August 7, 2025 • 17 mins
1) President Trump's tariffs take effect at their highest levels since World War 2. President Trump’s actions will push the average US tariff rate to 15.2%, according to Bloomberg Economics estimates, with some countries facing duties as high as 50%. The president has pledged that the tariffs will slash trade deficits and push companies to move manufacturing back to the US, but his critics say they could cause inflation to spiral out of control and cause shortages on store shelves.
2) The Kremlin said Presidents Vladimir Putin and Donald Trump will meet for summit talks within the next few days. President Trump said there was a "very good chance" he would meet with Putin and Ukrainian President Volodymyr Zelenskiy soon in another bid to broker peace between the two countries.
3) The president slaps significant levies on semiconductors — with a key exemption. President Trump declared plans to slap a 100% tariff on semiconductor imports, but promised to exempt companies that move production back to the US. Companies that demonstrate a commitment to building in the US, such as Apple, will be exempt from tariffs on chips, according to Trump.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 1 (00:15):
Karen, we begin with the latest on the Trump administration's
trade policy. President Trump announced on social media that his
sweeping new tariffs are in effect as of midnight East
Coast time, targeting what he calls countries that have taken
advantage of the United States for many years. The move
pushes US tariff rates to their highest level since World
(00:35):
War Two. Bloomberg's Bill Ferries says the ultimate goal of
on shoring manufacturing jobs could have secondary effects.
Speaker 3 (00:43):
The US average tariff rate is now just over fifteen percent,
and it was below two point three percent last year
before President Trump took office. So from two percent to
fifteen percent certainly at some point that is going to
really wind its way through the US economy and show
up on the shelves of stores.
Speaker 1 (01:02):
Bloomberg's Bill Ferry says trading partners including the European Union, Japan,
and South Korea negotiated a fifteen percent tariff right Switzerland
was assigned the highest tariff of any developed nation at
thirty nine percent after failing to reach a deal. When
its president visited Washington for an emergency visit yesterday.
Speaker 2 (01:21):
And Nathan, the president assigned a much higher tariff on
monkey trading partner India. President Trump said yesterday he plans
to double tariffs on Indian goods to fifty percent as
a penalty for buying Russian oil.
Speaker 4 (01:33):
As you know, we put a fifty percent tariff on
India on oil. They're the second largest, so very close
to China in terms of the purchase of oil from Russia.
Speaker 3 (01:42):
Why are you singling India out for these additionals.
Speaker 4 (01:45):
It's only been eight hours, so let's see what happens
over the next one. You're going to see a lot more.
So this is president, You're going to see a lot more.
Speaker 2 (01:54):
President Trump added he may also punish China with additional
tariffs over its purchases have crued from Russia. Negotiations with
China are still ongoing, along with the US's other two
largest trade partners, Mexico and Canada.
Speaker 1 (02:07):
Meanwhile, Karen, speaking of Russia, President Trump told reporters there's
a very good chance he'll meet President Vladimir Putin and
Ukraine's Vladimir Zelenski soon and another bid to broker piece.
The Kremlin says an agreement is in place for the
US and Russian presidents to meet in the coming days,
the location still to be determined', according to the Interfax
News service. In the Oval Office, President Trump addressed a
(02:28):
meeting between Putin and US Special ENVOYE.
Speaker 5 (02:30):
Steve Whitcoff in Moscow.
Speaker 4 (02:32):
We had some very good talks with President Putin today
and there's a very good chance that we could be
ending the ending the round, ending the end of that road.
Road was long and continues to be long. But there's
a good chance that there will be meeting very soon.
Excuse me, do you think you are sometimes people? Well, look,
(02:53):
I don't want to say I've been disappointed before.
Speaker 5 (02:56):
President Trump informed allies he was positive about the possibility
of a sea firing Ukraine.
Speaker 2 (03:01):
Well. Turning back to trade Nathan, President Trump additionally declared
plans for a new one hundred percent tariff on semiconductor imports.
Standing next to Apple's CEO Tim Cook and the Oval Office,
the President said the aim is to bring manufacturing back
to the US.
Speaker 4 (03:15):
We'll be putting a terraphone of approximately one hundred percent
on chips and semiconductors, but if you're building in the
United States of America, there's no charge.
