative And that's really
the question that's circulating at the moment.
Speaker 3 (14:24):
And of course this comes at a time critty when
in Nvidia has openly said they're trying to recoup billions
in revenue that they've lost in the Chinese market. They
are really trying to get back into that market. What
could this mean for in Nvidia and AMD if these
if this guidance goes through for.
Speaker 12 (14:42):
Them, well, contest for a global audience. Ninety five percent
of the market is dominated by Nvidia, the other five
percent is about AMD, and the remaining players have a
marginal kind of piece of that pie. What it means
is that on Friday we had heard that Nvidia had
gotten those export line licenses with the caveat of having
to pay the fifteen percent revenues right back to the
(15:04):
US government. So it's very clear that they do need
that exposure, and Jensen Wong has been quite vocal about
his desire to not just be someone that caters to
one market or another, not just catering to the hyperscalers,
the Apples and Microsoft's the kind of biggest tech players
of the world, but really diversifying into a variety of industries,
things like medical equipment, things like smaller companies that really
(15:27):
need to not only use the chips but are able
to kind of help with Nvidia's revenue basis. Well, we
are not there yet, and that's where Nvidia really finds
a little bit of vulnerability when it comes to the
Chinese market. Ultimately the fifteen percent they're going to have
to pay for the US government. I thought another piece
of this is we've been talking about the H twenty chip,
which is kind of a watered down version that has
(15:48):
been specifically created under the Biden administration by the way
to cater to a Chinese customer, but isn't really using
as high tech of the technology for again Chinese military,
Chinese technology, et cetera. And Video's Blackwell chip is the
far superior technology. And now it looks like Donald Trump
is up thinking about how to kind of utilize that
(16:10):
American technology and where it needs to be protected and
where it needs to be deployed. So that's another angle
to be thinking about. Friend Video.
Speaker 2 (16:17):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (16:24):
Look for us on your podcast feed by six am
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Speaker 2 (16:30):
You can also listen live each morning starting at five
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Speaker 3 (16:45):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (16:50):
And don't forget to subscribe to Bloomberg and News Now.
It's the latest news, whenever you want it in five
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Plan informed to stay informed all day long. I'm Karen Moscow.
Speaker 3 (17:03):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day, right
here on Bloomberg Da Bray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the Bloomberg News exclusive. Sources tell
Bloomberg News that Chinese authorities are discouraging local firms from
using NVIDIAs less advanced each twenty processor, particularly for government
related purposes. We're told the directive also includes AI accelerators
from Advanced micro Devices, though it's unclear whether the notices
specifically mention AMD. We get more from Bloomberg's Min men
(00:39):
Low in Hong Kong.
Speaker 4 (00:40):
Definitely very significant, a timing as well, very significant, coming
on the day when President Trump had announced the extension
of the Tway Truths, and we know China had been
pushing so hard for the rolling back of these take cups,
and clearly China doesn't see the reversal of the decision
to sell each twenty chips to China as a win
or a concession at all.
Speaker 3 (01:00):
Bloomberg's Min Menlow reports Chinese regulators have raised security concerns
about nvidia's H twenty chip, and Vidia has repeatedly denied
any vulnerabilities, but checking the shares right now in Nvidia
is down about four tenths of one percent. Pre market
advanced micro devices is little changed.
Speaker 2 (01:18):
Well, Nathan. Elsewhere in US China relations, Washington and Beijing
have agreed to keep their tariffs at current levels for
another ninety days. The two sides initially reached a ninety
day pause in May. The extension that lasts until November tenth,
maintains this trade status quo between the world's two largest
economies and follows a series of tit for tat hikes
(01:38):
and export restrictions on rare earth magnets and certain technologies.
Wendy Cutler, vice president of the Asia Society Policy Institute, says,
even with the extension, negotiations will not be easy.
Speaker 5 (01:49):
There's not a lot of time for these negotiations to proceed,
so now they can really put their energies and attention
on the key outstanding issues including export controls, critical minerals,
access capacity, you name it. There's lots of issues on
the agenda and not a lot of time to come
up with negotiated solutions.
Speaker 2 (02:11):
Wendy Kutler with the Asia Society Policy Institute, spoke after
President Trump announced the extension of the truce in a
truth social post.
Speaker 3 (02:19):
Well, another announcement for the President that's getting a lot
of attention in the nation's capital, Karen is he plans
to take federal control of the police department in Washington,
d C. President said that in a news conference heard
right here on Bloomberg Radio, saying he'll also deploy eight
hundred National Guard troops in the district to fight crime.
Speaker 6 (02:38):
Today, we're declaring public safety emergency in the district of
Columbian Attorney General Pam Bondi, who's fantastic, is taking command
of the Metropolitan Police Department as of this moment, and
I'll be making the appropriate notifications to Congress.