Speaker 2 (03:28):
And in light of President Trump's announcement, companies including Apple, TSMC,
and Nvidia pledge to spend more than one trillion dollars
collectively in the US.
Speaker 1 (03:37):
And part of that pledge from Apple Karen is a
promise to onshore one hundred percent of iPhone and watch
cover glass production in the US. It's part of an
expanded two and a half billion dollar partnership with Corning.
Speaker 4 (03:50):
This is a significant step toward the ultimate goal of
ensuring that iPhone sold in the United States of America
also are made in America.
Speaker 1 (04:00):
The President Trump singled out Apple as an example of
how to avoid increased levies, saying quote apples coming back
to America. CEO Tim Cook did tell the President that
final iPhone assembly will be elsewhere for a while.
Speaker 2 (04:13):
Let's turn to the airline industry now, Nathan and the
tech issue grounding it outed air flights across major US airports.
United Airlines announced it's resuming flights after fixing a tech
issue that temporarily delayed hundreds of flights. The airline said
the underlying technology issue has been resolved, and while we
expect residual delays, our team is working to restore our
(04:33):
normal operations. That being a quote. A United spokesman said
the outage was not related to recent instances of cybersecurity
issues in the airline industry.
Speaker 1 (04:43):
Turning to the broader economy, now Karen three Federal Reserve
officials are voicing fresh concerns over the labor market and
signaling a potential rate cut next month. San Francisco FED
President Mary Daily says policymakers need to prevent further deterioration
in the labor market.
Speaker 6 (05:00):
Once the labor market stumbles, it falls, and it falls quickly,
and it falls hard. So you don't want to get
into that situation. So all this means, as you put
it together, that I think will you'd likely need to
adjust the policy rate sometime in the coming months.
Speaker 1 (05:19):
San Francisco FED President Mary Daly's comments followed rhetoric from
Fed Governor Lisa Cook. She says downward revisions in the
jobs report are typical of turning points in the economy,
and Minneapolis Fed President Neil Cashcari told CNBC he expects
two interest rate cuts before the end of the year.
Speaker 2 (05:38):
Well let's go to other FED news. Nathan. President Trump
indicated he'll likely nominate a temporary Federal Reserve governor within
the coming days. The President said he's considering probably three
candidates for the temporary position if ied. Announced on Friday
that FED Governor Adriana Coogler would resign from her seat
on the Bord of Governors before her term is up
in January.
Speaker 1 (05:57):
And in earnings News, Karen topgall Callaway brands rose after
boosting guidance and saying promotions helped increase customer visits at
its venues. The golf company's Top Golf unit beat as
increased promotions in the quarter, like frozen margaritas and half
off golf during the week.
Speaker 5 (06:16):
We're enough to lure swingers.
Speaker 1 (06:18):
In CEO Arty Stars, says Top Golf Summer pass is
selling more than twice what it was offered three years ago.
Speaker 2 (06:29):
Time now for a look at some of the other
stories making news in New York and around the world,
and for that rejoined by Blueberry's John Tucker. John, Good
Morning Man.
Speaker 7 (06:35):
Good morning Karen. The Trump administration is offering to simplify
its lawsuit with Harvard University. The shift is the latest
twist in the litigation over the government's attempt to revoke
Harvard's ability to enroll international students, citing claims of campus
anti Semitism and alleged ties to the Chinese Communist Party.
UCLA has entered into negotiations with the administration trying to
(06:59):
re state about four hundred and eighty four million dollars
in frozen federal research funding. The move comes after the
Trump Justice Department had given the school a Tuesday deadline
to enter into a resolution agreement. Five people are hurt
after an Army sergeant open fire and fellow soldiers at
Fort Stewart in Georgia. The a Q shooter now under arrest.
No word on a motive for the shooting or how
(07:22):
the shooter got his personal weapon onto the base. An
outbreak of Legionnaire's disease in Central Harlem in New York
that has now caused three deaths. Let's get more from
Bloomberg's Charlie Pellett.
Speaker 8 (07:33):
Health officials are still trying to track down the source,
and the New York City Health Department says scores have
been sickened from the Legionella bacteria. The outbreak was identified
in central Harlem in late July after a handful of
people presented pneumonia like symptoms and tested positive for the disease.
Health officials have been testing nearby cooling towers as a
(07:56):
likely source of the bacteria and have found some positive
result VOLTZ in New York, Charlie Pellett Bloomberg Radio.
Speaker 7 (08:03):
And Steve Bennon, a senior advisor to President Trump in
his first term and an influential voice in conservative circles,
is pushing for EJ. And Tony to lead the Bureau
of Labor Statistics. Antonis chief economist at the Conservative Heritage Foundation.
Trump fired the BLS commissioner on Friday after a week
jobs number of Bennon's podcast, and Tony added that the
(08:26):
absence of a Trumpet pick running the agency is part
of the reason why we continue to have all these
different data problems. Global News twenty four hours a day
and whatever you wanted with Bloomberg News. Now, I'm John
Tucker and this is Bloomberg Karen.
Speaker 2 (08:39):
All right, John, thank you time now for the Bloomberg
Sports update. Here's John stash Hour, John, Good morning.
Speaker 5 (08:49):
Good morning, Daren.
Speaker 9 (08:50):
The Yankees were out to avoid in oh in six
roads if they hadn't gotten swept in Texas in fifteen years.
They beat the Rangers three to two on Paul Goldsmith's
pinch hit home run seventh inning of lefty reliever Robert Garcia.
Goldsmid against lefty pitching is batting over four hundred is
average versus right handers is just two thirty. It was
(09:10):
a game where cousins both pitched. Jack Lighters started for Texas.
Mark Lighter pitched generally for the Yanks. Matts got swept
by the Guardians and at City Field, Cleveland's Gavin.
Speaker 5 (09:20):
Williams was two outs from a no hitter high fly.
Speaker 10 (09:24):
Ball seventeen on how Martinez on the track hit the
wall to the pits Soto in the second base with
a double k. Now, they're going to say it did
clear defense and went out of the fourth for a
home run, and Soto ends the Big Rigs Big for
a no hitter with a solo homer in the bottom.
Speaker 2 (09:47):
Of the nine.
Speaker 9 (09:47):
I'm Guardian CD the Big Rig the nickname for the
six foot six inch Williams who threw one hundred and
twenty six pitches.
Speaker 5 (09:53):
The Guardians won the game four.
Speaker 9 (09:55):
To one at Fenway, Kansas City ended the Red Sox
seven game wins Drink seven to three in DC Nationals
end of the six game losing streak two to one
over the A's in Denver, Toronto won twenty to one.
The Blue Jays swept the series from the Rockies by
a combined score of forty five to six. There's sixty
three hit since, the most a team has had in
(10:15):
a three game series since at least nineteen hundred. NFL
preseason tonight, including the Raiders and Seahawks in Seattle, so
the first game for Las Vegas's new coach, seventy three
year old Pete Cattle is back where perrel coast for
fourteen years. The Patriots played the Commanders tomorrow in Foxborough.
Two teams at a joint practice and a fight broke
out in the New Patriots coach Mike Rabel jumped in
(10:38):
to help break it up emerged with a bloody face.
Speaker 5 (10:40):
John Staneshawer Bloomberg Sports.
Speaker 6 (10:44):
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 5 (10:53):
This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
Speaker 1 (10:56):
After months of threats, reversals, negotiations and prices, President Donald
Trump's sweeping new tariffs on almost every US trading partner
are now in effect, and now investors, companies and global
leaders are bracing for impact. Fabian A Fideli, a CIO
for Multi Asset and Sustainability at MNG Investments.
Speaker 11 (11:15):
Until now, we really haven't seen the impact of tariffs
on markets besides some uncertainty among the companies, and our
concern is that going forward we are starting to see
some of that impact, and so we'll have to see
how the next six months spent out.
Speaker 1 (11:33):
That's Fabia Fidelli with MG Investments from War We're joined
by Bloomberg's Jill Desis.
Speaker 5 (11:37):
Jill, Good morning.
Speaker 1 (11:39):
The change is here and now at least what we
do know is tariff rates in this country are now
as high as they've been since World War Two. Walk
us through the change. Good morning, Yes, good morning, Nathan.