Speaker 3 (02:55):
President Trump also threatened to insert federal personnel into other cities,
including New York and Chicago, if they don't crack down
on quote out of control crime. DC Mayor Muriel Bowser's
responding saying the President's announcements were, in her words, unsettling
and unprecedented.
Speaker 2 (03:10):
I can't say that given some of the rhetoric of
the past, that were totally.
Speaker 3 (03:16):
Surprised, as DC Mayor Muriel Bowser. Justice Department statistics show
violent crime in the nation's capital hit a thirty year
low in twenty twenty four.
Speaker 2 (03:25):
Well staying in DC Nathan. President Trump named E. J. Antony,
an economist with the conservative think tank the Heritage Foundation,
as the new head of the US Bureau of Labor Statistics.
The President dismissed the previous chief following a week jobs
report that included several revisions. The President claimed the report
was rigged against him. President Trump is promising future data
(03:45):
releases will be quote, honest and accurate. Bloombery Senior editor
Derek Wallbank says the faith in US economic data remains uncertain.
Speaker 7 (03:54):
Antony will be under an exorbitant amount of pressure to
prove to lawmakers and to prove to economists and to
market participants that the BLS numbers are accurate, They were accurate,
and they will be accurate.
Speaker 2 (04:08):
Bloomberg Senior editor Derek Wallbank, adding that Antony will still
need to be confirmed in the position by the Senate.
Speaker 3 (04:14):
Of course, another Senate confirmable position that's opening up. Karen Is,
the Federal Reserve chair, and two Trump administration officials tell
Bloomberg News FED vice chairs Michelle Bowman and Philip Jefferson,
along with Dallas FED President Lourie Logan, are under consideration
for the job when j Powell's term expires next spring.
The official say Treasury Secretary Scott Bessett will interview additional
(04:37):
candidates in the coming weeks and make a recommendation to
President Trump on a shortlist. The Fed's next policy meeting
scheduled for September sixteenth and seventeenth, and head of.
Speaker 2 (04:47):
That policy meeting Nathan The Fed will get a sluet
economic data this week, including the first of two inflation reports.
This morning do out at eight thirty Wall Street time.
Bloomberg's Michael McKee joins us with a preview of the
jee high Consumer Price Index.
Speaker 8 (05:01):
This inflation report is one that should live up to
the hype The week jobs report August first convinced investors
the Fed will cut rates in September, but that will
require inflation remaining relatively benign. A small increase today should
open the door for a cut, although there's another CPI
report before the next FED meeting. A bigger tariff driven
increase would make a cut that much more problematic. Watch
(05:25):
to see if annual core inflation breaches the three percent mark.
Michael McKee, Bloomberg Radio.
Speaker 3 (05:30):
A Mike Thanks and other economic News Gold held a
loss after President Trump said imports of gold bars won't
be subject to tariffs. That was after Customs and Border
Protection ruled they would be. Gold has climbed more than
a quarter this year, supported by geopolitical and trade tensions,
along with central bank purchases. Comix Gold this morning is
down two tenths of one percent, trading at thirty three
(05:50):
hundred and ninety nine dollars an ounce Nathan.
Speaker 2 (05:53):
President Trump is downplaying his meeting with Russian President Vladimir Putin,
seattled for Friday in Alaska. The President says it's a
feel out meeting and that he'd speak with other world
leaders afterwards as he seeks a ceasefire in the war
in Ukraine. Ukraine's president Vladimir z Alensky has not been
invited to the summit and says he's skeptical about the
Kremlin's motives.
Speaker 9 (06:15):
Putin is determined only to present a meeting with America
as his personal victory and then continue acting exactly as before,
applying the same pressure on Ukraine as before. So far,
there is no indication whatsoever that the Russians have received
signals to prepare for a post war situation.
Speaker 2 (06:32):
Vladimir's Olenski, speaking through an interpreter, Ukraine and its European
allies have been pushing for a halt of the fighting
and freezing the current front line as a first step
before talks in a more enduring settlement.
Speaker 3 (06:43):
Man Back in Washington, Karen Treasury Secretary Scott Besson says
he thinks he could have made the markets react more
positively to President Trump's Liberation Day tariff announcement. In an
exclusive interview, Bloomberg BusinessWeek looks at how the Treasury secretary
has become the Trump cabinet member that Wall Street trusts
and we get more from Bloomberg's Jeff Bellinger.
Speaker 10 (07:03):
Many traders look to Scott Bessant as a moderator, someone
who reins in the White House's impulses, but the Treasury
Secretary tells Bloomberg BusinessWeek he merely advises President Trump, helping
him translate his populism into economic policy. The modest approach
can't hide that bessen has been tapped to take on
some of the most difficult assignments of Trump's second term.