Speaker 12 (11:54):
Well, I think really to kind of drive that point home,
you just look at what the average US tariff rate
is right now under these latest Trump actions. So Bloomberg
Economics estimates it's now up to fifteen point two percent.
Just for comparison's sake. Last year it was two point
three percent. So I mean we're talking massive, massive jumps
in terms of how much these you know, sort of
(12:16):
so called reciprocal tariffs that Trump has handed down really
really going to impact how global trade is shaped here.
All that being said, I mean, look, there are some
deals that Trumps announced or has reached with some of
these major trading partners that I think are obviously really
worth noting here. You know, the European Union, Japan, South Korea,
(12:38):
they accepted fifteen percent levies on their products, you know,
trying to stay away from some of the even higher
tariffs that Trump is negotiated. But I would also point out, Nathan,
that there are still some trade agreements that seem kind
of mired in ongoing negotiations. I mean, look at India,
for example, another important US trading partner. They were slapped
to the twenty five percent tariff last week. Now you've
(13:00):
got Trump threatening over the next couple of weeks to
increase that level into some fifty percent. You've still got
you know, sort of this back and forth with what
you know, potential China levees could look like. So that's
another sort of open question here. So The one thing
that I would just point out when it comes to
a lot of this trade policy is that you know,
(13:21):
we still I think, have to see what this ultimately
looks like long term. I mean, you know, in the
olden days, like literally just a year ago, you know,
you would imagine these trade agreements would take not just
you know, days or months, but ultimately years to effectively negotiate.
And so I do think that there is that possibility
that things could continue to evolve, if not even just
(13:41):
over the next few months, maybe over the course of
Trump's Terman office.
Speaker 1 (13:44):
Now it raises the questions once again, specifically on some
of the countries you mentioned and others, including Switzerland. We
saw the president of Switzerland come to Washington at literally
the last minute trying to get out from under thirty
nine percent tariffs, walking away without a deal. Is there
still a possibility that even with these new teriff rates
(14:04):
officially in effect, we could see even more negotiations going on.
Speaker 12 (14:09):
Yeah, I think, And you know, Trump World, you know,
everything's in negotiation, right. Yes, when you're looking at Switzerland,
obviously you do have that incredibly steep tarrat thirty nine percent,
you know, potentially upending you know, they're you know, there
massive gold trades, you know, watches, pharmaceuticals in particular, although
you know, I'd also point out Trump's got separate threats
(14:29):
on pharmaceutical goods that are just independent from you know,
these individual nation tariffs that he's announced. I do think that,
you know, there is that possibility that Trump could ultimately
change his mind and maybe something comes up where you
do get lower rates in the future. I mean, certainly,
I think you know, traders are looking at some of
those possibilities. We've already seen so much change over the
(14:50):
last several months since Trump initially you know, announced tariffs,
and I think you know, when you've also just got
you know, various sectors or you know, even sometimes nations
try to play kate Trump with investment deals, you know.
I mean, look at you know, the EU, Japan, you know,
announcing these big investment deals in the United States that
seems to have helped drive things a bit lower for
them in terms of that overall teriff rate. It does
(15:11):
seem like maybe there's you know, more on the table
here still, even if you've been slapped with a particularly
high rate.
Speaker 1 (15:17):
Now in the last thirty seconds, Jill there's still the
overarching question of whether these tariffs are going to make
the ultimate goal of spurring more US manufacturing.
Speaker 12 (15:25):
Yeah, I mean, you know, I obviously that's some you know,
Trump's got a massive gambit here on reshaping the entirety
of global trade. He's claiming, you know, these are going
to trash slash trade deficits, These will push companies to
move manufacturing back to the United States. I mean, certainly,
you've got major companies that are already announcing, you know,
major manufacturing programs and investments in the United States. But
(15:48):
you know that could potentially take years before you actually
see some of the fruits of those labors. In meantime,
I mean, you know, obviously, some of Trump's biggest critics
are going to say this could continue to cause inflationment,
inflation to spiral out of control, cause shortages on store shelves.
So I think, you know, we're obviously witnessing a very
dramatic realignment of global trade, and we'll have to see
(16:11):
how things can out.
Speaker 2 (16:13):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 1 (16:20):
Look for us on your podcast feed by six am.
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Speaker 2 (16:26):
You can also listen live each morning starting at five
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Speaker 1 (16:41):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (16:46):
And don't forget to subscribe to Bloomberg News Now. It's
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platform to stay informed all day long. I'm Karen Moscow.
Speaker 5 (17:00):
I'm Nathan Hager.
Speaker 1 (17:01):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg debray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 1 (00:15):
Karen, we begin with the latest on the Trump administration's
trade policy. President Trump announced on social media that his
sweeping new tariffs are in effect as of midnight East
Coast time, targeting what he calls countries that have taken
advantage of the United States for many years. The move
pushes US tariff rates to their highest level since World
(00:35):
War Two. Bloomberg's Bill Ferries says the ultimate goal of
on shoring manufacturing jobs could have secondary effects.
Speaker 3 (00:43):
The US average tariff rate is now just over fifteen percent,
and it was below two point three percent last year
before President Trump took office. So from two percent to
fifteen percent certainly at some point that is going to
really wind its way through the US economy and show
up on the shelves of stores.
Speaker 1 (01:02):
Bloomberg's Bill Ferry says trading partners including the European Union, Japan,
and South Korea negotiated a fifteen percent tariff right Switzerland
was assigned the highest tariff of any developed nation at
thirty nine percent after failing to reach a deal. When
its president visited Washington for an emergency visit yesterday.
Speaker 2 (01:21):
And Nathan, the president assigned a much higher tariff on
monkey trading partner India. President Trump said yesterday he plans
to double tariffs on Indian goods to fifty percent as
a penalty for buying Russian oil.
Speaker 4 (01:33):
As you know, we put a fifty percent tariff on
India on oil. They're the second largest, so very close
to China in terms of the purchase of oil from Russia.
Speaker 3 (01:42):
Why are you singling India out for these additionals.
Speaker 4 (01:45):
It's only been eight hours, so let's see what happens
over the next one. You're going to see a lot more.
So this is president, You're going to see a lot more.
Speaker 2 (01:54):
President Trump added he may also punish China with additional
tariffs over its purchases have crued from Russia. Negotiations with
China are still ongoing, along with the US's other two
largest trade partners, Mexico and Canada.
Speaker 1 (02:07):
Meanwhile, Karen, speaking of Russia, President Trump told reporters there's
a very good chance he'll meet President Vladimir Putin and
Ukraine's Vladimir Zelenski soon and another bid to broker piece.
The Kremlin says an agreement is in place for the
US and Russian presidents to meet in the coming days,
the location still to be determined', according to the Interfax
News service. In the Oval Office, President Trump addressed a
(02:28):
meeting between Putin and US Special ENVOYE.
Speaker 5 (02:30):
Steve Whitcoff in Moscow.
Speaker 4 (02:32):
We had some very good talks with President Putin today
and there's a very good chance that we could be
ending the ending the round, ending the end of that road.
Road was long and continues to be long. But there's
a good chance that there will be meeting very soon.
Excuse me, do you think you are sometimes people? Well, look,
(02:53):
I don't want to say I've been disappointed before.
Speaker 5 (02:56):
President Trump informed allies he was positive about the possibility
of a sea firing Ukraine.
Speaker 2 (03:01):
Well. Turning back to trade Nathan, President Trump additionally declared
plans for a new one hundred percent tariff on semiconductor imports.
Standing next to Apple's CEO Tim Cook and the Oval Office,
the President said the aim is to bring manufacturing back
to the US.
Speaker 4 (03:15):
We'll be putting a terraphone of approximately one hundred percent
on chips and semiconductors, but if you're building in the
United States of America, there's no charge.
Speaker 2 (03:28):
And in light of President Trump's announcement, companies including Apple, TSMC,
and Nvidia pledge to spend more than one trillion dollars
collectively in the US.
Speaker 1 (03:37):
And part of that pledge from Apple Karen is a
promise to onshore one hundred percent of iPhone and watch
cover glass production in the US. It's part of an
expanded two and a half billion dollar partnership with Corning.