(07:25):
But despite being the favorite on Wall Street, one area
of the Treasury Secretary has not yet managed to grip
is the US fiscal deficit, which he campaigned on getting
down to three percent, but is now set to grow
after blockbuster tax cuts in New York. Jeff Bellinger, Bloomberg Radio.
Speaker 3 (07:42):
All Right, Jeff, thank in our interview with Treasury Secretary
Scott Bessant. Is the cover story of the latest edition
of Bloomberg Business Week. He can check it out in
today's Bloomberg Big Take. It's on the Bloomberg terminal and
at Bloomberg dot Com.
Speaker 2 (07:57):
Time now for a look at some of the other
stories making new he was in New York and around
the world, and for that we're joined by Bloomberg's Michael Barr.
Speaker 10 (08:04):
Michael, good Morning, Good morning Karen.
Speaker 11 (08:05):
A federal judge in New York says transcripts of the
secret grand jury testimony that led to the sex trafficking
indictment of Jeffrey Epstein's former girlfriend, Gallaine Maxwell should not
be released. The judge suggested Monday, the Justice Department's real
motive for wanting the transcripts unsealed was to fool the
public with an illusion of transparency. Maxwell is serving a
(08:29):
twenty year prison term. Maxwell recently was interviewed by the
Justice Department and was moved from a prison in Florida
to a prison camp in Texas. Epstein died in jail
awaiting trial. An explosion at a US steel plant that
shook the ground near Pittsburgh left too dead and sent
at least ten to hospitals. An Allegheny County spokesperson says
(08:54):
an explosion followed by several smaller blasts happened Monday morning
at the Clareton Coke Works the West Steels Kurt Barshik.
Speaker 3 (09:02):
The rest of the plant is stable and secure, so
there's no additional impact as far as any gas or utilities.
Speaker 11 (09:12):
US Steals Kurt Barshik. Authorities say they are done with
the recovery phase of the operation and will now start
the investigation into what caused the blast. Police in Austin, Texas,
say a suspect is in custody after opening fire outside
a target store Monday afternoon, killing three people. Police say
they spotted the suspect as he hijacked a car and
(09:33):
then drove away. He crashed less than two miles down
the road, ditch that car, and then hijacked another vehicle.
Police chased him to South Austin. They finally caught up
with him, tased them and arrested them. Today and tomorrow
some Americans might be able to witness one of the
most active media showers of the year. The Persea Meta
(09:54):
Shower will peak for North America specifically early Wednesday, but
the American he to your Society, Warren's particular bright moon
might make it hard for it the sea. Derek Pitts
is the chief astronomer at the Franklin Institute. It can
show us as many as one hundred met years per
hour if we go outside and take a look at
(10:16):
the night sky under clear dark skies. Astronomer Derek Pitts
Global News twenty four hours a day and whenever you
want it with Bloomberg News Now. I'm Michael Barrn.
Speaker 2 (10:24):
This is Bloomberg Heart all right, Michael Barry, thank you
time now for the Bloomberg Sports Update, brought to you
by Flushing Bank. And here is John stash Hour.
Speaker 1 (10:37):
John, Good morning, Morny Carriages with the Yankees needed when
in need of a win. A visit from the Minnesota Twins,
where the Yanks have been dominating seemingly forever, in fact,
since two thousand and two. The Yanks against the twins
one hundred and twenty four wins, forty four losses. They
use the long wall at the stadium. Cody Bellinger homer
of the first, hitting John Carlos Stanton and Ben Rice
(10:57):
back to back in the third. Jazz Chisholm the eighth,
all four homer solo shot. Solid pitching from Will Warn
the rare time when a Yankee starter actually worked into
the seventh inning. Yanks won six to two. Red Sox
lost seven to six in Houston. It was Alex Bregman's
first game back where he played for nine years, and
he homeward in the first inning. The Phillies won four
to one at Cincinnati to go six games ahead of
(11:19):
the Mets. Too are at City Field tonight against Atlanta.
After againting swept in Milwaukee. Carlos Bendoza sounded like the
manager of a team with a seven game losing streak.
Speaker 7 (11:28):
Fuck.
Speaker 6 (11:28):
He's saying, we got the talent, we got the players,
but until we start playing.
Speaker 2 (11:32):
Better and getting the jumped on, you know.
Speaker 10 (11:35):
You know, we don't think to believe in the guys,
you know, and we will. You know, he stopped I know,
he stopped them.
Speaker 11 (11:40):
Right now.
Speaker 1 (11:40):
He's very frustrating.
Speaker 3 (11:42):
We're all very frustrated, you know, but you gotta keep going.