Speaker 4 (03:50):
This is a significant step toward the ultimate goal of
ensuring that iPhone sold in the United States of America
also are made in America.
Speaker 1 (04:00):
The President Trump singled out Apple as an example of
how to avoid increased levies, saying quote apples coming back
to America. CEO Tim Cook did tell the President that
final iPhone assembly will be elsewhere for a while.
Speaker 2 (04:13):
Let's turn to the airline industry now, Nathan and the
tech issue grounding it outed air flights across major US airports.
United Airlines announced it's resuming flights after fixing a tech
issue that temporarily delayed hundreds of flights. The airline said
the underlying technology issue has been resolved, and while we
expect residual delays, our team is working to restore our
(04:33):
normal operations. That being a quote. A United spokesman said
the outage was not related to recent instances of cybersecurity
issues in the airline industry.
Speaker 1 (04:43):
Turning to the broader economy, now Karen three Federal Reserve
officials are voicing fresh concerns over the labor market and
signaling a potential rate cut next month. San Francisco FED
President Mary Daily says policymakers need to prevent further deterioration
in the labor market.
Speaker 6 (05:00):
Once the labor market stumbles, it falls, and it falls quickly,
and it falls hard. So you don't want to get
into that situation. So all this means, as you put
it together, that I think will you'd likely need to
adjust the policy rate sometime in the coming months.
Speaker 1 (05:19):
San Francisco FED President Mary Daly's comments followed rhetoric from
Fed Governor Lisa Cook. She says downward revisions in the
jobs report are typical of turning points in the economy,
and Minneapolis Fed President Neil Cashcari told CNBC he expects
two interest rate cuts before the end of the year.
Speaker 2 (05:38):
Well let's go to other FED news. Nathan. President Trump
indicated he'll likely nominate a temporary Federal Reserve governor within
the coming days. The President said he's considering probably three
candidates for the temporary position if ied. Announced on Friday
that FED Governor Adriana Coogler would resign from her seat
on the Bord of Governors before her term is up
in January.
Speaker 1 (05:57):
And in earnings News, Karen topgall Callaway brands rose after
boosting guidance and saying promotions helped increase customer visits at
its venues. The golf company's Top Golf unit beat as
increased promotions in the quarter, like frozen margaritas and half
off golf during the week.
Speaker 5 (06:16):
We're enough to lure swingers.
Speaker 1 (06:18):
In CEO Arty Stars, says Top Golf Summer pass is
selling more than twice what it was offered three years ago.
Speaker 2 (06:29):
Time now for a look at some of the other
stories making news in New York and around the world,
and for that rejoined by Blueberry's John Tucker. John, Good
Morning Man.
Speaker 7 (06:35):
Good morning Karen. The Trump administration is offering to simplify
its lawsuit with Harvard University. The shift is the latest
twist in the litigation over the government's attempt to revoke
Harvard's ability to enroll international students, citing claims of campus
anti Semitism and alleged ties to the Chinese Communist Party.
UCLA has entered into negotiations with the administration trying to
(06:59):
re state about four hundred and eighty four million dollars
in frozen federal research funding. The move comes after the
Trump Justice Department had given the school a Tuesday deadline
to enter into a resolution agreement. Five people are hurt
after an Army sergeant open fire and fellow soldiers at
Fort Stewart in Georgia. The a Q shooter now under arrest.
No word on a motive for the shooting or how
(07:22):
the shooter got his personal weapon onto the base. An
outbreak of Legionnaire's disease in Central Harlem in New York
that has now caused three deaths. Let's get more from
Bloomberg's Charlie Pellett.
Speaker 8 (07:33):
Health officials are still trying to track down the source,
and the New York City Health Department says scores have
been sickened from the Legionella bacteria. The outbreak was identified
in central Harlem in late July after a handful of
people presented pneumonia like symptoms and tested positive for the disease.
Health officials have been testing nearby cooling towers as a
(07:56):
likely source of the bacteria and have found some positive
result VOLTZ in New York, Charlie Pellett Bloomberg Radio.
Speaker 7 (08:03):
And Steve Bennon, a senior advisor to President Trump in
his first term and an influential voice in conservative circles,
is pushing for EJ. And Tony to lead the Bureau
of Labor Statistics. Antonis chief economist at the Conservative Heritage Foundation.
Trump fired the BLS commissioner on Friday after a week
jobs number of Bennon's podcast, and Tony added that the
(08:26):
absence of a Trumpet pick running the agency is part
of the reason why we continue to have all these
different data problems. Global News twenty four hours a day
and whatever you wanted with Bloomberg News. Now, I'm John
Tucker and this is Bloomberg Karen.
Speaker 2 (08:39):
All right, John, thank you time now for the Bloomberg
Sports update. Here's John stash Hour, John, Good morning.
Speaker 5 (08:49):
Good morning, Daren.
Speaker 9 (08:50):
The Yankees were out to avoid in oh in six
roads if they hadn't gotten swept in Texas in fifteen years.
They beat the Rangers three to two on Paul Goldsmith's
pinch hit home run seventh inning of lefty reliever Robert Garcia.
Goldsmid against lefty pitching is batting over four hundred is
average versus right handers is just two thirty. It was
(09:10):
a game where cousins both pitched. Jack Lighters started for Texas.
Mark Lighter pitched generally for the Yanks. Matts got swept
by the Guardians and at City Field, Cleveland's Gavin.
Speaker 5 (09:20):
Williams was two outs from a no hitter high fly.
Speaker 10 (09:24):
Ball seventeen on how Martinez on the track hit the
wall to the pits Soto in the second base with
a double k. Now, they're going to say it did
clear defense and went out of the fourth for a
home run, and Soto ends the Big Rigs Big for
a no hitter with a solo homer in the bottom.
Speaker 2 (09:47):
Of the nine.
Speaker 9 (09:47):
I'm Guardian CD the Big Rig the nickname for the
six foot six inch Williams who threw one hundred and
twenty six pitches.
Speaker 5 (09:53):
The Guardians won the game four.
Speaker 9 (09:55):
To one at Fenway, Kansas City ended the Red Sox
seven game wins Drink seven to three in DC Nationals
end of the six game losing streak two to one
over the A's in Denver, Toronto won twenty to one.
The Blue Jays swept the series from the Rockies by
a combined score of forty five to six. There's sixty
three hit since, the most a team has had in
(10:15):
a three game series since at least nineteen hundred. NFL
preseason tonight, including the Raiders and Seahawks in Seattle, so
the first game for Las Vegas's new coach, seventy three
year old Pete Cattle is back where perrel coast for
fourteen years. The Patriots played the Commanders tomorrow in Foxborough.
Two teams at a joint practice and a fight broke
out in the New Patriots coach Mike Rabel jumped in
(10:38):
to help break it up emerged with a bloody face.
Speaker 5 (10:40):
John Staneshawer Bloomberg Sports.
Speaker 6 (10:44):
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 5 (10:53):
This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
Speaker 1 (10:56):
After months of threats, reversals, negotiations and prices, President Donald
Trump's sweeping new tariffs on almost every US trading partner
are now in effect, and now investors, companies and global
leaders are bracing for impact. Fabian A Fideli, a CIO
for Multi Asset and Sustainability at MNG Investments.
Speaker 11 (11:15):
Until now, we really haven't seen the impact of tariffs
on markets besides some uncertainty among the companies, and our
concern is that going forward we are starting to see
some of that impact, and so we'll have to see
how the next six months spent out.
Speaker 1 (11:33):
That's Fabia Fidelli with MG Investments from War We're joined
by Bloomberg's Jill Desis.
Speaker 5 (11:37):
Jill, Good morning.
Speaker 1 (11:39):
The change is here and now at least what we
do know is tariff rates in this country are now
as high as they've been since World War Two. Walk
us through the change. Good morning, Yes, good morning, Nathan.
Speaker 12 (11:54):
Well, I think really to kind of drive that point home,
you just look at what the average US tariff rate
is right now under these latest Trump actions. So Bloomberg
Economics estimates it's now up to fifteen point two percent.
Just for comparison's sake. Last year it was two point
three percent. So I mean we're talking massive, massive jumps
in terms of how much these you know, sort of
(12:16):
so called reciprocal tariffs that Trump has handed down really
really going to impact how global trade is shaped here.