Speaker 1 (11:46):
As for those red hot Brewers, a tenth winn in
a row, seven to one over Pittsburgh, first time ever
that Texas Longhorns will begin a season ranked number one,
but in another first, they'll be an underdog, and their
season opener at Ohio State, who in the AP preseason
Poulo's ranked third, just behind Penn State. Buck Guys are second,
and the coaches Paul third. Round Tennis and Cincinnati womens
(12:06):
for top Seedionic Center and Americans Taylor Fitz and Francis
Tiafo Tommy Paul lost women's top seed are into Stabalanka
beat Emma rad Acconoty when a third said tiebreak, just
one of her last sixteen time break Josh dashehead Bloomberg
Sports Karen.
Speaker 2 (12:19):
Nabe stay with us more from Bloomberg day Break coming
up after this.
Speaker 1 (12:29):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 10 (12:38):
This is Bloomberg Daybreak.
Speaker 3 (12:40):
Good morning, I'm Nathan Hager with a tariff truce between
the US and China may be extended another ninety days,
but plenty of tension points remain, not the least of
which is access to US chips, and Bloomberg News has
learned China is now urging its local companies to avoid
using Nvidia's H twenty processor, just as the Trump administration
has been pushing to turn sales of those chips in
China to a government windfall. For more on this, we're
(13:01):
joined by Bloomberg's Critty Gupta Cretty.
Speaker 1 (13:04):
Good morning.
Speaker 3 (13:04):
What more do we know about this reported directive from
the Chinese government?
Speaker 12 (13:08):
Well, Nathan, good morning. This is an ongoing issue and
one that has been a source of tension between the
United States and China for some time. What we do
know is that theres were letters that were not really
a directive, but more of guidance by some of the
regulators and the authorities in China towards not only various
government departments that may have a dependence on these kind
(13:30):
of chips, but also smaller businesses as well that may
be looking to grow and grow their dependence specifically on
those American chips. Again, these were letters deployed a couple
of months ago that have now kind of made it
to the surface, but I think it speaks to this
broader point of the US and China, not only the
trade tensions, but also how competitive China can be when
(13:51):
it comes to not only the chip space, but the
AI space as well. And this is something that a
theme that we explored earlier this year with a Deep
Seat conversation. Suddenly the market got very scared of the
idea that actually there could be an alternate offering from China.
And that's exactly where the fear lies when it comes
to these H twenty chips and Nvidia in that if
(14:11):
you start to lower your dependence from China, which is
a major kind of revenue contributor for Nvidia's bottom line,
does that mean China has an alternative And that's really
the question that's circulating at the moment.
Speaker 3 (14:24):
And of course this comes at a time critty when
in Nvidia has openly said they're trying to recoup billions
in revenue that they've lost in the Chinese market. They
are really trying to get back into that market. What
could this mean for in Nvidia and AMD if these
if this guidance goes through for.
Speaker 12 (14:42):
Them, well, contest for a global audience. Ninety five percent
of the market is dominated by Nvidia, the other five
percent is about AMD, and the remaining players have a
marginal kind of piece of that pie. What it means
is that on Friday we had heard that Nvidia had
gotten those export line licenses with the caveat of having
to pay the fifteen percent revenues right back to the
(15:04):
US government. So it's very clear that they do need
that exposure, and Jensen Wong has been quite vocal about
his desire to not just be someone that caters to
one market or another, not just catering to the hyperscalers,
the Apples and Microsoft's the kind of biggest tech players
of the world, but really diversifying into a variety of industries,
things like medical equipment, things like smaller companies that really
(15:27):
need to not only use the chips but are able
to kind of help with Nvidia's revenue basis. Well, we
are not there yet, and that's where Nvidia really finds
a little bit of vulnerability when it comes to the
Chinese market. Ultimately the fifteen percent they're going to have
to pay for the US government. I thought another piece
of this is we've been talking about the H twenty chip,
which is kind of a watered down version that has
(15:48):
been specifically created under the Biden administration by the way
to cater to a Chinese customer, but isn't really using
as high tech of the technology for again Chinese military,
Chinese technology, et cetera. And Video's Blackwell chip is the
far superior technology. And now it looks like Donald Trump
is up thinking about how to kind of utilize that
(16:10):
American technology and where it needs to be protected and
where it needs to be deployed. So that's another angle
to be thinking about. Friend Video.
Speaker 2 (16:17):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (16:24):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:30):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
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Speaker 3 (16:45):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (16:50):
And don't forget to subscribe to Bloomberg and News Now.
It's the latest news, whenever you want it in five
minutes or less. Search Bloomberg News Now and your favorite podcast.
Plan informed to stay informed all day long. I'm Karen Moscow.
Speaker 3 (17:03):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day, right
here on Bloomberg Da Bray
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