All that being said, I mean, look, there are some
deals that Trumps announced or has reached with some of
these major trading partners that I think are obviously really
worth noting here. You know, the European Union, Japan, South Korea,
(12:38):
they accepted fifteen percent levies on their products, you know,
trying to stay away from some of the even higher
tariffs that Trump is negotiated. But I would also point out, Nathan,
that there are still some trade agreements that seem kind
of mired in ongoing negotiations. I mean, look at India,
for example, another important US trading partner. They were slapped
to the twenty five percent tariff last week. Now you've
(13:00):
got Trump threatening over the next couple of weeks to
increase that level into some fifty percent. You've still got
you know, sort of this back and forth with what
you know, potential China levees could look like. So that's
another sort of open question here. So The one thing
that I would just point out when it comes to
a lot of this trade policy is that you know,
(13:21):
we still I think, have to see what this ultimately
looks like long term. I mean, you know, in the
olden days, like literally just a year ago, you know,
you would imagine these trade agreements would take not just
you know, days or months, but ultimately years to effectively negotiate.
And so I do think that there is that possibility
that things could continue to evolve, if not even just
(13:41):
over the next few months, maybe over the course of
Trump's Terman office.
Speaker 1 (13:44):
Now it raises the questions once again, specifically on some
of the countries you mentioned and others, including Switzerland. We
saw the president of Switzerland come to Washington at literally
the last minute trying to get out from under thirty
nine percent tariffs, walking away without a deal. Is there
still a possibility that even with these new teriff rates
(14:04):
officially in effect, we could see even more negotiations going on.
Speaker 12 (14:09):
Yeah, I think, And you know, Trump World, you know,
everything's in negotiation, right. Yes, when you're looking at Switzerland,
obviously you do have that incredibly steep tarrat thirty nine percent,
you know, potentially upending you know, they're you know, there
massive gold trades, you know, watches, pharmaceuticals in particular, although
you know, I'd also point out Trump's got separate threats
(14:29):
on pharmaceutical goods that are just independent from you know,
these individual nation tariffs that he's announced. I do think that,
you know, there is that possibility that Trump could ultimately
change his mind and maybe something comes up where you
do get lower rates in the future. I mean, certainly,
I think you know, traders are looking at some of
those possibilities. We've already seen so much change over the
(14:50):
last several months since Trump initially you know, announced tariffs,
and I think you know, when you've also just got
you know, various sectors or you know, even sometimes nations
try to play kate Trump with investment deals, you know.
I mean, look at you know, the EU, Japan, you know,
announcing these big investment deals in the United States that
seems to have helped drive things a bit lower for
them in terms of that overall teriff rate. It does
(15:11):
seem like maybe there's you know, more on the table
here still, even if you've been slapped with a particularly
high rate.
Speaker 1 (15:17):
Now in the last thirty seconds, Jill there's still the
overarching question of whether these tariffs are going to make
the ultimate goal of spurring more US manufacturing.
Speaker 12 (15:25):
Yeah, I mean, you know, I obviously that's some you know,
Trump's got a massive gambit here on reshaping the entirety
of global trade. He's claiming, you know, these are going
to trash slash trade deficits, These will push companies to
move manufacturing back to the United States. I mean, certainly,
you've got major companies that are already announcing, you know,
major manufacturing programs and investments in the United States. But
(15:48):
you know that could potentially take years before you actually
see some of the fruits of those labors. In meantime,
I mean, you know, obviously, some of Trump's biggest critics
are going to say this could continue to cause inflationment,
inflation to spiral out of control, cause shortages on store shelves.
So I think, you know, we're obviously witnessing a very
dramatic realignment of global trade, and we'll have to see
(16:11):
how things can out.
Speaker 2 (16:13):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 1 (16:20):
Look for us on your podcast feed by six am.
Eastern each morning on Apple, Spotify, or anywhere else you listen.
Speaker 2 (16:26):
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 1 (16:41):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (16:46):
And don't forget to subscribe to Bloomberg News Now. It's
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platform to stay informed all day long. I'm Karen Moscow.
Speaker 5 (17:00):
I'm Nathan Hager.
Speaker 1 (17:01):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg debray
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